Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (August 2022)
182 slides from Endeavour Mining's investor presentation, August 2022
Slide 1: Corporate Presentation August 2022
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation August 2022
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 West Africa Insights 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 1 Largest 6 Gold 1.3-1.4Moz West African producer mines AISC $880-930/oz 2022 Production Guidance 5
Slide 6: Benchmarking Peer and Sector
other sectors senior gold producers BENCHMARKING PEER AND SECTOR The gold mining sector offers high margins and high returns relative to CROSS SECTOR BENCHMARKING Endeavour is attractive relative to other 0% 10% 20% 30% 40% 50% 60% 1Moz 2Moz 3Moz 4Moz 6Moz 7Moz 5Moz Endeavour Newmont Gold Mining Bar
Slide 7: Our Strategy
Watch CEO OUR STRATEGY video Build 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 managemen
Slide 8: Our Purpose Is to Produce Gold That Provides Lasting Value to Society
OUR PURPOSE IS TO EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where we operate. Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped wit
Slide 9: 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 OPTIMISATION PILLARS $900/oz All-in sustaining cost 01 Operational Excellence +10 YEARS Production visibility from
Slide 10: Superior Operating Model
1 SUPERIOR OPERATING MODEL OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies › Significant synergies from shared technical functions › Han
Slide 11: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio GREENFIELD EXPLORATION DEVELOPMENT PROJECTS OPERATIONS Current high priority efforts: In construction: Optimization initiatives: Siguri Tandea-Iguela Sabadola-Massawa Expansion Guinea Côte d
Slide 12: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Five recent builds integrated within our business AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔT
Slide 13: Key Projects
4 2 44 KEY PROJECTS PROJECT DEVELOPMENT Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION LAFIGUÉ ON FETEKRO PROPERTY KALANA DFS INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: ▪ Construction comme
Slide 14: Strong Exploration Track Record
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Achieved 5-year discovery target of 10-15Moz Total Indicated discoveries and targets Indicated resources discovered Exploration spend 11.5Moz 3.0Moz Discovered 11.5Moz Discovered from 2.2Moz mid-2016 to 2021 2.1Moz 1.9Moz 1.3Moz <$25/oz 1
Slide 15: Largest Exploration Presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT Mana 10% KOFI LIPTAKO Hounde 9% LIGUIDI SIGUIRI NABANGA BANTOU FULL CONTROL OF 125KM BARRICK JV STRETCH
Slide 16: Proven Ranking and Screening Methodology
Watch 3 PROVEN RANKING AND SCREENING METHODOLOGY video UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selectio
Slide 17: Strong Exploration Track Record
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Targeting discovery of more than 2x production depletion over 2021-2025 period 5-year resource discovery target Risked mean Indicated resource discovery target (2021 - 2025) M&I resource as at 31 December, 2020 15-20Moz $/oz Target discov
Slide 18: Focused on Long Life and Low AISC Assets
4 FOCUSED ON LONG LIFE AND LOW AISC ASSETS ACTIVE PORTFOLIO MANAGEMENT Divested non-core assets and integrated five mines Endeavour’s Portfolio Key achievements across 4 pillars Core Mine1 Divested / Ceased Mine Project2 AISC, $/oz 1,300 Realised synergies Built Houndé Built Ity Met guidance Karma 1
Slide 19: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining AISC <$900/oz PRODUCTION AND ALL-IN SUSTAINING COSTS For discontinued operations For continuing operations1 +1.6Moz 1.5Moz +1.5Moz <$900/oz 1.4-1.5Moz $885/oz <$900/oz 1.3-1.4Moz <$900/oz $880-930/oz 2013A 2014A 2015A 2016A
Slide 20: Strong Cash Generation
STRONG CASH GENERATION Provides ability to fund capital allocation priorities Operating Cash Flow and CAPEX Operating Cash Flow Capital Expenditures1 Realized Gold Price INVESTMENT PHASE CASH FLOW PHASE +$ 426m Operating CF FY-2021 vs. FY-2020 $1,175m $749m +57% $223m $251m $302m $233m $237m $440m $
Slide 21: Evolution of Capital Allocation Priorities
EVOLUTION OF CAPITAL ALLOCATION PRIORITIES Resilient business capable of funding growth and rewarding stakeholders DEBT REDUCTION CAPACITY TO FUND INVESTMENT PHASE ORGANIC GROWTH AND Key Focus PHASE $278m REWARD SHAREHOLDERS 2016 – 2019 (total) 2020 2021 Buybacks $138m Shareholder returns paid for F
Slide 22: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash position supports increase in shareholder returns Net Cash and Shareholder Returns (Net Debt)/ Net Cash Cumulative Shareholder Returns INVESTMENT DEBT REDUCTION SHAREHOLDER RETURNS PHASE PHASE PHASE WITH ABILITY TO FUND GROWTH $369m $376m +$ 141m $268m Net Cash add
