Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (November 2020)
179 slides from Endeavour Mining's investor presentation, November 2020
Slide 1: Corporate Presentation November 2020
CORPORATE PRESENTATION November, 2020 TSX:EDV
Slide 2: 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 important factors that could cause actual results to differ materially from performance measures with no standard meaning under IFRS. This those contained in forward-looking statement
Slide 3: Table of Contents
TABLE OF CONTENTS 1 ENDEAVOUR OVERVIEW 2 OUTLOOK & Q3 RESULTS 3 COVID-19 RESPONSE 4 DETAILS BY MINE AND PROJECT 5 WEST AFRICA INSIGHTS 6 APPENDIX Note: All amounts are in US$, except where indicated, and may differ from MD&A due to rounding.
Slide 4: Endeavour Overview
01 SECTION 1 ENDEAVOUR OVERVIEW
Slide 5: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier diversified West African gold producer Top 15 6 GLOBAL GOLD MINES PRODUCER +1Moz <$900/oz PRODUCER 2020 AISC TARGET 23Moz 10Moz M&I RESOURCES P&P RESERVES ~4,700 EMPLOYEES 5
Slide 6: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares outstanding as at September 30, 2020 163m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at November 12, 2020 C$30.39 Europe Market cap as at November 12, 2020 US$3.8bn Net debt as at September 30, 2020 U
Slide 7: Create a Premier Diversified West African Gold Producer
CORPORATE PRESENTATION CREATE A PREMIER DIVERSIFIED WEST AFRICAN GOLD PRODUCER STRATEGIC OBJECTIVES STRATEGIC PILLARS <$850/oz Diversification All-in sustaining cost across multiple countries and mines +10 YEARS Production visibility +20% ROCE from operating assets with strong capital allocation dis
Slide 8: Strategically Repositioned
CORPORATE PRESENTATION STRATEGICALLY REPOSITIONED Strategically repositioned Endeavour as a leading African gold producer 2016 - 2019 TURNAROUND 2015 PROFILE $1billion invested 2020 PROFILE All-in sustaining $922/oz 2 flagship mines built $865-915/oz1 cost 6.3Moz discovered at $12/oz 4 years 10+ yea
Slide 9: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE Focused on long-term sustainable production at low cost INVESTMENT DEBT REDUCTION DIVIDEND PHASE PHASE PHASE +1Moz 995- 1,095koz IN PRODUCTION Mana Boungou 727koz Ity CIL 663koz 651koz Karma 593koz Houndé 516koz Agbaou Ity & $922/oz Houndé $886/oz $
Slide 10: Creation of a Top Gold Producer
CORPORATE PRESENTATION CREATION OF A TOP 15 GOLD PRODUCER Largest West African gold producer Industry Top Producers (Moz) Based on latest reported fiscal year gold production, unless otherwise stated 1 Top 15 6.5 6.0 5.5 Global gold producer 2.5 2.0 1.5 1.0 0.5 0.0 1.0Moz 3 AngloGold Centamin Kirkla
Slide 11: Low Cost: AISC in the Bottom Third of Global Cost Curve
CORPORATE PRESENTATION AISC IN THE BOTTOM THIRD OF THE GLOBAL COST CURVE Focused on long-term sustainable production at low cost Cumulative Industry AISC Cost Curve ($/oz) Industry curve based on Q4-2019 US$/oz 3,500 LOW 3,000 COST 2,500 Gold producer 2,000 1,500 1,000 Endeavour1 Bottom 500 third In
Slide 12: Operational Excellence: Management Close to Operations
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on management model with teams close to operations Senior Management Sebastien de Montessus CEO & Director SENEGAL 2h40 Henri de Joux GAMBIA MALI Karma Mine Interim CFO EVP People, Culture & IT BURKINA Ouagadougou FASO GUINEA- Bamako Mana BISSAU
Slide 13: Operational Excellence: Safety Is Our Top Priority
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Safety is our top priority Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.14 Lost Time Injury Frequency Rate 0.40 0.29 0.16 0.12 0.14 3 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 2020 average (2) Tra
Slide 14: Operational Excellence: Growing Local Talent
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talent Employee breakdown1 Expats Nationals GENERAL MANAGERS 75% 95% site workforce 3 out of 4 are West African are nationals 0% 25% in 2017 in 2018 SITE WORKFORCE HEAD OF DEPARTMENTS 95% 42% 75% 2,327 out of 2,479 15 out of 36
Slide 15: Adoption of Responsible Gold Mining Principles
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Adoption of World Gold Council’s Responsible Gold Mining Principles Adopted from the World Gold Council Responsible Gold Mining Principles › An overarching framework that sets out clear expectations as to what constitutes responsible gold mining › Desi
Slide 16: Seventh Consecutive Year of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Seventh consecutive year of meeting guidance Production, on a 100% basis, in koz All-in sustaining costs, in $/oz Guidance Guidance 800 1,010 700 600 922 500 886 869 400 727 843 663 651 300 593 818 516 466 200 100 0 2014 2015 2016 2017 2018 2019 2014 2
Slide 17: Slotting SEMAFO's Assets into Operating Model
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Slotted SEMAFO’s assets within our well-established West African operating model INSIGHTS Lean Corporate Head Office › Potential annual synergies of $35 to $40 million General managers are empowered › Identified synergies are in the and reply on strong
Slide 18: Project Development: Strong Construction Track Record
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILDS COMPLETION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET 0 LTIs 18
Slide 19: Project Development: Self-performing Tasks
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction
Slide 20: Strong Exposure Across Asset Lifecycle
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Strong exposure across asset lifecycle 13 Greenfields Exploration 4 Projects 6 Mines Daoukro Cluster Côte d’Ivoire Kofi Trend Siguiri Bondoukou Cluster Karma Mali Guinea Côte d’Ivoire Nabanga Burkina Faso Fetekro Côte d’Ivoire Houndé Mana Fougadian Barric
