Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (March 2021)
189 slides from Endeavour Mining's investor presentation, March 2021
Slide 1: Corporate Presentation March 2021
CORPORATE PRESENTATION March, 2021 TSX:EDV
Slide 2: 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 important factors that could cause actual results to differ materially from performance measures with no standard meaning under IFRS. This those contained in forward-looking statement
Slide 3: Table of Contents
TABLE OF CONTENTS 1 ENDEAVOUR OVERVIEW 2 OUTLOOK & RESULTS 3 COVID-19 RESPONSE 4 DETAILS BY MINE AND PROJECT 5 ESG 6 WEST AFRICA INSIGHTS 7 APPENDIX Note: All amounts are in US$, except where indicated, and may differ from MD&A due to rounding.
Slide 4: Endeavour Overview
01 SECTION 1 ENDEAVOUR OVERVIEW
Slide 5: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier diversified West African gold producer Top 10 6 GLOBAL GOLD CORE PRODUCER MINES 1.4-1.5Moz 850-900/oz 2021 PRODUCTION TARGET 2021 AISC TARGET 33Moz 18Moz M&I RESOURCES P&P RESERVES +7,000 Operating mines Development projects Exploration asse
Slide 6: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares outstanding as at September 30, 2020 243m1 RETAIL LA MANCHA1 TABLO BARRICK MANAGEMENT INSTITUTIONAL Share price as at February 26, 2021 C$24.53 Europe Market cap as at February 26, 2021 US$4.7bn TABLO Net cash as a
Slide 7: Our Journey to Becoming a Senior Gold Producer
CORPORATE PRESENTATION OUR JOURNEY TO BECOMING A SENIOR GOLD PRODUCER Organic growth Strategic Organic and divestments consolidation growth SEMAFO Agbaou Sabodala New Houndé Ity CIL acquisition divestment Phase 1 Kalana CEO built built complete DFS Net Cash achieved 2016 2017 2018 2019 2020 2021 202
Slide 8: The New Senior Gold Producer
CORPORATE PRESENTATION THE NEW SENIOR GOLD PRODUCER Now positioned as one of the largest producers with strong fundamentals KEY STATS Production for Senior Gold Producers1 AISC for Senior Gold Producers1 8Moz $1,600/oz $1,400/oz 6Moz $1,200/oz 1.4-1.5Moz 4Moz $1,000/oz 2021 PRODUCTION TARGET $800/oz
Slide 9: Entering a New Phase in 2021
CORPORATE PRESENTATION ENTERING A NEW PHASE IN 2021 Vision to be a best in class senior gold producer High Quality Portfolio: - Industry-leading operational excellence Create a resilient - Proven project development business - Unlocking exploration value - Active portfolio management Disciplined Cap
Slide 10: Create a Premier West African Gold Producer
CORPORATE PRESENTATION CREATE A PREMIER WEST AFRICAN GOLD PRODUCER STRATEGIC OBJECTIVES STRATEGIC PILLARS <$900/oz Diversification All-in sustaining cost across multiple countries and mines +10 YEARS Production visibility +20% ROCE from operating assets with strong capital allocation discipline +1.0
Slide 11: Defining Our Purpose
CORPORATE PRESENTATION DEFINING OUR PURPOSE OUR PURPOSE IS TO PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where we operate Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped with
Slide 12: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE Focused on long-term sustainable production at low cost INVESTMENT DEBT REDUCTION DIVIDEND IN PRODUCTION PHASE PHASE PHASE Mana Boungou Ity CIL Karma 1,365-1,495koz Houndé Massawa- Sabadola $922/oz 1,067koz Wahgnion $886/oz $866/oz DIVESTED / CEASED
Slide 13: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on management model with teams close to operations Senior Management Sebastien de Montessus CEO & Director 2h40 Dakar SENEGAL 1h30 Joanna Pearson MALI Karma CFO GAMBIA Mine Sabodala-Massawa Mine BURKINA Ouagadougou FASO GUINEA- Bamako Mana Henri
Slide 14: Operational Excellence: Safety
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Safety is our top priority Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.12 Lost Time Injury Frequency Rate 0.40 0.29 0.16 0.12 0.12 3 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 average (2)
Slide 15: Adoption of World Gold Council 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 overarching framework that sets out clear expectations as to what constitutes responsible gold mining › Desi
Slide 16: Eight Consecutive Years of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Eight consecutive year of meeting guidance GROUP LTM BELOW LTIFR1 INDUSTRY 0.12 1.1 Industry Average2 PRO FORMA 1,066koz GROUP FY TOP END PRODUCTION 995-1,095koz Guidance PRO FORMA $865/oz $915/oz GROUP FY BOTTOM AISC END ~$870/oz Guidance (1) Lost Tim
Slide 17: Creates a Senior Gold Producer
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Creates a senior gold producer Production for Senior Gold Producers Based on 2021 estimates as per analyst consensus 7Moz 6Moz Senior 5Moz Global gold producer 4Moz 3Moz 2Moz 1Moz 1.4-1.5Moz Annual production Polyus Endeavour Kinross Polymetal Newmont
Slide 18: Amongst the Lowest AISC Within Senior Gold Producer Peers
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Amongst the lowest AISC within the senior gold producer peer group AISC for Senior Gold Producers Based on 2021 estimates as per analyst consensus $1,300/oz LOW $1,200/oz $1,100/oz COST $1,000/oz producer $900/oz $800/oz 900 $700/oz $650/oz $600/oz $20
Slide 19: Group Support Functions
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Slotted SMF & TGZ assets within our well-established West African operating model SEMAFO Lean Corporate Head Office › Potential annual synergies of $35 to $40 million from SEMAFO acquisition estimated to be fully unlocked in 2021 General managers are e
