Slide 1: Corporate Presentation September 2019
CORPORATE PRESENTATION › September 2019
Slide 2: Disclaimer & Forward Looking Statements
CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Karma GAMBIA Mine BURKINA FASO 2,800 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA LEONE D’IVOIRE 615-695 Koz $760
Slide 5: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Jun 30th 110m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at Sep 10th C$25.35 Europe Market cap as at Sep 10th US$2.12B Net Debt as at Jun 30th US$660m Other North America 5% 30% 1% 6
Slide 6: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Turnaround Endeavour to build a sustainable business model TURNAROUND STRATEGIC OBJECTIVES OUR VISION SITUATION IN 2015 STRATEGIC OBJECTIVES CREATE A SUSTAINABLE BUSINESS Non-sustaining $922/oz <$800/oz capex All-in Sustaining Cost REQUIRED CASH Explor
Slide 7: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Focus on free cash flow and return on capital employed (ROCE) 2016 to mid-2019 Mid-2019 and beyond FOCUS ON INCREASING THE FOCUS ON QUALITY OF OUR PORTFOLIO RETURN ON CAPITAL EMPLOYED (ROCE) ~ $1invested billion Capital allocation trade-offs 2 flagship
Slide 8: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE On track to achieving strategic objectives STRATEGIC $1,317/oz OBJECTIVES >800koz >800koz $1,010/oz 727koz $886/oz <$800/oz 663koz 615-695koz $922/oz All-in Sustaining Cost 593koz $866/oz $843/oz 516koz 462koz $760-810/oz 317koz 10+ years Production
Slide 9: Building a Premier African Gold Producer
CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 strategic levers to achieve objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS 10+ year Mine life ≤800$/oz All-in Sustaining Cost +800koz Annual production 9
Slide 10: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Karma Louis Irvine GAMBIA Mine CFO BURKINA FASO Morgan Carroll GUINEA- Houndé Bamako EVP Corporate Finance & BISSAU Kalana Min
Slide 11: Operational Excellence: Safety Record
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Our safety record remained below the industry average in H1-2019 Lost Time Injury Frequency Rate (on a rolling 12-months basis) 0.72 0 LTM Lost Time Injury Frequency Rate 0.40 0.29 ~600days 0.16 0.00 0.00 0.00 0.00 without an LTI on Peer FY2016 FY2017
Slide 12: Operational Excellence: Local Talent
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talent Employee breakdown for continuing operations Expats Nationals GENERAL MANAGERS 50% 95% site workforce 2 out of 4 are West-African are nationals 0% 25% in 2017 in 2018 SITE WORKFORCE HEAD OF DEPARTMENTS 95% 42% 50% 2,327
Slide 13: Responsible Gold Mining Principles
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Adoption of World Gold Council’s responsible gold mining principles Adopted from the World Gold Council Responsible gold mining principles › An over-arching framework that sets out clear expectations as to what constitutes responsible gold mining › Des
Slide 14: 6th Consecutive Year of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 6th consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance 800 1,010 700 600 922 500 886 869 400 727 615 843 663 - 300 593 516 695 466 200 $760-810/oz 100 0 2014 2015 2016 2017 2018 2019E 2014
Slide 15: Two Flagship Mines Built
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Improved portfolio quality through build of two flagship mines FLAGSHIP ASSETS COMBINED HOUNDÉ ITY CIL (commissioned in Q4-2017) (commissioned in Q2-2019) ~$650/oz <$560/oz <$650/oz Based on first 2 years 2019 guidance All-in Sustaining Cost (2018A-201
Slide 16: Strong Construction Track Record
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILT OUR VISION NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014 ON-SCHEDULE HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET 0 LTIs 16
Slide 17: Self-performing Tasks Driving Cost Savings
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction
Slide 18: Strong Organic Growth Pipeline
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Strong organic growth pipeline Daoukro Cluster (Côte d’Ivoire) Le Plaque Kofi Trend (Côte d’Ivoire– Ity trend) (Mali) Bondoukou Clust. (Côte d’Ivoire) Siguiri Ity CIL (Guinea) Randgold JV (Côte d’Ivoire) Ity CIL upsize (underway) Kalanako (Mali) Kalana Si
Slide 19: Largest and Most Promising Portfolios in West Africa
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 19
Slide 20: Screening and Ranking Methodology
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Screening And Ranking Methodology Exhaustive screening of all Strategic >200 potential targets Prioritization CONSERVATIVE First filtering APPROACH SIMILAR TO THAT USED IN Exploration budget OIL & GAS INDUSTRY required per target to 130+ target scree
Slide 21: Starting to Deliver Against 5-Year Strategy
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in Nov. 2016 2/3rd are on our 2 flagship assets 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery target 2.5-3.5Moz 1.5-2.5Moz 0.5-1.0Moz
Slide 22: Over 1.2 Million Meters of Drilling
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration spend by mine 1. Ity to extend HL and Improve CIL case 2. Tabakoto due to its short mine life $44M ~$50m $45-50m 3. Agbaou to test potential 9% 19% 2018 PRIORITIES
Slide 23: On-track to Meet 5-Year Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On-track to meet 5-year exploration targets Total Indicated discoveries and targets Indicated resources discovered 4.2Moz Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco
Slide 24: High Quality Discoveries Made
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 High quality discoveries made Discovery grades for Indicated resources by deposit From mid-2016 to end of 2018 unless indicated otherwise 3.20g/t 2.70g/t 2.54g/t >2 g/t grade of 85% of 2.20g/t 2.14g/t 2.14g/t discovered ounces 1.50g/t 1.27g/t 55% oxi
Slide 25: Low Discovery Cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit From mid-2016 to end of 2018 unless indicated otherwise $149/oz $13/oz Average Endeavour discovery cost to date $76/oz $29/oz $15/oz $15/oz $14/oz $13/oz $10/oz 6x lower $9/oz $9/oz
Slide 26: 80% of Full Year Exploration Budget Spent in H1-2019
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 80% of the full year budget of $45-50m already spent in H1-2019 Exploration expenditure for H1-2019 INSIGHTS › Exploration continued to be a strong focus in H1-2019 with a company-wide exploration spend of $39m nearly 80% of the full year Fetekro bud
Slide 27: Potential for +250koz for 10 Years at Flagship Mines
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Exploration demonstrates potential for +250koz for 10 years at flagship mines DISCOVERIES MADE Ity production plan LE PLAQUE KARI PUMP (As per 2017 Optimized Study (3), based on 4Mtpa plant and excludes Le Plaque discovery) SINCE STUDIES WERE PUBLISH
Slide 28: Focused on Increasing Portfolio Quality
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Focused on increasing the overall quality of our portfolio Portfolio viewed by AISC and mine life INSIGHTS: AISC, $/oz › Ity HL acquired through strategic $1,200 partnership with La Mancha in late 2015 Tabakoto $1,150 and will transition
Slide 29: Significant Liquidity Sources with Limited Growth Capex
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant liquidity sources with limited growth capex requirements Up to $25m Significant funding headroom, excluding mine $198m >$10m cash flow and remaining proceeds from sales Undrawn RCF $120m Cash $78m $10-15m Liquidity sources Tab
Slide 30: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS ON TRACK TO MEET FY-2019 GUIDANCE › Production on-track to meet the FY-2019 guidance of 615- H2-2019 PRIORITIES Immediate 695koz › AISC on-track to meet the FY-2019 guidance of $760- Cashflow 810/oz from Production › H2-2019 to benefit from Ity CIL full prod
