Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (April 2023)
193 slides from Endeavour Mining's investor presentation, April 2023
Slide 1: Corporate Presentation April 2023
TSX & LSE: EDV OTCQX: EDVMF CORPORATE PRESENTATION April 2023
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 and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour has an unmatched competitive advantage
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 6 Gold 1,325-1,425koz West African producer mines AISC $940-995/oz 2023 Guidance 5
Slide 6: Peer benchmarking and cross sector benchmarking
PEER industries BENCHMARKING senior gold producers and other CROSS SECTOR BENCHMARKING Endeavour is attractive relative to other 0Moz 1Moz 2Moz 3Moz 4Moz 5Moz 6Moz 7Moz 0% 20% 30% 40% 50% 60% 70% 80% 90% 10% Real Estate Newmont Endeavour Barrick Gold Agnico Eagle Gold Peers Anglogold Telecoms Gold F
Slide 7: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 28 February 2023 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 1 April 2023 248m Rank Institution name % of S/O 1 La Mancha 19.5% Share price as at 1 April 2023 £20.26 / C$33.80 2 BlackRock Investment Management (U
Slide 8: Our purpose is to produce gold that provides lasting value
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
Watch CEO OUR STRATEGY video 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 Employment and training Prudent balance sheet managemen
Slide 10: Focused on being a resilient business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMISATION PILLARS $950/oz Industry-leading All-in Sustaining Cost 01 Operational Excellence +10 YEARS Productio
Slide 11: Superior operating model
1 SUPERIOR OPERATING MODEL OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies › Significant synergies from shared technical functions › Han
Slide 12: Met guidance for 10th consecutive year
1 MET GUIDANCE FOR 10TH CONSECUTIVE YEAR OPERATIONAL EXCELLENCE Achieved top-end of production and AISC guidance 0.02 GROUP SAFETY LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 1,400 koz GROUP ACHIEVED FY TOP END OF PRODUCTION (For continuing operations) GUIDANCE 1,315-1,400koz Guidance GROUP A
Slide 13: Low cost provides competitive advantage
1 LOW COST PROVIDES COMPETITIVE ADVANTAGE OPERATIONAL EXCELLENCE Low cost profile supports cash flow generation FY-2022 AISC versus initial FY-2022 guidance Initial AISC Guidance Range (US$/oz) FY-2022 AISC (US$/oz) $928/oz 1,700 1,600 1,500 Endeavour’s All-In Sustaining Cost 1,400 FY-2022 1,300 1,2
Slide 14: Strong construction track record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Five recent builds integrated within our business AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔT
Slide 15: Project pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio +110 EXPLORATION PROPERTIES 7 DEVELOPMENT PROJECTS 6 MINING OPERATIONS Current high priority efforts: In construction: Optimization initiatives: Siguiri Sia/Sianikoui Lafigué Sabodala-Massaw
Slide 16: Sabodala-Massawa expansion
2 SABODALA-MASSAWA EXPANSION PROJECT DEVELOPMENT On budget and on track for first gold in Q2-2024 INSIGHTS › Expansion of flagship Sabodala-Massawa mine with a 1.2Mtpa BIOX® plant, designed to process high-grade refractory ore from the Massawa deposits › After-tax NPV5% & IRR at $1,500/oz of $861m &
Slide 17: Lafigué greenfield project
2 LAFIGUÉ GREENFIELD PROJECT PROJECT DEVELOPMENT On budget and on track for first gold in Q3-2024 INSIGHTS › Lafigué greenfield development is a potential cornerstone asset with envisaged annual production of 203koz over the 12.8 year initial life of mine at a low AISC of $871/oz › After-tax NPV5% &
Slide 18: Largest exploration presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… KOFI LIPTAKO SIGUIRI NABANGA …only represents ~30% of production BANTOU since
Slide 19: Proven ranking and screening methodology
Watch 3 PROVEN RANKING AND SCREENING METHODOLOGY video UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selectio
Slide 20: Moz of M&I resources discovered since mid-2016
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 15Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered Exploration spend 3.0Moz 15.0Moz Discovered 3.0Moz M&I resources 3.5Moz discovered in 2022 2.2Moz 2.1Moz 1.0Moz 1.3Moz 1.9Moz <$ 25/oz di
Slide 21: On track to achieve 5-year discovery target of 15-20Moz
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE On track to achieve 5-year discovery target of 15-20Moz 5-year M&I resource discovery target Remaining Indicated resource discovery target (2021 - 2025) 6.5Moz M&I resources discovered in 2021 and 2022 M&I resource as at 31 December, 2020 M&I
Slide 22: Major greenfield discovery made in 2022
3 MAJOR GREENFIELD DISCOVERY MADE IN 2022 UNLOCKING EXPLORATION VALUE Tanda-Iguela has the 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 resou
Slide 23: 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 / Ceased operations Construction project2 Expanding Sabodala-Massawa AISC, $/oz Realised syne
Slide 24: Production outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining industry-leading AISC Production and AISC For discontinued operations For continuing operations1 Start of Full year Sabodala- benefit of Massawa both projects expansion & Lafigué 1.6Moz +1.6Moz <$950/oz +1.5Moz Full year <$
Slide 25: Strong cash generation
