Slide 1: Q2 & H1-2025 Results Presentation
Q2 & H1-2025 RESULTS PRESENTATION 31 July 2025
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & ESG VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 H1-2025 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Section 1: H1-2025 Highlights
01 SECTION 1 H1-2025 HIGHLIGHTS
Slide 6: H1-2025 Highlights
H1-2025 HIGHLIGHTS Delivering against our strategic objectives Operational Advancing Delivering Performance Organic Growth Exploration Success H1-2025 2025 Guidance On track for completion by $51m spend in H1-2025 with 224km early 2026 drilled Production 647koz 1,110 – 1,260koz Assafou Environmental
Slide 7: On Track to Meet Full Year Guidance
ON TRACK TO MEET FULL YEAR GUIDANCE H1-2025 weighted production 0.05 GROUP SAFETY LTM +58% LTIFR 1.14 Industry Average1 Of lower end production guidance achieved in H1-2025 647koz GROUP H1 PRODUCTION2 1,110koz 1,260koz FY-2025 Guidance $1,281/oz H1-2025 AISC includes $96/oz impact of higher royaltie
Slide 8: Strong First Half Performance
STRONG FIRST HALF PERFORMANCE On track to achieve production guidance with +58% of lower-end achieved in H1 Production and All-In Sustaining Margin Production, koz All-In Sustaining Margin, US$/oz 647koz Realised 633koz 14koz Gold Price1 568koz 561koz + 470koz Production $1,672/oz H1-2025 vs H2-2024
Slide 9: First Quartile All-In Sustaining Cost
FIRST QUARTILE ALL-IN SUSTAINING COST AISC underpinned by high-margin portfolio and low-cost organic growth projects Gold peers AISC benchmark2 $1,972/oz YTD-2025 AISC, US$/oz $1,908/oz Peer Average $1,805/oz $1,796/oz Maintaining $1,775/oz $1,640/oz $1,625/oz $1,623/oz Best in Class $1,559/oz $1,53
Slide 10: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Increasing adjusted EBITDA and adjusted EBITDA margin Adjusted EBITDA Adj. EBITDA Adj. EBITDA Margin +35% Realised Gold Price1 $1,169m Adj. EBITDA $863m H1-2025 vs H2-2024 $532m $555m $461m +5pp 57% 50% 52% 48% 45% Adj. EBITDA margin $1,914/oz $1,924/oz $2,167/oz $2
Slide 11: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION Strong free cash flow generated since completion of growth phase Free Cash Flow and Free Cash Flow per ounce $879m of free cash flow generation in Free Cash Flow LTM since the completion of growth phase, equivalent to $687/oz produced. FCF/oz $514m $794/oz $365m Free
Slide 12: Robust Financial Position
ROBUST FINANCIAL POSITION Leverage comfortably below 0.50x target following rapid deleveraging Evolution of leverage Net debt / LTM adjusted EBITDA 0.23x ABILITY TO FUND GROWTH AND DELEVERAGING AND INCREASING DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS Net debt / LTM Adj. EBITDA 0.81x as at 30 J
Slide 13: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Record $150m dividend and $69m of share buybacks for H1-2025 H1-2025 shareholder returns H1-2025 shareholder returns in context PRODUCTION REVENUE Buyback $69m $338/oz returned for every ounce 11% of revenue of gold produced distributed $219m OPERATING CASHFLOW FREE CA
Slide 14: Shareholder Returns Programme
SHAREHOLDER RETURNS PROGRAMME Increasing commitment to shareholder returns following investment phase Shareholder returns programme Share buybacks Minimum dividend Returns $338/oz Production Supplemental dividend Supplemental shareholder returns for 1.4bn H1-2025 $66/oz $181/oz $212/oz $227/oz $251/
Slide 15: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE DFS on track at tier 1 Assafou; resource endowment expected to grow in 2025 INSIGHTS PRE-FEASIBILITY STUDY KEY METRICS › Over 23,300m of drilling completed during H1-2025, confirming existing reserve and resource model. › Remainder of drilling programme focussed on ext
Slide 16: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE Accelerating exploration at Ity and Sabodala-Massawa H1-2025 HIGHLIGHTS › Results at Ity demonstrated that several Ity trend greenfield targets remain open. › Drilling at Sabodala-Massawa identified the Makana target which could provide high grade CIL feed in the near ter
Slide 17: Being a Trusted Partner
BEING A TRUSTED PARTNER Delivering meaningful value to host communities and economies Our Economic Contribution We published our 2024 Tax and Economic Contribution Report in July 2025 $2.2B $731m $1.2B $240m total economic paid to host in-country in wages and contribution governments procurement rel
Slide 18: Section 2: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS Continued strong performance in Q2-2025 QUARTER ENDED 30 Jun 31 Mar 30 Jun Q2-2025 vs. (in $ million unless otherwise stated) 2025 2025 2024 Q1-2025 10% OPERATIONAL HIGHLIGHTS Gold Production, koz 306 341 251 (10%) Gold Sold, koz Total Cash Cost1,2, $/oz 304 1,220 353 929 238 1,
