Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (April 2019)
133 slides from Endeavour Mining's investor presentation, April 2019
Slide 1: Corporate Presentation April 2019
CORPORATE PRESENTATION › April 2019 Photo: Ity CIL
Slide 2: Disclaimer & Forward Looking Statements
CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Karma GAMBIA Mine BURKINA FASO 2,800 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA LEONE D’IVOIRE 615-695 Koz $760
Slide 5: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Dec 31st 108m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at March 20th C$19.75 Europe Market cap as at March 20th US$1.48B Net Debt as at Dec 31st US$536m Other North America 5% 30%
Slide 6: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Turnaround Endeavour to build a sustainable business model TURNAROUND STRATEGIC OBJECTIVES OUR VISION SITUATION IN 2015 STRATEGIC OBJECTIVES CREATE A SUSTAINABLE BUSINESS Non-sustaining $922/oz <$800/oz capex All-in Sustaining Cost REQUIRED CASH Explor
Slide 7: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Focus on free cash flow and return on capital employed (ROCE) 2016 to mid-2019 Mid-2019 and beyond FOCUS ON INCREASING THE FOCUS ON QUALITY OF OUR PORTFOLIO RETURN ON CAPITAL EMPLOYED (ROCE) ~ $1invested billion Capital allocation trade-offs 2 flagship
Slide 8: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster Le Plaque (Côte d’Ivoire) Kofi Trend (Côte d’Ivoire– Ity trend) (Mali) Bondoukou Clust. (Côte d’Ivoire) Siguiri Ity CIL (Guinea) Randgold JV (Côte d’Ivoire
Slide 9: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE On track to achieving strategic objectives STRATEGIC $1,317/oz OBJECTIVES >800koz >800koz $1,010/oz 727koz $869/oz <$800/oz $922/oz 663koz 615-695koz All-in Sustaining Cost 587koz $866/oz $843/oz 517koz 462koz $760-810/oz 317koz 10+ years Production
Slide 10: Building a Premier African Gold Producer
CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 strategic levers to achieve objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS 10+ year Mine life ≤800$/oz All-in Sustaining Cost +800koz Annual production 10
Slide 11: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Vincent Benoit Karma GAMBIA Mine EVP CFO & Corporate Development BURKINA FASO GUINEA- Houndé Morgan Carroll Bamako BISSAU Kala
Slide 12: Operational Excellence: Safety record
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Our safety record remains better than the industry average Lost Time Injury Frequency Rate 0.80 0.16 LTM Lost Time Injury Frequency Rate 0.40 0.29 0.16 0.00 0.00 0.00 +8.0m Peer Group FY2016 FY2017 FY2018 Houndé Agbaou Ity Man Hours with no Average LTI
Slide 13: Operational Excellence: Local talent
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talents Local workforce Expats KARMA 3% HOUNDÉ 6% ITY HL 6% AGBAOU 7% 95% local workforce 803 1,038 501 271 97% 94% 94% 93% Head of department (“HOD”) 42% Expats KARMA HOUNDÉ ITY HL AGBAOU 30% 45% 43% 50% local workforce for 13
Slide 14: Operational Excellence: Meeting guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 6th consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance 800 1,010 700 600 922 500 886 869 400 727 615 843 663 - 300 584 517 695 466 200 $760-810/oz 100 0 2014 2015 2016 2017 2018 2019E 2014
Slide 15: Project Development
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILT OUR VISION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET 0 LTIs 15
Slide 16: Project Development: Self-performing tasks
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction
Slide 17: Project Development: On time and on budget
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Building high-quality projects on time and on budget ASSETS BUILT / UNDER CONSTRUCTION COMBINED HOUNDÉ ITY CIL (commissioned in Q4-2017) (completion expected in Q2-2019) ~$650/oz <$650/oz <$560/oz All-in Sustaining Cost Based on first 2 years 2019 guidanc
Slide 18: Houndé is Endeavour's new flagship low cost mine
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Houndé is Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata Taparko METRIC FY-2018 STUDY (Avocet) (Nordgold) Karma ACHIEVEMENT COMPARISON Bissa Hill (Life of mine average) (Nordgold) Natougou MINING 41Mt vs 32Mt feasibility +28% Mana Burkina
Slide 19: Ity CIL Project first gold pour
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Ity CIL Project first gold pour achieved on March 18, 2019 Long-life Low Cost Project › Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5 years Production Profile Production AISC Robust Pr