Slide 20: Project Development: Construction Track Record
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILDS COMPLETION 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 20
Slide 21: Strong Exposure Across Asset Lifecycle
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Strong exposure across asset lifecycle Daoukro Cluster Côte d’Ivoire Siguiri Nabanga Fetekro Kofi Trend Guinea Burkina Faso Côte d’Ivoire Bondoukou Cluster Wahgnion Karma Mali Côte d’Ivoire Mana Golden Hill Mt. Ba/Gueya Burkina Faso Barrick JV Sia/Sianiko
Slide 22: Sabodala-Massawa Expansion Underway; Greenfield DFS
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Sabodala-Massawa expansion underway; progressing DFS on greenfields BROWNFIELD PROJECT: GREENFIELD PROJECTS: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: › Debottlenecking the plant back-end › Mine life: 10 years
Slide 23: Attractive Organic Growth Opportunities
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities INSIGHTS › Endeavour continues to build optionality within its portfolio by ASSET Fetekro Kalana Bantou Nabanga Golden Hill Afema JV progressing exploration and studies in its project pipeline. › Strong Brownfield f
Slide 24: Among Largest and Most Promising Portfolios in West Africa
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Among largest and most promising portfolios in West Africa AMONG LARGEST TENEMENT HOLDING +200 EXPLORATION TARGETS 33Moz 10-15Moz M&I RESOURCES 5-YEAR DISCOVERY TARGET Operating mines Exploration assets (ON PRE-SEMAFO AND TERANGA Development projects
Slide 25: Strong Foothold in Two World-Class Belts
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong foothold in two world-class belts Hounde Belt, Burkina Faso Ity Belt, Côte d'Ivoire Golden Hill Exploration 25
Slide 26: 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 27: Starting to Deliver Against Our 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 November 2016 10-15Moz Excludes assets acquired in SEMAFO and Teranga transactions. Updated targets expected to be published in 2021 4.0-6.0Moz 4.0-6.0
Slide 28: 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 Excludes assets acquired in SEMAFO and Teranga transactions Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-yea
Slide 29: Low Discovery Cost
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit Excludes assets acquired in SEMAFO and Teranga transactions From mid-2016 to end of 2019 unless indicated otherwise $149/oz $12/oz Average Endeavour discovery cost to date $76/oz $2
Slide 30: $70-90 Million Exploration Budget for 2021
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 $70-90 million budget for 2021 with strong focus on new assets 2020 Exploration Spend Ity 25% Greenfields and other 43% $65 Mana million 5% Hounde 26% Karma 1% Boungou 1% 2021 Exploration Spend Ity Wahgnion 11% 15% Mana 10% Sabodala-Massawa 16% $70-9
Slide 31: Balance Sheet & Portfolio Management
CORPORATE PRESENTATION 4 444 BALANCE SHEET & PORTFOLIO MANAGEMENT Focused on long life and low AISC assets INSIGHTS Endeavour’s Producing Portfolio1 AISC, $/oz Tabakoto $1,300 SOLD: $1,250 › Youga (2016) $1,200 Nzema Mana › Nzema (2017) $1,150 › Tabakoto (2018) $1,100 › Agabou (2021) Karma Mana $1,0
Slide 32: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Strong focus on demonstrating returns following investment phase 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
Slide 33: Significant Re-Rating Potential
CORPORATE PRESENTATION SIGNIFICANT RE-RATING POTENTIAL Attractive valuation compared to senior gold producer peer group P / NAV EV/ EBITDA 2021E 1 FCF Yield 2021E Endeavour 0.7x Harmony 2.6x Harmony 26% Polyus 0.7x Endeavour 3.2x Endeavour 18% Kinross 0.8x B2 Gold 3.8x Kirkland 11% Yamana 0.8x Gold
Slide 34: Potential to Create Top LSE Premium Listed Gold Producer
CORPORATE PRESENTATION POTENTIAL TO CREATE TOP LSE PREMIUM LISTED GOLD PRODUCER Expect significant indexation demand Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent 3.0Moz TARGETING Premium Segment Standard Segment AIM 2.5Moz FTSE INDEX 2.0Moz INCLUSION 1.5
Slide 35: Key 2021 Priorities
CORPORATE PRESENTATION KEY 2021 PRIORITIES Focus across key strategic pillars KEY PRIORITIES: - Strong free cash flow generation Create a resilient - Organic growth by advancing projects business - Continued significant exploration efforts - - Divest non-core assets KEY PRIORITIES: - Healthy dividen
Slide 36: Strong Upcoming Catalysts
CORPORATE PRESENTATION STRONG UPCOMING CATALYSTS Exposure to strong fundamentals UPCOMING CATALYSTS TIMING CATALYST Immediate Q2-2021 Afema Initial resource estimate Cash Flow from Production Q2-2021 Corporate Capital Markets Day Q2-2021 Corporate Premium LSE Listing Near-Term Sabodala- Growth Q4-20
Slide 37: Outlook and Results
03 SECTION 3 OUTLOOK AND RESULTS
Slide 38: 2021 Guidance
CORPORATE PRESENTATION 2021 GUIDANCE INSIGHTS Consolidated Production Guidance › Total production guidance for 2021 of (All amounts in koz, on a 100% basis) UPDATED FY 2021 GUIDANCE 1,365–1,495koz at an AISC of $850 – Ity 230 — 250 $900/oz. Karma 80 — 90 › The Sabodala-Massawa and Wahgnion Houndé 24
Slide 39: 2021 Guidance (continued)
CORPORATE PRESENTATION 2021 GUIDANCE (continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › 2021 growth capital is estimated at $46 million, mainly for SUSTAINING NON-SUSTAINING ongoing Phase 1 expansion at Sabodala-Massawa mine and (All amounts in US$m) CAPITAL CAPITAL st
