Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (September 2024)
171 slides from Endeavour Mining's investor presentation, September 2024
Slide 1: Corporate Presentation September 2024
CORPORATE PRESENTATION September 2024
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Financial Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 West Africa Insights 6 Appendix 2
Slide 3: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour has an unmatched competitive advantage in the world's largest gold producing region
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 5 gold mines 1,130-1,270koz West African producer AISC $955-1,035/oz 2024 guidance 5
Slide 6: Relative to other gold producers: cross sector benchmarking
RELATIVE TO OTHER GOLD PRODUCERS CROSS SECTOR BENCHMARKING FY-2024 Production Guidance 7Moz 6Moz 5Moz 4Moz PEER 3Moz BENCHMARKING 2Moz 1Moz 0Moz Barrick Newmont Endeavour1 IAMGOLD Eldorado Centerra Agnico Eagle Kinross Gold Fields Northern Star Harmony B2Gold Anglogold Alamos Lundin Gold Evolution S
Slide 7: Company Profile
COMPANY PROFILE Highlights Top shareholders Shareholder register as at 30 June 2024 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 28 August 2024 245m Rank Institution name % of S/O 1 La Mancha 18.4% Share price as at 28 August 2024 £16.21 / C$28.56 2 BlackRock Investment Management (U
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: Our Strategy
OUR STRATEGY 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 Environmental stewardship Prudent balance sheet management Proven proje
Slide 10: Focused on being a resilient business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMISATION PILLARS INDUSTRY-LEADING All-In Sustaining Cost 01 Operational Excellence +10 YEARS Production visibility f
Slide 11: 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 + 11 years ability to extract Meeting or exceeding production guidance synergies › Leading
Slide 12: Tracking against full year guidance
1 TRACKING AGAINST FULL YEAR GUIDANCE OPERATIONAL EXCELLENCE Operational performance expected to be strongly H2 weighted 0.11 GROUP SAFETY INDUSTRY LTM LTIFR1 LEADING 1.14 Industry Average2 470 koz GROUP H1 ON PRODUCTION TRACK H2-weighted with project ramp ups and improved 1,130-1,270koz production
Slide 13: Strong construction track record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Leveraging our in-house construction expertise TRACK RECORD HOUNDE 18month LAFIGUÉ 21month Delivered on-schedule in Construction Construction <24 months 2week Ramp-up Q3-2024 Delivered on or below Ramp-up budget 3.0mtpa Nameplat
Slide 14: Delivering organic growth
2 DELIVERING ORGANIC GROWTH PROJECT DEVELOPMENT First gold achieved at both BIOX® Expansion and Lafigué in Q2-2024 SABODALA-MASSAWA BIOX® EXPANSION LAFIGUÉ MINE INSIGHTS INSIGHTS 0LTIs 8years › 1.2Mtpa BIOX® plant, designed to › 4.0Mtpa CIL plant with an initial 13 year process high-grade refractory
Slide 15: Optimising assets and replenishing pipeline
2 OPTIMISING ASSETS AND REPLENISHING PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio OPTIMISING OUR RECYANIDATION PIT SHELL SOLAR POWER GRID POWER OPERATING PLANT OPTIMISATION CONNECTION THROUGHPUT PORTFOLIO Ity Mine MINERAL SIZER STATCOM POWER Hou
Slide 16: 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 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production since it is underexplored 16
Slide 17: Proven ranking and screening methodology
3 PROVEN RANKING AND SCREENING METHODOLOGY UNLOCKING EXPLORATION VALUE Based on a methodology used in the oil and gas sector Outlook set in 2021 for the 5-year period ending 2025 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets s
Slide 18: Unlocking exploration value
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 18.6Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered 3.6 Exploration spend 3.6Moz 18.6Moz Moz 3.0Moz Discovered in 3.5Moz FY-2023 2.2Moz 2.1Moz 1.3Moz 1.9Moz <$ 25/oz 1.0Moz Targeted disco
Slide 19: Unlocking exploration value: 5-year discovery target
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE On track to achieve 5-year discovery target of 12 - 17Moz for period ending 2025 5-year M&I resource discovery target M&I resource as at 31 December, 2020 M&I resources discovered in 2021 - 2023 Remaining Indicated resource discovery target (
Slide 20: Assafou Project, Côte d'Ivoire
3 ASSAFOU PROJECT, CÔTE D’IVOIRE UNLOCKING EXPLORATION VALUE Confirmed potential to be a Tier 1 asset INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a 4.5Moz low discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be finalised in Q4-2024. › Significant upsid
Slide 21: Tanda-Iguela greenfield project
3 TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION VALUE Unlocking satellite targets at Tanda-Iguela W 9 Targets within 6km of Assafou +20km Assafou mineralisation strike length 21
