INVESTEC AFRICAN GOLDS PRESENTATION · CORPORATE PRESENTATION 1 1 No. 1 PRODUCER ÔTE D’IVOIRE & BURKINA FASO1 No. 1 EMPLOYER IN BURKINA FASO1 Operating in a responsible manner

INVESTEC AFRICAN GOLDS PRESENTATION

July, 2020

TSX:EDV

Cash cost per ounce and all in sustaining cash cost per ounce are non GAAP performance measures

with no standard meaning under IFRS This presentation contains “forward looking statements”

including but not limited to, statements with respect to Endeavour’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 looking terminology such as “ expects”,“ expected”,“ budgeted”,“ and “ Forward

looking statements, while based on management’s best estimates and assumptions, are subject to

risks and uncertainties that may 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 Endeavour’s most recent Annual Information Form filed under

its profile at www sedar com for further information respecting the risks affecting Endeavour and

its business.

Clinton Bennett, Endeavour's Vice President of Technical Services a Member of the Australasian

Institute of Mining and Metallu rgy, is a "Qualified Person" as defined by National Instrument 43

101 Standards of Disclosure for Mineral Projects ("NI 43 101") and has reviewed and approved the

technical information in this news release.

DISCLAIMER & FORWARD LOOKING STATEMENTS

ENDEAVOUR MINING OVERVIEW

3

CORPORATE PRESENTATION

A premier diversified West African gold producer

<$900/oz2020 AISC TARGET

+1Moz2020 PRODUCTION TARGET

10MozP&P RESERVES

21MozM&I RESOURCES

Global GOLD PRODUCER

Top 15

TABLE OF CONTENTS

WHY WEST AFRICA?1

ENDEAVOUR OVERVIEW2

Note : All amounts are in US$, except where indicated, and may differ from MD&A due to rounding

WHY WEST AFRICA?

SECTION 1

01

COUNTRIES OF OPERATION

Sources: World Bank & CIA Factbook 6

Operate in 3 emerging market countries


CÔTE D’IVOIRE

› Population: 27.5m

› Unemployment Rate: 2.5%

› Literacy: 47.2%

› Internet Users: 46.8%

› 2018 GDP: $43Bn

› 2018 GDP Growth: 7.4%

› Corporate Tax: up to 25%

› Mining Royalties: up to 6%

BURKINA FASO



› Literacy: 41.2%

› Internet Users: 16%

› 2018 GDP: $14.1Bn

› 2018 GDP Growth: 6.8%

› Corporate Tax: up to 27.5%


MALI



› Literacy: 35.5%

› Internet Users: 13%

› 2018 GDP: $17.2Bn

› 2018 GDP Growth: 4.9%

› Corporate Tax: up to 25%


WEST AFRICA OPERATES AS AN ECONOMIC UNION

7

Single currency with economies becoming more integrated

Countries using West African CFA

West African CFA franc (XOF)

INSIGHTS

› West Africa acts as an economic zone (WAEMU)

› Common central bank for 8 states

› Common currency which is pegged to the Euro

› Fiscal and monetary policies tend to be aligned with guidance from IMF

› States have undergone democratic elections in past decade and are closely monitored by the IMF


WEST AFRICA’S ECONOMY IS GROWING QUICKLY

1. Source: IMF 2020 estimates. Frontier markets included: Other Africa: Nigeria, Tunisia, Morocco, Benin, Botswana, Ghana, Mauritius, Namibia, Senegal Kenya. Europe: Bulgaria, Romania, Poland. South America: Argentina. Asia: Pakistan, Vietnam 8

Strong involvement from the World Bank Group


4.9%

6.0%

6.9%

2.5%

3.0%

4.6% 4.7%

Mali Côte d’IvoireBurkina Faso Frontier South America

Frontier Asia

Frontier Europe

Other Frontier Africa

Long-term real GDP forecasts (2019-2024)(% p.a.)1

WEST AFRICA FRONTIER MARKETS

INSIGHTS

› Côte d’Ivoire economy has expanded by an average of 8% per year since 2011, making it one of the fastest growing countries worldwide

› The World Bank Group is currently financing:

