Slide 1: Corporate Presentation December 2017
CORPORATE PRESENTATION › December 2017
Slide 2: Disclaimer & Forward Looking Statements
CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 2017 OUTLOOK & Q3 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE OVERVIEW ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Tabakoto Mine Karma GAMBIA Mine BURKINA FASO 4,000 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Mine Houndé Mine CÔTE SIERRA D’IVOIRE 630-675 Koz $85
Slide 5: Company Profile
CORPORATE OVERVIEW COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares in Issue* 106 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at Nov. 23rd C$23.60 Europe Market cap US$2.0B Other Net Debt pro-forma* as at Sept. 30th US$191m *Sept 30, 2017 Pro-forma includes $28m of cash
Slide 6: Investment Highlights
CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster (Ivory Coast) Floleu Kofi Trend (Ivory Coast – Ity trend) (Mali) Bondoukou Cluster (Ivory Coast) Hounde (completed) Hounde Sissedougou JV Siguiri (Ivory Coast) Ka
Slide 7: Production and AISC Profile
CORPORATE OVERVIEW PRODUCTION AND AISC PROFILE Key objective is to reduce the group’s AISC and extending mine lives STRATEGIC OBJECTIVE $1,317/oz For 2019 +900koz +900koz +800koz 800-900koz $1,010/oz 800-900koz $922/oz Annual production $895/oz $850-895/oz 584koz 630-675koz <$800/oz 517koz 462koz ≤8
Slide 8: Building a Premier African Gold Producer
CORPORATE OVERVIEW BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVES STRATEGIC LEVERS +800koz Annual production ≤800$/oz All-in Sustaining cost 10+ year Mine life 8
Slide 9: Hands-on Management Model With Teams Close to Operations
CEOCORPORATE INTRODUCTION OVERVIEW OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director 3h10 2h40 Vincent Benoit EVP CFO & Corporate Development 2h Morgan Carroll 2h EVP Corporate Finance & General Counsel Henri de Joux
Slide 10: Safety is our key priority
CORPORATE OVERVIEW OPERATIONAL EXCELLENCE 1 Safety is our key priority Lost Time Injury Frequency Rate 0.79 19.7m Man Hours for operations YTD with only 3 LTI 0.40 0.15 0.00 0.00 +7.0m Man Hours on Peer Group FY2016 Last Houndé Agbaou Average 12-months (since start) Houndé with no LTI Operating trac
Slide 11: Launched Improvements Across the Group
CORPORATE OVERVIEW 1 LAUNCHED IMPROVEMENTS ACROSS THE GROUP Transforming From Stand Alone Units To Integrated Group TABAKOTO ZERO BASE CSR GOVERNANCE PLAN GROWING COST LOCAL REDUCTION TALENT FOCUSED ON OPERATIONAL EXCELLENCE WORKING IT SUPPLY CAPITAL SYSTEMS CHAIN 11
Slide 12: Operational Excellence
CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Proven track record of meeting guidance Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz Guidance Guidance 1,137 630-675 584 466 517 1,010 324 922 850-895 884 2013 2014 2015 2016 2017 Guidance 2013 2014 2015 2016 2017 Guidance Cash Flow
Slide 13: Project Development
CORPORATE OVERVIEW PROJECT DEVELOPMENT 2 Adding +600koz at an average AISC of <$700/oz over the next 3 years +235koz at AISC Houndé Houndé Completed of <$650/oz undé, Burkina Faso +235koz at AISC ITY CIL Ity CIL Construction of <$500/oz (CIL), Côte d'Ivoire KALANA +150koz at AISC DFS Optimization Co
Slide 14: Houndé: New Flagship Low Cost Mine
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé became Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata Taparko Built ahead of schedule and below budget (Avocet) (Nordgold) Karma › Commercial production declare Nov 1, Bissa Hill (Nordgold) 2017, 2 months ahead Mana Burkina Faso Natoug
Slide 15: Ity CIL Project construction launched in September 2017
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Ity CIL Project construction launched in September 2017 Long-life Low Cost Project › Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5 years Production Profile Robust Project Economics Product
Slide 16: Kalana is a high-quality project with significant optimization potential
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Kalana is a high-quality project with significant optimization potential Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at Mali 2.8 g/t › 18-year mine life › Low AISC cost operation with $730/oz Tabakoto Mine Bamako Kalana
Slide 17: Unlock Exploration Value
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 15.4Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 17
Slide 18: Conservative Approach
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential Prioritization targets First CONSERVATIVE filtering APPROACH Exploration budget SIMILAR TO THAT USED IN required per target to 130+ target screened OIL & GAS INDUSTRY
Slide 19: Starting To Deliver Against 5-year Strategy
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Starting To Deliver Our Against 5-year Strategy 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated 2.5-3.5Moz Resource Discovery Target 1.5-2.5Moz 0.5-1.5Moz 0.5-1.5Moz 1.5Moz 0.5-1.0Moz Discovered Greater Ity Houndé Tabakoto Agbaou Karma Côte d’Ivoire Regi
Slide 20: Exploration Strategic Review Output: Low Discovery Costs
CORPORATE OVERVIEW UNLOCK EXPLORATION VALUE 3 Exploration Strategic Review Output: Low Discovery Costs Exploration budget Average discovery cost $55m $35-40m $45m Annual budget $30m $25m $25/oz $15m $10m <$15/oz $15/oz $15/oz $11/oz Anticipated average $20/oz $13/oz discovery costs Greater Ity Hound
Slide 21: Exploration Strategic Review Output: What are the priorities?
CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities? PRIORITIES: PRIORITIES: i. Tabakoto due to its short mine life i. Ity Greater Area ii. Agbaou to extend oxide mine life ii. Houndé to prolong mine life iii. Ity to extend HL and Improve CIL ca
Slide 22: Portfolio & Balance Sheet Management
CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio PORTFOLIO IN 2015 PORTFOLIO IN 2017 AISC, $/oz $1,200 $1,150 AISC, $/oz $1,100 $1,200 $1,050 $1,050 $1,000 Youga Tabakoto Tabakoto Assessment $950 expected by mid-2018 Nzema $900 $850 $850 Agbaou $800
Slide 23: Significant headroom to fund projects
Q3-2017 CORPORATE OVERVIEW RESULTS PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant headroom to fund projects Fully funded without mine cash flow ~$440m Circa $60m $327m Up to $65m Ity Capex $200m Undrawn RCF Hounde remaining capex $127m (as at Sept 30, 2017) Cash1 Liquidity Sources Nzema Ity Equi
Slide 24: Conservative leverage target
CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Conservative leverage target Net debt to EBITDA ratio 4.00x 3.50x 3.28x 3.00x 2.50x 2.00x 1.80x 1.50x 0.90x 0.98x Target during 1.00x construction periods 0.50x 0.11x Long-term target post construction 0.00x 2013 2014 2015 2016 2017 Q3 end 20
Slide 25: Upcoming Catalysts
CORPORATE OVERVIEW UPCOMING CATALYSTS 2017 OUTLOOK: › Gold production guidance increase to 630-675koz with Hounde Immediate › AISC guidance to decrease to below $900/oz with Hounde › Free Cash Flow (before growth projects, interest, WC, tax and financing cost) expected to increase to $165m, Cashflow
Slide 26: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK & Q3 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 27: 2017 Guidance Increased with Houndé
2017 OUTLOOK 2017 GUIDANCE INCREASED WITH HOUNDE Houndé is Already Cash Flow Positive Production Guidance INSIGHTS UPDATED 2017 FULL-YEAR GUIDANCE (All amounts in koz, on a 100% basis) › Initial guidance unchanged as Current Production From Continuing Operations (Unchanged ) 500 - 530 Hounde 30 - 35
Slide 28: On Track to Meet Guidance
Q3-2017 RESULTS ON TRACK TO MEET GUIDANCE In line with 2016 seasonality, Q3 was slightly weaker and Q4 is expected to be stronger Group Production and AISC (including Nzema asset held-for-sale asset) 175koz 159koz 152koz 146koz 148koz $898/oz $905/oz $897/oz $906/oz $855/oz Q3-16 Q4-16 Q1-17 Q2-17 Q
Slide 29: Net Free Cash Flow from Operations Doubled
Q3-2017 RESULTS NET FREE CASH FLOW FROM OPERATIONS DOUBLED Net free cash flow increased despite increased exploration spend NINE MONTHS ENDED (in US$ million) SEPT 30, 2017 SEPT 30, 2016 INSIGHTS GOLD SOLD FROM CONTINUING OPERATIONS, koz 1 370 312 1. Gold sales up mainly due to the Gold Price, $/oz
Slide 30: Growth Funding Sources
Q3-2017 RESULTS GROWTH FUNDING SOURCES Cash from operations and RCF used to fund growth Net Cash Flow NINE MONTHS ENDED INSIGHTS (in US$ million) SEPT 30, 2017 SEPT 30, 2016 1. For Houndé construction ($186m), NET FREE CASH FLOW FROM OPERATIONS 59 12 Growth projects (221) (80) Karma optimization ($2
Slide 31: Net Earnings Breakdown
Q3-2017 RESULTS NET EARNINGS BREAKDOWN Adjusted EPS NINE MONTHS ENDED All-In Sustaining Margin to Adjusted Net Earnings SEPT. 30, SEPT. 30, For Continuing Operations (in US$ million) A = Adjustments made 2017 2016 For the 9-months period ended September 30, 2017 Gold Revenue 445 394 Operating expens
Slide 32: RCF Upsized and Extended
Q3-2017 RESULTS RCF UPSIZED AND EXTENDED Provides significant headroom to fund growth projects INCREASED › Increased from $350m to $500m A stronger and enlarged PRINCIPAL bank pool AMOUNT › Decreased from LIBOR plus 3.75% to 5.75% to LIBOR plus 2.95% to 3.95% on DECREASED drawn portion INTEREST › De
