Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (July 2019)
132 slides from Endeavour Mining's investor presentation, July 2019
Slide 1: Corporate Presentation July 2019
CORPORATE PRESENTATION › July 2019
Slide 2: Disclaimer & Forward Looking Statements
CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Karma GAMBIA Mine BURKINA FASO 2,800 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA LEONE D’IVOIRE 615-695 Koz $760
Slide 5: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Mar 31st 110m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at Jun 26th C$21.52 Europe Market cap as at Jun 26th US$1.64B Net Debt as at Mar 31st US$635m Other North America 5% 30% 1% 6
Slide 6: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Turnaround Endeavour to build a sustainable business model TURNAROUND STRATEGIC OBJECTIVES OUR VISION SITUATION IN 2015 STRATEGIC OBJECTIVES CREATE A SUSTAINABLE BUSINESS Non-sustaining $922/oz <$800/oz capex All-in Sustaining Cost REQUIRED CASH Explor
Slide 7: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Focus on free cash flow and return on capital employed (ROCE) 2016 to mid-2019 Mid-2019 and beyond FOCUS ON INCREASING THE FOCUS ON QUALITY OF OUR PORTFOLIO RETURN ON CAPITAL EMPLOYED (ROCE) ~ $1invested billion Capital allocation trade-offs 2 flagship
Slide 8: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster Le Plaque (Côte d’Ivoire) Kofi Trend (Côte d’Ivoire– Ity trend) (Mali) Bondoukou Clust. (Côte d’Ivoire) Siguiri Ity CIL (Guinea) Randgold JV (Côte d’Ivoire
Slide 9: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE On track to achieving strategic objectives STRATEGIC $1,317/oz OBJECTIVES >800koz >800koz $1,010/oz 727koz $886/oz <$800/oz 663koz 615-695koz $922/oz All-in Sustaining Cost 593koz $866/oz $843/oz 516koz 462koz $760-810/oz 317koz 10+ years Production
Slide 10: Building a Premier African Gold Producer
CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 strategic levers to achieve objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS 10+ year Mine life ≤800$/oz All-in Sustaining Cost +800koz Annual production 10
Slide 11: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Vincent Benoit Karma GAMBIA Mine EVP CFO & Corporate Development BURKINA FASO GUINEA- Houndé Morgan Carroll Bamako BISSAU Kala
Slide 12: Operational Excellence: Safety Record
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Our safety record remained below the industry average in Q1-2019 Lost Time Injury Frequency Rate (on a rolling 12-months basis) 0.72 0.04 LTM Lost Time Injury Frequency Rate 0.40 0.29 +500days 0.16 0.04 0.00 0.00 0.00 without an LTI on Peer FY2016 FY20
Slide 13: Operational Excellence: Local Talent
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talents Local workforce Expats KARMA 3% HOUNDÉ 6% ITY HL 6% AGBAOU 7% 95% local workforce 803 1,038 501 271 97% 94% 94% 93% Head of department (“HOD”) 42% Expats KARMA HOUNDÉ ITY HL AGBAOU 30% 45% 43% 50% local workforce for 13
Slide 14: Operational Excellence: Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 6th consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance 800 1,010 700 600 922 500 886 869 400 727 615 843 663 - 300 593 516 695 466 200 $760-810/oz 100 0 2014 2015 2016 2017 2018 2019E 2014
Slide 15: Project Development
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILT OUR VISION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET 0 LTIs 15
Slide 16: Project Development: Self-performing Tasks
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction
Slide 17: Building High-quality Projects on Time and Budget
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Building high-quality projects on time and on budget ASSETS BUILT / UNDER CONSTRUCTION COMBINED HOUNDÉ ITY CIL (commissioned in Q4-2017) (completion expected in Q2-2019) ~$650/oz <$650/oz <$560/oz All-in Sustaining Cost Based on first 2 years 2019 guidanc
Slide 18: Houndé New Flagship Low Cost Mine
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Houndé is Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata Taparko METRIC FY-2018 STUDY (Avocet) (Nordgold) Karma ACHIEVEMENT COMPARISON Bissa Hill (Life of mine average) (Nordgold) Boungou MINING 41Mt vs 32Mt feasibility +28% Mana Burkina
Slide 19: Ity CIL Project Commercial Production
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Ity CIL Project commercial production achieved on April 8, 2019 Long-life Low Cost Project › Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5 years Production Profile Production AISC Robu
