Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (February 2019)
133 slides from Endeavour Mining's investor presentation, February 2019
Slide 1: Corporate Presentation
CORPORATE PRESENTATION › February 2019 Photo: Ity CIL
Slide 2: Disclaimer & Forward Looking Statements
CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with re
Slide 3: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 4: Endeavour Mining Overview
CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa SENEGAL MALI Karma GAMBIA Mine BURKINA FASO 2,800 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA D’IVOIRE 615-695 Koz $760-810/o
Slide 5: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Dec 31st 108m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at Jan 22nd C$19.90 Europe Market cap as at Jan 22nd US$1.61B Net Debt as at Dec 31st US$540m Other North America 5% 30% 1% 6
Slide 6: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Turnaround Endeavour to build a sustainable business model TURNAROUND STRATEGIC OBJECTIVES OUR VISION SITUATION IN 2015 STRATEGIC OBJECTIVES CREATE A SUSTAINABLE BUSINESS Non-sustaining $922/oz <$800/oz capex All-in Sustaining Cost REQUIRED CASH Explor
Slide 7: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster Le Plaque (Côte d’Ivoire) Kofi Trend (Côte d’Ivoire– Ity trend) (Mali) Bondoukou Clust. (Côte d’Ivoire) Siguiri Ity CIL (Guinea) Randgold JV (Côte d’Ivoire
Slide 8: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Significantly improved the quality of our portfolio LONG-TERM UPSIDE NEAR-TERM GROWTH IMMEDIATE CASH FLOW FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION TIER 1 NO FLAGSHIPS MINES 1 LOW-COST MINE: 2015 NO Houndé Agbaou View VISIBILITY TIER 2
Slide 9: Our Strategic Objectives
CORPORATE PRESENTATION OUR STRATEGIC OBJECTIVES Focus on free cash flow and return on capital employed (ROCE) 2016 to mid-2019 Mid-2019 and beyond FOCUS ON INCREASING THE FOCUS ON QUALITY OF OUR PORTFOLIO RETURN ON CAPITAL EMPLOYED (ROCE) ~ $ 1invested billion Capital allocation trade-offs 2 flagshi
Slide 10: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE On track to achieving strategic objectives STRATEGIC $1,317/oz OBJECTIVES >800koz >800koz <$800/oz $1,010/oz 727koz $869/oz 663koz All-in Sustaining Cost 615-695koz $922/oz 587koz $866/oz ~$840/oz 517koz 462koz $760-810/oz 10+ years 317koz Productio
Slide 11: Building a Premier African Gold Producer
CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 strategic levers to achieve objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS 10+ year Mine life ≤ 800$/oz All-in Sustaining Cost + 800koz Annual production 11
Slide 12: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Vincent Benoit Karma GAMBIA Mine EVP CFO & Corporate Development BURKINA FASO GUINEA- Morgan Carroll Bamako Houndé BISSAU Kala
Slide 13: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Our safety record remains better than the industry average Lost Time Injury Frequency Rate 0.80 0.16 LTM Lost Time Injury Frequency Rate 0.40 0.29 0.16 0.00 0.00 0.00 +7.0m Peer Group FY2016 FY2017 FY2018 Houndé Agbaou Ity Man Hours with no Average LTI
Slide 14: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Focused on growing local talents Local workforce 95% Expats KARMA HOUNDÉ ITY HL AGBAOU 3% 6% 6% 7% local workforce 803 1,038 501 271 97% 94% 94% 93% Head of department (“HOD”) 42% Expats KARMA HOUNDÉ ITY HL AGBAOU 30% 45% 43% 50% local workforce for 13
Slide 15: Operational Excellence
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 6th consecutive year of meeting guidance Production, on a 100% basis, in koz All-in Sustaining Costs, in $/oz Guidance 800 1,010 700 600 922 500 886 869 400 727 615 663 - ~840 300 584 517 695 466 200 $760-810/oz 100 0 2014 2015 2016 2017 2018 2019E 201
Slide 16: Project Development
CEO CORPORATE INTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record MOST RECENT MINE BUILT OUR VISION 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, IN PROGRESS ON-BUDGET 0 LTIs 16
