Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Day (June 2021)
127 slides from Endeavour Mining's investor day presentation, Jun 7, 2021
Slide 1: Introducing Endeavour on the Premium Segment of the LSE
INTRODUCING ENDEAVOUR ON THE PREMIUM SEGMENT OF THE LSE Capital Markets Event Presentation June 7, 2021
Slide 2: Table of Contents
TABLE OF CONTENTS SECTION TOPIC PAGE 1 Introduction 04-11 Unmatched competitive advantage 12-27 2 in West Africa 3 Creation of a high quality portfolio 28-32 4 Integration of SEMAFO and Teranga 33-34 within our operating platform and culture 5 Our portfolio 35-59 6 Unlocking exploration value 60-65
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: Introduction
INTRODUCTION 1 4
Slide 5: Our dominant footprint in the world's second-largest gold producing region
OUR DOMINANT FOOTPRINT IN THE WORLD’S SECOND-LARGEST GOLD PRODUCING REGION TOP Global pure gold producer Largest West African producer 5
Slide 6: Industry benchmarking: production and AISC
INDUSTRY BENCHMARKING PRODUCTION FOR SENIOR GOLD PRODUCERS1 2021 guidance mid-point 7Moz ENDEAVOUR IS ONE 6Moz 5Moz OF THE LOWEST 4Moz COST SENIOR 3Moz 1.4-1.5Moz GOLD PRODUCERS 2Moz 1Moz Barrick Newmont B2 Gold Kinross Polymetal Newcrest Northern Star Yamana Harmony Kirkland Polyus Gold Fields Agni
Slide 7: Industry benchmarking: average gold grade
INDUSTRY BENCHMARKING AVERAGE INDUSTRY GLOBAL GOLD GRADE1 ENDEAVOUR’S 2.40 AVERAGE GRADE IS 1.3X HIGHER THAN INDUSTRY AVERAGE 2.20 Industry reserve grade (g/t) 2.00 “Our resilient business is underpinned by our ability to continue discovering 1.87 g/t high quality resources due to West 1.80 Endeavou
Slide 8: Industry benchmarking: CO2 emissions intensities
INDUSTRY BENCHMARKING CO2 EMISSIONS INTENSITIES FOR SENIOR GOLD PRODUCERS 3.0 ENDEAVOUR HAS A LOW EMMISSIONS 2.5 Scope 1+2 CO2-e / Gold Production (t CO2e/oz) INTENSITY 2.0 “Our business is underpinned by high Emission intensity quality production and access to 1.5 renewable energy sources. Our targ
Slide 9: Industry benchmarking: P/operating cash flow and FCF yield
INDUSTRY BENCHMARKING P / OPERATING CASH FLOW1 2021E 14x 12x 10x ENDEAVOUR TRADES 8x AT A COMPELLING 6x 4x VALUATION 2x 0x Barrick Kirkland Polyus Newmont B2 Gold Newcrest Harmony Kinross Gold Fields Polymetal Yamana Agnico-Eagle Northern Star Fresnillo Endeavour AngloGold “Strong free cash flow cap
Slide 10: Cross sector benchmarking
CROSS SECTOR BENCHMARKING 2021 FREE CASH FLOW YIELD1 2020 RETURN ON CAPITAL EMPLOYED2 15% 25% 20% ENDEAVOUR 10% 15% IS ATTRACTIVE 10% RELATIVE TO 5% 5% OTHER SECTORS 0% 0% -5% Technology Technology Financials Financials Healthcare Healthcare Real Estate Gold Mining Gold Mining Real Estate Consumer C
Slide 11: Unmatched competitive advantage in West Africa
UNMATCHED COMPETITIVE ADVANTAGE IN WEST AFRICA 2 11
Slide 12: West Africa golden opportunity
WEST AFRICA ENDEAVOURS' PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade “Endeavour is strategically positioned with an unmatched competitive advantage in the region.” 20%
Slide 13: Region's production growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD 10.0Moz 10.0% PRODUCING REGION Percentage of Global Mine Supply West African Mine Supply 7.5Moz 7.5% +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 14: Production for the region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA 12Moz IS THE 2ND LARGEST 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION “Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regi
Slide 15: Endeavour is the dominant West African producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION (2021E) ENDEAVOUR Endeavour IS THE DOMINANT AngloGold WEST AFRICAN Newmont GOLD PRODUCER Gold Fields Barrick “Given its focus on West Africa, B2Gold Endeavour has a strategic industrial Kinross benefit from being geographically focused, yet diversified across
Slide 16: 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 17: Endeavour's operating track record
ENDEAVOUR’S OPERATING TRACK RECORD STRONG SAFETY RECORD Group Lost Time Injury Frequency Rate(1) 1.10 ENDEAVOUR HAS CONSISTENTLY DELIVERED ITS 0.40 GUIDANCE SAFELY 0.20 0.18 0.10 0.12 0.14 Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 LTM average Q1-2021 (2) Strong safety record ANNUAL GUIDANCE P
Slide 18: Industry exploration spend
INDUSTRY EXPLORATION SPEND INDUSTRY 2020 EXPLORATION BUDGET In US$ millions 842 WEST AFRICA IS 788 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE “Given that exploration spend often 470 458 foreshadows future production growth, West Africa has the potential to continue to be a large producing re
Slide 19: Discoveries by area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz “The region is significantly under- 42Moz explored compared to other regions.” 33Moz 27Moz 27Moz 79 23Moz 22Moz 20Moz Moz 18Moz 16Moz 16Moz 15Moz 13Moz 1