Slide 23: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME FY-2022 minimum dividend increased by 33% to $200 million SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend › In 2021, Endeavour implemented a $200m minim
Slide 24: Significant Shareholder Returns Commitment
SIGNIFICANT SHAREHOLDER RETURNS COMMITMENT Significant commitment towards shareholder returns Cumulative Shareholder Returns +$175m +$751m $476m Cumulative shareholder returns $476m +$100m to date $176m $100m H1-2022 +$750m Declared $200m Dividends Paid Minimum Cumulative Cumulative Cumulative H2-20
Slide 25: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME H1-2022 dividend of $100 million declared, or $0.40 per share H1-2022 shareholder returns Shareholder returns in context of H1-2022 results PRODUCTION REVENUE Share Buyback $38m or 0.3m $197/oz shares returned for every ounce 10% of revenue of gold produced d
Slide 26: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Significant improvement following build of our Ity and Houndé mines Return on Capital Employed (ROCE)1 ROCE IMPROVEMENT 20% EXPECTED WITH 18% OPTIMISATION OF ACQUIRED ASSETS 10% 6% 6% +20% ROCE target with strong capital allocation discipline 2017 2018 2019 2020 2021 (1) E
Slide 27: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Expected to improve ROCE with optimisation of acquired assets Return on Capital Employed High ROCE for legacy assets following Expected to increase ROCE on acquired by asset build and exploration success assets with exploration and optimisation ITY MANA BOUNGOU Mana Houndé
Slide 28: London Stock Exchange Listing Progress
LONDON STOCK EXCHANGE LISTING PROGRESS Strong increase in UK liquidity following indexations Volume traded on LSE compared to the TSX1 45% >30% of free float shares 38% outstanding in the UK 37% FTSE register 250 FTSE ALL SHARE 26% >45% FTSE of daily volume 23% 100 in the UK Q3-2022 Q3-2021 Q4-2021
Slide 29: Ability to Reward Shareholders Across Cycles
Watch ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES 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 Q3 Lafigué Completion of Definitive Feasibility Study for Lafigué project at Fetekro 2022 Q3 Shareholder Returns Declaration and Payment of H1-2022 dividend 2022 Q3 Mana Wona Underground first stope production 2022 H2 Exploration Exploration programme results and resource updates
Slide 31: Results and Outlook
RESULTS AND OUTLOOK 2 31
Slide 32: Half Year Highlights
HALF YEAR HIGHLIGHTS Delivering against key objectives STRONG OPERATIONAL HEALTHY ATTRACTIVE SHAREHOLDER PERFORMANCE FINANCIAL POSITION RETURNS Well positioned Net cash position $108m paid in shareholder returns to meet guidance increased by during H1-2022 for 10th consecutive year $141m in H1-2022
Slide 33: Well-Positioned to Meet Full Year Guidance
WELL-POSITIONED TO MEET FULL YEAR GUIDANCE Strong performance across key operating metrics 0.13 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 702 koz GROUP H1 ON TRACK PRODUCTION (For continuing operations) 1,315-1,400koz Guidance $900/oz GROUP AISC $880/oz $930/oz (For continuing operati
Slide 34: Production and AISC
PRODUCTION AND AISC Well-positioned to meet full year 2022 guidance Production and AISC Discontinued Assets Continuing Operations AISC (US$/oz) 756koz 781koz 702koz -5% Production for 586koz continuing operations H1-2022 vs H2-2021 $918/oz $860/oz $910/oz $900/oz $826/oz 320koz -$10/oz All-In Sustai
Slide 35: Low Cost Provides Competitive Advantage
LOW COST PROVIDES COMPETITIVE ADVANTAGE Capital allocation strategy execution is supported by low cost production H1-2022 AISC versus initial FY-2022 guidance AISC Guidance Range (US$/oz) H1-2022 AISC (US$/oz) 1,800 $900/oz 1,650 Endeavour’s All-In Sustaining Cost 1,500 H1-2022 1,350 1,200 1,050 900
Slide 36: All-In Sustaining Margin
ALL-IN SUSTAINING MARGIN Benefiting from the higher gold price environment Realized gold price, Cost, and Margin analysis All-in Sustaining Margin, $/oz All-in Sustaining Cost, $/oz 52% $1,872/oz $1,803/oz $1,810/oz Higher $1,771/oz gold price $1,612/oz All-in sustaining margin $900/oz $826/oz $860/
Slide 37: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Capital allocation strategy execution is supported by strong cash flow generation Operating cash flow before changes in working capital Discontinued assets Realised Gold Price Continuing operations 21m $643m $622m $520m $551m -$ Operating CF H1-2022 vs. H2-
Slide 38: Quarterly Operating Cash Flow
QUARTERLY OPERATING CASH FLOW Lower gold price and slightly lower production during Q2-2022 Operating cash flow from continuing operations Realised Gold Price $345m $284m $309m $299m -$ 31m $253m Operating CF Q2-2022 vs. Q2-2021 -11% Operating CF $1,795/oz $1,763/oz $1,787/oz $1,911/oz $1,832/oz Q2-