Slide 21: Attractive Organic Growth Opportunities
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities INSIGHTS › While the main focus for 2020 is on cash flow generation, Endeavour is continuing to build NAME Kalana Fetekro Bantou Nabanga optionality within its portfolio by progressing exploration and studies in its
Slide 22: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Among largest and most promising portfolios in West Africa Karma AMONG LARGEST TENEMENT HOLDING Houndé Mana Kalana Boungou Nabanga Bantou +200 Fetekro EXPLORATION TARGETS Ity Agbaou 21Moz 10-15Moz Combined entity operating asset Other gold mines M&I
Slide 23: Strong Foothold in Two World-Class Belts
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong foothold in two world-class belts Hounde Belt, Burkina Faso Ity Belt, Côte d'Ivoire 23
Slide 24: Screening and Ranking Methodology
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening and ranking methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree
Slide 25: Starting to Deliver Against 5-Year Strategy
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in November 2016 Excludes assets acquired in SEMAFO transaction 4.0-6.0Moz 10-15Moz 4.0-6.0Moz 5-year Indicated Resource discovery target (Assessment unde
Slide 26: On Track to Meet 5-Year Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On track to meet 5-year exploration targets Total Indicated discoveries and targets Excludes assets acquired in SEMAFO transaction Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-year discovery t
Slide 27: Quickly Bringing Discoveries into Production
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Quickly bringing high quality discoveries into production BAKATOUO (ITY) KARI PUMP KARI (excl. Kari Pump) LE PLAQUE (ITY) FETEKRO (HOUNDÉ) (HOUNDÉ) DISCOVERY COST $10/oz $18/oz $9/oz $15/oz $8/oz M&I 2.5Moz 704koz 689koz 1Moz 1.5Moz RESOURCES at 2.40
Slide 28: Low Discovery Cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit Excludes assets acquired in SEMAFO transaction From mid-2016 to end of 2019 unless indicated otherwise $149/oz $12/oz Average Endeavour discovery cost to date $76/oz $29/oz 6x lower
Slide 29: 2Moz of M&I Resources Added in Q3-20
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 2Moz of M&I resources were added in Q3-20 across Houndé, Ity and Fetekro INSIGHTS Exploration expenditure for YTD-2020 › During YTD-2020, exploration continued to be a strong focus, with a company-wide exploration spend of $44m › Over 234,800m drille
Slide 30: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION 44 PORTFOLIO & BALANCE SHEET MANAGEMENT 44 Potential to continue to pursue our active portfolio management strategy Portfolio Management Insights Combined Entity Producing Portfolio1 AISC, $/oz Tabakoto › Ity HL acquired through strategic (sold in Q4-’18) $1,150 partnership wi
Slide 31: Quickly Approaching a Net Cash Position
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Quickly approaching a net cash position Net Debt Reduction Net Debt Net Debt / Adj. EBITDA (LTM) INVESTMENT PHASE DEBT REDUCTION PHASE DIVIDEND PHASE $ 485m $660m Net Debt reduction $608m since June 2019 $528m 2.75x $473m $473m 1.94x -89%
Slide 32: Attractive Returns Following Investment Phases
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Attractive returns following investment phases Return on Capital Employed (ROCE)1 SEMAFO ENDEAVOUR 13% 14% for H2-2019 10% 11% Combined 2019 ROCE annualized 6% 6% 1% 1% +20% ROCE target with strong capital allocation discipline 2017A 2018
Slide 33: Ability to Pay Sustainable Dividends
CORPORATE PRESENTATION ABILITY TO PAY SUSTAINABLE DIVIDENDS New Ity and Houndé outlooks provide long term cash flow visibility Combined Houndé and Ity production 500Koz Target production of 500koz over +10 years expected to be achieved based on exploration potential and further resource to reserve c
Slide 34: 5-Year Outlook for Ity and Houndé Mines
CORPORATE PRESENTATION 5-YEAR OUTLOOK FOR ITY AND HOUNDÉ MINES Ability to produce a combined 500koz per year at AISC $823/oz PRODUCTION1 AISC1 M&I P&P GHG EMISSION MINE RESOURCES2 RESERVES2 INTENSITY LIFE2 ITY 248koz $780/oz 4.1Moz 3.3Moz 0.34t CO2e/oz 10.9yrs MINE HOUNDÉ MINE 250koz $865/oz 4.5Moz
Slide 35: First Dividend Announced
CORPORATE PRESENTATION FIRST DIVIDEND ANNOUNCED Attractive yield as part of our strategy of maximizing shareholder value Dividend yield of gold producers 1.6% 8.5% Dividend 6.1% 5.5% yield1 4.1% 3.8% 3.7% 3.5% 2.9% 2.1% 1.9% 1.9% 1.7% 1.6% CAD$0.48 1.6% 1.5% 1.4% 1.4% 1.4% 1.3% 1.2% 1.2% 1.2% 1.2% 0
Slide 36: Strong Upcoming Catalysts
CORPORATE PRESENTATION STRONG UPCOMING CATALYSTS Exposure to strong fundamentals UPCOMING CATALYSTS TIMING CATALYST Immediate Q4-2020 Houndé Higher production due to the ramp-up of high grade Kari Pump deposit Cash Flow from Production Q4-2020 Boungou Higher production due to restart of mining which
Slide 37: Key Priorities
CORPORATE PRESENTATION KEY PRIORITIES Strong focus on shareholder returns ATTRACTIVE PROFILE AS LEADING WEST AFRICA PRODUCER KEY PRIORITIES +1Moz <$900/oz Annual production All-in sustaining cost <0.3x Net Debt/Adj. EBITDA leverage ratio ACHIEVE PRODUCTION CONTINUE TO EXPLORE TO EXTEND MINE LIVES AN
Slide 38: Outlook and Q3 Results
02 SECTION 2 OUTLOOK AND Q3 RESULTS
Slide 39: 2020 Guidance
CORPORATE PRESENTATION 2020 GUIDANCE INSIGHTS Guidance Summary › Endeavour is maintaining its FY-2020 ENDEAVOUR SEMAFO PRO FORMA production and AISC guidance. The Production, koz 680 — 740 315 — 355 995 — 1,095 Company expects to mitigate the impact of AISC, $/oz 845 — 895 895 — 960 865 — 915 the CO
