Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (November 2023)
181 slides from Endeavour Mining's investor presentation, November 2023
Slide 1: Corporate Presentation November 2023
CORPORATE PRESENTATION November 2023
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Financial Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 West Africa Insights 6 Appendix 2
Slide 3: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour Has an Unmatched Competitive Advantage
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 4 Gold 1,060-1,135koz West African producer mines AISC $895-950/oz 2023 guidance for continuing operations 5
Slide 6: Relative to Other Senior Gold Producers
RELATIVE TO OTHER SENIOR GOLD PRODUCERS CROSS SECTOR BENCHMARKING FY-2023 Production Guidance 7Moz 6Moz 5Moz 4Moz PEER 3Moz BENCHMARKING 2Moz 1Moz 0Moz Centerra Newmont IAMGOLD Kinross Agnico Eagle Newcrest SSR Mining Eldorado Gold Fields Northern Star Harmony Gold B2Gold Evolution Mining Alamos Bar
Slide 7: Company Profile
COMPANY PROFILE Highlights Top shareholders Shareholder register as at 30 September 2023 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 1 November 2023 246m Rank Institution name % of S/O 1 La Mancha 18.1% Share price as at 1 November 2023 £16.60 / C$28.38 2 BlackRock Investment Manage
Slide 8: Our Purpose Is to Produce Gold That Provides Lasting Value to Society
OUR PURPOSE IS TO EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where we operate. Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped wit
Slide 9: Our Strategy
OUR STRATEGY Build a resilient business and be a trusted partner with the ability to reward shareholders MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet management Proven project
Slide 10: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMISATION PILLARS $950/oz Industry-leading All-in Sustaining Cost 01 Operational Excellence +10 YEARS Productio
Slide 11: Superior Operating Model
1 SUPERIOR OPERATING MODEL OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies › Significant synergies from shared technical functions › Han
Slide 12: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Leveraging our in-house construction expertise AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔTE D
Slide 13: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio +110 EXPLORATION PROPERTIES 7 DEVELOPMENT PROJECTS 4 MINING OPERATIONS Current high priority efforts: In construction: Optimisation initiatives: Siguiri Sia/Sianikoui Lafigué Sabodala-Massaw
Slide 14: Sabodala-Massawa Expansion
2 SABODALA-MASSAWA EXPANSION PROJECT DEVELOPMENT On budget and on schedule for first gold in Q2-2024 INSIGHTS BROWNFIELD PROJECT: › Expansion of our flagship Sabodala-Massawa mine with a SABODALA-MASSAWA BIOX® EXPANSION 1.2Mtpa BIOX® plant, designed to process high-grade refractory CCDs ore › After-
Slide 15: Lafigué Development Project
2 LAFIGUÉ DEVELOPMENT PROJECT PROJECT DEVELOPMENT On budget and on schedule for first gold in Q3-2024 INSIGHTS Process Water Pond › Lafigué will be another cornerstone asset with envisaged annual production of 203koz over the 12.8 year initial life of mine at a low AISC of $871/oz HPGR Mill › After-
Slide 16: Largest Exploration Presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production since it is underexplored 16
Slide 17: Proven Ranking and Screening Methodology
Watch 3 PROVEN RANKING AND SCREENING METHODOLOGY video UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Outlook set in 2021 for the 5-year period ending 2025 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data
Slide 18: Unlocking Exploration Value: 3.0 Moz
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 15Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered Exploration spend 3.0Moz 15.0Moz Discovered 3.0Moz M&I resources 3.5Moz discovered in 2022 2.2Moz 2.1Moz 1.0Moz 1.3Moz 1.9Moz <$ 25/oz di
Slide 19: Unlocking Exploration Value: 6.5 Moz
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE On track to achieve 5-year discovery target of 12 - 17Moz for period ending 2025 5-year M&I resource discovery target from continuing operations Remaining Indicated resource discovery target (2021 - 2025) 6.5Moz M&I resources discovered in 20
Slide 20: Tanda-Iguela Greenfield Project
3 TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION VALUE Potential to be another flagship asset INSIGHTS › Maiden resource outlined in 1.1Moz <15 months for a discovery cost of <$10 per Indicated ounce › Indicated resource of 14.9Mt at 2.33g/t for 1.1Moz and Inferred resource of 32.9Mt at 1.80g
Slide 21: Focused on Long Life and Low AISC Assets
4 FOCUSED ON LONG LIFE AND LOW AISC ASSETS ACTIVE PORTFOLIO MANAGEMENT Divested non-core assets and integrated four mines Key achievements across 4 pillars Endeavour’s portfolio Expanding Sabodala-Massawa Current operations1 Divested/Ceased operations Construction project2 AISC, $/oz Realised synerg
Slide 22: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining industry-leading AISC Production Profile For discontinued operations For continuing operations Full-year benefit of Sabodala-Massawa expansion 1.6Moz and Lafigué Full year benefit of +1.3Moz Semafo assets <$950/oz and Purch
Slide 23: Strong Cash Generation
STRONG CASH GENERATION Provides ability to fund capital allocation priorities Operating Cash Flow and Capital expenditure Cash generated from operating activities Cash used in investing activities Realized 1.0B Gold Price INVESTMENT PHASE CASH FLOW PHASE +$ Operating CF FY-2022 $1,156m $1,022m $749m
Slide 24: Robust Financial Position