Slide 40: All-in Margin Significantly Increased
CORPORATE PRESENTATION ALL-IN MARGIN SIGNIFICANTLY INCREASED Strong increase due to higher gold price and addition of Boungou and Mana All-in Margin from all operations In US$m, unless otherwise indicated Realized +$383m Gold Price $642m 2020 vs 2019 $489m $259m $35m $85m $149m $162m $197m $153m + 4
Slide 41: All-in Margin
CORPORATE PRESENTATION ALL-IN MARGIN FY-2020 benefited from higher production and higher gold price THREE MONTHS TWELVE MONTHS ENDED ENDED INSIGHTS FY-2020 VS. FY-2019 1. Increased due to increased production Dec. 31, Sept. 30, Dec.31, Dec.31, Δ FY20 and higher royalty 2020 2020 2020 2019 vs. FY19 I
Slide 42: Net Free Cash Flow
CORPORATE PRESENTATION NET FREE CASH FLOW FY-2020 benefited from higher production and higher gold price THREE MONTHS ENDED TWELVE MONTHS ENDED INSIGHTS FY-2020 VS. FY-2019 1. Relates mainly to Kalana Dec. 31, Sept. 30, Dec. 31, Dec.31, Dec.31, Δ FY20 2. Inventories were an inflow of $45m in FY-2020
Slide 43: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Net cash position achieved INSIGHTS Net Cash Variation Analysis › A Net Cash position of $75 million was achieved at year-end, marking a Net Debt reduction of $250 million during Q4-2020 and $603 million during FY-2020. ($160m) › Along with the
Slide 44: Record Cash Flow per Share
CORPORATE PRESENTATION RECORD CASH FLOW PER SHARE Strong cashflow generation by consolidated portfolio Operating Cash Flow Before Non-Cash Working Capital from all operations, in $/share $1.91/share +39% Operating cash flow per share $1.37/share Q4-2020 vs. Q3-2020 $1.08/share $1.10/share $0.77/shar
Slide 45: Record Adjusted Net Earnings per Share
CORPORATE PRESENTATION RECORD ADJUSTED NET EARNINGS PER SHARE More than doubled compared to prior period Adjusted net earnings per share (EPS) from all operations Adjusted EPS, in $/share $1.02/share +$0.55 Q4-2020 vs. Q3-2020 Adj. EPS $0.48/share $0.34/share $0.30/share $0.47/share $0.30/share $0.0
Slide 46: COVID-19 Response
04 SECTION 4 COVID-19 RESPONSE
Slide 47: Our COVID-19 Response
CORPORATE PRESENTATION OUR COVID-19 RESPONSE Developed epidemiological surveillance system to support our efforts 47
Slide 48: COVID-19 Response: Health and Safety
CORPORATE PRESENTATION OUR COVID-19 RESPONSE: HEALTH AND SAFETY Primary focus is protecting the well-being of employees, contractors and local communities INSIGHTS › Working closely with national health authorities to implement and augment government protocols in our host communities › Implemented r
Slide 49: COVID-19 Response: Business Continuity Plan
CORPORATE PRESENTATION OUR COVID-19 RESPONSE: BUSINESS CONTINUITY PLAN Endeavour’s operations are continuing to operate at near-normal levels KEY ACTIONS CURRENTLY OPERATING IN A LEVEL 1 ENVIRONMENT ✓ Key expatriates returned to site before suspension of commercial airline flights and shift rosters
Slide 50: Details by Mine and Project
05 SECTION 5 DETAILS BY MINE AND PROJECT
Slide 51: Operating Mines
CORPORATE PRESENTATION OPERATING MINES Diversified portfolio of seven mines, following Teranga transaction close MINE GOLD M&I M&I RESOURCE AISC1 RESERVES RESERVE GRADE2 NAME COUNTRY PRODUCTION1 RESOURCES2 GRADE2 (US$/oz) (Moz) (g/t) (koz) (Moz) (g/t) Houndé Burkina Faso 250 880 2.86 1.86 4.45 1.85
Slide 52: Houndé Mine
HOUNDÉ MINE 240-260koz $855-905/oz 2.9Moz 4.4Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves1 M&I Resources1 The goal is to delineate sufficient additional Karma Mine The Houndé mine is one of Endeavour’s cornersto
Slide 53: Houndé Mine: Q4 Production and AISC
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Processed grades increased due to benefit of oxide ore from Kari Pump Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production increased significantly due to Production, koz AISC, US$/oz the higher throughput, processed grades and recovery rates a
Slide 54: Houndé Mine: FY-2020
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Higher grades in second half of the year FY-2020 INSIGHTS Production and AISC › Production increased due to 20% higher grades and slightly AISC ($/oz) Production (koz) higher processed tonnes while recovery rates remaining flat. AISC decreased followi
Slide 55: Houndé Production Plan
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong improvements due to exploration success and mill outperformance 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
Slide 56: Houndé Summary
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Solid next 5 years locked-in with potential to maintain same level after Houndé Summary 250Koz/yr FIRST 5 YEARS NEXT 5 YEARS LIFE OF MINE Unit (2021-2025) (2026-2030) (2021-2033) PRODUCTION DATA Strip ratio W:O 8.66 5.28 7.51 Average annual production
Slide 57: Kari Area Permitted as Extension of Houndé
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Area permitted as extension of Houndé on expedited timeline INSIGHTS Map of Houndé Mining Permits › Permit extension granted covering the full Kari area EXTENDED PERMIT AREA › Permit includes the Kari Pump, Kari West and Kari Center, Kari Gap and
Slide 58: Current Reserves Greater Than When Mining Began
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Current reserves are greater than when mining began Reserves and depletion Reserves at period-end Cumulative depletion 3.4Moz reserve endowment 3.4Moz Reserves endowment 2.8Moz 2.1Moz 2.2Moz 2.0Moz 1.7Moz +64% 0.1Moz 0.4Moz Reserve endowment 0.6Moz 0.
