Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (November 2021)
190 slides from Endeavour Mining's investor presentation, November 2021
Slide 1: Corporate Presentation
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation November 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: Endeavour Has Unmatched Competitive Advantage
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 Shareholders1 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Rank Institution name % of S/O 1 La Mancha 19.2% Shares outstanding as at 30 June, 2021 251m 2 BlackRock Investment Management (UK) 12.6% Share price as at 18 October 2021 £18.80 / C$31.52 3 Van Eck Associates 10.1% Mar
Slide 7: Cross Sector Benchmarking Relative to Other Senior Gold Producers
CROSS SECTOR BENCHMARKING RELATIVE TO OTHER SENIOR GOLD PRODUCERS FY 2021 Production1 H1-2021 All-in Sustaining Costs1 7Moz $1,600 6Moz $1,400 5Moz $1,200 4Moz $1,000 PEER 3Moz $800 BENCHMARKING 2Moz $600 1Moz $400 $200 Barrick Newmont Polymetal Northern Star Kirkland Kinross Yamana Polyus Newcrest
Slide 8: Our Strategy
OUR STRATEGY Watch CEO video Create a resilient business and be a trusted partner with the ability to reward shareholders MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet manageme
Slide 9: Implementing Our Purpose
IMPLEMENTING OUR PURPOSE Watch video 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.
Slide 10: Resilient Business with High Quality Portfolio
RESILIENT BUSINESS WITH HIGH QUALITY PORTFOLIO Watch CEO video Strong competition for capital on a returns basis Long-term upside Near-term growth Immediate cash flow FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION +110 EXPLORATION PROPERTIES 6 PROJECTS 7 MINES TARGET CRITERIA TARGET CRITE
Slide 11: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMIZATION PILLARS <$900/oz All-in sustaining cost 01 Operational Excellence +10 YEARS Production visibility fro
Slide 12: Operational Excellence
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 8 years › Significant synergies from + shared technical functions › Hands-on
Slide 13: Operational Excellence
OPERATIONAL EXCELLENCE 1 On track to beat full year guidance 0.21 GROUP LTM INDUSTRY LTIFR1 LEADING 1.10 Industry Average2 1,138koz GROUP EXPECTED YTD ABOVE PRODUCTION TOP END 1,365-1,495koz Guidance $875/oz GROUP $850/oz $900/oz AISC YTD ON TRACK Guidance (1) Lost Time Injury Frequency Rate= (Numbe
Slide 14: Safety Continues to Be 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 15: 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 4 mines built by Endeavour in last decade safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔTE D’IVOI
Slide 16: Project Development
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: Unlock Exploration Value
UNLOCK EXPLORATION VALUE Watch 3 video On track to discover over 10Moz within last 5 years Total Indicated discoveries and targets1 8.5Moz Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% Exploration spend 85% 1.5-2.5Mo
Slide 19: Unlock Exploration Value
UNLOCK EXPLORATION VALUE Watch 3 video Re-applying our proven ranking and screening methodology to set 5 year discovery targets Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selection AISC
Slide 20: Unlock Exploration Value
UNLOCK EXPLORATION VALUE 3 Targeting discovery of more than 2x production depletion over the next 5 years Risked mean indicated discovery targets Risked Mean Indicated Resource Discovered Target M&I Resource as at 31 December, 2020 $/oz Target discovery cost $26/oz $19/oz $17/oz $30/oz $45/oz $14/oz
Slide 21: Unlock Exploration Value
UNLOCK EXPLORATION VALUE 3 Strong focus on both near mine and greenfield exploration 2021-2025E exploration expenditure Greenfield 22% 5% Fetekro Ity + 500km Annual drilling expected 16% (DD+RC+AC/RC) 80m Boungou 7% 8% 16% Houndé $ Mana Average annual 9% exploration expenditure 16% Wahgnion Sabodala
Slide 22: 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 23: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining AISC <$900/oz PRODUCTION AND ALL-IN SUSTAINING COSTS +1.6Moz For discontinued operations For continuing operations <<$900/oz +1.5Moz 1.4-1.5Moz <$900/oz <$900/oz 908koz $873/oz 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 24: 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 25: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash generation supports balance sheet strength and shareholder returns Net Debt Reduction 0.05x (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT DEBT REDUCTION DIVIDENDS PHASE PHASE & BUYBACK Low Net Debt/Adj. $75m EBITDA (LTM) ratio ($77m) ($70m) ($175m) (
