Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (June 2021)
182 slides from Endeavour Mining's investor presentation, June 2021
Slide 1: Corporate Presentation June 2021
CORPORATE PRESENTATION June, 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 DETAILS BY MINE AND PROJECT 4 ESG 5 WEST AFRICA INSIGHTS 6 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 6 +6,000 CORE EMPLOYEES MINES 1.4-1.5Moz 850-900/oz 2021 PRODUCTION TARGET 2021 AISC TARGET 28Moz 18Moz M&I RESOURCES P&P RESERVES 5
Slide 6: Our Purpose
CORPORATE PRESENTATION 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 the skil
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 New Houndé Ity CIL SEMAFO Net Cash Agbaou LSE Premium Sabodala Phase CEO built built acquisition achieved divestment Listing 1 complete First Dividend announced
Slide 8: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares outstanding as at Mar 31, 2021 253m RETAIL LA MANCHA TABLO BARRICK MANAGEMENT INSTITUTIONAL Share price as at May 16, 2021 C$27.55 Europe Market cap as at March 31, 2021 US$5.76bn TABLO Net debt as at March 31, 202
Slide 9: 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 7Moz $1,200/oz 6Moz $1,100/oz 5Moz 4Moz $1,000/oz 1.4-1.5Moz 3Moz 2021 PRODUCTION TARGET 2Moz $9
Slide 10: 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 11: Creating a Resilient Business with a High Quality Portfolio
CORPORATE PRESENTATION CREATING A RESILLIENT BUSINESS WITH A HIGH QUALITY PORTFOLIO Generate sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMIZATION PILLARS <$900/oz Diversification All-in sustaining cost across multiple countries and
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 Group Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.14 Lost Time Injury Frequency Rate 0.40 0.20 0.18 0.10 0.12 0.14 4 LTIs Over the past 12 months Industry FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 L
Slide 15: Adoption of World Gold Council's 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: 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 17: Eighth Consecutive Year of Meeting Guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Eighth consecutive year of meeting guidance Production1,2,3, on a 100% basis, in koz All-in Sustaining Costs1,2,3, in $/oz Guidance Guidance 1,100 1,000 900 1,010 800 700 922 600 886 1,066 869 890 500 843 400 818 727 663 651 300 593 516 466 200 100 0 2
Slide 18: Strong Diversification Across Assets and Countries
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Strong diversification across assets and countries Assets acquired from Teranga 7 Assets acquired from SEMAFO Original Endeavour assets Divested assets Wahgnion Mana Mines Sabodala-Massawa Boungou Production Agabou Q1-20211 Ity Production Q1-2020 Karma
Slide 19: Project Development: 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 20: Project Development: Strong 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: Sabodala-Massawa Expansion Underway; Progressing DFS on Greenfields
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 22: Attractive Organic Growth Opportunities
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities INSIGHTS ASSET Fetekro Kalana Bantou Nabanga Golden Hill Afema JV › Endeavour continues to build optionality within its portfolio by progressing exploration and studies in its project pipeline. Côte Burkina Burkina
Slide 23: Unlock Exploration Value: 2021 Budget
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 $70-90 million budget for 2021 with strong focus on new assets 2021 Exploration Budget Ity Wahgnion 11% 15% Mana 10% Sabodala-Massawa 16% $70-90 Hounde 9% million Boungou 9% Greenfields and other 30% Q1-2021 Exploration Spend Wahgnion 6% Ity Sabodala
Slide 24: 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 25: 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 targets1 Excludes assets acquired in SEMAFO and Teranga transactions Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-ye
Slide 26: 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 $12/oz From mid-2016 to end of 2020 unless indicated otherwise $149/oz Average Endeavour discovery cost per deposit to da
Slide 27: Portfolio Management
CORPORATE PRESENTATION 4 444 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 $1,050 Agbaou Wahgni
Slide 28: Strong Return on Capital Employed
