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EDV: TSX FACT SHEET MARCH 2021 endeavourmining.com ENDEAVOUR MINING ABOUT US | FACT SHEET MARCH 2021
Dakar Senegal Niger KARMA Ko Mali SABODALA-MASSAWA Burkina Faso Liptako Bamako Ouagadougou BOUNGOU MANA HOUNDÉ Liguidi NABANGA Siguiri KALANA Guinea BANTOU Benin WAHGNION
JV with Barrick Sierra Togo Nigeria Leone FETEKRO Miminvest Ghana Bondoukou Miminvest Côte d’Ivoire Daoukro Liberia ITY
Miminvest AFEMA Abidjan Regional Office
Mines Projects Exploration Birimian Greenstone Belt
2021 TARGET Top 10 7 17Moz Global Gold Operational P&P Reserves Producer Mines ~1.5Moz 1 Production at <$900/oz N o . 1 6 33Moz AISC Producer in Development M&I Resources West Africa Projects ABOUT US 1
Endeavour Mining is one of Acquired Ity and formed the world’s top ten senior gold a strategic partnership with La Mancha who became 2015 producers and the largest in a 30% shareholder West Africa, with operating assets across Senegal, Côte Sebastien de Montessus d’Ivoire and Burkina Faso and appointed President and CEO
a strong portfolio of advanced 2016 Non-core Youga mine development projects and divested and True Gold Dakar Senegal exploration assets in the highly (Karma mine) acquired Niger prospective Birimian Greenstone KARMA Belt across West Africa. Houndé construction began Ko Mali SABODALA-MASSAWA Burkina Faso Liptako Five-year exploration strategy 2016 Bamako A member of the World Gold Council, Ouagadougou BOUNGOU was launched MANA Endeavour is committed to the HOUNDÉ Liguidi principles of responsible mining NABANGA Siguiri KALANA and delivering sustainable value Acquired Avnel (Kalana project) Guinea BANTOU to its employees, stakeholders Benin 2017 Houndé completed ahead of WAHGNION and the communities where it schedule and below budget operates. Endeavour is listed on JV with Barrick Sierra the Toronto Stock Exchange, under FETEKRO Togo Nigeria Leone the symbol EDV and will be seeking Miminvest Ghana Ity CIL plant construction began Côte d’Ivoire Bondoukou a secondary listing as a Premium 2017 Miminvest Non-core Nzema mine divested ITY Daoukro issuer on the London Stock Liberia Exchange during Q2-2021.
Miminvest AFEMA 1Moz indicated resource at Abidjan 2018 Kari Pump (Houndé mine) Regional Office
Non-core Tabakoto Mines Projects Exploration Birimian Greenstone Belt mine divested 2018
Ity CIL plant completed ahead 2019 of schedule and below budget Upsize of Ity CIL plant to 5Mtpa
1Moz Indicated resource at Kari West & Kari Center (Houndé mine) 2019 Joined the World Gold Council
2020 Acquired SEMAFO (Mana and Boungou mines)
Acquired Teranga (Sabodala-Massawa and Wahgnion mines)
Non-core Agbaou mine divested 2021
Paid first dividend 2 ENDEAVOUR MINING WEST AFRICA: A GOLDEN OPPORTUNITY | FACT SHEET MARCH 2021
West Africa is one of the most attractive mining jurisdictions globally with many of the world’s leading gold producers operating there and investing in the region. UNDEREXPLORED AND HIGHLY PROSPECTIVE BIRIMIAN GREENSTONE BELT 2nd 78% No.1 LARGEST GOLD GROWTH IN REGION GLOBALLY PRODUCING PRODUCTION OVER FOR RECENT REGION GLOBALLY PAST 10 YEARS DISCOVERIES +80Moz No.4 <$75/oz DISCOVERED IN REGION FOR ANNUAL DISCOVERY COST PAST DECADE EXPLORATION SPEND WHICH IS 3X LESS THAN THE GLOBAL AVERAGE
ENDEAVOUR: STRATEGICALLY POSITIONED IN WEST AFRICA WITH A STRONG TRACK RECORD OPERATORS | DEVELOPERS | EXPLORERS
Largest gold producer in West Africa Production and cost guidance either met or beaten over the past eight years Built four mines on schedule and within budget in the past decade with zero lost time injuries 8.4Moz of Indicated resources have been discovered since 2016 at a low discovery cost of <$15/oz Owns one of the largest exploration land packages in West Africa Has established a strong social license to operate with host countries and local communities 3
ATTRACTIVE MINING- MOVING FROM DEVELOPING FRIENDLY JURISDICTION TO EMERGING MARKET STATUS Responsible approach to mining development GDP growth rate amongst the highest in the world with modern environmental standards with controlled inflation of below 2% Swift permitting process which means timings Democratic elections held across most West African from discovery to production can be under countries in past decade three years Strong support from the IMF and World Bank Modern mining codes consistent with Local governments are investing heavily in improved international principles regional security with additional support from international partners Great human potential; significant improvement in
MALI literacy and education over the past 10 years NIGER Political and economic stability thanks to the SENEGAL creation of a regional economic zone called the West BURKINA GUINEA FASO African Economic and Monetary Union (UEMOA) BISSAU BENIN which is similar to the European Union: CÔTE TOGO D’IVOIRE • Common central bank for the eight francophone nations • Common currency (CFA Franc) which is pegged to UEMOA Member States the Euro • Fiscal and monetary policies tend to be aligned with guidance from IMF
SENEGAL Population: 15.7m 2018 GDP: $23bn Unemployment rate: 6.7% 2018 GDP growth: 6.4% Literacy: 51.9% Corporate tax: up to 30% Internet users: 29.6% Mining royalties: up to 5%
CÔTE D’IVOIRE Population: 27.5m 2018 GDP: $43bn Unemployment rate: 2.5% 2018 GDP growth: 7.4% Literacy: 47.2% Corporate tax: up to 25% Internet users: 46.8% Mining royalties: up to 6%
BURKINA FASO Population: 20.8m 2018 GDP: $14.1bn Unemployment rate: 6.2% 2018 GDP growth: 6.8% Literacy: 41.2% Corporate tax: up to 27.5% Internet users: 16% Mining royalties: up to 5%
MALI Population: 19.5m 2018 GDP: $17.2bn Unemployment rate: 7.9% 2018 GDP growth: 4.9% Literacy: 35.5% Corporate tax: up to 25% Internet users: 13% Mining royalties: up to 6%
Sources: World Bank & CIA Factbook 2
4 ENDEAVOUR MINING STRATEGIC POSITIONING ON TWO OF WEST AFRICA’S | FACT SHEET MARCH 2021
SENEGAL MOST PROLIFIC BELTS NIGER
Cavally River BURKINA FASO ITY BELT MALI Endeavour controls the full 125km stretch along the Ity Birimian Belt BENIN GHANA
GUINEA Toulepleu-Ity NIGERIA Greenstone CÔTE D’IVOIRE LIBERIA Ity Mine
C Ô T E D’IVOIRE LIBERIA
Birimian Greenstone Belts Mining Permits Exploration permits Deposits Cavally River Targets
0 Km 25 Toulepleu-Ity Greenstone
STRONG TRACK RECORD OF UNLOCKING EXPLORATION VALUE ACROSS THE GROUP
Screening and ranking +200 <$15/oz 8.4Moz methodology Exploration Discovery Discovered since disciplined approach targets cost mid-2016 EXPLORATION 5
HOUNDÉ BELT Endeavour has one of the largest footholds on the Hounde Belt, with two mines, two projects and significant SENEGAL exploration tenements, along with the Wahgnion Mine located on the adjacent Banfora GreenstoneNIGER Belt.
