Slide 1: Corporate Presentation March 2018
CORPORATE PRESENTATION › March 2018
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 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 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 Tabakoto Mine Karma GAMBIA Mine BURKINA FASO 4,000 GUINEA- Bamako EMPLOYEES WORLDWIDE BISSAU Ouagadougou Kalana GUINEA Project Houndé Mine CÔTE SIERRA D’IVOIRE 670-720
Slide 5: Company Profile
CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Jan. 1st 108 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at Feb. 21st C$23.02 Europe Market cap as at Feb. 21st US$2.0B Other Net Debt as at Dec. 31st US$233m North America 7% 30% 1
Slide 6: Investment Highlights
CORPORATE PRESENTATION INVESTMENT HIGHLIGHTS Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster (Ivory Coast) Floleu Kofi Trend (Ivory Coast – Ity trend) (Mali) Bondoukou Cluster (Ivory Coast) Hounde (completed) Hounde Sissedougou JV Siguiri (Ivory Coast
Slide 7: Production and AISC Profile
CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE Key objective is to reduce the group’s AISC and extending mine lives STRATEGIC OBJECTIVE $1,317/oz For 2019 +900koz +900koz +800koz 800-900koz $1,010/oz 800-900koz $922/oz 670-720koz Annual production $869/oz 663koz 584koz ~$869/oz $840-890/oz 517ko
Slide 8: Building a Premier African Gold Producer
CORPORATE PRESENTATION BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVE STRATEGIC LEVERS For 2019 +800koz Annual production ≤800$/oz All-in Sustaining Cost 10+ year Mine life 8
Slide 9: Operational Excellence: Hands-on Management Model
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 Tabakoto Mine Karma GAMBIA Mine EVP CFO & Corporate 3h10 Development BURKINA FASO GUINEA- Morgan Carroll Bamako
Slide 10: Operational Excellence: Safety is our key priority
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Safety is our key priority Lost Time Injury Frequency Rate 0.79 17.4m Man Hours for the full year 2017 with only 5 LTI 0.40 0.29 0.00 0.00 +8.0m Man Hours on Peer Group FY2016 FY2017 Houndé Agbaou Average Houndé with no LTI Operating track record Const
Slide 11: Proven track record of meeting guidance
CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Proven track record of meeting guidance Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz Guidance Guidance 670-720 1,010 663 584 466 517 922 884 840-890 ~869 2014 2015 2016 2017 2018 Guidance 2014 2015 2016 2017 2018 Guidance Prelimi
Slide 12: Project Development: Adding +600koz
CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Adding +600koz at an average AISC of <$700/oz over the next 3 years +235koz at AISC Houndé Houndé (Completed) of <$650/oz +235koz at AISC ITY CIL Ity CIL Construction (Underway) of <$500/oz KALANA DFS Optimization +150koz at AISC Construction (Underway) o
Slide 13: Houndé became new flagship low cost mine
CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé became Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata Taparko Built ahead of schedule and below budget (Avocet) (Nordgold) Karma › Commercial production declared Nov 1, 2017, 2 Bissa Hill (Nordgold) months ahead of schedule Mana Burkin
Slide 14: Ity CIL Project construction launched
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 15: Kalana high-quality project
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 Tabakoto Mine Bamako Kal
Slide 16: 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 15.4Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 16
Slide 17: 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 18: Starting to Deliver Against 5-year Strategy
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting To Deliver Our Against 5-year Strategy 4.0-6.0Moz 4.0-6.0Moz 10-15Moz 5-year Indicated 2.5-3.5Moz Resource Discovery Target 1.5-2.5Moz 0.5-1.5Moz 0.5-1.5Moz 1.5Moz 0.5-1.0Moz Discovered Greater Ity Houndé Tabakoto Agbaou Karma Côte d’Ivoire
Slide 19: Exploration Strategic Review: Low Discovery Costs