Slide 33: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK & Q3 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 34: Agbaou Mine, Côte d'Ivoire
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 13.0Mt @ 2.4 g/t for 1.004Moz (incl. of Reserves) Inferred: 1.1Mt @ 1.7 g/t for 0.060Moz Côte d’Ivoire Reserves 11.0Mt @ 2.4 g/t for 0.853Moz Ity Mine Processing
Slide 35: Agbaou Mine: On track to beat AISC guidance
AGBAOU MINE AGBAOU MINE, CÔTE D’IVOIRE On track to beat AISC guidance Q3-17 vs Q2-17 INSIGHTS: Production and AISC › Production remained fairly flat as Production, koz AISC, US$/oz greater tonnes processed offset the 57koz lower head grade 49koz 45koz 46koz › All-in sustaining costs increased by 42k
Slide 36: Agbaou: Exploration program continues to progress
AGBAOU MINE AGBAOU MINE, COTE D’IVOIRE Exploration program continues to progress Agbaou Site Map INSIGHTS › Exploration activity during the first 9 months amounted to approximately 31,000 meters drilled out of the 45,000 meters planned for the year. In addition, several ground geophysics were acquir
Slide 37: Agbaou Mine Exploration
AGBAOU MINE AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017 priority > 50 ppb 0.5-1.5Moz was to test area and to generate targets and prioritize for the upcoming campaigns 5-YEAR DISCOVERY › Key Areas targeted TARGET are: 1. Agbaou North Pi
Slide 38: Agbaou Mine Exploration
AGBAOU MINE AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au (incl. 1m@
Slide 39: Tabakoto Mine, Mali
TABAKOTO MINE TABAKOTO MINE, MALI Overview QUICK FACTS (ON 100% BASIS) 80-90% Endeavour depending on pit, remainder Ownership government of Mali Resources M&I: 19.0Mt @ 3.0 g/t for 1.844Moz (incl. of Reserves) Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz Mali Reserves 6.3Mt @ 3.1 g/t for 0.615Moz Open Pit
Slide 40: Tabakoto: Cost saving and optimization programs underway
TABAKOTO MINE TABAKOTO MINE, MALI Cost saving and optimization programs are underway Q3-17 vs Q2-17 INSIGHTS: › Production decreased due to lower open pit Production and AISC tonnage and grade, in addition to the impact of AISC, US$/oz strong rainfall and a national strike 48koz › AISC increased by
Slide 41: Tabakoto and Kofi Exploration Target
TABAKOTO MINE TABAKOTO AND KOFI EXPLORATION TARGET Recently consolidated Kofi Trend AREAS OF FOCUS: 1. Tabakoto Area a. Tabakoto underground b. Segala underground 1.5-2.5Moz c. Near mill open-pit 5-YEAR DISCOVERY targets currently being explored TARGET 2. Kofi Area (potential for stand alone operati
Slide 42: Ity Mine, Côte d'Ivoire
ITY MINE ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 15% Côte d’Ivoire, 5% private Côte d’Ivoire Resources (HL + CIL) M&I: 75.1Mt @ 1.6 g/t for 3.784Moz Côte d’Ivoire (incl. of Reserves) Inferred: 18.9Mt @ 1.3 g/t for 0.792Moz Ity Mine Reserves (HL+CIL) 60.3Mt @ 1
Slide 43: Ity Heap Leach Mine, Côte d'Ivoire
ITY MINE ITY HEAP LEACH MINE, CÔTE D’IVOIRE Lower production as high-grade Bakatouo is preserved for Ity CIL Project Q3-17 vs Q2-17 INSIGHTS: Production and AISC › Production decreased due to lower processed grades and recovery rates, Production, koz AISC, US$/oz which were partially offset by incre
Slide 44: CIL Construction Has Started
ITY MINE ITY HEAP LEACH MINE, CÔTE D’IVOIRE CIL Construction Has Started Earthworks are underway ACHIEVEMENTS TO DATE › Long-lead items ordered › $116m already committed › EPCM contracted award to Lycopodium › Construction workforce mobilisation is progressing well › Process plant area earthworks pr