MALI BURKINA FASO
Mana Mine BENIN GHANA CÔTE D’IVOIRE GUINEA NIGERIA
CÔTBirimianE Greenstone Belts BURKINA D’IVOIRE Houndé Mine LIBERIA Tarkwaian Type Sediments FASO Exploration permits JV Exploration Permits Golden Hill Exploration Mining Permits Deposits
Targets
0 Km 100 GHANA Bantou Exploration
Wahgnion Mine Houndé Banfora Greenstone Greenstone Boromo Greenstone
C Ô TE D’IVOIRE
100% 5-YEAR DISCOVERY TARGET Excludes assets acquired in the SEMAFO transaction 80% 1.5Moz – 10Moz – Cumulative Indicated resources against 5-year discovery target 2.5Moz 15Moz 63% Indicated resources discovered 2.1Moz Indicated resources targeted 42% 2.1Moz 23% 1.9Moz 10% 1.3Moz 1.0Moz
H2–2016A 2017A 2018A 2019A 2020E 2021E Total 6 ENDEAVOUR MINING
FETEKRO
ITY MINE | FACT SHEET MARCH 2021
ABIDJAN
CÔTE D’IVOIRE
Ownership: 85% EDV, 10% Government, ITY MINE 5% SODEMI Production start date: 2019 for Ity CIL plant Mining method: Open Pit/Owner Mining The Ity mine is one of Endeavour’s cornerstone Processing technology: assets, it has the longest operating history of any 5Mtpa CIL Plant gold mine in Côte d’Ivoire, with more than 1.2Moz Expected mine life: of gold produced in its 20-plus years of operation. +10 years Workforce: The recent success of Endeavour’s near-mine exploration program which 940 discovered approximately 3.5Moz provided the opportunity to upgrade the small-scale, short life heap leach operation with a CIL plant. The CIL plant was successfully built ahead of schedule and below budget, achieving commercial production in Q2 2019. The mine has a production potential of 250koz/year over a +10-year life of mine at an attractive AISC. 230-250koz OPERATING PERFORMANCE Production 2021 Target 2017 2018 2019 2020 Mining Waste (kt) 5,237 2,901 8,320 14,898 Ore mined – Open Pit (kt) 1,410 1,127 5,733 8,571 Processing $800-850/oz Ore processed (kt) 1,194 1,307 3,693 5,353 AISC 2021 Target Grade (g/t) 1.85 2.49 1.88 1.57 Recovery (%) 83 81 86 79 Production (oz) 59,026 84,832 193,140 213,000 Cash costs per ounce of gold sold 3.1Moz Total cash cost ($/oz) 733 646 613 765 P&P Reserves As at December 31, 2019 AISC ($/oz) 906 719 616 808
4.1Moz M&I Resources Current as at December 31, 2019 7
KARMA
OUAGADOUGOU HOUNDÉ MINE BOUNGOU MANA NABANGA
BANTOU WAHGNION
BURKINA FASO
Ownership: 90% EDV, 10% Government HOUNDÉ MINE Production start date: 2017 Mining method: Open Pit/Owner Mining Processing technology: The Houndé mine is one of Endeavour’s cornerstone 3Mtpa CIL Plant assets. The mine was built ahead of schedule Expected mine life: and below budget, with commercial production +10 years commencing in Q4-2017. Since then, the CIL plant has Workforce: consistently performed well and is able to operate 1,860 at more than 30% above nameplate capacity.