Slide 20: 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 21: Endeavour controls the full 125km stretch along the Ity Birimian belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 21
Slide 22: Largest foothold on the Houndé belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 22 22
Slide 23: Endeavour's exploration success
ENDEAVOUR’S EXPLORATION SUCCESS TOTAL INDICATED DISCOVERIES AND TARGETS1 Indicated resources discovered Indicated resources targeted ENDEAVOUR IS % Cumulative Indicated resources against five-year discovery target Exploration spend 100% ON TRACK TO MEET ITS FIVE-YEAR 1.5-2.5Moz 10-15Moz 84% EXPLORAT
Slide 24: Endeavour's project construction record
ENDEAVOUR’S PROJECT CONSTRUCTION RECORD ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 HOUNDÉ, BURKINA FASO, BUILT IN 2017 4 mines built in last decade safely with 0 LTIS AGBAOU, CÔTE D’IVOIRE, BUILT IN 20141 NZEMA, GHANA, BUILT IN 20101 on-schedule in <18 months on-budget 1. Agbaou sold in 2021 and Nzema so
Slide 25: West Africa operates as an economic union with stable mining code
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 26: Quickly moving from discovery to production
QUICKLY MOVING FROM DISCOVERY TO PRODUCTION CASE STUDIES HOUNDÉ MINE – KARI AREA DEPOSITS ENDEAVOUR IS Discovery 2017 Maiden resource 2018 Permit 2020 Production 2020 ON TRACK TO MEET ITS FIVE-YEAR EXPLORATION TARGET ITY MINE – LE PLAQUE DEPOSIT › Endeavour has a proven track Maiden resource Permit
Slide 27: Unmatched competitive advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s second-largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country Discovered 8.4Moz of Indicated resources In country and regional synergies where we operate at <$25
Slide 28: Creation of a high quality portfolio
CREATION OF A HIGH QUALITY PORTFOLIO 3 28
Slide 29: Creating a resilient business with a high quality portfolio
PORTFOLIO OBJECTIVES CREATING A <$900/Oz All-in sustaining cost RESILIENT BUSINESS WITH A HIGH QUALITY PORTFOLIO DIVERSIFICATION across multiple countries and mines “Creates ability to generate sufficient cash flow to re-invest in our business and reward our stakeholders” +10 YEARS production visibi
Slide 30: Portfolio is low cost and long mine life
Strong focus on portfolio optimization 2015 PROFILE 2021 PROFILE ENDEAVOUR’S PORTFOLIO IS LOW COST AND Reserves 5.9Moz 18.0Moz LONG MINE LIFE Production visibility +10 years from operating assets 4 years Annual production 517koz ~1.5Moz All-in sustaining cost $922/oz <$900/oz ROCE 5% +20% 30
Slide 31: Our journey to create a high quality portfolio
OUR JOURNEY TO CREATE A HIGH QUALITY PORTFOLIO… Organic growth Strategic Organic and divestments consolidation growth New strategy SEMAFO Sabodala Houndé Ity CIL acquisition Fetekro and under new Phase 1 Kalana built built announced Kalana PFS management complete DFS 2016 2017 2018 2019 2020 2021 20
Slide 32: Significant improvement in our quality portfolio
SIGNIFICANT IMPROVEMENT IN OUR QUALITY PORTFOLIO Focused on long life and low AISC assets Core Asset Non-core Asset Divested / Ceased Asset AISC, $/oz $1,300 Karma $1,250 $1,200 Tabakoto $1,150 Agbaou $1,100 Nzema $1,050 Mana $1,000 $950 Ity HL Wahgnion Youga $900 Houndé $850 $800 Ity $750 Sabodala-
Slide 33: Integration of SEMAFO and Teranga within our operating platform
INTEGRATION OF SEMAFO AND TERANGA WITHIN OUR OPERATING PLATFORM 4 33
Slide 34: Integration of assets within our West African operating platform
INTEGRATION SYNERGIES EXPECTED SYNERGIES ON-GOING SYNERGIES INTEGRATION OF INDUSTRIAL $33m ASSETS WITHIN OUR SCALE STRONG WEST SYNGERIES AFRICAN OPERATING Procurement and supply Great ability to manage chain improvements risks, leverage strong PLATFORM relations with stakeholders, and greater compet
Slide 35: Our portfolio
OUR PORTFOLIO 7 f/ | | Bs ss hLelCUvPS
Slide 36: Diversified portfolio of seven mines
DIVERSIFIED PORTFOLIO OF SEVEN MINES MINE GOLD M&I M&I RESOURCE AISC1 RESERVES RESERVE GRADE NAME COUNTRY PRODUCTION1 RESOURCES GRADE (US$/oz) (Moz) (g/t) (koz) (Moz) (g/t) Houndé Burkina Faso 250 880 2.58 1.74 4.58 1.74 Ity Côte d’Ivoire 240 825 2.75 1.58 3.76 1.52 Karma Burkina Faso 85 1,260 0.16
Slide 37: Sabodala-Massawa mine
SABODALA-MASSAWA MINE Senegal 310-330koz $690-740/oz 4.8Moz 6.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a Plant expansion to accommodate the Mas
Slide 38: Sabodala-Massawa mine: reserves and resources
SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Phase 1 expansion to debottleneck the plant back-end and increase Resources shown Tonnage Grade Content output by ~90kozpa inclusive of Reserves (Mt) (Au g/t) (Au koz) Proven Reserves 17.3 1.
