Q1 Operational & Financial Results...operational excellence Gold prices stated represent realized...

OPERATIONAL & FINANCIAL RESULTS

› March 13, 2018

Q1

Q2

Q3

Q4

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

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”, “forecasts” and “anticipates”. 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.

Jeremy Langford, Endeavour’s Chief Operating Officer - Fellow of the Australasian Institute of Mining and Metallurgy – FAusIMM, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this news release.

2017 FULL YEAR RESULTS

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

SÉBASTIEN DE MONTESSUS

Chief Executive Officer,

President & Director

JEREMY LANGFORD

Chief Operating Officer

VINCENT BENOIT

EVP – CFO

and Corporate Development

PATRICK BOUISSET

EVP – Exploration and Growth

SPEAKERS TABLE OF CONTENTS

FINANCIAL SUMMARY 2

CONCLUSION 4

DETAILS BY MINE AND PROJECT 3

APPENDIX 5

FULL YEAR 2017 IN REVIEW 1

Strong safety record

Group production and AISC guidance achieved

Completed group restructuring with corporate office in London and operational office in Abidjan

Launched cost reduction programs

Houndé construction completed ahead of schedule and below budget in October

Ity CIL Project optimization study published and construction launched in September

Karma plant optimization completed

Added 1.0Moz of Indicated

Resources at Ity in addition to the Le Plaque Discovery

Confirmation of high-grade targets near the Houndé plant

JV with Randgold in Ivory Coast

Strong focus on setting up greenfield exploration activities with ramp-up in 2018

Sold Nzema

Purchased Kalana project to strengthen project pipeline

Upsized RCF from $350m to $500m with better terms

Strong liquidity sources of over $500m following convertible note issuance in February 2018

2017 ACTVITIES RECAP

4

Strong Continued Achievements Across Our 4 Pillars

1 2 3 4 UNLOCKING EXPLORATION

VALUE

PROJECT DEVELOPMENT

PORTFOLIO & BALANCE SHEET MANAGEMENT

OPERATIONAL EXCELLENCE


Lost Time Injury Frequency Rate= (Number of LTIs in the Period X 1,000,000)/ (Total man hours worked for the period) The selected peer group based on same reporting metrics, used from company annual reports for 2016 from Randgold, Nordgold, Eldorado, Asanko, Glencore, and Goldcorp 5

Lost Time Injury Frequency Rate

0.000.00

0.29

0.40

0.80

Peer Group Average

Agbaou Houndé FY2017 FY2016

0.29 2017 Lost Time

Injury Frequency Rate

+7.0m Man Hours with no LTI for Houndé build

Construction track record

Operating track record

Continued to improve our safety record in 2017

OPERATIONAL EXCELLENCE 1


Production and AISC Q4 INSIGHTS

› Record performance with production

up 38% and AISC down 13%

compared to Q3-2017

‒ Higher than expected production

at Houndé after a ramp-up in

record time (69koz vs. guidance of

30-35koz) and lower than

expected AISC ($335/oz vs.

guidance of $550-600/oz)

‒ Production also benefitted from

an increase at Ity which partially

offset declines at Agbaou,

Tabakoto and Nzema, while Karma

remained flat


6

Houndé start-up lifted group performance metrics in Q4

$906/oz$897/oz

$905/oz

$785/oz

$855/oz

175koz

204koz

159koz

Q2-17 Q4-17

152koz 148koz

Q4-16 Q1-17 Q3-17

1

AISC inclusive of discountinued operations For discontinued operations For continuing operations



Total production includes discontinued Youga and Nzema operations *Guidance does not take into account 6koz from Ity, post its acquisition

7

Production lifted with full-year of Karma and Houndé start-up

670koz -

720koz

2018 Guidance 2017 2016 2015 2014 2013

Production, on a 100% basis in koz

5th YEAR of successfully

meeting production guidance

+12% Total production

2017 vs 2016

324koz (315-330koz guided)

517koz (475-500koz guided*)



1

466koz

(400-440koz guided)

For discontinued operations

For continuing operations



Includes discontinued Youga and Nzema operations 8

AISC continued to trend lower in 2017

AISC including discontinued operations, in US$/oz

2014 2015 2016

$840-890/oz

2018 Guidance 2017 2013

(Guidance for the year)

-$17/oz 2017 vs. 2016

1

5th YEAR of successfully meeting AISC

guidance


($760-810/oz excluding Tabakoto)

$1,099/oz ($1,055-1,155/oz) $1,010/oz

($985-1,070/oz)

$922/oz ($930-980/oz)

$886/oz ($870-920/oz)

$869/oz ($850-895/oz)


Gold prices stated represent realized gold prices, 2016 and 2017 include the Karma stream *2018 was estimated based on production guidance range, AISC guidance mid-point, a spot gold price of $1,325/oz and non-sustaining capex guidance 9

Continued increase in All-in Margin All-in Margin, in US$m

+9% 2017 vs 2016

+20% Approximated growth in 2018

1

2016

$149m

2015 2017 2018 Guidance

$175-200m*

$85m

2014

$35m

$162m

Gold price


$1,264/oz $1,157/oz $1,222/oz $1,219/oz $1,325/oz

Houndé Completed Ity CIL Launched: First gold pour expected for mid-2019

10

PROJECT DEVELOPMENT Completed Construction of Houndé and Launched the Construction of Ity CIL

2

BELOW BUDGET BY $15M

2 MONTHS AHEAD OF TIME

0 LTIs OVER +8M MAN HOURS

Houndé Mill, December 2017 Ity CIL Ring Beams Poured, February 2018

HIGHLIGHTS

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

235koz average production for years 1-4

$610/oz average AISC for years 1-4

HIGHLIGHTS

Long 14-year reserve mine life

Low AISC of $494/oz over first 5 years

Solid production of 235kozpa over first 5 years

After-tax IRR of 40% and NPV5% of $710m based on a gold price of $1,250/oz


Note: See2016 & 2017 Investor Day Presentations 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 1.5-3.0g/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 uncertain if exploration will result in the targets being delineated as a mineral resource. Kalana is currently being integrated into 5-year program, with consolidating adjacent tenements.

11

Ity was strongest focus in 2017, to size the plant ahead of construction launch

UNLOCKING EXPLORATION VALUE

4.0-6.0Moz

Greater Ity Karma Tabakoto Agbaou Houndé Côte d’Ivoire Regional

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 Resources

Discovery Target (set in Nov. 2016)

INSIGHTS:

› The strongest focus of the 2017 exploration program was to increase Ity’s Indicated resources for inclusion in the Optimization Study published in September 2017, which successfully led to the addition of over 1 million ounces

› 2018 exploration budget of $40-45 million, in line with 2017 spend of $44m focused mainly on:

‒ Houndé and Kalana are expected to be the largest near-mine focus during 2018

‒ Approximately 40% of the budget is expected to be dedicated to greenfield opportunities, in line with the overall strategy of sourcing Endeavour’s next mine organically

1.5Moz Discovered


12

Since Nov. 2016 to Dec 2017

2019

2.3Moz

0.4Moz added at Karma

0.4Moz added at Tabakoto

1.5Moz added at Ity

2020 2018 2021

10-15Moz target

On-track to meet 5-year exploration target

UNLOCKING EXPLORATION VALUE 3


~20% achieved

P&P Reserve Evolution M&I Resource Evolution

Details by mine provided in the appendix 13

UNLOCKING EXPLORATION VALUE Continued reserve and resource expansion

9.0Moz

7.1Moz

5.9Moz

Dec 31, 2017 Dec 31, 2016 Dec 31, 2015

+3.1Moz

14.9Moz

12.6Moz

11.0Moz

+3.9Moz

Dec 31, 2017 Dec 31, 2016 Dec 31, 2015

3


(Inclusive of reserves)