ROBUST FINANCIAL POSITION Strong focus on funding our growth while delivering shareholder returns Net debt evolution (Net Debt)/ Net Cash Leverage Ratio INVESTMENT DEBT REDUCTION FOCUS 2.8x FOCUS Launch of ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS $167m $217m $121m $ 867m Available liqu
Slide 25: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Targeting increased shareholder returns following the build phase SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend › In 2021, Endeavour implemented a min
Slide 26: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Buybacks continue to supplement shareholder returns Cumulative shareholder returns Cumulative Buybacks Cumulative Dividend $777m >$ 200/oz $637m $277m Returned for every ounce of gold produced1 $237m $338m $138m $400m $500m 12.4m Shares repurchased $60m $200m
Slide 27: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2023 scores1 Low Endeavour MSCI rating evolution2 Severe 7% Medium Endeavour (2023) Agnico Eagle 41% Gold Peer 22% 2022 AA Polymetal Risk Rating Eldorado Newmont 30% AngloGold Ashanti High 2021 A Endeavour (2022)
Slide 28: London Stock Exchange Listing
LONDON STOCK EXCHANGE LISTING Significant increase in liquidity following index inclusions Volume traded on LSE compared to the TSX1 51% MSCI UK 51% of daily volume 42% in the UK 34% 31% 31% FTSE ALL FTSE SHARE + 100 FTSE 250 of shares outstanding in the UK register H2-2021 H1-2022 H2-2022 YTD-2023
Slide 29: Ability to Reward Shareholders Across Cycles
Watch ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES video Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCIPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Po
Slide 30: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 30
Slide 31: On Track to Meet Full Year Guidance
ON TRACK TO MEET FULL YEAR GUIDANCE Strongest quarterly performance achieved in Q3, stronger Q4 expected 0.08 GROUP SAFETY LTM INDUSTRY LTIFR1 LEADING 1.14 Industry Average2 25% 50% 75% 100% GROUP WITHIN YTD Q4 weighted 1,060-1,135koz RANGE PRODUCTION Guidance (for continuing operations) EXPECTED %
Slide 32: Production and AISC
PRODUCTION AND AISC Strongest quarterly performance achieved in Q3 with stronger Q4 expected Production and AISC Production for continuing operations, koz1 AISC for continuing operations, US$/oz 281koz 294koz 268koz 281koz +13koz Production 243koz Q3-2023 vs Q2-2023 $1,000/oz $955/oz $967/oz $856/oz
Slide 33: AISC Benchmark
Lundin Gold $806/oz Endeavour $974/oz Centerra $1,013/oz Evolution $1,070/oz YTD-2023 AISC, US$/oz Alamos $1,136/oz Agnico Eagle $1,162/oz Gold Peers AISC Benchmark1 AISC BENCHMARK B2Gold $1,177/oz Newcrest $1,194/oz Northern Star $1,209/oz Eldorado $1,217/oz (1) Benchmark includes gold producers wh
Slide 34: Financial Highlights
FINANCIAL HIGHLIGHTS Strong production and AISC in Q3 compared to Q2 QUARTER ENDED NINE MONTHS ENDED 30 Sep 30 June 30 Sep 30 Sep 30 Sep Q3-2023 vs. For Continuing Operations1 Q3-2022 2023 2023 2022 2023 2022 +5% (in $ million unless otherwise stated) OPERATIONAL HIGHLIGHTS Gold production, koz 281
Slide 35: Operating Cash Flow
OPERATING CASH FLOW Operating cashflows impacted by higher tax payments Operating cash flow Operating cash flow from continuing operations1 32m Realised Gold Price2 $288m -$ Operating cash flow Q3-2023 vs. Q2-2023 $191m Impacted by $50m in withholding taxes paid as part of cash upstreaming $144m $14
Slide 36: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Higher seasonal taxes weighted on operating cash flows INSIGHTS Operating cash flow from continuing operations bridge 1. The realised gold price for continuing 2 3 operations, inclusive of gold hedges, decreased by $44/oz from $1,947/oz in Q2- $147m 1 (∆$8m) 4 2023 to $1,9
Slide 37: Change in Net Debt
CHANGE IN NET DEBT Strong focus on funding our growth while delivering shareholder returns INSIGHTS Change in net debt 1. For Q3-2023, operating activities included $120m in operating cashflow before 4 changes in working capital and a $5m 3 working capital outflow. $15m 2. Investing activities inclu
Slide 38: Adjusted EBITDA
ADJUSTED EBITDA Continued strong adjusted EBITDA generation Adjusted EBITDA from continuing operations1 Realised Adj. EBITDA from continuing operations Adj. EBITDA Margin Gold Price2 +$10m $272m $263m $253m $253m $240m Adjusted EBITDA Q3-2023 vs Q2-2023 54% 54% 50% 50% 47% 3 + pp EBITDA margin $1,74
Slide 39: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS High profit margins due to low-cost production 3 MONTHS ENDED INSIGHTS 30 Sept. 30 June 1. Exploration costs of $15m remained high in Q3- (in $ million) A = Adjustments made for Adjusted Net Earnings 2023 due to our ongoing aggressive exploration 2023 2023 pro
Slide 40: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Balance Sheet Structure INSIGHTS (in $ million unless stated otherwise) 30 Sep 2023 30 Jun 2023 30 Sep 2022 1. The Company drew down a further $20m on the revolving credit facility to manage short-term off- Cash $370m 625 845 833 shore cashflow nee
Slide 41: Healthy Financial Position
HEALTHY FINANCIAL POSITION Targeting to complete current build phase with a healthy balance sheet Leverage ratio of global gold peers Net Debt, as at 30 September 2023 867m 2.20x 2.00x 1.80x $ 1.60x Available Liquidity1 1.40x as at 30 Sept. 2023 0.60x 0.40x 0.20x 0.00x -0.20x -0.40x <0.5x -0.60x Net
Slide 42: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L Q1-2022 Q3-2022 Q1-2023 Q3-2023 › Fuel price is regulated by in-country based pricing Q2-2022 Q4-2022 Q2-2023 mechanisms where prices are revised periodically, sheltering Endeavour from
