Slide 1: Q2 & H1-2023 Results Presentation
Q2 & H1-2023 RESULTS PRESENTATION 2 August 2023
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 3: Speakers
SPEAKERS SÉBASTIEN DE MARK GUY MONTESSUS MORCOMBE YOUNG President and CEO COO CFO JONO DJARIA MARTINO LAWRENCE TRAORE DE CICCIO EVP Exploration EVP ESG & Supply Chain Deputy CFO & Head of IR
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q2 & H1-2023 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q2 & H1-2023 Highlights
01 SECTION 1 Q2 & H1-2023 HIGHLIGHTS
Slide 6: H1-2023 Highlights
H1-2023 HIGHLIGHTS Continuing to deliver against key objectives OPERATIONAL ACTIVE PORTFOLIO PROJECT PERFORMANCE MANAGEMENT DEVELOPMENT On track to achieve Divestment of non-core Boungou and BIOX® project is on budget FY-2023 guidance Wahgnion mines in Burkina Faso and on schedule for Q2-2024 startu
Slide 7: Sale of Non-Core Boungou and Wahgnion Mines
SALE OF NON-CORE BOUNGOU AND WAHGNION MINES ACTIVE PORTFOLIO MANAGEMENT Focused on increasing the quality of our portfolio INSIGHTS Endeavour’s portfolio › On 30 June 2023, Endeavour closed the sale of its Current operations1 Divested/Ceased operations Construction project2 AISC, $/oz 90% interests
Slide 8: On Track to Meet Full Year Guidance
ON TRACK TO MEET FULL YEAR GUIDANCE OPERATIONAL PERFORMANCE Performance weighted towards H2-2023 0.09 GROUP SAFETY LTM INDUSTRY LTIFR1 LEADING 1.14 Industry Average2 GROUP H1 PRODUCTION ON TRACK (for continuing operations) 511 koz 1,060-1,135koz Guidance $895/oz $950/oz GROUP AISC H1 (for continuing
Slide 9: Half Year Production and AISC
HALF YEAR PRODUCTION AND AISC OPERATIONAL PERFORMANCE Continued strong All-In Sustaining Margins Production and AISC Production for discontinued operations1, koz AISC for continuing operations, US$/oz 64koz Production for continuing operations, koz - Realised Gold Price2 780koz 756koz 712koz 698koz
Slide 10: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL OPERATIONAL PERFORMANCE Strong cash flow expected in H2-2023 Operating cash flow before working capital Operating cashflow before working capital from discontinued operations1 59m Operating cashflow before working capital from continuing operations Realised
Slide 11: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION INVESTING IN GROWTH PROJECTS On budget and on schedule for first gold in Q2-2024 INSIGHTS BROWNFIELD PROJECT: › Expansion of flagship Sabodala-Massawa mine with a 1.2Mtpa SABODALA-MASSAWA EXPANSION BIOX® plant, designed to process high-grade refractory ore from the Massawa
Slide 12: Lafigué Greenfield Project
LAFIGUÉ GREENFIELD PROJECT INVESTING IN GROWTH PROJECTS On budget and on track for first gold in Q3-2024 INSIGHTS GREENFIELD PROJECT: › Lafigué greenfield development is a potential cornerstone asset LAFIGUÉ ON FETEKRO PROPERTY with envisaged annual production of 203koz over the 12.8 year initial li
Slide 13: Unlocking Near-Term Growth
UNLOCKING NEAR-TERM GROWTH INVESTING IN GROWTH PROJECTS Ability to grow production while maintaining industry-leading AISC Production Profile For discontinued operations For continuing operations Full-year benefit of Sabodala-Massawa expansion 1.6Moz and Lafigué Full year benefit of +1.3Moz Semafo a
Slide 14: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE INVESTING IN EXPLORATION Strong focus on Tanda-Iguela greenfield discovery ITY: Expanding resources at the Flotouo, Walter-Bakatouo and Yopleu-Legaleu TANDA-IGUELA: deposits, and testing new targets including the Delta Southeast and Gbampleu targets + 276Km Drilled in H1-
Slide 15: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Targeting to increase shareholder returns following the build phase SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Progressive Dividend $100m $100m $100m › In 2021, Endeavour i
Slide 16: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Returning significant value to shareholders H1-2023 shareholder returns declared1 Shareholder returns in context of H1-2023 results (Including discontinued operations) PRODUCTION REVENUE Buyback $20m $196/oz returned for every ounce 10%