Slide 45: Summary of Ity CIL Optimisation Study
ITY MINE SUMMARY OF ITY CIL OPTIMISATION STUDY Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1 (10%) Tonnes
Slide 46: 22-Month Payback Period
ITY CIL OPTIMIZATION STUDY ITY MINE ROBUST PROJECT ECONOMICS IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m $1,400/oz 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m
Slide 47: Ity CIL Optimization Study
ITYITYCIL MINEOPTIMIZATION STUDY LONG-LIFE LOW-COST PROJECT Significantly improved production profile Production Profile 235koz OS production FS production AISC for OS 250koz 250koz 238koz Exploration potential average production 224koz 213koz over first 5 years 201koz 190koz 162koz 159koz 151koz $4
Slide 48: Life of Mine Plan
ITY CIL OPTIMIZATION STUDY ITY MINE LIFE OF MINE PLAN LOM Total / Item Unit Average Pre-prod 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Mining Schedule Total Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5,092 0 0 0 Total Waste Moved kt 109,559 10,97
Slide 49: 1.5Moz of Indicated Resources Added Since the FS
ITY CIL OPTIMIZATION STUDY ITY MINE 1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FS Optimization study was preformed to capture the increased resource inventory 2017 OPTIMIZATION STUDY INVENTORY 2016 FEASIBILITY STUDY INVENTORY Indicated Resources Inferred Resources Indicated Resources Inferred Res
Slide 50: CIL Reserves Increased by 1.0Moz to 2.9Moz
ITY CIL OPTIMIZATION STUDY ITY MINE CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz Addition of Bakatouo and increases at Mont Ity, Teckraie, and Daapleu Optimization Study Reserves, Feasibility Study Reserves, Deposits as at September 1, 2017 as at October 1, 2016 Variance on a 100% basis Tonnage Grade
Slide 51: Ity Exploration Potential Overview
ITY MINE ITY EXPLORATION POTENTIAL OVERVIEW Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in nat
Slide 52: On-Track to Achieve Discovery Target
ITY MINE ON-TRACK TO ACHIEVE DISCOVERY TARGET Already 1.5 Moz added between November 2016 and November 2017 M&I Resource Evolution 4-6Moz Discovery Target 1.5Moz added 2.3Moz 3.8Moz 2016 5-Year Discovery 2017 M&I Resource Target M&I Resource (Base for FS) (published Nov. 2016) (Base for OS) 52
Slide 53: Ity Mine Area Upcoming Targets
ITY MINE ITY MINE AREA UPCOMING TARGETS Many advance stage targets backed by auger drill and gold-in-soil anomalies UPCOMING NEAR-MINE PRIORITIES INCLUDE: 1. Mont Ity / Flat Deposit ‒ Area between Mont Ity / Flat deposits ‒ Potential to extend Mont Ity at depth 2. Bakatouo Deposit ‒ Deposit is open
Slide 54: Ity Mine Exploration - Le Plaque Discovery
ITY MINE ITY MINE EXPLORATION - LE PLAQUE DISCOVERY Multiple High Grade Trends Discovered INSIGHTS ‒ Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly ‒ Mineralization at the Le Plaque trends occurs from surface for the main lense
Slide 55: Greater Ity Regional Gold in Soil Anomalies
ITY MINE GREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB) ANOMALIES PR609 East Cavally Several Targets Birrimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several targets GBAMPLEU Historical Sparse 40
Slide 56: Karma Mine, Burkina Faso
KARMA MINE KARMA MINE, BURKINA FASO Overview Karma Project KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Ouagadougou Resources M&I: 84.3Mt @ 1.1 g/t for 2.981Moz Houndé Mine (incl. of Reserves) Inferred: 19.3Mt @ 1.3 g/t for 0.791Moz Reserves 37.9Mt @ 0.9 g/t for 1.117Mo
Slide 57: Karma Mine: Profile expected to improve
