Slide 1: Corporate Presentation June 2017
Corporate Presentation › June 2017
Slide 2: Disclaimer & Forward Looking Statements
CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 2017 OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE OVERVIEW ENDEAVOUR MINING OVERVIEW A Premier African Gold Producer With 5 Mines and 2 Projects 4
Slide 5: Company Profile
CORPORATE OVERVIEW COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares in Issue as of May 31st 96.5 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Fully Diluted as of May 31st 97.0 m Europe Share price* C$21.56 Other Market cap* US$1,570m Net Debt as of March 31, 2017 – post LMA placement US
Slide 6: Investment Highlights
CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS Endeavour offers exposure to both near and long-term growth potential, in addition to current production Immediate Near-Term Long-Term Cashflow Growth Upside from from from PRODUCTION PROJECTS EXPLORATION with an accomplished management team and a healthy bal
Slide 7: Clear Path to Build a +900koz Producer at ≤$800/oz AISC
CORPORATE OVERVIEW CLEAR PATH TO BUILD A +900KOZ PRODUCER AT ≤$800/OZ AISC $1,137 STRATEGIC MILESTONES +900koz FOR 2019 +900koz 600-640koz Annual production 584koz $1 010 517koz 462koz ≤800$/oz 317koz $922 $884 All-in Sustaining Cost $860-905 220koz 167koz <$800 83koz 10+ year 2010 2011 2012 2013 20
Slide 8: Building a Premier African Gold Producer
CORPORATE OVERVIEW BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVES STRATEGIC LEVERS +900koz Annual production ≤800$/oz All-in Sustaining cost 10+ year Mine life 8
Slide 9: Operational Excellence: Hands-on Management Model
CORPORATE OVERVIEW OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based All GMs Located on Site Sebastien de Montessus CEO & Director Vincent Benoit FUNCTIONS: EVP CFO & Corporate • Finance Development • Investor relations • Corporate development Morgan Carr
Slide 10: Operational Excellence: Safety
CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Safety is our first priority Lost Time Injury Frequency Rate 0.79 4.0m Man Hours in Q1-17 with only 1 LTI 0.40 0.25 0.00 0.00 4.0m Man Hours on Peer Group FY2016 Q1-2017 Houndé Agbaou Average (since start) Houndé with no LTI Operating track record Construc
Slide 11: Operational Excellence: Track Record of Meeting Guidance
CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Proven track record of meeting guidances Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz Guidance Guidance 1,137 584 600 - 640 466 517 1,010 324 922 860-905 884 2013 2014 2015 2016 2017 Guidance 2013 2014 2015 2016 2017 Guidance Cash Fl
Slide 12: Project Development: Houndé
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé is positioned to be Endeavour’s flagship low cost mine Essakane (IAMGOLD) Inata (Avocet) Taparko Construction progress (Nordgold) Karma › Progressing on-time with 85% completed Bissa Hill (Nordgold) › On-budget with procurement complete and Mana Burkin
Slide 13: Project Development: Ity CIL Feasibility Study
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Ity CIL Feasibility Study Published in 2016 Long-life Low Cost Project Côte d’Ivoire • Long 14-year reserves mine life • Low AISC of $542/oz over first 9 years Ity Mine • Solid production of 144kozpa over first 9 years Agbaou Mine Robust Project Economics 165
Slide 14: Unlock Exploration Value
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa 14
Slide 15: Conservative Approach: Screening and Ranking Methodology
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential Prioritization targets First CONSERVATIVE filtering APPROACH Exploration budget SIMILAR TO THAT USED IN required per target to 130+ target screened OIL & GAS INDUSTRY
Slide 16: Exploration Strategic Review Output: Low Discovery Costs
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated 2.5-3.5Moz Resource Discovery Target 1.5-2.5Moz 0.5-1.5Moz 0.5-1.5Moz 0.5-1.0Moz Greater Ity Houndé Tabakoto Agbaou Karma Côte d’Ivoire Regional › Si
Slide 17: Exploration Strategic Review Output: Low Discovery Costs
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs Exploration budget Average discovery cost $55m $35-40m $45m Annual budget $30m $25m $25/oz $15m $10m <$15/oz $15/oz $15/oz Anticipated average $11/oz $20/oz $13/oz discovery costs Greater Ity Hound
Slide 18: Exploration Strategic Review Output: What are the priorities?