STRONG CASH GENERATION Provides ability to fund capital allocation priorities Operating Cash Flow and Capital expenditure Cash generated from operating activities Cash used in investing activities Realized Gold Price INVESTMENT PHASE CASH FLOW PHASE -$ 134m Operating CF FY-2022 vs. FY-2021 $1,156m $
Slide 26: Capital allocation priorities
CAPITAL ALLOCATION PRIORITIES Strong cash flow underpins ability to deliver against capital allocation priorities REINVESTING IN OPERATIONS INVESTING IN GROWTH PROJECTS $379m spent on sustaining and $127m spent on Sabodala-Massawa and Lafigué non-sustaining capital project construction BEING A TRUST
Slide 27: Attractive shareholder returns
ATTRACTIVE SHAREHOLDER RETURNS Returning significant value to shareholders FY-2022 shareholder returns declared1 Shareholder returns in context of FY-2022 results PRODUCTION REVENUE $212/oz Buyback returned for every ounce 12% of revenue $99m of gold produced distributed $299m Dividend OPERATING CAS
Slide 28: Attractive shareholder returns
ATTRACTIVE SHAREHOLDER RETURNS $637m of cumulative returns since programme began SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid $200m Minimum Progressive Dividend ($0.81/sh) › In 2021, Endeavour implemented a minimum $140m $50m progressive dividend
Slide 29: Attractive shareholder returns
ATTRACTIVE SHAREHOLDER RETURNS Buybacks continued to supplement dividends Cumulative shareholder returns Cumulative Buybacks Cumulative Dividend1 637m $637m $ $237m Total shareholder capital returns since 2021 $338m $138m $400m 10.6m $200m Shares repurchased $60m since commencement of buyback progra
Slide 30: Net cash evolution
NET CASH EVOLUTION Strong net cash position supports shareholder returns and growth Net cash evolution (Net Debt)/ Net Cash 1.53B INVESTMENT DEBT REDUCTION SHAREHOLDER RETURNS PHASE PHASE PHASE WITH ABILITY TO FUND GROWTH $217m $ $167m $75m $76m $121m Available liquidity $3m as at 31 December 2022 C
Slide 31: Being a trusted partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2022 scores1 Endeavour MSCI rating evolution2 Newmont Endeavour 2022 2022 AA Yamana Kirkland Gold Fields Agnico Eagle AngloGold Ashanti 2021 A Newcrest B2 Gold CCC Endeavour 2021 AA 17% 25% Kinross 2020 BB $300m B
Slide 32: London Stock Exchange listing progress
LONDON STOCK EXCHANGE LISTING PROGRESS Strong UK liquidity growth following premium LSE listing in Q2-2021 Volume traded on LSE compared to the TSX1 42% 42% 38% 37% 33% FTSE of shares outstanding 250 in the UK register FTSE ALL SHARE 26% >40% 23% FTSE 100 of daily volume in the UK in Q4-2022 Q3-2021
Slide 33: Ability to reward shareholders across cycles
Watch ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES video 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 Po
Slide 34: Key 2023 priorities across the business
KEY 2023 PRIORITIES ACROSS THE BUSINESS Continuing to build a resilient business with disciplined capital allocation 2023 production guidance of 1,325 - 1,425koz OUR STRATEGY OPERATIONS at lowest quartile AISC of $940 - $995/oz GROWTH Invest $400m in Sabodala-Massawa and Lafigué growth MAINTAINING A
Slide 35: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 35
Slide 36: Operational & financial highlights
OPERATIONAL & FINANCIAL HIGHLIGHTS Robust production at low AISC QUARTER ENDED YEAR ENDED For Continuing Operations Dec. 31, Sep. 30 Dec. 31, Dec-22 Dec. 31, Dec. 31, Dec-22 (in $ million unless otherwise stated) 2022 2022 2021 vs. Sep-22 2022 2021 vs. Dec-21 +102% PRODUCTION, SALES AND AISC HIGHLIG
Slide 37: Annual production and AISC
ANNUAL PRODUCTION AND AISC Achieved top-end of production and AISC guidance Production and AISC Production from discontinued operations 1,516koz -3% Production from continuing operations AISC from continuing operations (US$/oz) 1,410koz Production from continuing operations FY-2022 vs. FY-2021 803ko
Slide 38: Short term revenue protection programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › In FY-2022, 300koz were settled under the 2400 Growth and shareholder gold collar. In addition, approximately 514koz return focus in forward sales con
Slide 39: Operating cash flow before working capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Strong cash flow generation supports disciplined capital allocation policy Operating cash flow before working capital From discontinued operations1 From continuing operations 24m Realised Gold Price -$ Operating CF before WC for continuing operations FY-202
Slide 40: 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 mechanisms where prices are revised periodically, Q3-2021 Q2-2022 Q3-2022 Q4-2022 sheltering Endeavour from peak fuel pricing -2% S
Slide 41: Change in net cash
CHANGE IN NET CASH Healthy financial position with increased net cash position at year-end INSIGHTS Change in net cash 1. For FY-2022, operating activities included $1,019m in operating cashflow before changes in working capital, a $92m 1 2 working capital outflow, and $5m in operating cash flow gen
Slide 42: Debt structure
DEBT STRUCTURE Diversified long-term debt structure DEBT STRUCTURE INCLUDE: Balance Sheet Structure $500m Senior Notes (in $ million unless stated otherwise) 31 Dec 2022 30 Sep 2022 31 Dec 2021 › 5% fixed coupon rate notes mature in October 2026 $370m $575m Unsecured RCF Cash 951 833 906 › Coupon ra
Slide 43: 2023 Guidance
2023 GUIDANCE INSIGHTS Consolidated Production Guidance 2023 FULL-YEAR 2022 ACTUALS (All amounts in koz, on a 100% basis) GUIDANCE › Production guidance for FY-2023 amounts to 1,325-1,425koz, which marks an increase over Ity 313 285 — 300 the FY-2022 guidance of 1,315-1,400koz Houndé 295 270 — 285 ›
