Endeavour Mining Plc · TSX:EDV

Endeavour Mining — Investor Presentation (May 2018)

91 slides from Endeavour Mining's investor presentation, May 2018

1. Slide 1: Corporate Presentation May 2018

   CORPORATE PRESENTATION › May 2018

2. 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

3. Slide 3: Table of Contents

   TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

4. 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

5. Slide 5: Company Profile

   CORPORATE PRESENTATION COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares Outstanding as at Apr. 30th 108 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at May. 16th C$21.45 Europe Market cap as at May. 16tth US$1.8B Net Debt as at Mar. 31st US$336m Other North America 5% 30%

6. 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

7. 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 $1,317/oz For 2019 +900koz +900koz 800-900koz ≤800$/oz $1,010/oz 800-900koz $922/oz 670-720koz All-in Sustaining Cost $869/oz 663koz 584koz $869/oz $840-890/oz

8. 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 10+ year Mine life ≤800$/oz All-in Sustaining Cost +800koz Annual production 8

9. Slide 9: Operational Excellence

   CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director SENEGAL MALI 2h40 Vincent Benoit Tabakoto Mine Karma GAMBIA Mine EVP CFO & Corporate 3h10 Development BURKINA FASO GUINEA- Morgan Carroll Bamako

10. Slide 10: Strong Safety Record

    CORPORATE PRESENTATION STRONG SAFETY RECORD Our safety record remained below the industry average in Q1-2018 Lost Time Injury Frequency Rate 0.80 0.46 Q1-2018 Lost Time Injury Frequency Rate 0.46 0.40 0.29 0.00 0.00 0.00 +1.8m Peer Group FY2016 FY2017 Q1 2018 Houndé Agbaou Ity Man Hours with no Aver

11. Slide 11: Operational Excellence: 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 Prelimin

12. Slide 12: Project Development and Exploration

    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

13. Slide 13: Project Development: Houndé

    CORPORATE PRESENTATION 2 PROJECT DEVELOPMENT Houndé became Endeavour’s new flagship low cost mine Essakane (IAMGOLD) Inata (Avocet) Taparko METRIC Q1 ACHIEVEMENT STUDY Karma (Nordgold) COMPARISON Bissa Hill (Nordgold) (Life of mine average) MINING Moved from mainly softer +25% Mana Burkina Faso Nato

14. Slide 14: Project Development: Ity CIL

    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

15. Slide 15: Project Development: Kalana

    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

16. 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 14.9Moz 10-15Moz 5-YEAR DISCOVERY M&I RESOURCES TARGET 16

17. Slide 17: Conservative Approach: Screening and Ranking

    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

18. Slide 18: Starting to Deliver Against 5-Year Strategy

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting To Deliver Against Our 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

19. 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

20. Slide 20: Q1 Exploration Activities

    CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Q1 Exploration Activities MAIN Q1 EXPLORATION FOCUS Q1-2018 2018 BUDGET › Strong focus in Q1 ahead of rainy season in H2 (in $m) EXPENDITURES ALLOCATION › At Kalana: intensive exploration program with Agbaou 1.4 4 8% 37,000m drilled out of 45,000m pl

21. Slide 21: 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 AT END OF 2017 $1,200 Tabakoto Assessment $1,150 expected by mid-2018 $1,100 AISC, $/oz $1,200 $1,050 $1,000 $1,050 Nzema Tabakoto $950 Youga Ity HL $900 $850 $8

22. Slide 22: Significant Headroom to Fund Projects

    CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Significant headroom to fund projects Fully funded without Circa $30m mine cash flow $424m Up to $25m Undrawn RCF $330m Ity capex $265m (cash outflow and equipment financing remaining ) Cash $94m Liquidity Sources Nzema Ity Equipment Expe

23. Slide 23: Upcoming Catalysts

    CORPORATE PRESENTATION UPCOMING CATALYSTS 2018 OUTLOOK: › On track to meet gold production guidance of 670-720koz Immediate › On track to meet AISC guidance of $840-890/oz › Significant cash flow increase compared to 2017 due to Hounde Cashflow from Production › ITY CIL PROJECT: Construction trackin

24. Slide 24: Table of Contents

    TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

25. 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 2018 Ity 60 - 6

26. 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 › Growth projects amount to $200 million (in $m) SUSTAINING CAPITAL NON-SUSTAINING CAPITAL GROWTH PROJECTS of the sustaining and non-sustaining Agbaou 17 2 - capi