Slide 17: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Self-performing tasks driving cost savings › Examples of self-performed tasks: % of self-performed tasks +94% +95% ‒ Civil works with own concrete plant ‒ Earthworks with own equipment ‒ Tailings storage facility earthworks +60% ‒ Bolted tank construction
Slide 18: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Building high-quality projects on time and on budget ASSETS BUILT / UNDER CONSTRUCTION COMBINED HOUNDÉ ITY CIL (commissioned in Q4-2017) (completion expected in Q2-2019) ~$650/oz <$650/oz <$560/oz All-in Sustaining Cost Based on first 2 years 2019 guidanc
Slide 19: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Houndé is Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata METRIC FY-2018 STUDY (Avocet) Taparko (Nordgold) Karma ACHIEVEMENT COMPARISON Bissa Hill (Life of mine average) (Nordgold) MINING 41Mt vs 32Mt feasibility +28% Mana Burkina Faso Nat
Slide 20: Ity CIL Project
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Ity CIL Project construction launched in September 2017 Long-life Low Cost Project › Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5 years Production Profile Production AISC Robust Proje
Slide 21: Project Development
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Kalana is a high-quality project with significant optimization potential Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at Mali 2.8 g/t › 18-year mine life › Low AISC cost operation with $730/oz Bamako Kalana over life
Slide 22: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 14.9Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 22
Slide 23: Conservative Approach
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 24: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy Indicated discovery target by area as published in Nov. 2016 2/3rd are on our 2 flagship assets 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated Resource discovery 2.5-3.5Moz target 1.5-2.5Moz 0.5-1.5Moz
Slide 25: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Over 1.2 million meters of drilling between 2017 and 2019 2017 PRIORITIES Exploration spend by mine 1. Ity to extend HL and Improve CIL case 2. Tabakoto due to its short mine life $44M ~$50m $45-50m 3. Agbaou to test potential 9% 19% 2018 PRIORITIES
Slide 26: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On-track to meet 5-year exploration targets Total Indicated discoveries and targets 4.2Moz Indicated resources discovered Indicated resources targeted % Cumulative Indicated resources against 5-year discovery target 100% 80% 1.5-2.5Moz 10-15Moz disco
Slide 27: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 High quality discoveries made Discovery grades for Indicated resources by deposit >2 g/t From mid-2016 to end of 2018 2.70g/t 2.60g/t 2.25g/t 2.20g/t 2.14g/t 2.14g/t grade of 85% of discovered ounces 1.50g/t 1.27g/t 55% oxide 45% fresh Kari Pump Le P
Slide 28: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Low discovery cost Discovery cost for Indicated resources by deposit From mid-2016 to end of 2018 $76/oz $13/oz Average Endeavour discovery cost to date $29/oz $16/oz $15/oz $14/oz $13/oz $12/oz $10/oz $9/oz $4/oz 6x lower discovery compared Average
Slide 29: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Ity Production Profile VALUE CREATION CASE STUDY OS production FS production AISC for OS Spent $15m in 2016-2017 250koz 250koz 238koz 224koz Exploration potential Added 1Moz of reserves 213koz 201koz 190koz Updated study and increas
Slide 30: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Value creation at Houndé Production profile based on Study VALUE CREATION POTENTIAL Production based on reserves, koz AISC/oz Spent $17m in 2017-2018E Already added 1Moz of 265koz resources at Kari Pump 231koz Exploration upside expected 223koz 218ko
Slide 31: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Q3 Exploration Activities INSIGHTS EXPLORATION EXPENDITURE FOR YTD-2018 › During Q3-2018, despite more difficult working conditions due to the rainy season, a total of 54,000m were drilled across the group for an exploration spend of $11m › Over 346,
