Corporate Presentation...CORPORATE PRESENTATION Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP p erformance measures with no standard meaning under IFRS

› April 2017

Corporate Presentation

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

CORPORATE PRESENTATION

Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This prese tatio o tai s for ard-looki g state e ts i ludi g ut ot li ited to, state e ts ith respe t to E dea our’s plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looki g ter i olog su h as e pe ts , e pe ted , udgeted , fore asts a d a ti ipates . Forward-looki g state e ts, hile ased o a age e t’s est esti ates a d assu ptio s, are su je t to risks a d u ertai ties that ay cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to E dea our’s ost re e t A ual I for atio For filed u der its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

Adriaan Attie Rou , Pr.Sci.Nat, E dea our’s Chief Operati g Offi er, is a Qualified Perso u der NI -101, and has reviewed and approved the technical information in this presentation.

TABLE OF CONTENTS

CORPORATE OVERVIEW 1

APPENDIX 4

2017 OUTLOOK 2

DETAILS BY MINE AND PROJECT 3

4

ENDEAVOUR MINING OVERVIEW A Premier African Gold Producer With 5 Mines and 2 Projects

CORPORATE OVERVIEW

COMPANY PROFILE

5

0

5

10

15

20

25

30

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000Volume Adj Close

Share Price Performance

Rank Institution Name % of S/O

1 LA MANCHA HOLDING S.A.R.L. 28.1%

2 Van Eck Associates Corporation 13.7%

3 RBC Global Asset Management Inc. 3.3%

4 Fiera Capital Corporation 3.0%

5 M & G Investment Management Ltd. 2.9%

6 Liberty Metals & Mining Holdings, L.L.C. 2.6%

7 Ruffer LLP 2.5%

8 Sun Valley Gold, LLC 2.5%

9 Oppenheimer Funds, Inc. 2.2%

10 Maple Leaf Partners, L.L.C. 1.7%

Top Shareholders

*As of March 28, 2017

Ticker TSX:EDV

Shares in Issue 93.8 m

Fully Diluted 94.6 m

Share price* C$24.75

Market cap* US$1,840m

Net Debt (Dec 31, 2016) US$26m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

29%

RETAIL

7%

INSTITUTIONAL

63%

Other

Europe

North America

In CAD

CORPORATE OVERVIEW

INVESTMENT HIGHLIGHTS

6

Endeavour offers exposure to both near and long-term growth potential, in addition to current production

with an accomplished management team and a healthy balance sheet

Immediate Cashflow

from PRODUCTION

Near-Term Growth

from PROJECTS

Long-Term Upside

from EXPLORATION

CORPORATE OVERVIEW

2016 2011 2017 2012 2014 2010 2019 2015 2013 2018

$922 $884

$1 010

$1,137

Assumes Ity construction starts H1-2017 and first gold production in 2019 with Heap Leach operation ending once CIL starts 7

CLEAR PATH TO BUILD A +900KOZ PRODUCER AT ≤$800/OZ AISC

+900koz

83koz

167koz 220koz

317koz

462koz

517koz

584koz

600-640koz

It CIL , Côte d’I oire

Karma, Burkina Faso

Youga, Burkina Faso

Nzema, Ghana

Group AISC

It Heap Lea h , Côte d’I oire

Houndé, Burkina Faso Ag aou, Côte d’I oire

Tabakoto, Mali

+900koz Annual production

10+ year Mine life

≤800$/oz All-in cash cost

STRATEGIC MILESTONES FOR 2019

$860-905

<$800

CORPORATE OVERVIEW

STRATEGIC LEVERS

8

BUILDING A PREMIER AFRICAN GOLD PRODUCER

+900koz Annual production

10+ year Mine life

≤800$/oz All-in cash cost

STRATEGIC OBJECTIVES

4 Strategic Levers to Achieve Objectives

CORPORATE OVERVIEW

Hands-on Management Model With Teams Close to Operations

OPERATIONAL EXCELLENCE

9

1

Sebastien de Montessus

CEO & Director

Adriaan Attie Roux COO

Vincent Benoit EVP CFO & Corporate

Development

Patrick Bouisset EVP Exploration & Growth

Jeremy Langford EVP Construction Services

Morgan Carroll EVP Corporate Finance &

General Counsel

Henri de Joux EVP People & Public

Affairs

London Based

Abidjan Based

FUNCTIONS:

• Government relations

• Operations controlling

• Procurement

• Exploration

• Projects

• Environmental

• CSR

• HR – mine level

FUNCTIONS:

• Finance

• Investor relations

• Corporate development

• People and culture

All GMs Located on Site

Management Focus

Safety First Lean and Efficient

Operations

Hands-On

Management

Cash flow driven

CORPORATE OVERVIEW

Free Cash Flow (before growth projects, WC, tax and financing cost) 10

OPERATIONAL EXCELLENCE Record performance and met all guidance metrics in 2016

584koz in 2016 +13% vs 2015

575koz

PRODUCTION GUIDANCE

610koz

$884/oz in 2016 (4%) vs 2015

$870/oz

AISC GUIDANCE

$920/oz

$142m 2016 +55% vs 2015

$135m (based on mid-points)

FCF BEFORE GROWTH PROJECTS

GUIDANCE

1

CORPORATE OVERVIEW

Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz

Cash Flow Generation Lost Time Injury Frequency Rate

11

Proven track record of meeting guidances

OPERATIONAL EXCELLENCE 1

9221,010

1,137

884

2017 Guidance

860-905

2013 2014 2015 2016

324466 517

584

2016 2014 2015 2013 2017 Guidance

600 - 640

Free cash flow before growth projects (and before WC, tax, and financing costs)

Lost Time Injury Frequency Rate (Number of LTIs in the Period X 1,000,000) / Total man hours worked for the period)

0.29

2014

1.73

0.73

2013 2015 2016

0.76

$28m

2013 2014

$85m

2016

$135m

2015

$35m

2017 Guidance

$150m

Guidance Guidance

$1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,240/oz

CORPORATE OVERVIEW

12

18 19 20

1,250

8 2 3 4 5 6 7

850

1,200

650

700

750

800

1,150

900

10

950

$1,000/oz

1,050

1,100

9 16 11 12 13 14 15 17

Mako (Toro)

Baomahun (Amara)

Kalana (Avnel)

Tri-K (Avocet)

Wa-Lawra (Azumah)

Fekola (B2Gold)

Banfora (Gryphon)

Yanfolila (Hummingbird )

Dugbe 1 (Hummingbird)

Sissingue (Perseus)

Yaramoko (Roxgold)

Kobada (African Gold Group)

Natougou (Semafo)

Bouly (NordGold)

Mine life, years

West African DFS Stage Projects Benchmark: Mine life and All-in cost (including initial capex)

All-in

Cash

Co

st, $

/oz (A

ISC

+ In

itial C

ap

ex)

Houndé

Significant West African Construction Expertise:

– Core construction team has successfully developed projects together for +10 years

– 7 projects built, $2.4B in capex

– All projects delivered on time and within budget

Bubble size represents

average annual production

= 100koz p.a.

Ity CIL

Houndé and Ity CIL are top tier projects

PROJECT DEVELOPMENT 2

CORPORATE OVERVIEW

13


Life of Mine Plan

› Construction started in April with first gold pour expected in Q4-2017

› Construction is progressing on-time and on-budget

› Procurement is nearly complete

› 10-year mine life based on current reserves + significant exploration upside

› Average production of 190kozpa at AISC of US$709/oz

› Capex of $328m, inclusive of $47m for owner-mining fleet

› Robust Project with after-tax IRR of +30% at US$1,250/oz

Year 3

184koz

Year 9 to 10 Average

$648/oz

223koz 218koz

Year 1

$901/oz

Year 2

231koz

$645/oz

Year 5 to 8 Average

$662/oz

265koz

$496/oz

116koz

Year 4

$506/oz

AISC/oz Production based on reserves, koz

Houndé is positio ed to e E dea our’s flagship lo ost i e

Exploration upside expected to fill this shortfall

CORPORATE OVERVIEW

14


$898/oz

Year 5

$554/oz

Years 10 to 14

109koz

$608/oz

133koz

Year 9

$638/oz

103koz

Year 8

124koz

Year 7 Year 6

53koz $622/oz

150koz

$582/oz

Year 4

185koz

Year 3

$608/oz

Year 2

193koz

$500/oz

134koz

$409/oz

Year 1

163koz

$477/oz


165kozpa at AISC of US$507/oz on average over the first 5 years

Long-life Low Cost Project

• Long 14-year reserves mine life

• Low AISC of $507/oz over first 9 years

• Solid production of 144kozpa over first 9 years

Robust Project Economics (based on $1,250/oz)