Slide 40: 2020 Guidance (continued)
CORPORATE PRESENTATION 2020 GUIDANCE (continued) Sustaining Capital Expenditure Guidance Non-Sustaining Capital Expenditure Guidance 2020 FULL-YEAR 2020 FULL-YEAR (All amounts in US$m) GUIDANCE (All amounts in US$m) GUIDANCE Agbaou 17 Agbaou 1 Ity 8 Ity 35 Karma 9 Karma 9 Houndé 49 Houndé 10 ENDEAVO
Slide 41: On Track to Meet Guidance
CORPORATE PRESENTATION ON TRACK TO MEET GUIDANCE Strong Q3-2020 achieved with record Q4 expected GROUP LT BELOW LTIFR1 M INDUSTRY 0.14 1.1 Industry Average2 Benefit of higher grades at Houndé and Boungou restart PRO FORMA GROUP YTD ON TRACK PRODUCTION 722koz 995-1,095koz Guidance Record Q4 expected
Slide 42: Production and AISC
CORPORATE PRESENTATION PRODUCTION AND AISC Stronger production with robust contributions from newly acquired assets Production and AISC Production AISC from all operations 244koz +95koz 181koz 178koz 172koz Q3-2020 vs. Q2-2020 Production 149koz $939/oz $899/oz $906/oz +64% $819/oz $803/oz Q3-2020 vs
Slide 43: All-in Sustaining Margin
CORPORATE PRESENTATION ALL-IN SUSTAINING MARGIN Strong performance from newly acquired assets and pre-acquisition portfolio All-in Sustaining Margin from all operations In $m, unless otherwise indicated Realized 133m Gold Price $245m +$ Q3-2020 vs. Q2-2020 All-in Sustaining Margin $118m $113m $112m
Slide 44: Operating Cash Flow
CORPORATE PRESENTATION OPERATING CASH FLOW Operating cash flow benefited from increased production and higher gold prices Operating cash flow before working capital (from all operations) $223m +$138m Q3-2020 vs. Q2-2020 +162% $115m $119m +30% $85m $73m SEMAFO accretive to OCFPS in Q3-20201 Q3-2019 Q
Slide 45: Financial Overview
CORPORATE PRESENTATION FINANCIAL OVERVIEW YTD-2020 benefited from higher production, acquired assets and higher gold price Consolidated Highlights QUARTER ENDED NINE MONTHS ENDED Sep. 30, Jun. 30 Sep. 30, Sep. 30, Sep. 30, Var. YTD-20 +96% 2020 2020 2019 2020 2019 vs. YTD-19 (in $ million unless oth
Slide 46: All-in Margin
CORPORATE PRESENTATION ALL-IN MARGIN YTD-2020 benefited from higher production and higher gold price THREE MONTHS NINE MONTHS INSIGHTS YTD-2020 VS. YTD-2019 ENDED ENDED 1. Higher cash costs at Houndé, Ity, Mana, and Sep. 30, Jun. 30 Sep. 30, Sep. 30, Var. YTD-20 Agbaou which were partially offset by
Slide 47: Net Free Cash Flow
CORPORATE PRESENTATION NET FREE CASH FLOW Strong increase due to completion of investment phase and SEMAFO consolidation THREE MONTHS NINE MONTHS ENDED ENDED INSIGHTS YTD-2020 VS. YTD-2019 Sep. 30, Jun. 30, Sep. 30, Sep. 30, Δ YTD-20 (in $ million) 2020 2020 2020 2019 vs. YTD-19 1. Mainly due to inc
Slide 48: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Financial position significantly improved INSIGHTS Net Cash Variation Analysis › Net Debt amounted to $175m at quarter-end, a decrease of $353m compared to year-end 2019. › The leverage ratio, Net Debt / Consolidated adjusted EBITDA ($64m) $3m (
Slide 49: Net Earnings Breakdown
CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $1.24 for YTD-2020 NINE MONTHS ENDED INSIGHTS Sep. 30, Sep. 30, 1. Mainly relates to M&A activity connected (in $ million) A = Adjustments made for Adjusted Net Earnings to the acquisition of SEMAFO 2020 2019 2. Mainly due to the net impa
Slide 50: Adjusted Net Earnings Per Share
CORPORATE PRESENTATION ADJUSTED NET EARNINGS PER SHARE Up 47% in Q3-2020 compared to same period of last year Adjusted net earnings per share (EPS) Adjusted EPS, in $/share $0.48/share $0.44/share $0.30/share $0.34/share $0.44 Q3-2020 Adj. EPS $0.30/share $0.08/share +$0.14 Adj. EPS increase Q3-2020
Slide 51: COVID-19 Response
03 SECTION 3 COVID-19 RESPONSE
Slide 52: Our COVID-19 Response
CORPORATE PRESENTATION OUR COVID-19 RESPONSE Developed epidemiological surveillance system to support our efforts 52
Slide 53: COVID-19 Response: Health and Safety
CORPORATE PRESENTATION OUR COVID-19 RESPONSE: HEALTH AND SAFETY Primary focus is protecting the well-being of employees, contractors and local communities INSIGHTS › Working closely with national health authorities to implement and augment government protocols in our host communities › Implemented r
Slide 54: COVID-19 Response: Business Continuity Plan
CORPORATE PRESENTATION OUR COVID-19 RESPONSE: BUSINESS CONTINUITY PLAN Endeavour’s operations are continuing to operate at near-normal levels KEY ACTIONS CURRENTLY OPERATING IN A LEVEL 1 ENVIRONMENT ✓ Key expatriates returned to site before suspension of commercial airline flights and shift rosters
Slide 55: Details by Mine and Project
04 SECTION 4 DETAILS BY MINE AND PROJECT
Slide 56: Diversified Portfolio of Six Mines
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Diversified portfolio of six mines following combination with SEMAFO MINE GOLD M&I M&I RESOURCE AISC1 RESERVES RESERVE GRADE2 NAME COUNTRY PRODUCTION1 RESOURCES2 GRADE2 (US$/oz) (Moz) (g/t) (koz) (Moz) (g/t) Houndé Burkina Faso 240 880 2.86 1.86 4.45 1
Slide 57: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 74.7Mt @ 1.85g/t for 4.447Moz (incl. of Reserves)1 Inferred: 7.9Mt @ 1.90g/t for 0.481Moz Ouagadougou Reserves 47.7Mt @ 1.86g/t for 2.858Moz Houndé Mine
Slide 58: Houndé: Accessing Higher Grade Material
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Accessing higher grade material Q3-2020 vs Q2-2020 INSIGHTS Production and AISC › Production increased due to higher Production, koz AISC, US$/oz processed grades which more than offset the slightly lower throughput, while the 62koz recovery rate rema
