Slide 1: Corporate Presentation May 2020
CORPORATE PRESENTATION May, 2020 TSX:EDV
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all in sustaining cash cost per ounce are non GAAP factors that could cause actual results to differ materially from those performance measures with no standard meaning under IFRS This contained in forward looking statements, there may
Slide 3: Table of Contents
TABLE OF CONTENTS 1 ENDEAVOUR OVERVIEW 2 OUTLOOK & Q1 RESULTS 3 COVID-19 RESPONSE 4 DETAILS BY MINE AND PROJECT 5 WEST AFRICA INSIGHTS 6 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 SENEGAL GAMBIA MALI Karma Mine 3,800 GUINEA- BURKINA FASO Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine SIERRA Fetekro 680-740koz LEONE CÔTE Project $845-895/oz D’IVOIR
Slide 6: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Mar 31 111m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at May 12 C$27.36 Europe Market cap as at May 12 US$2.15B Net Debt as at March 31 US$473m Other North America 5% 30% 1% 64% Sha
Slide 7: Create a Premier Diversified West African Gold Producer
CORPORATE PRESENTATION CREATE A PREMIER DIVERSIFIED WEST AFRICAN GOLD PRODUCER STRATEGIC OBJECTIVES STRATEGIC PILLARS <$850/oz Diversification All-in Sustaining Cost across multiple countries and mines +10 YEARS Production visibility +20% ROCE from operating assets with strong capital allocation dis
Slide 8: Strategically Repositioned
CORPORATE PRESENTATION STRATEGICALLY REPOSITIONED Strategically repositioned Endeavour as a leading African Gold producer 2016 - 2019 TURN-AROUND 2015 PROFILE $1billion invested 2020 PROFILE All-in Sustaining $922/oz 2 flagship mines built $845-895/oz Cost 6.3Moz discovered at $12/oz 4 years 10+ yea
Slide 9: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE Newly built Houndé and Ity flagship mines have low AISC and long mine lives FOCUSED ON BUILDING HOUNDÉ AND ITY CASHFLOW PHASE >800koz 727koz 680-740koz 663koz 651koz 593koz 516koz $922/oz $886/oz $866/oz $843/oz $845-895/oz ~$813/oz 2015 2016 2017 2
Slide 10: 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 GAMBIA Karma Louis Irvine Mine CFO BURKINA FASO Morgan Carroll GUINEA- Bamako Houndé EVP Corporate Finance & BISSAU Kalana Min
Slide 11: 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) 0.66 0.26 LTM Lost Time Injury Frequency Rate 0.40 Regrettably, a fatal accident occurred at the Karma mine in February 0.29 0.26 0.16 0.12 2 LTI Over the past
Slide 12: Operational Excellence: Local Talent
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talent Employee breakdown for continuing operations Expats Nationals GENERAL MANAGERS 75% 95% site workforce 3 out of 4 are West-African are nationals 0% 25% in 2017 in 2018 SITE WORKFORCE HEAD OF DEPARTMENTS 95% 42% 75% 2,327
Slide 13: 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 over-arching framework that sets out clear expectations as to what constitutes responsible gold mining › Des
Slide 14: Seventh Consecutive Year of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Seventh consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance Guidance 800 1,010 700 600 922 500 886 869 400 727 843 663 651 300 593 818 516 466 200 100 0 2014 2015 2016 2017 2018 2019 2014 2
Slide 15: Long-term Sustainable Production at Low Cost
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Ability to deliver long-term sustainable production at low cost Combined Entity Production and AISC Production AISC +1Moz +1.1Moz +1.1Moz +1Moz production ͂$900/oz ͂$800/oz ͂$800/oz <$900/oz AISC 2020E 2021E 2022E Sources: Company disclosures for 2020
Slide 16: AISC in Bottom Third of Cost Curve
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 AISC in the bottom third of the global cost curve Cumulative Industry AISC Cost Curve ($/oz) Industry curve based on Q4-2019 $/oz US$/oz 3,500 LOW 3,000 COST 2,500 Gold producer 2,000 1,500 1,000 Combined Entity Bottom 500 third Industry AISC 0 0% 10%
