Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Investor Presentation (July 2023)
180 slides from Endeavour Mining's investor presentation, July 2023
Slide 1: Corporate Presentation July 2023
TSX & LSE: EDV OTCQX: EDVMF CORPORATE PRESENTATION July 2023
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 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 an Unmatched Competitive Advantage
ENDEAVOUR HAS AN UNMATCHED COMPETITIVE ADVANTAGE IN THE WORLD’S LARGEST GOLD PRODUCING REGION 1 Largest 4 Gold 1,060-1,135koz West African producer mines AISC $895-950/oz 2023 Guidance 5
Slide 6: Peer and Cross Sector Benchmarking
PEER industries BENCHMARKING senior gold producers and other CROSS SECTOR BENCHMARKING Endeavour is attractive relative to other 0Moz 1Moz 2Moz 3Moz 4Moz 5Moz 6Moz 7Moz 0% 20% 30% 40% 50% 60% 70% 80% 90% 10% Real Estate Newmont Endeavour Barrick Gold Agnico Eagle Gold Peers Anglogold Telecoms Gold F
Slide 7: Company Profile
COMPANY PROFILE Highlights Top Shareholders Shareholder register as at 30 April 2023 Ticker LSE | TSX: EDV, OTXCQ: EDVMF Shares outstanding as at 1 July 2023 247m Rank Institution name % of S/O 1 La Mancha 18.9% Share price as at 1 July 2023 £19.07 / C$31.92 2 BlackRock Investment Management (UK) 11
Slide 8: Our Purpose Is to Produce Gold That Provides Lasting Value
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 Employment and training Prudent balance sheet management Proven project
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 OPTIMISATION PILLARS $950/oz Industry-leading All-in Sustaining Cost 01 Operational Excellence +10 YEARS Productio
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 › Significant synergies from shared technical functions › Han
Slide 12: 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 13: Project Pipeline
2 PROJECT PIPELINE PROJECT DEVELOPMENT Strong competition for capital on a returns basis across the portfolio +110 EXPLORATION PROPERTIES 7 DEVELOPMENT PROJECTS 4 MINING OPERATIONS Current high priority efforts: In construction: Optimisation initiatives: Siguiri Sia/Sianikoui Lafigué Sabodala-Massaw
Slide 14: Sabodala-Massawa Expansion
2 SABODALA-MASSAWA EXPANSION PROJECT DEVELOPMENT On budget and on track for first gold in Q2-2024 INSIGHTS BROWNFIELD PROJECT: › Expansion of flagship Sabodala-Massawa mine with a 1.2Mtpa SABODALA-MASSAWA EXPANSION BIOX® plant, designed to process high-grade refractory ore Neutralisation from the Ma
Slide 15: Lafigué Greenfield Project
2 LAFIGUÉ GREENFIELD PROJECT PROJECT DEVELOPMENT On budget and on track for first gold in Q3-2024 INSIGHTS GREENFIELD PROJECT: › Lafigué greenfield development is a potential cornerstone asset LAFIGUÉ ON FETEKRO PROPERTY with envisaged annual production of 203koz over the 12.8 year Thickener foundat
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
Watch 3 PROVEN RANKING AND SCREENING METHODOLOGY video 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
Slide 18: Unlocking Exploration Value: 3.0 Moz
3 UNLOCKING EXPLORATION VALUE UNLOCKING EXPLORATION VALUE 15Moz of M&I resources discovered since mid-2016 Total M&I resource discoveries M&I resources discovered Exploration spend 3.0Moz 15.0Moz Discovered 3.0Moz M&I resources 3.5Moz discovered in 2022 2.2Moz 2.1Moz 1.0Moz 1.3Moz 1.9Moz <$ 25/oz di
Slide 19: Unlocking Exploration Value: 6.5 Moz
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 from continuing operations Remaining Indicated resource discovery target (2021 - 2025) 6.5Moz M&I resources discovered in 20
Slide 20: Major Greenfield Discovery Made in 2022
3 MAJOR GREENFIELD DISCOVERY MADE IN 2022 UNLOCKING EXPLORATION VALUE Tanda-Iguela has the potential to be another flagship asset INSIGHTS › Maiden resource outlined in <15 months for a discovery cost of <$10 per Indicated ounce › Indicated resource of 14.9Mt at 2.33g/t for 1.1Moz and Inferred resou
Slide 21: 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 Expanding Sabodala-Massawa Current operations1 Divested/Ceased operations Construction project2 AISC, $/oz Realised synerg
