Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (January 2024)
174 slides from Endeavour Mining's investor presentation, January 2024
Slide 1: Corporate Presentation January 2024
CORPORATE PRESENTATION January 2024
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Financial Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 West Africa Insights 6 Appendix 2
Slide 3: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour Has an Unmatched Competitive Advantage
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 4 Gold 1,130-1,270koz West African producer mines AISC $955-1,035/oz 2024 guidance 5
Slide 6: Relative to Other Gold Producers
RELATIVE TO OTHER GOLD PRODUCERS CROSS SECTOR BENCHMARKING FY-2023 Production Guidance 7Moz 6Moz 5Moz 4Moz PEER 3Moz BENCHMARKING 2Moz 1Moz 0Moz Centerra Newmont IAMGOLD Kinross Endeavour1 Agnico Eagle Newcrest SSR Mining Eldorado Gold Fields Northern Star Harmony Gold B2Gold Evolution Mining Alamos
Slide 7: Company Profile
COMPANY PROFILE Highlights Top shareholders Shareholder register as at 30 November 2023 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 1 January 2024 245m Rank Institution name % of S/O 1 La Mancha 18.2% Share price as at 1 January 2024 £17.54 / C$29.86 2 BlackRock Investment Managemen
Slide 8: Our Purpose Is to Produce Gold That Provides Lasting Value
OUR PURPOSE IS TO EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We do so while protecting and promoting the places where we operate. Our work is a partnership, helping to create resilient and self-sustaining communities, where people are equipped wit
Slide 9: Our Strategy
OUR STRATEGY Build a resilient business and be a trusted partner with the ability to reward shareholders MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet management Proven project
Slide 10: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMISATION PILLARS $950/oz Industry-leading All-in Sustaining Cost 01 Operational Excellence +10 YEARS Productio
Slide 11: Superior Operating Model
1 SUPERIOR OPERATING MODEL OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies › Significant synergies from shared technical functions › Han
Slide 12: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Leveraging our in-house construction expertise AGBAOU, CÔTE D’IVOIRE, BOUNGOU, BURKINA FASO WAHGNION, BURKINA FASO BUILT IN 2014 BUILT IN 2018 BUILT IN 2019 TRACK RECORD safely with zero LTIs HOUNDÉ, BURKINA FASO ITY CIL, CÔTE D
Slide 13: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio +110 EXPLORATION PROPERTIES 7 DEVELOPMENT PROJECTS 4 MINING OPERATIONS Current high priority efforts: In construction: Optimisation initiatives: Siguiri Sia/Sianikoui Lafigué Sabodala-Massaw
Slide 14: Sabodala-Massawa Expansion
2 SABODALA-MASSAWA EXPANSION PROJECT DEVELOPMENT On budget and on schedule for first gold in Q2-2024 INSIGHTS › Expansion of our flagship Sabodala-Massawa mine with a BIOX® 1.2Mtpa BIOX® plant, designed to process high-grade refractory Primary Crusher ore CCDs › After-tax NPV5% & IRR at $1,700/oz of
Slide 15: Lafigué Development Project
2 LAFIGUÉ DEVELOPMENT PROJECT PROJECT DEVELOPMENT On budget and ahead of schedule for first gold in Q2-2024, rather than Q3-2024 INSIGHTS Primary Crusher › Lafigué will be another cornerstone asset with an after-tax Process Water Pond NPV5% & IRR at $1,500/oz of $477m & 21% HPGR Reclaim › FY-2024 pr
Slide 16: Largest Exploration Presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production since it is underexplored 16
Slide 17: Proven Ranking and Screening Methodology
Watch 3 PROVEN RANKING AND SCREENING METHODOLOGY video UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Outlook set in 2021 for the 5-year period ending 2025 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data
Slide 18: Unlocking Exploration Value
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 15Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered Exploration spend 3.5Moz 3.0Moz 15.0Moz Discovered 3.0Moz M&I resources discovered in 2022 2.2Moz 2.1Moz 1.0Moz 1.3Moz 1.9Moz <$ 25/oz di
Slide 19: Unlocking Exploration Value
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE On track to achieve 5-year discovery target of 12 - 17Moz for period ending 2025 5-year M&I resource discovery target from continuing operations Remaining Indicated resource discovery target (2021 - 2025) 6.5Moz M&I resources discovered in 20
Slide 20: Tanda-Iguela Greenfield Project
3 TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION VALUE Confirmed potential to be a Tier 1 asset INSIGHTS › 4.5Moz resource outlined in approximately 2 years for a 4.5Moz discovery cost of $11 per Indicated ounce › PFS underway and is expected to be finalised in late 2024 › Indicated resource
Slide 21: Focused on Long Life and Low AISC Assets
4 FOCUSED ON LONG LIFE AND LOW AISC ASSETS ACTIVE PORTFOLIO MANAGEMENT Divested non-core assets and integrated four mines Key achievements across 4 pillars Endeavour’s portfolio Expanding Sabodala-Massawa Current operations1 Divested/Ceased operations Construction project2 AISC, $/oz Realised synerg
Slide 22: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining industry-leading AISC Production profile For discontinued operations For continuing operations Full-year benefit of 1.6Moz Sabodala-Massawa expansion and Lafigué Full year benefit of Semafo assets +1.3Moz and Purchase 1.2Mo
Slide 23: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Targeting increased shareholder returns following the build phase SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Progressive Dividend › In 2021, Endeavour implemented a min
