Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (January 2023)
197 slides from Endeavour Mining's investor presentation, January 2023
Slide 1: Corporate Presentation January 2023
TSX & LSE: EDV OTCQX: EDVMF CORPORATE PRESENTATION January 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: Unmatched Competitive Advantage in the World's Largest Gold Producing Region
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 6 Gold 1,325-1,425koz West African producer mines AISC $940-995/oz 2023 Production Guidance 5
Slide 6: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 30 November 2022 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 12 January, 2023 246m Rank Institution name % of S/O 1 La Mancha 19.4% Share price as at 12 January, 2023 £19.44 / C$31.78 2 BlackRock Investment Manag
Slide 7: 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 8: Our Strategy
Watch CEO OUR STRATEGY video 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 managemen
Slide 9: Our Portfolio
OUR PORTFOLIO Strong competition for capital on a returns basis across the portfolio Long-term upside Near-term growth Immediate cash flow FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION +110 EXPLORATION PROPERTIES 6 PROJECTS 6 MINES TARGET CRITERIA TARGET CRITERIA TARGET CRITERIA <$25/oz
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: Met Guidance for 10th Consecutive Year
MET GUIDANCE FOR 10TH CONSECUTIVE YEAR Achieved top-end of production guidance and AISC within range for FY-2022 0.02 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 1,400 koz GROUP ACHIEVED FY TOP END OF PRODUCTION (For continuing operations) GUIDANCE 1,315-1,400koz Guidance ~$928/oz GROUP
Slide 13: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Five recent builds integrated within our business 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, CÔT
Slide 14: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio GREENFIELD EXPLORATION DEVELOPMENT PROJECTS OPERATIONS Current high priority efforts: In construction: Optimization initiatives: Siguiri Sia/Sianikoui Lafigué Sabodala-Massawa Expansion › Ho
Slide 15: Key Projects
4 2 44 KEY PROJECTS PROJECT DEVELOPMENT Sabodala-Massawa expansion and Lafigué construction are both underway BROWNFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION LAFIGUÉ ON FETEKRO PROPERTY DFS INSIGHTS: DFS INSIGHTS: ▪ Incremental annual production of 194koz over the first five years
Slide 16: Strong Exploration Track Record
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Achieved 5-year discovery target of 10-15Moz Total Indicated discoveries and targets Indicated resources discovered Exploration spend 11.5Moz 3.0Moz Discovered 11.5Moz Discovered from 2.2Moz mid-2016 to 2021 2.1Moz 1.9Moz 1.3Moz <$25/oz 1
Slide 17: 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 THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT Mana 10% KOFI LIPTAKO Hounde 9% SIGUIRI NABANGA BANTOU FULL CONTROL OF 125KM STRETCH ALONG THE ITY TANDA
Slide 18: 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 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selectio
Slide 19: Strong Exploration Track Record: 15-20 Moz Target
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Targeting discovery of more than 2x production depletion over 2021-2025 period 5-year resource discovery target Risked mean Indicated resource discovery target (2021 - 2025) M&I resource as at 31 December, 2020 15-20Moz $/oz Target discov
Slide 20: Major Greenfield Discovery in Côte d'Ivoire
3 MAJOR GREENFIELD DISCOVERY IN CÔTE D’IVOIRE UNLOCKING EXPLORATION VALUE Tanda-Iguela property has the potential to be another flagship asset for Endeavour INSIGHTS › Maiden resource outlined in >15 months since discovery was made at a low discovery cost of <$10 per indicated ounce › The Assafou de
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 five mines Key achievements across 4 pillars Endeavour’s Portfolio Core Mine Divested / Ceased Mine Construction Project1 Expanding Sabodala-Massawa AISC, $/oz Realised synergies Built Houn
Slide 22: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining industry-leading AISC Production and AISC For discontinued operations For continuing operations1 Start of Full year Sabodala- benefit of Massawa both projects expansion & Lafigué 1.6Moz +1.6Moz <$950/oz +1.5Moz Full year <$
Slide 23: Strong Cash Generation
STRONG CASH GENERATION Provides ability to fund capital allocation priorities Operating Cash Flow and Capital expenditure Operating Cash Flow Capital Expenditures1 Realized Gold Price INVESTMENT PHASE CASH FLOW PHASE +$ 426m Operating CF FY-2021 vs. FY-2020 $1,175m $749m +57% $223m $251m $302m $233m
Slide 24: Net Cash Evolution
NET CASH EVOLUTION Strong net cash position supports shareholder returns and growth Net Cash Evolution (Net Debt)/ Net Cash 1.53B INVESTMENT DEBT REDUCTION SHAREHOLDER RETURNS PHASE PHASE PHASE WITH ABILITY TO FUND GROWTH $217m $ $167m $75m $76m $121m Available Liquidity $3m as at 31 Dec. 2022 Cash
