Slide 1: Q4 & FY-2024 Results Presentation
Q4 & FY-2024 RESULTS PRESENTATION 6 March 2025
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & ESG VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q4-2024 & FY-2024 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q4-2024 & FY-2024 Highlights
01 SECTION 1 Q4-2024 & FY-2024 HIGHLIGHTS
Slide 6: 2024 Year in Review
2024 YEAR IN REVIEW OPERATIONAL ESG PERFORMANCE 1,103koz INITIATIVES Class-leading ESG ratings1 Production 2024 $1,058/oz Sustainability Total Cash Costs Report published $1,218/oz All-In Sustaining Costs $ 2.2bn Economic 0.13 contribution to host countries LTIFR TWO Organic growth projects delivere
Slide 7: Production and All-In Sustaining Cost
PRODUCTION AND ALL-IN SUSTAINING COST Increased production at improved AISC in Q4 Production and All-In Sustaining Costs Production, koz All-In Sustaining Cost, US$/oz 363koz Realised +93koz Gold Price1 280koz 270koz 251koz Production Q4-2024 vs Q3-2024 219koz $1,287/oz $1,287/oz $1,186/oz $1,141/oz
Slide 8: FY-2025 Guidance
FY-2025 GUIDANCE Increasing production at stable costs and reducing capital expenditure 1,103koz FY-24 GROUP +14% 1,110koz 1,260koz PRODUCTION FY-2025 Guidance1 Production growth based on $1,218/oz top-end of FY-2025 guidance FY-24 GROUP AISC2 $1,150/oz $1,350/oz FY-2025 Guidance CAPITAL FY-2024 Sus
Slide 9: Class Leading Cost Profile
CLASS LEADING COST PROFILE 1st quartile all-in sustaining costs Gold peers AISC benchmark FY-2025 AISC Guidance, US$/oz Peer Average Maintaining class-leading $1,470/oz margins $1,150 – 1,350/oz FY-2025 Guidance st 1 Quartile All-In Sustaining Cost Endeavour Alamos Gold Fields Northern Star Eldorado
Slide 10: Organically Growing Production
ORGANICALLY GROWING PRODUCTION Production growth to 1.5Moz with stable costs Production from continuing operations Production from continuing operations +36% 1,500koz +36% -8% Production growth 1,203koz 1,161koz 1,110 – 1,260koz by 2030 1,103koz 1,072koz Stable All-In Sustaining Costs to 2030 FY-202
Slide 11: Strong Adjusted EBITDA Generation
STRONG ADJUSTED EBITDA GENERATION Strong operating performance and gold prices support increased EBITDA generation Adjusted EBITDA from continuing operations1 Adj. EBITDA from continuing operations 1.3bn Realised +27% Gold Price $1,325m +$ $1,133m $1,027m $1,047m Adj. EBITDA in FY-2024 27% $468m + A
Slide 12: Free Cash Flow Generation
FREE CASH FLOW GENERATION Increasing free cash flow generation following growth phase Free cash flow from all operations Operating Cashflow Free Cash Flow Investing Cashflow DEBT REDUCTION FOCUS $1,166m ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS DE-LEVERING AND SHAREHOLDER RETURNS +$ 487
Slide 13: Robust Financial Position
ROBUST FINANCIAL POSITION Quickly de-levering the balance sheet towards target leverage Evolution of leverage Net debt / LTM adjusted EBITDA 0.55x ABILITY TO FUND GROWTH AND DE-LEVERING AND INCREASING DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS Free cash flow inflection driving significant balan
