Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (February 2021)
183 slides from Endeavour Mining's investor presentation, February 2021
Slide 1: Corporate Presentation
CORPORATE PRESENTATION February, 2021 TSX:EDV
Slide 2: Disclaimer and Forward Looking Statements
DISCLAIMER AND FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP important factors that could cause actual results to differ materially from performance measures with no standard meaning under IFRS. This those contained in forward-looking statement
Slide 3: Table of Contents
TABLE OF CONTENTS 1 ENDEAVOUR OVERVIEW 2 OUTLOOK & RESULTS 3 COVID-19 RESPONSE 4 DETAILS BY MINE AND PROJECT 5 ESG 6 WEST AFRICA INSIGHTS 7 APPENDIX Note: All amounts are in US$, except where indicated, and may differ from MD&A due to rounding.
Slide 4: Endeavour Overview
01 SECTION 1 ENDEAVOUR OVERVIEW
Slide 5: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier diversified West African gold producer Top 10 6 GLOBAL GOLD CORE PRODUCER MINES ͂1.5Moz <$900/oz 2021 PRODUCTION TARGET 2021 AISC TARGET 33Moz 18Moz M&I RESOURCES P&P RESERVES +7,000 Operating mines Development projects Exploration assets Bi
Slide 6: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares outstanding as at September 30, 2020 243m1 RETAIL LA MANCHA1 TABLO BARRICK MANAGEMENT INSTITUTIONAL Share price as at February 5, 2021 C$28.04 Europe Market cap as at February 5, 2021 US$5.3bn TABLO Net cash as at
Slide 7: Create a Premier West African Gold Producer
CORPORATE PRESENTATION CREATE A PREMIER WEST AFRICAN GOLD PRODUCER STRATEGIC OBJECTIVES STRATEGIC PILLARS <$900/oz Diversification All-in sustaining cost across multiple countries and mines +10 YEARS Production visibility +20% ROCE from operating assets with strong capital allocation discipline +1.0
Slide 8: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE Focused on long-term sustainable production at low cost INVESTMENT DEBT REDUCTION DIVIDEND PHASE PHASE PHASE IN PRODUCTION Mana Boungou Ity CIL Karma $922/oz 1,067koz Houndé $886/oz $866/oz Massawa- Sabadola 727koz Wahgnion 663koz 651koz 593koz $843
Slide 9: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on management model with teams close to operations Senior Management Sebastien de Montessus CEO & Director 2h40 Dakar SENEGAL 1h30 Joanna Pearson MALI Karma CFO GAMBIA Mine Sabodala-Massawa Mine BURKINA Ouagadougou FASO GUINEA- Bamako Mana Henri
Slide 10: Operational Excellence: Safety
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Safety is our top priority Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.12 Lost Time Injury Frequency Rate 0.40 0.29 0.16 0.12 0.12 3 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 average (2)
Slide 11: Adoption of Responsible Gold Mining Principles
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Adoption of World Gold Council’s Responsible Gold Mining Principles Adopted from the World Gold Council Responsible Gold Mining Principles › An overarching framework that sets out clear expectations as to what constitutes responsible gold mining › Desi
Slide 12: Eight Consecutive Years of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Eight consecutive year of meeting guidance GROUP LTM BELOW LTIFR1 INDUSTRY 0.12 1.1 Industry Average2 PRO FORMA 1,066koz GROUP FY TOP END PRODUCTION 995-1,095koz Guidance PRO FORMA $865/oz $915/oz GROUP FY BOTTOM AISC END ~$870/oz Guidance (1) Lost Tim
Slide 13: Creates a Top Senior Gold Producer
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Creates a top 10 senior gold producer Production for Senior Gold Producers Based on 2021 estimates as per analyst consensus 7Moz 6Moz 5Moz Top 10 Global gold producer 4Moz 3Moz 2Moz 1Moz ~ 1.5Moz Polyus Endeavour Kinross Polymetal Newmont B2 Gold Agnic
Slide 14: Among the Lowest AISC of Senior Producers
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Amongst the lowest AISC within the senior gold producer peer group AISC for Senior Gold Producers Based on 2021 estimates as per analyst consensus $1,300/oz LOW $1,200/oz $1,100/oz COST $1,000/oz producer $900/oz $800/oz 900 $700/oz $650/oz $600/oz $20
Slide 15: Slotting SMF & TGZ Assets into Operating Model
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Slotted SMF & TGZ assets within our well-established West African operating model SEMAFO Lean Corporate Head Office › Potential annual synergies of $35 to $40 million from SEMAFO acquisition estimated to be fully unlocked in 2021 General managers are e
Slide 16: Project Development: Construction Track Record
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILDS COMPLETION 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 16
Slide 17: Strong Exposure Across Asset Lifecycle
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Strong exposure across asset lifecycle Daoukro Cluster Côte d’Ivoire Siguiri Kofi Trend Guinea Bondoukou Cluster Wahgnion Karma Mali Côte d’Ivoire Nabanga Burkina Faso Fetekro Côte d’Ivoire Houndé Mana Fougadian Mali Mt. Ba/Gueya Barrick JV Côte d’Ivoire
Slide 18: Attractive Organic Growth Opportunities
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities INSIGHTS › Endeavour continues to build optionality within its portfolio by ASSET Fetekro Kalana Bantou Nabanga Golden Hill Afema JV progressing exploration and studies in its project pipeline. › Strong Brownfield f
Slide 19: Fetekro Being Fast-Tracked
ENDEAVOUR OVERVIEW PROJECT DEVELOPMENT 2 Fetekro being fast-tracked; potential to become a cornerstone mine 2.5Moz Published in Q3-2020 3.0Mtpa PFS PLANT SIZE INITIAL PEA HIGHLIGHTS ON PREVIOUS 1.2MOZ INDICATED RESOURCE TOTAL LIFE OF MINE Gold contained processed 1.0Moz Average recovery rate 95% +10
