Slide 1: Q1-2026 Results Presentation
Q1-2026 RESULTS PRESENTATION 30 April 2026
Slide 2: Disclaimer & Forward-Looking Statements
DISCLAIMER & FORWARD-LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial measures, reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in including sustaining capital per ounce, non-sustaining cap
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & ESG VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q1-2026 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q1-2026 Highlights
01 SECTION 1 Q1-2026 HIGHLIGHTS
Slide 6: Q1-2026 Highlights
Q1-2026 HIGHLIGHTS Delivering record financial performance while unlocking organic growth Operational Free Cash Flow Balance Performance Generation Sheet Strength Q1-2026 2026 Guidance +29% $469m $453m Production 282koz 1,090 – 1,265koz $613m $158m $476m AISC $1,834/oz $166m $104m AISC (royalty ($40
Slide 7: Strong Production at Robust Margins
STRONG PRODUCTION AT ROBUST MARGINS Continued all-in sustaining margin expansion at higher realised gold prices Production and All-In Sustaining Margin Realised $2,976/oz Production, koz All-In Sustaining Margin, $/oz Gold Price1 341koz 306koz 264koz 298koz 282koz - 16koz Production $2,225/oz Q1-202
Slide 8: Full Year Guidance
FULL YEAR GUIDANCE Guidance on track with a H2-2026 weighted performance FY-2026 Guidance GROUP 282koz PRODUCTION TOP 10 Q1-2026 1,090koz 1,265koz $192/oz2 Q1-2026 $1,642/oz2 $1,834/oz Global gold producer GROUP AISC $1,600/oz FY-2026 Guidance1 $1,800/oz at $3,000/oz Q1-2026 FY-2026 Guidance Sustain
Slide 9: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION Record free cash flow and free cash flow per ounce produced Free Cash Flow and Free Cash Flow per ounce produced Free Cash Flow Realised Gold Price1 Free Cash Flow per ounce produced $613m $2,176/oz $2,176/oz Free Cash Flow $476m per ounce produced $409m $1,597/oz $1
Slide 10: Healthy Financial Position
HEALTHY FINANCIAL POSITION Rapid deleveraging to a net cash position Evolution of net debt (cash) position Net debt (cash) DELEVERAGING AND INCREASING SHAREHOLDER RETURNS $469m $453m SECTOR LEADING SHAREHOLDER RETURNS & ORGANIC GROWTH $ 563m Improvement in Net $378m Debt (Cash) Position Q1-2026 vs Q
Slide 11: 2026-2028 Shareholder Returns Programme
2026-2028 SHAREHOLDER RETURNS PROGRAMME ~$ Increasing commitment to shareholder returns through the growth phase 1bn minimum commitment over Shareholder returns programme FY-2026 to FY-2028 Share buybacks Minimum dividends Supplemental dividends Supplemental returns $435m ~$ 1bn minimum commitment o
Slide 12: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE DFS confirms Assafou’s potential to be another cornerstone asset for Endeavour DEFINITIVE FEASIBILITY STUDY KEY METRICS 320koz $1,026/oz +16year 4.4Moz Production AISC at $2,500/oz Life of Mine Mineral Reserve2 (annual, first 8 years) (annual, first 8 years) 5.0Moz $1,
Slide 13: Robust Mine Plan
ROBUST MINE PLAN Long-term production profile expected to be supplemented through exploration Assafou DFS production and cost profile Production (koz) AISC ($/oz)2 380koz 300koz Long-term production upside from exploration $2,000/oz $1,500/oz 320koz Average annual production1 200koz $1,000/oz 100koz
Slide 14: Assafou Exploration Overview
ASSAFOU EXPLORATION OVERVIEW Significant prospectivity in an underexplored belt Exploration Strategy DISCOVERY TARGET 1.0-1.5 Moz MI&I resources <$ 40/oz Discovery cost Assafou Pala Trend 3 (2026-2030) 1 Pala Trend 2 Pala SW Near-term Koumenagaré Junction 2 Gbabango Broukro1 Toundiani Kongojdan Medi
Slide 15: Organically Growing Production
ORGANICALLY GROWING PRODUCTION Production growth to 1.5Moz with first quartile costs Production from continuing operations1 Production from continuing operations 27%% 24 DEBT FUND GROWTH AND DELEVERAGING AND SECTOR LEADING REDUCTION DELIVER SHAREHOLDER SHAREHOLDER SHAREHOLDER RETURNS & ++ FOCUS RETU
