Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (November 2024)
169 slides from Endeavour Mining's investor presentation, November 2024
Slide 1: Corporate Presentation November 2024
CORPORATE PRESENTATION November 2024
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 & 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 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 5 gold mines 1,130-1,270koz West African producer AISC $955-1,035/oz 2024 guidance1 5 1) All-In Sustaining Cost guidance considers an $1,850/oz gold price
Slide 6: Relative to other gold producers
RELATIVE TO OTHER GOLD PRODUCERS CROSS SECTOR BENCHMARKING FY-2024 Production Guidance 7Moz 6Moz 5Moz 4Moz PEER 3Moz BENCHMARKING 2Moz 1Moz 0Moz Barrick Newmont Eldorado IAMGOLD Agnico Eagle Kinross Centerra Gold Fields Northern Star Harmony B2Gold Anglogold Alamos Lundin Gold Evolution Endeavour SS
Slide 7: Company Profile
COMPANY PROFILE Highlights Top shareholders Shareholder register as at 30 September 2024 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 1 November 2024 245m Rank Institution name % of S/O 1 La Mancha 18.4% Share price as at 1 November 2024 £16.21 / C$28.56 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 Environmental stewardship Prudent balance sheet management Proven proje
Slide 10: Maintaining a high quality portfolio
MAINTAINING A HIGH QUALITY PORTFOLIO A resilient business that generates sufficient cash flow to reward our stakeholders Investing In Operational Portfolio Unlocking People Excellence Management Exploration KEY Developing local talent Delivering against Focused on large, low- Proven ranking PILLARS
Slide 11: Operating model prioritising our people
OPERATING MODEL PRIORITISING OUR PEOPLE INVESTING IN PEOPLE Geographic focus provides a strong competitive advantage INVESTING IN PEOPLE MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances + 11 years ability to extract Meeting or exceeding production guidance syner
Slide 12: Tracking against full year guidance
TRACKING AGAINST FULL YEAR GUIDANCE OPERATIONAL EXCELLENCE Strongly Q4-2024 weighted operational performance as guided 0.12 GROUP SAFETY INDUSTRY LTM LTIFR1 LEADING 1.14 Industry Average2 Increased Q4-2024 production expected 741 koz GROUP AT OR YTD PRODUCTION AROUND LOW-END 1,130-1,270koz Guidance
Slide 13: Strong construction track record
CEO INTRODUCTION STRONG CONSTRUCTION TRACK RECORD OPERATIONAL EXCELLENCE Leveraging our in-house construction expertise TRACK RECORD HOUNDE 18 month LAFIGUÉ 21 month Delivered on-schedule in Construction Construction <24 months 2week 4month Ramp-up Ramp-up Delivered on or below budget 3.0mtpa 4.0mtp
Slide 14: BIOX Expansion
DELIVERING ORGANIC GROWTH OPERATIONAL EXCELLENCE Commercial production achieved on schedule at both growth projects in Q3-2024 BIOX EXPANSION INSIGHTS Project ramp-up curve › The BIOX Expansion achieved commercial production on 1 August 2024, 3,500 tpd 1.2Mtpa1 BIOX EXPANSION less than four months a
Slide 15: Active portfolio management
ACTIVE PORTFOLIO MANAGEMENT PORTFOLIO MANAGEMENT An improved portfolio underpinned by high quality growth projects Key pillars Endeavour’s portfolio Current operations1 Divested operations AISC, $/oz 1,650 1,500 Investing In Operational People Excellence Wahgnion 1,350 Karma Mana Industry Average3 1
Slide 16: Optimising assets and replenishing pipeline
OPTIMISING ASSETS AND REPLENISHING PIPELINE PORTFOLIO MANAGEMENT Strong competition for capital on a returns basis across the portfolio OPTIMISING OUR RECYANIDATION PIT SHELL SOLAR POWER GRID POWER OPERATING PROJECT OPTIMISATION CONNECTION THROUGHPUT PORTFOLIO Ity Mine MINERAL SIZER STATCOM POWER Ho
Slide 17: Largest exploration presence in West Africa
LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION Endeavour has a strategic foothold in two of West Africa’s most prospective belts 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production since it is underexplored 17
Slide 18: Proven ranking and screening methodology
PROVEN RANKING AND SCREENING METHODOLOGY UNLOCKING EXPLORATION Based on a methodology used in the oil and gas sector Outlook set in 2021 for the 5-year period ending 2025 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targe
Slide 19: Unlocking exploration value
UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION 18.6Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered 18.6Moz 3.6 Exploration spend 3.6Moz Moz 3.0Moz Discovered in 3.5Moz FY-2023 2.2Moz 2.1Moz 1.3Moz 1.9Moz <$ 25/oz 1.0Moz Targeted discovery cos