Slide 43: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › In Q3-2023, 30koz were settled under 2400 Growth and forward contracts at a price of $1,828/oz shareholder return focus › The hedged realised gold pri
Slide 44: Stable Credit Rating
STABLE CREDIT RATING S&P credit rating is capped by sovereign rating S&P Long-term foreign currency debt credit ratings Endeavour BB- BB- Cote d’Ivoire BB- S&P rating Senegal B+ Stable Outlook across all Burkina Faso CCC+ jurisdictions 44
Slide 45: 2023 Guidance
2023 GUIDANCE Production INSIGHTS guidance from continuing operations › Ity: YTD-2023 ACTUALS 2023 GUIDANCE (All amounts in koz, on a 100% basis) Ity 250 285 — 300 Houndé 228 270 — 285 Mana 106 190 — 210 Sabodala-Massawa 209 315 — 340 TOTAL PRODUCTION 792 1,060 — 1,135 AISC guidance from continuing
Slide 46: 2023 Guidance (Continued)
2023 GUIDANCE (Continued) Capital expenditure outlook from continuing operations INSIGHTS YTD-2023 Q4-2023 FY-2023 (All amounts in US$m) ACTUALS OUTLOOK OUTLOOK Sustaining and non-sustaining capital Houndé 29 11 40 Ity 8 2 10 › Total sustaining and non-sustaining capital expenditure for FY- 11 4 15
Slide 47: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 47
Slide 48: Diversified Portfolio
DIVERSIFIED PORTFOLIO Data for continuing operations P&P RESERVES M&I RESOURCES 2022 Actuals 2023 Guidance as at 31 Dec 2022 as at 31 Dec 2022 ASSET COUNTRY PRODUCTION AISC PRODUCTION AISC CONTAINED GRADE CONTAINED GRADE (koz) (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) GOLD (Moz) (g/t) Houndé Burkina
Slide 49: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strongest quarterly performance achieved in Q3, stronger Q4 expected PRODUCTION AISC INSIGHTS % of bottom-end › Full year Group production from guidance achieved YTD continuing operations is on track to $895/oz $950/oz achieve the guided range Group 792koz YTD Full
Slide 50: Key Optimisations Initiatives
KEY OPTIMISATIONS INITIATIVES Continued optimization efforts to tackle inflationary pressures Sabodala-Massawa Ity Sabodala in-pit tailings can have +$31m in savings with Recyn project improves the environmental footprint reduced environmental impact and is expected to result in 87kozpa additional g
Slide 51: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Snapshot 315-340koz $760-810/oz 4.1Moz 6.3Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a
Slide 52: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2
Slide 53: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Higher grade oxide ore expected in Q4-2023 Q3-2023 vs Q2-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower grades processed as ore mined from the Niakafiri East, Bambaraya an
Slide 54: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Construction is on track and on budget for Q2-2024 startup SITE OVERVIEW INSIGHTS Crushing Area › Construction of the Sabodala-Massawa BIOX® Process Water Pond project was launched in Q2-2022 and remains on budget and schedule for completion in Q2-2024. BIOX Tanks › $167m
Slide 55: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2023 Guidance mid-point BIOX® production CIL production 450Koz Targeting production +400koz per annum 400Koz 350Koz 300Koz 250Koz 200Koz 150Koz 100Koz 50Koz 0Koz 2021A1 2022
Slide 56: Robust Economics for the Expansion Project
CORPORATE PRESENTATION Expansion Project Highlights (excludes current CIL operation) SABODALA-MASSAWA FIRST FIVE YEARS LIFE OF MINE Senegal (2024-2028) (2024-2033) OPERATING SUMMARY Tonnes processed, Mt 5.7 10.8 Strip ratio, W:O 7.7 8.5 ROBUST ECONOMICS Grade processed, Au g/t Gold contained process
Slide 57: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Scope changes in DFS compared to PFS AREA DESCRIPTION OF CHANGE EXPECTED RESULT Capital cost estimates Additional geometallurgical work has reclassified Removes risk associated with blending transitional and fresh CAPITAL fresh and transitional ore from the Massawa ore wit
Slide 58: Sabodala-Massawa Solar Plant
SABODALA-MASSAWA SOLAR PLANT Solar plant construction launched to reduce energy cost and CO2 emissions INSIGHTS Sabodala-Massawa power generation and storage › Endeavour launched the construction 24% of a 37MWp photovoltaic (“PV”) solar SOLAR PROJECT CURRENT PLANT facility and a 16MW battery system
Slide 59: Sabodala-Massawa Mine
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 106Mt at 1.86g/t au containing 6.33Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-g
Slide 60: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I resource additions versus depletion M&I Resource at year end Cumulative Depletion ~10Moz 10.0Moz 9.8Moz 9.3Moz 9.3Moz 3.1Moz 2.4Moz 2.7Moz 3.5Moz Defined gold 6.3Moz endowment 6.1Moz 6.2Moz 1.6Moz1 1.9Moz 2.1Moz 6.3Moz 6.9Mo
Slide 61: High Grade Reserves & Resources
HIGH GRADE RESERVES & RESOURCES Potential for significant additions given exploration potential Sabodala-Massawa reserves and resources by ore type OXIDE TRANSITIONAL FRESH TOTAL Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content Content 4.1Moz (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au
Slide 62: Near Term Exploration Focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on expanding existing resources and discovering new resources INSIGHTS › Given the exploration success, the 2023 programme will slightly exceed the guided spend of $15.0 million, with already $15.3 million spent YTD-2023, of which $3.8 million was spe
Slide 63: Kiesta
KIESTA High-grade intercepts at the Kiesta discovery are being delineated INSIGHTS › The Kiesta target is located along the Sabodala Shear Zone › The deposit is located in the north of the Massawa mining license, approximately 18 kilometers southeast of the Sabodala-Massawa processing plant › Follow
