Slide 1: Q3-2022 Operational & Financial Results Presentation
Q3-2022 OPERATIONAL & FINANCIAL RESULTS PRESENTATION On track to meet guidance for 10th consecutive year 10 November 2022
Slide 2: Speakers
SPEAKERS SÉBASTIEN DE MARK JOANNA PATRICK MARTINO MONTESSUS MORCOMBE PEARSON BOUISSET DE CICCIO President and CEO COO CFO EVP Exploration VP Strategy and and Growth Investor Relations
Slide 3: Table of Contents
TABLE OF CONTENTS 1 OPERATIONAL AND FINANCIAL HIGHLIGHTS 2 OPERATING PERFORMANCE BY MINE 3 CONCLUSION 4 APPENDIX
Slide 4: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 5: Operational and Financial Highlights
01 SECTION 1 OPERATIONAL AND FINANCIAL HIGHLIGHTS
Slide 6: Q3 and YTD-2022 Highlights
Q3 AND YTD-2022 HIGHLIGHTS Strong performance across key objectives STRONG OPERATIONAL HEALTHY ATTRACTIVE SHAREHOLDER PERFORMANCE FINANCIAL POSITION RETURNS Year to date production of 1,045koz at an $833m cash position and $500m in H1-2022 dividend of $100m paid AISC of $920/oz available sources of
Slide 7: Safety Remains Our Top Priority
SAFETY REMAINS OUR TOP PRIORITY Saddened that a fatal accident occurred at our Ity mine on 27 October 2022 LTIFR AND HOURS WORKED Hours Worked (Millions) LTIFR (12 month Trailing Basis)1 37hrs 39hrs 39hrs 39hrs 41hrs -63% LTIFR Q3-2022 vs Q3-2021 0.21 0.20 0.15 0.13 0.07 +11% Hours Worked Q3-2022 vs
Slide 8: Production and AISC
PRODUCTION AND AISC Stable Q3-2022 performance vs. Q2-2022 despite impact of wet season Production and AISC from continuing operations Production (koz) AISC (US$/oz) -1% 378koz 362koz 357koz 345koz 343koz Production Q3-2022 vs Q2-2022 $954/oz $960/oz $885/oz $894/oz $848/oz +1% All-In Sustaining Cos
Slide 9: On Track to Achieve Top End of Guidance
ON TRACK TO ACHIEVE TOP END OF GUIDANCE Well positioned to meet production and AISC guidance for 10th consecutive year % OF BOTTOM-END OF FY-2022 GUIDANCE GUIDANCE AT Q3-2022 230koz 255koz 270koz Ity YTD 90% 232koz Houndé 260koz 275koz 89% YTD 149koz 170koz 190koz Mana YTD 88% Boungou 90koz 130koz 1
Slide 10: Low Cost Provides Competitive Advantage
LOW COST PROVIDES COMPETITIVE ADVANTAGE Low cost profile supports cash flow generation, growth and shareholder returns YTD-2022 AISC versus initial FY-2022 guidance Initial AISC Guidance Range (US$/oz) YTD-2022 AISC (US$/oz) $920/oz 1,500 1,400 Endeavour’s 1,300 All-In Sustaining Cost YTD-2022 1,200
Slide 11: Production and AISC
PRODUCTION AND AISC Consistent performance compared to previous year Production and AISC Production from discontinued operations AISC from all operations (US$/oz) -1% Production from continuing operations 1,138koz 1,045koz Production from Continuing Operations YTD-2022 vs. YTD-2021 565koz +5% 473koz
Slide 12: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › Endeavour entered into a revenue protection Growth and shareholder programme for a proportion of its production 2000 return focus across FY-2022 and F
Slide 13: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Capital allocation strategy execution is supported by strong cash flow generation Operating cash flow before working capital From discontinued operations1 From continuing operations 12m Realised Gold Price2 +$ Operating CF before WC for continuing operation
Slide 14: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Lower gold price and withholding tax payment in Q3-2022 Operating cash flow before working capital from continuing operations Operating cashflow before WC Realised Gold Price1 $317m $303m $370m Includes a one-off $48m withholding tax payment linked to upstr
Slide 15: Operating Cash Flow
OPERATING CASH FLOW Lower gold price, higher working capital and higher taxes paid impact cash flow INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing $253m 1 operations decreased by $153/oz from $1,832/oz in Q2-2022 to $1,679/oz in Q3-2022 2. Gold sold decreased by 6koz f
Slide 16: Net Cash Position
NET CASH POSITION In line with expectation due to scheduled payments during the quarter INSIGHTS Change in Net Cash 30 June 2022 to 30 Sept 2022 › Group growth capital expenditure of $30m was incurred during Q3-2022 and mainly related to the Sabodala- $327m Massawa expansion and the Lafigué ($30m) p
Slide 17: Net Cash Position
NET CASH POSITION Strong cash flow generation supports growth and shareholder returns INSIGHTS Change in Net Cash 31 December 2021 to 30 September 2022 › Group growth capital expenditure of $72m was incurred year to date and mainly related to the Sabodala- $526m Massawa expansion and the Lafigué pro