Slide 32: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Focused on increasing the overall quality of our portfolio Portfolio viewed by AISC and mine life INSIGHTS: › Ity HL acquired through strategic partnership with La Mancha in late 2015 AISC, $/oz and will transition to CIL by Q2-2019 $1,20
Slide 33: Portfolio & Balance Sheet Management
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant funding sources to fund growth Up to $25m >$10m Significant funding headroom, excluding mine $239m cash flow and remaining proceeds from sales $120m Undrawn RCF Ity capex $119m remaining Cash $55m Liquidity Sources Tabakoto Nz
Slide 34: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS BEAT TOP END OF FY-2018 GUIDANCE WITH FURTHER GROWTH IN 2019 › FY-2019 production expected to increase to 615 – 695koz Immediate › FY-2019 AISC expected to remain low at $760 – 810/oz benefitting from Ity CIL start-up Cashflow from Production › ITY CIL PROJE
Slide 35: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 36: Strong FY-2018 Performance
CORPORATE PRESENTATION STRONG FY-2018 PERFORMANCE Beat upper-end of full-year production guidance and bottom-end of AISC guidance Mine FY-2018 Guidance PRODUCTION FROM CONTINUING OPERATIONS ✓ PRODUCTION (in Koz) Houndé 277 250-260 Ity 85 60-65 ✓ Karma 109 105-115 ✓ 612 BEAT HIGH koz END Agbaou 141 1
Slide 37: 2019 Guidance
CORPORATE PRESENTATION 2019 GUIDANCE INSIGHTS Production Guidance › Group production from continuing operations is 2018 ACTUALS 2019 FULL-YEAR GUIDANCE expected to increase to 615-695koz in 2019 while (All amounts in koz, on a 100% basis) AISC is expected to remain low at $760-810/oz Agbaou 141 120
Slide 38: 2019 Guidance (continued)
CORPORATE PRESENTATION 2019 GUIDANCE (continued) SUSTAINING COSTS INSIGHTS Capital Expenditure Guidance, $m › Houndé: $35m mainly due to the increased strip NON- SUSTAINING GROWTH ratio, a TSF raise and components to be CAPITAL SUSTAINING PROJECTS purchased for fleet maintenance (All amounts in US$m
Slide 39: All-In Margin Breakdown
CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN Increased by 34% due to increased production and a higher gold price NINE MONTHS ENDED, INSIGHTS SEP. 30, SEP. 30, 1. Gold sales up mainly due to the (in US$ million) 2018 2017 successful start-up of Houndé GOLD SOLD FROM CONTINUING OPERATIONS, koz 1 43
Slide 40: Growth Funding Sources
CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash flow from operations and RCF used to fund growth NINE MONTHS ENDED, SEP. 30, SEP. 30, INSIGHTS (in US$ million) 2018 2017 1. Should be partially offset in Q4-2018 and in early 2019. Main components are: ALL-IN MARGIN FROM ALL OPERATIONS 134 100 ‒ Re
Slide 41: Net Earnings Breakdown
CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS of $0.31 for YTD 2018 NINE MONTHS ENDED SEP. 30, SEP. 30, INSIGHTS (in US$ million) A = Adjustments made of Adjusted Net Earnings 2018 2017 1. Gain due to a $18m gain on the gold revenue GOLD REVENUE 544 299 protection program and a $20m unr
Slide 42: Expected to Quickly Deleverage Once Ity CIL Is in Production
CORPORATE PRESENTATION EXPECTED TO QUICKLY DELEVERAGE ONCE ITY CIL IS IN PRODUCTION Net debt analysis Gearing 1 Net Debt Net Debt / Adj. EBITDA (LTM) GROUP POLICY Net Debt limit to 1.5x – 2.0x EBITDA 1.68x during investment phase Rapid deleveraging after CIL start to 1.0x within 12 months Nominal le
Slide 43: Diversified Debt Sources
CORPORATE PRESENTATION DIVERSIFIED DEBT SOURCES Diversified debt sources with low interest cost and long maturity DEBT SOURCES: 1) REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE $350M RCF : Annual saving based on $330m convertible compared LIBOR curve › Interest rate of LIBOR plus t
Slide 44: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 45: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 48.7Mt @ 2.2 g/t for 3.446Moz (incl. of Reserves) Inferred: 3.5Mt @ 2.6 g/t for 0.295Moz Ouagadougou Reserves 30.2Mt @ 2.0 g/t for 1.957Moz Houndé Mine
Slide 46: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance Q4-18 vs Q3-18 INSIGHTS Production and AISC › A record quarter was achieved as production Production, koz AISC, US$/oz increased, mainly due to significantly higher grades following the end of the rainy season.