Slide 20: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Among largest and most promising portfolios in West Africa AMONG LARGEST TENEMENT HOLDING +200 EXPLORATION TARGETS 33Moz 10-15Moz M&I RESOURCES 5-YEAR DISCOVERY TARGET Operating mines Exploration assets (ON PRE-SEMAFO AND TERANGA Development projects
Slide 21: Strong Foothold in Two World-Class Belts
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong foothold in two world-class belts Hounde Belt, Burkina Faso Ity Belt, Côte d'Ivoire Golden Hill Exploration 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 November 2016 10-15Moz Excludes assets acquired in SEMAFO and Teranga transactions. Updated targets expected to be published in 2021 4.0-6.0Moz 4.0-6.0
Slide 24: 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 Excludes assets acquired in SEMAFO and Teranga transactions Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-yea
Slide 25: Low Discovery Cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit Excludes assets acquired in SEMAFO and Teranga transactions From mid-2016 to end of 2019 unless indicated otherwise $149/oz $12/oz Average Endeavour discovery cost to date $76/oz $2
Slide 26: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION 44 PORTFOLIO & BALANCE SHEET MANAGEMENT 44 Potential to continue to divest non-core assets Portfolio Management Insights Combined Entity Producing Portfolio1 AISC, $/oz $1,200 Tabakoto SOLD: $1,150 › Youga (2016) Karma $1,100 Mana › Nzema (2017) Nzema $1,050 › Tabakoto (2018)
Slide 27: Net Cash Position Reached in Q4-2020
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Net cash position reached in Q4-2020 Net Debt Reduction Endeavour standalone before combination with Teranga 600m (Net Debt)/ Net Cash INVESTMENT PHASE DEBT REDUCTION PHASE DIVIDEND PHASE $ ~$70m Net Debt reduction in 2020 ($175m) ($528m)
Slide 28: Net Cash Position for Combined Group Expected Mid-2021
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Net cash position for combined group expected mid-2021 INSIGHTS Top Producers Leverage › The combined entity will benefit from a Based on Current Reported Net Debt / LTM EBITDA2 very robust balance sheet with $279m of 2.0x net debt and a
Slide 29: First Dividend Announced
CORPORATE PRESENTATION FIRST DIVIDEND ANNOUNCED Attractive yield as part of our strategy of maximizing shareholder value Dividend yield of gold producers 8.5% Targeting to augment shareholder 6.1% 5.5% return program 4.1% 3.8% 3.7% 3.5% 2.9% 2.1% 1.9% 1.9% 1.7% 1.6% U$0.37 1.6% 1.5% 1.4% 1.4% 1.4% 1
Slide 30: Significant Re-Rating Potential
CORPORATE PRESENTATION SIGNIFICANT RE-RATING POTENTIAL Attractive valuation compared to senior gold producer peer group P / NAV EV/ EBITDA 2021E 1 FCF Yield 2021E Harmony 0.7x Harmony 2.2x Harmony 29% Kinross 0.8x Endeavour 3.3x Endeavour 19% Endeavour 0.8x AngloGold 3.5x AngloGold 14% AngloGold 1.0
Slide 31: Potential to Create Top LSE Premium Listed Gold Producer
CORPORATE PRESENTATION POTENTIAL TO CREATE TOP LSE PREMIUM LISTED GOLD PRODUCER Targeting entry into the FTSE-100 Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent 3.0Moz Premium Segment Standard Segment AIM TARGETING 2.5Moz FTSE 100 2.0Moz INDEX 1.5Moz 1.0Mo
Slide 32: Strong Upcoming Catalysts
CORPORATE PRESENTATION STRONG UPCOMING CATALYSTS Exposure to strong fundamentals UPCOMING CATALYSTS TIMING CATALYST Immediate March 1 Corporate Closing of Agbaou sale transaction Cash Flow from Production Maiden reserve estimates for Kari Center and Mid March Houndé Kari Gap Late Q1 Fetekro Pre-Feas
Slide 33: Outlook and Results
03 SECTION 3 OUTLOOK AND RESULTS
Slide 34: 2021 Guidance
CORPORATE PRESENTATION 2021 GUIDANCE (Excluding Teranga assets) INSIGHTS Detailed Production Guidance › 2021 production is expected to amount to 2020 PRO FORMA 2021 FULL-YEAR GUIDANCE 915-1,010koz at AISC of $900-950/oz (All amounts in koz, on a 100% basis) ACTUALS Ity 213 230 — 250 › Production is
Slide 35: 2021 Guidance (continued)
CORPORATE PRESENTATION 2021 GUIDANCE (continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › Growth capital: $13 million, mainly for studies and holding (All amounts in US$m) SUSTAINING CAPITAL NON-SUSTAINING CAPITAL costs at Kalana and Fetekro Ity 28 27 Karma 11 5 › Corpor
Slide 36: COVID-19 Response
04 SECTION 4 COVID-19 RESPONSE
Slide 37: Our COVID-19 Response
CORPORATE PRESENTATION OUR COVID-19 RESPONSE Developed epidemiological surveillance system to support our efforts 37
Slide 38: Our COVID-19 Response: Health and Safety
CORPORATE PRESENTATION OUR COVID-19 RESPONSE: HEALTH AND SAFETY Primary focus is protecting the well-being of employees, contractors and local communities INSIGHTS › Working closely with national health authorities to implement and augment government protocols in our host communities › Implemented r
Slide 39: Our COVID-19 Response: Business Continuity Plan
CORPORATE PRESENTATION OUR COVID-19 RESPONSE: BUSINESS CONTINUITY PLAN Endeavour’s operations are continuing to operate at near-normal levels KEY ACTIONS CURRENTLY OPERATING IN A LEVEL 1 ENVIRONMENT ✓ Key expatriates returned to site before suspension of commercial airline flights and shift rosters
Slide 40: Details by Mine and Project
05 SECTION 5 DETAILS BY MINE AND PROJECT
Slide 41: Operating Mines
CORPORATE PRESENTATION OPERATING MINES Diversified portfolio of seven mines, following Teranga transaction close MINE GOLD M&I M&I RESOURCE AISC1 RESERVES RESERVE GRADE2 NAME COUNTRY PRODUCTION1 RESOURCES2 GRADE2 (US$/oz) (Moz) (g/t) (koz) (Moz) (g/t) Houndé Burkina Faso 250 880 2.86 1.86 4.45 1.85
Slide 42: Houndé Mine
HOUNDÉ MINE 240-260koz $855-905/oz 2.9Moz 4.4Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves1 M&I Resources1 The goal is to delineate sufficient additional Karma Mine The Houndé mine is one of Endeavour’s cornersto