Slide 59: Houndé: Potential to Start Mining Kari Pump
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Potential to start mining Kari Pump in the latter portion of the year FY-2019 INSIGHTS Production and AISC › As guided, production decreased and AISC increased due AISC ($/oz) Production (koz) to low grade stockpiles supplementing the mill feed and a
Slide 60: Houndé: New Mine Plans
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO New mine plans reflect exploration success and mill out-performance EXPLORATION SUCCESS MILL OUT-PERFORMANCE KARI CENTRE, Mill throughput KARI PUMP KARI WEST GAP, SOUTH, & 4.2Mtpa PUMP NE 4.1Mtpa 3.9Mtpa +40% DISCOVERY +38% COST FOR M&I $9/oz $15/oz $
Slide 61: Houndé: Strong Improvements in Production Plan
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong improvements due to exploration success and mill outperformance Houndé production plan Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential
Slide 62: Houndé: 250 Koz/yr Next Years Locked-In
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Solid next 5 years locked-in with potential to maintain same level after Houndé Summary 250Koz/yr FIRST 5 YEARS NEXT 5 YEARS LIFE OF MINE Unit (2021-2025) (2026-2030) (2021-2033) PRODUCTION DATA Strip ratio W:O 8.66 5.28 7.51 Average annual production
Slide 63: Houndé: Kari Area Permitted
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Area permitted as extension of Houndé on expedited timeline INSIGHTS Map of Houndé Mining Permits › Permit extension granted covering the full Kari area EXTENDED PERMIT AREA › Permit includes the Kari Pump, Kari West and Kari Center, Kari Gap and
Slide 64: Houndé: Mine Plan Sequencing
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Mine Plan sequencing - blending of Kari area ore with Vindaloo Houndé mining schedule by deposit INSIGHTS › Kari Pump mining began in Q3-2020 and will achieve full ramp up in Q4-2020 › Processing of Kari area deposits to be blended with Vindaloo depos
Slide 65: Houndé: Current Reserves Greater Than When Mining Began
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Current reserves are greater than when mining began Reserves and depletion Reserves at period-end Cumulative depletion 3.4Moz reserve endowment 3.4Moz Reserves endowment 2.8Moz 2.1Moz 2.2Moz 2.0Moz 1.7Moz +64% 0.1Moz 0.4Moz Reserve endowment 0.6Moz 0.
Slide 66: Houndé: Significant Exploration Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted INSIGHTS › Following a two-year period of no exploration drilling, activities resumed in 2017 2.5-3.5Moz › In 2017, targets were 5-year discovery drilled and ranked › Work performed target included advance
Slide 67: Exploration at Houndé: Near-Mine Upside
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE, BURKINA FASO Strong near-mine exploration upside INSIGHTS Houndé Site Map › YTD 2020, $17m was spent, comprised of nearly 74,000m drilled, with up to 11 rigs active › Over 44,000m were drilled for geotechnical and metallurgical purposes at Kari
Slide 68: Kari Gold in Soil Anomaly
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 3km-wide area Kari Area drilling history Kari target map METERS PROGRAM HOLES RESULTS DRILLED 2,237 Q3-17 comprised of - Kari Pump maiden Indicated 203,900 to Q4-18 1,431 AC, 716 resource RC and 90 DD 1,4
Slide 69: Updated Kari Area Reserve and Mine Plan
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE, BURKINA FASO Updated Kari area reserve and Houndé mine plan is expected in Q3-2020 KARI AREA INSIGHTS Houndé site map › In H1-20 Kari Area M&I Resource increased by 554koz › The updated resource increase includes extensions for the Kari West and
Slide 70: Kari Area Indicated Resource Estimate
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE, BURKINA FASO Updated Kari area reserve and Houndé mine plan is expected in Q3-2020 KARI AREA INSIGHTS Kari Area Indicated Resource Mineral Estimate › Due to the intensive infill drill program PREVIOUS KARI AREA UPDATED KARI AREA Δ AU conducted i
Slide 71: Houndé: Kari Pump Reserve
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump Reserve INSIGHTS Kari Pump extension drilling and selected intercepts › High M&I resource to reserve conversion rate: 89% based on a gold price of $1,250/oz › Significantly higher grade than the Houndé mine reserve › Advantageous ore type: 5
Slide 72: Houndé: Reserves and Resources
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Reserves and resources Mineral Reserve and Resource (current as at December 31, 2019) UPDATED WITH KARI AREA Δ AU AS PUBLISHED IN MARCH 2020 Resources shown inclusive ADDITIONS CONTENT of Reserves on a 100% Tonnage Grade Content Tonnage Grade Content
Slide 73: Kari Pump Reserve Oxide/Transition Ore Section
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 73
Slide 74: Kari West: 1Moz Resource Delineated
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: 1Moz resource delineated to date; remains open at depth INSIGHTS Kari West H1-20 drill map with selected intercepts › Discovered during the 2018 AC drilling campaign › In 2019, intensive RC drilling defined the Kari West target as a broad m
Slide 75: Kari West: Remains Open at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: remains open at depth 75
Slide 76: Kari Center Extension; Kari Gap Discovery
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Confirmed mineralization for extension of Kari Center; discovery of Kari Gap INSIGHTS Kari Center drilling activity over H1-2020 › Mineralization was first intercepted at Kari Center during AC initial reconnaissance drilling in 2017. Follow up RC and