Slide 64: Bambaraya
BAMBARAYA Resource increased at Bambaraya deposit INSIGHTS › The Bambaraya deposit is located in the northwest corner of the Massawa mining license, approximately 13 kilometers south of the Sabodala-Massawa processing plant › Following successful exploration work during 2022, an updated mineral reso
Slide 65: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike 65
Slide 66: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 66
Slide 67: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Snapshot 285-300koz $840-915/oz 3.0Moz 5.0Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone as
Slide 68: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mi
Slide 69: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Expected to beat full year production guidance Q3-2023 vs Q2-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to the lower tonnes of ore milled as a result of wet season impacts
Slide 70: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview Ity production plan 2023 Guidance mid-point Incremental production added 2017 Optimization Study 350koz 300koz Target production of 250koz over +10 years expected to be achieved based on exploration potential
Slide 71: Ity Mine Recyanidation Project
ITY MINE Recyanidation Project INSIGHTS 3D Model › Recyanidation circuit aims to: ‒ optimise costs by reducing leaching and detox reagent consumption ‒ improving the quality of the discharge water ‒ increasing production through higher recovery rates › The Recyanidation process reduces cyanide consu
Slide 72: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 97Mt at 1.59g/t au containing 4.97Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 73: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion Cumulative depletion M&I resources2 6.9Moz 7.8Moz 7.8Moz 5.9Moz 2.8Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.6Moz 5.0Moz 4.5Moz 3.
Slide 74: Ity Resource Model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 74
Slide 75: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on extending mineralisation at known deposits INSIGHTS › Given the exploration success, the 2023 programme will slightly exceed the guided spend of $14.0 million, with already $14.2 million spent YTD-2023, of which $4.7 million was spent in Q3-2023 consisting of
Slide 76: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant West Flotouo Plan Map West Flotouo Cross Section VO21-165 8.4m @ 4.57 g/t Au 5.9m @ 14.55 g/t Au VO21-176 25.8m @ 4.91 g/t Au 4.2m @ 10.85 g/t Au VO21-158 14.8m @ 3.04 g/t Au 5.9m @ 10.65 g/t Au VO21-096 25.2m @ 13.00g/t Au 3.7m @ 11.01g/t
Slide 77: Le Plaque
LE PLAQUE Continuity demonstrated between Delta extension and Yopleu-Legaleu INSIGHTS Le Plaque Exploration Targets › The high grade Le Plaque deposit has been extended to the south towards Delta Extension and Le Plaque southwest. › Resource ore type is 77% fresh and the strip ratio is expected to b
Slide 78: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 78
Slide 79: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added WA21-052 5m @ 17.02 g/t Au WA21-074 3m @ 4.35 g/t Au 26.9m @ 3.24 g/t Au 6m @ 2.7 g/t Au WA21-033 WA21-025 18.4m @ 2.73 g/t Au 2m @ 39.84 g/t Au 23m @ 4.29 g/t Au 6.4m @ 3.86 g/t Au WA21-022 11m @ 2.54 g/t Au WA21-060 16.9m @ 6.20 g/t Au 19m
Slide 80: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu discovery is located in the Toulepleu exploration permit (PR462), 22km south of the Ity plant. The prospect sits in the center part of the Toulepleu-Ity greenstone
Slide 81: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 81
Slide 82: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 270-285koz $850-925/oz 2.7Moz 4.7Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s The
Slide 83: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% ba
Slide 84: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Record production achieved in Q3-2023 Q3-2023 vs Q2-2023 INSIGHTS Production and AISC › Production increased due to higher grades mined and Production, koz AISC, US$/oz 109koz processed primarily from the Kari Pump
Slide 85: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2023 Guidance mid-point Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potenti
Slide 86: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 93Mt at 1.56g/t au containing 4.68Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 87: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion M&I resources1 Cumulative Depletion 6.2Moz 6.4Moz 6.2Moz 5.5Moz 1.2Moz 1.5Moz 0.9Moz Defined gold 4.5Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.6Moz 0.1Moz 4.6Moz 4.7Moz 3.9
Slide 88: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of $7.0 million is planned for FY-2023, of which $6.6 million has been spent in YTD-2023 with $2.5 million spent in Q3-2023 consisting of
Slide 89: Mambo
MAMBO Delineation of the Mambo discovery INSIGHTS Mambo geology and drilling intercepts › Mambo is an attractive deposit as it is expected to have a low strip ratio, the resource contains approximately 40% oxide and transitional material › The higher-grade portion (+2g/t) of the Mambo deposit is exp
Slide 90: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan INSIGHTS › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30 kilometres) of the Houndé mine › Indicated resource of 753koz at 1.86 g/t and an Inferred resource of 760koz at 1.81 g/t as at 3
Slide 91: Sianikoui
SIANIKOUI Drilling at high-grade target north of Kari area 91
