Endeavour Mining Plc · TSX:EDV

Endeavour Mining — Investor Presentation (December 2018)

130 slides from Endeavour Mining's investor presentation, December 2018

1. Slide 1: Corporate Presentation December 2018

   CORPORATE PRESENTATION › December 2018

2. Slide 2: Disclaimer & Forward Looking Statements

   CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re

3. Slide 3: Table of Contents

   TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX

4. Slide 4: Endeavour Mining Overview

   CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Tabakoto Mine Karma GAMBIA Mine BURKINA FASO 4,000 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA LEONE D’IVOIRE 67

5. Slide 5: Company Profile

   CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Sep. 30th 108 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at Dec. 5th C$16.66 Europe Market cap as at Dec. 5th US$1.3B Net Debt as at Sep. 30th US$535m Other North America 5% 30% 1%

6. Slide 6: Our Strategic Objectives

   CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Turnaround Endeavour to build a sustainable business model TURNAROUND STRATEGIC OBJECTIVES OUR VISION SITUATION IN 2015 STRATEGIC OBJECTIVES CREATE A SUSTAINABLE BUSINESS Non-sustaining $922/oz <$800/oz capex All-in Sustaining Cost REQUIRED CASH Explor

7. Slide 7: Our Strategic Objectives

   CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster Le Plaque (Côte d’Ivoire) Kofi Trend (Côte d’Ivoire– Ity trend) (Mali) Bondoukou Clust. (Côte d’Ivoire) Siguiri (Guinea) Randgold JV Ity CIL (Côte d’Ivoire

8. Slide 8: Our Strategic Objectives

   CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Significantly improved the quality of our portfolio LONG-TERM UPSIDE NEAR-TERM GROWTH IMMEDIATE CASH FLOW FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION TIER 1 NO FLAGSHIPS MINES 1 LOW-COST MINE: 2015 NO Houndé Agbaou View VISIBILITY TIER 2

9. Slide 9: Our Strategic Objectives

   CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Focus on Free Cash Flow and Return On Capital Employed (ROCE) 2016 to Mid-2019 Mid-2019 and beyond FOCUS ON INCREASING THE FOCUS ON QUALITY OF OUR PORTFOLIO RETURN ON CAPITAL EMPLOYED (ROCE) ~ $1invested billion Capital allocation trade-offs 2 flagship

10. Slide 10: Production and AISC Profile

    CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE On track to achieving strategic objectives STRATEGIC $1,317/oz OBJECTIVES ~800 – 900koz ~ 800 – 900koz ~800koz $1,010/oz 670-720koz <$800/oz $869/oz $866/oz All-in Sustaining Cost $840-890/oz $922/oz 584koz 663koz 517koz <$800/oz 462koz 317koz 10+ y

11. Slide 11: Building a Premier African Gold Producer

    CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS For 2019 10+ year Mine life ≤800$/oz All-in Sustaining Cost +800koz Annual production 11

12. Slide 12: Operational Excellence

    CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Vincent Benoit Tabakoto Mine Karma GAMBIA Mine EVP CFO & Corporate 3h10 Development BURKINA FASO GUINEA- Houndé Morgan Carroll

13. Slide 13: Operational Excellence

    CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Our safety record remains better than the industry average Lost Time Injury Frequency Rate 0.80 0.28 LTM Lost Time Injury Frequency Rate 0.40 0.29 0.28 0.00 0.00 0.00 +6.0m Peer Group FY2016 FY2017 Trailing 12 Houndé Agbaou Ity Man Hours with no Averag

14. Slide 14: Operational Excellence

    CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talents Local workforce Expats TABAKOTO 7% KARMA 3% HOUNDÉ 6% ITY HL 6% AGBAOU 7% 95% local workforce 1,073 803 1,038 501 271 93 97 94 94 93 % % % % % Head of department 42% Expats TABAKOTO KARMA HOUNDÉ ITY HL AGBAOU 29% 30 45%