Slide 26: Attractive Shareholder Returns Program
ATTRACTIVE SHAREHOLDER RETURNS PROGRAM Watch video Minimum progressive dividend with potential for supplemental shareholder returns DIVIDEND POLICY Minimum Dividend Minimum Dividend at $1,500/oz gold, $m Interim Dividend Minimum Progressive Dividend $175m › Provides dividend visibility during growth
Slide 27: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Supplementing dividends with active buyback program INSIGHTS Indicative yield for shareholder returns › Minimum dividend Endeavour’s Share Buyback Completed To Date in 2021 Dividend commitment of US$125 6% million for FY-2021 represents indicative yield of 1.9%1 5% › P
Slide 28: LSE Premium Listing Completed in June 2021
LSE PREMIUM LISTING COMPLETED IN JUNE 2021 Well-positioned as the largest pure gold producer listed on the premium segment of the LSE Production for London Stock Exchange listed gold producers1 +25% Gold Silver in gold equivalent 3.0Moz Premium Segment Standard Segment AIM 2.5Moz LSE daily liquidity
Slide 29: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Watch video Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCIPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Po
Slide 30: Upcoming Catalysts
UPCOMING CATALYSTS Q4 Exploration Resource updates at Sabodala-Massawa, Houndé and Ity mines 2021 Q4 Fetekro Resource update at Fetekro development project 2021 Q4 Sabodala-Massawa Completion of Phase 1 plant upgrades 2021 Q1 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2 20
Slide 31: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 31
Slide 32: 2021 Guidance
2021 GUIDANCE INSIGHTS Consolidated Production Guidance › Total production guidance for 2021 of (All amounts in koz, on a 100% basis) YTD-2021 2021 FULL-YEAR GUIDANCE 1,365 – 1,495koz at an AISC of $850 - Ity 212 230 — 250 $900/oz. Karma 67 80 — 90 › The Sabodala-Massawa and Wahgnion Houndé 216 240
Slide 33: 2021 Guidance (Continued)
2021 GUIDANCE (Continued) Sustaining and Non-Sustaining Capital Expenditure Guidance INSIGHTS Sustaining SUSTAINING CAPITAL NON-SUSTAINING CAPITAL › Houndé: waste extraction, fleet re-builds, borehole drilling at YTD-2021 FY-2021 YTD-2021 FY-2021 Kari (All amounts in US$m) Guidance Guidance › Ity: I
Slide 34: Strong Q3-2021 Performance Highlights
STRONG Q3-2021 PERFORMANCE On track for a record year HIGHLIGHTS › On track to beat FY-2021 production guidance and meet AISC guidance STRONG BUSINESS On track to beat On track to generate PERFORMANCE production guidance +$1B in operating cash flow › Healthy balance sheet at quarter-end with only $7
Slide 35: Financial Overview
FINANCIAL OVERVIEW Strong increase in YTD per share metrics Consolidated Highlights QUARTER ENDED NINE MONTHS ENDED +51% Sep. 30, Jun. 30 Sep. 30, Sep. 30, Sep. 30, Var. YTD-21 2021 2021 2020 2021 2020 vs. YTD-20 (in $ million unless otherwise stated) PRODUCTION, SALES AND AISC HIGHLIGHTS Gold Produ
Slide 36: Safety Continues to Be Our Top Priority
SAFETY CONTINUES TO BE OUR TOP PRIORITY Lost Time Injury Frequency Rate remains at industry low Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.21 Lost Time Injury Frequency Rate 0.40 0.26 0.16 0.12 0.12 0.21 2 LTIs in Q3-2021 Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020
Slide 37: Production and AISC
PRODUCTION AND AISC Limited impact of the rainy season in Q3-2021 Production and AISC Production AISC from all operations 409koz 382koz +138koz 344koz 347koz Production Q3-2021 vs. Q3-2020 244koz $906/oz $904/oz AISC $868/oz REMAINED $853/oz $803/oz FLAT Q3-2021 vs. Q3-2020 Q3-2020 Q4-2020 Q1-2021 Q
Slide 38: Year to Date Production
YEAR TO DATE PRODUCTION Stronger diversification across assets and countries compared to 2020 Production breakdown Ex-Teranga Assets Endeavour legacy Assets +573koz Ex-SEMAFO Assets Wahgnion Mana 100Koz 151Koz Production YTD-2021 vs. YTD-2020 Boungou Sabodala-Massawa 1,138Koz 241Koz 139Koz -$36/oz K
Slide 39: Supply Chain and Cost Inflation Controls
SUPPLY CHAIN AND COST INFLATION CONTROLS Renegotiating long-term contracts as a larger group has helped to mitigate inflationary pressures INSIGHTS KEY CONTRACT RENEWALS › Renegotiated contracts after acquisitions of Semafo and Teranga to leverage increased group tender volumes with first key contra