Slide 20: +10 Moz discovered; 5-year target on track
UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION On track to achieve 5-year discovery target of 12 - 17Moz for period ending 2025 5-year M&I resource discovery target M&I resource as at 31 December, 2020 M&I resources discovered in 2021 - 2023 Remaining Indicated resource discovery target (2021 - 2
Slide 21: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE UNLOCKING EXPLORATION Confirmed potential to be a Tier 1 asset INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a 4.5Moz low discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be finalised in Q4-2024. › PFS targeting +300koz ove
Slide 22: Tanda-Iguela Greenfield Project
TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION Unlocking satellite targets at Tanda-Iguela W 9 Targets within 6km of Assafou A’ A +20km Assafou mineralisation strike length 22
Slide 23: Tanda-Iguela Greenfield Project
TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION Re-interpretation of Pala Trend 3 satellite target A Pala Trend 3 Assafou A’ 23
Slide 24: Free Cash Flow
FREE CASH FLOW Increasing free cash flow generation Free cash flow from all operations1 Gold Pre-payment Investing Cashflow Operating Cashflow Free Cash Flow 166m $255m $150m +$ $167m Pre-payment2 Free cash flow3 $115m $97m Q3-2024 vs. Q2-2024 $55m $102m ($44m) ($80m) ($133m) ($69m)3 FCF expected ($
Slide 25: Robust Financial Position
ROBUST FINANCIAL POSITION De-levering the balance sheet and increasing shareholder returns Evolution of leverage Net debt / LTM adjusted EBITDA 0.77x ABILITY TO FUND GROWTH AND DE-LEVERING AND INCREASING DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS Free cashflow inflection driving balance sheet d
Slide 26: Industry Leading Shareholder Returns
INDUSTRY LEADING SHAREHOLDER RETURNS Attractive returns composed of minimum and supplemental returns Dividend payout history Supplemental Dividend Minimum Dividend Paid $110m $110m $100m $100m $100m $100m $100m ($0.45/sh) ($0.40/sh) ($0.41/sh) ($0.40/sh) ($0.41/sh) ($0.41/sh) $70m $70m $60m ($0.28/s
Slide 27: 2024-2025 Shareholder Returns Programme
2024-2025 SHAREHOLDER RETURNS PROGRAMME Increasing commitment to shareholder returns following investment phase Supplemental returns expected to be paid if INSIGHTS Shareholder returns programme the gold price is above $1,850/oz and Endeavour has a healthy financial position Share Buybacks › A new s
Slide 28: 2024-2025 Shareholder Returns Programme
2024-2025 SHAREHOLDER RETURNS PROGRAMME YTD-2024 andReturned cumulativefor shareholder returns >$ 200/oz Increasing commitment to shareholder returns following investment phase every ounce of gold produced1 Buybacks Minimum Dividend Supplemental Dividend Supplemental Shareholder Returns $1,142m $1,3
Slide 29: Ability to reward shareholders across cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES 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 Portfolio Obje
Slide 30: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2024 scores1 Low Endeavour MSCI rating evolution2 Severe 7% Medium Endeavour (2024) Endeavour (2023) 2024 AA 41% Gold Peer 22% Agnico Eagle Risk Polymetal Rating 2023 AA Eldorado 30% Newmont High AngloGold Ashanti
Slide 31: Upcoming Catalysts
UPCOMING CATALYSTS Q3 Sabodala-Massawa Achieved commercial production 2024 Q3 Lafigué Achieved commercial production 2024 Q4 Shareholder Returns Payment of H1-2024 dividend 2024 Q4 Assafou Completion of Pre-Feasibility Study 2024 Q4 Ity Exploration update 2024 Q1 Shareholder Returns Payment of H2-20
Slide 32: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 32
Slide 33: Financial Highlights
FINANCIAL HIGHLIGHTS Free cash flow inflection delivered QUARTER ENDED NINE MONTHS ENDED 30 Sept 30 Jun 30 Sept 30 Sept 30 Sept Q3-2024 vs. For Continuing Operations1 2024 2024 2023 2024 2023 Q2-2023 (in $ million unless otherwise stated) OPERATIONAL HIGHLIGHTS Gold production, koz Gold sales, koz A
Slide 34: Production and All-In Sustaining Cost
PRODUCTION AND ALL-IN SUSTAINING COST Operations expected to continue to improve into Q4-2024 Production and All-In Sustaining Costs Production, koz All-In Sustaining Cost, US$/oz Realised +19koz Gold Price1 281koz 280koz 270koz 251koz Production 219koz Q3-2024 vs Q2-2024 $1,287/oz $1,287/oz $1,186/
Slide 35: All-In Sustaining Cost Bridge