Slide 24: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Buybacks continue to supplement shareholder returns Cumulative shareholder returns Cumulative Buybacks Cumulative Dividend $903m >$ 200/oz Returned for every $303m ounce of gold produced1 $637m $237m +77% $338m $600m $138m $400m $60m $200m Above the minimum r
Slide 25: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2023 scores1 Low Endeavour MSCI rating evolution2 Severe 7% Medium Endeavour (2023) Agnico Eagle 41% Gold Peer 22% 2022 AA Polymetal Risk Rating Eldorado Newmont 30% AngloGold Ashanti High 2021 A Endeavour (2022)
Slide 26: London Stock Exchange Listing
LONDON STOCK EXCHANGE LISTING Significant increase in liquidity following index inclusions Volume traded on LSE compared to the TSX1 56% 56% of daily volume 47% in the UK 42% MSCI UK 31% FTSE ALL SHARE + 31% FTSE 34% of shares outstanding FTSE 250 100 in the UK register H2-2021 H1-2022 H2-2022 H1-20
Slide 27: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Underpinned by a resilient business, disciplined capital allocation and a strong competitive advantage in West Africa RESILIENT BUSINESS + DISCIPLINED CAPITAL ALLOCATION High Quality Being a Prudent Balance Sheet Organic Shareholder Returns Portfolio Obje
Slide 28: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 28
Slide 29: Operating Metrics
OPERATING METRICS Production guidance achieved at industry leading all-in sustaining costs 0.08 GROUP SAFETY LTM INDUSTRY LTIFR1 LEADING 1.14 Industry Average2 1,072 koz GROUP ACHIEVED FY PRODUCTION PRODUCTION (for continuing operations) GUIDANCE 1,060-1,135koz Guidance $964/oz $946/oz3 +18/oz FY FY
Slide 30: Production and AISC
PRODUCTION AND AISC AISC improvement in Q4 while production remained flat Production and AISC Production for continuing operations, koz1 AISC for continuing operations, US$/oz 294koz 268koz 281koz 280koz Flat Production 243koz Q4-2023 vs Q3-2023 $1,000/oz $955/oz $967/oz 31/oz ~$936/oz $875/oz -$ Al
Slide 31: Robust Financial Position
ROBUST FINANCIAL POSITION Strong focus on funding our growth while delivering shareholder returns Net debt evolution (Net Debt)/ Net Cash INVESTMENT FOCUS DEBT REDUCTION FOCUS $75m $76m ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS $167m $217m $121m $756m Available liquidity1 $3m as at 31 D
Slide 32: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Balance sheet structure INSIGHTS (in $ million unless stated otherwise) 31 Dec 2023 30 Sep 2023 31 Dec 2022 1. The Company paid up a further $70m on the revolving credit facility during the quarter. Cash $370m 517 625 951 2. The Company drew down $
Slide 33: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L Q1-2022 Q3-2022 Q1-2023 Q3-2023 › Fuel price is regulated by in-country based pricing Q2-2022 Q4-2022 Q2-2023 mechanisms where prices are revised periodically, sheltering Endeavour from
Slide 34: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Debt reduction Gold collars and shareholder INSIGHTS Gold price in US$/oz return focus › In Q3-2023, 30koz were settled under 2400 Growth and forward contracts at a price of $1,828/oz shareholder
Slide 35: Stable Credit Rating
STABLE CREDIT RATING S&P credit rating is capped by sovereign rating S&P long-term foreign currency debt credit ratings Endeavour BB- BB- Cote d’Ivoire BB- S&P rating Senegal B+ Stable Outlook across all Burkina Faso CCC+ jurisdictions 35
Slide 36: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance › FY-2024 production guidance marks an 2023 ACTUALS 2024 GUIDANCE (All amounts in koz, on a 100% basis) increase of up to nearly 200koz or 18% over the FY-2023 production from continuing operations Houndé 312 260 — 290 of 1,072koz due to the commissioning o
Slide 37: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance Sustaining capital 2023 ACTUALS 2024 GUIDANCE (All amounts in US$m) › Houndé: waste stripping, de-watering boreholes, plant upgrades Houndé 34 40 Ity 10 10 › Ity: waste stripping, fleet rebuilds, plant upgrades Lafigué - 25 › Mana: underground d
Slide 38: Our High Quality Portfolio
OUR HIGH QUALITY PORTFOLIO 3 38
Slide 39: Diversified Portfolio
DIVERSIFIED PORTFOLIO Data for continuing operations P&P RESERVES M&I RESOURCES 2023 Actuals 2024 Guidance as at 31 Dec 2022 as at 31 Dec 2022 ASSET COUNTRY PRODUCTION AISC PRODUCTION AISC CONTAINED GRADE CONTAINED GRADE (koz) (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) GOLD (Moz) (g/t) Houndé Burkina
Slide 40: Key Optimisations Initiatives
KEY OPTIMISATIONS INITIATIVES Continued optimization efforts to tackle inflationary pressures Sabodala-Massawa Ity Sabodala in-pit tailings can have +$31m in savings with The Mineral Sizer project will add an additional primary reduced environmental impact crusher for the oxide ores in order to sust
Slide 41: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Snapshot 360-400koz $750-850/oz 4.1Moz 6.3Moz As at As at 2024 Guidance 2024 Guidance 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to beco
Slide 42: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2
Slide 43: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Production ramp up in H2-2024 as BIOX® Expansion project comes online Q4-2023 vs Q3-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to an increase in processed grade and throughput
Slide 44: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Construction is on track and on budget for Q2-2024 startup INSIGHTS › Construction of the Sabodala-Massawa BIOX® project was launched in Q2-2022 and remains on budget and schedule for completion in Q2-2024. › $210m of growth capital has been incurred since project launch.
