Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (January 2022)
170 slides from Endeavour Mining's investor presentation, January 2022
Slide 1: Corporate Presentation
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation January 2022
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 Unmatched Competitive Advantage in West Africa 6 Appendix 2
Slide 3: 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 performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Unmatched Competitive Advantage in the World's Second-Largest Gold Producing Region
ENDEAVOUR HAS UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S SECOND-LARGEST GOLD PRODUCING REGION TOP Global pure gold Largest 1.4-1.5Moz producer AISC of $890-940/oz West African producer 2022 PRODUCTION TARGET 5
Slide 6: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 30 November 2021 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 24 January, 2021 247m Rank Institution name % of S/O 1 La Mancha 19.5% Share price as at 22 January 2021 £16.60 / C$28.16 2 BlackRock Investment Manage
Slide 7: Peer Benchmarking
PEER senior gold producers BENCHMARKING CROSS SECTOR BENCHMARKING Endeavour is attractive relative to other 0% 10% 20% 1Moz 2Moz 3Moz 4Moz 5Moz 6Moz 7Moz Endeavour Newmont B2Gold Barrick Kinross Polyus AngloGold AngloGold Source: Factset, Bloomberg Barrick Gold Fields Polymetal Agnico-Eagle FY 2021
Slide 8: Our Strategy
OUR STRATEGY Watch CEO video Create a resilient business and be a trusted partner with the ability to reward shareholders MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet manageme
Slide 9: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 10: Resilient Business with High Quality Portfolio
RESILIENT BUSINESS WITH HIGH QUALITY PORTFOLIO Watch CEO video Strong competition for capital on a returns basis Long-term upside Near-term growth Immediate cash flow FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION +110 EXPLORATION PROPERTIES 6 PROJECTS 7 MINES TARGET CRITERIA TARGET CRITE
Slide 11: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMIZATION PILLARS <$900/oz All-in sustaining cost 01 Operational Excellence +10 YEARS Production visibility fro
Slide 12: Operational Excellence
1 OPERATIONAL EXCELLENCE OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage SUPERIOR OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies 9 years › Significant synergies from + shared technica
Slide 13: Operational Excellence
1 OPERATIONAL EXCELLENCE OPERATIONAL EXCELLENCE Beat full year production guidance 0.21 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 1,524koz GROUP BEAT FY PRODUCTION TOP END 1,365-1,495koz Guidance $880/oz GROUP $850/oz $900/oz WITHIN AISC FY GUIDANCE RANGE Guidance (1) Lost Time Injury
Slide 14: Project Development
CEO INTRODUCTION 2 PROJECT DEVELOPMENT PROJECT DEVELOPMENT Strong construction track record AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD 4 mines built by Endeavour in last decade safely with zero LTIs HOUNDÉ, BURKINA FASO
Slide 15: Project Development
4 44 2 PROJECT DEVELOPMENT PROJECT DEVELOPMENT Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: Debottlenecking the plant b
Slide 16: Unlocking Exploration Value
3 UNLOCK EXPLORATION VALUE UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT FULL CONTROL OF 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 60% of greenstone belt lies …only represents ~30% of in Burkina F
Slide 17: Unlocking Exploration Value
UNLOCK EXPLORATION VALUE Watch 3 video UNLOCKING EXPLORATION VALUE Achieved 5-year discovery target of 10-15Moz Total Indicated discoveries and targets1 11.5Moz Indicated resources discovered Exploration spend 11.5Moz 3.0Moz Discovered discovered from 2.2Moz mid-2016 to 2021 2.1Moz 2022 Exploration
Slide 18: Unlocking Exploration Value
UNLOCK EXPLORATION VALUE Watch 3 video UNLOCKING EXPLORATION VALUE Re-applying our proven ranking and screening methodology to set 5 year discovery targets Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to
Slide 19: Unlocking Exploration Value
3 UNLOCK EXPLORATION VALUE UNLOCKING EXPLORATION VALUE Targeting discovery of more than 2x production depletion over the next 5 years Risked mean indicated discovery targets Risked Mean Indicated Resource Discovered Target M&I Resource as at 31 December, 2020 $/oz Target discovery cost 15-20Moz $26/
Slide 20: Unlocking Exploration Value
3 UNLOCK EXPLORATION VALUE UNLOCKING EXPLORATION VALUE Strong focus on both near mine and greenfield exploration 2021-2025E exploration expenditure Greenfield 22% Fetekro 5% Ity + 500km Annual drilling expected 16% (DD+RC+AC/RC) 80m Boungou 7% 8% 16% Houndé $ Mana Average annual 9% exploration expen
Slide 21: Active Portfolio Management
4 ACTIVE PORTFOLIO MANAGEMENT ACTIVE PORTFOLIO MANAGEMENT Focused on long life and low AISC assets Endeavour’s Portfolio Key achievement across 4 pillars Core Mine1 Non-core Mine1 Divested / Ceased Mine Project2 AISC, $/oz Realized synergies Built Houndé 1,300 Built Ity Met guidance Karma 1,200 Oper
Slide 22: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining AISC <$900/oz PRODUCTION AND ALL-IN SUSTAINING COSTS For discontinued operations For continuing operations1 Guidance 5-Year Outlook +1.6Moz 1.5Moz +1.5Moz <$900/oz 1.4-1.5Moz 1.4-1.5Moz <$900/oz $880/oz $890-940/oz <$900/oz