15. Slide 15: Operational Excellence

    CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 5th consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance On-track for top-end 700 1,010 600 500 922 400 670 884 663 - 300 584 720 869 517 466 200 On-track for bottom-end 100 760-810 0 2014 2

16. Slide 16: Project Development

    CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILT OUR VISION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, IN PROGRESS ON-BUDGET 0 LTIs *Plan

17. Slide 17: Project Development

    CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction

18. Slide 18: Project Development

    CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Building high quality project on time and on budget ASSETS BUILT / UNDER CONSTRUCTION COMBINED HOUNDÉ ITY CIL (commissioned in Q4-2017) (completion expected in Q2-2019) $610/oz <$500/oz <$600/oz All-in Sustaining Cost* 235koz 235koz 470koz Ave. Annual pro

19. Slide 19: Project Development

    CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Houndé is Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata Taparko METRIC YTD STUDY (Avocet) (Nordgold) Karma ACHIEVEMENT COMPARISON Bissa Hill (Life of mine average) (Nordgold) Natougou MINING Annualized rate of 45Mt +41% Mana Burkina Faso

20. Slide 20: Project Development

    CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Ity CIL Project construction launched in September 2017 Long-life Low Cost Project › Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5 years Production Profile Production AISC Robust Proje

21. Slide 21: Project Development

    CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Kalana is a high-quality project with significant optimization potential Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at Mali 2.8 g/t › 18-year mine life Tabakoto Mine › Low AISC cost operation with $730/oz Bamako Kal

22. Slide 22: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14.9Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 22

23. Slide 23: Conservative Approach

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree

24. Slide 24: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in Nov. 2016 2/3rd are on our 2 flagship assets 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery 2.5-3.5Moz target 1.5-2.5Moz 0.5-1.5Moz

25. Slide 25: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration spend by mine 1. Ity to extend HL and Improve CIL case 2. Tabakoto due to its short mine life $44M ~$50m $40-45m 4% 3. Agbaou to test potential 9% 19% 2018 PRIORITI

26. Slide 26: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On-track to meet 5-year exploration targets Total Indicated discoveries and targets Indicated resources discovered 4.2Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco

27. Slide 27: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 High quality discoveries made Discovery grades for Indicated resources by deposit From mid-2016 to end of 2018 2.70g/t 2.60g/t 2.25g/t 2.20g/t 2.14g/t 2.14g/t >2 g/t grade of 85% of discovered ounces 1.50g/t 1.27g/t 55% oxide 45% fresh Kari Pump Le P

28. Slide 28: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit From mid-2016 to end of 2018 $76/oz $13/oz Average Endeavour discovery cost to date $29/oz $16/oz $15/oz $14/oz $13/oz $12/oz $10/oz $9/oz $4/oz 6x lower discovery compared Average

29. Slide 29: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Ity Production Profile VALUE CREATION CASE STUDY OS production FS production AISC for OS Spent $15m in 2016-2017 250koz 250koz 238koz 224koz Exploration potential Added 1Moz of reserves 213koz 201koz 190koz Updated study and increas

30. Slide 30: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Houndé Production profile based on Study VALUE CREATION POTENTIAL Production based on reserves, koz AISC/oz Spent $17m in 2017-2018E Already added 1Moz of 265koz resources at Kari Pump 231koz Exploration upside expected 223koz 218ko

31. Slide 31: Unlock Exploration Value

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Q3 Exploration Activities INSIGHTS EXPLORATION EXPENDITURE FOR YTD-2018 › During Q3-2018, despite more difficult working conditions due to the rainy season, a total of 54,000m were drilled across the group for an exploration spend of $11m › Over 346,

32. Slide 32: Portfolio & Balance Sheet Management

    CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Focused on increasing the overall quality of our portfolio Portfolio viewed by AISC and mine life INSIGHTS: › Ity HL acquired through strategic partnership with La Mancha in late 2015 AISC, $/oz and will transition to CIL by Q2-2019 $1,20