› 28 projects totalling $3 billion in Côte d’Ivoire

› 30 projects totalling $2.5 billion in Burkina Faso

› Low inflation of below 2% over past 5 years

Corporate Income Tax and RoyaltiesINSIGHTS

› Transfer pricing regulations recently established in the jurisdiction

› OECD principles associated to tax base erosion well governed with appropriate withholding tax and thin capitalisation legislation in place

› Standard tax principles and interpretation consistent in multiple countries within WAEMU zone

WEST AFRICA MINING CODES ARE WELL ALIGNED

Source: PWC 9

Very similar to developed countries

Country / Region Corporate Tax Mining Royalties

Burkina Faso Up to 27.5% Up to 5%

Côte d’Ivoire Up to 25.0% Up to 6%

Ghana Up to 35.0% Up to 5%

Guinea Up to 30.0% Up to 5%

Mali Up to 25.0% Up to 6%

Senegal Up to 30.0% Up to 3%

West Africa Up to 35.0% Up to 6%

Australia Up to 30.0% Up to 5%

USA Up to 47.0% Up to 5%

Canada Up to 31.0% Up to 3%


Exploration budget ($m)

SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA

Source: 2017 S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, and Senegal 10

+$5billion

spent in West Africa over last 10 years

10%of global budget is spent in

West Africa

Endeavour represents over 10% of total West African spend

677

634

385363

247

176 175 173

137123 113 110 100

77 75 74 7147

Can

ada

Au

stra

lia

We

st A

fric

a

USA

Ch

ile

Mex

ico

Per

u

Gh

ana

Ch

ina

Co

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bia

Ru

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Bu

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Bra

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Arg

enti

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Co

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’Ivo

ire

Mal

i

Tan

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Sen

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Discoveries by area

SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS

Source: SNL West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Guinea, Liberia and Sierra Leone 11

+79MozDiscovered over past 10 years

in West Africa

No.1 Discovery region

globally

Top ranking region for discoveries over past 10 years

79Moz

50Moz

42Moz

33Moz

27Moz 27Moz

23Moz 22Moz20Moz

18Moz 16Moz 16Moz 15Moz13Moz 13Moz

11Moz

Mal

i

Wes

t A

fric

a

Ecu

ado

r

Co

lom

bia

Ch

ile

Can

ada

Sou

th A

fric

a

Ru

ssia

USA

Bu

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a Fa

so

Mo

ngo

lia

Mex

ico

Gh

ana

Ch

ina

Au

stra

lia

Co

te d

’Ivo

ire

For the period between 2006-2016


SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA

12

More exploration expenditures in a region that is 5x smaller

Source: S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Liberia and Sierra Leone

Land mass compared to exploration spend

0

100

200

300

400

500

600

700

800

900

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5

20

17

exp

lora

tio

n b

ud

get

($m

)

Canada

Land mass million km²

Australia

USA

WestAfrica More spending, yet 5x smaller land mass


13

West African geology - Birimian greenstone belt

Other14%

Burkina Faso22%

Côte d’Ivoire35%

Mali10%

Ghana19%

Ghana39%

Burkina Faso17%

Other13%

Mali21%

% of Birimian greenstone belt

2016 production (Moz)

BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production

Source: S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Liberia, and Sierra Leone

Côted’Ivoire

10%


Boungou

Mana

Nabanga

Ity

Agbaou

Kalana

Karma

Houndé

Fetekro

Bantou

Combined entity operating asset

Combined entity development asset

Other gold mines

Birimian Greenstone

BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING

Source: S&P Global Market Intelligence. 14

~50%of West African exploration

expenditures

$190m 2017 exploration spend for Burkina

Faso and Côte d’Ivoire

Represent half of the region's exploration expenditures

Burkina Faso29%

Côte d’Ivoire20%

Ghana20%

Mali19%

Other Countries12%

West African exploration expenditures by country2017 exploration expenditures


Gold production by country

STRONG PRODUCTION GROWTH IN WEST AFRICA

Source: World Gold Council. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, and Liberia 15

