Slide 1: Q2-2024 Results Presentation
Q2-2024 RESULTS PRESENTATION 31 July 2024
Slide 2: Disclaimer & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN MARK GUY JACK COCKERILL MORCOMBE YOUNG GARMAN CEO COO CFO VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q2-2024 & H1-2024 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q2-2024 & H1-2024 Highlights
01 SECTION 1 Q2-2024 & H1-2024 HIGHLIGHTS
Slide 6: H1-2024 Highlights
H1-2024 HIGHLIGHTS Continuing to deliver against our strategic objectives OPERATIONAL ATTRACTIVE SHAREHOLDER PERFORMANCE HEALTHY FINANCIAL POSITION RETURNS Minimum dividend of $435m over 2024 On track to meet production guidance with Net debt of $835m and leverage of 0.81x and 2025, to be supplement
Slide 7: Production and All-In Sustaining Margin
PRODUCTION AND ALL-IN SUSTAINING MARGIN FY-2024 operational performance expected to be H2 weighted Production and All-In Sustaining Margin1 Production for continuing operations, koz All-In Sustaining Margin for continuing operations, US$/oz +32koz 281koz 280koz 268koz 251koz 219koz Production Q2-202
Slide 8: Tracking Against Full Year Guidance
TRACKING AGAINST FULL YEAR GUIDANCE OPERATIONAL PERFORMANCE Operational performance expected to be strongly H2 weighted 0.11 GROUP SAFETY INDUSTRY LTM LTIFR1 LEADING 1.14 Industry Average2 470 koz GROUP H1 ON PRODUCTION TRACK H2-weighted with project ramp ups and improved 1,130-1,270koz production a
Slide 9: Operating Cash Flow
OPERATING CASH FLOW OPERATIONAL PERFORMANCE Operating cashflow improved significantly Operating cash flow from continuing operations1 Gold Prepayment Operating cashflow from continuing operations Realised 203m Gold Price2 $258m Includes $150m proceeds received from the gold prepayment agreement +$ O
Slide 10: Robust Financial Position
ROBUST FINANCIAL POSITION HEALTHY FINANCIAL POSITION Expected to de-lever following investment phase Evolution of leverage Net debt / adjusted EBITDA LTM INVESTMENT FOCUS DEBT REDUCTION FOCUS Completion of Ity and ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS DE-LEVERING AND SHAREHOLDER RET
Slide 11: 2024-2025 Shareholder Returns Programme
2024-2025 SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Updated shareholder returns policy reflecting transition to phase focused on cash flow Supplemental returns expected to be paid if INSIGHTS Shareholder returns programme the gold price is above $1,850/oz and Endeavour has a healthy finan
Slide 12: 2024-2025 Shareholder Returns Programme
2024-2025 SHAREHOLDER RETURNS PROGRAMME REWARDING SHAREHOLDERS Cumulative shareholder >$ 200/oz Increasing commitment to shareholder returns following investment phase Returned returns for every ounce of gold produced1 Buybacks Minimum Dividend 1.3B Supplemental Dividend Supplemental Shareholder Ret
Slide 13: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS REWARDING SHAREHOLDERS $120m shareholder returns for H1-2024 H1-2024 shareholder returns H1-2024 shareholder returns in context PRODUCTION REVENUE Buyback $20m $255/oz returned for every ounce 12% of revenue of gold produced distributed $120m OPERATING CASHFLOW INDICAT
Slide 14: Delivering Organic Growth
DELIVERING ORGANIC GROWTH INVESTING IN GROWTH PROJECTS First gold achieved at both BIOX® Expansion and Lafigué in Q2-2024 SABODALA-MASSAWA BIOX® EXPANSION LAFIGUÉ MINE INSIGHTS INSIGHTS 0LTIs 8years › 1.2Mtpa BIOX® plant, designed to › 4.0Mtpa CIL plant with an initial 13 year process high-grade ref
Slide 15: Strong Construction Track Record
STRONG CONSTRUCTION TRACK RECORD INVESTING IN GROWTH PROJECTS Endeavour extends successful track record of building projects TRACK RECORD HOUNDE 18month LAFIGUÉ 21month Delivered on-schedule in Construction Construction <24 months 2week Ramp-up Q3-2024 Delivered on or below Ramp-up budget 3.0mtpa Na
