INVESTEC AFRICAN GOLDS PRESENTATION
July, 2020
TSX:EDV DISCLAIMER & FORWARD LOOKING STATEMENTS
Cash cost per ounce and all in sustaining cash cost per ounce are non GAAP performance measures Clinton Bennett, Endeavour's Vice President of Technical Services a Member of the Australasian with no standard meaning under IFRS This presentation contains “forward looking statements” Institute of Mining and Metallu rgy, is a "Qualified Person" as defined by National Instrument 43 including but not limited to, statements with respect to Endeavour’s plans and operating 101 Standards of Disclosure for Mineral Projects ("NI 43 101") and has reviewed and approved the performance, the estimation of mineral reserves and resources, the timing and amount of technical information in this news release. estimated future production, costs of future production, future capital expenditures, and the success of exploration activities Generally, these forward looking statements can be identified by the use of forward looking terminology such as “ expects”,“ expected”,“ budgeted”,“ and “ Forward looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward looking statements, including but not limited to risks related to the successful integration of acquisitions risks related to international operations risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses changes in project parameters as plans continue to be refined fluctuations in prices of metals including gold fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates failure of plant, equipment or processes to operate as anticipated accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements Accordingly, readers should not place undue reliance on forward looking statements Please refer to Endeavour’s most recent Annual Information Form filed under its profile at www sedar com for further information respecting the risks affecting Endeavour and its business. CORPORATE PRESENTATION ENDEAVOUR MINING OVERVIEW A premier diversified West African gold producer
Top 15 Global GOLD PRODUCER
+1Moz <$900/oz 2020 PRODUCTION TARGET 2020 AISC TARGET
10Moz 21Moz P&P RESERVES M&I RESOURCES
3 TABLE OF CONTENTS
1 WHY WEST AFRICA?
2 ENDEAVOUR OVERVIEW
Note : All amounts are in US$, except where indicated, and may differ from MD&A due to rounding 01
SECTION 1
WHY WEST AFRICA? CORPORATE PRESENTATION COUNTRIES OF OPERATION Operate in 3 emerging market countries CÔTE D’IVOIRE BURKINA FASO MALI
› Population: 27.5m › Population: 20.8m › Population: 19.5m › Unemployment Rate: 2.5% › Unemployment Rate: 6.15% › Unemployment Rate: 7.9% › Literacy: 47.2% › Literacy: 41.2% › Literacy: 35.5%
› Internet Users: 46.8% › Internet Users: 16% › Internet Users: 13% › 2018 GDP: $43Bn › 2018 GDP: $14.1Bn › 2018 GDP: $17.2Bn › 2018 GDP Growth: 7.4% › 2018 GDP Growth: 6.8% › 2018 GDP Growth: 4.9%
› Corporate Tax: up to 25% › Corporate Tax: up to 27.5% › Corporate Tax: up to 25% › Mining Royalties: up to 6% › Mining Royalties: up to 5% › Mining Royalties: up to 6%
Sources: World Bank & CIA Factbook 6 CORPORATE PRESENTATION WEST AFRICA OPERATES AS AN ECONOMIC UNION Single currency with economies becoming more integrated
INSIGHTS Countries using West African CFA
› West Africa acts as an economic zone (WAEMU) › Common central bank for 8 states › Common currency which is pegged to the Euro
› Fiscal and monetary policies tend to be aligned with guidance from IMF
› States have undergone democratic elections in past decade and are closely monitored by the IMF
West African CFA franc (XOF)
7 CORPORATE PRESENTATION WEST AFRICA’S ECONOMY IS GROWING QUICKLY Strong involvement from the World Bank Group
INSIGHTS Long-term real GDP forecasts (2019-2024)(% p.a.)1 › Côte d’Ivoire economy has expanded by an average of 8% per year since 6.9%
2011, making it one of the fastest 6.0% growing countries worldwide