Slide 39: Sabodala-Massawa exploration budget and priorities
EXPLORATION BUDGET $13 million for 2021 SABODALA-MASSAWA MINE SHORT-TERM PRIORITIES Senegal Discovery of additional non-refractory ore resources Define new resources on near-mine targets Explore various deposits at depth MAIN AREA OF FOCUS Sofia Samina Massawa Central Tina Various other prospects, l
Slide 40: Phase 1 underway to debottleneck the plant back-end
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END › Phase 1 construction is progressing as planned. The electrowinning cell has been commissioned earlier than planned and the installation of a carbon regeneration kiln, an acid wash and elution circui
Slide 41: Sabodala-Massawa mine: Phase 1 construction
SABODALA-MASSAWA MINE Senegal PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END Package 2: Concrete foundations for carbon regeneration kiln Package 3: Concrete foundation for the acid wash and elution columns Package 2/3: Acid wash and elution columns and carbon regeneration kiln Pac
Slide 42: DFS for Phase 2 underway
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS UNDERWAY AND DUE FOR COMPLETION IN Q4-2021 • Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to Phase 2 of the expansion will add a new refractory ore improve the quality of the mill feed blen
Slide 43: Ity mine
ITY MINE Côte D’Ivoire 230-250koz $800-850/oz 2.7Moz 3.8Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerstone assets, it has the longest The CIL plant was successfully built
Slide 44: Ity mine: reserves and resources
ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive of Reserves (Mt) (Au g/t) (Au koz) • Greater mining and processing flexibi
Slide 45: Ity mine exploration
EXPLORATION SUCCESS 2.1Moz discovered since 2016 ITY MINE EXPLORATION BUDGET Côte D’Ivoire $9 million for 2021 SHORT-TERM PRIORITIES Maintain +10-year mine life MAIN AREA OF FOCUS Le Plaque West Flotouo (Verse Ouest) Daapleu SW Daapleu Deep Walter Bakatouo Deep Yopleu-Legaleu Walter 45
Slide 46: Houndé mine
HOUNDÉ MINE Burkina Faso 240-260koz $855-905/oz 2.6Moz 4.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s cornerstone The goal is to delineate sufficient additional r
Slide 47: Houndé mine: reserves and resources
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries and Golden Hill deposits Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) • Greater mining flexibility with multiple availa
Slide 48: Houndé mine exploration
EXPLORATION SUCCESS 2.6Moz discovered since 2016 HOUNDÉ MINE EXPLORATION BUDGET Burkina Faso $7 million for 2021 SHORT-TERM PRIORITIES Maintain +10-year mine life MAIN AREA OF FOCUS Kari Area Dohoun and Sia/Sianikoui Vindaloo Mambo 48
Slide 49: Wahgnion mine
WAHGNION MINE Burkina Faso 140-155koz $940-990/oz 1.4 Moz 2.1 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine offers Since commercial production was achieved, generative
Slide 50: Wahgnion mine: reserves and resources
WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Greater mining flexibility following commissioning of On a 100% basis satellite deposits Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) • Pit optimisation and sequencing foll
Slide 51: Wahgnion mine exploration
EXPLORATION BUDGET $12 million for 2021 WAHGNION MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Discovery of additional satellite deposits within trucking distance MAIN AREA OF FOCUS Nogbele, Nogbele North and Nogbele South Fourkoura deposit Hillside target Kafina West Korindo
Slide 52: Mana mine
MANA MINE Burkina Faso 170-190koz $975-1,050/oz 1.4 Moz 3.0 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of
Slide 53: Mana mine: reserves and resources
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization through procurement, inventory management and (Mt) (Au g/t) (Au koz) inclu
Slide 54: Mana mine exploration
EXPLORATION BUDGET $8 million for 2021 MANA MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Continue extending reserves of underground deposits Discovery of additional open pit oxide deposits within trucking distance MAIN AREA OF FOCUS Siou underground Wona underground Maoula K
Slide 55: Boungou mine
BOUNGOU MINE Burkina Faso 180-200koz $690-740/oz 1.0 Moz 1.5 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high grade Mining activities recommenced in Q4-2020 following o