Slide 47: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Successful first full year of production INSIGHTS Production and AISC › Production increased significantly as 2018 benefited from AISC ($/oz) Production (koz) a full year of production since commercial production began in Q4-2017. 277koz › As guided,
Slide 48: Houndé Out-Performing Study Metrics
CORPORATE PRESENTATION HOUNDÉ OUT-PERFORMING STUDY METRICS Production and AISC better than study estimates METRIC 2018 STUDY Study production profile compared to actuals ACHIEVEMENT COMPARISON Production based on reserves, koz AISC/oz (Life of mine average) MINING 41Mt vs 32Mt +28% 296koz feasibilit
Slide 49: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Significant exploration potential highlighted INSIGHTS › Following a two year period of no 2.5-3.5Moz exploration drilling, activities resumed in 2017 › In 2017, targets were drilled and ranked 5-YEAR DISCOVERY › Work performed also TARGET included ad
Slide 50: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2018 on high-grade targets A second 200,000m drilling program will start in late Q4-2018, focused on extending the mineralization at Kari Pump, and delineating a maiden resource for Kari West and Kari Center as well as addr
Slide 51: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area INSIGHTS Kari target map › Kari gold in soil anomaly covers a 6km-long by 2.5km-wide area › Over the past 18 months, a total of 2,237 holes have been drilled (comprised of 1,431 AC, 716 RC
Slide 52: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump 1Moz maiden resource increased M&I resources by 40% INSIGHTS Drill map and selected intercepts per area (true width/grade) › Indicated resource of 11.3Mt at 2.71 g/t Au for 987koz; Inferred resource of 0.2Mt at 2.21g/t Au for 20koz › The min
Slide 53: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Pump mineralization starts at surface Section A-A’ 53
Slide 54: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO ~45% of the Kari Pump resource is located within the oxide and transition Section B-B’ 54
Slide 55: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation INSIGHTS KP Gram-Meter intercepts map › Over 85% of all drill holes (Resource and Kari delineation drilling) encountered at least 2m @>2.5 g/t West › Some intercepts are outstanding with very high Gram-
Slide 56: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari pump has a highly continuous mineralisation Test link between KP and KC Kari Pump Extension grid #1 grid #2 Kari W Kari West Pump Kari Center Resource definition 56
Slide 57: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari Center: maiden resource expected to be delineated in 2019 INSIGHTS › Mineralization was first intercepted at Kari Pump Kari Center during the initial 2017 reconnaissance drilling campaign. › Further 2018 drilling then confirmed the high grade int
Slide 58: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Kari West: maiden resource expected to be delineated in 2019 INSIGHTS › Discovered during the 2018 AC drilling campaign › To date, reconnaissance drilling has successfully defined a mineralized area of at least 1km in strike length at a width of 500 m
Slide 59: Houndé Mine, Burkina Faso
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Vindaloo: targeting high-grade plunges 59
Slide 60: Ity Heap Leach Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources (HL + CIL) M&I: 73.9Mt @ 1.6 g/t for 3.695Moz (incl. of Reserves) Inferred: 18.7Mt @ 1.3 g/t for 0.785Moz Côte d’Ivoire Ity Mine Rese
Slide 61: Ity Heap Leach Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Strong performance continued into Q4 Q4-18 vs Q3-18 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Perfromed above expectations, particularly in Q4- 2018 as mining was opportunistically conducted 25koz based on equipment availabi
Slide 62: Ity Heap Leach Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Transition to CIL production in early Q2-2019 FY-2018 vs FY-2017 Insights Production and AISC › Record production was achieved due to AISC ($/oz) Production (koz) significantly higher grades stacked from the 85koz Bakatouo deposit and increas
Slide 63: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Increased resource generated potential to replace heap leach with CIL KEY CHANGES OF ADVANTAGE INCLUDE: SHIFTING TO CIL PLANT: Heap Leaching Process ›› Resource increase generated potential to replace the current heap leach facility to CIL plant
Slide 64: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1 (10%)
Slide 65: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE Significantly improved production profile Production Profile 235koz OS production FS production AISC for OS 250koz 250koz 238koz Exploration potential average production 224koz 213koz over first 5 years 201koz 190koz 162koz 159koz 151koz $484/oz
Slide 66: Ity CIL Project, Côte d'Ivoire
CORPORATE PRESENTATION ITY CIL PROJECT, CÔTE D’IVOIRE IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m $1,400/oz 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m $0m -$
Slide 67: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Construction is progressing 2-months ahead of schedule and on-budget Mills Power Station Tailings Storage Facility Haul Road Bridge 67
Slide 68: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Project completion stands at over 95%, tracking 2 months ahead of schedule 2018 2019 Activity Q1 Q2 Q3 Q4 Q1 Q2 EARTHWORKS & TSF Camp earthworks Bridge crossing TSF complete complete complete CAMP CONSTRUCTION Admin building completed DETAILED ENGI
Slide 69: Ity CIL Project Construction
CORPORATE PRESENTATION ITY CIL PROJECT CONSTRUCTION Project completion stands at over 95%, tracking 2 months ahead of schedule ACHIEVEMENTS TO DATE › Construction is progressing on-budget and two months ahead of Ity CIL Construction schedule with the first gold pour expected in early Q2-2019. › The
Slide 70: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Already 1.5 Moz added between November 2016 and November 2017 M&I Resource Evolution 4-6Moz Discovery Target 1.5Moz added 2.2Moz 3.7Moz 2016 5-Year Discovery 2017 M&I Resource Target M&I Resource (Base for FS) (published Nov. 2016) (Base for OS) 70
Slide 71: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Main focus is on the La Plaque discovery Ity Mine Drilling Targets INSIGHTS › Nearly 3,000m were drilled Q3-2018 totalling more than 38,000m since the start of the year, mainly focused on: ‒ The Le Plaque target where additional resources are expected t
Slide 72: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Main focus is on the La Plaque discovery INSIGHTS ‒ Le Plaque target has the potential to be the next sizeable discovery following the recent Daapleu and Bakaotuo discoveries ‒ Only the central portion, representing about 25% of the Le Plaque target, wa
Slide 73: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Section A (Az. 225) 73
Slide 74: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Le Plaque Main: Long Section B (Az. 115) 74
Slide 75: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Several other nearby targets expected to be tested in H1-2019 75
Slide 76: Ity Mine, Côte d'Ivoire
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in
Slide 77: Ity Trend, Côte d'Ivoire
CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several
Slide 78: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Côte d’Ivoire Resources M&I: 10.3Mt @ 2.4 g/t for 0.804Moz Ity Mine (incl. of Reserves) Inferred: 1.0Mt @ 1.7g/t for 0.054Moz Reserves 8.9Mt @ 2.3g/t for 0.668Moz Ag
Slide 79: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Strong Q4 on production and AISC Q4-18 vs Q3-18 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased as expected mainly due to a significant increase in milled grade following the waste extraction efforts over the course o
Slide 80: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Shifting to a harder ore blend FY-2018 vs FY-2017 INSIGHTS Production and AISC › Production decreased as guided, as low-grade stockpile AISC ($/oz) Production (koz) feed supplemented the mine feed to allow waste capitalization activity to progress mo