4.9% › The World Bank Group is currently 4.6% 4.7% financing: › 28 projects totalling $3 billion in Côte d’Ivoire 3.0% 2.5% › 30 projects totalling $2.5 billion in Burkina Faso › Low inflation of below 2% over past 5 years
Mali Burkina Faso Côte d’Ivoire Frontier South Frontier Frontier Other America Europe Asia Frontier Africa
WEST AFRICA FRONTIER MARKETS
1. Source: IMF 2020 estimates. Frontier markets included: Other Africa: Nigeria, Tunisia, Morocco, Benin, Botswana, Ghana, Mauritius, Namibia, Senegal Kenya. Europe: Bulgaria, Romania, Poland. South America: Argentina. Asia: Pakistan, Vietnam 8 CORPORATE PRESENTATION WEST AFRICA MINING CODES ARE WELL ALIGNED Very similar to developed countries
INSIGHTS Corporate Income Tax and Royalties › Transfer pricing regulations recently Country / Region Corporate Tax Mining Royalties established in the jurisdiction Burkina Faso Up to 27.5% Up to 5% › OECD principles associated to tax base erosion well governed with Côte d’Ivoire Up to 25.0% Up to 6% appropriate withholding tax and thin Ghana Up to 35.0% Up to 5% capitalisation legislation in place Guinea Up to 30.0% Up to 5% Mali Up to 25.0% Up to 6% › Standard tax principles and interpretation consistent in multiple Senegal Up to 30.0% Up to 3% countries within WAEMU zone West Africa Up to 35.0% Up to 6%
Australia Up to 30.0% Up to 5% USA Up to 47.0% Up to 5% Canada Up to 31.0% Up to 3%
Source: PWC 9 CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA Endeavour represents over 10% of total West African spend
Exploration budget ($m)
677 634 +$5billion spent in West Africa over
385 last 10 years 363
247
176 175 173 137 123 113 110 100 77 75 74 71 10% 47
of global budget is spent in
USA
Mali Peru
Chile West Africa
Brazil
China
Russia
Ghana
Mexico
Canada
Senegal
Australia
Tanzania
Colombia
Argentina
West West Africa
Burkina Faso Burkina d’Ivoire Cote
Source: 2017 S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, and Senegal 10 CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years
Discoveries by area For the period between 2006-2016
79Moz +79Moz Discovered over past 10 years in West Africa 50Moz
42Moz
33Moz
27Moz 27Moz
23Moz 22Moz 20Moz 18Moz 16Moz 16Moz 15Moz 13Moz 13Moz 11Moz No.1
Discovery region
USA
Mali Chile
China globally
Russia
Ghana
Mexico
Canada
Ecuador
Australia
Colombia Mongolia
West West Africa
SouthAfrica
BurkinaFaso Cote Cote d’Ivoire
Source: SNL West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Guinea, Liberia and Sierra Leone 11 CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller
Land mass compared to exploration spend
900
800
700 Canada Australia 600
500
400 West Africa More spending, yet 5x smaller land mass USA 300
2017 exploration budget ($m) budget 2017 exploration 200
100
0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5
Land mass million km²
Source: S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Liberia and Sierra Leone 12 CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE UNDER-EXPLORED Host ~60% of belt yet represents ~25% of production
% of Birimian greenstone belt West African geology - Birimian greenstone belt
Burkina Faso 22% Côte d’Ivoire Karma 35%
Other 14% Houndé Mana Kalana Mali Boungou Ghana Nabanga 10% 19% Bantou
2016 production (Moz)
Côte d’Ivoire Fetekro Burkina Faso Ity 17% 10%
Agbaou
Other 13%
Ghana 39% Combined entity operating asset Other gold mines
Combined entity development asset Birimian Greenstone Mali 21%
Source: S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Liberia, and Sierra Leone 13 CORPORATE PRESENTATION BURKINA FASO & COTE D’IVOIRE ARE FAST GROWING Represent half of the region's exploration expenditures
West African exploration expenditures by country 2017 exploration expenditures
Côte d’Ivoire ~50% 20% Burkina Faso of West African exploration 29% expenditures
Ghana 20% Other Countries 12% $190m 2017 exploration spend for Burkina Faso and Côte d’Ivoire Mali 19%
Source: S&P Global Market Intelligence. 14 CORPORATE PRESENTATION STRONG PRODUCTION GROWTH IN WEST AFRICA Has quickly become a top producing gold region