Slide 23: Robust Return on Capital Employed
ROBUST RETURN ON CAPITAL EMPLOYED Significant improvement following build of our Ity and Houndé mines Return on Capital Employed (ROCE)1 20% +10% 2020 vs 2019 10% 6% 6% +20% ROCE target with strong capital 2017 2018 2019 2020 allocation discipline (1) EBIT (Adjusted EBITDA as in MD&A less depreciati
Slide 24: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash generation supports balance sheet strength and shareholder returns Net Debt Reduction (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT PHASE DEBT REDUCTION PHASE DIVIDENDS & BUYBACK Net Cash Position $75m $76m ($77m) ($70m) ($175m) ($162m) ($473m) $332m
Slide 25: Attractive Shareholder Returns Program
ATTRACTIVE SHAREHOLDER RETURNS PROGRAM Watch video Minimum progressive dividend with potential for supplemental shareholder returns DIVIDEND POLICY Minimum Dividend Minimum Dividend at $1,500/oz gold, $m Interim Dividend Minimum Progressive Dividend $175m minimum › Provides dividend visibility durin
Slide 26: Attractive Yield
ATTRACTIVE YIELD Indicative yield of 5.2% is competitive across the sector INSIGHTS Indicative yield for shareholder returns › Competitive shareholder Endeavour FY-2021 buyback, initiated in April 2021 Dividend returns 8% › FY-2021 dividend of US$140m (2.6% yield) and 7% FY-2021 buyback of buyback o
Slide 27: LSE Premium Listing Completed in June 2021
LSE PREMIUM LISTING COMPLETED IN JUNE 2021 Well-positioned as the largest pure gold producer listed on the premium segment of the LSE Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent 3.0Moz Premium Segment Standard Segment AIM TARGETING FURTHER 2.5Moz UK AND
Slide 28: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Watch video Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCIPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Po
Slide 29: Upcoming Catalysts
UPCOMING CATALYSTS Q1 Shareholder Returns Payment of H2-2021 dividend 2022 Q1 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2 2022 Q1 Fetekro Completion of Definitive Feasibility Study for Lafigue project 2021 Q2 Kalana Completion of Definitive Feasibility Study for Kalana 20
Slide 30: Results and Outlook
RESULTS AND OUTLOOK 2 30
Slide 31: Strong Achievements in 2021
STRONG ACHIEVEMENTS IN 2021 Key Themes STRONG OPERATIONAL HEALTHY ATTRACTIVE ROBUST ORGANIC PERFORMANCE FINANCIAL POSITION SHAREHOLDER RETURNS GROWTH 2021 Scorecard 2021 TARGET 2021 ACHIEVEMENT COMMENT Production, koz 1,365 - 1,495 1,536 Beat AISC, $/oz 850 - 900 880 Achieved Leverage <0.5x Net Debt
Slide 32: 2022 Guidance
2022 GUIDANCE INSIGHTS Consolidated Production Guidance 2021 PRELIMINARY 2022 FULL-YEAR GUIDANCE › Total production guidance for 2022 of (All amounts in koz, on a 100% basis) RESULTS 1,400 – 1,500koz at an AISC of $890 - Ity 272 260 — 270 $940/oz Karma 88 85 — 100 Houndé 293 260 — 275 › Guidance is
Slide 33: 2022 Guidance (Continued)
2022 GUIDANCE (Continued) Sustaining and Non-Sustaining Capital Expenditure Guidance INSIGHTS › Sustaining and non-sustaining capital spend is expected to SUSTAINING CAPITAL NON-SUSTAINING CAPITAL decrease by approximately $40 million in 2022 compared to FY-2021 FY-2022 FY-2021 FY-2022 2021 (All amo
Slide 34: Supply Chain and Cost Inflation Controls
SUPPLY CHAIN AND COST INFLATION CONTROLS Renegotiating long-term contracts as a larger group has helped to mitigate inflationary pressures INSIGHTS KEY CONTRACT RENEWALS › Renegotiated contracts after acquisitions of Semafo and Teranga to leverage increased group tender volumes with first key contra
Slide 35: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 35
Slide 36: Strong Exposure Across Asset Lifecycle
STRONG EXPOSURE ACROSS ASSET LIFECYCLE Daoukro Cluster Côte d’Ivoire Kofi Trend Bondoukou Cluster Wahgnion Karma Mali Sia/Sianikou Côte d’Ivoire Nabanga Houndé Trend Burkina Faso Fetekro Côte d’Ivoire Mana Fougadian Mali Houndé Barrick JV Côte d’Ivoire Siguiri Afema Golden Hill Mt. Ba/Gueya Guinea C
Slide 37: Diversified Portfolio of Seven Mines
DIVERSIFIED PORTFOLIO OF SEVEN MINES 2022E Guidance 2P RESERVES as at Dec 31, 2020 M&I RESOURCES as at Dec 31, 2020 NAME COUNTRY MINE PRODUCTION AISC CONTAINED GOLD GRADE CONTAINED GOLD GRADE (koz) (US$/oz) (Moz) (g/t) (Moz) (g/t) Houndé Burkina Faso 260-275 875-925 2.58 1.74 4.58 1.74 Ity Côte d’Iv
Slide 38: 2021 Production
2021 PRODUCTION Stronger diversification across assets and countries compared to 2020 Production breakdown Ex-Teranga Assets Endeavour legacy Assets +628koz Ex-SEMAFO Assets Wahgnion Mana 147Koz 205Koz Production FY-2021 vs. FY-2020 Boungou Sabodala-Massawa 174Koz 345Koz 1,536Koz Karma Production $8
Slide 39: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal 360-375koz $675-725/oz 4.8Moz 6.6Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a
Slide 40: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Phase 1 expansion to debottleneck the plant back-end and increase Resources shown Tonnage Grade Content output by ~90kozpa inclusive of