Slide 31: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 32: On-Track to Meet Full Year 2019 Guidance
CORPORATE PRESENTATION ON-TRACK TO MEET FULL YEAR 2019 GUIDANCE Strong performance expected in H2-2019 due to the newly commissioned Ity CIL operation GROUP H1 BELOW LTIFR1 INDUSTRY 0 0.72 Industry Average GROUP H1 ON-TRACK PRODUCTION 292koz 615-695koz Guidance GROUP $760/oz $810/oz AISC H1 ON-TRACK
Slide 33: 2019 Guidance
CORPORATE PRESENTATION 2019 GUIDANCE INSIGHTS Production Guidance › Group production from continuing operations is 2018 ACTUALS 2019 FULL-YEAR GUIDANCE expected to increase to 615-695koz in 2019 while (All amounts in koz, on a 100% basis) AISC is expected to remain low at $760-810/oz Agbaou 141 120
Slide 34: 2019 Guidance (continued)
CORPORATE PRESENTATION 2019 GUIDANCE (continued) SUSTAINING COSTS INSIGHTS Capital Expenditure Guidance, $m › Houndé: $35m mainly due to the increased strip ratio, a TSF raise SUSTAINING NON- GROWTH and components to be purchased for fleet maintenance SUSTAINING CAPITAL PROJECTS › Agbaou: $24m due t
Slide 35: All-in Margin Breakdown
CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Expected to increase in H2-2019 with full benefit of Ity CIL INSIGHTS HALF YEAR ENDED 1. Decreased slightly in H1-2019 mainly due to JUNE 30, JUNE 30, the transition period in Q1-2019 between (in US$ million) the Ity CIL and the HL, combined with 2019 2
Slide 36: Growth Funding Sources
CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash flow from operations and RCF used to fund growth INSIGHTS HALF YEAR ENDED 1. Q2-2019 saw a positive working capital inflow of $6m, reducing the working capital outflow to $20m in H1-2019. The JUNE 30, JUNE 30, (in US$ million) main H1-2019 component
Slide 37: Net Earnings Breakdown
CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $0.03 for H1-2019 HALF-YEAR ENDED JUNE 30, JUNE 30, INSIGHTS (in US$ million) A = Adjustments made of Adjusted Net Earnings 2019 2018 1. Includes a $12.0m loss on the July 2019 GOLD REVENUE 371 388 gold revenue protection programs (of Ope
Slide 38: Net Debt Analysis
CORPORATE PRESENTATION NET DEBT ANALYSIS Expected to quickly deleverage as Ity CIL now in production Available sources of financing and liquidity Low equity dilution to fund growth As at June 30, 2019 Shares Outstanding at quarter end Mainly related to Avnel purchase and the Ity Mine 5% $120m La Man
Slide 39: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Liquidity remains strong with minimal capex remaining Net Debt evolution INSIGHTS Net Debt / Adj. EBITDA (LTM) Net Debt at quarter end › Net Debt amounted to $660m at quarter-end, an increase of only $25m over the previous quarter despite invest
Slide 40: Diversified Debt Sources
CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $350M RCF UPSIZED TO $430M Annual saving based on $330m convertible compared LIBOR curve › Increased tota
Slide 41: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Return on capital employed (1) in % Only 6 months of Karma 13% Target Full spending on Full spending on Houndé but only 2 Ity but only online in 2019 > 20% 10% months of Houndé 10% benefit to EBIT 7% 6% 2015 2016 2017 2018 2019 Mid-term (Q2 annualize
Slide 42: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 43: Houndé Mine, Burkina Faso Overview
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 44.7Mt @ 2.2 g/t for 3.134Moz (incl. of Reserves) Inferred: 3.2Mt @ 2.6 g/t for 0.268Moz Ouagadougou Reserves 34.8Mt @ 2.19 g/t for 2.450Moz* Houndé Min
Slide 44: Houndé: Stronger Production Expected in H2-2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Stronger production expected in H2-2019 due to high-grade Bouere deposit Q2-2019 vs Q1-2019 INSIGHTS Production and AISC › Production increased due to the expected Production, koz AISC, US$/oz increase in average grades milled, while mill throughput a
Slide 45: Houndé: 2019 Guidance & Outlook