SOLD NZEMA MINE KALANA DFS-STAGE PROJECT ACQUIRED

14

Nzema Mine Sold and Kalana Project Acquired

PORTFOLIO & BALANCE SHEET MANAGEMENT 4

An updated feasibility study is expected to be publish by year-end 2018:

› Integration of exploration upside, with updated resource expected by mid-year 2018

› Expansion of plant capacity to increase average annual production and shorten mine life

› Integration of synergies


For total cash consideration of up to US$65 million

Strategic Rationale:

SHORT MINE LIFE

HIGH AISC COST

REFOCUS ON FRENCH WEST-AFRICA

Acquired for approx. US$120m in shares

LOW AISC COST $561/oz FOR YEAR 1-5

LONG 17-YEAR MINE LIFE

50% IRR

$321m NPV

Bridges construction pipeline

Ity CIL Construction

KALANA

ITY CIL

2017 2018 2019 2020 2021 2022

GREENFIELD EXPLO

DFS Optimization Construction

Resource Definition Studies Construction

INSIGHTS

› Production from continuing operations is expected to increase to 670-720koz in 2018

› AISC is expected to decrease to $840-890/oz due to the full year benefit of Houndé and improvements at Karma and Ity which are expected to more than offset declines at Agbaou and Tabakoto

› In-line with Endeavour’s portfolio management strategy, a strategic assessment is expected to be made on Tabakoto during the course of the year. 2018 production excluding Tabakoto is expected to range between 555-590koz at an AISC of $760-810/oz

2018 GUIDANCE INCREASED WITH HOUNDÉ

15

Continued reduction in AISC expected

Production Guidance

AISC Guidance

(All amounts in koz, on a 100% basis) 2018 FULL-YEAR GUIDANCE

Agbaou 140 - 150

Ity 60 - 65

Karma 105 - 115

Tabakoto 115 - 130

Houndé 250 - 260

PRODUCTION FROM CONTINUING OPERATIONS 670 - 720

PRODUCTION FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO 555 - 590

(All amounts in $/oz, on a 100% basis) 2018 FULL-YEAR GUIDANCE

Agbaou 860 - 900

Ity 790 - 850

Karma 780 - 830

Houndé 580 630

Tabakoto 1,200 - 1,250

Corporate G&A 30 - 30

Sustaining exploration 10 - 10

GROUP AISC FROM CONTINUING OPERATIONS 840 - 890

GROUP AISC FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO 760 - 810

2018 GUIDANCE

INSIGHTS

› Growth projects amount to $200 million of the sustaining and non-sustaining capital allocations for 2018, mainly for the Ity CIL project construction

› In 2018 a company-wide exploration program of $40-45 million (compared to circa $44 million in 2017) was launched

‒ Approx 40% of the budget will be dedicated to greenfield opportunities

‒ A strong focus will continue at Houndé to support the ramp-up of mining operations

‒ There will be a continued focus at the Ity mine and greenfield targets along its 100km trend

‒ An intensive Kalana exploration campaign is planned for H1-2018 with the aim of integrating the results into the updated feasibility study

2018 CAPEX GUIDANCE

*Includes expensed, sustaining, and non-sustaining exploration expenditures 16

Ity CIL build and exploration are the main drivers

Capital Expenditure Guidance, $m

Exploration Guidance, $m

(in $m)

SUSTAINING

CAPITAL

NON-SUSTAINING

CAPITAL

GROWTH

PROJECTS

Agbaou 17 2 -

Tabakoto 37 - -

Ity 2 - 180

Karma 2 23 -

Houndé 3 23 10

Kalana - - 10

Exploration 7 29 -

Corporate (Group IT system) - 7 -

TOTAL 68 84 200

2018 GUIDANCE

(on a 100% basis)

2017

EXPENDITURES

2018 BUDGET

ALLOCATION

Agbaou 6.2 4 8%

Tabakoto and greenfield

Kofi areas 8.1 7 15%

Ity and greenfield areas on its 100km trend 8.4 8 18%

Karma 2.5 2 4%

Kalana 0 6 13%

Houndé 4.9 9 21%

Other greenfield properties 14.3 10 22%

TOTAL EXPLORATION EXPENDITURES* 44.3 $40-45m 100%


APPENDIX 5

DETAILS BY MINE AND PROJECT 3 CONCLUSION 4

FINANCIAL SUMMARY 2

Includes discontinued operations Youga and Nzema 18

2017 benefitted from the addition of Houndé and full-year at Karma PRODUCTION INCREASED IN 2017

INSIGHTS BY MINE

ITY TABAKOTO AGBAOU

$906$756

2018E

60-65koz

$790-850

2017A

59koz

2016A

76koz

2017A

116koz

$859

2016A

88koz

$1,167

NZEMA

2018E

155-130koz

2017A

144koz

$1,148

2016A

163koz

$1,027

$834$738

2018E

105-115koz

2017A

98koz

2016A

62koz

KARMA

2018E

250-260koz

2017A

AISC, $/oz Production, koz

Houndé

$647$534

2018E

140-150koz

$860-900

2017A

177koz

2016A

196koz

Karma

+69koz

Houndé FY 2017

663koz

+36koz

Ity

(17koz)

Tabakoto

(19koz)

Agbaou

(18koz)

Nzema (sold in 2017)

+28koz

Youga (sold in 2016)

(8koz)

FY 2016

592koz

PRODUCTION VARIATION Full Year 2017 vs 2016 Bridge

AISC of $886/oz

AISC of $869/oz

$580-630

$335

69koz $1,200

-1,250


$780-830

YEAR ENDED,

(in US$ million) 2017 2016

GOLD SOLD FROM CONTINUING OPERATIONS, koz 537 460

Gold Price, $/oz 1,214 1,231

REVENUE FROM CONTINUING OPERATIONS 652 566

Total cash costs (357) (281)

Royalties (34) (26)

Corporate costs (23) (27)

Sustaining capex (44) (41)

Sustaining exploration (10) (10)

ALL-IN SUSTAINING MARGIN FROM CONTINUING OPERATIONS 184 182

All-in sustaining margin from discontinued operations 47 10

ALL-IN SUSTAINING MARGIN FROM ALL OPERATIONS 231 192

Less: Non-sustaining capital (44) (26)

Less: Non-sustaining exploration (25) (17)

ALL-IN MARGIN FROM ALL OPERATIONS 162 149

19

All-in margin increased despite the planned increase in non-sustaining capital

ALL-IN MARGIN BREAKDOWN

INSIGHTS 1. Gold sales up mainly due to a full year of

production at the Karma mine following its start in Q2-2016 and the successful start-up of Houndé

2. Inclusive of 20,000 ounces delivered under the Karma stream

3. Strong increase as improvements at Karma and Nzema, and the start-up of Houndé more than offset the lower realized gold price and expected AISC increase at Agbaou

4. Main investments occurred at Karma (total of $28 million for a heap leach pad expansion, relocation, and pre-stripping activities) and Nzema ($9 million for the Adamus pit push-back)

