Slide 1: Q1-2022 Operational & Financial Results
Q1-2022 OPERATIONAL & FINANCIAL RESULTS Presentation 5 May 2022
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial actual results of current exploration activities; production and cost of sales forecasts for Endeavour measures, including sustaining capital per ounce, non-sustaining c
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 Q1-2022 HIGHLIGHTS 2 Q1-2022 FINANCIAL RESULTS 3 OPERATING PERFORMANCE BY MINE 4 CONCLUSION 5 APPENDIX
Slide 5: Q1-2022 Highlights
01 SECTION 1 Q1-2022 HIGHLIGHTS
Slide 6: Q1-2022 Highlights
Q1-2022 HIGHLIGHTS Strong quarter delivering against key objectives STRONG OPERATIONAL HEALTHY ATTRACTIVE SHAREHOLDER PERFORMANCE FINANCIAL POSITION RETURNS Well positioned to meet guidance Net cash position increased by $70m dividend paid and $31m worth of with 357koz produced at an AISC $90m in Q1
Slide 7: Well Positioned To Meet Guidance
WELL POSITIONED TO MEET GUIDANCE Strong performance across all operating metrics 0.15 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 357 koz GROUP PRODUCTION Q1 ON TRACK (For continuing operations) 1,315-1,400koz Guidance $848/oz GROUP AISC $880/oz $930/oz (For continuing operations) Q1 ON
Slide 8: Quarterly Production And AISC
QUARTERLY PRODUCTION AND AISC Q1-2022 performance was better than guided Production and AISC Production from all operations Discontinued operations AISC from all operations +6% 409koz 398koz 382koz 367koz 347koz Production Q1-2022 vs. Q1-2021 $904/oz $915/oz $868/oz $866/oz $853/oz -$2/oz AISC Q1-20
Slide 9: All-In Sustaining Margin
ALL-IN SUSTAINING MARGIN Benefiting from operational discipline and a high gold price All-in Sustaining Margin from all operations All-in sustaining margin All-in sustaining margin per ounce +$48m Realized Gold Price $395m $381m All-In Sustaining Margin $333m $337m $340m Q1-2022 vs Q1-2021 $1,039/oz
Slide 10: Quarterly Operating Cash Flow
QUARTERLY OPERATING CASH FLOW Benefiting from operational discipline and a high gold price Operating cash flow before changes in WC Realized Gold Price $370m $286m $327m $316m +$107m $263m Operating CF Q1-2022 vs. Q1-2021 +41% Operating CF $1,749/oz $1,791/oz $1,763/oz $1,763/oz $1,787/oz $1,911/oz
Slide 11: Well Diversified Portfolio
WELL DIVERSIFIED PORTFOLIO Diversified across multiple mines and countries Operating Cash Flow breakdown by asset Senegal Côte d’Ivoire Burkina Faso Sabodala-Massawa 32% Wahgnion 6% Mana 13% 6 Gold mines across West Africa Q1-2022 Operating Cash Flow 3 Boungou 8% Ity 22% Countries of Houndé operatio
Slide 12: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash generation supports growth and shareholder returns Net Cash and Shareholder Returns (Net Debt)/ Net Cash Buybacks Dividends INVESTMENT PHASE DEBT REDUCTION PHASE $75m SHAREHOLDER RETURNS PHASE WITH ABILITY TO FUND GROWTH $76m $167m +$ 90m Net Cash added $35m $31m $
Slide 13: Attractive Shareholder Returns Programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Minimum progressive dividend provides visibility during growth phase SHAREHOLDER RETURNS POLICY Cumulative Shareholder Returns Programme › In 2021, Endeavour implemented a shareholder returns programme that is composed of a minimum progressive dividend of: $6
Slide 14: Key Growth Projects
4 KEY 44 GROWTH PROJECTS Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION LAFIGUÉ ON FETEKRO PROPERTY KALANA DFS INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: ▪ Construction to commence in Q2-20
Slide 15: Continued Strong Exploration Focus
CONTINUED STRONG EXPLORATION FOCUS $80 million budget for 2022 with strong focus on new assets Q1-2022 Exploration Spend Wahgnion Ity $1.6m $1.9m Mana $1.8m Sabodala-Massawa $3.8m $18m spent Houndé $2.1m Boungou Greenfields and other $0.7m $4.1m 2022 Exploration Budget Wahgnion Ity 11% 13% Mana 8% S
Slide 16: Continued Portfolio Management
CONTINUED PORTFOLIO MANAGEMENT Divested non-core Karma mine in Q1-2022 KARMA SALE INSIGHTS Endeavour’s Portfolio Core Mine1 Non-core Mine1 Divested / Ceased Mine Project2 › On 10 March 2022, Endeavour closed the sale of its AISC, $/oz 90% interest in its non-core Karma mine in Burkina 1,300 Faso to
Slide 17: Q1-2022 Financial Results
02 SECTION 2 Q1-2022 FINANCIAL RESULTS