• After-tax IRR of 36%

• After-tax NPV5% of $411m

• Quick payback of 2.1 years

Significant improvement expected in H1-2017 Feasibility Study update

• Inclusion of the recent high-grade Bakatouo and Colline Sud discoveries and Verse Ouest

• Additional Resource conversion at Daapleu and Mont Ity

Well-positioned with strong liquidity sources to take final investment decision in H1-2017

Ity CIL Feasibility Study Published in 2016

Agbaou Mine

Abidjan

Ity Mine

Côte d’I oire

CORPORATE OVERVIEW

15

UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa

3

CORPORATE OVERVIEW

16

UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs

4.0-6.0Moz

Houndé Tabakoto Greater Ity Agbaou True Gold Côte d’I oire Regio al

3

4.0-6.0Moz

2.5-3.5Moz

1.5-2.5Moz

0.5-1.5Moz 0.5-1.5Moz 0.5-1.0Moz

10-15Moz 5-year Indicated

Resource Discovery Target

› Significant success over the last 4 years

› Significant amount of data available

› Many known targets based on geochem and auger results

› Exploration stopped once project reached critical size to make investment decision

› Many known targets and historical drill data

› On same trend as Randgold › Limited exploration

expenses have caused mine life to be short

› New discoveries made in 2016 with strong targets for 2017+

› Limited exploration (mainly focused on converting inferred)

› Focus on pit extensions and parallel trends

› Targets backed by geochem anomolies

› Previously owned by junior with lack of fund for exploration

› North Kao already added 2.5 years of mine life

› Many near mill targets

› One of the largest exploration tenements in the country

› Several advanced exploration targets based on historic results

Note: See Investor Day Presentation on EDV website for full details. Based on average gold grade of 2.0-3.5g/t for Greater Ity, 1.8-2.5g/t for Houndé, 2.0-4.0g/t for Tabakoto, 1.0-1.5g/t for TrueGold and 1.5- . g/t fo Côte d I oi e egio al. The pote tial ua tit of ou es is o eptual i atu e si e the e has ee i suffi ie t exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

17

$35-40m Annual budget

<$15/oz Anticipated average

discovery costs

Exploration Strategic Review Output: Low Discovery Costs

$10m

$15m

$25m

$30m

$45m

$55m

$13/oz

$20/oz

$25/oz

$15/oz$15/oz$11/oz

Côte d’I oire Regional

True Gold Agbaou Greater Ity Houndé Tabakoto

Exploration budget Average discovery cost

3

CORPORATE OVERVIEW

18

UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities?

Corporate Presentation

22%

23%

2017

100%

8%

13%

25%

18%

13%

23%

26%

43%

7%

12%

4%

27%

6%

2020

100%

13%

9%

35%

6%

2019

100%

10% 4%

20%

21%

3%

2021

100%

2%

20%

2018

100%

7%

35%

25%

20%

Tabakoto Agbaou Regional CI Karma and Regional Hounde Ity

3

PRIORITIES: i. Tabakoto due to its short mine life ii. Agbaou to extend oxide mine life iii. Ity to extend HL and Improve CIL case iv. Houndé (once in production) to maintain 250kozpa level after 4th year

PRIORITIES: i. Ity Greater Area ii. Houndé to prolong mine life iii. Tabakoto and Agabou exploration will be

success driven

Increase Overall Quality of our Portfolio

19

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

$900/oz

$1,200/oz

$950/oz

$1,000/oz

$1,050/oz

$1,100/oz

$1,150/oz

$850/oz

$750/oz

$700/oz

$650/oz

$600/oz

$550/oz

$500/oz

$450/oz

$800/oz

Mine life, years

SOLD

Agbaou (175-180koz)

Nzema (100-110koz)

Tabakoto (150-160koz)

AISC, US$/oz

Ity HL (75-80koz)

Ity CIL 165koz

starting 2019

Karma (100-110koz)

Bubble size represents production

Côte d’I oire Burkina Faso Ghana Mali

Possibility to run HL in parallel

Youga

Houndé +250koz starting Q4-2017

Cut-back

PORTFOLIO & BALANCE SHEET MANAGEMENT 4

CORPORATE OVERVIEW

20

PORTFOLIO & BALANCE SHEET MANAGEMENT Well Positioning Ourselves Against Our Peers

4

1,050

17

1,100

14 16 13 12 11 10 9 8 7 6 5 4

950

900

850

700

650

750

800

1,000

600

18 15

AISC, $/oz

AngloGold Ashanti

Endeavour 2016A

Endeavour 2015A

Asanko

Teranga

Semafo

Resolute

Randgold

Golden Star

Gold Fields

Perseus

Nordgold

Average mine life, years

Newmont Newcrest

Kinross

IAMGOLD

Bubble size represents production

Endeavour (output of strategic exploration review)

Source: UBS Research, based on 2015A only West-Africa production. Mine life excludes expansion and development projects such as Ki ross’ Tasiast Phase 2 and Resolute’s UG project Asanko based on 2017 guidance

Benchmark of West-African Producers

CORPORATE OVERVIEW

INSIGHTS › Strong liquidity and financing sources to fund remaining

Houndé capex spend of approx. $180m

› Further headroom potential to fund exploration and Ity CIL with free cash flow

INSIGHTS › $65m cash injection from La Mancha in May 2016

following the True Gold transaction close

› $104m of net proceeds from bought deal in July 2016

› FCF of $142m (before growth projects, WC, tax and financing cost)

Net debt = Cash less drawn RCF, leases & drawn equipment financing RCF of $350 million, maturity date March 2020, semi-annual reductions commencing September 2018, annual interest based on LIBOR + a 3.75% to 5.75% margin 21

$26m

2014 (year-end)

2015 (year-end)

$144m

2016 (year-end)

$254m

Net Debt to trailing 12-month Operating EBITDA ratio Net debt

$210m Undrawn RCF

$124m Cash Position

$334m As of Dec 31st, 2016

Liquidity and Financing Sources Net Debt Reduction

1.8x 1.0x

0.1x

PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Healthy financial structure to fund growth

CORPORATE OVERVIEW

Well positioned to fund growth

Strong Liquidity Sources and Cash Flow generation to fund internal growth

As of end December 2016 22

Objective to keep leverage in a maximum range of 0.5x-1.0x

$124m

$210m

~$480m

Ity Equipment Financing (expected) ~$300m

Liquidity Sources

Existing cash balance

Remaining Houndé project costs

Funding requirements

Undrawn RCF

Ity CIL project costs

~$180m

Potential liquidity buffer (@ $1,250/oz)

• Net Free Cash flow from current mine operations 2017-2018 including Houndé start in Q4 2017 (@$1,250/oz)

• Hedging collar (between $1,200-1,400/oz) covering c. 50% of production from Apr 16 to June 2017 protects cash flows while Houndé is being built

Room to manoeuvre between debt and

own cashflow

PORTFOLIO & BALANCE SHEET MANAGEMENT 4

CORPORATE OVERVIEW

KEY 2016 ACHIEVEMENTS

23

RESET

STRATEGY

› 5-year strategy validated by the board

› Focused on improve the quality of our portfolio, with mines with AISC <$850/oz and mine life +10 years

› 4 key pillars: 1) Operational Excellence, 2) Project Development, 3) Unlock Exploration, 4) Portfolio & Balance Sheet Management

STREAMLINE

ORGANIZATION

› Streamlining Excom from 10 to 7

› 3 Operational Pillars in Abidjan (Ops – Projects – Explo)

› Re-group all corporate offices in London office (Monaco, Vancouver, Paris)

IMPROVE GOVERNANCE

› New CEO appointed in June 2016

› Board reorganization with 3 departures and 4 new arrivals (2 La Mancha + 2 independent)

› Additional governance improvements under consideration

MANAGE PORTFOLIO

› Dynamic portfolio management to improve quality of asset base

› Youga sold in March (end of life, high cost operation)

› Karma acquired in April (Long mine life, low-cost operation)

› Houndé construction launched and Ity DFS published

DELEVERAGE BALANCE SHEET

› US$230m additional equity injection which includes La Mancha deal (c.$65m), La Mancha anti-dilution right in True Gold deal (c.$63m) and successful equity raise (c.US$110m) and cash flow generation

› Net Debt positon reduced to US$25m

IMPROVE

INVESTOR RELATIONS

› Clarified equity story

› Increased management presence and marketing

› Improved transparency

CORPORATE OVERVIEW

UPCOMING CATALYSTS

24

Immediate Cashflow from Production

Near-Term Growth from Projects

Long-Term Upside

from Exploration

2017 OUTLOOK:

› Gold production expected to increase to 600-640koz (excluding Houndé)

