Slide 1: Corporate Presentation May 2024
CORPORATE PRESENTATION May 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 & Forward Looking Statements
DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial expected, and the results of those studies being consistent with Endeavour’s current expectations; measures, including sustaining capital per ounce, non-sustaining capit
Slide 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 mines 1,130-1,270koz West African producer and growing AISC $955-1,035/oz 2024 guidance 5
Slide 6: Relative to other gold producers
RELATIVE TO OTHER GOLD PRODUCERS CROSS SECTOR BENCHMARKING FY-2024 Production Guidance 7Moz 6Moz 5Moz 4Moz PEER 3Moz BENCHMARKING 2Moz 1Moz 0Moz Agnico Eagle Anglogold Gold Fields Barrick Newmont Endeavour1 IAMGOLD Kinross Centerra Northern Star Eldorado Harmony B2Gold Alamos Lundin Gold Evolution S
Slide 7: Company Profile
COMPANY PROFILE Highlights Top shareholders Shareholder register as at 31 March 2024 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 2 May 2024 245m Rank Institution name % of S/O 1 La Mancha 18.4% Share price as at 2 April 2024 £16.70 / C$28.47 2 BlackRock Investment Management 13.5% M
Slide 8: Our purpose is to produce gold that provides lasting value to society
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 Environmental stewardship Prudent balance sheet management Proven proje
Slide 10: Focused on being a resilient business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio 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 Production visi
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 + 11 years ability to extract Meeting or exceeding production guidance synergies › Leading
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 +250 EXPLORATION TARGETS 7 DEVELOPMENT PROJECTS 4 MINING OPERATIONS Current high priority efforts: In construction: Optimisation initiatives: Siguiri Guinea Sia/Sianikoui Burkina Faso Lafigu
Slide 14: Sabodala-Massawa expansion
2 SABODALA-MASSAWA EXPANSION PROJECT DEVELOPMENT First gold from the BIOX® Expansion delivered on budget and on schedule INSIGHTS › Expansion of our flagship Sabodala-Massawa mine with a 1.2Mtpa BIOX® plant, designed to process high-grade refractory ore. › First gold achieved on 18 April 2024, marki
Slide 15: Lafigué development project
2 LAFIGUÉ DEVELOPMENT PROJECT PROJECT DEVELOPMENT Dry commissioning underway and first gold expected in late Q2-2024 INSIGHTS › Lafigué will be another cornerstone asset with an after-tax NPV5% & IRR at $1,700/oz of $732m & 29%. › Dry commissioning is underway, with wet commissioning expected to sta
Slide 16: Largest exploration presence in West Africa
3 LARGEST EXPLORATION PRESENCE IN WEST AFRICA UNLOCKING EXPLORATION VALUE Endeavour has a strategic foothold in two of West Africa’s most prospective belts 60% of greenstone belt lies in Burkina Faso and Côte d’Ivoire but… …only represents ~30% of production since it is underexplored 16
Slide 17: Proven ranking and screening methodology
3 PROVEN RANKING AND SCREENING METHODOLOGY UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Outlook set in 2021 for the 5-year period ending 2025 Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set
Slide 18: Unlocking exploration value
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 18.6Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered 3.6 Exploration spend 18.6Moz 3.6Moz Moz 3.0Moz Discovered in 3.5Moz FY-2023 2.2Moz 2.1Moz 1.0Moz 1.3Moz 1.9Moz <$ 25/oz Targeted disco
Slide 19: +10 Moz discovered since 2021
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 M&I resource as at 31 December, 2020 M&I resources discovered in 2021 - 2023 Remaining Indicated resource discovery target (
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 at a 4.5Moz low discovery cost of $11 per Indicated ounce. › PFS underway and is expected to be finalised in Q4-2024. › Significant upsi
Slide 21: Tanda-Iguela greenfield project
3 TANDA-IGUELA GREENFIELD PROJECT UNLOCKING EXPLORATION VALUE Unlocking satellite targets at Tanda-Iguela 8 Targets within 6km of Assafou +20km Assafou mineralisation strike length 21
Slide 22: 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 Current operations1 Historically divested/ceased operations Expanding Sabodala-Massawa AISC, $/oz Construction project2 Di
Slide 23: 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 24: Robust financial position
ROBUST FINANCIAL POSITION Expected short term increase to leverage during peak investment phase Evolution of leverage Net debt / adjusted EBITDA LTM INVESTMENT FOCUS Completion of DEBT REDUCTION FOCUS ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS $ 481m Available liquidity1 Ity and 2.8x Hou
