Slide 1: Corporate Presentation May 2019
CORPORATE PRESENTATION › May 2019
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 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Karma GAMBIA Mine BURKINA FASO 2,800 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA LEONE D’IVOIRE 615-695 Koz $760
Slide 5: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Mar 31st 110m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at May 1st C$19.12 Europe Market cap as at May 1st US$1.42B Net Debt as at Mar 31st US$635m Other North America 5% 30% 1% 64%
Slide 6: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Turnaround Endeavour to build a sustainable business model TURNAROUND STRATEGIC OBJECTIVES OUR VISION SITUATION IN 2015 STRATEGIC OBJECTIVES CREATE A SUSTAINABLE BUSINESS Non-sustaining $922/oz <$800/oz capex All-in Sustaining Cost REQUIRED CASH Explor
Slide 7: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Focus on free cash flow and return on capital employed (ROCE) 2016 to mid-2019 Mid-2019 and beyond FOCUS ON INCREASING THE FOCUS ON QUALITY OF OUR PORTFOLIO RETURN ON CAPITAL EMPLOYED (ROCE) ~ $1invested billion Capital allocation trade-offs 2 flagship
Slide 8: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster Le Plaque (Côte d’Ivoire) Kofi Trend (Côte d’Ivoire– Ity trend) (Mali) Bondoukou Clust. (Côte d’Ivoire) Siguiri Ity CIL (Guinea) Randgold JV (Côte d’Ivoire
Slide 9: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE On track to achieving strategic objectives STRATEGIC $1,317/oz OBJECTIVES >800koz >800koz $1,010/oz 727koz $869/oz <$800/oz $922/oz 663koz 615-695koz All-in Sustaining Cost 587koz $866/oz $843/oz 517koz 462koz $760-810/oz 317koz 10+ years Production
Slide 10: Building a Premier African Gold Producer
CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 strategic levers to achieve objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS 10+ year Mine life ≤800$/oz All-in Sustaining Cost +800koz Annual production 10
Slide 11: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Vincent Benoit Karma GAMBIA Mine EVP CFO & Corporate Development BURKINA FASO GUINEA- Houndé Morgan Carroll Bamako BISSAU Kala
Slide 12: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Our safety record remained below the industry average in Q1-2019 Lost Time Injury Frequency Rate (on a rolling 12-months basis) 0.72 0.04 LTM Lost Time Injury Frequency Rate 0.40 0.29 +500days 0.16 0.04 0.00 0.00 0.00 without an LTI on Peer FY2016 FY20
Slide 13: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talents Local workforce Expats KARMA 3% HOUNDÉ 6% ITY HL 6% AGBAOU 7% 95% local workforce 803 1,038 501 271 97% 94% 94% 93% Head of department (“HOD”) 42% Expats KARMA HOUNDÉ ITY HL AGBAOU 30% 45% 43% 50% local workforce for 13
Slide 14: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 6th consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance 800 1,010 700 600 922 500 886 869 400 727 615 843 663 - 300 584 517 695 466 200 $760-810/oz 100 0 2014 2015 2016 2017 2018 2019E 2014
Slide 15: Project Development
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILT OUR VISION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET 0 LTIs 15
Slide 16: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction
Slide 17: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Building high-quality projects on time and on budget ASSETS BUILT / UNDER CONSTRUCTION COMBINED HOUNDÉ ITY CIL (commissioned in Q4-2017) (completion expected in Q2-2019) ~$650/oz <$650/oz <$560/oz All-in Sustaining Cost Based on first 2 years 2019 guidanc
Slide 18: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Houndé is Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata Taparko METRIC FY-2018 STUDY (Avocet) (Nordgold) Karma ACHIEVEMENT COMPARISON Bissa Hill (Life of mine average) (Nordgold) Boungou MINING 41Mt vs 32Mt feasibility +28% Mana Burkina
Slide 19: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Ity CIL Project commercial production achieved on April 8, 2019 Long-life Low Cost Project › Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5 years Production Profile Production AISC Robu
Slide 20: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Kalana is a high-quality project with significant optimization potential Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at Mali 2.8 g/t › 18-year mine life › Low AISC cost operation with $730/oz Bamako Kalana over life
Slide 21: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 21
Slide 22: Conservative Approach
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree
Slide 23: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in Nov. 2016 2/3rd are on our 2 flagship assets 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery target 2.5-3.5Moz 1.5-2.5Moz 0.5-1.5Moz
Slide 24: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration spend by mine 1. Ity to extend HL and Improve CIL case 2. Tabakoto due to its short mine life $44M ~$50m $45-50m 3. Agbaou to test potential 9% 19% 2018 PRIORITIES
