Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (February 2022)
154 slides from Endeavour Mining's investor presentation, February 2022
Slide 1: Corporate Presentation
LSE: EDV TSX:EDV OTCQX: EDVMF Corporate Presentation February 2022
Slide 2: Table of Contents
TABLE OF CONTENTS 1 Endeavour Overview 2 Results and Outlook 3 Our High Quality Portfolio 4 Being a Trusted Partner 5 Competitive Advantage in West Africa 6 Appendix 2
Slide 3: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance activities; changes in national and local government legislation, regulation of mining measures with no standard meaning under IFRS. This presentation contains statements
Slide 4: Endeavour Overview
ENDEAVOUR OVERVIEW 1 4
Slide 5: Endeavour has unmatched competitive advantage in the world's second-largest gold producing region
ENDEAVOUR HAS UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S SECOND-LARGEST GOLD PRODUCING REGION 1 Largest 7 Gold 1.4-1.5Moz West African producer mines AISC $890-940/oz 2022 Production Guidance 5
Slide 6: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 31 December 2021 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 21 February, 2022 248m Rank Institution name % of S/O 1 La Mancha 19.5% Share price as at 21 February 2022 £18.65 / C$32.80 2 BlackRock Investment Mana
Slide 7: Peer Benchmarking
PEER senior gold producers BENCHMARKING CROSS SECTOR BENCHMARKING Endeavour is attractive relative to other 0% 10% 20% 1Moz 2Moz 3Moz 4Moz 5Moz 6Moz 7Moz Endeavour Newmont B2Gold Barrick Kinross Polyus AngloGold AngloGold Barrick Gold Fields Polymetal Agnico-Eagle FY 2021 Production Polyus Kinross Y
Slide 8: Our Strategy
OUR STRATEGY Watch CEO video Build a resilient business and be a trusted partner with the ability to reward shareholders MAINTAINING A BEING A REWARDING HIGH-QUALITY PORTFOLIO TRUSTED PARTNER SHAREHOLDERS Industry-leading operational excellence Employment and training Prudent balance sheet managemen
Slide 9: Embedding the UN SDGs into our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 10: Focused on Being a Resilient Business
FOCUSED ON BEING A RESILIENT BUSINESS High quality portfolio which generates sufficient cash flow to re-invest in our business and reward our stakeholders PORTFOLIO OBJECTIVES PORTFOLIO OPTIMIZATION PILLARS <$900/oz All-in sustaining cost 01 Operational Excellence +10 YEARS Production visibility fro
Slide 11: Superior Operating Model
1 SUPERIOR OPERATING MODEL OPERATIONAL EXCELLENCE Geographic focus provides a strong competitive advantage OPERATING MODEL MANAGEMENT TRACK RECORD › Largest producer in each of our operating countries enhances ability to extract synergies 9 years › Significant synergies from + shared technical funct
Slide 12: Strong Operating Track Record
1 STRONG OPERATING TRACK RECORD OPERATIONAL EXCELLENCE Beat 2021 production guidance 0.20 GROUP LTM INDUSTRY LTIFR1 LEADING 1.08 Industry Average2 1,536koz GROUP 2021 BEAT FY PRODUCTION TOP END 1,365-1,495koz Guidance $880/oz GROUP 2021 $850/oz $900/oz WITHIN AISC FY GUIDANCE RANGE Guidance (1) Lost
Slide 13: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio Long-term upside Near-term growth Immediate cash flow FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION +110 EXPLORATION PROPERTIES 6 PROJECTS 7 MINES TARGET CRITERIA TARGET CRITERIA
Slide 14: Strong Construction Track Record
CEO INTRODUCTION 2 STRONG CONSTRUCTION TRACK RECORD PROJECT DEVELOPMENT Five recent builds integrated within our business 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, CÔT
Slide 15: Key Projects
4 44 2 KEY PROJECTS PROJECT DEVELOPMENT Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: GREENFIELD PROJECT: GREENFIELD PROJECT: SABODALA-MASSAWA EXPANSION FETEKRO KALANA PHASE 1 INSIGHTS: PFS INSIGHTS: PFS INSIGHTS: Debottlenecking the plant back-end
Slide 16: Strong Exploration Track Record
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Achieved 5-year discovery target of 10-15Moz Total Indicated discoveries and targets 11.5Moz Indicated resources discovered Exploration spend 11.5Moz 3.0Moz Discovered discovered from 2.2Moz mid-2016 to 2021 2.1Moz 2022 Exploration Budget
Slide 17: 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 THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT KOFI LIPTAKO LIGUIDI SIGUIRI NABANGA BANTOU FULL CONTROL OF 125KM BARRICK JV STRETCH ALONG THE ITY BIRIM
Slide 18: Proven Ranking and Screening Methodology
PROVEN RANKING AND SCREENING METHODOLOGY Watch 3 video UNLOCKING EXPLORATION VALUE Based on techniques used in the oil and gas sector Exhaustive Screened through multi- All screening based 150 criteria data analysis to targets on geological data targets set targets amenable to 110 and first selectio
Slide 19: 15-20Moz Five-Year Resource Discovery Target
3 STRONG EXPLORATION TRACK RECORD UNLOCKING EXPLORATION VALUE Targeting discovery of more than 2x production depletion over 2021-2025 period 5-year Resource Discovery target Risked mean Indicated resource discovery target (2021 - 2025) $/oz M&I resource as at 31 December, 2020 Target discovery cost