Slide 22: Production Outlook
PRODUCTION OUTLOOK Ability to grow high-quality production while maintaining industry-leading AISC Production and AISC For discontinued operations For continuing operations Full-year benefit of Sabodala-Massawa expansion 1.6Moz and Lafigué Full year benefit of +1.3Moz Semafo assets <$950/oz and Purc
Slide 23: Strong Cash Generation
STRONG CASH GENERATION Provides ability to fund capital allocation priorities Operating Cash Flow and Capital expenditure Cash generated from operating activities Cash used in investing activities Realized 1bn Gold Price INVESTMENT PHASE CASH FLOW PHASE +$ Operating CF FY-2022 $1,156m $1,022m $749m
Slide 24: Net Cash Evolution
NET CASH EVOLUTION Healthy balance sheet supports shareholder returns and growth Net debt evolution (Net Debt)/ Net Cash 1.03B INVESTMENT DEBT REDUCTION SHAREHOLDER RETURNS PHASE PHASE PHASE WITH ABILITY TO FUND GROWTH $217m $ $167m $75m $76m $121m Available liquidity $3m as at 31 March 2023 ($50m)
Slide 25: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Targeting a shareholder returns increase following the build phase SHAREHOLDER RETURNS POLICY Progressive Dividend Policy Supplemental Dividend Minimum Dividend Paid Minimum Progressive Dividend $200m › In 2021, Endeavour implemented a minimum ($0.81/sh) progressive di
Slide 26: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Returning significant value to shareholders FY-2022 shareholder returns declared1 Shareholder returns in context of FY-2022 results PRODUCTION REVENUE $212/oz Buyback returned for every ounce 12% of revenue $99m of gold produced distributed $299m Dividend OPERATING CAS
Slide 27: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Buybacks continued to supplement dividends Cumulative shareholder returns Cumulative Buybacks Cumulative Dividend $633m +$ 200/oz Returned for every $233m ounce of gold produced during 2021-2022 $334m 11.1m $134m $400m Shares repurchased $200m $60m since commencement o
Slide 28: Being a Trusted Partner
BEING A TRUSTED PARTNER Sustainability efforts underpin top ESG ratings Sustainalytics 2022 scores1 Endeavour MSCI rating evolution2 Newmont Endeavour 2022 2022 AA Yamana Kirkland Gold Fields Agnico Eagle AngloGold Ashanti 2021 A Newcrest B2 Gold CCC Endeavour 2021 AA 17% 25% Kinross 2020 BB $300m B
Slide 29: Being a Trusted Partner
BEING A TRUSTED PARTNER Responsibly sourced gold from our Ity mine worn at the Met Gala 29
Slide 30: London Stock Exchange Listing
LONDON STOCK EXCHANGE LISTING Strong UK liquidity growth following premium LSE listing in Q2-2021 Volume traded on LSE compared to the TSX1 38% 42% 42% 40% ~40% 37% of daily volume FTSE 250 in the UK FTSE ALL SHARE 26% FTSE 34% 23% 100 of shares outstanding in the UK register Q3-2021 Q4-2021 Q1-2022
Slide 31: Ability to Reward Shareholders Across Cycles
Watch ABILITY TO REWARD SHAREHOLDERS ACROSS CYCLES 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 32: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK 2 32
Slide 33: Operational and Financial Highlights
OPERATIONAL AND FINANCIAL HIGHLIGHTS Operating performance expected to be weighted towards H2-2023 QUARTER ENDED 31 Mar 31 Dec 31 Mar Mar-23 -14% (in $ million unless otherwise stated) 2023 2022 2022 vs. Dec-22 OPERATING DATA Gold production, koz 301 355 357 (15)% Gold sales, koz 309 352 359 (12)% 1
Slide 34: Safety Performance
SAFETY PERFORMANCE Continued industry-leading safety record LTIFR and hours worked Hours Worked (Millions) LTIFR (12 month Trailing Basis)1 38.8m 39.4m 40.5m 41.5m 43.0m Flat LTIFR Q1-2023 vs Q4-2022 0.15 0.13 0.07 +1.5m 0.02 0.02 Hours worked Q1-2023 vs Q4-2022 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-20
Slide 35: Quarterly Production and AISC
QUARTERLY PRODUCTION AND AISC FY-2023 production expected to be H2-2023 weighted Production and AISC from continuing operations1 Production (koz) AISC (US$/oz) Driven mainly by 42koz lower production at 54koz Sabodala-Massawa vs. Q4- 2022 as mining activities focused on waste stripping 357koz 345koz