Gold production by country 15Moz +81% West African production growth over past 9Moz 9Moz 15 years 8Moz 7Moz
5Moz 5Moz 5Moz
4Moz 3Moz 3Moz 3Moz 4th
largest gold producing Peru
Brazil region globally
China
Russia
Ghana
Mexico
Canada
Australia
Indonesia
West West Africa
SouthAfrica United States
Source: World Gold Council. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, and Liberia 15 CORPORATE PRESENTATION ENDEAVOUR IS EMERGING AS THE LEADING MULTI-ASSET WEST AFRICAN PRODUCER
Operating Mines # Countries of operations # West Rest of Rest of the West Rest of Rest of the Africa Africa World Africa Africa World
Geographically focused yet diversified across multiple mines and multiple countries
Source: Company reports 16 CORPORATE PRESENTATION MAKING A DIFFERENCE WHERE WE OPERATE Operating in a responsible manner
1 No. 1 PRODUCER CÔTE D’IVOIRE & BURKINA FASO1 1 No. 1 EMPLOYER IN BURKINA FASO1
All information sourced from 2019 Sustainability report 1. As of July1, 2020 post SEMAFO acquisition 17 CORPORATE PRESENTATION FOCUSED ON GROWING LOCAL TALENT Over 95% of our workforce are nationals
Employee breakdown(1) Expats Nationals GENERAL MANAGERS 95% 75% site workforce 3 out of 4 are West-African are nationals 0% 25% in 2017 in 2018
SITE WORKFORCE HEAD OF DEPARTMENTS % 95% 42% 75 2,327 out of 2,479 15 out of 36 GMs are are nationals are nationals 93% 95% 33% 36% West African in 2017 in 2018 in 2017 in 2018
(1) Excludes SEMAFO assets 18 02
SECTION 2
ENDEAVOUR OVERVIEW CORPORATE PRESENTATION COMPANY PROFILE
Shareholder Distribution Ticker TSX:EDV
Shares Outstanding as at Jul 3 163m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Share price as at July 06 C$33.00 Europe Market cap as at July 06 US$3.9B
Net Debt as at March 31 (PF with Semafo) US$406m Other North America 5% 24% 1% 70%
Share Price Performance Top Shareholders
Endeavour Mining S&P TSX Global Gold Rank Institution Name % of S/O 500 1 La Mancha 24.1% 450 2 BlackRock Investment Management 10.5% 400 3 Van Eck 8.2% 350 4 Fidelity International 3.7% 300 250 5 Ruffer 2.8% 200 6 Ninety One UK 2.5% 150 7 The Vanguard Group 2.2%
Share price rebased to 100 rebased to price Share 100 8 RBC Global Asset Management 1.8%
50 9 Elliott Management 1.7%
10 Dimensional Fund Advisors 1.7%
30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19
31-Oct-16 31-Oct-17 31-Oct-18 31-Oct-19
30-Apr-20 30-Apr-16 30-Apr-17 30-Apr-18 30-Apr-19
29-Feb-16 28-Feb-17 28-Feb-18 28-Feb-19 29-Feb-20
31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
31-Aug-16 31-Aug-17 31-Aug-18 31-Aug-19
20 CORPORATE PRESENTATION CREATE A PREMIER DIVERSIFIED WEST AFRICAN GOLD PRODUCER
STRATEGIC OBJECTIVES STRATEGIC PILLARS
<$850/oz Diversification All-in Sustaining Cost across multiple countries and mines
+10 YEARS Production visibility from operating assets +20% ROCE with strong capital allocation discipline
700koz to 1Moz Annual production
21 CORPORATE PRESENTATION STRATEGICALLY REPOSITIONED Strategically repositioned Endeavour as a leading African Gold producer
2016 - 2019 TURN-AROUND
2015 PROFILE $1billion invested 2020 PROFILE
$922/oz 2 flagship mines built <$900/oz All-in Sustaining Cost 6.3Moz discovered at $12/oz 4 years 10+ years Production visibility 3assets divested from operating assets
6 assets acquired (inclusive of SEMAFO) 517koz +1Moz Annual production 4 projects in the pipeline
22 CORPORATE PRESENTATION PRODUCTION AND AISC PROFILE Focused on long-term sustainable production at low cost
FOCUSED ON BUILDING HOUNDÉ AND ITY CASHFLOW PHASE +1Moz +1Moz +1Moz
727koz 663koz 651koz 593koz 516koz
$922/oz $886/oz <$900/oz $866/oz $843/oz $818/oz
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 › Ity HL acquired through › Youga divested › Houndé build completed › Tabakoto divested › Ity CIL build completed › Acquisition of SEMAFO strategic partnership › Karma acquired › Kalana project acquired with La Mancha › Nzema divested