Slide 20: Kalana High-quality Project
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Kalana is a high-quality project with significant optimization potential Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at Mali 2.8 g/t › 18-year mine life › Low AISC cost operation with $730/oz Bamako Kalana over life
Slide 21: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 21
Slide 22: Screening and Ranking Methodology
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree
Slide 23: Starting to Deliver Against 5-year Strategy
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in Nov. 2016 2/3rd are on our 2 flagship assets 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery target 2.5-3.5Moz 1.5-2.5Moz 0.5-1.5Moz
Slide 24: Over 1.2 Million Meters of Drilling
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration spend by mine 1. Ity to extend HL and Improve CIL case 2. Tabakoto due to its short mine life $44M ~$50m $45-50m 3. Agbaou to test potential 9% 19% 2018 PRIORITIES
Slide 25: On-track to Meet 5-year Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On-track to meet 5-year exploration targets Total Indicated discoveries and targets Indicated resources discovered 4.2Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco
Slide 26: High Quality Discoveries Made
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 High quality discoveries made Discovery grades for Indicated resources by deposit From mid-2016 to end of 2018 2.70g/t 2.60g/t 2.25g/t 2.20g/t 2.14g/t 2.14g/t >2 g/t grade of 85% of discovered ounces 1.50g/t 1.27g/t 55% oxide 45% fresh Kari Pump Le P
Slide 27: Low Discovery Cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit From mid-2016 to end of 2018 $76/oz $13/oz Average Endeavour discovery cost to date $29/oz $16/oz $15/oz $14/oz $13/oz $12/oz $10/oz $9/oz 6x lower $4/oz discovery cost Average Taba
Slide 28: Value Creation at Ity
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Ity Production Profile VALUE CREATION CASE STUDY OS production FS production AISC for OS Spent $15m in 2016-2017 250koz 250koz 238koz 224koz Exploration potential Added 1Moz of reserves 213koz 201koz 190koz Updated study and increas
Slide 29: Value Creation at Houndé
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Houndé Production profile based on Study VALUE CREATION POTENTIAL Production based on reserves, koz AISC/oz Spent $17m in 2017-2018E Added 0.7Moz of reserves 265koz at Kari Pump 231koz Exploration upside expected 223koz 218koz to fi
Slide 30: Strong Exploration in Q1
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong exploration in Q1 with already over a third of the FY budget spent INSIGHTS EXPLORATION EXPENDITURE FOR Q1-2019 › During Q1-2019, exploration continued to be a strong focus, with a company-wide exploration spend of $15m Fetekro › Over 115,200m
Slide 31: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Focused on increasing the overall quality of our portfolio Portfolio viewed by AISC and mine life INSIGHTS: AISC, $/oz › Ity HL acquired through strategic $1,200 partnership with La Mancha in late 2015 Tabakoto $1,150 and will transition
Slide 32: Significant Liquidity Sources to Fund Growth
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant liquidity sources to fund growth Up to $25m Significant funding headroom, excluding mine cash flow and remaining proceeds from sales $144m >$10m Undrawn RCF $60m Cash $84m ~$30m Liquidity sources Tabakoto Nzema Sources of fund
Slide 33: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS ON TRACK TO MEET FY-2019 GUIDANCE › Production on-track to meet the FY-2019 guidance of 615-695koz Immediate › AISC on-track to meet the FY-2019 guidance of $760-810/oz Cashflow › Q2-2019 to benefit from Ity CIL start of commercial production from Production
Slide 34: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 35: Q1 Performance On-track to Meet Guidance
CORPORATE PRESENTATION Q1 PERFORMANCE ON-TRACK TO MEET GUIDANCE On-track to meet 2019 guidance with Ity CIL commercial production in Q2 GROUP Q1 BELOW LTIFR1 INDUSTRY 0 0.72 Industry Average GROUP Q1 ON-TRACK PRODUCTION 121koz 615-695koz Guidance GROUP $760/oz $810/oz AISC Q1 ON-TRACK $877/oz Guidan
Slide 36: Well Positioned to Meet FY-2019 Guidance
CORPORATE PRESENTATION WELL POSITIONED TO MEET FY-2019 GUIDANCE Upcoming benefit of Ity CIL and higher grades across other mines INSIGHTS BY MINE AGBAOU ITY HL ITY CIL HOUNDÉ KARMA (Pre-commercial production) 44koz 76koz 21koz $1,086 33koz 32koz 55koz 22koz 3koz 9koz $781 $957 $776 $784 $622 $588 $6