CORPORATE PRESENTATION 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities? PRIORITIES: PRIORITIES: i. Tabakoto due to its short mine life i. Ity Greater Area ii. Agbaou to extend oxide mine life ii. Houndé to prolong mine life iii. Ity to extend HL and Improve CI
Slide 19: Portfolio & Balance Sheet Management
CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio AISC, US$/oz $1,200/oz $1,150/oz $1,100/oz $1,050/oz Youga Cut-back SOLD $1,000/oz Tabakoto (150-160koz) $950/oz Nzema (100-110koz) $900/oz $850/oz Houndé $800/oz +250koz starting Q4-2017 Ity HL (75-8
Slide 20: All-in Sustaining Margin Now More Diversified
CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT All-in Sustaining Margin Now More Diversified All-In Sustaining Margin From Mines- Breakdown by Operation Excludes Exploration and Corporate Costs Youga Karma 0% Ity 17% 26% Agbaou 39% $43m Ity 10% $57m Q1-2017 Q1-2016 10% 63% Tabakoto Agbaou
Slide 21: Healthy Net Debt of $14m despite Houndé Spend 65% Complete
CORPORATE OVERVIEW PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Healthy Net Debt of $14m despite Hounde spend being 65% complete Net Debt Evolution Liquidity and Financing Sources at March 31, 2017 Net debt Net Debt / trailing 12-month Operating EBITDA ratio 1.02x 0.89x $87m $144m Cash Position $136m 0.27
Slide 22: Well Positioned to Fund Growth
CORPORATE OVERVIEW PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Well positioned to fund growth Strong Liquidity Sources and Cash Flow generation to fund internal growth As at March 31, 2017 Room to manoeuvre between debt and • Net Free Cash flow from current own cashflow mine operations 2017-2018 includin
Slide 23: Key 2016 Achievements
CORPORATE OVERVIEW KEY 2016 ACHIEVEMENTS › 5-year strategy validated by the board RESET › Focused on improve the quality of our portfolio, with mines with AISC <$850/oz and mine life +10 years STRATEGY › 4 key pillars: 1) Operational Excellence, 2) Project Development, 3) Unlock Exploration, 4) Port
Slide 24: Upcoming Catalysts
CORPORATE OVERVIEW UPCOMING CATALYSTS 2017 OUTLOOK: › Gold production expected to increase to 600-640koz (excluding Houndé) Immediate › AISC expected to decrease further to $860-905/oz › Free Cash Flow (before growth projects, WC, tax and financing cost) expected to increase to $150m, Cashflow based
Slide 25: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 26: 2017 Guidance
2017 OUTLOOK 2017 GUIDANCE Production is expected to increase and AISC to decrease INSIGHTS: Production Guidance, koz › Production is expected to increase in on a 100% basis 2016 ACTUAL 2017 GUIDANCE 2017 as improvements at Karma and Agbaou 195,505 175,000 - 180,000 Nzema are expected to more than T
Slide 27: 2017 Guidance
2017 OUTLOOK 2017 GUIDANCE Free cash flow expected to increase Capital and Exploration Spend Guidance, $m INSIGHTS: Sustaining Non-Sustaining Growth Exploration Guidance, $m › Due to the expected increased production In US$m Capital Capital Projects Agbaou 7 and lower AISC, the Free Cash Flow before
Slide 28: All Mines on Track to Meet Guidance
Q1 RESULTS ALL MINES ON TRACK TO MEET GUIDANCE Back to normalized production after record Q4-16 performance Production and AISC from continuing operations 175koz Records at Agbaou 159koz 146koz and Tabakoto 138koz 123koz $889/oz $901/oz $898/oz $905/oz $855/oz Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Productio
Slide 29: Improved Margins Despite Increased Exploration
Q1 RESULTS IMPROVED MARGINS DESPITE INCREASED EXPLORATION Driven by improvements at Tabakoto, Nzema, and the addition to portfolio management with Karma PRODUCTION VARIATION 159koz Q1-16 vs Q1-17 Bridge +32koz 132koz (8koz) +6koz +4koz (6koz) (1koz) AISC: +26% AISC: -18% AISC: -9% AISC: +24% Q1-2016
Slide 30: Increased Free Cash Flow from Operations
Q1 RESULTS INCREASED FREE CASH FLOW FROM OPERATIONS QUARTER ENDED, INSIGHTS (in US$ million) MAR. 31, 2017 MAR. 31, 2016 GOLD SOLD, koz 162 121 1. Gold sales up 34% mainly due to the 1 Gold Price, $/oz 2 1,190 1,192 acquisition of Karma, the deconsolidation REVENUE 193 144 of Youga and improvements