Slide 22: 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 four mines Key achievements across 4 pillars Endeavour’s portfolio Current operations1 Divested operations AISC, $/oz Expanding Sabodala-Massawa 1,650 Realised synergies Built Houndé Built
Slide 23: Production outlook
4 PRODUCTION OUTLOOK ACTIVE PORTFOLIO MANAGEMENT Ability to grow high-quality production while maintaining industry-leading AISC Production profile For discontinued operations For continuing operations Full-year benefit of 1.6Moz Sabodala-Massawa expansion +1.5Moz Full year benefit and Lafigué of Se
Slide 24: Robust financial position
ROBUST FINANCIAL POSITION Expected to de-lever following investment phase Evolution of leverage Net debt / adjusted EBITDA LTM INVESTMENT FOCUS DEBT REDUCTION FOCUS Completion of Ity and ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS DE-LEVERING AND SHAREHOLDER RETURNS 477m $ Available liqui
Slide 25: Industry leading shareholder returns
INDUSTRY LEADING SHAREHOLDER RETURNS Attractive shareholder returns profile composed of dividends and buybacks Dividend payout history Shareholder returns in context (H2-2020 – H2-2024) Supplemental Dividend Minimum Dividend Paid $100m $100m $100m $100m $100m ($0.40/sh) ($0.41/sh) ($0.40/sh) ($0.41/
Slide 26: 2024-2025 shareholder returns programme
2024-2025 SHAREHOLDER RETURNS PROGRAMME Increasing commitment to shareholder returns following investment phase Supplemental returns expected to be paid if INSIGHTS Shareholder returns programme the gold price is above $1,850/oz and Endeavour has a healthy financial position Share Buybacks › A new s
Slide 27: 2024-2025 shareholder returns programme
2024-2025 SHAREHOLDER RETURNS PROGRAMME >$ 200/oz Increasing commitment to shareholder returns following investment phase Cumulative shareholder Returned returns for every ounce of gold produced1 Buybacks Minimum Dividend 1.3B Supplemental Dividend Supplemental Shareholder Returns $1,358m +$ Minimum
Slide 28: H1-2024 shareholder returns in context
H1-2024 SHAREHOLDER RETURNS IN CONTEXT Attractive shareholder returns profile composed of dividends and buybacks H1-2024 shareholder returns H1-2024 shareholder returns in context PRODUCTION REVENUE Buyback $20m $255/oz returned for every ounce 12% of revenue of gold produced distributed $120m OPERA
Slide 29: Evolution of capital allocation priorities
EVOLUTION OF CAPITAL ALLOCATION PRIORITIES Resilient business capable of funding growth and rewarding stakeholders OUTLOOK Consolidated production, koz 1,536koz AISC, US$/oz 1,410koz Operational 908koz 1,173koz 1,130-1,270koz +1,300koz Focus 584koz 663koz 727koz 651koz $933/oz $1,021/oz $955-1,035/o
Slide 30: Ability to reward shareholders across cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES 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 Portfolio Obje
Slide 31: Being a trusted partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2024 scores1 Low Endeavour MSCI rating evolution2 Severe 7% Medium Endeavour (2024) Endeavour (2023) 2024 AA 41% Gold Peer 22% Agnico Eagle Risk Polymetal Rating 2023 AA Eldorado 30% Newmont High AngloGold Ashanti
Slide 32: Upcoming catalysts
UPCOMING CATALYSTS Q3 Sabodala-Massawa BIOX® commercial production declaration 2024 Q3 Lafigué Commercial production declaration 2024 Q4 Ity Exploration update 2024 Q4 Shareholder Returns Payment of H1-2024 dividend 2024 Q4 Tanda-Iguela Completion of Pre-Feasibility Study 2024 Q1 Shareholder Returns
Slide 33: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 33
Slide 34: Financial highlights
FINANCIAL HIGHLIGHTS Financial results reflect H2-2024 weighted operating performance QUARTER ENDED SIX MONTHS ENDED 30 Jun 31 Mar 30 Jun 30 Jun 30 Jun Q2-2024 vs. For Continuing Operations1 Q1-2024 (in $ million unless otherwise stated) 2024 2024 2023 2024 2023 OPERATIONAL HIGHLIGHTS Gold productio
Slide 35: Production and AISC
PRODUCTION AND AISC FY-2024 operational performance expected to be H2 weighted Production and AISC1 Production for continuing operations, koz AISC for continuing operations, US$/oz +32koz External AISC Impacts Power: +$52/oz 281koz 280koz Royalty: +$27/oz 268koz External AISC Impacts Power: +$15/oz
Slide 36: All-in sustaining cost bridge
ALL-IN SUSTAINING COST BRIDGE External factors added $79/oz to AISC in Q2-2024 compared to Q1-2024 Quarterly AISC bridge External Factors $1,287/oz $27/oz +$ 79/oz $36/oz $39/oz $52/oz AISC impact of higher royalty rates and lower grid $1,186/oz power availability $55/oz $30/oz H2-2024 weighted oper
Slide 37: Grid power availability
GRID POWER AVAILABILITY Grid utilisation showing significant improvement in Q3-2024 Grid vs self-generated costs and grid utilisation Grid utilisation by month INSIGHTS › Grid power availability Grid (% of total power) Grid power ($/kwh) 83% Significant month reduced in West Africa Self-generated (%