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO H2-2019 expected to be stronger due to high-grade Bouéré deposit 2019 GUIDANCE & OUTLOOK Production and AISC › Bouéré deposit is expected to start in late AISC ($/oz) Production (koz) H1-2019 › Throughput is expected to remain above nameplate capacity
Slide 46: Houndé: Strong Performance Compared to Study
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong performance compared to study estimates Houndé processing plant METRIC 2018 STUDY ACHIEVEMENT COMPARISON (Life of mine average) MINING 41Mt vs 32Mt +28% feasibility study above capacity ✓ PLANT 3.9Mtpa vs. 3.0Mtpa +30% nameplate capacity above
Slide 47: Houndé: Potential for +250koz for 10 Years
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Exploration demonstrates potential for +250koz for 10 years DISCOVERIES MADE SINCE KARI PUMP Houndé production plan (As per 2016 Optimized Study(2), excludes Kari Pump discovery) STUDIES WERE PUBLISHED (HOUNDÉ) 1.1Moz of total reserve additions requir
Slide 48: Houndé: Significant Exploration Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted INSIGHTS › Following a two year period of no exploration drilling, activities resumed in 2017 2.5-3.5Moz › In 2017, targets were 5-YEAR DISCOVERY drilled and ranked › Work performed also TARGET included ad
Slide 49: Houndé: Strong Exploration Focus in 2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2019 A second 200,000m drilling program started in late Q4-2018, focused on extending the mineralization at Kari Pump, and delineating a maiden resource for Kari West and Kari Center as well as addressing other high-ranked
Slide 50: Kari Gold in Soil Anomaly
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 3km-wide area INSIGHTS Kari target map › Kari gold in soil anomaly covers a 6km-long by 3km-wide area. › Houndé is Endeavour’s largest exploration focus this year with a budget of approximately 195,000m o
Slide 51: Kari Pump Maiden Reserve
CORPORATE PRESENTATION HOUNDÉ EXPLORATION, BURKINA FASO Kari Pump 710koz maiden reserve increased Houndé reserves by 41% INSIGHTS Drill map and selected intercepts per area (true width/grade) › High M&I resource to reserve conversion rate: 89% based on a gold price of $1,250/oz › Significantly highe
Slide 52: Kari Pump Oxide/Transition Ore
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 52
Slide 53: Kari Pump Continuous Mineralisation
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation INSIGHTS Kari Pump Extension Drilling and Selected Intercepts › Drilling campaigns in 2017 and 2018 successfully delineated the Kari Pump maiden resource and related reserves. › The ongoing 2019 drillin
Slide 54: Kari Center Maiden Resource Expected Q4-2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource/reserve expected to be delineated in Q4-2019 INSIGHTS Kari Center Main and South with Selected Intercepts › In 2019, the drilling campaign has significantly extended the discovery towards the southwest. Kari Center is now
Slide 55: Kari Center Maiden Resource Expected Q4-2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource/reserve expected to be delineated in Q4-2019 55
Slide 56: Kari West Maiden Resource Expected Q4-2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource/reserve expected to be delineated in Q4-2019 INSIGHTS › Discovered during the 2018 AC drilling Kari West drill map with selected intercepts campaign › In 2019, follow-up RC drilling has successfully delineated and defined a
Slide 57: Kari West Maiden Resource Expected Q4-2019
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource/reserve expected to be delineated in Q4-2019 57
Slide 58: Vindaloo: Targeting High-Grade Plunges
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 58
Slide 59: Ity Mine, Côte d'Ivoire Overview
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources (HL + CIL) M&I: 77.2Mt @ 1.6 g/t for 4.037Moz Côte d’Ivoire (incl. of Reserves)(1) Inferred: 19.1Mt @ 1.4 g/t for 0.830Moz Côte d’Ivoire Reserves (HL+CIL) 60.