33. Slide 33: Portfolio & Balance Sheet Management

    CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant funding sources to fund growth Fully funded without mine cash flow Circa $26m Up to $25m $60m $213m Undrawn RCF Ity capex remaining $180m $148m Cash $33m Liquidity Sources Tabakoto Nzema Ity Equipment Expected Mine CF Sources

34. Slide 34: Upcoming Catalysts

    CORPORATE PRESENTATION UPCOMING CATALYSTS ON TRACK TO MEET FY-2018 GUIDANCE WITH FURTHER GROWTH IN 2019 › Production from continuing operations well on-track to meet the upper-end of the FY-2018 Immediate guidance of 555-590koz Cashflow › AISC from continuing operations well on-track to meet the bot

35. Slide 35: Table of Contents

    TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX

36. Slide 36: Strong Year-to-Date Performance

    CORPORATE PRESENTATION STRONG YEAR-TO-DATE PERFORMANCE On-track to achieve high-end of production guidance and low-end of AISC guidance Mine YTD Guidance Comment PRODUCTION FROM CONTINUING OPERATIONS PRODUCTION (in Koz) Houndé 201 250-260 On-track high end Ity 64 60-65 Above guidance Karma 75 105-11

37. Slide 37: 2018 Guidance

    CORPORATE PRESENTATION 2018 GUIDANCE (continued) INSIGHTS Capital Expenditure Guidance, $m SUSTAINING NON-SUSTAINING GROWTH › Growth projects amount to $200 million (in $m) CAPITAL CAPITAL PROJECTS of the sustaining and non-sustaining Agbaou 17 2 - Tabakoto 37 - - capital allocations for 2018, mainl

38. Slide 38: All-In Margin Breakdown

    CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Increased by 34% due to increased production and a higher gold price NINE MONTHS ENDED, INSIGHTS SEP. 30, SEP. 30, 1. Gold sales up mainly due to the (in US$ million) 2018 2017 successful start-up of Houndé GOLD SOLD FROM CONTINUING OPERATIONS, koz 1 43

39. Slide 39: Growth Funding Sources

    CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash flow from operations and RCF used to fund growth NINE MONTHS ENDED, SEP. 30, SEP. 30, INSIGHTS (in US$ million) 2018 2017 1. Should be partially offset in Q4-2018 and in early 2019. 134 100 Main components are: ALL-IN MARGIN FROM ALL OPERATIONS ‒ Re

40. Slide 40: Net Earnings Breakdown

    CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $0.31 for YTD 2018 NINE MONTHS ENDED SEP. 30, SEP. 30, INSIGHTS (in US$ million) A = Adjustments made of Adjusted Net Earnings 2018 2017 1. Gain due to a $18m gain on the gold revenue GOLD REVENUE 544 299 protection program and a $20m unr

41. Slide 41: Expected to Quickly Deleverage Once Ity CIL Is in Production

    CORPORATE PRESENTATION EXPECTED TO QUICKLY DELEVERAGE ONCE ITY CIL IS IN PRODUCTION Net debt analysis Gearing 1 Net Debt Net Debt / Adj. EBITDA (LTM) GROUP POLICY Net Debt limit to 1.5x – 2.0x EBITDA 1.68x during investment phase Rapid deleveraging after CIL start to 1.0x within 12 months Nominal le

42. Slide 42: Diversified Debt Sources

    CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $350M RCF : Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR plus t

43. Slide 43: Table of Contents

    TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX

44. Slide 44: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 48.7Mt @ 2.2 g/t for 3.446Moz (incl. of Reserves) Inferred: 3.5Mt @ 2.6 g/t for 0.295Moz Ouagadougou Reserves 30.2Mt @ 2.0 g/t for 1.957Moz Houndé Mine

45. Slide 45: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance Q3-18 vs Q2-18 INSIGHTS Production and AISC › Houndé performed well during the rainy Production, koz AISC, US$/oz season, as the plant continued to perform significantly above nameplate capacity 74koz 69koz 67k