KARMA MINE KARMA MINE, BURKINA FASO Profile is expected to improve as new front-end was commissioned Q3-17 vs Q2-17 INSIGHTS: Production and AISC › Production decreased due to lower grades and Production, koz AISC, US$/oz tonnage stacked which was partially offset by 32koz 29koz higher recovery rate
Slide 58: Karma: Optimization program completed
KARMA MINE KARMA MINE, BURKINA FASO Optimization program completed and new front-end commissioned INSIGHTS ADR Area - Before ADR Area - After › Plant optimization work has been successfully carried out during the past year › The newly installed front-end completed its performance testing and is runn
Slide 59: Karma Exploration Overview
KARMA MINE KARMA EXPLORATION OVERVIEW Several identified targets with success already being achieved AREAS OF FOCUS: 1. North Kao added in 0.5-1.0Moz 2017 and resource additions expected 2. Yabonsgo drilled in 2017 with maiden 5-YEAR DISCOVERY resource expecetd TARGET 3. Nogafaere (previsouly owned
Slide 60: Karma Exploration - North Kao
KARMA MINE KARMA EXPLORATION - NORTH KAO Extension Drilling – New Parallel Trend Discovered Map of the Yabonsgo area INSIGHTS: › Oxide mineralization discovered on a parallel structure › Most notable intercepts include 33.2m at 4.13 g/t Au and 22.8m at 4.18 g/t Au › A resource for this parallel stru
Slide 61: Yabonsgo Target
KARMA MINE YABONSGO TARGET New discovery made in 2017 INSIGHTS: Map of the Yabonsgo area › 600m-long mineralized area discovered with a stacked high grade quartz vein system › Reconnaissance drilling suggests potential for further extension › Most notable intercepts include 8.1m at 15.8 g/t Au, 6.3m
Slide 62: Houndé Mine, Burkina Faso
HOUNDE MINE HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Status Commercial production Karma Project Resources M&I: 37.9Mt @ 2.1 g/t for 2.551Moz (incl. of Reserves) Inferred: 3.2Mt @ 2.6 g/t for 0.274Moz Ouagadougou Reserves 30.6Mt @ 2.1 g/t for
Slide 63: Houndé Project: Significant exploration potential
HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Significant exploration potential highlighted by 2017 drilling INSIGHTS Hounde Site Map › Following a two year period of no exploration drilling, activities resumed in 2017 with a $5 2.5-3.5Moz million program 5-YEAR DISCOVERY › Focused on drilling TARGET hig
Slide 64: Priority Ranking After Initial Drill Test
HOUNDE MINE PRIORITY RANKING AFTER INITIAL DRILL TEST Houndé exploration targets and gold-in-soil anomalies map Priority 2 Priority 2 Priority 1 Priority 2 Priority 2 64
Slide 65: Kari Pump Exploration Results
HOUNDE MINE KARI PUMP EXPLORATION RESULTS Drill results confirmed high-grade mineralization A A’ 65
Slide 66: Kalana Project, Mali
KALANA PROJECT KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 20% government of Mali Mali Status DFS stage Resources M&I: 24.5Mt @ 4.1 g/t for 3.200Moz (incl. of Reserves) Inferred: 24.5Mt @ 4.5 g/t for 0.240Moz Tabakoto Mine Bamako Reserves 21.7Mt @ 2.8 g/t for 1.960Mo
Slide 67: Kalana is a high-quality project
KALANA PROJECT FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana is a high-quality project GENERAL INFORMATION › Feasibility-stage project Ownership 80% Avnel; 20% Mali government › 1.2Mtpa CIL plant M&I Resources (inclusive of reserves) 3.10Moz @ 4.07g/t Reserves 1.96Moz @ 2.80g/t › Single open-pit rese
Slide 68: Kalana has potential to increase annual production
KALANA PROJECT FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has potential to increase annual production to c.150kozpa AVNEL TRANSACTION CLOSED IN SEPTEMBER Reserve life of mine plan › Integration progress completed shortly Production AISC after 203koz › Study optimization process launched and expect
Slide 69: Kalana has significant exploration upside