Slide 60: Ity Entered Its Second Life with CIL Project
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Entered its second life with Ity CIL Project INSIGHTS Mill size and reserves growth 5.0Mtpa › Oldest gold mine in Mill Size Reserve Côte d'Ivoire Le Plaque 4.0Mtpa › Ity already potential produced +1.3Moz 3.0Mtpa to-date as a heap- leach operation 2.0Mt
Slide 61: Ity: Strong Operating Results After Ramp-up
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong operating results following a quick ramp-up period Q2-2019 vs Q1-2019 INSIGHTS Ity CIL treatment plant › Production was strong, following a quick ramp-up period, due to better than expected mill availability, throughput, grades, and recovery rate
Slide 62: Ity: Potential for +250koz for 10 Years
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Exploration demonstrates potential for +250koz for 10 years DISCOVERIES MADE SINCE LE PLAQUE Ity production plan (As per 2017 Optimized Study (2), based on 4Mtpa plant and excludes Le Plaque discovery) STUDIES WERE PUBLISHED (ITY) 0.5Moz of total reserv
Slide 63: Ity: Completed Ahead of Schedule and Under-budget
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Completed 4 months ahead of schedule and under-budget Mills Power Station Wet Plant Primary Crusher & ROM 63
Slide 64: Ity: Completed $10m Under-budget
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Completed 4 months ahead of schedule and $10m under-budget HIGHLIGHTS Ity CIL Plant Book Value (in m$) › The Ity CIL project began processing ore on February $54m vs guided $55m 20, 2019 and achieved its first gold pour on March 18, $412-417m 2019, mark
Slide 65: Endeavour Controls the Full Ity Birimian Belt
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in
Slide 66: Ity: Strong Near-mine Exploration Potential
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong near-mine exploration potential Ity Mine Drilling Targets Simplified Ity Map with Exploration Targets 66
Slide 67: Ity Exploration: Le Plaque
DETAILS BY MINE & PROJECT ITY EXPLORATION: LE PLAQUE Maiden resource added 0.4Moz of indicated resources added at >3 g/t Au LE PLAQUE INSIGHTS Le Plaque targets › Indicated resource has increased from 85koz to 476koz › Continued low discovery cost of $15/oz › Ity mine M&I resource up 11% with signif
Slide 68: 2019 Exploration Focus on Le Plaque
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE 2019 exploration focus is on the La Plaque discovery INSIGHTS Le Plaque Drill Map and Selected Intercepts (true width/grade) Per Area › A $10 million exploration campaign has been planned in 2019 totaling approximately 71,000m with the aim of extending
Slide 69: Section A - Epsilon Area
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A - Epsilon Area 69
Slide 70: Section B Through Le Plaque Main and South
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B Through the Le Plaque Main and Le Plaque South Areas 70
Slide 71: Several Other Nearby Targets
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets 71
Slide 72: Greater Ity Regional Gold in Soil Anomalies
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several
Slide 73: Agbaou Mine, Côte d'Ivoire Overview
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources M&I: 9.5Mt @ 2.2 g/t for 0.664Moz Ity Mine (incl. of Reserves) Inferred: 0.8Mt @ 1.7g/t for 0.046Moz Reserves 8.6Mt @ 1.7g/t for 0.461Moz Agb
Slide 74: Agbaou: Production Benefitted from Higher Grades
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Production benefitted from higher grades and recovery rates Q2-2019 vs Q1-2019 INSIGHTS Production and AISC › Production increased due to the expected Production, koz AISC, US$/oz increase in average grades milled and slightly higher recovery rates w
Slide 75: Agbaou: Shifting to a Harder Ore Blend
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Shifting to a harder ore blend 2019 GUIDANCE & OUTLOOK Production and AISC › Mining is expected to focus mainly in the West pit, with some contribution from the North and South AISC ($/oz) Production (koz) pits. The strip ratio is expected to remain
Slide 76: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017-2018 > 50 ppb priorities were to test area and to generate targets and 0.5-1.5Moz prioritize for the 5-YEAR DISCOVERY upcoming campaigns TARGET › Key Areas targeted were
Slide 77: Agbaou: Exploration Activities Postponed
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Exploration activities postponed until later in the year Agbaou Site Map INSIGHTS › An exploration program of up to $2 million, totaling approximately 10,000m has been initially planned for 2019 with the aim of delineating oxide material in extension
Slide 78: Intercepted Mineralization 150m Under North Pit
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au (incl.