Slide 25: Attractive shareholder returns programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Targeting increased shareholder returns following the build phase SHAREHOLDER RETURNS POLICY Dividend payout history Supplemental Dividend Minimum Dividend Paid Minimum Dividend Committed Minimum Dividend Policy › In 2021, Endeavour implemented a minimum $100
Slide 26: Industry leading shareholder returns
INDUSTRY LEADING SHAREHOLDER RETURNS Attractive indicative yield composed of dividends and buybacks Indicative yield for shareholder returns Shareholder returns in context LTM Dividend Yield (%) FY-2023 Buyback Yield (%) PRODUCTION 7% 6% $227/oz returned for every ounce of 1.5% gold produced 5% REVE
Slide 27: Attractive shareholder returns programme
ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME >$ 200/oz Targeting increased shareholder returns following the growth phase Cumulative shareholder Returned returns for every ounce of gold produced1 Q1-2024 Buyback Supplemental Dividend Buybacks Minimum Dividend $13m of buybacks $916m 211/oz completed in Y
Slide 28: Evolution of capital allocation priorities
EVOLUTION OF CAPITAL ALLOCATION PRIORITIES Resilient business capable of funding growth and rewarding stakeholders Capital allocation evolution ENHANCED SHAREHOLDER INVESTING IN ORGANIC GROWTH RETURNS AND DEBT REDUCTION Projects Balance Sheet AND REWARDING SHAREHOLDERS Exploration Increase sharehold
Slide 29: 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 30: 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 31: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 31
Slide 32: On track to meet full year guidance
ON TRACK TO MEET FULL YEAR GUIDANCE Operational performance expected to be strongly H2 weighted 0.11 GROUP SAFETY INDUSTRY LTM LTIFR1 1.14 LEADING Industry Average2 219 koz GROUP Q1 ON PRODUCTION H2-weighted with project TRACK ramp ups and improved 1,130-1,270koz production at Houndé Guidance H2-wei
Slide 33: Financial highlights
FINANCIAL HIGHLIGHTS Financial results reflected H2-2024 weighted operating performance QUARTER ENDED 31 Mar 31 Dec 31 Mar Q1-2024 vs. For Continuing Operations1 Q4-2023 (in $ million unless otherwise stated) 2024 2023 2023 OPERATIONAL HIGHLIGHTS Gold production, koz Gold sales, koz All-in Sustainin
Slide 34: Production and AISC
PRODUCTION AND AISC FY-2024 operational performance expected to be H2 weighted Production and AISC Production for continuing operations, koz AISC for continuing operations, US$/oz -61koz 281koz 280koz Lower production at Houndé 268koz and Sabodala-Massawa inline with the mine sequence, in addition t
Slide 35: Production bridge
PRODUCTION BRIDGE H2-2024 weighted production at Houndé and Sabodala-Massawa Quarterly production bridge H2-2024 weighted production 280koz (42koz) Lower 219koz Production (36koz) Q1-2024 vs Q4-2023 5koz 12koz Lower tonnages of higher grade ore mined from the Sabodala pit as it is nearing the end of
Slide 36: All-in sustaining cost bridge
ALL-IN SUSTAINING COST BRIDGE AISC increase largely driven by the decrease in gold production and sales Quarterly AISC bridge $9/oz $1,186/oz $2/oz $43/oz $1,186/oz -$64/oz $32/oz $217/oz AISC in Q1-2024 $947/oz H2-2024 weighted operating performance Q4-2023 Volume of Mining costs Processing Other S
Slide 37: Operating cash flow before working capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Expected lower production and lower gold sales in Q1-2024 Operating cash flow before working capital Operating cash flow from continuing operations1 0.56/sh Realised Gold Price2 $246m $219m $ Impacted by the largely Operating cash flow expected 61koz decrea
Slide 38: Operating cash flow bridge
EXPLORATION OPERATING CASH FLOW BRIDGE Operating cashflows decreased reflecting reduced production at higher cost INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing 1 2 operations, inclusive of gold hedges, increased by $96/oz from $1,945/oz in Q4-2023 to $22m $2,041/oz in
Slide 39: Net earnings from continuing operations
EXPLORATION NET EARNINGS FROM CONTINUING OPERATIONS Stable adjusted net earnings due to lower income taxes 3 MONTHS ENDED INSIGHTS 31 March 31 December 1. The loss on financial instruments of $46m quarter (in $ million) A = Adjustments made for Adjusted Net Earnings included unrealised losses on gol
Slide 40: Debt structure