Nzema Youga Tabakoto Houndé Ity CIL Ity HL Karma Agbaou Boungou Mana
23 CORPORATE PRESENTATION CREATION OF A TOP 15 GOLD PRODUCER Largest West African Gold producer
Industry Top Producers (Moz) Based on latest reported fiscal year gold production, unless otherwise stated 1
6.5 6.0 Top 5.5 15 Global gold producer 2.5
2.0
1.5
1.0
0.5
0.0 3 Moz
Regis 1.0
Polyus
Barrick
Kinross
B2Gold
Alamos
Sibanye
Pretium
Yamana
Teranga
Resolute
Centerra
Eldorado
Harmony
Newcrest Evolution
Centamin
IAMGOLD
Newmont
Polymetal
SEMAFO St Barbara St
AngloGold (2)
Torex Gold Torex
Gold Fields Gold OceanaGold
Agnico Agnico Eagle Annual production
Endeavour
Kirkland Kirkland Lake
Northern Star Northern Combined entity Combined
Sources: Company disclosures 1) Based on the largest (by latest fiscal year gold production) publicly traded companies whose principal business is gold production. Excludes China and Hong Kong. Figures as per SNL (2019 production) 2) Based on mid-point 2020 guidance 24 3) Proforma Kirkland Lake and Detour Gold production CORPORATE PRESENTATION AISC IN THE BOTTOM THIRD OF THE GLOBAL COST CURVE Focused on long-term sustainable production at low cost
Cumulative Industry AISC Cost Curve ($/oz) Industry curve based on Q4-2019
US$/oz 3,500 LOW COST 3,000 Gold producer
2,500
2,000
1,500 1,000 Endeavour Bottom third 500 Industry AISC Curve
0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Sources: Metals Focus Gold Mine Cost Service and World Gold Council 25 1. AISC based on the mid-point 2020 guidance CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Hands-on management model with teams close to operations
Senior Management
Sebastien de Montessus CEO & Director SENEGAL 2h40
Benoit Desormeaux GAMBIA MALI Karma President Mine BURKINA FASO GUINEA- Ouagadougou Henri de Joux Bamako Mana BISSAU Boungou Interim CFO, EVP People, Culture & IT Mine Kalana Houndé Mine GUINEA Project2h 2h Mine Bantou Mark Morcombe Project COO
SIERRA Fetekro Morgan Carroll LEONE CÔTE Project 1h35 EVP Corporate Finance & General Counsel D’IVOIRE GHANA 35min Ity Mine Patrick Bouisset LIBERIA Agbaou EVP Exploration & Growth Mine Abidjan Pascal Bernasconi Operations Office EVP Public Affairs, CSR & Security hours Flight time 200km
26 CORPORATE PRESENTATION OPERATIONAL EXCELLENCE 1 Safety is our top priority
Lost Time Injury Frequency Rate(1) (on a rolling 12-months basis) 0.66 0.26 LTM Lost Time Injury Frequency Rate 0.40
0.29 0.26
0.16 0.12 2 LTI Over the past 12 months Peer Average(2) FY2016 FY2017 FY2018 FY2019 Q1-2020 Trailing 12 months
(1)Lost Time Injury Frequency Rate= (Number of LTIs in the Period X 1,000,000)/ (Total man hours worked for the period). Excludes SEMAFO assets (2)The selected peer group based on same reporting metrics, used the latest available data from Centamin (2019), B2Gold (2019), Eldorado Gold (2018), Nordgold (2018), Glencore (2019) and Asanko (2019) 27 27 CEO CORPORATEINTRODUCTION PRESENTATION PROJECT DEVELOPMENT 2 Strong construction track record
MOST RECENT MINE BUILDS COMPLETION
NZEMA, GHANA, BUILT IN 2010 AGBAOU, CÔTE D’IVOIRE, BUILT IN 2014
ON-SCHEDULE
HOUNDÉ, BURKINA FASO, BUILT IN 2017 ITY CIL, CÔTE D’IVOIRE, BUILT IN 2019 ON-BUDGET
0 LTIs
28 28 CORPORATE PRESENTATION
44 PROJECT DEVELOPMENT 2 Potential to increase capital allocation efficiency with enhanced pipeline
Daoukro Cluster (Ivory Coast) Kofi Trend Bondoukou Clust. (Mali) (Ivory Coast) Nabanga (Burkina Faso) PEA completed 2019 Ity CIL
Fougadian Siguiri Boungou (Mali) (Guinea) Kalana Randgold JV Bantou (Mali) (Burkina Faso ) (Ivory Coast) PFS in progress Sia/Sianikoui Resource stage (Hounde trend) Hounde Liguidi Mt. Ba/Gueya (Burkina Faso) (Ivory Coast – Ity trend)
Korhogo Fetekro Deep Agbaou (Ivory Coast) (Ivory Coast) (Ivory Coast) PEA in progress Liptako Tiepleu Mines (Niger) (Ity trend) Projects
Greenfield target
LONG-TERM UPSIDE NEAR-TERM GROWTH IMMEDIATE CASH FLOW FROM GREENFIELD EXPLORATION FROM PROJECTS FROM PRODUCTION