46. Slide 46: Houndé Out-Performing Study Metrics

    CORPORATE PRESENTATION HOUNDÉ OUT-PERFORMING STUDY METRICS Production and AISC better than study estimates METRIC YTD 2018 STUDY Study production profile compared to actuals ACHIEVEMENT COMPARISON Production based on reserves, koz AISC/oz (Life of mine average) MINING Annualized rate of +41% ✓ Octob

47. Slide 47: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted by 2017 drilling INSIGHTS › Following a two year period of no exploration drilling, activities resumed in 2017 2.5-3.5Moz › In 2017, targets were 5-YEAR DISCOVERY drilled and ranked › Work performed also T

48. Slide 48: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2018 on high-grade targets A second 200,000m drilling program will start in late Q4-2018, focused on extending the mineralization at Kari Pump, and delineating a maiden resource for Kari West and Kari Center as well as addr

49. Slide 49: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area INSIGHTS Kari target map › Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area › Over the past 18 months, a total of 2,237 holes have been drilled (comprised of 1,431 AC, 716 RC

50. Slide 50: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump 1Moz maiden resource increased M&I resources by 40% INSIGHTS Drill map and selected intercepts per area (true width/grade) › Indicated resource of 11.3Mt at 2.71 g/t Au for 987koz; Inferred resource of 0.2Mt at 2.21g/t Au for 20koz › The min

51. Slide 51: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump mineralization starts at surface Section A-A’ 51

52. Slide 52: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~45% of the Kari Pump resource is located within the oxide and transition Section B-B’ 52

53. Slide 53: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation INSIGHTS KP Gram-Meter intercepts map › Over 85% of all drill holes (Resource and Kari delineation drilling) encountered at least 2m @>2.5 g/t West › Some intercepts are outstanding with very high Gram-

54. Slide 54: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation Test link between KP and KC Kari Pump Extension grid #1 grid #2 Kari W Kari West Pump Kari Center Resource definition 54

55. Slide 55: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource expected to be delineated in 2019 INSIGHTS Gram Meters › Mineralization was first intercepted at ! 26 - 30 Kari Pump ! 31 - 50 Kari Center during the initial 2017 ! 51 - 95 reconnaissance drilling campaign. › Further 2018

56. Slide 56: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource expected to be delineated in 2019 INSIGHTS › Discovered during the 2018 AC drilling campaign › To date, reconnaissance drilling has successfully defined a mineralized area of at least 1km in strike length at a width of 500 m

57. Slide 57: Houndé Mine, Burkina Faso

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 57

58. Slide 58: Agbaou Mine, Côte d'Ivoire

    CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources M&I: 10.3Mt @ 2.4 g/t for 0.804Moz Ity Mine (incl. of Reserves) Inferred: 1.0Mt @ 1.7g/t for 0.054Moz Reserves 8.9Mt @ 2.3g/t for 0.668Moz Ag

59. Slide 59: Agbaou Mine, Côte d'Ivoire

    CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Transitional year for Agbaou Q3-18 vs Q2-18 INSIGHTS Production and AISC › Due to the transitional nature of the year, Production, koz AISC, US$/oz production remained at low levels in Q3- 2018 as mining continued to be constrained 46koz to low-grade

60. Slide 60: Agbaou Mine, Côte d'Ivoire

    CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Mineralization was confirmed at the extensions of several deposits Agbaou Site Map INSIGHTS › Less than 1,000m were drilled in Q3-2018 due to the seasonal rain. Since the beginning of 2018 more than 27,000m have been drilled › A total of more than 20

61. Slide 61: Agbaou Mine Exploration

    CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017 priority > 50 ppb was to test area and to generate targets and prioritize for the 0.5-1.5Moz upcoming campaigns 5-YEAR DISCOVERY › Key Areas targeted TARGET are: 1. Agba

