Slide 1: Corporate Presentation
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation December 2021
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 Unmatched Competitive Advantage in West Africa 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 Unmatched Competitive Advantage
ENDEAVOUR HAS UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S SECOND-LARGEST GOLD PRODUCING REGION TOP Global pure gold Largest 1.4-1.5Moz producer AISC of 850-900/oz West African producer 2021 PRODUCTION TARGET 5
Slide 6: Company Profile
COMPANY PROFILE Highlights Top Shareholders1 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Rank Institution name % of S/O 1 La Mancha 19.4% Shares outstanding as at 30 September, 2021 249m 2 BlackRock Investment Management (UK) 13.3% Share price as at 8 December 2021 £17.15 / C$28.20 3 Van Eck Associates 10.1
Slide 7: Cross Sector Benchmarking Relative to Other Senior Gold Producers
CROSS SECTOR BENCHMARKING RELATIVE TO OTHER SENIOR GOLD PRODUCERS FY 2021 Production1 H1-2021 All-in Sustaining Costs1 7Moz $1,600 6Moz $1,400 5Moz $1,200 4Moz $1,000 PEER 3Moz 2Moz $800 $600 BENCHMARKING 1Moz $400 $200 Northern Star Yamana Barrick Newmont Polymetal Kinross Kirkland Newcrest Harmony
Slide 8: Our Strategy
OUR STRATEGY Watch CEO video Create 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 manageme
Slide 9: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 10: Resilient Business with High Quality Portfolio
RESILIENT BUSINESS WITH HIGH QUALITY PORTFOLIO Watch CEO video 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 CRITE
Slide 11: 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 OPTIMIZATION PILLARS <$900/oz All-in sustaining cost 01 Operational Excellence +10 YEARS Production visibility fro
Slide 12: Operational Excellence
OPERATIONAL EXCELLENCE 1 Geographic focus provides a strong competitive advantage SUPERIOR OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies › Significant synergies from shared technical functions › Hands-on management
Slide 13: Operational Excellence
OPERATIONAL EXCELLENCE 1 On track to beat full year guidance 0.21 GROUP LTM INDUSTRY LTIFR1 LEADING 1.10 Industry Average2 1,138koz GROUP EXPECTED YTD ABOVE PRODUCTION TOP END 1,365-1,495koz Guidance $875/oz GROUP $850/oz $900/oz AISC YTD ON TRACK Guidance (1) Lost Time Injury Frequency Rate= (Numbe
Slide 14: Operational Excellence: Safety Is Our Top Priority
OPERATIONAL EXCELLENCE 1 Safety is our top priority Group Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.14 Lost Time Injury Frequency Rate 0.40 0.20 0.18 0.10 0.12 0.14 4 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 LTM average (2) Q1-2021
Slide 15: Project Development
CEO INTRODUCTION PROJECT DEVELOPMENT 2 Strong construction track record AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD mines built by 4 Endeavour in last decade safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔTE D’IVOI
Slide 16: Project Development
4 442 PROJECT DEVELOPMENT 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 life
Slide 17: Unlock Exploration Value
UNLOCK EXPLORATION VALUE 3 Endeavour has a strategic foothold in two of West Africa’s most prospective belts THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT FULL CONTROL OF 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 60% of greenstone belt lies …only represents ~30% of in Burkina Faso and Côte production sinc
Slide 18: Unlock Exploration Value
Watch UNLOCK EXPLORATION VALUE video 3 On track to discover over 10Moz within last 5 years Total Indicated discoveries and targets1 Indicated resources discovered 8.5Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% Exploration spend 85% 1.5-2.5Mo
Slide 19: Unlock Exploration Value
Watch UNLOCK EXPLORATION VALUE video 3 Re-applying our proven ranking and screening methodology to set 5 year discovery targets Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selection AISC
Slide 20: Unlock Exploration Value
UNLOCK EXPLORATION VALUE 3 Targeting discovery of more than 2x production depletion over the next 5 years Risked mean indicated discovery targets Risked Mean Indicated Resource Discovered Target M&I Resource as at 31 December, 2020 $/oz Target discovery cost $26/oz $19/oz $17/oz $30/oz $45/oz $14/oz
Slide 21: Unlock Exploration Value
UNLOCK EXPLORATION VALUE 3 Strong focus on both near mine and greenfield exploration 2021-2025E exploration expenditure Greenfield 22% 5% Fetekro Ity + 500km Annual drilling expected 16% (DD+RC+AC/RC) 80m Boungou 7% 8% 16% Houndé $ Mana Average annual 9% exploration expenditure 16% Wahgnion Sabodala
Slide 22: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT 4 Focused on long life and low AISC assets Endeavour’s Portfolio1 Key achievement across 4 pillars Core Mine Non-core Mine Divested / Ceased Mine Project AISC, $/oz $1,300 Built Houndé Realized synergies Karma $1,250 Built Ity Met guidance $1,200 Tabakoto $1,150 Operation
