Slide 1: Q3 & YTD-2023 Results Presentation
Q3 & YTD-2023 RESULTS PRESENTATION 9 November 2023
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 3: Speakers
SPEAKERS SÉBASTIEN DE MARK GUY JONO MARTINO MONTESSUS MORCOMBE YOUNG LAWRENCE DE CICCIO President and CEO COO CFO EVP Exploration Deputy CFO & Head of IR
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q3 & YTD-2023 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Section 1: Q3 & YTD-2023 Highlights
01 SECTION 1 Q3 & YTD-2023 HIGHLIGHTS
Slide 6: Q3-2023 and Year to Date 2023 Highlights
Q3-2023 AND YEAR TO DATE 2023 HIGHLIGHTS Continuing to deliver against key objectives OPERATIONAL CAPITAL ALLOCATION PROJECT PERFORMANCE DISCIPLINE DEVELOPMENT Year to date production of 792koz Strong focus on funding our growth BIOX® project is on budget at an AISC of $974/oz while continuing to de
Slide 7: Production and AISC
PRODUCTION AND AISC OPERATIONAL PERFORMANCE Strongest quarterly performance achieved in Q3 with stronger Q4 expected Production and AISC1 Production for continuing operations, koz AISC for continuing operations, US$/oz 281koz 294koz 268koz 281koz +13koz Production 243koz Q3-2023 vs Q2-2023 $1,000/oz
Slide 8: On Track to Meet Full Year Guidance
ON TRACK TO MEET FULL YEAR GUIDANCE OPERATIONAL PERFORMANCE Strongest quarterly performance achieved in Q3, stronger Q4 expected 0.08 GROUP SAFETY LTM INDUSTRY LTIFR1 LEADING 1.14 Industry Average2 25% 50% 75% 100% GROUP WITHIN YTD Q4 weighted 1,060-1,135koz RANGE PRODUCTION Guidance (for continuing
Slide 9: AISC Benchmark
AISC BENCHMARK OPERATIONAL PERFORMANCE Endeavour’s low AISC positioning provides competitive advantage Gold Peers AISC Benchmark1 YTD-2023 AISC, US$/oz 974 $1,572/oz $1,518/oz $ /oz $1,467/oz $1,424/oz $1,325/oz $1,303/oz All-In Sustaining Cost $1,217/oz $1,209/oz YTD-2023 $1,194/oz $1,177/oz $1,162
Slide 10: 2023 Capital Allocation
2023 CAPITAL ALLOCATION CAPITAL ALLOCATION Focused on funding our growth while delivering strong stakeholder returns Funding our growth INVESTING IN GROWTH PROJECTS $293m invested YTD in growth capital including $114m on the Sabodala-Massawa BIOX and $161m on the Lafigué project $293m spent on growt
Slide 11: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION INVESTING IN GROWTH PROJECTS On budget and on schedule for first gold in Q2-2024 INSIGHTS BROWNFIELD PROJECT: › Expansion of flagship Sabodala-Massawa mine with a 1.2Mtpa SABODALA-MASSAWA BIOX® EXPANSION BIOX® plant, designed to process high-grade refractory ore CCDs › Aft
Slide 12: Lafigué Development Project
LAFIGUÉ DEVELOPMENT PROJECT INVESTING IN GROWTH PROJECTS On budget and on schedule for first gold in Q3-2024 INSIGHTS Process Water Pond › Lafigué will be another cornerstone asset with envisaged annual production of 203koz over the 12.8 year initial life of mine at a low AISC of $871/oz HPGR Mill ›
Slide 13: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE UNLOCKING VALUE THROUGH EXPLORATION Strong focus on Tanda-Iguela greenfield discovery ITY: Expanding resources at the Flotouo, Walter-Bakatouo and Yopleu-Legaleu TANDA-IGUELA: deposits, and testing new targets including the Delta Southeast and Gbampleu targets +364Km Dril
Slide 14: Tanda-Iguela Greenfield Project
TANDA-IGUELA GREENFIELD PROJECT UNLOCKING VALUE THROUGH EXPLORATION Potential to be another flagship asset INSIGHTS › Maiden resource outlined in 1.1Moz <15 months for a discovery cost of <$10 per Indicated ounce › Indicated resource of 14.9Mt at 2.33g/t for 1.1Moz and Inferred resource of 32.9Mt at
Slide 15: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Targeting to increase shareholder returns following the build phase SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend › In 2021, En