Slide 38: Operating cash flow
OPERATING CASH FLOW Operating cashflow improved significantly Operating cash flow from continuing operations1 Gold Prepayment Operating cashflow from continuing operations Realised 203m Gold Price2 $258m Includes $150m proceeds received from the gold prepayment agreement +$ Operating cash flow Q2-20
Slide 39: Operating cash flow bridge
OPERATING CASH FLOW BRIDGE Operating cashflows decreased reflecting reduced production at higher cost INSIGHTS Operating cash flow bridge from continuing operations 6 $258m 1. The realised gold price for continuing operations, inclusive of gold hedges, increased by $246/oz from $2,041/oz in Q1-2024
Slide 40: Working capital bridge
WORKING CAPITAL BRIDGE Working capital was an inflow of $45m largely due to increased payables INSIGHTS Q2-2024 Change in working capital build up › Changes in working capital was an inflow of 4 $45m $45m in Q2-2024 compared to an outflow of $82m in Q1-2024 due largely to an increase in inflows rela
Slide 41: Change in net debt
CHANGE IN NET DEBT Stable net debt as investment phase nears completion INSIGHTS Change in net debt 1. Operating activities included $213m in 3 4 operating cashflow before changes in 5 1 working capital, a $45m working capital $831m $70m $835m inflow and $6m in cash paid for discontinued ($150m) ($5
Slide 42: Adjusted EBITDA and EBITDA margin
ADJUSTED EBITDA AND EBITDA MARGIN Increased EBITDA generation with strong EBITDA margin maintained Adjusted EBITDA from continuing operations1 Adj. EBITDA from continuing operations Adj. EBITDA Margin 45% Realised Gold Price2 $292m $263m $253m $249m EBITDA margin $213m in Q2-2024 50% 50% 47% 45% 45%
Slide 43: Net earnings from continuing operations
NET EARNINGS FROM CONTINUING OPERATIONS Net earnings impacted by higher taxes INSIGHTS 3 MONTHS ENDED 1. The loss on financial instruments included an 30 June 31 March (in $ million) A = Adjustments made for Adjusted Net Earnings unrealised loss on NSRs and deferred compensation 2024 2024 of $12m, r
Slide 44: Stable credit rating
STABLE CREDIT RATING S&P credit rating is capped by sovereign rating S&P long-term foreign currency debt credit ratings Endeavour BB- BB- Cote d’Ivoire BB- S&P rating Senegal B+ Stable Outlook across all Burkina Faso CCC+ jurisdictions 44
Slide 45: Debt structure
DEBT STRUCTURE Diversified long-term debt structure Balance sheet structure INSIGHTS (in $ million unless stated otherwise) 30 Jun 2024 31 Mar 2024 30 Jun 2023 › The Company repaid $70m during Q1-2024 on its RCF facility $370m Cash 408 461 845 › At quarter end, the Company had $21m drawn on overdraf
Slide 46: Short term revenue protection programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases Debt reduction Gold collars and shareholder INSIGHTS Gold price in US$/oz return focus › In Q2-2024, 35koz were settled under 2400 Growth and forward contracts at a price of $2,041/oz. s
Slide 47: Tackling inflationary pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q2-2023 Q4-2023 Q2-2024 mechanisms where prices are revised periodically, Q3-2023 Q1-2024 sheltering Endeavour from peak fuel prici
Slide 48: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance › FY-2024 production guidance marks an 2024 GUIDANCE (All amounts in koz, on a 100% basis) increase of up to nearly 200koz or 18% over the FY-2023 production from continuing operations Houndé 260 — 290 of 1,072koz due to the commissioning of the Ity 270 — 3
Slide 49: 2024 Guidance (continued)
2024 GUIDANCE (Continued) Capital expenditure guidance (All amounts in US$m) INITIAL 2024 GUIDANCE REVISED 2024 GUIDANCE Sustaining capital Houndé 40 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 10 Lafigué 25 25 › Ity: waste stripping, fleet rebuilds, plant upgrades Man
Slide 50: Our High Quality Portfolio
OUR HIGH QUALITY PORTFOLIO 3 50
Slide 51: Safety performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)2 0.11 44.0m 44.2m 42.3m 38.4m LTIFR in Q2-2024 35.3m 1LTI 0.11 0.11 0.09 0.08 0.05 in Q2-2024 Q2-2023 Q3-202
Slide 52: Diversified portfolio
DIVERSIFIED PORTFOLIO Data for continuing operations P&P RESERVES M&I RESOURCES 2023 Actuals 2024 Guidance as at 31 Dec 2023 as at 31 Dec 2023 ASSET COUNTRY PRODUCTION AISC PRODUCTION AISC CONTAINED GRADE CONTAINED GRADE (koz) (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) GOLD (Moz) (g/t) Houndé Burkina
Slide 53: Production performance vs guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strong operational performance expected in H2 with projects ramp-up OUTLOOK H1-2024 Production vs Guidance OUTLOOK H1-2024 AISC vs Guidance 270koz 300koz $850/oz $925/oz ABOVE ON Ity TOP-END H1 TRACK H1 182koz $885/oz 260koz 290koz $1,000/oz $1,100/oz ON ON Houndé