Slide 43: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Processed grades increased due to benefit of oxide ore from Kari Pump Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production increased significantly due to Production, koz AISC, US$/oz the higher processed grades and recovery rates as well as th
Slide 44: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Higher grades in second half of the year FY-2020 INSIGHTS Production and AISC › Production increased due to 20% higher grades and slightly AISC ($/oz) Production (koz) higher processed tonnes while recovery rates remaining flat. AISC decreased followi
Slide 45: Houndé: Strong Improvements from Exploration Success
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong improvements due to exploration success and mill outperformance Houndé production plan Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential
Slide 46: Houndé: Solid Next Years Locked-In
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Solid next 5 years locked-in with potential to maintain same level after Houndé Summary 250Koz/yr FIRST 5 YEARS NEXT 5 YEARS LIFE OF MINE Unit (2021-2025) (2026-2030) (2021-2033) PRODUCTION DATA Strip ratio W:O 8.66 5.28 7.51 Average annual production
Slide 47: Kari Area Permitted as Extension of Houndé
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Area permitted as extension of Houndé on expedited timeline INSIGHTS Map of Houndé Mining Permits › Permit extension granted covering the full Kari area EXTENDED PERMIT AREA › Permit includes the Kari Pump, Kari West and Kari Center, Kari Gap and
Slide 48: Current Reserves Greater Than When Mining Began
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Current reserves are greater than when mining began Reserves and depletion Reserves at period-end Cumulative depletion 3.4Moz reserve endowment 3.4Moz Reserves endowment 2.8Moz 2.1Moz 2.2Moz 2.0Moz 1.7Moz +64% 0.1Moz 0.4Moz Reserve endowment 0.6Moz 0.
Slide 49: Houndé Reserves and Resources
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Reserves and resources Mineral Reserve and Resource (current as at December 31, 2019) UPDATED WITH KARI AREA Δ AU AS PUBLISHED IN MARCH 2020 Resources shown inclusive ADDITIONS CONTENT of Reserves on a 100% Tonnage Grade Content Tonnage Grade Content
Slide 50: Significant Exploration Potential Highlighted
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 target included advance
Slide 51: Exploration at the Houndé Mine
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE Strong near-mine exploration upside INSIGHTS Houndé Site Map › As at Q3-2020, $17m was spent, comprised of nearly 74,000m drilled, with up to 11 rigs active › Over 44,000m were drilled for geotechnical and metallurgical purposes at Kari West, Kar
Slide 52: Kari Pump Reserve
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE Kari Pump Reserve 52
Slide 53: ~53% of Kari Pump Reserve Is Oxide/Transition Ore
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 53
Slide 54: Kari West: 1Moz Resource Delineated
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: 1Moz resource delineated to date; remains open at depth INSIGHTS Kari West H1-20 drill map with selected intercepts › Discovered during the 2018 AC drilling campaign › In 2019, intensive RC drilling defined the Kari West target as a broad m
Slide 55: Kari West: Remains Open at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: remains open at depth 55
Slide 56: Confirmed Mineralization for Kari Center Extension
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Confirmed mineralization for extension of Kari Center; discovery of Kari Gap INSIGHTS Kari Center drilling activity over H1-2020 › Mineralization was first intercepted at Kari Center during AC initial reconnaissance drilling in 2017. Follow up RC and
Slide 57: Kari Gap Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Gap: Area between Kari Gap and Kari Centre hosts significant potential 57
Slide 58: Kari Pump NE: Identified After Step Out Drilling
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Identified after step out drilling near Kari Pump INSIGHTS Kari Pump NE drilling activity over H1-2020 › Step out drilling targeting the possible extension of near-surface mineralization near Kari Pump, over a 700 meter span towards the
Slide 59: Kari Pump NE: Open to the West and Northwest
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Open to the west and northwest 59
Slide 60: Targeting Plunging High-Grade Zones at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Targeting plunging high-grade zones at depth 60
Slide 61: Ity Mine
ITY MINE 230-250koz $800-850/oz 3.3Moz 4.1Moz CÔTE D’IVOIRE 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 AISC P&P Reserves 1 M&I Resources1 The Ity mine is one of Endeavour’s cornerstone assets, it has the longest operating history of any gold mine in Côte
Slide 62: Ity Mine: Processed Grades Increased
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Processed grades increased due to the benefit of ore from the Daapleu pit Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production significantly increased due to the Production, koz AISC, US$/oz higher processed grades and throughput rate, which was
Slide 63: Potential to Start Mining Le Plaque in Q4
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Potential to start mining Le Plaque deposit in Q4 FY-2020 INSIGHTS Production and AISC › Production increased as the Ity CIL plant operated for the full twelve month period ended December 31, 2020 compared to only AISC ($/oz) Production (koz) three quar
Slide 64: New Mine Plan Reflects Exploration Success