The goal is to delineate sufficient additional resources through near-mine exploration to sustain production above 250koz/year over a +10-year life of mine at an attractive AISC. In July 2020, a mining permit was granted and 240-260koz mining commenced at the Kari Pump deposit, part of the Kari Area, which will Production provide mill feed at significantly higher grades than the current active pits. 2021 Target OPERATING PERFORMANCE
2017 2018 2019 2020 Mining Waste (kt) 14,827 35,659 35,225 38,171 $855-905/o z Ore mined – Open Pit (kt) 1,222 5,822 2,969 5,324 AISC Processing 2021 Target Ore processed (kt) 813 3,948 4,144 4,228 Grade (g/t) 2.75 2.29 1.83 2.21 Recovery (%) 95 94 93 93 Production (oz) 68,754 277,218 223,304 277,000 2.2Moz Cash costs per ounce of gold sold P&P Reserves As at December 31, 2019 Total cash cost ($/oz) 194 459 761 703 AISC ($/oz) 335 564 862 836
4.4Moz M&I Resources Current as at December 31, 2019 8 ENDEAVOUR MINING
DAKAR
SABODALA MINE | FACT SHEET MARCH 2021
SENEGAL
Ownership: 90% EDV, 10% Government SABODALA- Production start date: 2009 Mining method: MASSAWA MINE Open Pit/Owner Mining Processing technology: +4.0Mtpa CIL Plant with 1.2Mtpa BIOX® extension planned Sabodala-Massawa is the largest producing gold Expected mine life: +16 years mine in Senegal, West Africa. Since 2009, Sabodala Workforce: has produced more than 2.6Moz of gold. 1,621
In March 2020, Sabodala acquired the Massawa gold project, the largest undeveloped open-pit project in Africa to create the Sabodala-Masswa complex. Massawa is located within trucking distance of Sabodala, creating the opportunity for significant capital and operating synergies. Sabodala is currently integrating the high-grade Massawa gold project, transforming 384koz Sabodala into a top-tier gold asset with low costs, long-life reserves, and Production strong cash flows. Annual Average 2021–2025* OPERATING PERFORMANCE
2017 2018 2019 2020* Mining Waste (kt) 23,520 18,893 23,026 28,666 $671/oz Ore mined – Open Pit (kt) 2,101 1,921 2,909 5,286 AISC Annual Average 2021–2025* Processing Ore processed (kt) 4,221 4,069 4,161 4,122 Grade (g/t) 1.87 2.03 1.98 1.94 Recovery (%) 92.1 92.3 90.9 89.4 4.8Moz Production (oz) 233,267 245,230 241,276 229,000 P&P Reserves As at December 31, 2019 Cash costs per ounce of gold sold Total cash cost ($/oz) 721 660 690 765 AISC ($/oz) 1,024 867* 857 885
Comparative amounts have been restated to reflect all-in sustaining costs per ounce and all-in sustaining costs (excluding cash/(non-cash) inventory movements and amortized advanced royalty 6.9Moz costs) per ounce of Sabodala on a standalone basis, exclusive of resettlement capital expenditures related to the Niakafiri deposit. M&I Resources As at December 31, 2019
*As per 2020 PFS 9
KARMA
BOUNGOU OUAGADOUGOU MINE
MANA NABANGA HOUNDÉ
BANTOU WAHGNION
BURKINA FASO
Ownership: 90% EDV, 10% Government BOUNGOU MINE Production start date: 2018 Mining method: Open Pit/Contractor Mining Processing technology: The Boungou mine is a low cost, high grade CIP Plant 1.5Mtpa operation with significant exploration potential. Expected mine life: The mine was built on time and on budget by +7 years the previous owners, SEMAFO, and achieved Workforce: commercial production in Q3-2018. ~1,100
The mine was placed on temporary care and maintenance in November 2019 in order to address regional security issues and started processing stockpiles in Q1-2020. Full mining operations restarted in Q4-2020. The area around the mine is virtually unexplored and significant opportunity exists to 180-200koz identify additional resources. Production OPERATING PERFORMANCE 2021 Target
2018 2019 2020
Mining
Waste (kt) 8,178 21,220 2,075 Ore mined – Open Pit (kt) 568 1,628 459 $690-740/oz Processing AISC 2021 Target Ore processed (kt) 368 1,000 1,111
Grade (g/t) 5.75 6.65 4.79
Recovery (%) 94 96 95 Production (oz) 63,600 205,200 155,000 1.1Moz Cash costs per ounce of gold sold P&P Reserves Total cash cost ($/oz) 403 380 602 As at December 31, 2019
AISC ($/oz) 596 497 618
1.7Moz M&I Resources As at December 31, 2019 10 ENDEAVOUR MINING
KARMA
MANA MINE OUAGADOUGOU BOUNGOU NABANGA
| FACT SHEET MARCH 2021 HOUNDÉ
BANTOU WAHGNION
BURKINA FASO
Ownership: 90% EDV, 10% Government MANA MINE Production start date: 2008 Mining method: Open Pit/Owner Operator and Underground/ The Mana mine is located in the northern part Contractor Mining of the highly prospective Houndé Greenstone Processing technology: Belt, approximately 60km north of Endeavour’s CIL Plant Houndé mine. Expected mine life: +8 years The mine has been in operation for over a decade, producing over 2.1Moz Workforce: gold. Recent discoveries resulted in the development of the Siou underground 670 mine, using the long-hole method, which was completed in Q1-2020. OPERATING PERFORMANCE
2017 2018 2019 2020 Mining 170-190koz Production Waste – Open Pit (kt) 38,710 33,646 28,082 23,000 2021 Target Ore mined – Open Pit (kt) 2,268 2,110 1,338 1,502 Total mined – – – 100 1,107 Underground (kt) Ore mined – – – 100 714 Underground (kt) $975-1,050/oz AISC Processing 2021 Target Ore processed (kt) 2,740 2,574 2,061 2,433 Grade (g/t) 2.46 2.36 2.28 3.02 Recovery (%) 95 93 90 93 Production (oz) 206,400 181,000 135,700 219,000 1.4Moz Cash costs per ounce of gold sold P&P Reserves As at December 31, 2019 Total cash cost ($/oz) 655 796 762 801 AISC ($/oz) 942 1,056 1,095 973
4.1Moz M&I Resources As at December 31, 2019 11
KARMA
OUAGADOUGOU BOUNGOU
WAHGNION MANA NABANGA MINEHOUNDÉ
BANTOU
BURKINA FASO
Ownership: 90% EDV, 10% Government WAHGNION MINE Production start date: November 1, 2019 Mining method: Open pit/ Owner-operated Processing technology: Wahgnion is located in the southwest corner of 2.9Mtpa – 3.0Mtpa CIL Plant Burkina Faso near the border of Côte d’Ivoire. Expected mine life: 10 years Since achieving commercial production in November 2019, the plant has been performing at ~25% above designed capacity for gold recovery and throughput. Workforce: 1,101 The mine plan for Wahgnion focuses on open-pit mining of four initial gold deposits within the mine lease. The Nogbele, Fourkoura and Stinger deposits fall into the Nogbele land tenement while the Samavogo deposit is in the Dierisso tenement. A multi-year drill program is underway at these four deposits with a goal of extending the mine life. Additionally, there are more than one dozen drill-ready targets on the regional land package, which 149koz have the potential to become resources and are within trucking distance of Production Wahgnion’s plant. Annual Average 2021–2025* OPERATING PERFORMANCE
2019† 2020 Mining Waste (kt) 10,249 22,646 $920/oz Ore mined – Open Pit (kt) 1,532 3,812 AISC Annual Average 2021–2025* Processing Ore processed (kt) 958 3,606 Grade (g/t) 1.63 1.59 Recovery (%) 94.7 94.9 1.6Moz Production (oz) 47,492 175,000 P&P Reserves Cash costs per ounce of gold sold As at December 31, 2019 Total cash cost ($/oz) 861 731 AISC ($/oz) 950 898 † Commercial production declared November 1, 2019. 2.4Moz M&I Resources As at December 31, 2019
*As per updated 2020 mine plan 12
KARMA ENDEAVOUR MINING MINE
OUAGADOUGOU BOUNGOU MANA NABANGA
| FACT SHEET MARCH 2021 HOUNDÉ
BANTOU WAHGNION
BURKINA FASO
Ownership: 90% EDV, 10% Government KARMA MINE Production start date: 2016 Mining method: Shallow Open Pit/ Contractor Mining The Karma mine is a low-grade heap leach operation Processing technology: and consists of several gold deposits which are Heap Leach shallow, open pittable with little blasting required Expected mine life: and a low strip ratio. 2-3 years Workforce: In 2017, an optimization project was completed to lift the stacking capacity. 1,660 OPERATING PERFORMANCE
2017 2018 2019 2020 Mining 80-90koz Waste (kt) 11,451 12,217 15,690 Production Ore mined (kt) 3,862 4,715 3,745 4,781 2021 Target Processing Ore processed (kt) 3,552 4,097 4,196 4,871 Grade milled (g/t) 1.07 0.95 0.91 0.84 Recovery (%) 83 82 82 77 $1,220-1,300/oz Production (oz) 97,982 108,773 96,534 98,000 AISC 2021 Target Cash costs per ounce of gold sold Total cash cost ($/oz) 716 704 872 956 AISC ($/oz) 834 813 903 1,007 0.3Moz P&P Reserves As at December 31, 2019
2.0Moz M&I Resources As at December 31, 2019 13 PROVEN AND EXPERIENCED MINE BUILDERS
Endeavour has successfully built four mines in West Africa over the past decade and established a strong construction track record for high quality projects. Synergies in plant design have been leveraged at the Agbaou, Houndé and Ity mines, with all plants currently operating above nameplate capacity.