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Exploration Strategic Review Output: Low Discovery Costs Exploration budget Average discovery cost $55m $35-40m $45m Annual budget $30m $25m $25/oz $15m $10m <$15/oz $11/oz $15/oz $15/oz Anticipated average $20/oz $13/oz discovery costs Greater Ity H
Slide 20: Increase Overall Quality of our Portfolio
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Increase Overall Quality of our Portfolio PORTFOLIO AT END OF 2015 PORTFOLIO IN 2017 AISC, $/oz $1,200 Tabakoto $1,150 Assessment expected by mid-2018 $1,100 AISC, $/oz $1,200 $1,050 $1,000 $1,050 $950 Youga Tabakoto Ity HL $900 Nzema $85
Slide 21: Significant headroom to fund projects
PORTFOLIO & BALANCE SHEET MANAGEMENT PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant headroom to fund projects Fully funded without mine cash flow Circa $60m $502m Up to $25m ~$400m Undrawn $322m $350m Ity Capex RCF $200m Cash $122m $152m Hounde remaining capex Liquidity Sources Liquidity Sources
Slide 22: Diversified borrowing sources
CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Diversified borrowing sources REVOLVING CREDIT FACILITY (RCF) CONVERTIBLE NOTES › PRINCIPLE AMOUNT: › PRINCIPLE AMOUNT: $500m with intent to decrease to $350m $330m › INTEREST RATE: › INTEREST RATE: ‒ LIBOR plus 2.95% to 3.95% on drawn po
Slide 23: Upcoming Catalysts
CORPORATE PRESENTATION UPCOMING CATALYSTS 2018 OUTLOOK: › Gold production guidance increase to 670-720koz with Hounde Immediate › AISC guidance to decrease to $849-890/oz with Hounde Cashflow from Production › HOUNDÉ: Contribution to Group free cash flow generation started in Q4-2017 Near-Term › ITY
Slide 24: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 25: 2018 Guidance Increased with Houndé
CORPORATE PRESENTATION 2018 GUIDANCE INCREASED WITH HOUNDE Continued reduction in AISC expected INSIGHTS Production Guidance › Production from continuing operations (All amounts in koz, on a 100% basis) 2018 FULL-YEAR GUIDANCE is expected to increase to 670-720koz in Agbaou 140 - 150 Ity 60 - 65 201
Slide 26: Houndé is Already Cash Flow Positive
CORPORATE PRESENTATION 2018 GUIDANCE INCREASED WITH HOUNDE Houndé is Already Cash Flow Positive INSIGHTS Capital Expenditure Guidance, $m SUSTAINING NON-SUSTAINING GROWTH › Growth projects amount to $200 million (in $m) CAPITAL CAPITAL PROJECTS of the sustaining and non-sustaining Agbaou 17 2 - capi
Slide 27: Production Profile
CORPORATE PRESENTATION PRODUCTION PROFILE Houndé expected to lift production and lower AISC Group Production and AISC 670-720koz 663koz 593koz 517koz 466koz $1,010/oz $922/oz $886/oz ~$869/oz $840-890/oz 2014A 2015A 2016A 2017A 2018E INSIGHTS BY MINE Production, koz AISC, $/oz HOUNDE AGBAOU TABAKOTO
Slide 28: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 29: Houndé Mine, Burkina Faso Overview
CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 37.9Mt @ 2.1 g/t for 2.551Moz (incl. of Reserves) Inferred: 3.Mt @ 2.6 g/t for 0.274Moz Ouagadougou Reserves 30.6Mt @ 2.1 g/t for 2.075Moz Ho
Slide 30: Houndé Mine: Performance above guidance
CORPORATE PRESENTATION HOUNDE MINE, BURKINA FASO Performance above guidance boosted the quarter Q4-17 INSIGHTS: Production and AISC › Production totaled 69koz since the start of mining Production, koz AISC, US$/oz 250-260koz operations (all considered commercial); significantly surpassing the upper
Slide 31: Houndé Construction achievements
CORPORATE PRESENTATION HOUNDE MINE, BURKINA FASO Construction achievements The team and Houndé’s first gold bars AHEAD OF TIME Commercial production was declared more than two months ahead of schedule as a stable nameplate capacity was achieved within weeks from first ore being introduced into the p
Slide 32: Houndé Significant exploration potential
CORPORATE PRESENTATION HOUNDÉ PROJECT, BURKINA FASO Significant exploration potential highlighted by 2017 drilling INSIGHTS Hounde Site Map › Following a two year period of no exploration drilling, activities resumed in 2017 with a $5 2.5-3.5Moz million program 5-YEAR DISCOVERY › Focused on drilling