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE New mine plan reflect exploration success and increased mill size RECENT EXPLORATION SUCCESS LARGER PLANT SIZE DRIVEN BY EXPANDED RESERVES Mill Size Reserves LE PLAQUE 5.0Mtpa 4.8Moz DISCOVERY Reserves COST $18/oz endowment 4.0Mtpa inclusive of historic
Slide 65: Ity: Strong Improvements from Exploration Success
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong improvements due to exploration success and increased mill size Ity production plan Incremental production added 2017 Optimization Study 300koz 250koz Target production of 250koz over +10 years expected to be achieved based on exploration potenti
Slide 66: Ity: Solid Next Years Locked-In
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Solid next 5 years locked-in with potential to maintain same level after Ity Summary 248Koz/yr FIRST 5 YEARS NEXT 5 YEARS LIFE OF MINE Unit (2021-2025) (2026-2030) (2021-2031) PRODUCTION DATA Strip ratio W:O 3.88 2.89 3.24 Average annual production Tota
Slide 67: Ity Reserves and Resources
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Reserves and resources Mineral Reserve and Resource (current as at December 31, 2019) Δ AU AS PUBLISHED IN MARCH 2020 UPDATED TO INCLUDE LE PLAQUE CONTENT Resources shown inclusive of Tonnage Grade Content Tonnage Grade Content reserves on a 100% basis
Slide 68: Endeavour Controls the 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 4-6 Moz with average grade between 2.0-3.5g/t Au. The potential quantity of ounces is conceptual in nature s
Slide 69: $9 Million Exploration Programme Planned for 2021
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE $9 million exploration programme has been planned for 2021 Ity mine drilling targets Simplified Ity map with exploration targets 69
Slide 70: Ity Exploration: Le Plaque
CORPORATE PRESENTATION ITY EXPLORATION: LE PLAQUE Indicated resource has increased by 44% to 689koz LE PLAQUE INSIGHTS Le Plaque targets › In Q2-2020 the Indicated resource increased from 476koz to 689koz, an increase of 44% › Continued low discovery cost of <$20/oz › Ity mine M&I resource up 6% wit
Slide 71: Exploration Continued to Focus on Le Plaque
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE YTD-2020 exploration continued to focus on the Le Plaque discovery INSIGHTS Le Plaque drill map and selected H1-2020 intercepts (true width/grade) per area › In H1-2020, exploration efforts continued to be focused on the Floleu license, located only 6km
Slide 72: Section A – Epsilon Area
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A– Epsilon Area 72
Slide 73: Section B – Le Plaque Main and South
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B through the Le Plaque Main and Le Plaque South Areas 73
Slide 74: Delta Extension Best Intercepts Map
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Delta Extension H1-2020 best selected intercepts map 74
Slide 75: Section A – Delta Extension Northern Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A – Delta Extension Northern Part 75
Slide 76: Section B – Delta Extension Central Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B – Delta Extension Central Part 76
Slide 77: Several Other Nearby Targets
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets 77
Slide 78: Ity Trend: Regional Gold in Soil Anomalies
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (>100ppb) 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 t
Slide 79: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE 225-235koz $875-950/oz 4.8Moz 6.9Moz Senegal 2020 Target 2020 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves2 M&I Resources The recently published PFS highlighted a long The Sabodala-Massawa complex has potential to LOM (17 y
Slide 80: Ranks Amongst Africa's Top Mines
CORPORATE PRESENTATION SABODALA-MASSAWA MINE Ranks amongst Africa’s top mines AISC, $/oz SABODALA-MASSAWA Top Tier African Gold Mines(1)(2)(3)(4) $1,150 Ahafo (Newmont)(7) $1,050 384koz Loulo Sabodala / 2021-2025 Average Production (Barrick) Massawa (2020E) $950 Sukari Kibali (Centamin) (Barrick/Ang
Slide 81: Significant Growth Built In
CORPORATE PRESENTATION SABODALA-MASSAWA: SIGNIFICANT GROWTH BUILT IN Phased development plan to incorporate high grade Massawa deposits Sabodala-Massawa LOM Production and AISC (koz)(1) Sabodala Whole Leach Ore Massawa Whole Leach Ore Massawa Refractory Ore AISC Phase 1 Phase 2 400 400 400 400 LOM P
Slide 82: Significant Exploration Upside Potential
CORPORATE PRESENTATION SABODALA-MASSAWA, SENEGAL Significant exploration upside potential Ongoing Resources and Reserves Confirmatory Drilling Program › Initial exploration program at Massawa launched by Teranga in March 2020 with $10M budgeted for 2020 › During Q3 2020 completed 226 drill holes (>
Slide 83: Leveraging Project Delivery Expertise
CORPORATE PRESENTATION SABODALA-MASSAWA, SENEGAL Timely opportunity to leverage Endeavour’s successful project delivery expertise Area of Focus Optimization and Upside Opportunities ✓ Pit shell optimization at both Massawa and Sabodala deposits Mineral ✓ Early exploration efforts to test high grade
Slide 84: Wahgnion Mine
WAHGNION MINE 150-165koz $900-1,000/oz 1.1Moz 1.7Moz Burkina Faso 2020 Target 2020 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine Since commercial production was achieved, The newly developed Wahgnion mine offers generativ
Slide 85: Immediate Cash Flow Generation with Optimization Opportunities
CORPORATE PRESENTATION WAHGNION MINE Immediate cash flow generation with significant optimization opportunities Production and AISC Profile1,2,3 (koz and $/oz) 182 158 149 138 $950 $1,007 $870 $920 Since Start-Up 2020E 2021-2025 LOM Average (Q4'19-Q3'20) Average Optimization Opportunities › Still la