Slide 39: Operating Cash Flow
OPERATING CASH FLOW Lower gold price, lower production and higher taxes impact cash flow INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing $304m1 1 operations decreased by $79/oz from $1,911/oz in Q1-2022 to $1,832/oz in Q2-2022 (∆$28m) 2. Gold sold decreased by 15koz fro
Slide 40: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Inflationary pressures in line with expectations Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q4-2021 Q1-2022 Q2-2022 mechanisms where prices are revised periodically, sheltering Endeavour from peak fuel pricing +33%
Slide 41: Tackling Inflationary Pressures
TACKLING INFLATIONARY PRESSURES AISC mainly driven by scheduled operational factors rather than market factors INSIGHTS AISC bridge, $/oz › Q2-2022 AISC from continuing operations increased in line with guidance by $106 per ounce over Q1- 2022 to $954 per ounce Schedule operational Market factors: ›
Slide 42: Change in Net Cash
CHANGE IN NET CASH Continuing to grow our net cash position INSIGHTS Net Cash variation analysis › Q2-2022 operating activities included $253m in operating cashflow before changes in working capital, and negligible changes in working capital ($145m) › Q2-2022 investing activities included $38m spend
Slide 43: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted EPS amounted to $0.45 per share 3 MONTHS ENDED INSIGHTS 1. Corporate costs decreased during the quarter 30 June, 31 March, (in $ million) A = Adjustments made for Adjusted Net Earnings primarily due to lower costs associated with 2022 2022 employee an
Slide 44: 2022 Guidance
2022 GUIDANCE Group production and AISC on track for full year guidance Consolidated Production Sustaining and Non-Sustaining Capital Expenditure Guidance 2022 FULL-YEAR GUIDANCE (All amounts in koz, on a 100% OUTLOOK 2022 FULL-YEAR GUIDANCE SUSTAINING NON-SUSTAINING basis) (All amounts in US$m) CAP
Slide 45: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 45
Slide 46: Diversified Portfolio of Six Mines
DIVERSIFIED PORTFOLIO OF SIX MINES 2022 Guidance P&P RESERVES as at Dec 31, 2021 M&I RESOURCES as at Dec 31, 2021 NAME COUNTRY MINE PRODUCTION AISC CONTAINED GOLD GRADE CONTAINED GOLD GRADE (koz) (US$/oz) (Moz) (g/t) (Moz) (g/t) Houndé Burkina Faso 260-275 875-925 2.51 1.66 5.17 1.55 Ity Côte d’Ivoi
Slide 47: Well Positioned to Meet Full Year Guidance
WELL POSITIONED TO MEET FULL YEAR GUIDANCE Houndé and Ity are well positioned to beat guidance Sabodala-Massawa Houndé 169koz 360-375koz 160koz 260-275koz PRODUCTION H1 PRODUCTION H1 $675/oz $725/oz $875/oz $925/oz AISC H1 AISC H1 $666/oz Guidance $791/oz Guidance Ity Mana 149koz 255-270koz 107koz 1
Slide 48: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal 360-375koz $675-725/oz 4.4Moz 6.9Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a
Slide 49: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Debottlenecked the CIL plant back-end in 2021 Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • BIO
Slide 50: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Lower grades in Q2-2022 as mining at Massawa ramps up Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased as a result of lower grade areas mined given the greater focus on was
Slide 51: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Low-capex intensive brownfield expansion is on track PROJECT UPDATES Expansion Project schematic plan Crushing and Stockpile › Sabodala-Massawa DFS defined a robust expansion project Reagent Store adding a 1.2Mtpa BIOX® plant, designed to process the high- grade refractory
Slide 52: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2022 Guidance mid-point BIOX® Production Expected Reserve additions CIL Production 450Koz 400Koz Targeting production +400koz per annum 373koz/yr Expected average annual 350Koz pr
Slide 53: Robust Economics for the Expansion Project
CORPORATE PRESENTATION Expansion Project Highlights (excludes current CIL operation) SABODALA-MASSAWA FIRST FIVE YEARS LIFE OF MINE Senegal (2024-2028) (2024-2033) OPERATING SUMMARY Tonnes processed, Mt 5.7 10.8 Strip ratio, W:O 7.7 8.5 ROBUST ECONOMICS Grade processed, Au g/t Gold contained process
Slide 54: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Scope changes in DFS compared to PFS AREA DESCRIPTION OF CHANGE EXPECTED RESULT Capital cost estimates Additional geometallurgical work has reclassified Removes risk associated with blending transitional and fresh CAPITAL fresh and transitional ore from the Massawa ore wit
Slide 55: Sabodala-Massawa Mine
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 110Mt at 1.94g/t au containing 6.88Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-grade