Slide 81: Agbaou Mine, Côte d'Ivoire
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Mineralization was confirmed at the extensions of several deposits Agbaou Site Map INSIGHTS › Less than 1,000m were drilled in Q3-2018 due to the seasonal rain. Since the beginning of 2018 more than 27,000m have been drilled › A total of more than 20
Slide 82: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Agbaou Site Map › Main 2017 priority > 50 ppb 0.5-1.5Moz was to test area and to generate targets and prioritize for the upcoming campaigns 5-YEAR DISCOVERY › Key Areas targeted TARGET are: 1. Agba
Slide 83: Agbaou Mine Exploration
CORPORATE PRESENTATION AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au
Slide 84: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Produced almost 300koz more over first 5 yeas at a 10% lower AISC Production and AISC performance vs. study Actual production Study production Actual AISC Study AISC Mainly free-dig oxide operation 196koz Mixing low-grade to speed up wa
Slide 85: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Plant running significantly above nameplate Plant performance vs. study ~30% Actual Study Benefit of plant running 30% above nameplate and additions of oxide ore reserve 2.8kt 2.9kt above nameplate 2.8kt 2.7kt capacity based on oxide or
Slide 86: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Reserves endowment up 59% since construction with more oxide material Reserves and depletion Reserves at year-end Cummulative depletion 1.4Moz reserve endowment 1.4Moz reserves endowment 1,027koz 880koz 926koz 853koz 668koz 151koz +500k
Slide 87: Strong Out-Performance Compared to Study
CORPORATE PRESENTATION STRONG OUT-PERFORMANCE COMPARED TO STUDY Additional $170m after-tax cash flow was generated Cumulative After-Tax Cash Flows(1) 60% Study Actual US$m 400 300 $296m 200 Payback of IRR based only on 100 18 months $126m first 4 years 0 Year 0 Year 1 Year 2 Year 3 Year 4 (100) $170
Slide 88: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 81.8Mt @ 1.1 g/t for 2.871Moz (incl. of Reserves) Inferred: 18.7Mt @ 1.3 g/t for 0.785Moz Ouagadougou Reserves 34.6Mt @ 0.9g/t for 0.986Moz Houndé Mine P
Slide 89: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Production increased despite rainy season Q4-18 vs Q3-18 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to a significant 33koz increase in ore stacked following the end of the rainy season. 28koz 26koz ‒ Tonnes of
Slide 90: Karma Production Profile
CORPORATE PRESENTATION KARMA PRODUCTION PROFILE FY-2018 vs FY-2017 INSIGHTS Production and AISC › Production increased as guided, despite a lower processed grade, as the plant optimisation work done AISC ($/oz) Production (koz) in 2017 increased stacking capacity. 109koz 105-115koz › AISC slightly d
Slide 91: Karma Mine, Burkina Faso
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Rambo West indicated resources expected to be delineated by year-end Karma Site Map INSIGHTS › More than 23,000m have been drilled since the start of the year, with no meters drilled in Q3-2018 due to the seasonal rain › Drilling this year has mainly f
Slide 92: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV; 20% Mali government Status EDV updating the Avnel FS M&I Resources (inclusive of reserves) 3.10Moz @ 4.07g/t Mali Reserves 1.96Moz @ 2.80g/t Mining Type Open Pit 1.2 Mtpa for fresh ore Processing Rate
Slide 93: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Accretive acquisition with strong upside TRANSACTION BACKGROUND Reserve life of mine plan based on Avnel Study (only based on Kalana Main deposit) › Purchased for $122m ($7m shares), Production AISC representing 7% of the EDV market cap › Attractive purcha
Slide 94: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Work undertaken at Kalana since acquisition FOLLOWING THE Ity CIL Project Case Study AVNEL ACQUISITION: Plant Size Reserves Production AISC Mine life First 5 years First 10 years First 5 years First 10 years › Integration of Avnel into Endeavour Ity PFS 2.