Slide 17: Diversified Portfolio of Mines Following SEMAFO Combination
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Diversified portfolio of 6 mines following combination with SEMAFO 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 240 880 2.16 2.10 3.89 2.0
Slide 18: Strong 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 18
Slide 19: Self-performing Tasks Driving Cost Savings
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 20: Enhanced Project Pipeline
CORPORATE PRESENTATION 4 442 PROJECT DEVELOPMENT Potential to increase capital allocation efficiency with enhanced pipeline Daoukro Cluster (Ivory Coast) Kofi Trend Bondoukou Clust. (Mali) (Ivory Coast) Nabanga (Burkina Faso) PEA completed 2019 Ity CIL Fougadian Siguiri Boungou (Mali) (Guinea) Kalan
Slide 21: Attractive Organic Growth Opportunities
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities INSIGHTS V Endeavour SEMAFO › While the main focus for 2020 is cash NAME Kalana Fetekro Bantou Nabanga flow generation, Endeavour is also continuing to build optionality within its portfolio by advancing studies and
Slide 22: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Among largest and most promising portfolios in West Africa 10,090km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET *Reserve and Resource at year-end 2018 22
Slide 23: 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 Creates a world class mining district for Endeavour with two mines and a project Mana 1 2 Hounde 3 4 5 6 7 8 Bantou 9 11 10 1 Yaramoko mine 4 7 Central Hounde
Slide 24: 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 25: 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 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery target 2.5-3.5Moz 1.5-2.5Moz 0.5-1.0Moz 0.5-1.5Moz 0.5-1.5Moz target excee
Slide 26: Over 1.2 Million Meters Drilled 2017-2019
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 $49m 2. Tabakoto due to its short mine life $44m $53m $45-50m 3. Agbaou to test potential 9% 19% 2018 PRIORIT
Slide 27: 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 6.3Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco
Slide 28: Quickly Bringing Discoveries into Production
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Quickly bringing high quality discoveries into production BAKATOUO (ITY) KARI PUMP KARI W+C LE PLAQUE (ITY) FETEKRO ( HOUNDÉ) (HOUNDÉ) DISCOVERY COST $10/oz $15/oz $9/oz $15/oz $9/oz M&I 1Moz 1.2Moz 704Koz 476Koz 1Moz RESOURCES at 1.61 g/t at 2.54 g/
Slide 29: 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 2019 unless indicated otherwise 3.20g/t 2.70g/t 2.54g/t >2 g/t grade of 75% of 2.20g/t 2.14g/t 2.14g/t 2.10g/t discovered ounces 1.71g/t 1.50g/t
Slide 30: 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 2019 unless indicated otherwise $149/oz $12/oz Average Endeavour discovery cost to date $76/oz $29/oz $15/oz $15/oz $15/oz $14/oz $13/oz 6x lower $10/oz $9/o
Slide 31: Strong Exploration Efforts in Q1
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong exploration efforts with 40% of the full-year budget spent in Q1 INSIGHTS Exploration expenditure for Q1-2020 › During Q1-2020, exploration continued to be a strong focus, with a company-wide exploration spend of $17m Houndé › Over 108,000m dr
Slide 32: Potential for +250koz for 10 Years at Flagship Mines
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Exploration demonstrates potential for +250koz for 10 years at flagship mines DISCOVERIES MADE Ity production plan LE PLAQUE KARI AREA (As per 2017 Optimized Study (3), based on 4Mtpa plant and excludes Le Plaque discovery) SINCE STUDIES WERE PUBLISH
Slide 33: Active Portfolio Management Strategy
CORPORATE PRESENTATION 44 PORTFOLIO & BALANCE SHEET MANAGEMENT 44 Potential to continue to pursue our active portfolio management strategy Portfolio Management Insights Combined Entity Producing Portfolio1 AISC, $/oz Tabakoto › Ity HL acquired through strategic (sold in Q4-’18) $1,150 partnership wi