Slide 59: Houndé Reserves and Resources
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Reserves and resources Mineral Reserve and Resource (current as at December 31, 2019) UPDATED WITH KARI AREA Δ AU AS PUBLISHED IN MARCH 2020 Resources shown inclusive ADDITIONS CONTENT of Reserves on a 100% Tonnage Grade Content Tonnage Grade Content
Slide 60: Significant Exploration Potential Highlighted
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 target included advance
Slide 61: Strong Near-Mine Exploration Upside
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE Strong near-mine exploration upside INSIGHTS Houndé Site Map › 2020 exploration program of $17 million totaling approximately 82,500 meters was completed in 2020. › The program was designed to delineate additional resources in the Kari area, wher
Slide 62: Kari Pump Reserve
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE Kari Pump Reserve 62
Slide 63: Kari Pump Oxide/Transition Ore
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 63
Slide 64: Kari West: 1Moz Resource Delineated
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: 1Moz resource delineated to date; remains open at depth INSIGHTS Kari West H1-20 drill map with selected intercepts › Discovered during the 2018 AC drilling campaign › In 2019, intensive RC drilling defined the Kari West target as a broad m
Slide 65: Kari West: Remains Open at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: remains open at depth 65
Slide 66: Kari Center Extension; Discovery of Kari Gap
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Confirmed mineralization for extension of Kari Center; discovery of Kari Gap INSIGHTS Kari Center drilling activity over H1-2020 › Mineralization was first intercepted at Kari Center during AC initial reconnaissance drilling in 2017. Follow up RC and
Slide 67: Kari Gap Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Gap: Area between Kari Gap and Kari Centre hosts significant potential 67
Slide 68: Kari Pump NE Discovery
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Identified after step out drilling near Kari Pump INSIGHTS Kari Pump NE drilling activity over H1-2020 › Step out drilling targeting the possible extension of near-surface mineralization near Kari Pump, over a 700 meter span towards the
Slide 69: Kari Pump NE: Open to West and Northwest
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Open to the west and northwest 69
Slide 70: Targeting Plunging High-Grade Zones at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Targeting plunging high-grade zones at depth 70
Slide 71: Houndé Mine - Golden Hill Exploration
CORPORATE PRESENTATION HOUNDÉ MINE - GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan GOLDEN HILL PROJECT › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30km) from Endeavour’s Houndé mine › Potential for development as a satellite depos
Slide 72: Ity Mine
ITY MINE 230-250koz $800-850/oz 3.3Moz 4.1Moz CÔTE D’IVOIRE 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 AISC P&P Reserves 1 M&I Resources1 The Ity mine is one of Endeavour’s cornerstone assets, it has the longest operating history of any gold mine in Côte
Slide 73: Ity Mine: Q4 Production and AISC
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Processed grades increased due to the benefit of ore from the Daapleu pit Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production significantly increased due to the Production, koz AISC, US$/oz higher processed grades and throughput rate, which was
Slide 74: Ity Mine: FY-2020
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Potential to start mining Le Plaque deposit in Q4 FY-2020 INSIGHTS Production and AISC › Production increased as the Ity CIL plant operated for the full twelve month period ended December 31, 2020 compared to only AISC ($/oz) Production (koz) three quar
Slide 75: New Mine Plan Reflects Exploration Success
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE New mine plan reflect exploration success and increased mill size RECENT EXPLORATION SUCCESS LARGER PLANT SIZE DRIVEN BY EXPANDED RESERVES Mill Size Reserves LE PLAQUE 5.0Mtpa 4.8Moz DISCOVERY Reserves COST $18/oz endowment 4.0Mtpa inclusive of historic
Slide 76: Ity Production Plan
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Strong improvements due to exploration success and increased mill size 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 potenti
Slide 77: Ity Summary
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Solid next 5 years locked-in with potential to maintain same level after Ity Summary 248Koz/yr FIRST 5 YEARS NEXT 5 YEARS LIFE OF MINE Unit (2021-2025) (2026-2030) (2021-2031) PRODUCTION DATA Strip ratio W:O 3.88 2.89 3.24 Average annual production Tota
Slide 78: Ity Reserves and Resources
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Reserves and resources Mineral Reserve and Resource (current as at December 31, 2019) Δ AU AS PUBLISHED IN MARCH 2020 UPDATED TO INCLUDE LE PLAQUE CONTENT Resources shown inclusive of Tonnage Grade Content Tonnage Grade Content reserves on a 100% basis
Slide 79: 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 4-6 Moz with average grade between 2.0-3.5g/t Au. The potential quantity of ounces is conceptual in nature s
Slide 80: $9 Million Exploration Programme Planned for 2021
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE $9 million exploration programme has been planned for 2021 Ity mine drilling targets Simplified Ity map with exploration targets 80
Slide 81: Ity Exploration: Le Plaque
CORPORATE PRESENTATION ITY EXPLORATION: LE PLAQUE Indicated resource has increased by 44% to 689koz LE PLAQUE INSIGHTS Le Plaque targets › In Q2-2020 the Indicated resource increased from 476koz to 689koz, an increase of 44% › Continued low discovery cost of <$20/oz › Ity mine M&I resource up 6% wit
Slide 82: Exploration Focus on Le Plaque Discovery
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Exploration to continue to focus on the Le Plaque discovery INSIGHTS Le Plaque drill map and selected H1-2020 intercepts (true width/grade) per area › An exploration program of $16 million totaling approximately 95,000 meters was completed in 2020, with
Slide 83: Section A – Epsilon Area
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A– Epsilon Area 83
Slide 84: 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 84
Slide 85: Delta Extension Best Intercepts Map
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Delta Extension H1-2020 best selected intercepts map 85
Slide 86: Section A – Delta Extension Northern Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A – Delta Extension Northern Part 86
Slide 87: Section B – Delta Extension Central Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B – Delta Extension Central Part 87