Slide 37: 2019 Guidance
CORPORATE PRESENTATION 2019 GUIDANCE INSIGHTS Production Guidance › Group production from continuing operations is 2018 ACTUALS 2019 FULL-YEAR GUIDANCE expected to increase to 615-695koz in 2019 while (All amounts in koz, on a 100% basis) AISC is expected to remain low at $760-810/oz Agbaou 141 120
Slide 38: 2019 Guidance (continued)
CORPORATE PRESENTATION 2019 GUIDANCE (continued) SUSTAINING COSTS INSIGHTS Capital Expenditure Guidance, $m › Houndé: $35m mainly due to the increased strip ratio, a TSF raise SUSTAINING NON- GROWTH and components to be purchased for fleet maintenance SUSTAINING CAPITAL PROJECTS › Agbaou: $24m due t
Slide 39: All-in Margin Breakdown
CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Decrease due to lower production and a lower realized gold price QUARTER ENDED, INSIGHTS 1. Decreased mainly due to the Ity Heap Leach MAR. 31, MAR. 31, operation ceasing activities in Q4-2018, and (in US$ million) 2019 2018 declines across the other mi
Slide 40: Growth Funding Sources
CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash flow from operations and RCF used to fund growth QUARTER ENDED, INSIGHTS MAR. 31, MAR. 31, 1. The main components as follows: (in US$ million) 2019 2018 ‒ Receivables were an outflow of $3.9m. This was ALL-IN MARGIN FROM CONTINUING OPERATIONS 22 63
Slide 41: Net Earnings Breakdown
CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $(0.04) for Q1-2019 QUARTER ENDED MAR. 31, MAR. 31, INSIGHTS (in US$ million) A = Adjustments made of Adjusted Net Earnings 2019 2018 1. The gain in 2019 is due to a $0.9 million GOLD REVENUE 151 199 loss on the gold revenue protection Op
Slide 42: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Expected to quickly deleverage as Ity CIL now in production Net debt analysis INSIGHTS Gearing 1 Net Debt Net Debt / Adj. EBITDA (LTM) › Net debt increased from $536m to $635m over the past quarter mainly due to the Ity construction 1.68x › Net
Slide 43: Diversified Debt Sources
CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $350M RCF : Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR plus t
Slide 44: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on capital employed (1) in % Only 6 months of Karma Full spending on Full spending on Ity but only 11% 11% Houndé but only 2 online in 2019 Target months of Houndé benefit to EBIT > 20% 8% 7% 2015 2016 2017 2018 Mid-term (1) EBIT (adjusted for
Slide 45: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 46: Houndé Mine, Burkina Faso: Overview
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 44.7Mt @ 2.2 g/t for 3.134Moz (incl. of Reserves) Inferred: 3.2Mt @ 2.6 g/t for 0.268Moz Ouagadougou Reserves 34.8Mt @ 2.19 g/t for 2.450Moz* Houndé Min
Slide 47: Houndé: Higher Grade Bouéré Deposit
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Higher Grade Bouéré deposit to increase production in H2-2019 Q1-19 vs Q4-18 INSIGHTS Production and AISC › Production decreased in line with expectations Production, koz AISC, US$/oz as low-grade stockpiles temporarily supplemented plant feed. Mining
Slide 48: Houndé: Strong Contribution to Group
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance FULL YEAR 2018 INSIGHTS Production and AISC › Production significantly exceeded full-year AISC ($/oz) Production (koz) guidance due to both the mining activities and the process plant performing above their nam
Slide 49: Houndé Out-performing Study Metrics
CORPORATE PRESENTATION HOUNDÉ OUT-PERFORMING STUDY METRICS Production and AISC better than study estimates METRIC 2018 STUDY Study production profile compared to actuals ACHIEVEMENT COMPARISON Production based on reserves, koz AISC/oz (Life of mine average) MINING 41Mt vs 32Mt +28% 296koz feasibilit
Slide 50: Houndé: Significant Exploration Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted INSIGHTS › Following a two year period of no exploration drilling, activities resumed in 2017 2.5-3.5Moz › In 2017, targets were 5-YEAR DISCOVERY drilled and ranked › Work performed also TARGET included ad
Slide 51: Houndé: Strong Exploration Focus in 2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2019 A second 200,000m drilling program started in late Q4-2018, focused on extending the mineralization at Kari Pump, and delineating a maiden resource for Kari West and Kari Center as well as addressing other high-ranked
Slide 52: Kari Gold in Soil Anomaly