Slide 34: Continued Strong Cash Flow After Investment Phase
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Continued strong cash flow following completion of investment phase Net Cash Flow Net cash flow before repayment/proceeds of long-term debt, convertible bond and equipment finance obligation Net Cashflow Cummulative Cashflow ITY CIL CONST
Slide 35: Significant Improvement in Leverage Ratio
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant improvement in leverage ratio Net Debt Reduction Net Debt Net Debt / Adj. EBITDA (LTM) INVESTMENT PHASE DEBT REDUCTION PHASE $ 187m $660m Net Debt reduction $635m $608m over past 3 quarters $528m 2.96x 2.75x $473m 1.94x -64% 1
Slide 36: Sustained Cash Flow Profile and Sound Balance Sheet
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Sustained cash flow profile and sound balance sheet Available sources of liquidity 2020E Consensus FCF Yield As at March 31, 2020 16% FCF Yield realized for Q1- 2020 annualized Represents CAD 51/share vs. CAD 26/share currently 11% 11% 12
Slide 37: Attractive Returns Following Investment Phases
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Attractive returns following investment phases Return on Capital Employed (ROCE) (1) SEMAFO ENDEAVOUR 13% 14% for H2-2019 10% 11% Combined 2019 ROCE annualized 6% 5% 1% 1% +20% ROCE target with strong capital allocation discipline 2017A 2
Slide 38: Strong Re-rating Potential
CORPORATE PRESENTATION STRONG RE-RATING POTENTIAL Creation of a top 15 gold producer Industry Top Producers (Moz) Based on latest reported fiscal year gold production, unless otherwise stated 1 Top 15 6.5 6.0 5.5 Global gold producer 2.5 2.0 1.5 1.0 0.5 0.0 1.0Moz 3 Sibanye Endeavour Resolute SEMAFO
Slide 39: Pro Forma Group Metrics
CORPORATE PRESENTATION PRO FORMA GROUP METRICS Creation of a +1Moz, low AISC producer with strong balance sheet Q1-2020 Q1-ANNUALIZED PRODUCTION 254koz +1.0Moz ALL-IN SUSTAINING $896/oz <$900/oz COST OPERATING Approx. $187m CASH FLOW $750m NET DEBT / LTM ADJ. Close to 0x 0.5x EBITDA by year-end Note
Slide 40: Investment Proposition
CORPORATE PRESENTATION INVESTMENT PROPOSITION Exposure to strong fundamentals and with upside potential STRONG FUNDAMENTALS › High quality asset base generating strong free cash flow yield › Capital allocation discipline with >20% ROCE target › Strong organic growth potential Immediate ATTRACTIVE VA
Slide 41: Outlook and Q1 Results
02 SECTION 2 OUTLOOK AND Q1 RESULTS
Slide 42: 2020 Guidance
CORPORATE PRESENTATION 2020 GUIDANCE INSIGHTS Production Guidance › Group production is expected to increase to 680-740koz in 2020 at an AISC of $845-895/oz. Production is 2019 2020 FULL-YEAR expected to be higher and AISC lower during the latter (All amounts in koz, on a 100% basis) ACTUALS GUIDANC
Slide 43: 2020 Guidance (continued)
CORPORATE PRESENTATION 2020 GUIDANCE (continued) SUSTAINING COSTS INSIGHTS Capital Expenditure Guidance, $m › Ity: $4m, mainly related to heavy mining equipment components SUSTAINING NON-SUSTAINING › Houndé: Circa $50m, due to carryover of costs not incurred in 2019. Roughly CAPITAL CAPITAL $40m is
Slide 44: Q1 Performance on Track to Meet Guidance
CORPORATE PRESENTATION Q1 PERFORMANCE ON TRACK TO MEET GUIDANCE Strong performance with record operating cash flow GROUP LTM BELOW LTIFR1 INDUSTRY 0.26 0.66 Industry Average2 GROUP Q1 ON-TRACK PRODUCTION 172koz 680-740koz Guidance GROUP $845/oz $895/oz AISC Q1 ON-TRACK $899/oz Guidance (1) Lost Time
Slide 45: Production
CORPORATE PRESENTATION PRODUCTION Strong production over last 4 quarters following Ity CIL start-up Group Production and AISC AISC from all operations 171koz 181koz 178koz 172koz +42% Production Start of Ity Q1-2020 vs. Q1-2019 CIL 121koz $899/oz +3% $877/oz $819/oz $790/oz $803/oz AISC Q1-2020 vs.