Slide 36: Operating Cash Flow Before Working Capital
OPERATING CASH FLOW BEFORE WORKING CAPITAL Continued strong cash flow generation Operating cash flow before working capital from continuing operations Operating cashflow before WC 39m Realised Gold Price1 $368m -$ Operating cash flow $281m before WC $253m Q1-2023 vs. Q4-2022 $242m $195m - 14% Operat
Slide 37: Operating Cash Flow
OPERATING CASH FLOW Cash flows decreased due to lower gold sales and working capital outflows INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing 1 2 operations, including the impact of gold hedges, increased by $128/oz from $1,758/oz in Q4-2022 to $1,886/oz in Q1- ∆$40m 20
Slide 38: Convertible Senior Notes Settled
CONVERTIBLE SENIOR NOTES SETTLED Protected shareholder dilution by settling face value in cash in Q1-2023 Convertible senior note settlement structure $ 330m Cash settlement of $330m cash payment Issuance of 835k convertible face value 349m to settle face value of common shares 3.0% senior notes, to
Slide 39: Debt Structure
DEBT STRUCTURE Diversified long-term low cost capital debt structure Balance Sheet Structure INSIGHTS 1. During Q1-2023, the Company settled its $330m (in $ million unless stated otherwise) 31 Mar 2023 31 Dec 2022 31 Mar 2022 Convertible Notes at maturity through a combination $370m Cash 810 951 1,0
Slide 40: 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 40
Slide 41: Change in Net Cash
CHANGE IN NET CASH Low leverage position at quarter end with Net Debt / Adj EBITDA (LTM) <0.1x INSIGHTS Change in net cash 1. For Q1-2023, operating activities included $242m in operating cashflow before changes in working capital and a $37m 1 2 working capital outflow 2. Investing activities includ
Slide 42: Net Earnings
NET EARNINGS Adjusted EPS increased by $0.02/sh to $0.28/sh in Q1-2023 over Q4-2022 3 MONTHS ENDED INSIGHTS 31 March 31 December, 1. The loss on financial instruments included (in $ million) A = Adjustments made for Adjusted Net Earnings 2023 2022 unrealised losses on gold hedges of $41m, losses on
Slide 43: Tackling Inflationary Pressures
4 TACKLING 44 INFLATIONARY PRESSURES Leveraging our synergies in West Africa Fuel Average fuel price variance, $/L › Fuel price is regulated by in-country based pricing mechanisms where prices are revised periodically, Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 sheltering Endeavour from peak fuel prici
Slide 44: Short Term Revenue Protection Programme
SHORT TERM REVENUE PROTECTION PROGRAMME Increased certainty of cash flow to achieve corporate objectives Gold collars INSIGHTS Gold price in US$/oz › In Q1-2023, 30koz were settled under the 2400 gold forward contract at a settlement price of Growth and shareholder return focus $1,828/oz › The reali
Slide 45: 2023 Guidance
2023 GUIDANCE Production Guidance INSIGHTS From Continuing Operations 2022 ACTUALS 2023 GUIDANCE › Full year 2023 production guidance for (All amounts in koz, on a 100% basis) continuing operations has decreased from 1,325 – 1,425koz to 1,060 – 1,135koz, while Ity 313 285 — 300 AISC guidance from co
Slide 46: 2023 Guidance (Continued)
2023 GUIDANCE (Continued) Capital Expenditure Guidance From Continuing Operations INSIGHTS 2022 ACTUALS 2023 GUIDANCE (All amounts in US$m) › Group capital expenditure guidance from continuing Houndé 32 40 operations of $295m is expected to be largely consistent Ity 13 25 with the prior year Mana 10
Slide 47: Our High Quality Portfolio
Watch video OUR HIGH QUALITY PORTFOLIO 3 47
Slide 48: Diversified Portfolio of Four Mines
DIVERSIFIED PORTFOLIO OF FOUR MINES P&P RESERVES M&I RESOURCES 2022 Actuals 2023 Guidance as at 31 Dec 2022 as at 31 Dec 2022 ASSET COUNTRY PRODUCTION AISC PRODUCTION AISC CONTAINED GRADE CONTAINED GRADE (koz) (US$/oz) (koz) (US$/oz) GOLD (Moz) (g/t) GOLD (Moz) (g/t) Houndé Burkina Faso 295 809 270
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 Recyn project improves the environmental footprint reduced environmental impact and is expected to result in 87kozpa additional g