Slide 92: Vindaloo South and Deeps
VINDALOO SOUTH AND DEEPS Drill programme focussing on delineating mineralisation extensions INSIGHTS › The 2022 drill programme was focussed on extending resources at Vindaloo South, the 2023 program will focus on extending the mineralisation of Vindaloo Southeast along strike and delineating the un
Slide 93: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 93
Slide 94: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 190-210koz $950-1,050/oz 0.9 Moz 2.2 Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northern
Slide 95: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitio
Slide 96: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Improving grades and mining rates as underground ramps up Q3-2023 vs Q2-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes of ore milled and lower recovery rates,
Slide 97: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 34Mt at 1.99 g/t Au containing 2.18Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as ex
Slide 98: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › At the Mana mine, the 2023 programme will slightly exceed the guided spend of $5.0 million, with already $6.3 million spent YTD-2023, of which $2.4 million was spent in Q3-2023 consisting of 19,90
Slide 99: Maoula
MAOULA Open pit oxide target 99
Slide 100: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 Base line MARC21-208 4.0m @ 3.33 g/t \ 14m SE 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 101: Nyafe Sud
NYAFE SUD Drilling focussed on delineating under explored refractory ore potential NYRC22-008 NYRC22-009 NYDD21-002 6 m @ 1.57 g/t \ 101m 6 m @ 1.99 g/t \ 55m 4.0 m @ 3.67 g/t \ 38.0m 1 m @ 1.50 g/t \ 153m 1 m @ 1.37 g/t \ 94m 1.2 m @ 1.99 g/t \ 97.1m 1 m @ 4.05 g/t \ 159m 3 m @ 2.69 g/t \ 97m 101
Slide 102: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Côte D’Ivoire 203koz $871/oz 2.7Moz 3.0Moz As at As at Life of Mine annual Life of Mine annual 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also
Slide 103: Lafigué Project DFS Confirms Potential to Be a Cornerstone Asset
Lafigué Project DFS highlights LAFIGUÉ PROJECT PLANT TYPE, SIZE & CAPEX Plant type Gravity / CIL Côte D’Ivoire Mill capacity 4.0 Upfront capital cost, $m 448 RESERVES & RESOURCES (as at 31 December 2022) P&P Reserves, koz 49.8Mt at 1.69 g/t for 2.7Moz DFS CONFIRMS M&I Resources, koz 46.3Mt at 2.03 g
Slide 104: Lafigué Project: 203 Koz
Website 3D mine site tour LAFIGUÉ PROJECT Long life and low AISC operation Lafigué production plan DFS Production DFS AISC 300koz 250koz $2,000/oz 203Koz $1,600/oz Average annual Target production of +200koz Production over LOM 200koz $1,200/oz 150koz +33% $800/oz 100koz $400/oz 50koz Incremental pr
Slide 105: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Development is on budget and on schedule for Q3-2024 startup Construction of CIL tanks Milling Area INSIGHTS › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset for Endeavou
Slide 106: Lafigué Project
LAFIGUÉ PROJECT Lafigué process plant layout Côte D’Ivoire Mining • Open-pit drill & blast mining will be carried out by contractors with a maximum mining capacity of 55Mt per year • Fleet will comprise 400t class face shovels to load 180t capacity trucks for waste, and 200t class excavators to load
Slide 107: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) LAFIGUÉ PROJECT Côte D’Ivoire 1.5 – 2.0Moz $45/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 46Mt at 2.04g/t Au containing 3.03Moz NEAR-TERM FOCUS 3.03Moz of M&I resources have been discovered since 2018 with the aim to further extend the Laf
Slide 108: Fetekro Exploration Property
FETEKRO EXPLORATION PROPERTY Eight high priority targets to be followed up with over the next year INSIGHTS Fetekro Exploration permit select intercepts › The exploration programme is currently focussed on sterilisation drilling around the Lafigué mine footprint, while resources are being allocated
Slide 109: Lafigué North
LAFIGUÉ NORTH Section 320205 109
Slide 110: Lafigué Center
LAFIGUÉ CENTER Section 319830 110
Slide 111: Tanda-Iguela
INSIGHTS › Maiden resource outlined very quickly (under 15 months) since discovery was made at a low discovery cost of <$10 per indicated ounce TANDA-IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 14.9 2.33 1,114 Inferred 32.9 1.80 1,903 › Tanda-Iguela property has the p
Slide 112: Assafou Deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS › Tanda-Iguela in Côte d’Ivoire is Endeavour’s key 2023 exploration priority › 181km has been drilled at Tanda-Iguela since its discovery in late 2020, of which 123km has been drilled this year with plans for an additional 55km of d
Slide 113: Assafou Deposit
ASSAFOU DEPOSIT Continuity of mineralisation towards the northwest of the Indicated resource Cross Section 3200: Located outside the current Inferred resource boundary to Cross Section 3000: Located northwest of the current Indicated resource boundary the northwest 113
Slide 114: Assafou Deposit
ASSAFOU DEPOSIT High grade and thickness of main mineralised lense confirmed through infill drilling Cross Section 1933: Infill drilling within the existing resource boundary 114
Slide 115: Assafou Deposit
ASSAFOU DEPOSIT High grade and thickness of main mineralised lense confirmed through infill drilling Cross Section 1766: Infill drilling identifies additional mineralisation at depth below the current pit shell 115
Slide 116: Assafou Deposit
ASSAFOU DEPOSIT Mineralisation continues past the southeast of the current Indicated resource boundary Cross Section 0866: Located at the southeast extent of the current Indicated Cross Section 0433: Located southeast of the current Inferred resource boundary resource boundary 116