ALL-IN SUSTAINING COST BRIDGE External factors and Sabodala-Massawa CIL performance impact YTD-2024 AISC INSIGHTS Quarterly AISC bridge Operational improvements in Q4-2024, driven by 1 increased production levels across Houndé, $1,256/oz Sabodala-Massawa, Lafigué and Mana are expected $34/oz 2 to si
Slide 36: Industry Leading Cost Profile
INDUSTRY LEADING COST PROFILE AISC improvements expected in Q4-2024 and into 2025 Gold peers AISC benchmark1 $1,886/oz $1,877/oz YTD-2024 AISC, US$/oz Peer Average $1,738/oz Strong operational Maintaining $1,560/oz $1,537/oz performance in Q4 Best in Class $1,493/oz expected to significantly $1,474/
Slide 37: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Increasing EBITDA generation with stable EBITDA margin Adjusted EBITDA from continuing operations1 Adj. EBITDA from continuing operations Adj. EBITDA Margin +27% Realised Gold Price2 $317m $292m $263m Adj. EBITDA $249m Q3-2024 vs Q2-2024 $213m 50% 50% 45% 45% 45% St
Slide 38: Operating Cash Flow
OPERATING CASH FLOW Strong operating cashflow following growth project completion Operating cash flow from continuing operations1 Gold Prepayment Operating cashflow from continuing operations 144m $258m Realised $252m +$ Gold Price2 Operating cash flow Q3-2024 vs. Q2-20243 $150m $167m $115m $55m $10
Slide 39: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows increased significantly net of pre-payment INSIGHTS Operating cash flow bridge from continuing operations 4 5 1. The realised gold price for continuing operations, inclusive of realised losses on gold hedges as part of the Group’s Revenue $258m ($35m) $
Slide 40: Change in Net Debt
CHANGE IN NET DEBT Improving net debt and leverage following growth phase INSIGHTS Change in net debt 1 3 4 1. Operating activities included $245m in $835m $834m operating cashflow before changes in ($9m) working capital and a $10m working capital 2 $105m inflow. ($255m) 2. Investing cash outflows i
Slide 41: Robust Financial Position
ROBUST FINANCIAL POSITION Focused on increasing shareholder returns and de-levering following investment phase Evolution of leverage Net debt / adjusted EBITDA LTM INVESTMENT FOCUS DEBT REDUCTION FOCUS Completion of Ity and ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS DE-LEVERING AND SHARE
Slide 42: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure INSIGHTS Change in debt drawn › Gross debt was reduced by $137m over the quarter due ($m) Interest Rate Maturity 30 Sept 2024 30 Jun 2024 30 Sept 2023 to a $160m repayment on the Group’s RCF, partially $370m offset by the initial drawdown on the Sa
Slide 43: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted net earnings increased significantly quarter on quarter INSIGHTS 3 MONTHS ENDED 1. Impairment of financial assets of $112m in Q3-2024 30 Sept 30 Jun (in $ million) A = Adjustments made for Adjusted Net Earnings was due to the write-down of expected pr
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: 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 Debt reduction › During Q3-2024, 113koz were delivered into and shareholder gold collars at the call gold price of $2,400/oz, 2600 return focus
Slide 46: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Intra-quarter averaging strategy to align pricing to London Bullion Market pricing INSIGHTS Q3-2024 Gold price vs quarterly gold sales Gold Price (U$/oz) Gold Sold (koz) › The purpose of the policy is to achieve realised Gold Price (US$/oz) Gold Sold (koz) pri
Slide 47: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q3-2023 Q1-2024 Q3-2024 mechanisms where prices are revised periodically, Q4-2023 Q2-2024 sheltering Endeavour from peak fuel prici
Slide 48: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance FY-2024 › The Group is expected to be at or around the (All amounts in koz, on a 100% basis) FY-2024 GUIDANCE OUTLOOK low end of its FY-2024 production guidance of Houndé 260 — 290 ON TRACK 1,130 – 1,270koz at an AISC above the top end of the $955 – 1,035/o
Slide 49: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance (All amounts in US$m) FY-2024 GUIDANCE REVISED 2024 GUIDANCE Sustaining capital Houndé 40 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 10 Lafigué 25 15 › Ity: waste stripping, fleet rebuilds, plant upgrades Mana 15
Slide 50: Our High Quality Portfolio
OUR HIGH QUALITY PORTFOLIO 3 50
Slide 51: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)2 0.12 44.0m 44.2m 42.3m 42.4m 38.4m LTIFR in Q3-2024 0.12 0LTIs 0.11 0.11 0.08 0.05 in Q3-2024 Q3-2023 Q4-20