CORPORATE PRESENTATION REWARD SHAREHOLDERS Strong return on capital employed Return on Capital Employed (ROCE)1 20% +10% 2020 vs 2019 10% 6% 6% +20% ROCE target with strong capital 2017 2018 2019 2020 allocation discipline 1. EBIT (Adjusted EBITDA as in MD&A less depreciation and amortization) divid
Slide 29: Significant Net Debt Reduction in 2020
CORPORATE PRESENTATION REWARD SHAREHOLDERS Significant net debt reduction in 2020 creates foundation for shareholder returns Net Debt Reduction 0.16x (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT DEBT REDUCTION DIVIDENDS PHASE PHASE & BUYBACK ANNOUNCED Low Net Debt/Adj. EBITDA (LTM) r
Slide 30: Attractive Dividend and Share Buyback Program Announced
CORPORATE PRESENTATION REWARD SHAREHOLDERS Attractive dividend and share buyback program announced Dividend yield of senior gold producers 6.2% Share buyback program of 4.3% up to 5% 3.7% 3.5% of shares 3.5% 3.5% 3.1% outstanding 2.4% 2.1% 1.9% 1.9% 1.8% 1.7% 1.6% 1.6% 0.37/sh US$ dividend Kinross G
Slide 31: Significant Re-Rating Potential
CORPORATE PRESENTATION SIGNIFICANT RE-RATING POTENTIAL Attractive valuation compared to senior gold producer peer group P / NAV 1 EV / EBITDA 2021E 1 FCF Yield 2021E 1 Endeavour 0.7x Endeavour 2.6x Endeavour 14% Polyus 0.7x Harmony 3.2x Harmony 10% Kinross 0.8x Gold Fields 4.5x Kinross 9% Yamana 0.8
Slide 32: 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 33: Be a Trusted Partner
CORPORATE PRESENTATION BE A TRUSTED PARTNER Supporting host countries and communities Key 2019 Statistics 33
Slide 34: Continued Progress Against Our Key Priorities
CORPORATE PRESENTATION CONTINUED PROGRESS AGAINST OUR KEY PRIORITIES Creating a resilient business that rewards shareholders and is a trusted partner Building a high- Being a Rewarding quality portfolio trusted partner shareholders Strong free cash flow Increase % of nationals in Dividends initiated
Slide 35: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS Q2 Corporate Capital markets virtual teach-in event ahead of UK listing 2021 Q2 Corporate Premium LSE Listing 2021 Q2 Afema Initial resource estimate 2021 Q3 Sabodala-Massawa Exploration update 2021 Q3 Exploration 5-year exploration strategy 2021 Q4 Sabodala
Slide 36: Outlook and Results
02 SECTION 2 OUTLOOK AND RESULTS
Slide 37: 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
Slide 38: 2021 Guidance (continued)
CORPORATE PRESENTATION 2021 GUIDANCE (continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › 2021 growth capital is estimated at $46 million, mainly for the SUSTAINING NON-SUSTAINING ongoing Phase 1 expansion at the Sabodala-Massawa mine and (All amounts in US$m) CAPITAL CA
Slide 39: Strong Q1-2021 Performance
CORPORATE PRESENTATION STRONG Q1-2021 PERFORMANCE On track to meet strategic objectives for the year KEY Q1-2021 TAKEAWAYS STRONG BUSINESS PERFORMANCE › On track to meet production and AISC guidance for FY-2021 +102% (3%) › Successfully integrated Teranga assets Production AISC vs. Q1-2020 vs. Q1-20
Slide 40: Q1 Performance on Track to Meet Guidance
CORPORATE PRESENTATION Q1 PERFORMANCE ON TRACK TO MEET GUIDANCE Strong performance across all operating metrics GROUP LTM BELOW LTIFR1 INDUSTRY 0.14 1.10 Industry Average2 Full benefit of Sabodala- Massawa & Wahgnion GROUP consolidation in Q2 Q1 ON-TRACK PRODUCTION 347koz 1,365-1,495koz Guidance $86
Slide 41: Production and AISC
CORPORATE PRESENTATION PRODUCTION AND AISC Full consolidated benefit of newly acquired Teranga assets expected in Q2-2021 Production and AISC Production AISC from all operations 344koz 347koz +175koz Production 244koz Q1-2021 vs. Q1-2020 172koz 149koz $939/oz +23% $899/oz $906/oz $868/oz $803/oz Pro
Slide 42: All-In Sustaining Margin
CORPORATE PRESENTATION ALL-IN SUSTAINING MARGIN Benefit of larger portfolio improving the Group’s cost position and resilience All-in Sustaining Margin from all operations In $m, unless otherwise indicated Realized 220m Gold Price $92/oz lower gold price $341m $333m +$ All-in Sustaining Margin Q1-20
Slide 43: Operating Cash Flow
CORPORATE PRESENTATION OPERATING CASH FLOW Benefit of larger portfolio of mines and higher gold price vs. Q1 last year Operating cash flow before working capital1 (from all operations) Impact of $92/oz lower gold price $311m +$ 137m $256m Operating CF pre-WC Q1-2021 vs. Q1-2020 $223m $119m $85m +115
Slide 44: All-In Sustaining Margin: Q1-2021