Slide 25: Healthy Financial Position
HEALTHY FINANCIAL POSITION Upcoming debt reduction and significant liquidity sources available Principal Debt Evolution Liquidity Sources (as at 31 December 2022) $1,030m $384m $910m $830m $830m $880m $880m $830m $830m Cash $951m +$ 1.53B assumed from Available Repaid Teranga RCF Liquidity Convertib
Slide 26: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME H2-2022 dividend of $100m and FY-2022 dividend of $200m SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend $200m › In 2021, Endeavour implemented a minimum
Slide 27: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Supplementing dividends with buybacks Capital Returned to Shareholders Buyback 637m Supplemental Dividend Minimum Dividend $299m $637m $99m $ $50m $237m shareholder returns Since 2020 $150m $278m $65m $138m $15m $125m $335m +90% $60m cumulative shareholder returns over
Slide 28: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Significant improvement following build of our Ity and Houndé mines Return on Capital Employed (ROCE)1 20% 18% 18% 2021 ROCE 10% 6% 6% +20% ROCE target with strong capital allocation discipline 2017 2018 2019 2020 2021 (1) EBIT (Adjusted EBITDA as in MD&A less depreciation
Slide 29: London Stock Exchange Listing Progress
LONDON STOCK EXCHANGE LISTING PROGRESS Strong UK liquidity growth following premium LSE listing in Q2-2021 Volume traded on LSE compared to the TSX1 42% 42% 38% 37% 33% FTSE of shares outstanding 250 in the UK register FTSE ALL SHARE 26% >40% 23% FTSE 100 of daily volume in the UK in Q4-2022 Q3-2021
Slide 30: 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 31: Upcoming Catalysts
UPCOMING CATALYSTS Q1 Exploration Year-end resource update following exploration success 2023 Q1 Shareholder Returns Payment of H2-2022 Dividend 2023 H1 Organic Growth Expansion project progress update 2023 Q3 Shareholder Returns Payment of H1-2023 Dividend 2023 H2 Exploration Tanda-Iguela resource
Slide 32: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 32
Slide 33: Strong Achievements in 2022
STRONG ACHIEVEMENTS IN 2022 Key Themes: STRONG OPERATIONAL HEALTHY ATTRACTIVE PERFORMANCE FINANCIAL POSITION SHAREHOLDER RETURNS 2022 Scorecard 2022 TARGET 2022 ACHIEVEMENT COMMENT Production, koz 1,315 - 1,400 1,400 Achieved AISC, $/oz 880 - 930 ~928 Achieved Leverage <0.5x Net Debt/adj. EBITDA LTM
Slide 34: Production and AISC
PRODUCTION AND AISC Consistent performance compared to previous year Production and AISC Production from discontinued operations 1,516koz -3% Production from continuing operations AISC from continuing operations (US$/oz) 1,410koz Production from Continuing Operations FY-2022 vs. FY-2021 803koz 651ko
Slide 35: Production and AISC
PRODUCTION AND AISC Improved Q4-2022 performance vs. Q3-2022 Production and AISC from continuing operations Production (koz) AISC (US$/oz) +3% 378koz 357koz 355koz 345koz 343koz Production Q4-2022 vs Q3-2022 $954/oz $960/oz $954/oz $894/oz $848/oz -1% All-In Sustaining Cost Q4-2022 vs Q3-2022 Q4-202
Slide 36: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Inflationary pressures in line with expectations Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q3-2021 Q2-2022 Q3-2022 mechanisms where prices are revised periodically, sheltering Endeavour from peak fuel pricing +26%
Slide 37: 2023 Guidance
2023 GUIDANCE INSIGHTS Consolidated Production Guidance 2023 FULL-YEAR 2022 ACTUALS (All amounts in koz, on a 100% basis) GUIDANCE › Production guidance for FY-2023 amounts to 1,325-1,425koz, which marks an increase over Ity 313 285 — 300 the FY-2022 guidance of 1,315-1,400koz Houndé 295 270 — 285 ›
Slide 38: 2023 Guidance (Continued)
2023 GUIDANCE (Continued) Capital Expenditure Guidance 2022 ACTUALS 2023 FULL-YEAR (All amounts in US$m) GUIDANCE Boungou 7 5 Houndé 27 40 INSIGHTS Ity 13 25 › Total sustaining and non-sustaining capital expenditure is Mana 10 25 expected to remain consistent with that achieved in FY-2022, at Saboda
Slide 39: Debt Structure
DEBT STRUCTURE Refinanced to provide a low cost, long-term debt structure REFINANCING INSIGHTS: Balance Sheet Structure › On 14 October 2021, the Company completed an offering of fixed rate senior notes due in 2026 and an unsecured RCF agreement due (in $ million unless stated otherwise) 31 Dec 2022
Slide 40: 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$/oz › Endeavour entered into a revenue protection Growth and shareholder programme for a proportion of its production return focus across FY-2022 and FY-202
Slide 41: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 41
Slide 42: Diversified Portfolio of Six Mines
DIVERSIFIED PORTFOLIO OF SIX MINES P&P RESERVES as at Dec 31, M&I RESOURCES as at Dec 31, 2022 Actuals 2023 Guidance 2021 2021 NAME COUNTRY MINE AISC MINE PRODUCTION AISC CONTAINED GRADE CONTAINED GOLD GRADE PRODUCTION (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) (Moz) (g/t) (koz) Houndé Burkina Faso 29
Slide 43: 2022 Mine Site Performance vs Guidance