+81% West African production

growth over past 15 years

4thlargest gold producing

region globally

Has quickly become a top producing gold region

15Moz

9Moz9Moz

8Moz7Moz

5Moz 5Moz 5Moz

4Moz3Moz

3Moz 3Moz

Un

ited

Sta

tes

Ch

ina

Au

stra

lia

Ru

ssia

Can

ada

We

st A

fric

a

Sou

th A

fric

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Per

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Mex

ico

Gh

ana

Ind

on

esia

Bra

zil


ENDEAVOUR IS EMERGING AS THE LEADINGMULTI-ASSET WEST AFRICAN PRODUCER

16Source: Company reports

Operating Mines # Countries of operations #

West Africa

Rest of Africa

Rest of the World

West Africa

Rest of Africa

Rest of the World

Geographically focused yet diversified across multiple mines and multiple countries


MAKING A DIFFERENCE WHERE WE OPERATE

All information sourced from 2019 Sustainability report1. As of July1, 2020 post SEMAFO acquisition 17


1

1

No. 1 PRODUCER

CÔTE D’IVOIRE & BURKINA FASO1

No. 1EMPLOYER IN BURKINA FASO1

Operating in a responsible manner

18

Expats

95%site workforce are nationals

75%GMs are

West African

GENERAL MANAGERS

Over 95% of our workforce are nationals

Nationals

SITE WORKFORCE HEAD OF DEPARTMENTS

75%3 out of 4 are West-African

95%2,327 out of 2,479

are nationals

42%15 out of 36are nationals

Employee breakdown(1)

95%in 2018

93%in 2017

25%in 2018

0%in 2017

36%in 2018

33%in 2017


FOCUSED ON GROWING LOCAL TALENT

(1) Excludes SEMAFO assets

ENDEAVOUR OVERVIEW

SECTION 2

02

COMPANY PROFILE

20


Share Price Performance

Rank Institution Name % of S/O1 La Mancha 24.1%

2 BlackRock Investment Management 10.5%

3 Van Eck 8.2%

4 Fidelity International 3.7%

5 Ruffer 2.8%

6 Ninety One UK 2.5%

7 The Vanguard Group 2.2%

8 RBC Global Asset Management 1.8%

9 Elliott Management 1.7%

10 Dimensional Fund Advisors 1.7%

Top Shareholders

Ticker TSX:EDV

Shares Outstanding as at Jul 3 163m

Share price as at July 06 C$33.00

Market cap as at July 06 US$3.9B

Net Debt as at March 31 (PF with Semafo) US$406m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

24%

RETAIL

5%

INSTITUTIONAL

70%

Other

Europe

NorthAmerica

Shar

e p

rice

reb

ased

to

10

0

50

100

150

200

250

300

350

400

450

500

31-

Dec

-15

29-

Feb

-16

30-

Ap

r-16

30-

Jun

-16

31-

Au

g-16

31-

Oct

-16

31-

Dec

-16

28-

Feb

-17

30-

Ap

r-17

30-

Jun

-17

31-

Au

g-17

31-

Oct

-17

31-

Dec

-17

28-

Feb

-18

30-

Ap

r-18

30-

Jun

-18

31-

Au

g-18

31-

Oct

-18

31-

Dec

-18

28-

Feb

-19

30-

Ap

r-19

30-

Jun

-19

31-

Au

g-19

31-

Oct

-19

31-

Dec

-19

29-

Feb

-20

30-

Ap

r-20

Endeavour Mining S&P TSX Global Gold

21

STRATEGIC OBJECTIVES

All-in Sustaining Cost

Production visibilityfrom operating assets

Annual production

700koz to 1Moz

+10 YEARS

<$850/oz

CREATE A PREMIER DIVERSIFIED WEST AFRICAN GOLD PRODUCER

STRATEGIC PILLARS


Diversification across multiple

countries and mines

with strong capital allocation discipline

+20% ROCE

STRATEGICALLY REPOSITIONED

22

Strategically repositioned Endeavour as a leading African Gold producer

2015 PROFILE 2020 PROFILE

517koz

4 years

$922/ozAll-in Sustaining

Cost

Production visibilityfrom operating assets

Annual production

+1Moz

10+ years

<$900/oz

2016 - 2019 TURN-AROUND

$1billion invested

2 flagship mines built

6.3Moz

4 projects in the pipeline

3assets divested

6 assets acquired (inclusive of SEMAFO)