DEBT STRUCTURE Diversified long-term debt structure Balance sheet structure INSIGHTS › The Company drew down $219m during Q1-2024 on its (in $ million unless stated otherwise) 31 Mar 2024 31 Dec 2023 31 Mar 2023 debt facilities; $370m 1. $180m on the RCF to manage liquidity at the corporate level. C
Slide 41: 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 41
Slide 42: Tackling inflationary pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing Q1-2023 Q3-2023 Q1-2024 mechanisms where prices are revised periodically, Q2-2023 Q4-2023 sheltering Endeavour from peak fuel prici
Slide 43: Short term revenue protection programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flows during growth and debt reduction phases Debt reduction Gold collars and shareholder INSIGHTS Gold price in US$/oz return focus › In Q1-2024, 35koz were settled under 2400 Growth and forward contracts at a price of $2,024/oz. s
Slide 44: 2024 Guidance
2024 GUIDANCE INSIGHTS Production guidance › FY-2024 production guidance marks an 2023 ACTUALS 2024 GUIDANCE (All amounts in koz, on a 100% basis) increase of up to nearly 200koz or 18% over the FY-2023 production from continuing operations Houndé 312 260 — 290 of 1,072koz due to the commissioning o
Slide 45: 2024 Guidance (Continued)
2024 GUIDANCE (Continued) Capital expenditure guidance Sustaining capital (All amounts in US$m) 2023 ACTUALS 2024 GUIDANCE Houndé 34 40 › Houndé: waste stripping, de-watering boreholes, plant upgrades Ity 10 10 › Ity: waste stripping, fleet rebuilds, plant upgrades Lafigué - 25 Mana 21 15 › Mana: un
Slide 46: Our High Quality Portfolio
OUR HIGH QUALITY PORTFOLIO 3 46
Slide 47: 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 44.0m 0.11 42.3m 38.4m LTIFR in Q1-2024 35.3m 33.0m 1.7m 0.11 0.09 0.06 0.08 0.05 + Hours worked Q1-2024 vs
Slide 48: Diversified portfolio
DIVERSIFIED PORTFOLIO Data for continuing operations P&P RESERVES M&I RESOURCES 2023 Actuals 2024 Guidance as at 31 Dec 2023 as at 31 Dec 2023 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 49: 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 50: Sabodala-Massawa mine
SABODALA-MASSAWA MINE Snapshot 360-400koz $750-850/oz 3.5Moz 5.4Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a Construction of the Sabodala-Massawa expansion top
Slide 51: Sabodala-Massawa mine
SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2.3 - 2.7Moz over the 2021-2025 period Proven Reserves 1
Slide 52: Sabodala-Massawa mine
SABODALA-MASSAWA MINE H2 weighted performance with BIOX® Expansion ramp up Q1-2024 vs Q4-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower grade oxide ores and lower recovery rates driven by changes in the 85koz ore blend. 79koz › AISC increased due t
Slide 53: Sabodala-Massawa expansion
SABODALA-MASSAWA EXPANSION BIOX® Expansion first gold achieved with ramp-up now underway INSIGHTS First gold poured from BIOX® plant BIOX® Project commissioning completed › First gold pour at the Sabodala-Massawa BIOX® Expansion achieved only 24 months after construction launch, transforming the Sab
Slide 54: 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 55: 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 56: 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 57: 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 58: 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 2023 88Mt at 1.92g/t au containing 5.44Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-gr
Slide 59: 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 3.5Moz (kt) (Au g/t) (Au koz) (kt) (Au g/t) (Au
Slide 60: Near term exploration focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on converting resources to reserves and expanding existing resources INSIGHTS › An exploration programme of $21.0 million is planned for FY-2024, of which $10.4 million was spent in Q1-2024 consisting of 48,553 meters of drilling across 2,915 drill ho
Slide 61: 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 62: 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 63: Bambaraya
BAMBARAYA Mineralisation from surface extending over 2,000m along strike 63
Slide 64: Sofia North extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 64
Slide 65: Ity mine
ITY MINE Snapshot 270-300koz $850-925/oz 2.3Moz 4.5Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone assets. It has the The CIL plant was successfully built ahead of longes
Slide 66: Ity mine
ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mining and processing flexibility inclusive of Reserves (on a 100% basis) P
Slide 67: Ity mine
