Slide 1: Q3-2025 Results Presentation
Q3-2025 RESULTS PRESENTATION 13 November 2025 1
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA SONIA JACK COCKERILL YOUNG TRAORE SCARSELLI GARMAN CEO CFO EVP Operations & ESG EVP Exploration VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q3 & YTD-2025 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 EXPLORATION 5 CONCLUSION 6 APPENDIX
Slide 5: Q3 & YTD-2025 Highlights
01 SECTION 1 Q3 & YTD-2025 HIGHLIGHTS
Slide 6: Q3 & YTD-2025 Highlights
Q3 & YTD-2025 HIGHLIGHTS Delivering against our strategic objectives Operational Advancing Delivering Performance Organic Growth Exploration Success YTD-2025 2025 Guidance Environmental permit $72m spend in YTD-2025 with over approved in Q3-2025 251km drilled Production 911koz 1,110 – 1,260koz +$103
Slide 7: On track to meet full year guidance
ON TRACK TO MEET FULL YEAR GUIDANCE Strong Q4-2025 performance expected 0.05 1.14 GROUP SAFETY LTIFR Last Twelve Months Industry Average1 TOP HALF of FY-2025 production 911 1,110 1,260 guidance range GROUP PRODUCTION2 koz YTD FY-2025 Guidance +$103/oz royalty impact 1,2594 AISC 1,362 GROUP AISC2 $/o
Slide 8: Strong year to date performance
STRONG YEAR TO DATE PERFORMANCE Significant increase in production and margins YTD Production and All-In Sustaining Margin Production from continuing operations, koz All-In Sustaining Margin, US$/oz Realised Production from discontinued operations, koz Gold Price1 170koz 1,138koz 1,055koz 911koz $1,
Slide 9: First quartile all-in sustaining cost
FIRST QUARTILE ALL-IN SUSTAINING COST High-margins underpinned by first quartile AISC Gold peers AISC benchmark2 $2,131/oz YTD-2025 AISC, US$/oz $2,052/oz Peer Average $1,969/oz Maintaining $1,834/oz Best in Class $1,682/oz $1,676/oz $1,660/oz $1,605/oz $1,604/oz $1,583/oz margins $1,508/oz $1,499/o
Slide 10: Adjusted EBITDA and EBITDA margin
ADJUSTED EBITDA AND EBITDA MARGIN Increasing adjusted EBITDA and adjusted EBITDA margin Adjusted EBITDA Adj. EBITDA Adj. EBITDA Margin 110% Realised Gold Price1 $1,634m + Adj. EBITDA YTD-2025 vs YTD-2024 $1,080m $982m 55% $795m $779m 52% 10pp 52% 48% 45% + Adj. EBITDA margin $1,769/oz $1,810/oz $1,9
Slide 11: Strong free cash flow generation
STRONG FREE CASH FLOW GENERATION Delivering on free cash flow inflection after completion of growth projects Free Cash Flow and Free Cash Flow per ounce Free Cash Flow FCF/oz1 $680m $ 746/oz Free Cash Flow per ounce $431m $362m YTD-2025 $407/oz $346/oz $130m $45m $61/oz $746/oz +$ 635m Free Cash Flo
Slide 12: Shareholder returns programme
SHAREHOLDER RETURNS PROGRAMME Delivering sector leading shareholder returns Shareholder returns programme Share buybacks Minimum dividend Returns Production Supplemental dividend Supplemental shareholder returns $66/oz $181/oz $212/oz $227/oz $251/oz $ 233m Returned to shareholders $299m YTD-2025 $2
Slide 13: Shareholder returns programme
SHAREHOLDER RETURNS PROGRAMME >$ 200 /oz expected in Q1-2026 Updated shareholder returns programme Cumulative shareholder Returned for every ounce of gold produced1 returns Supplemental Returns Supplemental Shareholder Returns Minimum Returns $1,180m $1,413m $ 1.4bn Returned to shareholders $640m2 s
Slide 14: Top-tier organic growth pipeline
TOP-TIER ORGANIC GROWTH PIPELINE Leading organic growth pipeline with a strong track record of execution Gold peer production growth benchmark % change in gold production 2030E vs 2024A Maintaining 95% Endeavour is expected to deliver ~36% 78% organic production growth from FY-2024 Sector Leading to
Slide 15: Tier 1 Assafou project, Côte d'Ivoire