Slide 16: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE Strong focus on resource expansion across the portfolio and at Assafou KEY PRIORITIES › Add near mine resources across the portfolio › Expand resources at the Assafou deposit and nearby targets › Advance New Ventures to replenish the long-term project pipeline Q1-2026 INS
Slide 17: New Ventures Exploration, Guyana
NEW VENTURES EXPLORATION, GUYANA Expanding and diversifying our organic growth pipeline INSIGHTS › On 27 April 2026, Endeavour signed a 9.9% strategic placement with Altair Minerals Ltd (ASX:ALR) (“Altair”) via a non-brokered private placement with a gross commitment of $20.2m. › The investment form
Slide 18: Being a Trusted Partner
BEING A TRUSTED PARTNER Recognised for continuous improvements in ESG management and reporting DELIVERING BEING A TRUSTED LEADING SUSTAINABLE VALUE PARTNER ESG RATINGS $12.9b All B- Upgraded to be within transparency Prime top 10% of Economic Contribution ISS RATING sector to host nations 2020-2025
Slide 19: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS Record financial quarter in Q1-2026 THREE MONTHS ENDED 31 Mar 31 Dec 31 Mar Q1-2026 vs. (in $ million unless otherwise stated) 2026 2025 2025 Q4-2025 29% OPERATIONAL HIGHLIGHTS Gold Production, koz 282 298 341 (5)% Gold Sold, koz Total Cash Cost1, $/oz 278 1,516 302 1,448 353 92
Slide 21: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Record Adjusted EBITDA generation at stronger margins Adjusted EBITDA and Adjusted EBITDA Margin Adj. EBITDA Adj. EBITDA Margin 199m Realised Gold Price1 $880m +$ $681m Adj. EBITDA $613m Q1-2026 vs Q4-2025 $556m $466m 65% +12pp 59% 55% 53% 51% Adj. EBITDA m
Slide 22: Operating Cash Flow
OPERATING CASH FLOW Strong operating cash flow driven by higher margins Operating cash flow Operating cashflow Realised Gold Price1 $737m $609m +$ 128m Operating cash flow $494m Q1-2026 vs Q4-2025 $309m $252m + 21% Operating cash flow $2,783/oz $3,150/oz $3,247/oz $3,873/oz $4,810/oz Q1-2026 vs Q4-2
Slide 23: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Higher gold prices and lower operating expenses support higher operating cash flow INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing operations, inclusive of realised losses on gold hedges as part ($23m) of the Group’s Revenue Protection Program
Slide 24: Free Cash Flow
FREE CASH FLOW Record free cash flow generation Free Cash Flow1 Operating Cashflow Free Cash Flow $737m Investing Cashflow $609m $613m +$ 137m $494m $476m Free Cash Flow $409m Q1-2026 vs Q4-2025 $309m $252m $166m $104m + 29% Free cash flow ($85m) ($133m) ($125m) Q1-2026 vs Q4-2025 ($148m) ($143m) Q1
Slide 25: Change in Net Debt
CHANGE IN NET DEBT Strong net cash position at the end of Q1-2026 INSIGHTS Change in net debt (cash) 1. Operating activities included $829m in $158m 1 operating cashflow before changes in working capital and a $92m working capital outflow. 0.07x Leverage 2. Investing activities included $75m of sust
Slide 26: Net Earnings
NET EARNINGS Adjusted net earnings increased quarter on quarter INSIGHTS 3 MONTHS ENDED 31 Mar 31 Dec 1. Other expenses decreased to $9m and included $5m (in $ million) A = Adjustments made for Adjusted Net Earnings 2026 2025 in legal fees, $2m in community contributions, $1m in indirect tax claims
Slide 27: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 28: Safety Performance
SAFETY PERFORMANCE Continued industry leading safety record TRIFR and hours worked Hours Worked (Millions, 12 month trailing basis) TRIFR (12 month trailing basis)1 41.6m 41.7m 38.0m 38.1m 39.4m 0.72 TRIFR in Q1-2026 1.00 1.00 0.99 0.96 0.72 41.7m Hours worked Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026
Slide 29: Q1-2026 Performance vs Guidance
Q1-2026 PERFORMANCE VS GUIDANCE Group on track to achieve full-year guidance with H2 weighted performance Q1-2026 Production vs Guidance Q1-2026 AISC vs Guidance $1,300/oz $1,500/oz Ity Q1 Q1 69koz 285 - 330koz $1,471/oz $1,800/oz $2,000/oz Houndé Q1 Q1 51koz 220 - 255koz $2,126/oz $2,000/oz $2,250/