Slide 56: Boungou mine: reserves and resources
BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to re-optimise current pit designs and explore area inclusive of Reserves (
Slide 57: Boungou mine exploration
EXPLORATION BUDGET $7 million for 2021 BOUNGOU MINE SHORT-TERM PRIORITIES Burkina Faso Extend mine life to +10 years Discovery of new deposits outside mine fence Brownfields drilling to re-optimise current pit design and explore area in between east and west pit MAIN AREA OF FOCUS Boungou North Nato
Slide 58: Karma mine
KARMA MINE Burkina Faso 80-90koz $1,220-1,300/oz 0.2 Moz 1.9 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 2017, an optimization project was leach operation and con
Slide 59: Karma mine: reserves and resources
KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional heap leachable ore inclusive of Reserves (Mt) (Au g/t) (A
Slide 60: Unlocking exploration value
UNLOCKING EXPLORATION VALUE 6 60
Slide 61: Exploration goals and track record
EXPLORATION GOALS 8.4Moz of Indicated Resources discovered since 2016 +10 years STRONG EXPLORATION Production TRACK RECORD visibility objective from operating assets “Our goal is to find high quality ounces that can be produced for <$900/oz. We do so by being diligent with our budget <$25/oz as we a
Slide 62: Proven exploration methodology
Exhaustive screening of all >200 potential targets >200 targets +130 130+ targets screened through multi-criteria data analysis targets PROVEN EXPLORATION METHODOLOGY Top 40 Top selection of 40 most In 2016 we launched a five-year strategy targets significant targets of discovering 10-15Moz. This wa
Slide 63: Exploration value creation: Fetekro
$838/oz All-in Sustaining cost for life of mine EXPLORATION VALUE CREATION: FETEKRO CASE STUDY 10 year Invested $21m on exploration since 2018 Mine life Quickly moved from maiden resource to 2.5Moz of Indicated Resources within three years 2.1Moz of resources have been converted into reserves 209Koz
Slide 64: Fetekro project exploration
EXPLORATION SUCCESS 2.5Moz discovered since 2018 FETEKRO PROJECT EXPLORATION BUDGET Côte D’Ivoire $7 million for 2021 SHORT-TERM PRIORITIES Further extend Lafigue resources Several additional exploration targets within 10km of Lafigué, which have received limited drilling Continue to add reserves ah
Slide 65: 2021 exploration priorities
2021 EXPLORATION PRIORITIES New five-year strategy expected in Q3-2021 PRIORITIES › Strong focus on newly acquired assets › Massawa oxide deposits › Wahgnion new targets › Boungou near mine BROWNFIELDS › Mana open pit and underground Exploration › Continue to extend the Houndé and Ity mine lives PRI
Slide 66: Being a trusted partner
BEING A TRUSTED PARTNER SS ie ae SS SO ee
Slide 67: Our purpose
OUR PURPOSE TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where it comes from. Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped with the skills, knowledge and expertise needed
Slide 68: Embedded the UN SDGs into our ESG strategy
EMBEDDED THE UN SDGS INTO OUR ESG STRATEGY United Nations 75% of our top 20 institutional shareholders are signatories of the PRI, the UN-backed Principles of Responsible Investment 2021 Target to become members of the The UN Sustainable Development Goals UN Global Compact (SDGs) are a universal set
Slide 69: Implementing our purpose
IMPLEMENTING OUR PURPOSE SUPPORTED BY STRONG ETHICS AND GOVERNANCE OUR PURPOSE PARTNERING WITH OUR HOSTS TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY INVESTING IN PROTECTING OUR HOST COUNTRIES OUR ENVIRONMENT We do so while protecting and promoting the places where we operate. Respect for
Slide 70: Our sustainability strategy
OUR SUSTAINABILITY STRATEGY paiement . we Implementing tee, ae a 42a see — sustainability projects across ~ ~ national and regjonal levels OUR AMBITION FOR OUR ESG MISSION INVESTING IN AND PROCESS TO BE IMPLEMENTED ACROSS OUR OUR HOST COUNTRIES MINES, HOST COMMUNITIES AND BEYOND e Ss “ECODEV wh PROT
Slide 71: Investing in our host countries
INVESTING IN OUR HOST COUNTRIES 71
Slide 72: Strong stakeholder engagement
85% 936 Community Consultations in 2020 Grievances resolved STRONG STAKEHOLDER 4,516 Since 2018 70% ENGAGEMENT Grievances resolved in a timely fashion THE CORNERSTONE OF OUR ESG STRATEGY Fostering regular, open communication with our local communities is key to obtaining broad-based community suppor