› AISC expected to decrease further to $860-905/oz

› Free Cash Flow (before growth projects, WC, tax and financing cost) expected to increase to $150m, based on the 2016 realized gold price of circa $1,240/oz

› Q2-2017: Ity CIL Resource/Reserve update along with an engineering optimization study

› H1-2017: Ity ownership discussions and investment decision

› Mid-2017: Karma mill front-end optimization

› Q4-2017: Houndé first gold pour

› DELIVERY OF 5-YEAR EXPLORATION STRATEGY: Target of Finding 10-15Moz of Indicated Resources

› Mid-2017: Maiden resource at Ta akoto’s Fougala and Kreko targets

› H2-2017: Completion of Agbaou drilling program (first phase)

› H2-2017: Maiden resource at It ’s Le Plaque target and infill and extension drilling program update

› H2-2017: Completion of drilling on Kar a’s ear-mill Rambo West and Yabonsgo targets

› H2-2017: Houndé exploration results following drilling re-launch

CORPORATE OVERVIEW

TABLE OF CONTENTS

STRATEGIC OVERVIEW 1

APPENDIX 4

2017 OUTLOOK 2


Production Guidance, koz INSIGHTS:

› Production is expected to increase in 2017 as improvements at Karma and Nzema are expected to more than compensate for Agbaou returning to a normalized production level after a record-breaking year.

› As was the case in 2016, production is expected to fluctuate throughout the year due to mine plan sequences, with a peak towards the middle of the year.

› Group AISC is expected to continue to decrease due to the full year benefit of Karma, optimizations at Nzema and Tabakoto, and cost reduction programs.

AISC Guidance, $/oz

2017 GUIDANCE Production is expected to increase and AISC to decrease

on a 100% basis 2016 ACTUAL 2017 GUIDANCE

Agbaou 195,505 175,000 - 180,000

Tabakoto 162,817 150,000 - 160,000

Nzema 87,710 100,000 - 110,000

Ity 75,867 75,000 - 80,000

Karma 61,813 100,000 - 110,000

GROUP-WIDE PRODUCTION 583,712 600,000 - 640,000

In US$/oz 2016 ACTUAL 2017 GUIDANCE

Agbaou 534 660 - 700

Tabakoto 1,027 950 - 990

Nzema 1,167 895 - 940

Ity 756 740 - 780

Karma 738 750 - 800

MINE-LEVEL AISC 820 800 - 850

Corporate G&A 46 37 - 34

Sustaining exploration 18 23 - 22

GROUP AISC 884 860 - 905

26 26

2017 Guidance

Capital and Exploration Spend Guidance, $m INSIGHTS:

› Due to the expected increased production and lower AISC, the Free Cash Flow before growth projects (and before working capital movement, tax and financing costs) is projected to increase by approximately $15 million to circa $150 million, based on the 2016 realized gold price of circa $1,240/oz, and using the mid-point of 2017 production and AISC/oz guidance ranges

› Within our collar gold price boundaries of $1,200/oz to $1,400/oz, the Free Cash Flow variation to each $100/oz fluctuation is roughly $60 million. With the Gold Revenue Protection program, if the gold price were to drop below $1,200/oz in 2017, this fluctuation is reduced to roughly $40 million per $100/oz change.

2017 GUIDANCE Free cash flow expected to increase

27

Free Cash Flow Guidance, $m

in US$m $1,100/oz $1,200/oz $1,300/oz

NET REVENUE (based on production guidance mid-point) 685 725 785

Mine level AISC (based on AISC guidance mid-point) (510) (510) (510)

Corporate G&A (21) (21) (21)

Sustaining exploration (14) (14) (14)

GROUP AISC MARGIN 140 180 240

Non-sustaining mine exploration (20) (20) (20)

Non-sustaining capital (35) (35) (35)

FREE CASH FLOW BEFORE GROWTH PROJECTS (Mine cash flow less corporate costs before WC, tax and financing cost)

85 125 185

In US$m

Sustaining

Capital

Non-Sustaining

Capital

Growth

Projects

Agbaou 20 - -

Tabakoto 20 - -

Nzema 5 12 -

Ity 10 4 10

Karma 10 19 35

Houndé - - 180

Total 65 35 225

2017 Guidance

Exploration Guidance, $m

Agbaou 7

Tabakoto 9

Ity 10

Karma 4

Houndé 5

Exploration Expenditures for Mines 35

Grassroots exploration expense 5

Total Exploration Expenditures 40

TABLE OF CONTENTS


APPENDIX 4

2017 OUTLOOK 2


AGBAOU MINE, COTE D’IVOIRE Overview

AGBAOU MINE

Côte d’I oire

QUICK FACTS (ON 100% BASIS)

Ownership % EDV, % Côte d’I oire, % SODEMI

Resources (incl. of Reserves)

M&I: 13.0Mt @ 2.4 g/t for 1.004Moz Inferred: 1.1Mt @ 1.7 g/t for 0.060Moz

Reserves 11.0Mt @ 2.4 g/t for 0.853Moz

Processing Rate Up to 2.6 Mtpa Gravity/CIL plant - oxides; 1.6 Mtpa fresh

Open Pit Strip Ratio 8.1 to 1 (2016A)

Gold Recovery Achieving 95% at present; 92.5% design

Mining Type Open Pit – Contractor Mining

Production

AISC (mine-level)

2014A– $621/oz

2015A – $576/oz

2016A – $534/oz

2017E - $660-700/oz

Expected Mine Life 7 years from current Reserves

Royalty 3% - 5% sliding scale

Corporate Tax 25% (5 year corporate tax holiday)

2017E

2015A 181koz 147koz

196koz 175-180 koz

2014A

2016

Agbaou Mine

Abidjan

Ity Mine

29

RECENT AND UPCOMING CATALYSTS

Accomplished

- Fully repaid shareholder loans in <2 years, in Nov 2015

- Commissioned secondary crusher on time and on budget in July 2016

- Reserves are same level as when production started in 2014

Upcoming

- Return to more normalised sustainable production rate of 175-180koz with fresh ore representing up to 50% of tonnes processed

- Exploration campaign underway with initial drill results confirming mineralization

AGBAOU MINE, COTE D’IVOIRE Record 2016 performance

30

Production and AISC

2016 vs 2015 INSIGHTS

› Production benefited from higher grades and continued mill over-performance

› The secondary crusher (commissioned in mid-2016 ahead of schedule and under-budget) provides the flexibility to process higher grade transitional ore while maintaining a fairly constant ore blend and throughput over the remaining life of mine

2017 OUTLOOK

› After achieving an exceptional year, Agbaou is expected to return to a more normalized and sustainable production rate of 175-180koz in 2017 with fresh ore representing up to 50% of tonnes processed

› AISC is expected to remain competitive, at $660-700/oz, as higher grade transitional ore is expected to compensate for increased unit costs and lower throughput 2017

Production

175-180koz

2016 Production

196koz

Δ Recovery Rate

Δ Grade Processed

Δ Tonnes Processed

2015 Production

181koz

$576/oz

$534/oz

$660-700/oz

AGBAOU MINE

AGBAOU MINE, COTE D’IVOIRE Exploration program is still on-going

31

INSIGHTS

› The ongoing exploration campaign, which commenced in April 2016 is expected to be completed in H2-2017

› Campaign based on previous geophysics and soil geochemistry results, is focused on:

‒ North pit and South pit extensions

‒ Agbaou South target

‒ Niafouta target

‒ Generating targets beyond the current resource boundaries

› Initial drill results suggest the extension of mineralized zones

› An update to the reserves and resources will be made following the completion of the program in H2-2017

› An exploration budget of $7 million has been planned for 2017, totaling approximately 45,000 meters of drilling

Agbaou Site Map

AGBAOU MINE

32

AGBAOU MINE, COTE D’IVOIRE Numerous gold in soil anomalies over Mag

> 50 ppb

AGBAOU MINE

33

AGBAOU MINE, COTE D’IVOIRE 5 year exploration targets

Auger & RC drilling

AGBAOU MINE

AGBAOU MINE, COTE D’IVOIRE Exploration strategy

34

› 2013-2015 : Successful Drilling limited to infill drilling and immediate trend extension to renew resources and compensate for reserves depletion. As such, no preparation of future targets was done (nearly no inferred left)

› Current drill program is focused on new targets and definition of new inferred resources to be converted in 2017/2018 into indicated resources & reserves

› Known targets on the Agbaou Exploitation license have the potential to replace the production for a few additional years

› A brownfield exploration campaign of targets located in Agbaou Exploration License (at less than 20 km of the Agbaou mill) has started in 2016. Any new deposit discovered on this license also has the potential to further extend the mine life