Slide 33: Priority Ranking After Initial Drill Test
CORPORATE PRESENTATION PRIORITY RANKING AFTER INITIAL DRILL TEST Houndé exploration targets and gold-in-soil anomalies map Priority 2 Priority 2 Priority 1 Priority 2 Priority 2 33
Slide 34: Kari Pump Exploration Results
CORPORATE PRESENTATION KARI PUMP EXPLORATION RESULTS Drill results confirmed high-grade mineralization A A’ 34
Slide 35: Agbaou Mine, Côte d'Ivoire Overview
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources M&I: 13.0Mt @ 2.4 g/t for 1.004Moz (incl. of Reserves) Inferred: 1.1Mt @ 1.7 g/t for 0.060Moz Côte d’Ivoire Reserves 11.0Mt @ 2.4 g/t for 0.853Moz Ity Mine
Slide 36: Agbaou: Transitioning into harder ore blend
CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Transitioning into harder ore blend Q4-17 vs Q3-17 INSIGHTS: Production and AISC › Production decreased slightly, in line Production, koz AISC, US$/oz with guidance, mainly due to a lower 57koz grade and slightly lower tonnage milled 46koz 42koz 45ko
Slide 37: Agbaou: Exploration program continues to progress
CORPORATE PRESENTATION AGBAOU MINE, COTE D’IVOIRE Exploration program continues to progress Agbaou Site Map INSIGHTS › Exploration activity during the first 9 months amounted to approximately 31,000 meters drilled out of the 45,000 meters planned for the year. In addition, several ground geophysics
Slide 38: 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 39: Intercepted mineralization under the North pit
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 40: Tabakoto Mine, Mali Overview
CORPORATE PRESENTATION TABAKOTO MINE, MALI QUICK FACTS (ON 100% BASIS) Overview Ownership 80-90% Endeavour depending on pit, remainder government of Mali Resources M&I: 19.0Mt @ 3.0 g/t for 1.844Moz (incl. of Reserves) Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz Reserves 6.3Mt @ 3.1 g/t for 0.615Moz Mali
Slide 41: Tabakoto: Strategic assessment underway
CORPORATE PRESENTATION TABAKOTO MINE, MALI Strategic assessment underway Q4-17 vs Q3-17 INSIGHTS: Production and AISC › Production decreased mainly due to lower AISC, US$/oz average head grades, in spite of overall 48koz improved mining operations 43koz 41koz › AISC remained stable despite decreases
Slide 42: Tabakoto and Kofi Exploration Target
CORPORATE PRESENTATION TABAKOTO AND KOFI EXPLORATION TARGET Recently consolidated Kofi Trend AREAS OF FOCUS: 1. Tabakoto Area a. Tabakoto underground b. Segala underground 1.5-2.5Moz c. Near mill open-pit 5-YEAR DISCOVERY targets currently being explored TARGET 2. Kofi Area (potential for stand alon
Slide 43: Ity Mine, Côte d'Ivoire Overview
CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 15% Côte d’Ivoire, 5% private Resources (HL + CIL) M&I: 75.1Mt @ 1.6 g/t for 3.784Moz (incl. of Reserves) Inferred: 18.9Mt @ 1.3 g/t for 0.792Moz Côte d’Ivoire Reserves (HL+CIL) 60.3Mt @ 1.6 g/t fo
Slide 44: Ity Heap Leach Mine
CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Production is expected to increase in 2018 with higher grades Q4-17 vs Q3-17 INSIGHTS: Production and AISC › Following the rainy season, production increased due to higher stacking and Production, koz AISC, US$/oz mining rates, in addition to
Slide 45: Ity CIL Construction progressing on time and budget
CORPORATE PRESENTATION ITY CIL PROJECT MINE, CÔTE D’IVOIRE Construction is progressing on time and on budget ACHIEVEMENTS TO DATE CIL Ring Beams Poured › No LTI with nearly 630,000 man-hours worked › Nearly 50% of the total capital cost of $412 million has already been committed › Concrete works are
Slide 46: Ity CIL Construction progressing: TSF Earthworks
CORPORATE PRESENTATION ITY CIL PROJECT MINE, CÔTE D’IVOIRE Construction is progressing on time and on budget TSF Earthworks 46
Slide 47: Summary of Ity CIL Optimisation Study
CORPORATE PRESENTATION SUMMARY OF ITY CIL OPTIMISATION STUDY 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.