Slide 56: Near-Term Exploration Focus
NEAR-TERM EXPLORATION FOCUS Focussed on increasing near-mine non-refractory resources INSIGHTS Sabodala-Massawa Plan Map › An exploration programme of $15.0 million is planned for FY-2022, of which $9.1 million has been spent in H1-2022 with $5.3 million spent in Q2-2022 consisting of 29,344 meters
Slide 57: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 57
Slide 58: Samina
SAMINA Mineralised strike length greater than 1,100 meters and open to the north and south 58 58
Slide 59: Tina
TINA Northeast striking mineralised occurrence with further drilling planned for 2022 59 59
Slide 60: 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 60 60
Slide 61: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 255-270koz $850-900/oz 3.0Moz 4.5Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerst
Slide 62: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Commencement of processing ore from Le Plaque and continued inclusive of Reserves (on a 100% basis) (Mt
Slide 63: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Recovery rates improved in Q2-2022 following completion of current Daapleu phase Q2-2022 vs Q1-2022 INSIGHTS Production and AISC › Production increased due to a higher average grade Production, koz AISC, US$/oz process
Slide 64: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire Ity production plan 2022 Guidance mid-point 2017 Optimization Study +294Koz Incremental production added 300koz Target production of 250koz over +10 years expected to be achieved based on exploration pote
Slide 65: Ity Mine
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 90Mt at 1.56g/t au containing 4.48Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through high
Slide 66: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on high-grade oxide at near mine targets and Le Plaque INSIGHTS › An exploration programme of $10.0 million is planned for FY-2022, of which $4.5 million has been spent as of H1-2022. The exploration programme has been focussed on extending resources at Walter-Ba
Slide 67: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant West Flotouo Plan Map West Flotouo Cross Section VO21-165 8.4m @ 4.57 g/t Au 5.9m @ 14.55 g/t Au VO21-176 25.8m @ 4.91 g/t Au 4.2m @ 10.85 g/t Au VO21-158 14.8m @ 3.04 g/t Au 5.9m @ 10.65 g/t Au VO21-096 25.2m @ 13.00g/t Au 3.7m @ 11.01g/t
Slide 68: Le Plaque
LE PLAQUE Updated resources extended mineralisation INSIGHTS Le Plaque Exploration Targets › During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension › The high grade Le Plaque deposit has b
Slide 69: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 69 69
Slide 70: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added WA21-052 5m @ 17.02 g/t Au WA21-074 3m @ 4.35 g/t Au 26.9m @ 3.24 g/t Au 6m @ 2.7 g/t Au WA21-033 WA21-025 18.4m @ 2.73 g/t Au 2m @ 39.84 g/t Au 23m @ 4.29 g/t Au 6.4m @ 3.86 g/t Au WA21-022 11m @ 2.54 g/t Au WA21-060 16.9m @ 6.20 g/t Au 19m
Slide 71: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu prospect is located in the Toulepleu exploration permit (PR462), 22km south of the Ity plant. The prospect sits in the center part of the Toulepleu-Ity greenstone b
Slide 72: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 72 72
Slide 73: 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 74: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 260-275koz $875-925/oz 2.5Moz 5.2Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s The
Slide 75: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis
Slide 76: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Grades improved in Q2-2022 due to higher proportion of ore from Kari Pump Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to the higher grade ore 87koz process
Slide 77: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2022 Guidance mid-point Incremental production added +426Koz 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration
Slide 78: Houndé Mine
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 104Mt at 1.55g/t au containing 5.17Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo Sou
Slide 79: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on Sianikoui and Dohoun, and Vindaloo South targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of $14.0 million is planned for FY-2022, of which $5.6 million has been spent in H1-2022 with $3.5 million spent in Q2-2
Slide 80: Mambo
MAMBO Delineation of the Mambo discovery INSIGHTS Mambo geology and drilling intercepts › Mambo is an attractive deposit as it is expected to have a low strip ratio, the resource contains approximately 40% oxide and transitional material › The higher-grade portion (+2g/t) of the Mambo deposit is exp
Slide 81: Mambo
