Slide 1: Strong Operating Performance Underpins Dividend Increase
STRONG OPERATING PERFORMANCE UNDERPINS DIVIDEND INCREASE Q2 and Half Year 2022 Operational & Financial Results Presentation 3 August 2022
Slide 2: Speakers
SPEAKERS SÉBASTIEN DE MARK JOANNA PATRICK MARTINO MONTESSUS MORCOMBE PEARSON BOUISSET DE CICCIO President and CEO COO CFO EVP Exploration VP Strategy and and Growth Investor Relations
Slide 3: Table of Contents
TABLE OF CONTENTS 1 HALF YEAR HIGHLIGHTS 2 Q2-2022 & HALF YEAR RESULTS 3 OPERATING PERFORMANCE BY MINE 4 CONCLUSION 5 APPENDIX
Slide 4: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 5: Half Year Highlights
01 SECTION 1 HALF YEAR HIGHLIGHTS
Slide 6: Half Year Highlights
HALF YEAR HIGHLIGHTS Delivering against key objectives STRONG OPERATIONAL HEALTHY ATTRACTIVE SHAREHOLDER PERFORMANCE FINANCIAL POSITION RETURNS Well positioned Net cash position $108m paid in shareholder returns to meet guidance increased by during H1-2022 for 10th consecutive year $141m in H1-2022
Slide 7: Well-Positioned to Meet Full Year Guidance
WELL-POSITIONED TO MEET FULL YEAR GUIDANCE Strong performance across key operating metrics 0.13 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 702 koz GROUP H1 ON TRACK PRODUCTION (For continuing operations) 1,315-1,400koz Guidance $900/oz GROUP AISC $880/oz $930/oz (For continuing operati
Slide 8: Production and AISC
PRODUCTION AND AISC Well-positioned to meet full year 2022 guidance Production and AISC Discontinued Assets Continuing Operations AISC (US$/oz) 756koz 781koz 702koz -5% Production for 586koz continuing operations H1-2022 vs H2-2021 $918/oz $860/oz $910/oz $900/oz $826/oz 320koz -$10/oz All-In Sustai
Slide 9: Low Cost Provides Competitive Advantage
LOW COST PROVIDES COMPETITIVE ADVANTAGE Capital allocation strategy execution is supported by low cost production H1-2022 AISC versus initial FY-2022 guidance AISC Guidance Range (US$/oz) H1-2022 AISC (US$/oz) 1,800 $900/oz 1,650 Endeavour’s All-In Sustaining Cost 1,500 H1-2022 1,350 1,200 1,050 900
Slide 10: All-In Sustaining Margin
ALL-IN SUSTAINING MARGIN Benefiting from the higher gold price environment Realized gold price, Cost, and Margin analysis All-in Sustaining Margin, $/oz All-in Sustaining Cost, $/oz 52% $1,872/oz $1,803/oz $1,810/oz Higher $1,771/oz gold price $1,612/oz All-in sustaining margin $900/oz $826/oz $860/
Slide 11: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Capital allocation strategy execution is supported by strong cash flow generation Operating cash flow before changes in working capital Discontinued assets Realised Gold Price Continuing operations 21m $643m $622m $520m $551m -$ Operating CF H1-2022 vs. H2-
Slide 12: Operating Cash Flow
OPERATING CASH FLOW Working capital and stockpile build-up in H1 ahead of the rainy season Operating cash flow Discontinued Ops Realised Gold Price Cotinuing Ops Seasonality ahead of rainy season 55m $668m $566m $553m +$ $498m Operating CF H1-2022 vs. H1-2021 $183m +11% Operating CF $1,612/oz $1,803
Slide 13: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash position supports increase in shareholder returns Net Cash and Shareholder Returns (Net Debt)/ Net Cash Cumulative Shareholder Returns INVESTMENT DEBT REDUCTION SHAREHOLDER RETURNS PHASE PHASE PHASE WITH ABILITY TO FUND GROWTH $369m $376m +$ 141m $268m Net Cash add