5. Increase due to strategic focus on exploration

Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

1

2

3

4

5

FINANCIAL SUMMARY

YEAR ENDED,

(in US$ million) 2017 2016

ALL-IN MARGIN FROM ALL OPERATIONS 162 149

Working capital (14) (36)

Taxes paid (22) (11)

Interest paid and financing fees (16) (25)

Cash settlements on hedge programs and gold collar premiums (4) (15)

NET FREE CASH FLOW FROM OPERATIONS 107 63

Growth project capital (317) (135)

Greenfield exploration expense (5) (7)

M&A activities (42) 11

Cash paid on settlement of share appreciation rights, DSUs and PSUs (4) (6)

Net equity proceeds 108 183

Restructuring costs (12) (19)

Net proceeds from Karma pre-production - 34

Other (foreign exchange gains/losses and other) 4 (0)

NET CASH/(NET DEBT) VARIATION (162) 124

Proceeds (repayment) of long-term debt 160 (110)

CASH INFLOW (OUTFLOW) FOR THE PERIOD (2) 15

20

Cash from operations and RCF used to fund growth

GROWTH FUNDING SOURCES

INSIGHTS 1. Main 2017 Working capital drivers were:

‒ $20m in receivable from the sale of Nzema

‒ $41.0m outflow of inventory due to the increase of GIC at Karma and Ity, increase of supplies inventory at Tabakoto, and the inclusion of inventory at Houndé.

‒ $17.6m outflow of prepaid expenses mainly due to the Ity CIL project

‒ $29.7m inflow of project WC

‒ $41.6 million inflow of trade and other payables mainly due to the inclusion of Houndé operational payables

2. Includes $196m for Houndé construction, $70m for Ity CIL construction, $41m for Karma optimization, and $4m for Kalana project

3. Consists mainly of $54m for the purchase of an additional 25% Ity stake, $8.6 net cash received from the sale of Nzema ($38.5 million received on closing less deconsolidation of $30 million Nzema cash position) and M&A fees of $4m, which were offset by the $8m inflow of cash acquired upon the Avnel acquisition

4. Mainly La Mancha private placements less dividends to minorities

5. Used to fund Houndé project


5

2

3

4

1

FINANCIAL SUMMARY

21

Operating activities covered nearly half of investment activities

CASH VARIATION ANALYSIS

$124m $123m

$222m

Cash position at 2016-end

($479m)

Operating activities

Cash position at 2017-end

Effect of exchange rate

$4m

Financing activities

$252m

Investing activities

Net Cash Variation Analysis


OPERATING ACTIVITIES › Up $68m over 2016 due to stronger production

INVESTING ACTIVITIES

› Outflows for 2017 include:

‒ $315m growth projects

‒ $54m Ity 25% acquisition

‒ $130m of sustaining & non-sustaining

› Inflows for include:

‒ $9m net Nzema cash received

‒ $8m cash acquired upon Avnel acquisition

FINANCING ACTIVITIES › $113m of equity proceeds in 2017

› $160m RCF draw-down in 2017

(in US$ million)

YEAR ENDED

Dec. 31, Dec. 31,

2017 2016

Net cash from (used in):

Operating activities 222 154

Investing activities (479) (180)

Financing activities 252 42

Effect of exchange rate changes 4 (1)

INCREASE IN CASH (2) 15

FINANCIAL SUMMARY

22

Healthy net debt position following Houndé build

NET DEBT ANALYSIS

Net Cash Variation Analysis


INSIGHTS

› The significant efforts done in Q4-2015 and in Q1-2016 to strengthen our balance sheet have allowed us to successfully finance the Houndé build

› As expected Net Debt increased in 2017, remaining healthy with a significant EBITDA increase expected in 2018

› As Ity is built, Net Debt is expected to trend slightly higher and then quickly decrease once in production due to its quick payback of <2 years

YEAR ENDED

Dec. 31, Dec. 31,

(in US$ million unless stated otherwise) 2017 2016

CASH POSITION AT END OF PERIOD 123 124

Equipment finance leases (54) (10)

Drawn portion of revolving credit facility (300) (140)

NET DEBT POSITION (232) (26)

Net Debt / Adjusted EBITDA (LTM) ratio 1.05 0.11

1.1x

Ity CIL in production

Ity construction phase

2016-end 2014-end

$254m (168% of market cap)

2015-end 2017-end

Net Debt Net Debt / Adj. EBITDA (LTM)

1.8x

0.9x


0.1x

Targeting <1.5x

Mid-term target of 0.5-1x



FINANCIAL SUMMARY

23

Diversified debt sources with lower interest cost and increased maturity

BALANCE SHEET MANAGEMENT

› DEBT SOURCE: $350m RCF ($140m drawn)

› INTEREST RATE: LIBOR plus 3.75% to 5.75% on drawn portion & 1.31% to 2.01% on undrawn

› TERM AND REPAYMENT March 2020, with semi-annual repayments starting Sept. 2018

› DEBT SOURCES: Diversified across a $350m RCF and $330m convertible notes

› RCF TERMS WERE IMPROVED IN 2017:

‒ Interest rate reduced to LIBOR plus 2.95% to 3.95% on drawn portion & 1.03% on undrawn portion, saving of $5m/yr with removal of maintenance costs

‒ Maturity extended to Sept. 2021, with bullet repayment

› CONVERTIBLE NOTE ISSUED IN FEBRUARY 2018

‒ 3% coupon on convertible note and RCF standby fee February

‒ Ability to settle in cash or shares

‒ Conversion price of CAD29.47 (US$23.90) with maturity of February 2023

SITUATION AT END OF 2016 CURRENT SITUATION

Diversified sources of funding Lowered borrowing cost, with less LIBOR exposure Liquidity of $503m, which gives significant headroom to

found Ity CIL and Kalana Extends average maturity of our debt and provides

greater flexibility

Х High interest rates Х Only source of funding with high exposure to LIBOR Х Liquidity of $334m, which was not enough to fund both

Houndé and Ity

FINANCIAL SUMMARY

24

Straight bond interest rate, % ~8%

Convertible bond, % 3%

Cost difference, % ~5%

Annual cost difference on $330m bond $16m

ADVANTAGES OF THE CONVERTIBLE NOTES

REDUCES ITS OVERALL FINANCING COSTS AND DE-RISKS LIBOR EXPOSURE 1

$25m$21m

$18m$15m

$11m

$7m$6m

6.0% 5.0% 4.0% 3.0% 1.8% (current)

1.5% 7.0%

Annual saving based on $330m convertible compared to $330m drawn on RCF at various Libor rates

MORE ATTRACTIVE THAN A STRAIGHT BOND DUE TO LOWER INTEREST PAYMENTS

2 LIMITED DILUTION DUE TO OPTION TO SETTLE IN CASH

3

0%

2%

4%

6%

8%

10%

12%

14%

1 6 11 16 21 26 31 36 41 46 51

Po

ten

tial

dilu

tio

n

If principle is settled in cash and in the money option in shares

If all settled in shares

Share Price at maturity in C$

FINANCIAL SUMMARY

0.50%

1.00%

1.50%

2.00%

2.50%

January 30 - Convertible issuance

1.77%

2.07%

March 7

LIBOR curve

25

SIGNIFICANT FUNDING SOURCES TO FUND GROWTH Cash flow expected to fund a large portion of the Ity CIL construction

$152m$122m

$350m

$200m

Growth Projects

Sources of Funding until mid-2019

Expected Mine CF until start of Ity CIL (mid-2019)