ITY MINE H1-2024 weighted performance due to higher grade ore availability Q1-2024 vs Q4-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher tonnes of ore milled and a slightly higher average grade processed, partially offset by a slight decrease in re
Slide 68: Ity mine
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 and further resource to reserve conversion 250koz 200koz 150koz 100koz 50
Slide 69: 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 2023 90Mt at 1.57g/t au containing 4.52Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 70: 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 7.6Moz 7.6Moz 5.9Moz 2.8Moz 3.1Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.4Moz 5.
Slide 71: Ity resource model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 71
Slide 72: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on extending mineralisation at known deposits INSIGHTS › An exploration programme of $10.0 million is planned for FY-2024, of which $4.6 million was spent in Q1-2024 consisting of 22,979 meters of drilling across 161 drill holes. › During Q1-2024, near-mine drill
Slide 73: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 73
Slide 74: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 74
Slide 75: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant 75
Slide 76: 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 77: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 77
Slide 78: 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 79: 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 80: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 80
Slide 81: Houndé mine
HOUNDÉ MINE Burkina Faso 260-290koz $1,000-1,100/oz 2.6Moz 3.8Moz As at As at 2024 Guidance 2024 Target 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s The goal is to delineate sufficient additional resources cornerstone as
Slide 82: Houndé mine
HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) following stripping at Vindaloo and the incor
Slide 83: Houndé mine
HOUNDÉ MINE H2-2024 weighted performance due to stripping activity in H1 Q1-2024 vs Q4-2023 INSIGHTS Production and AISC › Production decreased due to a higher proportion of lower Production, koz AISC, US$/oz 109koz grade ore sourced from the Kari West pit in the mill feed as waste mining was priori
Slide 84: Houndé mine
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 potential and further resource to reserve conversion 250Koz 200Koz 150Koz
Slide 85: Discovery target (2021-2025)
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 2023 73Mt at 1.63g/t au containing 3.82Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 86: 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 5.7Moz 6.4Moz 6.2Moz 1.2Moz 5.7Moz 5.5Moz 1.5Moz 0.9Moz Defined gold 4.5Moz 1.9Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.8Moz 0.1Moz 4.6
Slide 87: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS › An exploration programme of $7.0 million is planned for FY-2024, of which $2.3 million was spent in Q1- 2024 consisting of 5,328 meters of drilling across 25 drill holes. › During Q1-2024, drilling continued to test the
Slide 88: 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 89: 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 90: Sianikoui
SIANIKOUI Drilling at high-grade target north of Kari area 90
Slide 91: 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 92: Vindaloo South section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 92
Slide 93: Vindaloo Deeps
VINDALOO DEEPS Mineralisation remains open at depth below the current pit shell 93
Slide 94: Mana mine
MANA MINE Burkina Faso 150-170koz $1,200-1,300/oz 0.9 Moz 2.3 Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northern part Recent discoveries resulted in the development of of the high
Slide 95: Mana mine
MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2023 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitioning Wona to an underground operation and incorporating inclusive of Rese
Slide 96: Mana mine
MANA MINE Underground ramp-up supporting improved performance Q1-2024 vs Q4-2023 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher tonnes milled, partially offset by lower average grades processed while recoveries remained consistent. 44koz 42koz › AISC s
Slide 97: Discovery target (2021-2025)
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 98: Near term exploration focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › An exploration programme of $2.0 million is planned for FY-2024, of which $0.4 million was spent in Q1- 2024. › During Q1-2024, fieldwork focused on the collection and interpretation of soil sampl
Slide 99: Lafigué project