Slide 54: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Snapshot 360-400koz $750-850/oz 3.5Moz 5.4Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a Construction of the Sabodala-Massawa expansion top
Slide 55: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2.3 - 2.7Moz over the 2021-2025 period Proven Reserves 1
Slide 56: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE H2 weighted performance with BIOX® Expansion ramp up Q2-2024 vs Q1-2024 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz › Production increased due to increased tonnes milled and average grades processed, partially offset by 85koz decreased recovery rates due to the o
Slide 57: BIOX Flowsheet
BIOX® FLOWSHEET Pebble crusher Primary crushing Refractory ore CIL Plant Flotation Ball mill Gravity SAG mill concentrator Tailings thickening Counter current decantation thickeners BIOX® reactors Regrind mill Neutralization CIL Cyanide Tailings storage destruction facility Elution Electrowinning Fu
Slide 58: Sabodala-Massawa CIL Flowsheet
SABODAALA-MASSAWA CIL FLOWSHEET Pebble crusher Gravity concentrator Primary crushing Stockpile A SAG mill Ball mill -150+45mm Primary crushing Stockpile B Ball mill Secondary crushing Leach tanks Adsorption tanks Tailings storage Tailings thickening facility BIOX® Float tails Elution Electrowinning
Slide 59: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Optimising to support improved near-term performance Higher Grade Feed: Accelerating GC Higher Grade Feed: Acceleration of GC In-pit Tailings: Sabodala in-pit tailings is definition and pre-stripping at the Kiesta C definition and mining of Niakafiri West to expected to reduce
Slide 60: Sabodala-Massawa Solar Plant
SABODALA-MASSAWA SOLAR PLANT Solar plant construction launched to reduce energy cost and CO2 emissions INSIGHTS › Endeavour launched the construction of a 37MWp photovoltaic (“PV”) solar facility and a 16MW battery system at the Sabodala- Massawa mine in August 2023 › The project will significantly
Slide 61: Sabodala-Massawa Mine discovery target
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2023 88Mt at 1.92g/t au containing 5.44Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-gr
Slide 62: High grade reserves & resources
HIGH GRADE RESERVES & RESOURCES Potential for significant additions given exploration potential Sabodala-Massawa reserves and resources by ore type OXIDE TRANSITIONAL FRESH TOTAL Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content Content 3.5Moz (kt) (Au g/t) (Au koz) (kt) (Au g/t) (Au
Slide 63: Near term exploration focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on converting resources to reserves and expanding existing resources INSIGHTS › An exploration programme of $21m was initially planned for FY- 2024, of which $22m has been spent year to date including $11m spent in Q2-2024 consisting of 62,281 meters
Slide 64: Kiesta
KIESTA High-grade intercepts at the Kiesta discovery are being delineated INSIGHTS › The Kiesta target is located along the Sabodala Shear Zone › The deposit is located in the north of the Massawa mining license, approximately 18 kilometers southeast of the Sabodala-Massawa processing plant › Follow
Slide 65: Bambaraya
BAMBARAYA Resource increased at Bambaraya deposit INSIGHTS › The Bambaraya deposit is located in the northwest corner of the Massawa mining license, approximately 13 kilometers south of the Sabodala-Massawa processing plant › Following successful exploration work during 2022, an updated mineral reso
Slide 66: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike 66
Slide 67: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 67
Slide 68: Ity Mine
ITY MINE Snapshot 270-300koz $850-925/oz 2.3Moz 4.5Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone assets. It has the The CIL plant was successfully built ahead of longes
Slide 69: Ity Mine
ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mining and processing flexibility inclusive of Reserves (on a 100% basis) P
Slide 70: Ity Mine
ITY MINE H1-2024 weighted performance due to higher grade ore availability Q2-2024 vs Q1-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades 96koz processed and higher recovery rates, partially offset by a 86koz 86koz slight decrease in
Slide 71: Ity Mine production plan
ITY MINE Overview Ity production plan 2024 Guidance mid-point Incremental production added 2017 Optimization Study 350koz 300koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion 250koz 200koz 150koz 100koz 50
Slide 72: Ity Mine discovery target
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2023 90Mt at 1.57g/t au containing 4.52Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 73: Discovery track record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion Cumulative depletion M&I resources2 6.9Moz 7.8Moz 7.6Moz 7.6Moz 5.9Moz 2.8Moz 3.1Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.4Moz 5.