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 3km-wide area INSIGHTS › Kari gold in soil anomaly covers a 6km-long by 3km-wide area. Kari target map › At the end of June 2019, a total of 1,027 holes comprising 104,000 meters have been drilled since N
Slide 53: Kari Pump Maiden Reserve
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump 710koz maiden reserve increased Houndé reserves by 41% INSIGHTS Drill map and selected intercepts per area (true width/grade) › High M&I resource to reserve conversion rate: 89% based on a gold price of $1,250/oz. › Significantly higher grad
Slide 54: Kari Pump Oxide/Transition Ore
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 54
Slide 55: Kari Pump Continuous Mineralisation
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation INSIGHTS Kari Pump Extension Drilling and Selected Intercepts › Drilling campaigns in 2017 and 2018 successfully delineated the Kari Pump maiden resource and related reserves. › The ongoing 2019 drillin
Slide 56: Kari Center Maiden Resource Expected
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource/reserve expected to be delineated in Q4-2019 INSIGHTS › In 2019, the drilling campaign has significantly extended the Kari Center Main and South with Selected Intercepts discovery towards the southwest. Kari Center is now
Slide 57: Kari Center Maiden Resource Expected
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource/reserve expected to be delineated in Q4-2019 57
Slide 58: Kari West Maiden Resource Expected
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource/reserve expected to be delineated in Q4-2019 INSIGHTS › Discovered during the 2018 AC drilling Kari West drill map with selected intercepts campaign › In 2019, follow-up RC drilling has successfully delineated and defined a
Slide 59: Kari West Maiden Resource Expected
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource/reserve expected to be delineated in Q4-2019 59
Slide 60: Vindaloo: Targeting High-grade Plunges
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 60
Slide 61: Ity Heap Leach Mine: Overview
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources (HL + CIL) M&I: 73.6Mt @ 1.5 g/t for 3.646Moz (incl. of Reserves) Inferred: 19.1Mt @ 1.3 g/t for 0.823Moz Côte d’Ivoire Ity Mine Rese
Slide 62: Ity Heap Leach: Residual Recovery
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Residual recovery after mining operations ceased in December 2018 Q1-19 vs Q4-18 INSIGHTS Production and AISC › As previously disclosed, mining and stacking Production, koz AISC, US$/oz activities for the Heap Leach operations 25koz ceased in
Slide 63: Ity Heap Leach: Mining Ceased
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Mining and stacking activities ceased mid-December FY-2018 vs FY-2017 Insights Production and AISC › Production significantly exceeded its full-year guidance as opportunistic mining was carried-out AISC ($/oz) Production (koz) in the second h
Slide 64: Ity CIL: Replace Heap Leach with CIL
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Increased resource generated potential to replace heap leach with CIL KEY CHANGES OF ADVANTAGE INCLUDE: SHIFTING TO CIL PLANT: Heap Leaching Process ›› Resource increase generated potential to replace the current heap leach facility to CIL plant
Slide 65: Improvement over 2016 Feasibility Study
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1 (10%)
Slide 66: Significantly Improved Production Profile
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significantly improved production profile Production Profile OS production FS production AISC for OS 250koz 250koz 238koz 224koz Exploration potential 235koz 213koz average production 201koz 190koz over first 5 years 162koz 159koz 151koz $484/oz
Slide 67: IRR of +20% Even at $1,000/oz
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $1,400/oz $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m $0m -$
Slide 68: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Completed 4 months ahead of schedule and under-budget Mills Power Station Wet Plant Primary Crusher & ROM 68
Slide 69: Ity CIL Construction Completed Ahead of Schedule
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Completed 4 months ahead of schedule and under-budget HIGHLIGHTS Ity CIL Plant Book Value (in m$) › Ity CIL project began processing ore on February 20, 2019 and achieved its first gold pour on March 19, 2019, 4 months $415-420m ahead of schedule $
Slide 70: Endeavour Controls Full Ity Birimian Belt