Slide 117: Tanda-Iguela Regional Targets
TANDA-IGUELA REGIONAL TARGETS 10 targets identified so far on the Tanda-Iguela permit INSIGHTS Tanda-Iguela regional map › Over 15km of drilling has been completed year to date on satellite targets located within 5km of Assafou › High-grade mineralisation was intercepted at several satellite targets
Slide 118: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in GUITRY - KRAKOUADIOKRO O Côte D’Ivoire R Côte d’Ivoire K O A -Y › Mineralisation occurs in N A N moderately to steeply dipping O K subparallel brittle-ductile graphitic shear zones in contact
Slide 119: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2022 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown incl
Slide 120: Kalana Project: 2016 vs 2021 Study Comparison
KALANA PROJECT Kalana 2016 vs. 2021 Study Comparison1 Mali 2021 STUDY 2016 STUDY VARIANCE PLANT SIZE & CAPEX Nominal mill capacity, Mtpa 3.0 1.2 +150% Upfront capital cost, $m 297 196 +51% › Key changes in updated PFS compared to LIFE OF MINE STATS the 2016 Avnel study: Mine life, years 11 18 -39% ‒
Slide 121: Kalana Project
Kalana license and exploration targets KALANA PROJECT Mali › Discovery of additional deposits may provide an extension of the Kalana mining operation. In addition, potential high-grade free-digging soft material may provide further operating flexibility › The Kalanako Northwest area is highly prospe
Slide 122: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralised zones with diverse BANTOU PROJECT mineralisation styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The Inferred resource is comprised of three main areas with t
Slide 123: Nabanga Project
INSIGHTS Nabanga deposit plan map and schematic cross-section › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold NABANGA PROJECT Project lies within the Nabanga Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. ‒ Pre-
Slide 124: Greenfield Liguidi
124 GREENFIELD LIGUIDI Burkina Faso
Slide 125: Greenfield Siguiri Licenses
125 GREENFIELD SIGUIRI LICENSES Guinea
Slide 126: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 126
Slide 127: Our Purpose Is to Produce Gold That Provides Lasting Value
OUR PURPOSE IS TO PRODUCE GOLD THAT PROVIDES LASTING OURVALUE PURPOSETO IS TOSOCIETY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We achieve this by... Protecting and promoting the Helping to create resilient and Trusted to unlock the full benefits places where we operate self-sustaining comm
Slide 128: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2023 • RGMP Compliance 2022 achieved at all sites • New Code of Business • ISO 14001/ISO 45000 2021 Conduct and Ethics certification achieved at • External assurance on key all sites 2020 ES
Slide 129: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 53.2 /100 Severe Risk 2019 2023 23.9 /100 Medium Risk 2022 18.2 /100 Low Risk 2023 2020 2022 2019 2020 2021 2022 Climate D- C C B- Change Water N/A C C C 129
Slide 130: Leading Sustainalytics ESG Risk Rating
LEADING SUSTAINALYTICS ESG RISK RATING No.1 Sustainalytics rated gold producer Sustainalytics risk ratings for gold producers Mining sector Sustainalytics risk ratings Endeavour (2023) ESG Risk Rating Rank Percentile Agnico Eagle Endeavour Mining 18.2 – Low 3,198/15,708 21st Polymetal Anglo American
Slide 131: Towards Net Zero
TOWARDS NET ZERO INSIGHTS TARGETS › Working to improve the efficiency of our operations, reduce energy use and associated costs, and lower emissions are key drivers of the Group’s long-term sustainability Achieve <0.64 t CO2-e /oz 2023 › Achieved 2022 Group emissions intensity target (total Scope 1
Slide 132: Energy Sources
ENERGY SOURCES SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 79% Fossil, 21% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imported, 32% Domestic Production • 77% Fossil (Natural G
Slide 133: Peer Benchmarking
PEER BENCHMARKING Global gold producer emission intensities 3.90 Emission Intensity (kt CO2-e/oz) 1.63 1.51 LOW INTENSITY Industry average intensity of 1.001 1.00 PRODUCER 0.80 0.81 0.76 0.64 0.67 0.54 0.57 0.40 36% Below industry Anglogold B2Gold Northern Star Newcrest Kinross Agnico-Eagle Fresnill
Slide 134: Water Stewardship
WATER STEWARDSHIP INSIGHTS Water stress index › Our approach is to use water as efficiently as possible Low <10% › We pay for the water we withdraw as part of our water permits Low-Medium 10-20% › Total water withdrawal increased by 50% in 2022 over 2021 due largely to: Medium-high 20-40% › Delays i
Slide 135: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT INSIGHTS Active Endeavour TSFs › Conduct regular internal and external audits, results are reported back to senior management and the Board › We support the Global Industry Standard on Tailings Management (GISTM) and are working towards alignment › Annual tailings dis
Slide 136: Protecting the Environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity. Protect 300ha of land 2023 › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat, Reclaim 60ha of land › We will not undertake exploration or mining acti
Slide 137: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT INSIGHTS Our employees, by origin Our workforce Nationals Female employees › Total workforce of 14,140 including 5,659 Local Communities Female contractors employees & 8,481 contractors (YE-2022) Male employees Expatriates Male contractors LOCALISING MANAGEMENT 94%
Slide 138: Boosting Host Economies