Slide 45: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2024 Guidance mid-point BIOX® production CIL production 450Koz Targeting production +400koz per annum 400Koz 350Koz 300Koz 250Koz 200Koz 150Koz 100Koz 50Koz 0Koz 2021A1 2022
Slide 46: Robust Economics for the Expansion Project
CORPORATE PRESENTATION Expansion Project Highlights (excludes current CIL operation) SABODALA-MASSAWA FIRST FIVE YEARS LIFE OF MINE Senegal (2024-2028) (2024-2033) OPERATING SUMMARY Tonnes processed, Mt 5.7 10.8 Strip ratio, W:O 7.7 8.5 ROBUST ECONOMICS Grade processed, Au g/t Gold contained process
Slide 47: Scope Changes in DFS Compared to PFS
SABODALA-MASSAWA EXPANSION Scope changes in DFS compared to PFS AREA DESCRIPTION OF CHANGE EXPECTED RESULT Capital cost estimates Additional geometallurgical work has reclassified Removes risk associated with blending transitional and fresh CAPITAL fresh and transitional ore from the Massawa ore wit
Slide 48: Sabodala-Massawa Solar Plant
SABODALA-MASSAWA SOLAR PLANT Solar plant construction launched to reduce energy cost and CO2 emissions INSIGHTS Sabodala-Massawa power generation and storage › Endeavour launched the construction 24% of a 37MWp photovoltaic (“PV”) solar SOLAR PROJECT CURRENT PLANT facility and a 16MW battery system
Slide 49: Sabodala-Massawa Mine Discovery Target
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE Senegal 2.3 - 2.7Moz $26/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 106Mt at 1.86g/t au containing 6.33Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-g
Slide 50: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I resource additions versus depletion M&I Resource at year end Cumulative Depletion ~10Moz 10.0Moz 9.8Moz 9.3Moz 9.3Moz 3.1Moz 2.4Moz 2.7Moz 3.5Moz Defined gold 6.3Moz endowment 6.1Moz 6.2Moz 1.6Moz1 1.9Moz 2.1Moz 6.3Moz 6.9Mo
Slide 51: High Grade Reserves & Resources
HIGH GRADE RESERVES & RESOURCES Potential for significant additions given exploration potential Sabodala-Massawa reserves and resources by ore type OXIDE TRANSITIONAL FRESH TOTAL Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content Content 4.1Moz (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au
Slide 52: Near Term Exploration Focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on expanding existing resources and discovering new resources INSIGHTS › FY-2023 spend of $19 million consisting of 101,645 metres of drilling across 3,928 drill holes. › FY-2024 expected spend of $21 million. › The exploration programme remains focus
Slide 53: Kiesta
KIESTA High-grade intercepts at the Kiesta discovery are being delineated INSIGHTS › The Kiesta target is located along the Sabodala Shear Zone › The deposit is located in the north of the Massawa mining license, approximately 18 kilometers southeast of the Sabodala-Massawa processing plant › Follow
Slide 54: Bambaraya
BAMBARAYA Resource increased at Bambaraya deposit INSIGHTS › The Bambaraya deposit is located in the northwest corner of the Massawa mining license, approximately 13 kilometers south of the Sabodala-Massawa processing plant › Following successful exploration work during 2022, an updated mineral reso
Slide 55: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike 55
Slide 56: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 56
Slide 57: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Snapshot 270-300koz $850-925/oz 3.0Moz 5.0Moz As at As at 2024 Guidance 2024 Guidance 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerston
Slide 58: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mi
Slide 59: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Expected to beat full year production guidance Q4-2023 vs Q3-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production remained flat as higher tonnes milled and higher processed grades were offset by
Slide 60: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview Ity production plan 2024 Guidance mid-point Incremental production added 2017 Optimization Study 350koz 300koz Target production of 250koz over +10 years expected to be achieved based on exploration potential
Slide 61: Ity Mine Discovery Target
DISCOVERY TARGET (2021-2025) ITY MINE Côte D’Ivoire 3.5 – 4.5Moz $17/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 97Mt at 1.59g/t au containing 4.97Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 62: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion Cumulative depletion M&I resources2 6.9Moz 7.8Moz 7.8Moz 5.9Moz 2.8Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.6Moz 5.0Moz 4.5Moz 3.
