Slide 1: Q1-2024 Results Presentation
Q1-2024 RESULTS PRESENTATION 2 May 2024
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 3: Speakers
SPEAKERS IAN MARK GUY JACK COCKERILL MORCOMBE YOUNG GARMAN CEO COO CFO VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q1-2024 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q1-2024 Highlights
01 SECTION 1 Q1-2024 HIGHLIGHTS
Slide 6: Q1-2024 Highlights
Q1-2024 HIGHLIGHTS Continuing to deliver against our key objectives OPERATIONAL PROJECT UNLOCKING VALUE PERFORMANCE DEVELOPMENT THROUGH EXPLORATION On track to meet guidance with strongly H2 BIOX® first gold achieved and commissioning $25m spent prioritising resource to reserve weighted performance
Slide 7: Production and AISC
PRODUCTION AND AISC OPERATIONAL PERFORMANCE FY-2024 operational performance expected to be H2 weighted Production and AISC1 Production for continuing operations, koz AISC for continuing operations, US$/oz -61koz 281koz 280koz Lower production at Houndé 268koz and Sabodala-Massawa inline with the min
Slide 8: Production Bridge
PRODUCTION BRIDGE OPERATIONAL PERFORMANCE H2 weighted production at Houndé and Sabodala-Massawa Quarterly production bridge H2-2024 weighted production 280koz (42koz) Lower Production 219koz (36koz) Q1-2024 vs Q4-2023 5koz 12koz Lower tonnages of higher grade ore mined from the Sabodala pit as it is
Slide 9: All-In Sustaining Cost Bridge
ALL-IN SUSTAINING COST BRIDGE OPERATIONAL PERFORMANCE AISC increase largely driven by the decrease in gold production and sales Quarterly AISC bridge $9/oz $1,186/oz $2/oz $43/oz $1,186/oz -$64/oz $32/oz $217/oz AISC in Q1-2024 $947/oz H2-2024 weighted operating performance Q4-2023 Volume of Mining
Slide 10: On Track to Meet Full Year Guidance
ON TRACK TO MEET FULL YEAR GUIDANCE OPERATIONAL PERFORMANCE Operational performance expected to be strongly H2 weighted 0.11 GROUP SAFETY INDUSTRY LTM LTIFR1 1.14 LEADING Industry Average2 219 koz GROUP Q1 ON PRODUCTION H2-weighted with project TRACK ramp ups and improved 1,130-1,270koz production a
Slide 11: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION INVESTING IN GROWTH PROJECTS First gold from the BIOX® Expansion delivered on budget and on schedule INSIGHTS › Expansion of our flagship Sabodala-Massawa mine with a 1.2Mtpa BIOX® plant, designed to process high-grade refractory ore. › First gold achieved on 18 April 2024
Slide 12: Lafigué Development Project
LAFIGUÉ DEVELOPMENT PROJECT INVESTING IN GROWTH PROJECTS Dry commissioning underway and first gold expected in late Q2-2024 INSIGHTS › Lafigué will be another cornerstone asset with an after-tax NPV5% & IRR at $1,700/oz of $732m & 29%. › Dry commissioning is underway, with wet commissioning expected
Slide 13: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE UNLOCKING VALUE THROUGH EXPLORATION Strong focus on cornerstone mines and the Assafou deposit Q1-2024 exploration spend Operations Greenfield Houndé $2.3m Sabodala Mana 25 Massawa $0.4m $10.4m $ m Lafigué $0.9m Assafou Ity $4.7m $4.6m Greenfields $1.5m FY-2024 exploration
Slide 14: Assafou Greenfield Project
ASSAFOU GREENFIELD PROJECT UNLOCKING VALUE THROUGH EXPLORATION Prioritising the potential Tier 1 Assafou deposit on the Tanda-Iguela property INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a 4.5Moz low discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be f
Slide 15: Robust Financial Position
ROBUST FINANCIAL POSITION HEALTHY FINANCIAL POSITION Expected to quickly de-lever following investment phase Evolution of leverage Net debt / adjusted EBITDA LTM INVESTMENT FOCUS Completion of Ity and DEBT REDUCTION FOCUS ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS 481m $ Available liquid
Slide 16: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Targeting increased shareholder >$ 200 /ozreturns following the growth phase Returned Cumulative shareholder for every ounce of gold produced1 returns Q1-2024 Buyback Supplemental Dividend $13m of buybacks Buybacks Minimum Dividend comp
Slide 17: Being a Trusted Partner
BEING A TRUSTED PARTNER OUR ESG INITIATIVES Ambitious ESG targets set for 2024 2024 ESG TARGETS ENVIRONMENT SOCIAL GOVERNANCE Emissions target: Implement community Enhance Employee Human <0.601tco2-e/oz malaria programme at Ity Rights Training OUR 2023 SUSTAINABILITY REPORT mine We published our 202
