Slide 1: Corporate Presentation April 2024
CORPORATE PRESENTATION April 2024
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Financial Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 West Africa Insights 6 Appendix 2
Slide 3: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour Has an Unmatched Competitive Advantage
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 4 gold mines 1,130-1,270koz West African producer and growing AISC $955-1,035/oz 2024 guidance 5
Slide 6: Relative to Other Gold Producers
RELATIVE TO OTHER GOLD PRODUCERS CROSS SECTOR BENCHMARKING FY-2024 Production Guidance 7Moz 6Moz 5Moz 4Moz PEER 3Moz BENCHMARKING 2Moz 1Moz 0Moz Agnico Eagle Anglogold Gold Fields Barrick Newmont Endeavour1 IAMGOLD Kinross Centerra Northern Star Eldorado Harmony B2Gold Alamos Lundin Gold Evolution S
Slide 7: Company Profile
COMPANY PROFILE Highlights Top shareholders Shareholder register as at 29 February 2024 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 2 April 2024 245m Rank Institution name % of S/O 1 La Mancha 18.1% Share price as at 2 April 2024 £16.28 / C$28.49 2 BlackRock Investment Management 13
Slide 8: Our Purpose Is to Produce Gold
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: Our Strategy
OUR STRATEGY 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 Environmental stewardship Prudent balance sheet management Proven proje
Slide 10: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMISATION PILLARS $950/oz Industry-leading All-in Sustaining Cost 01 Operational Excellence +10 YEARS Production visi
Slide 11: 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 + 11 years ability to extract Meeting or exceeding production guidance synergies › Leading
Slide 12: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Leveraging our in-house construction expertise 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, CÔTE D
Slide 13: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio +250 EXPLORATION TARGETS 7 DEVELOPMENT PROJECTS 4 MINING OPERATIONS Current high priority efforts: In construction: Optimisation initiatives: Siguiri Sia/Sianikoui Lafigué Sabodala-Massawa E
Slide 14: Sabodala-Massawa Expansion
2 SABODALA-MASSAWA EXPANSION PROJECT DEVELOPMENT On budget and on schedule for first gold in Q2-2024 INSIGHTS BIOX® Reactors CCDs › Expansion of our flagship Sabodala-Massawa mine with a 1.2Mtpa BIOX® plant, designed to process high-grade refractory Gold Room ore. › After-tax NPV5% & IRR at $1,700/o
Slide 15: Lafigué Development Project
2 LAFIGUÉ DEVELOPMENT PROJECT PROJECT DEVELOPMENT On budget and a full quarter ahead of scheduled first gold now set for Q2-2024 INSIGHTS TSF › Lafigué will be another cornerstone asset with an after-tax NPV5% & IRR at $1,700/oz of $732m & 29%. Thickeners › FY-2024 production of 90-110koz at an AISC
Slide 16: Largest Exploration Presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production since it is underexplored 16
Slide 17: Proven Ranking and Screening Methodology
3 PROVEN RANKING AND SCREENING METHODOLOGY UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Outlook set in 2021 for the 5-year period ending 2025 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set
Slide 18: Unlocking Exploration Value
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 18.6Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered 3.6 Exploration spend 3.6Moz Moz 3.0Moz Discovered in FY-2023 3.5Moz 2.2Moz 2.1Moz 1.3Moz 1.9Moz <$ 25/oz 1.0Moz Targeted discovery H2-
Slide 19: +10 Moz Discovered; Five-Year Target
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE On track to achieve 5-year discovery target of 12 - 17Moz for period ending 2025 5-year M&I resource discovery target M&I resource as at 31 December, 2020 M&I resources discovered in 2021 - 2023 Remaining Indicated resource discovery target (
Slide 20: Tanda-Iguela Greenfield Project
3 TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION VALUE Confirmed potential to be a Tier 1 asset INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a low 4.5Moz discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be finalised in Q4-2024. › Indicated resour
Slide 21: Tanda-Iguela Satellite Targets
3 TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION VALUE Unlocking satellite targets at Tanda-Iguela 8 Targets within 6km of Assafou +20km Assafou mineralisation strike length 21
Slide 22: 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 four mines Key achievements across 4 pillars Endeavour’s portfolio Current operations1 Historically divested/ceased operations Expanding Sabodala-Massawa AISC, $/oz Construction project2 Di
Slide 23: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining industry-leading AISC Production profile For discontinued operations For continuing operations Full-year benefit of 1.6Moz Sabodala-Massawa expansion and Lafigué Full year benefit of Semafo assets +1.3Moz and Purchase 1.2Mo
Slide 24: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Targeting increased shareholder returns following the build phase SHAREHOLDER RETURNS POLICY Dividend payout history Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Dividend Policy › In 2021, Endeavour implemented a minimum $100
Slide 25: Industry Leading Shareholder Returns
INDUSTRY LEADING SHAREHOLDER RETURNS Attractive indicative yield composed of dividends and buybacks Indicative yield for shareholder returns Shareholder returns in context LTM Dividend Yield (%) FY-2023 Buyback Yield (%) PRODUCTION 7% 6% $227/oz returned for every ounce of 1.5% gold produced 5% REVE