Slide 14: Shareholder Returns Programme
SHAREHOLDER RETURNS PROGRAMME Increasing commitment to shareholder returns Supplemental returns expected to be paid if the gold INSIGHTS Shareholder returns programme price is above $1,850/oz and Endeavour maintains a healthy financial position Share Buybacks Minimum Dividend Paid › The 2024 – 2025
Slide 15: Sector Leading Shareholder Returns
SECTOR LEADING SHAREHOLDER RETURNS Over 30% of market value returned to shareholders in four years 2021-2024 INDICATIVE YIELD 2024 INDICATIVE YIELD 2024 RETURNS PER OUNCE 0% 8% 16% 24% 32% 0% 1% 2% 3% 4% 5% 6% 7% $0/oz $100/oz $200/oz $300/oz Endeavour 31.6% B2Gold1 6.1% Newmont $282/oz Gold Fields
Slide 16: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE PFS confirms Assafou’s tier 1 potential Production profile PRE-FEASIBILITY STUDY KEY METRICS Production (koz) AISC ($/oz) 400 2,000 Target production of +350koz 350 329koz $892/oz +15year 4.1Moz 300 250 1,500 Production AISC at $2,000/oz Life of Mine Mineral Reserve (a
Slide 17: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE 12.2Moz of M&I resources discovered since mid-2021 Total M&I resource discoveries M&I resources discovered 12 – 17Moz M&I resource 2.2 Exploration spend discovery target (2021-2025) 21.4Moz Discovered 2.2Moz 3.6Moz Moz Discovered in 3.0Moz FY-2024 3.5Moz 2.2Moz 1.3Moz 1.9
Slide 18: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE Achieved 5-year discovery target of 12 - 17Moz for period ending 2025 5-year M&I resource discovery target FY-2025 GUIDANCE M&I resource as at 31 December, 2020 M&I resources discovered in 2021 - 2023 Assafou Greenfield Remaining Indicated resource discovery target (2021
Slide 19: Being a Trusted Partner
BEING A TRUSTED PARTNER 2024 Sustainability Report highlights continued sector leading ESG performance 2024 SUSTIANABILITY REPORT HIGHLIGHTS $2.2B 0.63 tCO2E/oz 0.13 Economic Contribution Class-leading Lost Time Injury to host countries emissions intensity Frequency Rate ISO 45001 $1.4B 427ha & ISO
Slide 20: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 21: Financial Highlights
FINANCIAL HIGHLIGHTS Free cash flow continuing to grow in Q4-2024 QUARTER ENDED TWELVE MONTHS ENDED 31 Dec 30 Sept 31 Dec 31 Dec 31 Dec Q4-2024 vs. For Continuing Operations1 (in $ million unless otherwise stated) 2024 2024 2023 2024 2023 Q3-2024 72% OPERATIONAL HIGHLIGHTS Gold Production, koz 363 2
Slide 22: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Increasing EBITDA generation at stronger margins Adjusted EBITDA from continuing operations1 Adj. EBITDA from continuing operations Adj. EBITDA Margin +72% Realised Gold Price2 $546m Adj. EBITDA Q4-2024 vs Q3-2024 $317m $292m $249m $213m +13pp 58% 50% 45% 45% 45% Ad
Slide 23: Operating Cash Flow
OPERATING CASH FLOW Strong operating cashflow following project ramp ups Operating cash flow from continuing operations1 Gold Prepayment $531m (Adj. Operating Operating cashflow from continuing operations Cash Flow) Realised Gold Price2 $150m Gold Pre-Payment +$ 279m Operating cash flow3 Q4-2024 vs.