Slide 46: Operating Cash Flow
CORPORATE PRESENTATION OPERATING CASH FLOW Record quarter achieved in Q1-2020 Operating Cash Flow $120m $126m +$103m Q1-2020 vs. Q1-2019 $96m $62m $23m +450% Q1-2020 vs. Q1-2019 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 46
Slide 47: Financial Overview
CORPORATE PRESENTATION FINANCIAL OVERVIEW Benefitted from the higher gold price and Ity CIL production QUARTER ENDED Mar. 31, Dec. 31, Mar. 31, Δ Q1-2020 +217% (in US$ million unless otherwise stated) 2020 2019 2019 vs. Q1-2019 GOLD SALES AND AISC HIGHLIGHTS Gold Sales, koz 175 172 121 44% All-in Su
Slide 48: All-in Margin Breakdown
CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Benefit of higher production and higher gold price QUARTER ENDED INSIGHTS Q1-2020 VS. Q1-2019 IN US$M 1. Increased due to both higher gold sold (due to Ity CIL coming online) and the higher Mar. 31, Dec. 31, Mar. 31, Δ Q1-2020 realized gold price. 2020
Slide 49: Net Free Cash Flow
CORPORATE PRESENTATION NET FREE CASH FLOW Strong increase due to completion of investment phase in 2019 QUARTER ENDED INSIGHTS Q1-2020 VS. Q1-2019 Mar. 31, Dec. 31, Mar. 31, Δ Q1-2020 1. Working capital variances: (in US$ million) 2020 2019 2019 vs. Q1-2019 Q1-2020 Q4-2019 Q1-2019 ALL-IN MARGIN 80 8
Slide 50: Adjusted Earnings per Share
CORPORATE PRESENTATION ADJUSTED EARNINGS PER SHARE Strong EPS over last 3 quarters Adjusted earnings per share (EPS) Adjusted EPS, in $/share $0.30 $0.34/share $0.30/share $0.30/share Q1-2020 EPS $0.08/share ($0.04/share) +$0.34 EPS increase Q1-2020 vs. Q1-2019 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 50
Slide 51: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Financial position significantly improved Net Debt evolution INSIGHTS › As a precaution to ensure that Endeavour would have Net Debt Net Debt / Adj. EBITDA (LTM) substantial liquidity and financial flexibility to operate under various stress-tes
Slide 52: Q1 Pro Forma Results for the Combined Entity
CORPORATE PRESENTATION Q1 PRO FORMA RESULTS FOR THE COMBINED ENTITY Strong cash flow generated Endeavour SEMAFO COMBINED GROUP QUARTER ENDED MAR. 31,2020 PRODUCTION AND AISC HIGHLIGHTS Gold production, koz Gold Sales, koz All-in Sustaining Cost, $/oz 172 175 899 82 77 888 254 251 896 $ 187m Q1-2020
Slide 53: COVID-19 Response
03 SECTION 3 COVID-19 RESPONSE
Slide 54: COVID-19 Update
CORPORATE PRESENTATION COVID-19 UPDATE West African Context INSIGHTS Geographic distribution COVID-19 cases › West African governments were quick to respond ‒ Implemented strong, pro- active measures to minimize overall exposures: borders closed, banning large groups, civil lockdown › So far, succes
Slide 55: Our COVID-19 Response
CORPORATE PRESENTATION OUR COVID-19 RESPONSE Developed epidemiological surveillance system to support our efforts 55
Slide 56: 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 & augment government protocols in our host communities. › Implemented ra
Slide 57: 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 58: Details by Mine and Project
04 SECTION 4 DETAILS BY MINE AND PROJECT
Slide 59: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 60.4Mt @ 2.01 g/t for 3.893Moz (incl. of Reserves) Inferred: 6.9Mt @ 2.07 g/t for 0.456Moz Ouagadougou Reserves 32.6Mt @ 2.06 g/t for 2.164Moz Houndé Mi
Slide 60: Houndé: Stable Production, Kari Pump Expected H2-2020
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Stable production with higher grades from Kari Pump expected in H2-2020 Q1-2020 vs Q4-2019 INSIGHTS Production and AISC › Production remained flat as slightly higher Production, koz AISC, US$/oz throughput offset slightly lower recovery rates, while p
Slide 61: Houndé: Potential to Start Mining Kari Pump
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Potential to start mining Kari Pump in the latter portion of the year FY-2019 INSIGHTS Production and AISC › As guided, production decreased and AISC increased due AISC ($/oz) Production (koz) to low grade stockpiles supplementing the mill feed and a
