Slide 1: Corporate Presentation May 2022
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation May 2022
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 Competitive Advantage in West Africa 6 Appendix 2
Slide 3: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour Has Unmatched Competitive Advantage in World's Second-Largest Gold Region
ENDEAVOUR HAS UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S SECOND-LARGEST GOLD PRODUCING REGION 1 Largest 6 Gold 1.3-1.4Moz West African producer mines AISC $880-930/oz 2022 Production Guidance 5
Slide 6: Peer Benchmarking
PEER senior gold producers BENCHMARKING CROSS SECTOR BENCHMARKING Endeavour is attractive relative to other 0% 10% 20% 1Moz 2Moz 3Moz 4Moz 5Moz 6Moz 7Moz Endeavour Newmont B2Gold Barrick Kinross Polyus AngloGold AngloGold Barrick Gold Fields Polymetal Agnico-Eagle FY 2021 Production Polyus Kinross Y
Slide 7: Our Strategy
Watch CEO OUR STRATEGY video Build a resilient business and be a trusted partner with the ability to reward shareholders MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet managemen
Slide 8: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 9: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMIZATION PILLARS <$900/oz All-in sustaining cost 01 Operational Excellence +10 YEARS Production visibility fro
Slide 10: Superior Operating Model
1 SUPERIOR OPERATING MODEL OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies › Significant synergies from shared technical functions › Han
Slide 11: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio Long-term upside Near-term growth Immediate cash flow FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION +110 EXPLORATION PROPERTIES 6 PROJECTS 6 MINES TARGET CRITERIA TARGET CRITERIA
Slide 12: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Five recent builds integrated within our business AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔT
Slide 13: Key Projects
4 2 44 KEY PROJECTS PROJECT DEVELOPMENT Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION LAFIGUÉ ON FETEKRO PROPERTY KALANA DFS INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: ▪ Construction to co
Slide 14: Strong Exploration Track Record
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Achieved 5-year discovery target of 10-15Moz Total Indicated discoveries and targets Indicated resources discovered Exploration spend 11.5Moz 3.0Moz Discovered 11.5Moz Discovered from 2.2Moz mid-2016 to 2021 2.1Moz 1.9Moz 1.3Moz <$25/oz 1
Slide 15: Largest Exploration Presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT Mana 10% Hounde 9% FULL CONTROL OF 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 15
Slide 16: Proven Ranking and Screening Methodology
Watch 3 PROVEN RANKING AND SCREENING METHODOLOGY video UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selectio
Slide 17: Strong Exploration Track Record: 15-20Moz Target
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Targeting discovery of more than 2x production depletion over 2021-2025 period 5-year resource discovery target Risked mean Indicated resource discovery target (2021 - 2025) M&I resource as at 31 December, 2020 15-20Moz $/oz Target discov
Slide 18: Focused on Long Life and Low AISC Assets
4 FOCUSED ON LONG LIFE AND LOW AISC ASSETS ACTIVE PORTFOLIO MANAGEMENT Divested non-core assets and integrated five mines Endeavour’s Portfolio Key achievements across 4 pillars Core Mine1 Divested / Ceased Mine Project2 AISC, $/oz 1,300 Realized synergies Built Houndé Built Ity Met guidance Karma 1
Slide 19: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining AISC <$900/oz PRODUCTION AND ALL-IN SUSTAINING COSTS For discontinued operations For continuing operations1 +1.6Moz 1.5Moz +1.5Moz <$900/oz 1.4-1.5Moz $885/oz <$900/oz 1.3-1.4Moz <$900/oz $880-930/oz 2013A 2014A 2015A 2016A
Slide 20: Strong Cash Generation
STRONG CASH GENERATION Provides ability to fund capital allocation priorities Operating Cash Flow and CAPEX Operating Cash Flow Capital Expenditures1 Realized Gold Price INVESTMENT PHASE CASH FLOW PHASE +$ 426m Operating CF FY-2021 vs. FY-2020 $1,175m $749m +57% $223m $251m $302m $233m $237m $440m $
Slide 21: Evolution of Capital Allocation Priorities
EVOLUTION OF CAPITAL ALLOCATION PRIORITIES Resilient business capable of funding growth and rewarding stakeholders DEBT REDUCTION CAPACITY TO FUND INVESTMENT PHASE ORGANIC GROWTH AND Key Focus PHASE $278m REWARD SHAREHOLDERS 2016 – 2019 (total) 2020 2021 Buybacks $138m Shareholder returns paid for F