Slide 41: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Phase 1 plant expansion completed in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS › Production remained flat despite the increase in processed grade as gold in circuit increased while plant throughput and plant recovery remained con
Slide 42: Sabodala-Massawa Phase 1 Expansion
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 EXPANSION COMPLETED UNDER BUDGET FOR $14M › Phase 1 of the plant expansion facilitates the processing of an increased proportion of high grade, free-milling Massawa ore through the Sabodala processing plant. › Phase 1 of the plant expansion included the ins
Slide 43: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS UNDERWAY AND DUE FOR COMPLETION IN Q1-2022 • Phase 2 of the expansion will add a new refractory • Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to ore plant to process the high grade refract
Slide 44: Sabodala-Massawa Mine
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE 2.3 - 2.7Moz $26/oz Senegal Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 114Mt at 2.01g/t au containing 7.35Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-grade
Slide 45: Near-Term Exploration Focus
NEAR-TERM EXPLORATION FOCUS Exploration added 709koz of Indicated resources in 2021 INSIGHTS Massawa Plan Map › During 2021, over 110,000 meters of drilling was completed at Sabodala-Massawa. Exploration efforts delineated 591koz of Indicated resources representing a 11% increase over the 31 Decembe
Slide 46: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 46 46
Slide 47: Samina
SAMINA Mineralised strike length greater than 1,100 meters and open to the north and south 47 47
Slide 48: Tina
TINA Northeast striking mineralised occurrence with further drilling planned for 2022 48 48
Slide 49: Bambaraya
BAMBARAYA High grade mineralisation from surface extending over 800m along strike BBTR001 13.2m@3.64g/t from 0m MRC21-0725 19m @ 1.97g/t Au from 7m Incl. 8m @ 3.07g/t Au from 18m MRC21-0723 4m @ 7.24g/t Au from 10m MRC21-0723 13m @ 2.06g/t Au from 46m 49 49
Slide 50: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 255-270koz $850-900/oz 2.7Moz 3.8Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerst
Slide 51: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive o
Slide 52: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Consistent Q4-2021 production vs Q3-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production remained consistent with the prior quarter as Production, koz AISC, US$/oz higher mill throughput was offset by lowe
Slide 53: Ity Production Plan
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire Ity production plan +294Koz 2022 Guidance mid-point 2017 Optimization Study Incremental production added 300koz Target production of 250koz over +10 years expected to be achieved based on exploration pote
Slide 54: Ity Mine
DISCOVERY TARGET (2021-2025) ITY MINE 3.5 – 4.5Moz $17/oz Côte D’Ivoire Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 93Mt at 1.58g/t au containing 4.74Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through high
Slide 55: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Targets defined along the full length of the Ity belt INSIGHTS › During 2021, over 72,000 meters of drilling was completed at Ity and as shown in Table 2 below, exploration efforts have delineated 975koz of Indicated resources representing a 26% increase over the 31 Decem
Slide 56: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant West Flotouo Plan Map West Flotouo Cross Section VO21-165 8.4m @ 4.57 g/t Au 5.9m @ 14.55 g/t Au VO21-176 25.8m @ 4.91 g/t Au 4.2m @ 10.85 g/t Au VO21-158 14.8m @ 3.04 g/t Au 5.9m @ 10.65 g/t Au VO21-096 25.2m @ 13.00g/t Au 3.7m @ 11.01g/t
Slide 57: Le Plaque
LE PLAQUE Updated resources extended mineralisation INSIGHTS Le Plaque Exploration Targets › During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension. › The high grade Le Plaque deposit has
Slide 58: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 58 58
Slide 59: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added WA21-052 5m @ 17.02 g/t Au WA21-074 3m @ 4.35 g/t Au 26.9m @ 3.24 g/t Au 6m @ 2.7 g/t Au WA21-033 WA21-025 18.4m @ 2.73 g/t Au 2m @ 39.84 g/t Au 23m @ 4.29 g/t Au 6.4m @ 3.86 g/t Au WA21-022 11m @ 2.54 g/t Au WA21-060 16.9m @ 6.20 g/t Au 19m
Slide 60: Daapleu Deeps
DAAPLEU DEEPS High-grade mineralisation extends down dip DA15-178 21.3m @ 1.87g/t Au 8.9m @1.37 g/t Au 9.3m @ 1.12 g/t Au DA16-193 18m @ 1.54g/t Au DA16-194 12.1m @ 1.47g/t Au 6.9m @ 1.13 g/t Au 13.9m @ 1.23 g/t Au DA15-174 14.2m @ 1.21g/t Au 10.7m @ 2.87 g/t Au DA16-193 15.6m @ 1.36 g/t Au DA21-615
Slide 61: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 260-275koz $875-925/oz 2.6Moz 4.6Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s cor
Slide 62: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries including the Mambo and Golden Resources shown Tonnage Grade Content Hill deposits i
Slide 63: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Record performance in FY-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production increased due to the higher recovery rates as well as the Production, koz AISC, US$/oz increased mill tonnage despite the lo
Slide 64: Houndé Production Plan