Slide 77: Kari Gap Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Gap: Area between Kari Gap and Kari Centre hosts significant potential 77
Slide 78: Kari Pump NE
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Identified after step out drilling near Kari Pump INSIGHTS Kari Pump NE drilling activity over H1-2020 › Step out drilling targeting the possible extension of near-surface mineralization near Kari Pump, over a 700 meter span towards the
Slide 79: Kari Pump NE: Open to West and Northwest
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Open to the west and northwest 79
Slide 80: Vindaloo: Targeting High-Grade Plunges
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 80
Slide 81: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 81.7Mt @ 1.55g/t for 4.064Moz (incl. of Reserves)1 Inferred: 18.3Mt @ 1.33g/t for 0.782Moz Côte d’Ivoire Reserves 65.6Mt @ 1.56g/t for 3.285Moz Côte d’Iv
Slide 82: Ity: Mining Prioritized Pit Cut-Backs
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Mining in Q3-2020 prioritized pit cut-backs Q3-2020 vs Q2-2020 INSIGHTS Production and AISC › Production decreased slightly as higher throughput Production, koz AISC, US$/oz and gold recoveries largely offset the lower processed grades 64koz 60koz 61koz
Slide 83: Ity: More Fresh Ore Planned in 2020
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE A greater proportion of fresh ore is planned to be processed in 2020 FY-2019 INSIGHTS Production and AISC › Ity had its first gold pour in March 2019 with commercial production declared in early Q2-2019 AISC ($/oz) Production (koz) › The comparative per
Slide 84: Ity: New Mine Plan and Increased Mill Size
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE New mine plan reflect exploration success and increased mill size RECENT EXPLORATION SUCCESS LARGER PLANT SIZE DRIVEN BY EXPANDED RESERVES Mill Size Reserves LE PLAQUE 5.0Mtpa 4.8Moz DISCOVERY Reserves COST $18/oz endowment 4.0Mtpa inclusive of historic
Slide 85: Ity: Strong Improvements in Production Plan
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong improvements due to exploration success and increased mill size Ity production plan Incremental production added 2017 Optimization Study 300koz 250koz Target production of 250koz over +10 years expected to be achieved based on exploration potenti
Slide 86: Ity: 248 Koz/yr Next Years Locked-In
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Solid next 5 years locked-in with potential to maintain same level after Ity Summary 248Koz/yr FIRST 5 YEARS NEXT 5 YEARS LIFE OF MINE Unit (2021-2025) (2026-2030) (2021-2031) PRODUCTION DATA Strip ratio W:O 3.88 2.89 3.24 Average annual production Tota
Slide 87: Ity: Le Plaque Mining Permit Granted
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque mining permit recently granted, on a 90% ownership basis INSIGHTS Map of Ity Mining Permits › The Government of Côte d'Ivoire recently granted the Floleu mining permit which covers the entire Le Plaque area › The Ity mine is now comprised of t
Slide 88: Ity: Staged Access to High Grade Feed
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Staged access to high grade feed ensures sustainable production rate Ity mining schedule by deposit Pits 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Mont Ity/Flat/Walter 68,722 112 , 4 0 4 18 6 , 0 0 0 28,276 0 0 0 0 0 0 0 ZiaNE 0 0 0 0 0 0 1
Slide 89: Exploration at Ity: Upside in Le Plaque Area
CORPORATE PRESENTATION EXPLORATION AT THE ITY MINE, CÔTE D’IVOIRE Significant upside in the Le Plaque area Simplified Ity Site Map and Exploration Targets INSIGHTS › Over 2.3Moz of indicated resources have been discovered since late 2016 › YTD-2020, $13m was spent, comprised of over 85,000m drilled,
Slide 90: Ity: Significant Potential at Le Plaque
CORPORATE PRESENTATION EXPLORATION AT THE ITY MINE, CÔTE D’IVOIRE Significant potential remains at Le Plaque INSIGHTS Le Plaque targets › Le Plaque has been the primary exploration target in the greater Ity area since March 2018 › Resource estimate is expected to continue to increase as the deposit
Slide 91: Ity: Reserves and Resources
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Reserves and resources Mineral Reserve and Resource (current as at December 31, 2019) Δ AU AS PUBLISHED IN MARCH 2020 UPDATED TO INCLUDE LE PLAQUE CONTENT Resources shown inclusive of Tonnage Grade Content Tonnage Grade Content reserves on a 100% basis
Slide 92: Endeavour Controls the Full Ity Birimian Belt
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-year discovery target <$15/oz Average 5-year discovery cost Targeting to discover between 4-6 Moz with average grade between 2.0-3.5g/t Au. The potential quantity of ounces is conceptual in nature s
Slide 93: Ity: Strong Near-Mine Exploration Potential
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong near-mine exploration potential Ity mine drilling targets Simplified Ity map with exploration targets 93
Slide 94: Ity Exploration: Le Plaque
CORPORATE PRESENTATION ITY EXPLORATION: LE PLAQUE Indicated resource has increased by 44% to 689koz LE PLAQUE INSIGHTS Le Plaque targets › In Q2-2020 the Indicated resource increased from 476koz to 689koz, an increase of 44% › Continued low discovery cost of <$20/oz › Ity mine M&I resource up 6% wit
Slide 95: Ity: Le Plaque Discovery Drilling
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE YTD-2020 exploration continued to focus on the Le Plaque discovery INSIGHTS Le Plaque drill map and selected H1-2020 intercepts (true width/grade) per area › In H1-2020, exploration efforts continued to be focused on the Floleu license, located only 6km