Slide 16: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE UNLOCKING VALUE THROUGH EXPLORATION Strong focus on cornerstone mines and the Assafou deposit H1-2024 exploration spend Operations Houndé Greenfield $7.0m Mana $1.5m Sabodala 56 Massawa Lafigué $21.8m $1.5m $ m Tanda-Iguela $9.7m Ity $8.3m Greenfields $5.9m FY-2024 explor
Slide 17: Tanda-Iguela Greenfield Project
TANDA-IGUELA GREENFIELD PROJECT UNLOCKING VALUE THROUGH EXPLORATION Prioritising the Assafou deposit and targets on the Tanda-Iguela property INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a low 4.5Moz discovery cost of $11 per Indicated ounce at the Assafou deposit. › Drilling at P
Slide 18: Industry-Leading ESG Risk Rating
INDUSTRY-LEADING ESG RISK RATING OUR ESG INITIATIVES Top Sustainalytics industry score based on ability to manage ESG risk Sustainalytics risk ratings for gold producers, 2024 data Endeavour (2024) Endeavour (2023) Eldorado No.1 Agnico Eagle Sustainalytics rated Newmont gold producer Gold Road Resou
Slide 19: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS Financial results reflect H2-2024 weighted operating performance QUARTER ENDED SIX MONTHS ENDED 30 Jun 31 Mar 30 Jun 30 Jun 30 Jun Q2-2024 vs. For Continuing Operations1 Q1-2024 (in $ million unless otherwise stated) 2024 2024 2023 2024 2023 OPERATIONAL HIGHLIGHTS Gold productio
Slide 21: Production and AISC
PRODUCTION AND AISC FY-2024 operational performance expected to be H2 weighted Production and AISC1 Production for continuing operations, koz AISC for continuing operations, US$/oz +32koz External AISC Impacts Power: +$52/oz 281koz 280koz Royalty: +$27/oz 268koz External AISC Impacts Power: +$15/oz
Slide 22: All-In Sustaining Cost Bridge
ALL-IN SUSTAINING COST BRIDGE External factors added $79/oz to AISC in Q2-2024 compared to Q1-2024 Quarterly AISC bridge External Factors $1,287/oz $27/oz +$ 79/oz $36/oz $39/oz $52/oz AISC impact of higher royalty rates and lower grid $1,186/oz power availability $55/oz $30/oz H2-2024 weighted oper
Slide 23: Grid Power Availability
GRID POWER AVAILABILITY Grid utilisation showing significant improvement in Q3-2024 Grid vs self-generated costs and grid utilisation Grid utilisation by month INSIGHTS › Grid power availability Grid (% of total power) Grid power ($/kwh) 83% Significant month reduced in West Africa Self-generated (%
Slide 24: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Increased EBITDA generation with strong EBITDA margin maintained Adjusted EBITDA from continuing operations1 Adj. EBITDA from continuing operations Adj. EBITDA Margin 45% Realised Gold Price2 $292m $263m $253m $249m EBITDA margin $213m in Q2-2024 50% 50% 47% 45% 45%
Slide 25: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Operating cashflows decreased reflecting reduced production at higher cost INSIGHTS Operating cash flow bridge from continuing operations 6 $258m 1. The realised gold price for continuing operations, inclusive of gold hedges, increased by $246/oz from $2,041/oz in Q1-2024
Slide 26: Working Capital Bridge
WORKING CAPITAL BRIDGE Working capital was an inflow of $45m largely due to increased payables INSIGHTS Q2-2024 Change in working capital build up › Changes in working capital was an inflow of 4 $45m $45m in Q2-2024 compared to an outflow of $82m in Q1-2024 due largely to an increase in inflows rela
Slide 27: Change in Net Debt
CHANGE IN NET DEBT Stable net debt as investment phase nears completion INSIGHTS Change in net debt 1. Operating activities included $213m in 3 4 operating cashflow before changes in 5 1 working capital, a $45m working capital $831m $70m $835m inflow and $6m in cash paid for discontinued ($150m) ($5
Slide 28: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Net earnings impacted by higher taxes INSIGHTS 3 MONTHS ENDED 1. The loss on financial instruments included an 30 June 31 March (in $ million) A = Adjustments made for Adjusted Net Earnings unrealised loss on NSRs and deferred compensation 2024 2024 of $12m, r
