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 West Africa Insights 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
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: Our Purpose Is To Produce Gold That Provides Lasting Value To Society
OUR PURPOSE IS TO EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where we operate. Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped wit
Slide 9: 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
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
ATTRACTIVE SHAREHOLDER RETURNS Minimum dividend commitment of +$500m for FY-2020 to 2023 SHAREHOLER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid $175m Minimum Progressive Dividend Minimum Dividend Committed › Provides dividend visibility during $150m growth
Slide 24: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Minimum progressive dividend provides visibility during growth phase INSIGHTS Cumulative Shareholder Returns Programme › In 2021, Endeavour implemented a shareholder returns programme that is composed of a minimum progressive $694m dividend of: + excess retur
Slide 25: Attractive Shareholder Returns Programme
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 26: 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 27: 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 28: 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 29: 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 30: 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 31: Results and Outlook
RESULTS AND OUTLOOK 2 31
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 42
Slide 43: 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 44: 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 45: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal 360-375koz $675-725/oz 4.4Moz 6.9Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a
Slide 46: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Debottlenecked the CIL plant back-end in 2021 Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • BIO
Slide 47: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Lowest AISC achieved since acquiring the mine Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased from 105koz in Q4-2021 to 96koz in Q1-2022 primarily due to the lower average
Slide 48: 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 49: Sabodala-Massawa Mine
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 50: 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 51: 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 52: Sabodala-Massawa Mine
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 53: 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 54: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 54
Slide 55: Samina
SAMINA Mineralised strike length greater than 1,100 meters and open to the north and south 55 55
Slide 56: Tina
TINA Northeast striking mineralised occurrence with further drilling planned for 2022 56 56
Slide 57: 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 57 57
Slide 58: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 255-270koz $850-900/oz 3.0Moz 4.5Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerst
Slide 59: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Commencement of mining Le Plaque and continued inclusion of new inclusive of Reserves (on a 100% basis)
Slide 60: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Strong throughput continues into Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production increased from 60koz in Q4-2021 to 72koz in Production, koz AISC, US$/oz Q1-2022 due to higher grades milled, tonnes
Slide 61: 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 62: Ity Mine
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 63: 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 64: 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 65: 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 66: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 66 66
Slide 67: 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 68: 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 69: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 260-275koz $875-925/oz 2.5Moz 5.2Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s The
Slide 70: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Potential to integrate new discoveries including the Mambo and Golden inclusive of Reserves (on a 100
Slide 71: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Ore mining in Kari West to increase in H2-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production slightly decreased from 77koz in Q4-2021 to 73koz Production, koz AISC, US$/oz 80koz 77koz in Q1-2022 due t
Slide 72: 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 73: Houndé Mine
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 74: 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 75: 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 76: Mambo
MAMBO Down dip mineralisation extension remains open 76 76
Slide 77: 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 78: Sianikoui
Sianikoui Drilling to continue through the year at high-grade target north of Kari area 78 78
Slide 79: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 140-150koz $1,050-1,150/oz 1.1 Moz 1.9 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine
Slide 80: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Greater mining flexibility following commissioning of Resources shown Tonnage Grade Content satellite deposits with opening of the Samavo
Slide 81: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Greater focus on waste stripping Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased from 47koz in Q4-2021 to 29koz in Q1-2022 primarily due to the lower average gra
Slide 82: Wahgnion Mine
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 83: Near Term Exploration Focus
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 84: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $1,000-1,100/oz 1.2 Moz 2.3 Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the north
Slide 85: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Cost optimiz