Slide 16: Buybacks Continue to Supplement Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Buybacks continue to supplement shareholder returns Cumulative shareholder returns Cumulative Buybacks Cumulative Dividend $777m >$ 200/oz $637m $277m Returned for every ounce of gold produced1 $237m $338m $138m $400m $500m 12.4m Shares
Slide 17: Being a Trusted Partner: Our ESG Initiatives
BEING A TRUSTED PARTNER OUR ESG INITIATIVES Strong benefits to host countries through industry-leading ESG initiatives OUR ECONOMIC CONTRIBUTION RGMP COMPLIANT AT ALL MINES $2.1B Total economic Sabodala-Massawa and Mana mines We published our 2022 Tax and Economic Contribution Report achieved full c
Slide 18: Industry-Leading ESG Risk Rating
INDUSTRY-LEADING ESG RISK RATING OUR ESG INITIATIVES Top Sustainalytics industry score based on ability to manage risk Sustainalytics risk ratings for gold producers, 2023 data Endeavour (2023) Agnico Eagle Polymetal No.1 Eldorado Sustainalytics rated Newmont Gold Producer AngloGold Ashanti Endeavou
Slide 19: Section 2: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS Strong production and AISC in Q3 compared to Q2 QUARTER ENDED NINE MONTHS ENDED 30 Sep 30 June 30 Sep 30 Sep 30 Sep Q3-2023 vs. For Continuing Operations1 Q3-2022 2023 2023 2022 2023 2022 +5% (in $ million unless otherwise stated) OPERATIONAL HIGHLIGHTS Gold production, koz 281
Slide 21: Operating Performance: Quarterly Production Bridge
OPERATING PERFORMANCE Significant quarter over quarter improvement despite the rainy season Quarterly production bridge AISC 268koz $1,000/oz 37koz (1koz) (10koz) (13koz) 281koz $967oz +13koz Production Q3-2023 vs Q2-2023 -$ 33/oz All-In Sustaining Cost Q2-2023 Houndé Mana Sabodala Ity Q3-2023 Q3-20
Slide 22: Adjusted EBITDA
ADJUSTED EBITDA Continued strong adjusted EBITDA generation Adjusted EBITDA from continuing operations1 Realised Adj. EBITDA from continuing operations Adj. EBITDA Margin Gold Price2 +$10m $272m $263m $253m $253m $240m Adjusted EBITDA Q3-2023 vs Q2-2023 54% 54% 50% 50% 47% 3 + pp EBITDA margin $1,74
Slide 23: Operating Cash Flow
OPERATING CASH FLOW Operating cashflows impacted by higher tax payments Operating cash flow Operating cash flow from continuing operations1 32m Realised Gold Price2 $288m -$ Operating cash flow Q3-2023 vs. Q2-2023 $191m Impacted by ~$50m in withholding taxes paid as part of cash upstreaming $144m $1
Slide 24: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Higher seasonal taxes weighted on operating cash flows INSIGHTS Operating cash flow from continuing operations bridge 1. The realised gold price for continuing 2 3 operations, inclusive of gold hedges, decreased by $44/oz from $1,947/oz in Q2- $147m 1 (∆$8m) 4 2023 to $1,9
Slide 25: Change in Net Debt
CHANGE IN NET DEBT Strong focus on funding our growth while delivering shareholder returns INSIGHTS Change in net debt 1. For Q3-2023, operating activities included $120m in operating cashflow before 4 changes in working capital and a $5m 3 working capital outflow. $15m 2. Investing activities inclu
Slide 26: Robust Financial Position
ROBUST FINANCIAL POSITION Strong focus on funding our growth while delivering shareholder returns Net debt evolution (Net Debt)/ Net Cash Leverage Ratio INVESTMENT DEBT REDUCTION FOCUS 2.8x FOCUS Launch of ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS $167m $217m $121m $ 867m Available liqu
Slide 27: Healthy Financial Position
HEALTHY FINANCIAL POSITION Targeting to complete current build phase with a healthy balance sheet Leverage ratio of global gold peers Net Debt, as at 30 September 2023 867m 2.20x 1.20x $ 1.00x Available Liquidity1 0.80x as at 30 Sept. 2023 0.60x 0.40x 0.20x <0.5x 0.00x -0.20x -0.40x -0.60x Net Debt/