Slide 73: How we invest in our host countries
HOW WE INVEST IN OUR HOST COUNTRIES ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT LOCAL CONTENT STRATEGY ECODEV ECONOMIC CONTRIBUTION Provide employment opportunities to nationals Invest in and support the development of Support host governments through sustainable businesses in lin
Slide 74: Health: malaria, a preventable health issue in Africa
409,000 94% HEALTH: Malaria deaths worldwide2 Of malaria cases and deaths MALARIA A are in Africa3 PREVENTABLE HEALTH ISSUE IN AFRICA Malaria has a particularly high prevalence rate in West Africa 229 Every 2 and the Sahel, and is both highly preventable and highly treatable with Million cases of ma
Slide 75: Health: the fight against malaria
HEALTH: THE FIGHT AGAINST MALARIA FOCUSING ON OUR MINES AND COMMUNITIES › Malaria Control Programs across all our sites › Concerted effort leads to success => -36% ~2,000 10% › At Houndé, cases down 80% from 2018 Decrease in Group work days lost 2021 Target malaria incidence annually as a result › A
Slide 76: Access to clean water
27% People living in Sub-Saharan Africa who have access to drinking water from an ACCESS TO improved water source CLEAN WATER Poor water and sanitation access is a key contributor to Sub-Saharan Africa's 25% disease burden, including malaria, and People living in Sub-Saharan Africa who significantly
Slide 77: Access to clean water: partnership
ACCESS TO CLEAN WATER Ensuring safe water, sanitation and hygiene for the most vulnerable communities 220,000 101 Women impacted in Cascades Region Health centers supported to provide WASH 3-YEAR PARTNERSHIP infrastructure, quality of care and local development • Focused on the Cascades region, near
Slide 78: Education: equal access to schooling
16.5% Boys outside of primary school, Sub-Saharan Africa EDUCATION: EQUAL ACCESS TO SCHOOLING 20.8% Girls outside of primary school, Education is a key to social mobility Sub-Saharan Africa In our region of operation, access to education is the lowest in the world – and shows a particularly stark di
Slide 79: Education
EDUCATION “Education is the most powerful weapon which you 114 can use to change the world” Scholarships awarded since 2017 NELSON MANDELA We have a range of education initiatives in place: ~550 › Internships Internships since 2018 › University scholarships › Secondary school scholarships › E-learni
Slide 80: Ensuring employment opportunities
ECONOMIC DEVELOPMENT 82.8% Adults in Africa working in the ENSURING informal sector3 EMPLOYMENT OPPORTUNITIES In terms of GDP per capita, Africa is the poorest continent on earth, and is more dependent on informal employment 34.5% People in Africa living in than anywhere else. extreme poverty (<$1.9
Slide 81: Growing our local talent
ECONOMIC DEVELOPMENT MINE GENERAL MANAGERS SENIOR MANAGERS 90 70 80 60 70 50 60 50 40 40 30 GROWING OUR 30 20 20 LOCAL TALENT 10 10 0 0 1 2018 2019 2020 H1-21 1 2018 2019 2020 H1-21 We are a major employer in Côte d’Ivoire, Non-African Expats African Nationals Non-African Expats African Nationals Se
Slide 82: Developing our local talent
DEVELOPING OUR LOCAL TALENT Economic development EDV CARE EDV REWARDS EDV ACADEMY EDV NEXT › Providing a healthy work › Rewarding our › Promoting skills › Identifying current & living environment at employees for going development & and future leaders & our sites, e.g. soccer above and beyond, train
Slide 83: ECODEV is an economic development fund
Established by Endeavour to support local economic growth by promoting and investing in the creation of local long-term, sustainable, small and medium enterprises with ECODEV reputable partners IS AN ECONOMIC DEVELOPMENT FUND MISSION › Invest to champion emergence of national economic flagships › Pr
Slide 84: Building Mali's shea nut industry
BUILDING MALI'S SHEA NUT INDUSTRY BY LAUNCHING ITS FIRST SHEA BUTTER FACTORY Mali is the 2nd largest producer of FUNDING PARTNERS shea nut and accounts for ~20% global supply of shea › $1 million invested by Endeavour 120,000 PARTNERS Shea butter is used in the cosmetic › Omnium Mali Women with incr
Slide 85: Ranch du Tuy