Slide 14: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME FY-2022 minimum dividend increased by 33% to $200 million SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend › In 2021, Endeavour implemented a $200m minim
Slide 15: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME H1-2022 dividend of $100 million declared, or $0.40 per share H1-2022 shareholder returns Shareholder returns in context of H1-2022 results PRODUCTION REVENUE Share Buyback $38m or 0.3m $197/oz shares returned for every ounce 10% of revenue of gold produced d
Slide 16: Significant Shareholder Returns Commitment
SIGNIFICANT SHAREHOLDER RETURNS COMMITMENT Significant commitment towards shareholder returns Cumulative Shareholder Returns +$175m +$751m $476m Cumulative shareholder returns $476m +$100m to date $176m $100m H1-2022 +$750m Declared $200m Dividends Paid Minimum Cumulative Cumulative Cumulative H2-20
Slide 17: Project Pipeline
PROJECT PIPELINE Strong competition for capital on a returns basis across the portfolio GREENFIELD EXPLORATION DEVELOPMENT PROJECTS OPERATIONS Current high priority efforts: In construction: Optimization initiatives: Siguri Tandea-Iguela Sabadola-Massawa Expansion Guinea Côte d’Ivoire Senegal › Houn
Slide 18: Continued Strong Exploration Focus
CONTINUED STRONG EXPLORATION FOCUS Strong focus on greenfield and near mine exploration H1-2022 Exploration Spend Wahgnion Ity $4.9m $4.5m Mana $5.4m KOFI Sabodala-Massawa LIPTAKO $9.1m $44m spent Houndé LIGUIDI $5.6m SIGUIRI NABANGA Greenfields and other Boungou $1.7m $8.0m BANTOU KORHOGO FY-2022 E
Slide 19: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability report published in Q2-2022 outlined our key ESG ambitions SUSTAINABILITY REPORT HIGHLIGHTS › Total economic contribution to host countries doubled to $2.0 billion in 2021 › 80% of total procurement in- country, supporting 1,700 businesses › 95% of workforce &
Slide 20: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability report underpinned top quartile MSCI ranking Endeavour MSCI rating evolution AA MSCI Rating AA CCC AA 17% 25% A B 8% Precious Metals Rating BB 13% Distribution 17% BBB BB A 21% 2018 2020 2021 2022 BBB Source: Morgan Stanley Capital International, ACWI Index con
Slide 21: London Stock Exchange Listing Progress
LONDON STOCK EXCHANGE LISTING PROGRESS Strong increase in UK liquidity following indexations Volume traded on LSE compared to the TSX1 45% 33% 38% of shares outstanding 37% in the UK register FTSE 250 FTSE ALL SHARE 26% >45% FTSE of daily volume 23% 100 in the UK Q3-2022 Q3-2021 Q4-2021 Q1-2022 Q2-2
Slide 22: Q2-2022 & Half Year Results
02 SECTION 2 Q2-2022 & HALF YEAR RESULTS
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS Robust production at first quartile AISC QUARTER ENDED SIX MONTHS ENDED For Continuing Operations1 Jun. 30, Mar. 31 Jun. 30, Jun. 30, Jun. 30, Jun-22 (in $ million unless otherwise stated) 2022 2022 2021 2022 2021 vs. Jun-21 +24% PRODUCTION, SALES AND AISC HIGHLIGHTS Gold produc
Slide 24: Quarterly Production and AISC
QUARTERLY PRODUCTION AND AISC Robust Q2-2022 production in preparation for the wet season Production and AISC from continuing operations Production (koz) AISC (US$/oz) 384koz 362koz 378koz 357koz 345koz -3% Production Q2-2022 vs. Q1-2022 $954/oz $885/oz $894/oz $839/oz $848/oz +13% AISC Q2-2022 vs.