Slide 28: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS High profit margins due to low-cost production 3 MONTHS ENDED INSIGHTS 30 Sept. 30 June 1. Exploration costs of $15m remained high in Q3- (in $ million) A = Adjustments made for Adjusted Net Earnings 2023 due to our ongoing aggressive exploration 2023 2023 pro
Slide 29: Section 3: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 30: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions) LTIFR (12 month Trailing Basis)2 0.08 38.4m 35.3m 34.2m LTIFR in Q3-2023 33.0m 32.0m 0.09 0.06 0.06 0.09 0.08 +3.1m Hours worked Q3-2023 vs Q2-2023 Q3-2022 Q4-2022 Q
Slide 31: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strongest quarterly performance achieved in Q3, stronger Q4 expected PRODUCTION AISC INSIGHTS % of bottom-end › Full year Group production from guidance achieved YTD continuing operations is on track to $895/oz $950/oz achieve the guided range Group 792koz YTD Full
Slide 32: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Higher grade oxide ore expected in Q4-2023 Q3-2023 vs Q2-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower grades processed as ore mined from the Niakafiri East, Bambaraya and 103koz Sofia North Extension pits displaced highe
Slide 33: Sabodala-Massawa, Senegal: Construction Update
SABODALA-MASSAWA, SENEGAL Construction is on track and on budget for Q2-2024 startup SITE OVERVIEW INSIGHTS Crushing Area › Construction of the Sabodala-Massawa BIOX® Process Water Pond project was launched in Q2-2022 and remains on budget and schedule for completion in Q2-2024. BIOX Tanks › $167m o
Slide 34: Sabodala-Massawa, Senegal: Solar Plant
SABODALA-MASSAWA, SENEGAL Solar plant construction launched to reduce costs and emissions INSIGHTS Sabodala-Massawa power generation and storage 24% › Endeavour launched the construction of a 37MWp photovoltaic (“PV”) solar SOLAR PROJECT CURRENT PLANT facility and a 16MW battery system at the Saboda
Slide 35: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Record production achieved in Q3-2023 Q3-2023 vs Q2-2023 INSIGHTS Production and AISC › Production increased due to higher grades mined and Production, koz AISC, US$/oz 109koz processed primarily from the Kari Pump pit, which was partially offset by lower recovery rates due
Slide 36: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Expected to beat full year production guidance Q3-2023 vs Q2-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to the lower tonnes of ore milled as a result of wet season impacts to the moisture content in the ore blend lowering through
Slide 37: Mana, Burkina Faso
MANA, BURKINA FASO Improving grades and mining rates as underground ramps up Q3-2023 vs Q2-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes of ore milled and lower recovery rates, partially offset by higher average grades processed. 46koz 42ko
Slide 38: Lafigué Project, Côte d'Ivoire
LAFIGUE PROJECT, CÔTE D’IVOIRE Development is on budget and on schedule for Q3-2024 startup Construction of CIL tanks Milling Area INSIGHTS › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset for Endeavour with firs
Slide 39: Section 4: Conclusion
04 SECTION 4 CONCLUSION
Slide 40: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to build a resilient business with disciplined capital allocation On track to meet 2023 production guidance of 1,060 - 1,135koz OUR STRATEGY OPERATIONS at an AISC of $895 - $950/oz GROWTH Investing $400m in Sabodala-Massawa and Lafigué growth MAINTAINING
Slide 41: Section 5: Appendix
05 SECTION 5 APPENDIX