Slide 74: Ity Resource Model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 74
Slide 75: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on extending mineralisation at known deposits INSIGHTS › An exploration programme of $10m was initially planned for FY-2024, of which $8m has been spent year to date and $4m was spent in Q2-2024 consisting of 21,090 metres of drilling across 543 drill holes. Foll
Slide 76: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 76
Slide 77: Le Plaque
LE PLAQUE Continuity demonstrated between Delta extension and Yopleu-Legaleu INSIGHTS Le Plaque exploration targets › The high grade Le Plaque deposit has been extended to the south towards Delta Extension and Le Plaque southwest. › Resource ore type is 77% fresh and the strip ratio is expected to b
Slide 78: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 78
Slide 79: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added INSIGHTS Walter-Bakatouo selected drill holes › Walter-Bakatouo is located 1km east of the Ity CIL plant › Drilling at the Walter-Bakatouo pit in 2023 intercepted high-grade mineralisation around the margins of the granodiorite intrusion in t
Slide 80: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu discovery 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
Slide 81: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 81
Slide 82: Houndé Mine
HOUNDÉ MINE Burkina Faso 260-290koz $1,000-1,100/oz 2.6Moz 3.8Moz As at As at 2024 Guidance 2024 Target 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s The goal is to delineate sufficient additional resources cornerstone as
Slide 83: Houndé Mine
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) following stripping at Vindaloo and the incor
Slide 84: Houndé Mine
HOUNDÉ MINE H2-2024 weighted performance due to stripping activity in H1 Q2-2024 vs Q1-2024 INSIGHTS Production and AISC › Production increased due to higher average grades milled Production, koz AISC, US$/oz 109koz (higher proportion of Kari Pump and Vindaloo Main ore in the mill feed) and higher t
Slide 85: Houndé Mine production plan
HOUNDÉ MINE Burkina Faso Houndé production plan 2024 Guidance mid-point Incremental production added 2016 Optimization Study 350Koz 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource to reserve conversion 250Koz 200Koz 150Koz
Slide 86: Houndé Mine discovery target
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2023 73Mt at 1.63g/t au containing 3.82Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 87: Discovery track record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion M&I resources1 Cumulative Depletion 5.7Moz 6.4Moz 6.2Moz 1.2Moz 5.7Moz 5.5Moz 1.5Moz 0.9Moz Defined gold 4.5Moz 1.9Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.8Moz 0.1Moz 4.6
Slide 88: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS › An exploration programme of $7m was initially planned for FY-2024, of which $7m has been spent year to date with $5m spent in Q2-2024 consisting of 13,808 meters of drilling across 457 drill holes. › Following encouragi
Slide 89: Vindaloo South and Deeps
VINDALOO SOUTH AND DEEPS Drill programme focussing on delineating mineralisation extensions INSIGHTS › During FY-2023, drilling below the Vindaloo deposit identified two additional mineralised zones at depth, confirming the potential to delineate a sizeable, high-grade underground resource. › This V
Slide 90: Vindaloo Deeps
VINDALOO DEEPS Mineralisation remains open at depth below the current pit shell 90
Slide 91: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 91
Slide 92: 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 93: 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 kilometres) of the Houndé mine › Indicated resource of 753koz at 1.86 g/t and an Inferred resource of 760koz at 1.81 g/t as at 3
Slide 94: Mana Mine
MANA MINE Burkina Faso 150-170koz $1,200-1,300/oz 0.9 Moz 2.3 Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of of the high
Slide 95: Mana Mine
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitioning Wona to an underground operation and incorporating inclusive of Rese
Slide 96: Mana Mine
MANA MINE Underground ramp-up supporting improved performance Q2-2024 vs Q1-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled and 42koz lower average grades processed, in line with 37koz underground mine sequencing. 35koz 31koz 30koz › A
Slide 97: Mana Mine discovery target
DISCOVERY TARGET (2021-2025) MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 34Mt at 1.99 g/t Au containing 2.18Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as ex
Slide 98: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › An exploration programme of $2m is planned for FY- 2024, of which $2m has been spent year to date and $1m was spent in Q2-2024 consisting of 7,300 metres of drilling across 256 drill holes. The ex
Slide 99: Lafigué Mine
LAFIGUÉ MINE Côte d’Ivoire 90-110koz $900-975/oz 2.7Moz 3.0Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demonstrates the capabilities of t
Slide 100: Lafigué Mine discovery target
DISCOVERY TARGET (2021-2025) LAFIGUÉ MINE Côte d’Ivoire 1.2 – 1.8Moz $14/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2023 46Mt at 2.04g/t Au containing 3.03Moz NEAR-TERM FOCUS 3.03Moz of M&I resources have been discovered since 2018 with the aim to further extend the Lafigu
Slide 101: Lafigué Mine
LAFIGUÉ MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Tonnage Grade Content • Lafigué will be another cornerstone asset with an after-tax NPV5% & Resources shown (Mt) (Au g/t) (Au koz) IRR at $1,700/oz of $732m & 29%. inclusive of Reserves (on a 100% basis) Proven Res