Slide 79: Strong Out-performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 yeas at a 10% lower AISC Production and AISC performance vs. study Actual production Study production Actual AISC Study AISC 2019 Mid-point guidance Mainly free-dig oxide operation 196koz Mixing
Slide 80: Plant Running Significantly Above Nameplate
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Plant running significantly above nameplate Plant performance vs. study Actual Study Benefit of plant running 30% above nameplate and additions of oxide ore reserve ~30% 2.8kt 2.9kt 2.8kt above nameplate 2.7kt 2.7kt capacity based on ox
Slide 81: Reserves Endowment Up 48% Since Construction
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Reserves endowment up 48% since construction with more oxide material Reserves and depletion Reserves at year-end Cummulative depletion 1.3Moz reserve 1.3Moz endowment reserves endowment 1,027koz 880koz 926koz 853koz 668koz 461koz 151ko
Slide 82: Additional $182m After-tax Cash Flow Generated
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Additional $182m after-tax cash flow was generated Cumulative After-Tax Cash Flows(1) Study Actual US$m 400 300 $322m 62% IRR based only on 200 Payback of first 5 years $140m 100 18 months 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 (10
Slide 83: Karma Mine, Burkina Faso Overview
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 75.3Mt @ 1.1 g/t for 2.655Moz (incl. of Reserves) Inferred: 17.9Mt @ 1.3 g/t for 0.772Moz Ouagadougou Reserves 27.5Mt @ 0.9g/t for 0.764Moz Houndé Mine P
Slide 84: Karma: Stronger H2-2019 Expected
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Stronger H2-2019 expected due to oxide ore from the Kao North pit Q2-2019 vs Q1-2019 INSIGHTS Production and AISC › Production decreased slightly despite higher stacked Production, koz AISC, US$/oz grades and a better recovery rate due to a 33koz tempo
Slide 85: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE H2-2019 expected to be stronger 2019 GUIDANCE & OUTLOOK Production and AISC › Mining is expected to focus mainly on oxide and transitional ore from the Kao pit, which is expected to be mined out by mid-year, and on oxide ore from the AISC ($/oz) Produc
Slide 86: Karma: Focus on North Kao and Near-mill Targets
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Focus on North Koa, Yabonsgo and near-mill targets INSIGHTS Karma Site Map › An exploration program of up to $2 million totaling approximately 27,000m has been planned for 2019, with the aim of delineating near-mill oxide targets, mainly focused on tes
Slide 87: Kalana Project, Mali Overview
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS – Based on Avnel’s DFS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.0Moz @ 4.14g/t (as per Avnel) Mali Reserves 1.96Moz @ 2.80g/t (as per Avnel) Mining
Slide 88: Kalana: Accretive Acquisition with Strong Upside
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha
Slide 89: Kalana: Increase in Resource Confidence
CORPORATE PRESENTATION KALANA PROJECT, MALI Significant increase in resource confidence based on tighter geological controls INSIGHTS Kalana Main deposit M&I resource evolution › Exploration program in 2018 amounted to $7 million comprised of approximately 48,000m of drilling › At the Kalana Main de
Slide 90: Kalana: 2018 Block Model Results
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 90
Slide 91: Work Undertaken at Kalana Since Acquisition
CORPORATE PRESENTATION KALANA PROJECT, MALI Work undertaken at Kalana since acquisition FOLLOWING THE Ity CIL Project Case Study AVNEL ACQUISITION: Plant Size Reserves Production AISC Mine life First 5 years First 10 years First 5 years First 10 years › Integration of Avnel into Endeavour Ity PFS 2.