Slide 86: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Wona underground development being expedited Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production of 53koz remained consistent with the Production, koz AISC, US$/oz prior quarter as higher grades processed lar
Slide 87: Mana Mine
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 88: 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 89: 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 90: 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 91: 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 92: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 130-140koz $900-1,000/oz 1.1 Moz 1.4 Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high
Slide 93: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Discovery of new deposits to maintain higher grade profile Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (
Slide 94: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production remained consistent with the prior quarter as mill throughput and
Slide 95: Boungou Mine
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 96: 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 97: 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 98: 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 99: 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 100: 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 101: 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 102: Fetekro Project
FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 102 102
Slide 103: 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 104: 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 105: 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 106: 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 107: 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 108: 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 109: Greenfield Liguidi
109 GREENFIELD LIGUIDI Burkina Faso
Slide 110: 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 110
Slide 111: Greenfield: Siguiri Licenses
111 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 112: 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 113: 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 113
Slide 114: 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 114
Slide 115: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 115
Slide 116: Our Purpose Is to Produce Gold That Provides Lasting Value to Society
OUR PURPOSE IS TO PRODUCE GOLD THAT PROVIDES LASTING OURVALUE PURPOSETO IS TOSOCIETY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We achieve this by... Protecting and promoting the Helping to create resilient and Trusted to unlock the full benefits places where we operate self-sustaining comm
Slide 117: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2022 • New Code of Business 2021 Conduct and Ethics • External assurance on key 2020 ESG data • New Group-wide Tailings Management Policy • 1st RGMP externally • 7 RGMPs externally assured a
Slide 118: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG 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 118
Slide 119: ESG 2021 Highlights
ESG 2021 HIGHLIGHTS Strong year delivering against key objectives ZERO HARM ADDRESSING CLIMATE CHANGE INVESTING IN OUR COMMUNITIES Zero Fatalities 0.54tCO2-e/oz emissions intensity, $2.0B in total economic contribution to 0.20 LTIFR, well below industry one of the lowest in the gold sector host coun
Slide 120: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 65% Fossil, 35% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imports, 32% Local Production • 68% Fossil
Slide 121: GHG Emissions Intensity Ranks Favourably
2021 GHG EMISSIONS INTENSITY Emission Intensity (kt CO2-e/oz) 2.86 1.60 ENDEAVOUR'S GREENHOUSE 1.20 Industry average intensity of 0.901 1.12 GAS EMISSIONS INTENSITY 0.56 0.59 0.69 0.73 0.74 0.78 0.80 0.81 0.54 0.40 RANKS FAVOURABLY IN 0.20 COMPARISON TO PEERS 2020 data 2020 data 2020 data Scope 2 Em
Slide 122: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT ENERGY INTENSITY GHG EMISSION INTENSITY CURRENT STRUCTURE OF Total Energy Consumption (GJ) Scope 1+2 GHG Emissions (kt CO2 Eq) OUR CARBON FOOTPRINT Energy Intensity (GJ/oz) GHG Intensity (ktCO2-e/oz) Scope 1 Scope 2 Scope 3 0.54 7.04 6.41 0.48 853 ktCO2-e 71% 15,447,836
Slide 123: Protecting the Environment: Water Stewardship
PROTECTING THE ENVIRONMENT Water Stewardship › Our approach is to use water as efficiently as possible › We pay for the water we use, as part of our water permits › 2021 increase in water withdrawal and consumption due to the expanded asset portfolio › We plan to set Group water reduction targets in
Slide 124: Protecting the Environment: Tailings
PROTECTING THE ENVIRONMENT Responsible Tailings Management › Our goal is to ensure Zero Harm through effective TSF management, as governed by our Group Tailings Policy 0 Audited 100% › Conduct regular internal and external audits, results TSF-related Annually audited by are reported back to senior m
Slide 125: Protecting the Environment: Biodiversity
PROTECTING THE ENVIRONMENT Biodiversity – Protecting Africa’s Fauna & Flora › Goal is to effectively manage biodiversity and reduce our impacts throughout the life of our mines and post closure Protect & Preserve Restore X › We have a multi-pronged approach to protect 600ha 10ha/mine No Mining on Wo
Slide 126: Protecting the Environment: Towards Zero Plastic
PROTECTING THE ENVIRONMENT Towards ZERO Plastic › Developing a ‘Towards ZERO Plastic’ Strategy › Will be conducting a baseline on waste management during 2022 › Liaising with our mine site supply chains to explore opportunities › Eliminate single use plastic water bottles at all our operations by 20
Slide 127: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT OUR EMPLOYEES OUR SENIOR MANAGERS Nationals Expatriates Nationals Regional Local Communities Local Communities Foreign 56% 38% 5% 95% 55% 12% Of employees are West Of Senior Managers are 5% African nationals with West African nationals 39% from local communities 39%
Slide 128: Boosting Local Economies
