Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (September 2021)
186 slides from Endeavour Mining's investor presentation, September 2021
Slide 1: Corporate Presentation September 2021
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation September 2021
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Financial 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 850-900/oz West African producer 2021 PRODUCTION TARGET 5
Slide 6: Company Profile
COMPANY PROFILE Highlights Top Shareholders Ticker LSE | TSX: EDV, OTXCQ: EDVMF Rank Institution name % of S/O 1 La Mancha 19.1% Shares outstanding as at 30 June, 2021 251m 2 BlackRock Investment Management (UK) 12.2% Share price as at 9 September, 2021 £17.30 / C$29.93 3 Van Eck Associates 9.6% Mar
Slide 7: Cross Sector Benchmarking Relative to Other Senior Gold Producers
CROSS SECTOR BENCHMARKING RELATIVE TO OTHER SENIOR GOLD PRODUCERS Production1 All-in Sustaining Costs1 7Moz $1,200 6Moz $1,000 5Moz $800 4Moz PEER 3Moz 2Moz $600 BENCHMARKING 1Moz $400 $200 Barrick Newmont B2 Gold Kinross Polymetal Newcrest Agnico-Eagle Gold Fields Kirkland Yamana Northern Star Harm
Slide 8: Our Strategy
OUR STRATEGY Create a resilient business and a trusted partner with 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 management Proven project devel
Slide 9: Implementing Our Purpose
IMPLEMENTING OUR PURPOSE SUPPORTED BY STRONG ETHICS AND GOVERNANCE OUR PURPOSE PARTNERING WITH OUR HOSTS TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY INVESTING IN PROTECTING OUR OUR HOST COUNTRIES ENVIRONMENT We do so while protecting and promoting the places where we operate. Respect for
Slide 10: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILLIENT 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 fr
Slide 11: Operational Excellence Geographic Focus Provides a Strong Competitive Advantage
OPERATIONAL EXCELLENCE 1 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 › Significant synergies from shared technical functions › Hands-on management
Slide 12: Operational Excellence On Track to Meet 2021 Guidance
OPERATIONAL EXCELLENCE 1 On track to meet 2021 guidance GROUP LT BELOW LTIFR1 M INDUSTRY 0.16 1.10 Industry Average2 GROUP ON TRACK H1 PRODUCTION FOR TOP END 756koz 1,365-1,495koz Guidance $860/oz GROUP $850/oz $900/oz AISC H1 ON TRACK Guidance (1) Lost Time Injury Frequency Rate= (Number of LTIs in
Slide 13: Operational Excellence Safety Is Our Top Priority
OPERATIONAL EXCELLENCE 1 Safety is our top priority Group Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.14 Lost Time Injury Frequency Rate 0.40 0.20 0.18 0.10 0.12 0.14 4 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 LTM average (2) Q1-2021
Slide 14: Project Development
CEO INTRODUCTION PROJECT DEVELOPMENT 2 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 mines built by 4 Endeavour in last decade safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔTE D’IVOI
Slide 15: Project Development
4 442 PROJECT DEVELOPMENT Immediate Cash Flow with Short And Long-term Upside 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 CRITERIA TARGET CRITERIA <$25/oz discove
Slide 16: Sabodala-Massawa Expansion Underway
4 442 PROJECT DEVELOPMENT Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECTS: GREENFIELD PROJECTS: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: ▪ Debottlenecking the plant back-end ▪ Mine life
Slide 17: Unlock Exploration Value
UNLOCK EXPLORATION VALUE 3 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 Faso and Côte production sinc
Slide 18: Proven Exploration Methodology
UNLOCK EXPLORATION VALUE 3 Proven exploration methodology Screening and ranking methodology MANAGEMENT TRACK RECORD >200 targets 8.4Moz +130 of Indicated Resources Exhaustive screening targets discovered since 2016 of all >200 potential targets 130+ targets screened through Top 40 Top selection mult
Slide 19: On Track to Meet 5-Year Exploration Targets
UNLOCK EXPLORATION VALUE 3 On track to meet 5-year exploration targets Total Indicated discoveries and targets1 Excludes assets acquired in SEMAFO and Teranga transactions 8.4Moz Indicated resources discovered Indicated resources targeted 100% % Cumulative Indicated resources against 5-year discover
Slide 20: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT 4 Focused on long life and low AISC assets Endeavour’s Portfolio1 Key achievement across 4 pillars Core Mine Non-core Mine Divested / Ceased Mine Project AISC, $/oz $1,300 Built Houndé Realized synergies Karma $1,250 Built Ity Met guidance $1,200 Tabakoto $1,150 Operation
Slide 21: 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 operations +1.6Moz 1.4-1.5Moz <<$900/oz <$900/oz +1.5Moz <$900/oz 908koz $873/oz 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 22: 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 depreciatio
Slide 23: Healthy Balance Sheet
HEALTHY BALANCE SHEET Significant net debt reduction in 2020 creates foundation for shareholder returns Net Debt Reduction 0.16x (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT DEBT REDUCTION DIVIDENDS PHASE PHASE & BUYBACK ANNOUNCED Low Net Debt/Adj. EBITDA (LTM) ratio $75m Click to ad
Slide 24: Attractive Shareholder Returns Program
ATTRACTIVE SHAREHOLDER RETURNS PROGRAM 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 › Provides dividend visibility during growth Potential t
Slide 25: Buyback Program
BUYBACK PROGRAM Supplementing dividend with buyback program INSIGHTS Indicative yield for shareholder returns1,2 Endeavour’s Share Buyback Completed To Date in 2021 Dividend › Minimum dividend commitment of US$125 6% million for FY-2021 represents indicative yield of 2.2%1 5% › Potential to pay more
Slide 26: London Stock Exchange Premium Listing
LONDON STOCK EXCHANGE PREMIUM LISTING Re-domiciliation to the United Kingdom provides direct path to FTSE inclusion TIMELINE TO FTSE INCLUSION PATH TO FTSE INCLUSION UK-Incorporated? Admission to 14 June Premium Y N Segment of LSE UK nationality test 25% free float? N Not eligible met? N Not eligibl
Slide 27: Creation of Top LSE Premium Listed Gold Producer
CREATION OF TOP LSE PREMIUM LISTED GOLD PRODUCER Expect significant indexation demand Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent 3.0Moz TARGETING Premium Segment Standard Segment AIM 2.5Moz FTSE INDEX 2.0Moz INCLUSION 1.5Moz 1.0Moz 0.5Moz + 10% 0.0Moz
Slide 28: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES 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 Portfolio Trus
Slide 29: Upcoming Catalysts
UPCOMING CATALYSTS Q3 Corporate Inclusion into the FTSE 250 and FTSE All share indices 2021 Q3 Exploration 5-year exploration strategy 2021 Q4 Sabodala-Massawa Completion of Phase 1 plant upgrades 2021 Q4 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2 2021 Q4 Fetekro Complet
Slide 30: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 30
Slide 31: Strong Q2-2021 Performance
STRONG Q2-2021 PERFORMANCE Strong financials underpin our shareholder returns programme HIGHLIGHTS STRONG BUSINESS PERFORMANCE › On track to meet FY-2021 production and AISC guidance +18% (2%) › LSE premium listing successfully obtained Production AISC › Healthy balance sheet at quarter-end with vs.
Slide 32: Production and AISC
PRODUCTION AND AISC Full consolidated benefit of newly acquired Teranga assets in Q2-2021 Production and AISC Production AISC from all operations 409koz +62koz 344koz 347koz Production Q2-2021 vs. Q1-2021 244koz -$15/oz 149koz $906/oz $868/oz $853/oz $939/oz $803/oz AISC Q2-2021 vs. Q1-2021 Q2-2020
Slide 33: Record All-in Sustaining Margin
RECORD ALL-IN SUSTAINING MARGIN Q2 benefitted from increased gold production and higher gold price vs. Q1-2021 All-in Sustaining Margin from all operations In $m, unless otherwise indicated Realized Gold Price $395m +$ 62m $341m $333m All-in Sustaining Margin Q2-2021 vs. Q1-2021 $245m +19% $112m $1,
Slide 34: Operating Cash Flow
OPERATING CASH FLOW Benefit of full quarter of production from Teranga assets in Q2-2021 Operating cash flow (from continuing operations)1 $364m +$ 93m $300m Operating CF Q2-2021 vs. Q1-2021 $202m $207m $57m +45% Operating CF $1,689/oz $1,841/oz $1,841/oz $1,749/oz $1,791/oz Q2-2021 vs. Q1-2021 Q2-2
Slide 35: Operating Cash Flow
OPERATING CASH FLOW Benefit of full quarter of production from Teranga assets in Q2-2021 Q2-2021 vs Q1-2021 bridge operating cash flow1 INSIGHTS 1. The realised gold price increased by $42/oz from $1,749/oz in Q1-2021 to (∆$4m) $300m $1,791/oz in Q2-2021 2. Gold production increased as the Teranga (
Slide 36: Net Debt and Liquidity Analysis
NET DEBT AND LIQUIDITY ANALYSIS Balance sheet continues to strengthen INSIGHTS Net Cash Variation Analysis › Q2-2021 financing activities include repayments on long- term debt of $120m, $59m on share buybacks and $8m finance and lease obligations repayments ($137m) › Q2-2021 investing activities inc
Slide 37: Net Earnings Breakdown
NET EARNINGS BREAKDOWN Adjusted EPS increased by 46% 3 MONTHS ENDED INSIGHTS 30 June, 31 March, 1. Increase due to costs associated with listing on the (in $ million) A = Adjustments made for Adjusted Net Earnings 2021 2021 LSE as well as additional corporate costs following the integration of Teran
Slide 38: 2021 Guidance
2021 GUIDANCE INSIGHTS Consolidated Production Guidance › Total production guidance for 2021 of (All amounts in koz, on a 100% basis) UPDATED FY 2021 GUIDANCE 1,365 – 1,495koz at an AISC of $850 - Ity 230 — 250 $900/oz. Karma 80 — 90 › The Sabodala-Massawa and Wahgnion Houndé 240 — 260 Mana 170 — 19
Slide 39: 2021 Guidance
2021 GUIDANCE (Continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › 2021 growth capital is estimated at $46 million, mainly for the SUSTAINING NON-SUSTAINING ongoing Phase 1 expansion at the Sabodala-Massawa mine and (All amounts in US$m) CAPITAL CAPITAL studies and holdi
Slide 40: Cost Analysis Sensitivities
COST ANALYSIS SENSITIVITIES EXCHANGE RATE SENSITIVITY EURO/USD INDICATIVE COST STRUCTURE US$/oz Site-level AISC, excluding non-cash and other adjustments Group -$24/oz $24/oz ±5% Group -$47/oz $47/oz ±10% Processing costs 26% COST SENSITIVITY TO FUEL PRICE For a ±10% change in fuel price US$/oz Mini
Slide 41: Our High Quality Portfolio
OUR HIGH QUALITY PORTFOLIO 3 41
Slide 42: Strong Exposure Across Asset Lifecycle
STRONG EXPOSURE ACROSS ASSET LIFECYCLE Daoukro Cluster Côte d’Ivoire Siguiri Kofi Trend Guinea Bondoukou Cluster Wahgnion Karma Mali Côte d’Ivoire Nabanga Burkina Faso Fetekro Côte d’Ivoire Mana Fougadian Mali Mt. Ba/Gueya Barrick JV Sia/Sianikou Houndé Côte d’Ivoire Côte d’Ivoire Houndé Trend Afema
Slide 43: Diversified Portfolio of Seven Mines
DIVERSIFIED PORTFOLIO OF SEVEN MINES MINE RESERVE GOLD M&I M&I RESOURCE AISC1 RESERVES NAME COUNTRY PRODUCTION1 GRADE RESOURCES GRADE (US$/oz) (Moz) (koz) (g/t) (Moz) (g/t) Houndé Burkina Faso 250 880 2.58 1.74 4.58 1.74 Ity Côte d’Ivoire 240 825 2.75 1.58 3.76 1.52 Karma Burkina Faso 85 1,260 0.16
Slide 44: 2021 Asset Overview and Performance
2021 ASSET OVERVIEW & PERFORMANCE SABODALA-MASSAWA ITY HOUNDÉ WAHGNION MANA BOUNGOU KARMA • Strong H1-2021 • H1-2021 performance • H1-2021 performance was • Production was higher in • Strong H1-2021 • Strong production during • Strong H1-2021 despite performance due to was stronger than stronger tha
Slide 45: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal 310-330koz $690-740/oz 4.8Moz 6.6Moz Current as at Current as at 2021 Target 2021 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 Plant expansion to accommodate the Mas
Slide 46: Sabodala-Massawa Mine
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 Reserves (Mt) (Au g/t) (Au koz) Proven Reserves 17.3 1.
Slide 47: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Higher processed grade due to the high grade ore from the Sofia Main pit Q2-2021 vs Q1-2021 INSIGHTS › Production increased in Q2-2021 vs Q1-2021 due to higher processed grades › Mining activities in Q2-2021 continued to progress on the Massawa permit with Sofia Main and Sofia
Slide 48: Sabodala-Massawa Mine
EXPLORATION BUDGET $13 million for 2021 SABODALA-MASSAWA MINE SHORT-TERM PRIORITIES Senegal Discovery of additional non-refractory ore resources Define new resources on near-mine targets Explore various deposits at depth MAIN AREA OF FOCUS Sofia Samina Massawa Central Tina Various other prospects, l
Slide 49: Sabodala-Massawa Phase Expansion
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END › Civil works for phase 1 are now complete ahead of schedule and the installation and commissioning of the additional electrowinning cell, a carbon regeneration kiln, an acid wash and elution circuit,
Slide 50: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal PHASE 1 UPGRADES TRACKING ON SCHEDULE FOR COMPLETION IN Q4-2021 Package 1: Additional Electrowinning Cell – in Position and commissioned on Package 2: Additional carbon regeneration kiln – overview of area temporary electrical works Package 3: Additional acid wash and e
Slide 51: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS UNDERWAY AND DUE FOR COMPLETION IN Q4-2021 • Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to Phase 2 of the expansion will add a new refractory ore improve the quality of the mill feed blen
Slide 52: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Updated resource expected to be published in late 2021 INSIGHTS Sabodala-Massawa Plan Map › An exploration programme of up to $13.0 million has been planned for 2021 of which $3.5 million was spent in H1-2021 consisting of 46,439 meters of drilling across 414 drillholes. The ex
Slide 53: Ity Mine
ITY MINE Côte D’Ivoire 230-250koz $800-850/oz 2.7Moz 3.8Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerstone assets. It has the longest The CIL plant was successfully built
Slide 54: Ity Mine
ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive of Reserves (Mt) (Au g/t) (Au koz) • Greater mining and processing flexibi
Slide 55: Ity Mine
ITY MINE Processed grades increased due to higher grade ore from the Bakatouo pit Q2-2021 vs Q1-2021 INSIGHTS Production and AISC › Production increased due to the increased average Production, koz AISC, US$/oz processed grade and gold recovery rate 79koz › Average gold grade milled increased in Q2-
Slide 56: Ity Mine Production Plan
ITY MINE Côte D’Ivoire Ity production plan Incremental production added 2017 Optimization Study 300koz 250koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion +236Koz Incremental production 200koz over next 5
Slide 57: Ity Mine
EXPLORATION SUCCESS 2.1Moz discovered since 2016 ITY MINE EXPLORATION BUDGET Côte D’Ivoire $9 million for 2021 SHORT-TERM PRIORITIES Maintain +10-year mine life MAIN AREA OF FOCUS Le Plaque West Flotouo (Verse Ouest) Daapleu SW Daapleu Deep Walter Bakatouo Deep Yopleu-Legaleu Walter 57
Slide 58: Ity Mine
ITY MINE Côte D’Ivoire LE PLAQUE INSIGHTS Exploration to continue to focus on the Le Plaque discovery • Continued low discovery cost of <$20/oz Le Plaque targets • Significantly higher grade ounces added as Le Plaque’s M&I resource grade is 2.66g/t Au compared to 1.29g/t Au for the Ity mine M&I reso
Slide 59: Ity Mine
ITY MINE Strong focus on the West Flotouo discovery and the Le Plaque area Ity Gold in Soil Map and H1-2021 Activity INSIGHTS › An exploration program of $9.0 million has been planned for 2021 of which $6.2 million was spent in H1-2021 consisting of 45,144 meters of drilling across 441 drillholes. T
Slide 60: Ity Mine
ITY MINE Le Plaque area resource update scheduled for late 2021 INSIGHTS Le Plaque Exploration Targets › The exploration efforts in the Le Plaque area were focussed on Le Plaque South (Delta Extension) and Yopleu-Legaleu, with the aim of extending mineralisation at both targets. › Le plaque is open
Slide 61: Houndé Mine
HOUNDÉ MINE Burkina Faso 240-260koz $855-905/oz 2.6Moz 4.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s cornerstone The goal is to delineate sufficient additional r
Slide 62: Houndé Mine
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries and Golden Hill deposits Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) • Greater mining flexibility with multiple availa
Slide 63: Houndé Mine
HOUNDÉ MINE Higher processed grades due to increased contributions from Kari Pump Q2-2021 vs Q1-2021 INSIGHTS Production and AISC › Production increased due to higher average processed Production, koz AISC, US$/oz grades, as the high-grade Kari Pump ore contributed a higher proportion of the mill fe
Slide 64: Houndé Mine Production Plan
HOUNDÉ MINE Burkina Faso Houndé production plan Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion +325Koz 250Koz Incremental production over next 5 y
Slide 65: Houndé Mine
EXPLORATION SUCCESS 2.6Moz discovered since 2016 HOUNDÉ MINE EXPLORATION BUDGET Burkina Faso $7 million for 2021 SHORT-TERM PRIORITIES Maintain +10-year mine life MAIN AREA OF FOCUS Kari Area Dohoun and Sia/Sianikoui Vindaloo Mambo 65
Slide 66: Houndé Mine Insights
HOUNDÉ MINE INSIGHTS Kari Area permitted as extension of Houndé on expedited timeline › Permit extension granted covering the Map of Houndé Mining Permits full Kari area › Permit includes the Kari Pump, Kari West and Kari Center, Kari Gap and Kari South › Permit granted as an extension of the 2003 M
Slide 67: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan HOUNDÉ MINE Burkina Faso GOLDEN HILL PROJECT › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) of Endeavour’s Houndé mine › Potential for development as a satellite deposit › Expansive
Slide 68: Houndé Mine
HOUNDÉ MINE Follow up on initial results and delineation of the Mambo discovery INSIGHTS Houndé Site Map › An exploration programme of up to $7.0 million has been planned for 2021 of which $6.8 million was spent in H1-2021 consisting of 68,871 meters of drilling across 630 drillholes. › The explorat
Slide 69: Mambo Mineralization Remains Open
HOUNDÉ MINE Mambo mineralization remains open INSIGHTS Mambo geology and drilling intercepts › Drilling has confirmed that the Mambo target, located 12km from the Houndé plant, has the potential to be a significant discovery. › Mineralisation extends over 800 meters in length in the NNE – SSW direct
Slide 70: Wahgnion Mine
WAHGNION MINE Burkina Faso 140-155koz $940-990/oz 1.4 Moz 2.1 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine Since commercial production was achieved, offers cash flow g
Slide 71: Wahgnion Mine
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 of Reserves (Mt) (Au g/t) (Au koz) • Pit optimisation and sequencing foll
Slide 72: Wahgnion Mine
WAHGNION MINE Greater focus on waste extraction expected in H2-2021 Q2-2021 vs Q1-2021 INSIGHTS › Production decreased due to the lower average grade processed › Ore mined was sourced mainly from the Nogbele North and Nogbele South pits and supplemented with ore from the Fourkoura pit where mining c
Slide 73: Wahgnion Mine
EXPLORATION BUDGET $12 million for 2021 WAHGNION MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Discovery of additional satellite deposits within trucking distance MAIN AREA OF FOCUS Nogbele, Nogbele North and Nogbele South Fourkoura deposit Hillside target Kafina West Korindo
Slide 74: Wahgnion Mine
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Wahgnion Mine and Permit Area › An exploration programme of up to $12.0 million has been planned for 2021 of which $2.6 million was spent in H1-2021 consisting of 9,565 meters of drilling across 81 dril
Slide 75: Mana Mine
MANA MINE Burkina Faso 170-190koz $975-1,050/oz 1.4 Moz 3.0 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of
Slide 76: Mana Mine
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization through procurement, inventory management and (Mt) (Au g/t) (Au koz) inclu
Slide 77: Mana Mine
MANA MINE Continued strong contribution from the underground operation Q2-2021 vs Q1-2021 INSIGHTS Production and AISC › Production slightly decreased due to a reduction Production, koz AISC, US$/oz in the average processed grade which was partially offset by an increase in plant throughput and reco
Slide 78: Mana Mine
EXPLORATION BUDGET $8 million for 2021 MANA MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Continue extending reserves of underground deposits Discovery of additional open pit oxide deposits within trucking distance MAIN AREA OF FOCUS Siou underground Wona underground Maoul Ko
Slide 79: Mana Mine
MANA MINE Focus on discovering new oxide material and deep potential Mana exploration map INSIGHTS › An exploration programme of up to $8.0 million has been planned for 2021 of which $7.1 million was spent in H1- 2021. The exploration efforts were focused on oxide open pit targets, such as Maoula, a
Slide 80: Boungou Mine
BOUNGOU MINE Burkina Faso 180-200koz $690-740/oz 1.0 Moz 1.5 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high grade Mining activities recommenced in Q4-2020 following o
Slide 81: Boungou Mine
BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to re-optimise current pit designs and explore area inclusive of Reserves (
Slide 82: Boungou Mine
BOUNGOU MINE Burkina Faso Q2-2021 vs Q1-2021 INSIGHTS Production and AISC › Production significantly decreased relative to Q1- Production, koz AISC, US$/oz 2021, as a greater focus was placed on waste extraction and mining was constrained to lower grade 64koz areas. 60koz › Average processed grade d
Slide 83: Boungou Mine
EXPLORATION BUDGET $7 million for 2021 BOUNGOU MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Discovery of new deposits outside mine fence Brownfield drilling to re-optimise current pit design and explore area in between East and West pits MAIN AREA OF FOCUS Boungou North Nato
Slide 84: Boungou Mine
BOUNGOU MINE Exploration focused on near mine targets INSIGHTS Boungou Exploration Map › An exploration program of up to $7.0 million has been planned for 2021, of which $4.6 million was spent in H1-2021 consisting of 24,307 meters of drilling. The exploration efforts were focused on delineating nea
Slide 85: Karma Mine
KARMA MINE Burkina Faso 80-90koz $1,220-1,300/oz 0.2 Moz 1.9 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 2017, an optimization project was leach operation and con
Slide 86: Karma Mine
KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional heap leachable ore inclusive of Reserves (Mt) (Au g/t) (A
Slide 87: Karma Mine
KARMA MINE Continued strong contribution from the underground operation Q2-2021 vs Q1-2021 INSIGHTS Production and AISC › Production slightly decreased due to a reduction Production, koz AISC, US$/oz in the average processed grade which was partially offset by an increase in plant throughout and rec
Slide 88: Karma Mine
KARMA MINE Exploration focused on delineating near mine extensions INSIGHTS Karma H1-2021 Drilling plan › In H1-2021, exploration work was carried out as part of the advanced grade control drilling program, with the aim of delineating near mine extensions and expediting their incorporation in the cu