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in
Slide 71: Strong Near-mine Exploration Potential
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong near-mine exploration potential Ity Mine Drilling Targets Simplified Ity Map with Exploration Targets 71
Slide 72: 2019 Focus on Le Plaque Discovery
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE 2019 exploration focus is on the La Plaque discovery Le Plaque Area INSIGHTS › A $10 million exploration campaign has been planned in 2019 totaling approximately 71,000m with the aim of extending and delineating the Le Plaque deposit, conducting regiona
Slide 73: Le Plaque Main: Section A
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Section A (Az. 225) 73
Slide 74: Le Plaque Main: Long Section B
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Long Section B (Az. 115) 74
Slide 75: Nearby Targets Expected to Be Tested
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets expected to be tested in H1-2019 75
Slide 76: Greater Ity Regional Gold in Soil Anomalies
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several
Slide 77: Agbaou Mine: Overview
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources M&I: 9.5Mt @ 2.2 g/t for 0.664Moz Ity Mine (incl. of Reserves) Inferred: 0.8Mt @ 1.7g/t for 0.046Moz Reserves 8.6Mt @ 1.7g/t for 0.461Moz Agb
Slide 78: Agbaou: Waste Capitalization
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Waste capitalization efforts expected to progress throughout the year Q1-19 vs Q4-18 INSIGHTS Production and AISC › Production decreased in line with Production, koz AISC, US$/oz expectations as low-grade stockpiles temporarily supplemented plant fee
Slide 79: Agbaou: Shifting to Harder Ore Blend
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Shifting to a harder ore blend FULL YEAR 2018 INSIGHTS Production and AISC › Production achieved the lower end of the guided 140- 150koz range AISC ($/oz) Production (koz) › AISC increased, but remained well below the guided range as a portion of the
Slide 80: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017-2018 > 50 ppb priorities were to test area and to generate targets and 0.5-1.5Moz prioritize for the 5-YEAR DISCOVERY upcoming campaigns TARGET › Key Areas targeted were
Slide 81: Agbaou Exploration Postponed
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Exploration activities postponed until later in the year Agbaou Site Map INSIGHTS › An exploration program of up to $2 million, totaling approximately 10,000m has been initially planned for 2019 with the aim of delineating oxide material in extension
Slide 82: Intercepted Mineralization Under North Pit
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au
Slide 83: Strong Out-performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 yeas at a 10% lower AISC Production and AISC performance vs. study Actual production Study production Actual AISC Study AISC Mainly free-dig oxide operation 196koz Mixing low-grade to speed up wa
Slide 84: Plant Running Significantly Above Nameplate
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Plant running significantly above nameplate Plant performance vs. study Actual Study Benefit of plant running 30% above nameplate and additions of oxide ore reserve ~30% 2.8kt 2.9kt 2.8kt above nameplate 2.7kt capacity based >2mtpa base
Slide 85: Reserves Endowment Up 48%
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Reserves endowment up 48% since construction with more oxide material Reserves and depletion Reserves at year-end Cummulative depletion 1.3Moz reserve 1.3Moz endowment reserves endowment 1,027koz 880koz 926koz 853koz 668koz 461koz 151ko
Slide 86: Additional $182m After-tax Cash Flow
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Additional $182m after-tax cash flow was generated Cumulative After-Tax Cash Flows(1) Study Actual US$m 400 300 $322m 62% IRR based only on 200 Payback of first 5 years $140m 100 18 months 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 (10
Slide 87: Karma Mine: Overview
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 75.3Mt @ 1.1 g/t for 2.655Moz (incl. of Reserves) Inferred: 17.9Mt @ 1.3 g/t for 0.772Moz Ouagadougou Reserves 27.5Mt @ 0.9g/t for 0.764Moz Houndé Mine P
Slide 88: Karma: Low-grade Stockpiles Supplementing Feed
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Temporary use of low-grade stockpiles supplementing stack feed Q1-19 vs Q4-18 INSIGHTS Production and AISC › Production decreased in line with Production, koz AISC, US$/oz expectations due to the low-grade stockpiles 33koz temporarily used to supplemen
