Slide 1: Q3-2021 Operational & Financial Results Presentation
Q3-2021 OPERATIONAL & FINANCIAL RESULTS Presentation 11 November, 2021
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 3: Speakers
SPEAKERS SÉBASTIEN DE MARK JOANNA PATRICK MARTINO MONTESSUS MORCOMBE PEARSON BOUISSET DE CICCIO President and CEO COO CFO EVP Exploration VP, Strategy and and Growth Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q3 & YTD-2021 IN REVIEW 2 DETAILS BY MINE AND PROJECT 3 CONCLUSION 4 APPENDIX 1: EXPLORATION UPDATE 5 APPENDIX 2: FINANCIAL AND OPERATIONAL DATA Note : All amounts are in US$, except where indicated, and may differ from the Management Report due to rounding
Slide 5: Q3 & YTD-2021 in Review
01 SECTION 1 Q3 & YTD-2021 IN REVIEW
Slide 6: Strong Q3-2021 Performance Highlights
Q3-2021 & YTD-2021 RESULTS RESULTS STRONG Q3-2021 PERFORMANCE On track for a record year HIGHLIGHTS › On track to beat FY-2021 production guidance and meet AISC guidance STRONG BUSINESS On track to beat On track to generate PERFORMANCE production guidance +$1B in operating cash flow › Healthy balanc
Slide 7: Financial Overview
Q3-2021 & YTD-2021 RESULTS RESULTS FINANCIAL OVERVIEW Strong increase in YTD per share metrics Consolidated Highlights QUARTER ENDED NINE MONTHS ENDED Sep. 30, Jun. 30 Sep. 30, Sep. 30, Sep. 30, Var. YTD-21 +51% 2021 2021 2020 2021 2020 vs. YTD-20 (in $ million unless otherwise stated) PRODUCTION, S
Slide 8: YTD-2021 Performance on Track to Beat Guidance
Q3-2021 & YTD-2021 RESULTS RESULTS YTD-2021 PERFORMANCE ON TRACK TO BEAT GUIDANCE Strong performance across all operating metrics 0.21 GROUP LTM INDUSTRY LTIFR1 LEADING 1.10 Industry Average2 1,138koz GROUP EXPECTED YTD ABOVE PRODUCTION TOP END 1,365-1,495koz Guidance $875/oz GROUP $850/oz $900/oz A
Slide 9: Safety Continues to Be Our Top Priority
Q3-2021 & YTD-2021 RESULTS RESULTS SAFETY CONTINUES TO BE OUR TOP PRIORITY Lost Time Injury Frequency Rate remains at industry low Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 1.10 0.21 Lost Time Injury Frequency Rate 0.40 0.26 0.16 0.12 0.12 0.21 2 LTIs in Q3-2021 Industry FY-2
Slide 10: Production and AISC
Q3-2021 & YTD-2021 RESULTS PRODUCTION AND AISC Limited impact of the rainy season in Q3-2021 Production and AISC Production AISC from all operations 409koz 382koz +138koz 344koz 347koz Production Q3-2021 vs. Q3-2020 244koz $906/oz $904/oz AISC $868/oz $853/oz $803/oz REMAINED FLAT Q3-2021 vs. Q3-202
Slide 11: Year to Date Production
Q3-2021 & YTD-2021 RESULTS RESULTS YEAR TO DATE PRODUCTION Stronger diversification across assets and countries compared to 2020 Production breakdown Ex-Teranga Assets Endeavour legacy Assets Ex-SEMAFO Assets Wahgnion Mana +573koz 100Koz 151Koz Production YTD-2021 vs. YTD-2020 Boungou Sabodala-Massa
Slide 12: Supply Chain and Cost Inflation Controls
Q3-2021 & YTD-2021 RESULTS RESULTS SUPPLY CHAIN AND COST INFLATION CONTROLS Renegotiating long-term contracts as a larger group has helped to mitigate inflationary pressures INSIGHTS KEY CONTRACT RENEWALS › Renegotiated contracts after acquisitions of Semafo and Teranga to leverage increased group t
Slide 13: All-in Sustaining Margin
Q3-2021 & YTD-2021 RESULTS RESULTS ALL-IN SUSTAINING MARGIN Strong performance following record Q2-2021 results All-in Sustaining Margin from all operations1 All-in sustaining margin All-in sustaining margin per ounce Realized $395m 92m Gold Price $341m $333m $337m +$ All-in Sustaining Margin Q3-202
Slide 14: Operating Cash Flow
Q3-2021 & YTD-2021 RESULTS RESULTS OPERATING CASH FLOW Strong cash flow compared to Q2-2021 despite lower realized gold price and sales Operating cash flow from all operations $364m $300m $312m +$ 110m Operating CF Q3-2021 vs. Q3-2020 $202m $198m +55% Operating CF $1,841/oz $1,841/oz $1,749/oz $1,79
Slide 15: Operating Cash Flow
Q3-2021 & YTD-2021 RESULTS RESULTS OPERATING CASH FLOW Strong cash flow over Q2-2021 due to seasonality of tax payments Operating cash flow bridge INSIGHTS 1. The realised gold price decreased by $28/oz from $1,791/oz in Q2-2021 to $1,763/oz in Q3-2021 4 (∆$29m) 2. Gold sold decreased by 28koz from
Slide 16: Net Debt and Liquidity Analysis
Q3-2021 & YTD-2021 RESULTS RESULTS NET DEBT AND LIQUIDITY ANALYSIS Balance sheet continues to strengthen INSIGHTS Net Cash Variation Analysis › Q3-2021 financing activities include repayments on long- term debt of $80m, $100m of shareholder and minority interest dividends and $35m of share buybacks
Slide 17: Balance Sheet Strength
Q3-2021 & YTD-2021 RESULTS RESULTS BALANCE SHEET STRENGTH Strong cash generation supports balance sheet strength and shareholder returns Net Debt Reduction (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT PHASE DEBT REDUCTION PHASE DIVIDENDS & BUYBACK 0.05x Low Net Debt/Adj. $75m EBITDA
Slide 18: Net Earnings
Q3-2021 & YTD-2021 RESULTS RESULTS NET EARNINGS Decreased over previous quarter due lower realized gold price and sales 3 MONTHS ENDED INSIGHTS 30 September, 30 June, 1. The decrease in corporate costs in Q3-2021 was (in $ million) A = Adjustments made for Adjusted Net Earnings 2021 2021 primarily d
Slide 19: Attractive Shareholder Returns
Q3-2021 & YTD-2021 RESULTS RESULTS ATTRACTIVE SHAREHOLDER RETURNS $224 million returned to shareholders since beginning of the year INSIGHTS Dividend Programme Minimum Dividend at $1,500/oz gold, $m Interim Dividend › Endeavour has implemented a shareholder returns programme $175m that is composed o
Slide 20: Attractive Shareholder Returns
Q3-2021 & YTD-2021 RESULTS RESULTS ATTRACTIVE SHAREHOLDER RETURNS Supplementing dividends with active buyback program INSIGHTS Indicative yield for shareholder returns Endeavour’s Share Buyback Completed To Date in 2021 › Minimum dividend Dividend commitment of US$125 6% million for FY-2021 represen
Slide 21: Progressing Organic Growth Pipeline
Q3-2021 & YTD-2021 RESULTS RESULTS PROGRESSING ORGANIC GROWTH PIPELINE Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECTS: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: › Debottlenecking the pl
Slide 22: Continued Strong Exploration Focus
Q3-2021 & YTD-2021 RESULTS RESULTS CONTINUED STRONG EXPLORATION FOCUS Group on track to discover over 2.5Moz of Indicated resources in 2021 Total Indicated discoveries and targets Indicated resources discovered 8.5Moz Indicated resources targeted % Cumulative Indicated resources against 5-year disco
Slide 23: New 5-Year Discovery Outlook
Q3-2021 & YTD-2021 RESULTS RESULTS NEW 5-YEAR DISCOVERY OUTLOOK (2021-2025) Targeting discovery of more than 2x production depletion over the next 5 years Risked mean indicated discovery targets Risked Mean Indicated Resource Discovered Target M&I Resource as at 31 December, 2020 15-20Moz 5-year (20
Slide 24: LSE Premium Listing Completed in June 2021
Q3-2021 & YTD-2021 RESULTS RESULTS LSE PREMIUM LISTING COMPLETED IN JUNE 2021 Well-positioned as the largest pure gold producer listed on the premium segment of the LSE Production for London Stock Exchange listed gold producers1 Gold Silver in gold equivalent +25% 3.0Moz Premium Segment Standard Seg
Slide 25: Details by Mine and Project
02 SECTION 2 DETAILS BY MINE AND PROJECT
Slide 26: Production Bridge
Q3-2021 & YTD-2021 RESULTS RESULTS PRODUCTION BRIDGE On track to beat full year 2021 guidance Production Bridge YTD-2020 to YTD-2021 (for continuing operations) 1,365-1,495koz +638koz AISC: $850 - 900/oz 1,126koz 100koz AISC: $872/oz YTD-2021 vs. YTD-2020 241koz 91koz 60koz (3koz) 41koz 488koz 109ko