Slide 48: Robust Project Economics
CORPORATE PRESENTATION ROBUST PROJECT ECONOMICS 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 -$200m -
Slide 49: Long-Life Low-Cost Project
CORPORATE PRESENTATION LONG-LIFE LOW-COST PROJECT 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 $493
Slide 50: Life of Mine Plan
CORPORATE PRESENTATION LIFE OF MINE PLAN LOM Total / Item Unit Average Pre-prod 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Mining Schedule Total Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5,092 0 0 0 Total Waste Moved kt 109,559 10,973 10,225 10,0
Slide 51: 1.5Moz of Indicated Resources Added Since the FS
CORPORATE PRESENTATION 1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FS Optimization study was preformed to capture the increased resource inventory 2017 OPTIMIZATION STUDY INVENTORY 2016 FEASIBILITY STUDY INVENTORY Indicated Resources Inferred Resources Indicated Resources Inferred Resources Deposi
Slide 52: CIL Reserves Increased by 1.0Moz to 2.9Moz
CORPORATE PRESENTATION CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz Addition of Bakatouo and increases at Mont Ity, Teckraie, and Daapleu Optimization Study Reserves, Feasibility Study Reserves, Deposits as at September 1, 2017 as at October 1, 2016 Variance on a 100% basis Tonnage Grade Content Tonna
Slide 53: Ity Exploration Potential Overview
CORPORATE PRESENTATION ITY EXPLORATION POTENTIAL OVERVIEW 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 con
Slide 54: On-Track to Achieve Discovery Target
CORPORATE PRESENTATION ON-TRACK TO ACHIEVE DISCOVERY TARGET Already 1.5 Moz added between November 2016 and November 2017 M&I Resource Evolution 4-6Moz Discovery Target 1.5Moz added 2.3Moz 3.8Moz 2016 5-Year Discovery 2017 M&I Resource Target M&I Resource (Base for FS) (published Nov. 2016) (Base fo
Slide 55: Ity Mine Area Upcoming Targets
CORPORATE PRESENTATION ITY MINE AREA UPCOMING TARGETS Many advance stage targets backed by auger drill and gold-in-soil anomalies UPCOMING NEAR-MINE PRIORITIES INCLUDE: 1. Mont Ity / Flat Deposit ‒ Area between Mont Ity / Flat deposits ‒ Potential to extend Mont Ity at depth 2. Bakatouo Deposit ‒ De
Slide 56: Ity Mine Exploration - Le Plaque Discovery
CORPORATE PRESENTATION ITY MINE EXPLORATION - LE PLAQUE DISCOVERY Multiple High Grade Trends Discovered 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 P
Slide 57: Greater Ity Regional Gold in Soil Anomalies
CORPORATE PRESENTATION 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 targets GBAMPLEU Histori
Slide 58: Karma Mine, Burkina Faso Overview
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 84.3Mt @ 1.1 g/t for 2.981Moz (incl. of Reserves) Inferred: 19.3Mt @ 1.3 g/t for 0.791Moz Ouagadougou Reserves 37.9Mt @ 0.9 g/t for 1.117Moz H
Slide 59: Karma: Profile expected to improve in 2018
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Profile is expected to improve in 2018 with optimization work completed Q4-17 vs Q3-17 INSIGHTS: Production and AISC › Production remained flat as higher stacking Production, koz AISC, US$/oz capacity and grades were offset by the anticipated 32koz 29k
Slide 60: Karma: Optimization program completed
CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Optimization program completed and new front-end commissioned in 2017 INSIGHTS ADR Area - Before ADR Area - After › Plant optimization work has been successfully carried out during the past year › The newly installed front-end completed its performance