Slide 18: Healthy Financial Position
HEALTHY FINANCIAL POSITION Upcoming debt reduction and significant liquidity sources available Principal Debt Evolution Liquidity Sources $1,030m $384m assumed $910m $830m $830m $880m $880m $830m Cash $833m +$ . B 13 Available from Repaid Teranga RCF Liquidity Convertible Revolving bond Credit Facil
Slide 19: Healthy Financial Position
HEALTHY FINANCIAL POSITION Strong financial position supports investing in growth and shareholder returns Net Debt of global gold peers Net Debt, as at 30 September 2022 $7,500m LOW LEVERAGE COMPARED TO PEERS $1,500m $1,000m $500m $0m -$500m $ 1.3B Available Liquidity Alamos Resolute Gold Fields Bar
Slide 20: Net Earnings From Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted EPS amounted to $0.15 per share 3 MONTHS ENDED INSIGHTS 30 September, 30 June, 1. The gain on financial instruments of $60m largely (in $ million) A = Adjustments made for Adjusted Net Earnings consisted of: 2022 2022 ─ An unrealised gain on gold coll
Slide 21: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME H1-2022 dividend of $100m paid in September SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend $200m › In 2021, Endeavour implemented a minimum $140m $50m
Slide 22: Attractive Shareholder Returns Commitment
ATTRACTIVE SHAREHOLDER RETURNS COMMITMENT On track to return significantly more than the minimum commitment Capital Returned to Shareholders +$175m +$788m $ 513m Shareholder Returns Paid $213m $513m +$100m Since 2021 $37m in Q3-2022 $38m in H1-2022 $138m in FY-2021 $300m $100m paid in Q3-2022 $70m p
Slide 23: Project Pipeline
PROJECT PIPELINE Strong competition for capital on a returns basis across the portfolio GREENFIELD EXPLORATION DEVELOPMENT PROJECTS OPERATIONS Current high priority efforts: In construction: Optimization initiatives: Siguiri Tanda-Iguela Lafigué Sabodala-Massawa Expansion › Houndé: Solar power optio
Slide 24: Key Projects
4 KEY 44 PROJECTS Sabodala-Massawa expansion and Lafigué construction are both underway BROWNFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION LAFIGUÉ ON FETEKRO PROPERTY DFS INSIGHTS: DFS INSIGHTS: › Incremental annual production of 194koz over the first five years at a low › Annual pro
Slide 25: Continued Strong Exploration Focus
CONTINUED STRONG EXPLORATION FOCUS Strong focus on greenfield and near mine exploration YTD-2022 Exploration Spend Wahgnion Ity $7.0m $8.0m Mana $5.6m Sabodala-Massawa KOFI $12.5m LIPTAKO $68m Houndé spent $10.9m SIGUIRI Boungou NABANGA Greenfields and other $1.9m $16.0m Lafigué $6.2m BANTOU FY-2022
Slide 26: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2022 Scores1 Endeavour MSCI rating evolution2 Newmont Endeavour 2022 2022 AA Yamana Kirkland Gold Fields Agnico Eagle AngloGold Ashanti 2021 A Newcrest B2 Gold CCC Endeavour 2021 AA 17% 25% Kinross 2020 BB $300m B
Slide 27: Being a Trusted Partner
BEING A TRUSTED PARTNER Snapshot of several ongoing sustainability initiatives aligned to the UN SDGS Declaration of Responsibility & Sustainability Principles Vocational Training & Literacy near Lafigué Project Partnership to Support ‘Towards ZERO Plastic’ Strategy Great Green Wall Reforestation In
Slide 28: London Stock Exchange Listing Progress
LONDON STOCK EXCHANGE LISTING PROGRESS Strong increase in UK liquidity following index inclusion Volume traded on LSE compared to the TSX1 42% 38% 37% 34% shares outstanding held in the UK register FTSE 250 FTSE ALL SHARE 26% >40% 23% FTSE of daily volume 100 in the UK in Q3-2022 Q3-2021 Q4-2021 Q1-
Slide 29: Operating Performance by Mine
02 SECTION 2 OPERATING PERFORMANCE BY MINE
Slide 30: Well Positioned to Meet Full Year Group Guidance
WELL POSITIONED TO MEET FULL YEAR GROUP GUIDANCE Houndé and Ity are expected to beat guidance Sabodala-Massawa Houndé 256koz 360-375koz 232koz 260-275koz PRODUCTION YTD PRODUCTION YTD $675/oz $703/oz $725/oz $875/oz $925/oz AISC YTD AISC YTD Guidance $767/oz Guidance Ity Mana 230koz 255-270koz 149ko
Slide 31: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Higher grade oxide ore from Massawa North Zone improved production Q3-2022 vs Q2-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher mined and processed grades, partially offset by slightly lower 106koz 105koz tonnes milled an
Slide 32: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL 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 H1-2022, an u