Targeting discovery of between 0.5 to 1.5 Moz at an average cost of $25/oz over the next 5 years with a budget of ~$25M to extend mine life to 10 years*

*Targeting to discover between 0.5 to 1.5 Moz with average grade between 2 and 3 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

AGBAOU MINE

TABAKOTO MINE, MALI Overview

35

TABAKOTO MINE


Ownership 80-90% Endeavour depending on pit, remainder government of Mali





Processing Rate 1.4 Mtpa Gravity/CIL Plan

Gold Recovery 92% - 95%

Mining Type Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine

Production

AISC (mine-level)

2014A– $1,335/oz

2015A –$1,067/oz

2016A – $1,027/oz

2017E - $950-990/oz

Expected Mine Life 4+ years from current Reserves

Royalty 6%

Corporate Tax 30%

150-160koz 2016A 2015A

2017E

2014A

163 koz 152koz

127koz

Tabakoto Mine

Bamako

Mali


Accomplished

- In 2013 the mill was expanded from 2,000 tpd to 4,000 tpd

- Segala ore production commenced in Q2 2014 and to full production by Q4 2014

- Kofi C deposit commenced production in Q1 2015

- In 2015, switch to owner and contractor fleet resulting in increased productivity

Upcoming

• Top exploration priority and cost reduction to be the main focus of 2017 • Ongoing cost saving and optimisation programs include overhead reduction centralizing

procurement, fleet replacement and improvement equipment availability and mining efficiency

36

TABAKOTO MINE, MALI Significant continued improvement in AISC

2016 vs 2015 Insights

› Production lifted by Increased overall grade and recovery rate

› Improved open pit extraction (+24%) mainly due to opening up and accessing the deeper benches of ore

› Increased mine efficiency (up 10%) mostly due to an improvement on the reef development and fleet availability

› Significant G&A costs per tonne reduction of 18% due to on-going cost reduction program

2017 Outlook

› Production is expected to slightly decrease in 2017 to 150-160koz as grades are expected to slightly decrease due to open pit mining transitioning from Kofi C to Kofi B in the second half of the year, and underground mining sequence.

› AISC expected to decrease to $950-990/oz with cost reduction programs

Production and AISC

2017 Production

150-160koz

2016 Production

163koz

Δ Recovery Rate

Δ Grade Processed

Δ Tonnes Processed

2015 Production

152koz

$1,067/oz

$1,027/oz $950-990/oz

TABAKOTO MINE

Tabakoto Site Map 37

TABAKOTO MINE, MALI New discoveries made in 2016

Tabakoto Site Map

Kreko

Fougala

NEW DISCOVERIES MADE IN 2016 INCLUDE:

› Tabakoto North Open Pit, confirming the continuation between Tabakoto and Dar Salam, already added ~50koz in 2016 with additional drilling to start in Q1-2017 around Kofi C

› Fougala and Kreko open-pit targets, located less than 7km away from Tabakoto facilities. Will be delineated early Q1 2017 with the target of delivering new maiden resources by mid-2017

› Underground M&I resources grew by 76koz (inclusive of depletion). In addition, underground exploration programs allowed the discovery of new vein sets that will be delineated in 2017

2017 Outlook › Tabakoto is a top exploration priority in 2017 given its

relatively short mine life and significant potential

› $9 million exploration program totaling approximately 72,000 meters of drilling has been planned for 2017

› Focus on both surface exploration, with the aim of delineating resources within trucking distance at discoveries made in 2016 and on new targets, and underground drilling

Kofi North

TABAKOTO MINE

38

Côte d’I oire

TABAKOTO MINE, MALI Surface target priority ranking

75 targets identifIed, 7 Priority 1 (2017) Areas under transported cover identifIed

TABAKOTO MINE

39

Côte d’I oire

TABAKOTO MINE, MALI Kofi land package main target area

TABAKOTO MINE

40

Targeting discovery of between 1.5 to 2.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$30M*

› Main focus is on finding new additional open pit resources within a short distance to the Tabakoto mill within within18 to 24 months to replace Kofi C and further Kofi B/A Linear/ Betea production while pursuing exploration near Kofi C/B/A

› Aggressive Tabakoto surface exploration was initiated at mid-2016 (Ongoing Kreko and Fougala trend exploration)

› Ongoing large exploration program over Kofi Blocks

› Due to its o tre d positio ith Loulo type deposits, we will be targeting a new large discovery in Kofi North, along this trend with the potential be a standalone operation since it is located more than 40 km away from Tabakoto facilities

› While proven continuation at-depth, a prudent evaluation of the underground potential as been set at 200-300koz for the next 2-3 years. Afterwards, although mineralizations continue at depth, additional exploration will be based on economic viability of the production

TABAKOTO MINE, MALI Exploration strategy

*Targeting to discover between 1.5 to 2.5 Moz with average grade between 2 and 4 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

TABAKOTO MINE

ITY MINE, CÔTE D’IVOIRE Overview


Ownership % EDV, % SODEMI, % Côte d’I oire, % pri ate

Resources (HL + CIL) (incl. of Reserves)


Reserves (HL+CIL) 43.9Mt @ 1.5 g/t for 2.123Moz


Processing Rate 950ktpa HL

Gold Recovery 81%

Mining Type Open pit / Heap Leach

Production

AISC (mine-level) 2016A – $756/oz

2017E - $740-780/oz

Mine life 3 years from current Reserves + addition potential

Royalty 3% - 5% sliding scale

Corporate Tax 25%

81koz 2015A

76koz

2017E 75-80koz

2016A

Agbaou Mine

Abidjan

Ity Mine

Côte d’I oire


Accomplished

- Increased heap leach capacity from 0.6mtpa to 1.0mtpa in 2013

- DFS for CIL project published on November 10, 2016 outlines potential to become core low-cost asset

Upcoming

- Continued exploration success to prolong heap leach life at current production level

- Potential to increase ownership

- Possibility of running the CIL and heap leaching operations in parallel for the first few years remains under review

41

ITY MINE

ITY HEAP LEACH MINE, CÔTE D’IVOIRE 2016 Production Remained Flat Despite Lower Grades

42

2016 VS 2015 INSIGHTS

› Production remained relatively flat as lower grade was offset by increased ore stacked thanks to new pit made available

› Continued high recovery rate

› Heap leach mine life extended by 2 years (2016 depletion fully replaced + added 78koz) while preparing the CIL Project

2017 OUTLOOK

› Production is expected to remain stable in 2017, at 75-80koz while AISC is expected to slightly decrease to $740-780/oz due to higher grades

› The possibility of running the CIL and Heap leaching operations in parallel for the first few years is currently under analysis

Δ Tonnes Stacked

2017 Production

75-80koz

Δ Recovery Rate

2016 Production

Δ Grade Stacked

2015 Production

81koz 76koz

$756/oz $740-780/oz

$619/oz

Production and AISC

ITY MINE

ITY MINE, CÔTE D’IVOIRE Exploration added 515koz in 2016 and outlined new targets

43

NEW DISCOVERIES MADE IN 2016 INCLUDE:

› Bakatouo and Colline Sud discoveries (515koz of M&I resources) with additional infill and extension drilling initiated in Q4-2016

› Several targets confirmed mineralization

› Drilling started on the Le Plaque target (100% EDV owned) in November 2016. Le Plaque will be delineated in 2017, with a maiden resource expected in H2-2017

2017 OUTLOOK

› The largest portio of E dea our’s e ploratio udget has been allocated to the Ity area in light of its strong prospectivity and potential to further extend the lives of the CIL project and Heap Leach operations.