Slide 61: Karma Exploration Overview
CORPORATE PRESENTATION KARMA EXPLORATION OVERVIEW Several identified targets with success already being achieved AREAS OF FOCUS: 1. North Kao added in 0.5-1.0Moz 2017 and resource additions expected 2. Yabonsgo drilled in 2017 with maiden 5-YEAR DISCOVERY resource expecetd TARGET 3. Nogafaere (previ
Slide 62: Karma Exploration - North Kao
CORPORATE PRESENTATION KARMA EXPLORATION - NORTH KAO Extension Drilling – New Parallel Trend Discovered Map of the Yabonsgo area INSIGHTS: › Oxide mineralization discovered on a parallel structure › Most notable intercepts include 33.2m at 4.13 g/t Au and 22.8m at 4.18 g/t Au › A resource for this p
Slide 63: Yabonsgo Target
CORPORATE PRESENTATION YABONSGO TARGET New discovery made in 2017 INSIGHTS: Map of the Yabonsgo area › 600m-long mineralized area discovered with a stacked high grade quartz vein system › Reconnaissance drilling suggests potential for further extension › Most notable intercepts include 8.1m at 15.8
Slide 64: Kalana Project, Mali Overview
CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 20% government of Mali Mali Status DFS stage Resources M&I: 24.5Mt @ 4.1 g/t for 3.200Moz (incl. of Reserves) Inferred: 24.5Mt @ 4.5 g/t for 0.240Moz Tabakoto Mine Bamako Reserves 21.7Mt @ 2.8 g/t for
Slide 65: Kalana is a high-quality project
CORPORATE PRESENTATION FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana is a high-quality project GENERAL INFORMATION › Feasibility-stage project Ownership 80% Avnel; 20% Mali government › 1.2Mtpa CIL plant M&I Resources (inclusive of reserves) 3.10Moz @ 4.07g/t Reserves 1.96Moz @ 2.80g/t › Single open-
Slide 66: Kalana potential to increase annual production
CORPORATE PRESENTATION FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has potential to increase annual production to c.150kozpa AVNEL TRANSACTION CLOSED IN SEPTEMBER Reserve life of mine plan › Integration progress completed shortly Production AISC after 203koz › Study optimization process launched an
Slide 67: Kalana has significant exploration upside
CORPORATE PRESENTATION FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has significant exploration upside › Kalana Main deposit still fully open at depth › The high-grade Kalanako prospect, located 2.5km northeast of the Kalana Main Project, provides potential for a satellite deposit (already hosts an
Slide 68: Avnel Acquisition is Value Accretive
CORPORATE PRESENTATION AVNEL ACQUISITION IS VALUE ACCRETIVE Meets equity hurdle rates and is accretive on an NAV basis NAV per share accretion › Due diligence demonstrates that the acquisition meets minimum Avnel NAV Endeavour NAV hurdle rate returns when Average NAV of US$253m 2,061 Average NAV of
Slide 69: Table of Contents
TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
Slide 70: Board Members
CORPORATE PRESENTATION BOARD MEMBERS Michael BECKETT Ian COCKERILL, Olivier COLOM, Livia MAHLER, Chairman, Non-executive Director Non-executive Director Non-executive Director Non-executive Director Jim ASKEW, Wayne MCMANUS, Sébastien de MONTESSUS, Naguib SAWIRIS, Non-executive Director Non-executiv
Slide 71: Experienced Team in Place
CORPORATE PRESENTATION EXPERIENCED TEAM IN PLACE Near-mine and Regional Teams Abidjan based INSIGHTS EVP Exploration & Growth › Strong knowledge of CI Government West African Birimian Expert Geologist Relations Advisor belts NI 43-101 Compliance Legal Advisor › Senior staff from BRGM, Randgold, Iamg