Slide 20: On Track to Achieve Full Year Guidance
ON TRACK TO ACHIEVE FULL YEAR GUIDANCE Strong operating performance in line with outlook Production and All-In Sustaining Margin Production, koz All-In Sustaining Margin, US$/oz Realised -35koz Gold Price1 363koz 341koz 306koz 270koz $1,654/oz $1,692/oz Production 251koz Q2-2025 vs Q1-2025 $1,449/oz
Slide 21: EBITDA and EBITDA Margin
EBITDA AND EBITDA MARGIN EBITDA and EBITDA margin growth EBITDA EBITDA EBITDA Margin +10% Realised Gold Price1 $596m $540m EBITDA Q2-2025 vs Q1-2025 $357m +7pp 59% $193m 52% 35% 38% $128m 18% EBITDA margin $2,287/oz $2,342/oz $2,590/oz $2,783/oz $3,150/oz Q2-2025 vs Q1-2025 Q2-2024 Q3-2024 Q4-2024 Q
Slide 22: Operating Cash Flow
OPERATING CASH FLOW Operating cashflow reflects the expected tax seasonality Operating cash flow and tax payments Operating cashflow Cash tax payments Realised 252m Gold Price1 $39m $ Operating cash flow $17m Q2-2025 $233m $163m $65m $494m $258m $252m $381m $252m - 9% Pre-tax operating cash flow Q2-
Slide 23: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows impacted by scheduled tax payments INSIGHTS Operating cash flow bridge 1. The realised gold price, inclusive of realised losses on gold hedges as part of the Group’s Revenue Protection Programme, increased by $112m $367/oz from $2,783/oz in Q1-2025 to $
Slide 24: Free Cash Flow
FREE CASH FLOW High seasonal tax payments impacted Q2 free cash flow Free Cash Flow Operating Cashflow Free Cash Flow Investing Cashflow $494m $233m taxes paid during Q2-2025, ~55% of FY-2025 taxes $ 104m $381m Free Cash Flow $409m Q2-2025 $252m $255m $252m $268m $81m $97m $104m ($171m) ($158m) ($11
Slide 25: Change in Net Debt
CHANGE IN NET DEBT Stable leverage remains significantly below long-term target INSIGHTS Change in net debt 1. Operating activities included $296m in operating cashflow before changes in working capital and a $44m working capital $49m outflow. $469m 2. Investing cash outflows included $59m of 4 sust
Slide 26: Debt Structure
DEBT STRUCTURE Senior notes re-financing improved capital structure Change in debt drawn INSIGHTS › On 29 May 2025, the Company completed an offering ($m) Interest Rate Maturity 30 Jun 2025 31 Mar 2025 31 Dec 2024 of $500.0 million fixed rate senior notes due in 2030 $370m $500m Senior Notes 5.00 %
Slide 27: Net Earnings from Operations
NET EARNINGS FROM OPERATIONS Increase in net earnings quarter-on-quarter before adjustments INSIGHTS 3 MONTHS ENDED 1. Other expenses included $11m in acquisition and 31 Jun 31 Mar (in $ million) A = Adjustments made for Adjusted Net Earnings restructuring costs primarily related to the early dismis
Slide 28: Section 3: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 29: Stable Safety Performance
SAFETY PERFORMANCE Continued industry leading safety record LTIFR and hours worked Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)1 0.05 44.2m 42.4m 39.4m 38.0m 38.1m LTIFR in Q2-2025 0.13 0.12 0.11 0.05 0.05 STABLE LTIFR Q2-2025 vs Q1-2025 Q2-2024 Q3-2024 Q4-2024 Q1
Slide 30: H1-2025 Performance vs Guidance
H1-2025 PERFORMANCE VS GUIDANCE Group on track to achieve full-year guidance following a strong start to the year OUTLOOK H1-2025 Production vs Guidance OUTLOOK H1-2025 AISC vs Guidance ON ON $975/oz $1,100/oz Ity H1 H1 TRACK TRACK 168koz 290 - 330koz $1,025/oz ON ON $1,225/oz $1,375/oz Houndé H1 H1
Slide 31: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL BIOX recoveries continue to improve Q2-2025 vs Q1-2025 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz 70koz 72koz › Production decreased due to lower tonnes milled 62koz through both the CIL and BIOX processing plants with 57koz 54koz lower average grade and rec
Slide 32: Sabodala-Massawa: Technical Review Overview
SABODALA-MASSAWA, SENEGAL Overview of Sabodala-Massawa technical review Reserves and resources Detailed review of eight non-refractory and refractory deposits, incorporating 317km of drilling across 7,300 additional grade- control drill holes, confirmed the tonnage, grade and endowment of all deposi
Slide 33: Sabodala-Massawa: No Change to Mineral Endowment
SABODALA-MASSAWA, SENEGAL No change to mineral endowment following internal and external review INSIGHTS Sabodala-Massawa Reserves & Resources N Non-refractory Tonnage Grade Content › The technical review evaluated the existing reserves N Kiesta OP R Refractory (Mt) (Au g/t) (Au koz) and resources (
Slide 34: Sabodala-Massawa: Unlocking BIOX Throughput and Recoveries