Slide 20: Kalana Project, Mali
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Kalana is a high-quality project with significant optimization potential Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at Mali 2.8 g/t › 18-year mine life › Low AISC cost operation with $730/oz Bamako Kalana over life
Slide 21: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 21
Slide 22: Screening and Ranking Methodology
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree
Slide 23: Starting to deliver against 5-year strategy
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in Nov. 2016 2/3rd are on our 2 flagship assets 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery target 2.5-3.5Moz 1.5-2.5Moz 0.5-1.5Moz
Slide 24: Over 1.2 million meters of drilling
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration spend by mine 1. Ity to extend HL and Improve CIL case 2. Tabakoto due to its short mine life $44M ~$50m $45-50m 3. Agbaou to test potential 9% 19% 2018 PRIORITIES
Slide 25: On-track to meet 5-year exploration targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On-track to meet 5-year exploration targets Total Indicated discoveries and targets Indicated resources discovered 4.2Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco
Slide 26: High quality discoveries made
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 High quality discoveries made Discovery grades for Indicated resources by deposit From mid-2016 to end of 2018 2.70g/t 2.60g/t 2.25g/t 2.20g/t 2.14g/t 2.14g/t >2 g/t grade of 85% of discovered ounces 1.50g/t 1.27g/t 55% oxide 45% fresh Kari Pump Le P
Slide 27: Low discovery cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit From mid-2016 to end of 2018 $76/oz $13/oz Average Endeavour discovery cost to date $29/oz $16/oz $15/oz $14/oz $13/oz $12/oz $10/oz $9/oz 6x lower $4/oz discovery cost Average Taba
Slide 28: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES 3 Resource increase expected to result in an increase in reserves in 2019 INSIGHTS M&I Resource Evolution (Inclusive of reserves) › M&I resources up 0.9Moz over the 14.9Moz previous year, 2017, as mine 13.6Moz 13.9Moz 12.6Moz +0.9Moz depletion was more t
Slide 29: Value creation at Ity
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Ity Production Profile VALUE CREATION CASE STUDY OS production FS production AISC for OS Spent $15m in 2016-2017 250koz 250koz 238koz 224koz Exploration potential Added 1Moz of reserves 213koz 201koz 190koz Updated study and increas
Slide 30: Value creation at Houndé
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Houndé Production profile based on Study VALUE CREATION POTENTIAL Production based on reserves, koz AISC/oz Spent $17m in 2017-2018E Already added 1Moz of 265koz resources at Kari Pump 231koz Exploration upside expected 223koz 218ko
Slide 31: Over 1.2 million meters of drilling
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration Expenditure for 2018 1. Ity to extend HL and improve CIL case 2. Tabakoto due to its short mine life Fetekro 3. Agbaou to test potential Houndé $4.3m 2018 PRIORITIE
Slide 32: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Focused on increasing the overall quality of our portfolio Portfolio viewed by AISC and mine life INSIGHTS: AISC, $/oz › Ity HL acquired through strategic $1,200 partnership with La Mancha in late 2015 Tabakoto $1,150 and will transition
Slide 33: Significant liquidity sources to fund growth
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant liquidity sources to fund growth Up to $25m Significant funding headroom, excluding mine >$10m $244m cash flow and remaining proceeds from sales Undrawn RCF $124m Cash $120m $50-60m Liquidity Sources Tabakoto Nzema Sources of
Slide 34: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS BEAT TOP END OF FY-2018 GUIDANCE WITH FURTHER GROWTH IN 2019 › FY-2019 production expected to increase to 615-695koz Immediate › FY-2019 AISC expected to remain low at $760-810/oz benefitting from Ity CIL start-up Cashflow from Production ITY CIL PROJECT: Ne
Slide 35: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 36: Strong FY-2018 Performance
CORPORATE PRESENTATION STRONG FY-2018 PERFORMANCE Beat upper-end of full-year production guidance and bottom-end of AISC guidance Mine 2018 Actuals 2018 Guidance PRODUCTION FROM CONTINUING OPERATIONS PRODUCTION (in Koz) Houndé 277 250-260 ✓ Ity 85 60-65 ✓ Karma 109 105-115 ✓ 612 BEAT HIGH koz END Ag
Slide 37: 2019 Guidance