Slide 26: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Buybacks continue to supplement shareholder returns Cumulative shareholder returns >$ 200/oz Returned for every ounce of gold produced1 Cumulative Buybacks Cumulative Dividend $903m +$ 200/oz Returned for every $303m ounce of gold produced1 $637m $237m +77% $
Slide 27: Evolution of Capital Allocation Priorities
EVOLUTION OF CAPITAL ALLOCATION PRIORITIES Resilient business capable of funding growth and rewarding stakeholders Capital allocation evolution ENHANCED SHAREHOLDER INVESTING IN ORGANIC GROWTH RETURNS AND DEBT REDUCTION Projects Balance Sheet AND REWARDING SHAREHOLDERS Exploration Increase sharehold
Slide 28: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2023 scores1 Low Endeavour MSCI rating evolution2 Severe 7% Medium Endeavour (2023) Agnico Eagle 41% Gold Peer 22% 2022 AA Polymetal Risk Rating Eldorado Newmont 30% AngloGold Ashanti High 2021 A Endeavour (2022)
Slide 29: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES 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 Portfolio Obje
Slide 30: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 30
Slide 31: 11th Year of Achieving Production Guidance
11th YEAR OF ACHIEVING PRODUCTION GUIDANCE Production guidance achieved at industry leading all-in sustaining costs 0.05 GROUP SAFETY INDUSTRY LTM LTIFR1 LEADING 1.14 Industry Average2 1,072 koz GROUP ACHIEVED FY PRODUCTION PRODUCTION GUIDANCE 1,060-1,135koz Guidance $967/oz $949/oz3 FY FY <2% ABOVE
Slide 32: Financial Highlights
FINANCIAL HIGHLIGHTS Operating cashflows improved significantly in Q4-2023 QUARTER ENDED YEAR ENDED 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec Q4-2023 vs. For Continuing Operations1 Q3-2023 103% (in $ million unless otherwise stated) 2023 2023 2022 2023 2022 OPERATIONAL HIGHLIGHTS Gold production, koz Gold
Slide 33: Production and AISC
PRODUCTION AND AISC AISC improvement in Q4 while production remained flat Production and AISC Production for continuing operations, koz1 AISC for continuing operations, US$/oz 294koz 268koz 281koz 280koz Flat Production 243koz Q4-2023 vs Q3-2023 $1,000/oz $955/oz $967/oz 31/oz ~$936/oz $875/oz -$ Al
Slide 34: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Significant increase in operating cash flow before working capital Operating cash flow before working capital Operating cash flow from continuing operations1 125m Realised Gold Price2 $244m $242m $246m +$ Operating cash flow Q4- Impacted by ~$50m 2023 vs. Q
Slide 35: Adjusted EBITDA
ADJUSTED EBITDA Continued strong adjusted EBITDA generation and healthy EBITDA margin Adjusted EBITDA from continuing operations1 Realised Adj. EBITDA from continuing operations Adj. EBITDA Margin Gold Price2 +$29m $292m $272m $263m $253m $240m Adjusted EBITDA Q4-2023 vs Q3-2023 54% 50% 50% 50% 47%
Slide 36: All-In Sustaining Margin
ALL-IN SUSTAINING MARGIN Maintaining a strong all-in sustaining margin Realised gold price, cost and margin analysis1 All-in Sustaining Margin, $/oz All-in Sustaining Cost, $/oz All-in Sustaining Margin, % Stable $1,947/oz $1,945/oz Higher $1,879/oz $1,903/oz gold price $1,758/oz $947/oz All-in sust
Slide 37: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Strong performance and higher gold prices support EBITDA generation Adjusted EBITDA from continuing operations1 Realised Adj. EBITDA from continuing operations Adj. EBITDA Margin Gold Price2 +$29m $292m $272m $263m $253m $240m Adjusted EBITDA Q4-2023 vs Q3-2023 54%
Slide 38: Robust Financial Position
ROBUST FINANCIAL POSITION Strong focus on funding our growth while delivering shareholder returns Net debt evolution (Net Debt)/ Net Cash INVESTMENT FOCUS DEBT REDUCTION FOCUS $75m $76m ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS $167m $217m $121m $757m Available liquidity1 $3m as at 31 D
Slide 39: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Balance sheet structure Q4-2023 INSIGHTS (in $ million unless stated otherwise) 31 Dec 2023 30 Sep 2023 31 Dec 2022 1. The Company paid up a further $70m on the revolving credit facility during the quarter. Cash $370m 517 625 951 2. The Company dre
Slide 40: Stable Credit Rating
STABLE CREDIT RATING S&P credit rating is capped by sovereign rating S&P long-term foreign currency debt credit ratings Endeavour BB- BB- Cote d’Ivoire BB- S&P rating Senegal B+ Stable Outlook across all Burkina Faso CCC+ jurisdictions 40
Slide 41: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L Q1-2022 Q3-2022 Q1-2023 Q3-2023 › Fuel price is regulated by in-country based pricing Q2-2022 Q4-2022 Q2-2023 mechanisms where prices are revised periodically, sheltering Endeavour from
Slide 42: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases Debt reduction Gold collars and shareholder INSIGHTS Gold price in US$/oz return focus › In Q4-2023, 30koz were settled under 2400 Growth and forward contracts at a price of $1,828/oz. s
Slide 43: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance › FY-2024 production guidance marks an 2023 ACTUALS 2024 GUIDANCE (All amounts in koz, on a 100% basis) increase of up to nearly 200koz or 18% over the FY-2023 production from continuing operations Houndé 312 260 — 290 of 1,072koz due to the commissioning o
Slide 44: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance Sustaining capital (All amounts in US$m) 2023 ACTUALS 2024 GUIDANCE Houndé 34 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 10 › Ity: waste stripping, fleet rebuilds, plant upgrades Lafigué - 25 Mana 21 15 › Mana: un