Slide 89: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Production increased due to plant optimization carried out in 2017 FULL YEAR 2018 INSIGHTS Production and AISC › Production increased despite a lower processed grade, as the plant optimisation work done in 2017 increased stacking capacity AISC ($/oz) P
Slide 90: Karma: Focus on North Kao and Yabonsgo
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Focus on North Koa, Yabonsgo and near-mill targets INSIGHTS Karma Site Map › An exploration program of up to $2 million totaling approximately 27,000m has been planned for 2019, with the aim of delineating near-mill oxide targets, mainly focused on tes
Slide 91: Kalana Project, Mali: Overview
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS – Based on Avnel’s DFS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.0Moz @ 4.14g/t (as per Avnel) Mali Reserves 1.96Moz @ 2.80g/t (as per Avnel) Mining
Slide 92: Kalana: Accretive Acquisition
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha
Slide 93: Increase in Resource Confidence
CORPORATE PRESENTATION KALANA PROJECT, MALI Significant increase in resource confidence based on tighter geological controls INSIGHTS Kalana Main deposit M&I resource evolution › Exploration program in 2018 amounted to $7 million comprised of approximately 48,000m of drilling › At the Kalana Main de
Slide 94: Kalana 2018 Block Model Results
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 94
Slide 95: Work Undertaken at Kalana Since Acquisition
CORPORATE PRESENTATION KALANA PROJECT, MALI Work undertaken at Kalana since acquisition FOLLOWING THE Ity CIL Project Case Study AVNEL ACQUISITION: Plant Size Reserves Production AISC Mine life First 5 years First 10 years First 5 years First 10 years › Integration of Avnel into Endeavour Ity PFS 2.
Slide 96: Aim to Increase Resource Base
CORPORATE PRESENTATION KALANA PROJECT, MALI Aim to increase resource base for project Several Licenses under negociation INSIGHTS With Private owners › A $4 million exploration campaign totaling approximately 26,000m has been planned for 2019, starting in the second quarter, with the aim of testing
Slide 97: 2018 Results: Kalana North Intercepts
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Results – Positive Kalana North Intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 97
Slide 98: Kalanako Deposit Exploration
CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource was published in Q1-2019 Tonnage Grade Content Kalanako (Kt) Au g/t (Au koz) Meas
Slide 99: Regional Kalana Exploration Potential
CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana Exploration Potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling started in 2019 99
Slide 100: Fétékro Greenfield Exploration
CORPORATE PRESENTATION FÉTÉKRO GREENFIELD EXPLORATION IN CÔTE D’IVOIRE Objective of discovering Endeavour’s next standalone project INSIGHTS Fétékro’s Lafigué exploration prospect gold in soil map › Published maiden resource estimate on the Lafigué target and identified of 14 additional nearby targe
Slide 101: Fetekro Lafigue Center Cross-Sections
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigue Center Cross-Sections 101
Slide 102: Fetekro Lafigue North Cross-Section
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigue North Cross-Section 102
Slide 103: JV With Barrick on Sissedougou / Mankono
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Barrick on Sissedougou / Mankono JV WITH BARRICK (EX-RANDGOLD) › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0
Slide 104: Greenfield Exploration, Burkina Faso
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 104
Slide 105: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695 km² 105
Slide 106: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 106
Slide 107: Greenfield Exploration, Mali
CORPORATE PRESENTATION GREENFIELD EXPLORATION, Mali Kofi area › Kofi on same trend as Randgold’s Loulo-Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Focus in 2019 will be attaining additional license around Kofi North / Netekoto to consolidate exploration cluste
Slide 108: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 109: Equity Markets Strongly Support West Africa
CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Amongst top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 10 $9.82B 8 +$ 6 billion raised for West Africa $6.35B $5.89B US$ Billions 6 4 $3.