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS Robust production and industry-low AISC QUARTER ENDED For Continuing Operations1 Mar. 31, Dec. 31 Mar. 31, Var. Mar-22 (in $ million unless otherwise stated) 2022 2021 2021 vs. Dec-21 +10% PRODUCTION, SALES AND AISC HIGHLIGHTS Gold production, koz 357 378 313 (6) % Gold sales, k
Slide 19: Operating Cash Flow
OPERATING CASH FLOW Decreased due to timing of working capital Operating cash flow from continuing operations bridge INSIGHTS 1. The realised gold price for continuing 4 5 operations increased by $124/oz from 3 ∆$13m $1,787/oz in Q4-2021 to $1,911/oz in 1 2 Q1-2022 ∆$29m 2. Gold sold decreased by 31
Slide 20: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Shielded in Q1-2022 due to fuel pricing mechanism and long-term contracts Fuel › 75% of Endeavour’s fuel exposure is LFO. HFO is only used at Average fuel price variance, $/L Boungou, Waghnion, and Sabodala-Massawa with optionality to Q4-2021 Q1-2022 switch gense
Slide 21: Change In Net Cash
CHANGE IN NET CASH Continuing to grow our net cash position Net Cash variation analysis INSIGHTS › Q1-2022 operating activities included $370m in operating cashflow before changes in working capital, a $70m change in working capital, and $5m generated from ($94m) discontinued operations › Q1-2022 fi
Slide 22: Net Earnings From Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted EPS increased in Q1-2022 compared to Q4-2021 3 MONTHS ENDED INSIGHTS 1. Corporate costs decreased during the quarter 31 March, 31 December, (in $ million) A = Adjustments made for Adjusted Net Earnings primarily due the cessation of costs associated 2
Slide 23: Operating Performance By Mine
03 SECTION 3 OPERATING PERFORMANCE BY MINE
Slide 24: Well Positioned To Meet Guidance
WELL POSITIONED TO MEET GUIDANCE Strong performance across the portfolio Sabodala-Massawa Houndé 96koz 360-375koz 73koz 260-275koz PRODUCTION Q1 PRODUCTION Q1 $675/oz $725/oz $875/oz $925/oz AISC Q1 AISC Q1 $578/oz Guidance $771/oz Guidance Ity Mana 72koz 255-270koz 53koz 170-190koz PRODUCTION Q1 PR
Slide 25: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Lowest AISC achieved since acquiring the mine Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased from 105koz in Q4-2021 to 96koz in Q1-2022 primarily due to the lower average 106koz 105koz grade milled and slightly lower reco
Slide 26: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION Low-capex intensive brownfield expansion BIOX® PROJECT INSIGHTS BIOX® Project expansion schematic plan Crushing and Stockpile › DFS recommends supplementing the current 4.2Mtpa Reagent Store CIL plant with a 1.2Mtpa BIOX® plant to process the BIOX Reactors high-grade refra
Slide 27: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION First gold pour expected in early 2024 Sabodala-Massawa mine plan 2022 Guidance mid-point BIOX® Production Expected Reserve additions CIL Production 450Koz 400Koz Targeting production +400koz per annum 373koz/yr Expected average annual 350Koz production over the next 5 yea
Slide 28: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Ore mining in Kari West to increase in H2-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production slightly decreased from 77koz in Q4-2021 to 73koz Production, koz AISC, US$/oz 80koz 77koz in Q1-2022 due to the lower grade processed, which was 73koz partially offs
Slide 29: Ity Mine, Côte D'Ivoire
ITY MINE, CÔTE D’IVOIRE Strong throughput continues into Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production increased from 60koz in Q4-2021 to 72koz in Production, koz AISC, US$/oz Q1-2022 due to higher grades milled, tonnes milled, and 79koz improved recoveries. Mining at the curr
Slide 30: Boungou, Burkina Faso
BOUNGOU, BURKINA FASO Continued focus on waste stripping at East pit in Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production remained consistent with the prior quarter as mill throughput and recovery rates remained stable, while 60koz grade decreased slig
Slide 31: Wahgnion, Burkina Faso
WAHGNION, BURKINA FASO Greater focus on waste stripping Q1-2022 vs Q4-2021 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased from 47koz in Q4-2021 to 29koz in Q1-2022 primarily due to the lower average grade milled 47koz and lower recovery rates partially offset by an
Slide 32: Mana, Burkina Faso
