Slide 1: Q2 & H1-2026 Results Presentation
Q2 & H1-2026 RESULTS PRESENTATION 30 July 2026
Slide 2: Disclaimer & Forward-Looking Statements
DISCLAIMER & FORWARD-LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial measures, reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in including sustaining capital per ounce, non-sustaining cap
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA SONIA JACK COCKERILL YOUNG TRAORE SCARSELLI GARMAN CEO CFO EVP Operations & EVP Exploration & VP Investor ESG Growth Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 H1-2026 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 EXPLORATION 5 CONCLUSION 6 APPENDIX
Slide 5: Section 1: H1-2026 Highlights
01 SECTION 1 H1-2026 HIGHLIGHTS
Slide 6: H1-2026 Highlights
H1-2026 HIGHLIGHTS FY-2026 guidance on track, record Free Cash Flow and shareholder returns Operational Free Cash Flow Balance Sheet Performance Generation Strength H1-2026 2026 Guidance Free cash flow +19% Net cash (debt) / LTM adjusted EBITDA $761m Production 564koz 1,090 – 1,265koz $642m $514m 0.
Slide 7: Stable Production and Strong Margins
STABLE PRODUCTION AND STRONG MARGINS H2-2026 weighted performance with typically strong Q4 expected Production and All-In Sustaining Margin Production, koz All-In Sustaining Margin, US$/oz Realised 2 Gold Price1 647koz 633koz 562koz 564koz + koz $2,708/oz Production 470koz H1-2026 vs H2-2025 $1,981/
Slide 8: Full Year Guidance
FULL YEAR GUIDANCE Guidance on track with Q4-2026 weighted operational performance FY-2026 Guidance GROUP 564koz PRODUCTION H1-2026 $184/oz2 1,090koz 1,265koz H1-2026 Q4 $1,687/oz2 $1,871/oz Weighted operating GROUP performance AISC $1,600/oz FY-2026 Guidance1 $1,800/oz at $3,000/oz H1-2026 FY-2026
Slide 9: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Stable operational performance at higher realised gold prices Adjusted EBITDA Adj. EBITDA Adj. EBITDA Margin 41% $1,611m Realised Gold Price1 + Adj. EBITDA $1,169m $1,147m H1-2026 vs H2-2025 $863m 63% 57% $461m 45% 52% 52% + 11pp Adj. EBITDA margin H1-2026 vs H2-202
Slide 10: Record Free Cash Flow Generation
RECORD FREE CASH FLOW GENERATION Sustained free cash flow growth Free Cash Flow and Free Cash Flow per ounce Free Cash Flow FCF/oz produced $1,350/oz Realised Gold Price1 $761m $642m Free Cash Flow per ounce for H1-2026 $514m $1,350 $1,143 $365m $794 $576 + 19% $2,167/oz $2,481/oz $2,953/oz $3,585/o
Slide 11: Healthy Financial Position
HEALTHY FINANCIAL POSITION Net cash balance sheet position with strong liquidity Evolution of leverage Net debt (cash) / LTM adjusted EBITDA 0.09x ABILITY TO FUND GROWTH AND DELEVERAGING AND INCREASING SECTOR LEADING SHAREHOLDER DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS RETURNS & ORGANIC GROWT
Slide 12: Record H1-2026 Shareholder Returns
RECORD H1-2026 SHAREHOLDER RETURNS H1-2026 returns more than double the annualised minimum commitment1 H1-2026 shareholder returns H1-2026 shareholder returns in context PRODUCTION REVENUE Buybacks $71m $534/oz 12% returned for every ounce of revenue distributed of gold produced $301m OPERATING CASH
Slide 13: 2026-2028 Shareholder Returns Programme
2026-2028 SHAREHOLDER RETURNS PROGRAMME Over $1.9bn returned to shareholders since Q1-2021 minimum commitment over Shareholder returns programme ~$ 1bn FY-2026 to FY-2028 Share buybacks Minimum dividends Supplemental dividends Supplemental returns $435m ~$ bn 1 minimum commitment over $71m2 FY-2026
Slide 14: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE Final investment decision expected by year-end DEFINITIVE FEASIBILITY STUDY KEY METRICS 320koz $1,026/oz +16year 4.4Moz Production AISC at $2,500/oz Life of Mine Mineral Reserve2 (annual, first 8 years) (annual, first 8 years) 5.0Moz $1,061m $5.1bn 55% Mineral Resource