CORPORATE PRESENTATION 2019 GUIDANCE INSIGHTS Production Guidance › Group production from continuing operations is 2018 ACTUALS 2019 FULL-YEAR GUIDANCE expected to increase to 615-695koz in 2019 while (All amounts in koz, on a 100% basis) AISC is expected to remain low at $760-810/oz Agbaou 141 120
Slide 38: 2019 Guidance (continued)
CORPORATE PRESENTATION 2019 GUIDANCE (continued) SUSTAINING COSTS INSIGHTS Capital Expenditure Guidance, $m › Houndé: $35m mainly due to the increased strip ratio, a TSF raise SUSTAINING NON- GROWTH and components to be purchased for fleet maintenance SUSTAINING CAPITAL PROJECTS › Agbaou: $24m due t
Slide 39: All-in Margin Breakdown
CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Increase due to increased production and a higher gold price YEAR ENDED, INSIGHTS 1. Gold sales increased mainly due to the DEC. 31, DEC. 31, commissioning of Houndé in Q4-2017, which (in US$ million) 2018 2017 had its first full-year of production in 2
Slide 40: Growth Funding Sources
CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash flow from operations and RCF used to fund growth YEAR ENDED, INSIGHTS DEC. 31, DEC. 31, 1. Working capital variation was positive in Q4-2018, (in US$ million) 2018 2017 amounting to $79m, reducing the total outflow to $10m 184 102 for the year. The
Slide 41: Net Earnings Breakdown
CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $0.49 for FY-2018 YEAR ENDED DEC. 31, DEC. 31, INSIGHTS (in US$ million) A = Adjustments made of Adjusted Net Earnings 2018 2017 1. Gain driven by a $2m unrealized gain on the GOLD REVENUE 752 471 gold revenue protection program and a $17
Slide 42: Net Debt Analysis
CORPORATE PRESENTATION NET DEBT ANALYSIS Expected to quickly deleverage once Ity CIL is in production Net debt analysis INSIGHTS Gearing 1 Net Debt Net Debt / Adj. EBITDA (LTM) › As anticipated, net debt increased from $232 million to $536 million over the past year mainly due to the Ity constructio
Slide 43: Diversified Debt Sources
CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $350M RCF : Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR plus t
Slide 44: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on capital employed (1) in % Only 6 months of Karma Full spending on Full spending on Ity but only 11% 11% Houndé but only 2 online in 2019 Target months of Houndé benefit to EBIT > 20% 8% 7% 2015 2016 2017 2018 Mid-term (1) EBIT (adjusted for
Slide 45: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 46: Houndé Mine, Burkina Faso: Overview
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 44.7Mt @ 2.2 g/t for 3.134Moz (incl. of Reserves) Inferred: 3.2Mt @ 2.6 g/t for 0.268Moz Ouagadougou Reserves 27.5Mt @ 2 g/t for 1.740Moz Houndé Mine CI
Slide 47: Houndé Mine: Record production in Q4
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Record production in Q4 Q4-18 vs Q3-18 INSIGHTS Production and AISC › A record quarter was achieved as Production, koz AISC, US$/oz production increased, mainly due to significantly higher grades following the 76koz 69koz 74koz end of the rainy season
Slide 48: Houndé Mine: Strong contribution to group performance
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance FULL YEAR 2018 INSIGHTS Production and AISC › Production significantly exceeded full-year AISC ($/oz) Production (koz) guidance due to both the mining activities and the process plant performing above their nam
Slide 49: Houndé Out-Performing Study Metrics
CORPORATE PRESENTATION HOUNDÉ OUT-PERFORMING STUDY METRICS Production and AISC better than study estimates METRIC 2018 STUDY Study production profile compared to actuals ACHIEVEMENT COMPARISON Production based on reserves, koz AISC/oz (Life of mine average) MINING 41Mt vs 32Mt +28% 296koz feasibilit
Slide 50: Houndé: Significant exploration potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted INSIGHTS › Following a two year period of no exploration drilling, activities resumed in 2017 2.5-3.5Moz › In 2017, targets were 5-YEAR DISCOVERY drilled and ranked › Work performed also TARGET included ad
Slide 51: Houndé: Strong exploration focus in 2018
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2018 on high-grade targets A second 200,000m drilling program will start in late Q4-2018, focused on extending the mineralization at Kari Pump, and delineating a maiden resource for Kari West and Kari Center as well as addr
Slide 52: Kari gold in soil anomaly
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area INSIGHTS Kari target map › Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area › Over the past 18 months, a total of 2,237 holes have been drilled (comprised of 1,431 AC, 716 RC