Slide 89: Fetekro Project
FETEKRO PROJECT $838/oz Côte D’Ivoire All-in Sustaining cost for life of mine EXPLORATION VALUE CREATION: FETEKRO CASE STUDY 10 year Invested $21m on exploration since 2018 Mine life Quickly moved from maiden resource to 2.5Moz of Indicated Resources within three years 2.1Moz of resources have been
Slide 90: Fetekro Project
FETEKRO PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 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 Resources shown Tonnage Grade Content LIFE OF MINE PRODUCTION
Slide 91: Fetekro Is Our Most Advanced Greenfield Exploration Property
FETEKRO PROJECT Côte D’Ivoire Simplified map of the Fetekro property showing Lafigué FETEKRO IS OUR MOST ADVANCED GREENFIELD EXPLORATION PROPERTY Fetekro is located in north central Côte d’Ivoire, approximately 500km from Abidjan, within the northern end of the Oumé-Fetekro greenstone belt The Fetek
Slide 92: Fetekro Project Attractive Project Economics
FETEKRO PROJECT Côte D’Ivoire Fetekro 2020 PEA vs 2021 PFS PFS PEA VARIANCE ATTRACTIVE PROJECT PLANT TYPE, SIZE & CAPEX Plant type Gravity / CIP Gravity / CIL ECONOMICS Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Key changes incorporated in 2021 PFS Mine lif
Slide 93: Fetekro Project Attractive Project Economics
FETEKRO PROJECT ATTRACTIVE PROJECT Côte D’Ivoire ECONOMICS 2021 Fetekro PFS Project Economics 2021 project economics are robust, with an attractive NPV and IRR being generated across a Gold Price $1,350/oz $1,500/oz $1,650/oz $1,800/oz range of gold prices PRE-TAX A total of 2.1Moz were converted in
Slide 94: Fetekro Project
FETEKRO PROJECT ATTRACTIVE PROJECT Côte D’Ivoire ECONOMICS Contract mining operation with a maximum mining Schematic Fetekro Site Layout movement of 50Mt per year Ore will be processed via a 3.0 to 3.3 Mtpa processing plant. LOM plant feed: approximately 92% fresh ore and 8% oxide/transitional ore L
Slide 95: Fetekro Project
EXPLORATION SUCCESS 2.5Moz discovered since 2018 FETEKRO PROJECT EXPLORATION BUDGET Côte D’Ivoire $7 million for 2021 SHORT-TERM PRIORITIES Further extend Lafigue resources Several additional exploration targets within 10km of Lafigué, which have received limited drilling Continue to add reserves ah
Slide 96: Fetekro Project
FETEKRO PROJECT Exploration targeting resource extensions INSIGHTS Drilling between Lafigué Center and Lafigué North › In H1-2021, Fetekro was the largest greenfield exploration focus with a total of $6.4 million spent on exploration work. › In total 43,300 meters of drilling were completed in H1-20
Slide 97: Kalana Project
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 Content LIFE OF MINE PRODUCTION inclusive of Rese
Slide 98: Accretive Acquisition Kalana Project
ACCRETIVE ACQUISITION KALANA PROJECT WITH ATTRACTIVE Mali ECONOMICS 2021 Kalana PFS Project Economics › Purchased for $122m (7m shares) in mid- 2017 Gold Price $1,350/oz $1,500/oz $1,650/oz $1,800/oz › Attractive purchase price of 0.4x project NAV PRE-TAX › At the time, Kalana was the only project N
Slide 99: Updated Resource Model and Inclusion of Kalanako in 2021 PFS
UPDATED RESOURCE KALANA PROJECT MODEL AND INCLUSION Mali OF KALANAKO IN 2021 PFS Kalana 2016 vs. 2021 Study Comparison1 2021 STUDY 2016 STUDY VARIANCE › Key changes in updated PFS compared to PLANT SIZE & CAPEX the 2016 Avnel study: Nominal mill capacity, Mtpa 3.0 1.2 +150% Upfront capital cost, $m
Slide 100: Kalana Project 2021 Updated PFS
KALANA PROJECT 2021 UPDATED PFS Mali INSIGHTS Kalana Site Layout › 2021 Study is based on a contract-mining operation with a maximum mining movement of 30Mt per year › The plant nameplate capacity of 3.0Mtpa, if fed with fresh rock, and 3.8Mtpa if fed with oxide ore › LOM plant feed: 27% oxide, 9% t
Slide 101: Aim to Increase Kalana Project Resource Base
AIM TO INCREASE KALANA PROJECT RESOURCE BASE FOR Mali PROJECT Kalana license and exploration targets › 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 › Th
Slide 102: Bantou Project
INSIGHTS Acquired through Endeavour’s acquisition of SEMAFO in 2020 BANTOU PROJECT Burkina Faso Currently consists of eight mineralized zones with diverse mineralization styles and grades The Bantou gold zone is part of the Dynikongolo permit which was transferred to SEMAFO in April 2013, through th
Slide 103: Bantou Project
INSIGHTS Bantou deposit cross-section In 2019, a total 96,669m were BANTOU PROJECT drilled at Bantou. Bantou Nord Burkina Faso alone accounted for 15,031m which was part of an effort to rapidly outline the extent of the mineralized zone and allow for a preliminary resource calculation. For 2021, a b
Slide 104: Nabanga Project
INSIGHTS Nabanga deposit 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-tax NPV of $147m and af
Slide 105: Greenfield Afema
INSIGHTS › Location and Ownership: ‒ Located in SE Côte d’Ivoire at the GREENFIELD AFEMA Côte D’Ivoire intersection of two gold- enriched Ghanaian greenstone belts ‒ JV formed December 2017 – 51%, earning 70% › New Discovery – Woulo Woulo ‒ Continued geological and structural evaluations to expand o
Slide 106: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect GREENFIELD AFEMA › Continued geological and Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization at newest discovery – the Woulo Woulo prospect › Average 4
Slide 107: Greenfield Afema
INSIGHTS › Gold-in-Soil Geochemical Plan Map GREENFIELD AFEMA › Clearly defines the +20 km Gold-in-Soil Geochemical Plan Map Côte D’Ivoire strike extensions of both the Niamienlessa structural trend and the Afema shear zone › Also defines a series of smaller, yet significant, anomalies including +3.