Nzema* | Ghana Agbaou | Côte d’Ivoire
DFS, DESIGN, CONSTRUCT, COMMISSION AND OPERATE DFS, DESIGN, CONSTRUCT, COMMISSION AND OPERATE
Construction time: 14 months (2008–2010) Construction time: 14 months (2012–2014)
On Ahead of 0 Below Ahead of 0 budget schedule LTIs budget schedule LTIs
*divested in 2017
Houndé | Burkina Faso Ity CIL Project | Côte d’Ivoire
DESIGN, CONSTRUCT, COMMISSION AND OPERATE DESIGN, CONSTRUCT, COMMISSION AND OPERATE
Construction time: 17 months (2016–2017) Construction time: 18 months (2018–2019)
Below Ahead of 0 Below Ahead of 0 budget schedule LTIs budget schedule LTIs 14 ENDEAVOUR MINING ORGANIC GROWTH | FACT SHEET MARCH 2021 Endeavour has an industry-leading development pipeline.
Daoukro Cluster Siguiri Côte d’Ivoire Guinea Bondoukou Cluster Nabanga Burkina Faso Côte d’Ivoire Fetekro Wahgnion Houndé Kofi Trend Côte d’Ivoire Mali
Mt. Ba/Gueya Côte d’Ivoire Fougadian Afema Karma Sia/Sianikoui Ity Mali Côte d’Ivoire Houndé Trend Golden Hill Mana Barrick JV Burkina Faso Côte d’Ivoire
Mininvest Karma Boungou Côte d’Ivoire Bantou Liguidi Burkina Faso Burkina Faso Kalana Liptako Tiepleu Mali Niger Ity Trend IMMEDIATE CASH FLOW FROM PRODUCTION NEAR-TERM GROWTH FROM PROJECTS LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION
KEY FACTS Ownership: 80% EDV Mining Method: Open pittable Resource (2020): 2.5Moz Indicated and 0.1Moz Inferred
FETEKRO PROJECT Located in north-central Côte d’Ivoire, approximately 500km from Abidjan, within the northern-end of the Oumé-Fetekro Greenstone Belt, Fetekro was ranked as a top greenfield target, following our strategic exploration review in late 2016. A maiden resource for the Lafigué target was published in October 2018, with an updated indicated resource of 1.2Moz published in September 2019, on which an initial PEA was based, already demonstrating robust project economics including a pre-tax NPV5% of $372m and an IRR of 37% at a $1,500/oz gold price. In 2020, the Indicated resource for the Lafigué deposit grew by 108% to 2.5Moz at 2.40g/t Au and the Lafigué resource estimate now encompasses a mineralized area extending over 2km long by 1km with the deposit remaining open at depth and along strike. The 2.5Moz Fetekro resource has been found at a very low discovery cost of $7.50 per Indicated resource ounce. The Lafigué resource is of high quality, with metallurgical testwork indicating gold recovery of over 95%, with a significant portion recoverable by gravity. There is no large relocation required and the property is located close to existing infrastructure, including sealed roads and grid power. A PFS based on the larger 2.5Moz Indicated resource is expected to be published in Q1-2021. PROJECTS 15
KALANA PROJECT KEY FACTS Located approximately 270km South of Bamako, the capital city of Ownership: Mali, the Kalana Project was acquired in 2017. A feasibility study was 80% EDV, 20% Government completed on the project in 2016 by the prior owner which confirmed Mining method: the opportunity for a long life, low cost gold operation. Open pittable Resource (2020): Endeavour expects to take advantage of its construction expertise, 2.3Moz M+I Resources operating synergies and exploration experience to redesign and as at December 31, 2020* optimize the current feasibility study, which is expected to increase Reserve (2020): the annual production profile and improve already attractive project 1.8Moz P+P Reserves economics. Endeavour has also identified additional resources that will as at December 31, 2020* be incorporated in the updated feasibility study, which is expected to be published in Q1-2021.