Slide 62: Houndé: Mine Life to Be Extended
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Mine life to be extended with upcoming Kari West & Center reserves DISCOVERIES MADE SINCE STUDIES KARI PUMP Houndé production plan WERE PUBLISHED (HOUNDÉ) (As per 2016 Optimized Study(2), excludes Kari Pump discovery) 1.1Moz of total reserve additions
Slide 63: 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 TARGET included advance
Slide 64: Houndé: Strong Exploration Focus
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus Kari Mineralization Map at November, 2019 Houndé exploration targets over gold-in-soil anomalies 64
Slide 65: 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 target map › Kari gold in soil anomaly covers a 6km-long by 3km- wide area. › The Kari area has been the main exploration focus over the past two years with over 350,000m drill
Slide 66: Maiden Reserve of 710koz for Kari Pump
CORPORATE PRESENTATION HOUNDÉ EXPLORATION, BURKINA FASO Maiden Reserve of 710koz for Kari Pump deposit 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 grade: 53% highe
Slide 67: Kari Pump Oxide/Transition Ore
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 67
Slide 68: 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 2019 drilling campaig
Slide 69: Maiden Indicated Resource at Kari West and Center
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Combined 1.0Moz maiden Indicated Resource at Kari West and Kari Center 2019 Drilling Activity in the Kari Area INSIGHTS › Combined Indicated resource of 19.4Mt at 1.61 g/t Au for 1.0Moz based on a 0.5 g/t cut-off, which includes 7.2Mt at a higher grad
Slide 70: Kari West Maiden Resource
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: 0.9Moz maiden resource delineated in Q4-2019 INSIGHTS Kari West 2019 drill map with selected intercepts › Discovered during the 2018 AC drilling campaign › In 2019, follow-up RC drilling has successfully delineated and defined a mineralized
Slide 71: Kari West Remains Open
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: remains open at depth, to the west and to the east 71
Slide 72: Kari Center Maiden Resource
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource delineated in Q4-2019 INSIGHTS Kari Center Drilling Activity over 2019 › Mineralization was first intercepted at Kari Center during AC initial reconnaissance drilling in 2017. Follow up RC and DD drill programs in 2018 con
Slide 73: Kari Center Remains Open
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: remains open to the southwest 73
Slide 74: Vindaloo: Targeting High-grade Plunges
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 74
Slide 75: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 78.4Mt @ 1.53 g/t for 3.851Moz (incl. of Reserves)(1) Inferred: 18.0Mt @ 1.35 g/t for 0.780Moz Côte d’Ivoire Reserves 62.1Mt @ 1.57g/t for 3.144Moz Côte
Slide 76: Ity: Production Flat While AISC Improved
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Production remained flat while AISC improved Q1-2020 vs Q4-2019 INSIGHTS Production and AISC › Production remained flat as higher throughput and Production, koz AISC, US$/oz recoveries compensated for the slight decrease in processed grade. 64koz 58koz
Slide 77: Ity: Greater Proportion of Fresh Ore in 2020
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE A greater proportion of fresh ore is planned to be processed in 2020 FY-2019 INSIGHTS Production and AISC › Ity had its first gold pour in March 2019 with commercial AISC ($/oz) Production (koz) production declared in early Q2-2019 › The comparative per
Slide 78: Ity Expected to Be Extended with Le Plaque
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Ity expected to be extended with Le Plaque discovery LE PLAQUE Ity production plan DISCOVERIES MADE SINCE STUDIES (As per 2017 Optimized Study (2), based on 4Mtpa plant and excludes Le Plaque discovery) WERE PUBLISHED (ITY) 0.5Moz of total reserve addit