Slide 22: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash generation supports growth and shareholder returns Net Cash and Shareholder Returns (Net Debt)/ Net Cash Buybacks Dividends INVESTMENT PHASE DEBT REDUCTION PHASE $75m SHAREHOLDER RETURNS PHASE WITH ABILITY TO FUND GROWTH $76m $167m +$ 90m Net Cash added $35m $31m $
Slide 23: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Minimum progressive dividend provides visibility during growth phase SHAREHOLDER RETURNS POLICY Cumulative Shareholder Returns Programme › In 2021, Endeavour implemented a shareholder returns programme that is composed of a minimum progressive dividend of: $6
Slide 24: Most Aggressive Share Buyback Program Amongst Peers
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Most aggressive share buyback program amongst peers Indicative yield for shareholder returns1 FY-2021 Share Buyback FY-2021 Dividend 8% $138m 7% in share buybacks 6% for FY-2021 5% 4% 3% 2% 1% 0% 4.5% Indicative yield of Yamana Gold3,4 Newmont3 Endeavour2 Kin
Slide 25: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Significant improvement following build of our Ity and Houndé mines Return on Capital Employed (ROCE)1 ROCE IMPROVEMENT 20% EXPECTED WITH 18% OPTIMISATION OF ACQUIRED ASSETS 10% 6% 6% +20% ROCE target with strong capital allocation discipline 2017 2018 2019 2020 2021 (1) E
Slide 26: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Expected to improve ROCE with optimisation of acquired assets Return on Capital Employed High ROCE for legacy assets following Expected to increase ROCE on acquired by asset build and exploration success assets with exploration and optimisation ITY MANA BOUNGOU Mana Houndé
Slide 27: Largest LSE Premium Listed Pure Gold Company
LARGEST LSE PREMIUM LISTED PURE GOLD COMPANY Well positioned against LSE listed peers Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent Market cap (£bn) 3.0Moz 5.1 1.1 Premium Segment 5.8 0.1 1.1 0.7 Standard Segment 17 4.6 0.2 FTSE100 2.5Moz Inclusion gained
Slide 28: Ability to Reward Shareholders Across Cycles
Watch ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES video Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCIPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Po
Slide 29: Upcoming Catalysts
UPCOMING CATALYSTS Q2 ESG Publication of sustainability report 2022 Mid Lafigué Completion of Definitive Feasibility Study for Lafigué project at Fetekro 2022 Q3 Shareholder Returns Declaration and Payment of H1-2022 dividend 2022 Q3 Mana Wona Underground first stope production 2022 H2 Exploration E
Slide 30: Results and Outlook
RESULTS AND OUTLOOK 2 30
Slide 31: Q1-2022 Highlights
Q1-2022 HIGHLIGHTS Strong quarter delivering against key objectives STRONG OPERATIONAL HEALTHY ATTRACTIVE SHAREHOLDER PERFORMANCE FINANCIAL POSITION RETURNS Well positioned to meet guidance Net cash position increased by $70m dividend paid and $31m worth of with 357koz produced at an AISC $90m in Q1
Slide 32: Well Positioned to Meet 2022 Guidance
WELL POSITIONED TO MEET 2022 GUIDANCE Strong performance across all operating metrics 0.15 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 357 koz GROUP PRODUCTION Q1 ON TRACK (For continuing operations) 1,315-1,400koz Guidance $848/oz GROUP AISC $880/oz $930/oz (For continuing operations)
Slide 33: Quarterly Production and AISC
QUARTERLY PRODUCTION AND AISC Q1-2022 performance was better than budgeted Production and AISC Production from all operations Discontinued operations AISC from all operations +6% 409koz 398koz 382koz 367koz 347koz Production Q1-2022 vs. Q1-2021 $904/oz $915/oz $868/oz $866/oz $853/oz -$2/oz AISC Q1-
Slide 34: Quarterly Operating Cash Flow
QUARTERLY OPERATING CASH FLOW Benefiting from operational discipline and a high gold price Operating cash flow before changes in WC Realized Gold Price $370m $286m $327m $316m +$107m $263m Operating CF Q1-2022 vs. Q1-2021 +41% Operating CF $1,749/oz $1,791/oz $1,763/oz $1,763/oz $1,787/oz $1,911/oz
Slide 35: Operating Cash Flow
OPERATING CASH FLOW Decreased due to timing of working capital Operating cash flow from continuing operations bridge INSIGHTS 1. The realised gold price for continuing 4 5 operations increased by $124/oz from 3 ∆$13m $1,787/oz in Q4-2021 to $1,911/oz in 1 2 Q1-2022 ∆$29m 2. Gold sold decreased by 31
Slide 36: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Shielded in Q1-2022 due to fuel pricing mechanism and long-term contracts Fuel › 75% of Endeavour’s fuel exposure is LFO. HFO is only used at Average fuel price variance, $/L Boungou, Waghnion, and Sabodala-Massawa with optionality to Q4-2021 Q1-2022 switch gense