Slide 102: Lafigué Project DFS confirms potential to be a cornerstone asset
Lafigué Project DFS highlights LAFIGUÉ PROJECT PLANT TYPE, SIZE & CAPEX Plant type Gravity / CIL Côte D’Ivoire Mill capacity 4.0 Upfront capital cost, $m 448 RESERVES & RESOURCES (as at 31 December 2022) P&P Reserves, koz 49.8Mt at 1.69 g/t for 2.7Moz DFS CONFIRMS M&I Resources, koz 46.3Mt at 2.03 g
Slide 103: Lafigué Project: long life and low AISC operation
LAFIGUÉ PROJECT Long life and low AISC operation Lafigué production plan DFS Production DFS AISC 300koz 250koz $2,000/oz 203Koz $1,600/oz Average annual Target production of +200koz production over LOM 200koz $1,200/oz 150koz +33% $800/oz 100koz $400/oz 50koz Incremental production over the PFS 0koz
Slide 104: Lafigué Project
LAFIGUÉ PROJECT Côte D’Ivoire Lafigué process plant layout Mining • Open-pit drill & blast mining will be carried out by contractors with a maximum mining capacity of 55Mt per year • Fleet will comprise 400t class face shovels to load 180t capacity trucks for waste, and 200t class excavators to load
Slide 105: Fetekro exploration property
FETEKRO EXPLORATION PROPERTY High priority targets to follow-up with over the first few years of production INSIGHTS Fetekro Exploration permit select intercepts › Advanced grade control and sterilisation drill programmes were completed during FY-2023 and the hydrogeological and geotechnical program
Slide 106: Lafigué North
LAFIGUÉ NORTH Section 320205 106
Slide 107: Lafigué Center
LAFIGUÉ CENTER Section 319830 107
Slide 108: Tanda-Iguela
INSIGHTS › 4.5Moz Indicated resource outlined in Tanda-Iguela regional map approximately two years after discovery at a low discovery cost of $11 per indicated ounce TANDA-IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 70.9 1.97 4,493 Inferred 2.9 1.91 176 › Tanda-Iguela
Slide 109: Assafou Deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS › Tanda-Iguela in Côte d’Ivoire is Endeavour’s exploration priority › 226km has been drilled at Tanda-Iguela since its discovery, of which 168km has been drilled in 2023 › Over 125km of drilling completed at the Assafou deposit in 2
Slide 110: Assafou Deposit
ASSAFOU DEPOSIT Mineralisation towards the northwest added to the November 2023 pit shell Cross Section 3133: Resources extended to the northwest outside of the November 2022 resource pit shell 110
Slide 111: Assafou Deposit
ASSAFOU DEPOSIT Mineralisationn intersected below November 2023 pit shell Cross Section 2933: Infill drilling in the northwest of Assafou extended resources at depth 111
Slide 112: Assafou Deposit
ASSAFOU DEPOSIT High grade and thickness of main mineralised lense with additional lenses added near surface Cross Section 2333: Infill drilling identified shallow mineralisation in the southwest of the deposit 112
Slide 113: Assafou Deposit
ASSAFOU DEPOSIT Continuity of main mineralised lense with further mineralisation intersected at depth Cross Section 1933: Infill drilling in the centre of the deposit extended resources at depth 113
Slide 114: Assafou Deposit
ASSAFOU DEPOSIT Additional resources added close to surface in the southeast part of the deposit Cross Section 1766: Infill drilling has added additional resources close to surface and at depth 114
Slide 115: Assafou Deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0533: Drilling has extended resources southeast of the November 2022 resources 115
Slide 116: Assafou Deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0933: Drilling has extended resources southeast of the November 2022 resources 116
Slide 117: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in GUITRY - KRAKOUADIOKRO O Côte D’Ivoire R Côte d’Ivoire K O A -Y › Mineralisation occurs in N A N moderately to steeply dipping O K subparallel brittle-ductile graphitic shear zones in contact
Slide 118: Koulou Gold Investment
INSIGHTS › Endeavour’s initial strategic investment of $2.7 million represents Kouto 12.39% ownership in Koulou Gold with KOULOU GOLD INVESTMENT Côte D’Ivoire the potential to increase to 19.11% upon full exercise of the Warrants. Sakassou project › The Sakassou property is located on the highly pro
Slide 119: Kalana Project
KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2023 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusive of Reserves (on a 100% basis) (Mt) (Au g/t)
Slide 120: Kalana 2016 vs. 2021 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 121: Kalana license and exploration targets
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 122: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralised zones with diverse BANTOU PROJECT mineralisation styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The Inferred resource is comprised of three main areas with t
Slide 123: 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 124: Greenfield Liguidi
124 GREENFIELD LIGUIDI Burkina Faso
Slide 125: Greenfield Siguiri Licenses
125 GREENFIELD SIGUIRI LICENSES Guinea
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 to society
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 2023 • RGMP Compliance 2022 achieved at all sites • New Code of Business • ISO 14001/ISO 45000 2021 Conduct and Ethics certification achieved at • External assurance on key all sites 2020 ES
Slide 129: Continuous improvement in ESG ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 53.2 /100 Severe Risk 2019 2023 23.9 /100 Medium Risk 2022 18.2 /100 Low Risk 2023 2020 2022 2019 2020 2021 2022 2023 Company Percentile Industry Score Ranking Average 20
Slide 130: Towards net zero