Slide 25: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On-track to meet 5-year exploration targets Total Indicated discoveries and targets Indicated resources discovered 4.2Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco
Slide 26: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 High quality discoveries made Discovery grades for Indicated resources by deposit From mid-2016 to end of 2018 2.70g/t 2.60g/t 2.25g/t 2.20g/t 2.14g/t 2.14g/t >2 g/t grade of 85% of discovered ounces 1.50g/t 1.27g/t 55% oxide 45% fresh Kari Pump Le P
Slide 27: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit From mid-2016 to end of 2018 $76/oz $13/oz Average Endeavour discovery cost to date $29/oz $16/oz $15/oz $14/oz $13/oz $12/oz $10/oz $9/oz 6x lower $4/oz discovery cost Average Taba
Slide 28: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES 3 Resource increase expected to result in an increase in reserves in 2019 INSIGHTS M&I Resource Evolution (Inclusive of reserves) › M&I resources up 0.9Moz over the 14.9Moz previous year, 2017, as mine 13.6Moz 13.9Moz 12.6Moz +0.9Moz depletion was more t
Slide 29: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Ity Production Profile VALUE CREATION CASE STUDY OS production FS production AISC for OS Spent $15m in 2016-2017 250koz 250koz 238koz 224koz Exploration potential Added 1Moz of reserves 213koz 201koz 190koz Updated study and increas
Slide 30: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Houndé Production profile based on Study VALUE CREATION POTENTIAL Production based on reserves, koz AISC/oz Spent $17m in 2017-2018E Already added 1Moz of 265koz resources at Kari Pump 231koz Exploration upside expected 223koz 218ko
Slide 31: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong exploration in Q1 with already over a third of the FY budget spent INSIGHTS EXPLORATION EXPENDITURE FOR Q1-2019 › During Q1-2019, exploration continued to be a strong focus, with a company-wide exploration spend of $15m Fetekro › Over 115,200m
Slide 32: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Focused on increasing the overall quality of our portfolio Portfolio viewed by AISC and mine life INSIGHTS: AISC, $/oz › Ity HL acquired through strategic $1,200 partnership with La Mancha in late 2015 Tabakoto $1,150 and will transition
Slide 33: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant liquidity sources to fund growth Up to $25m Significant funding headroom, excluding mine cash flow and remaining proceeds from sales $144m >$10m Undrawn RCF $60m Cash $84m ~$30m Liquidity sources Tabakoto Nzema Sources of fund
Slide 34: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS ON TRACK TO MEET FY-2019 GUIDANCE › Production on-track to meet the FY-2019 guidance of 615-695koz Immediate › AISC on-track to meet the FY-2019 guidance of $760-810/oz Cashflow › Q2-2019 to benefit from Ity CIL start of commercial production from Production
Slide 35: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 36: Q1 Performance On-Track to Meet Guidance
CORPORATE PRESENTATION Q1 PERFORMANCE ON-TRACK TO MEET GUIDANCE On-track to meet 2019 guidance with Ity CIL commercial production in Q2 GROUP Q1 BELOW LTIFR1 INDUSTRY 0 0.72 Industry Average GROUP Q1 ON-TRACK PRODUCTION 121koz 615-695koz Guidance GROUP $760/oz $810/oz AISC Q1 ON-TRACK $877/oz Guidan
Slide 37: Well Positioned to Meet FY-2019 Guidance
CORPORATE PRESENTATION WELL POSITIONED TO MEET FY-2019 GUIDANCE Upcoming benefit of Ity CIL and higher grades across other mines INSIGHTS BY MINE AGBAOU ITY HL ITY CIL HOUNDÉ KARMA (Pre-commercial production) 44koz 76koz 21koz $1,086 33koz 32koz 55koz 22koz 3koz 9koz $781 $957 $776 $784 $622 $588 $6
Slide 38: 2019 Guidance
CORPORATE PRESENTATION 2019 GUIDANCE INSIGHTS Production Guidance › Group production from continuing operations is 2018 ACTUALS 2019 FULL-YEAR GUIDANCE expected to increase to 615-695koz in 2019 while (All amounts in koz, on a 100% basis) AISC is expected to remain low at $760-810/oz Agbaou 141 120
Slide 39: 2019 Guidance (continued)
CORPORATE PRESENTATION 2019 GUIDANCE (continued) SUSTAINING COSTS INSIGHTS Capital Expenditure Guidance, $m › Houndé: $35m mainly due to the increased strip ratio, a TSF raise SUSTAINING NON- GROWTH and components to be purchased for fleet maintenance SUSTAINING CAPITAL PROJECTS › Agbaou: $24m due t
Slide 40: All-In Margin Breakdown
CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Decrease due to lower production and a lower realized gold price QUARTER ENDED, INSIGHTS 1. Decreased mainly due to the Ity Heap Leach MAR. 31, MAR. 31, operation ceasing activities in Q4-2018, and (in US$ million) 2019 2018 declines across the other mi
Slide 41: Growth Funding Sources
CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash flow from operations and RCF used to fund growth QUARTER ENDED, INSIGHTS MAR. 31, MAR. 31, 1. The main components as follows: (in US$ million) 2019 2018 ‒ Receivables were an outflow of $3.9m. This was ALL-IN MARGIN FROM CONTINUING OPERATIONS 22 63