*As per Avnel study dated March 30, 2016 16 PROJECTS ENDEAVOUR MINING | FACT SHEET MARCH 2021
BANTOU PROJECT KEY FACTS The Bantou Project was acquired by Endeavour in July 2020 as part Ownership: of the SEMAFO acquisition. Located approximately 300km southwest 100% EDV (Bantou area) of Ouagadougou, the capital city of Burkina Faso, Bantou is part of 80.09% EDV/19.91% Sarama the Dynikongolo permit which is located along the prolific Houndé (Karankasso area) Greenstone Belt that hosts both the Mana and Houndé mines. Mining method: Open pittable Bantou currently consists of eight mineralized zones with diverse Resource (2020): mineralization styles and grades. The project is host to an Inferred 2.2Moz Inferred Resources Resource comprised of three main areas with the majority of the tonnes as at December 31, 2020 and ounces centred on the Bantou and Bantou Nord Zones. The Bantou Nord Zone was discovered in 2019 and totals 1.1Moz of pit-constrained Inferred resources with a pit shell strip ratio of 1:1 and is located 1.5km north of the Bantou Zone. PROJECTS 17
KEY FACTS Ownership: 100% EDV Mining method: Open pittable and underground Resource (2020): 0.8Moz Inferred Resources as at December 31, 2020
NABANGA PROJECT The Nabanga Project was acquired by Endeavour in July 2020 as part of the SEMAFO transaction. Located approximately 250km southeast of Ouagadougou, the capital city of Burkina Faso, Nabanga is an early stage project which consists of three exploration permits covering 178.5km²: Kamsongo, Napadé and Nabanga. The previous owners completed a Preliminary Economic Study on the project in September 2019 which indicated the potential for an economic project with an after-tax NPV (5%) of $100m based on an Inferred resource of 841koz. Endeavour is currently evaluating this project in the context of its overall exploration portfolio and will determine next steps during the year.
KEY FACTS Ownership: 51% EDV, earning 70% Joint venture partner: Sodim Limited Joint venture agreement terms: • 51% joint venture interest through the completion of a three-year $11m exploration and community development work program AFEMA JV PROJECT • Earning 70% interest through delivery of positive study The Afema Joint Venture Project was acquired by Endeavour in February 2021 as part of the Teranga acquisition. Located in southeast Côte d’Ivoire at the • Endeavour to sole fund and intersection of two gold-enriched Ghanaian greenstone belts, the greenfields manage exploration programs project covers more than 1,400 km2 including the Afema mine license and and feasibility studies three exploration permits. Afema includes a historical near-surface oxide and sulphide resource and lies within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana. The Woulo Woulo prospect is the most recent discovery at Afema. Currently, multi-drill exploration campaign is underway at the Woulo Woulo prospect, the Niamienlessa structural trend and the Afema Shear and an initial resource estimation is targeted for completion in the first half of this year. As of January 2021, more than 550 holes have been drilled, totaling nearly 51,000 metres. Next steps include expanding trenching and drilling to new areas of interest within the Afema mining license and outward onto the three regional exploration permits. As well, early-stage metallurgical test work as well as environmental and social assessments are expected to be initiated in the near-term. 18 ENDEAVOUR MINING | FACT SHEET MARCH 2021
A RESPONSIBLE GOLD MINER Our operations have a significant positive impact on the economies of our local communities and host countries.
As a leading global gold producer and the largest gold miner in West Africa, we are committed to the principles of responsible mining and delivering sustainable value to all stakeholders, including our employees, contractors, suppliers and local communities. We are trusted to unlock the full benefits of the material we mine for all those invested in its discovery and production. We are conscious of this responsibility and are proud to support over 1,000 West African businesses and to source 95% of our site workforce nationally, with a target of continuing the training and development of local talent into management roles. As members of the World Gold Council, we have pledged to implement the Responsible Gold Mining Principles (RGMPs). The RGMPs reflect the commitment of the world’s leading gold producers to responsible mining. The Principles provide an over-arching framework that sets out clear expectations as to what constitutes responsible gold mining to provide confidence to investors, supply chain participants and ultimately, consumers.
Link to The Responsible Gold Mining Principles A RESPONSIBLE GOLD MINER 19
GOVERNANCE
PRINCIPLE 1 PRINCIPLE 2 PRINCIPLE 3 Ethical conduct: we will Understanding our Supply chain: we will conduct our businesses impacts: we will engage require that our suppliers with integrity including with our stakeholders and conduct their businesses absolute opposition to implement management ethically and responsibly corruption. systems so as to as a condition of doing ensure that we assess, business with us. understand and manage our impacts, realize opportunities and provide remedy where needed.
SOCIAL
PRINCIPLE 4 PRINCIPLE 5 PRINCIPLE 6 PRINCIPLE 7 Safety and health: Human rights and conflict: Labour rights: we Working with communities: we will protect and we will respect the human will ensure that our we will contribute to promote the safety and rights of our workforce, operations are places the socio-economic occupational health of affected communities where employees and advancement of our workforce (employees and all those people with contractors are treated communities associated and contractors) above whom we interact. with respect and are free with our operations and all other priorities and will from discrimination or treat them with dignity empower them to speak abusive labour practices. and respect. up if they encounter unsafe working conditions.