Ity Equipment Financing

Nzema Sale

Liquidity Sources (after convertible

issuance)

Liquidity Sources (As at Dec. 31, 2017)

$502m

$322m

~$400m

Circa $60m Up to $25m

Houndé remaining capex

Ity capex Undrawn

RCF

Cash

Fully funded without mine cash flow

INSIGHTS › $330m convertible was closed in February 2018 › Intent is to pay down the current $300m drawn on the RCF

and reduce RCF limit from $500m to $350m › Increases liquidity by $180m

(in $m)

DEC. 31, 2017

(with convertible)

DEC. 31,

2017

SEPT. 30,

2017

DEC. 31,

2016 Cash 153 123 125 124

Less: Equipment finance lease (54) (54) (46) (10)

Less: Drawn portion of RCF (0) (300) (300) (140)

Less: Convertible Notes (330) - - - NET DEBT POSITION (232) (232) (221) (26)

FINANCIAL SUMMARY

26

Adjusted EPS

NET EARNINGS BREAKDOWN

12 MONTHS ENDED

(in US$ million)

DEC. 30, 2017

DEC. 30, 2016

GOLD REVENUE 652 566

Operating expenses (365) (284)

Depreciation and depletion (131) (86)

Royalties (34) (26)

EARNINGS FROM MINE OPERATIONS 122 171

Corporate costs (23) (27)

Impairment charge of mineral interests (130) -

Acquisition and restructuring costs (16) (24)

Share based expenses (23) (9)

Exploration (5) (7)

EARNINGS FROM OPERATIONS (76) 104

(Losses)/gains on financial instruments (3) (12)

Finance costs (19) (25)

Other income (expenses) (2) (2)

Current income tax recovery (expense) (14) 4

Deferred taxes expense (19) (31)

Net loss from discontinued operations and loss on disposal (44) (90)

TOTAL NET AND COMPREHENSIVE EARNINGS (LOSS) (177) (52)

Less adjustments 247 171

ADJ. NET EARNINGS/(LOSS) FROM CONT. OPERATIONS 69 119

Portion attributable to shareholders 66 99

ADJ NET EARNINGS PER SHARE 0.67 1.23

A = Adjustments made

A

A

A

A

A

A

INSIGHTS

› Adjusted earnings from continuing operations attributable to shareholders amounted to $69 million for 2017, a decrease of $50 million compared with 2016, mainly due to a $45 million increase in depreciation

› In 2017, total adjustments of $246 million were made related mainly to:

‒ A $130m impairment charge on Tabakoto, decreasing its carrying value to $94m. As guided, a strategic decision on Tabakoto is expected by mid-year

‒ A $44m net loss on the sale of Nzema

‒ In addition, adjustments were notably made for acquisitions and restructuring costs, deferred income tax expense, stock-based expenses, gain/loss on financial instruments and other non-cash adjustments

FINANCIAL SUMMARY


APPENDIX 5


FINANCIAL SUMMARY 2

Q4-17 INSIGHTS:

› Production surpassed the upper end of the 30-35koz guidance with better than expected mill availability, throughput, grades, recovery rates and downtime

› AISC was below the $550-600/oz guidance range due to the higher than expected production and low mining costs

2018 OUTLOOK

› Houndé is expected to produce 250-260koz in 2018 at an AISC of $580-630/oz

› Mining activities are expected to continue to ramp-up to achieve a mining rate of 40Mtpa, up from 18Mtpa in 2017

› Mining and processing of fresh ore began in the latter portion of Q4-2017. Mining activities are expected to progressively transition from mainly oxides in early 2018 to mainly fresh ore by the end of 2018

28

HOUNDÉ MINE, BURKINA FASO Strong contribution to group performance due to quick ramp-up period

DETAILS BY MINE & PROJECT

Performance Indicators Q4-2017 FY-2017

Tonnes ore mined, kt 663 1,222

Strip ratio (incl. waste cap) 13.79 13.13

Tonnes milled, kt 813 813

Grade, g/t 2.75 2.75

Recovery rate, % 95% 95%

PRODUCTION, KOZ 69 69

AISC/OZ 335 335

Houndé aerial view

29

HOUNDÉ MINE, BURKINA FASO Strong exploration focus in 2018 on high-grade targets


Houndé exploration targets and gold-in-soil anomalies map

Priority 1

Priority 2 Priority 2

Priority 2

Priority 2

INSIGHTS › Following a two-year period of no exploration, activities resumed in 2017 with $5m spent on a drilling program totalling approximately 76,000m › The 2017 campaign yielded positive results with the discovery of high-grade intercepts at both the Kari Pump target and the Sia/Sianikoui targets › Strong 2018 focus with a $9m program (125,000m) with the aim of drilling the entire Kari anomaly and delineating a maiden resource

……

Production and AISC

Q4-17 vs Q3-17 INSIGHTS:

› Production slightly decreased in line with guidance, due to a lower grade and slightly lower tonnage milled

‒ Ore extraction continued to perform well, with tonnage flat over the previous quarter

‒ Mill throughput decreased slightly but remained at a high level as the proportion of fresh ore processed increased from 15% to 25%

‒ Processed grades decreased due to the mining sequence

‒ Recovery rates remained constant despite a greater proportion of fresh ore

› AISC increased in line with guidance as operations continued to transition towards mining and processing a greater proportion of fresh ore

30

$690/oz

46koz

Q1-2017 Q3-2017

42koz

57koz

Q2-2017 Q4-2017

43koz 45koz

Q4-2016

Production, koz AISC, US$/oz

$532/oz

$660/oz

AGBAOU MINE, CÔTE D’IVOIRE Continued low AISC as mine transitioned into harder ore blend

Tonnes Processed and Grade

760kt770kt693kt683kt721kt

1.85 g/t

Q4-2017 Q3-2017 Q2-2017 Q4-2016 Q1-2017

Grade milled, g/t Au Tonnes milled, kt

2.46 g/t

2.09 g/t

$606/oz

2.23 g/t

$638/oz

1.96 g/t


Production and AISC FULL YEAR 2017 INSIGHTS › Full year production achieved the mid-range of

the 175-180koz guidance

› AISC for 2017 was well below the guided $660-700/oz range, as less fresh and transitional ore was processed than initially planned. In addition, lower than anticipated sustaining capital was incurred as planned waste capitalization was pushed into 2018

2018 OUTLOOK › 2018 is expected to be a transition year for

Agbaou with a large focus on waste capitalization activities (including the pre-strip on the West pit), which are expected to give access to higher grade areas afterwards

› Production is therefore expected to decrease to 140-150koz as low-grade stockpile feed is expected to supplement mine feed to allow waste capitalization activities to progress more quickly

› AISC is expected to increase to $860-$900/oz as a result of increased sustaining costs and a progression to 50% oxide and 50% fresh and transitional ore blend

31

AGBAOU MINE, CÔTE D’IVOIRE Production and AISC in-line with increased proportion of fresh ore

2018 Production

140-150koz

2017 Production

195koz

177koz

Δ Recovery Rate

Δ Grade Processed

Δ Tonnes Processed

2016 Production

$534/oz

$647/oz

$860-900/oz


2017 2016

Tonnes ore mined, kt 2,983 2,797


Tonnes milled, kt 2,906 2,827

Grade, g/t 2.02 2.27



AISC/OZ 647 534

Performance Indicators

INSIGHTS

› Agbaou’s 2017 exploration program amounted to $6.2m with 31,400m of drilling

› The primary objective for the 2017 program was to conduct in-pit drilling at the North pit and to test gold in soil anomalies on parallel shear zones. The latter marks the first target generation campaign since production began in 2014, as exploration activities were previously mainly focused on in-pit and step-out drilling due to capital constraints