Slide 37: Change in Net Cash
CHANGE IN NET CASH Continuing to grow our net cash position Net Cash variation analysis INSIGHTS › Q1-2022 operating activities included $370m in operating cashflow before changes in working capital, a $70m change in working capital, and $5m generated from ($94m) discontinued operations › Q1-2022 fi
Slide 38: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted EPS increased in Q1-2022 compared to Q4-2021 3 MONTHS ENDED INSIGHTS 1. Corporate costs decreased during the quarter 31 March, 31 December, (in $ million) A = Adjustments made for Adjusted Net Earnings primarily due the cessation of costs associated 2
Slide 39: 2022 Guidance
2022 GUIDANCE INSIGHTS Consolidated Production Guidance 2022 FULL-YEAR GUIDANCE (All amounts in koz, on a 100% basis) › The Group is well positioned to achieve Ity 255 — 270 its FY-2022 production and AISC guidance for continuing operations of Houndé 260 — 275 1,315-1,400koz at an AISC of $880-930 M
Slide 40: 2022 Guidance (Continued)
2022 GUIDANCE (Continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › Sustaining capital for 2022 is expected to amount to $169 2022 FULL-YEAR GUIDANCE million, compared to a spend of $167 million in 2021 (All amounts in US$m) SUSTAINING CAPITAL NON-SUSTAINING CAPITAL › Non
Slide 41: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 41
Slide 42: Diversified Portfolio of Six Mines
DIVERSIFIED PORTFOLIO OF SIX MINES 2022 Guidance P&P RESERVES as at Dec 31, 2021 M&I RESOURCES as at Dec 31, 2021 NAME COUNTRY MINE PRODUCTION AISC CONTAINED GOLD GRADE CONTAINED GOLD GRADE (koz) (US$/oz) (Moz) (g/t) (Moz) (g/t) Houndé Burkina Faso 260-275 875-925 2.51 1.66 5.17 1.55 Ity Côte d’Ivoi
Slide 43: Well Positioned to Meet 2022 Guidance
WELL POSITIONED TO MEET 2022 GUIDANCE Strong performance across the portfolio Sabodala-Massawa Houndé 96koz 360-375koz 73koz 260-275koz PRODUCTION Q1 PRODUCTION Q1 $675/oz $725/oz $875/oz $925/oz AISC Q1 AISC Q1 $578/oz Guidance $768/oz Guidance Ity Mana 72koz 255-270koz 53koz 170-190koz PRODUCTION
Slide 44: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal 360-375koz $675-725/oz 4.4Moz 6.9Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a
Slide 45: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Debottlenecked the CIL plant back-end in 2021 Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • BIO
Slide 46: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Lowest AISC achieved since acquiring the mine Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased from 105koz in Q4-2021 to 96koz in Q1-2022 primarily due to the lower average
Slide 47: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Low-capex intensive expansion, adding BIOX® plant, launched in Q2-2022 EXPANSION PROJECT INSIGHTS BIOX® Project expansion schematic plan Crushing and Stockpile › DFS recommends supplementing the current 4.2Mtpa Reagent Store CIL plant with a 1.2Mtpa BIOX® plant to process
Slide 48: Sabodala-Massawa Mine Plan
SABODALA-MASSAWA MINE BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2022 Guidance mid-point BIOX® Production Expected Reserve additions CIL Production 450Koz 400Koz Targeting production +400koz per annum 373koz/yr Expected average annual 350Koz pr
Slide 49: Robust Economics for the Expansion Project
CORPORATE PRESENTATION Expansion Project Highlights (excludes current CIL operation) SABODALA-MASSAWA FIRST FIVE YEARS LIFE OF MINE Senegal (2024-2028) (2024-2033) OPERATING SUMMARY Tonnes processed, Mt 5.7 10.8 Strip ratio, W:O 7.7 8.5 ROBUST ECONOMICS Grade processed, Au g/t Gold contained process
Slide 50: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Scope changes in DFS compared to PFS AREA DESCRIPTION OF CHANGE EXPECTED RESULT Capital cost estimates Additional geometallurgical work has reclassified Removes risk associated with blending transitional and fresh CAPITAL fresh and transitional ore from the Massawa ore wit
Slide 51: Sabodala-Massawa Mine Discovery Target
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 110Mt at 1.94g/t au containing 6.88Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-grade
Slide 52: Near-Term Exploration Focus
NEAR-TERM EXPLORATION FOCUS Focused on Delya South, Matiba, Makana and Kaviar targets INSIGHTS Sabodala-Massawa Plan Map › An exploration programme of $15.0 million is planned for FY-2022, of which $3.8 million was spent in Q1-2022 comprised of approximately 27,500 meters of drilling. › During Q1-20