Slide 53: Kari Pump 1Moz maiden resource
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump 1Moz maiden resource increased M&I resources by 40% INSIGHTS Drill map and selected intercepts per area (true width/grade) › Indicated resource of 11.3Mt at 2.71 g/t Au for 987koz; Inferred resource of 0.2Mt at 2.21g/t Au for 20koz › The min
Slide 54: Kari Pump mineralization starts at surface
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump mineralization starts at surface Section A-A’ 54
Slide 55: Kari Pump oxide and transition resource
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~45% of the Kari Pump resource is located within the oxide and transition Section B-B’ 55
Slide 56: Kari pump has highly continuous mineralisation
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation INSIGHTS KP Gram-Meter intercepts map › Over 85% of all drill holes (Resource and Kari delineation drilling) encountered at least 2m @>2.5 g/t West › Some intercepts are outstanding with very high Gram-
Slide 57: Kari pump has highly continuous mineralisation
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation Test link between KP and KC Kari Pump Extension grid #1 grid #2 Kari W Kari West Pump Kari Center Resource definition 57
Slide 58: Kari Center maiden resource expected 2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource expected to be delineated in 2019 INSIGHTS Gram Meters › Mineralization was first intercepted at ! 26 - 30 Kari Pump ! 31 - 50 Kari Center during the initial 2017 ! 51 - 95 reconnaissance drilling campaign. › Further 2018
Slide 59: Kari West maiden resource expected 2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource expected to be delineated in 2019 INSIGHTS › Discovered during the 2018 AC drilling campaign › To date, reconnaissance drilling has successfully defined a mineralized area of at least 1km in strike length at a width of 500 m
Slide 60: Vindaloo: targeting high-grade plunges
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 60
Slide 61: Ity Heap Leach Mine: Overview
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources (HL + CIL) M&I: 73.6Mt @ 1.5 g/t for 3.646Moz (incl. of Reserves) Inferred: 19.1Mt @ 1.3 g/t for 0.823Moz Côte d’Ivoire Ity Mine Rese
Slide 62: Ity Heap Leach: Mining and stacking ceased
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Mining and stacking activities ceased mid-December Q4-18 vs Q3-18 INSIGHTS Production and AISC › Ity’s heap leach operation performed Production, koz AISC, US$/oz above expectations, particularly in Q4- 2018, as mining was opportunistically 2
Slide 63: Ity Heap Leach: FY-2018 vs FY-2017
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Mining and stacking activities ceased mid-December FY-2018 vs FY-2017 Insights Production and AISC › Production significantly exceeded its full-year guidance as opportunistic mining was carried-out AISC ($/oz) Production (koz) in the second h
Slide 64: Ity CIL Project: Replace heap leach with CIL
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Increased resource generated potential to replace heap leach with CIL KEY CHANGES OF ADVANTAGE INCLUDE: SHIFTING TO CIL PLANT: Heap Leaching Process ›› Resource increase generated potential to replace the current heap leach facility to CIL plant
Slide 65: Significant improvement over 2016 Feasibility Study
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1 (10%)
Slide 66: Significantly improved production profile
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significantly improved production profile Production Profile OS production FS production AISC for OS 250koz 250koz 238koz 224koz Exploration potential 235koz 213koz average production 201koz 190koz over first 5 years 162koz 159koz 151koz $484/oz
Slide 67: 22-Month Payback Period
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $1,400/oz $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m $0m -$
Slide 68: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Completed 4 months ahead of schedule and under-budget Mills Power Station Wet Plant Primary Crusher & ROM 68
Slide 69: Ity CIL Construction: Ahead of schedule and under-budget
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Completed 4 months ahead of schedule and under-budget HIGHLIGHTS Team picture with gold bars › Ity is expected to produce 160-200koz in 2019 at an AISC of $525-590/oz › Over 8.5 million man-hours have been worked without a LTI › The first gold pour
Slide 70: Endeavour controls the full Ity Birimian belt
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in