2022 MINE SITE PERFORMANCE VS GUIDANCE Houndé, Ity and Mana beat production guidance Sabodala-Massawa Houndé 360-375koz 260-275koz PRODUCTION FY PRODUCTION FY 358koz 295koz $675/oz $691/oz $725/oz $875/oz $925/oz AISC FY AISC FY Guidance $809/oz Guidance Ity Mana 255-270koz 170-190koz PRODUCTION FY
Slide 44: Key Optimisations Initiatives
KEY OPTIMISATIONS INITIATIVES Continued optimization efforts to tackle inflationary pressures Sabodala-Massawa Ity Houndé ▪ Sabodala in-pit tailings can have +$31m in savings with ▪ Recyn project improves the environmental footprint ▪ Options to reduce energy costs and emissions reduced environmenta
Slide 45: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Snapshot 315-340koz $760-810/oz 4.4Moz 6.9Moz As at As at 2023 Target 2023 Target 31 December 2021 31 December 2021 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a
Slide 46: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT 31 DEC. 2021 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2.3 -
Slide 47: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Higher grade oxide ore in Q4-2022 from Massawa North Zone improved performance Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to an increase in processed grade and pl
Slide 48: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Low-capex intensive brownfield expansion is on track INSIGHTS BIOX® REACTORS Processing Plant Foundation › Sabodala-Massawa DFS defined a robust expansion Neutralisation project adding a 1.2Mtpa BIOX® plant, designed to process the high-grade refractory ore from the Massaw
Slide 49: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2022 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 50: 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 51: 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 52: 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 2021 110Mt at 1.94g/t au containing 6.88Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-g
Slide 53: 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 9.3Moz 9.3Moz 3.1Moz 2.4Moz 2.7Moz Defined gold 6.3Moz endowment 6.1Moz 6.2Moz 1.6Moz1 1.9Moz 2.1Moz 6.9Moz 6.9Moz 6.6Moz 6.9Mo
Slide 54: Near Term Exploration Focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on increasing near-mine non-refractory resources INSIGHTS › Phased approach to property wide exploration programme through a review of the existing data, to prioritise drill targets and further soil sampling programmes › Exploration in 2020 and 2021 w
Slide 55: 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 56: 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 H1-2022, an updated mineral r
Slide 57: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike
Slide 58: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 58
Slide 59: Samina
SAMINA Mineralised strike length greater than 1,100 meters and open to the north and south 59
Slide 60: Tina
TINA Northeast striking mineralised occurrence with further drilling planned for 2022 60
Slide 61: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Snapshot 285-300koz $840-915/oz 3.0Moz 4.5Moz As at As at 2023 Target 2023 Target 31 December 2021 31 December 2021 Production AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerstone ass
Slide 62: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT 31 DEC. 2021 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mining
Slide 63: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Throughput improved in Q4-2022 as the asset exited the rainy season Q4-2022 vs Q3-2022 INSIGHTS Production and AISC › Production remained flat as lower processed grades were Production, koz AISC, US$/oz offset by highe
Slide 64: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview Ity production plan 2023 Guidance Incremental production added 2017 Optimization Study 350koz 300koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and furthe
Slide 65: 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 66: Ity Mine
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 90Mt at 1.56g/t au containing 4.48Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through high
Slide 67: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion Cumulative depletion M&I Resource at year end 6.9Moz 6.9Moz 5.9Moz 5.7Moz 2.5Moz 5.2Moz 5.3Moz Defined gold 1.9Moz 2.1Moz endowment 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 2.7Moz 4.5Moz 3.7Moz 3.6Moz
Slide 68: Ity Resource Model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 68
Slide 69: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on high-grade oxide at near mine targets and Le Plaque INSIGHTS › An exploration programme of $10.0m is planned for FY-2022, of which $8.0m has been spent in YTD-2022 with $3.5m spent in Q3-2022 consisting of 13,500 meters of drilling across 72 drill holes. The e
Slide 70: 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 71: Le Plaque