LAFIGUÉ PROJECT Côte D’Ivoire 90-110koz $900-975/oz 2.7Moz 3.0Moz As at As at 2024 Guidance 2024 Guidance 31 December 2023 31 December 2023 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also demonstrates the capabilities o
Slide 100: Lafigué project DFS confirms potential
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 101: Lafigué project
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 production over the PFS 0koz
Slide 102: Lafigué project
LAFIGUÉ PROJECT Development is on budget and on schedule for Q2-2024 startup INSIGHTS CIL tanks Site accommodation › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset for Endeavour. › Mining activities commenced in
Slide 103: 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 104: 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 2023 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 105: 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 106: Lafigué North
LAFIGUÉ NORTH Section 320205 106
Slide 107: Lafigué Center
LAFIGUÉ CENTER Section 319830 107
Slide 108: 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 109: 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 110: 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 110
Slide 111: 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 111
Slide 112: 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 112
Slide 113: 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 113
Slide 114: 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 114
Slide 115: Assafou deposit
ASSAFOU DEPOSIT Indicated resource extended southeast along strike Cross Section 0533: Drilling has extended resources southeast of the November 2022 resources 115
Slide 116: 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 117: 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 118: Kalana project
KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2023 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown inclusive of Reserves (on a 100% basis) (Mt) (Au g/t)
Slide 119: 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 120: 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 121: 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 122: 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 123: Greenfield Liguidi
123 GREENFIELD LIGUIDI Burkina Faso
Slide 124: Greenfield Siguiri licenses
124 GREENFIELD SIGUIRI LICENSES Guinea
Slide 125: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER 4 125
Slide 126: Our purpose is to produce gold that provides lasting value to society
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 127: 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 128: 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 128
Slide 129: 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 130: Towards net zero
TOWARDS NET ZERO INSIGHTS TARGETS › Continued to implement a number of abatement initiatives to improve the Achieve <0.601 t CO2-e /oz efficiency of our operations, reduce energy use and associated costs, and lower 2024 emission intensity emissions › Overall carbon footprint in 2023 comprised of 50%
Slide 131: 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 Mines & Main Power Sour
Slide 132: 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 0.67 0.57 0.60 0.54 0.40 40% Below industry Anglogold B2Gold Northern Star Newcrest Kinross Agnico-Eagle Fresnill
Slide 133: Water stewardship
WATER STEWARDSHIP Water stress index INSIGHTS › 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% › Water withdrawal intensity for the Group Medium-high decreased to 9.9 KL/oz due to divestments of 20-40
Slide 134: 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 135: Protecting the environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity 2024 Protect >430 ha of land and reclaim 40ha › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat › In 2023 we recorded no critical or major environment
Slide 136: Creating jobs & upskilling talent
CREATING JOBS & UPSKILLING TALENT Our workforce INSIGHTS Our employees, by origin Female employees Nationals › Total workforce of 16,212 including 4,820 Local Communities Female contractors employees & 11,392 contractors Male employees Expatriates Male contractors › 40% of our General Managers are W
Slide 137: 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 Mali › We contribute to
Slide 138: Community engagement
COMMUNITY ENGAGEMENT Case study INSIGHTS › 1,785 community consultations held during 2023 › Range of income-generating activities in place, with a focus on the youth and women › 144 grievances received in 2023, with big improvement in resolution time from 32 to 17 days, just shy of Group target of 1