› The campaign at the North pit confirmed that its mineralization extends at depth with occurrences of higher grade intercepts

› A $4m exploration program totaling 16,000m has been planned for 2018 with the aim of delineating the at-depth potential of the North pit and further investigating targets on parallel trends

32

AGBAOU MINE, CÔTE D’IVOIRE Exploration program continues to progress

Agbaou Site Map


Q4-17 vs Q3-17 INSIGHTS:

› Following the rainy season, production increased due to higher stacking and mining rates, in addition to improved grades and recovery rates

‒ Tonnes of ore mined increased as mining activities ramped up following the end of the rainy season. Mining continued on the Zia and Ity Flat pits in Q4, following the decision to defer the high-grade Bakatouo pit for the upcoming CIL project

‒ Ore stacked increased due to the softer nature of the Ity Flat laterite ore and the benefit of the dry season

‒ The stacked grade increased as higher-grade ore at the Ity Flat pit became accessible

‒ Recovery rates increased but were still impacted by the lag-time of the high soluble copper content of the Bakatouo ore stacked in Q3-2017

› AISC decreased due to lower unit mining costs and lower unit processing costs, following the rainy season

33

ITY HEAP LEACH MINE, CÔTE D’IVOIRE Production increased following the rainy season

$869/oz

Q4-2017

17koz

12koz

Q3-2017 Q2-2017 Q1-2017

14koz

17koz 16koz

Q4-2016

AISC, US$/oz Production, koz

372kt

312kt

243kt267kt

295kt

1.86g/t

Q2-2017 Q3-2017 Q4-2017 Q1-2017 Q4-2016

Grade milled, g/t Au Tonnes stacked, kt

Production and AISC

Ity mine extraction

$827/oz

2.00g/t

$879/oz

1.90g/t

$780/oz

2.15g/t

$1,141/oz

1.58g/t


FULL YEAR 2017 INSIGHTS › Production decrease and AISC increased as lower

grade ore was stacked to preserve higher grade ore for the upcoming CIL project, in addition the recovery rates returned to more normalized levels

› Following the decision to defer the high-grade Bakatouo pit for the upcoming CIL project, full year production came in below the guided 75-80koz range and AISC exceeded the guided $740-780/oz range

2018 OUTLOOK › Production in 2018 is expected to increase

slightly to 60-65koz and AISC are expected to decrease to $790-$850/oz as a result of anticipated higher grades

› 2018 is expected to be a transition year for the heap leach operation with greater priority given to the CIL construction activities and the maximizing of trade-off opportunities between immediate heap leach production and better margins with the CIL plant, with planned lower costs and higher recovery rates in 2019

34

ITY HEAP LEACH MINE, CÔTE D’IVOIRE Transition year in 2018 as the CIL is built

Production and AISC

60koz

2017 Production

Δ Tonnes Processed

Δ Recovery Rate 2016 Production

Δ Grade Processed

73koz

2018 Production

60-65koz $756/oz

$906/oz $790-850/oz



For The Year Ended 2017 2016



Tonnes stacked, kt 1,194 1,173

Grade, g/t 1.85 2.20



AISC/OZ 906 756

ACHIEVEMENTS TO DATE

› Construction was launched in September 2017 and remains on time and on budget with first gold pour expected in mid-2019

› No LTI with over 800,000 man-hours worked

› Nearly 50% of the total capital cost of has already been committed

› All 8 CIL ring beams have been poured

› SAG mill foundation pour complete and ball mill foundation pour commencing

› EPCM design is approximately 50% completed

› Design work for the 90KV transmission line is complete and bush clearing is 70% completed

35

ITY HEAP LEACH MINE, CÔTE D’IVOIRE CIL construction is progressing on time and on budget

CIL Ring Beams Poured


36

ITY CIL PROJECT MINE, CÔTE D’IVOIRE

TSF Earthworks

Construction is progressing on time and on budget


37 “ SMP” means Structural Mechanical and Piping, “OHPL” means 91KV Overhead Power Line, “TSF” means Tailings Storage Facility

ITY CIL PROJECT MINE, CÔTE D’IVOIRE Construction upcoming milestones


2017 2018 2019

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

OHPL commences

POWER HV power

access

Activity

FIRST GOLD POUR

Bridge crossing complete

Pre-strip starts

Admin building starts

Camp started

FEED completed

Plant civil’s completed

Camp earthworks complete

CAMP CONSTRUCTION

Mill cast on-site

Diesel generator power-on

Bolted tank installation starts

EARTHWORKS & TSF

DETAILED ENGINEERING

Power-on at plant

CIVIL WORKS

MINING

PLANT BUILD

Ball & Sag mills on-site

Electricals & commence

TRACKING ON-TIME & ON-BUDGET

Ore commissioning

SMP starts

Owner-mining activities commence

TSF complete

Plant civil works complete

Crusher & ball-mill foundations

INSIGHTS

› Ity’s 2017 exploration program amounted to $14 million, totaling 58,500 meters of drilling focused on increasing the resource base for the CIL Optimization Study

› More than 1Moz of Indicated resources were added in 2017 following the successful drilling campaigns at the Bakatouo, Ity, Daapleu and Verse Ouest deposits and at the recent Le Plaque discovery

› A $2 million exploration campaign is planned in 2018 to further explore the Le Plaque target in addition to several other near-mill with the continued aim of delineating additional resources for the CIL project

› $5 million has also been located for 2018 for greenfield targets within the 100km corridor along the Ity mine

Ity Mine Drilling Targets

38

ITY MINE, CÔTE D’IVOIRE +1 Moz of Indicated resources added in 2017


Tonnes Stacked and Grade

Q4-17 vs Q3-17 INSIGHTS: › Production remained flat as compared with Q3-17 as

higher stacking capacity and grades were offset by the anticipated lower recovery rate

‒ Ore tonnage extraction significantly increased due to the end of the rainy season, a lower strip ratio, and in response to greater stacking capabilities.

‒ Stacking increased following the successful commissioning of the new front-end and ADR plant, while Q3 2017 was impacted by downtime associated with the commissioning of the upgraded crushing circuit and decommissioning of the original circuit.

‒ Stacked grade increased in Q4-2017 due to high-grade ore from the Rambo deposit, while low grade stockpiles supplemented feed in Q3-2017.

‒ Recovery rates decreased as anticipated due to the stacking of greater amounts of transitional ore from the Rambo deposit.

› AISC decreased because of the higher grades, lower strip ratio, and lower stacking unit costs which offset the higher mining unit costs associated with extracting

› Following the completion of the optimization project in November, the AISC decreased below $850/oz in December and are expected to trend lower

39

KARMA MINE, BURKINA FASO Higher stacking capacity as the plant optimization was completed in Q4

Production and AISC

21koz21koz24koz

32koz29koz

$918/oz

Q2-2017 Q4-2016 Q4-2017 Q3-2017 Q1-2017

AISC, US$/oz Production, koz

$738/oz

1,026kt

720kt852kt

954kt853kt

1.06g/t

Q2-2017 Q1-2017 Q3-2017 Q4-2017 Q4-2016

Grade milled, g/t Au Tonnes stacked, kt

1.14g/t

$748/oz

1.07g/t

$755/oz

1.24g/t

$973oz

0.91g/t


ADR Area - After ADR Area - Before

INSIGHTS

› Plant optimization work was successfully carried out during 2017. The newly installed front-end and ADR plant are expected to boost stacking capacity beyond the initial design capacity of 4Mtpa.