ECONOMIC DEVELOPMENT 4,000 Cattle and feed suppliers impacted RANCH DU TUY › A feedlot sourcing lean cattle & feed from local farmers Developing a regional leader in quality beef production in Burkina › A refrigerated slaughterhouse to transform and package Faso, & supporting the the meat Government
Slide 86: Leveraging our supply chain to support local economies
LEVERAGING OUR SUPPLY CHAIN TO SUPPORT LOCAL ECONOMIES ECONOMIC DEVELOPMENT › Supply chain re-orientated towards West Africa since 2019 › Strategy reaped benefits during COVID-19 $622M 74% 2,031 pandemic with no major disruptions to key equipment and supplies In-country of total budget spent Nationa
Slide 87: Developing local economies
DEVELOPING LOCAL ECONOMIES OUR CONTRIBUTION 2017 - 2020 66% $27/oz As Endeavour has Increase in Economic invested in 2020 in grown, so have $796M Value Distributed in community project & the benefits to our Payments to host governments1 2020 vs. 2019 the Local Mining host countries Development Funds
Slide 88: Protecting our environment
PROTECTING OUR ENVIRONMENT 8888
Slide 89: Our journey to net zero by 2050
OUR JOURNEY TO NET ZERO BY 2050 2017- 2019 2020 2021 2023 2030 › Started reporting › Started reporting › Carbon reduction › Expanding Scope Scope 1 & 2 Scope 3 strategy => 3-YR 3 to include executive comp. KPI Top 10 suppliers › Reviewed renewable › Progressing Hounde energy opportunities solar plan
Slide 90: Snapshot of our power generation
SNAPSHOT OF OUR POWER GENERATION ENVIRONMENT SENEGAL Country Profile • Carbon-intensive grid • 87% fossil fuel - 9% hydropower solar and biofuels Mines & main power source • Sabodala-Massawa - HFO TRANSFORMATION OF OUR PORTFOLIO AS WE HAVE GROWN CÔTE D’IVOIRE BURKINA FASO Country Profile Country Pro
Slide 91: 2020 Scope 1 & 2 emissions
IN 2020, ENDEAVOUR REPORTED TOTAL OF 739 KTCO2E FOR SCOPE 1 & 2 Our current portfolio’s 2020 emissions breakdown by source SCOPE 1 Emissions from managed operations, including mines, processing and power Mining Power equipment 660 Or 92% of Scope kTCO2e in 20201 1 & 2 emissions 20 739 79 3% 3% Other
Slide 92: GHG emissions intensity ranks favourably versus peers
2020 GHG EMISSIONS INTENSITY Emissions intensity (kgCO2eq/oz) ENDEAVOUR'S GREENHOUSE GAS EMISSIONS INTENSITY RANKS FAVOURABLY IN COMPARISON TO PEERS TOTAL GHG EMISSIONS Emissions intensity (kgCO2eq/oz) Total GHG emissions 300 900 Gold mining industry intensity average IN 2020, ALL ENDEAVOUR 727 800
Slide 93: Eight levers to reduce greenhouse gas emissions
WE HAVE IDENTIFIED EIGHT LEVERS TO REDUCE GREENHOUSE GAS EMISSIONS, WITH OFFSETS AVAILABLE AS A COMPLEMENTARY OPTION EMISSIONS FROM MINING EQUIPMENT EMISSIONS FROM ELECTRICITY OFFSET Fleet improvement Fleet replacement INVEST IN NEW COMPENSATE TURN TO MORE SWITCH TO INCREASE CLEANER USE CLEANER OPTI
Slide 94: Identified CO2 reduction levers for each mine
IDENTIFIED CO2 REDUCTION LEVERS FOR EACH MINE MINES EMISSIONS FROM MINING EQUIPMENT EMISSIONS FROM ELECTRICITY Turn to Switch to Use cleaner Optimize more efficient hybrid & electrical Increase Cleaner New generators Asset fuels2 fleet use engines fleet process efficiency existing generators Renewab
Slide 95: Solar project in Burkina Faso
SOLAR PROJECT IN BURKINA FASO Hounde - The first step of our solar journey HOUNDÉ ENVISAGED POWER SET-UP KEY INSIGHTS › Strong economic rationale: potential to reduce power costs by 20-35% HOUNDÉ SOLAR POWER PLANT › Strong environmental rationale: expected Solar Power Plant to reduce Houndé’s Scope
Slide 96: Water stewardship
25,000 25,000 Data includes FY-20 for Boungou, 21,740 Mana and TGZ assets 20,000 20,000 15,000 13,166 15,000 Total withdrawal (ML) WATER Withdrawal intensity/gold 10,000 10,000 STEWARDSHIP produced (L/oz) 5,000 5,000 Our water stewardship strategy aims to 14,094 20,781 - - ensure we have enough wate
Slide 97: Biodiversity
BIODIVERSITY PROTECTING & PRESERVING AFRICA’S FAUNA & FLORA The African continent is experiencing a dramatic loss of biodiversity due to climate ITY MINE PARTNERSHIP WITH PARTNERSHIP WITH PANTHERA change, human population dynamics, and UNIVERSITY OF DALOA, COTE habitat loss. D’IVOIRE › Panthera focu
Slide 98: Responsible tailings management
RESPONSIBLE TAILINGS MANAGEMENT Participate in the Investor Mining and Tailings Safety Initiative (Church of England), with annual disclosure on our website Knight Piésold are our Engineers of Record and all TSFs are monitored daily, with annual audits Monitoring data collected at least on monthly t