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2022 Guidance mid-point +426Koz Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration
Slide 65: Houndé Mine
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE 3.0 – 4.0Moz $19/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES1 as at Dec 31, 2020 108Mt at 1.57g/t au containing 5.47Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vin
Slide 66: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Maiden resources declared at Mambo and Vindaloo South INSIGHTS Houndé plan map highlighting soil geochemical anomalies › During 2021, over 70,000 meters of drilling was completed at Houndé. As shown in Table 4 below, recent exploration efforts have delineated 889koz of In
Slide 67: Mambo
MAMBO Delineation of the Mambo discovery INSIGHTS. Mambo geology and drilling intercepts › Mambo is an attractive deposit as it is expected to have a low strip ratio, the resource contains approximately 40% oxide and transitional material › The higher-grade portion (+2g/t) of the Mambo deposit is ex
Slide 68: Mambo
MAMBO Down dip mineralisation extension remains open 68 68
Slide 69: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan INSIGHTS › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468km2 › Dril
Slide 70: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 140-150koz $1,050-1,150/oz 1.4 Moz 2.1 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine
Slide 71: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Greater mining flexibility following commissioning of On a 100% basis satellite deposits Resources shown Tonnage Grade Content inclusive
Slide 72: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Increased throughput and grades with stable recoveries in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS › Production increased due to increased plant throughput and higher processed grade while the plant recovery rate remai
Slide 73: Wahgnion Mine
DISCOVERY TARGET (2021-2025) WAHGNION MINE 1.5 – 2.0Moz $25/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 44Mt at 1.51g/t Au containing 2.15Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucki
Slide 74: Wahgnion Mine
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of up to $12 million was planned for 2021. The exploration efforts continued to focus on Nogbele North and Nogbele Sout
Slide 75: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $1,000-1,100/oz 1.4 Moz 3.0 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the north
Slide 76: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization t
Slide 77: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Wona underground development being expedited Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production increased due to higher processed grade and Production, koz AISC, US$/oz plant recovery rate, which was partial
Slide 78: Mana Mine
DISCOVERY TARGET (2021-2025) Bara MANA MINE 1.0 – 1.5Moz $30/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 45Mt at 2.07g/t Au containing 3.01Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as we
Slide 79: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $8 million was planned for 2021 › In H2-2021 exploration was focussed on the Maoula open pit oxide target, and on evaluating underground targets at Siou, Wona and Nyafe. ›
Slide 80: Maoula
MAOULA Open pit oxide target MARC21-524 MARC21-513 5m @ 3.01 g/t \ 163m 3m @ 2.39 g/t \ 37m A MARC21-572 MARC21-559 3m @ 2.11 g/t \ 35m 3m @ 2.02 g/t \ 142m MARC21-169 MADD21-521 5m @ 3.24 g/t \ 29m 14m @ 2.65 g/t \ 69m MARC21-342 11m @ 6.27 g/t \ 104m MARC21-507 11m @ 3.72 g/t \ 14m MARC21-308 5m @
Slide 81: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 SE Base line MARC21-208 4.0m @ 3.33 g/t \ 14m 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 82: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 130-140koz $900-1,000/oz 1.0 Moz 1.5 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high
Slide 83: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to
Slide 84: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production decreased due to a lower mined and processed grade Production, koz AISC, US$/oz while throughpu
Slide 85: Boungou Mine
DISCOVERY TARGET (2021-2025) BOUNGOU MINE 1.0 – 1.5Moz $32/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 14Mt at 3.32g/t Au containing 1.54Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou
Slide 86: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS High priority targets within 10km of the mine INSIGHTS Boungou Exploration Map › An exploration programme of up to $7 million was planned for 2021. The exploration efforts were focused on delineating near mine targets including Natougou Northeast, Boungou Northwest and Bo
Slide 87: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso 85-100koz $1,200-1,250/oz 0.2 Moz 1.9 Moz As at As at 2022 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 2017, an optimiza
Slide 88: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional he
Slide 89: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Production remained flat in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production remained flat despite the improved average grade Production, koz AISC, US$/oz and recovery rates as the stacking rate slightly decreased