› Over 1Mt of stacking achieved in Q4-2017

› An on-site camp was also built

Optimization program completed and new front-end commissioned in Q4

Feed Preparation Circuit - After

KARMA MINE, BURKINA FASO

40

Feed Preparation Circuit - Before


FULL YEAR 2017 INSIGHTS

› Production totalled near the lower-end of the 100-110koz guidance. The increased compared to 2016 is due to 2017 benefitting from a full year of production

› AISC came in above the guided $750-800/oz, mainly due to lower than expected production

2018 OUTLOOK

› Production is expected to increase to 105-115koz and AISC is expected to decrease to $780-830/oz as a result of the plant optimization work done in 2017

› Mining activities are expected to focus on the GG2 and Kao deposits

› Nearly $23 million of non-sustaining capital is planned for 2018, mainly for the Kao resettlement, pre-stripping at Kao and North Kao and a heap leach lift

41

KARMA MINE, BURKINA FASO Uplift expected in 2018 following optimization of plant

Production and AISC

2018 Production

105-115koz

2017 Production

98koz

Δ Recovery Rate

Δ Grade Processed

Δ Tonnes Stacked

2016 Production

62koz

$738/oz

$834/oz

$780-830/oz


2017 2016



Tonnes stacked, kt 3,552 2,089

Grade, g/t 1.07 1.16



AISC/OZ 834 738


Karma Site Map INSIGHTS › Karma’s 2017 exploration program amounted

to $2.5m with 41,520m of drilling

› Drilling at the North Kao deposit resulted in the delineation of 19koz of M&I resources and 51koz of Inferred resources

› Drilling at the Yabonsgo target resulted in the delineation of 65koz of Inferred resources, expected to be converted into Indicated resources in 2018

› 6koz of M&I resources and 6koz of Inferred resources were delineated at the Rambo West deposit

› A $4m exploration program totaling 32,000m is planned for 2018 North Kao and Yabonsgo, in addition to near-mill targets such as Rounga and the recently acquired Zanna exploration license

42

KARMA MINE, BURKINA FASO Successful near-mine drilling


Tonnes and Grade Processed

Production and AISC

Q4-17 vs Q3-17 INSIGHTS: › Production decreased mainly due to lower average

head grades, in spite of overall improved mining operations

‒ Open pit production at Kofi B and Tabakoto North was significantly increased following the end of the rainy season, however at a lower grade as the higher-grade Kofi C deposit was depleted in Q3

‒ Underground tonnes mined increased compared to Q3-2017 which had been impacted by heavy rains which limited stope access and the national strike

‒ Processing activities continued to perform well, with throughput increased to partially offset lower grades

‒ The overall average grade decreased mainly due to lower open pit grades and the use of lower grade stockpiles

‒ The recovery rate decreased slightly due to lower grades milled and the compromise to increase the throughput rate

› AISC increased despite decreases across all unit costs per tonne (open pit and underground mining, processing, and G&A), which were offset by higher sustaining costs and lower grades

43

TABAKOTO MINE, MALI AISC increased despite lower unit costs due to lower grades

$1,441/oz

41koz

Q1-2017

43koz

Q4-2016

48koz

Q4-2017

28koz

Q3-2017

32koz

Q2-2017

Production, koz AISC, US$/oz

435kt392kt407kt405kt402kt

2.20 g/t

Q3-2017 Q4-2017 Q2-2017 Q1-2017 Q4-2016

Processed grades, g/t Au Tonnes Processed, kt

3.93 g/t

$1,119/oz

$975/oz $927/oz

3.50 g/t

$1,054/oz

3.32 g/t

$1,278/oz

2.64 g/t


FULL YEAR 2017 INSIGHTS › Production was below the 150-160koz guidance

range, mainly due to a lower open pit grade following the depletion of the high-grade Kofi C deposit

› AISC finished above $950-990/oz guidance at $1,125/oz, mainly due to sub-optimal underground equipment availability and several national strikes

2018 OUTLOOK › Tabakoto is expected to produce 115-130koz in

2018 at an AISC of $1,200-$1,250/oz

› Tabakoto production from both the underground mines and open pits is expected to decrease mainly due to a decline in average grade

› AISC are forecast to increase due to the lower grade and a ~75% increase in sustaining capital expenditures

› In line with Endeavour’s portfolio management approach, a strategic assessment is expected to be made on Tabakoto during the course of the year

44

TABAKOTO MINE, MALI Strategic assessment expected by mid-2018

Production and AISC

2018 Production

115-130koz

2017 Production

144koz

Δ Recovery Rate Δ Grade Processed

Δ Tonnes Processed

2016 Production

163koz

$1,027/oz $1,148/oz

$1,200-1,250/oz


2017 2016

Tonnes ore mined, kt 647 649

OP strip ratio (incl. waste cap) 8.89 9.94

UG tonnes ore mined, kt 756 944

Tonnes milled, kt 1,640 1,588

Grade, g/t 2.90 3.36



AISC/OZ 1,148 1,027


INSIGHTS

› Tabakoto’s 2017 exploration program amounted to $8m, totaling 56,200m focused on both underground resource delineation and testing near-mill open pit targets

› Near-mill exploration confirmed the mineralization at both the Kreko and Fougala targets

› Underground exploration confirmed the discovery of new vein sets that will be further delineated in 2018

› A $6m exploration program totaling ~45,000m is planned for 2018

› 2018 exploration will focus on near-mill targets and greenfield targets with the Kofi permit and new permits acquired in 2017 located immediately north of Kofi and on-trend with Randgold’s Loulo deposits

Tabakoto Site Map

45

TABAKOTO MINE, MALI Exploration potential both near-mill and for greenfield targets


46

KALANA PROJECT, MALI Intensive exploration program underway

INSIGHTS

› For 2018, a $5m exploration program is planned

› The objective is to complete 45,000m in H1-2018 to provide by mid-year an updated resource expected to form the basis for the feasibility study

› Exploration is focused on infill and extension drilling the Kalana deposit, as well as further drilling the previously discovered Kalanako deposit

› Additional exploration is also expected to take place on the recently acquired Fougadian license



APPENDIX 5


FINANCIAL SUMMARY 2

48

UPCOMING CATALYSTS

Immediate Cashflow from Production

Near-Term Growth from Projects

Long-Term Upside

from Exploration

2018 OUTLOOK:

› Gold production guidance increased to 670-720koz with Houndé

› AISC guidance to decrease to below $840-890/oz with Houndé

› HOUNDÉ: Contribution to Group free cash flow generation started in Q4-2017

› ITY CIL PROJECT: Construction launched in September with first gold pour expected by mid-2019