Slide 45: Our High Quality Portfolio
OUR HIGH QUALITY PORTFOLIO 3 45
Slide 46: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)2 42.3m 35.3m 38.4m 0.05LTIFR in Q4-2023 33.0m 32.0m 0.06 0.06 0.09 0.08 0.05 + 4.9m Hours worked Q4-2023 vs
Slide 47: Diversified Portfolio
DIVERSIFIED PORTFOLIO Data for continuing operations P&P RESERVES M&I RESOURCES 2023 Actuals 2024 Guidance as at 31 Dec 2023 as at 31 Dec 2023 ASSET COUNTRY PRODUCTION AISC PRODUCTION AISC CONTAINED GRADE CONTAINED GRADE (koz) (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) GOLD (Moz) (g/t) Houndé Burkina
Slide 48: Key Optimisations Initiatives
KEY OPTIMISATIONS INITIATIVES Continued optimization efforts to tackle inflationary pressures Sabodala-Massawa Ity Sabodala in-pit tailings can have +$31m in savings with The Mineral Sizer project will add an additional primary reduced environmental impact crusher for the oxide ores in order to sust
Slide 49: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Snapshot 360-400koz $750-850/oz 3.5Moz 5.4Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a Construction of the Sabodala-Massawa expansion top
Slide 50: Sabodala-Massawa Mine Overview
SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2.3 - 2.7Moz over the 2021-2025 period Proven Reserves 1
Slide 51: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Production ramp up in H2-2024 as BIOX® Expansion project comes online Q4-2023 vs Q3-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to an increase in throughput due to a higher proportion of higher 103koz grade softer oxide ore from Nia
Slide 52: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® wet commissioning underway, first gold expected in early May INSIGHTS Crushing circuit construction complete BIOX® inoculum currently active in the reactors › Construction of the Sabodala-Massawa BIOX® project was launched in Q2-2022 and remains on budget and schedul
Slide 53: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2024 Guidance mid-point BIOX® production CIL production 450Koz Targeting production +400koz per annum 400Koz 350Koz 300Koz 250Koz 200Koz 150Koz 100Koz 50Koz 0Koz 2021A1 2022
Slide 54: 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 55: Sabodala-Massawa Expansion: Scope Changes in DFS
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 56: Sabodala-Massawa Solar Plant
SABODALA-MASSAWA SOLAR PLANT Solar plant construction launched to reduce energy cost and CO2 emissions INSIGHTS Sabodala-Massawa power generation and storage › Endeavour launched the construction 24% of a 37MWp photovoltaic (“PV”) solar SOLAR PROJECT CURRENT PLANT facility and a 16MW battery system
Slide 57: 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 31 December 2023 88Mt at 1.92g/t au containing 5.44Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-gr
Slide 58: High Grade Reserves & Resources
HIGH GRADE RESERVES & RESOURCES Potential for significant additions given exploration potential Sabodala-Massawa reserves and resources by ore type OXIDE TRANSITIONAL FRESH TOTAL Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content Content 3.5Moz (kt) (Au g/t) (Au koz) (kt) (Au g/t) (Au
Slide 59: Near Term Exploration Focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on expanding existing resources and discovering new resources INSIGHTS › FY-2023 spend of $19 million consisting of 101,645 metres of drilling across 3,928 drill holes. › FY-2024 expected spend of $21 million. › The exploration programme remains focus
Slide 60: Kiesta
KIESTA High-grade intercepts at the Kiesta discovery are being delineated INSIGHTS › The Kiesta target is located along the Sabodala Shear Zone › The deposit is located in the north of the Massawa mining license, approximately 18 kilometers southeast of the Sabodala-Massawa processing plant › Follow
Slide 61: Bambaraya
BAMBARAYA Resource increased at Bambaraya deposit INSIGHTS › The Bambaraya deposit is located in the northwest corner of the Massawa mining license, approximately 13 kilometers south of the Sabodala-Massawa processing plant › Following successful exploration work during 2022, an updated mineral reso
Slide 62: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike 62
Slide 63: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 63
Slide 64: Ity Mine
ITY MINE Snapshot 270-300koz $850-925/oz 2.3Moz 4.5Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone assets. It has the The CIL plant was successfully built ahead of longes
Slide 65: Ity Mine Overview
ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mining and processing flexibility inclusive of Reserves (on a 100% basis) P
Slide 66: Ity Mine
ITY MINE Record production achieved in FY-2023 Q4-2023 vs Q3-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production remained flat as higher tonnes were milled and higher processed grades were offset by lower recoveries. 91koz 86koz 82koz › AISC remained flat as higher royalty ra
Slide 67: Ity Mine Production Plan
ITY MINE Overview Ity production plan 2024 Guidance mid-point Incremental production added 2017 Optimization Study 350koz 300koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion 250koz 200koz 150koz 100koz 50
Slide 68: 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 31 December 2023 90Mt at 1.57g/t au containing 4.52Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 69: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion Cumulative depletion M&I resources2 6.9Moz 7.8Moz 7.6Moz 7.6Moz 5.9Moz 2.8Moz 3.1Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.4Moz 5.