Slide 27: Sabodala-Massawa, Senegal
Q3-2021 & YTD-2021 RESULTS SABODALA-MASSAWA, SENEGAL Higher processed grade from Massawa ore in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS › Production increased mainly due to higher average processed grades and slightly higher tonnes milled and recovery rate. › AISC per ounce slightly increased in Q3-2021
Slide 28: Sabodala-Massawa Mine, Senegal
Q3-2021 & YTD-2021 RESULTS RESULTS SABODALA-MASSAWA MINE, SENEGAL Phase 1 tracking well: 5 out of 6 packages installed INSIGHTS Phase 1 Plant Expansion › Phase 1 of the plant expansion will facilitate processing of an increased proportion of high grade, free-milling Massawa ore through the Sabodala
Slide 29: Sabodala-Massawa Mine, Senegal
Q3-2021 & YTD-2021 RESULTS RESULTS SABODALA-MASSAWA MINE, SENEGAL Phase 1 tracking on schedule - 5 out of 6 packages being commissioned Package 1: Additional Electrowinning Cell commissioned Package 2: Carbon Regeneration and Elution Area tanks Package 2: Carbon Regeneration and Elution Area tanks P
Slide 30: Houndé Mine, Burkina Faso
Q3-2021 & YTD-2021 RESULTS RESULTS HOUNDÉ MINE, BURKINA FASO Lower processed grades and a focus on waste stripping Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased in Q3-2021 due to lower average processed Production, koz AISC, US$/oz grades as mining activities focused on wast
Slide 31: Ity Mine, Côte d'Ivoire
Q3-2021 & YTD-2021 RESULTS RESULTS ITY MINE, CÔTE D’IVOIRE Processed grade decreased and higher stripping at Bakatouo in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased, as guided, due to the lower average Production, koz AISC, US$/oz processed grade as a result of the
Slide 32: Boungou, Burkina Faso
Q3-2021 & YTD-2021 RESULTS RESULTS BOUNGOU, BURKINA FASO Continued focus on waste stripping at East pit in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production remained consistent with Q2-2021 as greater Production, koz AISC, US$/oz throughput and the recovery rate were offset by low
Slide 33: Mana, Burkina Faso
Q3-2021 & YTD-2021 RESULTS RESULTS MANA, BURKINA FASO Wona underground development being expedited Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production remained flat over Q2-2021 as plant Production, koz AISC, US$/oz throughput, average grade milled and recoveries remained fairly stable. › A
Slide 34: Wahgnion, Burkina Faso
Q3-2021 & YTD-2021 RESULTS RESULTS WAHGNION, BURKINA FASO Focused on fresh ore during the wet season in Q3-2021 Q3-2021 vs Q2-2021 INSIGHTS › Production decreased in Q3-2021 due to lower mill throughput and lower recovery rates, reflecting the high proportion of fresh material processed. › AISC per
Slide 35: Karma Mine, Burkina Faso
Q3-2021 & YTD-2021 RESULTS RESULTS KARMA MINE, BURKINA FASO Production decreased in Q3-2021 due to lower grades at GG1 Q3-2021 vs Q2-2021 INSIGHTS Production and AISC › Production decreased due to the lower average grade as well Production, koz AISC, US$/oz as the expected lower recovery rates which
Slide 36: Conclusion
03 SECTION 3 CONCLUSION
Slide 37: Continued Focus on Rewarding Shareholders
CONCLUSION CONTINUED FOCUS ON REWARDING SHAREHOLDERS Approach is underpinned by resilient business and disciplined capital allocation RESILIENT BUSINESS + DISCPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Portfolio Trusted Partner Management Growth
Slide 38: Upcoming Catalysts
CONCLUSION UPCOMING CATALYSTS Q4 Exploration Resource updates at Sabodala-Massawa, Houndé and Ity mines 2021 Q4 Fetekro Resource update at Fetekro development project 2021 Q4 Sabodala-Massawa Completion of Phase 1 plant upgrades 2021 Q1 Sabodala-Massawa Completion of Definitive Feasibility Study for