› KALANA PROJECT: Optimization study expected by end of 2018

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

› HOUNDÉ: Results following drilling re-commencement in 2017

› KARMA: Resource increase on Rambo West and Yabonsgo targets

› ITY’S LE PLAQUE TARGET: Maiden resource

› AGBAOU: Completion of drilling program

› GREENFIELD: First exploration results on new properties

CONCLUSION

PRODUCTION AND AISC PROFILE

49

$869/oz

$922/oz

$1,010/oz

$1,317/oz

2022

+900koz

462koz

2013

317koz

2014 2015

517koz

800-900koz

2021 2019 2020 2018 2016 2017

584koz

+900koz

800-900koz

Tabakoto, Mali

Ity (Heap Leach), Côte d’Ivoire

Agbaou, Côte d’Ivoire

Houndé, Burkina Faso

Karma, Burkina Faso

Group AISC

Ity (CIL), Côte d’Ivoire

Kalana, Mali

Youga, Burkina Faso

Nzema, Ghana

+800koz Annual production

10+ year Mine life

≤800$/oz All-in Sustaining Cost

STRATEGIC OBJECTIVE

For 2019

663koz

$869/oz $840-890/oz

670-720koz

CONCLUSION

Key objective is to reduce the group’s AISC and extend mine lives


APPENDIX 5


FINANCIAL SUMMARY 2

1,000

1,100

1,200

1,300

1,400

1,500

1,600

Gold Revenue Protection Program : Gold Option Collar Strategy › Gold Option Contracts aim to increase the certainty of the free cash flow during the construction period of the Ity CIL

› Gold Option Contracts applied to 400koz, representing ~40% of Endeavour’s expected production over 15 months, (Feb 2018-Apr 2019)

‒ Protect 40% of production below $1,300/oz

‒ Fully exposed between 1,300 and $1,500/oz

‒ Upside beyond $1,500/oz on 60% of production

› Once the Gold Option Contracts program ends, Endeavour will return to a position where its gold production is fully exposed to spot gold prices

51

GOLD REVENUE PROTECTION PROGRAM

Gold price in US$/oz

Collar “bought puts” strike

Collar “written calls” strike

Upside on 60% of production

Upside on 100% of production

Protection on 40% of production

Increased certainty of the FCF during the construction period of the Ity CIL

APPENDIX

› PRINCIPLE AMOUNT: $500m with intent to decrease to $350m

› INTEREST RATE: ‒ LIBOR plus 2.95% to 3.95% on drawn portion ‒ 1.03% commitment fees on undrawn portion

› TERM: September 2021

› REPAYMENT: Single bullet payment on the maturity date, can be repaid at any time without penalty

› BANKING POOL:

› PRINCIPLE AMOUNT: $330m

› INTEREST RATE: 3% annual coupon

› TERM: February 2023

› CONVERSION PRICE: CAD29.47 (US$23.90)

› REPAYMENT: Endeavour has the option to settle its obligation through the payment of cash, the delivery of shares, or any combination of cash and shares

› DILUTION IMPACT: Maximum amount of underlying shares of 13.8m shares, representing between 0% and 12.9% dilution based on Endeavour’s ability to repay in cash

› ADVANTAGES OF THE CONVERT: ‒ Reduces its overall financing costs and de-risks LIBOR exposure ‒ Extends its debt maturity profile compared to RCF ‒ Increases liquidity by $180m to accelerate growth project

pipeline (Kalana) ‒ Limited dilution with option to settle in cash

DIVERSIFIED BORROWING SOURCES

52

Well funded to push forward our growth projects

REVOLVING CREDIT FACILITY (RCF) CONVERTIBLE NOTES

APPENDIX

PRODUCTION AND COST DETAILS BY MINE BY QUARTER

1) Includes waste capitalized 53 53

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE

Unit Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017

Physicals

Total tonnes mined – OP1 000t 7,216 7,576 6,517 1,433 1,333 2,885 1,864 1,098 1,593 1,679 1,191 1,472 3,716 3,637 4,023 9,135

Total ore tonnes – OP 000t 826 824 673 370 310 288 165 108 195 402 305 316 1,184 593 783 663

Open pit strip ratio1 W:t ore 7.74 8.19 8.67 2.88 3.30 9.02 10.33 9.13 7.17 3.18 2.90 3.66 2.14 5.13 4.14 13.79

Total tonnes mined – UG 000t - - - - - - 207 226 324 - - - - - - -

Total ore tonnes – UG 000t - - - - - - 157 179 253 - - - - - - -

Total tonnes milled 000t 760 770 721 378 368 428 436 392 402 372 312 295 1,026 720 853 813

Average gold grade milled g/t 1.85 1.96 2.46 2.13 3.39 2.20 2.20 2.64 3.93 1.86 1.58 2.00 1.06 0.91 1.14 2.75

Recovery rate % 93% 93% 97% 92% 92% 82% 92% 93% 95% 78% 74% 90% 77% 87% 90% 95%

Gold ounces produced oz 43,439 46,326 57,061 24,847 37,440 23,874 28,117 31,602 47,884 17,287 11,727 17,480 21,102 21,005 29,112 68,754

Gold sold oz 41,490 46,675 56,936 23,366 38,570 22,033 27,741 31,693 47,053 16,316 11,799 15,038 20,574 20,622 28,743 60,990

Unit Cost Analysis

Mining costs - Open pit $/t mined 2.68 2.62 2.38 5.49 6.20 4.21 2.99 3.91 4.07 3.27 5.16 2.44 1.75 1.75 1.32 1.33

Mining costs – Underground $/t mined - - - - - - 74.90 75.79 58.80 - - - - - - -

Processing and maintenance $/t milled 8.07 7.08 6.26 16.08 17.00 14.08 20.22 20.83 23.50 13.85 14.75 13.13 8.15 11.25 7.76 6.81

Site G&A $/t milled 4.32 3.90 4.66 7.46 7.54 6.61 11.39 12.13 14.32 9.47 8.56 15.11 4.14 4.85 9.66 3.38

Cash Cost Details

Mining costs - Open pit1 $000s 19,312 19,829 15,537 7,867 8,273 12,151 5,564 4,295 6,479 5,491 6,142 3,585 6,512 6,378 5,306 9,296

Mining costs -Underground $000s - - - - - - 15,504 17,129 19,050 - - - - - - -

Processing and maintenance $000s 6,130 5,451 4,513 6,077 6,257 6,026 8,818 8,165 9,448 5,152 4,601 3,874 8,365 8,097 6,616 5,534

Site G&A $000s 3,281 3,006 3,362 2,820 2,776 2,831 4,965 4,753 5,757 3,522 2,672 4,458 4,250 3,492 8,241 2,745

Purchased ore at Nzema $000s - - - 2,246 4,459 4,093 - - - - - - - - -

Capitalized waste $000s (3,288) (1,092) (951) (163) - (5,671) (3,665) (2,527) (4,586) (829) (541) (600) (754) (1,491) (359) (3,995)

Inventory adjustments and other $000s (247) (1,622) 2,050 (905) 1,359 1,638 1,268 3,165 22 (2,612) (1,863) 115 (1,948) (260) (906) (1,754)

Cash costs for ounces sold $000s 25,188 25,571 24,511 17,942 23,124 21,068 32,454 34,980 36,170 10,724 11,011 11,432 16,425 16,216 18,898 11,826

Royalties $000s 2,292 2,080 2,340 1,785 2,800 1,464 2,118 2,426 3,384 786 697 633 1,360 2,068 1,953 4,596

Sustaining capital $000s 1,154 2,140 3,434 253 1,258 2,106 4,583 3,090 4,041 2,665 1,752 378 1,095 1,775 359 3,995

Cash cost per ounce sold $/oz 607 548 431 768 600 956 1,170 1,104 769 657 933 760 798 786 657 194

Mine-level AISC Per Ounce Sold $/oz 690 638 532 855 705 1,118 1,411 1,278 927 869 1,141 827 918 973 738 335