Slide 44: 2023 Guidance (Continued)
2023 GUIDANCE (Continued) INSIGHTS Capital Expenditure Guidance › Total sustaining and non-sustaining capital expenditure is (All amounts in US$m) 2022 ACTUALS 2023 GUIDANCE expected to remain consistent with that achieved in FY-2022, at Boungou 7 5 $370m for FY-2023 Houndé 27 40 ‒ Sustaining capita
Slide 45: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 45
Slide 46: Diversified portfolio of six mines
DIVERSIFIED PORTFOLIO OF SIX MINES P&P RESERVES M&I RESOURCES 2022 Actuals 2023 Guidance as at Dec 31, 2022 as at Dec 31, 2022 NAME COUNTRY PRODUCTION AISC PRODUCTION AISC CONTAINED GRADE CONTAINED GRADE (koz) (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) GOLD (Moz) (g/t) Houndé Burkina Faso 295 809 270-
Slide 47: Safety performance
SAFETY PERFORMANCE Continued industry-leading safety results LTIFR and hours worked Hours Worked (Millions) LTIFR (12 month Trailing Basis)1 39M 39M 39M 41M 41M -71% LTIFR Q4-2022 vs Q3-2022 0.20 0.15 0.13 0.07 0.02 0.02 LTIFR Q4-2022 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 (1) Lost Time Injury Freq
Slide 48: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Snapshot 315-340koz $760-810/oz 4.1Moz 6.3Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a
Slide 49: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at Dec 31, 2022 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2.3 -
Slide 50: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Higher grade oxide ore from Massawa North Zone in Q4-2022 Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to an increase in processed grade and plant throughput while
Slide 51: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION On budget and on schedule for first gold in Q2-2024 BIOX Reactor construction and Neutralisation tanks Power plant expansion civil works underway INSIGHTS › Construction of the Sabodala-Massawa BIOX® project was launched in Q2-2022 and remains on budget and schedule for co
Slide 52: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2023 Guidance mid-point BIOX® production CIL production 450Koz Targeting production +400koz per annum 400Koz 350Koz 300Koz 250Koz 200Koz 150Koz 100Koz 50Koz 0Koz 2021A1 2022
Slide 53: Robust economics for the expansion project
CORPORATE PRESENTATION Expansion Project Highlights (excludes current CIL operation) SABODALA-MASSAWA FIRST FIVE YEARS LIFE OF MINE Senegal (2024-2028) (2024-2033) OPERATING SUMMARY Tonnes processed, Mt 5.7 10.8 Strip ratio, W:O 7.7 8.5 ROBUST ECONOMICS Grade processed, Au g/t Gold contained process
Slide 54: Scope changes in DFS compared to PFS
SABODALA-MASSAWA EXPANSION Scope changes in DFS compared to PFS AREA DESCRIPTION OF CHANGE EXPECTED RESULT Capital cost estimates Additional geometallurgical work has reclassified Removes risk associated with blending transitional and fresh CAPITAL fresh and transitional ore from the Massawa ore wit
Slide 55: 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 2022 106Mt at 1.86g/t au containing 6.33Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-g
Slide 56: Discovery track record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I resource additions versus depletion M&I Resource at year end Cumulative Depletion ~10Moz 10.0Moz 9.8Moz 9.3Moz 9.3Moz 3.1Moz 2.4Moz 2.7Moz 3.5Moz Defined gold 6.3Moz endowment 6.1Moz 6.2Moz 1.6Moz1 1.9Moz 2.1Moz 6.3Moz 6.9Mo
Slide 57: 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 4.1Moz (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au
Slide 58: Near term exploration focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on increasing near-mine non-refractory resources INSIGHTS › Phased approach to property wide exploration programme through a review of the existing data, to prioritise drill targets and further soil sampling programmes › Exploration in 2020 and 2021 w
Slide 59: 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 60: 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 H1-2022, an updated mineral r
Slide 61: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike 61
Slide 62: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 62
Slide 63: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Snapshot 285-300koz $840-915/oz 3.0Moz 5.0Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone as
Slide 64: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at Dec 31, 2022 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mining
Slide 65: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Record throughput underpins record full-year production Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production was slightly higher than the prior quarter as lower processed grades wer
Slide 66: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview Ity production plan 2023 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
Slide 67: Ity Mine Recyanidation Project
ITY MINE Recyanidation Project INSIGHTS 3D Model › Recyanidation circuit aims to: ‒ optimise costs by reducing leaching and detox reagent consumption ‒ improving the quality of the discharge water ‒ increasing production through higher recovery rates › The Recyanidation process reduces cyanide consu
Slide 68: 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 Dec 31, 2022 97Mt at 1.59g/t au containing 4.97Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through high
Slide 69: 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 7.8Moz 5.9Moz 2.8Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.6Moz 5.0Moz 4.5Moz 3.