Slide 42: Net Earnings Breakdown
CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $(0.04) for Q1-2019 QUARTER ENDED MAR. 31, MAR. 31, INSIGHTS (in US$ million) A = Adjustments made of Adjusted Net Earnings 2019 2018 1. The gain in 2019 is due to a $0.9 million GOLD REVENUE 151 199 loss on the gold revenue protection Op
Slide 43: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Expected to quickly deleverage as Ity CIL now in production Net debt analysis INSIGHTS Gearing 1 Net Debt Net Debt / Adj. EBITDA (LTM) › Net debt increased from $536m to $635m over the past quarter mainly due to the Ity construction 1.68x › Net
Slide 44: Diversified Debt Sources
CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $350M RCF : Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR plus t
Slide 45: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on capital employed (1) in % Only 6 months of Karma Full spending on Full spending on Ity but only 11% 11% Houndé but only 2 online in 2019 Target months of Houndé benefit to EBIT > 20% 8% 7% 2015 2016 2017 2018 Mid-term (1) EBIT (adjusted for
Slide 46: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 47: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 44.7Mt @ 2.2 g/t for 3.134Moz (incl. of Reserves) Inferred: 3.2Mt @ 2.6 g/t for 0.268Moz Ouagadougou Reserves 27.5Mt @ 2 g/t for 1.740Moz Houndé Mine CI
Slide 48: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Higher Grade Bouéré deposit to increase production in H2-2019 Q1-19 vs Q4-18 INSIGHTS Production and AISC › Production decreased in line with expectations Production, koz AISC, US$/oz as low-grade stockpiles temporarily supplemented plant feed. Mining
Slide 49: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance FULL YEAR 2018 INSIGHTS Production and AISC › Production significantly exceeded full-year AISC ($/oz) Production (koz) guidance due to both the mining activities and the process plant performing above their nam
Slide 50: Houndé Out-Performing Study Metrics
CORPORATE PRESENTATION HOUNDÉ OUT-PERFORMING STUDY METRICS Production and AISC better than study estimates METRIC 2018 STUDY Study production profile compared to actuals ACHIEVEMENT COMPARISON Production based on reserves, koz AISC/oz (Life of mine average) MINING 41Mt vs 32Mt +28% 296koz feasibilit
Slide 51: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted INSIGHTS › Following a two year period of no exploration drilling, activities resumed in 2017 2.5-3.5Moz › In 2017, targets were 5-YEAR DISCOVERY drilled and ranked › Work performed also TARGET included ad
Slide 52: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in Q1-2019 INSIGHTS Houndé exploration targets over gold-in-soil anomalies › Houndé is the largest exploration focus for Endeavour in 2019 with a budget of $17 million comprising approximately 195,000m of drilling with the aim
Slide 53: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area INSIGHTS Kari target map › Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area › Over the past 18 months, a total of 2,237 holes have been drilled (comprised of 1,431 AC, 716 RC
Slide 54: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump 1Moz maiden resource increased M&I resources by 40% INSIGHTS Drill map and selected intercepts per area (true width/grade) › Indicated resource of 11.3Mt at 2.71 g/t Au for 987koz; Inferred resource of 0.2Mt at 2.21g/t Au for 20koz › The min
Slide 55: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump mineralization starts at surface Section A-A’ 55
Slide 56: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~45% of the Kari Pump resource is located within the oxide and transition Section B-B’ 56
Slide 57: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation INSIGHTS KP Gram-Meter intercepts map › Over 85% of all drill holes (Resource and Kari delineation drilling) encountered at least 2m @>2.5 g/t West › Some intercepts are outstanding with very high Gram-
Slide 58: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation Test link between KP and KC Kari Pump Extension grid #1 grid #2 Kari W Kari West Pump Kari Center Resource definition 58
Slide 59: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource expected to be delineated in 2019 INSIGHTS Gram Meters › Mineralization was first intercepted at ! 26 - 30 Kari Pump ! 31 - 50 Kari Center during the initial 2017 ! 51 - 95 reconnaissance drilling campaign. › Further 2018
Slide 60: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource expected to be delineated in 2019 INSIGHTS › Discovered during the 2018 AC drilling campaign › To date, reconnaissance drilling has successfully defined a mineralized area of at least 1km in strike length at a width of 500 m
Slide 61: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 61
Slide 62: Ity Heap Leach Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources (HL + CIL) M&I: 73.6Mt @ 1.5 g/t for 3.646Moz (incl. of Reserves) Inferred: 19.1Mt @ 1.3 g/t for 0.823Moz Côte d’Ivoire Ity Mine Rese