Slide 40: All-in Sustaining Margin
ALL-IN SUSTAINING MARGIN Strong performance following record Q2-2021 results All-in Sustaining Margin from all operations1 All-in sustaining margin All-in sustaining margin per ounce 92m Realized Gold Price $395m $341m $333m $337m +$ All-in Sustaining Margin Q3-2021 vs. Q3-2020 $245m $1,040/oz +38%
Slide 41: Operating Cash Flow
OPERATING CASH FLOW Strong cash flow compared to Q2-2021 despite lower realized gold price and sales Operating cash flow from all operations 110m $364m $300m $312m +$ Operating CF Q3-2021 vs. Q3-2020 $202m $198m +55% Operating CF $1,841/oz $1,841/oz $1,749/oz $1,791/oz $1,763/oz Q3-2021 vs. Q3-2020
Slide 42: Operating Cash Flow
OPERATING CASH FLOW Strong cash flow over Q2-2021 due to seasonality of tax payments Operating cash flow bridge INSIGHTS 1. The realised gold price decreased by $28/oz from $1,791/oz in Q2-2021 to $1,763/oz in Q3-2021 4 (∆$29m) 2. Gold sold decreased by 28koz from 3 ∆$51m $312m 421koz in Q2-2021 to
Slide 43: Net Debt and Liquidity Analysis
NET DEBT AND LIQUIDITY ANALYSIS Balance sheet continues to strengthen INSIGHTS Net Cash Variation Analysis › Q3-2021 financing activities include repayments on long- term debt of $80m, $100m of shareholder and minority interest dividends and $35m of share buybacks › Q3-2021 investing activities incl
Slide 44: Net Earnings
NET EARNINGS Decreased over previous quarter due lower realized gold price and sales 3 MONTHS ENDED INSIGHTS 30 September, 30 June, 1. The decrease in corporate costs in Q3-2021 was (in $ million) A = Adjustments made for Adjusted Net Earnings 2021 2021 primarily due to decreased costs associated wi
Slide 45: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 45
Slide 46: Strong Exposure Across Asset Lifecycle
STRONG EXPOSURE ACROSS ASSET LIFECYCLE Daoukro Cluster Côte d’Ivoire Kofi Trend Bondoukou Cluster Wahgnion Karma Mali Sia/Sianikou Côte d’Ivoire Nabanga Houndé Trend Burkina Faso Fetekro Côte d’Ivoire Mana Fougadian Mali Houndé Barrick JV Côte d’Ivoire Siguiri Afema Golden Hill Mt. Ba/Gueya Guinea C
Slide 47: 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 48: Sabodala-Massawa Mine
COO video presentation Website Latest technical report 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 poten
Slide 49: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Phase 1 expansion to debottleneck the plant back-end and increase Resources shown Tonnage Grade Content output by ~90kozpa inclusive of
Slide 50: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Higher processed grade from Massawa ore in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS › Production increased mainly due to higher average processed grades and slightly higher tonnes milled and recovery rate. › AISC per ounce sligh
Slide 51: Sabodala-Massawa Mine Discovery Target
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE 2.3 - 2.7Moz $26/oz Senegal Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 102Mt at 2.02g/t au containing 6.64Moz NEAR-TERM FOCUS Discovery of additional high-grade non-refractory ore resources. Define new resources on n
Slide 52: Phase 1 Underway to Assist in Debottlenecking
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END › Phase 1 of the plant expansion will facilitate processing of an increased proportion of high grade, free-milling Massawa ore through the Sabodala processing plant › Installation of Packages 1 to 5,
Slide 53: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Phase 1 upgrades tracking on schedule for completion in Q4-2021 Package 1: Additional Electrowinning Cell commissioned Package 2: Carbon Regeneration and Elution Area tanks Package 2: Carbon Regeneration and Elution Area tanks Package 4: Top of additional leach tank 3rd course
Slide 54: DFS for Phase 2 Is Underway
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS UNDERWAY AND DUE FOR COMPLETION IN Q4-2021 Phase 2 of the expansion will add a new refractory ore • Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to improve the quality of the mill feed blen
Slide 55: Near-Term Exploration Focus
NEAR-TERM EXPLORATION FOCUS Updated resource is expected to be published in Q4-2021 INSIGHTS Massawa Plan Map › An exploration programme of up to $13 million was planned for 2021, of which $9 million has already been spent year to date. › During Q3-2021 alone, $5 million was spent on exploration con