MAMBO Down dip mineralisation extension remains open 81 81
Slide 82: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan INSIGHTS › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30 kilometers) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468k
Slide 83: Sianikoui
SIANIKOUI Drilling to continue through the year at high-grade target north of Kari area 83 83
Slide 84: Vindaloo Drill Program
VINDALOO DRILL PROGRAM Drill program focussing on delineating the Vindaloo South deposit INSIGHTS › Following FY-2021 positive first pass drilling results, 28 new holes were drilled, including 26 RC holes (3,654 meters) and 2 DDH (380 meters) for a total of 4,034 meters drilled to determine the Vind
Slide 85: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 85 85
Slide 86: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 140-150koz $1,050-1,150/oz 1.1 Moz 1.9 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine
Slide 87: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Greater mining flexibility following the commissioning of Resources shown Tonnage Grade Content the Samovogo satellite deposits later thi
Slide 88: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Mining to commence at Samavogo in H2-2022 Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to the lower average grade milled, which was partially offset by hi
Slide 89: Wahgnion Mine
DISCOVERY TARGET (2021-2025) WAHGNION MINE Burkina Faso 1.5 – 2.0Moz $25/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 41Mt at 1.48g/t Au containing 1.94Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucking dista
Slide 90: Wahgnion Mine
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of $9.0 million is planned for FY-2022, of which $4.9 million has been spent in H1-2022 with $3.3 million spent in Q2-2
Slide 91: Ouahiri South
OUAHIRI SOUTH Large soil anomaly on the project permit located 8km to the west of the mine 91
Slide 92: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $1,000-1,100/oz 1.2 Moz 2.3 Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the north
Slide 93: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitionin
Slide 94: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Mining at the Maoula satellite expected in H2-2022 Q2-2022 vs Q1-2022 INSIGHTS Production and AISC › Production remained consistent with the prior quarter Production, koz AISC, US$/oz as slightly lower grades were pro
Slide 95: Mana Mine
DISCOVERY TARGET (2021-2025) MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 38Mt at 1.89 g/t Au containing 2.29Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as explor
Slide 96: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $6.0 million is planned for FY-2022, of which $5.4 million has been spent as of H1-2022 with $3.6 million spent in Q2-2022 consisting of 21,117 meters of drilling across 2
Slide 97: Maoula
MAOULA Open pit oxide target 97 97
Slide 98: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 Base line MARC21-208 4.0m @ 3.33 g/t \ 14m SE 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 99: Nyafe Sud
NYAFE SUD Early stage drilling focussed on delineating under explored refractory ore potential NYRC22-008 NYRC22-009 NYDD21-002 6 m @ 1.57 g/t \ 101m 6 m @ 1.99 g/t \ 55m 4.0 m @ 3.67 g/t \ 38.0m 1 m @ 1.50 g/t \ 153m 1 m @ 1.37 g/t \ 94m 1.2 m @ 1.99 g/t \ 97.1m 1 m @ 4.05 g/t \ 159m 3 m @ 2.69 g/t
Slide 100: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 130-140koz $900-1,000/oz 1.1 Moz 1.4 Moz As at As at 2022 Target 2022 Target December 31, 2021 December 31, 2021 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high
Slide 101: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2021 • Discovery of new deposits to maintain higher grade profile Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (
Slide 102: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q1-2022 Q2-2022 vs Q1-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to a lower processed grade and lower gold recovery r
Slide 103: Boungou Mine
DISCOVERY TARGET (2021-2025) BOUNGOU MINE Burkina Faso 1.0 – 1.5Moz $32/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2021 11Mt at 3.85g/t Au containing 1.38Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou SW, Nato
Slide 104: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focused on the Osaanpalo and Boungou East targets INSIGHTS Boungou Exploration Map › An exploration programme of $4.0 million is planned for FY-2022, of which $1.7 million has been spent in H1-2022 with $1.0 million spent in Q2-2022 consisting of 6,435 meters of drilling
Slide 105: Near Mine Targets at Boungou
NEAR MINE TARGETS AT BOUNGOU Osaanpalo, Boungou East, and Tawori are targets close to the plant Osaanpalo Boungou Est Tawori 105 105
Slide 106: Lafigué Project