Slide 139: Education
EDUCATION INSIGHTS › Education is a key priority for Primary Secondary University Internships Endeavour, unlocking socio- School School economic opportunities for members of our host communities. 46 Birth Certificates Lvolution Academy University 856 Job Experience Supporting disabled & (site initia
Slide 140: Targeting zero harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) -69% -18% › Reported 0.89 TRIFR, well below industry 3.66 benchmark 0.26 3.47 2.77 2.86 › Achieved ISO 45001 and ISO 14001 0.20 certification › Malaria incidence rate reduced 2% to 286 for, trialling a c
Slide 141: Diversity & inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation at Endeavour › Employment of women in mining in West Africa +22% remains a relatively new, predominantly due to historical perceptions of the industry and cultural 11% traditions › We are addressing this bias by actively promoting gender equality
Slide 142: Ethical business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery Roll out Human Rights Awareness 2024 › Set out Group’s 3-year human rights roadmap Campaign in our host communities › Achieved RGMP compliance across all our sites and corporate Deve
Slide 143: 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 144: 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 145: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 145
Slide 146: 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 147: 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 148: 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 149: 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 150: 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 151: 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 152: 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 153: 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 154: Endeavour controls the full 125km stretch along the Ity Birimian belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 154
Slide 155: Endeavour has the largest foothold on the Houndé belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 155
Slide 156: 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 157: Gold project constructions
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 158: 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 159: 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 160: 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 161: 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 15.0Moz over the last six years where we operate at an indust
Slide 162: Appendix
APPENDIX FT / 2) Es y
Slide 163: Appendix 1: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 164: 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 165: 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 166: 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 167: Appendix 2: Mine statistics & additional information
02 APPENDIX 2 Mine statistics & additional information
Slide 168: Mine statistics
MINE STATISTICS On a quarterly basis ITY HOUNDÉ MANA SABODALA-MASSAWA (on a 100% basis) Q1-2024 Q4-2023 Q1-2023 Q1-2024 Q4-2023 Q1-2023 Q1-2024 Q4-2023 Q1-2023 Q1-2024 Q4-2023 Q1-2023 Physicals Total tonnes mined – OP1 000t 7,406 7,349 7,366 11,097 11,993 13,247 711 805 1,783 10,447 11,319 11,207 To
Slide 169: Tax payments
TAX PAYMENTS THREE MONTHS ENDED 31 March 31 December 31 March (in $ million unless stated otherwise) 2024 2023 2023 Houndé 11.0 16.5 10.9 Ity — 18.6 1.3 Mana 3.9 5.5 3.0 Sabodala-Massawa 30.6 — 5.6 Other1 5.8 30.3 3.6 Taxes paid by continuing operations 51.3 70.9 24.4 (1) Included in the “Other” cat
Slide 170: Appendix 3: Reserves and Resources, 5-year exploration target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 171: Reserve and resource evolution
RESERVE AND RESOURCE EVOLUTION Tanda-Iguela exploration prioritised with 3.4moz Indicated resources added P&P reserve bridge1 15.2Moz (0.1Moz) (0.7Moz) +0.1Moz (0.6Moz) 0.0Moz 13.9Moz 1.3Moz - P&P reserves 2022-end Houndé Ity Mana Sabodala-Massawa Lafigué 2023-end FY-2023 vs FY-2022 M&I resource bri
Slide 172: Reserves and resources
RESERVES AND RESOURCES As of 31 December 2023, on a 100% Basis 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 koz) inclusive of Reserves (Mt) (Au g/
Slide 173: Notes to reserves and resources
NOTES TO RESERVES AND RESOURCES As at 31 December 2023 173
Slide 174: 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 175: TSX.EDV LSE.EDV
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