Slide 90: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Exploration focused on delineating near mine extensions INSIGHTS Karma H1-2021 Drilling plan › During H2-2021 limited exploration work continued as part of the advanced grade control drilling programme, targeting near mine extensions
Slide 91: Fetekro Project
PFS press release Latest technical report 3D mine site tour FETEKRO PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 20201 Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIP Plant R
Slide 92: Fetekro Project
FETEKRO PROJECT Simplified map of the Fetekro property showing Lafigué Côte D’Ivoire 2021 project economics are robust, with an attractive NPV and IRR being generated across a range of gold prices The PFS is based on the updated 2020 Mineral Resource Estimate, as published on August 18, 2020, which
Slide 93: Fetekro Project Attractive Project Economics
Fetekro 2020 PEA vs 2021 PFS FETEKRO PROJECT PLANT TYPE, SIZE & CAPEX PFS PEA VARIANCE Côte D’Ivoire Plant type Gravity / CIP Gravity / CIL Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Mine life, years 9.5 8.0 +31% Strip ratio, W:O 10.3 7.4 +41% Tonnes proces
Slide 94: Fetekro Project
LFRC19-659: 9m@0.61g/t Au DISCOVERY TARGET (2021-2025) LFRC19-653: 2m@1.90g/t Au LFRC21-1548: 2m@6.68g/t Au 2m@0.54g/t Au LFRC19-660: 3m@0.90g/t Au LFRC21-1535:8m@9.80g/t Au 3m@1.09g/t Au LFRC19-656: 2m@0.93g/t Au LFRC21-1534: 4m@4.78g/t Au 4m@0.62g/t Au 4m@0.63g/t Au FETEKRO PROJECT 1.2 – 1.8Moz $1
Slide 95: Fetekro Project
FETEKRO PROJECT DFS expected to be published in late Q1-2022 INSIGHTS Drilling between Lafigué Center and Lafigué North › Since the last resource update on 18 August 2020, more than 66,000 meters of drilling have been completed on the Lafigué deposit, The results of this drilling activity successful
Slide 96: Fetekro Project
FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 96 96
Slide 97: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 20% Mali government Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown Tonnage Grade
Slide 98: Kalana Project
KALANA PROJECT Kalana 2016 vs. 2021 Study Comparison1 Mali 2021 STUDY 2016 STUDY VARIANCE PLANT SIZE & CAPEX Nominal mill capacity, Mtpa 3.0 1.2 +150% Upfront capital cost, $m 297 196 +51% › Key changes in updated PFS compared to LIFE OF MINE STATS the 2016 Avnel study: Mine life, years 11 18 -39% ‒
Slide 99: Kalana Project
Kalana license and exploration targets KALANA PROJECT Mali › Discovery of additional deposits may provide an extension of the Kalana mining operation. In addition, potential high-grade free-digging soft material may provide further operating flexibility › The Kalanako Northwest area is highly prospe
Slide 100: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralized zones with diverse mineralization styles and grades within the prolific Houndé BANTOU PROJECT Burkina Faso Greenstone Belt › The inferred resource is comprised of three main areas with t
Slide 101: Nabanga Project
INSIGHTS Nabanga deposit plan map and schematic cross-section › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold Project lies within the Nabanga NABANGA PROJECT Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. ‒ Pre-
Slide 102: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect › Continued geological and GREENFIELD AFEMA Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization the Woulo Woulo prospect › Average 40-50 metre wide gold m
Slide 103: Greenfield Liguidi
103 GREENFIELD LIGUIDI Burkina Faso
Slide 104: Bondoukou - Tanda & Iguela
INSIGHTS › Over 8 targets have been identified on the Tanda and Iguela exploration permits BONDOUKOU - TANDA & IGUELA Côte D’Ivoire › Dakou, Pala and Assafou- Broukro are high priority targets with the larger resource size potential › High gold in soil geochemical anomalies have been identified 104
Slide 105: Greenfield: Siguiri Licenses
105 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 106: Greenfield Sissedougou / Mankono
JV WITH BARRICK GOLD › Drill results suggest the presence of an 800-metre Côte D’Ivoire GREENFIELD SISSEDOUGOU / MANKONO mineralized structure at Sissedougou with best drill results of: ‒ 34.6 m @ 2.08g/t Au at 74.6m, including 1.0m @ 31.52g/t Au ‒ 18.8 m @ 2.30g/t Au at 26.1m ‒ 23.0 m @ 2.14g/t Au
Slide 107: Greenfield Nassile / Da-Guity
INSIGHTS › Highly prospective area of Nassile and Dar-Guiti Niger GREENFIELD NASSILE / DA-GUITY › Exploration Permit obtained in 2017 › Exploration Permit covers a total surface area of 695km² 107
Slide 108: Greenfield Kofi
INSIGHTS › Kofi on same trend as Barrick’s Loulo- Mali GREENFIELD KOFI 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 108
Slide 109: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 109
Slide 110: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 110 110
Slide 111: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER Watch CEO video 4 111
Slide 112: Implementing Our Purpose
IMPLEMENTING OUR PURPOSE Watch video SUPPORTED BY OUR STRONG ETHICS AND GOVERNANCE PURPOSE PARTNERING WITH OUR TO PRODUCE GOLD HOSTS THAT PROVIDES LASTING VALUE TO INVESTING IN PROTECTING SOCIETY OUR HOST COUNTRIES OUR ENVIRONMENT We do so while protecting and promoting the places where we operate.