Slide 70: Ity Resource Model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 70
Slide 71: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on extending mineralisation at known deposits INSIGHTS › FY-2023 spend of $16 million consisting of 84,474 metres of drilling across 893 drill holes. › FY-2024 expected spend of $10 million. › The exploration programme is focused on extending near- mine resources
Slide 72: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 72
Slide 73: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 73
Slide 74: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 74
Slide 75: Le Plaque
LE PLAQUE Continuity demonstrated between Delta extension and Yopleu-Legaleu INSIGHTS Le Plaque exploration targets › The high grade Le Plaque deposit has been extended to the south towards Delta Extension and Le Plaque southwest. › Resource ore type is 77% fresh and the strip ratio is expected to b
Slide 76: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 76
Slide 77: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added INSIGHTS Walter-Bakatouo selected drill holes › Walter-Bakatouo is located 1km east of the Ity CIL plant › Drilling at the Walter-Bakatouo pit in 2023 intercepted high-grade mineralisation around the margins of the granodiorite intrusion in t
Slide 78: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu discovery is located in the Toulepleu exploration permit (PR462), 22km south of the Ity plant. The prospect sits in the center part of the Toulepleu-Ity greenstone
Slide 79: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 79
Slide 80: Houndé Mine
HOUNDÉ MINE Burkina Faso 260-290koz $1,000-1,100/oz 2.6Moz 3.8Moz As at As at 2024 Guidance 2024 Target 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s The goal is to delineate sufficient additional resources cornerstone as
Slide 81: Houndé Mine Overview
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) following stripping at Vindaloo and the incor
Slide 82: Houndé Mine
HOUNDÉ MINE Record production achieved in FY-2023 Q4-2023 vs Q3-2023 INSIGHTS Production and AISC › Production decreased due to lower processed grades and Production, koz AISC, US$/oz 109koz slightly lower throughput and recoveries. › AISC increased mainly due to lower production and sales, 84koz dr
Slide 83: Houndé Mine Production Plan
HOUNDÉ MINE Burkina Faso Houndé production plan 2024 Guidance mid-point Incremental production added 2016 Optimization Study 350Koz 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion 250Koz 200Koz 150Koz
Slide 84: 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 31 December 2023 73Mt at 1.63g/t au containing 3.82Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 85: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion M&I resources1 Cumulative Depletion 5.7Moz 6.4Moz 6.2Moz 1.2Moz 5.7Moz 5.5Moz 1.5Moz 0.9Moz Defined gold 4.5Moz 1.9Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.8Moz 0.1Moz 4.6
Slide 86: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › FY-2023 spend of $8 million consisting of 25,774 metres of drilling across 126 drill holes. › FY-2024 expected spend of $7 million. › The exploration programme is
Slide 87: 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 88: 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 (25-30 kilometres) of the Houndé mine › Indicated resource of 753koz at 1.86 g/t and an Inferred resource of 760koz at 1.81 g/t as at 3
Slide 89: Sianikoui
SIANIKOUI Drilling at high-grade target north of Kari area 89
Slide 90: Vindaloo South and Deeps
VINDALOO SOUTH AND DEEPS Drill programme focussing on delineating mineralisation extensions INSIGHTS › During FY-2023, drilling below the Vindaloo deposit identified two additional mineralised zones at depth, confirming the potential to delineate a sizeable, high-grade underground resource. › This V
Slide 91: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 91
Slide 92: Vindaloo Deeps
VINDALOO DEEPS Mineralisation remains open at depth below the current pit shell 92
Slide 93: Mana Mine
MANA MINE Burkina Faso 150-170koz $1,200-1,300/oz 0.9 Moz 2.3 Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of of the high
Slide 94: Mana Mine Overview
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitioning Wona to an underground operation and incorporating inclusive of Rese
Slide 95: Mana Mine
MANA MINE Underground ramp up driving improved tonnages and grades in Q4-2024 Q4-2023 vs Q3-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades processed and recovery rates, which were partially offset by lower mill throughput. 46koz 44k
Slide 96: 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 31 December 2022 34Mt at 1.99 g/t Au containing 2.18Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as ex
Slide 97: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › FY-2023 spend of $7 million consisting of 20,728 metres of drilling across 378 drill holes. › FY-2024 expected spend of $2 million. › The exploration programme was focused on testing high grade ta