62. Slide 62: Agbaou Mine Exploration

    CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au

63. Slide 63: Strong Out-Performance Compared to Study

    CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 yeas at a 10% lower AISC Production and AISC performance vs. study Actual production Study production Actual AISC Study AISC Mainly free-dig oxide operation 196koz Mixing low-grade to speed up wa

64. Slide 64: Strong Out-Performance Compared to Study

    CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Plant running significantly above nameplate Plant performance vs. study Actual Study Benefit of plant running 30% above nameplate and additions of oxide ore reserve ~30% 2.8kt 2.9kt above nameplate 2.7kt 2.7kt capacity based on oxide or

65. Slide 65: Strong Out-Performance Compared to Study

    CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Reserves endowment up 59% since construction with more oxide material Reserves and depletion Reserves at year-end Cummulative depletion 1.4Moz reserve endowment 1.4Moz reserves endowment 1,027koz 880koz 926koz 853koz 668koz 151koz 338ko

66. Slide 66: Strong Out-Performance Compared to Study

    CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Additional $170m after-tax cash flow was generated Cumulative After-Tax Cash Flows(1) Study Actual US$m 400 300 200 $296m 60% IRR based only on Payback of 100 18 months $126m first 4 years 0 Year 0 Year 1 Year 2 Year 3 Year 4 (100) $170

67. Slide 67: Tabakoto Mine, Mali

    CORPORATE PRESENTATION TABAKOTO MINE, MALI QUICK FACTS (ON 100% BASIS) Overview Ownership 80-90% Endeavour depending on pit, remainder government of Mali Resources M&I: 19.9Mt @ 3.0 g/t for 1.925Moz (incl. of Reserves) Inferred: 7.4Mt @ 3.4g/t for 0.810Moz Reserves 4.8Mt @ 3.4g/t for 0.517Moz Mali P

68. Slide 68: Tabakoto Mine, Mali

    CORPORATE PRESENTATION TABAKOTO MINE, MALI Sale expected to close in Q4-2018 Q3-18 vs Q2-18 INSIGHTS Production and AISC › Production remained flat, despite the impact Production, koz AISC, US$/oz of heavy rainfall, as a slightly higher mill 32koz 32koz throughput offset a lower average processed 28

69. Slide 69: Tabakoto Mine, Mali

    CORPORATE PRESENTATION TABAKOTO MINE, MALI Exploration mainly focused on underground exploration Tabakoto Site Map INSIGHTS › During Q3-2018 no drilling was done on the surface and nearly 6,000m were drilled underground › Since the start of the year nearly 5,000m were drilled on open pit targets whi

70. Slide 70: Ity Heap Leach Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 10% Côte d’Ivoire, 10% private Côte d’Ivoire Resources (HL + CIL) M&I: 73.9Mt @ 1.6 g/t for 3.695Moz (incl. of Reserves) Inferred: 18.7Mt @ 1.3 g/t for 0.785Moz Côte d’Ivoire Ity Mine Re

71. Slide 71: Ity Heap Leach Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Already surpassed full-year production guidance Q3-18 vs Q2-18 INSIGHTS Production and AISC › The operation performed above Production, koz AISC, US$/oz expectations in Q3-2018 as mining was 25koz opportunistically conducted based on equipmen

72. Slide 72: Ity CIL Project, Côte d'Ivoire

    CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Increased resource generated potential to replace heap leach with CIL KEY CHANGES OF ADVANTAGE INCLUDE: SHIFTING TO CIL PLANT: Heap Leaching Process ›› Resource increase generated potential to replace the current heap leach facility to CIL plant

73. Slide 73: Ity CIL Project, Côte d'Ivoire

    CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1 (10%)

74. Slide 74: Ity CIL Project, Côte d'Ivoire

    CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significantly improved production profile Production Profile OS production FS production AISC for OS 250koz 250koz 238koz 224koz Exploration potential 235koz 213koz average production 201koz 190koz over first 5 years 162koz 159koz 151koz $484/oz

75. Slide 75: Ity CIL Project, Côte d'Ivoire

    CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $1,400/oz $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m $0m -$