Slide 113: Our Sustainability Strategy
@ENDEAVOUR MINING ets OUR SUSTAINABILITY Va Ree STRATEGY rcaesstretttertttesnnnass . ~ national and regional levels OUR AMBITION PROTECTING FOR OUR ESG MISSION INVESTING IN OUR ENVIRONMENT IMPLEMENTED ACROSS OUR OUR HOST COUNTRIES 6 MINES, HOST COMMUNITIES d AND BEYOND +) i Biodiversity Water Stewar
Slide 114: Growing ESG Ambitions
GROWING ESG AMBITIONS As our company has grown, so too have our ESG initiatives and commitments 2030 and beyond • 2030: -30% emissions 2021/22 reduction • 2021: External 2020 assurance on key ESG • 3rd GRI report • 2050: Net Zero carbon data 2019 • 1st RGMP externally • Reporting in line with assure
Slide 115: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 116: Economic Development
ECONOMIC DEVELOPMENT Creating employment opportunities UN SDG TARGET ACTIONS › SDG 1.1: Eradicate extreme poverty for all people, currently measured as people living on less than $1.25 a day Job Creation & › SDG 1.4: Ensure that all men & women, particularly the poor Local Procurement and the vulner
Slide 117: Economic Development
ECONOMIC DEVELOPMENT Creating employment opportunities GROWING LOCAL TALENTS ~7,000 95% 65% • We are a major employer in Côte d’Ivoire, Senegal and Burkina Faso • To maximize our positive impact, our goal is to hire close to 100% of our workforce Employees Nationals Nationals & Regional directly fro
Slide 118: Economic Development
ECONOMIC DEVELOPMENT Supporting national & local economies OUR PROCUREMENT APPROACH › Re-orientated our supply chain towards In 2020 West Africa in 2019 › Strategy reaped benefits during COVID-19 pandemic with no major disruptions to key equipment and supplies $622M 74% 2,031 In-country of total bud
Slide 119: Economic Development
ECONOMIC DEVELOPMENT Endeavour’s Impact Investment Fund ECODEV’S MISSION MALI SHI Established & fully owned` by Endeavour to support national economic growth by investing in the creation Mali is 2nd largest producer of shea nut and accounts for ~20% global supply of shea 120,000 Women with increment
Slide 120: Economic Development
ECONOMIC DEVELOPMENT Income generation & livelihood restoration We have a range of income- generating activities (IGAs) and livelihood restoration plans (LRPs) across our sites, in consultation with our local community stakeholders 120
Slide 121: Social Impact
SOCIAL IMPACT Educating the future generations UN SDG TARGET ACTIONS › SDG 4.1: Ensure that all girls and boys INITIATIVES RANGE FROM PRIMARY ALL complete free, equitable and quality primary THE WAY THROUGH TO JOB EXPERIENCE and secondary education › Internships ` › SDG 4.3: Ensure equal access for
Slide 122: Social Impact
SOCIAL IMPACT Malaria - Addressing One of the Continent’s Biggest Killers UN SDG TARGET ACTIONS IMPACT › SDG 3.3: end the epidemics of AIDS, FOCUSING ON OUR MINES & COMMUNITIES -36% tuberculosis, malaria and neglected tropical › Implement Malaria Control Programs Decrease in Group malaria diseases a
Slide 123: Social Impact
SOCIAL IMPACT Providing access to safe water, sanitation & hygiene UN SDG TARGET ACTIONS › SDG 6.1: Achieve universal and equitable › Across our minesites, we drill & remediate community boreholes, including solar powered access to safe and affordable drinking water for all 3-Year Partnership with O
Slide 124: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT Ambition is to be Net Zero by 2050 UN SDG TARGET TARGET › SDG 7.2: Increase substantially the share of -30% by 2030 renewable energy in the global energy mix › SDG 9.4; Upgrade infrastructure to make ACTIONS them sustainable, with increased resource- use efficiency and
Slide 125: Endeavour's Greenhouse Gas Emissions Intensity Ranks Favourably
2020 GHG EMISSIONS INTENSITY Emissions intensity (kgCO2eq/oz) ENDEAVOUR'S GREENHOUSE GAS EMISSIONS INTENSITY RANKS FAVOURABLY IN COMPARISON TO PEERS TOTAL GHG EMISSIONS Emissions intensity (kgCO2eq/oz) Total GHG emissions 300 900 Gold mining industry intensity average IN 2020, ALL ENDEAVOUR 727 800
Slide 126: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT SNAPSHOT OF OUR POWER GENERATION ENVIRONMENT SENEGAL Country Profile • Carbon-intensive grid • 87% fossil fuel - 9% hydropower solar and biofuels Mines & main power source • Sabodala-Massawa - HFO TRANSFORMATION OF OUR PORTFOLIO AS WE HAVE GROWN CÔTE D’IVOIRE BURKINA FA
Slide 127: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT 8 levers identified to reduce our emissions EMISSIONS FROM MINING EQUIPMENT EMISSIONS FROM ELECTRICITY OFFSET Fleet improvement Fleet replacement INVEST IN NEW COMPENSATE TURN TO MORE SWITCH TO INCREASE CLEANER USE CLEANER OPTIMIZE FLEET RENEWABLES / GENERATORS REMAININ
Slide 128: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT Renewable energy in the African gold sector Centamin AngloGold Ashanti Mali Essakane Renewable energy projects are currently A 36MW solar farm and 7.5MW under consideration across the entire group Bissa and Bouly battery-energy storage system are being Fekola constructe
Slide 129: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT Houndé - the first step of our solar journey HOUNDÉ ENVISAGED POWER SET-UP KEY INSIGHTS › Strong economic rationale: potential to reduce power costs by 20-35% HOUNDÉ SOLAR POWER PLANT › Strong environmental rationale: expected Solar Power Plant to reduce Houndé’s Scope