Slide 70: Ity resource model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 70
Slide 71: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on high-grade oxide at near mine targets and Le Plaque INSIGHTS › An exploration programme of $10.0 million was spent in FY-2022, which included 51,181 meters of drilling across 330 drill holes. The exploration programme was focused on extending resources at seve
Slide 72: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant West Flotouo Plan Map West Flotouo Cross Section VO21-165 8.4m @ 4.57 g/t Au 5.9m @ 14.55 g/t Au VO21-176 25.8m @ 4.91 g/t Au 4.2m @ 10.85 g/t Au VO21-158 14.8m @ 3.04 g/t Au 5.9m @ 10.65 g/t Au VO21-096 25.2m @ 13.00g/t Au 3.7m @ 11.01g/t
Slide 73: Le Plaque
LE PLAQUE Updated resources extended mineralisation INSIGHTS Le Plaque Exploration Targets › During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension › The high grade Le Plaque deposit has b
Slide 74: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 74
Slide 75: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added WA21-052 5m @ 17.02 g/t Au WA21-074 3m @ 4.35 g/t Au 26.9m @ 3.24 g/t Au 6m @ 2.7 g/t Au WA21-033 WA21-025 18.4m @ 2.73 g/t Au 2m @ 39.84 g/t Au 23m @ 4.29 g/t Au 6.4m @ 3.86 g/t Au WA21-022 11m @ 2.54 g/t Au WA21-060 16.9m @ 6.20 g/t Au 19m
Slide 76: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu prospect 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 b
Slide 77: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 77
Slide 78: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 270-285koz $850-925/oz 2.7Moz 4.7Moz As at As at 2023 Target 2023 Target December 31, 2022 December 31, 2022 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s Th
Slide 79: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at Dec 31, 2022 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis)
Slide 80: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Record performance in FY-2022 Q4-2022 vs Q3-2022 INSIGHTS Production and AISC › Production decreased due to lower processed grades, which Production, koz AISC, US$/oz was slightly offset by higher mill throughput, w
Slide 81: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2023 Guidance mid-point Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potenti
Slide 82: 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 Dec 31, 2022 93Mt at 1.56g/t au containing 4.68Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo Sout
Slide 83: 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 6.2Moz 6.4Moz 6.2Moz 5.5Moz 1.2Moz 1.5Moz 0.9Moz Defined gold 4.5Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.6Moz 0.1Moz 4.6Moz 4.7Moz 3.9
Slide 84: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focused on Sianikoui and Dohoun, and Vindaloo South targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of $11.6 million was spent in FY-2022, which included 30,115 meters of drilling across 299 drill holes. The exploration
Slide 85: 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 86: Mambo
MAMBO Down dip mineralisation extension remains open 86
Slide 87: 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 kilometers) 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 88: Sianikoui
SIANIKOUI Drilling to continue through the year at high-grade target north of Kari area 88
Slide 89: Vindaloo drill programme
VINDALOO DRILL PROGRAMME Drill programme focussing on delineating the Vindaloo South deposit INSIGHTS › Following FY-2021 positive first pass drilling results, 28 new holes were drilled for a total of 4,034 meters to delineate the Vindaloo South deposit › This new deposit is located 1 kilometer sout
Slide 90: Vindaloo South section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 90
Slide 91: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 150-165koz $1,250-1,350/oz 0.7 Moz 1.0 Moz As at As at 2023 Target 2023 Target December 31, 2022 December 31, 2022 Production AISC P&P Reserves M&I Resources1 Overview The Wahgnion mine offers cash fl
Slide 92: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at Dec 31, 2022 • Greater mining flexibility following the commissioning of Resources shown Tonnage Grade Content the Samovogo satellite deposits later this
Slide 93: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Mining commenced at the higher grade Samavogo pit in late Q3-2022 Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher processed grades which was partia
Slide 94: Wahgnion Mine discovery target
DISCOVERY TARGET (2021-2025) WAHGNION MINE Burkina Faso 1.5 – 2.0Moz $25/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2022 18Mt at 1.70g/t Au containing 1.00Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucking dista
Slide 95: Wahgnion Mine exploration potential
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of $9.0 million was spent in FY-2022, which included 44,149 meters of drilling across 435 drill holes focussed on evalu
Slide 96: Ouahiri South
OUAHIRI SOUTH Large soil anomaly on the project permit located 8km to the west of the mine 96
Slide 97: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 190-210koz $950-1,050/oz 0.9 Moz 2.2 Moz As at As at 2023 Target 2023 Target December 31, 2022 December 31, 2022 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northe