PFS press release Latest technical report 3D mine site tour LAFIGUÉ PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 2021 Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIP Pl
Slide 107: Lafigué Project
LAFIGUÉ 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 The PFS is based on the updated 2020 Mineral Resource Estimate, as published on August 18, 2020, which
Slide 108: Lafigué Project Attractive Project Economics
Fetekro 2020 PEA vs 2021 PFS LAFIGUÉ 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 109: Discovery Target (2021-2025) Lafigué Project
DISCOVERY TARGET (2021-2025) LAFIGUÉ PROJECT Côte D’Ivoire 1.2 – 1.8Moz $14/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 45Mt at 2.02g/t Au containing 2.92Moz NEAR-TERM FOCUS 2.92Moz have been discovered since 2018 with the aim to further extend the Lafigué resources. Sever
Slide 110: Fetekro Project
FETEKRO PROJECT DFS expected to be published in Q3-2022 INSIGHTS Drilling between Lafigué Center and Lafigué North › Since the last resource update on 18 August 2020, more than 66,000 meters of drilling have been completed on the Lafigué deposit, the results of this drilling activity successfully de
Slide 111: Fetekro Project
FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 111 111
Slide 112: Lafigué South
LAFIGUÉ SOUTH Section 319460 112 112
Slide 113: Lafigué South
LAFIGUÉ SOUTH Section 319807 113 113
Slide 114: 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, 2021 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusi
Slide 115: 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 116: 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 117: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralized zones with diverse BANTOU PROJECT mineralization styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The inferred resource is comprised of three main areas with t
Slide 118: Nabanga Project
INSIGHTS Nabanga deposit plan map and schematic cross-section › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold NABANGA PROJECT Project lies within the Nabanga Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. ‒ Pre-
Slide 119: Greenfield Liguidi
119 GREENFIELD LIGUIDI Burkina Faso
Slide 120: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect GREENFIELD AFEMA › Continued geological and Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization the Woulo Woulo prospect › Average 40-50 metre wide gold m
Slide 121: Tanda & Iguela
INSIGHTS › Over 8 targets have been identified on the Tanda and Iguela exploration permits 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 › In Q3-2022, ov
Slide 122: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Hounde greenstone belt which is largely underexplored in Guitry - Krakouadiokro Côte D’Ivoire Côte d’Ivoire › Mineralisation occurs in moderately to steeply dipping subparallel brittle-ductile graphitic shear zones in contact between sediments and
Slide 123: Greenfield: Siguiri Licenses
123 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 124: 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 124
Slide 125: 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 125
Slide 126: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 126
Slide 127: Our Purpose Is to Produce Gold That Provides Lasting Value
OUR PURPOSE IS TO PRODUCE GOLD THAT PROVIDES LASTING OURVALUE PURPOSETO IS TOSOCIETY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We achieve this by... Protecting and promoting the Helping to create resilient and Trusted to unlock the full benefits places where we operate self-sustaining comm
Slide 128: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2022 • New Code of Business 2021 Conduct and Ethics • External assurance on key 2020 ESG data • New Group-wide Tailings Management Policy • 1st RGMP externally • 7 RGMPs externally assured a
Slide 129: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 2021 Relative Performance 2019 2020 2021 Climate Change D- C C 2020 Water N/A C C 2021 Forestry ✓ ✓ ✓ Defined targets required to advance to a B rating 129
Slide 130: ESG 2021 Highlights
ESG 2021 HIGHLIGHTS Strong year delivering against key objectives ZERO HARM ADDRESSING CLIMATE CHANGE INVESTING IN OUR COMMUNITIES Zero Fatalities 0.54tCO2-e/oz emissions intensity, $2.0B in total economic contribution to 0.20 LTIFR, well below industry one of the lowest in the gold sector host coun
Slide 131: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 65% Fossil, 35% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imports, 32% Local Production • 68% Fossil
Slide 132: Greenhouse Gas Emissions Intensity Ranks Favourably