BOOSTING LOCAL ECONOMIES PROCUREMENT BUDGET PAYMENTS TO GOVERNMENTS ECONOMIC CONTRIBUTION TO National and Local suppliers Senegal Burkina Faso HOST COUNTRIES Foreign Suppliers Cote D’Ivoire Employee salaries, benefits and social invesmtents Payments to Government $89m National procurement 80% $87m $
Slide 129: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border › Focused on social investment and sustainability $295k › The Great Green Wall Invested in 2021 › Partnership with Senega
Slide 130: Ecodev – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND › Established by Endeavour to support national economic growth › Invests in the creation of local long-term, sustainable, SMEs with reputable partners $3.2m Invested 2019 - 2021 › Mali Shi › Mali is 2nd largest producer of shea nut and accounts for ~20% gl
Slide 131: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 1,825 community consultations in 2021 › Grievance resolution rate improved from 70% to 93% › New Social Responsibility Policy developed and new social performance management system launched › Range of income-generating activities in place, with a focus on the youth an
Slide 132: Targeting Zero Harm
TARGETING ZERO HARM LOST TIME INJURY FREQUENCY ALL INJURY FREQUENCY RATE MALARIA INCIDENCE RATE RATE (LTIFR) (AIFR) 119.80 3.66 106.50 0.26 3.47 0.20 FY-2020 FY-2021 FY-2020 FY-2021 FY-2020 FY-2021 LTIFR is calculated as number of LTIs in the Period X AIFR is calculated as LTIs+MTIs+RWIs+FAIs in the
Slide 133: Diversity & Inclusion
DIVERSITY & INCLUSION FEMALE REPRESENTATION IN WOMEN AT ENDEAVOUR TOTAL WORKFORCE Management Skilled Technical/Supervisors Semi-Skilled 9% 8% 22% 33% 508 10% Women employees 35% FY-2020 FY-2021 INSIGHTS TARGETS ACTIONS › Female representation remained flat due › EDV Femmes networking group in place
Slide 134: Ethical Business
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 Slavery statement › DD is con
Slide 135: Governance Framework & ESG Executive Comp
GOVERNANCE FRAMEWORK & ESG EXECUTIVE COMP THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee Executive ESG SteerCo Quarterly Sector Specialists Health, safety Human Social Finance Legal & Supply Investor IT & environment resources performance compliance chain relations
Slide 136: Aligning ESG Priorities Through Exec Comp.
ALIGNING ESG PRIORITIES THROUGH EXEC COMP. FY-2022 FY-2021 FY-2020 Target Weighting Target Weighting Target Weighting 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% 10% reduction in TRIFR 10% SHORT-TERM INCENTIVE 75% host country sourcing 10% 25% increase in female 10% reduction in malaria A r
Slide 137: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting International Business 8 5 1 Metals & Mining Finance Public Policy Operations & Exploration Co
Slide 138: Key ESG 2022 Targets
KEY ESG 2022 TARGETS ZERO HARM ADDRESSING CLIMATE CHANGE INVESTING IN OUR COMMUNITIES Zero Fatalities Finalise decarbonisation strategy Define a Local Content Policy roadmap ≥5% reduction in TRIFR Develop Local Procurement Plan per site Set a Group water target in 2022 Target 10% reduction in malari
Slide 139: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 139
Slide 140: West Africa Endeavour's Presence
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 141: 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 142: 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 143: 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 144: 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 145: 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 146: 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 147: Industry Exploration Spend 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 148: 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 149: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 149
Slide 150: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 150 150
Slide 151: 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 152: 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 153: Appendix
APPENDIX FT / 2) Es y
Slide 154: Appendix 1 Company Profile, Management and Board
01 APPENDIX 1 Company Profile, Management and Board
Slide 155: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 30 April 2022 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 22 March, 2022 249m Rank Institution name % of S/O 1 La Mancha 19.6% Share price as at 22 March 2022 £18.65 / C$31.33 2 BlackRock Investment Management (U
Slide 156: 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 157: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill (SID) Alison Baker Livia Mahler Tertius Zongo Chair and Independent Senior Independent Independent Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Sébasti
Slide 158: 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 159: Appendix 2 Mine Statistics
02 APPENDIX 2 Mine statistics
Slide 160: Mine Statistics: Quarterly
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 160
Slide 161: Mine Statistics: Full Year
MINE STATISTICS On a full year basis (1) Includes waste capitalized. 161
Slide 162: Emissions and Energy
EMISSIONS AND ENERGY On a full year basis FY-2021 FY-2020 Variance (%) FY-2021 FY-2020 Variance (%) Aggregate Emissions1 (Scope1+2), kt Aggregate Energy1 Consumption, GJ Houndé 162.8 126.3 + 29% Houndé 2,026,860 1,615,355 + 25% Ity 117.6 115.5 + 2% Ity 1,881,153 1,446,685 + 30% Mana 132.9 108.4 + 23
Slide 163: Water Stewardship
WATER STEWARDSHIP On a full year basis FY-2021 FY-2020 Variance (%) Aggregate water withdrawal1, ML Houndé 2,785 2,215 + 26% Ity 1,862 1,785 + 4% Mana 778 2,397 - 67% Boungou 1,148 454 + 153% Karma 546 525 + 4% Sabodala-Massawa 1,668 na na Wahgnion 1,253 na na Group Total 10,042 7,376 + 36% Water wi
Slide 164: Appendix 3 Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 165: 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 166: 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 167: 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 168: Appendix 4 Debt Sources, Revenue Protection Program
04 APPENDIX 4 Debt Sources, Revenue Protection Program
Slide 169: 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 170: 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 171: Endeavour Mining 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