LE PLAQUE Updated resources extended mineralisation INSIGHTS Le Plaque Exploration Targets › During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension › The high grade Le Plaque deposit has b
Slide 72: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 72
Slide 73: 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 74: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu prospect 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 b
Slide 75: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 75
Slide 76: Daapleu Deeps
DAAPLEU DEEPS High-grade mineralisation extends down dip DA15-178 21.3m @ 1.87g/t Au 8.9m @1.37 g/t Au 9.3m @ 1.12 g/t Au DA16-193 18m @ 1.54g/t Au DA16-194 12.1m @ 1.47g/t Au 6.9m @ 1.13 g/t Au 13.9m @ 1.23 g/t Au DA15-174 14.2m @ 1.21g/t Au 10.7m @ 2.87 g/t Au DA16-193 15.6m @ 1.36 g/t Au DA21-615
Slide 77: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 270-285koz $850-925/oz 2.5Moz 5.2Moz As at As at 2023 Target 2023 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s The
Slide 78: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis
Slide 79: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Record mill throughput achieved in Q3-2022 Q4-2022 vs Q3-2022 INSIGHTS Production and AISC › Production decreased due to lower processed grades, which Production, koz AISC, US$/oz was slightly offset by higher mill
Slide 80: 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 81: Houndé Mine
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 104Mt at 1.55g/t au containing 5.17Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo Sou
Slide 82: 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 6.4Moz 6.4Moz 5.5Moz 1.2Moz 0.9Moz Defined gold 4.5Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 3.8Moz 0.1Moz 5.2Moz 4.6Moz 3.9Moz 3.1Moz
Slide 83: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on Sianikoui and Dohoun, and Vindaloo South targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of $14.0m is planned for FY- 2022, of which $10.9m has been spent YTD-2022 with $5.3m spent in Q3-2022 consisting of 8,0
Slide 84: 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 85: Mambo
MAMBO Down dip mineralisation extension remains open 85
Slide 86: 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 kilometers) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468k
Slide 87: Sianikoui
SIANIKOUI Drilling to continue through the year at high-grade target north of Kari area 87
Slide 88: Vindaloo Drill Programme
VINDALOO DRILL PROGRAMME Drill programme focussing on delineating the Vindaloo South deposit INSIGHTS › Following FY-2021 positive first pass drilling results, 28 new holes were drilled, including 26 RC holes (3,654 meters) and 2 DDH (380 meters) for a total of 4,034 meters drilled to determine the
Slide 89: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 89
Slide 90: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 150-165koz $1,250-1,350/oz 1.1 Moz 1.9 Moz As at As at 2023 Target 2023 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Wahgnion mine offers cash flo
Slide 91: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Greater mining flexibility following the commissioning of Resources shown Tonnage Grade Content the Samovogo satellite deposits later thi
Slide 92: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Mining commenced at Samavogo in late Q3-2022 Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher processed grades which was partially offset by slightl
Slide 93: Wahgnion Mine
DISCOVERY TARGET (2021-2025) WAHGNION MINE Burkina Faso 1.5 – 2.0Moz $25/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 41Mt at 1.48g/t Au containing 1.94Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucking dista
Slide 94: Wahgnion Mine
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of $9.0m is planned for FY-2022, of which $7.0m has been spent YTD-2022 with $2.2m spent in Q3-2022 consisting of 9,800
Slide 95: Ouahiri South
OUAHIRI SOUTH Large soil anomaly on the project permit located 8km to the west of the mine 95
Slide 96: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 190-210koz $950-1,050/oz 1.2 Moz 2.3 Moz As at As at 2023 Target 2023 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the norther
Slide 97: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitionin
Slide 98: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Mining at the Maoula satellite pit started in Q4-2022 Q4-2022 vs Q3-2022 INSIGHTS Production and AISC › Production increased due to higher processed grades Production, koz AISC, US$/oz and gold recovery rates, partial
Slide 99: Mana Mine
DISCOVERY TARGET (2021-2025) MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 38Mt at 1.89 g/t Au containing 2.29Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as explor
Slide 100: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $6.0m is planned for FY- 2022, of which $5.6m has been spent year to date with $0.3m spent in Q3-2022 consisting of 21,100 meters of drilling across 204 drill holes focuse
Slide 101: Maoula