Slide 52: Diversified Portfolio
DIVERSIFIED PORTFOLIO Data for continuing operations P&P RESERVES M&I RESOURCES 2023 Actuals 2024 Guidance as at 31 Dec 2023 as at 31 Dec 2023 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 53: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strong operational performance expected in Q4 with project ramp-ups OUTLOOK YTD-2024 Production vs Guidance OUTLOOK YTD-2024 AISC vs Guidance 270koz 300koz $850/oz $925/oz ABOVE ON Ity TOP-END YTD TRACK YTD 259koz $898/oz 260koz 290koz $1,000/oz $1,100/oz ON ABOVE
Slide 54: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Snapshot 360-400koz $750-850/oz 3.5Moz 5.4Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a Construction of the Sabodala-Massawa expansion top
Slide 55: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2.3 - 2.7Moz over the 2021-2025 period Proven Reserves 1
Slide 56: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Higher production and lower AISC expected in Q4 Q3-2024 vs Q2-2024 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled, 85koz partially offset by increased average grades processed 69koz 49koz 57koz 54koz and recoveries.
Slide 57: Sabodala-Massawa Mine: BIOX Plant
SABODALA-MASSAWA MINE BIOX PLANT Ramp-up on track, target to outperform design nameplate FLOAT TAILS RECOVERY FRESH ORE MINING › Floatation tails underflow added to › Transitional/fresh ore horizon expected at 140m RL, but was BIOX floatation circuit in July intercepted 20-30m lower at the 110-120m
Slide 58: BIOX Flowsheet
BIOX® FLOWSHEET BIOX PLANT Pebble crusher Primary crushing Refractory ore CIL Plant Flotation Ball mill Gravity SAG mill concentrator Tailings thickening Counter current decantation thickeners BIOX® reactors Regrind mill Neutralization CIL Cyanide Tailings storage destruction facility Elution Electr
Slide 59: Sabodala-Massawa Mine: CIL Plant
SABODALA-MASSAWA MINE CIL PLANT CIL PLANT Optimising to support improved near-term performance ADDING HIGH-GRADE FEED › Ore mining underway at both 1 Niakafiri East 4 and 2 Kiesta C supporting higher grades in Q4 Near › Kiesta C non-refractory oxide ore grading 3 Term +2.0g/t, while Niakafiri East i
Slide 60: Sabodala-Massawa CIL Flowsheet
SABODALA-MASSAWA CIL FLOWSHEET CIL PLANT Pebble crusher Gravity concentrator Primary crushing Stockpile A SAG mill Ball mill -150+45mm Primary crushing Stockpile B Ball mill Secondary crushing Leach tanks Adsorption tanks Tailings storage Tailings thickening facility BIOX® Float tails Elution Electr
Slide 61: Sabodala-Massawa Mine: Solar power plant
SABODALA-MASSAWA MINE Solar power plant project on track for Q1-2025 INSIGHTS › As announced on 2 August 2023, Endeavour launched the construction of a 37MWp photovoltaic (“PV”) solar facility and a 16MW battery system, in order to significantly reduce fuel consumption and greenhouse gas emissions,
Slide 62: Discovery Target (2021-2025)
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 2023 88Mt at 1.92g/t au containing 5.44Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-gr
Slide 63: 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 3.5Moz (kt) (Au g/t) (Au koz) (kt) (Au g/t) (Au
Slide 64: Near Term Exploration Focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on adding high-grade, non-refractory resources into the CIL mine plan INSIGHTS › An exploration programme slightly above the guided $31m spend is expected for FY-2024, of which $31m has been spent year to date including $9m spent in Q3-2024 consisting
Slide 65: 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 66: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 66
Slide 67: Ity Mine
ITY MINE Snapshot 270-300koz $850-925/oz 2.3Moz 4.5Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone assets. It has the The CIL plant was successfully built ahead of longes
Slide 68: Ity Mine
ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mining and processing flexibility inclusive of Reserves (on a 100% basis) P
Slide 69: Ity Mine
ITY MINE On track to beat the top end of production guidance Q3-2024 vs Q2-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes of ore milled 96koz at lower average grades processed, while recoveries 86koz remained consistent, in-line with plan. 7
Slide 70: Ity Mine: production plan
ITY MINE Overview Ity production plan 2024 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 and further resource to reserve conversion 250koz 200koz 150koz 100koz 50