Slide 50: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Snapshot 315-340koz $760-810/oz 4.1Moz 6.3Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Sabodala-Massawa complex has potential to become a
Slide 51: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 • BIOX expansion project Resources shown Tonnage Grade Content inclusive of Reserves (on a 100% basis) (Mt) (Au g/t) (Au koz) • On track to discover 2
Slide 52: Sabodala-Massawa Mine
COO video presentation Website Latest technical report SABODALA-MASSAWA MINE Higher grade oxide ore from Delya expected in H2-2023 Q1-2023 vs Q4-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower processed grades processed in addition to slightly lower
Slide 53: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION On budget and on schedule for first gold in Q2-2024 INSIGHTS BIOX® plant construction Power plant expansion › Construction of the Sabodala-Massawa BIOX® project was launched in Q2-2022 and remains on budget and schedule for completion in Q2-2024. › $86m of growth capital h
Slide 54: Sabodala-Massawa Expansion
SABODALA-MASSAWA EXPANSION BIOX® plant construction lifts Sabodala-Massawa mine to top tier status Sabodala-Massawa mine plan 2023 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: Sabodala-Massawa Expansion
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 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 2022 106Mt at 1.86g/t au containing 6.33Moz NEAR-TERM FOCUS Discovery of additional high-grade refractory and non-refractory ore resources. Explore high-g
Slide 58: Discovery Track Record
DISCOVERY TRACK RECORD Resource base continues to grow net of depletion M&I resource additions versus depletion M&I Resource at year end Cumulative Depletion ~10Moz 10.0Moz 9.8Moz 9.3Moz 9.3Moz 3.1Moz 2.4Moz 2.7Moz 3.5Moz Defined gold 6.3Moz endowment 6.1Moz 6.2Moz 1.6Moz1 1.9Moz 2.1Moz 6.3Moz 6.9Mo
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 4.1Moz (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au
Slide 60: Near Term Exploration Focus
EXPLORATION NEAR TERM EXPLORATION FOCUS Focussed on expanding existing resources and discovering new resources INSIGHTS › An exploration programme of $15.0m is planned for FY-2023, of which $3.3m was spent in Q1-2023, consisting of 25,547 meters of drilling across 437 drill holes. Q1-2023 › Drilling
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
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Snapshot 285-300koz $840-915/oz 3.0Moz 5.0Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Ity mine is one of Endeavour’s cornerstone as
Slide 66: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 Tonnage Grade Content • Continued inclusion of new discoveries, including Le Plaque, to Resources shown (Mt) (Au g/t) (Au koz) provide greater mi
Slide 67: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Strong quarterly production ahead of the rainy season Q1-2023 vs Q4-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher tonnes of ore milled and improved recovery rates,
Slide 68: Ity Mine
COO video presentation Website Latest technical report 3D mine site tour ITY MINE Overview Ity production plan 2023 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
Slide 69: Ity Mine Recyanidation Project
ITY MINE Recyanidation Project INSIGHTS 3D Model › Recyanidation circuit aims to: ‒ optimise costs by reducing leaching and detox reagent consumption ‒ improving the quality of the discharge water ‒ increasing production through higher recovery rates › The Recyanidation process reduces cyanide consu
Slide 70: 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 2022 97Mt at 1.59g/t au containing 4.97Moz NEAR-TERM FOCUS 3.3Moz discovered since 2016 with +10 year mine life. Focus to maintain and extend mine life through h
Slide 71: 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 7.8Moz 5.9Moz 2.8Moz Defined gold 5.7Moz 5.2Moz 5.3Moz 2.5Moz endowment 1.9Moz 2.1Moz 4.2Moz 1.5Moz 1.6Moz 1.5Moz1 3.6Moz 5.0Moz 4.5Moz 3.