Slide 24: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows increased significantly net of pre-payment INSIGHTS Operating cash flow bridge 2 3 1. The realised gold price for continuing operations, inclusive of realised losses on gold hedges as part of the Group’s Revenue Protection Programme and LBMA averaging s
Slide 25: Free Cash Flow
FREE CASH FLOW Increasing free cash flow generation Free Cash Flow from all operations $418m (adjusted for non-cash Gold Pre-payment Investing Cashflow pre-payment reversal) Operating Cashflow Free Cash Flow +$ 321m $268m Free Cash Flow (As reported) (adjusted for non-cash pre-payment reversal) $255
Slide 26: Change in Net Debt
CHANGE IN NET DEBT Improving net debt and leverage following growth phase INSIGHTS Change in net debt 1 1. Operating activities included $352m in $834m operating cashflow before changes in working capital and a $25m working capital 3 $732m inflow. 2. Investing cash outflows included $43m of sustaini
Slide 27: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted net earnings increased quarter on quarter INSIGHTS 3 MONTHS ENDED 1. The Group recognised a non-cash impairment of (in $ million) 31 Dec 30 Sept A = Adjustments made for Adjusted Net Earnings $200m in relation to the Kalana property and various 2024 2
Slide 28: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 29: Safety Performance
SAFETY PERFORMANCE Continued industry leading safety record LTIFR and hours worked Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)1 0.13 44.0m 44.2m 42.3m 42.4m 39.4m LTIFR in Q4-2024 0.13 0.12 0LTIs 0.11 0.11 0.05 in Q4-2024 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 1
Slide 30: Reserve and Resource Evolution
RESERVE AND RESOURCE EVOLUTION Significant reserve additions at Assafou and Ity P&P reserve bridge1 +4.1Moz 18.4Moz 4.5Moz +1.2Moz (0.2Moz) (0.2Moz) 13.9Moz 0.0Moz (0.4Moz) + P&P reserves 2023-end Houndé Ity Mana Sabodala- Lafigué Assafou 2024-end FY-2024 vs FY-2023 Massawa M&I resource bridge1 (Inc
Slide 31: Group Operating Performance by Asset
GROUP OPERATING PERFORMANCE BY ASSET Improved production at stabilised costs expected in FY-2025 Production, koz AISC, US$/oz 294koz 250-280koz 324koz 343koz 290-330koz 229koz $1,100 - $975 - $1,158/oz 1,100/oz 1,250/oz $919/oz $767/oz $809/oz Sabodala Ity Massawa 2023 2024 2025E Mine 2023 2024 2025
Slide 32: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Sequentially higher production delivered through 2024 Q4-2024 vs Q3-2024 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz 85koz › Production increased due to an increase in average 70koz grades processed and total tonnes milled, partially 57koz 54koz offset by a d
Slide 33: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO High grade Kari Pump ore supported a strong Q4-2024 Q4-2024 vs Q3-2024 INSIGHTS Production and AISC › Production increased due to higher-grade material Production, koz AISC, US$/oz processed and increased tonnes milled, partially offset by 109koz lower recovery rates. › AIS
Slide 34: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Record production in FY-2024 Q4-2024 vs Q3-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to increased tonnes milled, 96koz partially offset by lower average grades processed and 86koz 84koz lower recovery rates. 74koz 77koz › AISC i
Slide 35: Mana, Burkina Faso
MANA, BURKINA FASO Strong Q4 performance as Wona underground portals ramp up Q4-2024 vs Q3-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades processed and higher tonnes milled, partially offset 42koz 41koz by lower recovery rates. 37ko
Slide 36: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Successfully ramped up to exceed nameplate capacity Q4-2024 vs Q3-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to an increase in tonnes milled 60koz and average grades processed, while recoveries remained consistent. › AISC dec
Slide 37: Conclusion
04 SECTION 4 CONCLUSION
Slide 38: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Increasing cash flow to deliver enhanced shareholder returns Key priorities Key per ounce drivers of value creation Deliver production guidance of 1,110 – 1,260koz at AISC of OPERATIONS $1,150 – 1,350/oz De-lever the balance sheet to less than 0.5x leverage in the