Slide 23: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining AISC <$900/oz PRODUCTION AND ALL-IN SUSTAINING COSTS +1.6Moz For discontinued operations For continuing operations <<$900/oz +1.5Moz 1.4-1.5Moz <$900/oz <$900/oz 908koz $873/oz 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 24: Growing ESG Ambitions
GROWING ESG AMBITIONS As our company has grown, so too have our ESG initiatives and commitments 2030 and beyond • 2030: -30% emissions 2021/22 reduction • 2021: External 2020 assurance on key ESG • 3rd GRI report • 2050: Net Zero carbon data 2019 • 1st RGMP externally • Reporting in line with • Comm
Slide 25: Robust Return on Capital Employed
ROBUST RETURN ON CAPITAL EMPLOYED Significant improvement following build of our Ity and Houndé mines Return on Capital Employed (ROCE)1 20% +10% 2020 vs 2019 10% 6% 6% +20% ROCE target with strong capital 2017 2018 2019 2020 allocation discipline 1. EBIT (Adjusted EBITDA as in MD&A less depreciatio
Slide 26: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash generation supports balance sheet strength and shareholder returns Net Debt Reduction (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT PHASE DEBT REDUCTION PHASE DIVIDENDS & BUYBACK 0.05x Low Net Debt/Adj. $75m EBITDA (LTM) ratio ($77m) ($70m) ($175m) (
Slide 27: Attractive Shareholder Returns Program
Watch ATTRACTIVE SHAREHOLDER RETURNS PROGRAM video Minimum progressive dividend with potential for supplemental shareholder returns DIVIDEND POLICY Minimum Dividend Minimum Dividend at $1,500/oz gold, $m Interim Dividend Minimum Progressive Dividend $175m › Provides dividend visibility during growth
Slide 28: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Supplementing dividends with active buyback program INSIGHTS Indicative yield for shareholder returns Endeavour’s Share Buyback Completed To Date in 2021 › Minimum dividend Dividend commitment of US$125 6% million for FY-2021 represents indicative yield of 1.9%1 5% › P
Slide 29: LSE Premium Listing Completed in June 2021
LSE PREMIUM LISTING COMPLETED IN JUNE 2021 Well-positioned as the largest pure gold producer listed on the premium segment of the LSE Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent 3.0Moz Premium Segment Standard Segment AIM TARGETING FURTHER 2.5Moz UK AND
Slide 30: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Watch 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 31: Upcoming Catalysts
UPCOMING CATALYSTS Q4 Sabodala-Massawa Completion of Phase 1 plant upgrades 2021 Q4 Exploration Resource updates at Sabodala-Massawa, Houndé and Ity mines 2021 Q4 Fetekro Resource update at Fetekro development project 2021 Q1 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2 20
Slide 32: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 32
Slide 33: 2021 Guidance
2021 GUIDANCE INSIGHTS Consolidated Production Guidance › Total production guidance for 2021 of (All amounts in koz, on a 100% basis) YTD-2021 2021 FULL-YEAR GUIDANCE 1,365 – 1,495koz at an AISC of $850 - Ity 212 230 — 250 $900/oz. Karma 67 80 — 90 › The Sabodala-Massawa and Wahgnion Houndé 216 240
Slide 34: 2021 Guidance (Continued)
2021 GUIDANCE (Continued) Sustaining and Non-Sustaining Capital Expenditure Guidance INSIGHTS Sustaining SUSTAINING CAPITAL NON-SUSTAINING CAPITAL › Houndé: waste extraction, fleet re-builds, borehole drilling at YTD-2021 FY-2021 YTD-2021 FY-2021 Kari (All amounts in US$m) Guidance Guidance Ity 18 2
Slide 35: Strong Q3-2021 Performance Highlights
STRONG Q3-2021 PERFORMANCE On track for a record year HIGHLIGHTS › On track to beat FY-2021 production guidance and meet AISC guidance STRONG BUSINESS On track to beat On track to generate PERFORMANCE production guidance +$1B in operating cash flow › Healthy balance sheet at quarter-end with only $7
Slide 36: Financial Overview
FINANCIAL OVERVIEW Strong increase in YTD per share metrics Consolidated Highlights QUARTER ENDED NINE MONTHS ENDED Sep. 30, Jun. 30 Sep. 30, Sep. 30, Sep. 30, Var. YTD-21 +51% 2021 2021 2020 2021 2020 vs. YTD-20 (in $ million unless otherwise stated) PRODUCTION, SALES AND AISC HIGHLIGHTS Gold Produ
Slide 37: Safety Continues to Be Our Top Priority
SAFETY CONTINUES TO BE OUR TOP PRIORITY Lost Time Injury Frequency Rate remains at industry low Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.21 Lost Time Injury Frequency Rate 0.40 0.26 0.16 0.12 0.12 0.21 2 LTIs in Q3-2021 Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020
Slide 38: Production and AISC
PRODUCTION AND AISC Limited impact of the rainy season in Q3-2021 Production and AISC Production AISC from all operations 409koz 382koz +138koz 344koz 347koz Production Q3-2021 vs. Q3-2020 244koz $906/oz $904/oz AISC $868/oz $853/oz $803/oz REMAINED FLAT Q3-2021 vs. Q3-2020 Q3-2020 Q4-2020 Q1-2021 Q
Slide 39: Year to Date Production