Slide 53: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 53
Slide 54: Samina
SAMINA Mineralised strike length greater than 1,100 meters and open to the north and south 54 54
Slide 55: Tina
TINA Northeast striking mineralised occurrence with further drilling planned for 2022 55 55
Slide 56: Bambaraya
BAMBARAYA High grade mineralisation from surface extending over 800m along strike BBTR001 13.2m@3.64g/t from 0m MRC21-0725 19m @ 1.97g/t Au from 7m Incl. 8m @ 3.07g/t Au from 18m MRC21-0723 4m @ 7.24g/t Au from 10m MRC21-0723 13m @ 2.06g/t Au from 46m 56 56
Slide 57: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 255-270koz $850-900/oz 3.0Moz 4.5Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerst
Slide 58: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Commencement of mining Le Plaque and continued inclusion of new inclusive of Reserves (on a 100% basis)
Slide 59: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Strong throughput continues into Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production increased from 60koz in Q4-2021 to 72koz in Production, koz AISC, US$/oz Q1-2022 due to higher grades milled, tonnes
Slide 60: Ity Production Plan
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire Ity production plan 2022 Guidance mid-point 2017 Optimization Study +294Koz Incremental production added 300koz Target production of 250koz over +10 years expected to be achieved based on exploration pote
Slide 61: Ity Mine Discovery Target
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 90Mt at 1.56g/t au containing 4.48Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through high
Slide 62: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on the West Flotouo, Colline Sud and Le Plaque deposits INSIGHTS › An exploration programme of $10.0 million was initially planned for FY-2022, of which $1.9 million was spent in Q1-2022 consisting of 9,800 meters of drilling. › During Q1-2022, exploration efforts
Slide 63: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant West Flotouo Plan Map West Flotouo Cross Section VO21-165 8.4m @ 4.57 g/t Au 5.9m @ 14.55 g/t Au VO21-176 25.8m @ 4.91 g/t Au 4.2m @ 10.85 g/t Au VO21-158 14.8m @ 3.04 g/t Au 5.9m @ 10.65 g/t Au VO21-096 25.2m @ 13.00g/t Au 3.7m @ 11.01g/t
Slide 64: Le Plaque
LE PLAQUE Updated resources extended mineralisation INSIGHTS Le Plaque Exploration Targets › During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension › The high grade Le Plaque deposit has b
Slide 65: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 65 65
Slide 66: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added WA21-052 5m @ 17.02 g/t Au WA21-074 3m @ 4.35 g/t Au 26.9m @ 3.24 g/t Au 6m @ 2.7 g/t Au WA21-033 WA21-025 18.4m @ 2.73 g/t Au 2m @ 39.84 g/t Au 23m @ 4.29 g/t Au 6.4m @ 3.86 g/t Au WA21-022 11m @ 2.54 g/t Au WA21-060 16.9m @ 6.20 g/t Au 19m
Slide 67: Daapleu Deeps
DAAPLEU DEEPS High-grade mineralisation extends down dip DA15-178 21.3m @ 1.87g/t Au 8.9m @1.37 g/t Au 9.3m @ 1.12 g/t Au DA16-193 18m @ 1.54g/t Au DA16-194 12.1m @ 1.47g/t Au 6.9m @ 1.13 g/t Au 13.9m @ 1.23 g/t Au DA15-174 14.2m @ 1.21g/t Au 10.7m @ 2.87 g/t Au DA16-193 15.6m @ 1.36 g/t Au DA21-615
Slide 68: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 260-275koz $875-925/oz 2.5Moz 5.2Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s The
Slide 69: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Potential to integrate new discoveries including the Mambo and Golden inclusive of Reserves (on a 100
Slide 70: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Ore mining in Kari West to increase in H2-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production slightly decreased from 77koz in Q4-2021 to 73koz Production, koz AISC, US$/oz 80koz 77koz in Q1-2022 due t
Slide 71: Houndé Production Plan
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2022 Guidance mid-point Incremental production added +426Koz 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration
Slide 72: Houndé Mine Discovery Target
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 104Mt at 1.55g/t au containing 5.17Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo Sou
Slide 73: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on Sianikoui and Dohoun, and Vindaloo South targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of $14.0 million is planned for FY-2022, of which $2.1 million was spent in Q1-2022 consisting of approximately 6,500 me