Slide 20: 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 five mines Endeavour’s Portfolio Key achievement across 4 pillars Core Mine1 Non-core Mine1 Divested / Ceased Mine Project2 AISC, $/oz Realized synergies Built Houndé 1,300 Built Ity Met gu
Slide 21: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining AISC <$900/oz PRODUCTION AND ALL-IN SUSTAINING COSTS For discontinued operations For continuing operations1 Guidance Outlook +1.6Moz 1.5Moz +1.5Moz <$900/oz 1.4-1.5Moz 1.4-1.5Moz <$900/oz $880/oz $890-940/oz <$900/oz 2013A
Slide 22: Robust Return on Capital Employed
ROBUST RETURN ON CAPITAL EMPLOYED Significant improvement following build of our Ity and Houndé mines Return on Capital Employed (ROCE)1 20% +10% 2020 vs 2019 10% 6% 6% +20% ROCE target with strong capital 2017 2018 2019 2020 allocation discipline (1) EBIT (Adjusted EBITDA as in MD&A less depreciati
Slide 23: Balance Sheet Strength
BALANCE SHEET STRENGTH Strong cash generation supports balance sheet strength and shareholder returns Net Debt Reduction (Net Debt)/ Net Cash Net Debt / Adj. EBITDA (LTM) INVESTMENT PHASE DEBT REDUCTION PHASE SHARHEOLDER RETURNS PHASE Net Cash Position $75m $76m ($77m) ($70m) ($175m) ($162m) ($473m)
Slide 24: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Minimum dividend commitment of +$500m for FY-2020 to 2023 SHAREHOLER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid $175m Minimum Progressive Dividend Minimum Dividend Committed › Provides dividend visibility during $150m growth
Slide 25: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Strong commitment to delivering excess shareholder returns Cumulative Shareholder Returns $338m Minimum dividend $338m Supplemental shareholder returns $138m Cumulative shareholder returns $140m ($0.57/sh) $200m $15m $153m $125m $60m ($0.37/sh) supplemental shareholder
Slide 26: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Most aggressive share buyback program amongst peers Indicative yield for shareholder returns1 $138m FY-2021 Share Buyback FY-2021 Dividend 8% 7% in share buybacks 6% for FY-2021 5% 4% 4.4% 3% 2% 1% 0% Indicative yield of Polyus Newmont3 Gold Fields Polymetal Endeavour2
Slide 27: LSE Premium Listing Completed in June 2021
LSE PREMIUM LISTING COMPLETED IN JUNE 2021 The largest pure gold producer listed on the premium segment of the LSE INSIGHTS Production for London Stock Exchange listed gold producers1 › Liquidity continues to increase in Gold Silver in gold equivalent the UK with 24% of our free float 3.0Moz shares
Slide 28: Ability to Reward Shareholders Across Cycles
ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES Watch video 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 Po
Slide 29: Upcoming Catalysts
UPCOMING CATALYSTS Q1 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2 2022 Q2 Lafigué Completion of Definitive Feasibility Study for Lafigué project at Fetekro 2022 Q3 Shareholder Returns Payment of H1-2022 dividend 2022 Q3 Mana Wona Underground first stope production 2022 29
Slide 30: Results and Outlook
RESULTS AND OUTLOOK 2 30
Slide 31: Strong Achievements in 2021
STRONG ACHIEVEMENTS IN 2021 STRONG OPERATIONAL HEALTHY ATTRACTIVE ROBUST PERFORMANCE FINANCIAL POSITION SHAREHOLDER RETURNS ORGANIC GROWTH Group LTIFR of 0.20, well below Net cash position of $76m Shareholder returns of $278m Discovered 3Moz of Indicated industry average of 1.08 achieved at year end
Slide 32: 2022 Guidance
2022 GUIDANCE INSIGHTS Consolidated Production Guidance 2021 PRELIMINARY 2022 FULL-YEAR GUIDANCE › Total production guidance for 2022 of (All amounts in koz, on a 100% basis) RESULTS 1,400 – 1,500koz at an AISC of $890 - Ity 272 255 — 270 $940/oz Karma 88 85 — 100 Houndé 293 260 — 275 › Guidance is
Slide 33: 2022 Guidance (Continued)
2022 GUIDANCE (Continued) Sustaining and Non-Sustaining Capital Expenditure Guidance INSIGHTS › Sustaining and non-sustaining capital spend is expected to SUSTAINING CAPITAL NON-SUSTAINING CAPITAL decrease by approximately $40 million in 2022 compared to FY-2021 FY-2022 FY-2021 FY-2022 2021 (All amo
Slide 34: Supply Chain and Cost Inflation Controls
SUPPLY CHAIN AND COST INFLATION CONTROLS Renegotiating long-term contracts as a larger group has helped to mitigate inflationary pressures INSIGHTS KEY CONTRACT RENEWALS › Renegotiated contracts after acquisitions of Semafo and Teranga to leverage increased group tender volumes with first key contra
Slide 35: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 35
Slide 36: Diversified Portfolio of Seven Mines
DIVERSIFIED PORTFOLIO OF SEVEN MINES 2022 Guidance P&P RESERVES as at Dec 31, 2020 M&I RESOURCES as at Dec 31, 2020 NAME COUNTRY MINE PRODUCTION AISC CONTAINED GOLD GRADE CONTAINED GOLD GRADE (koz) (US$/oz) (Moz) (g/t) (Moz) (g/t) Houndé Burkina Faso 260-275 875-925 2.58 1.74 4.58 1.74 Ity Côte d’Iv
Slide 37: Production by Asset
