Post on 07-Aug-2020
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
CORPORATE PRESENTATION
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
› Population: 20.8m
› Unemployment Rate: 6.15%
› Literacy: 41.2%
› Internet Users: 16%
› 2018 GDP: $14.1Bn
› 2018 GDP Growth: 6.8%
› Corporate Tax: up to 27.5%
› Mining Royalties: up to 5%
MALI
› Population: 19.5m
› Unemployment Rate: 7.9%
› Literacy: 35.5%
› Internet Users: 13%
› 2018 GDP: $17.2Bn
› 2018 GDP Growth: 4.9%
› Corporate Tax: up to 25%
› Mining Royalties: up to 6%
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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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 $2.5 billion in Burkina Faso
› Low inflation of below 2% over past 5 years
Corporate Income Tax and RoyaltiesINSIGHTS
› Transfer pricing regulations recently established in the jurisdiction
› OECD principles associated to tax base erosion well governed with appropriate withholding tax and thin capitalisation legislation in place
› Standard tax principles and interpretation consistent in multiple countries within WAEMU zone
WEST AFRICA MINING CODES ARE WELL ALIGNED
Source: PWC 9
Very similar to developed countries
Country / Region Corporate Tax Mining Royalties
Burkina Faso Up to 27.5% Up to 5%
Côte d’Ivoire Up to 25.0% Up to 6%
Ghana Up to 35.0% Up to 5%
Guinea Up to 30.0% Up to 5%
Mali Up to 25.0% Up to 6%
Senegal Up to 30.0% Up to 3%
West Africa Up to 35.0% Up to 6%
Australia Up to 30.0% Up to 5%
USA Up to 47.0% Up to 5%
Canada Up to 31.0% Up to 3%
CORPORATE PRESENTATION
Exploration budget ($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
+$5billion
spent in West Africa over last 10 years
10%of global budget is spent in
West Africa
Endeavour represents over 10% of total West African spend
677
634
385363
247
176 175 173
137123 113 110 100
77 75 74 7147
Can
ada
Au
stra
lia
We
st A
fric
a
USA
Ch
ile
Mex
ico
Per
u
Gh
ana
Ch
ina
Co
lom
bia
Ru
ssia
Bu
rkin
a Fa
so
Bra
zil
Arg
enti
na
Co
te d
’Ivo
ire
Mal
i
Tan
zan
ia
Sen
ega
l
CORPORATE PRESENTATION
Discoveries by area
SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS
Source: SNL West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Guinea, Liberia and Sierra Leone 11
+79MozDiscovered over past 10 years
in West Africa
No.1 Discovery region
globally
Top ranking region for discoveries over past 10 years
79Moz
50Moz
42Moz
33Moz
27Moz 27Moz
23Moz 22Moz20Moz
18Moz 16Moz 16Moz 15Moz13Moz 13Moz
11Moz
Mal
i
Wes
t A
fric
a
Ecu
ado
r
Co
lom
bia
Ch
ile
Can
ada
Sou
th A
fric
a
Ru
ssia
USA
Bu
rkin
a Fa
so
Mo
ngo
lia
Mex
ico
Gh
ana
Ch
ina
Au
stra
lia
Co
te d
’Ivo
ire
For the period between 2006-2016
CORPORATE PRESENTATION
SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA
12
More exploration expenditures in a region that is 5x smaller
Source: S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Liberia and Sierra Leone
Land mass compared to exploration spend
0
100
200
300
400
500
600
700
800
900
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5
20
17
exp
lora
tio
n b
ud
get
($m
)
Canada
Land mass million km²
Australia
USA
WestAfrica More spending, yet 5x smaller land mass
CORPORATE PRESENTATION
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%
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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
a
Per
u
Mex
ico
Gh
ana
Ind
on
esia
Bra
zil
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
MAKING A DIFFERENCE WHERE WE OPERATE
All information sourced from 2019 Sustainability report1. As of July1, 2020 post SEMAFO acquisition 17
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
FOCUSED ON GROWING LOCAL TALENT
(1) Excludes SEMAFO assets
ENDEAVOUR OVERVIEW
SECTION 2
02
COMPANY PROFILE
20
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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)
CORPORATE PRESENTATION
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
$886/oz
2015› Ity HL acquired through
strategic partnership with La Mancha
2016› Youga divested › Karma acquired
2017› Houndé build completed › Kalana project acquired › Nzema divested
2018› Tabakoto divested
2019› Ity CIL build completed
2020› Acquisition of SEMAFO
Boungou
Industry Top Producers (Moz)
24
CREATION OF A TOP 15 GOLD PRODUCER
Based on latest reported fiscal year gold production, unless otherwise stated 1
Largest West African Gold producer
Top 15Global gold producer
1.0MozAnnual production(2)
Sources: Company disclosures1) Based on the largest (by latest fiscal year gold production) publicly traded companies whose principal business is gold production. Excludes China and Hong Kong. Figures as per SNL (2019 production)2) Based on mid-point 2020 guidance3) Proforma Kirkland Lake and Detour Gold production
3
1.0
6.0
1.5
6.5
0.0
2.5
0.5
2.0
5.5
Cen
terr
a
Eld
ora
do
Ala
mo
s
Evo
luti
on
Agn
ico
Eag
le
New
cres
t
New
mo
nt
Po
lyu
s
Yam
ana
Kin
ross
Go
ld F
ield
s
Kir
klan
d L
ake
Har
mo
ny
Bar
rick
Po
lym
etal
B2
Go
ld
Res
olu
te
Tore
x G
old
End
eavo
ur
Cen
tam
in
Oce
anaG
old
Tera
nga
SEM
AFO
IAM
GO
LD
Pre
tiu
m
Sib
anye
An
glo
Go
ld
Reg
is
No
rth
ern
Sta
r
Co
mb
ined
en
tity
St B
arb
ara
CORPORATE PRESENTATION
25
LOW COSTGold producer
Bottom third Industry AISC Curve
Cumulative Industry AISC Cost Curve ($/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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
PROJECT DEVELOPMENT2
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
CORPORATE PRESENTATION
PROJECT DEVELOPMENT2
31
Hounde Belt, Burkina Faso Ity Belt, Côte d'Ivoire
Strong foothold in two world-class beltsUNLOCK EXPLORATION VALUE3
CORPORATE PRESENTATION
*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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
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
CORPORATE PRESENTATION
$44m $53m $49m $45-50m
Exploration spend
Excludes SEMAFO Assets
Exploration demonstrates potential for +250koz for 10 years at Ity Mine
35
3 UNLOCK EXPLORATION VALUE
CORPORATE PRESENTATION
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
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3 UNLOCK EXPLORATION VALUE
CORPORATE PRESENTATION
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
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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)
CORPORATE PRESENTATION
Net cash flow before repayment/proceeds of long-term debt, convertible bond and equipment finance obligation
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+$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
CORPORATE PRESENTATION
PORTFOLIO & BALANCE SHEET MANAGEMENT4
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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
CORPORATE PRESENTATION
ENDEAVOURSEMAFO
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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
CORPORATE PRESENTATION
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
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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
CORPORATE PRESENTATION
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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
CORPORATE PRESENTATION
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