Slide 74: 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 75: Mambo
MAMBO Down dip mineralisation extension remains open 75 75
Slide 76: 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 (25-30km) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468km2 › Dril
Slide 77: Sianikoui
Sianikoui Drilling to continue through the year at high-grade target north of Kari area 77 77
Slide 78: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 140-150koz $1,050-1,150/oz 1.1 Moz 1.9 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine
Slide 79: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Greater mining flexibility following commissioning of Resources shown Tonnage Grade Content satellite deposits with opening of the Samavo
Slide 80: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Greater focus on waste stripping Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased from 47koz in Q4-2021 to 29koz in Q1-2022 primarily due to the lower average gra
Slide 81: Wahgnion Mine Discovery Target
DISCOVERY TARGET (2021-2025) WAHGNION MINE Burkina Faso 1.5 – 2.0Moz $25/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 41Mt at 1.48g/t Au containing 1.94Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucking dista
Slide 82: Wahgnion Mine Exploration Potential
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of $9.0 million is planned for FY-2022, of which $1.6 million was spent during Q1-2022 consisting of approximately 6,50
Slide 83: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $1,000-1,100/oz 1.2 Moz 2.3 Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the north
Slide 84: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Cost optimiz
Slide 85: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Wona underground development being expedited Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production of 53koz remained consistent with the Production, koz AISC, US$/oz prior quarter as higher grades processed lar
Slide 86: Mana Mine Discovery Target
DISCOVERY TARGET (2021-2025) MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 38Mt at 1.89 g/t Au containing 2.29Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as explor
Slide 87: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $6.0 million is planned for FY-2022 of which $1.8 million was spent during Q1-2022, consisting of over 9,000 meters across 102 drillholes. › During Q1-2022, the exploratio
Slide 88: Maoula
MAOULA Open pit oxide target MARC21-524 MARC21-513 5m @ 3.01 g/t \ 163m 3m @ 2.39 g/t \ 37m A MARC21-572 MARC21-559 3m @ 2.11 g/t \ 35m 3m @ 2.02 g/t \ 142m MARC21-169 MADD21-521 5m @ 3.24 g/t \ 29m 14m @ 2.65 g/t \ 69m MARC21-342 11m @ 6.27 g/t \ 104m MARC21-507 11m @ 3.72 g/t \ 14m MARC21-308 5m @
Slide 89: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 Base line MARC21-208 4.0m @ 3.33 g/t \ 14m SE 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 90: Nyafe Sud
NYAFE SUD Early stage drilling focussed on delineating under explored refractory ore potential NYRC22-008 NYRC22-009 NYDD21-002 6 m @ 1.57 g/t \ 101m 6 m @ 1.99 g/t \ 55m 4.0 m @ 3.67 g/t \ 38.0m 1 m @ 1.50 g/t \ 153m 1 m @ 1.37 g/t \ 94m 1.2 m @ 1.99 g/t \ 97.1m 1 m @ 4.05 g/t \ 159m 3 m @ 2.69 g/t
Slide 91: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 130-140koz $900-1,000/oz 1.1 Moz 1.4 Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high
Slide 92: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Discovery of new deposits to maintain higher grade profile Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (
Slide 93: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production remained consistent with the prior quarter as mill throughput and
Slide 94: Boungou Mine Discovery Target
DISCOVERY TARGET (2021-2025) BOUNGOU MINE Burkina Faso 1.0 – 1.5Moz $32/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 11Mt at 3.85g/t Au containing 1.38Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou SW, Nato
Slide 95: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on the Osaanpalo and Boungou East targets INSIGHTS Boungou Exploration Map › An exploration programme of $4.0 million is planned for FY-2022, of which $0.7 million was spent in Q1-2022 consisting of 1,600 meters of drilling across 14 drillholes. Exploration effort
Slide 96: Lafigué Project
PFS press release Latest technical report 3D mine site tour LAFIGUÉ PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 2021 Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIP Pl