Slide 56: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 56 56
Slide 57: Samina
SAMINA Mineralised strike length greater than 900 meters and open to the north 57 57
Slide 58: Tina
TINA Mineralisation remains open to the north and southeast 58 58
Slide 59: Bambaraya
BAMBARAYA High grade mineralisation from surface extending over 800m along strike BBTR001 13.2m@3.64g/t from 0m MRC21-0725 19m @ 1.97g/t Au from 7m Incl. 8m @ 3.07g/t Au from 18m MRC21-0723 4m @ 7.24g/t Au from 10m MRC21-0723 13m @ 2.06g/t Au from 46m 59 59
Slide 60: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 230-250koz $800-850/oz 2.7Moz 3.8Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cor
Slide 61: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive o
Slide 62: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Processed grade decreased and higher stripping at Bakatouo in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased, as guided, due to the lower average Production, koz AISC, US$/oz processed g
Slide 63: Ity Production Plan
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire Ity production plan +236Koz Incremental production added 2017 Optimization Study 300koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resour
Slide 64: Ity Mine Discovery Target
DISCOVERY TARGET (2021-2025) ITY MINE 3.5 – 4.5Moz $17/oz Côte D’Ivoire Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 W Flotouo 77Mt at 1.52g/t au containing 3.76Moz NEAR-TERM FOCUS 2.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine
Slide 65: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Targets defined along the full length of the Ity belt INSIGHTS › An exploration programme of $9 million was initially planned for 2021, however given the success, $10 million has already been spent year to date. During Q3-2021, $4 million was spent on exploration. Walter-
Slide 66: West Flotouo
WEST FLOTOUO Re-interpretation of near mine geology will deliver high-grade resources West Flotouo Plan Map West Flotouo Cross Section 66 66
Slide 67: Le Plaque
LE PLAQUE Updated resource is expected to be published in Q4-2021 INSIGHTS Le Plaque Exploration Targets › The exploration efforts in the Le Plaque area are focussed on Le Plaque South (Delta Extension) and Yopleu-Legaleu, with the aim of extending mineralisation at both targets. › Le Plaque is open
Slide 68: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 68 68
Slide 69: Daapleu Deeps
DAAPLEU DEEPS High-grade mineralisation extends down dip DA15-178 21.3m @ 1.87g/t Au 8.9m @1.37 g/t Au 9.3m @ 1.12 g/t Au DA16-193 18m @ 1.54g/t Au DA16-194 12.1m @ 1.47g/t Au 6.9m @ 1.13 g/t Au 13.9m @ 1.23 g/t Au DA15-174 14.2m @ 1.21g/t Au 10.7m @ 2.87 g/t Au DA16-193 15.6m @ 1.36 g/t Au DA21-615
Slide 70: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 240-260koz $855-905/oz 2.6Moz 4.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of
Slide 71: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries and Golden Hill deposits Resources shown Tonnage Grade Content inclusive of Reserves
Slide 72: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Lower processed grades and a focus on waste stripping in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased in Q3-2021 due to lower average processed Production, koz AISC, US$/oz grades a
Slide 73: Houndé Production Plan
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan +325Koz Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further r
Slide 74: Houndé Mine: Kari Area Permitted
Kari Area permitted as extension of Houndé on expedited timeline HOUNDÉ MINE Burkina Faso › Permit extension granted covering the 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 Mining Code which means th
Slide 75: Houndé Mine Discovery Target
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE 3.0 – 4.0Moz $19/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 82Mt at 1.74g/t au containing 4.58Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Dohou
Slide 76: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Follow up on initial results and delineation of the Mambo discovery INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of up to $7 million was planned for 2021, of which $5 million has been spent year to date. During Q3-2021, $1 mi
Slide 77: Mambo