MAOULA Open pit oxide target 101
Slide 102: 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 103: Nyafe Sud
NYAFE SUD Early stage 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
Slide 104: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 115-125koz $985-1,075/oz 1.1 Moz 1.4 Moz As at As at 2023 Target 2023 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high
Slide 105: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Discovery of new deposits to maintain higher grade profile Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (
Slide 106: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Grade sequencing of the mine plan is influencing the production profile Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled and a slightly
Slide 107: Boungou Mine
DISCOVERY TARGET (2021-2025) BOUNGOU MINE Burkina Faso 1.0 – 1.5Moz $32/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 11Mt at 3.85g/t Au containing 1.38Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou SW, Nato
Slide 108: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on the Osaanpalo and Boungou East targets INSIGHTS Boungou Exploration Map › An exploration programme of $4.0m is planned for FY- 2022, of which $1.9m has been spent YTD-2022 with $0.3m spent in Q3-2022. The exploration programme has been focused on identifying ne
Slide 109: Near Mine Targets at Boungou
NEAR MINE TARGETS AT BOUNGOU Osaanpalo, Boungou East, and Tawori are targets close to the plant Osaanpalo Boungou Est Tawori 109
Slide 110: 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 June 1, 2022 May 15, 2022 Production AISC P&P Reserves M&I Resources Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demonstra
Slide 111: Lafigué Project DFS Confirms Potential to be a Cornerstone Asset
Lafigué Project DFS highlights LAFIGUÉ PROJECT PLANT TYPE, SIZE & CAPEX Côte D’Ivoire Plant type Gravity / CIL Mill capacity 4.0 Upfront capital cost, $m 448 RESERVES & RESOURCES 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/t for 3.0Moz Inferred Re
Slide 112: Lafigué Project: Long Life and Low AISC Operation
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 113: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Endeavour’s next cornerstone asset Lafigué Project - Earthworks underway PROJECT UPDATES › Construction of the Lafigué development project on the Fetekro property was launched on 17 October 2022, following completion of a robust DFS that confirmed Lafigué’s
Slide 114: Lafigué Project Comparison Between PFS and DFS
Lafigué Mineral Reserves and Resource LAFIGUÉ PROJECT On a 100% basis. Tonnage 2022 DFS1 Grade Content Tonnage 2020 PFS Grade Content VARIANCE Au Content Côte D’Ivoire M&I Resources shown inclusive (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz) of Reserves. Proven Reserves - - - - - - - Prob
Slide 115: Lafigué Project
Lafigué process plant layout LAFIGUÉ PROJECT 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 116: 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 May 15, 2022 46Mt at 2.03g/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 Lafigué
Slide 117: 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 › Targeting the discovery of 1.5–2.0 Moz of Indicated resources across the Fetekro exploration permit area over the 2021-2025 period at a discovery
Slide 118: Lafigué North
LAFIGUÉ NORTH Section 320525 118
Slide 119: Lafigué North
LAFIGUÉ NORTH Section 320205 119
Slide 120: Lafigué North
LAFIGUÉ NORTH Section 320645 120
Slide 121: Lafigué North
LAFIGUÉ NORTH Section 320405 121
Slide 122: Lafigué Center
LAFIGUÉ CENTER Section 319830 122
Slide 123: Lafigué South
LAFIGUÉ SOUTH Section 319460 123
Slide 124: 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
Slide 125: Assafou Deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS Assafou Geological Context › Assafou mineralised system has now been defined over an area which is approximately three kilometres in length and 350 metres in width, extending from surface to depths exceeding 300 metres › The 2022 de
Slide 126: Assafou Deposit
ASSAFOU DEPOSIT Select intercepts exceeded 100 metres in true thickness with an average grade above 3.00g/t gold Assafou section 2166 Assafou section 2433 126
Slide 127: Assafou Deposit
ASSAFOU DEPOSIT Periphery intercepts of the declared Indicated Resource show strong potential for continuity Assafou section A2700 at Northwest limit of the indicated resource boundary Assafou A2800 showing high grade intercepts outside the indicated resource boundary towards Northwest 127
Slide 128: Assafou Deposit
ASSAFOU DEPOSIT Periphery intercepts of the declared Indicated Resource show strong potential for continuity Assafou Section A1800 showing inferred resource high grade intercepts 200m Assafou Section A0400 showing intercepts 2 km outside of the indicated resource to SE of the Indicated resource boun
Slide 129: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in Guitry - Krakouadiokro Côte D’Ivoire Côte d’Ivoire › Mineralisation occurs in moderately to steeply dipping subparallel brittle-ductile graphitic shear zones in contact between sediments and