Slide 88: Several Other Nearby Targets
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets 88
Slide 89: Greater Ity Regional Gold in Soil Anomalies
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (>100ppb) 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 t
Slide 90: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE 310-330koz $690-740/oz 4.8Moz 6.9Moz Senegal 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves2 M&I Resources The recently published PFS highlighted a long The Sabodala-Massawa complex has potential to LOM (17 y
Slide 91: Ranks Amongst Africa's Top Mines
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Ranks amongst Africa’s top mines AISC, $/oz SABODALA-MASSAWA Top Tier African Gold Mines(1)(2)(3)(4) $1,150 Ahafo (Newmont)(7) $1,050 384koz Loulo Sabodala / 2021-2025 Average Production (Barrick) Massawa (2021E) $950 Sukari Kibali (Centamin) (Ba
Slide 92: Phase Upgrades to Debottleneck Plant Back-End
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Phase 1 upgrades will assist in debottlenecking the plant back-end 2 PHASE APPROACH FOR EXPANSION Production and AISC › Phase 1:expected to increase production by ~90kozpa, has AISC ($/oz) Production (koz) commenced and is expected to be complete
Slide 93: Phase 1 Upgrades
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Phase 1 upgrades will assist in debottlenecking the plant back-end INSIGHTS 1. An additional electrowinning cell will be added to Phase 1 Facilities the gold room to increase its capacity to process high grade ore 2. An additional carbon regenera
Slide 94: Phase 1 Timeline
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Phase 1 upgrades will assist in debottlenecking the plant back-end INSIGHTS › Phase 1 of the expansion will Phase 1 Timeline facilitate processing of an 2021 increased proportion of high Activity Mar Apr May Jun Jul Aug Sep Oct Nov Dec grade, fre
Slide 95: Phase 2 DFS Underway
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL DFS for Phase 2 is underway and due for completion in Q4-2021 INSIGHTS › Phase 2 of the expansion will add a new refractory ore plant to process the high grade refractory ore from the Massawa deposit. A DFS for Phase 2 is underway and due for com
Slide 96: Sabodala-Massawa Exploration Upside
CORPORATE PRESENTATION SABODALA-MASSAWA, SENEGAL Significant exploration upside potential INSIGHTS Sabodala-Massawa Plan Map › Significant exploration potential exists within 30km of the processing facility, which includes the Sabodala mining license, the Massawa mining license, and additional explo
Slide 97: Wahgnion Mine
WAHGNION MINE 140-155koz $940-990/oz 1.1Moz 1.7Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine Since commercial production was achieved, The newly developed Wahgnion mine offers generative
Slide 98: Wahgnion: Production and AISC
CORPORATE PRESENTATION WAHGNION, BURKINA FASO Greater volumes of fresh ore in 2021 OPTIMISATION OPPORTUNITIES Production and AISC › Still largely underexplored and promising land package AISC ($/oz) Production (koz) › Significant exploration upside in deeper areas and along strike › Potential to red
Slide 99: Exploration Potential Within Permitted Mine License
CORPORATE PRESENTATION WAHGNION, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Wahgnion Mine and Permit Area › Given the recent commissioning of the Wahgnion mine in late 2019, significant exploration potential exists within the permitted mine licen
Slide 100: Mana Mine
MANA MINE 170-190koz $975-1,050/oz 1.4Moz 4.1Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine The Mana mine is located in the northern part of the BUR KI N A FASO highly prospective Houndé G
Slide 101: Mana: Underground Operations Performance
CORPORATE PRESENTATION MANA, BURKINA FASO Underground operations continued to deliver a strong performance Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production slightly increased due to increased Production, koz AISC, US$/oz underground mining from stopes and increased plant throughput, whic
Slide 102: Mana: FY-2020 and Outlook
CORPORATE PRESENTATION MANA, BURKINA FASO Grades expected to be higher in Q4 due to higher underground grades FY-2020 INSIGHTS Production and AISC › FY-2020 Pro Forma production totaled 219koz, beating the AISC ($/oz) Production (koz) upper end of the guided 185-205koz, due to the strong performance
Slide 103: Mana: Siou Underground
CORPORATE CORPORATE PRESENTATION PRESENTATION MANA, BURKINA FASO Siou underground INSIGHTS First production stope – Q1 2020 Progress as at January 31, 2020 › The location of the portal allows mining in the northern part of the Siou pit to continue uninterrupted › The ultimate size of the underground
Slide 104: Mana Exploration Program for 2021
CORPORATE PRESENTATION MANA, BURKINA FASO Exploration program of up to $8 million has been planned for 2021 Mana exploration map INSIGHTS › Endeavour spend a total of $3 million following the integration of Mana. During the full year a total of 28,500 meters were drilled to follow up on resource exp
Slide 105: Boungou Mine
BOUNGOU MINE 180-200koz $690-740/oz 1.1Moz 1.7Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine The mine was placed on temporary care and maintenance in November 2019 in order to address The
Slide 106: Boungou: Mining Restarted in Q4-2020
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Mining activities re-started in early Q4-2020 Q4-2020 vs Q2-2020 INSIGHTS Production and AISC › Production increased due to a significant Production, koz increase in processed grade following the restart AISC, US$/oz of mining operations as well as an inc
Slide 107: Boungou: FY-2020
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Higher strip ratio during the first half of the year FY-2020 INSIGHTS Production and AISC › FY-2020 Pro Forma production totaled 155koz, beating the upper AISC ($/oz) Production (koz) end of the guided 130-150koz as a result of the better than expected pe
Slide 108: Boungou Exploration Program
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Exploration program of up to $1 million has been planned for 2020 INSIGHTS Boungou Exploration Map › Endeavour spent a total of $1 million following the integration of Boungou. Exploration activities resumed in Q4-2020 with a total of 4,000 meters of reve
Slide 109: Karma Mine
KARMA MINE 80-90koz $1,220-1,300/oz 0.3Moz 2.0Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2019 Current as at December 31, 2019 Production AISC P&P Reserves M&I Resources Karma Mine The Karma mine is a low-grade heap leach operation and In 2017, an optimization project was BUR
Slide 110: Karma: Production Increased After Rainy Season
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Production increased following the end of the rainy season Q4-2020 vs Q3-2020 INSIGHTS Production and AISC › Production increased due to higher Production, koz AISC, US$/oz throughput rate and higher processed grade, from North Pit and West Pit, despit