Slide 31: Net Earnings Breakdown
Q1 RESULTS NET EARNINGS BREAKDOWN QUARTER ENDED All-In Sustaining Margin to Adjusted Net Earnings Bridge March 31, March 31, For the 3-month period ended March 31, 2017 (in US$ million) A = Adjustments made 2017 2016 $2m Gold Revenue 193.1 144.0 Operating expenses (120.1) (84.0) $17m Depreciation an
Slide 32: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 33: Agbaou Mine, Côte d'Ivoire: Overview
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 13.0Mt @ 2.4 g/t for 1.004Moz Côte d’Ivoire (incl. of Reserves) Inferred: 1.1Mt @ 1.7 g/t for 0.060Moz Reserves 11.0Mt @ 2.4 g/t for 0.853Moz Ity Mine Processing
Slide 34: Agbaou Production Decreased in Line with Guidance
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE Agbaou production decreased to be in line with guidance Q1-17 vs. Q4-16 INSIGHTS: Production and AISC › Coming off a record Q4, lower production in Production, koz AISC, US$/oz 660/oz Q1 (as expected) due to temporary mining 57koz in lower grade area 49koz 43ko
Slide 35: Agbaou Exploration Program Still On-going
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE Exploration program is still on-going Agbaou Site Map INSIGHTS › The ongoing exploration campaign, which commenced in April 2016 is expected to be completed in H2-2017 › Campaign based on previous geophysics and soil geochemistry results, is focused on: ‒ North
Slide 36: Numerous Gold in Soil Anomalies over Mag
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE Numerous gold in soil anomalies over Mag > 50 ppb 36
Slide 37: Agbaou Exploration Targets
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE 5 year exploration targets Auger & RC drilling 37
Slide 38: Agbaou Exploration Strategy
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE Exploration strategy Targeting discovery of between 0.5 to 1.5 Moz at an average cost of $25/oz over the next 5 years with a budget of ~$25M to extend mine life to 10 years* › 2013-2015 : Successful Drilling limited to infill drilling and immediate trend extens
Slide 39: Tabakoto Mine, Mali: Overview
TABAKOTO MINE TABAKOTO MINE, MALI Overview QUICK FACTS (ON 100% BASIS) 80-90% Endeavour depending on pit, remainder Ownership government of Mali Resources M&I: 19.0Mt @ 3.0 g/t for 1.844Moz (incl. of Reserves) Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz Mali Reserves 6.3Mt @ 3.1 g/t for 0.615Moz Open Pit
Slide 40: Tabakoto: Continued Good Performance in Q1-2017
TABAKOTO MINE TABAKOTO MINE, MALI Continued good performance in Q1-2017 Q1-17 vs. Q4-16 INSIGHTS: Production and AISC › Production and AISC trending in line Production, koz AISC, US$/oz with expectations with AISC 48koz maintained within $950-990/oz 43koz 39koz 39koz guidance 37koz › Production decr
Slide 41: Tabakoto: New Discoveries Made in 2016
TABAKOTO MINE TABAKOTO MINE, MALI New discoveries made in 2016 NEW DISCOVERIES MADE IN 2016 INCLUDE: Tabakoto Site Map › Tabakoto North Open Pit, confirming the continuation between Tabakoto and Dar Salam, already added ~50koz in 2016 with additional drilling to start in Q1-2017 around Kofi C › Foug
Slide 42: Tabakoto: Surface Target Priority Ranking
TABAKOTO MINE TABAKOTO MINE, MALI Surface target priority ranking 75 targets identifIed, 7 Priority 1 (2017) Areas under transported cover identifIed Côte d’Ivoire 42
Slide 43: Tabakoto: Kofi Land Package Main Target Area
TABAKOTO MINE TABAKOTO MINE, MALI Kofi land package main target area Côte d’Ivoire 43
Slide 44: Tabakoto Exploration Strategy
TABAKOTO MINE TABAKOTO MINE, MALI Exploration strategy Targeting discovery of between 1.5 to 2.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$30M* › Main focus is on finding new additional open pit resources within a short distance to the Tabakoto mill within within18 to
Slide 45: Ity Mine, Côte d'Ivoire: Overview