YEAR TO DATE PRODUCTION Stronger diversification across assets and countries compared to 2020 Production breakdown Ex-Teranga Assets Endeavour legacy Assets Ex-SEMAFO Assets Wahgnion Mana +573koz 100Koz 151Koz Production YTD-2021 vs. YTD-2020 Boungou Sabodala-Massawa 139Koz 1,138Koz 241Koz Karma Pro
Slide 40: Supply Chain and Cost Inflation Controls
SUPPLY CHAIN AND COST INFLATION CONTROLS Renegotiating long-term contracts as a larger group has helped to mitigate inflationary pressures INSIGHTS KEY CONTRACT RENEWALS › Renegotiated contracts after acquisitions of Semafo and Teranga to leverage increased group tender volumes with first key contra
Slide 41: All-In Sustaining Margin
ALL-IN SUSTAINING MARGIN Strong performance following record Q2-2021 results All-in Sustaining Margin from all operations1 All-in sustaining margin All-in sustaining margin per ounce Realized $395m 92m Gold Price $341m $333m $337m +$ All-in Sustaining Margin Q3-2021 vs. Q3-2020 $245m $1,040/oz +38%
Slide 42: Operating Cash Flow
OPERATING CASH FLOW Strong cash flow compared to Q2-2021 despite lower realized gold price and sales Operating cash flow from all operations $364m $300m $312m +$ 110m Operating CF Q3-2021 vs. Q3-2020 $202m $198m +55% Operating CF $1,841/oz $1,841/oz $1,749/oz $1,791/oz $1,763/oz Q3-2021 vs. Q3-2020
Slide 43: Operating Cash Flow
OPERATING CASH FLOW Strong cash flow over Q2-2021 due to seasonality of tax payments Operating cash flow bridge INSIGHTS 1. The realised gold price decreased by $28/oz from $1,791/oz in Q2-2021 to $1,763/oz in Q3-2021 4 (∆$29m) 2. Gold sold decreased by 28koz from 421koz in Q2-2021 to 392koz in Q3-2
Slide 44: Net Debt and Liquidity Analysis
NET DEBT AND LIQUIDITY ANALYSIS Balance sheet continues to strengthen INSIGHTS Net Cash Variation Analysis › Q3-2021 financing activities include repayments on long- term debt of $80m, $100m of shareholder and minority interest dividends and $35m of share buybacks › Q3-2021 investing activities incl
Slide 45: Net Earnings
NET EARNINGS Decreased over previous quarter due lower realized gold price and sales 3 MONTHS ENDED INSIGHTS 30 September, 30 June, 1. The decrease in corporate costs in Q3-2021 was (in $ million) A = Adjustments made for Adjusted Net Earnings 2021 2021 primarily due to decreased costs associated wi
Slide 46: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 46
Slide 47: Strong Exposure Across Asset Lifecycle
STRONG EXPOSURE ACROSS ASSET LIFECYCLE Daoukro Cluster Côte d’Ivoire Kofi Trend Bondoukou Cluster Wahgnion Karma Mali Sia/Sianikou Côte d’Ivoire Nabanga Houndé Trend Burkina Faso Fetekro Côte d’Ivoire Mana Fougadian Mali Houndé Barrick JV Côte d’Ivoire Siguiri Afema Golden Hill Mt. Ba/Gueya Guinea C
Slide 48: Diversified Portfolio of Seven Mines
DIVERSIFIED PORTFOLIO OF SEVEN MINES MINE RESERVE GOLD M&I M&I RESOURCE AISC1 RESERVES NAME COUNTRY PRODUCTION1 GRADE RESOURCES GRADE (US$/oz) (Moz) (koz) (g/t) (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 49: Sabodala-Massawa Mine
COO video presentation Website Latest technical report 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 poten
Slide 50: Sabodala-Massawa Mine
COO video presentation Website Latest technical report 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
Slide 51: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Higher processed grade from Massawa ore in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS › Production increased mainly due to higher average processed grades and slightly higher tonnes milled and recovery rate. › AISC per ounce sligh
Slide 52: Sabodala-Massawa Mine: Discovery Target
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 102Mt at 2.02g/t au containing 6.64Moz NEAR-TERM FOCUS Discovery of additional high-grade non-refractory ore resources. Define new resources on n
Slide 53: Sabodala-Massawa Phase 1 Expansion
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 UNDERWAY TO ASSIST IN DEBOTTLENECKING THE PLANT BACK-END › Phase 1 of the plant expansion will facilitate processing of an increased proportion of high grade, free-milling Massawa ore through the Sabodala processing plant › Installation of Packages 1 to 5,
Slide 54: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE Phase 1 upgrades tracking on schedule for completion in Q4-2021 Package 1: Additional Electrowinning Cell commissioned Package 2: Carbon Regeneration and Elution Area tanks Package 2: Carbon Regeneration and Elution Area tanks Package 4: Top of additional leach tank 3rd course
Slide 55: Sabodala-Massawa Mine: Phase 2 DFS
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS UNDERWAY AND DUE FOR COMPLETION IN Q4-2021 Phase 2 of the expansion will add a new refractory ore • Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to improve the quality of the mill feed blen
Slide 56: Near-Term Exploration Focus