BOOSTING HOST ECONOMIES INSIGHTS Procurement budget Payments to governments National and Local suppliers Senegal › We prioritise in-country suppliers and the Foreign Suppliers Côte d’Ivoire development of domestic supply chains to Burkina Faso create employment opportunities › We contribute to natio
Slide 139: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION INSIGHTS › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border projects › $1.2 million invested since 2021 in the areas of education, skills training, fighting malaria, plasti
Slide 140: Ecodev – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND INSIGHTS › Established by Endeavour to support national economic growth › $2.9 million invested since fund inception (2021-2022) › Invests in the creation of local long-term, sustainable, SMEs with reputable partners Mali Shi Ranch du Tuy Turkey Farm Image
Slide 141: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 4,688 community consultations in 2022 › Range of income-generating activities in place, with a focus on the youth and women › Physically resettled 387 households comprising 3,298 people across our mines › Implementing programmes for 1,788 people who were economically
Slide 142: Targeting Zero Harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) › For 2022, we set ourselves a target to -25% 0.26 3.66 reduce all incidents by 10%; Our LTIFR -90% 3.47 decreased by 91% and our TRIFR decreased 0.20 2.60 by 25% › Regrettably, we recorded a fatality of
Slide 143: Diversity & Inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation in total workforce EDV Femmes › Employment of women in mining in West 9% 9% Africa remains a relatively new, 8% predominantly due to historical perceptions of the industry and cultural traditions. › We continue to address this bias by actively pro
Slide 144: Ethical Business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery RGMP compliance at our remaining › In 2022 we published our first externally assured Conflict Free Gold Standard Report 2023 mines, as per the WGC timeframe › In 2022 we published ou
Slide 145: Governance Framework
GOVERNANCE FRAMEWORK THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee EVP PA, Security and Social Perf. EVP ESG & Supply Chain Executive ESG SteerCo Quarterly Legal Working group Sector Specialists HSE Sustainability HR Social Tech Supply Investor PA performance Servi
Slide 146: Aligning ESG Priorities Through Exec Comp
ALIGNING ESG PRIORITIES THROUGH EXEC COMP FY-2023 FY-2022 FY-2021 Target Weighting Target Weighting Target Weighting 15% level of Group wide 7.5% 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% female recruitment SHORT-TERM INCENTIVE Two additional mines 7.5% 75% host country sourcing 10% compl
Slide 147: Short Term Incentive Plan
SHORT TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM Net free cash flow2 20.0% 5% below target $35m2 10% above target Production 12.5% >1,300koz 1,391koz Beat high end of guidance AISC 12.5% Within guidance $970/oz3 Beat low end of guidance ESG: RGMP4,5 7.5% One additional
Slide 148: Long Term Incentive Plan
LONG TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM2 TSR - Performance 25.0% Mid point Mid point Top quartile (Rank 1-20)3,4 Absolute shareholder 25.0% $475m $525m $600m returns Net debt 10.0% <0.5x <0.3x ≤0.2x Projects5 12.5% IRR ≥ 18% IRR ≥ 20% IRR > 25% Exploration 12.5
Slide 149: Our 2023 Material Topics
OUR 2023 MATERIAL TOPICS GRI Indicator Aspect Materiality: Impact Materiality: Financial GRI 202 Local Impact: Delivering benefits including meaningful work for our host Financial: Moderate – Failure to secure social licence could impact operations and lead communities helps to build and reinforce o
Slide 150: Strong & Diverse Corporate Governance
STRONG & DIVERSE CORPORATE GOVERNANCE Size of Board = 10 Nationalities represented on the Board Board experience by sector Strategy & Leadership International Business 9 7 1 Metals & Mining Finance & Accounting Public Policy Operations & Exploration Corporate Governance Sustainability & Non-Executiv
Slide 151: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 151
Slide 152: West Africa's Competitive Advantage
EXPLORATION Top region for discoveries over the last 10 years globally WEST AFRICA'S COMPETITIVE ADVANTAGE PERMITTING Amongst the quickest permitting timelines Endeavour is strategically positioned globally with an unmatched competitive advantage in the region. West Africa has become the largest gol
Slide 153: West African Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH Burkina Faso Mali Guinea % of Mine Supply Côte d’Ivoire Senegal Ghana and Other WEST AFRICA 18Moz 16% IS THE FASTEST- GROWING GOLD 14% PRODUCING REGION 15Moz 12% West African Mine Supply (ounces) 12Moz Percentage of Global Mine Supply 10% +80
Slide 154: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2022 WEST AFRICA 16Moz IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 10Moz 10Moz 6 out of the top 10 senior gold producers have a presence in West Africa, with Endeavour being the largest producer in the region
Slide 155: Endeavour Is the Dominant West African Gold Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION 2022 Endeavour 1.40 Moz ENDEAVOUR IS THE DOMINANT Newmont 0.99 Moz WEST AFRICAN Anglogold 0.78 Moz GOLD PRODUCER Gold Fields 0.74 Moz Barrick 0.73 Moz Given its focus on West Africa, Endeavour has a strategic industrial Perseus 0.52 Moz benefit from being geog
Slide 156: West Africa Is the 4th Largest Exploration Focus