Slide 63: Ity Resource Model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 63
Slide 64: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on extending mineralisation at known deposits INSIGHTS › FY-2023 spend of $16 million consisting of 84,474 metres of drilling across 893 drill holes. › FY-2024 expected spend of $10 million. › The exploration programme is focused on extending near- mine resources
Slide 65: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 65
Slide 66: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 66
Slide 67: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 67
Slide 68: Le Plaque
LE PLAQUE Continuity demonstrated between Delta extension and Yopleu-Legaleu INSIGHTS Le Plaque exploration targets › The high grade Le Plaque deposit has been extended to the south towards Delta Extension and Le Plaque southwest. › Resource ore type is 77% fresh and the strip ratio is expected to b
Slide 69: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 69
Slide 70: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added INSIGHTS Walter-Bakatouo selected drill holes › Walter-Bakatouo is located 1km east of the Ity CIL plant › Drilling at the Walter-Bakatouo pit in 2023 intercepted high-grade mineralisation around the margins of the granodiorite intrusion in t
Slide 71: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt INSIGHTS Gbampleu selected drill holes › The Gbampleu discovery is located in the Toulepleu exploration permit (PR462), 22km south of the Ity plant. The prospect sits in the center part of the Toulepleu-Ity greenstone
Slide 72: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 72
Slide 73: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 260-290koz $1,000-1,100/oz 2.7Moz 4.7Moz As at As at 2024 Guidance 2024 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’
Slide 74: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% ba
Slide 75: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Record production achieved in FY-2023 Q4-2023 vs Q3-2023 INSIGHTS Production and AISC › Production decreased due to lower processed grades and Production, koz AISC, US$/oz 109koz slightly lower throughput and recove
Slide 76: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2024 Guidance mid-point Incremental production added 2016 Optimization Study 350Koz 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration
Slide 77: Houndé Mine Discovery Target
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE Burkina Faso 3.0 – 4.0Moz $19/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 93Mt at 1.56g/t au containing 4.68Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 78: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I Resource additions versus depletion M&I resources1 Cumulative Depletion 6.2Moz 6.4Moz 6.2Moz 5.5Moz 1.2Moz 1.5Moz 0.9Moz Defined gold 4.5Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.6Moz 0.1Moz 4.6Moz 4.7Moz 3.9
Slide 79: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › FY-2023 spend of $8 million consisting of 25,774 metres of drilling across 126 drill holes. › FY-2024 expected spend of $7 million. › The exploration programme is
Slide 80: Mambo
MAMBO Delineation of the Mambo discovery INSIGHTS Mambo geology and drilling intercepts › Mambo is an attractive deposit as it is expected to have a low strip ratio, the resource contains approximately 40% oxide and transitional material › The higher-grade portion (+2g/t) of the Mambo deposit is exp
Slide 81: Golden Hill Exploration
GOLDEN HILL EXPLORATION Potential to integrate within the Houndé mine plan INSIGHTS › Advanced-stage exploration project on the Houndé Belt within trucking distance (25-30 kilometres) of the Houndé mine › Indicated resource of 753koz at 1.86 g/t and an Inferred resource of 760koz at 1.81 g/t as at 3
Slide 82: Sianikoui
SIANIKOUI Drilling at high-grade target north of Kari area 82
Slide 83: Vindaloo South and Deeps
VINDALOO SOUTH AND DEEPS Drill programme focussing on delineating mineralisation extensions INSIGHTS › During FY-2023, drilling below the Vindaloo deposit identified two additional mineralised zones at depth, confirming the potential to delineate a sizeable, high-grade underground resource. › This V
Slide 84: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 84
Slide 85: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 150-170koz $1,200-1,300/oz 0.9 Moz 2.2 Moz As at As at 2024 Guidance 2024 Guidance 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the no
Slide 86: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitio
Slide 87: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Improving grades and mining rates as underground ramps up Q4-2023 vs Q3-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades processed and recovery rates,
Slide 88: Mana Mine Discovery Target
DISCOVERY TARGET (2021-2025) MANA MINE Burkina Faso 1.0 – 1.5Moz $30/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 34Mt at 1.99 g/t Au containing 2.18Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as ex
Slide 89: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › FY-2023 spend of $7 million consisting of 20,728 metres of drilling across 378 drill holes. › FY-2024 expected spend of $2 million. › The exploration programme was focused on testing high grade ta
Slide 90: Maoula
MAOULA Open pit oxide target 90
Slide 91: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 Base line MARC21-208 4.0m @ 3.33 g/t \ 14m SE 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 92: Nyafe Sud