Slide 86: Mana Mine
MANA MINE 170-190koz $975-1,050/oz 1.4Moz 4.1Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine The Mana mine is located in the northern part of the BUR KI N A FASO highly prospective Houndé G
Slide 87: Mana: Underground Operations Strong Performance
CORPORATE PRESENTATION MANA, BURKINA FASO Underground operations continued to deliver a strong performance Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production slightly increased due to increased Production, koz AISC, US$/oz plant throughput, which was offset by marginal decreases in plant r
Slide 88: Mana: Higher Underground Grades Expected
CORPORATE PRESENTATION MANA, BURKINA FASO Grades expected to be higher in Q4 due to higher underground grades FY-2020 INSIGHTS Production and AISC › FY-2020 Pro Forma production totaled 219koz, beating the AISC ($/oz) Production (koz) upper end of the guided 185-205koz, due to the strong performance
Slide 89: Siou Underground
CORPORATE CORPORATE PRESENTATION PRESENTATION MANA, BURKINA FASO Siou underground INSIGHTS First production stope – Q1 2020 Progress as at January 31, 2020 › The location of the portal allows mining in the northern part of the Siou pit to continue uninterrupted › The ultimate size of the underground
Slide 90: Mana Exploration Program
CORPORATE PRESENTATION MANA, BURKINA FASO Exploration program of up to $2 million has been planned for 2020 Mana exploration map INSIGHTS › In 2020, a pro forma $3 million budget was established to follow up targets identified by geological review with minimal work completed thus far and $1.0 millio
Slide 91: Boungou Mine
BOUNGOU MINE 180-200koz $690-740/oz 1.1Moz 1.7Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine The mine was placed on temporary care and maintenance in November 2019 in order to address The
Slide 92: Boungou: Mining Re-started in Q4-2020
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Mining activities re-started in early Q4-2020 Q4-2020 vs Q2-2020 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to a significant increase in processed grade following the restart of mining operations as well as an 64k
Slide 93: Boungou: Higher Strip Ratio in First Half
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Higher strip ratio during the first half of the year FY-2020 INSIGHTS Production and AISC › FY-2020 Pro Forma production totaled 155koz, beating the upper AISC ($/oz) Production (koz) end of the guided 130-150koz as a result of the better than expected pe
Slide 94: Boungou Exploration Program
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Exploration program of up to $1 million has been planned for 2020 INSIGHTS Boungou Exploration Map › The 2019 drilling programme was mostly dedicated to the Boungou Nord sector, exploring near surface splays of the Boungou Shear Zone. In addition, further
Slide 95: Karma Mine
KARMA MINE 80-90koz $1,220-1,300/oz 0.3Moz 2.0Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine The Karma mine is a low-grade heap leach operation and In 2017, an optimization project was BUR
Slide 96: Karma: Production Increased After Rainy Season
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Production increased following the end of the rainy season Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production increased as a result of Production, koz AISC, US$/oz increased stacking following the end of the rainy season, with stacked grades
Slide 97: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Higher grades and recovery rates in H2-21 FULL YEAR 2020 INSIGHTS Production and AISC › Production remained flat as higher stacked tonnage, associated with the upgrades to the stacking system, AISC ($/oz) Production (koz) was offset by lower grades and
Slide 98: Karma Exploration Program
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Exploration program of up to $2 million has been planned for 2020 INSIGHTS Karma site map › An exploration program of up to $2.0 million was planned for 2020 with the aim of in-fill drilling and testing extensions of known deposits › No exploration is
Slide 99: Agbaou Mine
(MARCH 1: SALE CLOSING DATE) AGBAOU MINE 15-20koz 0.3Moz 0.5Moz CÔTE D’IVOIRE 2021 Target $1,050-1,125/oz 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 AISC P&P Reserves M&I Resources The low cost Agbaou mine was built ahead of schedule The plant is able to maintain a s
Slide 100: Agbaou: Production Increased
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Production increased due to higher throughput rate and higher grade Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production increased due to higher Production, koz AISC, US$/oz throughput rate and higher processed grade despite a slight decrease
Slide 101: Agbaou: Sale Expected to Close March 1, 2021
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Sale expected to close on March 1, 2021 FULL YEAR 2020 INSIGHTS Production and AISC › As guided, production decreased due to lower grades and a slightly lower gold recovery rate. AISC ($/oz) Production (koz) › AISC increased as a result of mining and
Slide 102: 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 103: Agbaou Exploration Program
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Exploration program of up to $2 million has been planned for 2020 Agbaou site map INSIGHTS › An exploration program of up to $2.0 million was planned for 2020 with the aim of continuing to test targets located along extensions of known deposits and o
Slide 104: Intercepted Mineralization 150m Under North Pit
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit 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 (incl.