Slide 17: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Buybacks continue to supplement shareholder returns Cumulative shareholder returns Cumulative Buybacks Cumulative Dividend $757m +$ 200/oz $637m Returned for every $257m ounce of gold produced during 2021 to YTD-2023 $237m $338m $138m $
Slide 18: London Stock Exchange Listing
LONDON STOCK EXCHANGE LISTING REWARDING SHAREHOLDERS Significant increase in liquidity following index inclusions Volume traded on LSE compared to the TSX1 50% MSCI UK 50% of daily volume 42% in the UK 34% 31% 31% FTSE ALL FTSE SHARE + 100 FTSE 250 of shares outstanding in the UK register H2-2021 H1
Slide 19: Being a Trusted Partner
BEING A TRUSTED PARTNER OUR ESG INITIATIVES Social investment projects are contributing to improved standards of living Supplier workshops were held at our Houndé mine to educate local businesses about the Global coverage with Vanity Fair article process to become a supplier to the mine and on jewel
Slide 20: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 21: Financial Highlights
FINANCIAL HIGHLIGHTS Strong production in Q2-2023 compared to Q1-2023 QUARTER ENDED 30 June 31 March 30 June Jun-23 For Continuing Operations1 2023 2023 2022 vs. Mar-23 +10% (in $ million unless otherwise stated) PRODUCTION, SALES AND AISC HIGHLIGHTS Gold production, koz 268 243 292 +10% Gold sales,
Slide 22: Quarterly Production and AISC
QUARTERLY PRODUCTION AND AISC FY-2023 production expected to be H2-2023 weighted Production and AISC Production for discontinued ops, koz AISC for continuing ops, US$/oz 25koz Production for continuing ops, koz 345koz 343koz 355koz + 311koz Production 301koz from continuing operations Q2-2023 vs Q1-
Slide 23: Operating Cash Flow
OPERATING CASH FLOW Cash flow generation expected to increase in upcoming quarters Operating cash flow Operating cash flow from discontinued operations1 47m Operating cash flow from continuing operations Realised Gold Price2 $311m -$ Operating cash flow $252m Q2-2023 vs. Q1-2023 $28m $206m $15m $154
Slide 24: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Cash flows decreased due to higher taxes paid INSIGHTS Operating cash flow bridge from all operations 1. The realised gold price for continuing 2 3 operations, including the impact of gold hedges, increased by $61/oz from $1,886/oz 1 ∆$11m in Q1-2023 to $1,947/oz in Q2-202
Slide 25: Change in Net Debt
CHANGE IN NET DEBT Low leverage position at quarter end with Net Debt / Adj EBITDA (LTM) of 0.15x INSIGHTS Change in net debt 1. For Q2-2023, operating activities included $161m in operating cashflow before 1 2 changes in working capital, a $14m working capital outflow and $13m in cash generated fro
Slide 26: Robust Financial Position
ROBUST FINANCIAL POSITION Healthy balance sheet supports shareholder returns and growth Net debt evolution (Net Debt)/ Net Cash 975m INVESTMENT DEBT REDUCTION SHAREHOLDER RETURNS PHASE PHASE PHASE WITH ABILITY TO FUND GROWTH $217m $ $167m $75m $76m $121m Available liquidity $3m as at 30 June 2023 ($
Slide 27: Debt Structure
DEBT STRUCTURE Diversified long-term low capital cost debt structure Balance Sheet Structure INSIGHTS (in $ million unless stated otherwise) 30 Jun 2023 31 Mar 2023 30 Jun 2022 1. The Company drew down a further $155m on the revolving credit facility to manage short-term off- Cash $370m 845 810 1,09
Slide 28: Adjusted EBITDA
ADJUSTED EBITDA Continued strong adjusted EBITDA generation Adjusted EBITDA from continuing operations Adj. EBITDA from continuing operations Adj. EBITDA Margin Realised Gold Price1 $295m $253m Adjusted EBITDA $270m $253m from continuing $240m operations in Q2-2023 $232m 55% 13m 53% 50% 50% 48% +$ A
Slide 29: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS High profit margins due to low-cost production 3 MONTHS ENDED INSIGHTS 30 June 31 March, 1. Exploration costs increased from $13m in Q1-2023 (in $ million) A = Adjustments made for Adjusted Net Earnings to $15m in Q2-2023 due to increased expensed 2023 2023 ex