discovered at $12/oz

23

Focused on long-term sustainable production at low cost

PRODUCTION AND AISC PROFILECORPORATE PRESENTATION

$922/oz

2017 20192015 2016 2018 20212020 2022

+1Moz+1Moz

663koz

727koz

$843/oz

+1Moz

<$900/oz$866/oz

593koz

516koz

Ity CILTabakoto ManaHoundé Karma AgbaouIty HLNzema Youga

651koz

$818/oz

FOCUSED ON BUILDING HOUNDÉ AND ITY CASHFLOW PHASE

$886/oz

2015› Ity HL acquired through

strategic partnership with La Mancha

2016› Youga divested › Karma acquired

2017› Houndé build completed › Kalana project acquired › Nzema divested

2018› Tabakoto divested

2019› Ity CIL build completed

2020› Acquisition of SEMAFO

Boungou

Industry Top Producers (Moz)

24

CREATION OF A TOP 15 GOLD PRODUCER

Based on latest reported fiscal year gold production, unless otherwise stated 1

Largest West African Gold producer

Top 15Global gold producer

1.0MozAnnual production(2)

Sources: Company disclosures1) Based on the largest (by latest fiscal year gold production) publicly traded companies whose principal business is gold production. Excludes China and Hong Kong. Figures as per SNL (2019 production)2) Based on mid-point 2020 guidance3) Proforma Kirkland Lake and Detour Gold production

3

1.0

6.0

1.5

6.5

0.0

2.5

0.5

2.0

5.5

Cen

terr

a

Eld

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Ala

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s

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New

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Po

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Yam

ana

Kin

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Go

ld F

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s

Kir

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ake

Har

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Bar

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Po

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etal

B2

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Res

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x G

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End

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Cen

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Oce

anaG

old

Tera

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SEM

AFO

IAM

GO

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Pre

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m

Sib

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An

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Go

ld

Reg

is

No

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ern

Sta

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Co

mb

ined

en

tity

St B

arb

ara


25

LOW COSTGold producer

Bottom third Industry AISC Curve

Cumulative Industry AISC Cost Curve ($/oz)

Focused on long-term sustainable production at low cost

Sources: Metals Focus Gold Mine Cost Service and World Gold Council1. AISC based on the mid-point 2020 guidance

Endeavour

Industry curve based on Q4-2019

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

US$/oz


AISC IN THE BOTTOM THIRD OF THE GLOBAL COST CURVE

MALI

AgbaouMine

HoundéMine

CÔTE D’IVOIRE GHANA

Karma Mine

Ity Mine

Abidjan

BamakoOuagadougou

GUINEA

SIERRALEONE

SENEGAL

GAMBIA

LIBERIA

GUINEA-BISSAU

Operations Office

BURKINA FASO

KalanaProject

FetekroProject

Mana Mine Boungou

Mine

BantouProject

Senior Management

35min

1h35

2h

2h40

2h

Hands-on management model with teams close to operations

OPERATIONAL EXCELLENCE

26

1

Sebastien de MontessusCEO & Director

Patrick BouissetEVP Exploration & Growth

Morgan Carroll EVP Corporate Finance & General Counsel

Henri de JouxInterim CFO, EVP People, Culture & IT

Pascal BernasconiEVP Public Affairs, CSR & Security

200km

hours Flight time


Mark MorcombeCOO

Benoit DesormeauxPresident

(1)Lost Time Injury Frequency Rate= (Number of LTIs in the Period X 1,000,000)/ (Total man hours worked for the period). Excludes SEMAFO assets(2)The selected peer group based on same reporting metrics, used the latest available data from Centamin (2019), B2Gold (2019), Eldorado Gold (2018), Nordgold (2018), Glencore (2019) and Asanko (2019) 27

Lost Time Injury Frequency Rate(1)

(on a rolling 12-months basis)

0.26LTM Lost Time Injury

Frequency Rate

2 LTIOver the past 12 months

0.66

0.40

0.29

0.160.12

0.26

FY2019FY2017FY2016 FY2018Peer Average(2) Q1-2020

Safety is our top priority

Trailing 12 months

OPERATIONAL EXCELLENCE1


27

Strong construction track record

CEO INTRODUCTION

NZEMA, GHANA, BUILT IN 2010

28

AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014

HOUNDÉ, BURKINA FASO, BUILT IN 2017

COMPLETIONMOST RECENT MINE BUILDS

0 LTIs

ON-BUDGET

ON-SCHEDULE

ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019


PROJECT DEVELOPMENT2

28

LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION

NEAR-TERM GROWTH FROM PROJECTS

IMMEDIATE CASH FLOW FROM PRODUCTION

29

Kalana(Mali)