Slide 18: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS Financial results reflect H2-2024 weighted operating performance QUARTER ENDED 31 Mar 31 Dec 31 Mar Q1-2024 vs. For Continuing Operations1 Q4-2023 (in $ million unless otherwise stated) 2024 2023 2023 OPERATIONAL HIGHLIGHTS Gold production, koz Gold sales, koz All-in Sustaining
Slide 20: Adjusted EBITDA
ADJUSTED EBITDA Reduced EBITDA generation with strong EBITDA margin maintained Adjusted EBITDA from continuing operations1 Realised Adj. EBITDA from continuing operations Adj. EBITDA Margin Gold Price2 $240m $253m $263m $292m 45% EBITDA margin $213m in Q1-2024 50% 50% 50% 47% 45% -5% EBITDA margin $
Slide 21: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Expected lower production and lower gold sales in Q1-2024 Operating cash flow before working capital Operating cash flow from continuing operations1 0.56/sh Realised Gold Price2 $246m $219m $ Impacted by the Operating cash flow largely expected 61koz decrea
Slide 22: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows decreased reflecting reduced production at higher cost INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing 1 2 operations, inclusive of gold hedges, increased by $96/oz from $1,945/oz in Q4-2023 to $22m $2,041/oz in Q1-2024. $1
Slide 23: Change in Net Debt
CHANGE IN NET DEBT Net debt increased due to investment in organic growth INSIGHTS Change in net debt 1. For Q1-2024, operating activities included 4 5 $831m $137m in operating cashflow before $12m changes in working capital and an $82m working capital outflow. 2 3 $219m 2. Investing activities incl
Slide 24: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Stable adjusted net earnings due to lower income taxes 3 MONTHS ENDED INSIGHTS 31 March 31 December 1. The loss on financial instruments of $46m this (in $ million) A = Adjustments made for Adjusted Net Earnings quarter included unrealised losses on gold colla
Slide 25: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 26: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)2 44.0m 0.11 42.3m 38.4m LTIFR in Q1-2024 35.3m 33.0m 1.7m 0.11 0.09 0.06 0.08 0.05 + hours worked Q1-2024 vs
Slide 27: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strong operational performance expected in H2 with projects ramp-up Q1-2024 Production vs Guidance Q1-2024 AISC vs Guidance 270koz 300koz $850/oz $925/oz Ity Q1 Q1 86koz $884/oz 260koz 290koz $1,000/oz $1,100/oz Houndé Q1 Q1 H2 weighted 42koz $1,572/oz 150koz 170ko
Slide 28: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL H2 weighted performance with BIOX® Expansion ramp up Q1-2024 vs Q4-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower grade oxide ores and lower recovery rates driven by changes in the 85koz ore blend. 79koz › AISC increased d
Slide 29: Sabodala-Massawa, Senegal: BIOX Expansion First Gold
SABODALA-MASSAWA, SENEGAL BIOX® Expansion first gold achieved with ramp-up now underway INSIGHTS First gold poured from BIOX® plant BIOX® Project commissioning completed › First gold pour at the Sabodala-Massawa BIOX® Expansion achieved only 24 months after construction launch, transforming the Sabo
Slide 30: Sabodala-Massawa, Senegal: Solar Power Plant
SABODALA-MASSAWA, SENEGAL Solar power plant project expected to reduce energy cost and emissions INSIGHTS › As announced on 2 August 2023, Endeavour launched Solar Power Plant project clearing and the construction of a 37MWp photovoltaic (“PV”) solar earthworks well advanced facility and a 16MW batt
Slide 31: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO H2-2024 weighted performance due to stripping activity in H1 Q1-2024 vs Q4-2023 INSIGHTS Production and AISC › Production decreased due to a higher proportion of lower Production, koz AISC, US$/oz 109koz grade ore sourced from the Kari West pit in the mill feed as waste min
Slide 32: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE H1-2024 weighted performance due to higher grade ore availability Q1-2024 vs Q4-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher tonnes of ore milled and a slightly higher average grade processed, partially offset by a slight
Slide 33: Mana, Burkina Faso
MANA, BURKINA FASO Underground ramp-up supporting improved performance Q1-2024 vs Q4-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher tonnes milled, partially offset by lower average grades processed while recoveries remained consistent. 44koz 42koz