Slide 99: Plastic waste reduction and recycling
MID-2000S Date when the total tonnage of plastic in the ocean will exceed the total tonnage of fish1 PLASTIC 1/3 Amount of time it takes plastic Plastic waste reduction to biodegrade4 and recycling LESS THAN 15% The vast majority of plastic waste ends Of waste plastics are recycled in Africa (vs. 42
Slide 100: Joining the fight against plastic pollution
JOINING THE FIGHT AGAINST PLASTIC POLLUTION IF WE FAIL TO ACT NOW, THERE WILL BE MORE PLASTIC THAN FISH IN THE OCEAN BY 2050 PARTNERSHIP WITH PLASTIC ODYSSEY › Plastic Odyssey is a global project to reduce plastic pollution ALL OUR SITES › Develops low-tech solutions for recycling have plastic manag
Slide 101: Strong governance and ethics
STRONG GOVERNANCE AND ETHICS 101
Slide 102: Human rights
HUMAN RIGHTS Respecting the human rights of our workers and the communities who 2021 Initiative 81% could be impacted by our activities of security personnel who received is a fundamental value at Endeavour. training on Endeavour’s human rights policies and procedures We seek to ensure that we do no
Slide 103: Targeting zero harm - safety
TARGETING ZERO HARM - SAFETY Regrettably, we did not deliver on our goal of Zero Harm as Robert Nacoulma, a contractor at our Karma mine was fatally injured in a work-related accident. LTIFR AIFR 0.2 7.00 8% decrease in 0.18 0.16 5.74 6.00 All Injury Frequency Rate (AIFR) 5.00 0.14 in 2020 0.12 3.99
Slide 104: Targeting zero harm - COVID-19 response
TARGETING ZERO HARM – COVID-19 RESPONSE KEEPING OUR WORKERS AND COMMUNITIES SAFE EARLY AND STRONG RESPONSE ZERO $6.0m Donated in medical equipment & supplies, DURING THE financial assistance, micro-finance & COVID-19 PANDEMIC Significant COVID-19 e-learning to support the fight related disruptions a
Slide 105: Diversity and inclusion
21% New hires in 2020, of which 49% in our exploration department and 18% at our mines DIVERSITY AND INCLUSION CHAMPIONING DIVERSITY & INCLUSION THROUGH OUR ACTIONS: 22% › We have women in mining groups at Women in management positions at our our mines corporate offices in 2020, reflecting the histo
Slide 106: Corporate governance
CORPORATE GOVERNANCE Size of Board Nationalities represented on the Board Board experience by sector Strategy & Leadership Accounting 11-10 1 Metals & Mining Finance International Business Operations & Exploration Corporate Governance Independent non- Executive Public Policy Human Resources Sustaina
Slide 107: Rigorous reporting with Board oversight
RIGOROUS REPORTING WITH BOARD OVERSIGHT ALIGNING ESG PRIORITIES & BEHAVIOUR THE BOARD THROUGH EXECUTIVE COMPENSATION Environment, Sustainability Quarterly Audit Committee & Governance Committee Reports Short Term Long Term Executive Management Committee 2020 20% weighting 12.5% weighting • Safety Ex
Slide 108: Transparent and comprehensive reporting based on best practice
TRANSPARENT AND COMPREHENSIVE REPORTING BASED ON BEST PRACTICE Our ESG reporting is grounded in both leading industry-specific frameworks and widely recognized reporting standards Improved CDP Climate Change score Commenced reporting in line with TCFD from D- to C in our 2020 Sustainability Report W
Slide 109: Progressing implementation of the RGMPs
PROGRESSING IMPLEMENTION OF THE RGMPS THE RESPONSIBLE GOLD MINING PRINCIPLES (RGMPS) 3-YEAR APPROACH TO CONFORM RGMPs launched in September 2019 2019 Internal GAP analysis completed by December 2020 Achieved external assurance on first RGMP: 1.7 2020 Independent Readiness Assessment on all 51 Princi
Slide 110: Our 2021 ESG targets
OUR 2021 ESG TARGETS HEALTH & SAFETY OUR EMPLOYEES OUR ENVIRONMENT OUR COMMUNITIES ETHICAL BUSINESS › Zero fatalities › Establish Endeavour’s › Develop & implement an › Establish the Endeavour › Commence the process values & culture across Emissions Reduction Foundation, the Group’s to become member
Slide 111: Rewarding our shareholders
REWARDING OUR SHAREHOLDERS 8 111
Slide 112: Building a resilient business which is a trusted partner
BUILDING A RESILIENT BUSINESS WHICH IS A TRUSTED PARTNER WITH ABILITY TO REWARDS SHAREHOLDERS MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet management Proven project developmen
Slide 113: Evolution of capital allocation priorities