Slide 130: Protecting the Environment
PROTECTING THE ENVIRONMENT Water stewardship and tailings management UN SDG TARGETS › SDG 6.3: Improve water quality by reducing pollution, eliminating dumping and minimizing release of hazardous chemicals and materials and substantially increasing recycling and safe reuse globally › SDG 6.4: Increa
Slide 131: Protecting the Environment
PROTECTING THE ENVIRONMENT Water stewardship • Our water stewardship strategy aims to ensure we have enough water for our operations, while at the same protecting the quality & quantity of water available to our 3/7 x2 ICMM host communities mines are located in Increase in volume Aligned water • FY-
Slide 132: Protecting the Environment
PROTECTING THE ENVIRONMENT Responsible tailings management • Participate in the Investor Mining and Tailings Safety Initiative (Church of England), 0 Audited 100% with annual disclosure on our website TSF-related Annually audited by • Knight Piésold are our Engineers of Record incidents 3rd party an
Slide 133: Protecting the Environment
PROTECTING THE ENVIRONMENT Biodiversity – protecting Africa’s fauna & flora COMMITMENT UN SDG TARGET › SDG 15.3: combat desertification, restore No Mining on World Heritage Sites X degraded land and soil, and strive to achieve a land degradation-neutral world No Net Loss of Critical Habitat X ACTION
Slide 134: Protecting the Environment
PROTECTING THE ENVIRONMENT Joining the fight against plastic pollution IF WE FAIL TO ACT NOW, THERE WILL BE MORE PLASTIC THAN FISH IN THE OCEAN BY 2050 PARTNERSHIP WITH PLASTIC ODYSSEY › Plastic Odyssey is a global project to reduce plastic pollution ALL OUR SITES › Develops low-tech solutions for r
Slide 135: Responsible Mining
RESPONSIBLE MINING Strong ethics and governance support our actions on the ground SUPPORTING OUR ENVIRONMENT AND SOCIAL PILLARS 4 flagship projects to become a global Respect for corporate citizen human rights Voluntary Principles On Rigorous Security & Human Rights Zero harm ` ` reporting ` Members
Slide 136: Responsible Mining
RESPONSIBLE MINING Targeting Zero harm UN SDG TARGET PERFORMANCE 0.30 8 › SDG 8.5: Achieve full and productive employment and decent work for all LTIFR (LHS) 7 0.25 women and men 5.74 AIFR (RHS) 6 0.20 ` 5 3.99 3.68 Supporting Government Vaccination Campaigns 0.15 3.73 4 3 0.10 ` 2 0.05 1 0.18 0.10
Slide 137: Responsible Mining
RESPONSIBLE MINING Diversity and inclusion UN SDG TARGET ACTIONS › SDG 8.5: Achieve full and productive › Set 25% increase in gender diversity as In 2020 employment and decent work for all part of the Group-wide annual bonus… women and men › … and achieved 38% increase at our ` legacy Endeavour asse
Slide 138: Responsible Mining
RESPONSIBLE MINING Responsible sourcing – tracing from mine to finished product UN SDG TARGET ACTIONS › SDG 12.2: By 2030, achieve the sustainable › Set 25% increase in gender diversity as management and efficient use of natural part of the Group-wide annual bonus… resources › … and achieved 38% inc
Slide 139: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 10 Nationalities represented on the Board Board experience by sector Accounting 9 5 1 Strategy & Leadership Metals & Mining International Business Finance Operations & Exploration Public Policy C
Slide 140: Transparent and Comprehensive Reporting
TRANSPARENT AND COMPREHENSIVE REPORTING Based on best practice Our ESG reporting is grounded in both leading industry-specific frameworks and widely recognised reporting standards ALIGNING ESG PRIORITIES & BEHAVIOUR THROUGH EXECUTIVE COMPENSATION Short Term Long Term 2020 20% weighting 12.5% weighti
Slide 141: Strong Focus on Corporate Governance
STRONG FOCUS ON CORPORATE GOVERNANCE Supported by UK Corporate Governance Code, a recognised leader Size of Board Nationalities represented on the Board Board experience by sector 1 Accounting 11-10 Strategy & Leadership Metals & Mining International Business Finance Operations & Exploration Public
Slide 142: Transparent and Comprehensive Reporting
TRANSPARENT AND COMPREHENSIVE REPORTING Based on best practice Our ESG reporting is grounded in both leading industry-specific frameworks and widely recognised reporting standards ALIGNING ESG PRIORITIES & BEHAVIOUR THROUGH EXECUTIVE COMPENSATION Short Term Long Term 2020 20% weighting 12.5% weighti
Slide 143: Unmatched Competitive Advantage in West Africa
Watch video UNMATCHED COMPETITIVE ADVANTAGE IN WEST AFRICA 5 143
Slide 144: West Africa Endeavour's Presence
WEST AFRICA ENDEAVOUR'S PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade 20% Endeavour is strategically positioned with an unmatched competitive advantage in the region. En
Slide 145: West Africa Is the Fastest-Growing Gold Region
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD PRODUCING REGION 10.0Moz 10.0% Percentage of Global Mine Supply 7.5Moz 7.5% West African Mine Supply +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 146: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA IS THE 2ND LARGEST 12Moz 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regio
Slide 147: Endeavour Is the Dominant West African Gold Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION (2021E) ENDEAVOUR Endeavour IS THE DOMINANT AngloGold WEST AFRICAN Newmont GOLD PRODUCER Gold Fields Barrick Given its focus on West Africa, Endeavour B2Gold has a strategic industrial benefit from Kinross being geographically focused yet diversified across mu