27. Slide 27: Q1 Performance In-Line with Guidance

    CORPORATE PRESENTATION Q1 PERFORMANCE IN-LINE WITH GUIDANCE On-track to meet 2018 guidance GROUP Q1 BELOW LTIFR1 INDUSTRY 0.46 0.80 Industry Average GROUP Q1 ON-TRACK PRODUCTION 185koz 670-720koz Guidance GROUP $840/oz $890/oz AISC Q1 ON-TRACK $774/oz Guidance ¹Lost Time Injury Frequency Rate= (Numb

28. Slide 28: All-In Margin Breakdown

    CORPORATE PRESENTATION ALL-IN MARGIN BREAKDOWN All-in margin increased by 112% due to successful start-up of Houndé QUARTER ENDED, Q1-2018 INSIGHTS MAR. 31, MAR 31, 1. Gold sales up mainly due to the successful (in US$ million) 2018 2017 start-up of Houndé GOLD SOLD FROM CONTINUING OPERATIONS, koz 1

29. Slide 29: Growth Funding Sources

    CORPORATE PRESENTATION GROWTH FUNDING SOURCES Cash from operations and RCF used to fund growth QUARTER ENDED, MAR. 31, MAR 31, Q1-18 INSIGHTS (in US$ million) 1. Main working capital drivers were: 2018 2017 ALL-IN MARGIN FROM ALL OPERATIONS 68 32 ‒ $23 million outflow of inventory due to a temporary

30. Slide 30: Net Debt Analysis

    CORPORATE PRESENTATION NET DEBT ANALYSIS Healthy net debt position INSIGHTS Net Cash Variation Analysis › The significant efforts done in Q4-2015 and in Q1- Net Debt / Adj. EBITDA (LTM unless otherwise stated) Net Debt 2016 to strengthen our balance sheet have allowed us to successfully finance the

31. Slide 31: Balance Sheet Management

    CORPORATE PRESENTATION BALANCE SHEET MANAGEMENT Diversified debt sources with lower interest cost and increased maturity SITUATION AT END OF 2016 CURRENT SITUATION › DEBT SOURCE: › DEBT SOURCES: $350m RCF ($140m drawn) Diversified across a $350m RCF and $330m convertible notes › INTEREST RATE: › RCF

32. Slide 32: Advantages of the Convertible Notes

    CORPORATE PRESENTATION ADVANTAGES OF THE CONVERTIBLE NOTES 1 REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE Annual saving based on $330m convertible compared LIBOR curve to $330m drawn on RCF at various Libor rates $25m 2.50% March 7 $21m $18m 2.07% $15m 2.00% January 30 - 1.77% $11

33. Slide 33: Net Earnings Breakdown

    CORPORATE PRESENTATION NET EARNINGS BREAKDOWN Adjusted EPS up 136% compared with Q1-2017 QUARTER ENDED A = Adjustments made MAR. 31, MAR. 31, INSIGHTS (in US$ million) 2018 2017 › Q1-2018 adjusted net earnings from GOLD REVENUE 240 158 continuing operations increased by 258% Operating expenses (115)

34. Slide 34: Table of Contents

    TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

35. Slide 35: Houndé Mine, Burkina Faso: Overview

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 37.3Mt @ 2.1 g/t for 2.459Moz (incl. of Reserves) Inferred: 3.2Mt @ 2.6 g/t for 0.275Moz Ouagadougou Reserves 30.2Mt @ 2.0 g/t for 1.957Moz Houndé Mine

36. Slide 36: Houndé Mine: Quick Ramp-Up

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance due to quick ramp-up period Q1-18 vs Q4-17 INSIGHTS: Houndé aerial view › Production increased as the mine benefited from a full quarter of production after commencing commercial production on November 1, 2017

37. Slide 37: Houndé Project: Exploration Potential

    CORPORATE PRESENTATION HOUNDÉ PROJECT, BURKINA FASO Significant exploration potential highlighted by 2017 drilling INSIGHTS › 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 TARGET high gra

38. Slide 38: Houndé: Exploration Focus in 2018

    CORPORATE PRESENTATION HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2018 on high-grade targets Houndé exploration targets and gold-in-soil anomalies map INSIGHTS › In 2018, Houndé will be the strongest focus for Endeavour with a $9 million exploration program totaling approximately 125,000

39. Slide 39: Kari Pump Exploration Results

    CORPORATE PRESENTATION KARI PUMP EXPLORATION RESULTS Drill results confirmed high-grade mineralization A A’ 39

40. Slide 40: Kari Pump Exploration Results: Isosurfaces

    CORPORATE PRESENTATION KARI PUMP EXPLORATION RESULTS Isosurfaces (Leapfrog) and typical thickness/grade per area 0.5ppm modelisation + Composites >2m and >1ppm (1m dilution) Looking North, 30 degree plunge Where insufficient drill hole spacing (200m x 50m) and the geological model still preliminary

41. Slide 41: Kari Pump Long-Section

    CORPORATE PRESENTATION KARI PUMP EXPLORATION RESULTS Kari Pump Long-Section 1 41

42. Slide 42: Kari Pump Long-Section

    CORPORATE PRESENTATION KARI PUMP EXPLORATION RESULTS Kari Pump Long-Section 2 42

43. Slide 43: 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: 10.3Mt @ 2.4 g/t for 0.804Moz (incl. of Reserves) Inferred: 1.0Mt @ 1.7g/t for 0.054Moz Côte d’Ivoire Reserves 8.9Mt @ 2.3g/t for 0.668Moz Ity Mine Pr

44. Slide 44: Agbaou Mine: Low AISC Through Harder Ore

    CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Continued low AISC as mine transitioned into harder ore blend Q1-18 vs Q4-17 INSIGHTS: Production and AISC › As expected, production decreased as low- Production, koz AISC, US$/oz grade stockpile feed supplemented mine feed 45koz 46koz 43koz to allow

45. Slide 45: Agbaou Mine: Exploration Program

    CORPORATE PRESENTATION AGBAOU MINE, CÔTE D’IVOIRE Exploration program continues to progress Agbaou Site Map INSIGHTS › A $4 million exploration program totaling approximately 16,000 meters has been planned for 2018 with the aim of delineating the at- depth potential of the North pit, extension drill

46. Slide 46: 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

47. Slide 47: Agbaou: 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

48. Slide 48: 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: 19.9Mt @ 3.0 g/t for 1.925Moz (incl. of Reserves) Inferred: 7.4Mt @ 3.4g/t for 0.810Moz Reserves 4.8Mt @ 3.4g/t for 0.517Moz Mali P

49. Slide 49: Tabakoto Mine: AISC Despite Lower Grades

    CORPORATE PRESENTATION TABAKOTO MINE, MALI AISC increased despite lower unit costs due to lower grades Q1-18 vs Q4-17 INSIGHTS: Production and AISC Production, koz AISC, US$/oz › Production increased mainly due to higher average head grades 43koz 41koz › AISC significantly decreased due to increased

50. Slide 50: Tabakoto: Exploration Potential

    CORPORATE PRESENTATION TABAKOTO MINE, MALI Exploration potential both near-mill and for greenfield targets Tabakoto Site Map INSIGHTS › A $7 million exploration program totalling approximately 45,000 meters has been planned for 2018, equally allocated on near-mill targets (both underground and open

51. Slide 51: Ity Heap Leach Mine: Overview

    CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 10% Côte d’Ivoire, 10% private Resources (HL + CIL) M&I: 73.9Mt @ 1.6 g/t for 3.695Moz (incl. of Reserves) Inferred: 18.7Mt @ 1.3 g/t for 0.785Moz Côte d’Ivoire Reserves (HL+CIL) 58.9Mt

52. Slide 52: Ity Heap Leach Mine: Production Increased

    CORPORATE PRESENTATION ITY HEAP LEACH MINE, CÔTE D’IVOIRE Production increased following the rainy season Q1-18 vs Q4-17 INSIGHTS: › Production slightly increased mainly due to the Production and AISC anticipated higher grade ore Production, koz AISC, US$/oz › AISC decreased due to lower sustaining

53. Slide 53: Ity CIL Project: Improvement over 2016 Feasibility Study

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE Significant improvement over 2016 Feasibility Study 2017 2016 VARIANCE OPTIMIZATION FEASIBILITY KEY KEYCHANGES CHANGESINCLUDE: INCLUDE: STUDY STUDY (OS VS. FS) LIFE OF MINE PRODUCTION ›› Indicated resource inventory Strip ratio, w:o 1.9 2.1

54. Slide 54: 22-Month Payback Period

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m NPV5% / IRR $1,400m $1,400/oz 14-YEAR MINE LIFE 22-MONTH PAYBACK PERIOD $920m / 50% $1,200m $1,250/oz $1,000m $710m / 40% $800m $600m $1,000/oz $343m / 23% $400m $200m $

55. Slide 55: Ity CIL: Improved Production Profile

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE Significantly improved production profile Production Profile 235koz OS production FS production AISC for OS 250koz 250koz 238koz Exploration potential average production 224koz 213koz over first 5 years 201koz 190koz 162koz 159koz 151koz $48