ENVIRONMENT
PRINCIPLE 8 PRINCIPLE 9 PRINCIPLE 10 Environmental Biodiversity, land use Water, energy and climate stewardship: we will and mine closure: we will change: we will improve ensure that environmental work to ensure that fragile the efficiency of our use responsibility is at the ecosystems, habitats of water and energy, core of how we work. and endangered species recognizing that the are protected from impacts of climate change damage, and will plan for and water constraints responsible mine closure. may increasingly become a threat to the locations where we work and a risk to our licence to operate. 20 ENDEAVOUR MINING | FACT SHEET MARCH 2021
RESERVES AND RESOURCES
Current as at December 31, 2020
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown Tonnage Grade Content Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
TOTAL – ENDEAVOUR MINING Proven Reserves 39.9 1.55 1,992 35.4 1.56 1,777 Probable Reserves 259.9 1.92 16,042 226.1 1.93 14,002 P&P Reserves 299.8 1.87 18,034 261.6 1.88 15,779 Measured Resource (incl. reserves) 49.2 1.54 2,431 43.7 1.54 2,170 Indicated Resources (incl. reserves) 441.9 1.83 25,937 387.8 1.83 22,796 M&I Resources (incl. reserves) 491.1 1.80 28,368 431.5 1.80 24,966 Inferred Resources 152.8 1.75 8,598 135.1 1.75 7,613 BOUNGOU MINE (90% owned) Proven Reserves 1.7 3.83 213 1.6 3.83 191 Probable Reserves 6.8 3.60 791 6.1 3.60 712 P&P Reserves 8.6 3.65 1,004 7.7 3.65 904 Measured Resource (incl. reserves) 1.9 3.89 244 1.8 3.89 219 Indicated Resources (incl. reserves) 12.5 3.23 1,295 11.2 3.23 1,165 M&I Resources (incl. reserves) 14.4 3.32 1,538 13.0 3.32 1,385 Inferred Resources 0.8 3.03 82 0.8 3.03 74 RESERVES AND RESOURCES 21
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown Tonnage Grade Content Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
HOUNDÉ MINE (90% owned) Proven Reserves 2.6 1.26 104 2.3 1.26 93 Probable Reserves 43.7 1.76 2,480 39.4 1.76 2,232 P&P Reserves 46.3 1.74 2,584 41.7 1.74 2,326 Measured Resource (incl. reserves) 2.8 1.26 112 2.5 1.26 101 Indicated Resources (incl. reserves) 79.2 1.75 4,469 71.3 1.75 4,022 M&I Resources (incl. reserves) 82.0 1.74 4,581 73.8 1.74 4,123 Inferred Resources 18.3 1.69 999 16.5 1.69 899 ITY MINE (85% Owned except 100% owned Le Plaque) Proven Reserves 10.2 0.95 312 8.7 0.95 265 Probable Reserves 43.7 1.73 2,433 38.3 1.73 2,150 P&P Reserves 53.9 1.58 2,745 47.0 1.58 2,415 Measured Resource (incl. reserves) 11.6 0.95 354 9.8 0.95 301 Indicated Resources (incl. reserves) 65.6 1.62 3,407 56.9 1.62 2,998 M&I Resources (incl. reserves) 77.1 1.52 3,762 66.7 1.52 3,299 Inferred Resources 17.9 1.32 762 15.3 1.32 656 KARMA MINE (90% owned) Proven Reserves 0.3 0.40 4 0.3 0.40 4 Probable Reserves 5.2 0.93 154 4.6 0.93 138 P&P Reserves 5.5 0.90 158 4.9 0.90 142 Measured Resource (incl. reserves) 0.3 0.40 4 0.3 0.40 4 Indicated Resources (incl. reserves) 47.7 1.24 1,894 42.9 1.24 1,705 M&I Resources (incl. reserves) 48.0 1.23 1,898 43.2 1.23 1,708 Inferred Resources 16.2 1.30 679 14.6 1.30 611 MANA MINE (90% owned) Proven Reserves 5.7 3.18 578 5.1 3.18 520 Probable Reserves 8.6 3.05 839 7.7 3.05 755 P&P Reserves 14.2 3.10 1,418 12.8 3.10 1,276 Measured Resource (incl. reserves) 10.8 2.19 758 9.7 2.19 683 Indicated Resources (incl. reserves) 34.5 2.03 2,250 31.0 2.03 2,025 M&I Resources (incl. reserves) 45.2 2.07 3,009 40.7 2.07 2,708 Inferred Resources 10.2 2.14 701 9.2 2.14 630 SABODALA-MASSAWA COMPLEX (90% owned) Proven Reserves 17.3 1.25 696 15.6 1.25 626 Probable Reserves 60.1 2.12 4,101 54.1 2.12 3,691 P&P Reserves 77.4 1.93 4,796 69.6 1.93 4,317 Measured Resource (incl. reserves) 19.4 1.38 862 17.5 1.38 775 Indicated Resources (incl. reserves) 82.7 2.17 5,778 74.4 2.17 5,201 M&I Resources (incl. reserves) 102.1 2.02 6,640 91.9 2.02 5,976 Inferred Resources 24.3 2.21 1,728 21.8 2.21 1,555 22 RESERVES AND RESOURCES ENDEAVOUR MINING ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown Tonnage Grade Content Tonnage Grade Content inclusive of Reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
| FACT SHEET MARCH 2021 WAHGNION MINE (90% owned) Proven Reserves 2.2 1.23 86 2.0 1.23 77 Probable Reserves 24.3 1.64 1,282 21.8 1.64 1,154 P&P Reserves 26.4 1.61 1,367 23.8 1.61 1,230 Measured Resource (incl. reserves) 2.4 1.23 97 2.2 1.23 87 Indicated Resources (incl. reserves) 41.8 1.53 2,055 37.6 1.53 1,850 M&I Resources (incl. reserves) 44.2 1.51 2,152 39.8 1.51 1,937 Inferred Resources 5.1 1.52 250 4.6 1.52 225 BANTOU (90% owned except 81% owned Karankasso) Proven Reserves — — — — — — Probable Reserves — — — — — — P&P Reserves — — — — — — Measured Resource (incl. reserves) — — — — — — Indicated Resources (incl. reserves) — — — — — — M&I Resources (incl. reserves) — — — — — — Inferred Resources 51.1 1.37 2,245 44.9 1.36 1,956 FETEKRO (80% owned) Proven Reserves — — — — — — Probable Reserves 32.0 2.07 2,133 25.6 1.66 1,706 P&P Reserves 32.0 2.07 2,133 25.6 1.66 1,706 Measured Resource (incl. reserves) — — — — — — Indicated Resources (incl. reserves) 32.0 2.40 2,470 25.6 1.92 1,976 M&I Resources (incl. reserves) 32.0 2.40 2,470 25.6 1.92 1,976 Inferred Resources 0.8 2.51 66 0.7 2.01 53 KALANA PROJECT (80% owned) Proven Reserves — — — — — — Probable Reserves 35.6 1.60 1,829 28.5 1.60 1,463 P&P Reserves 35.6 1.60 1,829 28.5 1.60 1,463 Measured Resource (incl. reserves) — — — — — — Indicated Resources (incl. reserves) 46.0 1.57 2,318 36.8 1.57 1,854 M&I Resources (incl. reserves) 46.0 1.57 2,318 36.8 1.57 1,854 Inferred Resources 4.6 1.67 245 3.6 1.67 196 NABANGA (90% owned) Proven Reserves — — — — — — Probable Reserves — — — — — — P&P Reserves — — — — — — Measured Resource (incl. reserves) — — — — — — Indicated Resources (incl. reserves) — — — — — — M&I Resources (incl. reserves) — — — — — — Inferred Resources 3.4 7.69 841 3.1 7.69 757 RESERVES AND RESOURCES 23
The Mineral Reserves and Resources were estimated as at December 31, 2020 in accordance with the provisions adopted by the Canadian Institute of Mining Metallurgy and Petroleum (CIM) and incorporated into the NI 43-101. The Qualified Persons responsible for the Mineral Reserve and Resource estimates are detailed in the following tables.