Slide 33: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Construction is on track and on budget First concrete pour at ring beam for BIOX reactors BIOX reactor construction underway Milling and CIL area Power Plant expansion earthwork 33
Slide 34: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO On track to beat FY-2022 guidance Q3-2022 vs Q2-2022 INSIGHTS Production and AISC › Production decreased due to the lower grade ore processed Production, koz AISC, US$/oz and lower gold recoveries. Processed grades decreased due to 87koz mining in lower grade areas of the K
Slide 35: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Grade improved due to higher proportion of ore sourced from Le Plaque Q3-2022 vs Q2-2022 INSIGHTS Production and AISC › Production increased due to higher grades processed and Production, koz AISC, US$/oz improved recoveries, slightly offset by lower plant throughput due to t
Slide 36: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Recyanidation Project INSIGHTS 3D Model › Recyanidation circuit aims to: ‒ optimise costs by reducing leaching and detox reagent consumption ‒ improving the quality of the discharge water ‒ increasing production through higher recovery rates › The Recyanidation process reduce
Slide 37: Boungou, Burkina Faso
BOUNGOU, BURKINA FASO Mining reduced to manage production through supply chain delays Q3-2022 vs Q2-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher processed grade, which was partially offset by lower mill throughput. Tonnes mined 41koz decreased a
Slide 38: Wahgnion, Burkina Faso
WAHGNION, BURKINA FASO Mining commenced at Samavogo in late Q3-2022 Q3-2022 vs Q2-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to the higher average grade milled, partially offset by slightly lower tonnes milled. Total tonnes mined decreased due to the im
Slide 39: Mana, Burkina Faso
MANA, BURKINA FASO Mining at the Maoula satellite pit expected to start in Q4-2022 Q3-2022 vs Q2-2022 INSIGHTS Production and AISC › Production decreased due to lower average grade Production, koz AISC, US$/oz processed, partially offset by improved recoveries and higher plant throughput. Tonnes min
Slide 40: Key Optimisation Initiatives
KEY OPTIMISATION INITIATIVES Continuous improvement in our operating portfolio Sabodala-Massawa Ity Houndé ▪ Solar power ▪ Recyanidation project ▪ Solar power ▪ Grid connection ▪ Second primary crusher ▪ Throughput optimisation ▪ Digitalisation initiative ▪ Blend otimisation Mana Boungou Wahgnion ▪
Slide 41: Conclusion
03 SECTION 3 CONCLUSION
Slide 42: Continued Strong Performance Across Key Objectives
CONTINUED STRONG PERFORMANCE ACROSS KEY OBJECTIVES Creating a resilient business with disciplined capital allocation Well positioned to achieve the top end of 2022 production guidance of 1,315 – 1,400koz at an OPERATIONS AISC of $880 - $930/oz HEALTHY $833m cash position and $500m in available sourc
Slide 43: Appendix
04 SECTION 4 APPENDIX
Slide 44: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Low-capex intensive brownfield expansion is on track BIOX Expansion Project PROJECT UPDATES Existing Process Plant › Sabodala-Massawa DFS defined a robust expansion project adding a 1.2Mtpa BIOX® plant, designed to process the high- Power Plant Expansion – Earthworks compl
Slide 45: Lafigue Project
LAFIGUE PROJECT Endeavour’s next cornerstone asset Lafigué Project - Earthworks underway PROJECT UPDATES › Construction of the Lafigué development project on the Fetekro property was launched on 17 October 2022, following completion of a robust DFS that confirmed Lafigué’s potential to be a cornerst
Slide 46: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focussed on increasing near-mine non-refractory resources Sabodala-Massawa map INSIGHTS › An exploration programme of $15.0m is planned for FY-2022, of which $12.5m has been spent year to date with $3.4m spent in Q3-2022 consisting of 25,000 meters of drilling across 2
Slide 47: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration targets Houndé map INSIGHTS › An exploration programme of $14.0m is planned for FY-2022, of which $10.9m has been spent YTD-2022 with $5.3m spent in Q3-2022 consisting of 8,000 meters of drilling across 76 drill holes. The exploration progr
Slide 48: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on high-grade oxide at near mine targets and Le Plaque Ity map INSIGHTS › An exploration programme of $10.0m is planned for FY- 2022, of which $8.0m has been spent in YTD-2022 with $3.5m spent in Q3-2022 consisting of 13,500 meters of drilling across 72 drill holes.