Slide 98: Lafigué Project
LAFIGUÉ PROJECT Côte D’Ivoire 90-110koz $900-975/oz 2.7Moz 3.0Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demonstrates the capabilities o
Slide 99: Lafigué Project DFS Highlights
Lafigué Project DFS highlights LAFIGUÉ PROJECT PLANT TYPE, SIZE & CAPEX Plant type Gravity / CIL Côte D’Ivoire Mill capacity 4.0 Upfront capital cost, $m 448 RESERVES & RESOURCES (as at 31 December 2022) P&P Reserves, koz 49.8Mt at 1.69 g/t for 2.7Moz DFS CONFIRMS M&I Resources, koz 46.3Mt at 2.03 g
Slide 100: Lafigué Project: Long Life and Low AISC Operation
LAFIGUÉ PROJECT Long life and low AISC operation Lafigué production plan DFS Production DFS AISC 300koz 250koz $2,000/oz 203Koz $1,600/oz Average annual Target production of +200koz production over LOM 200koz $1,200/oz 150koz +33% $800/oz 100koz $400/oz 50koz Incremental production over the PFS 0koz
Slide 101: Lafigué Project Development
LAFIGUÉ PROJECT Development is on budget and on schedule for Q2-2024 startup INSIGHTS Crushing circuit construction underway TSF HDPE liner installation complete › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset f
Slide 102: Lafigué Project Process Plant Layout
LAFIGUÉ PROJECT Lafigué process plant layout Côte D’Ivoire Mining • Open-pit drill & blast mining will be carried out by contractors with a maximum mining capacity of 55Mt per year • Fleet will comprise 400t class face shovels to load 180t capacity trucks for waste, and 200t class excavators to load
Slide 103: Lafigué Project Discovery Target
DISCOVERY TARGET (2021-2025) LAFIGUÉ PROJECT Côte D’Ivoire 1.5 – 2.0Moz $45/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2023 46Mt at 2.04g/t Au containing 3.03Moz NEAR-TERM FOCUS 3.03Moz of M&I resources have been discovered since 2018 with the aim to further extend the Laf
Slide 104: Fetekro Exploration Property
FETEKRO EXPLORATION PROPERTY High priority targets to follow-up with over the first few years of production INSIGHTS Fetekro Exploration permit select intercepts › Advanced grade control and sterilisation drill programmes were completed during FY-2023 and the hydrogeological and geotechnical program
Slide 105: Lafigué North
LAFIGUÉ NORTH Section 320205 105
Slide 106: Lafigué Center
LAFIGUÉ CENTER Section 319830 106
Slide 107: Tanda-Iguela
INSIGHTS › 4.5Moz Indicated resource outlined in approximately two years after discovery at a low discovery cost of $11 per indicated ounce TANDA-IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 70.9 1.97 4,493 Inferred 2.9 1.91 176 › Tanda-Iguela property has the potentia
Slide 108: Assafou Deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS › Tanda-Iguela in Côte d’Ivoire is Endeavour’s exploration priority › 226km has been drilled at Tanda-Iguela since its discovery, of which 168km has been drilled in 2023 › Over 125km of drilling completed at the Assafou deposit in 2
Slide 109: Assafou Deposit
ASSAFOU DEPOSIT Mineralisation towards the northwest added to the November 2023 pit shell Cross Section 3133: Resources extended to the northwest outside of the November 2022 resource pit shell 109
Slide 110: Assafou Deposit
ASSAFOU DEPOSIT Mineralisationn intersected below November 2023 pit shell Cross Section 2933: Infill drilling in the northwest of Assafou extended resources at depth 110
Slide 111: Assafou Deposit
ASSAFOU DEPOSIT High grade and thickness of main mineralised lense with additional lenses added near surface Cross Section 2333: Infill drilling identified shallow mineralisation in the southwest of the deposit 111
Slide 112: Assafou Deposit
ASSAFOU DEPOSIT Continuity of main mineralised lense with further mineralisation intersected at depth Cross Section 1933: Infill drilling in the centre of the deposit extended resources at depth 112
Slide 113: Assafou Deposit
ASSAFOU DEPOSIT Additional resources added close to surface in the southeast part of the deposit Cross Section 1766: Infill drilling has added additional resources close to surface and at depth 113
Slide 114: Assafou Deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0533: Drilling has extended resources southeast of the November 2022 resources 114
Slide 115: Tanda-Iguela Regional Targets
TANDA-IGUELA REGIONAL TARGETS High-priority satellite targets identified in close proximity to the Assafou deposit INSIGHTS Tanda-Iguela regional map › Over 17km of drilling has been completed in 2023 on satellite targets located within 5km of Assafou › High-grade mineralisation was intercepted at s
Slide 116: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in GUITRY - KRAKOUADIOKRO O Côte D’Ivoire R Côte d’Ivoire K O A -Y › Mineralisation occurs in N A N moderately to steeply dipping O K subparallel brittle-ductile graphitic shear zones in contact
Slide 117: Kalana Project
KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2023 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusive of Reserves (on a 100% basis) (Mt) (Au g/t)
