Slide 1: Corporate Presentation April 2017
Corporate Presentation › April 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 prese tatio o tai s for ard-looki g state e ts i ludi g ut ot li ited to, state e ts ith respe t to
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 2017 OUTLOOK 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 93.8 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Fully Diluted 94.6 m Europe Share price* C$24.75 Other Market cap* US$1,840m Net Debt (Dec 31, 2016) US$26m North *As of March 28, 2017 America 7% 29% 1% 63% Sh
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 cash cost $860-905 220koz 167koz <$800 83koz 10+ year 2010 2011 2012 2013 2014 201
Slide 8: Building a Premier African Gold Producer
CORPORATE OVERVIEW BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVES STRATEGIC LEVERS +900koz Annual production ≤800$/oz All-in cash 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: Record performance and met all guidance metrics in 2016
CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Record performance and met all guidance metrics in 2016 584koz in 2016 +13% vs 2015 PRODUCTION GUIDANCE 575koz 610koz $884/oz in 2016 (4%) vs 2015 AISC GUIDANCE $870/oz $920/oz $142m 2016 FCF BEFORE +55% vs 2015 GROWTH PROJECTS GUIDANCE $135m (based
Slide 11: Proven track record of meeting guidances
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: Houndé and Ity CIL are top tier projects
CORPORATE OVERVIEW 2 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 successful
Slide 13: Houndé positioned to be Endeavour's flagship low-cost mine
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé is positio ed to e E dea our’s flagship lo ost i e › Construction started in April with first gold pour expected in Q4-2017 › Construction is progressing on-time and on- budget › Procurement is nearly complete › 10-year mine life based on current reser
Slide 14: Ity CIL Feasibility Study Published in 2016
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Ity CIL Feasibility Study Published in 2016 Long-life Low Cost Project Côte d’I oire • Long 14-year reserves mine life • Low AISC of $507/oz over first 9 years Ity Mine • Solid production of 144kozpa over first 9 years Agbaou Mine Robust Project Economics 165
Slide 15: Amongst Largest and Most Promising Portfolios in West Africa
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa 15
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 True Gold Côte d’I oire Regio al
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 $13/oz discovery costs Greater Ity Hound
Slide 18: Exploration Strategic Review Output: What are the priorities?
Corporate Presentation 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities? PRIORITIES: PRIORITIES: i. Tabakoto due to its short mine life i. Ity Greater Area ii. Agbaou to extend oxide mine life ii. Houndé to prolong mine life iii. Ity to extend HL and Improve CI
Slide 19: Increase Overall Quality of our Portfolio
CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio AISC, US$/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: Well Positioning Ourselves Against Our Peers
CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Well Positioning Ourselves Against Our Peers AISC, $/oz Benchmark of West-African Producers 1,100 Gold Fields 1,050 1,000 IAMGOLD Golden Star Teranga 950 Endeavour 2015A Endeavour 900 2016A Perseus AngloGold Ashanti Kinross 850 Asanko Nordgol
Slide 21: Healthy financial structure to fund growth
CORPORATE OVERVIEW PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Healthy financial structure to fund growth Net Debt Reduction Liquidity and Financing Sources Net debt Net Debt to trailing 12-month Operating EBITDA ratio $254m $124m Cash Position $144m 1.8x 1.0x $334m As of Dec 31st, 2016 $26m 0.1x $210m 2
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 Room to manoeuvre between debt and • Net Free Cash flow from current own cashflow mine operations 2017-2018 including Houndé start in Q4
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 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 26: 2017 Guidance: Production and AISC
2017 Guidance 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
Slide 27: 2017 Guidance: Free cash flow expected to increase
2017 Guidance 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 befor
Slide 28: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 29: Agbaou Mine, Côte d'Ivoire: Overview
AGBAOU MINE AGBAOU MINE, COTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership % EDV, % Côte d’I oire, % SODEMI Resources M&I: 13.0Mt @ 2.4 g/t for 1.004Moz Côte d’I oire (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 Rate
Slide 30: Agbaou Mine: Record 2016 performance
AGBAOU MINE AGBAOU MINE, COTE D’IVOIRE Record 2016 performance 2016 vs 2015 INSIGHTS Production and AISC › Production benefited from higher grades and continued mill over-performance › The secondary crusher (commissioned in mid- 196koz 2016 ahead of schedule and under-budget) provides the flexibilit
Slide 31: Agbaou Mine: Exploration program is still on-going
AGBAOU MINE AGBAOU MINE, COTE 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 32: Agbaou: Numerous gold in soil anomalies
AGBAOU MINE AGBAOU MINE, COTE D’IVOIRE Numerous gold in soil anomalies over Mag > 50 ppb 32
Slide 33: Agbaou: Exploration targets
AGBAOU MINE AGBAOU MINE, COTE D’IVOIRE 5 year exploration targets Auger & RC drilling 33
Slide 34: Agbaou Mine: Exploration strategy
AGBAOU MINE AGBAOU MINE, COTE 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 35: 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 Mali (incl. of Reserves) Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz Reserves 6.3Mt @ 3.1 g/t for 0.615Moz Open Pit
Slide 36: Tabakoto: Significant continued improvement in AISC
TABAKOTO MINE TABAKOTO MINE, MALI Significant continued improvement in AISC 2016 vs 2015 Insights Production and AISC › Production lifted by Increased overall grade and recovery rate 163koz › Improved open pit extraction (+24%) mainly due to 150-160koz opening up and accessing the deeper benches of
Slide 37: 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 38: 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’I oire 38
Slide 39: Tabakoto: Kofi land package main target area
TABAKOTO MINE TABAKOTO MINE, MALI Kofi land package main target area Côte d’I oire 39