Slide 34: Lafigué Project, Côte d'Ivoire
LAFIGUÉ PROJECT, CÔTE D’IVOIRE Development project is on budget and on schedule INSIGHTS CIL tanks Site accommodation › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset for Endeavour. › Mining activities commenced
Slide 35: Conclusion
04 SECTION 4 CONCLUSION
Slide 36: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to deliver against our key priorities Deliver production guidance of 1.1 – 1.3Moz at an industry leading OUR STRATEGY OPERATIONS AISC of $955 – 1,035/oz GROWTH Ramp up of the BIOX® Expansion and deliver first gold at the Lafigué MAINTAINING A PROJECTS pr
Slide 37: Appendix
05 SECTION 5 APPENDIX
Slide 38: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focussed on converting resources to reserves and expanding existing resources INSIGHTS › An exploration programme of $21.0 million is planned for FY-2024, of which $10.4 million was spent in Q1-2024 consisting of 48,553 meters of drilling across 2,915 drill holes. › Du
Slide 39: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration and underground resource potential Houndé map INSIGHTS › An exploration programme of $7.0 million is planned for FY-2024, of which $2.3 million was spent in Q1- 2024 consisting of 5,328 meters of drilling across 25 drill holes. › During Q1-
Slide 40: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on extending resources and delineating new targets Ity map INSIGHTS › An exploration programme of $10.0 million is planned for FY-2024, of which $4.6 million was spent in Q1-2024 consisting of 22,979 meters of drilling across 161 drill holes. › During Q1-2024, near-m
Slide 41: Mana, Burkina Faso
MANA, BURKINA FASO Focused on following up on near-mine oxide mineralisation INSIGHTS Mana map › An exploration programme of $2.0 million is planned for FY-2024, of which $0.4 million was spent in Q1- 2024. › During Q1-2024, fieldwork focused on the collection and interpretation of soil sampling res
Slide 42: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q1-2023 Q3-2023 Q1-2024 mechanisms where prices are revised periodically, Q2-2023 Q4-2023 sheltering Endeavour from peak fuel prici
Slide 43: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases Debt reduction Gold collars and shareholder INSIGHTS Gold price in US$/oz return focus › In Q1-2024, 35koz were settled under 2400 Growth and forward contracts at a price of $2,024/oz. s
Slide 44: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance › FY-2024 production guidance marks an 2024 GUIDANCE (All amounts in koz, on a 100% basis) increase of up to nearly 200koz or 18% over the FY-2023 production from continuing operations Houndé 260 — 290 of 1,072koz due to the commissioning of the Ity 270 — 3
Slide 45: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance Sustaining capital (All amounts in US$m) 2024 GUIDANCE Houndé 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 › Ity: waste stripping, fleet rebuilds, plant upgrades Lafigué 25 Mana 15 › Mana: underground development an
Slide 46: Mine Statistics
MINE STATISTICS On a quarterly basis ITY HOUNDÉ MANA SABODALA-MASSAWA (on a 100% basis) Q1-2024 Q4-2023 Q1-2023 Q1-2024 Q4-2023 Q1-2023 Q1-2024 Q4-2023 Q1-2023 Q1-2024 Q4-2023 Q1-2023 Physicals Total tonnes mined – OP1 000t 7,406 7,349 7,366 11,097 11,993 13,247 711 805 1,783 10,447 11,319 11,207 To
Slide 47: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Balance sheet structure INSIGHTS › The Company drew down $219m during Q1-2024 on its (in $ million unless stated otherwise) 31 Mar 2024 31 Dec 2023 31 Mar 2023 debt facilities; $370m 1. $180m on the RCF to manage liquidity at the corporate level. C
Slide 48: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED 31 March 31 December 31 March (in $ million unless stated otherwise) 2024 2023 2023 Houndé 11.0 16.5 10.9 Ity — 18.6 1.3 Mana 3.9 5.5 3.0 Sabodala-Massawa 30.6 — 5.6 Other1 5.8 30.3 3.6 Taxes paid by continuing operations 51.3 70.9 24.4 (1) Included in the “Other” cat
Slide 49: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 53.2 /100 Severe Risk 2019 2023 23.9 /100 Medium Risk 2022 18.2 /100 Low Risk 2023 2020 2022 2019 2020 2021 2022 2023 Company Percentile Industry Score Ranking Average 20
Slide 50: TSX.EDV LSE.EDV
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 50