Slide 15: Sabodala-Massawa Underground, Senegal
SABODALA-MASSAWA UNDERGROUND, SENEGAL Underground expansion underpins production growth to ~350koz INSIGHTS Refractory › Underground Expansion targeting the high grade Golouma and Kerekounda underground deposits Non-Refractory is expected to supplement CIL production from FY-2027. › During H2-2026,
Slide 16: Organically Growing Production
ORGANICALLY GROWING PRODUCTION Production growth to 1.5Moz with first quartile costs Production from continuing operations1 Production from continuing operations 24 DEBT FUND GROWTH AND DELEVERAGING AND SECTOR LEADING ++27%% REDUCTION DELIVER SHAREHOLDER SHAREHOLDER SHAREHOLDER RETURNS & FOCUS RETUR
Slide 17: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE Strong focus on resource expansion across the portfolio and at Assafou H1-2026 Exploration Spend Sabodala-Massawa $12.9m Houndé $3.5m Ity Mana $8.2m $43.7m $1.5m Lafigué $0.8m Assafou $2.4m Greenfield $14.5m FY-2026 Guidance Houndé Sabodala- $10m Mana Massawa $5m $15m Laf
Slide 18: Being a Trusted Partner
BEING A TRUSTED PARTNER Publication of our inaugural Impact Report to our West African stakeholders Inaugural Impact Report Health Caravan West African stakeholders Maternity and Child health 700+ › +13,000 key stakeholders beneficiaries reached engaged through through our 2026 Health presentations
Slide 19: Section 2: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS Solid operational performance with lower realised gold prices THREE MONTHS ENDED 30 Jun 31 Mar 30 Jun Q2-2026 vs. (in $ million unless otherwise stated) 2026 2026 2025 Q1-2026 OPERATIONAL HIGHLIGHTS Gold Production, koz Gold Sold, koz Total Cash Cost1, $/oz 283 278 1,593 282 278
Slide 21: On Track to Achieve Full Year Guidance
ON TRACK TO ACHIEVE FULL YEAR GUIDANCE H2-2026 weighted operational performance with strong Q4-2026 expected Production and All-In Sustaining Margin Production, koz All-In Sustaining Margin, $/oz 283koz Realised Gold Price1 306koz 298koz 282koz 283koz Production 264koz Q2-2026 $2,976/oz $2,441/oz $2
Slide 22: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Capturing higher margins from higher gold prices Adjusted EBITDA and Adjusted EBITDA Margin Adj. EBITDA Adj. EBITDA Margin 732m Realised Gold Price1 $880m $ Adj. EBITDA $732m Q2-2026 $681m $556m $466m 65% 60% 55% 51% 53% 60% EBITDA margin $ 3,150/oz $3,247/
Slide 23: Operating Cash Flow
OPERATING CASH FLOW Strong underlying cash generation impacted by seasonal tax payments Operating Cash Flow Operating cashflow Cash Taxes 317m Realised Gold Price1 $46m $ $23m Operating cash flow $465m Q2-2026 $233m $737m $67m $609m $252m $309m $317m + 70% Cash taxes already paid $ 3,150/oz $3,247/o
Slide 24: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cash flow impacted by gold price and seasonal tax payments INSIGHTS Operating cash flow bridge 1. The realised gold price decreased by $462/oz $737m 1 from $4,810/oz in Q1-2026 to $4,348/oz in Q2- 2026. ($129m) 2 3 2. Gold sold increased by 0.2koz to 278.4koz in
Slide 25: Free Cash Flow
FREE CASH FLOW Record H1-2026 free cash flow, H2 underpinned by seasonally lower cash taxes Free Cash Flow1 Operating Cashflow Free Cashflow Cash used in investing activities $609m $737m $612m $ 149m Free Cash Flow Q2-2026 $476m $309m $317m $252m $166m $104m $149m RECORD Free Cash Flow H1-2026 ($143
Slide 26: Change in Net Debt
CHANGE IN NET DEBT Healthy net cash balance sheet ahead of next organic growth phase INSIGHTS Change in net debt (cash) 1 2 1. Operating activities included $265m in operating cashflow before changes in working capital and a $52m working capital inflow. ($169m) 2. Investing activities included $75m
Slide 27: Net Earnings