PFS in progress

Hounde

Randgold JV(Ivory Coast)

Kofi Trend(Mali)

Liguidi(Burkina Faso)

Daoukro Cluster(Ivory Coast)

Mt. Ba/Gueya(Ivory Coast – Ity trend)

Siguiri(Guinea)

Liptako(Niger)

Bondoukou Clust.(Ivory Coast)

Tiepleu(Ity trend)

Sia/Sianikoui(Hounde trend)

Fougadian(Mali)

Deep Agbaou(Ivory Coast)

Ity CIL

Fetekro(Ivory Coast)

PEA in progressMines

Projects

Greenfield target

4444

Boungou

Nabanga(Burkina Faso)

PEA completed 2019

Bantou(Burkina Faso )Resource stage

Korhogo(Ivory Coast)

Potential to increase capital allocation efficiency with enhanced pipeline



INSIGHTS

› While the main focus for 2020 is cash flow generation, Endeavour is also continuing to build optionality within its portfolio by advancing studies and conducting exploration on both the Fetekro and Kalana projects.

› Studies are underway with the aim of publishing a PEA on Fetekro and PFS on Kalana in H2-2020

› Once studies are published we will be better positioned to decide which project to prioritize our exploration efforts on and advance to Feasibility stage

› SEMAFO’s projects offer additional optionality which will also be assessed against Endeavour’s projects

Sources: company disclosures 30

NAME Kalana Fetekro Bantou Nabanga

COUNTRY Mali Côte D’Ivoire Burkina Faso Burkina Faso

STATUS PFS in progress PEA in progress Exploration PEA

RESERVES N/A N/A N/A N/A

M&I RESOURCES

2.29Moz at 2.69g/t

1.19Moz at 2.54g/t

N/A N/A

INFERREDRESOURCES

0.27Moz at 4.41g/t

0.06Moz at 2.17g/t

2.25Moz at 1.37g/t

0.84Moz at 7.69g/t

Attractive organic growth opportunities



31

Hounde Belt, Burkina Faso Ity Belt, Côte d'Ivoire

Strong foothold in two world-class beltsUNLOCK EXPLORATION VALUE3


*Reserve and Resource at year-end 2018 32

UNLOCK EXPLORATION VALUEAmong largest and most promising portfolios in West Africa

21MozM&I RESOURCES

+200EXPLORATION TARGETS

3

10-15Moz5-YEAR DISCOVERY

TARGET


AMONGST LARGEST TENEMENT HOLDING

West African geology - Birimian greenstone belt

Boungou

Mana

Nabanga

Ity

Agbaou

Kalana

Karma

Houndé

Fetekro

Bantou

Combined entity operating asset

Combined entity development asset

Other gold mines

Birimian Greenstone

33

10-15Moz 5-year Indicated

Resource discovery target

(Assessment underway to include SEMAFO assets)

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 Karma and 1.5-3.0g/t for Côte d’Ivoire regional. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertainif exploration will result in the targets being delineated as a mineral resource.

Indicated discovery target by area as published in Nov. 2016

UNLOCK EXPLORATION VALUEStarting to deliver against our 5-year strategy

3


2.1MozDiscovered

Greater Ity

2.0Moz

Houndé Tabakoto(sold mine, retained Kofi exploration)