Slide 110: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) 677 634 +$5.0b spent in West Africa over last 10 years 385 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is Chile
Slide 111: Significant West-Africa Exploration Success
CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz No.1 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M
Slide 112: More Exploration Expenditures in Smaller Region
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 2017 exploration budget ($m) Canada Australia 600 500 400 West More spending, yet 5x smaller land mass Africa USA 300
Slide 113: Burkina Faso & Côte d'Ivoire Under-explored
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production % of Birimian greenstone belt West African geology - Birimian greenstone belt Burkina Faso 22% Côte d’Ivoire 35% Other 14% Mali Ghana 10% 19% 2016 production (Moz) Côte Burkina
Slide 114: Burkina Faso & Côte d'Ivoire Fast Growing
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represent half of the region's exploration expenditures West African exploration expenditures by country 2017 exploration expenditures Côte d’Ivoire 20% ~50% Burkina Faso of West African exploration 29% expenditures Ghana Other Cou
Slide 115: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 production gold by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz 5Moz 5Moz 5Moz 4Moz 3Moz 3Moz 3Moz 4th largest gold producing South Africa Au
Slide 116: West Africa Operates as Economic Union
CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated Countries using West African CFA INSIGHTS › West Africa acts as an economic zone (WAEMU) › Common central bank for 8 states › Common currency which is pegged to the Euro › Fiscal
Slide 117: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali 2017 GDP (USD b) (1) 12.87 40.39 15.29 2017 GDP Growth(1) 6.7% 7.8% 5.3% GDP › Agriculture (31%), manufacturing, › Agriculture (20%), manufacturing,
Slide 118: West Africa Mining Codes Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries Corporate Income Tax and Royalties INSIGHTS › Transfer pricing regulations Country / Region Corporate Tax Mining Royalties recently established in the Burkina Faso Up to 27.5% Up to 5% jurisdiction C
Slide 119: Only Multi-asset West African Mid-tier Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE ONLY MULTI-ASSET WEST AFRICAN MID-TIER PRODUCER Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World Geographically focused yet diversified across multiple mines and m
Slide 120: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 121: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Olivier COLOM, Livia MAHLER, Jim ASKEW, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director CEO & President Non-executi
Slide 122: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com Credit Suisse Fahad Tariq ✆ +1 416 352 4593 ✉ fahad.tariq@credit-suisse.com Clarus Securities Nana Sangmuah ✆ +1 416 343 3350 ✉ nsangmuah@clarussecurities.com D
Slide 123: Convertible Bond
CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%
Slide 124: Selection, Ranking and Risk Evaluation of Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 125: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Capital Employed (US$ '000) 2015 2016 2017 2018 Total Assets 1,054,094 1,357,098 1,693,511 1,922,043 Less: Mining Interests (740,756) (1,039,529) (1,363,904) (1,543,842) Tabakoto 235,585 235,844 101,611 0 Nzema 166,342 99,045 0 0 Youga 11,686 0 0 0 A
Slide 126: Production and Cost Details by Mine: Quarterly
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU ITY CIL ITY HL KARMA HOUNDÉ (on a 100% basis) Unit Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Physicals Total tonnes mined – OP1 000t 6,
Slide 127: Production and Cost Details by Mine: Yearly
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a yearly basis AGBAOU TABAKOTO ITY KARMA HOUNDÉ (on a 100% basis) Unit Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Physicals Total tonnes mine
Slide 128: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 128 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at Note March 31, December 31, In thousands of US$ 2019 2018 ASSETS Current Cash 84,034 124,022 Cash - restricted 3,511 1,073 Trade and other receivables 6 62,387 57,782 Inventories 4 122,404 126,353 Current portion of
Slide 129: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 129 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 129
Slide 130: Cash Flow Statement
CORPORATE PRESENTATION 130 CASH FLOW STATEMENT 130
Slide 131: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2018 Fetekro Project 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 Proven Reserves - - - Resources shown Tonnage Grade Content Probable Rese
Slide 132: Houndé Updated Reserve
CORPORATE PRESENTATION HOUNDE UPDATED RESERVE (as published on June 24, 2019) Kari Pump June 2019 Reserve Classification HOUNDÉ MINE KARI PUMP TOTAL (as at Dec. 31, 2018) (as at June 15, 2019) (Current as at Dec. 31, 2018) Δ GOLD Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content CONT