NEAR-TERM EXPLORATION FOCUS Updated resource is expected to be published in Q4-2021 INSIGHTS Massawa Plan Map › An exploration programme of up to $13 million was planned for 2021, of which $9 million has already been spent year to date. › During Q3-2021 alone, $5 million was spent on exploration con
Slide 57: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 57 57
Slide 58: Samina
SAMINA Mineralised strike length greater than 900 meters and open to the north 58 58
Slide 59: Tina
TINA Mineralisation remains open to the north and southeast 59 59
Slide 60: Bambaraya
BAMBARAYA High grade mineralisation from surface extending over 800m along strike BBTR001 13.2m@3.64g/t from 0m MRC21-0725 19m @ 1.97g/t Au from 7m Incl. 8m @ 3.07g/t Au from 18m MRC21-0723 4m @ 7.24g/t Au from 10m MRC21-0723 13m @ 2.06g/t Au from 46m 60 60
Slide 61: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 230-250koz $800-850/oz 2.7Moz 3.8Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cor
Slide 62: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive o
Slide 63: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Processed grade decreased and higher stripping at Bakatouo in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased, as guided, due to the lower average Production, koz AISC, US$/oz processed g
Slide 64: Ity Mine: Production Plan
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire Ity production plan Incremental production added 2017 Optimization Study 300koz 250koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resourc
Slide 65: Ity Mine: Discovery Target
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost W Flotouo CURRENT M&I RESOURCES as at Dec 31, 2020 77Mt at 1.52g/t au containing 3.76Moz NEAR-TERM FOCUS 2.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine
Slide 66: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Targets defined along the full length of the Ity belt INSIGHTS › An exploration programme of $9 million was initially planned for 2021, however given the success, $10 million has already been spent year to date. During Q3-2021, $4 million was spent on exploration. Walter-
Slide 67: West Flotouo
WEST FLOTOUO Re-interpretation of near mine geology will deliver high-grade resources West Flotouo Plan Map West Flotouo Cross Section 67 67
Slide 68: Le Plaque
LE PLAQUE Updated resource is expected to be published in Q4-2021 INSIGHTS Le Plaque Exploration Targets › The exploration efforts in the Le Plaque area are focussed on Le Plaque South (Delta Extension) and Yopleu-Legaleu, with the aim of extending mineralisation at both targets. › Le Plaque is open
Slide 69: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 69 69
Slide 70: Daapleu Deeps
DAAPLEU DEEPS High-grade mineralisation extends down dip DA15-178 21.3m @ 1.87g/t Au 8.9m @1.37 g/t Au 9.3m @ 1.12 g/t Au DA16-193 18m @ 1.54g/t Au DA16-194 12.1m @ 1.47g/t Au 6.9m @ 1.13 g/t Au 13.9m @ 1.23 g/t Au DA15-174 14.2m @ 1.21g/t Au 10.7m @ 2.87 g/t Au DA16-193 15.6m @ 1.36 g/t Au DA21-615
Slide 71: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 240-260koz $855-905/oz 2.6Moz 4.6Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of
Slide 72: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries and Golden Hill deposits Resources shown Tonnage Grade Content inclusive of Reserves
Slide 73: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Lower processed grades and a focus on waste stripping in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased in Q3-2021 due to lower average processed Production, koz AISC, US$/oz grades a
Slide 74: Houndé Mine: Production Plan
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potential and further resource
Slide 75: Kari Area Permitted as Extension of Houndé
Kari Area permitted as extension of Houndé on expedited timeline HOUNDÉ MINE Burkina Faso › Permit extension granted covering the full Kari area › Permit includes the Kari Pump, Kari West and Kari Center, Kari Gap and Kari South › Permit granted as an extension of the 2003 Mining Code which means th
Slide 76: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 82Mt at 1.74g/t au containing 4.58Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Dohou
Slide 77: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Follow up on initial results and delineation of the Mambo discovery INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of up to $7 million was planned for 2021, of which $5 million has been spent year to date. During Q3-2021, $1 mi
Slide 78: Mambo
MAMBO Delineation of the Mambo discovery INSIGHTS. Mambo geology and drilling intercepts › Mineralisation at Mambo extends over 800 meters in length in the NNE – SSW direction and 200 meters wide in the WNW – ESE direction › Mineralisation remains open to the southwest, northeast, and at depth. › St
Slide 79: Mambo
MAMBO Down dip mineralisation extension remains open 79 79