Slide 105: Kalana Project, Mali
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 106: Kalana: Accretive Acquisition with Strong Upside
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 107: Significant 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 › An exploration program conducted in 2018 comprised of approximately 48,000m of drilling › At the Kalana Main deposit, the
Slide 108: 2018 Block Model Results
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block model results Block model – Section S100 108
Slide 109: Kalana Project Exploration
CORPORATE PRESENTATION KALANA PROJECT EXPLORATION, MALI Aim to increase resource base for project Several licenses INSIGHTS under negotiation with private › The Avnel FS is being updated to incorporate the owners updated resource for the Kalana Main deposit and the new Kalanako deposit (as published
Slide 110: 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 110
Slide 111: Kalanako Deposit Exploration Activities
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 112: 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 112
Slide 113: Fetekro Most Advanced Greenfield Property
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS › Fetekro is located in north central Côte Simplified map of the Fetekro property showing Lafigué d’Ivoire, approximately 500km from Abidjan, within the northern end of the
Slide 114: Fetekro Resource Is of High Quality
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro resource is of high quality INSIGHTS Lafigué Mineral Resource Estimate Evolution › High quality resource: As at August 31, 2019 As at July 31, 2020 Δ ‒ Amenable to open pit mining as Tonnage Grade Content Tonnage Grade Content AU miner
Slide 115: PFS Being Fast Tracked
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE PFS being fast tracked with targeted release in early 2021 2.5Moz Published in Q3-2020 3.0Mtpa PFS PLANT SIZE INITIAL PEA HIGHLIGHTS ON PREVIOUS 1.2MOZ INDICATED RESOURCE TOTAL LIFE OF MINE Gold contained processed 1.0Moz Average recovery rate
Slide 116: Positive Results from Initial PEA
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Positive results from initial PEA based on smaller resource base Initial PEA highlights on previous 1.2Moz Indicated Resource INSIGHTS OPERATION TYPE › An initial PEA based on the previously announced Mine Type Open Pit 1.2Moz Indicated resour
Slide 117: Initial PEA Gold Price Sensitivity
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Positive results from initial PEA based on smaller resource base INSIGHTS Gold Price Sensitivity – Pre-tax Gold Price Sensitivity – After-tax › The initial PEA project economics are robust, with an attractive NPV Gold Price $1,300/oz $1,500/oz
Slide 118: Lafigué Deposit Remains Open
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s Lafigué deposit remains open UPSIDE Lafigué geological interpretation and selected best intercepts per area › Significant exploration potential remains as the Lafigué deposit is open at depth and along strike and › Over a dozen nearb
Slide 119: Section 320645E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320645E Lafigué North 119
Slide 120: Section 320405E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320405E Lafigué North 120
Slide 121: Section 319875E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 319875E Lafigué North 121
Slide 122: Fetekro Upside Potential with Nearby Targets
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s upside potential with nearby targets NEXT STEPS Fetekro plan map with exploration targets › An updated PEA based on the updated 2.5Moz Indicated Resource is expected to be published in Q4-2020 › A 20,000 meters of additional drilling
Slide 123: Golden Hill Project
CORPORATE PRESENTATION GOLDEN HILL PROJECT Expanded presence in the Houndé Belt to benefit from existing infrastructure GOLDEN HILL PROJECT › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) from Endeavour’s Houndé mine › Potential for development as a satelli
Slide 124: Greenfield Bantou, Burkina Faso
CORPORATE PRESENTATION GREENFIELD BANTOU, BURKINA FASO Located along the Houndé Greenstone Belt INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 › Currently consists of eight mineralized zones with diverse mineralization styles and grades › The Bantou gold zone is part of the Dy
Slide 125: Bantou Drill Program
CORPORATE PRESENTATION GREENFIELD BANTOU, BURKINA FASO Aim to test prospective areas outside of the existing resources INSIGHTS Bantou 2020 Drill Program › In 2019, a total 96,669m were drilled at Bantou. Bantou Nord alone accounted for 15,031m which was part of an effort to rapidly outline the exte
Slide 126: Greenfield Nabanga, Burkina Faso
CORPORATE PRESENTATION GREENFIELD NABANGA, BURKINA FASO Remains open to the north and at depth INSIGHTS › Located 250 kilometers southeast of Ouagadougou, the Nabanga deposit cross-section Nabanga Gold Project lies within the Nabanga exploration permit. › Results of preliminary economic assessment (
Slide 127: Greenfield Afema, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE Targeting an initial resource estimate in H1 2021 INSIGHTS › Location and Ownership: ‒ Located in SE Côte d’Ivoire at the Sefwi-Bibiani Gold Belt Asankrangwa Ashanti Gold Belt intersection of two gold-enriched Gold Belt Côte d’Ivoire Ghana Ghana
Slide 128: New Discovery: Woulo Woulo Prospect
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE New Discovery: Woulo Woulo Prospect INSIGHTS › New Discovery: Woulo Woulo Prospect › Continued geological and structural evaluations to expand TOLIESSO oxide mineralization along the Afema shear zone NIAM. NORTH PR-345 BEGNORAN C-ZONE EXPLORATIO
Slide 129: Observations and Results at Afema Prospects
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE Observations and Results at Afema Prospects INSIGHTS Gold-in-Soil Geochemical Plan Map › Gold-in-Soil Geochemical Plan Map › Clearly defines the +20 km strike extensions of both the Niamienlessa structural trend and the Afema shear zone › Also d
Slide 130: 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 @ 2.08g/t Au at 74.6m, including 1.0m @
Slide 131: Greenfield Exploration, Burkina Faso Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 131
Slide 132: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER 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: 695km² 132
Slide 133: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA Well Located Licenses in Siguiri Basin GUINEA: 133
Slide 134: Greenfield Exploration, Mali Kofi Area
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 › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 134
Slide 135: ESG
06 SECTION 6 ESG
Slide 136: Our Sustainability Journey
OUR SUSTAINABILITY JOURNEY 2017 2018 2020 1st GRI Sustainability 2nd GRI Sustainability Report 3rd GRI Sustainability Report Report published published, with increased published, with RGMP 1.7 GRI indicators externally assured Published external ESG targets for the 1st time Expanded executive compen
Slide 137: Sustainability Governance
SUSTAINABILITY GOVERNANCE Board oversight with collective responsibility THE BOARD Environment, Sustainability & Audit Committee Quarterly Governance Committee Reports Leadership Compensation Scheme Executive Management Committee Short Term Long Term ESG Committee Monthly Updates 2020 3-Year 40% Net
Slide 138: Primary Reporting Framework: Responsible Gold Mining Principles
PRIMARY REPORTING FRAMEWORK: RESPONSIBLE GOLD MINING PRINCIPLES RESPONSIBLE GOLD MINING PRINCIPLES (RGMPs) 3-YEAR APPROACH TO CONFORM RGMPs launched in September 2019 2019 Internal GAP analysis completed by December 2020 Achieved external assurance on first RGMP: 1.7 2020 Independent ‘health’ check
Slide 139: Disclosure and Standards
DISCLOSURE AND STANDARDS WORLD GOLD COUNCIL INTERNATIONAL CYANIDE MANAGEMENT CODE (ICMC) The World Gold Council is the market development organization for the The International Cyanide Management Code (ICMC) is a voluntary gold industry and promotes responsible mining practices. The Council’s indust
Slide 140: Continuing to Improve Our Score
CONTINUING TO IMPROVE OUR SCORE ISS SUSTAINALYTICS 2020 Ranking * ? Evaluation due in October BLOOMBERG - ANNUAL Bloomberg Total ESG Disclosure Rank 2019 2018 2017 Score African Peers MSCI 1 Goldfields 61.57 57.44 56.61 2 IAMGOLD 53.3 47.52 47.52 3 B2GOLD 50.41 41.74 41.74 4 Galiano 44.6 40.08 34.71
Slide 141: Peer Comparisons
PEER COMPARISONS ESG SCORES IN GOLD SECTOR1 ENDEAVOUR COMPARED TO THE INDUSTRY BENCHMARK GMR ESG Report. Equal Weight to Environment, Social, Governance Category Endeavour Industry Benchmark LTIFR1 0.12 1.10 Consistently score well AISC ($/oz)2 890 1,000 Emissions scope 1+2 CO2e / gold production 0.
Slide 142: Our Material Issues in 2019
OUR MATERIAL ISSUES IN 2019 Internal & Stakeholder Materality Assessment Results OUR ESG PILLARS HIGH HEALTH & SAFETY 5 TOP PRIORITY Employment and labour relations Occupational health Resettlement and safety compensation and Air quality, dust livelihood restoration emissions and noise Sustainable a
Slide 143: Health & Safety
HEALTH & SAFETY KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS • Targeting zero physical and mental harm ✓ 0 Fatalities • Zero fatalities • Strong safety culture & track record ✓ 30% reduction in Group AIFR • 10% reduction in LTIFR, AIFR and on site employee malaria cases • Safety metric i
Slide 144: Health & Safety: COVID-19 Response
HEALTH & SAFETY COVID-19 RESPONSE • Working closely with national health authorities to implement and augment government protocols in our host communities • Implemented range of preventative measures across our sites, including social distancing, health screening, augmented hygiene and restricted ac
Slide 145: Our Employees
OUR EMPLOYEES KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS ✓ 95% site workforce are nationals • 25% increase female representation to 10% Focused on growing local content ✓ Promoted two West Africans to GM • Create formal Women in Mining Committee to oversee our activities ✓ 11% women in
Slide 146: Our Communities
OUR COMMUNITIES KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS Develop and implement a Group-wide Community • Committed to building strong respectful ✓ 1,161 community engagement meetings Engagement Policy to unify and standardize the relationships with host countries and ✓ Hosted 30 site
Slide 147: Our Communities: Local Procurement
OUR COMMUNITIES Local procurement KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS • Supporting development of local economies ✓ $627m total economic contribution Implement a Supplier Code of Conduct that sets out around our mines Endeavour’s requirements of its suppliers ✓ 67% ($376m) of to
Slide 148: Social Investment: ECODEV
SOCIAL INVESTMENT ECODEV is an CASE STUDY economic Mali Shi in Mali development fund. Mali is the 2nd largest producer of shea nut and accounts for ~20% global supply of shea. Established by Endeavour Shea butter is used in the cosmetic industry and to support local economic growth by as a cocoa but
Slide 149: Social Investment: SEMAFO Foundation
SOCIAL INVESTMENT The SEMAFO Foundation’s CASE STUDY mission is to alleviate poverty Organic Sesame Project and offer an improved quality of life by helping communities in Burkina Faso become self- Sesame is Burkina Faso’s 2nd largest crop export sufficient. and Burkina Faso is the 8th largest globa
Slide 150: Our Environment
OUR ENVIRONMENT KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS ✓ 0 significant environmental incidents • Conduct a review of renewable energy • At Endeavour we recognize the link between opportunities at our operations energy use and production and our carbon ✓ 77% of purchased electricity
Slide 151: Energy & Emissions
ENERGY & EMISSIONS KEY INSIGHTS ENERGY INTENSITY GHG EMISSION INTENSITY Energy consumption within the organization (GWh) GHG emissions (ktCO2e) Energy intensity (kWh/oz of production) Energy intensity (tCO2e/oz of production) -22% CÔTE D’IVOIRE 1,400GWh 1,400 400ktCO2e • Well developed national infr
Slide 152: Peer Comparisons: Energy and GHG Intensity
Source Yamana 768 3Berenberg 1Bloomberg Polymetal 845 Agnico Eagle 1,040 2Global Mining Research Goldfields 1,170 Endeavour 1,182 Newmont 1,194 Northern Star 1,519 Kinross 1,715 Harmony 1,760 Energy Intensity / sales1 Polyus 2,012 PEER COMPARISONS Anglogold 2,074 Newcrest 2,334 Barrick 2,353 B2Gold
Slide 153: Water Management
WATER MANAGEMENT AFRICA CLIMATE MAP Water Consumption Intensity (L/oz) WATER CONSUMPTION 100,000 120,000 180,000 140,000 160,000 INTENSITY (ML/oz) 20,000 40,000 60,000 80,000 Warm desert 0 Warm Semi-Aid Water withdrawal (ML) NST Tropical Savanna Water consumption intensity (ML/oz) TXG Monsoon ROXG E
Slide 154: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT KEY INITIATIVES / 2019 PERFORMANCE INSIGHTS • Participated in the Investor Mining and Tailings Safety Initiative (Church of England) • Mana (2008) • Boungou (2018) Upstream– ex SMF Downstream – ex SMF • Disclosure on our website updated annually • Agbaou (2014) • Ity
Slide 155: Biodiversity
BIODIVERSITY We will not conduct exploration CASE STUDY or mining activities on any We have set-up a partnership with Université natural World Heritage sites Jean Lorougnon Guede of Daloa for the and no habitats of endangered, creation and preservation of a forest within protected or IUCN red list t
Slide 156: Ethical Business
ETHICAL BUSINESS KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS • Joined World Gold Council in January 2019 ✓ 0 reported cases of bribery • Augment the ESG targets included in the short and long-term incentive schemes • Aligned with Voluntary Principles on Security ✓ 5 Whistleblower report
Slide 157: West Africa Insights
07 SECTION 7 WEST AFRICA INSIGHTS
Slide 158: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2019 gold production by country 12Moz 12Moz 11Moz 10Moz +78% West African production growth over past 10 years 6Moz 6Moz 5Moz 5Moz nd 4Moz 2 4Moz 3Moz 3Moz largest gold producing China Mexic
Slide 159: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2020 exploration budget ($m) 842 788 +$ 5 billion spent in West Africa 470 458 over last 10 years 214 208 10% 167 116 105 102 100 95 85 84 77 76 72 56 50 44 44 39 33 31 of
Slide 160: 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 161: Burkina Faso & Côte d'Ivoire Are Under-Explored
CORPORATE PRESENTATION BURKINA FASO & CÔTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~30% 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% 2019 production (Moz) Côte Burkina
Slide 162: Burkina Faso & Côte d'Ivoire Are Fast Growing
CORPORATE PRESENTATION BURKINA FASO & CÔTE D’IVOIRE ARE FAST GROWING Represent half of the region’s exploration expenditures West African exploration expenditures by country 2020 exploration expenditures Burkina Faso 22% Côte d’Ivoire ~50% 23% of West African exploration expenditures Other Countries
Slide 163: West Africa Operates as an 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 eight states › Common currency which is pegged to the Euro › Fis
Slide 164: Security in Burkina Faso
CORPORATE PRESENTATION SECURITY IN BURKINA FASO Significant foreign aid and co-operation amongst West African nations INSIGHTS › Security unit structured as a business unit, led by ex-French military › Air strips on sites to avoid use of roads and improve operating efficiencies › Strong relationship
Slide 165: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali Senegal 2020 GDP (USD b) 1 14.00 48.00 12.50 24.41 2020 GDP Growth1 6.0% 7.0% 4.9% -0.7% GDP › Agriculture (31%), › Agriculture (20%), › Agriculture
Slide 166: West Africa Mining Codes Are Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries INSIGHTS Corporate Income Tax and Royalties › 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 167: Endeavour Emerging as Leading Multi-Asset West African Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE LEADING MULTI-ASSET WEST AFRICAN 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 multipl
Slide 168: Appendix
SECTION 8 APPENDIX ENDEAVOUR MINING
Slide 169: Appendix 1: Board, Analyst Coverage
APPENDIX 1 Board, Analyst Coverage
Slide 170: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael Beckett Sébastien de Montessus Jim Askew Alison Baker Chairman CEO & President Non-executive Director Non-executive Director Non-executive Director Sofia Bianchi William Biggar Livia Mahler David Mimran Non-executive Director Non-executive Director Non-ex
Slide 171: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Berenberg Jonathan Guy ✆ +44 203 753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bmo.com Canaccord Carey MacRury ✆ +1 416 867 6130
Slide 172: Appendix 2: Financial Appendices
APPENDIX 2 Financial appendices
Slide 173: Production and Cost Details by Mine (Quarterly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-20 Q3-20 Physicals Total tonnes mined – OP1 000t 4,383 6,095 6,341 6,546 6
Slide 174: Production and Cost Details by Mine (Full Year)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a full year basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) FY-20 FY-19 FY-20 FY-19 FY-20 FY-19 FY-20 FY-19 FY-20 FY-20 Physicals Total tonnes mined – OP1 000t 22,159 25,349 23,469 14,053 19,158 19,435 43,495 38,194 24,50
Slide 175: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 175 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 102 175
Slide 176: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 176 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 176
Slide 177: Cash Flow Statement
CORPORATE PRESENTATION 177 CASH FLOW STATEMENT 177
Slide 178: Appendix 3: Reserves and Resources
APPENDIX 3 Reserves and Resources
Slide 179: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As at December 31, 2019 Houndé Mine Resources shown inclusive of Tonnage Grade Content Ity Mine Resources shown inclusive of Tonnage Grade Content Reserves. On a 100% basis (Mt) (Au g/t) (Au koz) Reserves. On a 100% basis (Mt) (Au g/t) (Au koz) Proven Re
Slide 180: Selection, Ranking and Risk Evaluation of Exploration 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 grassroots to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 181: Appendix 4: Debt Sources and ROCE
APPENDIX 4 Debt Sources and ROCE
Slide 182: Refinanced Using Diversified Debt Sources
CORPORATE PRESENTATION REFINANCED USING DIVERSIFIED DEBT SOURCES Diversified debt with low interest cost and savings on refinancing of Teranga debt INSIGHTS: › As part of the Teranga 1) $430m REVOLVING CREDIT FACILITY acqusition, Endeavour › Interest rate of LIBOR plus 2.95% to 3.95% on drawn portio
Slide 183: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on Capital Employed (ROCE) EBITDA and EBIT Based on Q3 2020A annualized figures Endeavour Mining Teranga Pro forma US$ million Adjusted EBITDA Q3 2020A Annualized 1,023 405 1,428 Less: Depreciation and Amortisation (539) (133) (672) Adjusted E
Endeavour Mining — Investor Presentation (February 2021) on 6ix