NET EARNINGS Adjusted net earnings impacted higher costs and lower realised gold prices INSIGHTS 3 MONTHS ENDED 30 Jun 31 Mar 1. Loss on financial instruments in Q2 included a loss (in $ million) A = Adjustments made for Adjusted Net Earnings of $22m on FX movements between the Euro and 2026 2026 US
Slide 28: Section 3: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 29: Safety Performance
SAFETY PERFORMANCE Sustained low injury frequency rate TRIFR and hours worked Hours Worked (Millions, 12 month trailing basis) TRIFR (12 month trailing basis)1 41.6m 41.7m 41.6m 38.1m 39.4m 0.72 TRIFR in Q2-2026 1.00 0.99 0.96 0.72 0.72 41.6m Hours worked Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 1) T
Slide 30: H1-2026 Performance vs Guidance
H1-2026 PERFORMANCE VS GUIDANCE Group on track to achieve full-year guidance OUTLOOK H1-2026 Production vs Guidance OUTLOOK H1-2026 AISC vs Guidance ON ON $1,300/oz $1,500/oz Ity H1 H1 TRACK TRACK 148koz 285 - 330koz $1,438/oz ON ON $1,800/oz $2,000/oz Houndé H1 H1 TRACK TRACK 110koz 220 - 255koz $2
Slide 31: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Higher grade expected in Q4-2026 as waste stripping advances Q2-2026 vs Q1-2026 INSIGHTS Production and AISC › Production increased due to higher tonnes milled and recovery Production, koz AISC, US$/oz rates. › AISC increased driven by increased sustaining capital, primaril
Slide 32: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Strong Q4-2026 expected driven by high grades from the Walter pit Q2-2026 vs Q1-2026 INSIGHTS Production and AISC › Production increased due to higher grades processed and Production, koz AISC, US$/oz higher mill throughput. › AISC decreased primarily due to the higher volume
Slide 33: Mana Mine, Burkina Faso
MANA MINE, BURKINA FASO Production expected to increase in Q4-2026 Q2-2026 vs Q1-2026 INSIGHTS Production and AISC › Production decreased due to lower grades processed and lower Production, koz AISC, US$/oz recoveries. › AISC primarily increased due to the lower volumes of gold sold and higher susta
Slide 34: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Stable CIL performance with improved BIOX performance expected Q2-2026 vs Q1-2026 INSIGHTS Production and AISC Production, koz AISC, US$/oz 78koz › Production decreased due to lower tonnes milled and lower 67koz 64koz recovery rates. 62koz 61koz › AISC primarily increased d
Slide 35: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Phased stripping activity throughout the year Q2-2026 vs Q1-2026 INSIGHTS Production and AISC › Production decreased due to a decrease in average grades Production, koz AISC, US$/oz milled and recovery rates. › AISC decreased due to lower sustaining capital related to was
Slide 36: Section 4: Exploration
SECTION 4 EXPLORATION ENDEAVOUR MINING
Slide 37: Vindaloo Deeps, Houndé Mine, Burkina Faso
VINDALOO DEEPS, HOUNDÉ MINE, BURKINA FASO Resource update expected in H2-2026 INSIGHTS Vindaloo Deeps cross section › An exploration programme of $10.0 million is planned for FY-2026 at Houndé, of which $1.3 million was spent in Q2-2026 consisting of over 1,800 metres of drilling. › The FY-2026 prog
Slide 38: Kawsara, Sabodala-Massawa, Senegal
KAWSARA, SABODALA-MASSAWA, SENEGAL Resource update expected in H2-2026 INSIGHTS Kawsara cross section › An exploration programme of $15.0 million is planned for FY-2026 at Sabodala-Massawa, of which $8.5 million was spent in Q2-2026 consisting of 33,800 metres of drilling across 777 drill holes. The
Slide 39: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE Satellite support incremental resource growth INSIGHTS Pala Trend 2 cross section P2800 › An exploration programme of $10.0 million is planned for FY-2026 at the Assafou deposit, of which $2.1m was spent in Q2 consisting of over 1,200m of drilling across 4 drill holes.
