Slide 1: Q1-2025 Results Presentation
Q1-2025 RESULTS PRESENTATION 1 May 2025
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & ESG VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q1-2025 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q1-2025 Highlights
01 SECTION 1 Q1-2025 HIGHLIGHTS
Slide 6: Q1-2025 Highlights
Q1-2025 HIGHLIGHTS Continuing to deliver against key objectives Operational Free Cash Flow Balance Performance Generation Sheet Strength Q1-2025 2025 Guidance Growth Cash Flow Phase Growth Deleveraging Production 341koz 1,110 – 1,260koz $409m 0.81x 0.77x $775m FCF since growth phase $268m 0.55x <0.5
Slide 7: Production and All-In Sustaining Cost
PRODUCTION AND ALL-IN SUSTAINING COST Strong production and improved AISC in Q1-2025 Production and All-In Sustaining Costs Production, koz All-In Sustaining Cost, US$/oz Realised -22koz Gold Price1 363koz 341koz 270koz Production 251koz Q1-2025 vs Q4-2024 219koz $1,287/oz $1,287/oz $1,186/oz $1,141
Slide 8: On Track To Meet Full Year Guidance
ON TRACK TO MEET FULL YEAR GUIDANCE Strong Q1 positions the Group well to meet FY-2025 guidance 0.05 GROUP SAFETY LTM +30% LTIFR 1.14 Industry Average1 Of lower end production guidance achieved during Q1 341koz GROUP Q1 PRODUCTION2 1,110koz 1,260koz FY-2025 Guidance $1,129/oz AISC In Q1-2025 below l
Slide 9: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION Significant quarterly increase in free cash flow generation Free Cash Flow margin and per ounce Free Cash Flow Free Cash Flow Margin FCF/oz DELEVERAGING AND INCREASING SHAREHOLDER RETURNS FOLLOWING GROWTH PAHSE $409m $795/oz FCF since completion of 39% growth phase $
Slide 10: Robust Financial Position
ROBUST FINANCIAL POSITION Deleveraged balance sheet to below 0.50x target leverage in Q1-2025 Evolution of leverage Net debt / LTM adjusted EBITDA 0.22x ABILITY TO FUND GROWTH AND DELEVERAGING AND INCREASING DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS Free cash flow inflection driving significan
Slide 11: Shareholder Returns Programme
SHAREHOLDER RETURNS PROGRAMME Increasing commitment to shareholder returns following investment phase Shareholder returns programme share buybacks minimum dividend Returns Production supplemental dividend supplemental shareholder returns $66/oz $181/oz $278m $212/oz $299m $227/oz $251/oz $ 1.2bn Ret
Slide 12: Increasing Supplemental Returns
INCREASING SUPPLEMENTAL RETURNS Significant increase in share buyback activity Share buyback activity $52m (2.4m shares) April 2025 $12m (0.5m shares) $ 40m Share Buybacks In Q1-2025 $17m $40m 52m (0.7m shares) (1.9m shares) $8m (0.4m shares) $8m (0.4m shares) $7m (0.4m shares) $ Share Buybacks In Y
Slide 13: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Shareholder returns are attractive across gold mining and other sectors 2024 INDICATIVE YIELD 2024 INDICATIVE YIELD 2024 RETURNS PER OUNCE 0% 8% 16% 0% 1% 2% 3% 4% 5% 6% 7% $0/oz $100/oz $200/oz $300/oz Energy 13.8% B2Gold1 6.1% Newmont $282/oz Endeavour 5.1% 0.8% 5.9%
Slide 14: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE Strong focus on resource expansion across the portfolio and at Assafou KEY PRIORITIES › Add near mine resources across the portfolio › Expand resources at the Assafou deposit and nearby targets › Advance New Ventures to replenish the long term project pipeline Q1-2025 INS
Slide 15: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE DFS on track at tier 1 Assafou; resource endowment expected to grow in 2025 INSIGHTS PRE-FEASIBILITY STUDY KEY METRICS › 4.6Moz resource outlined in approximately 2 years at a low discovery cost of $11 per Indicated ounce › DFS is on track for completion between late-2
Slide 16: Being a Trusted Partner
BEING A TRUSTED PARTNER 2025 ESG targets and initiatives Emissions and Emission Intensity <0.60kt CO2e/oz emissions intensity2 target for FY- Scope 1+2 emissions (ktCO2-e) GHG Intensity (ktCO2-e/oz) 2025 Engagement with top tier suppliers on Scope 31 885 ktCO2-e 628 ktCO2-e 696 ktCO2-e No environmen
Slide 17: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS Strong free cash flow growth in Q1-2025 QUARTER ENDED 31 Mar 31 Dec 31 Mar Q1-2025 vs. (in $ million unless otherwise stated) 2025 2024 2024 Q4-2024 53% OPERATIONAL HIGHLIGHTS Gold Production, koz 341 363 219 (6)% Gold Sold, koz Total Cash Cost1,2, $/oz 353 929 356 979 225 1,007
Slide 19: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Increasing adj. EBITDA over the last year Adjusted EBITDA Adj. EBITDA Adj. EBITDA Margin +12% Realised Gold Price1 $613m $546m Adj. EBITDA Q1-2025 vs Q4-2024 $317m $249m +1pp $213m 58% 59% 45% 45% 45% Adj. EBITDA margin $2,041/oz $2,287/oz $2,342/oz $2,590/oz $2,783
Slide 20: Operating Cash Flow
OPERATING CASH FLOW Operating cash flow growth following project ramp-ups and gold price strength Operating cash flow Operating cashflow Realised $494m 113m Gold Price1 +$ $381m Operating cash flow Q1-2025 vs. Q4-2024 $258m $252m $55m + 30% Operating cash flow $2,041/oz $2,287/oz $2,342/oz $2,590/oz
Slide 21: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows increased significantly in Q1-2025 INSIGHTS Operating cash flow bridge 3 4 1. The realised gold price, inclusive of realised 5 losses on gold hedges as part of the Group’s ($22m) Revenue Protection Programme and LBMA averaging strategy, increased by $19
Slide 22: Free Cash Flow
FREE CASH FLOW Strong quarterley free cash flow growth Free Cash Flow Operating Cashflow Free Cash Flow Investing Cashflow $494m +$ 141m $381m Free Cash Flow $409m Q1-2025 vs. Q4-2024 $252m $255m $268m $81m $97m $55m ($133m) ($188m) ($171m) ($158m) ($113m) ($85m) + 53% Q1-2024 Q2-2024 Q3-2024 Q4-202
Slide 23: Change In Net Debt
CHANGE IN NET DEBT Deleveraged the balance sheet to below 0.5x leverage target in Q1-2025 INSIGHTS Change in net debt 1. Operating activities included $592m in 1 operating cashflow before changes in $732m working capital and a $98m working capital outflow. 2. Investing cash outflows included $56m of
Slide 24: Net Earnings From Operations
NET EARNINGS FROM OPERATIONS Adjusted net earnings increased quarter on quarter INSIGHTS 3 MONTHS ENDED 1. Other expenses included $9m in acquisition and (in $ million) 31 Mar 31 Dec A = Adjustments made for Adjusted Net Earnings restructuring costs primarily related to payments in 2025 2024 Côte d’
Slide 25: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 26: Safety Performance
SAFETY PERFORMANCE Continued industry leading safety record LTIFR and hours worked Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)1 0.05 44.0m 44.2m 42.4m 39.4m 38.0m LTIFR in Q1-2025 0.13 0.12 62% 0.11 0.11 0.05 Decrease in LTIFR Q1-2025 vs Q4-2024 Q1-2024 Q2-2024 Q
Slide 27: Q1-2025 Performance Vs Guidance
Q1-2025 PERFORMANCE VS GUIDANCE Group on track to achieve full-year guidance following a strong start to the year Q1-2025 Production vs Guidance Q1-2025 AISC vs Guidance $975/oz $1,100/oz Ity Q1 Q1 84koz 290 - 330koz $930/oz $1,225/oz $1,375/oz Houndé Q1 Q1 92koz 230 - 260koz $858/oz $1,550/oz $1,75
Slide 28: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Higher recoveries support higher production Q1-2025 vs Q4-2025 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz 70koz 72koz › Production increased due to higher tonnes milled through both the CIL and the BIOX processing plants 57koz 54koz 49koz along with higher a