56. Slide 56: Ity CIL: Life of Mine Plan

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE 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

57. Slide 57: CIL Construction On Time and On Budget

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE CIL construction is progressing on time and on budget ACHIEVEMENTS TO DATE Process Plant – Western Perspective › Construction remains on time and on budget with first gold pour expected in mid-2019 › Overall project completion stands at 30%,

58. Slide 58: Construction Progressing On Time and On Budget

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE Construction is progressing on time and on budget Process Plant- Eastern Perspective Ity Construction Site Primary Crusher Haul Bridge Works 58

59. Slide 59: Overall Project Completion at 30%

    CORPORATE PRESENTATION ITY MINE CIL PROJECT, CÔTE D’IVOIRE Overall project completion stands at 30%, in line with the project schedule 2017 2018 2019 Activity Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EARTHWORKS & TSF Camp earthworks Bridge crossing TSF complete complete complete CAMP CONSTRUCTION Camp started Adm

60. Slide 60: Ity: 1.5 Moz Added in a Year

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Already 1.5 Moz added between November 2016 and November 2017 M&I Resource Evolution 4-6Moz Discovery Target 1.5Moz added 2.2Moz 3.7Moz 2016 5-Year Discovery 2017 M&I Resource Target M&I Resource (Base for FS) (published Nov. 2016) (Base for OS) 60

61. Slide 61: Ity: +1 Moz of Indicated Resources Added

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE +1 Moz of Indicated resources added in 2017 Ity Mine Drilling Targets INSIGHTS › A $3 million exploration campaign has been planned in 2018 to further explore near-mill targets (including testing of extensions at the Mont Ity, Bakatouo, Daapleu, and Le

62. Slide 62: Le Plaque Discovery

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE 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 L

63. Slide 63: Endeavour Controls the Full Ity Birimian Belt

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in

64. Slide 64: Greater Ity Regional Gold in Soil Anomalies

    CORPORATE PRESENTATION ITY MINE, CÔTE D’IVOIRE Greater Ity regional gold in soil (> 100 ppb) anomalies PR609 East Cavally Several Targets Birimian meta sediments and green belt Gnamapleu Granite-Gneiss PR558 Le Plaque Area Several Targets No Geochemical data at all GUEYA area No Exploration Several

65. Slide 65: Ity Trend: Toulepleu–Gueya Target

    CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Toulepleu– Gueya Target Regolith mapping, soil sampling and calibration DD holes 65

66. Slide 66: Ity Trend: Toulepleu–Mont Bâ Target

    CORPORATE PRESENTATION ITY TREND, CÔTE D’IVOIRE Toulepleu - Mont Bâ Target 2017 campaign confirmed mineralization Regolith mapping, soil sampling and calibration DD holes HOLE ID AZIMUTH DIP DEPTH MB17-001 45 50 100.53 MB17-002 45 50 103.58 MB17-003 45 50 100.68 MB17-004 45 50 100.58 MB17-005 45 50

67. Slide 67: Karma Mine, Burkina Faso: Overview

    CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Karma Mine Resources M&I: 81.8Mt @ 1.1 g/t for 2.871Moz (incl. of Reserves) Inferred: 18.7Mt @ 1.3 g/t for 0.785Moz Ouagadougou Reserves 34.6Mt @ 0.9g/t for 0.986Moz Houndé Mine P

68. Slide 68: Karma Mine: Higher Stacking Capacity

    CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Higher stacking capacity as the plant optimization was completed in Q4 Q1-18 vs Q4-17 INSIGHTS: Production and AISC Production, koz AISC, US$/oz › Production increased, slightly exceeding expectations, as stacking capacity was 25% above nameplate 32koz

69. Slide 69: 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

70. Slide 70: Karma: Successful Near-Mine Drilling

    CORPORATE PRESENTATION KARMA MINE, BURKINA FASO Successful near-mine drilling Karma Site Map INSIGHTS › A $2 million exploration program totalling approximately 32,000 meters has been planned for 2018 with the aim of delineating Indicated resources at both North Kao and Yabonsgo, in addition to near

71. Slide 71: Kalana Project, Mali: Overview

    CORPORATE PRESENTATION KALANA PROJECT, MALI Overview QUICK FACTS (ON 100% BASIS) Ownership 80% EDV, 20% government of Mali Mali Status OFS stage Resources M&I: 23.7Mt @ 4.1g/t for 3.100Moz (incl. of Reserves) Inferred: 1.7Mt @ 4.4g/t for 0.240Moz Tabakoto Mine Bamako Reserves 21.7Mt @ 2.8g/t for 1.9

72. Slide 72: Kalana Is a High-Quality Project

    CORPORATE PRESENTATION KALANA PROJECT, MALI 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-pit reserve of 1.