Slide 111: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Higher grades and recovery rates in H2-21 FULL YEAR 2020 INSIGHTS Production and AISC › Production remained flat as higher stacked tonnage, associated with the upgrades to the stacking system, AISC ($/oz) Production (koz) was offset by lower grades and
Slide 112: Karma Exploration Program
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Exploration program of up to $2 million has been planned for 2020 INSIGHTS Karma site map › An exploration program of up to $2.0 million was planned for 2020 with the aim of in-fill drilling and testing extensions of known deposits › No exploration is
Slide 113: Fetekro Project Overview
CORPORATE PRESENTATION FETEKRO PROJECT, CÔTE D’IVOIRE Overview QUICKFACTS (ON 100% BASIS) – 2021 PFS Ownership 80% EDV; 10% Gov. Côte d’Ivoire,10% SODEMI Mine Type Open Pit Mill Type 3.0Mtpa Gravity / CIP Plant RESERVES & RESOURCES P&P Reserves 31.9Mt at 2.0 Au g/t for 2.1Moz M&I Resources (inclusiv
Slide 114: Fetekro: +200kozpa at Low AISC
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Potential for +200kozpa production at low AISC over long mine life Fetekro PFS Production Plan 479m Production (koz) AISC ($/oz) Production (koz) 300 AISC ($/oz) 1,500 $ After-tax NPV5% at $1,500/oz gold price 200 1,000 100 500 +33% IRR at $1,
Slide 115: Fetekro Most Advanced Greenfield Property
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS › Fetekro is located in north central Côte Simplified map of the Fetekro property showing Lafigué d’Ivoire, approximately 500km from Abidjan, within the northern end of the
Slide 116: Fetekro: Attractive Project Economics
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Attractive project economics INSIGHTS Fetekro 2020 PEA vs 2021 PFS › Key changes incorporated in 2021 PFS PFS PEA VARIANCE compared to the 2020 PEA: PLANT TYPE, SIZE & CAPEX ‒ The study is based on an Indicated Plant type Gravity / CIP Gravity
Slide 117: Fetekro 2021 PFS Project Economics
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Attractive project economics 2021 Fetekro PFS Project Economics INSIGHTS › 2021 project economics are robust, with Gold Price $1,350/oz $1,500/oz $1,650/oz $1,800/oz an attractive NPV and IRR being generated PRE-TAX across a range of gold pric
Slide 118: Fetekro 2021 PFS Insights
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE 2021 PFS insights INSIGHTS › Contract mining operation with a maximum mining Schematic Fetekro Site Layout movement of 50Mt per year › Ore will be processed via a 3.0 to 3.3 Mtpa processing plant. LOM plant feed: approximately 92% fresh ore an
Slide 119: Fetekro Upside Potential With Nearby Targets
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s upside potential with nearby targets UPSIDE Fetekro plan map with exploration targets › The Lafigué resource estimate encompasses a mineralized area extending over 2km long by 1km down dip with the deposit remaining open at depth and
Slide 120: Lafigué Deposit Open at Depth and Along Strike
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Lafigué deposit remains open open at depth and along strike Lafigué geological interpretation and selected best intercepts per area 120
Slide 121: Section 320645E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320645E Lafigué North 121
Slide 122: Section 320405E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320405E Lafigué North 122
Slide 123: Section 319875E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 319875E Lafigué North 123
Slide 124: Kalana Project Overview
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS Ownership 80% EDV; 20% Mali government Mine Type Open Pit Mill Type 3.0Mtpa Gravity / CIL Plant RESERVES & RESOURCES P&P Reserves 35.6Mt at 1.6 Au g/t for 1.8Moz Mali M&I Resources (inclusive of reserv
Slide 125: Kalana: 150kozpa at Low AISC
CORPORATE PRESENTATION KALANA PROJECT, MALI Potential for 150kozpa production at low AISC over long mine life Kalana PFS Production Plan 331m Production (koz) AISC ($/oz) Production 300 (koz) AISC ($/oz) 1,500 $ After-tax NPV5% at $1,500/oz gold price 200 1,000 100 500 +49% IRR at $1,500/oz gold pri
Slide 126: Kalana: Accretive Acquisition With Attractive Economics
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with attractive economics BACKGROUND 2021 Kalana PFS Project Economics › Purchased for $122m (7m shares) in mid-2017 Gold Price $1,350/oz $1,500/oz $1,650/oz $1,800/oz › Attractive purchase price of 0.4x project NAV › At the time, Kal
Slide 127: Updated Resource Model and Kalanako in 2021 PFS
CORPORATE PRESENTATION KALANA PROJECT, MALI Updated resource model and inclusion of Kalanako in 2021 PFS INISGHTS Kalana 2016 vs. 2021 Study Comparison1 2021 STUDY 2016 STUDY VARIANCE › Key changes in updated PFS compared to PLANT SIZE & CAPEX the 2016 Avnel study : Nominal mill capacity, Mtpa 3.0 1
Slide 128: Kalana 2021 Updated PFS Insights
CORPORATE PRESENTATION KALANA PROJECT, MALI 2021 updated PFS insights INSIGHTS › 2021 Study is based on a contract-mining operation with a Kalana Site Layout maximum mining movement of 30Mt per year › The plant nameplate capacity of 3.0Mtpa, if fed with fresh rock, and 3.8Mtpa if fed with oxide ore
Slide 129: Kalana Project Exploration
CORPORATE PRESENTATION KALANA PROJECT EXPLORATION, MALI Aim to increase resource base for project PERMITTING › Endeavour has an 80% interest in SOMIKA, the holder of the Permit. The Government of Mali holds the remaining 20% beneficial interest in SOMIKA. The Project comprises one Exploitation Permi
Slide 130: Greenfield Bantou: Houndé Greenstone Belt
CORPORATE PRESENTATION GREENFIELD BANTOU, BURKINA FASO Located along the Houndé Greenstone Belt INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 › Currently consists of eight mineralized zones with diverse mineralization styles and grades › The Bantou gold zone is part of the Dy
Slide 131: Bantou: Test Prospective Areas
CORPORATE PRESENTATION GREENFIELD BANTOU, BURKINA FASO Aim to test prospective areas outside of the existing resources INSIGHTS Bantou 2020 Drill Program › In 2019, a total 96,669m were drilled at Bantou. Bantou Nord alone accounted for 15,031m which was part of an effort to rapidly outline the exte
Slide 132: Greenfield Nabanga
CORPORATE PRESENTATION GREENFIELD NABANGA, BURKINA FASO Remains open to the north and at depth INSIGHTS › Located 250 kilometers southeast of Ouagadougou, the Nabanga deposit cross-section Nabanga Gold Project lies within the Nabanga exploration permit. › Results of preliminary economic assessment (
Slide 133: Greenfield Afema: Initial Resource Estimate