› A $10 million exploration program totaling approximately 50,000 meters has been planned for 2017

› Exploration in 2017 focused on:

‒ Infill drilling and extension drilling at the Daapleu Mont Ity, Bakatouo and Colline Sud deposits

‒ Drilling on Le Plaque and other targets

‒ Conducting initial drilling campaigns on strong Auger anomalies such as the Yacetouo and Vavoua targets

Ity Mine Drilling Targets

ITY MINE

44

$898/oz

Year 5

$554/oz

Years 10 to 14

109koz

$608/oz

133koz

Year 9

$638/oz

103koz

Year 8

124koz

Year 7 Year 6

53koz $622/oz

150koz

$582/oz

Year 4

185koz

Year 3

$608/oz

Year 2

193koz

$500/oz

134koz

$409/oz

Year 1

163koz

$477/oz


165kozpa at AISC of US$507/oz on average over the first 5 years

Long-life Low Cost Project

› Long 14-year reserves mine life

› Low AISC of $507/oz over first 9 years

› Solid production of 144kozpa over first 9 years

Robust Project Economics (based on $1,250/oz)

› After-tax IRR of 36%

› After-tax NPV5% of $411m

› Quick payback of 2.1 years

Significant improvement expected in H1-2017 Feasibility Study update

› Inclusion of the recent high-grade Bakatouo and Colline Sud discoveries and Verse Ouest

› Additional Resource conversion at Daapleu and Mont Ity

Well-positioned with strong liquidity sources to take final investment decision in H1-2017

Agbaou Mine

Abidjan

Ity Mine

Côte d’I oire

ITY MINE, CÔTE D’IVOIRE Ity CIL Feasibility Study Published in 2016

ITY MINE

Ity CIL Project DFS highlights

ITY MINE, CÔTE D’IVOIRE Summary of independent feasibility study for CIL Project

Source: Ity CIL Feasibility Study 45

LIFE OF MINE PRODUCTION

Strip ratio, w:o 2.1

Tonnes of ore processed, Mt 41.0 Mt

Grade processed, Au g/t 1.42 g/t

Gold content processed, Moz 1.88Moz

Gold recovery, % 83%

Gold production, Moz 1.56Moz

Mine life, years 14 years

Average annual gold production, koz 114Koz

AISC, $/oz $603

CAPITAL COST

Upfront capital cost, $m $282m

Equipment lease $25m

ECONOMIC RETURNS BASE ON US$1,250/OZ

After-tax Project NPV5%,$m 411

After-tax Project IRR, % 36%

Payback, years 2.1

Lead Consultant:

Contributions from:

Independent CIL Feasibility Study prepared by:

ITY MINE

Feasibility Study Optimization to Include:

‒ Recent high-grade Bakatouo and Colline Sud discoveries

‒ Verse Ouest following recently completed infill drilling program

‒ Additional Resource conversion at Daapleu and Mont Ity based on planned infill drilling program

Significant opportunity to delineate additional resources at known deposits

and make new discoveries

ITY CIL PROJECT, CÔTE D’IVOIRE Feasibility Study to be optimized in Q2-2017

46

Deposits to be added in the study

ITY MINE

POTENTIAL INCLUDES:

‒ The recently discovered Bakatouo and Colline Sud deposits and the results from the ongoing 11,700 meter reverse- ir ulatio RC a d diamond-drilli g DD program to test their extensions and conduct infill drilling

‒ Further resource conversion potential on both Daapleu and Mont Ity following the completion of the planned 33,000 meter in-fill drilling program

‒ Inclusion of Verse Ouest following the recent completion of the in-fill drilling program

ITY CIL PROJECT, CÔTE D’IVOIRE

47

ADDITIONAL POTENTIAL FOR RESOURCE CONVERSION

PROBABLE RESERVES INDICATED RESOURCES INFERRED RESOURCES

Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content Deposits on a 100% basis. Resources are inclusive of reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)

Open Pits

Daapleu 19.3 1.51 936 19.9 1.51 965 4.3 1.15 160

Mont Ity / Ity Flat 3.8 2.19 268 7.5 2.19 527 11.1 1.92 684

Gbeitouo 2.6 1.35 112 2.9 1.35 124 0.3 1.48 13

Walter 1.9 1.22 73 2.1 1.21 81 0.7 1.32 28

Zia NE 4.8 1.24 192 7.7 1.31 325 4.0 1.39 179

Bakatouo - - - 4.8 3.07 475 0.8 2.86 70

Colline Sud - - - 0.6 2.13 40 0.5 2.53 38

Total Open Pits 32.4 1.52 1,580 45.4 1.73 2,537 21.7 1.68 1,172

Existing Stockpiles

Aires 5.8 1.09 202 5.8 1.09 202 0.2 0.78 6

Teckraie 2.8 1.07 97 2.8 1.07 97 0.1 0.55 2

Verse Ouest - - - - - - 8.4 0.85 230

Total Stockpiles 8.6 1.08 300 8.6 1.08 300 8.7 0.85 238

TOTAL 41.0 1.42 1,880 54.1 1.63 2,837 30.4 1.44 1,410

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIRE New High Quality Near Mine Exploration Targets

48

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIRE Greater Ity: 2017-2021 Exploration Program in Tiepleu/Floleu

49

ITY MINE

INSIGHTS

‒ Endeavour consolidated an 80km underexplored Birimian corridor on-trend with its Ity i e i Côte d’I oire

‒ Significantly increased its holdings in the Ity district from 178km² to 664km2.

‒ The new Floleu (104km2) and Toulepleu (382km2) exploration tenements were obtained on a 100% ownership basis

‒ The previously 55%-held Tiepleu tenement (153km2) was re-obtained on a 100% basis.

‒ An auger drilling program will be conducted on the 80km underexplored portion corridor along the Ity trend in 2017

ITY CIL PROJECT, CÔTE D’IVOIRE 80km underexplored Birimian corridor

Ity Mine Birimian corridor

50

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIRE Greater Ity Regional Gold in Soil (> 100 ppb) Anomalies

51

Birrimian meta sediments

and green belt

Gnamapleu

Granite-Gneiss

No Geochemical data at all

No Exploration

Historical Sparse 400x100m Grid on PR462

Except on few selected targets

PR558 Le Plaque Area

Several Targets

GBAMPLEU

Mt BA Area

Several targets

GUEYA area

Several targets

PR609 East Cavally

Several Targets

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIRE Greater Ity: 2017 – 2021 Exploration Targets Toulepleu

52

Auger drilling

RC drilling

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIRE How significant is Greater Ity area?

53

EDV Controlled Greater ITY TREND SEMAFO Controlled MANA TREND

ITY MINE

ITY MINE, CÔTE D’IVOIRE Exploration strategy

54 *Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

› Numerous high Potential targets have been identified within the Greater Ity area

› The whole controlled 80 km trend will be covered by an airborne geophysical survey for target generation in late 2016 (Mag/Spectro/VTEM ~700 Km2)

› The exploration blocks contiguous with Ity Exploitation license have the potential for multi-millions ounce deposits or group of deposits which may constitute future stand alone operations (heap leach and or CIL)

› While Endeavour controls some 700 km² of Birimian grounds with similar geology around Ity, the targeted new ounces only represent the same number of ounces that have been already produced and discovered over the 35 km² of the mine present footprint.

Targeting discovery of between 4 to 6 Moz at an average cost of $11/oz over the next 5 years with a budget of ~$55M*

ITY MINE

NZEMA MINE, GHANA Overview


Ownership 90% EDV, 10% government of Ghana


M&I: 33.1Mt @ 1.S g/t for 1.431Moz Inferred: 5.9Mt @ 1.3 g/t for 0.243Moz



Processing Rate 1.6 Mtpa Gravity/CIL plant

Gold Recovery 91% to 75% depending on ore type

Mining Type Open Pit – Contractor Mining

Production

AISC (mine-level)

2014A– $1,036/oz

2015A – $1,064/oz

2016A – $1,167/oz

2017E - $895 -940/oz

Expected Mine Life 4 years from current Reserves

Royalty 5% (+1% 3rd party at Adamus pits)

Corporate Tax 35%

2017E

2015A 2016A

2014A 110koz

100-110koz

115koz

88koz

Accra Nzema Mine

Ghana


Accomplished

- Increased levels of purchased ore availability is strategically being used to i pro e the i e’s e o o i s, operati g argi s a d i the preser atio of the

i e’s reser es i -situ

Upcoming

- Adamus pit cut back to be completed during Q1 2017

- Higher grades from Adamus pit to support AISC reduction

- Pre-stripping at Bokrobo deposit deposit expected to start in H2 2107

55

NZEMA MINE

NZEMA MINE, GHANA Cut-back expected to improve AISC in 2017

56

2016 INSIGHTS

› 2016 was a transitional year for Nzema as ore feed was constrained to low grade ore mined and stockpiles, supplemented by purchased ore feed

› The 19% decrease in purchased ore grade and 7% decrease in purchased ore throughput was the key driver in the 20% reduction in gold production

2017 OUTLOOK

› Following the cutback, Nzema is expected to generate healthy cash flows for the coming years

› As a result of the higher expected grades from the Adamus pit following the cut-back, production is expected to increase to 100-110koz in 2017 while AISC are expected to decrease to $895-940/oz

› To complement production from the Adamus pit, pre-stripping at the Bokrobo deposit is expected to start in the second half of the year