Slide 71: 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 2023 90Mt at 1.57g/t au containing 4.52Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 72: 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 7.6Moz 7.6Moz 5.9Moz 2.8Moz 3.1Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.4Moz 5.
Slide 73: Ity Resource Model
ITY RESOURCE MODEL Significant reserve and resource potential at the Ity Doughnut INSIGHTS 2023 Grand Ity reserve model1 H1-2024 Grand Ity reserve model2 › Significant resource and Bakatouo NW reserve expansion potential identified at Ity, in close proximity to the Processing Plant Zia Bakatouo proc
Slide 74: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on extending mineralisation at known deposits INSIGHTS › An exploration programme of $15m is expected for FY-2024, of which $11m has been spent year to date with $3m spent in Q3-2024, consisting of 11,734 metres of drilling across 870 drill holes. › The explorati
Slide 75: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 75
Slide 76: 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 77: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 77
Slide 78: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added INSIGHTS Walter-Bakatouo selected drill holes › Walter-Bakatouo is located 1km east of the Ity CIL plant › Drilling at the Walter-Bakatouo pit in 2023 intercepted high-grade mineralisation around the margins of the granodiorite intrusion in t
Slide 79: 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 80: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 80
Slide 81: Houndé Mine
HOUNDÉ MINE Burkina Faso 260-290koz $1,000-1,100/oz 2.6Moz 3.8Moz As at As at 2024 Guidance 2024 Target 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s The goal is to delineate sufficient additional resources cornerstone as
Slide 82: Houndé Mine
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) following stripping at Vindaloo and the incor
Slide 83: Houndé Mine
HOUNDÉ MINE Production on track as high grade Kari Pump drives stronger Q4 Q3-2024 vs Q2-2024 INSIGHTS Production and AISC › Production increased due to higher average grades Production, koz AISC, US$/oz processed and slightly higher tonnes milled, partially offset 109koz by a slight decrease in rec
Slide 84: Houndé Mine: production plan
HOUNDÉ MINE Burkina Faso Houndé production plan 2024 Guidance mid-point Incremental production added 2016 Optimization Study 350Koz 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion 250Koz 200Koz 150Koz
Slide 85: 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 2023 73Mt at 1.63g/t au containing 3.82Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 86: 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 5.7Moz 6.4Moz 6.2Moz 1.2Moz 5.7Moz 5.5Moz 1.5Moz 0.9Moz Defined gold 4.5Moz 1.9Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.8Moz 0.1Moz 4.6
Slide 87: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS › An exploration programme of $10m is expected for FY-2024, of which $8m has been spent year to date with $1m spent in Q3-2024. The FY-2024 programme remains focussed on delineating additional resources at the Vindaloo De
Slide 88: Vindaloo South and Deeps
VINDALOO SOUTH AND DEEPS Drill programme focussing on delineating mineralisation extensions INSIGHTS › During FY-2023, drilling below the Vindaloo deposit identified two additional mineralised zones at depth, confirming the potential to delineate a sizeable, high-grade underground resource. › This V
Slide 89: Vindaloo Deeps
VINDALOO DEEPS Mineralisation remains open at depth below the current pit shell 89
Slide 90: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 90
Slide 91: 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 92: 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 93: Mana Mine
MANA MINE Burkina Faso 150-170koz $1,200-1,300/oz 0.9 Moz 2.3 Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of of the high
Slide 94: Mana Mine
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitioning Wona to an underground operation and incorporating inclusive of Rese
Slide 95: Mana Mine
MANA MINE Production on track with strong Q4 performance expected Q3-2024 vs Q2-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled and 42koz lower recoveries, partially offset by an increase in 37koz average grades processed. 35koz 30koz