Slide 49: Boungou Mine, Burkina Faso
BOUNGOU MINE, BURKINA FASO Focussed on the Osaanpalo and Boungou East targets Boungou map INSIGHTS › An exploration programme of $4.0m is planned for FY- 2022, of which $1.9m has been spent YTD-2022 with $0.3m spent in Q3-2022. The exploration programme has been focused on identifying new targets cl
Slide 50: Mana, Burkina Faso
MANA, BURKINA FASO Focus on discovering new oxide potential INSIGHTS Mana map › An exploration programme of $6.0m is planned for FY- 2022, of which $5.6m has been spent year to date with $0.3m spent in Q3-2022 consisting of 21,100 meters of drilling across 204 drill holes focused on increasing the s
Slide 51: Wahgnion Mine, Burkina Faso
WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Wahgnion map › An exploration programme of $9.0m is planned for FY- 2022, of which $7.0m has been spent YTD-2022 with $2.2m spent in Q3-2022 consisting of 9,800 meters of drilling across 9
Slide 52: Greenfield Discovery: Tanda-Iguela
GREENFIELD DISCOVERY: TANDA-IGUELA Maiden resource expected to be published in coming weeks INSIGHTS Tanda-Iguela map › Several targets have been identified on the Tanda- Iguela exploration permits › Assafou and Broukro are the high priority targets with the largest resource size potential › High go
Slide 53: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Inflationary pressures in line with expectations Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q3-2021 Q2-2022 Q3-2022 mechanisms where prices are revised periodically, sheltering Endeavour from peak fuel pricing +26%
Slide 54: All-In Sustaining Cost Bridge
ALL-IN SUSTAINING COST BRIDGE AISC mainly driven by scheduled operational factors rather than market factors INSIGHTS AISC bridge, $/oz › YTD-2022 AISC from continuing operations increased in line with guidance by $66 per ounce over YTD-2021 to $920 per ounce Schedule operational Market factors: › I
Slide 55: 2022 Guidance
2022 GUIDANCE Production Sustaining and Non-Sustaining Capital Expenditure Guidance 2022 FULL-YEAR GUIDANCE 2022 FULL-YEAR GUIDANCE (All amounts in koz, on a 100% basis) NON-SUSTAINING (All amounts in US$m) SUSTAINING CAPITAL CAPITAL Ity 255 — 270 Ity 20 60 Houndé 260 — 275 Houndé 44 18 Mana 7 40 Ma
Slide 56: Mine Statistics
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 56
Slide 57: Mine Statistics
MINE STATISTICS On a year to date basis (1) Includes waste capitalized. Note: Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 57
Slide 58: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED NINE MONTHS ENDED Sep. 30, Jun. 30, Sep. 30, Sep. 30, Jun. 30, In US$ million unless otherwise specified. 2022 2022 2021 2022 2022 Boungou 6.5 2.9 9.8 18.0 43.6 Houndé 10.4 17.8 10.7 37.0 37.2 Ity 10.3 20.0 9.7 30.5 37.3 Mana 3.1 4.4 4.3 10.3 9.3 Sabodala-Massawa - 10
Slide 59: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 23.9 /100 Medium Risk 2022 Relative Performance 2020 2022 2020 2019 2020 2021 Climate D- C C Change Water N/A C C 2021 Forestry ✓ ✓ ✓ Defined targets required to advance to a B rating 59
Slide 60: Contact Us
@) ENDEAVOUR Lp igntea hp MINING 5 Young Street London a ce United Kingdom T: +44 203 011 2723 CONTACT US T: +44 203 011 2719 OPERATIONS OFFICE investor@endeavourmining.com Hotel Palm Club Follows Croisement Boulevard Latrille et rue du Lycée Technique Abidjan ‘in) y) 08 BP 872 Céte d'Ivoire endeavo