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE Targeting an initial resource estimate in H1 2021 INSIGHTS › Location and Ownership: ‒ Located in SE Côte d’Ivoire at the Sefwi-Bibiani Gold Belt Asankrangwa Ashanti Gold Belt intersection of two gold-enriched Gold Belt Côte d’Ivoire Ghana Ghana
Slide 134: Afema: Woulo Woulo Prospect
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE New Discovery: Woulo Woulo Prospect INSIGHTS › New Discovery: Woulo Woulo Prospect › Continued geological and structural evaluations to expand TOLIESSO oxide mineralization along the Afema shear zone NIAM. NORTH PR-345 BEGNORAN C-ZONE EXPLORATIO
Slide 135: Observations and Results at Afema Prospects
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE Observations and Results at Afema Prospects INSIGHTS Gold-in-Soil Geochemical Plan Map › Gold-in-Soil Geochemical Plan Map › Clearly defines the +20 km strike extensions of both the Niamienlessa structural trend and the Afema shear zone › Also d
Slide 136: 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 @ 2.08g/t Au at 74.6m, including 1.0m @
Slide 137: Greenfield Exploration, Burkina Faso: Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 137
Slide 138: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER 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: 695km² 138
Slide 139: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA Well Located Licenses in Siguiri Basin GUINEA: 139
Slide 140: 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 › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 140
Slide 141: ESG
06 SECTION 6 ESG
Slide 142: Our Sustainability Journey
OUR SUSTAINABILITY JOURNEY 2017 2018 2020 1st GRI Sustainability 2nd GRI Sustainability Report 3rd GRI Sustainability Report Report published published, with increased published, with RGMP 1.7 GRI indicators externally assured Published external ESG targets for the 1st time Expanded executive compen
Slide 143: Sustainability Governance
SUSTAINABILITY GOVERNANCE Board oversight with collective responsibility THE BOARD Environment, Sustainability & Audit Committee Quarterly Governance Committee Reports Leadership Compensation Scheme Executive Management Committee Short Term Long Term ESG Committee Monthly Updates 2020 3-Year 40% Net
Slide 144: Responsible Gold Mining Principles
PRIMARY REPORTING FRAMEWORK: RESPONSIBLE GOLD MINING PRINCIPLES RESPONSIBLE GOLD MINING PRINCIPLES (RGMPs) 3-YEAR APPROACH TO CONFORM RGMPs launched in September 2019 2019 Internal GAP analysis completed by December 2020 Achieved external assurance on first RGMP: 1.7 2020 Independent ‘health’ check
Slide 145: Disclosure and Standards
DISCLOSURE AND STANDARDS WORLD GOLD COUNCIL INTERNATIONAL CYANIDE MANAGEMENT CODE (ICMC) The World Gold Council is the market development organization for the The International Cyanide Management Code (ICMC) is a voluntary gold industry and promotes responsible mining practices. The Council’s indust
Slide 146: Continuing to Improve Our Score
CONTINUING TO IMPROVE OUR SCORE ISS SUSTAINALYTICS 2020 Ranking * ? Evaluation due in October BLOOMBERG - ANNUAL Bloomberg Total ESG Disclosure Rank 2019 2018 2017 Score African Peers MSCI 1 Goldfields 61.57 57.44 56.61 2 IAMGOLD 53.3 47.52 47.52 3 B2GOLD 50.41 41.74 41.74 4 Galiano 44.6 40.08 34.71
Slide 147: Peer Comparisons
PEER COMPARISONS ESG SCORES IN GOLD SECTOR1 ENDEAVOUR COMPARED TO THE INDUSTRY BENCHMARK GMR ESG Report. Equal Weight to Environment, Social, Governance Category Endeavour Industry Benchmark LTIFR1 0.12 1.10 Consistently score well AISC ($/oz)2 890 1,000 Emissions scope 1+2 CO2e / gold production 0.
Slide 148: Our Material Issues in 2019
OUR MATERIAL ISSUES IN 2019 Internal & Stakeholder Materality Assessment Results OUR ESG PILLARS HIGH HEALTH & SAFETY 5 TOP PRIORITY Employment and labour relations Occupational health Resettlement and safety compensation and Air quality, dust livelihood restoration emissions and noise Sustainable a
Slide 149: Health & Safety
HEALTH & SAFETY KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS • Targeting zero physical and mental harm ✓ 0 Fatalities • Zero fatalities • Strong safety culture & track record ✓ 30% reduction in Group AIFR • 10% reduction in LTIFR, AIFR and on site employee malaria cases • Safety metric i
Slide 150: Health & Safety: COVID-19 Response
HEALTH & SAFETY COVID-19 RESPONSE • Working closely with national health authorities to implement and augment government protocols in our host communities • Implemented range of preventative measures across our sites, including social distancing, health screening, augmented hygiene and restricted ac
Slide 151: Our Employees
OUR EMPLOYEES KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS ✓ 95% site workforce are nationals • 25% increase female representation to 10% Focused on growing local content ✓ Promoted two West Africans to GM • Create formal Women in Mining Committee to oversee our activities ✓ 11% women in
Slide 152: Our Communities
OUR COMMUNITIES KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS Develop and implement a Group-wide Community • Committed to building strong respectful ✓ 1,161 community engagement meetings Engagement Policy to unify and standardize the relationships with host countries and ✓ Hosted 30 site
Slide 153: Our Communities: Local Procurement
OUR COMMUNITIES Local procurement KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS • Supporting development of local economies ✓ $627m total economic contribution Implement a Supplier Code of Conduct that sets out around our mines Endeavour’s requirements of its suppliers ✓ 67% ($376m) of to
Slide 154: Social Investment: Mali Shi
SOCIAL INVESTMENT ECODEV is an CASE STUDY economic Mali Shi in Mali development fund. Mali is the 2nd largest producer of shea nut and accounts for ~20% global supply of shea. Established by Endeavour Shea butter is used in the cosmetic industry and to support local economic growth by as a cocoa but
Slide 155: Social Investment: Organic Sesame Project
SOCIAL INVESTMENT The SEMAFO Foundation’s CASE STUDY mission is to alleviate poverty Organic Sesame Project and offer an improved quality of life by helping communities in Burkina Faso become self- Sesame is Burkina Faso’s 2nd largest crop export sufficient. and Burkina Faso is the 8th largest globa
Slide 156: Our Environment
OUR ENVIRONMENT KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS ✓ 0 significant environmental incidents • Conduct a review of renewable energy • At Endeavour we recognize the link between opportunities at our operations energy use and production and our carbon ✓ 77% of purchased electricity
Slide 157: Energy & Emissions
ENERGY & EMISSIONS KEY INSIGHTS ENERGY INTENSITY GHG EMISSION INTENSITY Energy consumption within the organization (GWh) GHG emissions (ktCO2e) Energy intensity (kWh/oz of production) Energy intensity (tCO2e/oz of production) -22% CÔTE D’IVOIRE 1,400GWh 1,400 400ktCO2e • Well developed national infr