76. Slide 76: Ity CIL Project, Côte d'Ivoire

    CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Life of Mine Plan LOM Total / Item Unit Average Pre-prod 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Mining Schedule Total Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5,092 0 0 0 Total Waste Move

77. Slide 77: Ity CIL Project Construction

    CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Construction is progressing 2-months ahead of schedule and on-budget Process Plant Power Station Resettlement Haul Bridge 77

78. Slide 78: Ity CIL Project Construction

    CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Project completion stands at over 75%, tracking 2 months ahead of schedule 2018 2019 Activity Q1 Q2 Q3 Q4 Q1 Q2 EARTHWORKS & TSF Camp earthworks Bridge crossing TSF complete complete complete CAMP CONSTRUCTION Admin building completed DETAILED ENGI

79. Slide 79: Ity CIL Project Construction

    CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Project completion stands at over 75%, tracking 2 months ahead of schedule ACHIEVEMENTS TO DATE Capex spend and remaining cash outflow › More than 6 million man-hours worked with zero lost-time injuries › As at September 30, 2018, the project capit

80. Slide 80: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Already 1.5 Moz added between November 2016 and November 2017 M&I Resource Evolution 4-6Moz Discovery Target 1.5Moz added 2.2Moz 3.7Moz 2016 5-Year Discovery 2017 M&I Resource Target M&I Resource (Base for FS) (published Nov. 2016) (Base for OS) 80

81. Slide 81: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Main focus is on the La Plaque discovery Ity Mine Drilling Targets INSIGHTS › Nearly 3,000m were drilled Q3-2018 totalling more than 38,000m since the start of the year, mainly focused on: ‒ The Le Plaque target where additional resources are expected t

82. Slide 82: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Main focus is on the La Plaque discovery INSIGHTS ‒ Le Plaque target has the potential to be the next sizeable discovery following the recent Daapleu and Bakaotuo discoveries ‒ Only the central portion, representing about 25% of the Le Plaque target, wa

83. Slide 83: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Section A (Az. 225) 83

84. Slide 84: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Long Section B (Az. 115) 84

85. Slide 85: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets expected to be tested in H1-2019 85

86. Slide 86: Ity Mine, Côte d'Ivoire

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in

87. Slide 87: Ity Trend, Côte d'Ivoire

    CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several

88. Slide 88: Karma Mine, Burkina Faso

    CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 81.8Mt @ 1.1 g/t for 2.871Moz (incl. of Reserves) Inferred: 18.7Mt @ 1.3 g/t for 0.785Moz Ouagadougou Reserves 34.6Mt @ 0.9g/t for 0.986Moz Houndé Mine P

89. Slide 89: Karma Mine, Burkina Faso

    CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Production increased despite rainy season Q3-18 vs Q2-18 INSIGHTS Production and AISC › As expected, production increased in Q3, Production, koz AISC, US$/oz despite the rainy season, due to the higher 28koz grades and better recovery rates associated

90. Slide 90: Karma Mine, Burkina Faso

    CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Rambo West indicated resources expected to be delineated by year-end Karma Site Map INSIGHTS › More than 23,000m have been drilled since the start of the year, with no meters drilled in Q3-2018 due to the seasonal rain › Drilling this year has mainly f

91. Slide 91: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.10Moz @ 4.07g/t Mali Reserves 1.96Moz @ 2.80g/t Mining Type Open Pit 1.2 Mtpa for fresh ore Processing Rate

92. Slide 92: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha

93. Slide 93: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Work undertaken at Kalana since acquisition FOLLOWING THE Ity CIL Project Case Study AVNEL ACQUISITION: Plant Size Reserves Production AISC Mine life First 5 years First 10 years First 5 years First 10 years › Integration of Avnel into Endeavour Ity PFS 2.