Slide 80: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate with the Houndé mine plan INSIGHTS › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468km2 › Drilli
Slide 81: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour 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 W
Slide 82: 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, 2020 • Greater mining flexibility following commissioning of On a 100% basis satellite deposits Resources shown Tonnage Grade Content inclusive
Slide 83: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Focused on fresh ore during the wet season in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS › Production decreased in Q3-2021 due to lower mill throughput and lower recovery rates, reflecting the high proportion of fresh ma
Slide 84: Wahgnion Mine: Discovery Target
DISCOVERY TARGET (2021-2025) WAHGNION MINE Burkina Faso 1.5 – 2.0Moz $25/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 44Mt at 1.51g/t Au containing 2.15Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucki
Slide 85: Wahgnion Mine, Burkina Faso
WAHGNION MINE WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of up to $12 million was planned for 2021, of which $8 million was spent year to date. › Du
Slide 86: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $975-1,050/oz 1.4 Moz 3.0 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is locate
Slide 87: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization t
Slide 88: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Wona underground development being expedited Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production remained flat over Q2-2021 as plant Production, koz AISC, US$/oz throughput, average grade milled and recoverie
Slide 89: Mana Mine: Discovery Target
DISCOVERY TARGET (2021-2025) Bara MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 45Mt at 2.07g/t Au containing 3.01Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as we
Slide 90: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $8 million was planned for 2021 of which $9 million has already been spent year to date. › During Q3-2021, $2 million was spent on exploration focussed on the Maoula open
Slide 91: Maoula
MAOULA Open pit oxide target MARC21-524 MARC21-513 5m @ 3.01 g/t \ 163m 3m @ 2.39 g/t \ 37m A MARC21-572 MARC21-559 3m @ 2.11 g/t \ 35m 3m @ 2.02 g/t \ 142m MARC21-169 MADD21-521 5m @ 3.24 g/t \ 29m 14m @ 2.65 g/t \ 69m MARC21-342 11m @ 6.27 g/t \ 104m MARC21-507 11m @ 3.72 g/t \ 14m MARC21-308 5m @
Slide 92: 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 93: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 180-200koz $690-740/oz 1.0 Moz 1.5 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a
Slide 94: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to
Slide 95: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production remained consistent with Q2-2021 as greater Production, koz AISC, US$/oz throughput and the rec
Slide 96: Boungou Mine: Discovery Target
DISCOVERY TARGET (2021-2025) BOUNGOU MINE Burkina Faso 1.0 – 1.5Moz $32/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 14Mt at 3.32g/t Au containing 1.54Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou
Slide 97: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS High priority targets within 10km of the mine INSIGHTS Boungou Exploration Map › An exploration programme of up to $7 million was planned for 2021, of which $5 million has been spent year to date. During Q3-2021, $1 million was spent on exploration. The exploration effort
Slide 98: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso 80-90koz $1,220-1,300/oz 0.2 Moz 1.9 Moz Current as at Current as at 2021 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 20
Slide 99: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional he
Slide 100: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Production decreased in Q3-2021 due to lower grades at GG1 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased due to the lower average grade as well Production, koz AISC, US$/oz as the expected lower recovery rates
Slide 101: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Exploration focused on delineating near mine extensions INSIGHTS Karma H1-2021 Drilling plan › During Q3-2021, limited exploration work continued as part of the advanced grade control drilling programme, targeting near mine extensions
Slide 102: Fetekro Project
PFS press release Latest technical report 3D mine site tour FETEKRO PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIP Plant Re
Slide 103: Fetekro Project
FETEKRO PROJECT Simplified map of the Fetekro property showing Lafigué Côte D’Ivoire 2021 project economics are robust, with an attractive NPV and IRR being generated across a range of gold prices A total of 2.1Moz were converted into a maiden Probable Reserve out of an Indicated Resource base of 2.