Slide 96: Ity: Section A – Epsilon Area
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A– Epsilon Area 96
Slide 97: Ity: Section B Le Plaque Main and South
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B through the Le Plaque Main and Le Plaque South Areas 97
Slide 98: Ity: Delta Extension Selected Intercepts Map
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Delta Extension H1-2020 best selected intercepts map 98
Slide 99: Ity: Section A – Delta Extension Northern Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A – Delta Extension Northern Part 99
Slide 100: Ity: Section B – Delta Extension Central Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B – Delta Extension Central Part 100
Slide 101: Several Other Nearby Targets
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets 101
Slide 102: Ity Trend: Regional Gold in Soil Anomalies
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (>100ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several t
Slide 103: Mana, Burkina Faso
CORPORATE PRESENTATION MANA, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% (10% owned by Republic of Burkina Faso) Karma Mine Resources M&I: 57.7Mt @ 2.23g/t for 4.1Moz (incl. of Reserves)1 Inferred: 8.9Mt @ 2.66g/t for 0.8Moz Mana Ouagadougou P&P Reserves1 15.0t @ 2.91g/t for 1.4M
Slide 104: Mana: Production Significantly Increased
CORPORATE PRESENTATION MANA, BURKINA FASO Production significantly increased due to higher processed grades Q3-2020 vs Q2-2020 INSIGHTS Production and AISC › Production increased significantly due to higher Production, koz AISC, US$/oz processed grades (following stronger underground production and
Slide 105: Mana: Stronger H2-2020 Expected
CORPORATE PRESENTATION MANA, BURKINA FASO Stronger H2-2020 expected with higher processed grades FY-2019 INSIGHTS Production and AISC › Production decreased on a year-on-year basis as processing of ore was suspended for a 10-week period following an August pit AISC ($/oz) Production (koz) wall failu
Slide 106: Mana: Siou Underground
CORPORATE CORPORATE PRESENTATION PRESENTATION MANA, BURKINA FASO Siou underground INSIGHTS First production stope – Q1 2020 Progress as at January 31, 2020 › The location of the portal allows mining in the northern part of the Siou pit to continue uninterrupted › The ultimate size of the underground
Slide 107: Mana: Exploration Program 2020
CORPORATE PRESENTATION MANA, BURKINA FASO Exploration program of up to $2 million has been planned for 2020 Mana exploration map INSIGHTS › In 2020, a pro forma $3 million budget was established to follow up targets identified by geological review with minimal work completed thus far and $1.0 millio
Slide 108: Boungou, Burkina Faso
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% (10% owned by Republic of Burkina Faso) Karma Mine Resources M&I: 9.2Mt @ 3.76g/t for 1.1Moz (incl. of Reserves)1 Inferred: 1.3Mt @ 2.98g/t for 0.1Moz Mana Ouagadougou P&P Reserves1 9.2t @ 3.76g/t for 1.1
Slide 109: Boungou: Mining Re-started in Q4-2020
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Mining activities re-started in early Q4-2020 Q3-2020 vs Q2-2020 INSIGHTS Production and AISC › Production remained flat as increased Production, koz AISC, US$/oz plant throughput offset the lower- grade mill feed, as higher-grade ore 56koz stockpiles wer
Slide 110: Boungou: Mining Expected to Restart
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Mining expected to restart in coming weeks FY-2019 INSIGHTS Production and AISC › Production increased in 2019 as the mine plan reached higher grade zones AISC ($/oz) Production (koz) › Commercial production at the Boungou Mine commenced on September 1, 2
Slide 111: Boungou: Exploration Program 2020
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Exploration program of up to $1 million has been planned for 2020 INSIGHTS Boungou Exploration Map › The 2019 drilling programme was mostly dedicated to the Boungou Nord sector, exploring near surface splays of the Boungou Shear Zone. In addition, further
Slide 112: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 7.6Mt @ 2.14g/t for 519Moz (incl. of Reserves) Inferred: 0.7Mt @ 1.59g/t for 0.037Moz Côte d’Ivoire Reserves 6.3Mt @ 1.58g/t for 0.321Moz Ity Mine Pro
Slide 113: Agbaou: Production Remained Flat
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Production remained flat despite more fresh ore Q3-2020 vs Q2-2020 INSIGHTS Production and AISC › Production remained flat as an Production, koz AISC, US$/oz increased proportion of the mill feed was comprised of higher grade fresh ore, which compens
Slide 114: Agbaou: Harder Ore Expected in 2020
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Harder ore expected to be mined in 2020 FULL YEAR 2019 INSIGHTS Production and AISC › As guided, production decreased marginally due to lower mill throughput and grades which were partially AISC ($/oz) Production (koz) offset by a higher recovery rat
Slide 115: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017-2018 > 50 ppb priorities were to test area and to generate targets and 0.5-1.5Moz prioritize for the 5-year discovery upcoming campaigns target › Key Areas targeted were
Slide 116: Agbaou: Exploration Program 2020
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Exploration program of up to $2 million has been planned for 2020 Agbaou site map INSIGHTS › An exploration program of up to $2.0 million was planned for 2020 with the aim of continuing to test targets located along extensions of known deposits and o
Slide 117: Agbaou: Mineralization Under North Pit
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au (incl.