94. Slide 94: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Strong potential to add deposits Several Licenses under negociation › Kalana main deposit is the only one to With Private currently have reserves, on which the previous owners study has been based › Kalana Main deposit still fully open at depth › Strong ex

95. Slide 95: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Increasing the confidence of the block model › Nearly 45,000 were drilled in 2018 on Kalana Main deposit drilling the Kalana deposit on in-fill drilling and extension drilling RC RCD DDH # (m) # RC(m) DD(m) # (m) 132 18,646 77 15,537 9,257 4 1,347 › Drilli

96. Slide 96: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 96

97. Slide 97: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Results – Positive Kalana North Intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 97

98. Slide 98: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource is expected to be published along with the Kalana deposit 98

99. Slide 99: Kalana Project, Mali

    CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana Exploration Potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling expected to start in 2019 99

100. Slide 100: Greenfield Exploration, Côte d'Ivoire

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS Fetekro’s Lafigué exploration prospect gold in soil map › Published maiden resource estimate on the Lafigué target and identified of 14 additional nearby targets ‒ Indic

101. Slide 101: Greenfield Exploration, Côte d'Ivoire

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigué Center Cross-Sections 101

102. Slide 102: Greenfield Exploration, Côte d'Ivoire

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigué North Cross-Section 102

103. Slide 103: Greenfield Exploration, Côte d'Ivoire

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Randgold on Sissedougou / Mankono JV WITH RANDGOLD › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0 m @ 31.52 g

104. Slide 104: Greenfield Exploration, Burkina Faso

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 104

105. Slide 105: Greenfield Exploration, Niger

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695 km² › Init

106. Slide 106: Greenfield Exploration, Guinea

     CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 106

107. Slide 107: Table of Contents

     TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX

108. Slide 108: Equity Markets Strongly Support West Africa

     CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Amongst top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 10 $9.82B 8 +$ 6 billion raised for West Africa $6.35B $5.89B US$ Billions 6 4 $3.

109. Slide 109: Significant Exploration Efforts in West Africa

     CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST-AFRICA Endeavour represents over 10% of total West African spend 2017 Exploration Budget ($M) 677 634 +$5.0B Spent in West Africa over last 10 years 385 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is USA C

110. Slide 110: Significant West-Africa Exploration Success

     CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz No.1 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M

111. Slide 111: Strong Exploration Potential

     CORPORATE PRESENTATION STRONG EXPLORATION POTENTIAL The Birimian greenstone belt ranks amongst the world’s most prospective areas West African Geology - Birimian Greenstone Belt 111

112. Slide 112: Burkina Faso & Cote d'Ivoire Are Under-Explored

     CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production % of Birimian greenstone belt 2016 production (Moz) Côte d’Ivoire Burkina Faso 10% Burkina Faso 17% 22% Côte d’Ivoire 35% Other 13% Other Ghana 14% 39% Mali Mali 10% Ghana 21% 1

113. Slide 113: Burkina Faso & Cote d'Ivoire Are Fast Growing

     CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represents half of the regions exploration expenditures West-African exploration expenditures by country 2017 exploration expenditures Cote d’Ivoire 20% ~50% Burkina Faso of West-African exploration 29% expenditures Ghana Other Cou

114. Slide 114: Strong Production Growth in West-Africa

     CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST-AFRICA Has quickly become a top producing gold region 2016 Production Gold by Country 15Moz +81% West-African production growth over past 15 9Moz 9Moz years 8Moz 7Moz 5Moz 5Moz 5Moz 4Moz 3Moz 3Moz 3Moz 4th largest gold producing China Mexico Un

115. Slide 115: Burkina Faso & Cote d'Ivoire Are Fast Growing

     CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Strong production increase over past 5 years West-African 5-year production growth by country For the period 2012-2016 +162% +0.5Moz ~25% of West-African production is from Burkina Faso & Cote d’Ivoire +1Moz +54% +0.5Moz +35% +0.3M

116. Slide 116: The Region Has Attracted Large Global Gold Miners

     CORPORATE PRESENTATION THE REGION HAS ATTRACTED LARGE GLOBAL GOLD MINERS EDV is emerging as the only pure multi-asset West-African mid-tier producer Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World Geographically fo