Slide 130: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES AS AT DEC. 31, 2021 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusi
Slide 131: Kalana Project
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 132: 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 133: 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 134: 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 135: Greenfield Liguidi
135 GREENFIELD LIGUIDI Burkina Faso
Slide 136: Greenfield: Siguiri Licenses
136 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 137: Greenfield Nassile / Da-Guity
INSIGHTS › Highly prospective area of Nassile and Dar-Guiti Niger GREENFIELD NASSILE / DA-GUITY › Exploration Permit obtained in 2017 › Exploration Permit covers a total surface area of 695km² 137
Slide 138: Greenfield Kofi
INSIGHTS › Kofi on same trend as Barrick’s Loulo- Mali GREENFIELD KOFI Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 138
Slide 139: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 139
Slide 140: Our Purpose is to Produce Gold That Provides Lasting Value to Society
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 141: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2022 • New Code of Business 2021 Conduct and Ethics • External assurance on key 2020 ESG data • New Group-wide Tailings Management Policy • 1st RGMP externally • 7 RGMPs externally assured a
Slide 142: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Sustainability efforts underpin top ESG ratings Sustainalytics 2022 Scores1 Endeavour MSCI rating evolution2 Newmont Endeavour 2022 2022 AA Yamana Kirkland Gold Fields Agnico Eagle AngloGold Ashanti 2021 A Newcrest B2 Gold CCC Endeavour 2021 AA 17% 25% Kinross 2
Slide 143: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 23.9 /100 Medium Risk 2022 Relative Performance 2020 2022 2020 2019 2020 2021 Climate D- C C Change Water N/A C C 2021 Forestry ✓ ✓ ✓ Defined targets required to advance to a B rating 14
Slide 144: ESG 2021 Highlights
ESG 2021 HIGHLIGHTS Strong year delivering against key objectives ZERO HARM ADDRESSING CLIMATE CHANGE INVESTING IN OUR COMMUNITIES Zero Fatalities 0.54tCO2-e/oz emissions intensity, $2.0B in total economic contribution to 0.20 LTIFR, well below industry one of the lowest in the gold sector host coun
Slide 145: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 65% Fossil, 35% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imports, 32% Local Production • 68% Fossil
Slide 146: Greenhouse Gas Emissions Intensity Ranks Favourably Against Peers
2021 GHG EMISSIONS INTENSITY Emission Intensity (kt CO2-e/oz) 2.86 1.60 ENDEAVOUR'S GREENHOUSE 1.20 Industry average intensity of 0.901 1.12 GAS EMISSIONS INTENSITY 0.56 0.59 0.69 0.73 0.74 0.78 0.80 0.81 0.54 0.40 RANKS FAVOURABLY IN 0.20 COMPARISON TO PEERS 2020 data 2020 data 2020 data Scope 2 Em
Slide 147: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT ENERGY INTENSITY GHG EMISSION INTENSITY CURRENT STRUCTURE OF OUR Total Energy Consumption (GJ) Scope 1+2 GHG Emissions (kt CO2 Eq) CARBON FOOTPRINT Energy Intensity (GJ/oz) GHG Intensity (ktCO2-e/oz) Scope 1 Scope 2 Scope 3 0.54 7.04 6.41 0.48 853 ktCO2-e 71% 15,447,836
Slide 148: Protecting the Environment
PROTECTING THE ENVIRONMENT Water Stewardship › Our approach is to use water as efficiently as possible › We pay for the water we use, as part of our water permits › 2021 increase in water withdrawal and consumption due to the expanded asset portfolio › We plan to set Group water reduction targets in
Slide 149: Protecting the Environment
PROTECTING THE ENVIRONMENT Responsible Tailings Management › Our goal is to ensure Zero Harm through effective TSF management, as governed by our Group Tailings Policy 0 Audited 100% › Conduct regular internal and external audits, results TSF-related Annually audited by are reported back to senior m
Slide 150: Protecting the Environment
PROTECTING THE ENVIRONMENT Biodiversity – Protecting Africa’s Fauna & Flora › Goal is to effectively manage biodiversity and reduce our impacts throughout the life of our mines and post closure Protect & Preserve Restore X › We have a multi-pronged approach to protect 600ha 10ha/mine No Mining on Wo
Slide 151: Protecting the Environment
PROTECTING THE ENVIRONMENT Towards ZERO Plastic › Developing a ‘Towards ZERO Plastic’ Strategy › Will be conducting a baseline on waste management during 2022 › Liaising with our mine site supply chains to explore opportunities › Eliminate single use plastic water bottles at all our operations by 20
Slide 152: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT OUR EMPLOYEES OUR SENIOR MANAGERS Nationals Expatriates Nationals Regional Local Communities Local Communities Foreign 56% 38% 5% 95% 55% 12% of employees are West of Senior Managers are 5% African nationals with West African nationals 39% from local communities 39%
Slide 153: Boosting Local Economies