PRODUCTION BY ASSET Increased diversification across assets Production breakdown +628koz Wahgnion 147Koz Mana 205Koz Production FY-2021 vs. FY-2020 Boungou Sabodala-Massawa 174Koz 345Koz 1,536Koz Karma Production 70Koz Boungou 94Koz FY-20211 Karma 88Koz Agabou $880oz 13Koz Hounde 908Koz Mana 121Koz
Slide 38: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal 360-375koz $675-725/oz 4.8Moz 6.6Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Sabodala-Massawa complex has potential to become a
Slide 39: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Senegal KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Phase 1 expansion to debottleneck the plant back-end Resources shown Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz)
Slide 40: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Phase 1 plant expansion completed in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS › Production remained flat despite the increase in processed grade as gold in circuit increased while plant throughput and plant recovery remained con
Slide 41: Sabodala-Massawa Phase 1 Expansion Completed Under Budget
SABODALA-MASSAWA PHASE 1 EXPANSION PHASE 1 EXPANSION COMPLETED UNDER BUDGET FOR $14M › Phase 1 of the plant expansion facilitates the processing of an increased proportion of high grade, free-milling Massawa ore through the Sabodala processing plant. › Phase 1 of the plant expansion included the ins
Slide 42: DFS for Phase 2 Due for Completion in Q1-2022
SABODALA-MASSAWA MINE Senegal DFS FOR PHASE 2 IS DUE FOR COMPLETION IN Q1-2022 • Phase 2 of the expansion will add a new refractory Improved geometallurgical modelling incorporating a wider range of elements into the resource block model, to ore plant to process the high-grade refractory ore impro
Slide 43: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) SABODALA-MASSAWA MINE 2.3 - 2.7Moz $26/oz Senegal Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 114Mt at 2.01g/t au containing 7.35Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-grade
Slide 44: Near-Term Exploration Focus
NEAR-TERM EXPLORATION FOCUS Exploration added 709koz of Indicated resources in 2021 INSIGHTS Massawa Plan Map › During 2021, exploration efforts delineated 591koz of Indicated resources representing a 11% increase over the 31 December 2020 M&I resource estimate excluding 2021 mine depletion. › Indic
Slide 45: Sofia North Extension
SOFIA NORTH EXTENSION Shallow high grade mineralisation extending for over 800m along strike 45
Slide 46: Samina
SAMINA Mineralised strike length greater than 1,100 meters and open to the north and south 46 46
Slide 47: Tina
TINA Northeast striking mineralised occurrence with further drilling planned for 2022 47 47
Slide 48: Bambaraya
BAMBARAYA High grade mineralisation from surface extending over 800m along strike BBTR001 13.2m@3.64g/t from 0m MRC21-0725 19m @ 1.97g/t Au from 7m Incl. 8m @ 3.07g/t Au from 18m MRC21-0723 4m @ 7.24g/t Au from 10m MRC21-0723 13m @ 2.06g/t Au from 46m 48 48
Slide 49: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire 255-270koz $850-900/oz 2.7Moz 3.8Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Ity mine is one of Endeavour’s cornerst
Slide 50: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Commencement of mining Le Plaque and continued inclusion of new Resources shown Tonnage Grade Content discoveries inclusive o
Slide 51: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Consistent Q4-2021 production vs Q3-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production remained consistent with the prior quarter as Production, koz AISC, US$/oz higher mill throughput was offset by lowe
Slide 52: Ity Mine Production Plan
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Côte D’Ivoire Ity production plan +294Koz 2022 Guidance mid-point 2017 Optimization Study Incremental production added 300koz Target production of 250koz over +10 years expected to be achieved based on exploration pote
Slide 53: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) ITY MINE 3.5 – 4.5Moz $17/oz Côte D’Ivoire Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 93Mt at 1.58g/t au containing 4.74Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through high
Slide 54: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Targets defined along the full length of the Ity belt INSIGHTS › During 2021 exploration efforts delineated 975koz of Indicated resources representing a 26% increase over the 31 December 2020 M&I resource estimate, excluding 2021 mine depletion. Walter-Bakatouo Zia NE Ext
Slide 55: West Flotouo
WEST FLOTOUO High grade discovery close to the Ity CIL plant West Flotouo Plan Map West Flotouo Cross Section VO21-165 8.4m @ 4.57 g/t Au 5.9m @ 14.55 g/t Au VO21-176 25.8m @ 4.91 g/t Au 4.2m @ 10.85 g/t Au VO21-158 14.8m @ 3.04 g/t Au 5.9m @ 10.65 g/t Au VO21-096 25.2m @ 13.00g/t Au 3.7m @ 11.01g/t
Slide 56: Le Plaque
LE PLAQUE Updated resources extended mineralisation INSIGHTS Le Plaque Exploration Targets › During the 2021 drilling campaign, an updated mineral resource was defined at Le Plaque, extending mineralisation towards Le Plaque SW and at depth at Delta Extension. › The high grade Le Plaque deposit has
Slide 57: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 57 57
Slide 58: Walter-Bakatouo
WALTER-BAKATOUO Near mine low strip ratio resources added WA21-052 5m @ 17.02 g/t Au WA21-074 3m @ 4.35 g/t Au 26.9m @ 3.24 g/t Au 6m @ 2.7 g/t Au WA21-033 WA21-025 18.4m @ 2.73 g/t Au 2m @ 39.84 g/t Au 23m @ 4.29 g/t Au 6.4m @ 3.86 g/t Au WA21-022 11m @ 2.54 g/t Au WA21-060 16.9m @ 6.20 g/t Au 19m
Slide 59: Daapleu Deeps
DAAPLEU DEEPS High-grade mineralisation extends down dip DA15-178 21.3m @ 1.87g/t Au 8.9m @1.37 g/t Au 9.3m @ 1.12 g/t Au DA16-193 18m @ 1.54g/t Au DA16-194 12.1m @ 1.47g/t Au 6.9m @ 1.13 g/t Au 13.9m @ 1.23 g/t Au DA15-174 14.2m @ 1.21g/t Au 10.7m @ 2.87 g/t Au DA16-193 15.6m @ 1.36 g/t Au DA21-615
Slide 60: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 260-275koz $875-925/oz 2.6Moz 4.6Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Houndé mine is one of Endeavour’s cor
Slide 61: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 On a 100% basis • Potential to integrate new discoveries including the Mambo and Golden Resources shown Tonnage Grade Content Hill deposits i
Slide 62: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Record performance in FY-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production increased due to the higher recovery rates as well as the Production, koz AISC, US$/oz increased mill tonnage despite the lo
Slide 63: Houndé Mine Production Plan
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2022 Guidance mid-point +426Koz Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration
Slide 64: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) HOUNDÉ MINE 3.0 – 4.0Moz $19/oz Burkina Faso Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 108Mt at 1.57g/t au containing 5.47Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo Sou
Slide 65: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Maiden resources declared at Mambo and Vindaloo South INSIGHTS Houndé plan map highlighting soil geochemical anomalies › During 2021 exploration efforts delineated 889koz of Indicated resources, representing a 20% increase over the 31 December 2020, M&I resource estimate,
Slide 66: 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 ex
Slide 67: Mambo
MAMBO Down dip mineralisation extension remains open 67 67
Slide 68: 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 (25-30km) of the Houndé mine › Potential for development as a satellite deposit › Expansive exploration licenses covering 468km2 › Dril
Slide 69: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso 140-150koz $1,050-1,150/oz 1.4 Moz 2.1 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The newly developed Wahgnion mine
Slide 70: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Greater mining flexibility following commissioning of On a 100% basis satellite deposits Resources shown Tonnage Grade Content inclusive
Slide 71: Wahgnion Mine
COO video presentation Website Latest technical report 3D mine site tour WAHGNION MINE Increased throughput and grades with stable recoveries in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS › Production increased due to increased plant throughput and higher processed grade while the plant recovery rate remai
Slide 72: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) WAHGNION MINE 1.5 – 2.0Moz $25/oz Burkina Faso Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 44Mt at 1.51g/t Au containing 2.15Moz NEAR-TERM FOCUS Extend mine life to +10 years through discovery of additional satellite deposits within trucking dista
Slide 73: Wahgnion Mine Exploration Potential
WAHGNION MINE Significant exploration potential exists within the permitted mine license INSIGHTS Nogbele South: Significant Indicated resource potential › An exploration programme of up to $12 million was planned for 2021. The exploration efforts continued to focus on Nogbele North and Nogbele Sout
Slide 74: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 170-190koz $1,000-1,100/oz 1.4 Moz 3.0 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Mana mine is located in the north
Slide 75: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through open pit and underground exploration On a 100% basis Resources shown Tonnage Grade Content • Cost optimization t
Slide 76: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Wona underground development being expedited Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production increased due to higher processed grade and Production, koz AISC, US$/oz plant recovery rate, which was partial
Slide 77: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) Bara MANA MINE 1.0 – 1.5Moz $30/oz Burkina Faso Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 45Mt at 2.07g/t Au containing 3.01Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of Siou underground, Wona underground as well as ex