TIER 1 ASSAFOU PROJECT, CÔTE D’IVOIRE DFS on track; environmental permit approved de-risking first gold timeline INSIGHTS Assafou Environmental permit received in September 2025 › DFS is on track for completion in Q1-2026. › Environmental permit approved in September 2025, with exploitation permit e
Slide 16: Unlocking exploration value
UNLOCKING EXPLORATION VALUE Focus on cornerstone mines and expanding greenfields pipeline INSIGHTS › Group exploration spend of $72m for 251,900m of drilling YTD-2025, with $21m spend for 55,900m in Q3-2025. Dakar › FY-2025 Guidance was increased at Houndé due Senegal to success defining new resourc
Slide 17: Being a trusted partner
BEING A TRUSTED PARTNER Top ranked gold producer by Sustainalytics Improved and sector-leading Awarded for Commitment Sustainalytics score to Local Supply Chain Endeavour (2025) #1 RANKED GOLD › Awarded ‘Best Company Committed PRODUCER to Local Content’ prize in Burkina Endeavour (2024) Faso Endeavo
Slide 18: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 19: Financial highlights
FINANCIAL HIGHLIGHTS Solid operational and financial performance in Q3-2025 QUARTER ENDED 30 Sep 30 Jun 30 Sep Q3-2025 vs. (in $ million unless otherwise stated) 2025 2025 2024 Q2-2025 OPERATIONAL HIGHLIGHTS Gold Production, koz Gold Sold, koz Total Cash Cost1, $/oz 264 258 1,336 306 304 1,220 270 2
Slide 20: On track to achieve full year guidance
ON TRACK TO ACHIEVE FULL YEAR GUIDANCE Solid operating performance in line with the mine sequence Production and All-In Sustaining Margin Production, koz All-In Sustaining Margin, US$/oz Q3-2025 production impacted Realised by the wet season and lower 42koz Gold Price1 363koz grade profiles, in line
Slide 21: Adjusted EBITDA
ADJUSTED EBITDA Adj. EBITDA remains robust Adj. EBITDA Adj. EBITDA Realised Gold Price1 16% $613m $546m $556m - $466m Adj. EBITDA Q3-2025 vs Q2-2025 $317m 466m $ Adj. EBITDA $2,342/oz $2,590/oz $2,783/oz $3,150/oz $3,247/oz In Q3-2025 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 1) The realised gold pric
Slide 22: Operating cash flow
OPERATING CASH FLOW Improved operating cashflow during Q3-2025 Operating cash flow and tax payments Operating cashflow Cash tax payments Realised 56m Gold Price1 $39m +$ $17m Operating cash flow $233m Q3-2025 vs Q2-2025 $67m $65m $494m $255m $381m $252m $308m + 22% Operating cash flow Q3-2025 vs Q2-
Slide 23: Operating cash flow bridge
OPERATING CASH FLOW BRIDGE Improved operating cashflows due to lower taxes and higher gold prices INSIGHTS Operating cash flow bridge 1. The realised gold price, inclusive of realised losses on gold hedges as part of the Group’s Revenue Protection Programme, increased by $41m $308m $97/oz from $3,15
Slide 24: Working capital
WORKING CAPITAL Working capital expected to improve over coming quarters Inventory balance ($m) Inventory outlook Inventory outflows are primarily driven by a build-up of stockpile inventory at the Lafigué, Ity and Sabodala-Massawa mines, as well as an increase in Q4-2025 Q1-2026 Q2-2026 consumables
Slide 25: Free cash flow
FREE CASH FLOW Strong free cash flow generated since completion of growth projects Free Cash Flow Operating Cashflow Free Cash Flow Investing Cashflow $381m $494m +$ 62m Free Cash Flow $409m $308m Q3-2025 vs Q2-2025 $255m $252m $268m $97m $166m ($113m) ($85m) $104m ($148m) ($143m) 629/oz $ Free Cash
Slide 26: Healthy financial position
HEALTHY FINANCIAL POSITION Leverage, net and gross debt improved during the quarter Evolution of leverage Net debt / LTM adjusted EBITDA 0.21x DELEVERAGING AND INCREASING SHAREHOLDER RETURNS After commissioning growth projects during Q3-2024 0.77x Net debt / LTM Adj. EBITDA as at 30 September 2025 0