Slide 40: Tabakoto Mine: 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 41: Ity Mine, Côte d'Ivoire: Overview
ITY MINE ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Côte d’I oire Ownership % EDV, % SODEMI, % Côte d’I oire, % pri ate 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
Slide 42: Ity: 2016 Production Remained Flat Despite Lower Grades
ITY MINE ITY HEAP LEACH MINE, CÔTE D’IVOIRE 2016 Production Remained Flat Despite Lower Grades 2016 VS 2015 INSIGHTS Production and AISC › Production remained relatively flat as lower grade was offset by increased ore stacked thanks to new pit made available › Continued high recovery rate 81koz 76ko
Slide 43: 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 44: 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’I oire › Long 14-year reserves mine life › Low AISC of $507/oz over first 9 years Ity Mine › Solid production of 144kozpa over first 9 years Agbaou Mine Robust Project Economics 165kozpa at
Slide 45: 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 46: 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 47: 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 48: New High Quality Near Mine Exploration Targets
ITY MINE ITY CIL PROJECT, CÔTE D’IVOIRE New High Quality Near Mine Exploration Targets 48
Slide 49: 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 49
Slide 50: 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 i e i Côte d’I oire ‒ Significantly increased its holdings in the Ity district from 178km² to 664km2
Slide 51: 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 52: 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 52
Slide 53: 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 53
Slide 54: Ity Mine: 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 55: 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 56: Nzema: Cut-back expected to improve AISC in 2017
NZEMA MINE NZEMA MINE, GHANA Cut-back expected to improve AISC in 2017 2016 INSIGHTS Production and AISC › 2016 was a transitional year for Nzema as ore feed was constrained to low grade ore mined and stockpiles, supplemented by purchased ore feed 110koz 100-110koz › The 19% decrease in purchased or
Slide 57: 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 58: Karma: Continuing to Ramp-up
KARMA MINE KARMA, BURKINA FASO Continuing to Ramp-up Q4-2016 INSIGHTS Producing at a run-rate of 100-110koz per annum › Commercial production was declared on October 1, Production, koz 10.0 2016 9.8 9.1 › Production continued to ramp up as the higher grade 7.4 Rambo pit complemented ore feed from th
Slide 59: 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 60: Karma 2017 Targets: Yabonsgo
KARMA MINE KARMA, BURKINA FASO 2017 Targets: YABONSGO Target (<10km from GG1) 60
Slide 61: Karma 2017 Targets: Rambo West
KARMA MINE KARMA, BURKINA FASO 2017 Targets: Rambo West 61
Slide 62: 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 63: 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 64: 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: Procurement Was 80% Complete At Year-end › Construction is progressing as planned, with over 65% completed › Over 2.7 million man-hours have been worked without LTI. › The 38km l
Slide 65: Houndé: Construction Progressing On-time And On-budget
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget CIL Tanks Primary Crusher SAG Mill First Lift Poured Village Resettlement 65
Slide 66: 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 + , k ² ithi Burki a Faso’s highl prospective Birimian belt › Historically, exploration focus mainly on the Vindaloo tre
Slide 67: Houndé: 2017-2021 Main Promising Targets
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO 2017-2021 Main Promising Targets 67
Slide 68: 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 69: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 70: Board Members
APPENDIX BOARD MEMBERS Michael BECKETT Ian COCKERILL, Olivier COLOM, Ian HENDERSON, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Livia MAHLER, Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director Non-executive Director
Slide 71: Endeavour is backed by La Mancha
APPENDIX ENDEAVOUR IS BACKED BY LA MANCHA Sawiris fa il ’s i i g 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 r
Slide 72: Free Cashflow Continued to Increase
APPENDIX FREE CASHFLOW CONTINUED TO INCREASE Free cashflow up $58/oz compared to 2015 12 MONTHS ENDED DECEMBER, INSIGHTS 2016 2015 1. Increased sales with: $m $/oz $m $/oz ‒ Start of Karma contribution as of GOLD SOLD FROM CONTINUIN OPERATIONS, KOZ 1 546 452 October 1 (commercial production start) R
Slide 73: Net Free Cash Flow
APPENDIX NET FREE CASH FLOW Remains positive despite Houndé Capex 12 MONTHS ENDED DEC. INSIGHTS US$m 2016 2015 1. Mainly due to inventory, gold-in-circuit FREE CASH FLOW BEFORE GROWTH PROJECTS and VAT build-up at Karma related to its 142 92 commissioning phase (and WC, tax & financing costs) Working
Slide 74: Adjusted Net Earnings
APPENDIX ADJUSTED NET EARNINGS Up 142% compared to 2015 INSIGHTS 12 MONTHS ENDED DEC. 1. Youga results are removed due (US$m) 2016 2015 to disposal of the mine 2. Both 2015 and 2016 amounts relate to realized and TOTAL NET EARNINGS (52) 36 unrealized gains/losses on FCFA denominated currency fluctua
Slide 75: Exploration Became a Core Focus in 2016
APPENDIX EXPLORATION BECAME A CORE FOCUS IN 2016 With 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 Mancha, etc CI Government › 20 Sen
Slide 76: Conservative Approach: Screening and Ranking Methodology
APPENDIX SCREENING AND RANKING METHODOLOGY Exhaustive screening of all Strategic >200 potential Prioritization targets First CONSERVATIVE filtering APPROACH Exploration budget required per target to 130+ target screened reach Indicated through multi-criteria resource level status data analysis Quant
Slide 77: Methodic and Exhaustive Review to Quantify and Rank Potential
APPENDIX 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 ‒ All Geochem (Stream and Soil), all
Slide 78: Further Selection, Ranking and Risk Evaluation
APPENDIX 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 intercepts/trend extension, strong and co
Slide 79: 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 80: 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