TOWARDS NET ZERO INSIGHTS TARGETS › Continued to implement a number of abatement initiatives to improve the Achieve <0.601 t CO2-e /oz efficiency of our operations, reduce energy use and associated costs, and lower 2024 emission intensity emissions › Overall carbon footprint in 2023 comprised of 50%
Slide 131: Energy sources
ENERGY SOURCES SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES Senegal Côte d’Ivoire Burkina Faso Country Profile Country Profile Country Profile • 79% Fossil, 21% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imported, 32% Domestic Production Mines & Main Power Sour
Slide 132: Peer benchmarking: global gold producer emission intensities
PEER BENCHMARKING Global gold producer emission intensities 3.90 Emission Intensity (kt CO2-e/oz) 1.63 1.51 LOW INTENSITY Industry average intensity of 1.001 1.00 PRODUCER 0.80 0.81 0.76 0.67 0.57 0.60 0.54 0.40 40% Below industry Newmont Northern Star Anglogold B2Gold Kinross Fresnillo Agnico-Eagle
Slide 133: Water stewardship
WATER STEWARDSHIP Water stress index INSIGHTS › Our approach is to use water as efficiently as possible Low <10% › We pay for the water we withdraw as part of our water permits Low-Medium 10-20% › Water withdrawal intensity for the Group Medium-high decreased to 9.9 KL/oz due to divestments of 20-40
Slide 134: Responsible tailings management
RESPONSIBLE TAILINGS MANAGEMENT INSIGHTS Endeavour’s TSFs › Conduct regular internal and external audits, results are reported back to senior management and the Board › We support the Global Industry Standard on Tailings Management (GISTM) and are working towards alignment › Annual tailings disclosu
Slide 135: Protecting the environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity 2024 Protect >430 ha of land and reclaim 40ha › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat › In 2023 we recorded no critical or major environment
Slide 136: Creating jobs & upskilling talent
CREATING JOBS & UPSKILLING TALENT Our workforce INSIGHTS Our employees, by origin Female employees Nationals › Total workforce of 16,212 including 4,820 Local Communities Female contractors employees & 11,392 contractors Male employees Expatriates Male contractors › 40% of our General Managers are W
Slide 137: Boosting host economies
BOOSTING HOST ECONOMIES INSIGHTS Procurement budget Payments to governments National and Local suppliers Senegal › We prioritise in-country suppliers and the Foreign Suppliers Côte d’Ivoire development of domestic supply chains to Burkina Faso create employment opportunities Mali › We contribute to
Slide 138: Community engagement
COMMUNITY ENGAGEMENT Case study INSIGHTS › 1,785 community consultations held during 2023 › Range of income-generating activities in place, with a focus on the youth and women › 144 grievances received in 2023, with big improvement in resolution time from 32 to 17 days, just shy of Group target of 1
Slide 139: Education
EDUCATION INSIGHTS › Education is a key priority for Primary Secondary University Internships Endeavour, unlocking socio- School School economic opportunities for members of our host communities. 46 Birth Certificates Lvolution Academy University 856 Job Experience Supporting disabled & (site initia
Slide 140: Targeting zero harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) -69% -18% › Reported 0.89 TRIFR, well below industry 3.66 benchmark 0.26 3.47 2.77 2.86 › Achieved ISO 45001 and ISO 14001 0.20 certification › Malaria incidence rate reduced 2% to 286 for, trialling a c
Slide 141: Diversity & inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation at Endeavour › Employment of women in mining in West Africa +22% remains a relatively new, predominantly due to historical perceptions of the industry and cultural 11% traditions › We are addressing this bias by actively promoting gender equality
Slide 142: Ethical business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery Roll out Human Rights Awareness 2024 › Set out Group’s 3-year human rights roadmap Campaign in our host communities › Achieved RGMP compliance across all our sites and corporate Deve
Slide 143: Governance framework
GOVERNANCE FRAMEWORK THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee EVP PA, Security and Social Perf. EVP ESG & Supply Chain Executive ESG SteerCo Quarterly Legal Working group Sector Specialists HSE Sustainability HR Social Tech Supply Investor PA performance Servi
Slide 144: Strong & diverse corporate governance
STRONG & DIVERSE CORPORATE GOVERNANCE Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership International Business 8 6 1 Metals & Mining Finance & Accounting Public Policy Operations & Exploration Corporate Governance Sustainability & Non-Executive
Slide 145: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 145
Slide 146: West Africa's competitive advantage
EXPLORATION Top region for discoveries over the last 10 years globally WEST AFRICA'S COMPETITIVE ADVANTAGE PERMITTING Amongst the quickest permitting timelines Endeavour is strategically positioned globally with an unmatched competitive advantage in the region. West Africa has become the largest gol
Slide 147: Region's production growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH Burkina Faso Mali Guinea % of Mine Supply Côte d’Ivoire Senegal Ghana and Other WEST AFRICA 18Moz 16% IS THE FASTEST- GROWING GOLD 14% PRODUCING REGION 15Moz 12% West African Mine Supply (ounces) 12Moz Percentage of Global Mine Supply 10% +80