MAMBO Delineation of the Mambo discovery INSIGHTS. Mambo geology and drilling intercepts › Mineralisation at Mambo extends over 800 meters in length in the NNE – SSW direction and 200 meters wide in the WNW – ESE direction › Mineralisation remains open to the southwest, northeast, and at depth. › St
Slide 78: Mambo
MAMBO Down dip mineralisation extension remains open 78 78
Slide 79: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate with the Houndé mine plan INSIGHTS › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468km2 › Drilli
Slide 80: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour 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 W
Slide 81: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Greater mining flexibility following commissioning of On a 100% basis satellite deposits Resources shown Tonnage Grade Content inclusive
Slide 82: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Focused on fresh ore during the wet season in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS › Production decreased in Q3-2021 due to lower mill throughput and lower recovery rates, reflecting the high proportion of fresh ma
Slide 83: Wahgnion Mine Discovery Target
DISCOVERY TARGET (2021-2025) WAHGNION MINE 1.5 – 2.0Moz $25/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 44Mt at 1.51g/t Au containing 2.15Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucki
Slide 84: Wahgnion Mine, Burkina Faso
WAHGNION MINE WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of up to $12 million was planned for 2021, of which $8 million was spent year to date. › Du
Slide 85: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $975-1,050/oz 1.4 Moz 3.0 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is locate
Slide 86: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization t
Slide 87: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Wona underground development being expedited Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production remained flat over Q2-2021 as plant Production, koz AISC, US$/oz throughput, average grade milled and recoverie
Slide 88: Mana Mine Discovery Target
DISCOVERY TARGET (2021-2025) Bara MANA MINE 1.0 – 1.5Moz $30/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 45Mt at 2.07g/t Au containing 3.01Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as we
Slide 89: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $8 million was planned for 2021 of which $9 million has already been spent year to date. › During Q3-2021, $2 million was spent on exploration focussed on the Maoula open
Slide 90: Maoula
MAOULA Open pit oxide target MARC21-524 MARC21-513 5m @ 3.01 g/t \ 163m 3m @ 2.39 g/t \ 37m A MARC21-572 MARC21-559 3m @ 2.11 g/t \ 35m 3m @ 2.02 g/t \ 142m MARC21-169 MADD21-521 5m @ 3.24 g/t \ 29m 14m @ 2.65 g/t \ 69m MARC21-342 11m @ 6.27 g/t \ 104m MARC21-507 11m @ 3.72 g/t \ 14m MARC21-308 5m @
Slide 91: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 SE Base line MARC21-208 4.0m @ 3.33 g/t \ 14m 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 92: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 180-200koz $690-740/oz 1.0 Moz 1.5 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a
Slide 93: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to
Slide 94: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production remained consistent with Q2-2021 as greater Production, koz AISC, US$/oz throughput and the rec
Slide 95: Boungou Mine Discovery Target
DISCOVERY TARGET (2021-2025) BOUNGOU MINE 1.0 – 1.5Moz $32/oz Burkina Faso Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 14Mt at 3.32g/t Au containing 1.54Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou
Slide 96: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS High priority targets within 10km of the mine INSIGHTS Boungou Exploration Map › An exploration programme of up to $7 million was planned for 2021, of which $5 million has been spent year to date. During Q3-2021, $1 million was spent on exploration. The exploration effort
Slide 97: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso 80-90koz $1,220-1,300/oz 0.2 Moz 1.9 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 20
Slide 98: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional he
Slide 99: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Production decreased in Q3-2021 due to lower grades at GG1 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased due to the lower average grade as well Production, koz AISC, US$/oz as the expected lower recovery rates