Slide 118: 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 119: 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 120: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralised zones with diverse BANTOU PROJECT mineralisation styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The Inferred resource is comprised of three main areas with t
Slide 121: 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 122: Greenfield Liguidi
122 GREENFIELD LIGUIDI Burkina Faso
Slide 123: Greenfield Siguiri Licenses
123 GREENFIELD SIGUIRI LICENSES Guinea
Slide 124: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 124
Slide 125: Our Purpose Is to Produce Gold
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 126: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2023 • RGMP Compliance 2022 achieved at all sites • New Code of Business • ISO 14001/ISO 45000 2021 Conduct and Ethics certification achieved at • External assurance on key all sites 2020 ES
Slide 127: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 53.2 /100 Severe Risk 2019 2023 23.9 /100 Medium Risk 2022 18.2 /100 Low Risk 2023 2020 2022 2019 2020 2021 2022 Climate D- C C B- Change Water N/A C C C 127
Slide 128: Leading Sustainalytics ESG Risk Rating
LEADING SUSTAINALYTICS ESG RISK RATING No.1 Sustainalytics rated gold producer Sustainalytics risk ratings for gold producers Mining sector Sustainalytics risk ratings Endeavour (2023) ESG Risk Rating Rank Percentile Agnico Eagle Endeavour Mining 18.2 – Low 3,198/15,708 21st Polymetal Anglo American
Slide 129: Towards Net Zero
TOWARDS NET ZERO INSIGHTS TARGETS › Working to improve the efficiency of our operations, reduce energy use and associated costs, and lower emissions are key drivers of the Group’s long-term sustainability Achieve <0.64 t CO2-e /oz 2023 › Achieved 2022 Group emissions intensity target (total Scope 1
Slide 130: Energy Sources
ENERGY SOURCES SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 79% Fossil, 21% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imported, 32% Domestic Production • 77% Fossil (Natural G
Slide 131: Peer Benchmarking
PEER BENCHMARKING Global gold producer emission intensities 3.90 Emission Intensity (kt CO2-e/oz) 1.63 1.51 LOW INTENSITY Industry average intensity of 1.001 1.00 PRODUCER 0.80 0.81 0.76 0.64 0.67 0.54 0.57 0.40 36% Below industry Anglogold B2Gold Northern Star Newcrest Kinross Agnico-Eagle Fresnill
Slide 132: Water Stewardship
WATER STEWARDSHIP INSIGHTS Water stress index › Our approach is to use water as efficiently as possible Low <10% › We pay for the water we withdraw as part of our water permits Low-Medium 10-20% › Total water withdrawal increased by 50% in 2022 over 2021 due largely to: Medium-high 20-40% › Delays i
Slide 133: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT INSIGHTS Endeavour’s TSFs › Conduct regular internal and external audits, results are reported back to senior management and the Board › We support the Global Industry Standard on Tailings Management (GISTM) and are working towards alignment › Annual tailings disclosu
Slide 134: Protecting the Environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity. Protect 300ha of land 2023 › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat, Reclaim 60ha of land › We will not undertake exploration or mining acti
Slide 135: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT INSIGHTS Our employees, by origin Our workforce Nationals Female employees › Total workforce of 14,140 including 5,659 Local Communities Female contractors employees & 8,481 contractors (YE-2022) Male employees Expatriates Male contractors LOCALISING MANAGEMENT 94%
Slide 136: Boosting Host Economies
BOOSTING HOST ECONOMIES INSIGHTS Procurement budget Payments to governments National and Local suppliers Senegal › We prioritise in-country suppliers and the Foreign Suppliers Côte d’Ivoire development of domestic supply chains to Burkina Faso create employment opportunities › We contribute to natio
Slide 137: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION INSIGHTS › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border projects › $1.2 million invested since 2021 in the areas of education, skills training, fighting malaria, plasti
Slide 138: Ecodev – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND INSIGHTS › Established by Endeavour to support national economic growth › $2.9 million invested since fund inception (2021-2022) › Invests in the creation of local long-term, sustainable, SMEs with reputable partners Mali Shi Ranch du Tuy Turkey Farm Image
Slide 139: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 4,688 community consultations in 2022 › Range of income-generating activities in place, with a focus on the youth and women › Physically resettled 387 households comprising 3,298 people across our mines › Implementing programmes for 1,788 people who were economically