Slide 63: Ity Heap Leach Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Residual recovery after mining operations ceased in December 2018 Q1-19 vs Q4-18 INSIGHTS Production and AISC › As previously disclosed, mining and stacking Production, koz AISC, US$/oz activities for the Heap Leach operations 25koz ceased in
Slide 64: Ity Heap Leach Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Mining and stacking activities ceased mid-December FY-2018 vs FY-2017 Insights Production and AISC › Production significantly exceeded its full-year guidance as opportunistic mining was carried-out AISC ($/oz) Production (koz) in the second h
Slide 65: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Increased resource generated potential to replace heap leach with CIL KEY CHANGES OF ADVANTAGE INCLUDE: SHIFTING TO CIL PLANT: Heap Leaching Process ›› Resource increase generated potential to replace the current heap leach facility to CIL plant
Slide 66: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1 (10%)
Slide 67: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significantly improved production profile Production Profile OS production FS production AISC for OS 250koz 250koz 238koz 224koz Exploration potential 235koz 213koz average production 201koz 190koz over first 5 years 162koz 159koz 151koz $484/oz
Slide 68: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $1,400/oz $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m $0m -$
Slide 69: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Completed 4 months ahead of schedule and under-budget Mills Power Station Wet Plant Primary Crusher & ROM 69
Slide 70: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Completed 4 months ahead of schedule and under-budget HIGHLIGHTS Ity CIL Plant Book Value (in m$) › Ity CIL project began processing ore on February 20, 2019 and achieved its first gold pour on March 19, 2019, 4 months $415-420m ahead of schedule $
Slide 71: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in
Slide 72: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong near-mine exploration potential Ity Mine Drilling Targets Simplified Ity Map with Exploration Targets 72
Slide 73: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE 2019 exploration focus is on the La Plaque discovery Le Plaque Area INSIGHTS › A $10 million exploration campaign has been planned in 2019 totaling approximately 71,000m with the aim of extending and delineating the Le Plaque deposit, conducting regiona
Slide 74: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Section A (Az. 225) 74
Slide 75: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Long Section B (Az. 115) 75
Slide 76: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets expected to be tested in H1-2019 76
Slide 77: Ity Trend, Côte d'Ivoire
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several
Slide 78: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources M&I: 9.5Mt @ 2.2 g/t for 0.664Moz Ity Mine (incl. of Reserves) Inferred: 0.8Mt @ 1.7g/t for 0.046Moz Reserves 8.6Mt @ 1.7g/t for 0.461Moz Agb
Slide 79: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Waste capitalization efforts expected to progress throughout the year Q1-19 vs Q4-18 INSIGHTS Production and AISC › Production decreased in line with Production, koz AISC, US$/oz expectations as low-grade stockpiles temporarily supplemented plant fee
Slide 80: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Shifting to a harder ore blend FULL YEAR 2018 INSIGHTS Production and AISC › Production achieved the lower end of the guided 140- 150koz range AISC ($/oz) Production (koz) › AISC increased, but remained well below the guided range as a portion of the
Slide 81: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017-2018 > 50 ppb priorities were to test area and to generate targets and 0.5-1.5Moz prioritize for the 5-YEAR DISCOVERY upcoming campaigns TARGET › Key Areas targeted were
Slide 82: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Exploration activities postponed until later in the year Agbaou Site Map INSIGHTS › An exploration program of up to $2 million, totaling approximately 10,000m has been initially planned for 2019 with the aim of delineating oxide material in extension
Slide 83: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au
Slide 84: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 yeas at a 10% lower AISC Production and AISC performance vs. study Actual production Study production Actual AISC Study AISC Mainly free-dig oxide operation 196koz Mixing low-grade to speed up wa
Slide 85: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Plant running significantly above nameplate Plant performance vs. study Actual Study Benefit of plant running 30% above nameplate and additions of oxide ore reserve ~30% 2.8kt 2.9kt 2.8kt above nameplate 2.7kt capacity based >2mtpa base