KALANA PROJECT FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has significant exploration upside › Kalana Main deposit still fully open at depth › The high-grade Kalanako prospect, located 2.5km northeast of the Kalana Main Project, provides potential for a satellite deposit (already hosts an Indicate
Slide 70: Value Accretive
KALANA PROJECT VALUE ACCRETIVE Meets equity hurdle rates and is accretive on an NAV basis NAV per share accretion › Due diligence demonstrates that the acquisition meets minimum Avnel NAV Endeavour NAV hurdle rate returns when Average NAV of US$253m 2,061 Average NAV of US$1,414m (P/NAV of 1.21x) (P
Slide 71: Nzema Mine, Ghana
NZEMA MINE NZEMA MINE, GHANA Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% government of Ghana Resources M&I: 33.1Mt @ 1.S g/t for 1.431Moz Ghana (incl. of Reserves) Inferred: 5.9Mt @ 1.3 g/t for 0.243Moz Reserves 3.3Mt @ 2.7 g/t for 0.291Moz Open Pit Strip Ratio 8.3 to 1 (2016A) Nzema
Slide 72: Nzema: Significant improvement following cut-back
NZEMA MINE NZEMA MINE, GHANA Significant improvement following completion of cut-back Q3-17 vs Q2-17 INSIGHTS: Production and AISC Production, koz AISC, US$/oz 37koz › Production increased significantly due to higher processed grades and increased mill 27koz throughput 24koz 24koz 26koz › Quality co
Slide 73: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 2017 OUTLOOK & Q2 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 74: Board Members
APPENDIX BOARD MEMBERS Michael BECKETT Ian COCKERILL, Olivier COLOM, Livia MAHLER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Jim ASKEW, Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director Non-executive Director CEO
Slide 75: Endeavour is Backed by La Mancha
APPENDIX ENDEAVOUR IS BACKED BY LA MANCHA Sawiris family’s mining investment vehicle Long-term growth supportive investor 31% 30% with focus on creating regional leaders holding holding The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to
Slide 76: Experienced Team in Place
APPENDIX EXPERIENCED TEAM IN PLACE Near-mine and Regional Teams Abidjan based INSIGHTS EVP Exploration & Growth › Strong knowledge of West CI Government African Birimian belts Expert Geologist Relations Advisor › Senior staff from BRGM, NI 43-101 Compliance Legal Advisor Randgold, Iamgold, Areva, La
Slide 77: Unlock Exploration Value
APPENDIX UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs, structural tre
Slide 78: Production and Cost Details by Mine
APPENDIX PRODUCTION AND COST DETAILS BY MINE For the years ended 2016 and 2015 AGBAOU NZEMA TABAKOTO ITY3 KARMA (on a 100% basis) Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 Physicals Total tonnes mined – OP1 000t 25,382 20,447 9,295 8,144 7,098 9,298 6,102 375 8,753
Slide 79: Production and Cost Details by Mine by Quarter
APPENDIX PRODUCTION AND COST DETAILS BY MINE BY QUARTER AGBAOU NZEMA TABAKOTO ITY KARMA (on a 100% basis) Unit Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Physicals Total tonnes mined – OP1 000t 7,576 6,952 6,877 1,333 1,413
Slide 80: Production and Cost Details by Mine Year to Date
APPENDIX PRODUCTION AND COST DETAILS BY MINE YEAR TO DATE AGBAOU NZEMA TABAKOTO ITY KARMA (on a 100% basis) 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months Unit 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Physicals Total tonnes mined – OP1 000t 20,884
Slide 81: Reserves and Resources
APPENDIX RESERVES AND RESOURCES As of December 31, 2016 Tabakoto Mine Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis Proven Reserves 2.9 2.98 274 Resources shown Tonnage Grade Content Probable Reserves 3.4