Slide 100: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Exploration focused on delineating near mine extensions INSIGHTS Karma H1-2021 Drilling plan › During Q3-2021, limited exploration work continued as part of the advanced grade control drilling programme, targeting near mine extensions
Slide 101: Fetekro Project
PFS press release Latest technical report 3D mine site tour FETEKRO PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 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 Re
Slide 102: Fetekro Project
FETEKRO PROJECT Simplified map of the Fetekro property showing Lafigué Côte D’Ivoire 2021 project economics are robust, with an attractive NPV and IRR being generated across a range of gold prices A total of 2.1Moz were converted into a maiden Probable Reserve out of an Indicated Resource base of 2.
Slide 103: Fetekro Project Attractive Project Economics
Fetekro 2020 PEA vs 2021 PFS FETEKRO PROJECT PLANT TYPE, SIZE & CAPEX PFS PEA VARIANCE Côte D’Ivoire Plant type Gravity / CIP Gravity / CIL Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Mine life, years 9.5 8.0 +31% Strip ratio, W:O 10.3 7.4 +41% Tonnes proces
Slide 104: Fetekro Project Discovery Target
DISCOVERY TARGET (2021-2025) LFRC19-659: 9m@0.61g/t Au LFRC19-660: 3m@0.90g/t Au LFRC19-653: 2m@1.90g/t Au LFRC19-656: 2m@0.93g/t Au LFRC17-262: 3m@1.40g/t Au and 4m@0.62g/t Au FETEKRO PROJECT and 2m@0.54g/t Au 1.2 – 1.8Moz $14/oz Côte D’Ivoire Indicated resources Discovery cost CURRENT M&I RESOURCE
Slide 105: Fetekro Project
FETEKRO PROJECT FETEKRO PROJECT Updated resource is expected to be published in Q4-2021 INSIGHTS Drilling between Lafigué Center and Lafigué North › An updated resource estimate is expected to be published in late 2021 due to successful drilling which has focused on extending the Fetekro resource in
Slide 106: Fetekro Project
FETEKRO PROJECT FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 106 106
Slide 107: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 20% Mali government Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown Tonnage Grade
Slide 108: Kalana Project Study Comparison
KALANA PROJECT Kalana 2016 vs. 2021 Study Comparison1 Mali 2021 STUDY 2016 STUDY VARIANCE PLANT SIZE & CAPEX Nominal mill capacity, Mtpa 3.0 1.2 +150% Upfront capital cost, $m 297 196 +51% › Key changes in updated PFS compared to LIFE OF MINE STATS the 2016 Avnel study: Mine life, years 11 18 -39% ‒
Slide 109: Kalana Project
Kalana license and exploration targets KALANA PROJECT Mali › Discovery of additional deposits may provide an extension of the Kalana mining operation. In addition, potential high-grade free-digging soft material may provide further operating flexibility › The Kalanako Northwest area is highly prospe
Slide 110: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralized zones with diverse mineralization styles and grades within the prolific Houndé BANTOU PROJECT Burkina Faso Greenstone Belt › The inferred resource is comprised of three main areas with t
Slide 111: Nabanga Project
INSIGHTS Nabanga deposit plan map and schematic cross-section › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold Project lies within the Nabanga NABANGA PROJECT Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. ‒ Pre-
Slide 112: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect › Continued geological and GREENFIELD AFEMA Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization the Woulo Woulo prospect › Average 40-50 metre wide gold m
Slide 113: Greenfield Liguidi
113 GREENFIELD LIGUIDI Burkina Faso
Slide 114: Bondoukou - Tanda & Iguela
INSIGHTS › Over 8 targets have been identified on the Tanda and Iguela exploration permits BONDOUKOU - TANDA & IGUELA Côte D’Ivoire › Dakou, Pala and Assafou- Broukro are high priority targets with the larger resource size potential › High gold in soil geochemical anomalies have been identified 114
Slide 115: Greenfield: Siguiri Licenses
115 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 116: 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 117: Greenfield Nassile / Da-Guity
INSIGHTS › Highly prospective area of Nassile and Dar-Guiti Niger GREENFIELD NASSILE / DA-GUITY › Exploration Permit obtained in 2017 › Exploration Permit covers a total surface area of 695km² 117
Slide 118: 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 118