Slide 140: Targeting Zero Harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) › For 2022, we set ourselves a target to -25% 0.26 3.66 reduce all incidents by 10%; Our LTIFR -90% 3.47 decreased by 91% and our TRIFR decreased 0.20 2.60 by 25% › Regrettably, we recorded a fatality of
Slide 141: Diversity & Inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation in total workforce EDV Femmes › Employment of women in mining in West 9% 9% Africa remains a relatively new, 8% predominantly due to historical perceptions of the industry and cultural traditions. › We continue to address this bias by actively pro
Slide 142: Ethical Business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery RGMP compliance at our remaining › In 2022 we published our first externally assured Conflict Free Gold Standard Report 2023 mines, as per the WGC timeframe › In 2022 we published ou
Slide 143: Governance Framework
GOVERNANCE FRAMEWORK THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee EVP PA, Security and Social Perf. EVP ESG & Supply Chain Executive ESG SteerCo Quarterly Legal Working group Sector Specialists HSE Sustainability HR Social Tech Supply Investor PA performance Servi
Slide 144: Aligning ESG Priorities Through Exec Comp
ALIGNING ESG PRIORITIES THROUGH EXEC COMP FY-2023 FY-2022 FY-2021 Target Weighting Target Weighting Target Weighting 15% level of Group wide 7.5% 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% female recruitment SHORT-TERM INCENTIVE Two additional mines 7.5% 75% host country sourcing 10% compl
Slide 145: Short Term Incentive Plan
SHORT TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM Net free cash flow2 20.0% 5% below target $35m2 10% above target Production 12.5% >1,300koz 1,391koz Beat high end of guidance AISC 12.5% Within guidance $970/oz3 Beat low end of guidance ESG: RGMP4,5 7.5% One additional
Slide 146: Long Term Incentive Plan
LONG TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM2 TSR - Performance 25.0% Mid point Mid point Top quartile (Rank 1-20)3,4 Absolute shareholder 25.0% $475m $525m $600m returns Net debt 10.0% <0.5x <0.3x ≤0.2x Projects5 12.5% IRR ≥ 18% IRR ≥ 20% IRR > 25% Exploration 12.5
Slide 147: Our 2023 Material Topics
OUR 2023 MATERIAL TOPICS GRI Indicator Aspect Materiality: Impact Materiality: Financial GRI 202 Local Impact: Delivering benefits including meaningful work for our host Financial: Moderate – Failure to secure social licence could impact operations and lead communities helps to build and reinforce o
Slide 148: Strong & Diverse Corporate Governance
STRONG & DIVERSE CORPORATE GOVERNANCE Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership International Business 8 6 1 Metals & Mining Finance & Accounting Public Policy Operations & Exploration Corporate Governance Sustainability & Non-Executive
Slide 149: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 149
Slide 150: West Africa's Competitive Advantage
EXPLORATION Top region for discoveries over the last 10 years globally WEST AFRICA'S COMPETITIVE ADVANTAGE PERMITTING Amongst the quickest permitting timelines Endeavour is strategically positioned globally with an unmatched competitive advantage in the region. West Africa has become the largest gol
Slide 151: Region's Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH Burkina Faso Mali Guinea % of Mine Supply Côte d’Ivoire Senegal Ghana and Other WEST AFRICA 18Moz 16% IS THE FASTEST- GROWING GOLD 14% PRODUCING REGION 15Moz 12% West African Mine Supply (ounces) 12Moz Percentage of Global Mine Supply 10% +80
Slide 152: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2022 WEST AFRICA 16Moz IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 10Moz 10Moz 6 out of the top 10 senior gold producers have a presence in West Africa, with Endeavour being the largest producer in the region
Slide 153: Endeavour Is the Dominant West African Gold Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION 2022 Endeavour 1.40 Moz ENDEAVOUR IS THE DOMINANT Newmont 0.99 Moz WEST AFRICAN Anglogold 0.78 Moz GOLD PRODUCER Gold Fields 0.74 Moz Barrick 0.73 Moz Given its focus on West Africa, Endeavour has a strategic industrial Perseus 0.52 Moz benefit from being geog
Slide 154: Gold Industry 2022 Exploration Budget
GOLD INDUSTRY 2022 EXPLORATION BUDGET In US$ millions WEST AFRICA IS 1,789 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE 1,340 Given that exploration spend often foreshadows future production growth, West Africa has the potential to be an 882 even larger producing region. 509 327 7.4% +$6B 202
Slide 155: Industry Exploration Spend Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2010-2021 67Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE The region is significantly under-explored compared to other regions. 28Moz 27Moz 23Moz 67 20Moz 19Moz 18Moz 18Moz 18Moz 17Moz 15Moz Moz 14Moz 13Moz 11Moz 8Moz