ITY MINE ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Côte d’Ivoire Ownership 80% EDV, 15% Côte d’Ivoire, 5% private Resources (HL + CIL) M&I: 52.8Mt @ 1.6 g/t for 2.779Moz Ity Mine (incl. of Reserves) Inferred: 30.2Mt @ 1.5 g/t for 1.406Moz Agbaou Reserves (HL+CIL) 43.9Mt @ 1.5 g/t
Slide 46: Ity Production Remained Fairly Stable
ITY MINE ITY HEAP LEACH MINE, CÔTE D’IVOIRE Production remained fairly stable, uplift expected in upcoming quarters Q1-17 vs. Q4-16 INSIGHTS: Production and AISC › Production remained relatively flat Production, koz AISC, US$/oz over the previous quarter despite a drop in grade and down-time related
Slide 47: Ity: Exploration Added 515koz in 2016
ITY MINE ITY MINE, CÔTE D’IVOIRE Exploration added 515koz in 2016 and outlined new targets NEW DISCOVERIES MADE IN 2016 INCLUDE: Ity Mine Drilling Targets › Bakatouo and Colline Sud discoveries (515koz of M&I resources) with additional infill and extension drilling initiated in Q4-2016 › Several tar
Slide 48: Ity CIL Feasibility Study Published in 2016
ITY MINE ITY MINE, CÔTE D’IVOIRE Ity CIL Feasibility Study Published in 2016 Long-life Low Cost Project Côte d’Ivoire › Long 14-year reserves mine life › Low AISC of $542/oz over first 9 years Ity Mine › Solid production of 144kozpa over first 9 years Agbaou Mine Robust Project Economics 165kozpa at
Slide 49: Summary of Independent Feasibility Study for CIL Project
ITY MINE ITY MINE, CÔTE D’IVOIRE Summary of independent feasibility study for CIL Project Independent CIL Feasibility Study prepared by: Ity CIL Project DFS highlights Lead Consultant: LIFE OF MINE PRODUCTION Strip ratio, w:o 2.1 Tonnes of ore processed, Mt 41.0 Mt Grade processed, Au g/t 1.42 g/t C
Slide 50: Feasibility Study to be Optimized in Q2-2017
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE Feasibility Study to be optimized in Q2-2017 Deposits to be added in the study Feasibility Study Optimization to Include: ‒ Recent high-grade Bakatouo and Colline Sud discoveries ‒ Verse Ouest following recently completed infill drilling program ‒ Additional R
Slide 51: Additional Potential for Resource Conversion
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE ADDITIONAL POTENTIAL FOR RESOURCE CONVERSION POTENTIAL INCLUDES: PROBABLE RESERVES INDICATED RESOURCES INFERRED RESOURCES Deposits on a 100% basis. Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content ‒ The recently discovered Resources are inclus
Slide 52: New High Quality Near Mine Exploration Targets
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE New High Quality Near Mine Exploration Targets 52
Slide 53: Multiple High Grade Trends Discovered in Le Plaque Area
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE Multiple high grade trends discovered in the 100%-owned Le Plaque area INSIGHTS ‒ Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly ‒ Mineralization at the Le Plaque trends occurs from surfac
Slide 54: Greater Ity: 2017-2021 Exploration Program in Tiepleu/Floleu
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE Greater Ity: 2017-2021 Exploration Program in Tiepleu/Floleu 54
Slide 55: 80km Underexplored Birimian Corridor
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE 80km underexplored Birimian corridor INSIGHTS Ity Mine Birimian corridor ‒ Endeavour consolidated an 80km underexplored Birimian corridor on-trend with its Ity mine in Côte d’Ivoire ‒ Significantly increased its holdings in the Ity district from 178km² to 664k
Slide 56: Greater Ity Regional Gold in Soil Anomalies
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE Greater Ity Regional Gold in Soil (> 100 ppb) Anomalies PR609 East Cavally Several Targets Birrimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several target
Slide 57: Greater Ity: 2017–2021 Exploration Targets Toulepleu
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE Greater Ity: 2017 – 2021 Exploration Targets Toulepleu Auger drilling RC drilling 57
Slide 58: How Significant is Greater Ity Area?