73. Slide 73: Kalana: Potential to Increase Production

    CORPORATE PRESENTATION KALANA PROJECT, MALI 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 and expected to be

74. Slide 74: Kalana: Intensive Exploration Program

    CORPORATE PRESENTATION KALANA PROJECT, MALI Intensive exploration program underway INSIGHTS › For 2018, a $5m exploration program is planned › An updated resource is expected to be published by mid-year which will form the basis of the updated feasibility study which is expected to be completed by Q

75. Slide 75: Kalana: Acquisition Accretive on NAV Basis

    CORPORATE PRESENTATION KALANA PROJECT, MALI Acquisition 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 US$1

76. Slide 76: Greenfield Exploration: JV with Randgold

    CORPORATE PRESENTATION GREENFIELD EXPLORATION, CÔTE D’IVOIRE JV With Randgold on Sissedougou / Mankono JV WITH RANDGOLD › Drill results suggested the presence of an 800-metre mineralized structure at Sissedougou with best drill results of : ‒ 34.6 m @ 2.08 g/t Au at 74.6 m, including 1.0 m @ 31.52 g

77. Slide 77: Greenfield Exploration, Burkina Faso: Liguidi Area

    CORPORATE PRESENTATION GREENFIELD EXPLORATION, BURKINA FASO Liguidi Area 77

78. Slide 78: Greenfield Exploration, Niger

    CORPORATE PRESENTATION GREENFIELD EXPLORATION, NIGER New and Well Located Exploration Licenses INSIGHTS › Full review of country prospectivity conducted in 2016 › Highly prospective area of Nassile and Dar-Guiti Exploration Permit applied for and obtained in 2017 › Total surface area: 695 km² › Init

79. Slide 79: Greenfield Exploration, Guinea

    CORPORATE PRESENTATION GREENFIELD EXPLORATION, GUINEA New and Well Located Licenses in Siguiri Basin GUINEA: 79

80. Slide 80: Table of Contents

    TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 RESULTS & OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

81. Slide 81: Analyst Coverage

    CORPORATE PRESENTATION ANALYST COVERAGE Firm Analyst Phone Email Berenberg Michael Stoner ✆ +44 20 3465 2643 ✉ michael.stoner@berenberg.com BMO Andrew Breichmanas ✆ +44 20 7246 5430 ✉ andrew.breichmanas@bmo.com Canaccord Genuity Rahul Paul ✆ +1 416 869 7289 ✉ rpaul@canaccordgenuity.com Clarus Securi

82. Slide 82: 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

83. Slide 83: 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

84. Slide 84: Selection, Ranking and Risk Evaluation of Exploration Targets

    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,

85. Slide 85: 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

86. Slide 86: Production and Cost Details by Mine by Quarter

    CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE BY QUARTER AGBAOU TABAKOTO ITY KARMA HOUNDE (on a 100% basis) Unit Q1-2018 Q4-2017 Q1-2017 Q1-2018 Q4-2017 Q1-2017 Q1-2018 Q4-2017 Q1-2017 Q1-2018 Q4-2017 Q1-2017 Q1-2018 Q4-2017 Physicals Total tonnes mined – OP1 000t 7,952 7,216 6,356 1,84

87. Slide 87: Production and Cost Details by Mine Year to Date

    CORPORATE PRESENTATION PRODUCTION AND COST DETAILS BY MINE YEAR TO DATE AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE (on a 100% basis) Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Unit 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 Physicals Total tonnes

88. Slide 88: Consolidated Statement of Financial Position

    CORPORATE PRESENTATION 88 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

89. Slide 89: Consolidated Statement of Comprehensive Earnings/Loss

    CORPORATE PRESENTATION 89 CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS/LOSS

90. Slide 90: Cash Flow Statement

    CORPORATE PRESENTATION 90 CASH FLOW STATEMENT

91. Slide 91: Reserves and Resources

    CORPORATE PRESENTATION RESERVES AND RESOURCES As of December 31, 2017 Tabakoto Mine Group Consolidated Total Resources shown inclusive of Reserves. On a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) On a 100% basis Proven Reserves 2.4 3.32 251 Resources shown Tonnage Grade Content Probable

Endeavour Mining — Investor Presentation (May 2018) on 6ix