CORPORATE PRESENTATION ALL-IN SUSTAINING MARGIN Q1-2021 benefited from higher production and higher gold price THREE MONTHS ENDED THREE MONTHS ENDED INSIGHTS (NOMINAL) ($/oz) 1. Decreased due to higher production at lower cost mines despite higher royalty Mar. 31, Mar. 31, Mar. 31, Mar. 31, Δ/oz Q1-
Slide 45: Free Cash Flow
CORPORATE PRESENTATION FREE CASH FLOW Increase in free cash flow due to higher production and gold prices THREE MONTHS ENDED Mar 31, Dec. 31, Mar. 31, Δ Q1-21 190m In US$ million unless otherwise specified. 2021 2020 2020 vs. Q1-20 ALL-IN SUSTAINING MARGIN Less: Non-sustaining capital 333 (57) 341 (
Slide 46: Net Debt and Liquidity Analysis
CORPORATE PRESENTATION NET DEBT AND LIQUIDITY ANALYSIS Balance sheet remains healthy INSIGHTS Net Cash Variation Analysis › Healthy leverage ratio of 0.16x at quarter-end despite absorbing approximately $332m of Net Debt from ($4m) Teranga. ($105m) $65m › Along with the completion of the Teranga acq
Slide 47: Details by Mine and Project
03 SECTION 3 DETAILS BY MINE AND PROJECT
Slide 48: Operating Mines
CORPORATE PRESENTATION OPERATING MINES Diversified portfolio of seven mines, following Teranga transaction close MINE GOLD M&I M&I RESOURCE AISC1 RESERVES RESERVE GRADE NAME COUNTRY PRODUCTION1 RESOURCES GRADE (US$/oz) (Moz) (g/t) (koz) (Moz) (g/t) Houndé Burkina Faso 250 880 2.58 1.74 4.58 1.74 Ity
Slide 49: Houndé Mine
HOUNDÉ MINE 240-260koz $855-905/oz 2.6Moz 4.6Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 Production AISC P&P Reserves M&I Resources The goal is to delineate sufficient additional Karma Mine The Houndé mine is one of Endeavour’s cornerstone
Slide 50: Houndé Mine: Kari Pump Ore Blending
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump ore blended with increased amounts of fresh ore from other pits Q1-2021 vs Q4-2020 INSIGHTS Production and AISC › Production decreased due to the scheduled increase in Production, koz AISC, US$/oz waste stripping, mining lower grade ore, as
Slide 51: Houndé Mine: Higher Grades in Second Half of 2021
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Higher grades in second half of 2021 FY-2020 INSIGHTS Production and AISC › Production increased due to 20% higher grades and AISC ($/oz) Production (koz) slightly higher processed tonnes while recovery rates remaining flat. AISC decreased following a
Slide 52: Houndé Mine: 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 53: 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 54: Houndé: 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 55: Exploration at the Houndé Mine
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. › An updated resource estimate was published on July 22, 2020 to include the maiden estimat
Slide 56: Exploration at the Houndé Mine: Kari Pump Reserve
CORPORATE PRESENTATION EXPLORATION AT THE HOUNDÉ MINE Kari Pump Reserve 56
Slide 57: ~53% of Kari Pump Reserve is Oxide/Transition Ore
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~53% of the Kari Pump reserve is oxide/transition ore Section B-B’ 57
Slide 58: 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 59: Kari West: Remains Open at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: remains open at depth 59
Slide 60: 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 61: Kari Gap Significant Potential
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Gap: Area between Kari Gap and Kari Centre hosts significant potential 61
Slide 62: Kari Pump NE
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 63: Kari Pump NE: Open to the West and Northwest
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump NE: Open to the west and northwest 63
Slide 64: Targeting Plunging High-Grade Zones at Depth
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Targeting plunging high-grade zones at depth 64
Slide 65: 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) of Endeavour’s Houndé mine › Potential for development as a satellite deposit
Slide 66: Ity Mine
ITY MINE 230-250koz $800-850/oz 2.7Moz 3.8Moz CÔTE D’IVOIRE 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 AISC P&P Reserves M&I Resources The Ity mine is one of Endeavour’s cornerstone assets, it has the longest operating history of any gold mine in Côte The
Slide 67: Ity Mine: Higher Processed Grades from Bakatouo