2021 GHG EMISSIONS INTENSITY Emission Intensity (kt CO2-e/oz) 2.86 1.60 ENDEAVOUR'S GREENHOUSE 1.20 Industry average intensity of 0.901 1.12 GAS EMISSIONS INTENSITY 0.56 0.59 0.69 0.73 0.74 0.78 0.80 0.81 0.54 0.40 RANKS FAVOURABLY IN 0.20 COMPARISON TO PEERS 2020 data 2020 data 2020 data Scope 2 Em
Slide 133: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT ENERGY INTENSITY GHG EMISSION INTENSITY CURRENT STRUCTURE OF Total Energy Consumption (GJ) Scope 1+2 GHG Emissions (kt CO2 Eq) OUR CARBON FOOTPRINT Energy Intensity (GJ/oz) GHG Intensity (ktCO2-e/oz) Scope 1 Scope 2 Scope 3 0.54 7.04 6.41 0.48 853 ktCO2-e 71% 15,447,836
Slide 134: Protecting the Environment
PROTECTING THE ENVIRONMENT Water Stewardship › Our approach is to use water as efficiently as possible › We pay for the water we use, as part of our water permits › 2021 increase in water withdrawal and consumption due to the expanded asset portfolio › We plan to set Group water reduction targets in
Slide 135: Protecting the Environment
PROTECTING THE ENVIRONMENT Responsible Tailings Management › Our goal is to ensure Zero Harm through effective TSF management, as governed by our Group Tailings Policy 0 Audited 100% › Conduct regular internal and external audits, results TSF-related Annually audited by are reported back to senior m
Slide 136: Protecting the Environment
PROTECTING THE ENVIRONMENT Biodiversity – Protecting Africa’s Fauna & Flora › Goal is to effectively manage biodiversity and reduce our impacts throughout the life of our mines and post closure Protect & Preserve Restore X › We have a multi-pronged approach to protect 600ha 10ha/mine No Mining on Wo
Slide 137: Protecting the Environment
PROTECTING THE ENVIRONMENT Towards ZERO Plastic › Developing a ‘Towards ZERO Plastic’ Strategy › Will be conducting a baseline on waste management during 2022 › Liaising with our mine site supply chains to explore opportunities › Eliminate single use plastic water bottles at all our operations by 20
Slide 138: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT OUR EMPLOYEES OUR SENIOR MANAGERS Nationals Expatriates Nationals Regional Local Communities Local Communities Foreign 56% 38% 5% 95% 55% 12% of employees are West of Senior Managers are 5% African nationals with West African nationals 39% from local communities 39%
Slide 139: Boosting Local Economies
BOOSTING LOCAL ECONOMIES PROCUREMENT BUDGET PAYMENTS TO GOVERNMENTS ECONOMIC CONTRIBUTION TO National and Local suppliers Senegal Burkina Faso HOST COUNTRIES Foreign Suppliers Cote D’Ivoire Employee salaries, benefits and social invesmtents Payments to Government $89m National procurement 80% $87m $
Slide 140: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border › Focused on social investment and sustainability $295k › The Great Green Wall Invested in 2021 › Partnership with Senega
Slide 141: ECODEV – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND › Established by Endeavour to support national economic growth › Invests in the creation of local long-term, sustainable, SMEs with reputable partners $3.2m Invested 2019 - 2021 › Mali Shi › Mali is 2nd largest producer of shea nut and accounts for ~20% gl
Slide 142: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 1,825 community consultations in 2021 › Grievance resolution rate improved from 70% to 93% › New Social Responsibility Policy developed and new social performance management system launched › Range of income-generating activities in place, with a focus on the youth an
Slide 143: Targeting Zero Harm
TARGETING ZERO HARM LOST TIME INJURY FREQUENCY ALL INJURY FREQUENCY RATE MALARIA INCIDENCE RATE RATE (LTIFR) (AIFR) 119.80 3.66 106.50 0.26 3.47 0.20 FY-2020 FY-2021 FY-2020 FY-2021 FY-2020 FY-2021 LTIFR is calculated as number of LTIs in the Period X AIFR is calculated as LTIs+MTIs+RWIs+FAIs in the
Slide 144: Diversity & Inclusion
DIVERSITY & INCLUSION FEMALE REPRESENTATION IN WOMEN AT ENDEAVOUR TOTAL WORKFORCE Management Skilled Technical/Supervisors Semi-Skilled 9% 8% 22% 33% 508 10% Women employees 35% FY-2020 FY-2021 INSIGHTS TARGETS ACTIONS › Female representation remained flat due › EDV Femmes networking group in place
Slide 145: Ethical Business
ETHICAL BUSINESS HUMAN RIGHTS ANTI-BRIBERY/CORRUPTION RESPONSIBLE SOURCING › Our Human Rights Policy is reviewed › Independent 3rd party 24/7 whistleblower › All gold produced by Endeavour sourced annually, and we publish an annual Modern hotline from our own operations Slavery statement › DD is con
Slide 146: Governance Framework & ESG Executive Comp
GOVERNANCE FRAMEWORK & ESG EXECUTIVE COMP THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee Executive ESG SteerCo Quarterly Sector Specialists Health, safety Human Social Finance Legal & Supply Investor IT & environment resources performance compliance chain relations
Slide 147: Aligning ESG Priorities Through Exec Comp.