Slide 104: Fetekro Project Attractive Project Economics
Fetekro 2020 PEA vs 2021 PFS FETEKRO PROJECT PLANT TYPE, SIZE & CAPEX PFS PEA VARIANCE Côte D’Ivoire Plant type Gravity / CIP Gravity / CIL Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Mine life, years 9.5 8.0 +31% Strip ratio, W:O 10.3 7.4 +41% Tonnes proces
Slide 105: Fetekro Project: Discovery Target
DISCOVERY TARGET (2021-2025) LFRC19-659: 9m@0.61g/t Au LFRC19-660: 3m@0.90g/t Au LFRC19-653: 2m@1.90g/t Au LFRC19-656: 2m@0.93g/t Au LFRC17-262: 3m@1.40g/t Au FETEKRO PROJECT and 2m@0.54g/t Au and 4m@0.62g/t Au Côte D’Ivoire 1.2 – 1.8Moz $14/oz Indicated resources Discovery cost CURRENT M&I RESOURCE
Slide 106: Fetekro Project
FETEKRO PROJECT FETEKRO PROJECT Updated resource is expected to be published in Q4-2021 INSIGHTS Drilling between Lafigué Center and Lafigué North › An updated resource estimate is expected to be published in late 2021 due to successful drilling which has focused on extending the Fetekro resource in
Slide 107: Fetekro Project
FETEKRO PROJECT FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 107 107
Slide 108: 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, 2020 Ownership 80% EDV; 20% Mali government Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown Tonnage Grade
Slide 109: Kalana Project: 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 110: Kalana Project
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 111: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralized zones with diverse BANTOU PROJECT mineralization styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The inferred resource is comprised of three main areas with t
Slide 112: 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 113: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect GREENFIELD AFEMA › Continued geological and Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization the Woulo Woulo prospect › Average 40-50 metre wide gold m
Slide 114: Greenfield Liguidi
114 GREENFIELD LIGUIDI Burkina Faso
Slide 115: Bondoukou - Tanda & Iguela
INSIGHTS › Over 8 targets have been identified on the Tanda and Iguela exploration permits BONDOUKOU - TANDA & IGUELA Côte D’Ivoire › Dakou, Pala and Assafou- Broukro are high priority targets with the larger resource size potential › High gold in soil geochemical anomalies have been identified 115
Slide 116: Greenfield: Siguiri Licenses
116 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 117: Greenfield Sissedougou / Mankono
JV WITH BARRICK GOLD › Drill results suggest the presence of an 800-metre Côte D’Ivoire GREENFIELD SISSEDOUGOU / MANKONO mineralized structure at Sissedougou with best drill results of: ‒ 34.6 m @ 2.08g/t Au at 74.6m, including 1.0m @ 31.52g/t Au ‒ 18.8 m @ 2.30g/t Au at 26.1m ‒ 23.0 m @ 2.14g/t Au
Slide 118: 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 118
Slide 119: 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 119
Slide 120: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 120
Slide 121: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 121 121
Slide 122: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER Watch CEO video 4 122
Slide 123: Implementing Our Purpose
IMPLEMENTING OUR PURPOSE Watch video SUPPORTED BY STRONG ETHICS AND GOVERNANCE OUR PARTNERING PURPOSE WITH OUR HOSTS TO PRODUCE GOLD THAT PROVIDES INVESTING IN PROTECTING LASTING VALUE TO OUR HOST COUNTRIES OUR ENVIRONMENT SOCIETY We do so while protecting and promoting the places Respect for human
Slide 124: Our Sustainability Strategy
OUR SUSTAINABILITY Warne STRATEGY ee . 2 ey a oo wo eananaey pejeee comes ~ national and regional levels OUR AMBITION FOR OUR ESG MISSION INVESTING IN OUR ENVIRONMENT IMPLEMENTED ACROSS OUR OURIROST. COUNTIAES d 6 MINES, HOST COMMUNITIES AND BEYOND +) 4 Biodiversity Water Stewardship C7) A - Ls Educ
Slide 125: Growing ESG Ambitions
GROWING ESG AMBITIONS As our company has grown, so too have our ESG initiatives and commitments 2030 and beyond • 2030: -30% emissions 2021/22 reduction • 2021: External 2020 assurance on key ESG • 3rd GRI report • 2050: Net Zero carbon data 2019 • 1st RGMP externally • Reporting in line with • Comm
Slide 126: Embedding the UN SDGs into Our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 127: Economic Development
ECONOMIC DEVELOPMENT UN SDG TARGET ACTIONS › SDG 1.1: Eradicate extreme poverty for all people, currently measured as people living on less than $1.25 a day Job Creation & › SDG 1.4: Ensure that all men & women, particularly the poor Local Procurement and the vulnerable, have equal rights to economi
Slide 128: Economic Development
ECONOMIC DEVELOPMENT Creating Employment Opportunities GROWING LOCAL TALENTS • We are a major employer in Côte d’Ivoire, Senegal and Burkina Faso ~7,000 95% 65% • To maximize our positive impact, our goal is to hire close to 100% of our workforce Employees Nationals Nationals & Regional directly fro
Slide 129: Economic Development
ECONOMIC DEVELOPMENT Supporting National & Local Economies OUR PROCUREMENT APPROACH › Re-orientated our supply chain towards In 2020 West Africa in 2019 › Strategy reaped benefits during COVID-19 pandemic with no major disruptions to key equipment and supplies $622M 74% 2,031 In-country of total bud
Slide 130: Economic Development
ECONOMIC DEVELOPMENT Endeavour’s Impact Investment Fund ECODEV’S MISSION MALI SHI Established & fully owned` by Endeavour to support national economic growth by investing in the creation Mali is 2nd largest producer of shea nut and accounts for ~20% global supply of shea 120,000 Women with increment
Slide 131: Economic Development
ECONOMIC DEVELOPMENT Income Generation & Livelihood Restoration We have a range of income- generating activities (IGAs) and livelihood restoration plans (LRPs) across our sites, in consultation with our local community stakeholders 131
Slide 132: Social Impact
SOCIAL IMPACT Educating the Future Generations UN SDG TARGET ACTIONS › SDG 4.1: Ensure that all girls and boys INITIATIVES RANGE FROM PRIMARY ALL complete free, equitable and quality primary THE WAY THROUGH TO JOB EXPERIENCE and secondary education › Internships ` › SDG 4.3: Ensure equal access for
Slide 133: Social Impact
SOCIAL IMPACT Malaria - Addressing One of the Continent’s Biggest Killers UN SDG TARGET ACTIONS IMPACT › SDG 3.3: end the epidemics of AIDS, FOCUSING ON OUR MINES & COMMUNITIES -36% tuberculosis, malaria and neglected tropical › Implement Malaria Control Programs Decrease in Group malaria diseases a
Slide 134: Social Impact
SOCIAL IMPACT Providing Access to Safe Water, Sanitation & Hygiene UN SDG TARGET ACTIONS › SDG 6.1: Achieve universal and equitable › Across our minesites, we drill & remediate community boreholes, including solar powered access to safe and affordable drinking water for all 3-Year Partnership with O
Slide 135: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT Ambition is to be Net Zero by 2050 UN SDG TARGET TARGET › SDG 7.2: Increase substantially the share of -30% by 2030 renewable energy in the global energy mix › SDG 9.4; Upgrade infrastructure to make ACTIONS them sustainable, with increased resource- use efficiency and
Slide 136: Greenhouse Gas Emissions Intensity Ranks Favourably
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 137: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT 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 FA
Slide 138: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT 8 Levers Identified to Reduce Our Emissions 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 OPTIMIZE FLEET RENEWABLES / GENERATORS REMAININ
Slide 139: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT Renewable Energy in the African Gold Sector Centamin AngloGold Ashanti Mali Essakane Renewable energy projects are currently A 36MW solar farm and 7.5MW under consideration across the entire group Bissa and Bouly battery-energy storage system are being Fekola constructe
Slide 140: Addressing Our Climate Impact
ADDRESSING OUR CLIMATE IMPACT Houndé - 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 141: Protecting the Environment
PROTECTING THE ENVIRONMENT Water Stewardship and Tailings Management UN SDG TARGETS › SDG 6.3: Improve water quality by reducing pollution, eliminating dumping and minimizing release of hazardous chemicals and materials and substantially increasing recycling and safe reuse globally › SDG 6.4: Increa
Slide 142: Protecting the Environment
PROTECTING THE ENVIRONMENT Water Stewardship • Our water stewardship strategy aims to ensure we have enough water for our operations, while at the same protecting the quality & quantity of water available to our 3/7 x2 ICMM host communities mines are located in Increase in volume Aligned water • FY-
Slide 143: Protecting the Environment
PROTECTING THE ENVIRONMENT Responsible Tailings Management • Participate in the Investor Mining and Tailings Safety Initiative (Church of England), with 0 Audited 100% annual disclosure on our website TSF-related Annually audited by • Knight Piésold are our Engineers of Record and incidents 3rd part
Slide 144: Protecting the Environment
PROTECTING THE ENVIRONMENT Biodiversity – Protecting Africa’s Fauna & Flora COMMITMENT UN SDG TARGET › SDG 15.3: combat desertification, restore No Mining on World Heritage Sites X degraded land and soil, and strive to achieve a land degradation-neutral world No Net Loss of Critical Habitat X ACTION
Slide 145: Protecting the Environment
PROTECTING THE ENVIRONMENT 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 r
Slide 146: Responsible Mining
RESPONSIBLE MINING Strong Ethics and Governance Support Our Actions on the Ground SUPPORTING OUR ENVIRONMENT AND SOCIAL PILLARS 4 flagship projects to become a global Respect for corporate citizen human rights Voluntary Principles On Rigorous Security & Human Rights Zero harm ` ` reporting ` Members
Slide 147: Responsible Mining
RESPONSIBLE MINING Targeting ZERO Harm UN SDG TARGET PERFORMANCE LTIFR AIFR › SDG 8.5: Achieve full and productive 0.2 7.00 employment and decent work for all 0.18 women and men 5.74 6.00 0.16 0.14 5.00 ` 3.99 0.12 Supporting Government Vaccination Campaigns 3.68 4.00 0.1 3.00 0.08 ` 0.06 2.00 0.04
Slide 148: Diversity & Inclusion