Slide 30: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Higher grade expected in H2-2026 as waste stripping advances Q1-2026 vs Q4-2025 INSIGHTS Production and AISC › Production increased due to higher grades milled, Production, koz AISC, US$/oz partially offset by lower tonnes milled while recoveries remained broadly in line wi
Slide 31: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Progressive production increases through 2026 Q1-2026 vs Q4-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower average grades milled and lower mill throughput, partially offset by higher 84koz 84koz recoveries. 77koz 74koz 69koz
Slide 32: Mana, Burkina Faso
MANA, BURKINA FASO Production expected to increase through FY-2026 Q1-2026 vs Q4-2025 INSIGHTS Production and AISC › Production decreased due to lower tonnes of ore milled, Production, koz AISC, US$/oz lower grades processed and lower recoveries. 46koz 46koz › AISC increased due to higher royalties
Slide 33: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Stable CIL performance with improved BIOX performance expected Q1-2026 vs Q4-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz 78koz › Production decreased due to lower average grades 72koz 67koz processed, partially offset by higher tonnes milled, while 62koz
Slide 34: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Underground production supports strong outlook 2028 to 2031 production profile INSIGHTS Production CIL production FY-2026 guidance expected to be optimised to achieve a more stable profile through sequencing BIOX production of Massawa North Zone › The Group published an NI
Slide 35: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Increased phased stripping activity in 2026 Q1-2026 vs Q4-2025 INSIGHTS Production and AISC › Production increased due to an increase in average Production, koz AISC, US$/oz grades milled, recovery rates and tonnes milled. 56koz › AISC increased due to higher sustaining c
Slide 36: Conclusion
04 SECTION 4 CONCLUSION
Slide 37: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Delivering sector leading shareholder returns during growth phase KEY PRIORITIES UPCOMING CATALYSTS Deliver production guidance of 1,090 – OPERATIONS Q2-2026 Houndé: Vindaloo Deeps resource update 1,265koz at AISC of $1,600 – 1,800/oz FREE CASH FLOW Maximise free c
Slide 38: Appendix
05 SECTION 5 APPENDIX
Slide 39: FY-2026 Guidance
FY-2026 GUIDANCE Capital Expenditure Guidance FY-2025 FY-2026 GUIDANCE (All amounts in US$m) Houndé 37 50 Production Guidance Ity 33 40 Mana 88 60 (All amounts in koz, on a 100% FY-2025 FY-2026 GUIDANCE Sabodala-Massawa 42 50 basis) Lafigué 8 30 Houndé 257 220 — 255 Corporate 2 — SUSTAINING CAPITAL
Slide 40: Mine Statistics
MINE STATISTICS On a quarterly basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q1-2026 Q4-2025 Q1-2025 Q1-2026 Q4-2025 Q1-2025 Q1-2026 Q4-2025 Q1-2025 Q1-2026 Q4-2025 Q1-2025 Q1-2026 Q4-2025 Q1-2025 Physicals Total tonnes mined – OP1 000t 13,584 12,810 11,334 8,863 7,985 8,373 — — —
Slide 41: Tax Payments by Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED 31 March 31 December 31 March 2026 2025 2025 All amounts in US$ million Houndé 16 18 11 Ity — — — Mana 3 4 2 Sabodala-Massawa 13 — 24 Lafigué — — 2 Other1 14 1 — Taxes paid by continuing operations 46 23 39 1) Included in the “Other” category is income and wi
Slide 42: Tax Payments
TAX PAYMENTS Cash income and withholding tax payment outlook Group tax payments by year Minesite Tax Withholding Tax INSIGHTS › Income tax payments reflect the prior years taxable FY-2024 $17m $296m FY-2025 $23m $362m earnings, while withholding tax payments reflect cash $65m $67m upstreaming in the
Slide 43: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement B- Severe AA AA AA AA C+ A C Medium Low Low C- C- BBB 2019 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 B B 54 B- 53 49 C C C 45 39 D- 2019 2020 2021 2
Slide 44: TSX.EDV LSE.EDV
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