Slide 71: Strong near-mine exploration potential
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong near-mine exploration potential Ity Mine Drilling Targets Simplified Ity Map with Exploration Targets 71
Slide 72: 2019 exploration focus on La Plaque
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE 2019 exploration focus is on the La Plaque discovery Le Plaque Area INSIGHTS › 2018 exploration program amounted to $9 million, totaling 49,600m of drilling, focused mainly on the Le Plaque area and Daapleu deposit, resulting in: ‒ The identification of
Slide 73: Le Plaque Main: Section A
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Section A (Az. 225) 73
Slide 74: Le Plaque Main: Long Section B
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Long Section B (Az. 115) 74
Slide 75: Several nearby targets to be tested in H1-2019
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets expected to be tested in H1-2019 75
Slide 76: Greater Ity regional gold in soil anomalies
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several
Slide 77: Agbaou Mine, Côte d'Ivoire: Overview
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources M&I: 9.5Mt @ 2.2 g/t for 0.664Moz Ity Mine (incl. of Reserves) Inferred: 0.8Mt @ 1.7g/t for 0.046Moz Reserves 8.6Mt @ 1.7g/t for 0.461Moz Agb
Slide 78: Agbaou: Strong Q4 on production and AISC
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Strong Q4 on production and AISC Q4-18 vs Q3-18 INSIGHTS Production and AISC › Production increased as expected mainly Production, koz AISC, US$/oz due to a significant increase in milled grade following the waste extraction efforts over the course o
Slide 79: Agbaou: Shifting to a harder ore blend
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Shifting to a harder ore blend FULL YEAR 2018 INSIGHTS Production and AISC › Production achieved the lower end of the guided 140- 150koz range AISC ($/oz) Production (koz) › AISC increased, but remained well below the guided range as a portion of the
Slide 80: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017-2018 > 50 ppb priorities were to test area and to generate targets and 0.5-1.5Moz prioritize for the 5-YEAR DISCOVERY upcoming campaigns TARGET › Key Areas targeted were
Slide 81: Agbaou: Mineralization confirmed at extensions
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Mineralization was confirmed at the extensions of several deposits Agbaou Site Map INSIGHTS › 2018 exploration program amounted to $4m, totaling approximately 27,800m of drilling, focused mainly on open pit targets, located along extensions of known
Slide 82: Mineralization 150m under the North pit
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au
Slide 83: Strong out-performance compared to study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 yeas at a 10% lower AISC Production and AISC performance vs. study Actual production Study production Actual AISC Study AISC Mainly free-dig oxide operation 196koz Mixing low-grade to speed up wa
Slide 84: Plant running significantly above nameplate
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Plant running significantly above nameplate Plant performance vs. study Actual Study Benefit of plant running 30% above nameplate and additions of oxide ore reserve ~30% 2.8kt 2.9kt 2.8kt above nameplate 2.7kt capacity based >2mtpa base
Slide 85: Reserves endowment up 48% since construction
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Reserves endowment up 48% since construction with more oxide material Reserves and depletion Reserves at year-end Cummulative depletion 1.3Moz reserve 1.3Moz endowment reserves endowment 1,027koz 880koz 926koz 853koz 668koz 461koz 151ko
Slide 86: Additional $182m after-tax cash flow generated
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Additional $182m after-tax cash flow was generated Cumulative After-Tax Cash Flows(1) Study Actual US$m 400 300 $322m 62% IRR based only on 200 Payback of first 5 years $140m 100 18 months 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 (10
Slide 87: Karma Mine, Burkina Faso: Overview
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 75.3Mt @ 1.1 g/t for 2.655Moz (incl. of Reserves) Inferred: 17.9Mt @ 1.3 g/t for 0.772Moz Ouagadougou Reserves 27.5Mt @ 0.9g/t for 0.764Moz Houndé Mine P
Slide 88: Karma Mine: Strong performance in Q4
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Strong performance in Q4 Q4-18 vs Q3-18 INSIGHTS Production and AISC › Production increased due to a significant Production, koz AISC, US$/oz increase in ore stacked following the end of 33koz the rainy season ‒ Tonnes of ore mined increased as 28koz 2
Slide 89: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Production increased due to plant optimization carried out in 2017 FULL YEAR 2018 INSIGHTS Production and AISC › Production increased despite a lower processed grade, as the plant optimisation work done in 2017 increased stacking capacity AISC ($/oz) P
Slide 90: Maiden Indicated resource at Yabonsgo
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Maiden Indicated resource at the Yabonsgo INSIGHTS Karma Site Map › 2018 exploration program amounted to $3 million, totalling approximately 23,600m of drilling, focused mainly on Yabonsgo and North Kao, resulting in: ‒ The identification of a maiden I
Slide 91: Kalana Project, Mali: Overview
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS – Based on Avnel’s DFS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.0Moz @ 4.14g/t (as per Avnel) Mali Reserves 1.96Moz @ 2.80g/t (as per Avnel) Mining
Slide 92: Accretive acquisition with strong upside
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha
Slide 93: Increase in resource confidence at Kalana
CORPORATE PRESENTATION KALANA PROJECT, MALI Significant increase in resource confidence based on tighter geological controls INSIGHTS Kalana Main deposit M&I resource evolution › Exploration program in 2018 amounted to $7 million comprised of approximately 48,000m of drilling › At the Kalana Main de
Slide 94: 2018 Block Model Results
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 94
Slide 95: Work undertaken at Kalana since acquisition
CORPORATE PRESENTATION KALANA PROJECT, MALI Work undertaken at Kalana since acquisition FOLLOWING THE Ity CIL Project Case Study AVNEL ACQUISITION: Plant Size Reserves Production AISC Mine life First 5 years First 10 years First 5 years First 10 years › Integration of Avnel into Endeavour Ity PFS 2.
Slide 96: Strong potential to add deposits
CORPORATE PRESENTATION KALANA PROJECT, MALI Strong potential to add deposits Several Licenses under negociation › An exploration programme of up to $4 million with private totaling approximately 23,000 metres is owners planned for 2019, with the aim of testing nearby targets and initiating work on t
Slide 97: 2018 Results – Positive Kalana North Intercepts
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Results – Positive Kalana North Intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 97
Slide 98: Kalanako deposit exploration activities
CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource was published in Q1-2019 Tonnage Grade Content Kalanako (Kt) Au g/t (Au koz) Meas
Slide 99: Regional Kalana Exploration Potential
CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana Exploration Potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling stared in 2019 99
Slide 100: Fétékro Greenfield Exploration in Côte d'Ivoire
CORPORATE PRESENTATION FÉTÉKRO GREENFIELD EXPLORATION IN CÔTE D’IVOIRE Objective of discovering Endeavour’s next standalone project INSIGHTS Fétékro’s Lafigué exploration prospect gold in soil map › Published maiden resource estimate on the Lafigué target and identified of 14 additional nearby targe
Slide 101: Fetekro: Lafigue Center Cross-Sections
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigue Center Cross-Sections 101
Slide 102: Fetekro: Lafigue North Cross-Section
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigue North Cross-Section 102
Slide 103: JV With Barrick on Sissedougou / Mankono
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Barrick on Sissedougou / Mankono JV WITH BARRICK (EX-RANDGOLD) › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0
Slide 104: Greenfield Exploration, Burkina Faso: Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 104
Slide 105: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695 km² 105
Slide 106: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 106
Slide 107: Greenfield Exploration, Mali: Kofi area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, Mali Kofi area › Kofi on same trend as Randgold’s Loulo-Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Focus in 2019 will be attaining additional license around Kofi North / Netekoto to consolidate exploration cluste
Slide 108: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 109: Equity markets strongly support West Africa
CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Amongst top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 10 $9.82B 8 +$ 6 billion raised for West Africa $6.35B $5.89B US$ Billions 6 4 $3.