Slide 92: Aim to Increase Resource Base for Project
CORPORATE PRESENTATION KALANA PROJECT, MALI Aim to increase resource base for project Several Licenses under negociation INSIGHTS With Private owners › In line with this strategy, further exploration is underway at Kalana with the goal of delineating additional satellite deposits, and updating the f
Slide 93: Kalana: Positive Kalana North Intercepts
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Results – Positive Kalana North Intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 93
Slide 94: Kalanako Deposit Exploration Activities
CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource was published in Q1-2019 Tonnage Grade Content Kalanako (Kt) Au g/t (Au koz) Meas
Slide 95: Regional Kalana Exploration Potential
CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana Exploration Potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling started in 2019 95
Slide 96: Fetekro Most Advanced Greenfield Property
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS Simplified Map of the Fetekro Property Showing Lafigué › Fetekro is located in north-central Côte d’Ivoire, approximately 500km from Abidjan, within the northern-end of
Slide 97: Fetekro Resource Is of High Quality
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro resource is of high quality INSIGHTS Lafigué Mineral Resource Estimate Evolution › High quality resource: AS AT DECEMBER 31, 2018 AS AT AUGUST 31, 2019 Δ AU ‒ Amenable to open pit mining as Tonnage Grade Content Tonnage Grade Conte
Slide 98: Lafigué Deposit Remains Open
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro’s Lafigué deposit remains open UPSIDE POTENTIAL Fétékro’s Lafigué Geological Interpretation and Selected Best Intercepts › Lafigué deposit clearly remains open in various directions, specially towards South and South East › High-gr
Slide 99: Lafigué North Cross-Section (Eastern)
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro’s Lafigué North Cross-Section (Eastern part) 99
Slide 100: Lafigué North Cross-Section (Western)
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro’s Lafigué North Cross-Section (Western part) 100
Slide 101: Lafigué Centre Cross Section
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro’s Lafigué Centre Cross Section 101
Slide 102: Fetekro Upside Potential with Nearby Targets
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro’s upside potential with nearby targets INSIGHTS › Approximately 35% of the 2019 reconnaissance drilling program was dedicated to the larger Western Anomalies (“WA”), WA 2 and 6 targets following the positive results obtained over W
Slide 103: JV with Barrick on Sissedougou / Mankono
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Barrick on Sissedougou / Mankono JV WITH BARRICK (EX-RANDGOLD) › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0
Slide 104: Greenfield Exploration, Burkina Faso: Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 104
Slide 105: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695 km² 105
Slide 106: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 106
Slide 107: Greenfield Exploration, Mali: Kofi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, Mali Kofi area › Kofi on same trend as Randgold’s Loulo-Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Focus in 2019 will be attaining additional license around Kofi North / Netekoto to consolidate exploration cluste
Slide 108: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 109: Equity Markets Strongly Support West Africa
CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Amongst top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 10 $9.82B 8 +$ 6 billion raised for West Africa $6.35B $5.89B US$ Billions 6 4 $3.