MANA, BURKINA FASO Wona underground development being expedited Q1-2022 vs Q4-2021 INSIGHTS Production and AISC › Production of 53koz remained consistent with the Production, koz AISC, US$/oz prior quarter as higher grades processed largely offset lower tonnes milled and slightly lower recoveries. 5
Slide 33: Conclusion
04 SECTION 4 CONCLUSION
Slide 34: Key Priorities Across The Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to build a resilient business with disciplined capital allocation 2022 production guidance of 1,315 – 1,400koz OUR STRATEGY OPERATIONS at an AISC of $880 - $930/oz SHAREHOLDER Minimum dividend of $150m with potential to MAINTAINING A RETURNS supplement r
Slide 35: Appendix
05 SECTION 5 APPENDIX
Slide 36: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focused on Delya South, Matiba, Makana and Kaviar targets INSIGHTS Sabodala-Massawa map › An exploration programme of $15.0 million is planned for FY-2022, of which $3.8 million was spent in Q1-2022 comprised of approximately 27,500 meters of drilling. › During Q1-2022
Slide 37: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focused on Sianikoui and Dohoun, and Vindaloo South targets Houndé map INSIGHTS › An exploration programme of $14.0 million is planned for FY-2022, of which $2.1 million was spent in Q1-2022 consisting of approximately 6,500 meters of drilling across 69 drillholes. The expl
Slide 38: Ity Mine, Côte D'Ivoire
ITY MINE, CÔTE D’IVOIRE Focused on the West Flotouo, Colline Sud and Le Plaque deposits Ity map INSIGHTS › An exploration programme of $10.0 million was initially planned for FY-2022, of which $1.9 million was spent in Q1-2022 consisting of 9,800 meters of drilling. › During Q1-2022, exploration eff
Slide 39: Boungou Mine, Burkina Faso
BOUNGOU MINE, BURKINA FASO Focused on the Osaanpalo and Boungou East targets INSIGHTS Boungou map › An exploration programme of $4.0 million is planned for FY-2022, of which $0.7 million was spent in Q1-2022 consisting of 1,600 meters of drilling across 14 drillholes. Exploration efforts were focuse
Slide 40: Mana, Burkina Faso
MANA, BURKINA FASO Focus on discovering new oxide potential Mana map INSIGHTS › An exploration programme of $6.0 million is planned for FY-2022 of which $1.8 million was spent during Q1-2022, consisting of over 9,000 meters across 102 drillholes. › During Q1-2022, the exploration programme focussed
Slide 41: Wahgnion Mine, Burkina Faso
WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license INSIGHTS Wahgnion map › An exploration programme of $9.0 million is planned for FY-2022, of which $1.6 million was spent during Q1-2022 consisting of approximately 6,500 meters of drilling across 5
Slide 42: 2022 Guidance
2022 GUIDANCE INSIGHTS Consolidated Production Guidance 2022 FULL-YEAR GUIDANCE (All amounts in koz, on a 100% basis) › The Group is well positioned to achieve Ity 255 — 270 its FY-2022 production and AISC guidance for continuing operations of Houndé 260 — 275 1,315-1,400koz at an AISC of $880-930 M
Slide 43: 2022 Guidance (Continued)
2022 GUIDANCE (Continued) INSIGHTS Sustaining and Non-Sustaining Capital Expenditure Guidance › Sustaining capital for 2022 is expected to amount to $169 2022 FULL-YEAR GUIDANCE million, compared to a spend of $167 million in 2021 (All amounts in US$m) SUSTAINING CAPITAL NON-SUSTAINING CAPITAL › Non
Slide 44: Mine Statistics
MINE STATISTICS On a quarterly basis (1) Includes waste capitalized. 44
Slide 45: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED Mar. 31, Dec. 31, Mar. 31, In US$ million unless otherwise specified. 2022 2021 2021 Boungou 8.6 8.8 1.4 Houndé 8.8 10.7 3.5 Ity 0.2 4.8 6.5 Mana 2.8 2.9 - Sabodala-Massawa 6.0 0.7 5.8 Wahgnion 1.9 1.4 - Other 0.4 12.5 6.4 Taxes from continuing operations 28.7 41.8 23
Slide 46: Sabodala-Massawa BIOX Expansion Project Key Changes DFS vs. PFS
SABODALA-MASSAWA BIOX® EXPANSION PROJECT KEY CHANGES DFS VS. PFS AREA DESCRIPTION OF CHANGE EXPECTED RESULT Additional geometallurgical work has reclassified fresh and transitional ore Removes risk associated with blending transitional and fresh ore with from the Massawa Central Zone and Massawa Nor
Slide 47: Short Term Revenue Protection Program
SHORT TERM REVENUE PROTECTION PROGRAM Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › Endeavour entered into a revenue protection Growth and shareholder return focus programme in Q1-2022 for a proportion of its production across FY-2022 a
Slide 48: 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