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Processed grades increased due to higher grade ore from the Bakatouo pit Q1-2021 vs Q4-2020 INSIGHTS Production and AISC › Production significantly increased due to the higher Production, koz AISC, US$/oz throughput, higher processed grades, as well as
Slide 68: Ity Mine: Potential to Start Mining Le Plaque in Q4
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 69: Ity Mine: 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 70: Ity Mine: Solid Next Years Locked-In
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 71: 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 Note: 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 na
Slide 72: $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 72
Slide 73: Ity Exploration: Le Plaque
CORPORATE PRESENTATION ITY EXPLORATION: LE PLAQUE Exploration to continue to focus on the Le Plaque discovery LE PLAQUE INSIGHTS Le Plaque targets › Continued low discovery cost of <$20/oz › Significantly higher grade ounces added as Le Plaque’s M&I resource grade is 2.66g/t Au compared to 1.29g/t A
Slide 74: Le Plaque Drill Map and Intercepts
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 75: Section A – Epsilon Area
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A– Epsilon Area 75
Slide 76: 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 76
Slide 77: Delta Extension 2020 Best Selected Intercepts
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Delta Extension 2020 best selected intercepts map 77
Slide 78: Section A – Delta Extension Northern Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section A – Delta Extension Northern Part 78
Slide 79: Section B – Delta Extension Central Part
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Section B – Delta Extension Central Part 79
Slide 80: Several Other Nearby Targets
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets 80
Slide 81: 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 82: Sabodala-Massawa Mine
SABODALA-MASSAWA MINE 310-330koz $690-740/oz 4.8Moz 6.6Moz Senegal 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 Production AISC P&P Reserves M&I Resources The recently published PFS highlighted a long The Sabodala-Massawa complex has potential to LOM (17 ye
Slide 83: Sabodala-Massawa: Endeavour's New Flagship Mine
CORPORATE PRESENTATION SABODALA-MASSAWA, SENEGAL Endeavour’s new flagship mine Q1-2021 vs Q4-2020 INSIGHTS › Production slightly decreased, despite a slight increase in the gold recovery rate, due to a decrease in the throughput rate and lower average processed grades. › The AISC increased due to th
Slide 84: Phase 1 Upgrades Debottlenecking the Plant Back-End
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Phase 1 upgrades will assist in debottlenecking the plant back-end 2 PHASE APPROACH FOR EXPANSION Production and AISC › Phase 1: Expected to increase production by ~90kozpa, has AISC ($/oz) Production (koz) commenced and is expected to be complet
Slide 85: Phase 1 Underway to Debottleneck the Plant
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Phase 1 underway to assist in debottlenecking the plant back-end INSIGHTS › Civil works progressing well in Package Areas 1,2,3 and 4. First shipment of structural steel and platework arrived. › The installation of an additional electrowinning ce
Slide 86: Phase 1 Upgrades Tracking on Schedule
CORPORATE PRESENTATION SABODALA-MASSAWA MINE, SENEGAL Phase 1 upgrades tracking on schedule Package 2: Concrete foundations for carbon regeneration kiln Package 3: Concrete foundation for the acid wash and elution columns Package 2/3: Acid wash and elution columns and carbon regeneration kiln Packag
Slide 87: DFS for Phase 2 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 88: Sabodala-Massawa: Significant 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 89: Wahgnion Mine
WAHGNION MINE 140-155koz $940-990/oz 1.4Moz 2.1Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 Production AISC P&P Reserves M&I Resources Karma Mine Since commercial production was achieved, The newly developed Wahgnion mine offers generative
Slide 90: Wahgnion: Higher Average Grades in Q1-2021
CORPORATE PRESENTATION WAHGNION, BURKINA FASO Higher average grades processed in Q1-2021 Q1-2021 vs Q4-2020 INSIGHTS › Production increased due to a higher average processed grade as recovery rates and throughput remained flat. › The AISC decreased due to the lower sustaining capital, strip ratio an
Slide 91: Wahgnion: Higher Strip Ratio Expected
CORPORATE PRESENTATION WAHGNION, BURKINA FASO Higher strip ratio expected over the upcoming quarters 2021 OUTLOOK Production and AISC › Wahgnion is on track to meet guidance and is expected to AISC ($/oz) Production (koz) produce between 140—155koz in 2021 at AISC of $940— 990 per ounce for the peri
Slide 92: Wahgnion: Significant Exploration Potential
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 93: Mana Mine
MANA MINE 170-190koz $975-1,050/oz 1.4Moz 3.0Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 Production AISC P&P Reserves M&I Resources Karma Mine The Mana mine is located in the northern part of the BUR KI N A FASO highly prospective Houndé G
Slide 94: Mana: Better than Scheduled Throughput and Grades
CORPORATE PRESENTATION MANA, BURKINA FASO Better than scheduled mill throughput and grades Q1-2021 vs Q4-2020 INSIGHTS Production and AISC › Production decreased due to the lower Production, koz AISC, US$/oz average processed grades and decreased plant throughput rate. › AISC increased due to higher
Slide 95: Mana: Strong Underground Performance in 2020
CORPORATE PRESENTATION MANA, BURKINA FASO Strong underground performance in 2020 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 from the underground operati
Slide 96: Mana: Siou Underground
CORPORATE CORPORATE PRESENTATION PRESENTATION MANA, BURKINA FASO Siou underground INSIGHTS › The location of the portal allows Progress as at January 31, 2020 mining in the northern part of the Siou pit to continue uninterrupted › The ultimate size of the underground mining operation will be more th
Slide 97: Mana: Exploration Program of up to $8 Million
CORPORATE PRESENTATION MANA, BURKINA FASO Exploration program of up to $8 million has been planned for 2021 INSIGHTS Mana exploration map › Endeavour spent a total of $3 million following the integration of Mana in 2020. During the full year a total of 28,500 meters were drilled to follow up on reso
Slide 98: Boungou Mine
BOUNGOU MINE 180-200koz $690-740/oz 1.0Moz 1.5Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 Production AISC P&P Reserves M&I Resources Karma Mine The mine was placed on temporary care and maintenance in November 2019 in order to address The
Slide 99: Boungou: Higher Grade Ore from West Pit
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Higher grade ore from West Pit brought forward to Q1-2021 Q1-2021 vs Q4-2020 INSIGHTS Production and AISC › Production decreased due to the lower plant Production, koz AISC, US$/oz throughput rate and lower average processed grade, while recovery rate rem
Slide 100: Boungou: 2021 Benefitting from Ramp-Up
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO 2021 benefitting from ramp-up of mining activities 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 perf
Slide 101: Boungou: Exploration Program of up to $7 Million
CORPORATE PRESENTATION BOUNGOU, BURKINA FASO Exploration program of up to $7 million has been planned for 2021 INSIGHTS Boungou Exploration Map › An exploration program of up to $7.0 million, totalling approximately 85,000 meters of drilling, has been planned for 2021, with the aim of identifying ne
Slide 102: Karma Mine
KARMA MINE 80-90koz $1,220-1,300/oz 0.2Moz 1.9Moz Burkina Faso 2021 Target 2021 Target Current as at December 31, 2020 Current as at December 31, 2020 Production AISC P&P Reserves M&I Resources Karma Mine The Karma mine is a low-grade heap leach operation and In 2017, an optimization project was BUR
Slide 103: Karma: Production Decreased on Lower Recovery and Grade
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Production decreased due to lower recovery rates and grade Q1-2021 vs Q4-2020 INSIGHTS Production and AISC › Production decreased due to lower recovery rates and Production, koz AISC, US$/oz lower stacked grade, as well as a temporary build up of gold
Slide 104: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE Higher grades and recovery rates in H2-2021 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 a
Slide 105: Karma: Minimal Exploration Planned in 2021
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Mininal exploration activities are planned in 2021 INSIGHTS Karma site map › An exploration program of up to $2.0 million was planned for 2020 with the aim of in-fill drilling and testing extensions of known deposits › No exploration is planned at Karm