EVOLUTION OF CAPITAL ALLOCATION PRIORITIES Resilient business capable of funding growth and rewarding stakeholders PORTFOLIO TURNAROUND DEBT CAPACITY TO FUND ORGANIC GROWTH AND & INVESTMENT PHASE REDUCTION PHASE REWARD SHAREHOLDERS 2016 - 2019 2020 2021 onwards Greenfield EXCESS CASH exploration FLO
Slide 114: Resilient business with high-quality portfolio
RESILIENT BUSINESS WITH HIGH-QUALITY PORTFOLIO Strong competition for capital on a returns basis Long-term upside Near-term growth Immediate cash flow FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION +110 EXPLORATION PROPERTIES 6 PROJECTS 7 MINES TARGET CRITERIA TARGET CRITERIA TARGET CRITE
Slide 115: Strong focus on demonstrating returns following our investments
RETURN ON CAPITAL EMPLOYED RETURN ON CAPITAL EMPLOYED (ROCE)1 STRONG FOCUS ON 20% DEMONSTRATING RETURNS FOLLOWING OUR INVESTMENTS 10% 6% 6% +20% ROCE TARGET with strong capital allocation discipline 2017 2018 2019 2020 1. EBIT (Adjusted EBITDA as in MD&A less depreciation and amortization) divided b
Slide 116: High quality near-term growth
HIGH QUALITY NEAR-TERM GROWTH Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECTS: GREENFIELD PROJECTS: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: ▪ Debottlenecking the plant back-end ▪ Mine
Slide 117: Production outlook
PRODUCTION OUTLOOK Ability to maintain +1.5Moz of high-quality production with organic growth PRODUCTION AND ALL-IN SUSTAINING COSTS For discontinued operations For continuing operations +1.6Moz 1.4-1.5Moz <$900/oz <$900/oz +1.5Moz <$900/oz 908koz $873/oz 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 118: Expect to reach a net cash position of $250 million
PRUDENT BALANCE SHEET MANAGEMENT ENDEAVOUR’S LEVERAGE EVOLUTION (Net Debt)/ Net Cash EXPECT TO REACH A DIVIDENDS INVESTMENT DEBT REDUCTION & BUYBACK NET CASH POSITION PHASE PHASE ANNOUNCED OF $250 MILLION IN THE SHORT TERM $75m › Enhances resilience of the business through cycles › Supports ability
Slide 119: Targeted balance sheet structure
PRUDENT BALANCE SHEET MANAGEMENT LIQUIDITY Subsequent repayment of At March 31, 2021 $120 post quarter-end Cash Cash TARGETED BALANCE Undrawn RCF $100 million $868 million Undrawn RCF $220 million $748 million SHEET STRUCTURE › Optimize cash position by reducing gross debt levels DEBT INSTRUMENTS ›
Slide 120: Targeting low leverage across the cycles
PRUDENT BALANCE SHEET MANAGEMENT ENDEAVOUR’S LEVERAGE EVOLUTION Net Debt/(Cash) / Adj. EBITDA (LTM) 2.8x TARGETING LOW LEVERAGE ACROSS THE CYCLES 1.9x › Our business has the capacity to periodically increase its debt 1.5x level to accelerate organic growth 1.1x c. $332 million 1.0x of Net Debt › Goa
Slide 121: Healthy balance sheet
HEALTHY BALANCE SHEET TOP PRODUCERS LEVERAGE Based on Net Debt / LTM EBITDA at 31 December 2020 ENDEAVOUR HAS A 1.0x HEALTHY BALANCE SHEET COMPARED TO INDUSTRY PEERS 0.5x “Our resilient business is underpinned by a healthy balance sheet which provides 0.0x ability to fund growth and reward sharehold
Slide 122: Ability to provide shareholder returns across cycles
SHAREHOLDER RETURN PROGRAM TARGETING TO DISTRIBUTE AT LEAST $500 MILLION AS A MINIMUM DIVIDEND Minimum Dividend, $m ABILITY TO PROVIDE Minimum dividend per share1, $/sh $175m SHAREHOLDER $150m RETURNS ACROSS $125m CYCLES $60m $ 0.60/sh $ 0.70/sh $ 0.50/sh $ 0.37/sh Minimum Progressive Dividend › Pro
Slide 123: Industry benchmarking: shareholder returns programs
INDUSTRY BENCHMARKING SHAREHOLDER RETURNS PROGRAMS Endeavour’s Share Buyback Completed To Date in 2021 Dividend ENDEAVOUR IS COMMITTED TO SHAREHOLDER 6% RETURNS 5% › Well positioned to deliver compelling returns to shareholders 4% › Underpinned by a strong balance sheet and our low cost operations ~
Slide 124: Ability to reward shareholders across cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Portfolio Trust
Slide 125: Ability to appeal to a diverse investor universe
ABILITY TO APPEAL TO A DIVERSE INVESTOR UNIVERSE All investment strategies are underpinned by our commitment to maintaining our execution track record Exposure to immediate cash flow with short-term growth through development projects and PRECIOUS METAL FUNDS long-term growth through exploration DEE
Slide 126: Thank you
THANK YOU ! TSX:EDV LSE:EDV 126
Slide 127: Contact us
®) ENDEAVOUR MINING | CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 87