NYAFE SUD Drilling focussed on delineating under explored refractory ore potential NYRC22-008 NYRC22-009 NYDD21-002 6 m @ 1.57 g/t \ 101m 6 m @ 1.99 g/t \ 55m 4.0 m @ 3.67 g/t \ 38.0m 1 m @ 1.50 g/t \ 153m 1 m @ 1.37 g/t \ 94m 1.2 m @ 1.99 g/t \ 97.1m 1 m @ 4.05 g/t \ 159m 3 m @ 2.69 g/t \ 97m 92
Slide 93: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Côte D’Ivoire 90-110koz $900-975/oz 2.7Moz 3.0Moz As at As at 2024 Guidance 2024 Guidance 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demon
Slide 94: Lafigué Project DFS Confirms Potential to Be a Cornerstone Asset
Lafigué Project DFS highlights LAFIGUÉ PROJECT PLANT TYPE, SIZE & CAPEX Plant type Gravity / CIL Côte D’Ivoire Mill capacity 4.0 Upfront capital cost, $m 448 RESERVES & RESOURCES (as at 31 December 2022) P&P Reserves, koz 49.8Mt at 1.69 g/t for 2.7Moz DFS CONFIRMS M&I Resources, koz 46.3Mt at 2.03 g
Slide 95: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Long life and low AISC operation Lafigué production plan DFS Production DFS AISC 300koz 250koz $2,000/oz 203Koz $1,600/oz Average annual Target production of +200koz production over LOM 200koz $1,200/oz 150koz +33% $800/oz 100koz $400/oz 50koz Incremental pr
Slide 96: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Development is on budget and ahead of schedule for Q2-2024 startup INSIGHTS Processing Facility Primary & Secondary Crusher › First gold production at Lafigué is expected ahead of schedule in Q2-2024, rather than Q3-2024. Lafigué is expected to produce betwe
Slide 97: Lafigué Project
LAFIGUÉ PROJECT Lafigué process plant layout Côte D’Ivoire Mining • Open-pit drill & blast mining will be carried out by contractors with a maximum mining capacity of 55Mt per year • Fleet will comprise 400t class face shovels to load 180t capacity trucks for waste, and 200t class excavators to load
Slide 98: Lafigué Project Discovery Target
DISCOVERY TARGET (2021-2025) LAFIGUÉ PROJECT Côte D’Ivoire 1.5 – 2.0Moz $45/oz Indicated resources Discovery cost M&I RESOURCES as at 31 December 2022 46Mt at 2.04g/t Au containing 3.03Moz NEAR-TERM FOCUS 3.03Moz of M&I resources have been discovered since 2018 with the aim to further extend the Laf
Slide 99: Fetekro Exploration Property
FETEKRO EXPLORATION PROPERTY High priority targets to follow-up with over the first few years of production INSIGHTS Fetekro Exploration permit select intercepts › Advanced grade control and sterilisation drill programmes were completed during FY-2023 and the hydrogeological and geotechnical program
Slide 100: Lafigué North
LAFIGUÉ NORTH Section 320205 100
Slide 101: Lafigué Center
LAFIGUÉ CENTER Section 319830 101
Slide 102: Tanda-Iguela
INSIGHTS › 4.5Moz Indicated resource outlined in approximately two years after discovery at a low discovery cost of $11 per indicated ounce TANDA-IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 70.9 1.97 4,493 Inferred 2.9 1.91 176 › Tanda-Iguela property has the potentia
Slide 103: Assafou Deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS › Tanda-Iguela in Côte d’Ivoire is Endeavour’s exploration priority › 226km has been drilled at Tanda-Iguela since its discovery, of which 168km has been drilled in 2023 › Over 125km of drilling completed at the Assafou deposit in 2
Slide 104: Assafou Deposit
ASSAFOU DEPOSIT Mineralisation towards the northwest added to the November 2023 pit shell Cross Section 3133: Resources extended to the northwest outside of the November 2022 resource pit shell 104
Slide 105: Assafou Deposit
ASSAFOU DEPOSIT Mineralisationn intersected below November 2023 pit shell Cross Section 2933: Infill drilling in the northwest of Assafou extended resources at depth 105
Slide 106: Assafou Deposit
ASSAFOU DEPOSIT High grade and thickness of main mineralised lense with additional lenses added near surface Cross Section 2333: Infill drilling identified shallow mineralisation in the southwest of the deposit 106
Slide 107: Assafou Deposit
ASSAFOU DEPOSIT Continuity of main mineralised lense with further mineralisation intersected at depth Cross Section 1933: Infill drilling in the centre of the deposit extended resources at depth 107
Slide 108: Assafou Deposit
ASSAFOU DEPOSIT Additional resources added close to surface in the southeast part of the deposit Cross Section 1766: Infill drilling has added additional resources close to surface and at depth 108
Slide 109: Assafou Deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0533: Drilling has extended resources southeast of the November 2022 resources 109
Slide 110: Tanda-Iguela Regional Targets
TANDA-IGUELA REGIONAL TARGETS High-priority satellite targets identified in close proximity to the Assafou deposit INSIGHTS Tanda-Iguela regional map › Over 17km of drilling has been completed in 2023 on satellite targets located within 5km of Assafou › High-grade mineralisation was intercepted at s
Slide 111: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in GUITRY - KRAKOUADIOKRO O Côte D’Ivoire R Côte d’Ivoire K O A -Y › Mineralisation occurs in N A N moderately to steeply dipping O K subparallel brittle-ductile graphitic shear zones in contact
Slide 112: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2022 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown incl
Slide 113: Kalana Project
KALANA PROJECT Kalana 2016 vs. 2021 Study Comparison1 Mali 2021 STUDY 2016 STUDY VARIANCE PLANT SIZE & CAPEX Nominal mill capacity, Mtpa 3.0 1.2 +150% Upfront capital cost, $m 297 196 +51% › Key changes in updated PFS compared to LIFE OF MINE STATS the 2016 Avnel study: Mine life, years 11 18 -39% ‒