Slide 98: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at Dec 31, 2022 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitioning
Slide 99: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Stope production ramping up at Wona underground Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher processed grades and gold recovery rates, partially off
Slide 100: 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 Dec 31, 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 explor
Slide 101: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $7.0 million was spent in FY-2022, which included 30,299 meters of drilling across 291 drill holes focussed on increasing the size of the resources at Maoula Est, Fofina a
Slide 102: Maoula
MAOULA Open pit oxide target 102
Slide 103: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 Base line MARC21-208 4.0m @ 3.33 g/t \ 14m SE 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 104: Nyafe Sud
NYAFE SUD Drilling focussed on delineating under explored refractory ore potential NYRC22-008 NYRC22-009 NYDD21-002 6 m @ 1.57 g/t \ 101m 6 m @ 1.99 g/t \ 55m 4.0 m @ 3.67 g/t \ 38.0m 1 m @ 1.50 g/t \ 153m 1 m @ 1.37 g/t \ 94m 1.2 m @ 1.99 g/t \ 97.1m 1 m @ 4.05 g/t \ 159m 3 m @ 2.69 g/t \ 97m 104
Slide 105: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 115-125koz $985-1,075/oz 0.8 Moz 1.0 Moz As at As at 2023 Target 2023 Target December 31, 2022 December 31, 2022 Production AISC P&P Reserves M&I Resources1 Overview The Boungou mine is a low cost, hig
Slide 106: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at Dec 31, 2022 • Brownfields drilling to re-optimise current pit designs and explore area Resources shown Tonnage Grade Content in between the East and West
Slide 107: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Production declined over last year to due the grade sequencing Q4-2022 vs Q3-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled and a slightly lower rec
Slide 108: Boungou Mine discovery target
DISCOVERY TARGET (2021-2025) BOUNGOU MINE Burkina Faso 1.0 – 1.5Moz $32/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2022 9Mt at 3.59g/t Au containing 0.99Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou SW, Natou
Slide 109: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focused on the Osaanpalo and Boungou East targets INSIGHTS Boungou Exploration Map › An exploration programme of $2.0 million was spent in FY-2022, which included 8,636 meters of drilling across 708 drill holes. The exploration programme was focused on identifying new tar
Slide 110: Near mine targets at Boungou
NEAR MINE TARGETS AT BOUNGOU Osaanpalo, Boungou East and Tawori are targets close to the plant Osaanpalo Boungou Est Tawori 110
Slide 111: Key optimisation initiatives
KEY OPTIMISATIONS INITIATIVES Continued optimization efforts to tackle inflationary pressures Sabodala-Massawa Ity Houndé ▪ Sabodala in-pit tailings can have +$31m in savings with ▪ Recyn project improves the environmental footprint ▪ Options to reduce energy costs and emissions reduced environmenta
Slide 112: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Côte D’Ivoire 203koz $871/oz 2.7Moz 3.0Moz As at As at Life of Mine annual Life of Mine annual Dec 31, 2022 Dec 31, 2022 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demonstr
Slide 113: Lafigué Project DFS highlights
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 114: Lafigué Project
Website 3D mine site tour 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 pr
Slide 115: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT On budget and on track for first gold in Q3-2024 Lafigué Project – CIL ring beam construction Lafigué Project – ball mill foundation PROJECT UPDATES › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potentia
Slide 116: 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 117: Discovery target (2021-2025)
DISCOVERY TARGET (2021-2025) LAFIGUÉ PROJECT Côte D’Ivoire 1.5 – 2.0Moz $45/oz Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2022 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 Lafigué
Slide 118: Fetekro exploration property
FETEKRO EXPLORATION PROPERTY Eight high priority targets to be followed up with over the next year INSIGHTS Fetekro Exploration permit select intercepts › Targeting the discovery of 1.5–2.0 Moz of Indicated resources across the Fetekro exploration permit area over the 2021-2025 period at a discovery
Slide 119: Lafigué North
LAFIGUÉ NORTH Section 320205 119
Slide 120: Lafigué Center
LAFIGUÉ CENTER Section 319830 120
Slide 121: Tanda & Iguela
INSIGHTS › Maiden resource outlined very quickly (under 15 months) since discovery was made at a low discovery cost of <$10 per indicated ounce TANDA & IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 14.9 2.33 1,114 Inferred 32.9 1.80 1,903 › Tanda-Iguela property has the
Slide 122: Assafou deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS Assafou Geological Context › Assafou mineralised system has now been defined over an area which is approximately three kilometres in length and 350 metres in width, extending from surface to depths exceeding 300 metres › The 2022 de