Slide 97: Lafigué Project
LAFIGUÉ PROJECT Simplified map of the Fetekro property showing Lafigué Côte D’Ivoire 2021 project economics are robust, with an attractive NPV and IRR being generated across a range of gold prices The PFS is based on the updated 2020 Mineral Resource Estimate, as published on August 18, 2020, which
Slide 98: Lafigué Project Attractive Project Economics
Fetekro 2020 PEA vs 2021 PFS LAFIGUÉ PROJECT PLANT TYPE, SIZE & CAPEX PFS PEA VARIANCE Côte D’Ivoire Plant type Gravity / CIP Gravity / CIL Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Mine life, years 9.5 8.0 +31% Strip ratio, W:O 10.3 7.4 +41% Tonnes proces
Slide 99: Lafigué Project Discovery Target
DISCOVERY TARGET (2021-2025) LAFIGUÉ PROJECT Côte D’Ivoire 1.2 – 1.8Moz $14/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 45Mt at 2.02g/t Au containing 2.92Moz NEAR-TERM FOCUS 2.92Moz have been discovered since 2018 with the aim to further extend the Lafigué resources. Sever
Slide 100: Fetekro Project
FETEKRO PROJECT DFS expected to be published mid-2022 INSIGHTS Drilling between Lafigué Center and Lafigué North › Since the last resource update on 18 August 2020, more than 66,000 meters of drilling have been completed on the Lafigué deposit, the results of this drilling activity successfully demo
Slide 101: Fetekro Project
FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 101 101
Slide 102: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES AS AT DEC. 31, 2021 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusi
Slide 103: Kalana Project 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 104: 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 105: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralized zones with diverse BANTOU PROJECT mineralization styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The inferred resource is comprised of three main areas with t
Slide 106: 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 107: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect GREENFIELD AFEMA › Continued geological and Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization the Woulo Woulo prospect › Average 40-50 metre wide gold m
Slide 108: Greenfield Liguidi
108 GREENFIELD LIGUIDI Burkina Faso
Slide 109: Bondoukou - Tanda & Iguela
INSIGHTS › Over 8 targets have been identified on the Tanda and Iguela exploration permits BONDOUKOU - TANDA & IGUELA Côte D’Ivoire › Dakou, Pala and Assafou- Broukro are high priority targets with the larger resource size potential › High gold in soil geochemical anomalies have been identified 109
Slide 110: Greenfield: Siguiri Licenses
110 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 111: Greenfield Sissedougou / Mankono
JV WITH BARRICK GOLD › Drill results suggest the presence of an 800-metre Côte D’Ivoire GREENFIELD SISSEDOUGOU / MANKONO mineralized structure at Sissedougou with best drill results of: ‒ 34.6 m @ 2.08g/t Au at 74.6m, including 1.0m @ 31.52g/t Au ‒ 18.8 m @ 2.30g/t Au at 26.1m ‒ 23.0 m @ 2.14g/t Au
Slide 112: Greenfield Nassile / Da-Guity
INSIGHTS › Highly prospective area of Nassile and Dar-Guiti Niger GREENFIELD NASSILE / DA-GUITY › Exploration Permit obtained in 2017 › Exploration Permit covers a total surface area of 695km² 112
Slide 113: Greenfield Kofi
INSIGHTS › Kofi on same trend as Barrick’s Loulo- Mali GREENFIELD KOFI Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 113
Slide 114: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER Watch CEO video 4 114
Slide 115: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2022 • Set water targets 2021 • External assurance on key • Announce key ESG targets 2020 ESG data for 2025 • 1st RGMP externally • 7 RGMPs externally assured • Complete detailed assured aba
Slide 116: Continuous Improvement in Ratings
CONTINUOUS IMPROVEMENT IN RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 2021 Relative Performance 2019 2020 2021 Climate Change D- C C 2020 Water N/A C C 2021 Forestry ✓ ✓ ✓ Defined targets required to advance to a B rating 116
Slide 117: Rigorous Reporting with Board Oversight
RIGOROUS REPORTING WITH BOARD OVERSIGHT THE BOARD Environment, Sustainability Audit Committee Quarterly & Governance Committee Executive Management Committee Executive ESG SteerCo Quarterly Sector Specialists Health, Human Social Finance Legal & Supply Investor IT safety & resources performance comp
Slide 118: Aligning ESG Priorities Through Exec Comp.