Slide 72: Unlock Exploration Value: Selection, Ranking and Risk Evaluation
CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE Selection, Ranking and Risk Evaluation of Exploration targets › All targets referenced and classified according to : ‒ Current state of project knowledge (from grassroot to development) ‒ Quality of supporting data (drilling, available nearby analogs,
Slide 73: Gold Revenue Protection Program
CORPORATE PRESENTATION GOLD REVENUE PROTECTION PROGRAM Increased certainty of the FCF during the construction period of the Ity CIL Gold Revenue Protection Program : Gold Option Collar Strategy › Gold Option Contracts aim to increase Gold price in US$/oz the certainty of the free cash flow 1,600 Ups
Slide 74: Advantages of the Convertible Notes
CORPORATE PRESENTATION ADVANTAGES OF THE CONVERTIBLE NOTES Reduces its overall financing costs and de-risks LIBOR exposure Annual saving based on $330m convertible compared to Historic Libor curve $330m drawn on RCF at various Libor rates $25m $21m $18m $15m $11m $7m 1.8% $6m 1.5% 1.8% 3.0% 4.0% 5.0
Slide 75: Convertible Notes: Solid alternative to a straight bond
CORPORATE PRESENTATION ADVANTAGES OF THE CONVERTIBLE NOTES Solid alternative to a straight bond All-in cost comparison: straight bond vs. convertible 16.00% Straight bond yield Convert yield 14.00% 12.00% 10.00% $37/share Break-even point 8.00% 6.00% 4.00% 2.00% 0.00% $15 $17 $19 $21 $23 $25 $27 $29
Slide 76: Convertible Notes: Limited dilution
CORPORATE PRESENTATION ADVANTAGES OF THE CONVERTIBLE NOTES Limited dilution due to option to settle in cash Dilution impact 14.00% If all settled in shares 12.00% 10.00% Potential dilution 8.00% If $330m principle is settled in 6.00% cash and in the money option in shares 4.00% 2.00% 0.00% 1 6 11 16
Slide 77: Net Free Cash Flow from Operations Doubled
CORPORATE PRESENTATION NET FREE CASH FLOW FROM OPERATIONS DOUBLED Net free cash flow increased despite increased exploration spend NINE MONTHS ENDED (in US$ million) SEPT 30, 2017 SEPT 30, 2016 INSIGHTS GOLD SOLD FROM CONTINUING OPERATIONS, koz 1 370 312 1. Gold sales up mainly due to the Gold Price
Slide 78: Growth Funding Sources
CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash from operations and RCF used to fund growth Net Cash Flow NINE MONTHS ENDED INSIGHTS (in US$ million) SEPT 30, 2017 SEPT 30, 2016 1. For Houndé construction ($186m), NET FREE CASH FLOW FROM OPERATIONS 59 12 Growth projects (221) (80) Karma optimizat
Slide 79: Production Details by Mine
CORPORATE PRESENTATION PRODUCTION DETAILS BY MINE For the years quarters ended 2017 and 2016 ON A QUARTERLY BASIS AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE (on a 100% basis) Unit Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2
Slide 80: Production and Cost Details by Mine
CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE For the first 9 months ended Sept. 30 AGBAOU NZEMA TABAKOTO ITY KARMA (on a 100% basis) 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months 9 Months Unit 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Physical
Slide 81: Reserves and Resources
CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2016 Tabakoto Mine Resources shown inclusive of Tonnage Grade Content Reserves. On a 100% basis (Mt) (Au g/t) (Au koz) Proven Reserves 2.9 2.98 274 Group Consolidated Total Probable Reserves P&P Reserves 3.4 6.3 3.12 3.06 341 615 On a