Slide 39: Appendix 1: Exploration Update
04 SECTION 4 APPENDIX 1: EXPLORATION UPDATE
Slide 40: Sabodala-Massawa Mine
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 102Mt at 2.02g/t au containing 6.64Moz NEAR-TERM FOCUS Discovery of additional high-grade non-refractory ore resources. Define new resources on n
Slide 41: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Updated resource is expected to be published in Q4-2021 INSIGHTS Massawa Plan Map › An exploration programme of up to $13 million was planned for 2021, of which $9 million has already been spent year to date. › During Q3-2021 alone, $5 million was spent on exploration
Slide 42: Houndé Mine
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 82Mt at 1.74g/t au containing 4.58Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Dohou
Slide 43: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Updated resource is expected to be published in Q4-2021 INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of up to $7 million was initially planned for 2021, however given our exploration success here early in the year, $14 million
Slide 44: Ity Mine
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost W Flotouo CURRENT M&I RESOURCES as at Dec 31, 2020 77Mt at 1.52g/t au containing 3.76Moz NEAR-TERM FOCUS 2.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine
Slide 45: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Updated resource is expected to be published in Q4-2021 INSIGHTS › An exploration programme of $9 million was initially planned for 2021, however given the success, $10 million has already been spent year to date. During Q3-2021, $4 million was spent on exploration. › During
Slide 46: Boungou Mine
DISCOVERY TARGET (2021-2025) BOUNGOU MINE Burkina Faso 1.0 – 1.5Moz $32/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 14Mt at 3.32g/t Au containing 1.54Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou
Slide 47: Boungou Mine, Burkina Faso
BOUNGOU MINE, BURKINA FASO Exploration focused on near mine targets INSIGHTS Boungou Exploration Map › An exploration programme of up to $7 million was planned for 2021, of which $5 million has been spent year to date. During Q3-2021, $1 million was spent on exploration. The exploration efforts were
Slide 48: Mana Mine
DISCOVERY TARGET (2021-2025) Bara MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 45Mt at 2.07g/t Au containing 3.01Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as we
Slide 49: Mana, Burkina Faso
MANA, BURKINA FASO Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $8 million was planned for 2021 of which $9 million has already been spent year to date. › During Q3-2021, $2 million was spent on exploration focussed on the Maoula open pit oxide
Slide 50: Wahgnion Mine
DISCOVERY TARGET (2021-2025) WAHGNION MINE Burkina Faso 1.5 – 2.0Moz $25/oz Indicated resources Discovery cost CURRENT M&I RESOURCES as at Dec 31, 2020 44Mt at 1.51g/t Au containing 2.15Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucki
Slide 51: Wahgnion Mine, Burkina Faso
WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of up to $12 million was planned for 2021, of which $8 million was spent year to date. › During Q3-2021,
Slide 52: Karma Mine, Burkina Faso
KARMA MINE, BURKINA FASO Exploration focused on delineating near mine extensions INSIGHTS Karma H1-2021 Drilling plan › During Q3-2021, limited exploration work continued as part of the advanced grade control drilling programme, targeting near mine extensions to be added into the current mine plan.