Slide 40: Section 5: Conclusion
05 SECTION 5 CONCLUSION
Slide 41: Our Value Creation Approach
OUR VALUE CREATION APPROACH Capital discipline from discovery through to shareholder return RESOURCE DISCOVERY 22.4Moz discovered Targeting 12-15 Moz DISCOVER at <$25/oz since 2016 between 2026-2030 DEVELOP AGBAOU HOUNDÉ ITY CIL LAFIGUÉ BIOX® ASSAFOU Find high-value Deliver projects 2014 2017 2019 2
Slide 42: Section 6: Appendix
06 SECTION 6 APPENDIX
Slide 43: Our Cost Base
OUR COST BASE Asset optimisations and organic growth underpin resilient cost base INTERNAL FACTORS IMPACTING AISC EXTERNAL FACTORS IMPACTING AISC ROYALTIES Government royalty rates currently vary CONTRACTORS between 5 - 11% by country and are Large, multi-year contracts in place, ~29% ~23% dependent
Slide 44: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q2-2026 Q1-2026 Q2-2025 Q2-2026 Q1-2026 Q2-2025 Q2-2026 Q1-2026 Q2-2025 Q2-2026 Q1-2026 Q2-2025 Q2-2026 Q1-2026 Q2-2025 Physicals Total tonnes mined – OP1 000t 12,704 13,584 13,490 9,423 8,863 7,844 - - -
Slide 45: Mine Statistics (Year-to-Date)
MINE STATISTICS On a year-to-date basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) H1-2026 H1-2025 H1-2026 H1-2025 H1-2026 H1-2025 H1-2026 H1-2025 H1-2026 H1-2025 Physicals Total tonnes mined – OP1 000t 26,288 24,824 18,286 16,219 - - 18,072 19,437 29,259 26,317 Total ore tonnes – OP
Slide 46: Tax Payments by Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED SIX MONTHS ENDED 30 June 31 March 30 June 30 June 30 June 2026 2026 2025 2026 2025 All amounts in US$ million Houndé 51.4 15.5 29.6 66.9 40.5 Ity 116.5 — 76.7 116.5 76.7 Mana 27.7 3.2 0.8 31.0 2.9 Sabodala-Massawa 126.5 12.5 9.6 139 34.0 Lafigué 58.2 — 24.1 5
Slide 47: FY-2026 Guidance
FY-2026 GUIDANCE Capital Expenditure Guidance FY-2026 FY-2026 UPDATED H1-2026 (All amounts in US$m) GUIDANCE GUIDANCE Houndé 40 50 90 Production Guidance Ity 16 40 40 Mana 29 60 60 (All amounts in koz, on a 100% H1-2026 FY-2026 GUIDANCE Sabodala-Massawa 26 50 50 basis) Lafigué 38 30 40 Houndé 110 22
Slide 48: Tax Payments
TAX PAYMENTS Cash income and withholding tax payment outlook Group tax payments by year Minesite Tax Withholding Tax INSIGHTS › Income tax payments reflect the prior year’s taxable FY-2024 $17m $296m FY-2025 $23m $362m earnings, while withholding tax payments reflect cash $65m $67m upstreaming in th
Slide 49: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement Severe B- AA AA AA AA AA C+ A C Medium Low Low BBB C- C- 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026 B B 54 B- 53 49 C C C 45 39 D- 2019 202
Slide 50: Contact
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV