Slide 1: Q3-2024 Results Presentation
Q3-2024 RESULTS PRESENTATION 7 November 2024
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & ESG VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q3-2024 & YTD-2024 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q3-2024 & YTD-2024 Highlights
01 SECTION 1 Q3-2024 & YTD-2024 HIGHLIGHTS
Slide 6: Q3 and YTD-2024 Highlights
Q3 AND YTD-2024 HIGHLIGHTS Delivering against our strategic objectives OPERATIONAL FREE CASH FLOW HEALTHY PERFORMANCE GENERATION FINANCIAL POSITION YTD-2024 production of 741koz $97m of FCF generated during the quarter Improved net debt of $834m and leverage at AISC of $1,256/oz with strong Q4 of 0.
Slide 7: Growth Phase Successfully Delivered
GROWTH PHASE SUCCESSFULLY DELIVERED FREE CASH FLOW FOCUS Focused on increasing free cash flow generation FREE CASH FLOW GENERATION TO SUPPORT DELEVERING AND ORGANIC GROWTH PHASE DELIVERED CASHANDGENERATION PHASE RETURNS $97M DE-LEVERING SHAREHOLDER INCREASEINGRETURNS SHAREHOLDER Free Cash Flow gener
Slide 8: Production and All-In Sustaining Margin
PRODUCTION AND ALL-IN SUSTAINING MARGIN OPERATIONAL PERFORMANCE All-in sustaining margin continues to increase Production and All-In Sustaining Margin Realised Production, koz All-In Sustaining Margin, US$/oz 19koz Gold Price2 281koz 280koz 270koz 251koz + 219koz Production Q3-2024 vs Q2-2024 $1,055
Slide 9: Tracking Against Full Year Guidance
TRACKING AGAINST FULL YEAR GUIDANCE OPERATIONAL PERFORMANCE Strongly Q4-2024 weighted operational performance as guided 0.12 GROUP SAFETY INDUSTRY LTM LTIFR1 LEADING 1.14 Industry Average2 Increased Q4-2024 production expected 741 koz GROUP AT OR YTD PRODUCTION AROUND LOW END 1,130-1,270koz Guidance
Slide 10: Industry Leading Cost Profile
INDUSTRY LEADING COST PROFILE OPERATIONAL PERFORMANCE AISC improvements expected in Q4-2024 and into 2025 Gold peers AISC benchmark1 $1,886/oz $1,877/oz YTD-2024 AISC, US$/oz Peer Average $1,738/oz Strong operational Maintaining Best in Class $1,560/oz performance in Q4 $1,537/oz expected to signifi
Slide 11: Free Cash Flow
FREE CASH FLOW OPERATIONAL PERFORMANCE Increasing free cash flow generation Free cash flow from all operations1 Gold Pre-payment Investing Cashflow 166m Operating Cashflow Free Cash Flow $255m $150m +$ $167m Pre-payment2 Free cash flow3 $115m $97m Q3-2024 vs. Q2-2024 $55m $102m ($44m) ($80m) ($133m)
Slide 12: Robust Financial Position
ROBUST FINANCIAL POSITION HEALTHY FINANCIAL POSITION De-levering the balance sheet and increasing shareholder returns Evolution of leverage Net debt / LTM adjusted EBITDA 0.77x ABILITY TO FUND GROWTH AND DE-LEVERING AND INCREASING DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS Free cashflow inflect
Slide 13: Rewarding Shareholders
REWARDING SHAREHOLDERS 2024-2025 SHAREHOLDER RETURNS PROGRAMME /oz Increasing shareholder returns >$ 200 following investment phase Returned Cumulative shareholder for every ounce of gold produced1 returns Supplemental Returns Supplemental Shareholder Returns 435m Minimum Returns $1,367m $1,142m $48
Slide 14: Growth Project Ramp Ups On Track
GROWTH PROJECT RAMP UPS ON TRACK UNLOCKING ORGANIC GROWTH Commercial production and nameplate capacity achieved at both projects BIOX EXPANSION INSIGHTS Project ramp-up curve › The BIOX Expansion achieved commercial production on 1 August 3,500 tpd 1.2Mtpa1 BIOX EXPANSION 2024, less than four months
Slide 15: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE UNLOCKING ORGANIC GROWTH Strong focus on cornerstone mines and the Assafou deposit YTD-2024 exploration spend Operations Greenfield Sabodala-Massawa Houndé $30.8m $8.0m 74 Mana $2.0m Lafigué $1.9m $ m Tanda-Iguela $13.4m Ity $10.9m Greenfields $7.4m YTD-2023 exploration s
Slide 16: Tanda-Iguela Greenfield Project
TANDA-IGUELA GREENFIELD PROJECT UNLOCKING ORGANIC GROWTH Re-interpretation of Pala Trend 3 satellite target INSIGHTS › Assafou PFS on track for completion in Q4-2024 is expected to detail a large, long-mine life, low-cost mine with attractive economics with a high resource to reserve conversion expe
Slide 17: Being a Trusted Partner
BEING A TRUSTED PARTNER OUR ESG INITIATIVES Positive impact to host countries through industry-leading ESG initiatives $2.3b Total economic OUR ECONOMIC CONTRIBUTION SUSTAINABILITY-LINKED RCF Contribution We published our 2023 Tax and Economic Structured around biodiversity, climate in 2023 Contribu
Slide 18: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS Free cash flow inflection delivered QUARTER ENDED NINE MONTHS ENDED 30 Sept 30 Jun 30 Sept 30 Sept 30 Sept Q3-2024 vs. 20% For Continuing Operations1 2024 2024 2023 2024 2023 Q2-2023 (in $ million unless otherwise stated) OPERATIONAL HIGHLIGHTS Gold production, koz Gold sales, k
Slide 20: Production and All-In Sustaining Cost
PRODUCTION AND ALL-IN SUSTAINING COST Operations expected to continue to improve into Q4-2024 Production and All-In Sustaining Costs Production, koz All-In Sustaining Cost, US$/oz +19koz Realised Gold Price1 281koz 280koz 270koz 251koz Production 219koz Q3-2024 vs Q2-2024 $1,287/oz $1,287/oz $1,186/
Slide 21: All-In Sustaining Cost Bridge
ALL-IN SUSTAINING COST BRIDGE External factors and Sabodala-Massawa CIL performance impact YTD-2024 AISC INSIGHTS Quarterly AISC bridge Operational improvements in Q4-2024, driven by 1 increased production levels across Houndé, $1,256/oz Sabodala-Massawa, Lafigué and Mana are expected $34/oz 2 to si
Slide 22: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Increasing EBITDA generation with stable EBITDA margin Adjusted EBITDA from continuing operations1 Adj. EBITDA from continuing operations Adj. EBITDA Margin +27% Realised Gold Price2 $317m $292m $263m Adj. EBITDA $249m Q3-2024 vs Q2-2024 $213m 50% 50% Stable 45% 45%
Slide 23: Operating Cash Flow
OPERATING CASH FLOW Strong operating cashflow following growth project completion Operating cash flow from continuing operations1 Gold Prepayment 144m Operating cashflow from continuing operations $258m $252m +$ Realised Gold Price2 Operating cash flow Q3-2024 vs. Q2-20243 $150m $167m 133% $115m $55
Slide 24: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows increased significantly net of pre-payment INSIGHTS Operating cash flow bridge from continuing operations 4 5 1. The realised gold price for continuing operations, inclusive of realised losses on gold $258m ($35m) hedges as part of the Group’s Revenue $
Slide 25: Change in Net Debt
CHANGE IN NET DEBT Improving net debt and leverage following growth phase INSIGHTS Change in net debt 1 3 4 1. Operating activities included $245m in $835m $834m operating cashflow before changes in ($9m) working capital and a $10m working capital 2 $105m inflow. ($255m) 2. Investing cash outflows i
Slide 26: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure INSIGHTS Change in gross debt › Gross debt was reduced by $137m over the quarter due ($m) Interest Rate Maturity 30 Sept 2024 30 Jun 2024 30 Sept 2023 to a $160m repayment on the Group’s RCF, partially $370m offset by the initial drawdown on the Sa
Slide 27: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted net earnings increased significantly quarter on quarter INSIGHTS 3 MONTHS ENDED 1. Impairment of financial assets of $112m in Q3-2024 30 Sept 30 Jun (in $ million) A = Adjustments made for Adjusted Net Earnings was due to the write-down of expected pr
Slide 28: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 29: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)2 0.12 44.0m 44.2m 42.3m 42.4m 38.4m LTIFR in Q3-2024 0LTIs 0.12 0.11 0.11 0.08 0.05 in Q3-2024 Q3-2023 Q4-20
Slide 30: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strong operational performance expected in Q4 with project ramp-ups OUTLOOK YTD-2024 Production vs Guidance OUTLOOK YTD-2024 AISC vs Guidance 270koz 300koz $850/oz $925/oz ABOVE ON Ity TOP-END YTD TRACK YTD 259koz $898/oz 260koz 290koz $1,000/oz $1,100/oz ON ABOVE
Slide 31: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Higher production and lower AISC expected in Q4 Q3-2024 vs Q2-2024 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled, 85koz partially offset by increased average grades processed 69koz 49koz 57koz 54koz and recoveri
Slide 32: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL BIOX PLANT Ramp-up on track, target to outperform design nameplate FLOAT TAILS RECOVERY FRESH ORE MINING › Floatation tails underflow added to › Transitional/fresh ore horizon expected at 140m RL, but was BIOX floatation circuit in July intercepted 20-30m lower at the 110-1
Slide 33: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL CIL PLANT Optimising to support improved near-term performance ADDING HIGH-GRADE FEED › Ore mining underway at both 1 Niakafiri East 4 and 2 Kiesta C supporting higher grades in Q4 Near › Kiesta C non-refractory oxide ore grading 3 Term +2.0g/t, while Niakafiri East is non-
Slide 34: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Solar power plant project on track for Q1-2025 INSIGHTS › As announced on 2 August 2023, Endeavour launched the construction of a 37MWp photovoltaic (“PV”) solar facility and a 16MW battery system, in order to significantly reduce fuel consumption and greenhouse gas emissio
Slide 35: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Production on track as high grade Kari Pump drives stronger Q4 Q3-2024 vs Q2-2024 INSIGHTS Production and AISC › Production increased due to higher average grades Production, koz AISC, US$/oz processed and slightly higher tonnes milled, partially offset 109koz by a slight d
Slide 36: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE On track to beat the top end of production guidance Q3-2024 vs Q2-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes of ore milled 96koz at lower average grades processed, while recoveries 86koz remained consistent, in-li
Slide 37: Mana, Burkina Faso
MANA, BURKINA FASO Production on track with strong Q4 performance expected Q3-2024 vs Q2-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled and 42koz lower recoveries, partially offset by an increase in 37koz average grades processed. 35k
Slide 38: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE On track to achieve guidance Q3-2024 vs Q2-2024 INSIGHTS LAFIGUÉ PROCESSING PLANT › Production increased from 472 ounces in Q2-2024 to 36koz in Q3-2024 due to the ramp of production from the first gold pour on 28 June 2024, to the commencement of commercial production on
Slide 39: Conclusion
04 SECTION 4 CONCLUSION
Slide 40: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to deliver attractive shareholder returns Deliver production at or around the low end of the production guidance at AISC above the OPERATIONS top end, with stronger Q4 and 2025 performance expected FREE CASH FLOW FCF inflection delivered with an outlook
Slide 41: Appendix
05 SECTION 5 APPENDIX
Slide 42: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE Confirmed potential to be a Tier 1 asset INSIGHTS › 4.5Moz resource outlined in 4.5Moz approximately 2 years at a low discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be finalised in Q4-2024. › Significant upside potential Indicated resource