Slide 79: 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 - 3.5 g/t Au. The potential quantity of ounces is conceptual in nat
Slide 80: 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 80
Slide 81: Ity Exploration: Le Plaque
CORPORATE PRESENTATION ITY EXPLORATION: LE PLAQUE Maiden resource added 0.4Moz of Indicated resources added at >3 g/t Au LE PLAQUE INSIGHTS Le Plaque targets › Indicated resource has increased from 85koz to 476koz › Continued low discovery cost of $15/oz › Ity mine M&I resource up 11% with significa
Slide 82: 2019 Exploration Focus on Le Plaque
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE 2019 exploration focus was on the Le Plaque discovery INSIGHTS Le Plaque Drill Map and Selected Intercepts (true width/grade) Per Area › Exploration efforts in 2019 were mainly focused on the Le Plaque target. Due to the success of the campaign, the ini
Slide 83: Section A - Epsilon Area
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A - Epsilon Area 83
Slide 84: Section B Through Le Plaque Main and South
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B Through the Le Plaque Main and Le Plaque South Areas 84
Slide 85: Several Other Nearby Targets
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets 85
Slide 86: 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 87: Mana, Burkina Faso
CORPORATE PRESENTATION MANA, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% (10% owned by Republic of Burkina Faso) Karma Mine Resources M&I: 58.7Mt @ 2.17 g/t for 4.1Moz (incl. of Reserves)1 Inferred: 8.9Mt @ 2.66 g/t for 0.8Moz Mana Ouagadougou P&P Reserves1 15.0t @ 2.91g/t for 1.
Slide 88: Boungou, Burkina Faso
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% (10% owned by Republic of Burkina Faso) Karma Mine Resources M&I: 16.1Mt @ 3.55g/t for 1.8Moz (incl. of Reserves)1 Inferred: 1.3Mt @ 2.98g/t for 0.1Moz Mana Ouagadougou P&P Reserves1 10.3t @ 3.72g/t for 1
Slide 89: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 7.6Mt @ 2.14 g/t for 519Moz (incl. of Reserves) Inferred: 0.7Mt @ 1.59 g/t for 0.037Moz Côte d’Ivoire Reserves 6.3Mt @ 1.58g/t for 0.321Moz Ity Mine P
Slide 90: Agbaou: Production Decreased in Line with Expectations
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Production decreased in line with expectations Q1-2020 vs Q4-2019 INSIGHTS Production and AISC › Production decreased in line with Production, koz AISC, US$/oz expectations due to lower grade ore processed, as well as slightly lower plant recoveries
Slide 91: Agbaou: Harder Ore Expected in 2020
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Harder ore expected to be mined in 2020 FULL YEAR 2019 INSIGHTS Production and AISC › As guided, production decreased marginally due to lower mill throughput and grades AISC ($/oz) Production (koz) which were partially offset by a higher recovery rat
Slide 92: 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 93: Agbaou: 2020 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 million has been planned for 2020 with the aim of continuing to test targets located along extensions of known deposits an
Slide 94: Agbaou: Mineralization 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 95: Strong Out-performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 years 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 w
Slide 96: Plant Running 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 2.7kt capacity based on ox
Slide 97: Reserves Endowment Up 48% Since Construction
CORPORATE PRESENTATION STRONG 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 1,027koz endowment Reserves endowment 880koz 926koz 853koz 668koz 461koz 321koz 15
Slide 98: Additional $182m After-tax Cash Flow Generated
CORPORATE PRESENTATION STRONG 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 $140m 100 18 months 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 (100) (
Slide 99: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 52.6Mt @ 1.21 g/t for 2.042Moz (incl. of Reserves) Inferred: 15.7Mt @ 1.35 g/t for 0.681Moz Ouagadougou Reserves 9.2Mt @ 0.99g/t for 0.293Moz Houndé Mine