Slide 53: Fetekro Project
DISCOVERY TARGET (2021-2025) LFRC19-659: 9m@0.61g/t Au LFRC19-660: 3m@0.90g/t Au LFRC19-653: 2m@1.90g/t Au LFRC19-656: 2m@0.93g/t Au LFRC17-262: 3m@1.40g/t Au FETEKRO PROJECT and 2m@0.54g/t Au and 4m@0.62g/t Au Côte D’Ivoire 1.2 – 1.8Moz $14/oz Indicated resources Discovery cost CURRENT M&I RESOURCE
Slide 54: Appendix 2: Financial and Operational Data
05 SECTION 5 APPENDIX 2: FINANCIAL AND OPERATIONAL DATA
Slide 55: Debt Structure
Q3-2021 & YTD-2021 RESULTS DEBT STRUCTURE Debt Structure $330 Convertible Notes Debt Structure (at quarter-end) As at 30-Sept-21 › 3% coupon on convertible note payable semi-annually $330m Convertible Senior Notes 330.0 › Matures in February 2023 $370m › Ability to settle in cash or shares $370m Bri
Slide 56: 2021 Guidance
Q3-2021 & YTD-2021 RESULTS 2021 GUIDANCE INSIGHTS Consolidated Production Guidance › Total production guidance for 2021 of (All amounts in koz, on a 100% basis) YTD-2021 2021 FULL-YEAR GUIDANCE 1,365 – 1,495koz at an AISC of $850 - Ity 212 230 — 250 $900/oz. Karma 67 80 — 90 › The Sabodala-Massawa a
Slide 57: 2021 Guidance (Continued)
Q3-2021 & YTD-2021 RESULTS 2021 GUIDANCE (Continued) Sustaining and Non-Sustaining Capital Expenditure Guidance INSIGHTS Sustaining SUSTAINING CAPITAL NON-SUSTAINING CAPITAL › Houndé: waste extraction, fleet re-builds, borehole drilling at YTD-2021 FY-2021 YTD-2021 FY-2021 Kari (All amounts in US$m)
Slide 58: Mine Statistics
Q3-2021 & YTD-2021 RESULTS MINE STATISTICS On a quarterly basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-21 Q2-21 Physicals Total tonnes mined – OP1 000t 5,576 5
Slide 59: Mine Statistics
Q3-2021 & YTD-2021 RESULTS MINE STATISTICS On a year to date (nine months) basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-212 YTD-212 Physicals Total tonnes mined – OP1 000t 18,326 16,923 16,3
Slide 60: Tax Payments
Q3-2021 & YTD-2021 RESULTS TAX PAYMENTS On a quarterly basis THREE MONTHS ENDED Sep. 30, Jun. 30, Sep. 30, In US$ million unless otherwise specified. 2021 2021 2020 Boungou 10 49 1 Houndé 11 40 7 Ity 10 22 17 Karma 0 3 - Mana 4 13 - Sabodala-Massawa 0 14 n.a Wahgnion 2 8 n.a Other 19 2 7 Taxes from
Slide 61: Contact Us
@) ENDEAVOUR Lp igntea hp MINING 5 Young Street London a ce United Kingdom T: +44 203 011 2723 CONTACT US T: +44 203 011 2719 OPERATIONS OFFICE investor@endeavourmining.com Hotel Palm Club Follows Croisement Boulevard Latrille et rue du Lycée Technique Abidjan ‘in) y) 08 BP 872 Céte d'Ivoire endeavo