Production and AISC

Δ Grade Processed

2015 Production

110koz

Δ Tonnes Processed

100-110koz

2017 Production

88koz

2016 Production

Δ Recovery Rate

$1,064/oz

$1,167/oz

$895 -

940/oz

NZEMA MINE

KARMA MINE, BURKINA FASO Overview

57

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso




Processing Rate 4.0mtpa Heap Leach

Gold Recovery 87%

Mining Type Shallow open pit and free digging material with no

blasting required, low strip ratio

Production

AISC (Mine-level) 2016A – $738/oz

2017E - $750 -780/oz

Mine life 8 years mine life based on reserves + 2.5 years from

North Kao deposit (inferred resource)

Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax

100-110koz

62koz 2016A

2017E

Houndé Project

Ouagadougou

Karma Project


Accomplished

- First gold production achieved on April 11th 2016

- Started leach pad ore stacking and irrigating in early March 2016

Upcoming

- Benefit of higher grade Rambo pit

KARMA MINE

KARMA, BURKINA FASO Continuing to Ramp-up

58

Process throughput continues to ramp-up

Producing at a run-rate of 100-110koz per annum Q4-2016 INSIGHTS

› Commercial production was declared on October 1, 2016

› Production continued to ramp up as the higher grade Rambo pit complemented ore feed from the GG2 pit and stacking capacity continued to improve

2017 OUTLOOK

› Production in 2017 is expected to increase to 100-110koz as higher grade Rambo ore feed will complement that of the GG2 pit with contribution from the Kao pit in the later portion of the year. In addition, stacking capacity is expected to increase in the second half of the year following the completion of the plant optimization efforts.

› AISC are expected to range between $750-800/oz

› Capacity at the processing facility is expected to further increase in the second half of the year following changes to the ROM layout, the replacement of the crushing circuit, and other plant optimization activities, which are expected to amount to $27 million.

› In addition, $8m is being spent to build a 200-Man accommodation facility

6.0

December

6.2

June

10.0

7.4

November August July

6.9

9.8

October September

9.1 Production, koz

Process optimization

December

4.0 Mtpa

Capacity expected by mid-2017

Ramp-up phase

2.5 Mtpa 3.0 Mtpa

September

1.5 Mtpa

June

KARMA MINE

KARMA, BURKINA FASO North Kao Reserve Conversion Extended Mine Life To +10 Years

59

Karma Site Map NORTH KAO INSIGHTS

› North Kao infill drilling confirmed the continuity of the previous inferred resource and improved the grade profile

‒ 314koz of resources amenable to heap leach processing converted to indicated status

‒ Indicated resource grade up 53% over the previous inferred grade to 1.22 g/t Au

› 262koz were subsequently converted to reserves, e te di g Kar a’s i e life to e o d ears

› The North Kao mineralized structure remains open to the north and the potential exists for additional sub-parallel zones

2017 EXPLORATION

› In 2017, a $4 million exploration program totaling approximately 30,000 meters has been planned to drill near-mill targets such as Rambo West and Yabonsgo

KARMA MINE

KARMA, BURKINA FASO 2017 Targets: YABONSGO Target (<10km from GG1)

60

KARMA MINE

KARMA, BURKINA FASO 2017 Targets: Rambo West

61

KARMA MINE

KARMA, BURKINA FASO Exploration strategy

62 *Targeting to discover between 0.5 to 1.0 Moz with average grade between 1.0 and 1.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

› New geological understanding and mapping in less than 6 months

› North Kao already added 2.5 year of mine life

› Near i e higher grades targets to e drilled i Yabongso and Rambo West)

› Still ongoing evaluation and ranking of all exploration targets

› Beyond North Kao resource drilling, other exploration targets have potential to add

up to 5 additional years of mine life with still on-going evaluations

Targeting discovery of between 0.5 to 1.0 Moz at an average cost of $20/oz over the next 5 years with a budget of ~$15M to extend mine life to 15 years*

KARMA MINE

HOUNDÉ PROJECT, BURKINA FASO Overview

1Based on 100% equity funding and equipment lease financing ²From production start 63


Ownership 90% EDV, 10% Burkina Faso

Status Fully permitted, construction launched

Production start date First gold pour expected Q4 2017


M&I: 37.9Mt @ 2.1 g/t for 2.551Moz

Inferred: 3.2Mt @ 2.6 g/t for 0.274Moz


Mine Type Open pit

LOM Strip Ratio 8.4

Processing Rate 3.0 Mtpa Gravity / CIL plant

Gold Recovery 93%

Upfront Capital (US$M) $328m, inclusive of $47m for the owner-mining fleet

LOMP SUMMARY (ON 100% BASIS)

Processing

Total ore processed, Mt 29.7 Gold grade, g/t 2.15 Contained gold, koz 2,057 Recovery rate, % 93% Production, koz 1,906

Operating Costs

Mining costs, $/t moved 2.17

Processing costs, $/t 13.36

Site G&A, $m/yr 9.8

AISC , US$/oz 709

ECONOMIC RETURNS1

Gold Price (US$/oz) $1,150 $1,200 $1,250 $1,300 1,350

After-tax Project NPV (5%) $230 $286 $342 $398 $437

After-tax Project IRR 24% 28% 32% 36% 39%

Payback, years² 2.7 2.4 2.2 2.0 1.8

Houndé Project

Ouagadougou

Karma Project

HOUNDE MINE

HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget

64

Procurement Was 80% Complete At Year-end SIGNIFICANT ACHIEVEMENTS TO-DATE: › Construction is progressing as planned, with over 65% completed

› Over 2.7 million man-hours have been worked without LTI.

› The 38km long, 91kv overhead power line construction over 60% complete. First power from Sonabel is scheduled for August 2017.

› Open pit pre-strip mining at the Main Vindaloo open pit, adjacent the processing facility, commenced in late 2016.

› Detailed engineering of the processing facility along with the design HAZOP has been completed, also ahead of schedule in November 2016.

› TSF progressing ahead of schedule with 60% already completed.

› CIL ring beam concrete pour was achieved in early August 2016, and the SAG and Ball Mill first lift on both plinths was completed by year-end.

› The construction of the water harvest dam decant system is complete, with water already being pumped to the water storage dam two months ahead of schedule.

› Construction of the 300-person permanent accommodation village is approaching completion.

› Over 2,000 personnel including contractors are currently employed on-site, more than 94% of which are Burkinabe.

› Full back-up 26Mw power gensets has been awarded. This is on schedule to be operational in Q3-2017.

› The land compensation process has been successfully completed and resettlement commenced in early 2017.

302

$210m

Total Capex (incl. $26m contigency)

$328m

$100m

Committed Capex (end of dec)

Incurred Capex (end of Dec.)

26 contingency

HOUNDE MINE

CIL Tanks Primary Crusher

SAG Mill First Lift Poured Village Resettlement

65

HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget

HOUNDE MINE

66

HOUNDÉ PROJECT, BURKINA FASO Exploration Re-launched in 2017

Exploration Targets in Proximity to the Planned Mill 2017 OUTLOOK

› The Houndé exploration tenement covers + , k ² ithi Burki a Faso’s highl prospective Birimian belt

› Historically, exploration focus mainly on the Vindaloo trends

› At least 15 other significant targets were identified by previous limited drilling campaigns but remain largely untested

‒ All located within 20km from the planned mill

‒ High grade targets (+5g/t) will be explored in priority

› Following a two year period of no exploration drilling, activities will resume in 2017 with a $5 million program totaling approximately 45,000 meters

HOUNDE MINE

67

HOUNDÉ PROJECT, BURKINA FASO 2017-2021 Main Promising Targets

HOUNDE MINE

68 *Targeting to discover between 2.5 to 3.5 Moz with average grade between 1.8 and 2.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 68

› Our Houndé exploration portfolio is located within one of the most prospective areas of the Birimian greenstone belt of Burkina Faso

› Historical exploration already proved the occurrence of multiple major mineralized trends of Vindaloo type within these licences

› At least 15 significant targets were partially tested by previous drilling, and the majority of them remain undeveloped

› All defined exploration targets are located within a 20 km radius of the Houndé mill

› The high grade targets (Bouere, 5 to 6g/t and Kari Pump) will be developed as a priority in 2017

Targeting discovery of between 2.5 to 3.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$45M to extend mine life to +15 years*

HOUNDÉ PROJECT, BURKINA FASO Exploration strategy

HOUNDE MINE

TABLE OF CONTENTS


APPENDIX 4

2017 OUTLOOK 2


APPENDIX

BOARD MEMBERS

Michael BECKETT Chairman, Non-executive Director

Ian COCKERILL, Non-executive Director

Olivier COLOM, Non-executive Director

Ian HENDERSON, Non-executive Director

Livia MAHLER, Non-executive Director

Wayne MCMANUS, Non-executive Director

Sébastien de MONTESSUS, CEO & President

Naguib SAWIRIS, Non-executive Director

70 70

ENDEAVOUR IS BACKED BY LA MANCHA

71

APPENDIX

30% holding

31% holding

Sawiris fa il ’s i i g investment vehicle

La Mancha vended-i the Frog’s Leg a d White Foil mines

La Mancha then contributed $112m for acquisition of the Cowal mine

Evolution has grown from a ~A$670m market cap to ~A$3.2B, since announcement of strategic partnership