Slide 72: Ity Resource Model
ITY RESOURCE MODEL Evolution of resource model (3D view looking North) 2017 Ity area resource model 2022 Ity area resource model 72
Slide 73: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on high-grade oxide at near mine targets and Le Plaque INSIGHTS › An exploration programme of $14.0m is planned for FY- 2023, of which $4.6m was spent in Q1-2023 consisting of 28,290 meters of drilling across 272 drill holes. › The exploration programme was focus
Slide 74: 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 75: 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 76: Delta Extension
DELTA EXTENSION Mineralisation extends below pit shell 76
Slide 77: 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 78: 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 79: Gbampleu
GBAMPLEU New discovery is a promising target on the Toulepleu-Ity greenstone belt 79
Slide 80: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso 270-285koz $850-925/oz 2.7Moz 4.7Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Houndé mine is one of Endeavour’s The
Slide 81: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 Resources shown Tonnage Grade Content • Greater mining flexibility with multiple available ore sources inclusive of Reserves (on a 100% ba
Slide 82: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Production expected to be H2-2023 weighted Q1-2023 vs Q4-2022 INSIGHTS Production and AISC › Production decreased due to lower grades processed, which Production, koz AISC, US$/oz was partially offset by higher tonn
Slide 83: Houndé Mine
COO video presentation Website Latest technical report 3D mine site tour HOUNDÉ MINE Burkina Faso Houndé production plan 2023 Guidance mid-point Incremental production added 2016 Optimization Study 300Koz Target production of 250koz over +10 years expected to be achieved based on exploration potenti
Slide 84: Houndé Mine Discovery Target
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 2022 93Mt at 1.56g/t au containing 4.68Moz NEAR-TERM FOCUS Focused on maintaining +10-year mine life. Focused on near mill targets such as Kari Area, Vindaloo
Slide 85: 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 6.2Moz 6.4Moz 6.2Moz 5.5Moz 1.2Moz 1.5Moz 0.9Moz Defined gold 4.5Moz endowment 0.6Moz 3.5Moz 0.4Moz 2.6Moz 2.5Moz 5.2Moz 3.6Moz 0.1Moz 4.6Moz 4.7Moz 3.9
Slide 86: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on near mine exploration targets INSIGHTS Houndé plan map highlighting soil geochemical anomalies › An exploration programme of $7.0m is planned for FY- 2023, of which $1.7m was spent in Q1-2023 consisting of 6,469 meters of drilling across 41 drill holes. › The
Slide 87: 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 88: Mambo
MAMBO Down dip mineralisation extension remains open 88
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 kilometers) 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 › The 2022 drill programme was focussed on extending resources at Vindaloo South, the 2023 program will focus on extending the mineralisation of Vindaloo Southeast along strike and delineating the un
Slide 92: Vindaloo South Section
VINDALOO SOUTH SECTION Mineralisation remains open at depth 92
Slide 93: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso 190-210koz $950-1,050/oz 0.9 Moz 2.2 Moz As at As at 2023 Target 2023 Target 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Mana mine is located in the northern
Slide 94: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Burkina Faso KEY OPPORTUNITIES RESERVES AND RESOURCES as at 31 December 2022 • Mine life extensions through open pit and underground exploration Tonnage Grade Content Resources shown (Mt) (Au g/t) (Au koz) • Transitio
Slide 95: Mana Mine
COO video presentation Website Latest technical report 3D mine site tour MANA MINE Production expected to be H2-2023 weighted Q1-2023 vs Q4-2022 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower tonnes milled. › Total tonnes mined increased due to a full p
Slide 96: Mana Mine Discovery Target
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 97: Near Term Exploration Focus
NEAR TERM EXPLORATION FOCUS Focussed on non-refractory open-pit targets INSIGHTS Mana exploration map › An exploration programme of $5.0m is planned for FY- 2023, of which $1.3m was spent in Q1-2023, consisting of 1,775 meters of drilling across 16 drill holes. › The exploration programme was focuss
Slide 98: Maoula
MAOULA Open pit oxide target 98
Slide 99: Maoula
MAOULA Mineralisation open between east and west structures NW MARC21-214 Base line MARC21-208 4.0m @ 3.33 g/t \ 14m SE 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 100: Nyafe Sud