Slide 148: Annual gold production by region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2022 16Moz WEST AFRICA IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 10Moz 10Moz 6 out of the top 10 senior gold producers have a presence in West Africa, with Endeavour being the largest producer in the region
Slide 149: Endeavour is the dominant West African gold producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION 2023 Endeavour 1.17 Moz ENDEAVOUR IS THE DOMINANT Newmont 0.97 Moz WEST AFRICAN Anglogold 0.71 Moz GOLD PRODUCER Gold Fields 0.70 Moz Barrick 0.68 Moz Endeavour has a strategic benefit from being geographically focused yet Kinross 0.62 Moz diversified across m
Slide 150: Gold industry exploration budget 2023
GOLD INDUSTRY EXPLORATION BUDGET 2023 In US$ millions WEST AFRICA IS 1,378 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE 1,058 Given that exploration spend often 837 foreshadows future production growth, West Africa has the potential to be an even larger producing region. 432 320 189 7.3% +$6.5
Slide 151: Discoveries by area 2010-2023
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2010-2023 67Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE The region is significantly under-explored compared to other regions. 34Moz 33Moz 32Moz 27Moz 23Moz 67 21Moz 19Moz 18Moz 18Moz 15Moz Moz 14Moz 13Moz 12Moz 8Moz
Slide 152: Endeavour holds one of the largest land tenement holdings in West Africa
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 ~30% of production Endeavour has a strategic foothold in since it is two of West Africa’s most prospective belts underexp
Slide 153: Discovery to production for gold mines
DISCOVERY TO PRODUCTION FOR GOLD MINES Average lead time to production since 1990 WEST AFRICA IS Oceania 19 yrs THE FASTEST JURISDICTION TO North America 17 yrs BUILD A MINE Given the importance of mining to West South America 16 yrs African economies, administrations are supportive of the extractiv
Slide 154: Gold project constructions
PRODUCTION GOLD PROJECT CONSTRUCTIONS Based on 44 primary gold projects built since 2010 Project built on time & schedule Project missed budget or schedule WEST AFRICAN Latin America 7 projects 3.0 yrs PROJECTS ARE BUILT QUICKER, ON-TIME North America 10 projects 2.3 yrs AND ON-BUDGET Asia-Pacific 5
Slide 155: West African projects have low capital intensity
PRODUCTION FOR THE REGION GOLD PROJECT CAPITAL INTENSITY Capital intensity calculated as development capital costs divided by M&I Resource as per the feasibility study $146/oz $147/oz WEST AFRICAN PROJECTS HAVE LOW $128/oz CAPITAL INTENSITY $118/oz $108/oz West African projects have the lowest capit
Slide 156: Favourable mining jurisdictions
PRODUCTION WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) FAVOURABLE MINING JURISDICTIONS Stable mining code and a well-balanced profit-sharing framework to encourage investment into the mining sector. WAEMU has adopted standardised tax principles across member countries, creating consistency that
Slide 157: 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 › Strong relationship with in-country security forces including: ›
Slide 158: Appendix
APPENDIX FT / 26 Es f
Slide 159: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 160: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Ian Cockerill Guy Young Djaria Traore Martin White Guénolé Pichevin CEO CFO EVP Operations & ESG EVP & Chief Technical EVP Strategy & Business • Joined in 2024 as CEO and in 2022 • Joined in 2023 • Joined Endeavour in 2019 Officer Development as a Director • 25+ years exper
Slide 161: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill Alison Baker Livia Mahler Chair and Independent Executive Director Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director John Munro Sakhila Mirza Naguib Sawiris Patrick Bouisset Cathia Lawson-Hall Independe
Slide 162: Corporate Structure
CORPORATE STRUCTURE Guarantor of $500m senior notes and $645m RCF issued by Endeavour Mining PLC Issuer Endeavour Mining plc (UK) Guarantor of XOF 100.5B1 term loan issued by Operating Entity 100% Lafigue Holdings UK Limited Endeavour Mining Corporation (Cayman) Holding Company 100% Endeavour Gold C
Slide 163: Mine statistics & additional information
02 APPENDIX 2 Mine statistics & additional information
Slide 164: Mine Statistics: quarterly
MINE STATISTICS On a quarterly year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Physicals Total tonnes mined – OP1 000t 7,132 7,406 7,156 11,619 11,097 11,837
Slide 165: Mine Statistics: half year
MINE STATISTICS On a half year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) H1-2024 H1-2023 H1-2024 H1-2023 H1-2024 H1-2023 H1-2024 H1-2023 H1-2024 H1-2023 Physicals Total tonnes mined – OP1 000t 14,538 14,521 22,716 25,084 930 3,686 20,577 22,635 18,128 — Total ore tonnes – OP 0
Slide 166: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED SIX MONTHS ENDED 30 June 31 March 30 June 30 June 30 June 2024 2024 2023 2024 2023 All amounts in US$ million Houndé 17 11 13 28 24 Ity 50 — 32 50 34 Mana 3 4 13 7 16 Sabodala-Massawa 45 31 46 76 51 Other1 49 6 — 55 4 Taxes paid by continuing operations 163 51 104 215
Slide 167: Reserves and Resources, 5-year exploration target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 168: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2023, 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) inclusive of Reserves (Mt) (Au g/
Slide 169: Notes to Reserves and Resources
NOTES TO RESERVES AND RESOURCES As at 31 December 2023 169
Slide 170: 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 171: Contact Us
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV 17
Endeavour Mining — Investor Presentation (September 2024) on 6ix