Partnership Announced

La Mancha vended-in the Ity mine and $63m of cash

La Mancha then contributed $65m following the acquisition of Truegold

Participated in bought deal with C$20m Endeavour has grown from a US$250m to a

US$1.8B market cap since announcement of strategic partnership

The Sawiris family is present across various sectors and

businesses, ranging from construction and fertilizers to

real estate and telecommunications

Long-term growth supportive investor with focus on creating regional leaders

Partnership Announced

0

5

10

15

20

25

30

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-160.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16

INSIGHTS

1. Increased sales with:

‒ Start of Karma contribution as of October 1 (commercial production start)

‒ Full year of Ity

‒ Production improvements at Agbaou and Tabakoto

2. Increase in non-sustaining exploration, in line with company strategy

3. Free cash flow up 55%:

‒ Stronger production at lower AISC and higher gold price

‒ Less non-sustaining capital required as main capital spend is already complete

4. Adjustment for discontinued Youga operation

FREE CASHFLOW CONTINUED TO INCREASE Free cashflow up $58/oz compared to 2015

All amounts, other than FCF for 2015 Exclude Youga. Karma pre-commercial production revenue and associated costs were netted on the balance sheet as part of mineral property interest. 72

APPENDIX

12 MONTHS ENDED DECEMBER,

2016 2015

$m $/oz $m $/oz

GOLD SOLD FROM CONTINUIN OPERATIONS, KOZ 546 452

REVENUE 673 1,234 522 1,157

Total cash costs (371) (681) (316) (699)

Royalties (32) (58) (26) (57)

Corporate costs (25) (46) (22) (49)

Sustaining capex (44) (81) (48) (107)

Sustaining exploration (10) (18) (7) (15)

AISC COSTS (482) (884) (419) (927)

AISC MARGIN 191 351 103 229

Less: Non-sustaining capital (26) (47) (24) (53)

Less: Non-sustaining exploration (23) (43) (7) (16)

Operating cash flow from Youga discontinued operation - - 20 43

FREE CASH FLOW BEFORE GROWTH PROJECTS (and before working capital, tax & financing costs)

142 261 92 203

1

2

3

4

12 MONTHS ENDED DEC.

US$m 2016 2015

FREE CASH FLOW BEFORE GROWTH PROJECTS (and WC, tax & financing costs)

142 92

Working capital changes (27) 6

Taxes paid (11) (7)

Interest paid (20) (25)

Cash settlements on hedge programs and gold collar premiums (14) (3)

NET FREE CASH FLOW FROM OPERATIONS 70 62

Growth Project1 (110) (7)

Change in growth project working capital (6) -

Cash received for Youga mineral property interests (net) 22 -

Cash received for Ity mineral property interests (net) - 86

True Gold (Bridge loan, cash acquired, less change of control payments) (11) -

Restructuring and acquisition costs (24) -

Other (1) (30)

Net equity proceeds 185 -

NET CASH/(NET DEBT) VARIATION 125 110

Reduction of debt obligations (110) (63)

CASH INFLOW (OUTFLOW) FOR THE PERIOD 15 47

INSIGHTS

1. Mainly due to inventory, gold-in-circuit and VAT build-up at Karma related to its commissioning phase

2. Includes: $10m hedge settlements, $5m gold collar premiums

3. Associated with $102m capex spend for Houndé build with bulk of remaining for Ity CIL Project Study

4. Mainly Houndé payables

5. Includes $6m of acquisition cost and $18m of restructuring related to ex-CEO, BOD and executive level restructuring costs and office consolidation

6. Includes dividends to minority interests for ($3m), settlement of share appreciation rights, DSUs and PSUs ($6m)

NET FREE CASH FLOW Remains positive despite Houndé Capex

1 Includes Houndé, Ity CIL, and studies 73

APPENDIX

3

4

5

6

1

2

ADJUSTED NET EARNINGS Up 142% compared to 2015

74

APPENDIX

INSIGHTS

1. Youga results are removed due to disposal of the mine

2. Both 2015 and 2016 amounts relate to realized and unrealized gains/losses on FCFA denominated currency fluctuations (loss in 2016 due to Euro devaluation against the US$)

3. Increased due to mark-to-market of EDV share price

4. Non-recurring costs, associated with True Gold transaction, closure of Vancouver and Accra offices, and severance packages

5. Add-back of non-cash deferred tax expense. The $45m loss included in Net Income is mainly comprised of:

‒ The de-recognition of historical carry-forward losses at Nzema

‒ Tabakoto new tax structure decided between Segala and Kofi subsidiaries with the Governement ;

‒ Accelerated SYSCOA depreciation at Karma utilized in 2016 resulting in a reduced Karma SYSCOA tax base

6. Nzema impairment due to removal of sulfide resources from valuation model (no corporate plan to invest in mill expansion)

7. Shares outstanding increased due to True Gold acquisition and bought deal

12 MONTHS ENDED DEC.

(US$m) 2016 2015

TOTAL NET EARNINGS (52) 36

Youga discontinued operations 3 (5)

Loss (gain) on financial instruments 12 (13)

Other expenses (income) 2 0.2

Stock-based expense 9 4

Acquisition and restructuring costs 24 13

Deferred income tax expense (recovery) 45 3

Nzema impairment charge of mineral interest 71 -

ADJUSTED NET EARNINGS AFTER TAX 114 38

ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 21 18

ATTRIBUTABLE TO SHAREHOLDERS OF THE CORPORATION 93 20

Weighted average number of outstanding shares (million) 81 43

ADJUSTED NET EARNINGS PER SHARE (BASIC) FROM CONTINUING OPERATIONS

$1.15 $0.47

1

2

3

4

7

5

6

EXPLORATION BECAME A CORE FOCUS IN 2016

75

APPENDIX

HIGHLY EXPERIENCED TEAM › Strong knowledge of West African Birimian

belts

› Senior staff from BRGM, Randgold, Iamgold, Areva, La Mancha, etc

› 20 Seniors Geologists

› 7 Exploration Managers

› 40 Juniors Geologists

› 130 Technicians and Support Staff

SVP West Africa Exploration

Resource Manager

HR Manager

New Ventures Manager

Expert Geologist

Finance Manager

NI 43-101 Compliance

Greater Ity Explo Manager

Regional CI Explo Manager

Agbaou Explo Manager

Hounde Explo Manager

Karma Explo Manager

Regional BF Explo Manager

Tabakoto/Kofi Explo Manager

Abidjan based

Sr Geos Jr Geos DB Techs Account Support



Sr Geos Jr Geos DB Techs Support


Sr Geos Jr Geos Techs Account Support

Sr Geos Jr Geos Techs Support

CEO

COO EVP

Projects EVP

Exploration & Growth

CI Government Relations Advisor

Legal Advisor

With new structure in place

SCREENING AND RANKING METHODOLOGY

76

APPENDIX

Exhaustive screening of all >200 potential

targets

130+ target screened through multi-criteria

data analysis

First filtering

Quantifying min/max and mean size and grade

(Length x width x 100m depth x density x average grade issued from existing drilling or nearby analogs)

Top selection of 40 most significant

targets

Risked mean Indicated Resource per Target

Risked-probability weighted potential

per target High/Medium/Low

Exploration budget required per target to

reach Indicated resource level status

Strategic Prioritization

CONSERVATIVE APPROACH

› Visit to all sites with Exploration Managers/Chef-Senior Geologists, EDV experts

› 6 months detailed review of all past exploration, synthesis of all available and validated data in database

‒ All Geochem (Stream and Soil), all geophysics (air and ground)

‒ All Geological and Structural data (Outcrops, cores, Maps, regolith, structures, artisanal mining)

‒ All Drilling (Auger, RC, DD, Geotech) , logs and analytic results

› 130+ Targets screened through multi-criteria analysis of all data to identify and support exploration targets for evaluation

› All targets referenced and classified according to :

‒ Current state of project knowledge (from grassroot to development)

‒ Quality of supporting data (drilling, available nearby analogs, structural trends, favorable geology, etc.)