Slide 29: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 30: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked from continuing operations1 Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)2 0.11 44.0m 44.2m 42.3m 38.4m LTIFR in Q2-2024 35.3m 0.11 0.11 0.09 0.08 0.05 1LTI in Q2-2024 Q2-2023 Q3-202
Slide 31: Production Performance vs Guidance
PRODUCTION PERFORMANCE VS GUIDANCE Strong operational performance expected in H2 with projects ramp-up OUTLOOK H1-2024 Production vs Guidance OUTLOOK H1-2024 AISC vs Guidance 270koz 300koz $850/oz $925/oz ABOVE ON Ity TOP-END H1 TRACK H1 182koz $885/oz 260koz 290koz $1,000/oz $1,100/oz ON ON Houndé
Slide 32: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL H2 weighted performance with BIOX® Expansion ramp up Q2-2024 vs Q1-2024 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz › Production increased due to increased tonnes milled and average grades processed, partially offset by 85koz decreased recovery rates due to t
Slide 33: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Optimising to support improved near-term performance Higher Grade Feed: Accelerating Higher Grade Feed: Acceleration of In-pit Tailings: Sabodala in-pit tailings is definition and pre-stripping at the Kiesta C definition and grade control of Niakafiri expected to reduce ini
Slide 34: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Solar power plant project expected to reduce energy cost and emissions INSIGHTS › As announced on 2 August 2023, Endeavour launched the construction of a 37MWp photovoltaic (“PV”) solar facility and a 16MW battery system at the Sabodala- Massawa mine, in order to significan
Slide 35: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO H2-2024 weighted performance due to stripping activity in H1 Q2-2024 vs Q1-2024 INSIGHTS Production and AISC › Production increased due to higher average grades milled Production, koz AISC, US$/oz 109koz (higher proportion of Kari Pump and Vindaloo Main ore in the mill feed
Slide 36: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE H1-2024 weighted performance due to higher grade ore availability Q2-2024 vs Q1-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades 96koz processed and higher recovery rates, partially offset by a 86koz 86koz slig
Slide 37: Mana, Burkina Faso
MANA, BURKINA FASO Underground development rates continue to improve Q2-2024 vs Q1-2024 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled and 42koz lower average grades processed, in line with 37koz underground mine sequencing. 35koz 31koz 30
Slide 38: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Development project is on budget and on schedule INSIGHTS › Lafigué is a 4.0Mtpa CIL plant with an initial 13 year LOM and annual production of 203koz at a low AISC of $871/oz . › Initial capital cost of $448m, of which $435m, or 97% has been committed with pricing in lin
Slide 39: Conclusion
04 SECTION 4 CONCLUSION
Slide 40: Key Priorities Across the Business
KEY PRIORITIES ACROSS THE BUSINESS Continuing to deliver against our key priorities Deliver production guidance of 1.1 – 1.3Moz at AISC near the top OUR STRATEGY OPERATIONS end of the guided $955 – 1,035/oz range De-lever the balance street following the completion of the MAINTAINING A BALANCE SHEET
Slide 41: Appendix
05 SECTION 5 APPENDIX
Slide 42: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE Confirmed potential to be a Tier 1 asset INSIGHTS › 4.5Moz resource outlined in approximately 2 years at a 4.5Moz low discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be finalised in Q4-2024. › Significant upside potential Indicated resource
Slide 43: Sabodala-Massawa Mine, Senegal