NYAFE SUD Drilling focussed on delineating under explored refractory ore potential NYRC22-008 NYRC22-009 NYDD21-002 6 m @ 1.57 g/t \ 101m 6 m @ 1.99 g/t \ 55m 4.0 m @ 3.67 g/t \ 38.0m 1 m @ 1.50 g/t \ 153m 1 m @ 1.37 g/t \ 94m 1.2 m @ 1.99 g/t \ 97.1m 1 m @ 4.05 g/t \ 159m 3 m @ 2.69 g/t \ 97m 100
Slide 101: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT Côte D’Ivoire 203koz $871/oz 2.7Moz 3.0Moz As at As at Life of Mine annual Life of Mine annual 31 December 2022 31 December 2022 Production AISC P&P Reserves M&I Resources1 Overview The Lafigué project will become Endeavour’s next cornerstone asset. It also
Slide 102: Lafigué Project DFS Confirms Potential Cornerstone Asset
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 103: Lafigué Project
Website 3D mine site tour 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 pr
Slide 104: Lafigué Project
Website 3D mine site tour LAFIGUÉ PROJECT On budget and on track for first gold in Q3-2024 INSIGHTS Primary Crusher construction TSF Embankment raise › Construction was launched in early Q4-2022, following completion of a DFS that confirmed Lafigué’s potential to be a cornerstone asset for Endeavour
Slide 105: 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 106: 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 2022 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 107: Fetekro Exploration Property
FETEKRO EXPLORATION PROPERTY Eight high priority targets to be followed up with over the next year INSIGHTS Fetekro Exploration permit select intercepts › An exploration programme of $2.0 million is planned for FY-2023, of which $0.3 million was spent in Q1-2023. The exploration programme is current
Slide 108: Lafigué North
LAFIGUÉ NORTH Section 320205 108
Slide 109: Lafigué Center
LAFIGUÉ CENTER Section 319830 109
Slide 110: Tanda & Iguela
INSIGHTS › Maiden resource outlined very quickly (under 15 months) since discovery was made at a low discovery cost of <$10 per indicated ounce TANDA & IGUELA Côte D’Ivoire TONNAGE GRADE CONTENT (Mt) (Au g/t) (Au koz) Indicated 14.9 2.33 1,114 Inferred 32.9 1.80 1,903 › Tanda-Iguela property has the
Slide 111: Assafou Deposit
ASSAFOU DEPOSIT Target remains open along depth and strike INSIGHTS › Assafou mineralised system has now been defined over an area which is approximately three kilometres in length and 350 metres in width, extending from surface to depths exceeding 300 metres › The 2022 delineated Indicated resource
Slide 112: Assafou Deposit
ASSAFOU DEPOSIT Select intercepts exceeded 100 metres in true thickness at above 3.00g/t gold Assafou section 2166 Assafou section 2433 112
Slide 113: Assafou Deposit
ASSAFOU DEPOSIT Periphery intercepts of the Indicated Resource show potential for continuity Assafou section A2700 at Northwest limit of the indicated resource boundary Assafou A2800 showing high grade intercepts outside the indicated resource boundary towards Northwest 113
Slide 114: Assafou Deposit
ASSAFOU DEPOSIT Periphery intercepts of the Indicated Resource show potential for continuity Assafou Section A1800 showing inferred resource high grade intercepts 200m Assafou Section A0400 showing intercepts 2 km outside of the indicated resource to SE of the Indicated resource boundary boundary to
Slide 115: Guitry - Krakouadiokro
INSIGHTS › Located on the southern extension of the Houndé greenstone belt which is largely underexplored in GUITRY - KRAKOUADIOKRO Côte D’Ivoire Côte d’Ivoire › Mineralisation occurs in moderately to steeply dipping subparallel brittle-ductile graphitic shear zones in contact between sediments and
Slide 116: Kalana Project
PFS press release Website Latest technical report KALANA PROJECT Mali QUICKFACTS (ON 100% BASIS) – 2021 UPDATED PFS RESERVES AND RESOURCES as at 31 December 2022 Ownership 80% EDV; 20% Mali government Mine Type Open Pit Tonnage Grade Content Mill Type 3.0Mtpa Gravity / CIL Plant Resources shown incl
Slide 117: 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 118: 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 119: 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 120: 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 121: Greenfield Liguidi
121 GREENFIELD LIGUIDI Burkina Faso
Slide 122: Greenfield Siguiri Licenses
122 GREENFIELD SIGUIRI LICENSES Guinea
Slide 123: 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 123
Slide 124: 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 124
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
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 2022 • New Code of Business 2021 Conduct and Ethics • External assurance on key 2020 ESG data • New Group-wide Tailings Management Policy • 1st RGMP externally • 7 RGMPs externally assured a
Slide 128: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement 2019 2022 2019 23.9 /100 Medium Risk 2022 Relative Performance 2020 2022 2019 2020 2021 2022 Climate D- C C B- Change Water N/A C C C 128
Slide 129: Towards Net Zero
TOWARDS NET ZERO INSIGHTS TARGETS › Working to improve the efficiency of our operations, reduce energy use and associated costs, and lower emissions are key drivers of the Group’s long-term sustainability Achieve <0.64 t CO2-e /oz 2023 › Achieved 2022 Group emissions intensity target (total Scope 1
Slide 130: 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 • 77% Fossil (Natural G
Slide 131: 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 0.64 0.67 0.54 0.57 0.40 36% Below industry Anglogold B2Gold Northern Star Newcrest Kinross Agnico-Eagle Fresnill
Slide 132: Water Stewardship
WATER STEWARDSHIP INSIGHTS Water stress index › 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% › Total water withdrawal increased by 50% in 2022 over 2021 due largely to: Medium-high 20-40% › Delays i
Slide 133: Responsible Tailings Management
RESPONSIBLE TAILINGS MANAGEMENT INSIGHTS Active Endeavour 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 dis
Slide 134: Protecting the Environment
PROTECTING THE ENVIRONMENT INSIGHTS TARGETS › We are committed to protecting and conserving nature and biodiversity. Protect 300ha of land 2023 › Our Environmental policy includes a commitment to No Net Loss of Critical Habitat, Reclaim 60ha of land › We will not undertake exploration or mining acti
Slide 135: Creating Jobs & Upskilling Talent
CREATING JOBS & UPSKILLING TALENT INSIGHTS Our employees, by origin Our workforce Nationals Female employees › Total workforce of 14,140 including 5,659 Local Communities Female contractors employees & 8,481 contractors (YE-2022) Male employees Expatriates Male contractors LOCALISING MANAGEMENT 94%
Slide 136: 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 › We contribute to natio
Slide 137: The Endeavour Foundation
THE ENDEAVOUR FOUNDATION INSIGHTS › Launched in 2021, the Endeavour Foundation is our primary vehicle to implement projects beyond the mine, focused on regional, national and trans-border projects › $1.2 million invested since 2021 in the areas of education, skills training, fighting malaria, plasti
Slide 138: Ecodev – Endeavour's Impact Investment Fund
ECODEV – ENDEAVOUR’S IMPACT INVESTMENT FUND INSIGHTS › Established by Endeavour to support national economic growth › $2.9 million invested since fund inception (2021-2022) › Invests in the creation of local long-term, sustainable, SMEs with reputable partners Mali Shi Ranch du Tuy Turkey Farm Image
Slide 139: Community Engagement
COMMUNITY ENGAGEMENT INSIGHTS › 4,688 community consultations in 2022 › Range of income-generating activities in place, with a focus on the youth and women › Physically resettled 387 households comprising 3,298 people across our mines › Implementing programmes for 1,788 people who were economically
Slide 140: Targeting Zero Harm
TARGETING ZERO HARM INSIGHTS Lost time injury frequency (LTIFR) All injury frequency rate (AIFR) › For 2022, we set ourselves a target to -25% 0.26 3.66 reduce all incidents by 10%; Our LTIFR -90% 3.47 decreased by 91% and our TRIFR decreased 0.20 2.60 by 25% › Regrettably, we recorded a fatality of
Slide 141: Diversity & Inclusion
DIVERSITY & INCLUSION INSIGHTS Female representation in total workforce EDV Femmes › Employment of women in mining in West 9% 9% Africa remains a relatively new, 8% predominantly due to historical perceptions of the industry and cultural traditions. › We continue to address this bias by actively pro
Slide 142: Ethical Business
ETHICAL BUSINESS INSIGHTS TARGETS › Zero substantiated reports of bribery, corruption, human rights or modern slavery RGMP compliance at our remaining › In 2022 we published our first externally assured Conflict Free Gold Standard Report 2023 mines, as per the WGC timeframe › In 2022 we published ou
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: Aligning ESG Priorities Through Exec Comp
ALIGNING ESG PRIORITIES THROUGH EXEC COMP FY-2023 FY-2022 FY-2021 Target Weighting Target Weighting Target Weighting 15% level of Group wide 7.5% 5% reduction in TRIFR 15% 10% reduction in TRIFR 10% female recruitment SHORT-TERM INCENTIVE Two additional mines 7.5% 75% host country sourcing 10% compl
Slide 145: Short Term Incentive Plan
SHORT TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM Net free cash flow2 20.0% 5% below target $35m2 10% above target Production 12.5% >1,300koz 1,391koz Beat high end of guidance AISC 12.5% Within guidance $970/oz3 Beat low end of guidance ESG: RGMP4,5 7.5% One additional
Slide 146: Long Term Incentive Plan
LONG TERM INCENTIVE PLAN 2023 MEASURES WEIGHTING1 (%) THRESHOLD TARGET MAXIMUM2 TSR - Performance 25.0% Mid point Mid point Top quartile (Rank 1-20)3,4 Absolute shareholder 25.0% $475m $525m $600m returns Net debt 10.0% <0.5x <0.3x ≤0.2x Projects5 12.5% IRR ≥ 18% IRR ≥ 20% IRR > 25% Exploration 12.5
Slide 147: Our 2023 Material Topics