Slide 27: Debt structure
DEBT STRUCTURE Significant reduction in gross debt following full repayment of RCF Change in debt drawn INSIGHTS ($m) Interest Rate Maturity 30 Sep 2025 30 Jun 2025 30 Sep 2024 › Given strong free cash flow generation through H1- 2025, the Group repaid $472m on the RCF during Q3- $500m Senior Notes
Slide 28: Net earnings from operations
NET EARNINGS FROM OPERATIONS Continued strong adjusted earnings INSIGHTS 3 MONTHS ENDED 1. The loss on financial instruments of $49m in Q3-2025 30 Sep 30 Jun (in $ million) A = Adjustments made for Adjusted Net Earnings included a $69m realised loss on the settlement of 50koz 2025 2025 of gold colla
Slide 29: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 30: Safety performance
SAFETY PERFORMANCE Continued industry leading safety record LTIFR and hours worked Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)1 42.4m 39.4m 38.0m 38.1m 39.4m 0.05 LTIFR in Q3-2025 0.13 0.12 0.05 0.05 0.05 No LTIs In Q3-2025 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025
Slide 31: YTD-2025 performance vs guidance
YTD-2025 PERFORMANCE VS GUIDANCE Group on track to achieve top half of production guidance with AISC in line OUTLOOK YTD-2025 Production vs Guidance OUTLOOK YTD-2025 AISC vs Guidance ON ON $975/oz $1,100/oz Ity YTD YTD TRACK TRACK 245koz 290 - 330koz $1,099/oz $1,225/oz $1,375/oz TOP ON Houndé YTD Y
Slide 32: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Lower grades in H2-2025 in line with the mine sequence Q3-2025 vs Q2-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower average grades milled, partially offset by higher mill throughput, while recovery rates remained broadly con
Slide 33: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Lower H2-2025 tonnes and grades in line with the mine sequence Q3-2025 vs Q2-2025 INSIGHTS Production and AISC › Production decreased due to lower tonnes mined and Production, koz AISC, US$/oz milled due to the impact of the wet season and slightly 109koz lower grades proce
Slide 34: Mana, Burkina Faso
MANA, BURKINA FASO Improved grades expected in Q4-2025 Q3-2025 vs Q2-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower grades processed, partially offset by higher tonnes of ore milled while 46koz recovery rates remained stable. 41koz 41koz 39koz › AI
Slide 35: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL BIOX recoveries and grade continue to improve Q3-2025 vs Q2-2025 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz 70koz 72koz › Production decreased slightly due to lower average 62koz 61koz grades processed. 54koz › AIShC increased due to higher BIOX reagent cons
Slide 36: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Throughput continues to exceed design nameplate Q3-2025 vs Q2-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to a decrease in mill 60koz throughput and average grades processed, while recovery rates remained stable. 49koz 48koz ›
Slide 37: Exploration
04 SECTION 4 EXPLORATION
Slide 38: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Expanding non-refractory resources at Makana and Kawsara INSIGHTS › An exploration programme of $25m was planned for FY- 2025, of which $22m has been spent YTD-2025 and $7m was spent in Q3-2025, consisting of 34,500 metres of drilling across 312 drill hole › Drilling a
Slide 39: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on defining the high-grade Vindaloo Deeps deposit INSIGHTS › An exploration programme of $7m was planned for FY- 2025 but following success of the Vindaloo Deeps resource definition drilling programme in Q3-2025, activity has been accelerated, with total exploratio