Slide 25: Tackling Inflationary Pressures
TACKLING INFLATIONARY PRESSURES AISC mainly driven by scheduled operational factors rather than market factors INSIGHTS AISC bridge, $/oz › Q2-2022 AISC from continuing operations increased in line with guidance by $106 per ounce over Q1- 2022 to $954 per ounce Schedule operational Market factors: ›
Slide 26: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Inflationary pressures in line with expectations Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q4-2021 Q1-2022 Q2-2022 mechanisms where prices are revised periodically, sheltering Endeavour from peak fuel pricing +33%
Slide 27: Quarterly Operating Cash Flow
QUARTERLY OPERATING CASH FLOW Lower gold price and slightly lower production during Q2-2022 Operating cash flow from continuing operations Realised Gold Price $345m $284m $309m $299m -$ 31m $253m Operating CF Q2-2022 vs. Q2-2021 -11% Operating CF $1,795/oz $1,763/oz $1,787/oz $1,911/oz $1,832/oz Q2-
Slide 28: Operating Cash Flow
OPERATING CASH FLOW Lower gold price, lower production and higher taxes impact cash flow INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing $304m1 1 operations decreased by $79/oz from $1,911/oz in Q1-2022 to $1,832/oz in Q2-2022 (∆$28m) 2. Gold sold decreased by 15koz fro
Slide 29: Change in Net Cash
CHANGE IN NET CASH Continuing to grow our net cash position INSIGHTS Net Cash variation analysis › Q2-2022 operating activities included $253m in operating cashflow before changes in working capital, and negligible changes in working capital ($145m) › Q2-2022 investing activities included $38m spend
Slide 30: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted EPS amounted to $0.45 per share 3 MONTHS ENDED INSIGHTS 1. Corporate costs decreased during the quarter 30 June, 31 March, (in $ million) A = Adjustments made for Adjusted Net Earnings primarily due to lower costs associated with 2022 2022 employee an
Slide 31: Operating Performance by Mine
03 SECTION 3 OPERATING PERFORMANCE BY MINE
Slide 32: Well Positioned to Meet Full Year Guidance
WELL POSITIONED TO MEET FULL YEAR GUIDANCE Houndé and Ity are well positioned to beat guidance Sabodala-Massawa Houndé 169koz 360-375koz 160koz 260-275koz PRODUCTION H1 PRODUCTION H1 $675/oz $725/oz $875/oz $925/oz AISC H1 AISC H1 $666/oz Guidance $791/oz Guidance Ity Mana 149koz 255-270koz 107koz 1
Slide 33: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Lower grade quarter as mining at Massawa ramps up Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased as a result of lower grade areas mined given the greater focus on waste extraction 106koz 105koz associated with the commenc
Slide 34: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Low-capex intensive brownfield expansion is on track PROJECT UPDATES Expansion Project schematic plan Crushing and Stockpile › Sabodala-Massawa DFS defined a robust expansion project Reagent Store adding a 1.2Mtpa BIOX® plant, designed to process the high- grade refractory
Slide 35: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Grades improve due to higher proportion of ore from Kari Pump Q2-2022 vs Q1-2022 INSIGHTS Production and AISC › Production increased due to the higher grade ore processed. Production, koz AISC, US$/oz Mining continued to focus on high grade oxide material from 87koz 80koz 7
Slide 36: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Recovery rates improve following completion of current Daapleu phase Q2-2022 vs Q1-2022 INSIGHTS Production and AISC › Production increased due to a higher average grade Production, koz AISC, US$/oz processed and improved recoveries, slightly offset by 79koz 77koz lower plant
Slide 37: Boungou, Burkina Faso
BOUNGOU, BURKINA FASO Waste stripping in the West Pit in preparation for H2-2022 Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to a lower processed grade and lower gold recovery rate, which was partially offset by higher mill throughput. Proc
Slide 38: Wahgnion, Burkina Faso
WAHGNION, BURKINA FASO Mining to commence at Samavogo in H2-2022 Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to the lower average grade $1,788/oz milled, which was partially offset by higher recovery rates and higher tonnes milled. Average