MINERAL RESOURCES
Qualified Person Position Property/Deposit Kevin Harris, CPG V.P. Resources, Endeavour Ity (Colline Sud, La Plaque); Karma (North Kao, Yabonsgo, Rambo Mining West); Hounde (Bouere, Dohoun, Kari Pump); Fetekro (Lafigué ) Helen Oliver, FGS, CGeol Group Resource Geologist, Hounde (Kari West, Kari Center, Kari South, Dafra); Karma (Nami); Endeavour Mining Kalana (TSFs) Patti Nakai-Lajoie, P.Geo. Senior Director, Mineral Sabodala-Massawa (Sabodala, Masato, Golouma, Kerekounda, Resources, Teranga Gold Maki Medina, Niakafiri East, Niakafiri West, Goumbati West – Kobokoto, Golouma North, Diadiako, Kinemba, Kourouloulou, Kouroundi, Koutouniokolla, Mamasato, Marougou, Sekoto, Soukhoto, Sofia, Massawa Central Zone, Massawa North Zone, Delya, Tina, Bambaraya); Wahgnion (Nogbele North and South, Fourkoura, Samavogo, Stinger); Golden Hill (Ma, Peksou – C-Zone, A and B-Zones, Jackhammer Hill, Nahiri) Michel Plasse, P.Geo Group Manager of OP Geology Bantou (Bantou, Bantou North, Diosso, Karangosso, Kien, & Reconciliation Support, Kueredougou West, Serakoro); Boungou; Mana (Filon 67, Fobiri, Endeavour Mining Fofina, Maoula, Siou, Wona-Kona, Yaho, Yama); Nabanga Paul Blackney, MAusIMM, Optiro Consulting Pty Ltd Kalana (Kalana, Kalanako) MAIG Michael Millad, AIG Cube Consulting Pty Ltd Ity (Ity/Flat/Walter); Karma (GG1) Mark Zammit, MAIG Principal Consultant Geologist, Ity (Mont Ity/Flat/Walter, ZiaNE, Verse Ouest – Teckraie, Cube Consulting Pty Ltd Daapleu,Gbeitouo, Aires, Bakatouo); Hounde (Vindaloo) Eugene Purich P. Eng. P&E Consulting Karma (Kao, Rambo, GG2)
MINERAL RESERVES
Qualified Person Position Property/Deposit Salih Ramazan, FAusIMM Vice President – Mine Planning, Ity, Houndé, Mana (open pit), Boungou and Karma Endeavour Mining Stephen Ling, P.Eng. Director, Technical Services, Sabodala and Wahgnion Teranga Gold
Allan Earl Executive Consultant - Snowden Fetekro and Kalana
Denis Fleury P. Eng Chief Engineer, QP Siou and Wona underground at Mana Underground, Endeavour Mining
1. The Mineral Resources and Reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, ‘Standards of Disclosure for Mineral Projects’ and the Definition Standards adopted by CIM Council in May 2014. 2. Mineral Resources that are not Mineral Reserves do not demonstrate economic viability. 3. Mineral Resources are reported inclusive of Mineral Reserves. 4. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to one decimal place; ounces are rounded to the nearest 1,000 oz. Rounding may result in apparent summation differences between tonnes, grade and contained metal. 5. Tonnes and grade measurements are in metric units; contained gold is in troy ounces. 6. Processing recoveries vary at each pit by many factors including material types, mineralogy and chemistry of the ore. The overall average recoveries are around 92% at Boungou, 91% at Hounde, 83% at Ity, 87% at Mana, 82% Karma, 88% at Sabodala, 93% at Wahgnion, 94.7% at Fetekro and 90.5% at Kalana. 7. The reporting of Mineral Reserves and Resources are based on a gold price as detailed below:
Sabodala- Mines1 Ity Karma Houndé Mana Boungou Massawa Wahgnion Reserves Au price $/oz 1,300 1,300 1,300 1,500 OP 1,300 1,300 OP 1,300 1,300 UG 1,200 UG Resources Au price $/oz 1,500 1,500 1,500 1,500 – 1,700 1,500 1,500 1,500
Projects1 Kalana Fetekro Bantou Nabanga Golden Hill Reserves Au price $/oz 1,500 1,500 n.a n.a n.a Resources Au price $/oz 1,500 1,500 1,500 1,500 1,800 24 RESERVES AND RESOURCES
ENDEAVOUR MINING 1 Gold cut-off grades for Mineral Reserves are as follows: The Technical Reports published so far are available electronically Boungou is 1.2 g/t for Oxide and 1.3 g/t for transitional and on SEDAR at www.sedar.com under the Corporation’s profile. fresh ore. New Technical Reports on the Fetekro and Kalana Projects are Ity cut-off grades vary between 0.4 g/t to 0.6 g/t except the scheduled to be uploaded before April 9, 2021. The Sabodala- Daapleu Transitional and Fresh, which is 0. 8g/t, and VSM part Massawa Mine, Wahgnion Mine and Golden Hill Project Technical of Fresh cut-off grades is 0.9 g/t Reports are available under the Teranga Gold profile on SEDAR.