Slide 114: Kalana Project
Kalana license and exploration targets KALANA PROJECT Mali › Discovery of additional deposits may provide an extension of the Kalana mining operation. In addition, potential high-grade free-digging soft material may provide further operating flexibility › The Kalanako Northwest area is highly prospe
Slide 115: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralised zones with diverse BANTOU PROJECT mineralisation styles and grades within the prolific Houndé Burkina Faso Greenstone Belt › The Inferred resource is comprised of three main areas with t
Slide 116: Nabanga Project
INSIGHTS Nabanga deposit plan map and schematic cross-section › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold NABANGA PROJECT Project lies within the Nabanga Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. ‒ Pre-
Slide 117: Greenfield Liguidi
117 GREENFIELD LIGUIDI Burkina Faso
Slide 118: Greenfield Siguiri Licenses
118 GREENFIELD SIGUIRI LICENSES Guinea
Slide 119: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 119
Slide 120: Our Purpose Is to Produce Gold That Provides Lasting Value
OUR PURPOSE IS TO PRODUCE GOLD THAT PROVIDES LASTING OURVALUE PURPOSETO IS TOSOCIETY PRODUCE GOLD THAT PROVIDES LASTING VALUE TO SOCIETY We achieve this by... Protecting and promoting the Helping to create resilient and Trusted to unlock the full benefits places where we operate self-sustaining comm
Slide 121: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2023 • RGMP Compliance 2022 achieved at all sites • New Code of Business • ISO 14001/ISO 45000 2021 Conduct and Ethics certification achieved at • External assurance on key all sites 2020 ES
Slide 122: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 53.2 /100 Severe Risk 2019 2023 23.9 /100 Medium Risk 2022 18.2 /100 Low Risk 2023 2020 2022 2019 2020 2021 2022 Climate D- C C B- Change Water N/A C C C 122
Slide 123: Leading Sustainalytics ESG Risk Rating
LEADING SUSTAINALYTICS ESG RISK RATING No.1 Sustainalytics rated gold producer Sustainalytics risk ratings for gold producers Mining sector Sustainalytics risk ratings Endeavour (2023) ESG Risk Rating Rank Percentile Agnico Eagle Endeavour Mining 18.2 – Low 3,198/15,708 21st Polymetal Anglo American
Slide 124: Towards Net Zero
TOWARDS NET ZERO INSIGHTS TARGETS › Working to improve the efficiency of our operations, reduce energy use and associated costs, and lower emissions are key drivers of the Group’s long-term sustainability Achieve <0.64 t CO2-e /oz 2023 › Achieved 2022 Group emissions intensity target (total Scope 1
Slide 125: Energy Sources
ENERGY SOURCES SNAPSHOT OF OUR POWER SOURCES AND OPPORTUNITIES SENEGAL CÔTE D’IVOIRE BURKINA FASO Country Profile Country Profile Country Profile • 79% Fossil, 21% Renewables (Solar, Wind, Hydro) • Well-developed national infrastructure • 68% Imported, 32% Domestic Production • 77% Fossil (Natural G
Slide 126: Peer Benchmarking
PEER BENCHMARKING Global gold producer emission intensities 3.90 Emission Intensity (kt CO2-e/oz) 1.63 1.51 LOW INTENSITY Industry average intensity of 1.001 1.00 PRODUCER 0.80 0.81 0.76 0.64 0.67 0.54 0.57 0.40 36% Below industry Anglogold B2Gold Northern Star Newcrest Kinross Agnico-Eagle Fresnill
Slide 127: Water Stewardship
WATER STEWARDSHIP INSIGHTS Water stress index › Our approach is to use water as efficiently as possible Low <10% › We pay for the water we withdraw as part of our water permits Low-Medium 10-20% › Total water withdrawal increased by 50% in 2022 over 2021 due largely to: Medium-high 20-40% › Delays i
Slide 128: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT INSIGHTS Endeavour’s TSFs › Conduct regular internal and external audits, results are reported back to senior management and the Board › We support the Global Industry Standard on Tailings Management (GISTM) and are working towards alignment › Annual tailings disclosu
Slide 129: Protecting the Environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity. Protect 300ha of land 2023 › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat, Reclaim 60ha of land › We will not undertake exploration or mining acti
Slide 130: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT INSIGHTS Our employees, by origin Our workforce Nationals Female employees › Total workforce of 14,140 including 5,659 Local Communities Female contractors employees & 8,481 contractors (YE-2022) Male employees Expatriates Male contractors LOCALISING MANAGEMENT 94%
Slide 131: Boosting Host Economies
BOOSTING HOST ECONOMIES INSIGHTS Procurement budget Payments to governments National and Local suppliers Senegal › We prioritise in-country suppliers and the Foreign Suppliers Côte d’Ivoire development of domestic supply chains to Burkina Faso create employment opportunities › We contribute to natio
Slide 132: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION INSIGHTS › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border projects › $1.2 million invested since 2021 in the areas of education, skills training, fighting malaria, plasti
Slide 133: Ecodev – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND INSIGHTS › Established by Endeavour to support national economic growth › $2.9 million invested since fund inception (2021-2022) › Invests in the creation of local long-term, sustainable, SMEs with reputable partners Mali Shi Ranch du Tuy Turkey Farm Image