Slide 108: 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 109: Greenfield Liguidi
109 GREENFIELD LIGUIDI Burkina Faso
Slide 110: Greenfield Nassile / Da-Guity
INSIGHTS › Full review of country prospectivity conducted in Niger GREENFIELD NASSILE / DA-GUITY 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695km² 110
Slide 111: Greenfield Siguiri Licenses
111 GREENFIELD SIGUIRI LICENSES Guinea
Slide 112: 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 112
Slide 113: Being a Trusted Partner
BEING A TRUSTED PARTNER SS ie ae SS SO ee
Slide 114: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY United Nations 75% of our top 20 institutional shareholders are signatories of the PRI, the UN-backed Principles of Responsible Investment 2021 Target to become members of the The UN Sustainable Development Goals UN Global Compact (SDGs) are a universal se
Slide 115: Implementing Our Purpose
IMPLEMENTING OUR PURPOSE SUPPORTED BY STRONG ETHICS AND GOVERNANCE OUR PURPOSE PARTNERING WITH OUR HOSTS TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY INVESTING IN PROTECTING OUR OUR HOST COUNTRIES ENVIRONMENT We do so while protecting and promoting the places where we operate. Respect for
Slide 116: Our Sustainability Strategy
OUR SUSTAINABILITY STRATEGY paiement . we Implementing tee, ae a 42a see — sustainability projects across ~ ~ national and regjonal levels OUR AMBITION FOR OUR ESG MISSION INVESTING IN AND PROCESS TO BE IMPLEMENTED ACROSS OUR OUR HOST COUNTRIES MINES, HOST COMMUNITIES AND BEYOND e Ss “ECODEV wh PROT
Slide 117: Investing in Our Host Countries
INVESTING IN OUR HOST COUNTRIES 117
Slide 118: Strong Stakeholder Engagement
85% 936 Community Consultations in 2020 Grievances resolved STRONG STAKEHOLDER 4,516 Since 2018 70% ENGAGEMENT Grievances resolved in a timely fashion THE CORNERSTONE OF OUR ESG STRATEGY Fostering regular, open communication with our local communities is key to obtaining broad-based community suppor
Slide 119: How We Invest in Our Host Countries
HOW WE INVEST IN OUR HOST COUNTRIES ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT LOCAL CONTENT STRATEGY ECODEV ECONOMIC CONTRIBUTION Provide employment opportunities to nationals Invest in and support the development of Support host governments through sustainable businesses in lin
Slide 120: Health: Malaria Is a Preventable Health Issue in Africa
409,000 94% HEALTH: Malaria deaths worldwide2 Of malaria cases and deaths MALARIA IS A are in Africa3 PREVENTABLE HEALTH ISSUE IN AFRICA Malaria has a particularly high prevalence rate in West Africa 229 Every 2 and the Sahel, and is both highly preventable and highly treatable with Million cases of
Slide 121: Health: The Fight Against Malaria
HEALTH: THE FIGHT AGAINST MALARIA FOCUSING ON OUR MINES AND COMMUNITIES › Malaria Control Programs across all our sites › Concerted effort leads to success => -36% ~2,000 10% Decrease in Group work days lost 2021 Target for Malaria › At Houndé, cases down 80% from 2018 reduction malaria incidence an
Slide 122: Access to Clean Water
27% People living in Sub-Saharan Africa who have access to drinking water from an ACCESS TO improved water source CLEAN WATER Poor water and sanitation access is a key contributor to Sub-Saharan Africa's 25% disease burden, including malaria, and People living in Sub-Saharan Africa who significantly
Slide 123: Access to Clean Water
ACCESS TO CLEAN WATER Ensuring safe water, sanitation and hygiene for the most vulnerable communities 220,000 101 Women impacted in Cascades Region Health centers supported to provide WASH 3-YEAR PARTNERSHIP infrastructure, quality of care and local development • Focused on the Cascades region, near
Slide 124: Education: Equal Access to Schooling
16.5% Boys outside of primary school, Sub-Saharan Africa EDUCATION: EQUAL ACCESS TO SCHOOLING 20.8% Girls outside of primary school, Education is a key to social mobility Sub-Saharan Africa In our region of operation, access to education is the lowest in the world – and shows a particularly stark di
Slide 125: Education
EDUCATION “Education is the most powerful weapon which you 114 can use to change the world” Scholarships awarded since 2017 NELSON MANDELA We have a range of education initiatives in place: ~550 › Internships Internships since 2018 › University scholarships › Secondary school scholarships › E-learni
Slide 126: Ensuring Employment Opportunities
ECONOMIC DEVELOPMENT 82.8% Adults in Africa working in the ENSURING informal sector3 EMPLOYMENT OPPORTUNITIES In terms of GDP per capita, Africa is the poorest continent on earth, and is more dependent on informal employment 34.5% People in Africa living in than anywhere else. extreme poverty (<$1.9
Slide 127: Growing Our Local Talent
ECONOMIC DEVELOPMENT MINE GENERAL MANAGERS SENIOR MANAGERS 90 70 80 60 70 50 60 50 40 40 30 GROWING OUR 30 20 20 LOCAL TALENT 10 10 0 0 1 2018 2019 2020 H1-21 1 2018 2019 2020 H1-21 We are a major employer in Côte d’Ivoire, Non-African Expats African Nationals Non-African Expats African Nationals Se
Slide 128: Developing Our Local Talent
DEVELOPING OUR LOCAL TALENT Economic development EDV CARE EDV REWARDS EDV ACADEMY EDV NEXT › Providing a healthy work › Rewarding our › Promoting skills › Identifying current & living environment at employees for going development & and future leaders & our sites, e.g. soccer above and beyond, train
Slide 129: Ecodev Is an Economic Development Fund
Established by Endeavour to support local economic growth by promoting and investing in the creation of local long-term, sustainable, small and medium enterprises with ECODEV reputable partners IS AN ECONOMIC DEVELOPMENT FUND MISSION › Invest to champion emergence of national economic flagships › Pr
Slide 130: Building Mali's Shea Nut Industry by Launching Its First Shea Butter Factory