Slide 123: Assafou deposit
ASSAFOU DEPOSIT Select intercepts exceeded 100 metres in true thickness at above 3.00g/t gold Assafou section 2166 Assafou section 2433 123
Slide 124: Assafou deposit
ASSAFOU DEPOSIT Periphery intercepts of the Indicated Resource show potential for continuity Assafou section A2700 at Northwest limit of the indicated resource boundary Assafou A2800 showing high grade intercepts outside the indicated resource boundary towards Northwest 124
Slide 125: Assafou deposit
ASSAFOU DEPOSIT Periphery intercepts of the Indicated Resource show potential for continuity Assafou Section A1800 showing inferred resource high grade intercepts 200m Assafou Section A0400 showing intercepts 2 km outside of the indicated resource to SE of the Indicated resource boundary boundary to
Slide 126: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in GUITRY - KRAKOUADIOKRO Côte D’Ivoire Côte d’Ivoire › Mineralisation occurs in moderately to steeply dipping subparallel brittle-ductile graphitic shear zones in contact between sediments and
Slide 127: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at Dec 31, 2022 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusiv
Slide 128: 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 129: 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 130: 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 131: 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 132: Greenfield Liguidi
132 GREENFIELD LIGUIDI Burkina Faso
Slide 133: Greenfield Siguiri licenses
133 GREENFIELD SIGUIRI LICENSES Guinea
Slide 134: Greenfield Nassile / Da-Guity
INSIGHTS › Highly prospective area of Nassile and Dar-Guiti Niger GREENFIELD NASSILE / DA-GUITY › Exploration Permit obtained in 2017 › Exploration Permit covers a total surface area of 695km² 134
Slide 135: Greenfield Kofi
INSIGHTS › Kofi on same trend as Barrick’s Loulo- Mali GREENFIELD KOFI Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 135
Slide 136: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 136
Slide 137: Our purpose is to produce gold that provides lasting value
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 138: Improving our transparency & disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2022 • New Code of Business 2021 Conduct and Ethics • External assurance on key 2020 ESG data • New Group-wide Tailings Management Policy • 1st RGMP externally • 7 RGMPs externally assured a
Slide 139: Continuous improvement in ESG ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Sustainability efforts underpin top ESG ratings Sustainalytics 2022 Scores1 Endeavour MSCI rating evolution2 Newmont Endeavour 2022 2022 AA Yamana Kirkland Gold Fields Agnico Eagle AngloGold Ashanti 2021 A Newcrest B2 Gold CCC Endeavour 2021 AA 17% 25% Kinross 2
Slide 140: 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 2020 2019 2020 2021 Climate D- C C Change Water N/A C C 2021 Forestry ✓ ✓ ✓ Defined targets required to advance to a B rating 14
Slide 141: Addressing our climate impact
ADDRESSING OUR CLIMATE IMPACT SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 65% Fossil, 35% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imports, 32% Local Production • 68% Fossil
Slide 142: GHG emissions intensity ranks favourably versus peers
2021 GHG EMISSIONS INTENSITY Emission Intensity (kt CO2-e/oz) 2.86 1.60 ENDEAVOUR'S GREENHOUSE 1.20 Industry average intensity of 0.901 1.12 GAS EMISSIONS INTENSITY 0.56 0.59 0.69 0.73 0.74 0.78 0.80 0.81 0.54 0.40 RANKS FAVOURABLY IN 0.20 COMPARISON TO PEERS 2020 data 2020 data 2020 data Scope 2 Em
Slide 143: Addressing our climate impact
ADDRESSING OUR CLIMATE IMPACT ENERGY INTENSITY GHG EMISSION INTENSITY CURRENT STRUCTURE OF OUR Total Energy Consumption (GJ) Scope 1+2 GHG Emissions (kt CO2 Eq) CARBON FOOTPRINT Energy Intensity (GJ/oz) GHG Intensity (ktCO2-e/oz) Scope 1 Scope 2 Scope 3 0.54 7.04 6.41 0.48 853 ktCO2-e 71% 15,447,836
Slide 144: Protecting the environment: water stewardship
PROTECTING THE ENVIRONMENT Water Stewardship › Our approach is to use water as efficiently as possible › We pay for the water we use, as part of our water permits › 2021 increase in water withdrawal and consumption due to the expanded asset portfolio › We plan to set Group water reduction targets in
Slide 145: Protecting the environment: tailings management
PROTECTING THE ENVIRONMENT Responsible Tailings Management › Our goal is to ensure Zero Harm through effective TSF management, as governed by our Group Tailings Policy 0 Audited 100% › Conduct regular internal and external audits, results TSF-related Annually audited by are reported back to senior m
Slide 146: Protecting the environment: biodiversity
PROTECTING THE ENVIRONMENT Biodiversity – Protecting Africa’s Fauna & Flora › Goal is to effectively manage biodiversity and reduce our impacts throughout the life of our mines and post closure Protect & Preserve Restore X › We have a multi-pronged approach to protect 600ha 10ha/mine No Mining on Wo
Slide 147: Protecting the environment: towards zero plastic