Slide 118: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 52.6Mt @ 1.21g/t for 2.042Moz (incl. of Reserves) Inferred: 15.7Mt @ 1.35g/t for 0.681Moz Ouagadougou Reserves 9.2Mt @ 0.99g/t for 0.293Moz Houndé Mine P
Slide 119: Karma: Production Increased from Heap Recovery
DETAILS BY MINE & PROJECT KARMA MINE, BURKINA FASO Production increased due to the recovery of gold locked up in the heap Q3-2020 vs Q2-2020 INSIGHTS Production and AISC › Production increased due to the recovery Production, koz AISC, US$/oz of some of the gold locked up in the heap during the previ
Slide 120: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Mining activity is expected to occur at the Kao North and GG1 pits in 2020 FULL YEAR 2019 INSIGHTS Production and AISC › As guided, production decreased due to lower grades associated with supplemented ore stacked from AISC ($/oz) Production (koz) stoc
Slide 121: Karma: Exploration Program 2020
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Exploration program of up to $2 million has been planned for 2020 INSIGHTS Karma site map › An exploration program of up to $2.0 million was planned for 2020 with the aim of in-fill drilling and testing extensions of known deposits. › Minimal work has
Slide 122: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (On 100% basis – based on Avnel’s DFS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.0Moz @ 4.14g/t (as per Avnel) Mali Reserves 1.96Moz @ 2.80g/t (as per Avnel) Mining
Slide 123: Kalana: Accretive Acquisition with Strong Upside
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha
Slide 124: Kalana: Increase in Resource Confidence
CORPORATE PRESENTATION KALANA PROJECT, MALI Significant increase in resource confidence based on tighter geological controls INSIGHTS Kalana Main deposit M&I resource evolution › An exploration program conducted in 2018 comprised of approximately 48,000m of drilling › At the Kalana Main deposit, the
Slide 125: Kalana: 2018 Block Model Results
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block model results Block model – Section S100 125
Slide 126: Kalana Project Exploration
CORPORATE PRESENTATION KALANA PROJECT EXPLORATION, MALI Aim to increase resource base for project Several licenses INSIGHTS under negotiation with private › In 2019, a $2 million reconnaissance drilling owners campaign comprising approximately 20,500 meters, was conducted on targets located in proxi
Slide 127: Kalana: Positive Kalana North Intercepts
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 results – positive Kalana North intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 127
Slide 128: Kalanako Deposit Exploration Activities
CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource was published in Q1-2019 Tonnage Grade Content Kalanako (Kt) Au g/t (Au koz) Meas
Slide 129: Regional Kalana Exploration Potential
CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana exploration potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling started in 2019 129
Slide 130: Greenfield Fetekro: Most Advanced Greenfield Property
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS › Fetekro is located in north central Côte Simplified map of the Fetekro property showing Lafigué d’Ivoire, approximately 500km from Abidjan, within the northern end of the
Slide 131: Fetekro Resource of High Quality
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro resource is of high quality INSIGHTS Lafigué Mineral Resource Estimate Evolution › High quality resource: As at August 31, 2019 As at July 31, 2020 Δ ‒ Amenable to open pit mining as Tonnage Grade Content Tonnage Grade Content AU miner
Slide 132: Fetekro: PFS Being Fast Tracked
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE PFS being fast tracked with targeted release in early 2021 2.5Moz Published in Q3-2020 3.0Mtpa PFS PLANT SIZE INITIAL PEA HIGHLIGHTS ON PREVIOUS 1.2MOZ INDICATED RESOURCE TOTAL LIFE OF MINE Gold contained processed 1.0Moz Average recovery rate
Slide 133: Fetekro: Positive Initial PEA Results
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Positive results from initial PEA based on smaller resource base Initial PEA highlights on previous 1.2Moz Indicated Resource INSIGHTS OPERATION TYPE › An initial PEA based on the previously announced Mine Type Open Pit 1.2Moz Indicated resour
Slide 134: Fetekro: PEA Gold Price Sensitivity
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Positive results from initial PEA based on smaller resource base INSIGHTS Gold Price Sensitivity – Pre-tax Gold Price Sensitivity – After-tax › The initial PEA project economics are robust, with an attractive NPV Gold Price $1,300/oz $1,500/oz
Slide 135: Fetekro's Lafigué Deposit Remains Open
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s Lafigué deposit remains open UPSIDE Lafigué geological interpretation and selected best intercepts per area › Significant exploration potential remains as the Lafigué deposit is open at depth and along strike and › Over a dozen nearb
Slide 136: Section 320645E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320645E Lafigué North 136
Slide 137: Section 320405E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320405E Lafigué North 137
Slide 138: Section 319875E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 319875E Lafigué North 138
Slide 139: Fetekro's Upside Potential with Nearby Targets
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s upside potential with nearby targets NEXT STEPS Fetekro plan map with exploration targets › An updated PEA based on the updated 2.5Moz Indicated Resource is expected to be published in Q4-2020 › A 20,000 meters of additional drilling
Slide 140: Greenfield Bantou: Houndé Greenstone Belt
CORPORATE PRESENTATION GREENFIELD BANTOU, BURKINA FASO Located along the Houndé Greenstone Belt INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 › Currently consists of eight mineralized zones with diverse mineralization styles and grades › The Bantou gold zone is part of the Dy
Slide 141: Bantou: Testing Prospective Areas
CORPORATE PRESENTATION GREENFIELD BANTOU, BURKINA FASO Aim to test prospective areas outside of the existing resources INSIGHTS Bantou 2020 Drill Program › In 2019, a total 96,669m were drilled at Bantou. Bantou Nord alone accounted for 15,031m which was part of an effort to rapidly outline the exte
Slide 142: Greenfield Nabanga: Open to the North and at Depth
CORPORATE PRESENTATION GREENFIELD NABANGA, BURKINA FASO Remains open to the north and at depth INSIGHTS › Located 250 kilometers southeast of Ouagadougou, the Nabanga deposit cross-section Nabanga Gold Project lies within the Nabanga exploration permit. › Results of preliminary economic assessment (
Slide 143: Greenfield Exploration: JV with Barrick
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Barrick on Sissedougou / Mankono JV WITH BARRICK (EX-RANDGOLD) › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of: ‒ 34.6 m @ 2.08g/t Au at 74.6m, including 1.0m @
Slide 144: Greenfield Exploration, Burkina Faso: Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 144