Slide 96: 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 97: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › An exploration programme of $2m is expected for FY- 2024, of which $2m has been spent year to date with $1m spent in Q3-2024, consisting of 1,756 metres of drilling across 47 drill holes. The expl
Slide 98: Lafigué Mine
LAFIGUÉ MINE Côte d’Ivoire 90-110koz $900-975/oz 2.7Moz 3.0Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demonstrates the capabilities of t
Slide 99: Lafigué Mine
LAFIGUÉ MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Tonnage Grade Content • Lafigué will be another cornerstone asset with an after-tax NPV5% & Resources shown (Mt) (Au g/t) (Au koz) IRR at $1,700/oz of $732m & 29%. inclusive of Reserves (on a 100% basis) Proven Res
Slide 100: Lafigué Mine
LAFIGUÉ MINE On track to achieve guidance Q3-2024 vs Q2-2024 INSIGHTS LAFIGUÉ PROCESSING PLANT › Production increased from 472 ounces in Q2-2024 to 36koz in Q3-2024 due to the ramp of production from the first gold pour on 28 June 2024, to the commencement of commercial production on 1 August 2024 a
Slide 101: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) LAFIGUÉ MINE Côte d’Ivoire 1.2 – 1.8Moz $14/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2023 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 Lafigu
Slide 102: 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 103: Lafigué Project
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 production over the PFS 0koz
Slide 104: Lafigué Project
LAFIGUÉ PROJECT Côte D’Ivoire Lafigué process plant layout 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 105: Fetekro Exploration Property
FETEKRO EXPLORATION PROPERTY High priority targets to follow-up with over the first few years of production INSIGHTS Fetekro Exploration permit select intercepts › Advanced grade control and sterilisation drill programmes were completed during FY-2023 and the hydrogeological and geotechnical program
Slide 106: Lafigué North
LAFIGUÉ NORTH Section 320205 106
Slide 107: Lafigué Center
LAFIGUÉ CENTER Section 319830 107
Slide 108: Tanda-Iguela
INSIGHTS › 4.5Moz Indicated resource outlined in Tanda-Iguela regional map approximately two years after discovery at a low discovery cost of $11 per indicated ounce TANDA-IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 70.9 1.97 4,493 Inferred 2.9 1.91 176 › Tanda-Iguela
Slide 109: Assafou Deposit
ASSAFOU DEPOSIT Mineralisation towards the northwest added to the November 2023 pit shell Cross Section 3133: Resources extended to the northwest outside of the November 2022 resource pit shell 109
Slide 110: Assafou Deposit
ASSAFOU DEPOSIT Mineralisationn intersected below November 2023 pit shell Cross Section 2933: Infill drilling in the northwest of Assafou extended resources at depth 110
Slide 111: Assafou Deposit
ASSAFOU DEPOSIT High grade and thickness of main mineralised lense with additional lenses added near surface Cross Section 2333: Infill drilling identified shallow mineralisation in the southwest of the deposit 111
Slide 112: Assafou Deposit
ASSAFOU DEPOSIT Continuity of main mineralised lense with further mineralisation intersected at depth Cross Section 1933: Infill drilling in the centre of the deposit extended resources at depth 112
Slide 113: Assafou Deposit
ASSAFOU DEPOSIT Additional resources added close to surface in the southeast part of the deposit Cross Section 1766: Infill drilling has added additional resources close to surface and at depth 113
Slide 114: Assafou Deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0533: Drilling has extended resources southeast of the November 2022 resources 114
Slide 115: Assafou Deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0933: Drilling has extended resources southeast of the November 2022 resources 115
Slide 116: Koulou Gold Investment
INSIGHTS › Endeavour’s initial strategic investment of $2.7 million represents Kouto 12.39% ownership in Koulou Gold with KOULOU GOLD INVESTMENT Côte d’Ivoire the potential to increase to 19.11% upon full exercise of the Warrants. Sakassou project › The Sakassou property is located on the highly pro
Slide 117: Kalana Project
KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2023 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusive of Reserves (on a 100% basis) (Mt) (Au g/t)
Slide 118: 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 119: 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 120: 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 121: 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 122: Greenfield Liguidi