Slide 156: 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 157: 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 ~30% of production Endeavour has a strategic foothold in since it is two of West Africa’s most prospective belts underexp
Slide 158: Endeavour Controls the Full 125km Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 158
Slide 159: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 159
Slide 160: Africa Hosts a Large Portion of the Global Gold Project Pipeline
PRODUCTION FOR THE REGION GOLD PROJECT M&I RESOURCES In millions of ounces, inclusive of Reserves AFRICA HOSTS A LARGE PORTION OF THE GLOBAL GOLD PROJECT 50Moz DEVELOPMENT PIPELINE Over a third of the 26 active gold 34Moz development projects with resources over 1Moz are located in Africa. 19Moz 28
Slide 161: Gold Project Constructions
PRODUCTION GOLD PROJECT CONSTRUCTIONS Based on 44 primary gold projects built since 2010 Project built on time & schedule Project missed budget or schedule WEST AFRICAN Latin America 7 projects 3.0 yrs PROJECTS ARE BUILT QUICKER, ON-TIME North America 10 projects 2.3 yrs AND ON-BUDGET Asia-Pacific 5
Slide 162: West African Projects Have Low Capital Intensity
PRODUCTION FOR THE REGION GOLD PROJECT CAPITAL INTENSITY Capital intensity calculated as development capital costs divided by M&I Resource as per the feasibility study $168/oz WEST AFRICAN PROJECTS HAVE LOW $141/oz $142/oz CAPITAL INTENSITY $125/oz West African projects have the lowest $103/oz capit
Slide 163: Favourable Mining Jurisdictions
PRODUCTION WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) FAVOURABLE MINING JURISDICTIONS Stable mining code and a well-balanced profit-sharing framework to encourage investment into the mining sector. WAEMU has adopted standardised tax principles across member countries, creating consistency that
Slide 164: 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 165: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 15.0Moz over the last six years where we operate at an indust
Slide 166: Appendix
APPENDIX FT / 2) Es y
Slide 167: Appendix 1: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 168: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Ian Cockerill Mark Morcombe Guy Young David Dragone Djaria Traore CEO COO CFO EVP HR & Comms EVP ESG & Supply Chain • Joined in 2019 • Joined in 2023 • Joined in 2023 • Joined Endeavour in 2019 • Joined in 2024 as CEO and in 2022 • 20+ years in HR with expertise in as a Dir
Slide 169: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill Alison Baker Livia Mahler Chair and Independent Executive Director Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director Tertius Zongo Sakhila Mirza Naguib Sawiris Patrick Bouisset Cathia Lawson-Hall Indepe
Slide 170: Corporate Structure
CORPORATE STRUCTURE Guarantor of $500m senior notes and $645m RCF issued by Endeavour Mining PLC Issuer Endeavour Mining plc (UK) Guarantor of XOF 100.5B1 term loan issued by Operating Entity 100% Lafigue Holdings UK Limited Endeavour Mining Corporation (Cayman) Holding Company 100% Endeavour Gold C
Slide 171: Appendix 2: Mine Statistics & Additional Information
02 APPENDIX 2 Mine statistics & additional information
Slide 172: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly basis ITY HOUNDÉ MANA SABODALA-MASSAWA (on a 100% basis) Q4-2023 Q3-2023 Q4-2022 Q4-2023 Q3-2023 Q4-2022 Q4-2023 Q3-2023 Q4-2022 Q4-2023 Q3-2023 Q4-2022 Physicals Total tonnes mined – OP1 000t 7,349 6,020 6,043 11,993 10,603 12,901 805 1,508 1,057 11,319 11,989 12,645
Slide 173: Mine Statistics (Yearly)
MINE STATISTICS On a yearly basis ITY HOUNDÉ MANA SABODALA-MASSAWA (on a 100% basis) FY-2023 FY-2022 FY-2023 FY-2022 FY-2023 FY-2022 FY-2023 FY-2022 Physicals Total tonnes mined – OP1 000t 27,891 23,946 47,680 45,490 6,001 3,615 45,943 49,259 Total ore tonnes – OP 000t 6,790 7,044 5,420 5,754 1,298
Slide 174: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED YEAR ENDED 31 December 30 September 31 December 31 December 31 December ($m) 2023 2023 2022 2023 2022 Houndé 16.5 11.3 9.8 51.7 46.8 Ity 18.6 9.3 — 61.5 30.5 Mana 5.5 5.4 2.7 26.8 13.0 Sabodala-Massawa — 65.3 — 116.4 16.8 Other1 30.3 50.7 — 84.5 51.2 Taxes paid by con
Slide 175: Appendix 3: Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 176: Reserve and Resource Evolution
RESERVE AND RESOURCE EVOLUTION Tanda-Iguela exploration prioritised with 3.4moz Indicated resources added P&P reserve bridge1 15.2Moz (0.1Moz) (0.7Moz) +0.1Moz (0.6Moz) 0.0Moz 13.9Moz 1.3Moz - P&P reserves 2022-end Houndé Ity Mana Sabodala-Massawa Lafigué 2023-end FY-2023 vs FY-2022 M&I resource bri
Slide 177: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2023, 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) inclusive of Reserves (Mt) (Au g/
Slide 178: Notes to Reserves and Resources
NOTES TO RESERVES AND RESOURCES As at 31 December 2023 178
Slide 179: 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 180: Contact Us
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV 18