Slide 39: Appendix
05 SECTION 5 APPENDIX
Slide 40: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Adding high-grade non-refractory resources into the CIL mine plan INSIGHTS › An exploration programme of $33.7 million was undertaken in FY-2024 consisting of 150,229 metres of drilling across 4,680 drill holes. During 2024, drilling activities focused on defining near
Slide 41: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration potential INSIGHTS › An exploration programme of $9.9 million was undertaken in FY-2024 consisting of 20,807 metres across 84 drill holes. During the year the exploration programme was focused on identifying additional resources below the K
Slide 42: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on extending resources and delineating new targets Ity map INSIGHTS › An exploration programme of $11.4 million was undertaken in FY-2024 consisting of 55,803 metres across 1,574 drill holes. During the year the exploration programme focused on resoruce-to-reserve co
Slide 43: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Focused on extending resources and delineating new targets INSIGHTS › An exploration programme of $2.5m was undertaken in FY- 2024 consisting of 10,500 metres of drilling across 87 drill holes. › The exploration programme focused on the WA05, Central Area 11 and Central A
Slide 44: Mana, Burkina Faso
MANA, BURKINA FASO Focused on following up on near-mine oxide mineralisation INSIGHTS › An exploration programme of $2.8 million was undertaken in FY-2024 consisting of 11,095 metres across 362 drill holes. The exploration programme was focused on delineating near mine high grade open-pit targets ne
Slide 45: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Senior Notes: Change in debt drawn › 5% fixed coupon rate senior notes mature in Oct-2026. ($m) Interest Rate Maturity 31 Dec 2024 30 Sept 2024 31 Dec 2023 Revolving Credit Facility: $370m $500m Senior Notes 5.00 % Oct 2026 500 500 500 › In Q4-2024
Slide 46: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases INSIGHTS Gold collars Gold price in US$/oz Debt reduction › For Q4-2024, approximately 113koz were and shareholder delivered into a collar with an average call 2600 return focus price of
Slide 47: FY-2025 Guidance
FY-2025 GUIDANCE Capital Expenditure Guidance Production Guidance FY-2024 FY-2025 GUIDANCE (All amounts in US$m) Houndé 50 40 (All amounts in koz, on a 100% FY-2024 FY-2025 GUIDANCE basis) Ity 10 20 Mana 34 60 Houndé 288 230 — 260 Sabodala-Massawa 25 60 Lafigué 6 35 Ity 343 290 — 330 Corporate 2 — S
Slide 48: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ Q4-2024 Q3-2024 Q4-2023 Q4-2024 Q3-2024 Q4-2023 Q4-2024 Q3-2024 Q4-2023 Q4-2024 Q3-2024 Q4-2023 Q4-2024 Q3-2024 Q4-2023 (on a 100% basis) Physicals Total tonnes mined – OP1 000t 8,120 7,761 7,349 10,833 9,567 11,993 —
Slide 49: Mine Statistics (Full Year)
MINE STATISTICS On a full year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) FY-2024 FY-2023 FY-2024 FY-2023 FY-2024 FY-2023 FY-2024 FY-2023 FY-2024 FY-2023 Physicals Total tonnes mined – OP1 000t 30,419 27,891 43,116 47,680 930 6,001 43,478 45,943 37,151 — Total ore tonnes – OP 0
Slide 50: Tax Payments by Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED YEAR ENDED 31 December 30 September 31 December 31 December 31 December 2024 2024 2023 2024 2023 All amounts in US$ million Houndé 11 12 17 51 52 Ity 2 25 19 78 62 Mana 2 2 6 11 27 Sabodala-Massawa — — — 76 116 Lafigué — — 1 1 1 Other1 1 25 30 80 84 Taxes pai
Slide 51: Tax Payments
TAX PAYMENTS Cash income and withholding tax payment outlook Group tax payments by year Minesite Tax Withholding Tax INSIGHTS FY-2023 FY-2024 › Income tax payments reflect the prior years $71m $341m $65m $17m $296m taxable earnings, while withholding tax payments reflect cash upstreaming in the $142
Slide 52: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement C Severe AA AA AA A C- C- Medium Low Low BBB 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2025 B 62 53 B- 49 54 C C C 45 42 39 D- 2019 2020 2021 2022 2023 2024 2020 2
Slide 53: 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