GOLD INDUSTRY 2022 EXPLORATION BUDGET In US$ millions WEST AFRICA IS 1,789 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE 1,340 Given that exploration spend often foreshadows future production growth, West Africa has the potential to be an 882 even larger producing region. 509 327 7.4% +$6B 202
Slide 157: West Africa Ranks 1st for Discoveries
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2010-2021 67Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE The region is significantly under-explored compared to other regions. 28Moz 27Moz 23Moz 67 20Moz 19Moz 18Moz 18Moz 18Moz 17Moz 15Moz Moz 14Moz 13Moz 11Moz 8Moz
Slide 158: Endeavour's Operating Model
ENDEAVOUR’S OPERATING MODEL › Geographic focus provides a strong competitive advantage › Largest producer in each of our operating countries › Hands-on management model with teams close to operations › Senior management team spends significant time in-country › General managers empowered and rely on
Slide 159: Endeavour Holds One of the Largest Land Tenement Holdings
UNDER-EXPLORED REGION ENDEAVOUR HOLDS ONE OF THE LARGEST LAND TENEMENT HOLDINGS IN WEST AFRICA 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production Endeavour has a strategic foothold in since it is two of West Africa’s most prospective belts underexp
Slide 160: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 160
Slide 161: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 161
Slide 162: Africa Hosts a Large Portion of the Global Gold Project Pipeline
PRODUCTION FOR THE REGION GOLD PROJECT M&I RESOURCES In millions of ounces, inclusive of Reserves AFRICA HOSTS A LARGE PORTION OF THE GLOBAL GOLD PROJECT 50Moz DEVELOPMENT PIPELINE Over a third of the 26 active gold 34Moz development projects with resources over 1Moz are located in Africa. 19Moz 28
Slide 163: West African Projects Are Built Quicker, On-Time and On-Budget
PRODUCTION GOLD PROJECT CONSTRUCTIONS Based on 44 primary gold projects built since 2010 Project built on time & schedule Project missed budget or schedule WEST AFRICAN Latin America 7 projects 3.0 yrs PROJECTS ARE BUILT QUICKER, ON-TIME North America 10 projects 2.3 yrs AND ON-BUDGET Asia-Pacific 5
Slide 164: West African Projects Have Low Capital Intensity
PRODUCTION FOR THE REGION GOLD PROJECT CAPITAL INTENSITY Capital intensity calculated as development capital costs divided by M&I Resource as per the feasibility study $168/oz WEST AFRICAN PROJECTS HAVE LOW $141/oz $142/oz CAPITAL INTENSITY $125/oz West African projects have the lowest $103/oz capit
Slide 165: Favourable Mining Jurisdictions
PRODUCTION WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) FAVOURABLE MINING JURISDICTIONS Stable mining code and a well-balanced profit-sharing framework to encourage investment into the mining sector. WAEMU has adopted standardised tax principles across member countries, creating consistency that
Slide 166: Enhanced Security Platform Due to Scale in the Region
REGION’S PRODUCTION GROWTH ENHANCED SECURITY PLATFORM DUE TO SCALE IN THE REGION › Security unit structured as a business unit, led by ex-French military › Air strips on sites to avoid use of roads and improve operating efficiencies › Significant foreign aid and co- operation amongst West African na
Slide 167: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 11.5Moz of Indicated resources where we operate at <$25/oz ov
Slide 168: Appendix
APPENDIX FT / 2) Es y
Slide 169: Appendix 1: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 170: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Sébastien de Montessus Mark Morcombe Guy Young David Dragone Djaria Traore President & CEO COO CFO EVP HR & Comms EVP ESG & Supply Chain • Joined in 2019 • Joined in 2023 • Joined in 2023 • Joined Endeavour in 2019 • Joined in 2016 • 20+ years in HR with expertise in • Has
Slide 171: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill (SID) Alison Baker Livia Mahler Sébastien de Montessus Chair and Independent Senior Independent Independent Independent Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Tertius Zongo
Slide 172: Corporate Structure
CORPORATE STRUCTURE Guarantor of $500m senior notes and $645m RCF issued by Endeavour Mining PLC Issuer Endeavour Mining plc (UK) Guarantor of XOF 100.5B1 term loan issued by Operating Entity 100% Lafigue Holdings UK Limited Endeavour Mining Corporation (Cayman) Holding Company 100% Endeavour Gold C
Slide 173: Appendix 2: Mine Statistics
02 APPENDIX 2 Mine statistics
Slide 174: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 174
Slide 175: Mine Statistics (Year-to-Date)
MINE STATISTICS On a year-to-date basis (1) Includes waste capitalized. 175
Slide 176: Tax Payments
TAX PAYMENTS THREE MONTHS NINE MONTHS ENDED ENDED 30 September 30 June 30 September 30 September 30 September ($m) 2023 2023 2022 2023 2022 Houndé 11.3 13.0 10.4 35.2 37.0 Ity 9.3 32.3 10.3 42.9 30.5 Mana 5.4 12.9 3.1 21.3 10.3 Sabodala-Massawa 65.3 45.5 — 116.4 16.8 Other1 50.7 (0.1) 48.3 54.2 51.2
Slide 177: Appendix 3: Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 178: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2022, on a 100% Basis Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au
Slide 179: Notes to Reserves and Resources
NOTES TO RESERVES AND RESOURCES As of 31 December 2022 179
Slide 180: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Endeavour’s large land position (more than 17,000 sq Km) and comprehensive database over a very large number of exploration targets promotes the application of a general portfolio management theory wher
Slide 181: Contact
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV 18
Endeavour Mining — Investor Presentation (November 2023) on 6ix