122 GREENFIELD LIGUIDI Burkina Faso
Slide 123: Greenfield Siguiri Licenses
123 GREENFIELD SIGUIRI LICENSES Guinea
Slide 124: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 124
Slide 125: 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 126: 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 127: 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 2023 Company Percentile Industry Score Ranking Average 20
Slide 128: Towards Net Zero
TOWARDS NET ZERO INSIGHTS TARGETS › Continued to implement a number of abatement initiatives to improve the Achieve <0.601 t CO2-e /oz efficiency of our operations, reduce energy use and associated costs, and lower 2024 emission intensity emissions › Overall carbon footprint in 2023 comprised of 50%
Slide 129: 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 Mines & Main Power Sour
Slide 130: 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 0.67 0.57 0.60 0.54 0.40 40% Below industry Newmont Northern Star Anglogold B2Gold Kinross Fresnillo Agnico-Eagle
Slide 131: Water Stewardship
WATER STEWARDSHIP Water stress index INSIGHTS › 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% › Water withdrawal intensity for the Group Medium-high decreased to 9.9 KL/oz due to divestments of 20-40
Slide 132: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT INSIGHTS Endeavour’s 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 disclosu
Slide 133: Protecting the Environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity 2024 Protect >430 ha of land and reclaim 40ha › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat › In 2023 we recorded no critical or major environment
Slide 134: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT Our workforce INSIGHTS Our employees, by origin Female employees Nationals › Total workforce of 16,212 including 4,820 Local Communities Female contractors employees & 11,392 contractors Male employees Expatriates Male contractors › 40% of our General Managers are W
Slide 135: 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 Mali › We contribute to
Slide 136: Community Engagement
COMMUNITY ENGAGEMENT Case study INSIGHTS › 1,785 community consultations held during 2023 › Range of income-generating activities in place, with a focus on the youth and women › 144 grievances received in 2023, with big improvement in resolution time from 32 to 17 days, just shy of Group target of 1
Slide 137: Education
EDUCATION INSIGHTS › Education is a key priority for Primary Secondary University Internships Endeavour, unlocking socio- School School economic opportunities for members of our host communities. 46 Birth Certificates Lvolution Academy University 856 Job Experience Supporting disabled & (site initia
Slide 138: Targeting Zero Harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) -69% -18% › Reported 0.89 TRIFR, well below industry 3.66 benchmark 0.26 3.47 2.77 2.86 › Achieved ISO 45001 and ISO 14001 0.20 certification › Malaria incidence rate reduced 2% to 286 for, trialling a c
Slide 139: Diversity & Inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation at Endeavour › Employment of women in mining in West Africa +22% remains a relatively new, predominantly due to historical perceptions of the industry and cultural 11% traditions › We are addressing this bias by actively promoting gender equality
Slide 140: Ethical Business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery Roll out Human Rights Awareness 2024 › Set out Group’s 3-year human rights roadmap Campaign in our host communities › Achieved RGMP compliance across all our sites and corporate Deve
Slide 141: 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 HR Social Tech Supply Investor PA performance Services chain relat
Slide 142: Strong & Diverse Corporate Governance
STRONG & DIVERSE CORPORATE GOVERNANCE Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership International Business 8 6 1 Metals & Mining Finance & Accounting Public Policy Operations & Exploration Corporate Governance Sustainability & Non-Executive
Slide 143: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 143
Slide 144: 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 145: 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 146: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2022 16Moz WEST AFRICA 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 147: Endeavour is the dominant West African gold producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION 2023 Endeavour 1.17 Moz ENDEAVOUR IS THE DOMINANT Newmont 0.97 Moz WEST AFRICAN Anglogold 0.71 Moz GOLD PRODUCER Gold Fields 0.70 Moz Barrick 0.68 Moz Endeavour has a strategic benefit from being geographically focused yet Kinross 0.62 Moz diversified across m