SABODALA-MASSAWA, SENEGAL Unlocking BIOX throughput and recoveries INSIGHTS BIOX processing history Throughput, kt Recovery, % BIOX Throughput: 78.3% › Throughput is targeting 15% above design nameplate by Q1-2026. 75.3% 72.4% › During H1-2025, throughput was impacted by crusher and mill maintenance
Slide 35: Sabodala-Massawa: Scoping Underway for Underground Expansion
SABODALA-MASSAWA, SENEGAL Scoping underway for high-grade underground expansion INSIGHTS Underground reserves and resources As at 31 December 2024 › Feasibility level scoping work is underway to update the Tonnage Grade Content (kt) (Au g/t) (Au koz) Sabodala-Massawa underground mine plan. Total Sab
Slide 36: Sabodala-Massawa: Near Term Exploration
SABODALA-MASSAWA, SENEGAL Near term exploration focussed on adding high-grade CIL ore INSIGHTS Sabodala-Massawa overview › Following success in the FY-2024 exploration campaign at Sabodala-Massawa, the Kiesta C and Soukhoto high grade, non-refractory deposits were incorporated into the mine plan and
Slide 37: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Strong H1-2025 driven by high grade Kari Pump ore Q2-2025 vs Q1-2025 INSIGHTS Production and AISC › Production decreased due to lower average grades Production, koz AISC, US$/oz following high grade Kari Pump feed in Q1-2025, partially 109koz offset by higher tonnes milled.
Slide 38: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Consistent quarter over quarter production Q2-2025 vs Q1-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production remained stable as lower tonnes of ore milled was offset by higher average grades processed and higher 96koz recoveries. 84koz 84koz 84koz 77ko
Slide 39: Mana, Burkina Faso
MANA, BURKINA FASO Consistent production expected through H2-2025 Q2-2025 vs Q1-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower grades processed 46koz and slightly lower tonnes of ore milled, while 41koz 41koz recoveries remained stable. 35koz › AIS
Slide 40: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Strong H1-2025 as throughput exceeds nameplate Q2-2025 vs Q1-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to an increase in mill 60koz throughput, partially offset by lower average grades, while recovery rates remained consiste
Slide 41: Section 4: Conclusion
04 SECTION 4 CONCLUSION
Slide 42: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Delivering operational excellence, attractive organic growth and sector leading shareholder returns KEY PRIORITIES INVESTMENT PROPOSITION Deliver production guidance of 1,110 – 1,260koz OPERATIONS at AISC of $1,150 – 1,350/oz Track Record of Operating Excellence FR
Slide 43: Section 5: Appendix
05 SECTION 5 APPENDIX
Slide 44: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases INSIGHTS Gold collars Gold price in US$/oz › In Q2-2025, approximately 50koz were delivered into a collar with an average call 3,400 price of $2,400/oz and an average put price of $1,992
Slide 45: FY-2025 Guidance
FY-2025 GUIDANCE FY-2025 Capital Expenditure Guidance FY-2025 H1-2025 UPDATED GUIDANCE (All amounts in US$m) GUIDANCE Production Guidance Houndé 25 40 40 Ity 11 20 20 (All amounts in koz, on a 100% H1-2025 FY-2025 GUIDANCE Mana 47 60 60 basis) Sabodala-Massawa 28 60 60 Houndé 161 230 — 260 Lafigué 2
Slide 46: Mine Statistics: Quarterly
MINE STATISTICS On a quarterly basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ Q2-2025 Q1-2025 Q2-2024 Q2-2025 Q1-2025 Q2-2024 Q2-2025 Q1-2025 Q2-2024 Q2-2025 Q1-2025 Q2-2024 Q2-2025 Q1-2025 Q2-2024 (on a 100% basis) Physicals Total tonnes mined – OP1 000t 7,844 8,373 7,132 13,490 11,334 11,619 — — 2
Slide 47: Mine Statistics: Year-to-Date
MINE STATISTICS On a year-to-date basis (on a 100% basis) ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ Physicals H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 Total tonnes mined – OP1 000t Total ore tonnes – OP 000t 16,218 14,538 24,824 22,716 — 930 19,437 20,577 26,317
Slide 48: Tax Payments by Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED 30 June 31 March 30 June 2025 2025 2024 All amounts in US$ million Houndé 30 11 17 Ity 77 — 50 Mana 1 2 3 Sabodala-Massawa 9 24 45 Lafigué 24 2 — Other1 92 — 49 Taxes paid 233 39 163 1) Included in the “Other” category is income and withholding taxes paid by
Slide 49: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement C Severe AA AA AA A C- C- Medium Low Low BBB 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2025 B 62 53 B- 49 54 C C C 45 42 39 D- 2019 2020 2021 2022 2023 2024 2020 2
Slide 50: Contact Us
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV