Slide 1: Denver Gold Forum Presentation
TSX & LSE: EDV OTCQX: EDVMF Denver Gold Forum Presentation Ian Cockerill – Chief Executive Officer 16 September 2024 1
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial currency exchange rates; increases in market prices of mining consumables; possible variations in measures, including sustaining capital per ounce, non-sustaining capita
Slide 3: Organic Growth Phase Completed…
ORGANIC GROWTH PHASE COMPLETED… FOCUSED ON Group Portfolio …Entering 2024 Post Growth Phase ∆ INCREASING FREE CASH Processing plants 4 6 +50% FLOW GENERATION Production 1.1 – 1.2Moz +1.3Moz +20%1 FOLLOWING GROWTH AISC Sector leading Sector leading Stable PHASE Production visibility2 ~10 years ~14 ye
Slide 4: Endeavour Has an Unmatched Competitive Advantage
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 guidance1 4 1) All-In Sustaining Cost guidance considers an $1,850/oz gold price
Slide 5: Operational Benchmarks
OPERATIONAL BENCHMARKS CROSS SECTOR BENCHMARKING FY-2024 Production Guidance FY-2024 All-in Sustaining Cost Guidance1 7Moz $2,000 6Moz $1,800 $1,600 5Moz $1,400 4Moz $1,200 $1,000 PEER 3Moz 2Moz $800 BENCHMARKING 1Moz $600 $400 0Moz $200 Barrick Barrick Newmont Newmont Kinross IAMGOLD Kinross Eldora
Slide 6: 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 7: Maintaining a High Quality Portfolio
MAINTAINING A HIGH QUALITY PORTFOLIO A resilient business that generates sufficient cash flow to reward our stakeholders Investing In Operational Portfolio Unlocking People Excellence Management Exploration KEY Developing local talent Delivering against Focused on large, low- Proven ranking PILLARS
Slide 8: Operating Model Prioritising Our People
OPERATING MODEL PRIORITISING OUR PEOPLE INVESTING IN PEOPLE Regional hub provides a strong competitive advantage INVESTING IN PEOPLE MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances + 11 years ability to extract Meeting or exceeding production guidance synergies
Slide 9: Delivering Organic Growth
DELIVERING ORGANIC GROWTH OPERATIONAL EXCELLENCE Commercial production achieved on schedule at both growth projects in Q3-2024 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-grad
Slide 10: Strong Construction Track Record
CEO INTRODUCTION STRONG CONSTRUCTION TRACK RECORD OPERATIONAL EXCELLENCE Leveraging our in-house construction expertise TRACK RECORD HOUNDE 18 month LAFIGUÉ 21 month Delivered on-schedule in Construction Construction <24 months 2week Q3-2024 Ramp-up Ramp-up Delivered on or below budget 3.0mtpa 4.0mt
Slide 11: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT PORTFOLIO MANAGEMENT An improved portfolio underpinned by high quality growth projects Key pillars Endeavour’s portfolio Current operations1 Divested operations AISC, $/oz 1,650 1,500 Investing In Operational People Excellence Wahgnion 1,350 Karma Mana Industry Average3 1
Slide 12: Attractive Organic Pipeline
ATTRACTIVE ORGANIC PIPELINE PORTFOLIO MANAGEMENT Strong competition for capital on a returns basis across the portfolio OPTIMISING OUR RECYANIDATION PIT SHELL SOLAR POWER GRID POWER OPERATING PROJECT OPTIMISATION CONNECTION THROUGHPUT PORTFOLIO Ity Mine MINERAL SIZER STATCOM POWER Hounde Mine OPTIMI
Slide 13: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION 18.6Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered 18.6Moz 3.6 Exploration spend 3.6Moz Moz 3.0Moz Discovered in 3.5Moz FY-2023 2.2Moz 2.1Moz 1.3Moz 1.9Moz <$ 25/oz 1.0Moz Targeted discovery cos
Slide 14: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE UNLOCKING EXPLORATION A potential Tier 1 asset INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a low discovery cost of $11 per Indicated ounce › PFS expected to define a top- tier, large, low-cost open pit mine with district scale potential. Study expec
Slide 15: Ity, Côte d'Ivoire
ITY, CÔTE D’IVOIRE UNLOCKING EXPLORATION Significant reserve and resource potential at the Ity Doughnut INSIGHTS 2023 Grand Ity reserve model1 H1-2024 Grand Ity reserve model2 › Significant resource and Bakatouo NW reserve expansion potential identified at Ity, in close proximity to the Processing P
Slide 16: Robust Financial Position
ROBUST FINANCIAL POSITION Focused on increasing shareholder returns and de-levering 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 SHARE
Slide 17: Industry Leading Shareholder Returns
INDUSTRY LEADING SHAREHOLDER RETURNS Attractive returns composed of minimum and supplemental returns Dividend payout history Shareholder returns in context Supplemental Dividend Minimum Dividend Paid $100m $100m $100m $100m $100m ($0.40/sh) ($0.41/sh) ($0.40/sh) ($0.41/sh) ($0.41/sh) $ RETURNED PER
Slide 18: 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 1.4B Supplemental Dividend Supplemental Shareholder Returns $1,358m $ Minimum
Slide 19: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Transition to a phase focussed on free cash flow generation to underpin increased shareholder returns Key Priorities Key Upcoming Catalysts Deliver production guidance of 1.1 – 1.3Moz at AISC near Sabodala- Achieved commercial OPERATIONS the top end of the guided $
Slide 20: TSX.EDV LSE.EDV
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 20