Slide 148: Endeavour's Operating Model
ENDEAVOUR’S OPERATING MODEL › Geographic focus provides a strong competitive advantage › Largest producer in each of our operating countries › Hands-on management model with teams close to operations › Senior management team spends significant time in-country › General managers empowered and rely on
Slide 149: Enhanced Security Platform Due to Scale in the Region
REGION’S PRODUCTION GROWTH ENHANCED SECURITY PLATFORM DUE TO SCALE IN THE REGION › 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 › Significant foreign aid and co- operation amongst West African na
Slide 150: Industry Exploration Spend
INDUSTRY EXPLORATION SPEND INDUSTRY 2020 EXPLORATION BUDGET In US$ millions 842 WEST AFRICA IS 788 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE Given that exploration spend often 470 458 foreshadows future production growth, West Africa has the potential to continue to be a large producing reg
Slide 151: Industry Exploration Spend Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz The region is significantly under-explored 42Moz compared to other regions. 33Moz 79 27Moz 27Moz 23Moz 22Moz 20Moz Moz 18Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 152: Endeavour Holds One of the Largest Land Tenement Holdings in West Africa
UNDER-EXPLORED REGION ENDEAVOUR HOLDS ONE OF THE LARGEST LAND TENEMENT HOLDINGS IN WEST AFRICA 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents Endeavour has a strategic foothold in ~30% of production two of West Africa’s most prospective belts since it is underexp
Slide 153: West Africa Operates as an Economic Union
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 154: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s second-largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 8.4Moz of Indicated resources where we operate at <$25
Slide 155: Appendix
APPENDIX FT / 6) Es y
Slide 156: Appendix 1 Management, Board and Analyst Coverage
01 APPENDIX 1 Management, Board and Analyst Coverage
Slide 157: Solid Management Track Record
SOLID MANAGEMENT TRACK RECORD SÉBASTIEN • Sébastien de Montessus is President and CEO of Endeavour Mining. Under his leadership, he has introduced key strategic objectives that have created a sustainable business that generates long term cash flow DE MONTESSUS • Previously, Sébastien served as the C
Slide 158: Board Members
BOARD MEMBERS Michael Beckett Alison Baker Carmen Letton David Mimran Tertius Zongo Chairman Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director James Askew Livia Mahler Naguib Sawiris Sofia Bianchi Sébastien de Montessus Non-executive D
Slide 159: Analyst Coverage
ANALYST COVERAGE Firm Analyst Phone Email Bank of America Michael Jalonen ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Barclays Amos Fletcher ✆ +44 20 7773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 20 3753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@
Slide 160: Appendix 2 Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 161: Mine Statistics
MINE STATISTICS On a quarterly basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-21 Q2-21 Physicals Total tonnes mined – OP1 000t 5,576 5,934 6,322 4,972 6,212 4,39
Slide 162: Mine Statistics
MINE STATISTICS On a year to date (nine months) basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-212 YTD-212 Physicals Total tonnes mined – OP1 000t 18,326 16,923 16,330 14,146 37,620 32,754 20,
Slide 163: Appendix 3 Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 164: Reserves and Resources
RESERVES AND RESOURCES As of December 31, 2020 On a 100% basis On a 100% basis On a 100% basis Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au koz) i
Slide 165: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Endeavour’s large land position (more than 17,000 sq Km) and comprehensive database over a very large number of exploration targets promotes the application of a general portfolio management theory wher
Slide 166: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Step 4: Final selection of targets, with higher PoO and priority, which can be physically be included in the 5 year exploration plan Since Endeavour cannot feasibly explore the 110 targets, defined in S
Slide 167: Appendix 4 Debt Sources and ROCE
04 APPENDIX 4 Debt Sources and ROCE
Slide 168: Debt Structure
DEBT STRUCTURE Debt Structure $330 Convertible Notes Debt Structure (at quarter-end) As at 30-Sept-21 › 3% coupon on convertible note payable semi-annually › Matures in February 2023 $330m Convertible Senior Notes $370m 330.0 › Ability to settle in cash or shares $370m Bridge Facility 370.0 › Conver
Slide 169: Return on Capital Employed
Strong focus on demonstrating returns following investment phase ITY ROCE HOUNDE ROCE RETURN ON CAPITAL EMPLOYED1 44% 35% 2020 Return on Capital Employed (ROCE) by asset 27% 28% 6% 14% Karma 6% 2018A 2019A 2020A 2018A 2019A 2020A Houndé Ity 23% BOUNGOU ROCE MANA ROCE KARMA ROCE 20% Capital Employed
Slide 170: Endeavour
ENDEAVOUR MINING , a CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 872
Endeavour Mining — Investor Presentation (January 2022) on 6ix