Slide 78: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focus on discovering new oxide potential Mana exploration map INSIGHTS › An exploration programme of $8 million was planned for 2021 › In H2-2021 exploration was focussed on the Maoula open pit oxide target, and on evaluating underground targets at Siou, Wona and Nyafe. ›
Slide 79: Maoula
MAOULA Open pit oxide target MARC21-524 MARC21-513 5m @ 3.01 g/t \ 163m 3m @ 2.39 g/t \ 37m A MARC21-572 MARC21-559 3m @ 2.11 g/t \ 35m 3m @ 2.02 g/t \ 142m MARC21-169 MADD21-521 5m @ 3.24 g/t \ 29m 14m @ 2.65 g/t \ 69m MARC21-342 11m @ 6.27 g/t \ 104m MARC21-507 11m @ 3.72 g/t \ 14m MARC21-308 5m @
Slide 80: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 SE Base line MARC21-208 4.0m @ 3.33 g/t \ 14m 5.0m @ 1.99 g/t \ 25m 4.0m @ 1.35 g/t \ 21m 6.0m @ 1.53 g/t \ 69m MARC21-207 8.0m @ 2.09 g/t \ 26m Laterite MARC21-209 300m RL 5.0m @ 3.63 g/t \ 118m MARC21-210 7.0m @ 3.29 g/t \ 1
Slide 81: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso 130-140koz $900-1,000/oz 1.0 Moz 1.5 Moz As at As at 2022 Target 2022 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Boungou mine is a low cost, high
Slide 82: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Discovery of new deposits to maintain higher grade profile On a 100% basis Resources shown Tonnage Grade Content • Brownfields drilling to
Slide 83: Boungou Mine
COO video presentation Website Latest technical report 3D mine site tour BOUNGOU MINE Continued focus on waste stripping at East pit in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production decreased due to a lower mined and processed grade Production, koz AISC, US$/oz while throughpu
Slide 84: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) BOUNGOU MINE 1.0 – 1.5Moz $32/oz Burkina Faso Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 14Mt at 3.32g/t Au containing 1.54Moz NEAR-TERM FOCUS Extend mine life to +10 years through exploration of near mine targets Boungou North, Natougou SW, Nato
Slide 85: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS High priority targets within 10km of the mine INSIGHTS Boungou Exploration Map › An exploration programme of up to $7 million was planned for 2021. The exploration efforts were focused on delineating near mine targets including Natougou Northeast, Boungou Northwest and Bo
Slide 86: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso 85-100koz $1,200-1,250/oz 0.2 Moz 1.9 Moz As at As at 2022 Target 2021 Target December 31, 2020 December 31, 2020 Production AISC P&P Reserves M&I Resources Overview The Karma mine is a low-grade heap In 2017, an optimiza
Slide 87: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES AS AT DEC. 31, 2020 • Mine life extensions through brownfield drilling On a 100% basis Resources shown Tonnage Grade Content • Drilling at Kao North and GG1 to assess additional he
Slide 88: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Production remained flat in Q4-2021 Q4-2021 vs Q3-2021 INSIGHTS Production and AISC › Production remained flat despite the improved average grade Production, koz AISC, US$/oz and recovery rates as the stacking rate slightly decreased
Slide 89: Karma Mine
COO video presentation Website Latest technical report KARMA MINE Exploration focused on delineating near mine extensions INSIGHTS Karma H1-2021 Drilling plan › During H2-2021 limited exploration work continued as part of the advanced grade control drilling programme, targeting near mine extensions
Slide 90: Fetekro Project
PFS press release Latest technical report 3D mine site tour FETEKRO PROJECT Côte D’Ivoire QUICKFACTS (ON 100% BASIS) – 2021 PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 10% Gov. Côte d’Ivoire, 10% SODEMI Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIP Plant Re
Slide 91: Fetekro Project
FETEKRO PROJECT Simplified map of the Fetekro property showing Lafigué Côte D’Ivoire 2021 project economics are robust, with an attractive NPV and IRR being generated across a range of gold prices The PFS is based on the updated 2020 Mineral Resource Estimate, as published on August 18, 2020, which
Slide 92: Fetekro Project Attractive Project Economics
Fetekro 2020 PEA vs 2021 PFS FETEKRO PROJECT PLANT TYPE, SIZE & CAPEX PFS PEA VARIANCE Côte D’Ivoire Plant type Gravity / CIP Gravity / CIL Mill Type 3.0 1.5 +100% Upfront capital cost, $m 338 268 +26% LIFE OF MINE PRODUCTION Mine life, years 9.5 8.0 +31% Strip ratio, W:O 10.3 7.4 +41% Tonnes proces
Slide 93: Discovery Target (2021-2025)
DISCOVERY TARGET (2021-2025) FETEKRO PROJECT 1.2 – 1.8Moz $14/oz Côte D’Ivoire Indicated resources Discovery cost M&I RESOURCES as at Dec 31, 2020 45Mt at 2.00g/t Au containing 2.92Moz NEAR-TERM FOCUS 2.92Moz have been discovered since 2018 with the aim to further extend the Lafigué resources. Sever
Slide 94: Fetekro Project
FETEKRO PROJECT DFS expected to be published in late Q1-2022 INSIGHTS Drilling between Lafigué Center and Lafigué North › Since the last resource update on 18 August 2020, more than 66,000 meters of drilling have been completed on the Lafigué deposit, the results of this drilling activity successful
Slide 95: Fetekro Project
FETEKRO PROJECT Mineralisation extends over 500m southeast of current pit shell LFRC21-1441 1.9m@ 0.99 g/t Au 95 95
Slide 96: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES AS AT DEC. 31, 2020 Ownership 80% EDV; 20% Mali government Mine Type Open Pit On a 100% basis Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown Tonnage Grade
Slide 97: Kalana Project Study Comparison
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 98: Kalana License and Exploration Targets
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 99: Bantou Project
INSIGHTS › Acquired through Endeavour’s acquisition of SEMAFO in 2020 and currently consists of eight mineralized zones with diverse mineralization styles and grades within the prolific Houndé BANTOU PROJECT Burkina Faso Greenstone Belt › The inferred resource is comprised of three main areas with t
Slide 100: Nabanga Project
INSIGHTS Nabanga deposit plan map and schematic cross-section › Located 250 kilometres southeast of Ouagadougou, the Nabanga Gold Project lies within the Nabanga NABANGA PROJECT Burkina Faso exploration permit. › Results of Preliminary Economic Assessment (PEA) released on September 30, 2019. ‒ Pre-
Slide 101: Greenfield Afema
INSIGHTS › New Discovery: Woulo Woulo Prospect › Continued geological and GREENFIELD AFEMA Côte D’Ivoire structural evaluations to expand oxide mineralization along the Afema shear zone › Strong drill results across widespread mineralization the Woulo Woulo prospect › Average 40-50 metre wide gold m
Slide 102: Greenfield Liguidi
102 GREENFIELD LIGUIDI Burkina Faso
Slide 103: Bondoukou - Tanda & Iguela
INSIGHTS › Over 8 targets have been identified on the Tanda and Iguela exploration permits BONDOUKOU - TANDA & IGUELA Côte D’Ivoire › Dakou, Pala and Assafou- Broukro are high priority targets with the larger resource size potential › High gold in soil geochemical anomalies have been identified 103
Slide 104: Greenfield: Siguiri Licenses
104 GREENFIELD: SIGUIRI LICENSES Guinea
Slide 105: Greenfield Sissedougou / Mankono
JV WITH BARRICK GOLD › Drill results suggest the presence of an 800-metre Côte D’Ivoire GREENFIELD SISSEDOUGOU / MANKONO mineralized structure at Sissedougou with best drill results of: ‒ 34.6 m @ 2.08g/t Au at 74.6m, including 1.0m @ 31.52g/t Au ‒ 18.8 m @ 2.30g/t Au at 26.1m ‒ 23.0 m @ 2.14g/t Au
Slide 106: Greenfield Nassile / Da-Guity
INSIGHTS › Highly prospective area of Nassile and Dar-Guiti Niger GREENFIELD NASSILE / DA-GUITY › Exploration Permit obtained in 2017 › Exploration Permit covers a total surface area of 695km² 106
Slide 107: Greenfield Kofi
INSIGHTS › Kofi on same trend as Barrick’s Loulo- Mali GREENFIELD KOFI Gounkoto in Mali › Exploration license of Kofi not sold in Tabakoto sales process › Aim is to attain additional license around Kofi North/Netekoto to consolidate exploration cluster 107
Slide 108: Being a Trusted Partner
Watch video BEING A TRUSTED PARTNER Watch CEO video 4 108
Slide 109: Improving Our Transparency & Disclosure
IMPROVING OUR TRANSPARENCY & DISCLOSURE As our company has grown, so have our ESG initiatives and commitments 2022 • Set water targets 2021 • External assurance on key • Announce key ESG targets 2020 ESG data for 2025 • 1st RGMP externally • 7 RGMPs externally assured • Complete detailed assured aba
Slide 110: Continuous Improvement in Ratings
CONTINUOUS IMPROVEMENT IN RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 2021 Relative Performance 2019 2020 2021 Climate Change D- C C 2020 Water N/A C C Forestry 2021 Defined targets required to advance to a B rating 110
Slide 111: Rigorous Reporting with Board Oversight
RIGOROUS REPORTING WITH BOARD OVERSIGHT THE BOARD Environment, Sustainability Audit Committee Quarterly & Governance Committee Executive Management Committee Executive ESG SteerCo Quarterly Sector Specialists Health, Human Social Finance Legal & Supply Investor IT safety & resources performance comp
Slide 112: Aligning ESG Priorities Through Exec Comp.
ALIGNING ESG PRIORITIES THROUGH EXEC COMP. Element Performance Metrics for 2021 Weighting ANNUAL BONUS (STIP) Net Free Cash Flow 20% Financial AISC 10% Production 10% Operational Exploration Targets 20% LSE Listing 20% ESG Safety & Malaria 20% LONG TERM INCENTIVE PLAN (LTIP) Shareholder value TSR vs
Slide 113: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE Aiming for close alignment with UK Corporate Governance Code Size of Board = 10 Nationalities represented on the Board Board experience by sector Accounting 9 5 1 Strategy & Leadership Metals & Mining International Business Finance Operations & Exploration Corporate Gover
Slide 114: Summary of Key Governance Improvements
SUMMARY OF KEY GOVERNANCE IMPROVEMENTS Steps taken for listing on the Premium Segment of the LSE andd to comply with UK Corporate Governance Code Employee Share Corporate Disclosure Board Executive Pay Scheme Redomiciled to the UK as a FPPP basis applied to Board Reserved Restructured CEO
Slide 115: Turning Our Purpose into an Actionable Strategy
TURNING OUR PURPOSE INTO AN ACTIONABLE STRATEGY OUR PURPOSE PARTNERING WITH SUPPORTED BY OUR HOSTS STRONG ETHICS TO PRODUCE GOLD THAT AND GOVERNANCE PROVIDES LASTING VALUE TO SOCIETY INVESTING IN PROTECTING OUR HOST COUNTRIES OUR ENVIRONMENT We do so while protecting Respect for human rights and pro
Slide 116: Our Sustainability Strategy
@ENDEAVOUR MINING ets OUR SUSTAINABILITY Va Ree STRATEGY rcaesstretttertttesnnnass . ~ national and regional levels OUR AMBITION PROTECTING FOR OUR ESG MISSION INVESTING IN OUR ENVIRONMENT IMPLEMENTED ACROSS OUR OUR HOST COUNTRIES 6 MINES, HOST COMMUNITIES d AND BEYOND +) i Biodiversity Water Stewar
Slide 117: Embedding the UN SDGs into our ESG Strategy
EMBEDDING THE UN SDGS INTO OUR ESG STRATEGY Strong contributions to our host countries SOCIAL IMPACT › Economic Development › Education › Health › Access to Water & Electricity PROTECTING THE ENVIRONMENT › Climate Change › Water Stewardship › Biodiversity › Plastic Waste RESPONSIBLE MINING › Human R
Slide 118: Investing in Our Host Communities
INVESTING IN OUR HOST COMMUNITIES COMMUNITY ENGAGEMENT EDUCATION GOVERNMENT PAYMENTS › Grievance mechanism in place & and › Key priority for Endeavour to support the › Gold royalties paid on sliding scale, reported in our annual Sustainability Report next generation and overall national increasing a
Slide 119: Supporting Economic Development
CORPORATE SUPPORTING ECONOMIC DEVELOPMENT PRESENTATION PROCUREMENT ENDEAVOUR FOUNDATION IMPACT INVESTING › Supply chain re-orientated towards West › Created in 2021 to be Endeavour’s primary › Established an impact investing fund Africa since 2019 vehicle to implement regional and national ECODEV to
Slide 120: Addressing Climate Change
ADDRESSING Endeavour’s GHG emissions intensity amongst lowest in the industry CLIMATE CHANGE Emissions intensity (kgCO2eq/oz) 2020 GHG EMISSIONS INTENSITY In 2021 Endeavour committed to: -30% by 2030 => ~2C Net Zero by 2050 Carbon reduction included in Exec. Compensation Emissions intensity (k
Slide 121: Protecting the Environment
CORPORATE PROTECTING THE ENVIRONMENT PRESENTATION WATER TAILINGS BIODIVERSITY › In 2020, we revised our water accounting › Annual disclosure in line with the Investor › Aim to minimise and mitigate our impacts and reporting methodology to align with Mining and Tailings Safety Initiative ICMM Water A
Slide 122: Our People
CORPORATE OUR PEOPLE PRESENTATION SAFETY HEALTH GENDER DIVERSITY › Strong safety culture with Zero harm goal › COVID-19 Response › In 2020 set 25% increase in gender diversity as part of the Group-wide ‒ No impact on production › Safety KPI part of annual Group bonus annual bonus… ‒ Successful EDV v
Slide 123: Ethical Business
CORPORATE ETHICAL BUSINESS PRESENTATION HUMAN RIGHTS ANTI-BRIBERY/CORRUPTION RESPONSIBLE SOURCING › Our Human Rights Policy is reviewed › Independent 3rd party 24/7 whistleblower › All gold produced by Endeavour sourced annually, and we publish an annual Modern hotline from our own operations Slaver
Slide 124: Competitive Advantage in West Africa
Watch video COMPETITIVE ADVANTAGE IN WEST AFRICA 5 124
Slide 125: West Africa Endeavour's Presence
WEST AFRICA ENDEAVOUR'S PRESENCE No. 1 GOLDEN OPPORTUNITY No. 1 Gold producer in the region and in each of the countries in which we operate IN WEST AFRICA for global gold discoveries over past decade 20% Endeavour is strategically positioned with an unmatched competitive advantage in the region. En
Slide 126: West Africa is the Fastest-Growing Gold Region
REGION’S PRODUCTION GROWTH WEST AFRICAN PRODUCTION GROWTH WEST AFRICA 12.5Moz 12.5% IS THE FASTEST- GROWING GOLD PRODUCING REGION 10.0Moz 10.0% Percentage of Global Mine Supply 7.5Moz 7.5% West African Mine Supply +90% 5.0Moz 5.0% production increase over last decade 2.5Moz 2.5% 12% 0.0Moz 0.0% of g
Slide 127: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2019 WEST AFRICA IS THE 2ND LARGEST 12Moz 12Moz GLOBAL GOLD 11Moz 10Moz PRODUCING REGION Given the golden opportunity in West Africa, 6 out of the top 10 senior 6Moz gold producers have a presence in 6Moz the regio
Slide 128: Endeavour is the Dominant West African Producer
PRODUCTION WEST AFRICAN GOLD PRODUCTION (2021E) ENDEAVOUR Endeavour IS THE DOMINANT AngloGold WEST AFRICAN Newmont GOLD PRODUCER Gold Fields Barrick Given its focus on West Africa, Endeavour B2Gold has a strategic industrial benefit from Kinross being geographically focused yet diversified across mu
Slide 129: 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 130: 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 131: Industry Exploration Spend
INDUSTRY EXPLORATION SPEND INDUSTRY 2020 EXPLORATION BUDGET In US$ millions 842 WEST AFRICA IS 788 THE 4TH LARGEST EXPLORATION FOCUS ACROSS THE GLOBE Given that exploration spend often 470 458 foreshadows future production growth, West Africa has the potential to continue to be a large producing reg
Slide 132: Discoveries by Area
INDUSTRY EXPLORATION SPEND DISCOVERIES BY AREA For the period between 2006-2016 79Moz WEST AFRICA RANKS 1ST FOR DISCOVERIES OVER PAST DECADE 50Moz The region is significantly under-explored 42Moz compared to other regions. 33Moz 79 27Moz 27Moz 23Moz 22Moz 20Moz Moz 18Moz 16Moz 16Moz 15Moz 13Moz 13Mo
Slide 133: Endeavour Holds One of the Largest Land Tenement Holdings in West Africa
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 Endeavour has a strategic foothold in ~30% of production two of West Africa’s most prospective belts since it is underexp
Slide 134: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 134
Slide 135: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 135 135
Slide 136: West Africa Operates as an Economic Union
WEST AFRICA OPERATES STABLE SECTOR AS AN ECONOMIC UNION MINING CODE SIZE West African Economic and Well balanced profit sharing: Extractive sector Monetary Union (WAEMU) › Corporate tax rate between 25- represents a low % 35% of GDP1: › Free-carried interests between › Senegal: 2% 10-15% › Cote d’Iv
Slide 137: Unmatched Competitive Advantage
UNMATCHED COMPETITIVE ADVANTAGE Dominant presence in the world’s second-largest producing region STRATEGIC SUPERIOR MANAGEMENT POSITIONING OPERATING MODEL TRACK RECORD Largest producer in each country In country and regional synergies Discovered 8.4Moz of Indicated resources where we operate at <$25
Slide 138: Appendix
APPENDIX FT / 6) Es y
Slide 139: Appendix 1: Management, Board and Analyst Coverage
01 APPENDIX 1 Management, Board and Analyst Coverage
Slide 140: Solid Management Track Record
SOLID MANAGEMENT TRACK RECORD SÉBASTIEN • Sébastien de Montessus is President and CEO of Endeavour Mining. Under his leadership, he has introduced key strategic objectives that have created a sustainable business that generates long term cash flow DE MONTESSUS • Previously, Sébastien served as the C
Slide 141: Board Members
BOARD MEMBERS Michael Beckett Alison Baker Carmen Letton David Mimran Tertius Zongo Chairman Non-executive Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director James Askew Livia Mahler Naguib Sawiris Sofia Bianchi Sébastien de Montessus Non-executive D
Slide 142: Analyst Coverage
ANALYST COVERAGE Firm Analyst Phone Email Bank of America Michael Jalonen ✆ +1 416 369 7592 ✉ lawson.winder@bofa.com Barclays Amos Fletcher ✆ +44 20 7773 2225 ✉ amos.fletcher@barclays.com Berenberg Jonathan Guy ✆ +44 20 3753 3379 ✉ jonathan.guy@berenberg.com BMO Raj Ray ✆ +44 20 7246 5430 ✉ raj.ray@
Slide 143: Appendix 2: Financial Appendices
02 APPENDIX 2 Financial appendices
Slide 144: Mine Statistics (Quarterly)
MINE STATISTICS On a quarterly basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-20 Q3-21 Q2-21 Q3-21 Q2-21 Physicals Total tonnes mined – OP1 000t 5,576 5,934 6,322 4,972 6,212 4,39
Slide 145: Mine Statistics (Year to Date)
MINE STATISTICS On a year to date (nine months) basis SABODALA- ITY KARMA HOUNDÉ MANA BOUNGOU WAHGNION MASSAWA (on a 100% basis) YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-21 YTD-20 YTD-212 YTD-212 Physicals Total tonnes mined – OP1 000t 18,326 16,923 16,330 14,146 37,620 32,754 20,
Slide 146: Appendix 3: Reserves and Resources, 5-year exploration target and security
03 APPENDIX 3 Reserves and Resources, 5-year exploration target and security
Slide 147: Reserves and Resources
RESERVES AND RESOURCES As of December 31, 2020 On a 100% basis On a 100% basis 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) i
Slide 148: 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 149: Exploration Methodology and Strategy
EXPLORATON METHODOLOGY AND STRATEGY Selection, ranking and risk evaluation of exploration targets Step 4: Final selection of targets, with higher PoO and priority, which can be physically be included in the 5 year exploration plan Since Endeavour cannot feasibly explore the 110 targets, defined in S
Slide 150: Appendix 4: Debt Sources, Revenue Protection Program and ROCE
04 APPENDIX 4 Debt Sources, Revenue Protection Program and ROCE
Slide 151: Debt Structure
DEBT STRUCTURE Debt Structure $330 Convertible Notes Debt Structure (at quarter-end) As at 31-Dec-21 › 3% coupon on convertible note payable semi-annually › Matures in February 2023 $330m Convertible Senior Notes $370m 330.0 › Ability to settle in cash or shares $500m Senior Notes 500.0 › Conversion
Slide 152: Short Term Revenue Protection Program
SHORT TERM REVENUE PROTECTION PROGRAM Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › Aimed at increasing cash flow certainty 2,100 Growth and shareholder return focus during construction while retaining headroom to continue an attractive
Slide 153: Return on Capital Employed
Strong focus on demonstrating returns following investment phase ITY ROCE HOUNDE ROCE RETURN ON CAPITAL EMPLOYED1 44% 35% 2020 Return on Capital Employed (ROCE) by asset 27% 28% 6% 14% Karma 6% 2018A 2019A 2020A 2018A 2019A 2020A Houndé Ity 23% BOUNGOU ROCE MANA ROCE KARMA ROCE 20% Capital Employed
Slide 154: Contact Us
ENDEAVOUR MINING , a CONTACT US T: +44 203 011 2719 investor@endeavourmining.com Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 872
Endeavour Mining — Investor Presentation (February 2022) on 6ix