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE How significant is Greater Ity area? SEMAFO Controlled MANA TREND EDV Controlled Greater ITY TREND 58
Slide 59: Ity Exploration Strategy
ITY MINE ITY MINE, CÔTE D’IVOIRE Exploration strategy Targeting discovery of between 4 to 6 Moz at an average cost of $11/oz over the next 5 years with a budget of ~$55M* › Numerous high Potential targets have been identified within the Greater Ity area › The whole controlled 80 km trend will be cov
Slide 60: Nzema Mine, Ghana: Overview
NZEMA MINE NZEMA MINE, GHANA Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% government of Ghana Resources M&I: 33.1Mt @ 1.S g/t for 1.431Moz Ghana (incl. of Reserves) Inferred: 5.9Mt @ 1.3 g/t for 0.243Moz Reserves 3.3Mt @ 2.7 g/t for 0.291Moz Open Pit Strip Ratio 8.3 to 1 (2016A) Nzema
Slide 61: Nzema: Stronger Production Due to Cut-back
NZEMA MINE NZEMA MINE, GHANA Stronger production due to cut-back, despite lower purchased ore Q1-17 vs. Q4-16 INSIGHTS: Production and AISC › Production benefited from the completion of Production, koz AISC, US$/oz the Adamus cut-back in Q1-2017 which started 26koz 24koz 24koz to lift grades mined 2
Slide 62: Karma Mine, Burkina Faso: Overview
KARMA MINE KARMA MINE, BURKINA FASO Overview Karma Project KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Ouagadougou Resources M&I: 84.3Mt @ 1.1 g/t for 2.981Moz Houndé Project (incl. of Reserves) Inferred: 19.3Mt @ 1.3 g/t for 0.791Moz Reserves 37.9Mt @ 0.9 g/t for 1.11
Slide 63: Karma: Production Continued to Ramp-up
KARMA MINE KARMA, BURKINA FASO Production continued to ramp-up with increased processing efficiency Q1-17 vs. Q4-16 INSIGHTS: Production and AISC › The overall increase in mining activity was Production, koz AISC, US$/oz associated to the optimized performance of the 32koz mobile power screen and cr
Slide 64: North Kao Reserve Conversion Extended Mine Life
KARMA MINE KARMA, BURKINA FASO North Kao Reserve Conversion Extended Mine Life To +10 Years Karma Site Map NORTH KAO INSIGHTS › North Kao infill drilling confirmed the continuity of the previous inferred resource and improved the grade profile ‒ 314koz of resources amenable to heap leach processing
Slide 65: Karma 2017 Targets: Yabonsgo
KARMA MINE KARMA, BURKINA FASO 2017 Targets: YABONSGO Target (<10km from GG1) 65
Slide 66: Karma 2017 Targets: Rambo West
KARMA MINE KARMA, BURKINA FASO 2017 Targets: Rambo West 66
Slide 67: Karma Exploration Strategy
KARMA MINE KARMA, BURKINA FASO Exploration strategy Targeting discovery of between 0.5 to 1.0 Moz at an average cost of $20/oz over the next 5 years with a budget of ~$15M to extend mine life to 15 years* › New geological understanding and mapping in less than 6 months › North Kao already added 2.5
Slide 68: Houndé Project, Burkina Faso: Overview
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Project Status Fully permitted, construction launched Production start date First gold pour expected Q4 2017 Ouagadougou Resources M&I: 37.9Mt @ 2.1 g/t for 2.551Moz Houndé Project
Slide 69: Houndé: Construction Progressing On-time and On-budget
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget SIGNIFICANT ACHIEVEMENTS TO-DATE: Only ~35% of the capital remains to be spent › Construction is progressing as planned, and is currently more than 75% complete and remains on-budget $328m $26m contingency › 100%
Slide 70: Houndé: Construction Progressing On-time and On-budget
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget Mill Heads Installation Mining Activities Started in Early 2017 Top of CIL Steel Tanks Village Resettlement 70
Slide 71: Houndé: Exploration Re-launched in 2017