‒ Distance to producing facilities:

‒ Mine Exploration then Near Mine exploration within a 5 km radius from facilities

‒ Brownfield Exploration between 5 and 15 km from facilities

‒ Greenfield Exploration for over 15/20 km from facilities (tentative stand alone future projects, or feeding the facilities if high grade)

‒ Geological framework, mineralization type, mineability, exploration game changer

› All targets characterized by a minimum-maximum and mean size of tentative deposit (length, width, depth), including estimated average grade when calibration is available

METHODIC AND EXHAUSTIVE REVIEW TO QUANTIFY AND RANK POTENTIAL

APPENDIX

Selection of the 30% (40) most significant targets over the full portfolio in term of localization, mean size, and nearby upside (possible clusters), all gathered per relevant PE (Exploration Permit) or PEX (Exploitation permit)

77 77

› Each selected target (~40) was risked and characterized by a Probability of Occurrence (POO), based on geological confidence/structural understanding/ type of expected mineralization/existing positive intercepts/trend extension, strong and coherent gold in soil and Auger anomalies

‒ POO 0.8 to 1: Very high confidence (some Mine and Near Mine Exploration or already Identified /tested targets)

‒ POO 0.6 : Probable deposit, with a size and grade distribution according to prognosis (Oz and average grade)

‒ POO 0.4: Less than average Probability of Occurrence, kept in the planning due to its possible size (High Risk- High Reward type) or due to its short distance to mine

› All selected exploration targets were set within a 5 year window, according to mine priorities, permit duration, requested exploration efforts, and budget

› All selected targets characterized with:

‒ The required drilling amount/yearly budgets and the related timing of Indicated resource definition

‒ Proposed yearly budgets include estimated manpower, drilling, analysis, support, geophysics, geochem, etc

‒ A 2017-2021 required risked exploration spending necessary to discover the targeted risked mean indicated Oz per target

FURTHER SELECTION, RANKING AND RISK EVALUATION

78

APPENDIX

(on a 100% basis)

AGBAOU NZEMA TABAKOTO ITY3 KARMA

Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016

Physicals

Total tonnes mined – OP1 000t 25,382 20,447 9,295 8,144 7,098 9,298 6,102 375 8,753

Total ore tonnes – OP 000t 2,797 2,818 1,000 1,310 649 511 1,186 64 650

Open pit strip ratio1 W:t ore 8.07 6.26 9.94 17.20 9.94 17.20 4.15 4.86 3.66

Total tonnes mined – UG 000t - - - - 1,301 1,360 - - -

Total ore tonnes - UG 000t - - - - 944 860 - - -

Total tonnes milled 000t 2,827 2,665 1,761 1,783 1,588 1,588 1,173 71 2,089

Average gold grade milled g/t 2.27 2.15 1.87 2.21 3.36 3.17 2.20 2.39 1.16

Recovery rate % 97% 97% 83% 87% 95% 93% 93% 81% 90%

Gold ounces produced oz 195,505 181,365 87,710 110,302 162,817 151,067 75,867 5,689 61,813

Gold sold oz 196,316 182,219 85,495 110,404 161,803 151,345 73,332 7,917 28,743

Unit Cost Analysis

Mining costs - Open pit $/t mined 2.22 2.64 4.64 4.78 3.60 2.79 2.88 2.38 1.32

Mining costs – Underground $/t mined - - - - 51.04 50.24 - -

-

Processing and maintenance $/t milled 6.60 6.40 13.16 14.26 21.93 22.89 14.71 23.28 7.76

Site G&A $/t milled 4.66 5.56 6.57 6.81 12.80 15.66 11.43 16.97 9.66

Cash Cost Details

Mining costs - Open pit1 $000s 56,420 54,060 43,109 38,947 25,586 25,960 17,583 892 5,306

Mining costs -Underground $000s - - - - 66,406 68,328 - - -

Processing and maintenance $000s 18,656 17,069 23,177 25,423 34,825 36,347 17,256 1,653 6,616

Site G&A $000s 13,175 14,806 11,577 12,151 20,325 28,659 13,413 1,205 8,241

Purchased ore at Nzema $000s - - 21,255 29,447 - - - - -

Inventory adjustments and other2 $000s 1,702 3,375 7,885 1,059 3,357 4,961 (53) 605 (906)

Cash costs for ounces sold $000s 84,477 84,172 90,801 99,374 132,906 128,041 44,450 4,355 18,898

Royalties $000s 8,871 7,574 5,662 7,234 11,997 10,438 3,316 536 1,952

Sustaining capital $000s 11,407 13,191 3,318 10,839 21,193 23,048 7,648 519 359

Cash cost per ounce sold $/oz 430 462 1,062 900 821 846 606 550 657

Mine-level AISC Per Ounce Sold $/oz 534 576 1,167 1,064 1,027 1,067 756 683 738

PRODUCTION AND COST DETAILS BY MINE For the years ended 2016 and 2015

) I ludes aste apitalized ) I ludes aste apitalized adjust e t ) It s p odu tio a d AISC is e luded fo the p e-November 28, 2015 acquisition period. 79

APPENDIX

RESERVES AND RESOURCES

Full details a d otes of ese es a d esou es a e fou d u de the Rese es a d Resou es se tio o the Co pa s e site at www.endeavourmining.com 80

On a 100% basis On an attributable basis Resources shown inclusive of Reserves

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 10 2.57 834 9 2.56 720

Probable Reserves 123 1.58 6,240 94 1.58 4,812

P&P Reserves 133 1.66 7,074 103 1.67 5,532

Measured Resource (incl Reserves) 34 1.80 1,967 30 1.77 1,704

Indicated Resources (incl Reserves) 206 1.60 10,623 166 1.59 8,463

M&I Resources (including Reserves) 240 1.63 12,590 196 1.62 10,167

Inferred Resources 68 1.69 3,682 50 1.71 2,736

Group Consolidated Total

Resources shown inclusive of Reserves. On a 100% basis

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 0.1 2.90 6 Probable Reserves 43.8 1.50 2,117 P&P Reserves 43.9 1.50 2,123 Measured Resource (incl reserves) 0.0 1.84 2 Indicated Resources (incl reserves) 52.8 1.64 2,777 M&I Resources (including Reserves) 52.8 1.64 2,779 Inferred Resources 30.2 1.45 1,406

Ity Mine & CIL Project


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 2.1 2.73 181 Probable Reserves 1.3 2.70 110 P&P Reserves 3.3 2.72 291 Measured Resource (incl reserves) 21.1 1.37 929 Indicated Resources (incl reserves) 12.0 1.31 502.0 M&I Resources (including Reserves) 33.1 1.35 1,431 Inferred Resources 5.9 1.29 243

Nzema Mine


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 2.9 2.98 274 Probable Reserves 3.4 3.12 341 P&P Reserves 6.3 3.06 615 Measured Resource (incl reserves) 6.9 2.88 638 Indicated Resources (incl reserves) 12.1 3.09 1,206 M&I Resources (including Reserves) 19.0 3.01 1,844 Inferred Resources 8.2 3.45 908

Tabakoto Mine


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 3.7 2.48 296 Probable Reserves 26.9 2.06 1,779 P&P Reserves 30.6 2.11 2,075 Measured Resource (incl reserves) 3.7 2.57 305 Indicated Resources (incl reserves) 34.2 2.04 2,247 M&I Resources (including Reserves) 37.9 2.09 2,551 Inferred Resources 3.2 2.62 274

Hounde Mine


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 1.0 2.20 69 Probable Reserves 10.0 2.44 784 P&P Reserves 11.0 2.41 853 Measured Resource (incl reserves) 1.9 1.41 85 Indicated Resources (incl reserves) 11.2 2.56 919 M&I Resources (including Reserves) 13.0 2.39 1,004 Inferred Resources 1.1 1.73 60

Agbaou Mine Resources shown inclusive of Reserves. On a 100% basis

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 0.4 0.59 8 Probable Reserves 37.4 0.92 1,109 P&P Reserves 37.9 0.92 1,117 Measured Resource (incl reserves) 0.4 0.59 8 Indicated Resources (incl reserves) 83.8 1.10 2,973 M&I Resources (including Reserves) 84.3 1.10 2,981 Inferred Resources 19.3 1.27 791

Karma Mine

Project1 Agbaou Nzema Tabakoto

Ity Karma2 Hounde UG Open Pit

Reserves Au price 1,350 1,250 1,250 1,250 1,250 1,300 1,300

Resources Au price 1,500 1,500 1,500 1,500 1,500 1,557 1,500

1 Cut off grades for all resources open pits are 0,5g/tAu, except at Karma where the cutoff grade is defined by material type: Oxide=0.2, Transition=0.22 and Sulfide=0,5

2 North Kao reserves and resources has a gold price of respectively $1,250/oz and $1,500/oz

Notes :

APPENDIX

Documents

Corporate Presentation...CORPORATE PRESENTATION Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP p erformance measures with no standard meaning under IFRS