BUILDING MALI'S SHEA NUT INDUSTRY BY LAUNCHING ITS FIRST SHEA BUTTER FACTORY Mali is the 2nd largest producer of FUNDING PARTNERS shea nut and accounts for ~20% global supply of shea › $1 million invested by Endeavour 120,000 PARTNERS Shea butter is used in the cosmetic › Omnium Mali Women with incr
Slide 131: Ranch du Tuy
ECONOMIC DEVELOPMENT 4,000 Cattle and feed suppliers impacted RANCH DU TUY › A feedlot sourcing lean cattle & feed from local farmers Developing a regional leader in quality beef production in Burkina › A refrigerated slaughterhouse to transform and package Faso, & supporting the the meat Government
Slide 132: Developing Local Economies
DEVELOPING LOCAL ECONOMIES OUR CONTRIBUTION 2017 - 2020 66% $27/oz As Endeavour has Increase in Economic invested in 2020 in grown, so have $796M Value Distributed in community project & the benefits to our Payments to host governments1 2020 vs. 2019 the Local Mining host countries Development Funds
Slide 133: Protecting Our Environment
PROTECTING OUR ENVIRONMENT 134 134
Slide 134: Our Journey to Net Zero by 2050
OUR JOURNEY TO NET ZERO BY 2050 2017- 2019 2020 2021 2023 2030 › Started reporting › Started reporting › Carbon reduction › Expanding Scope Scope 1 & 2 Scope 3 strategy => 3-YR 3 to include executive comp. KPI Top 10 suppliers › Reviewed renewable › Progressing Hounde energy opportunities solar plan
Slide 135: Snapshot of Our Power Generation
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 FASO Country Profile Country Pro
Slide 136: In 2020, Endeavour Reported Total of 739 ktCO2e for Scope 1 & 2
IN 2020, ENDEAVOUR REPORTED TOTAL OF 739 KTCO2E FOR SCOPE 1 & 2 Our current portfolio’s 2020 emissions breakdown by source SCOPE 1 Emissions from managed operations, including mines, processing and power Mining Power equipment 660 Or 92% of Scope kTCO2e in 20201 1 & 2 emissions 20 739 79 3% 3% Other
Slide 137: Endeavour's Greenhouse Gas Emissions Intensity Ranks Favorably
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 138: We Have Identified Eight Levers to Reduce Greenhouse Gas Emissions
WE HAVE IDENTIFIED EIGHT LEVERS TO REDUCE GREENHOUSE GAS EMISSIONS, WITH OFFSETS AVAILABLE AS A COMPLEMENTARY OPTION 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 OPTI
Slide 139: Identified CO2 Reduction Levers for Each Mine
IDENTIFIED CO2 REDUCTION LEVERS FOR EACH MINE EMISSIONS FROM MINING EQUIPMENT EMISSIONS FROM ELECTRICITY Turn to Switch to Use cleaner Optimize more efficient hybrid & electrical Increase Cleaner New generators Asset fuels2 fleet use engines fleet process efficiency existing generators Renewables1 u
Slide 140: Solar Project in Burkina Faso
SOLAR PROJECT IN BURKINA FASO 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 141: Water Stewardship
25,000 25,000 Data includes FY-20 for Boungou, 21,740 Mana and TGZ assets 20,000 20,000 15,000 13,166 15,000 Total withdrawal (ML) WATER Withdrawal intensity/gold 10,000 10,000 STEWARDSHIP produced (L/oz) 5,000 5,000 Our water stewardship strategy aims to 14,094 20,781 - - ensure we have enough wate
Slide 142: Biodiversity
BIODIVERSITY PROTECTING & PRESERVING AFRICA’S FAUNA & FLORA The African continent is experiencing a dramatic loss of biodiversity due to climate ITY MINE PARTNERSHIP WITH PARTNERSHIP WITH PANTHERA change, human population dynamics, and UNIVERSITY OF DALOA, COTE habitat loss. D’IVOIRE › Panthera focu
Slide 143: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT Participate in the Investor Mining and Tailings Safety Initiative (Church of England), with annual disclosure on our website Knight Piésold are our Engineers of Record and all TSFs are monitored daily, with annual audits Monitoring data collected at least on monthly t
Slide 144: Plastic
Mid-2000s Date when the total tonnage of plastic in the ocean will exceed the total tonnage of fish1 PLASTIC <15% Of wate plastics are recycled in Plastic waste reduction Africa (vs. 42% in the EU)2 and recycling 17Mt Plastic waste generated annually in The vast majority of plastic waste ends Africa
Slide 145: Joining the Fight Against Plastic Pollution
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 recycling have plastic manag
Slide 146: Strong Governance and Ethics
STRONG GOVERNANCE AND ETHICS 147 147
Slide 147: Zero Human Rights
HUMAN RIGHTS Respecting the human rights of our workers and the communities who 2021 Initiative 81% could be impacted by our activities of security personnel who received is a fundamental value at Endeavour. training on Endeavour’s human rights policies and procedures We seek to ensure that we do no
Slide 148: Targeting Zero Harm - Safety
TARGETING ZERO HARM - SAFETY Regrettably, we did not deliver on our goal of Zero Harm as Robert Nacoulma, a contractor at our Karma mine was fatally injured in a work-related accident. LTIFR AIFR 0.2 7.00 8% decrease in 0.18 0.16 5.74 6.00 All Injury Frequency Rate (AIFR) 5.00 0.14 in 2020 0.12 3.99
Slide 149: Targeting Zero Harm - Covid-19 Response
TARGETING ZERO HARM – COVID-19 RESPONSE KEEPING OUR WORKERS AND COMMUNITIES SAFE EARLY AND STRONG RESPONSE ZERO $6.0m Donated in medical equipment & supplies, DURING THE financial assistance, micro-finance & COVID-19 PANDEMIC Significant COVID-19 e-learning to support the fight related disruptions a
Slide 150: Diversity and Inclusion
21% Female new hires in 2020, of which 49% in our exploration department and 18% at our mines DIVERSITY AND INCLUSION CHAMPIONING DIVERSITY & INCLUSION THROUGH OUR ACTIONS: 22% › We have Women in Mining groups at Women in management positions at our our mines corporate offices in 2020, reflecting th
Slide 151: Corporate Governance
CORPORATE GOVERNANCE Size of Board Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting 11-10 1 Metals & Mining Finance International Business Operations & Exploration Corporate Governance Independent non- Executive Public Policy Human Resources Sustaina