ALIGNING ESG PRIORITIES THROUGH EXEC COMP. Element Performance Metrics for 2021 Weighting ANNUAL BONUS (STIP) Net Free Cash Flow 20% Financial AISC 10% Production 10% Operational Exploration Targets 20% LSE Listing 20% ESG Safety & Malaria 20% LONG TERM INCENTIVE PLAN (LTIP) Shareholder value TSR vs
Slide 119: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 10 Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting 9 5 1 Metals & Mining Finance International Business Operations & Exploration Corporate Gover
Slide 120: Summary of Key Governance Improvements
SUMMARY OF KEY GOVERNANCE IMPROVEMENTS Steps taken for listing on the Premium Segment of the LSE and to comply with UK Corporate Governance Code Employee Share Corporate Disclosure Board Executive Pay Scheme ✓ Redomiciled to the UK as a ✓ FPPP basis applied to ✓ Board Reserved ✓ Restructured CEO ✓ A
Slide 121: Turning Our Purpose into an Actionable Strategy
TURNING OUR PURPOSE INTO AN ACTIONABLE STRATEGY OUR PURPOSE PARTNERING WITH SUPPORTED BY OUR HOSTS STRONG ETHICS TO PRODUCE GOLD THAT AND GOVERNANCE PROVIDES LASTING VALUE TO SOCIETY INVESTING IN PROTECTING OUR HOST COUNTRIES OUR ENVIRONMENT We do so while protecting Respect for human rights and pro
Slide 122: Our Sustainability Strategy
® ENDEAVOUR MINING ete OUR SUSTAINABILITY Warne STRATEGY ena 7 2 ey a oo wo eananaey pejeee comes ~ national and regional levels OUR AMBITION FOR OUR ESG MISSION INVESTING IN OUR ENVIRONMENT IMPLEMENTED ACROSS OUR OURIROST. COUNTIAES d 6 MINES, HOST COMMUNITIES AND BEYOND +) 4 Biodiversity Water Ste
Slide 123: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 124: Investing in Our Host Communities
INVESTING IN OUR HOST COMMUNITIES COMMUNITY ENGAGEMENT EDUCATION GOVERNMENT PAYMENTS › Grievance mechanism in place & and › Key priority for Endeavour to support the › Gold royalties paid on sliding scale, reported in our annual Sustainability Report next generation and overall national increasing a
Slide 125: Supporting Economic Development
CORPORATE PRESENTATION SUPPORTING ECONOMIC DEVELOPMENT PROCUREMENT ENDEAVOUR FOUNDATION IMPACT INVESTING › Supply chain re-orientated towards West › Created in 2021 to be Endeavour’s primary › Established an impact investing fund Africa since 2019 vehicle to implement regional and national ECODEV to
Slide 126: Protecting the Environment
CORPORATE PRESENTATION PROTECTING THE ENVIRONMENT WATER TAILINGS BIODIVERSITY › In 2020, we revised our water accounting › Annual disclosure in line with the Investor › Aim to minimise and mitigate our impacts and reporting methodology to align with Mining and Tailings Safety Initiative ICMM Water A
Slide 127: Addressing Climate Change
ADDRESSING Endeavour’s GHG emissions intensity amongst lowest in the industry Emissions intensity (kgCO2eq/oz) CLIMATE CHANGE 2020 GHG EMISSIONS INTENSITY In 2021 Endeavour committed to: ✓ -30% by 2030 => ~2C ✓ Net Zero by 2050 ✓ Carbon reduction included in Exec. Compensation Emissions intensity (k
Slide 128: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT SNAPSHOT OF OUR POWER GENERATION ENVIRONMENT SENEGAL Country Profile • Carbon-intensive grid • 87% fossil fuel - 9% hydropower solar and biofuels Mines & main power source • Sabodala-Massawa - HFO TRANSFORMATION OF OUR PORTFOLIO AS WE HAVE GROWN CÔTE D’IVOIRE BURKINA FA
Slide 129: Our People
CORPORATE PRESENTATION OUR PEOPLE SAFETY HEALTH GENDER DIVERSITY › Strong safety culture with Zero harm goal › COVID-19 Response › In 2020 set 25% increase in gender diversity as part of the Group-wide ‒ No impact on production › Safety KPI part of annual Group bonus annual bonus… ‒ Successful EDV v
Slide 130: Ethical Business
CORPORATE PRESENTATION ETHICAL BUSINESS HUMAN RIGHTS ANTI-BRIBERY/CORRUPTION RESPONSIBLE SOURCING › Our Human Rights Policy is reviewed › Independent 3rd party 24/7 whistleblower › All gold produced by Endeavour sourced annually, and we publish an annual Modern hotline from our own operations Slaver
Slide 131: Competitive Advantage in West Africa
Watch video COMPETITIVE ADVANTAGE IN WEST AFRICA 5 131
Slide 132: West Africa Golden Opportunity
WEST AFRICA ENDEAVOUR'S PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade Endeavour is strategically positioned with an unmatched competitive advantage in the region. 20% En
Slide 133: Region's Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD 10.0Moz 10.0% PRODUCING REGION Percentage of Global Mine Supply West African Mine Supply 7.5Moz 7.5% +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 134: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA 12Moz IS THE 2ND LARGEST 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regio
Slide 135: Endeavour Is the Dominant West African Gold Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION (2021E) ENDEAVOUR Endeavour IS THE DOMINANT AngloGold WEST AFRICAN Newmont GOLD PRODUCER Gold Fields Barrick Given its focus on West Africa, Endeavour B2Gold has a strategic industrial benefit from Kinross being geographically focused yet diversified across mu