Slide 42: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focussed on expanding existing resources and discovering new resources INSIGHTS Sabodala-Massawa map › Given the exploration success, the 2023 programme will slightly exceed the guided spend of $15.0 million, with already $15.3 million spent YTD-2023, of which $3.8 mil
Slide 43: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration targets Houndé map INSIGHTS › An exploration programme of $7.0 million is planned for FY-2023, of which $6.6 million has been spent in YTD-2023 with $2.5 million spent in Q3-2023 consisting of 24,801 metres of drilling across 121 drill hole
Slide 44: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on extending mineralisation at known deposits Ity map INSIGHTS › Given the exploration success, the 2023 programme will slightly exceed the guided spend of $14.0 million, with already $14.2 million spent YTD-2023, of which $4.7 million was spent in Q3-2023 consisting
Slide 45: Mana, Burkina Faso
MANA, BURKINA FASO Focussed on non-refractory open-pit targets INSIGHTS Mana map › At the Mana mine, the 2023 programme will slightly exceed the guided spend of $5.0 million, with already $6.3 million spent YTD-2023, of which $2.4 million was spent in Q3-2023 consisting of 19,900 metres of drilling
Slide 46: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L Q1-2022 Q3-2022 Q1-2023 Q3-2023 › Fuel price is regulated by in-country based pricing Q2-2022 Q4-2022 Q2-2023 mechanisms where prices are revised periodically, sheltering Endeavour from
Slide 47: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › In Q3-2023, 30koz were settled under 2400 Growth and forward contracts at a price of $1,828/oz shareholder return focus › The hedged realised gold pri
Slide 48: 2023 Guidance
2023 GUIDANCE Production INSIGHTS guidance from continuing operations › Ity: YTD-2023 ACTUALS 2023 GUIDANCE (All amounts in koz, on a 100% basis) Ity 250 285 — 300 Houndé 228 270 — 285 Mana 106 190 — 210 Sabodala-Massawa 209 315 — 340 TOTAL PRODUCTION 792 1,060 — 1,135 AISC guidance from continuing
Slide 49: 2023 Guidance (Continued)
2023 GUIDANCE (Continued) Capital expenditure guidance from continuing operations INSIGHTS YTD-2023 Q4-2023 FY-2023 (All amounts in US$m) ACTUALS OUTLOOK OUTLOOK Sustaining and Non-sustaining capital Houndé 29 11 40 Ity 8 2 10 › Total sustaining and non-sustaining capital expenditure for FY- 11 4 15
Slide 50: Mine Statistics: Quarterly
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 50
Slide 51: Mine Statistics: Year to Date
MINE STATISTICS On a year-to-date basis (1) Includes waste capitalized. 51
Slide 52: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Balance Sheet Structure INSIGHTS (in $ million unless stated otherwise) 30 Sep 2023 30 Jun 2023 30 Sep 2022 1. The Company drew down a further $20m on the revolving credit facility to manage short-term off- Cash $370m 625 845 833 shore cashflow nee
Slide 53: Tax Payments
TAX PAYMENTS THREE MONTHS NINE MONTHS ENDED ENDED 30 September 30 June 30 September 30 September 30 September ($m) 2023 2023 2022 2023 2022 Houndé 11.3 13.0 10.4 35.2 37.0 Ity 9.3 32.3 10.3 42.9 30.5 Mana 5.4 12.9 3.1 21.3 10.3 Sabodala-Massawa 65.3 45.5 — 116.4 16.8 Other1 50.7 (0.1) 48.3 54.2 51.2
Slide 54: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 53.2 /100 Severe Risk 2019 23.9 /100 Medium Risk 2022 18.2 /100 Low Risk 2023 2020 2022 2019 2020 2021 2022 Climate D- C C B- Change Water N/A C C C 54
Slide 55: Leading Sustainalytics ESG Risk Rating
LEADING SUSTAINALYTICS ESG RISK RATING No.1 Sustainalytics rated gold producer Sustainalytics risk ratings for gold producers Mining sector Sustainalytics risk ratings Endeavour (2023) ESG Risk Rating Rank Percentile Agnico Eagle Endeavour Mining 18.2 – Low 3,198/15,708 21st Polymetal Anglo American
Slide 56: Contact
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV 56