PROTECTING THE ENVIRONMENT Towards ZERO Plastic › Developing a ‘Towards ZERO Plastic’ Strategy › Will be conducting a baseline on waste management during 2022 › Liaising with our mine site supply chains to explore opportunities › Eliminate single use plastic water bottles at all our operations by 20
Slide 148: Creating jobs & upskilling talent
CREATING JOBS & UPSKILLING TALENT OUR EMPLOYEES OUR SENIOR MANAGERS Nationals Expatriates Nationals Regional Local Communities Local Communities Foreign 56% 38% 5% 95% 55% 12% of employees are West of Senior Managers are 5% African nationals with West African nationals 39% from local communities 39%
Slide 149: Boosting local economies
BOOSTING LOCAL ECONOMIES PROCUREMENT BUDGET PAYMENTS TO GOVERNMENTS ECONOMIC CONTRIBUTION TO National and Local suppliers Senegal Burkina Faso HOST COUNTRIES Foreign Suppliers Cote D’Ivoire Employee salaries, benefits and social invesmtents Payments to Government $89m National procurement 80% $87m $
Slide 150: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border › Focused on social investment and sustainability $295k › The Great Green Wall Invested in 2021 › Partnership with Senega
Slide 151: Ecodev – Endeavour's impact investment fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND › Established by Endeavour to support national economic growth › Invests in the creation of local long-term, sustainable, SMEs with reputable partners $3.2m Invested 2019 - 2021 › Mali Shi › Mali is 2nd largest producer of shea nut and accounts for ~20% gl
Slide 152: Community engagement
COMMUNITY ENGAGEMENT INSIGHTS › 1,825 community consultations in 2021 › Grievance resolution rate improved from 70% to 93% › New Social Responsibility Policy developed and new social performance management system launched › Range of income-generating activities in place, with a focus on the youth an
Slide 153: Targeting zero harm
TARGETING ZERO HARM LOST TIME INJURY FREQUENCY ALL INJURY FREQUENCY RATE MALARIA INCIDENCE RATE RATE (LTIFR) (AIFR) 119.80 3.66 106.50 0.26 3.47 0.20 FY-2020 FY-2021 FY-2020 FY-2021 FY-2020 FY-2021 LTIFR is calculated as number of LTIs in the Period X AIFR is calculated as LTIs+MTIs+RWIs+FAIs in the
Slide 154: Diversity & inclusion
DIVERSITY & INCLUSION FEMALE REPRESENTATION IN WOMEN AT ENDEAVOUR TOTAL WORKFORCE Management Skilled Technical/Supervisors Semi-Skilled 9% 8% 22% 33% 508 10% Women employees 35% FY-2020 FY-2021 INSIGHTS TARGETS ACTIONS › Female representation remained flat due › Continue to increase female › EDV Fem
Slide 155: Ethical business
ETHICAL BUSINESS HUMAN RIGHTS ANTI-BRIBERY/CORRUPTION RESPONSIBLE SOURCING › Our Human Rights Policy is reviewed › Independent 3rd party 24/7 whistleblower › All gold produced by Endeavour sourced annually, and we publish an annual Modern hotline from our own operations Slavery statement › DD is con
Slide 156: Governance framework & ESG executive comp
GOVERNANCE FRAMEWORK & ESG EXECUTIVE COMP THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee Executive ESG SteerCo Quarterly Sector Specialists Health, safety Human Social Finance Legal & Supply Investor IT & environment resources performance compliance chain relations
Slide 157: Aligning ESG priorities through exec comp.
ALIGNING ESG PRIORITIES THROUGH EXEC COMP. FY-2023 FY-2022 FY-2021 Target Weighting Target Weighting Target Weighting 15% level of Group wide 7.5% 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% female recruitment SHORT-TERM INCENTIVE Two additional mines 7.5% 75% host country sourcing 10% comp
Slide 158: Executive remuneration: short term incentive plan
EXECUTIVE REMUNERATION: SHORT TERM INCENTIVE PLAN STIP matrix for 2023 award
Slide 159: Executive remuneration: long term incentive plan
EXECUTIVE REMUNERATION: LONG TERM INCENTIVE PLAN LTIP matrix for 2023 award
Slide 160: Strong corporate governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting 8 5 1 Metals & Mining Finance Public Policy International Business Operations & Exploration Co
Slide 161: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 161
Slide 162: 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 163: 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 164: Production for the region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2021 WEST AFRICA 16Moz IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 12Moz 11Moz 6 out of the top 10 senior gold producers have a presence in West Africa, with Endeavour being the largest producer in 7Moz 7Moz
Slide 165: Endeavour is the dominant West African gold producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION 2022 Endeavour 1.40 Moz ENDEAVOUR IS THE DOMINANT Newmont 0.99 Moz WEST AFRICAN Anglogold 0.78 Moz GOLD PRODUCER Gold Fields 0.74 Moz Barrick 0.73 Moz Given its focus on West Africa, Endeavour has a strategic industrial Perseus 0.52 Moz benefit from being geog
Slide 166: West Africa is the 4th largest exploration focus
GOLD INDUSTRY 2022 EXPLORATION BUDGET In US$ millions WEST AFRICA IS 1,789 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE 1,340 Given that exploration spend often foreshadows future production growth, West Africa has the potential to be an 882 even larger producing region. 509 327 7.4% +$6B 202