Slide 110: Significant exploration efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) 677 634 +$5.0b spent in West Africa over last 10 years 385 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is USA C
Slide 111: Significant West-Africa exploration success
CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz No.1 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M
Slide 112: More exploration expenditures in a smaller region
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 2017 exploration budget ($m) Canada Australia 600 500 400 West More spending, yet 5x smaller land mass Africa USA 300
Slide 113: Burkina Faso & Cote d'Ivoire are under-explored
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production % of Birimian greenstone belt West African geology - Birimian greenstone belt Burkina Faso 22% Côte d’Ivoire 35% Other 14% Mali Ghana 10% 19% 2016 production (Moz) Côte Burkina
Slide 114: Burkina Faso & Cote d'Ivoire are fast growing
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represent half of the region's exploration expenditures West African exploration expenditures by country 2017 exploration expenditures Côte d’Ivoire 20% ~50% Burkina Faso of West African exploration 29% expenditures Ghana Other Cou
Slide 115: Strong production growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 production gold by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz 5Moz 5Moz 5Moz 4Moz 3Moz 3Moz 3Moz 4th largest gold producing China Mexico Un
Slide 116: West Africa operates as an economic union
CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated Countries using West African CFA INSIGHTS › West Africa acts as an economic zone (WAEMU) › Common central bank for 8 states › Common currency which is pegged to the Euro › Fiscal
Slide 117: Stable political environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali 2017 GDP (USD b) (1) 12.87 40.39 15.29 2017 GDP Growth(1) 6.7% 7.8% 5.3% GDP › Agriculture (31%), manufacturing, › Agriculture (20%), manufacturing,
Slide 118: West Africa mining codes are well aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries Corporate Income Tax and Royalties INSIGHTS › Transfer pricing regulations Country / Region Corporate Tax Mining Royalties recently established in the Burkina Faso Up to 27.5% Up to 5% jurisdiction C
Slide 119: Endeavour emerging as only multi-asset West African mid-tier producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE ONLY MULTI-ASSET WEST AFRICAN MID-TIER PRODUCER Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World Geographically focused yet diversified across multiple mines and m
Slide 120: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 121: Tabakoto Sale
CORPORATE PRESENTATION TABAKOTO SALE Sale of non-core, high cost asset Insights › On December 24, 2018, Endeavour completed the sale of its interest in the non-core Tabakoto mine to $35m $10m 10% NSR Algom Resources Limited, a subsidiary of BCM Deferred cash (Dar Salaam Upfront Cash International Lt
Slide 122: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Olivier COLOM, Livia MAHLER, Jim ASKEW, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director CEO & President Non-executi
Slide 123: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com Clarus Securities Nana Sangmuah ✆ +1 416 343 3350 ✉ nsangmuah@clarussecurities.com Edison Charles Gibson ✆ +44 20 3077 5724 ✉ cgibson@edisongroup.com Haywood Se
Slide 124: Gold Revenue Protection During Investment Phase
CORPORATE PRESENTATION GOLD REVENUE PROTECTION DURING INVESMENT PHASE Increased certainty of cash flow during construction periods Gold revenue protection program GROUP POLICY: Gold price in US$/oz 1,600 Set-up a gold collar protection during investment phase to ensure the availability of 1,500 free
Slide 125: Convertible Bond
CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%
Slide 126: Selection, Ranking and Risk Evaluation of Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 127: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Capital Employed (US$ '000) 2015 2016 2017 2018 Total Assets 1,054,094 1,357,098 1,693,511 1,922,043 Less: Mining Interests (740,756) (1,039,529) (1,363,904) (1,543,842) Tabakoto 235,585 235,844 101,611 0 Nzema 166,342 99,045 0 0 Youga 11,686 0 0 0 A
Slide 128: Production and Cost Details by Mine (Quarterly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU TABAKOTO ITY KARMA HOUNDÉ (on a 100% basis) Unit Q4-2018 Q3-2018 Q4-2017 Q4-2018 Q3-2018 Q4-2017 Q4-2018 Q3-2018 Q4-2017 Q4-2018 Q3-2018 Q4-2017 Q4-2018 Q3-2018 Q4-2017 Physicals Total tonnes mined – OP1 000t 7,04
Slide 129: Production and Cost Details by Mine (Yearly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a yearly basis AGBAOU TABAKOTO ITY KARMA HOUNDÉ (on a 100% basis) Unit Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Physicals Total tonnes mine
Slide 130: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 130 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at As at ($000s) December 31, September 30, December 31, 2018 2018 2017 ASSETS Cash 124,022 37,243 122,702 Cash-restricted 1,073 802 1,327 Trade and other recievables 57,782 61,186 50,698 Income taxes receivable - - 627
Slide 131: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 131 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 106
Slide 132: Cash Flow Statement
CORPORATE PRESENTATION 132 CASH FLOW STATEMENT THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, In thousands of US$ Note 2018 2017 2018 2017 Operating Activities Earnings/(loss) before taxes 1 (3,556) (63,951) 41,519 (36,658) Adjustments for: Depreciation Depreciationandand depletion
Slide 133: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2018 Fetekro Project Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis Proven Reserves - - - Resources shown Tonnage Grade Content Probable Rese
Endeavour Mining — Investor Presentation (April 2019) on 6ix