Slide 110: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) 677 634 +$ 5 billion spent in West Africa 385 over last 10 years 363 247 176 175 173 137 123 113 110 100 77 75 74 71 47 10% of global budget is
Slide 111: Significant West-Africa Exploration Success
CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz No.1 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M
Slide 112: More Exploration Expenditures in a Region 5x Smaller
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 2017 exploration budget ($m) Canada Australia 600 500 400 West More spending, yet 5x smaller land mass Africa USA 300
Slide 113: Burkina Faso & Côte d'Ivoire Are Under-explored
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production % of Birimian greenstone belt West African geology - Birimian greenstone belt Burkina Faso 22% Côte d’Ivoire 35% Other 14% Mali Ghana 10% 19% 2016 production (Moz) Côte Burkina
Slide 114: Burkina Faso & Côte d'Ivoire Are Fast Growing
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represent half of the region's exploration expenditures West African exploration expenditures by country 2017 exploration expenditures Côte d’Ivoire 20% ~50% Burkina Faso of West African exploration 29% expenditures Ghana Other Cou
Slide 115: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 production gold by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz 5Moz 5Moz 5Moz 4Moz 3Moz 3Moz 3Moz 4th largest gold producing South Africa Au
Slide 116: West Africa Operates as an Economic Union
CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated Countries using West African CFA INSIGHTS › West Africa acts as an economic zone (WAEMU) › Common central bank for 8 states › Common currency which is pegged to the Euro › Fiscal
Slide 117: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali 2017 GDP (USD b) (1) 12.87 40.39 15.29 2017 GDP Growth(1) 6.7% 7.8% 5.3% GDP › Agriculture (31%), manufacturing, › Agriculture (20%), manufacturing,
Slide 118: West Africa Mining Codes Are Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries Corporate Income Tax and Royalties INSIGHTS › Transfer pricing regulations Country / Region Corporate Tax Mining Royalties recently established in the Burkina Faso Up to 27.5% Up to 5% jurisdiction C
Slide 119: Only Multi-asset West African Mid-tier Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE ONLY MULTI-ASSET WEST AFRICAN MID-TIER PRODUCER Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World Geographically focused yet diversified across multiple mines and m
Slide 120: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 121: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Olivier COLOM, Livia MAHLER, Jim ASKEW, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director CEO & President Non-executi
Slide 122: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com Credit Suisse Fahad Tariq ✆ +1 416 352 4593 ✉ fahad.tariq@credit-suisse.com Clarus Securities Nana Sangmuah ✆ +1 416 343 3350 ✉ nsangmuah@clarussecurities.com D
Slide 123: Revenue Protection Program
CORPORATE PRESENTATION REVENUE PROTECTION PROGRAM Increased certainty of cash flow during construction and debt repayment phases Gold revenue protection program Gold price in US$/oz INSIGHTS 1,600 › Strategy aimed at maximizing cash flow certainty during its construction and debt reimbursement phase
Slide 124: Convertible Bond
CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%
Slide 125: Selection, Ranking and Risk Evaluation of Exploration Targets
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 126: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED (US$ '000) 2015 2016 2017 2018 Q2-19 (annualized EBIT) Equity 597,112 960,661 1,000,621 944,333 942,694 Total Debt 239,001 150,966 340,842 642,629 731,927 Total Capital 836,113 1,111,627 1,341,463 1,586,962 1,674,621 Less: Cash (109,519) (124,294) (1
Slide 127: Production and Cost Details by Mine (Quarterly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU ITY CIL ITY HL KARMA HOUNDÉ (on a 100% basis) Unit Q2-2019 Q1-2019 Q2-2018 Q2-2019 Q1-2019 Q2-2018 Q2-2019 Q1-2019 Q2-2018 Q2-2019 Q1-2019 Q2-2018 Q2-2019 Q1-2019 Q2-2018 Physicals Total tonnes mined – OP1 000t 6,
Slide 128: Production and Cost Details by Mine (Half Year)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a half year basis AGBAOU ITY CIL ITY HL KARMA HOUNDÉ (on a 100% basis) Unit H1-2019 H1-2018 H1-2019 H1-2018 H1-2019 H1-2018 H1-2019 H1-2018 H1-2019 H1-2018 Physicals Total tonnes mined – OP1 000t 12,773 15,753 7,224 - 0 2,667 10,430 8,750
Slide 129: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 129 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 102 129
Slide 130: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 130 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 130
Slide 131: Cash Flow Statement
CORPORATE PRESENTATION 131 CASH FLOW STATEMENT 131
Slide 132: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2018 Fetekro Project Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis Proven Reserves - - - Resources shown Tonnage Grade Content Probable Rese
Slide 133: Houndé Updated Reserve
CORPORATE PRESENTATION HOUNDE UPDATED RESERVE (as published on June 24, 2019) Kari Pump June 2019 Reserve Classification HOUNDÉ MINE KARI PUMP TOTAL (as at Dec. 31, 2018) (as at June 15, 2019) (Current as at Dec. 31, 2018) Δ GOLD Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content CONT