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Exploration Re-launched in 2017 2017 OUTLOOK Exploration Targets in Proximity to the Planned Mill › The Houndé exploration tenement covers +1,075km² within Burkina Faso’s highly prospective Birimian belt › Historically, exploration focus mainly on the Vindalo
Slide 72: Houndé: 2017-2021 Main Promising Targets
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO 2017-2021 Main Promising Targets 72
Slide 73: Houndé Exploration Strategy
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Exploration strategy Targeting discovery of between 2.5 to 3.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$45M to extend mine life to +15 years* › Our Houndé exploration portfolio is located within one of the most prospective are
Slide 74: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 75: Board Members
APPENDIX BOARD MEMBERS Michael BECKETT Ian COCKERILL, Olivier COLOM, Livia MAHLER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director CEO & President Non-executive Directo
Slide 76: Endeavour is Backed by La Mancha
APPENDIX ENDEAVOUR IS BACKED BY LA MANCHA Sawiris family’s mining investment vehicle Long-term growth supportive investor 31% 30% with focus on creating regional leaders holding holding The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to
Slide 77: Houndé and Ity CIL are Top Tier Projects
CORPORATE OVERVIEW PROJECT DEVELOPMENT Houndé and Ity CIL are top tier projects West African DFS Stage Projects Benchmark: Mine life and All-in cost (including initial capex) 1,250 Significant West African Baomahun Construction Expertise: (Amara) 1,200 – Core construction team has 1,150 successfully
Slide 78: Unlock Exploration Value: Exploration Team
CORPORATE OVERVIEW UNLOCK EXPLORATION VALUE Exploration a core focus in 2016 with a new structure in place Abidjan based CEO HIGHLY EXPERIENCED TEAM › Strong knowledge of West African Birimian belts EVP EVP COO › Senior staff from BRGM, Randgold, Iamgold, Exploration & Growth Projects Areva, La Manc
Slide 79: Methodic and Exhaustive Review to Quantify and Rank Potential
CORPORATE OVERVIEW UNLOCK EXPLORATION VALUE Methodic and Exhaustive Review to Quantify and Rank Potential › Visit to all sites with Exploration Managers/Chef-Senior Geologists, EDV experts › 6 months detailed review of all past exploration, synthesis of all available and validated data in database ‒
Slide 80: Further Selection, Ranking and Risk Evaluation
CORPORATE OVERVIEW UNLOCK EXPLORATION VALUE Further Selection, Ranking and Risk Evaluation › Each selected target (~40) was risked and characterized by a Probability of Occurrence (POO), based on geological confidence/structural understanding/ type of expected mineralization/existing positive interc
Slide 81: Production and Cost Details by Mine
APPENDIX PRODUCTION AND COST DETAILS BY MINE For the years ended 2016 and 2015 AGBAOU NZEMA TABAKOTO ITY3 KARMA (on a 100% basis) Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 Physicals Total tonnes mined – OP1 000t 25,382 20,447 9,295 8,144 7,098 9,298 6,102 375 8,753
Slide 82: Production and Cost Details by Mine
APPENDIX PRODUCTION AND COST DETAILS BY MINE AGBAOU NZEMA TABAKOTO ITY KARMA (on a 100% basis) Q1- Q1- Unit Q1-2017 Q4-2016 Q1-2016 Q1-2017 Q4-2016 Q1-2016 Q1-2017 Q4-2016 Q1-2016 Q1-2017 Q4-2016 Q4-2016 2016 2017 Physicals Total tonnes mined – OP1 000t 6,356 6,518 6,071 2,695 2,885 1,710 1,888 1,59
Slide 83: Reserves and Resources
APPENDIX RESERVES AND RESOURCES Tabakoto Mine Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis On an attributable basis Proven Reserves 2.9 2.98 274 Resources shown Tonnage Grade Content Tonnage Grade Content