Slide 29: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO High grade Kari Pump ore supported strong production ahead of the wet season Q1-2025 vs Q4-2024 INSIGHTS Production and AISC › Production decreased due to lower average grades Production, koz AISC, US$/oz processed and tonnes milled, partially offset by an increase 109koz i
Slide 30: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Consistent quarter over quarter production at improved AISC Q1-2025 vs Q4-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production was consistent with the prior quarter as lower 96koz tonnes of ore milled was offset by higher average grades 86koz 84koz 84ko
Slide 31: Mana, Burkina Faso
MANA, BURKINA FASO Strong Q1-2025 production as Wona portals achieve commercial production Q1-2025 vs Q4-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher grades processed, 46koz offsetting the lower tonnes milled while recovery 42koz 41koz rates rem
Slide 32: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Successfully ramped up to exceed nameplate capacity Q1-2025 vs Q4-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower average grades 60koz processed during the quarter, partially offset by an increase in mill throughput. 48ko
Slide 33: Conclusion
04 SECTION 4 CONCLUSION
Slide 34: Key Priorities Across The Business
KEY PRIORITIES ACROSS THE BUSINESS Increasing cash flow to deliver enhanced shareholder returns KEY PRIORITIES INVESTMENT PROPOSITION Deliver production guidance of 1,110 – 1,260koz OPERATIONS at AISC of $1,150 – 1,350/oz Strong Track Record of Delivery FREE CASH FLOW Maximise free cash flow generat
Slide 35: Valuation Benchmark
VALUATION BENCHMARK Endeavour offers a compelling valuation across gold miners and other sectors 18.0x 13.7x 9.8x 10.4x 8.2x 8.8x EV/EBITDA 5.5x 6.1x 7.3x 7.7x (FY-2025) 3.0x 3.9x Energy Endeavour Gold Materials Financials Industrials Consumer Utilities Health Comms TMT Real Estate Mining Care 17% 1
Slide 36: Appendix
05 SECTION 5 APPENDIX
Slide 37: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Senior Notes: Change in debt drawn › 5% fixed coupon rate senior notes mature in Oct-2026. ($m) Interest Rate Maturity 31 Mar 2025 31 Dec 2024 31 Mar 2024 Revolving Credit Facility: $370m $500m Senior Notes 5.00 % Oct 2026 500 500 500 › In Q4-2024,
Slide 38: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases INSIGHTS Gold collars Gold price in US$/oz Debt reduction › In Q1-2025, approximately 50koz were and shareholder delivered into a collar with an average call 2600 return focus price of $
Slide 39: FY-2025 Guidance
FY-2025 GUIDANCE Capital Expenditure Guidance (All amounts in US$m) FY-2024 FY-2025 GUIDANCE Houndé 50 40 Production Guidance Ity 10 20 Mana 34 60 (All amounts in koz, on a 100% FY-2024 FY-2025 GUIDANCE Sabodala-Massawa 25 60 basis) Lafigué 6 35 Corporate 2 — Houndé 288 230 — 260 SUSTAINING CAPITAL
Slide 40: Mine Statistics
MINE STATISTICS On a quarterly year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ Q1-2025 Q4-2024 Q1-2024 Q1-2025 Q4-2024 Q1-2024 Q1-2025 Q4-2024 Q1-2024 Q1-2025 Q4-2024 Q1-2024 Q1-2025 Q4-2024 Q1-2024 (on a 100% basis) Physicals Total tonnes mined – OP1 000t 8,373 8,120 7,406 11,334 10,833 11,096
Slide 41: Tax Payments By Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED 31 March 31 December 31 March 2025 2024 2024 All amounts in US$ million Houndé 11 11 11 Ity — 2 — Mana 2 2 4 Sabodala-Massawa 24 — 31 Lafigué 2 — 1 Other1 — 1 5 Taxes paid 39 17 51 1) Included in the “Other” category is income and withholding taxes paid by Co
Slide 42: Continuous Improvement In ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement C Severe AA AA AA A C- C- Medium Low Low BBB 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2025 B 62 53 B- 49 54 C C C 45 42 39 D- 2019 2020 2021 2022 2023 2024 2020 2
Slide 43: TSX.EDV LSE.EDV
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