Slide 134: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 4,688 community consultations in 2022 › Range of income-generating activities in place, with a focus on the youth and women › Physically resettled 387 households comprising 3,298 people across our mines › Implementing programmes for 1,788 people who were economically
Slide 135: Targeting Zero Harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) › For 2022, we set ourselves a target to -25% 0.26 3.66 reduce all incidents by 10%; Our LTIFR -90% 3.47 decreased by 91% and our TRIFR decreased 0.20 2.60 by 25% › Regrettably, we recorded a fatality of
Slide 136: Diversity & Inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation in total workforce EDV Femmes › Employment of women in mining in West 9% 9% Africa remains a relatively new, 8% predominantly due to historical perceptions of the industry and cultural traditions. › We continue to address this bias by actively pro
Slide 137: Ethical Business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery RGMP compliance at our remaining › In 2022 we published our first externally assured Conflict Free Gold Standard Report 2023 mines, as per the WGC timeframe › In 2022 we published ou
Slide 138: Governance Framework
GOVERNANCE FRAMEWORK THE BOARD ESG Committee Audit Committee Quarterly Executive Management Committee EVP PA, Security and Social Perf. EVP ESG & Supply Chain Executive ESG SteerCo Quarterly Legal Working group Sector Specialists HSE Sustainability HR Social Tech Supply Investor PA performance Servi
Slide 139: Aligning ESG Priorities Through Exec Comp
ALIGNING ESG PRIORITIES THROUGH EXEC COMP FY-2023 FY-2022 FY-2021 Target Weighting Target Weighting Target Weighting 15% level of Group wide 7.5% 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% female recruitment SHORT-TERM INCENTIVE Two additional mines 7.5% 75% host country sourcing 10% compl
Slide 140: Short Term Incentive Plan
SHORT TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM Net free cash flow2 20.0% 5% below target $35m2 10% above target Production 12.5% >1,300koz 1,391koz Beat high end of guidance AISC 12.5% Within guidance $970/oz3 Beat low end of guidance ESG: RGMP4,5 7.5% One additional
Slide 141: Long Term Incentive Plan
LONG TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM2 TSR - Performance 25.0% Mid point Mid point Top quartile (Rank 1-20)3,4 Absolute shareholder 25.0% $475m $525m $600m returns Net debt 10.0% <0.5x <0.3x ≤0.2x Projects5 12.5% IRR ≥ 18% IRR ≥ 20% IRR > 25% Exploration 12.5
Slide 142: Our 2023 Material Topics
OUR 2023 MATERIAL TOPICS GRI Indicator Aspect Materiality: Impact Materiality: Financial GRI 202 Local Impact: Delivering benefits including meaningful work for our host Financial: Moderate – Failure to secure social licence could impact operations and lead communities helps to build and reinforce o
Slide 143: Strong & Diverse Corporate Governance
STRONG & DIVERSE CORPORATE GOVERNANCE Size of Board = 9 Nationalities represented on the Board Board experience by sector Strategy & Leadership International Business 8 6 1 Metals & Mining Finance & Accounting Public Policy Operations & Exploration Corporate Governance Sustainability & Non-Executive
Slide 144: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 144
Slide 145: West Africa's Competitive Advantage
EXPLORATION Top region for discoveries over the last 10 years globally WEST AFRICA'S COMPETITIVE ADVANTAGE PERMITTING Amongst the quickest permitting timelines Endeavour is strategically positioned globally with an unmatched competitive advantage in the region. West Africa has become the largest gol
Slide 146: Region's Production Growth
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH Burkina Faso Mali Guinea % of Mine Supply Côte d’Ivoire Senegal Ghana and Other WEST AFRICA 18Moz 16% IS THE FASTEST- GROWING GOLD 14% PRODUCING REGION 15Moz 12% West African Mine Supply (ounces) 12Moz Percentage of Global Mine Supply 10% +80
Slide 147: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2022 WEST AFRICA 16Moz IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 10Moz 10Moz 6 out of the top 10 senior gold producers have a presence in West Africa, with Endeavour being the largest producer in the region
Slide 148: Endeavour Is the Dominant West African Gold Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION 2022 Endeavour 1.40 Moz ENDEAVOUR IS THE DOMINANT Newmont 0.99 Moz WEST AFRICAN Anglogold 0.78 Moz GOLD PRODUCER Gold Fields 0.74 Moz Barrick 0.73 Moz Given its focus on West Africa, Endeavour has a strategic industrial Perseus 0.52 Moz benefit from being geog
Slide 149: Gold Industry 2022 Exploration Budget
GOLD INDUSTRY 2022 EXPLORATION BUDGET In US$ millions WEST AFRICA IS 1,789 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE 1,340 Given that exploration spend often foreshadows future production growth, West Africa has the potential to be an 882 even larger producing region. 509 327 7.4% +$6B 202
Slide 150: Industry Exploration Spend Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2010-2021 67Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE The region is significantly under-explored compared to other regions. 28Moz 27Moz 23Moz 67 20Moz 19Moz 18Moz 18Moz 18Moz 17Moz 15Moz Moz 14Moz 13Moz 11Moz 8Moz
Slide 151: Endeavour's Operating Model
ENDEAVOUR’S OPERATING MODEL › Geographic focus provides a strong competitive advantage › Largest producer in each of our operating countries › Hands-on management model with teams close to operations › Senior management team spends significant time in-country › General managers empowered and rely on
