Midtier silver producer Endeavour Silver has completed the sale of its Bolañitos silver and gold mine in Guanajuato, Mexico, to TSX-V-listed Guanajuato Silver for an upfront consideration of $40-million.

The transaction, which was first announced on November 24, 2025, was completed on January 15 and forms part of Endeavour’s strategy to focus capital and management attention on its core silver assets and growth pipeline.

“The sale of the Bolañitos mine marks an exciting milestone for Endeavour as we continue to focus our resources on our core silver assets and strategic growth,” said Endeavour Silver CEO Dan Dickson.

Under the share purchase agreement, Guanajuato Silver acquired all the issued and outstanding shares of Mina Bolañitos, which owns and operates the Bolañitos mine. The upfront consideration comprised $30-million in cash and $10-million in Guanajuato Silver shares, issued at a deemed price based on the company’s 10-day volume-weighted average share price on the TSX Venture Exchange prior to signing.

In addition to the base consideration, Endeavour is eligible to receive up to a further $10-million in contingent payments linked to production milestones at the mine. Two payments of $5-million each will be triggered upon the production of two-million ounces and four-million ounces of silver equivalent, respectively. Each contingent payment will be settled 50% in cash and 50% in shares, subject to Endeavour’s ownership in Guanajuato Silver not exceeding 9.9%.

At closing, the parties also entered into an investor rights agreement, which includes voting support provisions, participation rights and transfer restrictions on the shares issued as part of the transaction.

Endeavour did not pay any finder’s fees in connection with the sale.

The divestment reduces Endeavour’s operating footprint while providing exposure to potential upside through equity and contingent consideration, as the company continues to advance its portfolio of operating mines and development projects in Mexico, Peru, Chile and the US.