Slide 148: Gold Industry Exploration Budget 2023
GOLD INDUSTRY EXPLORATION BUDGET 2023 In US$ millions WEST AFRICA IS 1,378 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE 1,058 Given that exploration spend often 837 foreshadows future production growth, West Africa has the potential to be an even larger producing region. 432 320 189 7.3% +$6.5
Slide 149: Exploration Spend Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2010-2023 67Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE The region is significantly under-explored compared to other regions. 34Moz 33Moz 32Moz 27Moz 23Moz 67 21Moz 19Moz 18Moz 18Moz 15Moz Moz 14Moz 13Moz 12Moz 8Moz
Slide 150: Endeavour holds one of the largest land tenement holdings in West Africa
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 151: Discovery to Production for Gold Mines
DISCOVERY TO PRODUCTION FOR GOLD MINES Average lead time to production since 1990 WEST AFRICA IS Oceania 19 yrs THE FASTEST JURISDICTION TO North America 17 yrs BUILD A MINE Given the importance of mining to West South America 16 yrs African economies, administrations are supportive of the extractiv
Slide 152: Gold Project Constructions
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 153: 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 $146/oz $147/oz WEST AFRICAN PROJECTS HAVE LOW $128/oz CAPITAL INTENSITY $118/oz $108/oz West African projects have the lowest capit
Slide 154: 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 155: 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 › Strong relationship with in-country security forces including: ›
Slide 156: Appendix
APPENDIX FT / 26 Es f
Slide 157: Appendix 1: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 158: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Ian Cockerill Guy Young Djaria Traore Martin White Guénolé Pichevin CEO CFO EVP Operations & ESG EVP & Chief Technical EVP Strategy & Business • Joined in 2024 as CEO and in 2022 • Joined in 2023 • Joined Endeavour in 2019 Officer Development as a Director • 25+ years exper
Slide 159: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill Alison Baker Livia Mahler Chair and Independent Executive Director Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director John Munro Sakhila Mirza Naguib Sawiris Patrick Bouisset Cathia Lawson-Hall Independe
Slide 160: Corporate Structure
CORPORATE STRUCTURE Guarantor of $500m senior notes and $700m RCF issued by Endeavour Mining PLC Issuer Endeavour Mining plc (UK) Guarantor of XOF 100.5B1 term loan issued by Operating Entity 100% Lafigue Holdings UK Limited Endeavour Mining Corporation (Cayman) Holding Company 100% Endeavour Gold C
Slide 161: Appendix 2: Mine statistics & additional information
02 APPENDIX 2 Mine statistics & additional information
Slide 162: Mine Statistics (quarterly)
MINE STATISTICS On a quarterly year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Physicals Total tonnes mined – OP1 000t 7,761 7,132 6,020 9,567 11,619 10,603 —
Slide 163: Mine Statistics (YTD-2024)
MINE STATISTICS On a YTD-2024 basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) YTD-2024 YTD-2023 YTD-2024 YTD-2023 YTD-2024 YTD-2023 YTD-2024 YTD-2023 YTD-2024 YTD-2023 Physicals Total tonnes mined – OP1 000t 22,299 20,542 32,283 35,687 930 5,194 31,015 34,624 27,001 — Total ore tonn
Slide 164: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED SIX MONTHS ENDED 30 September 30 June 30 September 30 September 30 September 2024 2024 2023 2024 2023 All amounts in US$ million Houndé 12 17 11 40 35 Ity 25 50 9 75 43 Mana 2 3 5 9 21 Sabodala-Massawa — 45 65 75 116 Lafigué — — — 1 — Other1 25 49 51 79 54 Taxes paid
Slide 165: Appendix 3: Reserves and Resources, 5-year exploration target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 166: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2023, 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) inclusive of Reserves (Mt) (Au g/
Slide 167: Notes to Reserves and Resources
NOTES TO RESERVES AND RESOURCES As at 31 December 2023 167
Slide 168: 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 169: 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 16
Endeavour Mining — Investor Presentation (November 2024) on 6ix