Slide 152: Rigorous Reporting With Board Oversight
RIGOROUS REPORTING WITH BOARD OVERSIGHT ALIGNING ESG PRIORITIES & BEHAVIOUR THE BOARD THROUGH EXECUTIVE COMPENSATION Environment, Sustainability Quarterly Audit Committee & Governance Committee Reports Short Term Long Term Executive Management Committee 2020 20% weighting 12.5% weighting • Safety Ex
Slide 153: Progressing Implementation of the RGMPs
PROGRESSING IMPLEMENTION OF THE RGMPS THE RESPONSIBLE GOLD MINING PRINCIPLES (RGMPS) 3-YEAR APPROACH TO CONFORM RGMPs launched in September 2019 2019 Internal GAP analysis completed by December 2020 Achieved external assurance on first RGMP: 1.7 2020 Independent Readiness Assessment on all 51 Princi
Slide 154: Our 2021 ESG Targets
OUR 2021 ESG TARGETS HEALTH & SAFETY OUR EMPLOYEES OUR ENVIRONMENT OUR COMMUNITIES ETHICAL BUSINESS › Zero fatalities › Establish Endeavour’s › Develop & implement an › Establish the Endeavour › Commence the process values & culture across Emissions Reduction Foundation, the Group’s to become member
Slide 155: Unmatched Competitive Advantage in West Africa
UNMATCHED COMPETITIVE ADVANTAGE IN WEST AFRICA 5 156
Slide 156: West Africa Golden Opportunity
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 Endeavour is strategically positioned with an unmatched competitive advantage in the region. 20% En
Slide 157: West African Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD 10.0Moz 10.0% PRODUCING REGION Percentage of Global Mine Supply West African Mine Supply 7.5Moz 7.5% +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 158: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA 12Moz IS THE 2ND LARGEST 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 159: 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 160: 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 161: 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 Mana unit, led by ex-French military (EDV) Boungou (EDV) › Air strips on sites to avoid use of roads and improve operating efficiencies › Significant foreign aid and co- operatio
Slide 162: 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 163: 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 27Moz 27Moz 79 23Moz 22Moz 20Moz 18Moz Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 164: 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 165: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 166
Slide 166: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 167 167
Slide 167: West Africa Operates Stable Sector 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 168: 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 Discovered 8.4Moz of Indicated resources In country and regional synergies where we operate at <$25
Slide 169: Appendix
APPENDIX FT / 2) Es y
Slide 170: Management, Board and Analyst Coverage
01 APPENDIX 1 Management, Board and Analyst Coverage
Slide 171: 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 172: 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 173: Analyst Coverage
ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Barclays Amos Fletcher ✆ +44 207 773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 203 753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bm
Slide 174: Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 175: Production and Cost Details by Mine
PRODUCTION AND COST DETAILS BY MINE On a quarterly basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) Q2-21 Q1-21 Q2-20 Q2-21 Q1-21 Q2-20 Q2-21 Q1-21 Q2-20 Q2-21 Q1-21 Q2-21 Q1-21 Q2-21 Q1-212 Q2-21 Q1-212 Physicals Total tonnes mined – OP1 000t 5,934 6,816 5,374 6,212
Slide 176: Production and Cost Details by Mine
PRODUCTION AND COST DETAILS BY MINE On a year to date basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) H1-21 H1-20 H1-21 H1-20 H1-21 H1-20 H1-21 H1-21 H1-212 H1-212 Physicals Total tonnes mined – OP1 000t 12,750 10,600 11,358 9,755 25,654 22,820 15,720 15,018 16,629 1
Slide 177: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF 178 FINANCIAL POSITION
Slide 178: Consolidated Statement of Comprehensive Earnings/Loss
CONSOLIDATED STATEMENT OF 179 COMPREHENSIVE EARNINGS/LOSS
Slide 179: Cash Flow Statement
CASH FLOW STATEMENT THREE MONTHS ENDED SIX MONTHS ENDED Note 30une 30June 30 June 30 June 2021 2020 2021 2020 Operating Activities Earnings/(Loss) before taxes 191,246 (24,658) 379,995 22,737 Adjustments for: Depreciation and depletion 158,382 35,465 290,246 78,393 Finance costs 7 13,694 11,818 26,0
Slide 180: Reserves and Resources, 5-year Exploration Target and Security
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 181: 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 182: Unlock Exploration Value
UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to: ‒ Current state of project knowledge (from grassroots to development) ‒ Quality of supporting data (drilling, available nearby analogs, structural trends, favo
Slide 183: Debt Sources and ROCE
04 APPENDIX 4 Debt Sources and ROCE
Slide 184: Refinanced Using Diversified Debt Sources
1) $430m REVOLVING CREDIT FACILITY › Interest rate of LIBOR plus 2.95% to 3.95% on drawn portion and 1.03% on undrawn portion › Syndicate banks include Citi, Barclays, ING, Investec, SG, HSBC, BMO, Macquarie and BNP › Maturity of Jan. 2023, with bullet repayment REFINANCED USING 2) $370m BRIDGING FA
Slide 185: Return on Capital Employed
Strong focus on demonstrating returns following investment phase ITY ROCE HOUNDE ROCE RETURN ON CAPITAL EMPLOYED 44% 35% 2020 Return on Capital Employed (ROCE) by asset 27% 28% 6% 14% Karm 2018A 2019A 2020A 2018A 2019A 2020A a Houndé 6% Ity 23% BOUNGOU ROCE MANA ROCE KARMA ROCE 20% Capital Employed
Slide 186: Contact Us
®) ENDEAVOUR MINING | 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 87
Endeavour Mining — Investor Presentation (September 2021) on 6ix