Slide 119: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER Watch CEO video 4 119
Slide 120: 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 121: 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 122: Our Sustainability Strategy
OUR SUSTAINABILITY WUE REAVOUR STRATEGY ni a a a ean imonmentne es ~ 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 PROTECTING OUR ENVIRONMENT d r) Biodi ity Water Stewardship “
Slide 123: Investing in Our Host Countries
INVESTING IN OUR HOST COUNTRIES 123
Slide 124: 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 125: 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 126: 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 229 Every 2 minutes prevalence rate in West Africa and the Sahel, and is both highly Million cases of malaria worldwide1 preventabl
Slide 127: 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 128: 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 129: Access to Clean Water
ACCESS TO CLEAN WATER Ensuring safe water, sanitation and hygiene for the most vulnerable communities 220,000 101 3-YEAR PARTNERSHIP Women impacted in Cascades Region Health centers supported to provide WASH infrastructure, quality of care and local development • Focused on the Cascades region, near
Slide 130: 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 4/100 education is the lowest in the world – and shows a particularly st
Slide 131: Education
EDUCATION 114 “Education is the most powerful weapon which you can use to change the world” Scholarships awarded since 2017 NELSON MANDELA ~550 We have a range of education initiatives in place: › Internships Internships since 2018 › University scholarships › Secondary school scholarships › E-learni
Slide 132: 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 133: 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 LOCAL TALENT 20 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 134: 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 135: 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, ECODEV small and medium enterprises with reputable partners IS AN ECONOMIC DEVELOPMENT FUND MISSION › Invest to champion emergence of national economic flagships › Pr
Slide 136: Building Mali's Shea Nut Industry
BUILDING MALI'S SHEA NUT INDUSTRY BY LAUNCHING ITS FIRST SHEA BUTTER FACTORY 120,000 Mali is the 2nd largest producer of FUNDING PARTNERS shea nut and accounts for › $1 million invested by Endeavour ~20% global supply of shea PARTNERS Shea butter is used in the cosmetic › Omnium Mali Women with incr
Slide 137: 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 138: Leveraging Our Supply Chain to Support Local Economies
LEVERAGING OUR SUPPLY CHAIN TO SUPPORT LOCAL ECONOMIES ECONOMIC DEVELOPMENT › Supply chain re-orientated towards West Africa since 2019 › Strategy reaped benefits during COVID-19 $622M 74% 2,031 pandemic with no major disruptions to key equipment and supplies In-country of total budget spent Nationa
Slide 139: 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 140: Protecting Our Environment
PROTECTING OUR ENVIRONMENT 140 140
Slide 141: 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 142: 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 143: 2020 Scope 1 & 2 Emissions
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 144: Greenhouse Gas Emissions Intensity Ranks Favourably
2020 GHG EMISSIONS INTENSITY Emissions intensity (kgCO2eq/oz) ENDEAVOUR'S GREENHOUSE GAS EMISSIONS INTENSITY RANKS FAVOURABLY IN COMPARISON TO PEERS TOTAL GHG EMISSIONS Emissions intensity (kgCO2eq/oz) Total GHG emissions 300 900 Gold mining industry intensity average IN 2020, ALL ENDEAVOUR 727 800
Slide 145: 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 146: 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 147: 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 148: 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 STEWARDSHIP 10,000 10,000 produced (L/oz) 5,000 5,000 Our water stewardship strategy aims to 14,094 20,781 - - ensure we have enough wate
Slide 149: 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 150: 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 151: Plastic Waste Reduction and Recycling
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 152: 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 153: Strong Governance and Ethics
STRONG GOVERNANCE AND ETHICS 153 153