| FACT SHEET MARCH 2021 The Boungou Mine, Mana Mine, Bantou Project and Nabanga Hounde cut-off grades vary between 0.4 g/t to 0.7 g/t Project reports are available under the SEMAFO profile on SEDAR. Karma cut-off grades vary between 0.3 g/t to 0.5 g/t Mana open pit cut-off grades vary between 0.5 g/t to 0.9 g/t • Ity Mine: “ Technical Report on the Ity Gold Mine, Republic of Mana Siou UG cut-off grade is 2.5 g/t Côte d’Ivoire”, dated June 15, 2020. Mana Wona UG cut-off grade is 2.25 g/t • Houndé Mine: “ Houndé Gold Mine Technical Report, 2020”, dated June 15, 2020. Kalana cut-off grade varies between 0.4 g/t to 0.6 g/t • Karma Mine: “Technical Report on an updated Feasibility Study Fetekro cut-off grade is 0.3 g/t for Oxide ore and 0.4 g/t for and a Preliminary Economic Assessment for the Karma Gold Transitional and Fresh ore. Project, Burkina Faso, West Africa” dated effective August 10, Sabodala-Massawa open pit Mineral Reserve cut-off grades 2014. range from 0.37Au g/t to 0.55 Au g/t for Oxide, 0.43 Au g/t to • Mana Mine: “Mana Property, Burkina Faso NI 43-101 Technical 0.67 Au g/t for Sulfide ore and 1.24 Au g/t to 1.26 Au g/t for Report “, dated December 31, 2017. Refractory ore. • Boungou Mine: “NI 43-101 Technical Report Natougou Gold Sabodala – Massawa underground Mineral Reserve cut-off Deposit Project Burkina Faso”, dated March 23, 2016. grades range from 2.5 Au g/t to 2.6 Au g/t. • Bantou Project: “Bantou Project, NI 43-101 Technical Report – Wahgnion Mineral Reserve cut-off grades range from 0.40 Au Mineral Resource Estimate”, dated April 3, 2020. g/t to 0.48 g/t Au for Oxide ore and 0.49 Au g/t to 0.69 Au g/t for Sulfide ore. • Nabanga Project: “Nabanga Project, NI 43-101 Report – Preliminary Economic Assessment”, dated November 14, 2019. Mana, Boungou and Bantou Mineral Resources are based on a gold price of $1,500/oz except for Wona open pit which is at • Sabodala-Massawa Mine: “Sabodala-Massawa Project Pre- $1,700/oz. feasibility Study National Instrument 43-101 Technical Report”, dated August 21, 2020. Mana OP Mineral Resources are reported at a cut-off grade as defined by deposit and material type, varying from Oxide • Wahgnion Mine: “Technical Report on the Wahgnion Gold at 0.41 to 0.56 Au g/t, Transition at 0.44 to 0.69 Au g/t and Operations, Burkina Faso, NI 43-101 Report”, dated October 31, Sulfide at 0.72 to 2.54 g/t Au. 2018. Cut-off grades for open-pit Mineral Resources at Boungou are • Wahgnion Mine: Reserves and Resources were updated in 2020, defined by material type: Oxide at 0.91 Au g/t, Transition at together with an updated Life of Mine plan. The results were 0.91 g/t Au and Sulfide 1.05 at Au g/t. published in the August 6, 2020 press release available on the Teranga Gold profile on SEDAR. Cut-off grades for Mineral Resources in the Bantou Project are defined by deposit, varying from 0.43 Au g/t to 0.86 Au g/t. • Golden Hill Project (shown under Houndé): “Technical Report on the Golden Hill Project, Burkina Faso, NI 43-101 Report”, dated Cut-off grades for underground Mineral Resources at Boungou December 17, 2020. is 2.0 Au g/t • Fetekro Project: Reserves and Resources were updated in early Cut-off grades for underground Mineral Resources at Siou 2021, as at December 31, 2020, together with PFS Results and is 2.2 Au g/t a Life of Mine plan. The results were published in the February Cut-off grades for underground Mineral Resources at Wona 23, 2021 press release available on the company’s website. is 1.8 Au g/t. A Technical Report is scheduled to be uploaded on the Cut-off grades for Mineral Resources of Nabanga is at Endeavour SEDAR profile before April 9, 2021. 3.0 Au g/t. • Kalana Project: Reserves and Resources were updated in early Cut-off grades for open pit Mineral Resources at Sabodala- 2021, as at December 31, 2020, together with PFS Results and Massawa range from 0.31 Au g/t to 1.09 Au g/t a Life of Mine plan. The results were published in the February Cut-off grades for underground Mineral Resources at Sabodala- 23, 2021 press release available on the company’s website. Massawa range from 2.0 Au g/t to 2.84 Au g/t A Technical Report is scheduled to be uploaded on the Cut-off grades for Wahgnion open pit Mineral Resources range Endeavour SEDAR profile by April 9, 2021. from 0.35 Au g/t to 0.60 Au g/t Golden Hill project has been consolidated under the Houndé Mine. Cut-off grades for Golden Hill open pit Mineral Resources range from 0.49 Au g/t to 0.55 Au g/t The reserve estimation study has been carried out internally for Boungou, Ity, Hounde, Karma and Mana, Sabodala and Wahgnion. Fetekro and Kalana studies were carried out by Snowden. CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Fact Sheet contains “forward-looking statements” including but not tax rules and regulations and political and economic developments limited to, statements with respect to Endeavour’s plans and operating in countries in which Endeavour operates. Although Endeavour has performance, the estimation of mineral reserves and resources, the attempted to identify important factors that could cause actual results timing and amount of estimated future production, costs of future to differ materially from those contained in forward-looking statements, production, future capital expenditures and the success of exploration there may be other factors that cause results not to be as anticipated, activities. Generally, these forward-looking statements can be identified estimated or intended. There can be no assurance that such statements by the use of forward-looking terminology such as “expects”, “expected”, will prove to be accurate, as actual results and future events could differ “budgeted”, “forecasts” and “anticipates”. materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please Forward-looking statements, while based on management’s best refer to Endeavour’s most recent Annual Information Form filed under its estimates and assumptions, are subject to risks and uncertainties that profile at sedar.com for further information respecting the risks affecting may cause actual results to be materially different from those expressed Endeavour and its business. or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related This Fact Sheet may include certain terms or performance measures to international operations; risks related to general economic conditions commonly used in the mining industry that are not defined under and credit availability, actual results of current exploration activities, International Financial Reporting Standards (“IFRS”), including “cash unanticipated reclamation expenses; changes in project parameters as operating costs”, “all-in sustaining costs” (or “AISC”) and “adjusted plans continue to be refined; fluctuations in prices of metals including cash operating costs”. Non-IFRS measures do not have any standardized gold; fluctuations in foreign currency exchange rates, increases in market meaning prescribed under IFRS and therefore they may not be comparable prices of mining consumables, possible variations in ore reserves, grade to similar measures employed by other companies. The data presented is or recovery rates; failure of plant, equipment or processes to operate intended to provide additional information and should not be considered as anticipated; accidents, labour disputes, title disputes, claims and in isolation or as a substitute for measures of performance prepared in limitations on insurance coverage and other risks of the mining industry; accordance with IFRS and should be read in conjunction with Endeavour’s delays in the completion of development or construction activities, consolidated financial statements, available on our website. changes in national and local government regulation of mining operations, CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 CONTACT US T: +44 203 011 2719 OPERATIONS OFFICE [email protected] Hotel Palm Club Follow us: Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 872 Côte d’Ivoire endeavourmining.com T: +225 27 22 48 99 00