Slide 167: West Africa ranks 1st for discoveries over past decade
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2010-2021 67Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE The region is significantly under-explored compared to other regions. 28Moz 27Moz 23Moz 67 20Moz 19Moz 18Moz 18Moz 18Moz 17Moz 15Moz Moz 14Moz 13Moz 11Moz 8Moz
Slide 168: Endeavour's operating model
ENDEAVOUR’S OPERATING MODEL › Geographic focus provides a strong competitive advantage › Largest producer in each of our operating countries › Hands-on management model with teams close to operations › Senior management team spends significant time in-country › General managers empowered and rely on
Slide 169: Endeavour holds one of the largest land tenement holdings
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 Endeavour has a strategic foothold in ~30% of production two of West Africa’s most prospective belts since it is underexp
Slide 170: Endeavour controls the full 125km stretch along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 170
Slide 171: Endeavour has the largest foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 171
Slide 172: Africa hosts a large portion of the global gold project pipeline
PRODUCTION FOR THE REGION GOLD PROJECT M&I RESOURCES In millions of ounces, inclusive of Reserves AFRICA HOSTS A LARGE PORTION OF THE GLOBAL GOLD PROJECT 50Moz DEVELOPMENT PIPELINE Over a third of the 26 active gold 34Moz development projects with resources over 1Moz are located in Africa. 19Moz 28
Slide 173: West African projects are built quicker, on-time and on-budget
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 174: 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 $168/oz WEST AFRICAN PROJECTS HAVE LOW $141/oz $142/oz CAPITAL INTENSITY $125/oz West African projects have the lowest $103/oz capit
Slide 175: 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 176: 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 › Significant foreign aid and co- operation amongst West African na
Slide 177: Unmatched competitive advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 11.5Moz of Indicated resources where we operate at <$25/oz ov
Slide 178: Appendix
APPENDIX FT / 2) Es y
Slide 179: Appendix 1: Management and Board
01 APPENDIX 1 Management and Board
Slide 180: Executive management team
EXECUTIVE MANAGEMENT TEAM Sébastien de Montessus Mark Morcombe Guy Young David Dragone Djaria Traore President & CEO COO CFO EVP HR & Comms EVP ESG & Supply Chain • Joined in 2019 • Joined in 2023 • Joined in 2023 • Joined Endeavour in 2019 • Joined in 2016 • 20+ years in HR with expertise in • Has
Slide 181: Board members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill (SID) Alison Baker Livia Mahler Sébastien de Montessus Chair and Independent Senior Independent Independent Independent Executive Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Tertius Zongo Sakhila M
Slide 182: Appendix 2: Mine statistics and financials
02 APPENDIX 2 Mine statistics and financials
Slide 183: Mine statistics (quarterly)
MINE STATISTICS On a quarterly basis (1) Includes waste capitalised. 183
Slide 184: Mine statistics (year to date)
MINE STATISTICS On a year to date basis (1) Includes waste capitalised. Note: Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 184
Slide 185: Cash flow and net cash
CASH FLOW AND NET CASH THREE MONTHS ENDED YEAR ENDED 31 December 30 September 31 December 31 December 31 December All amounts in US$ million unless otherwise specified 2022 2022 2021 2022 2021 Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital
Slide 186: Earnings from continuing operations
EARNINGS FROM CONTINUING OPERATIONS THREE MONTHS ENDED YEAR ENDED 31 December 30 September 31 December 31 December 31 December 2022 2022 2021 2022 2021 All amounts in US$ million unless otherwise specified Revenue 617 570 666 2,508 2,642 Operating expenses (250) (256) (230) (980) (983) Depreciation
Slide 187: Emissions and energy
EMISSIONS AND ENERGY On a full year basis FY-2021 FY-2020 Variance (%) FY-2021 FY-2020 Variance (%) Aggregate Emissions1 (Scope1+2), kt Aggregate Energy1 Consumption, GJ Houndé 162.8 126.3 + 29% Houndé 2,026,860 1,615,355 + 25% Ity 117.6 115.5 + 2% Ity 1,881,153 1,446,685 + 30% Mana 132.9 108.4 + 23
Slide 188: Water stewardship
WATER STEWARDSHIP On a full year basis FY-2021 FY-2020 Variance (%) Aggregate water withdrawal1, ML Houndé 2,785 2,215 + 26% Ity 1,862 1,785 + 4% Mana 778 2,397 - 67% Boungou 1,148 454 + 153% Karma 546 525 + 4% Sabodala-Massawa 1,668 na na Wahgnion 1,253 na na Group Total 10,042 7,376 + 36% Water wi
Slide 189: Appendix 3: Reserves and Resources, 5-year exploration target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 190: Reserves and resources
RESERVES AND RESOURCES As of 31 December 2022 Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves, on a 100% basis (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/
Slide 191: Notes to reserves and resources
NOTES TO RESERVES AND RESOURCES As of 31 December 2022 191
Slide 192: 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 193: 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 19
Endeavour Mining — Investor Presentation (April 2023) on 6ix