APPENDIX

(on a 100% basis)

AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE

Unit Dec 31,

2017

Dec 31,

2016

Dec 31,

2017

Dec 31,

2016

Dec 31,

2017

Dec 31,

2016

Dec 31,

2017

Dec 31,

2016

Dec 31,

2017

Dec 31,

2016

Dec 31,

2017

Physicals

Total tonnes mined – OP1 000t 28,100 25,382 6,874 9,295 6,400 7,098 6,647 6,102 15,312 8,753 16,049

Total ore tonnes – OP 000t 2,983 2,797 1,428 1,000 647 649 1,410 1,186 3,862 1,879 1,222

Open pit strip ratio1 W:t ore 8.42 8.07 3.81 8.30 8.89 9.94 3.71 4.15 2.96 3.66 13.13

Total tonnes mined – UG 000t - - - - 997 1,301 - - - - -

Total ore tonnes – UG 000t - - - - 756 944 - - - - -

Total tonnes milled 000t 2,906 2,827 1,499 1,761 1,640 1,588 1,194 1,173 3,552 2,089 813

Average gold grade milled g/t 2.02 2.27 2.58 1.87 2.90 3.36 1.85 2.20 1.07 1.16 2.75

Recovery rate % 94% 97% 92% 83% 94% 95% 83% 93% 83% 90% 95%

Gold ounces produced oz 177,191 195,505 115,621 87,710 143,995 162,817 59,026 75,867 97,982 61,813 68,754

Gold sold oz 174,868 196,316 117,242 85,495 144,636 161,803 59,688 73,332 96,935 28,743 60,990

Unit Cost Analysis

Mining costs - Open pit $/t mined 2.54 2.22 5.69 4.64 3.46 3.60 3.21 2.88 1.82 0.61 1.33

Mining costs – Underground $/t mined - - - - 66.24 51.04 - - - - -

Processing and maintenance $/t milled 7.42 6.60 16.10 13.16 20.64 21.93 14.88 14.71 8.77 3.17 6.81

Site G&A $/t milled 4.15 4.66 6.68 6.57 11.05 12.80 9.40 11.43 4.29 3.94 3.38

Cash Cost Details

Mining costs - Open pit1 $000s 71,375 56,420 39,117 43,109 22,140 25,586 21,306 17,583 27,903 5,306 9,296

Mining costs -Underground $000s - - - - 66,045 66,406 - - - - -

Processing and maintenance $000s 21,556 18,656 24,128 23,177 33,348 34,825 17,771 17,256 31,161 6,616 5,534

Site G&A $000s 12,050 13,175 10,020 11,577 18,115 20,325 11,219 13,413 15,252 8,241 2,745

Purchased ore at Nzema $000s - - 15,433 21,255 - - - - - -

Capitalized waste $000s (5,248) (5,476) (2,159) (16,202) (16,260) (17,593) (3,205) (3,749) (2,724) (359) (3,995)

Inventory adjustments and other $000s (2,333) 1,702 771 7,885 10,492 3,357 (3,335) (53) (2,207) (906) (1,754)

Cash costs for ounces sold $000s 97,400 84,477 87,310 90,801 134,380 132,906 43,757 44,450 69,385 18,898 11,826

Royalties $000s 8,186 8,871 8,515 5,662 10,847 11,997 2,896 3,316 7,593 1,953 4,596

Sustaining capital $000s 7,555 11,407 4,832 3,318 20,768 21,193 7,428 7,648 3,834 359 3,995

Cash cost per ounce sold $/oz 557 430 745 1,062 929 821 733 606 716 657 194

Mine-level AISC Per Ounce Sold $/oz 647 534 859 1,167 1,148 1,027 906 756 834 738 335

PRODUCTION AND COST DETAILS BY MINE YEAR TO DATE

1) Includes waste capitalized 54 54

APPENDIX

RESERVES AND RESOURCES

Full details and notes of reserves and resources can be found under the ‘Reserves and Resources’ section on the Company’s website at www.endeavourmining.com Ity reserves and resources are stated as per updated 2017 figures, published in September 20, 2017 press release.

55

On a 100% basis Resources shown inclusive of Reserves

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 13 2.56 1,080

Probable Reserves 146 1.71 8,027 P&P Reserves 159 1.78 9,106 Measured Resource (incl reserves) 23 3.17 2,353

Indicated Resources (incl reserves) 224 1.74 12,492

M&I Resources (including Reserves) 247 1.87 14,855

Inferred Resources 53 1.79 3,074

Group Consolidated Total

Resources shown inclusive of Reserves. On a 100% basis

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 0.3 1.41 14 Probable Reserves 58.6 1.59 3,001 P&P Reserves 58.9 1.59 3,016 Measured Resource (incl reserves) 0.7 0.63 15 Indicated Resources (incl reserves) 73.1 1.57 3,680 M&I Resources (including Reserves) 73.9 1.56 3,695 Inferred Resources 18.7 1.31 785

Ity Mine & CIL Project


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 5.1 3.00 492 Probable Reserves 16.6 2.76 1,472 P&P Reserves 21.7 2.81 1,964 Measured Resource (incl reserves) 9.5 4.19 1,280 Indicated Resources (incl reserves) 14.2 3.96 1,810 M&I Resources (including Reserves) 23.7 4.06 3,100 Inferred Resources 1.7 4.39 240

Kalana Project


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 2.4 3.32 251 Probable Reserves 2.4 3.40 266 P&P Reserves 4.8 3.36 517 Measured Resource (incl reserves) 7.4 2.99 715 Indicated Resources (incl reserves) 12.4 3.03 1,211 M&I Resources (including Reserves) 19.9 3.01 1,925 Inferred Resources 7.4 3.40 810

Tabakoto Mine


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 3.6 2.25 263 Probable Reserves 26.5 1.98 1,693 P&P Reserves 30.2 2.02 1,957 Measured Resource (incl reserves) 3.6 2.40 281 Indicated Resources (incl reserves) 33.7 2.01 2,178 M&I Resources (including Reserves) 37.3 2.05 2,459 Inferred Resources 3.2 2.64 275

Houndé Mine


Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 1.0 1.41 44 Probable Reserves 7.9 2.45 624 P&P Reserves 8.9 2.34 668 Measured Resource (incl reserves) 1.0 1.43 47 Indicated Resources (incl reserves) 9.3 2.54 757 M&I Resources (including Reserves) 10.3 2.43 804 Inferred Resources 1.0 1.74 54

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

Tonnage (Mt)

Grade (Au g/t)

Content (Au koz)

Proven Reserves 0.7 0.63 15 Probable Reserves 33.8 0.89 971 P&P Reserves 34.6 0.89 986 Measured Resource (incl reserves) 0.7 0.63 15 Indicated Resources (incl reserves) 81.0 1.10 2,856 M&I Resources (including Reserves) 81.8 1.09 2,871 Inferred Resources 21.4 1.32 909

Karma Mine

Mine/Project1 Agbaou Kalana Tabakoto

Ity Karma2 Houndé UG Open Pit

Reserves Au price 1,350 1,100 1,250 1,250 1,250 1,300 1,300

Resources Au price 1,500 1,400 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 resources has a gold price of $1,500/oz

Notes :

APPENDIX

As of December 31, 2017

http://www.endeavourmining.com/

Q1 Operational & Financial Results...operational excellence Gold prices stated represent realized...

Documents

Transcript of Q1 Operational & Financial Results...operational excellence Gold prices stated represent realized...