Slide 95: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Strong potential to add deposits Several Licenses under negociation › Kalana main deposit is the only one to With Private currently have reserves, on which the previous owners study has been based › Kalana Main deposit still fully open at depth › Strong ex
Slide 96: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Increasing the confidence of the block model › Nearly 45,000 were drilled in 2018 on Kalana Main deposit drilling the Kalana deposit on in-fill drilling and extension drilling RC RCD DDH # (m) # RC(m) DD(m) # (m) 132 18,646 77 15,537 9,257 4 1,347 › Drilli
Slide 97: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Block Model Results Blockmodel – Section S100 97
Slide 98: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI 2018 Results – Positive Kalana North Intercepts 2m @ 15.90 g/t 1m @ 3.76 g/t 5m @ 13.49 g/t 1m @ 0.6 g/t 1m @ 3.52 g/t 1m @ 7.08 g/t 1m @ 0.78 g/t 3m @ 1.24 g/t 4m @ 2.08 g/t 2m @ 0.6 g/t Pending assays 1m @ 1.08 g/t Drillhole with VG 98
Slide 99: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Kalanako deposit exploration activities INSIGHTS Kalanako deposit drilling › Over 13,000 were drilled in 2018 RC DDH DDTT # (m) # (m) # (m) 99 12,765 1 189 2 350 › A resource is expected to be published along with the Kalana deposit 99
Slide 100: Kalana Project, Mali
CORPORATE PRESENTATION KALANA PROJECT, MALI Regional Kalana Exploration Potential Termite Mounts Au anomalies INSIGHTS › Fougadian application being processed › Kalako East licenses under review and discussion with private owners › Drilling expected to start in 2019 100
Slide 101: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property INSIGHTS Fetekro’s Lafigué exploration prospect gold in soil map › Published maiden resource estimate on the Lafigué target and identified of 14 additional nearby targets ‒ Indic
Slide 102: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigué Center Cross-Sections 102
Slide 103: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE Fetekro is our most advanced greenfield exploration property Fetekro’s Lafigué North Cross-Section 103
Slide 104: Greenfield Exploration, Côte d'Ivoire
CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Barrick (ex-Randgold) on Sissedougou / Mankono JV WITH RANDGOLD › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.
Slide 105: Greenfield Exploration, Burkina Faso
CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 105
Slide 106: Greenfield Exploration, Niger
CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and 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: 695 km² › Init
Slide 107: Greenfield Exploration, Guinea
CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 107
Slide 108: Greenfield Exploration, Mali
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 108
Slide 109: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 110: Equity Markets Strongly Support West Africa
CORPORATE PRESENTATION EQUITY MARKETS STRONGLY SUPPORT WEST AFRICA Amongst top ranking region for equity proceeds over past 10 years Equity raises for gold companies over past 10 years For the period between 2006-2016 6 10 $9.82B 8 +$ billion raised for West Africa $6.35B 6 $5.89B US$ Billions 4 2 $
Slide 111: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend 2017 exploration budget ($m) +$5.0b 677 634 spent in West Africa over last 10 years 385 363 247 10% 176 175 173 137 123 113 110 100 77 75 74 71 47 of global budget is spent
Slide 112: Significant West-Africa Exploration Success
CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 +79Moz 79Moz Discovered over past 10 years in West Africa 50Moz 42Moz No.1 33Moz 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16M
Slide 113: Significant Exploration Efforts in West Africa
CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 2017 exploration budget ($m) Canada Australia 600 500 400 West More spending, yet 5x smaller land mass Africa USA 300
Slide 114: Burkina Faso & Cote d'Ivoire Are Under-Explored
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% 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% 2016 production (Moz) Côte Burkina
Slide 115: Burkina Faso & Cote d'Ivoire Are Fast Growing
CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represent half of the region's exploration expenditures West African exploration expenditures by country 2017 exploration expenditures Côte d’Ivoire 20% ~50% Burkina Faso of West African exploration 29% expenditures $190m Ghana 20%
Slide 116: Strong Production Growth in West Africa
CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region 2016 production gold by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz 4 5Moz 5Moz th 5Moz 4Moz 3Moz 3Moz 3Moz largest gold producing region globall
Slide 117: 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 8 states › Common currency which is pegged to the Euro › Fiscal
Slide 118: Stable Political Environment
CORPORATE PRESENTATION STABLE POLITICAL ENVIRONMENT Single currency with economies becoming more integrated Burkina Faso Côte d’Ivoire Republic of Mali 2017 GDP (USD b) (1) 12.87 40.39 15.29 2017 GDP Growth(1) 6.7% 7.8% 5.3% GDP › Agriculture (31%), manufacturing, › Agriculture (20%), manufacturing,
Slide 119: West Africa Mining Codes Are Well Aligned
CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries Corporate Income Tax and Royalties INSIGHTS › 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 120: Endeavour Is Emerging as the Only Multi-Asset West African Mid-Tier Producer
CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE ONLY MULTI-ASSET WEST AFRICAN MID-TIER 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 m
Slide 121: Table of Contents
TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 OUTLOOK & RESULTS 3 DETAILS BY MINE AND PROJECT 4 WEST AFRICA INSIGHTS 5 APPENDIX
Slide 122: Tabakoto Sale
CORPORATE PRESENTATION TABAKOTO SALE Sale of non-core, high cost asset Insights › On December 24, 2018, Endeavour completed the sale of its interest in the non-core Tabakoto mine to $35m $10m 10% NSR Algom Resources Limited, a subsidiary of BCM Deferred cash (Dar Salaam Upfront Cash International Lt
Slide 123: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Ian COCKERILL, Olivier COLOM, Livia MAHLER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Jim ASKEW, Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director Non-executiv
Slide 124: Analyst Coverage
CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com BMO Andrew Breichmanas ✆ +44 20 7246 5430 ✉ andrew.breichmanas@bmo.com Canaccord Genuity Rahul Paul ✆ +1 416 869 7289 ✉ rpaul@canaccordgenuity.com Clarus Securi
Slide 125: Gold Revenue Protection During Investment Phase
CORPORATE PRESENTATION GOLD REVENUE PROTECTION DURING INVESMENT PHASE Increased certainty of cash flow during construction periods Gold revenue protection program GROUP POLICY: Gold price in US$/oz 1,600 Set-up a gold collar protection during investment phase to ensure the availability of 1,500 free
Slide 126: Convertible Bond
CORPORATE PRESENTATION CONVERTIBLE BOND Evidence suggests that share prices are not capped by the strike price Share price performance of companies that issued convertible bonds INSIGHTS: 125% › The following graph shows stock price performance of 68 100% convertibles issued by $1-5bn market cap 75%
Slide 127: Unlock Exploration Value
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 128: Production and Cost Details by Mine
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE On a quarterly basis AGBAOU TABAKOTO ITY KARMA HOUNDÉ Q4- Q3- Q4- Q4- Q3- Q4- Q4- Q3- Q4- Q4- Q3- Q4- Q4- Q3- Q4- Unit (on a 100% basis) 2018 2018 2017 2018 2018 2017 2018 2018 2017 2018 2018 2017 2018 2018 2017 Total tonnes mined – OP1 000t
Slide 129: Production and Cost Details by Mine
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE For the year ended December 31, 2018 and 2017 AGBAOU TABAKOTO ITY KARMA HOUNDÉ Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Unit (on a 100% basis) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Total ton
Slide 130: Consolidated Statement of Financial Position
CORPORATE PRESENTATION 130 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at Note September 30, December 31, In thousands of US$ 2018 2017 ASSETS Current Cash 33,302 122,702 Cash - restricted 658 1,327 Trade and other receivables 60,629 50,698 Income taxes receivable - 627 Inventories 5 142,2
Slide 131: Consolidated Statement of Comprehensive Earnings/Loss
CORPORATE PRESENTATION 131 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, Note 2018 2017 2018 2017 In thousands of US$ Revenues Gold revenue 155,764 94,757 544,173 299,458 Cost of sales Operating expenses (86,238) (52,258) (262,
Slide 132: Cash Flow Statement
CORPORATE PRESENTATION 132 CASH FLOW STATEMENT THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, In thousands of US$ Note 2018 2017 2018 2017 Operating Activities Earnings/(loss) before taxes1 (3,556) (63,951) 41,519 (36,658) Adjustments for: DeDepreciation and depletion 7 35,912 38,5
Slide 133: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2017 Tabakoto Mine Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis Proven Reserves 2.4 3.32 251 Resources shown Tonnage Grade Content Probable
Endeavour Mining — Investor Presentation (February 2019) on 6ix