OUR 2023 MATERIAL TOPICS GRI Indicator Aspect Materiality: Impact Materiality: Financial GRI 202 Local Impact: Delivering benefits including meaningful work for our host Financial: Moderate – Failure to secure social licence could impact operations and lead communities helps to build and reinforce o
Slide 148: 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 5 1 Metals & Mining Finance & Accounting Public Policy Operations & Exploration Corporate Governance Sustainability & Non-Executive
Slide 149: West Africa Insights
Watch video WEST AFRICA INSIGHTS 5 149
Slide 150: 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 151: West African 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 152: Production for the Region
PRODUCTION FOR THE REGION ANNUAL GOLD PRODUCTION BY REGION In millions of ounces, for 2021 WEST AFRICA 16Moz IS THE LARGEST GLOBAL GOLD PRODUCING REGION 12Moz 12Moz 11Moz 6 out of the top 10 senior gold producers have a presence in West Africa, with Endeavour being the largest producer in 7Moz 7Moz
Slide 153: 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 154: West Africa Is the 4th Largest Exploration Focus
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 155: West Africa Ranks 1st for Discoveries
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 156: 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 157: 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 158: Endeavour Controls the Full 125km Stretch Along the Ity Birimian Belt
ENDEAVOUR CONTROLS THE FULL 125KM STRETCH ALONG THE ITY BIRIMIAN BELT 158
Slide 159: Endeavour Has the Largest Foothold on the Houndé Belt
ENDEAVOUR HAS THE LARGEST FOOTHOLD ON THE HOUNDÉ BELT 159
Slide 160: 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 161: 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 162: 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 163: 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 164: 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 165: 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 11.5Moz of Indicated resources where we operate at <$25/oz ov
Slide 166: Appendix
APPENDIX FT / 2) Es y
Slide 167: Appendix 1: Management, Board & Corporate Structure
01 APPENDIX 1 Management, Board & Corporate Structure
Slide 168: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Sébastien de Montessus Mark Morcombe Guy Young David Dragone Djaria Traore President & 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 2016 • 20+ years in HR with expertise in • Has
Slide 169: Board Members
BOARD MEMBERS Srinivasan Venkatakrishnan Ian Cockerill (SID) Alison Baker Livia Mahler Sébastien de Montessus Chair and Independent Senior Independent Independent Independent Executive Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Tertius Zongo Sakhila M
Slide 170: Corporate Structure
CORPORATE STRUCTURE $500m senior notes Endeavour Mining plc (UK) Issuer Guarantor 100% $645m RCF Endeavour Mining Corporation Operating entity Holding Company (Cayman) 100% Endeavour Gold Corporation2 (Cayman) 100% 100% 100% 100% Endeavour Canada Holdings Ity Holdings UK Avnel Gold Mining Lafigue Ho
Slide 171: Appendix 2: Mine Statistics and Financials
02 APPENDIX 2 Mine statistics and financials
Slide 172: Mine Statistics
MINE STATISTICS On a quarterly basis 1) Includes waste capitalized Note: Includes Boungou and Wahgnion which were divested on 30 June 2023 172
Slide 173: Mine Statistics
MINE STATISTICS On a full year basis 1) Includes waste capitalized Note: Includes Boungou and Wahgnion which were divested on 30 June 2023, & Sabodala-Massawa and Wahgnion are represented for the post acquisition period commencing February 10,2021 173
Slide 174: Cash Flow and Net Cash
CASH FLOW AND NET CASH THREE MONTHS ENDED 31 December 31 March 2023 31 March 2022 All amounts in US$ million unless otherwise specified 2022 Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital from continuing operations 242 281 368 Changes in w
Slide 175: Earnings from Continuing Operations
EARNINGS FROM CONTINUING OPERATIONS THREE MONTHS ENDED 31 March 31 December 31 March All amounts in US$ million unless otherwise specified 2023 2022 2022 Revenue 591 617 689 Operating expenses (234) (250) (220) Depreciation and depletion (130) (173) (152) Royalties (37) (39) (41) Earnings from mine
Slide 176: Appendix 3: Reserves and Resources, 5-year Exploration Target
03 APPENDIX 3 Reserves and Resources, 5-year exploration target
Slide 177: Reserves and Resources
RESERVES AND RESOURCES As of 31 December 2022, on a 100% Basis Resources shown Tonnage Grade Content 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
Slide 178: Notes to Reserves and Resources
NOTES TO RESERVES AND RESOURCES As of 31 December 2022 178
Slide 179: 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 180: Contact Us
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 18