Slide 43: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Adding high-grade non-refractory resources into the CIL mine plan INSIGHTS › An exploration programme slightly above the guided $31m spend is expected for FY-2024, of which $31m has been spent year to date including $9m spent in Q3-2024 consisting of 28,898 meters of d
Slide 44: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration potential INSIGHTS › An exploration programme of $10m is expected for FY-2024, of which $8m has been spent year to date with $1m spent in Q3-2024. The FY- 2024 programme remains focussed on delineating additional resources at the Vindaloo D
Slide 45: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on extending resources and delineating new targets Ity map INSIGHTS › An exploration programme of $15m is expected for FY- 2024, of which $11m has been spent year to date with $3m spent in Q3-2024, consisting of 11,734 metres of drilling across 870 drill holes. › The
Slide 46: Mana, Burkina Faso
MANA, BURKINA FASO Focused on following up on near-mine oxide mineralisation INSIGHTS › An exploration programme of $2m is expected for FY- 2024, of which $2m has been spent year to date with $1m spent in Q3-2024, consisting of 1,756 metres of drilling across 47 drill holes. The exploration programm
Slide 47: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q3-2023 Q1-2024 Q3-2024 mechanisms where prices are revised periodically, Q4-2023 Q2-2024 sheltering Endeavour from peak fuel prici
Slide 48: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases INSIGHTS Gold collars Gold price in US$/oz Debt reduction › During Q3-2024, 113koz were delivered into and shareholder gold collars at the call gold price of $2,400/oz, 2600 return focus
Slide 49: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Intra-quarter averaging strategy to align pricing to London Bullion Market pricing INSIGHTS Q3-2024 Gold price vs quarterly gold sales Gold Price (U$/oz) Gold Sold (koz) › The purpose of the policy is to achieve realised Gold Price (US$/oz) Gold Sold (koz) pri
Slide 50: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance FY-2024 › The Group is expected to be at or around the (All amounts in koz, on a 100% basis) FY-2024 GUIDANCE OUTLOOK low end of its FY-2024 production guidance of Houndé 260 — 290 ON TRACK 1,130 – 1,270koz at an AISC above the top end of the $955 – 1,035/o
Slide 51: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance (All amounts in US$m) FY-2024 GUIDANCE REVISED 2024 GUIDANCE Sustaining capital Houndé 40 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 10 25 15 › Ity: waste stripping, fleet rebuilds, plant upgrades Lafigué Mana 15
Slide 52: Mine Statistics
MINE STATISTICS On a quarterly year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Q3-2024 Q2-2024 Q3-2023 Physicals Total tonnes mined – OP1 000t 7,761 7,132 6,020 9,567 11,619 10,603 —
Slide 53: Mine Statistics
MINE STATISTICS On a YTD-2024 basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) YTD-2024 YTD-2023 YTD-2024 YTD-2023 YTD-2024 YTD-2023 YTD-2024 YTD-2023 YTD-2024 YTD-2023 Physicals Total tonnes mined – OP1 000t 22,299 20,542 32,283 35,687 930 5,194 31,015 34,624 27,001 — Total ore tonn
Slide 54: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED SIX MONTHS ENDED 30 September 30 June 30 September 30 September 30 September 2024 2024 2023 2024 2023 All amounts in US$ million Houndé 12 17 11 40 35 Ity 25 50 9 75 43 Mana 2 3 5 9 21 Sabodala-Massawa — 45 65 75 116 Lafigué — — — 1 — Other1 25 49 51 79 54 Taxes paid
Slide 55: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 23.9 /100 Medium Risk 2023 2022 18.2 /100 Low Risk 2023 17.7 /100 Low Risk 2024 2020 2022 2019 2020 2021 2022 2023 Company Percentile Industry Score Ranking Average 2020
Slide 56: TSX.EDV LSE.EDV
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