Slide 86: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Reserves endowment up 48% since construction with more oxide material Reserves and depletion Reserves at year-end Cummulative depletion 1.3Moz reserve 1.3Moz endowment reserves endowment 1,027koz 880koz 926koz 853koz 668koz 461koz 151ko
Slide 87: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Additional $182m after-tax cash flow was generated Cumulative After-Tax Cash Flows(1) Study Actual US$m 400 300 $322m 62% IRR based only on 200 Payback of first 5 years $140m 100 18 months 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 (10
Slide 88: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 75.3Mt @ 1.1 g/t for 2.655Moz (incl. of Reserves) Inferred: 17.9Mt @ 1.3 g/t for 0.772Moz Ouagadougou Reserves 27.5Mt @ 0.9g/t for 0.764Moz Houndé Mine P
Slide 89: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Temporary use of low-grade stockpiles supplementing stack feed Q1-19 vs Q4-18 INSIGHTS Production and AISC › Production decreased in line with Production, koz AISC, US$/oz expectations due to the low-grade stockpiles 33koz temporarily used to supplemen
Slide 90: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Production increased due to plant optimization carried out in 2017 FULL YEAR 2018 INSIGHTS Production and AISC › Production increased despite a lower processed grade, as the plant optimisation work done in 2017 increased stacking capacity AISC ($/oz) P
Slide 91: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Focus on North Koa, Yabonsgo and near-mill targets INSIGHTS Karma Site Map › An exploration program of up to $2 million totaling approximately 27,000m has been planned for 2019, with the aim of delineating near-mill oxide targets, mainly focused on tes
Slide 92: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS – Based on Avnel’s DFS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.0Moz @ 4.14g/t (as per Avnel) Mali Reserves 1.96Moz @ 2.80g/t (as per Avnel) Mining
Slide 93: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha
Slide 94: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Significant increase in resource confidence based on tighter geological controls INSIGHTS Kalana Main deposit M&I resource evolution › Exploration program in 2018 amounted to $7 million comprised of approximately 48,000m of drilling › At the Kalana Main de
Slide 95: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 95
Slide 96: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Work undertaken at Kalana since acquisition FOLLOWING THE Ity CIL Project Case Study AVNEL ACQUISITION: Plant Size Reserves Production AISC Mine life First 5 years First 10 years First 5 years First 10 years › Integration of Avnel into Endeavour Ity PFS 2.
Slide 97: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Aim to increase resource base for project Several Licenses under negociation INSIGHTS With Private owners › A $4 million exploration campaign totaling approximately 26,000m has been planned for 2019, starting in the second quarter, with the aim of testing
Slide 98: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Results – Positive Kalana North Intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 98
Slide 99: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource was published in Q1-2019 Tonnage Grade Content Kalanako (Kt) Au g/t (Au koz) Meas
Slide 100: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana Exploration Potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling started in 2019 100
Slide 101: Fétékro Greenfield Exploration in Côte d'Ivoire
CORPORATE PRESENTATION FÉTÉKRO GREENFIELD EXPLORATION IN CÔTE D’IVOIRE Objective of discovering Endeavour’s next standalone project INSIGHTS Fétékro’s Lafigué exploration prospect gold in soil map › Published maiden resource estimate on the Lafigué target and identified of 14 additional nearby targe
Slide 102: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigue Center Cross-Sections 102
Slide 103: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigue North Cross-Section 103
Slide 104: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Barrick on Sissedougou / Mankono JV WITH BARRICK (EX-RANDGOLD) › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0
Slide 105: Greenfield Exploration, Burkina Faso
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 105
Slide 106: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695 km² 106
Slide 107: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 107
Slide 108: Greenfield Exploration, Mali
CORPORATE PRESENTATION GREENFIELD EXPLORATION, Mali Kofi area › Kofi on same trend as Randgold’s Loulo-Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Focus in 2019 will be attaining additional license around Kofi North / Netekoto to consolidate exploration cluste
Slide 109: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 110: Equity Markets Strongly Support West Africa
CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Amongst top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 10 $9.82B 8 +$ 6 billion raised for West Africa $6.35B $5.89B US$ Billions 6 4 $3.