Slide 30: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 31: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from all operations Hours Worked (Millions) LTIFR (12 month Trailing Basis)1 45.6m 39.4m 40.5m 41.5m 43.0m 0.09 LTIFR in Q2-2023 0.13 0.07 0.09 +2.6m 0.02 0.02 Hours worked Q2-2023 vs Q1-2023 Q2-2022 Q3-2022 Q4-2022 Q
Slide 32: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strong performance expected in H2-2023 H1-2023 Production vs Guidance H1-2023 AISC vs Guidance 177koz 285koz 300koz $840/oz $915/oz Ity H1 H1 $764/oz Guidance 119koz 270koz 285koz $850/oz $925/oz Houndé H1 H1 Guidance $1,113/oz 75koz 190koz 210koz $950/oz $1,050/oz
Slide 33: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Higher grade oxide ore expected in H2-2023 Q2-2023 vs Q1-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to a higher average grade processed, higher recovery rates and an increase in 103koz tonnes milled compared to the prior quarte
Slide 34: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Construction is on track and on budget BIOX® plant construction Primary Crusher INSIGHTS › Construction of the Sabodala-Massawa BIOX® project was launched in Q2-2022 and remains on budget and schedule for completion in Q2-2024. › $123m of growth capital has been incurred si
Slide 35: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Solar plant construction launched to reduce energy cost and CO2 emissions INSIGHTS Sabodala-Massawa power generation and storage 24% › Construction launched on 37MWp photovoltaic solar facility and 16MW SOLAR PROJECT CURRENT PLANT battery system › Dornier Suntrace contracte
Slide 36: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Higher processed grades expected in H2-2023 Q2-2023 vs Q1-2023 INSIGHTS Production and AISC › Production increased due to higher grades processed, higher Production, koz AISC, US$/oz tonnes of ore milled and increased recoveries. › Tonnes of ore mined, average grades proces
Slide 37: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Record half year performance Q2-2023 vs Q1-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Following a record Q1-2023 performance, production decreased due to lower average grades milled, lower tonnes of ore milled and lower recovery rates. 91koz 86koz 77koz
Slide 38: Mana, Burkina Faso
MANA, BURKINA FASO Higher processed grades expected in H2-2023 Q2-2023 vs Q1-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower average grades processed and lower recoveries, which was partially offset by higher ore tonnes milled. 55koz $1,481/oz › Ave
Slide 39: Lafigué Project, Côte d'Ivoire
LAFIGUE PROJECT, CÔTE D’IVOIRE Endeavour’s next cornerstone asset HPGR Substation construction INSIGHTS › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset for Endeavour with first gold production scheduled for Q3-2
Slide 40: Tanda-Iguela Greenfield Project, Côte d'Ivoire
TANDA-IGUELA GREENFIELD PROJECT, CÔTE D’IVOIRE Potential to be another flagship asset INSIGHTS › Maiden resource outlined in <15 months for a discovery cost of <$10 per Indicated ounce › Indicated resource of 14.9Mt at 2.33g/t for 1.1Moz and Inferred resource of 32.9Mt at 1.80g/t for 1.9Moz defined
Slide 41: Tanda-Iguela Greenfield Project, Côte d'Ivoire
TANDA-IGUELA GREENFIELD PROJECT, CÔTE D’IVOIRE Updated resource expected to be published in H2-2023 INSIGHTS › 13,695 metres of the 20,000 FY-2023 drilling programme have been completed as of H1-2023 across ten priority targets that have been identified within 6km of the Assafou deposit. › The progr
Slide 42: Conclusion
04 SECTION 4 CONCLUSION
Slide 43: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to build a resilient business with disciplined capital allocation On track to meet 2023 production guidance of 1,060 - 1,135koz OUR STRATEGY OPERATIONS at a low AISC of $895 - $950/oz GROWTH Investing $400m in Sabodala-Massawa and Lafigué growth MAINTAIN