Slide 158: Peer Comparisons
Source Yamana 768 3Berenberg 1Bloomberg Polymetal 845 Agnico Eagle 1,040 2Global Mining Research Goldfields 1,170 Endeavour 1,182 Newmont 1,194 Northern Star 1,519 Kinross 1,715 Harmony 1,760 Energy Intensity / sales1 Polyus 2,012 PEER COMPARISONS Anglogold 2,074 Newcrest 2,334 Barrick 2,353 B2Gold
Slide 159: Water Management
WATER MANAGEMENT AFRICA CLIMATE MAP Water Consumption Intensity (L/oz) WATER CONSUMPTION 100,000 120,000 180,000 140,000 160,000 INTENSITY (ML/oz) 20,000 40,000 60,000 80,000 Warm desert 0 Warm Semi-Aid Water withdrawal (ML) NST Tropical Savanna Water consumption intensity (ML/oz) TXG Monsoon ROXG E
Slide 160: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT KEY INITIATIVES / 2019 PERFORMANCE INSIGHTS • Participated in the Investor Mining and Tailings Safety Initiative (Church of England) • Mana (2008) • Boungou (2018) Upstream– ex SMF Downstream – ex SMF • Disclosure on our website updated annually • Agbaou (2014) • Ity
Slide 161: Biodiversity
BIODIVERSITY We will not conduct exploration CASE STUDY or mining activities on any We have set-up a partnership with Université natural World Heritage sites Jean Lorougnon Guede of Daloa for the and no habitats of endangered, creation and preservation of a forest within protected or IUCN red list t
Slide 162: Ethical Business
ETHICAL BUSINESS KEY INITIATIVES / 2019 PERFORMANCE 2020 TARGETS INSIGHTS • Joined World Gold Council in January 2019 ✓ 0 reported cases of bribery • Augment the ESG targets included in the short and long-term incentive schemes • Aligned with Voluntary Principles on Security ✓ 5 Whistleblower report
Slide 163: West Africa Insights
07 SECTION 7 WEST AFRICA INSIGHTS
Slide 164: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2019 gold production by country 12Moz 12Moz 11Moz 10Moz +78% West African production growth over past 10 years 6Moz 6Moz 5Moz 5Moz nd 4Moz 2 4Moz 3Moz 3Moz largest gold producing China Mexic
Slide 165: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2020 exploration budget ($m) 842 788 +$ 5 billion spent in West Africa 470 458 over last 10 years 214 208 10% 167 116 105 102 100 95 85 84 77 76 72 56 50 44 44 39 33 31 of
Slide 166: 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 167: Burkina Faso & Côte d'Ivoire Are Under-Explored
CORPORATE PRESENTATION BURKINA FASO & CÔTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~30% 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% 2019 production (Moz) Côte Burkina
Slide 168: Burkina Faso & Côte d'Ivoire Are Fast Growing
CORPORATE PRESENTATION BURKINA FASO & CÔTE D’IVOIRE ARE FAST GROWING Represent half of the region’s exploration expenditures West African exploration expenditures by country 2020 exploration expenditures Burkina Faso 22% Côte d’Ivoire ~50% 23% of West African exploration expenditures Other Countries
Slide 169: 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 eight states › Common currency which is pegged to the Euro › Fis
Slide 170: Security in Burkina Faso
CORPORATE PRESENTATION SECURITY IN BURKINA FASO Significant foreign aid and co-operation amongst West African nations INSIGHTS › 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 › Strong relationship
Slide 171: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali Senegal 2020 GDP (USD b) 1 14.00 48.00 12.50 24.41 2020 GDP Growth1 6.0% 7.0% 4.9% -0.7% GDP › Agriculture (31%), › Agriculture (20%), › Agriculture
Slide 172: West Africa Mining Codes Are Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries INSIGHTS Corporate Income Tax and Royalties › 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 173: Endeavour Emerging as Leading Multi-Asset West African Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE LEADING MULTI-ASSET WEST AFRICAN 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 multipl
Slide 174: Appendix
SECTION 8 APPENDIX ENDEAVOUR MINING
Slide 175: Appendix 1: Board, Analyst Coverage
APPENDIX 1 Board, Analyst Coverage
Slide 176: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael Beckett Sébastien de Montessus Jim Askew Alison Baker Chairman CEO & President Non-executive Director Non-executive Director Non-executive Director Sofia Bianchi William Biggar Livia Mahler David Mimran Non-executive Director Non-executive Director Non-ex
Slide 177: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Bank of America Lawson Winder ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Berenberg Jonathan Guy ✆ +44 203 753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@bmo.com Canaccord Carey MacRury ✆ +1 416 867 6130
Slide 178: Appendix 2: Financial Appendices
APPENDIX 2 Financial appendices
Slide 179: Production and Cost Details by Mine (Quarterly)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-19 Q4-20 Q3-20 Q4-20 Q3-20 Physicals Total tonnes mined – OP1 000t 4,383 6,095 6,341 6,546 6
Slide 180: Production and Cost Details by Mine (Full Year)
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a full year basis AGBAOU ITY CIL KARMA HOUNDÉ MANA BOUNGOU (on a 100% basis) FY-20 FY-19 FY-20 FY-19 FY-20 FY-19 FY-20 FY-19 FY-20 FY-20 Physicals Total tonnes mined – OP1 000t 22,159 25,349 23,469 14,053 19,158 19,435 43,495 38,194 24,50
Slide 181: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 181 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 102 181
Slide 182: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 182 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 182
Slide 183: Cash Flow Statement
CORPORATE PRESENTATION 183 CASH FLOW STATEMENT 183
Slide 184: Appendix 3: Reserves and Resources
APPENDIX 3 Reserves and Resources
Slide 185: Reserves and Resources
CORPORATE PRESENTATION 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 (
Slide 186: 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 grassroots to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 187: Appendix 4: Debt Sources and ROCE
APPENDIX 4 Debt Sources and ROCE
Slide 188: Refinanced Using Diversified Debt Sources
CORPORATE PRESENTATION REFINANCED USING DIVERSIFIED DEBT SOURCES Diversified debt with low interest cost and savings on refinancing of Teranga debt INSIGHTS: › As part of the Teranga 1) $430m REVOLVING CREDIT FACILITY acqusition, Endeavour › Interest rate of LIBOR plus 2.95% to 3.95% on drawn portio
Slide 189: Return on Capital Employed
CORPORATE PRESENTATION RETURN ON CAPITAL EMPLOYED Strong focus on demonstrating returns following investment phase Return on Capital Employed (ROCE) by asset ITY ROCE HOUNDE ROCE Karma 6% Houndé 23% Ity 44% 20% 35% 27% 28% 6% 14% Capital Employed 2018A 2019A 2020A 2018A 2019A 2020A Mana 13% BOUNGOU
Endeavour Mining — Investor Presentation (March 2021) on 6ix