Slide 111: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) 677 634 +$5.0b spent in West Africa over last 10 years 385 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is USA C
Slide 112: Significant West-Africa Exploration Success
CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz No.1 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M
Slide 113: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 2017 exploration budget ($m) Canada Australia 600 500 400 West More spending, yet 5x smaller land mass Africa USA 300
Slide 114: Burkina Faso & Cote d'Ivoire Are Under-Explored
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production % of Birimian greenstone belt West African geology - Birimian greenstone belt Burkina Faso 22% Côte d’Ivoire 35% Other 14% Mali Ghana 10% 19% 2016 production (Moz) Côte Burkina
Slide 115: Burkina Faso & Cote d'Ivoire Are Fast Growing
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represent half of the region's exploration expenditures West African exploration expenditures by country 2017 exploration expenditures Côte d’Ivoire 20% ~50% Burkina Faso of West African exploration 29% expenditures Ghana Other Cou
Slide 116: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 production gold by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz 5Moz 5Moz 5Moz 4Moz 3Moz 3Moz 3Moz 4th largest gold producing China Mexico Un
Slide 117: West Africa Operates as an Economic Union
CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated Countries using West African CFA INSIGHTS › West Africa acts as an economic zone (WAEMU) › Common central bank for 8 states › Common currency which is pegged to the Euro › Fiscal
Slide 118: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali 2017 GDP (USD b) (1) 12.87 40.39 15.29 2017 GDP Growth(1) 6.7% 7.8% 5.3% GDP › Agriculture (31%), manufacturing, › Agriculture (20%), manufacturing,
Slide 119: West Africa Mining Codes Are Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries Corporate Income Tax and Royalties INSIGHTS › Transfer pricing regulations Country / Region Corporate Tax Mining Royalties recently established in the Burkina Faso Up to 27.5% Up to 5% jurisdiction C
Slide 120: Endeavour Is Emerging as the Only Multi-Asset West African Mid-Tier Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE ONLY MULTI-ASSET WEST AFRICAN MID-TIER PRODUCER Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World Geographically focused yet diversified across multiple mines and m
Slide 121: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 122: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Olivier COLOM, Livia MAHLER, Jim ASKEW, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director CEO & President Non-executi
Slide 123: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com Credit Suisse Fahad Tariq ✆ +1 416 352 4593 ✉ fahad.tariq@credit-suisse.com Clarus Securities Nana Sangmuah ✆ +1 416 343 3350 ✉ nsangmuah@clarussecurities.com D
Slide 124: Convertible Bond
CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%
Slide 125: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 126: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Capital Employed (US$ '000) 2015 2016 2017 2018 Total Assets 1,054,094 1,357,098 1,693,511 1,922,043 Less: Mining Interests (740,756) (1,039,529) (1,363,904) (1,543,842) Tabakoto 235,585 235,844 101,611 0 Nzema 166,342 99,045 0 0 Youga 11,686 0 0 0 A
Slide 127: Production and Cost Details by Mine
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU ITY CIL ITY HL KARMA HOUNDÉ (on a 100% basis) Unit Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Q1-2019 Q4-2018 Q1-2018 Physicals Total tonnes mined – OP1 000t 6,
Slide 128: Production and Cost Details by Mine
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a yearly basis AGBAOU TABAKOTO ITY KARMA HOUNDÉ (on a 100% basis) Unit Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Physicals Total tonnes mine
Slide 129: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 129 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at Note March 31, December 31, In thousands of US$ 2019 2018 ASSETS Current Cash 84,034 124,022 Cash - restricted 3,511 1,073 Trade and other receivables 6 62,387 57,782 Inventories 4 122,404 126,353 Current portion of
Slide 130: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 130 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 130
Slide 131: Cash Flow Statement
CORPORATE PRESENTATION 131 CASH FLOW STATEMENT 131
Slide 132: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2018 Fetekro Project 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 - - - Resources shown Tonnage Grade Content Probable Rese