Slide 44: Appendix
05 SECTION 5 APPENDIX
Slide 45: Boungou, Burkina Faso
BOUNGOU, BURKINA FASO Non-core asset divested on 30 June 2023 BOUNGOU SALE INSIGHTS Production and AISC Production, koz AISC, US$/oz › On 30 June 2023, Endeavour closed the sale of its 90% interest in its non-core Boungou and Wahgnion mines in Burkina Faso to Lilium Mining for a total consideration
Slide 46: Wahgnion, Burkina Faso
WAHGNION, BURKINA FASO Non-core asset divested on 30 June 2023 WAHGNION SALE INSIGHTS Production and AISC Production, koz AISC, US$/oz › On 30 June 2023, Endeavour closed the sale of its 90% interest in its non-core Boungou and Wahgnion mines in Burkina Faso to Lilium Mining for a total consideratio
Slide 47: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focussed on expanding existing resources and discovering new resources INSIGHTS Sabodala-Massawa map › An exploration programme of $15.0m is planned for FY- 2023, of which $11.5m has been spent in H1-2023 with $8.2m spent in Q2-2023 consisting of 49,243 metres of drill
Slide 48: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration targets INSIGHTS Houndé map › An exploration programme of $7.0m is planned for FY- 2023, of which $4.1m has been spent in H1-2023 with $2.4m spent in Q2-2023 consisting of 11,249 metres of drilling across 55 drill holes. Q2-2023 › Drilling
Slide 49: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on extending mineralisation at known deposits Ity map INSIGHTS › An exploration programme of $14.0m is planned for FY- 2023, of which $9.5m has been spent in H1-2023 with $4.9m spent in Q2-2023 consisting of 32,160 metres of drilling across 338 drill holes. Q2-2023 ›
Slide 50: Mana, Burkina Faso
MANA, BURKINA FASO Focussed on non-refractory open-pit targets INSIGHTS Mana map › An exploration programme of $5.0m is planned for FY- 2023, of which $3.9m has been spent in H1-2023 with $2.6m spent in Q2-2023 consisting of 9,404 metres of drilling across 70 drill holes. Q1-2023 › Drilling at Wona
Slide 51: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L Q1-2022 Q3-2022 Q1-2023 › Fuel price is regulated by in-country based pricing Q2-2022 Q4-2022 Q2-2023 mechanisms where prices are revised periodically, +2% sheltering Endeavour from pea
Slide 52: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › In Q2-2023, 30koz were settled under the 2400 gold forward contract at a settlement price of Growth and shareholder $1,828/oz return focus › The reali
Slide 53: 2023 Guidance
2023 GUIDANCE INSIGHTS Production guidance from continuing operations › Full year 2023 production guidance for H1-23 ACTUALS 2023 GUIDANCE continuing operations has decreased from (All amounts in koz, on a 100% basis) 1,325 – 1,425koz to 1,060 – 1,135koz, while Ity 177 285 — 300 AISC guidance from c
Slide 54: 2023 Guidance (Continued)
2023 GUIDANCE (Continued) Capital expenditure guidance from continuing operations INSIGHTS H1-23 ORIGINAL 2023 REVISED 2023 (All amounts in US$m) ACTUALS GUIDANCE GUIDANCE › Sustaining capital expenditure guidance has been reduced to Houndé 20 40 40 $110m from due to a reduction at Ity due to lower
Slide 55: Mine Statistics
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 55
Slide 56: Mine Statistics
MINE STATISTICS On a half year basis (1) Includes waste capitalized. 56
Slide 57: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED SIX MONTHS ENDED 30 June 31 March 30 June 30 June 30 June 2023 2023 2022 2023 2022 In US$ million unless otherwise specified. Houndé 13.0 10.9 17.8 23.9 26.6 Ity 32.3 1.3 20.0 33.8 20.2 Mana 12.9 3.0 4.4 15.9 7.2 Sabodala-Massawa 45.5 5.6 10.8 50.3 16.8 Other (0.1) 3.
Slide 58: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 23.9 /100 Medium Risk 2022 Relative Performance 2020 2022 2019 2020 2021 2022 Climate D- C C B- Change Water N/A C C C 58
Slide 59: Corporate Office and Contact
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 59