Slide 152: Endeavour Holds One of the Largest Land Tenement Holdings
UNDER-EXPLORED REGION ENDEAVOUR HOLDS ONE OF THE LARGEST LAND TENEMENT HOLDINGS IN WEST AFRICA 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production Endeavour has a strategic foothold in since it is two of West Africa’s most prospective belts underexp
Slide 153: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 153
Slide 154: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 154
Slide 155: Africa Hosts a Large Portion of the Global Gold Project Pipeline
PRODUCTION FOR THE REGION GOLD PROJECT M&I RESOURCES In millions of ounces, inclusive of Reserves AFRICA HOSTS A LARGE PORTION OF THE GLOBAL GOLD PROJECT 50Moz DEVELOPMENT PIPELINE Over a third of the 26 active gold 34Moz development projects with resources over 1Moz are located in Africa. 19Moz 28
Slide 156: West African Projects Are Built Quicker, On-Time and On-Budget
PRODUCTION GOLD PROJECT CONSTRUCTIONS Based on 44 primary gold projects built since 2010 Project built on time & schedule Project missed budget or schedule WEST AFRICAN Latin America 7 projects 3.0 yrs PROJECTS ARE BUILT QUICKER, ON-TIME North America 10 projects 2.3 yrs AND ON-BUDGET Asia-Pacific 5
Slide 157: West African Projects Have Low Capital Intensity
PRODUCTION FOR THE REGION GOLD PROJECT CAPITAL INTENSITY Capital intensity calculated as development capital costs divided by M&I Resource as per the feasibility study $168/oz WEST AFRICAN PROJECTS HAVE LOW $141/oz $142/oz CAPITAL INTENSITY $125/oz West African projects have the lowest $103/oz capit
Slide 158: Favourable Mining Jurisdictions
PRODUCTION WEST AFRICAN ECONOMIC AND MONETARY UNION (WAEMU) FAVOURABLE MINING JURISDICTIONS Stable mining code and a well-balanced profit-sharing framework to encourage investment into the mining sector. WAEMU has adopted standardised tax principles across member countries, creating consistency that
Slide 159: Enhanced Security Platform Due to Scale in the Region
REGION’S PRODUCTION GROWTH ENHANCED SECURITY PLATFORM DUE TO SCALE IN THE REGION › Security unit structured as a business unit, led by ex-French military › Air strips on sites to avoid use of roads and improve operating efficiencies › Significant foreign aid and co- operation amongst West African na
Slide 160: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 11.5Moz of Indicated resources where we operate at <$25/oz ov
Slide 161: Appendix
APPENDIX FT / 2) Es y
Slide 162: Appendix 1: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 163: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Ian Cockerill Mark Morcombe Guy Young David Dragone Djaria Traore CEO COO CFO EVP HR & Comms EVP ESG & Supply Chain • Joined in 2019 • Joined in 2023 • Joined in 2023 • Joined Endeavour in 2019 • Joined in 2024 as CEO and in 2022 • 20+ years in HR with expertise in as a Dir
Slide 164: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill Alison Baker Livia Mahler Chair and Independent Executive Director Independent Independent Non-Executive Director Non-Executive Director Non-Executive Director Tertius Zongo Sakhila Mirza Naguib Sawiris Patrick Bouisset Cathia Lawson-Hall Indepe
Slide 165: Corporate Structure
CORPORATE STRUCTURE Guarantor of $500m senior notes and $645m RCF issued by Endeavour Mining PLC Issuer Endeavour Mining plc (UK) Guarantor of XOF 100.5B1 term loan issued by Operating Entity 100% Lafigue Holdings UK Limited Endeavour Mining Corporation (Cayman) Holding Company 100% Endeavour Gold C
Slide 166: Appendix 2: Mine Statistics & Additional Information
02 APPENDIX 2 Mine statistics & additional information
Slide 167: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly basis ITY HOUNDÉ MANA SABODALA-MASSAWA (on a 100% basis) Q4-2023 Q3-2023 Q4-2022 Q4-2023 Q3-2023 Q4-2022 Q4-2023 Q3-2023 Q4-2022 Q4-2023 Q3-2023 Q4-2022 Physicals Total tonnes mined – OP1 000t 7,349 6,020 6,043 11,993 10,603 12,901 805 1,508 1,057 11,319 11,989 12,645
Slide 168: Mine Statistics (Yearly)
MINE STATISTICS On a yearly basis ITY HOUNDÉ MANA SABODALA-MASSAWA (on a 100% basis) FY-2023 FY-2022 FY-2023 FY-2022 FY-2023 FY-2022 FY-2023 FY-2022 Physicals Total tonnes mined – OP1 000t 27,891 23,946 47,680 45,490 6,001 3,615 45,943 49,259 Total ore tonnes – OP 000t 6,790 7,044 5,420 5,754 1,298
Slide 169: Tax Payments
TAX PAYMENTS THREE MONTHS NINE MONTHS ENDED ENDED 30 September 30 June 30 September 30 September 30 September ($m) 2023 2023 2022 2023 2022 Houndé 11.3 13.0 10.4 35.2 37.0 Ity 9.3 32.3 10.3 42.9 30.5 Mana 5.4 12.9 3.1 21.3 10.3 Sabodala-Massawa 65.3 45.5 — 116.4 16.8 Other1 50.7 (0.1) 48.3 54.2 51.2
Slide 170: Appendix 3: Reserves and Resources, 5-Year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 171: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2022, on a 100% Basis Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) inclusive of Reserves (Mt) (Au g/t) (Au
Slide 172: Notes to Reserves and Resources
NOTES TO RESERVES AND RESOURCES As of 31 December 2022 172
Slide 173: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Endeavour’s large land position (more than 17,000 sq Km) and comprehensive database over a very large number of exploration targets promotes the application of a general portfolio management theory wher
Slide 174: 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 17
Endeavour Mining — Investor Presentation (January 2024) on 6ix