0.5Moz

Agbaou

0.5Moz

Karma

1.2Moz

Côte d’Ivoire Regional

4.0-6.0Moz4.0-6.0Moz

2.5-3.5Moz

1.5-2.5Moz

0.5-1.5Moz 0.5-1.5Moz

0.5-1.0Moz target exceeded

Excludes SEMAFO Assets

33

Total Indicated discoveries and targets

34

6.3Mozdiscovered from mid-2016 to

2019

63%of 5-year target

achieved after 3 years

On track to meet 5-year exploration targets

1.3Moz

1.9Moz

2.1Moz

2021EH2-2016A 2017A Total2018A 2019A 2020E

1.0Moz

1.5-2.5Moz

1.5-2.5Moz 10-15Moz

10%

23%

42%

63%

80%

100%

Indicated resources discovered

Indicated resources targeted

Cumulative Indicated resources against 5-year discovery target%

3 UNLOCK EXPLORATION VALUE


$44m $53m $49m $45-50m

Exploration spend

Excludes SEMAFO Assets

Exploration demonstrates potential for +250koz for 10 years at Ity Mine

35



35(1) Mine reserve grade as at Dec 31, 2018 as published in press release dated Mar 5, 2019. Le Plaque grade based on indicated resource as published on Jul 8, 2019. (2) Based on Optimized study plans as published on September 2017.(3) Updated technical report will include the added M&I resources and reserves for Le Plaque

Ity production plan(As per 2017 Optimized Study (2), based on 4Mtpa plant and excludes Le Plaque discovery)

250koz

Year 1

162koz

Year 4

201koz

Year 6

238koz

151koz

Year 3

213koz

Year 2

224koz

Year 8

190koz

159koz

Year 9Year 5

250koz

Year 10Year 7

0.5Moz of total reserve additions required Production as per study

Le Plaque expected to fill the gap

(started Q2-’19)

UPDATED TECHNICAL REPORT AND MINE PLAN EXPECTED TO BE PUBLISHED Q3-2020(3)

Exploration demonstrates potential for +250koz for 10 years at Houndé Mine

36



36

UPDATED TECHNICAL REPORT AND MINE PLAN EXPECTED TO BE PUBLISHED Q3-2020(3)

(1) Mine reserve grade as at Dec 31, 2018 as published in press release dated Mar 5, 2019. Kari Pump grade based on reserves as published on Jun 24, 2019. (2) Based on Optimized study plans as published on respectively April 2016.(3) Updated technical report will include the added reserves for Kari Pump and the added resources for Kari West and Kari Centre

Year 3

218koz

Year 12Year 5

222koz

107koz

Year 6 Year 10

175koz

124koz

Year 7

123koz

Year 4 Year 8 Year 9 Year 11

217koz223koz

Year 1 Year 2

Houndé production plan(As per 2016 Optimized Study(2), excludes Kari Pump discovery)

(started Q4-’17)

Kari Pump, Kari West and Kari Centerexpected to fill the gap

1.1Moz of total reserve additions required Production as per study

Extra 24kozalready produced

Actual As per study

37

Combined Entity Producing Portfolio1

44444Potential to continue to pursue our active portfolio management strategy

1. AISC Based on 2020 mid-point guidance; Mine lives calculated as reserves divided by contained gold produced using 2019 stated recovery per mine

2. Sources: company disclosures

$450

$550

$650

$750

$850

$950

$1,050

$1,150

0 5 10 15 20

Ity

Boungou

Houndé

Agbaou

Karma

Mana

Mine life, years

AISC, $/oz

› Ity HL acquired through strategic partnership with La Mancha in late 2015 and transitioned to CIL in Q1-2019

› Youga divested, in March 2016, due to its short mine life and high AISC

› Karma acquired in March 2016, and its mine life was subsequently increased from 7 to 10 years and process plant was upgraded

› Houndé was completed in October 2017, becoming Endeavour’s flagship mine

› The Kalana project was acquired in June 2017, to strengthen the project pipeline

› Nzema divested in 2017 due to its short mine life and high AISC

› Tabakoto divested in December 2018, due to its short mine life and high AISC

› Mana and Boungou acquired through the SEMAFO acquisition

Portfolio Management Insights

PORTFOLIO & BALANCE SHEET MANAGEMENT

Tabakoto(sold in Q4-’18)

Ity HL(ended in 2018)

Youga(sold in 2016)

Nzema(sold in 2017)


Net cash flow before repayment/proceeds of long-term debt, convertible bond and equipment finance obligation

38

+$154mQ1-20 vs Q1-19

$187mCumulative net cash flow

over last 3 quarters

Net Cash Flow

Continued strong cash flow following completion of investment phase

ITY CIL CONSTRUCTION ITY CIL PRODUCTION

($98m)

($25m)

$52m$80m

$55m

$52m

$132m

$187m

Q3-19Q1-19 Q2-19 Q4-19 Q1-20

Cummulative CashflowNet Cashflow


PORTFOLIO & BALANCE SHEET MANAGEMENT4

39

PORTFOLIO & BALANCE SHEET MANAGEMENTSustained cash flow profile and sound balance sheet4

Available sources of liquidity

$551m

As at March 31, 2020

$354mEDVCash

$100mLa Mancha

CashInjection

$97mSMFCash

2020E Consensus FCF Yield

(8%)

(1%)0%

1%2% 2%

4%5% 6% 6% 6% 6% 6% 6% 6% 6% 7% 7%

7% 8%

10%11% 11% 12%

EDV

+ S

MF

No

rth

ern

Sta

r

Ne

w G

old

Har

mo

ny

Eld

ora

do

Per

seu

s

Co

eur

Oce

anaG

old

Bu

enav

entu

ra

SSR

Min

ing

IAM

GO

LD

End

eavo

ur

Ala

mo

s

Cen

tam

in

Yam

ana

Ho

chsc

hild

Evo

luti

on

B2

Go

ld

Sara

cen

Lun

din

Go

ld

St B

arb

ara

Re

gis

Cen

terr

a

Pre

tiu

m

(21%)

0%

Med

ian

Tore

x

Represents CAD 51/share

16% FCF Yield realized for Q1-2020 annualized

Source: Factset broker consensus as of Apr 29, 2020Free Cash Flow defined as Operating Cash Flow less total capex less interest expense


ENDEAVOURSEMAFO

40

11%Combined 2019 ROCE

1% 1%

13%

2017A 2019A2018A

6% 6%

10%

2017A 2018A 2019A

Return on Capital Employed (ROCE) (1)

Attractive returns following investment phases

(1) EBIT (Adjusted EBITDA as in MD&A less depreciation and amortization) divided by average capital employed (total assets less current liabilities)

PORTFOLIO & BALANCE SHEET MANAGEMENT4

14%for H2-2019 annualized

with strong capital allocation discipline

+20% ROCE target


PRO FORMA GROUP METRICS

Notes: Pro forma amounts are for illustrative proposes only. All amounts shown are as published by respective companies and accounting standards may vary. Net Debt includes the $100m placement from La Mancha

41

Creation of a +1Moz, low AISC producer with strong balance sheet

Q1-2020 Q1-ANNUALIZED

PRODUCTION 254koz +1.0Moz

ALL-IN SUSTAININGCOST

$896/oz <$900/oz

OPERATING CASH FLOW

$187mApprox. $750m

NET DEBT / LTM ADJ. EBITDA

0.5xClose to 0x by year-end


42

TIMING CATALYST

Q3-2020 Ity Updated Le Plaque reserve estimate

Q3-2020 HoundéUpdated Kari area resource estimate

(Kari Pump, Kari Center, Kari West, and newly discovered Kari Gap)

Q3-2020 Houndé Maiden reserve estimate for Kari West

Q3-2020 Houndé Maiden reserve estimate on Kari Center and Kari Gap

Q3-2020 Fetekro Updated resource estimate

Q3-2020 Fetekro Preliminary Economic Assessment

Long-Term Upside

from Exploration

Near-TermGrowth from Projects

Immediate Cashflow from Production

Exposure to strong fundamentals and with upside potential

INVESTMENT PROPOSITION


STRONG FUNDAMENTALS

› High quality asset base generating strong free cash flow yield

› Capital allocation discipline with >20% ROCE target

› Strong organic growth potential

ATTRACTIVE VALUE PROPOSITION

› Re-rating potential due to growth in size and attractive cash flow metrics

› Rapid deleveraging expected to accelerate dividend strategy

› Short-term growth with minimal capex from high grade discoveries at Ity and Houndé

› Long-term growth with 4 projects and exposure to fastest growing gold region

PROVEN MANAGEMENT TEAM

› Met production guidance for the past 7 years

› Built 4 mines on time and on budget over past 10 years

› Discovered 6.3Moz at >$15/oz over past 3 years

UPCOMING CATALYSTS

Documents

INVESTEC AFRICAN GOLDS PRESENTATION · CORPORATE PRESENTATION 1 1 No. 1 PRODUCER ÔTE D’IVOIRE & BURKINA FASO1 No. 1 EMPLOYER IN BURKINA FASO1 Operating in a responsible manner