BOOSTING LOCAL ECONOMIES PROCUREMENT BUDGET PAYMENTS TO GOVERNMENTS ECONOMIC CONTRIBUTION TO National and Local suppliers Senegal Burkina Faso HOST COUNTRIES Foreign Suppliers Cote D’Ivoire Employee salaries, benefits and social invesmtents Payments to Government $89m National procurement 80% $87m $
Slide 154: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border › Focused on social investment and sustainability $295k › The Great Green Wall Invested in 2021 › Partnership with Senega
Slide 155: Ecodev – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND › Established by Endeavour to support national economic growth › Invests in the creation of local long-term, sustainable, SMEs with reputable partners $3.2m Invested 2019 - 2021 › Mali Shi › Mali is 2nd largest producer of shea nut and accounts for ~20% gl
Slide 156: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 1,825 community consultations in 2021 › Grievance resolution rate improved from 70% to 93% › New Social Responsibility Policy developed and new social performance management system launched › Range of income-generating activities in place, with a focus on the youth an
Slide 157: Targeting Zero Harm
TARGETING ZERO HARM LOST TIME INJURY FREQUENCY ALL INJURY FREQUENCY RATE MALARIA INCIDENCE RATE RATE (LTIFR) (AIFR) 119.80 3.66 106.50 0.26 3.47 0.20 FY-2020 FY-2021 FY-2020 FY-2021 FY-2020 FY-2021 LTIFR is calculated as number of LTIs in the Period X AIFR is calculated as LTIs+MTIs+RWIs+FAIs in the
Slide 158: Diversity & Inclusion
DIVERSITY & INCLUSION FEMALE REPRESENTATION IN WOMEN AT ENDEAVOUR TOTAL WORKFORCE Management Skilled Technical/Supervisors Semi-Skilled 9% 8% 22% 33% 508 10% Women employees 35% FY-2020 FY-2021 INSIGHTS TARGETS ACTIONS › Female representation remained flat due › Continue to increase female › EDV Fem
Slide 159: Ethical Business
ETHICAL BUSINESS HUMAN RIGHTS ANTI-BRIBERY/CORRUPTION RESPONSIBLE SOURCING › Our Human Rights Policy is reviewed › Independent 3rd party 24/7 whistleblower › All gold produced by Endeavour sourced annually, and we publish an annual Modern hotline from our own operations Slavery statement › DD is con
Slide 160: Governance Framework & ESG
GOVERNANCE FRAMEWORK & ESG EXECUTIVE COMP THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee Executive ESG SteerCo Quarterly Sector Specialists Health, safety Human Social Finance Legal & Supply Investor IT & environment resources performance compliance chain relations
Slide 161: Aligning ESG Priorities Through Exec Comp.
ALIGNING ESG PRIORITIES THROUGH EXEC COMP. FY-2022 FY-2021 FY-2020 Target Weighting Target Weighting Target Weighting 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% 10% reduction in TRIFR 10% SHORT-TERM INCENTIVE 75% host country sourcing 10% 25% increase in female 10% reduction in malaria A r
Slide 162: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting 8 5 1 Metals & Mining Finance Public Policy International Business Operations & Exploration Co
Slide 163: Key ESG 2022 Targets
KEY ESG 2022 TARGETS ZERO HARM ADDRESSING CLIMATE CHANGE INVESTING IN OUR COMMUNITIES Zero Fatalities Finalise decarbonisation strategy Define a Local Content Policy roadmap ≥5% reduction in TRIFR Develop Local Procurement Plan per site Set a Group water target in 2022 Target 10% reduction in malari
Slide 164: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 164
Slide 165: West Africa: Golden Opportunity
WEST AFRICA ENDEAVOUR'S PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade Endeavour is strategically positioned with an unmatched competitive advantage in the region. 20% En
Slide 166: West Africa is the Fastest-Growing Gold Producing Region
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH Burkina Faso Mali Guinea % of Mine Supply Côte d’Ivoire Senegal Ghana and Other WEST AFRICA 16.5t 16.0t 15% IS THE FASTEST- 15.5t 15.0t 14.5t 14% GROWING GOLD 14.0t 13.5t 13% PRODUCING REGION 13.0t 12.5t 12% 12.0t 11% 11.5t 11.0t 10% West Afr
Slide 167: West Africa is the Largest Global Gold Producing Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2021 WEST AFRICA 16Moz IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 12Moz 11Moz Given the golden opportunity in West Africa, 6 out of the top 10 senior gold producers have a presence in 7Moz 7Moz the region. 5
Slide 168: Endeavour is the Dominant West African Gold Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION (2021E) ENDEAVOUR Endeavour IS THE DOMINANT AngloGold WEST AFRICAN Newmont GOLD PRODUCER Gold Fields Barrick Given its focus on West Africa, B2Gold Endeavour has a strategic industrial Kinross benefit from being geographically focused yet diversified across mu
Slide 169: 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 170: West Africa is the 4th Largest Exploration Focus
INDUSTRY EXPLORATION SPEND INDUSTRY 2020 EXPLORATION BUDGET In US$ millions 842 WEST AFRICA IS 788 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE Given that exploration spend often 470 458 foreshadows future production growth, West Africa has the potential to continue to be a large producing reg