RESPONSIBLE MINING Diversity & Inclusion UN SDG TARGET ACTIONS › SDG 8.5: Achieve full and productive › Set 25% increase in gender diversity as In 2020 employment and decent work for all part of the Group-wide annual bonus… women and men › … and achieved 38% increase at our ` legacy Endeavour assets
Slide 149: Responsible Sourcing
RESPONSIBLE MINING Responsible Sourcing – Tracing from Mine to Finished Product UN SDG TARGET ACTIONS › SDG 12.2: By 2030, achieve the sustainable › Set 25% increase in gender diversity as management and efficient use of natural part of the Group-wide annual bonus… resources › … and achieved 38% inc
Slide 150: Strong Focus on Corporate Governance
STRONG FOCUS ON CORPORATE GOVERNANCE Supported by UK Corporate Governance Code, a recognised leader 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 Corpora
Slide 151: Transparent and Comprehensive Reporting
TRANSPARENT AND COMPREHENSIVE REPORTING BASED ON BEST PRACTICE Our ESG reporting is grounded in both leading industry-specific frameworks and widely recognised reporting standards ALIGNING ESG PRIORITIES & BEHAVIOUR THROUGH EXECUTIVE COMPENSATION Short Term Long Term 2020 20% weighting 12.5% weighti
Slide 152: Unmatched Competitive Advantage in West Africa
Watch video UNMATCHED COMPETITIVE ADVANTAGE IN WEST AFRICA 5 152
Slide 153: West Africa Endeavour's Presence
WEST AFRICA ENDEAVOUR'S 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% En
Slide 154: West African 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 155: Annual Gold Production by 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 regio
Slide 156: 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, Endeavour B2Gold has a strategic industrial benefit from Kinross being geographically focused yet diversified across mu
Slide 157: 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 158: 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 159: 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 reg
Slide 160: Industry Exploration Spend 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-explored 42Moz compared to other regions. 33Moz 27Moz 27Moz 79 23Moz 22Moz 20Moz 18Moz Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 161: 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 162: West Africa Operates Stable Sector
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 163: 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 164: Appendix
APPENDIX FT / 2) Es y
Slide 165: Appendix 1: Management, Board and Analyst Coverage
01 APPENDIX 1 Management, Board and Analyst Coverage
Slide 166: Solid Management Track Record
SOLID MANAGEMENT TRACK RECORD SÉBASTIEN • Sébastien de Montessus is President and CEO of Endeavour Mining. Under his leadership, he has introduced key strategic objectives that have created a sustainable business that generates long term cash flow DE MONTESSUS • Previously, Sébastien served as the C
Slide 167: Board Members
BOARD MEMBERS Michael Beckett Alison Baker Carmen Letton David Mimran Tertius Zongo Chairman Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director James Askew Livia Mahler Naguib Sawiris Sofia Bianchi Sébastien de Montessus Non-executive D
Slide 168: Analyst Coverage
ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Barclays Amos Fletcher ✆ +44 207 773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 203 753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bm
Slide 169: Appendix 2: Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 170: Mine Statistics
Q3-2021 & YTD-2021 RESULTS MINE STATISTICS On a quarterly basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-21 Q2-21 Physicals Total tonnes mined – OP1 000t 5,576 5
Slide 171: Mine Statistics
Q3-2021 & YTD-2021 RESULTS MINE STATISTICS On a year to date (nine months) basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-212 YTD-212 Physicals Total tonnes mined – OP1 000t 18,326 16,923 16,3
Slide 172: Appendix 3: Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 173: Reserves and Resources
RESERVES AND RESOURCES As of December 31, 2020 On a 100% basis On a 100% basis On a 100% basis Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au koz) i
Slide 174: Unlock Exploration Value
UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to: ‒ Current state of project knowledge (from grassroots to development) ‒ Quality of supporting data (drilling, available nearby analogs, structural trends, favo
Slide 175: Appendix 4: Debt Sources and ROCE
04 APPENDIX 4 Debt Sources and ROCE
Slide 176: Debt Structure
DEBT STRUCTURE Debt Structure $330 Convertible Notes Debt Structure (at quarter-end) As at 30-Sept-21 › 3% coupon on convertible note payable semi-annually $330m Convertible Senior Notes 330.0 › Matures in February 2023 $370m › Ability to settle in cash or shares $370m Bridge Facility 370.0 › Conver
Slide 177: Return on Capital Employed
Strong focus on demonstrating returns following investment phase ITY ROCE HOUNDE ROCE RETURN ON CAPITAL EMPLOYED 44% 35% 2020 Return on Capital Employed (ROCE) by asset 27% 28% 6% 14% Karm 2018A 2019A 2020A 2018A 2019A 2020A a Houndé 6% Ity 23% BOUNGOU ROCE MANA ROCE KARMA ROCE 20% Capital Employed
Slide 178: 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