Slide 154: 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 ZERO We seek to ensure that we
Slide 155: 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 in 2020 0.14 0.12 3.99
Slide 156: 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 157: 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 158: Corporate Governance
CORPORATE GOVERNANCE Size of Board Nationalities represented on the Board Board experience by sector 1 Accounting 11-10 Strategy & Leadership Metals & Mining International Business Finance Operations & Exploration Public Policy Corporate Governance Independent non- Executive Sustainability Human Res
Slide 159: 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 160: 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 161: 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 162: Unmatched Competitive Advantage in West Africa
Watch video UNMATCHED COMPETITIVE ADVANTAGE IN WEST AFRICA 5 162
Slide 163: 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 20% Endeavour is strategically positioned with an unmatched competitive advantage in the region. En
Slide 164: West Africa Is the Fastest-Growing Gold Region
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD PRODUCING REGION 10.0Moz 10.0% Percentage of Global Mine Supply 7.5Moz 7.5% West African Mine Supply +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 165: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA IS THE 2ND LARGEST 12Moz 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regio
Slide 166: 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 167: 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 168: Enhanced Security Platform Due to Scale in the Region
REGION’S PRODUCTION GROWTH ENHANCED SECURITY PLATFORM DUE TO SCALE IN THE REGION › Security unit structured as a business unit, led by ex-French military › Air strips on sites to avoid use of roads and improve operating efficiencies › Significant foreign aid and co- operation amongst West African na
Slide 169: 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 170: Industry Exploration Spend Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz The region is significantly under-explored 42Moz compared to other regions. 33Moz 79 27Moz 27Moz 23Moz 22Moz 20Moz Moz 18Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 171: Endeavour Holds One of the Largest Land Tenement Holdings
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 172: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 172
Slide 173: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 173 173
Slide 174: West Africa Operates as an Economic Union
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 175: 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 176: Appendix
APPENDIX FT / 6) Es y
Slide 177: Management, Board and Analyst Coverage
01 APPENDIX 1 Management, Board and Analyst Coverage
Slide 178: 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 179: 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 180: 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 181: Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 182: Mine Statistics
Q3-2021 & YTD-2021 RESULTS MINE STATISTICS On a quarterly basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-21 Q2-21 Physicals Total tonnes mined – OP1 000t 5,576 5
Slide 183: Mine Statistics
Q3-2021 & YTD-2021 RESULTS MINE STATISTICS On a year to date (nine months) basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-212 YTD-212 Physicals Total tonnes mined – OP1 000t 18,326 16,923 16,3
Slide 184: Reserves and Resources, 5-year exploration target and security
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 185: 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 186: 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 187: Debt Sources and ROCE
04 APPENDIX 4 Debt Sources and ROCE
Slide 188: Debt Structure
DEBT STRUCTURE Debt Structure $330 Convertible Notes Debt Structure (at quarter-end) As at 30-Sept-21 › 3% coupon on convertible note payable semi-annually › Matures in February 2023 $330m Convertible Senior Notes $370m 330.0 › Ability to settle in cash or shares $370m Bridge Facility 370.0 › Conver
Slide 189: 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 190: Endeavour Mining Contact Us
ENDEAVOUR MINING , a CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 872
Endeavour Mining — Investor Presentation (November 2021) on 6ix