Slide 100: Karma: Stable Production, Better Than Guided AISC
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Stable production with better than guided AISC Q1-2020 vs Q4-2019 INSIGHTS Production and AISC › Production remained flat as the increase in grade Production, koz AISC, US$/oz stacked compensated for the marginal decreases 27koz 28koz in stacked tonnag
Slide 101: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Mining activity is expected to occur at the Kao North and GG1 pits in 2020 FULL YEAR 2019 INSIGHTS Production and AISC › As guided, production decreased due to lower grades associated with supplemented ore AISC ($/oz) Production (koz) stacked from stoc
Slide 102: Karma: 2020 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 million has been planned for 2020 with the aim of in- fill drilling and testing extensions of known deposits. › Minimal work
Slide 103: 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 104: Kalana: Accretive Acquisition with 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 105: Kalana: Increased 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 106: Kalana: 2018 Block Model Results
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 106
Slide 107: 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 108: Kalana Project Exploration
CORPORATE PRESENTATION KALANA PROJECT EXPLORATION, MALI Aim to increase resource base for project Several Licenses INSIGHTS under negotiation With Private › In 2019, a $2 million reconnaissance drilling owners campaign comprising approximately 20,500 meters, was conducted on targets located in proxi
Slide 109: Kalana: 2018 Positive 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 109
Slide 110: 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 111: 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 111
Slide 112: Greenfield Fetekro, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS Simplified Map of the Fetekro Property Showing Lafigué › Fetekro is located in north-central Côte d’Ivoire, approximately 500km from Abidjan, within the northern-end of the
Slide 113: 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 DECEMBER 31, 2018 AS AT AUGUST 31, 2019 Δ AU ‒ Amenable to open pit mining as Tonnage Grade Content Tonnage Grade Content C
Slide 114: Fetekro's Lafigué Deposit Remains Open
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s Lafigué deposit remains open UPSIDE POTENTIAL Fétékro’s Lafigué Geological Interpretation and Selected Best Intercepts › Lafigué deposit clearly remains open in various directions, especially towards South and South East › High-grade
Slide 115: Lafigué North Cross-Section (Eastern)
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s Lafigué North Cross-Section (Eastern part) 115
Slide 116: Lafigué North Cross-Section (Western)
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s Lafigué North Cross-Section (Western part) 116
Slide 117: Lafigué Centre Cross Section
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s Lafigué Centre Cross Section 117
Slide 118: Fetekro Upside Potential with Nearby Targets
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s upside potential with nearby targets INSIGHTS › Approximately 35% of the 2019 reconnaissance drilling program was dedicated to the larger Western Anomalies (“WA”), WA 2 and 6 targets following the positive results obtained over WA1 a
Slide 119: 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 120: Greenfield Exploration, Burkina Faso: Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 120
Slide 121: 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 121
Slide 122: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 122
Slide 123: 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 123
Slide 124: West Africa Insights
05 SECTION 5 WEST AFRICA INSIGHTS
Slide 125: 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 $3.
Slide 126: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) 677 634 +$ 5 billion spent in West Africa 385 over last 10 years 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is
Slide 127: 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 128: More Exploration Spend in a Region 5x Smaller
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 129: Burkina Faso & Côte d'Ivoire Are 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 130: Burkina Faso & Côte d'Ivoire Are 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 131: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 gold production 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 China Mexico Un
Slide 132: 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 8 states › Common currency which is pegged to the Euro › Fiscal
Slide 133: Security in Burkina Faso
CORPORATE PRESENTATION SECURITY IN BURKINA FASO Significant foreign aid and co-operation amongst West-African nations Burkina Faso security heat map (SMF) (SMF) 133
Slide 134: 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 135: West Africa Mining Codes Are 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 136: 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 137: Appendix
SECTION 6 APPENDIX ENDEAVOUR MINING
Slide 138: Appendix 1: Board, Analyst Coverage
APPENDIX 1 Board, Analyst Coverage
Slide 139: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Olivier COLOM, Livia MAHLER, Jim ASKEW, Alison BAKER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Sofia BIANCHI
Slide 140: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Richard Hatch ✆ +44 20 3753 3070 ✉ richard.hatch@berenberg.com Credit Suisse Fahad Tariq ✆ +1 416 352 4593 ✉ fahad.tariq@credit-suisse.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bmo.com Clarus Securities Varun Arora ✆ +1 41
Slide 141: Appendix 2: Financial Appendices
APPENDIX 2 Financial appendices
Slide 142: 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 Q1-2020 Q4-2019 Q1-2019 Q1-2020 Q4-2019 Q1-2019 Q1-2020 Q4-2019 Q1-2019 Q1-2020 Q4-2019 Q1-2019 Q1-2020 Q4-2019 Q1-2019 Physicals Total tonnes mined – OP1 000t 6,
Slide 143: Production and Cost Details by Mine (Yearly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a yearly basis AGBAOU ITY CIL ITY HL KARMA HOUNDÉ (on a 100% basis) Unit FY-2019 FY-2018 FY-2019 FY-2018 FY-2019 FY-2018 FY-2019 FY-2018 FY-2019 FY-2018 Physicals Total tonnes mined – OP1 000t 25,349 29,735 14,053 - 0 4,028 19,435 16,932
Slide 144: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 144 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at Note March 31, December 31, 2020 2019 ASSETS Current Cash 357,343 189,889 Trade and other receivables 3 26,717 19,228 Inventories 4 158,417 168,379 Prepaid expenses and other 5 18,386 18,542 560,863 396,038 Non-curre
Slide 145: Consolidated Statement of Comprehensive Earnings
CORPORATE PRESENTATION 145 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS THREE MONTHS ENDED March 31, March 31, Note 2020 2019 Revenues Gold revenue 269,902 151,310 Cost of sales Operating expenses (114,403) (88,363) Depreciation and depletion 6 (52,529) (36,132) Royalties (17,452) (8,989) E
Slide 146: Cash Flow Statement
CORPORATE PRESENTATION 146 CASH FLOW STATEMENT THREE MONTHS ENDED March 31, March 31, Note 2020 2019 Operating Activities Earnings from continuing operations before taxes 59,782 811 Adjustments for: Depreciation Depreciation andand depletion depletion 6 52,529 36,132 Financing Financecosts costs 10
Slide 147: Appendix 3: Reserves and Resources
APPENDIX 3 Reserves and Resources
Slide 148: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2019 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 - 0.0 - Resources shown Tonnage Grade Content Probable Re
Slide 149: Appendix 4: Convertible Bond, Revenue Protection, ROCE
APPENDIX 4 Convertible Bond, Revenue Protection Program, and ROCE
Slide 150: 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 $430M RCF Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR to $330m
Slide 151: 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 $1-5bn market cap 75%
Slide 152: Selection, Ranking and Risk Evaluation of Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 153: Revenue Protection Program
CORPORATE PRESENTATION REVENUE PROTECTION PROGRAM Increased certainty of cash flow during construction and debt repayment phases Gold revenue protection program Gold price in US$/oz INSIGHTS › Strategy aimed at maximizing cash flow certainty 1,700 during construction and debt reimbursement phases. ›
Slide 154: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on Capital Employed (ROCE) (US$ '000 unless otherwise stated) 2019 2018 Adjusted EBITDA 355,690 264,838 Less: depreciation and amortisation (197,219) (169,069) Adjusted EBIT (A) 158,471 95,769 Opening Capital employed (B) 1,673,623 1,452,326 T
Slide 155: Pro-forma Net Debt, Liquidity and ROCE
APPENDIX PRO-FORMA NET DEBT, LIQUIDITY AND ROCE Net debt & liquidity calculation at 31 Dec, 2019 Return On Capital Employed (ROCE) for 2019 Net debt La Mancha 31/12/19 31/12/2019 EDV SMF EDV SEMAFO Injection Pro-forma Pro-forma US#039;000 US#039;000 Cash & Eq. 189,889 98,297 100,000 388,186 Adjusted EBITD