Slide 171: West Africa Ranks 1st for Discoveries Over Past Decade
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 172: 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 Endeavour has a strategic foothold in ~30% of production two of West Africa’s most prospective belts since it is underexp
Slide 173: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 173
Slide 174: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 174
Slide 175: West Africa Operates as an Economic Union with Stable Mining Code
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 176: 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 177: 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 178: Appendix
APPENDIX FT / 2) Es y
Slide 179: Appendix 1: Management and Board
01 APPENDIX 1 Management and Board
Slide 180: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Sébastien de Montessus Mark Morcombe Joanna Pearson Henri De Joux President & CEO COO CFO EVP People, IT & Supply Chain • Joined in 2016 • Joined in 2019 • Joined in 2020 • Joined in 2016 • Has introduced key strategic • 25+ years experience in the • Previous successful car
Slide 181: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill (SID) Alison Baker Livia Mahler Sébastien de Montessus Chair and Independent Senior Independent Independent Independent Executive Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Tertius Zongo Sakhila M
Slide 182: Appendix 2: Mine Statistics and Financials
02 APPENDIX 2 Mine statistics and financials
Slide 183: Production and AISC
PRODUCTION AND AISC Production THREE MONTHS ENDED TWELVE MONTHS ENDED 31 December 30 September 31 December 31 December 31 December 2022 FULL-YEAR GUIDANCE All amounts in koz, on a 100% basis 2022 2022 2021 2022 2021 Boungou 26 29 35 116 174 130 — 140 Hounde 63 72 77 295 293 260 — 275 Ity 82 81 60 31
Slide 184: Mine Statistics
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 184
Slide 185: Mine Statistics
MINE STATISTICS On a year to date basis (1) Includes waste capitalized. Note: Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 185
Slide 186: Production and Preliminary AISC Statistics
PRODUCTION AND PRELIMINARY AISC STATISTICS On a quarterly basis (1) Includes waste capitalized. 186
Slide 187: Production and Preliminary AISC Statistics
PRODUCTION AND PRELIMINARY AISC STATISTICS On a full year basis (1) Includes waste capitalized. Note: Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 187
Slide 188: Cash Flow and Net Cash
CASH FLOW AND NET CASH THREE MONTHS ENDED NINE MONTHS ENDED 30 June 30 September 30 September 30 September 2022 2021 30 September 2021 All amounts in US$ million unless otherwise specified 2022 2022 Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working c
Slide 189: Earnings from Continuing Operations
EARNINGS FROM CONTINUING OPERATIONS THREE MONTHS ENDED NINE MONTHS ENDED 30 September 30 June 30 September 30 September 30 September All amounts in US$ million unless otherwise specified 2022 2022 2021 2022 2021 Revenue 568 630 657 1,883 1,968 Operating expenses (254) (251) (234) (722) (744) Depreci
Slide 190: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Expected to improve acquired asset ROCE through optimisation Return on Capital Employed High ROCE for legacy assets following Expected to increase ROCE on acquired by asset build and exploration success assets with exploration and optimisation ITY MANA BOUNGOU Mana Houndé
Slide 191: Emissions and Energy
EMISSIONS AND ENERGY On a full year basis FY-2021 FY-2020 Variance (%) FY-2021 FY-2020 Variance (%) Aggregate Emissions1 (Scope1+2), kt Aggregate Energy1 Consumption, GJ Houndé 162.8 126.3 + 29% Houndé 2,026,860 1,615,355 + 25% Ity 117.6 115.5 + 2% Ity 1,881,153 1,446,685 + 30% Mana 132.9 108.4 + 23
Slide 192: Water Stewardship
WATER STEWARDSHIP On a full year basis FY-2021 FY-2020 Variance (%) Aggregate water withdrawal1, ML Houndé 2,785 2,215 + 26% Ity 1,862 1,785 + 4% Mana 778 2,397 - 67% Boungou 1,148 454 + 153% Karma 546 525 + 4% Sabodala-Massawa 1,668 na na Wahgnion 1,253 na na Group Total 10,042 7,376 + 36% Water wi
Slide 193: Appendix 3: Reserves and Resources, 5-Year Exploration Target and Security
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 194: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2021 On a 100% basis On a 100% basis On a 100% basis 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 koz) in
Slide 195: 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 196: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Step 4: Final selection of targets, with higher PoO and priority, which can be physically be included in the 5 year exploration plan Since Endeavour cannot feasibly explore the 110 targets, defined in S
Slide 197: Contact Us
®) ENDEAVOUR MINING | CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 87
Endeavour Mining — Investor Presentation (January 2023) on 6ix