Slide 106: Fetekro Project, Côte d'Ivoire
CORPORATE PRESENTATION FETEKRO PROJECT, CÔTE D’IVOIRE Overview QUICKFACTS (ON 100% BASIS) – 2021 PFS Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit Mill Type 3.0Mtpa Gravity / CIP Plant RESERVES & RESOURCES P&P Reserves 31.9Mt at 2.0 Au g/t for 2.1Moz M&I Resources (inclusi
Slide 107: Greenfield Fetekro: Potential for +200kozpa
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Potential for +200kozpa production at low AISC over long mine life Fetekro PFS Production Plan 479m Production (koz) AISC ($/oz) Production (koz) 300 AISC ($/oz) 1,500 $ After-tax NPV5% at $1,500/oz gold price 200 1,000 100 500 +33% After-tax
Slide 108: Fetekro: Most Advanced Greenfield Exploration 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 109: 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 110: 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 $1,800/oz an attractive NPV and IRR being generated PRE-TAX across a range of gold pric
Slide 111: Fetekro: 2021 PFS Insights
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE 2021 PFS insights INSIGHTS › Contract mining operation with a maximum mining Schematic Fetekro Site Layout movement of 50Mt per year › Ore will be processed via a 3.0 to 3.3 Mtpa processing plant. LOM plant feed: approximately 92% fresh ore an
Slide 112: Fetekro's Upside Potential with Nearby Targets
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Fetekro’s upside potential with nearby targets UPSIDE Fetekro plan map with exploration targets › The Lafigué resource estimate encompasses a mineralized area extending over 2km long by 1km down dip with the deposit remaining open at depth and
Slide 113: Lafigué Deposit Remains Open at Depth and Along Strike
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Lafigué deposit remains open at depth and along strike Lafigué geological interpretation and selected best intercepts per area 113
Slide 114: Section 320645E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320645E Lafigué North 114
Slide 115: Section 320405E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 320405E Lafigué North 115
Slide 116: Section 319875E Lafigué North
CORPORATE PRESENTATION GREENFIELD FETEKRO, CÔTE D’IVOIRE Section 319875E Lafigué North 116
Slide 117: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS Ownership 80% EDV; 20% Mali government Mine Type Open Pit Mill Type 3.0Mtpa Gravity / CIL Plant RESERVES & RESOURCES P&P Reserves 35.6Mt at 1.6 Au g/t for 1.8Moz Mali M&I Resources (inclusive of reserv
Slide 118: Kalana: Potential for 150kozpa Production
CORPORATE PRESENTATION KALANA PROJECT, MALI Potential for 150kozpa production at low AISC over long mine life Kalana PFS Production Plan 331m Production (koz) AISC ($/oz) Production 300 (koz) AISC ($/oz) 1,500 $ After-tax NPV5% at $1,500/oz gold price 200 1,000 100 500 +49% After-tax IRR at $1,500/o
Slide 119: 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 120: Kalana: 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 121: 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 122: Kalana Project Exploration, Mali
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 123: Greenfield Bantou, Burkina Faso
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 124: Bantou: Test Prospective Areas Outside Existing Resources
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 125: Greenfield Nabanga, Burkina Faso
CORPORATE PRESENTATION GREENFIELD NABANGA, BURKINA FASO Remains open to the north and at depth INSIGHTS › Located 250 kilometres southeast of Ouagadougou, the Nabanga deposit cross-section Nabanga Gold Project lies within the Nabanga exploration permit. › Results of Preliminary Economic Assessment (
Slide 126: Greenfield Afema, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD AFEMA, CÔTE D’IVOIRE Targeting an initial resource estimate in Q2-2021 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 127: Afema: New Discovery 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 128: 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 129: 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 suggest 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 @ 3
Slide 130: Greenfield Exploration, Burkina Faso: Liguidi Area
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 130
Slide 131: 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 131