Slide 145: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695km² 145
Slide 146: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA Well Located Licenses in Siguiri Basin GUINEA: 146
Slide 147: Greenfield Exploration, Mali: Kofi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, Mali Kofi area › Kofi on same trend as Randgold’s Loulo-Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 147
Slide 148: West Africa Insights
05 SECTION 5 WEST AFRICA INSIGHTS
Slide 149: Equity Markets Strongly Support West Africa
CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Among top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 10 $9.82bn 8 +$ 6 billion raised for West Africa $6.35bn 6 $5.89bn US$ billions 4 $3
Slide 150: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) 677 634 +$ 5 billion spent in West Africa 385 over last 10 years 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is
Slide 151: Significant West-Africa Exploration Success
CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz No.1 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M
Slide 152: More Exploration Spend in a Region 5x Smaller
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 2017 exploration budget ($m) Canada Australia 600 500 400 West More spending, yet 5x smaller land mass Africa USA 300
Slide 153: Burkina Faso & Côte d'Ivoire Are Under-Explored
CORPORATE PRESENTATION BURKINA FASO & CÔTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production % of Birimian greenstone belt West African geology – Birimian greenstone belt Burkina Faso 22% Côte d’Ivoire 35% Other 14% Mali Ghana 10% 19% 2016 production (Moz) Côte Burkina
Slide 154: Burkina Faso & Côte d'Ivoire Are Fast Growing
CORPORATE PRESENTATION BURKINA FASO & CÔTE D’IVOIRE ARE FAST GROWING Represent half of the region’s exploration expenditures West African exploration expenditures by country 2017 exploration expenditures Côte d’Ivoire 20% ~50% Burkina Faso of West African exploration 29% expenditures Ghana Other Cou
Slide 155: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 gold production by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz 5Moz 5Moz 5Moz 4Moz 3Moz 3Moz 3Moz 4th largest gold producing South Africa Au
Slide 156: West Africa Operates as an Economic Union
CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated Countries using West African CFA INSIGHTS › West Africa acts as an economic zone (WAEMU) › Common central bank for eight states › Common currency which is pegged to the Euro › Fis
Slide 157: Security in Burkina Faso
CORPORATE PRESENTATION SECURITY IN BURKINA FASO Significant foreign aid and co-operation amongst West African nations Burkina Faso security heat map Mana (EDV) Boungou (EDV) (EDV) 157
Slide 158: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali 2017 GDP (USD b) 1 12.87 40.39 15.29 2017 GDP Growth1 6.7% 7.8% 5.3% GDP › Agriculture (31%), manufacturing, › Agriculture (20%), manufacturing, › A
Slide 159: West Africa Mining Codes Are Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries INSIGHTS Corporate Income Tax and Royalties › Transfer pricing regulations Country / Region Corporate Tax Mining Royalties recently established in the Burkina Faso Up to 27.5% Up to 5% jurisdiction C
Slide 160: Endeavour Emerging as Leading Multi-Asset West African Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE LEADING MULTI-ASSET WEST AFRICAN PRODUCER Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World Geographically focused yet diversified across multiple mines and multipl
Slide 161: Appendix
SECTION 6 APPENDIX ENDEAVOUR MINING
Slide 162: Appendix 1: Board, Analyst Coverage
APPENDIX 1 Board, Analyst Coverage
Slide 163: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Helene CARTIER, Livia MAHLER, Jim ASKEW, Alison BAKER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director Tertius ZONGO, Sébastien de MONTESSUS, Naguib SAWIRIS, Sofia BIANCH
Slide 164: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Berenberg Jonathan Guy ✆ +44 203 753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bmo.com Canaccord Carey MacRury ✆ +1 416 867 6130
Slide 165: Appendix 2: Financial Appendices
APPENDIX 2 Financial appendices
Slide 166: Production and Cost Details by Mine (Quarterly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) Q3-20 Q2-20 Q3-19 Q3-20 Q2-20 Q3-19 Q3-20 Q2-20 Q3-19 Q3-20 Q2-20 Q3-19 Q3-20 Q2-20 Q3-20 Q2-20 Physicals Total tonnes mined – OP1 000t 6,095 5,248 6,236 6,323 5
Slide 167: Production and Cost Details by Mine (YTD)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a year to date basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) YTD-20 YTD-19 YTD-20 YTD-19 YTD-20 YTD-19 YTD-20 YTD-19 YTD-20 YTD-20 Physicals Total tonnes mined – OP1 000t 17,777 19,009 16,923 10,447 14,146 14,787 32,754
Slide 168: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 168 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 102 168
Slide 169: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 169 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 169
Slide 170: Cash Flow Statement
CORPORATE PRESENTATION 170 CASH FLOW STATEMENT 170
Slide 171: Appendix 3: Reserves and Resources
APPENDIX 3 Reserves and Resources Updated Ity and Houndé Mine Plans
Slide 172: Houndé Mine: Mine Plan
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Mine plan Item Unit Total / Average 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Mining Schedule Total Material Moved kt 366,806 55,469 54,552 54,377 56,075 54,322 47,134 29,981 7,987 5,358 1,552 0 Total Waste Moved kt 323,716 49,850 47,681
Slide 173: Ity Mine: Mine Plan
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Mine plan Total / Unit Average 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Mining Schedule Total Material Moved kt 239,216 22,170 22,531 22,317 25,849 23,292 29,725 29,104 26,811 22,812 12,690 1,915 Total Waste Moved kt 182,839 16,289 18,287
Slide 174: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As at December 31, 2019 Houndé Mine Resources shown inclusive of Tonnage Grade Content Ity Mine Resources shown inclusive of Tonnage Grade Content Reserves. On a 100% basis (Mt) (Au g/t) (Au koz) Reserves. On a 100% basis (Mt) (Au g/t) (Au koz) Proven Re
Slide 175: Appendix 4: Convertible Bond and ROCE
APPENDIX 4 Convertible Bond and ROCE
Slide 176: Diversified Debt Sources
CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $430m RCF Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR to $330m
Slide 177: Convertible Bond
CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%
Slide 178: Selection, Ranking and Risk Evaluation of Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to: ‒ Current state of project knowledge (from grassroots to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 179: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on Capital Employed (ROCE) (US$ '000 unless otherwise stated) 2019 2018 Adjusted EBITDA 355,690 264,838 Less: depreciation and amortisation (197,219) (169,069) Adjusted EBIT (A) 158,471 95,769 Opening Capital employed (B) 1,673,623 1,452,326 T
Endeavour Mining — Investor Presentation (November 2020) on 6ix