117. Slide 117: West Africa Operates as an Economic Union

     CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated Countries using West African CFA INSIGHTS › West Africa acts as an economic zone (WAEMU) › Common central bank for 8 States › Common currency which is pegged to the Euro › Fiscal

118. Slide 118: West Africa Mining Codes Tend to Be Fairly Aligned

     CORPORATE PRESENTATION WEST AFRICA MINING CODES TEND TO BE FAIRLY ALIGNED INSIGHTS Corporate Income Tax and Royalties › Transfer pricing regulations recently Country / Region Corporate Tax Mining Royalties established in the jurisdiction Burkina Faso Up to 27.5% Up to 5% › OECD principles associated

119. Slide 119: Table of Contents

     TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX

120. Slide 120: Board Members

     CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Ian COCKERILL, Olivier COLOM, Livia MAHLER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Jim ASKEW, Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director Non-executiv

121. Slide 121: Analyst Coverage

     CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com BMO Andrew Breichmanas ✆ +44 20 7246 5430 ✉ andrew.breichmanas@bmo.com Canaccord Genuity Rahul Paul ✆ +1 416 869 7289 ✉ rpaul@canaccordgenuity.com Clarus Securi

122. Slide 122: Gold Revenue Protection During Investment Phase

     CORPORATE PRESENTATION GOLD REVENUE PROTECTION DURING INVESMENT PHASE Increased certainty of cash flow during construction periods Gold revenue protection program GROUP POLICY: Gold price in US$/oz 1,600 Set-up a gold collar protection during investment phase to ensure the availability of 1,500 free

123. Slide 123: Convertible Bond

     CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%

124. Slide 124: Unlock Exploration Value

     CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,

125. Slide 125: Production and Cost Details by Mine

     CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU TABAKOTO ITY KARMA HOUNDÉ (on a 100% basis) Unit Q3-2018 Q2-2018 Q3-2017 Q3-2018 Q2-2018 Q3-2017 Q3-2018 Q2-2018 Q3-2017 Q3-2018 Q2-2018 Q3-2017 Q3-2018 Q2-2018 Q3-2017 Physicals Total tonnes mined – OP1 000t 6,94

126. Slide 126: Production and Cost Details by Mine

     CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE For the 9-month period ended September 30, 2018 and 2017 AGBAOU TABAKOTO ITY KARMA HOUNDÉ (on a 100% basis) Unit Sep. 30, 2018 Sep. 30, 2017 Sep. 30, 2018 Sep. 30, 2017 Sep. 30, 2018 Sep. 30, 2017 Sep. 30, 2018 Sep. 30, 2017 Sep. 30, 2018 Se

127. Slide 127: Consolidated Statement of Financial Position

     CORPORATE PRESENTATION 127 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at Note September 30, December 31, In thousands of US$ 2018 2017 ASSETS Current Cash 33,302 122,702 Cash - restricted 658 1,327 Trade and other receivables 60,629 50,698 Income taxes receivable - 627 Inventories 5 142,2

128. Slide 128: Consolidated Statement of Comprehensive Earnings/Loss

     CORPORATE PRESENTATION 128 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, Note 2018 2017 2018 2017 In thousands of US$ Revenues Gold revenue 155,764 94,757 544,173 299,458 Cost of sales Operating expenses (86,238) (52,258) (262,

129. Slide 129: Cash Flow Statement

     CORPORATE PRESENTATION 129 CASH FLOW STATEMENT THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, In thousands of US$ Note 2018 2017 2018 2017 Operating Activities Earnings/(loss) before taxes 1 (3,556) (63,951) 41,519 (36,658) Adjustments for: Depreciation Depreciationandand depletion

130. Slide 130: Reserves and Resources

     CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2017 Tabakoto Mine Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis Proven Reserves 2.4 3.32 251 Resources shown Tonnage Grade Content Probable

Endeavour Mining — Investor Presentation (December 2018) on 6ix