Slide 39: Mana, Burkina Faso
MANA, BURKINA FASO Mining at the Maoula satellite expected in H2-2022 Q2-2022 vs Q1-2022 INSIGHTS Production and AISC › Production remained consistent with the prior quarter Production, koz AISC, US$/oz as slightly lower grades were processed and lower recoveries were largely offset by higher plant
Slide 40: Conclusion
04 SECTION 4 CONCLUSION
Slide 41: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to build a resilient business with disciplined capital allocation OPERATIONS Well positioned to achieve 2022 production guidance of WE DISCOVER FOR 1,315 – 1,400koz at an AISC of $880 - $930/oz $ 25/oz Continued to grow net cash position towards our near
Slide 42: Appendix
05 SECTION 5 APPENDIX
Slide 43: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focussed on increasing near-mine non-refractory resources Sabodala-Massawa map INSIGHTS › An exploration programme of $15.0 million is planned for FY-2022, of which $9.1 million has been spent in H1-2022 with $5.3 million spent in Q2-2022 consisting of 29,344 meters of
Slide 44: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Expanding resources at new, near mine discoveries Houndé map INSIGHTS › An exploration programme of $14.0 million is planned for FY-2022, of which $5.6 million has been spent in H1-2022 with $3.5 million spent in Q2-2022 consisting of over 13,201 meters of drilling across 1
Slide 45: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on high-grade oxide at near mine targets and Le Plaque Ity map INSIGHTS › An exploration programme of $10.0 million is planned for FY-2022, of which $4.5 million has been spent as of H1-2022. The exploration programme has been focussed on extending resources at Walte
Slide 46: Boungou Mine, Burkina Faso
BOUNGOU MINE, BURKINA FASO Focussed on the Osaanpalo and Boungou East targets Boungou map INSIGHTS › An exploration programme of $4.0 million is planned for FY-2022, of which $1.7 million has been spent in H1-2022 with $1.0 million spent in Q2-2022 consisting of 6,435 meters of drilling across 587 d
Slide 47: Mana, Burkina Faso
MANA, BURKINA FASO Focus on discovering new oxide potential INSIGHTS Mana map › An exploration programme of $6.0 million is planned for FY-2022, of which $5.4 million has been spent as of H1-2022 with $3.6 million spent in Q2-2022 consisting of 21,117 meters of drilling across 204 drill holes focuss
Slide 48: Wahgnion Mine, Burkina Faso
WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Wahgnion map › An exploration programme of $9.0 million is planned for FY-2022, of which $4.9 million has been spent in H1-2022 with $3.3 million spent in Q2-2022 consisting of 18,693 mete
Slide 49: 2022 Guidance
2022 GUIDANCE Consolidated Production Sustaining and Non-Sustaining Capital Expenditure Guidance 2022 FULL-YEAR GUIDANCE 2022 FULL-YEAR GUIDANCE (All amounts in koz, on a 100% basis) SUSTAINING NON-SUSTAINING (All amounts in US$m) Ity 255 — 270 CAPITAL CAPITAL Ity 20 60 Houndé 260 — 275 Houndé 44 18
Slide 50: Mine Statistics
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 50
Slide 51: Mine Statistics
MINE STATISTICS On a half year basis (1) Includes waste capitalized. Note: Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 51
Slide 52: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED Jun. 30, Mar. 31, Jun. 30, In US$ million unless otherwise specified. 2022 2022 2021 Boungou 2.9 8.6 32.4 Houndé 17.8 8.8 23.0 Ity 20.0 0.2 21.1 Mana 4.4 2.8 5.0 Sabodala-Massawa 10.8 6.0 13.6 Wahgnion 5.8 1.9 7.9 Other 2.5 0.4 1.7 Taxes from continuing operations 64.
Slide 53: Short Term Revenue Protection Program
SHORT TERM REVENUE PROTECTION PROGRAM Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS 2100 Gold price in US$/oz › Endeavour entered into a revenue protection 2050 Growth and shareholder programme in Q1-2022 for a proportion of its 2000 return focus production a
Slide 54: Contact Us
@) ENDEAVOUR Lp igntea hp MINING 5 Young Street London a ce United Kingdom T: +44 203 011 2723 CONTACT US T: +44 203 011 2719 OPERATIONS OFFICE investor@endeavourmining.com Hotel Palm Club Follows Croisement Boulevard Latrille et rue du Lycée Technique Abidjan ‘in) y) 08 BP 872 Céte d'Ivoire endeavo