Slide 136: Endeavour's Operating Model
ENDEAVOUR’S OPERATING MODEL › Geographic focus provides a strong competitive advantage › Largest producer in each of our operating countries › Hands-on management model with teams close to operations › Senior management team spends significant time in-country › General managers empowered and rely on
Slide 137: Enhanced Security Platform Due to Scale in the Region
REGION’S PRODUCTION GROWTH ENHANCED SECURITY PLATFORM DUE TO SCALE IN THE REGION › Security unit structured as a business unit, led by ex-French military › Air strips on sites to avoid use of roads and improve operating efficiencies › Significant foreign aid and co- operation amongst West African na
Slide 138: Industry Exploration Spend
INDUSTRY EXPLORATION SPEND INDUSTRY 2020 EXPLORATION BUDGET In US$ millions 842 WEST AFRICA IS 788 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE Given that exploration spend often 470 458 foreshadows future production growth, West Africa has the potential to continue to be a large producing reg
Slide 139: Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz The region is significantly under-explored 42Moz compared to other regions. 33Moz 27Moz 27Moz 79 23Moz 22Moz 20Moz 18Moz Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 140: Endeavour Holds One of the Largest Land Tenement Holdings
UNDER-EXPLORED REGION ENDEAVOUR HOLDS ONE OF THE LARGEST LAND TENEMENT HOLDINGS IN WEST AFRICA 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents Endeavour has a strategic foothold in ~30% of production two of West Africa’s most prospective belts since it is underexp
Slide 141: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 141
Slide 142: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 142 142
Slide 143: West Africa Operates as an Economic Union
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 144: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s second-largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 11.5Moz of Indicated resources where we operate at <$2
Slide 145: Appendix
APPENDIX FT / 2) Es y
Slide 146: Appendix 1: Company Profile, Management and Board
01 APPENDIX 1 Company Profile, Management and Board
Slide 147: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 31 January 2021 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 22 March, 2022 249m Rank Institution name % of S/O 1 La Mancha 19.4% Share price as at 22 March 2022 £18.65 / C$31.33 2 BlackRock Investment Management
Slide 148: Solid Management Track Record
SOLID MANAGEMENT TRACK RECORD SÉBASTIEN • Sébastien de Montessus is President and CEO of Endeavour Mining. Under his leadership, he has introduced key strategic objectives that have created a sustainable business that generates long term cash flow DE MONTESSUS • Previously, Sébastien served as the C
Slide 149: Board Members
BOARD MEMBERS Michael Beckett Alison Baker Carmen Letton David Mimran Tertius Zongo Chairman Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director James Askew Livia Mahler Naguib Sawiris Sofia Bianchi Sébastien de Montessus Non-executive D
Slide 150: Analyst Coverage
ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Barclays Amos Fletcher ✆ +44 20 7773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 20 3753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bm
Slide 151: Appendix 2: Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 152: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 152
Slide 153: Mine Statistics (Full Year)
MINE STATISTICS On a full year basis (1) Includes waste capitalized. 153
Slide 154: Appendix 3: Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 155: Reserves and Resources
RESERVES AND RESOURCES As of December 31, 2021 On a 100% basis On a 100% basis On a 100% basis Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au koz) i
Slide 156: 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 157: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Step 4: Final selection of targets, with higher PoO and priority, which can be physically be included in the 5 year exploration plan Since Endeavour cannot feasibly explore the 110 targets, defined in S
Slide 158: Appendix 4: Debt Sources, Revenue Protection Program
04 APPENDIX 4 Debt Sources, Revenue Protection Program
Slide 159: Debt Structure
DEBT STRUCTURE Refinanced to provide a low cost, long-term debt structure REFINANCING INSIGHTS: Balance Sheet Structure › On 14 October 2021, the Company completed an offering of fixed (in $ million unless stated otherwise) 31 Dec 2021 30 Sep 2021 31 Dec 2020 rate senior notes due in 2026 and an uns
Slide 160: Short Term Revenue Protection Program
SHORT TERM REVENUE PROTECTION PROGRAM Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › Endeavour entered into a revenue protection Growth and shareholder return focus programme in Q1-2022 for a proportion of its production across FY-2022 a
Slide 161: Contact Us
®) ENDEAVOUR MINING | CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 87