ALIGNING ESG PRIORITIES THROUGH EXEC COMP. FY-2022 FY-2021 FY-2020 Target Weighting Target Weighting Target Weighting 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% 10% reduction in TRIFR 10% SHORT-TERM INCENTIVE 75% host country sourcing 10% 25% increase in female 10% reduction in malaria A r
Slide 148: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting International Business 8 5 1 Metals & Mining Finance Public Policy Operations & Exploration Co
Slide 149: Key ESG 2022 Targets
KEY ESG 2022 TARGETS ZERO HARM ADDRESSING CLIMATE CHANGE INVESTING IN OUR COMMUNITIES Zero Fatalities Finalise decarbonisation strategy Define a Local Content Policy roadmap ≥5% reduction in TRIFR Develop Local Procurement Plan per site Set a Group water target in 2022 Target 10% reduction in malari
Slide 150: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 150
Slide 151: West Africa Endeavour's Presence
WEST AFRICA ENDEAVOUR'S PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade Endeavour is strategically positioned with an unmatched competitive advantage in the region. 20% En
Slide 152: West African Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD 10.0Moz 10.0% PRODUCING REGION Percentage of Global Mine Supply West African Mine Supply 7.5Moz 7.5% +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 153: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA 12Moz IS THE 2ND LARGEST 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regio
Slide 154: 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, B2Gold Endeavour has a strategic industrial Kinross benefit from being geographically focused yet diversified across mu
Slide 155: 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 156: 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 157: 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 158: Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz The region is significantly under-explored 42Moz compared to other regions. 33Moz 27Moz 27Moz 79 23Moz 22Moz 20Moz 18Moz Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 159: 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 160: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 160
Slide 161: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 161 161
Slide 162: 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 163: 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 In country and regional synergies Discovered 11.5Moz of Indicated resources where we operate at <$2
Slide 164: Appendix
APPENDIX FT / 2) Es y
Slide 165: Appendix 1 Company Profile, Management and Board
01 APPENDIX 1 Company Profile, Management and Board
Slide 166: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 30 June 2022 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 10 August, 2022 248m Rank Institution name % of S/O 1 La Mancha 19.4% Share price as at 10 August 2022 £18.02 / C$27.84 2 BlackRock Investment Management 1
Slide 167: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Sébastien de Montessus Mark Morcombe Joanna Pearson Henri De Joux President & CEO COO CFO EVP People, IT & Supply Chain • Joined in 2016 • Joined in 2019 • Joined in 2020 • Joined in 2016 • Has introduced key strategic • 25+ years experience in the • Previous successful car
Slide 168: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill (SID) Alison Baker Livia Mahler Tertius Zongo Chair and Independent Senior Independent Independent Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Sébasti
Slide 169: 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 20 7773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 20 3753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bm
Slide 170: Appendix 2 Mine Statistics
02 APPENDIX 2 Mine statistics
Slide 171: Mine Statistics
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 171
Slide 172: Mine Statistics
MINE STATISTICS On a half year basis (1) Includes waste capitalized. Note: Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 172
Slide 173: Emissions and Energy
EMISSIONS AND ENERGY On a full year basis FY-2021 FY-2020 Variance (%) FY-2021 FY-2020 Variance (%) Aggregate Emissions1 (Scope1+2), kt Aggregate Energy1 Consumption, GJ Houndé 162.8 126.3 + 29% Houndé 2,026,860 1,615,355 + 25% Ity 117.6 115.5 + 2% Ity 1,881,153 1,446,685 + 30% Mana 132.9 108.4 + 23
Slide 174: Water Stewardship
WATER STEWARDSHIP On a full year basis FY-2021 FY-2020 Variance (%) Aggregate water withdrawal1, ML Houndé 2,785 2,215 + 26% Ity 1,862 1,785 + 4% Mana 778 2,397 - 67% Boungou 1,148 454 + 153% Karma 546 525 + 4% Sabodala-Massawa 1,668 na na Wahgnion 1,253 na na Group Total 10,042 7,376 + 36% Water wi
Slide 175: Appendix 3 Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 176: Reserves and Resources
RESERVES AND RESOURCES As of December 31, 2021 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 177: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Endeavour’s large land position (more than 17,000 sq Km) and comprehensive database over a very large number of exploration targets promotes the application of a general portfolio management theory wher
Slide 178: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Step 4: Final selection of targets, with higher PoO and priority, which can be physically be included in the 5 year exploration plan Since Endeavour cannot feasibly explore the 110 targets, defined in S
Slide 179: Appendix 4 Debt Sources, Revenue Protection Programme
04 APPENDIX 4 Debt Sources, Revenue Protection Programme
Slide 180: Debt Structure
DEBT STRUCTURE Refinanced to provide a low cost, long-term debt structure REFINANCING INSIGHTS: Balance Sheet Structure › On 14 October 2021, the Company completed an offering of fixed (in $ million unless stated otherwise) 30 Jun 2022 31 Mar 2022 30 Jun 2021 rate senior notes due in 2026 and an uns
Slide 181: Short Term Revenue Protection Program
SHORT TERM REVENUE PROTECTION PROGRAM Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS 2100 Gold price in US$/oz › Endeavour entered into a revenue protection 2050 Growth and shareholder programme in Q1-2022 for a proportion of its 2000 return focus production a
Slide 182: Contact Us
®) ENDEAVOUR MINING | CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 87
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