Slide 40: Assafou, Côte d'Ivoire
ASSAFOU, CÔTE D’IVOIRE Focussed on resource drilling at satellite targets INSIGHTS › An exploration programme of $10m was planned for FY- 2025, of which $6m was spent in YTD-2025 and $1m was spent in Q3-2025. › During Q2 and Q3-2025, infill drilling on the Assafou deposit was completed and confirmed
Slide 41: New Ventures Exploration, Kazakhstan
NEW VENTURES EXPLORATION, KAZAKHSTAN Expanding and diversifying our tier 1 organic growth pipeline INSIGHTS › Expanding the long-term organic growth pipeline by leveraging early-stage exploration companies operating in highly prospective, immature, gold provinces. Varvara Raygorodok Vasil’kovsky Bes
Slide 42: Conclusion
05 SECTION 5 CONCLUSION
Slide 43: Well positioned to meet strategic objectives
WELL POSITIONED TO MEET STRATEGIC OBJECTIVES Sector leading organic growth and shareholder returns STRATEGIC OBJECTIVES GROWTH PHASE CASH FLOW PHASE 1.5Moz/yr GROWTH PHASE Production by 2030 Assafou project +300kozpa at $1,020m 1 first quartile AISC Class leading All-in sustaining cost 2 Projects FC
Slide 44: Upcoming catalysts
UPCOMING CATALYSTS KEY UPCOMING CATALYSTS Q4-2025 Exploration New 5-year exploration strategy Q4-2025 Assafou Reserves & Resources update Q1-2026 Assafou Exploitation permit approval Q1-2026 Shareholder Returns Announcement of H2-2025 dividend Announcement of new Shareholder Q1-2026 Shareholder Retu
Slide 45: Appendix
06 SECTION 6 APPENDIX
Slide 46: Short term revenue protection programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases INSIGHTS Gold collars Gold price in US$/oz › In Q3-2025, approximately 50koz were 4,000.00 delivered into a collar with an average call price of $2,400/oz and an average put price 3,800.
Slide 47: FY-2025 Guidance
FY-2025 GUIDANCE FY-2025 FY-2025 Capital Expenditure Guidance YTD-2025 PREVIOUS UPDATED (All amounts in US$m) GUIDANCE GUIDANCE Production Guidance Houndé 28 40 40 Ity 21 20 25 (All amounts in koz, on a 100% YTD-2025 FY-2025 GUIDANCE Mana 70 60 75 basis) Sabodala-Massawa 37 60 45 Houndé 209 230 — 26
Slide 48: Mine statistics - quarterly
MINE STATISTICS On a quarterly basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ Q3-2025 Q2-2025 Q3-2024 Q3-2025 Q2-2025 Q3-2024 Q3-2025 Q2-2025 Q3-2024 Q3-2025 Q2-2025 Q3-2024 Q3-2025 Q2-2025 Q3-2024 (on a 100% basis) Physicals Total tonnes mined – OP1 000t 7,949 7,844 7,761 12,718 13,490 9,567 — — —
Slide 49: Mine statistics - year to date
MINE STATISTICS On a year-to-date basis (on a 100% basis) ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ Physicals YTD-2025 YTD-2024 YTD-2025 YTD-2024 YTD-2025 YTD-2024 YTD-2025 YTD-2024 YTD-2025 YTD-2024 Total tonnes mined – OP1 000t 24,167 22,299 37,542 32,283 — 930 26,572 31,015 40,989 27,001 Total ore
Slide 50: Tax payments by asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED 30 Sept 30 June 30 Sept 2025 2025 2024 All amounts in US$ million Houndé 15 30 12 Ity 39 77 25 Mana 3 1 2 Sabodala-Massawa - 9 - Lafigué 11 24 - Other1 (1) 92 25 Taxes paid 67 233 65 1) Included in the “Other” category is income and withholding taxes paid/(re
Slide 51: Continuous improvement in ESG ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement C+ Severe AA AA AA AA C A Medium C- C- BBB Low Low 2019 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 B 62 54 B- 53 54 49 C C C 45 42 39 D- 2019 2020 2021 20
Slide 52: Corporate Office
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