SABODALA-MASSAWA MINE, SENEGAL Focussed on adding high-grade, non-refractory resources into the mine plan INSIGHTS › An exploration programme of $21m was initially planned for FY-2024, of which $22m has been spent year to date including $11m spent in Q2-2024 consisting of 62,281 meters of drilling a
Slide 44: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Focussed on near mine exploration and underground resource potential Houndé map INSIGHTS › An exploration programme of $7m was initially planned for FY-2024, of which $7m has been spent year to date with $5m spent in Q2-2024 consisting of 13,808 meters of drilling across 45
Slide 45: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Focussed on extending resources and delineating new targets Ity map INSIGHTS › An exploration programme of $10m was initially planned for FY-2024, of which $8m has been spent year to date and $4m was spent in Q2-2024 consisting of 21,090 metres of drilling across 543 drill ho
Slide 46: Mana, Burkina Faso
MANA, BURKINA FASO Focused on following up on near-mine oxide mineralisation INSIGHTS Mana map › An exploration programme of $2m is planned for FY- 2024, of which $2m has been spent year to date and $1m was spent in Q2-2024 consisting of 7,300 metres of drilling across 256 drill holes. The explorati
Slide 47: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q2-2023 Q4-2023 Q2-2024 mechanisms where prices are revised periodically, Q3-2023 Q1-2024 sheltering Endeavour from peak fuel prici
Slide 48: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases Debt reduction Gold collars and shareholder INSIGHTS Gold price in US$/oz return focus › In Q2-2024, 35koz were settled under 2400 Growth and forward contracts at a price of $2,041/oz. s
Slide 49: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance › FY-2024 production guidance marks an 2024 GUIDANCE (All amounts in koz, on a 100% basis) increase of up to nearly 200koz or 18% over the FY-2023 production from continuing operations Houndé 260 — 290 of 1,072koz due to the commissioning of the Ity 270 — 3
Slide 50: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance (All amounts in US$m) INITIAL 2024 GUIDANCE REVISED 2024 GUIDANCE Sustaining capital Houndé 40 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 10 Lafigué 25 25 › Ity: waste stripping, fleet rebuilds, plant upgrades Man
Slide 51: Mine Statistics - Quarterly
MINE STATISTICS On a quarterly year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Q2-2024 Q1-2024 Q2-2023 Physicals Total tonnes mined – OP1 000t 7,132 7,406 7,156 11,619 11,097 11,837
Slide 52: Mine Statistics - Half Year
MINE STATISTICS On a half year basis ITY HOUNDÉ MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) H1-2024 H1-2023 H1-2024 H1-2023 H1-2024 H1-2023 H1-2024 H1-2023 H1-2024 H1-2023 Physicals Total tonnes mined – OP1 000t 14,538 14,521 22,716 25,084 930 3,686 20,577 22,635 18,128 — Total ore tonnes – OP 0
Slide 53: Debt Structure
DEBT STRUCTURE Diversified long-term debt structure Balance sheet structure INSIGHTS (in $ million unless stated otherwise) 30 Jun 2024 31 Mar 2024 30 Jun 2023 › The Company repaid $70m during Q1-2024 on its RCF facility $370m Cash 408 461 845 › At quarter end, the Company had $21m drawn on overdraf
Slide 54: Tax Payments
TAX PAYMENTS THREE MONTHS ENDED SIX MONTHS ENDED 30 June 31 March 30 June 30 June 30 June 2024 2024 2023 2024 2023 All amounts in US$ million Houndé 17 11 13 28 24 Ity 50 — 32 50 34 Mana 3 4 13 7 16 Sabodala-Massawa 45 31 46 76 51 Other1 49 6 — 55 4 Taxes paid by continuing operations 163 51 104 215
Slide 55: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 Relative Performance 23.9 /100 Medium Risk 2023 2022 18.2 /100 Low Risk 2023 17.7 /100 Low Risk 2024 2020 2022 2019 2020 2021 2022 2023 Company Percentile Industry Score Ranking Average 2020
Slide 56: Corporate and Operations Offices
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 56