Slide 132: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA Well Located Licenses in Siguiri Basin GUINEA: 132
Slide 133: 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 133
Slide 134: ESG
04 SECTION 4 ESG
Slide 135: 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 136: 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 137: Primary Reporting Framework: 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 138: 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 139: Continuing to Improve Our Score
CONTINUING TO IMPROVE OUR SCORE 2020 2019 2020 Ranking Climate Change C D- ? x Water C N/A Forestry ✓ ✓ 2019 ESG Combined Score B x Social Pillar B- Governance Pillar A+ x *Doesn’t include 2020 MIC information – AGM due to take place in Q4 2020, post SEMAFO acquisition 139
Slide 140: 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 141: 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 142: 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 143: 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 144: 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 145: 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 146: 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 147: Social Investment: ECODEV 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 148: Social Investment: SEMAFO Foundation
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 149: 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 150: 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 151: Peer Comparisons: Energy and GHG Intensity
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 152: 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 A A Warm Semi-Aid A AA Water withdrawal (ML) NST Tropical Savanna A A Water consumption intensity (ML/oz) TXG M
Slide 153: 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 154: 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 155: 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 156: West Africa Insights
05 SECTION 5 WEST AFRICA INSIGHTS
Slide 157: 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 158: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 18% 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 11% 167 116 105 102 100 95 85 84 77 76 72 56 50 44 44 39 33 31 of
Slide 159: 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 160: 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 161: 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 162: 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 163: 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 164: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Geopolitically stable jurisdictions with elections recently completed 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%),
Slide 165: 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 166: Endeavour is Emerging as the 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 167: Appendix
SECTION 6 APPENDIX ® ENDEAVOUR MINING
Slide 168: Board, Analyst Coverage
APPENDIX 1 Board, Analyst Coverage
Slide 169: 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 170: 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 171: Financial Appendices
APPENDIX 2 Financial appendices
Slide 172: Production and Cost Details by Mine
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 173: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 173 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 102 173
Slide 174: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 174 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS 174
Slide 175: Cash Flow Statement
CORPORATE PRESENTATION 175 CASH FLOW STATEMENT 175
Slide 176: Reserves and Resources, 5-Year Exploration Target
APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 177: 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 178: 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 179: 5-Year Exploration Targets by Area
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 5-year exploration targets by area Indicated discovery target by area as published in November 20161 10-15Moz Excludes assets acquired in SEMAFO and Teranga transactions. Updated targets expected to be published in 2021 4.0-6.0Moz 4.0-6.0Moz 5-year Ind
Slide 180: Debt Sources and ROCE
APPENDIX 4 Debt Sources and ROCE
Slide 181: 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 182: 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