29 CORPORATE PRESENTATION PROJECT DEVELOPMENT 2 Attractive organic growth opportunities
INSIGHTS › While the main focus for 2020 is cash flow generation, Endeavour is also continuing to build optionality within NAME Kalana Fetekro Bantou Nabanga its portfolio by advancing studies and conducting exploration on both the Fetekro and Kalana projects. › Studies are underway with the aim of publishing a PEA on COUNTRY Mali Côte D’Ivoire Burkina Faso Burkina Faso Fetekro and PFS on Kalana in H2-2020 › Once studies are published we will be better positioned to decide which project to prioritize our exploration STATUS PFS in progress PEA in progress Exploration PEA efforts on and advance to Feasibility stage › SEMAFO’s projects offer additional optionality which will also be assessed against Endeavour’s projects RESERVES N/A N/A N/A N/A
M&I 2.29Moz 1.19Moz N/A N/A RESOURCES at 2.69g/t at 2.54g/t
INFERRED 0.27Moz 0.06Moz 2.25Moz 0.84Moz RESOURCES at 4.41g/t at 2.17g/t at 1.37g/t at 7.69g/t
Sources: company disclosures 30 CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Strong foothold in two world-class belts
Hounde Belt, Burkina Faso Ity Belt, Côte d'Ivoire
31 CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Among largest and most promising portfolios in West Africa
West African geology - Birimian greenstone belt
AMONGST LARGEST Karma TENEMENT HOLDING
Houndé Mana Kalana Boungou Nabanga Bantou +200 EXPLORATION TARGETS Fetekro Ity
Agbaou
21Moz 10-15Moz Combined entity operating asset Other gold mines M&I RESOURCES 5-YEAR DISCOVERY TARGET Combined entity development asset Birimian Greenstone
*Reserve and Resource at year-end 2018 32 CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Starting to deliver against our 5-year strategy
Indicated discovery target by area as published in Nov. 2016 Excludes SEMAFO Assets 4.04.0--6.0Moz6.0Moz 10-15Moz 5-year Indicated Resource discovery target
2.5-3.5Moz (Assessment underway to include SEMAFO assets)
1.5-2.5Moz 0.5-1.0Moz target exceeded 2.1Moz 0.5-1.5Moz 0.5-1.5Moz Discovered 2.0Moz 1.2Moz 0.5Moz 0.5Moz Greater Ity Houndé Tabakoto Agbaou Karma Côte d’Ivoire Regional (sold mine, retained Kofi exploration)
Note: See Investor Day Presentation on EDV website for full details. Based on average gold grade of 2.0-3.5g/t for Greater Ity, 1.8-2.5g/t for Houndé, 2.0-4.0g/t for Tabakoto, 1.0-1.5g/t for Karma and 1.5- 3.0g/t for Côte d’Ivoire regional. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain 33 33 if exploration will result in the targets being delineated as a mineral resource. CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 On track to meet 5-year exploration targets
Total Indicated discoveries and targets Excludes SEMAFO Assets Indicated resources discovered Indicated resources targeted 100% % Cumulative Indicated resources against 5-year discovery target Exploration spend 1.5-2.5Moz 10-15Moz 6.3Moz 80% discovered from mid-2016 to 1.5-2.5Moz 2019 63%
2.1Moz 42%
1.9Moz 23% 10% 1.3Moz 63% 1.0Moz of 5-year target H2-2016A 2017A 2018A 2019A 2020E 2021E Total achieved after 3 years $44m $53m $49m $45-50m
34 CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Exploration demonstrates potential for +250koz for 10 years at Ity Mine
Ity production plan (As per 2017 Optimized Study (2), based on 4Mtpa plant and excludes Le Plaque discovery) 0.5Moz of total reserve additions required Production as per study
Le Plaque expected to fill the gap
250koz 250koz 238koz 224koz 213koz 201koz 190koz
162koz 159koz 151koz
(started Q2-’19)
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
UPDATED TECHNICAL REPORT AND MINE PLAN EXPECTED TO BE PUBLISHED Q3-2020(3)
(1) Mine reserve grade as at Dec 31, 2018 as published in press release dated Mar 5, 2019. Le Plaque grade based on indicated resource as published on Jul 8, 2019. (2) Based on Optimized study plans as published on September 2017. 35 35 (3) Updated technical report will include the added M&I resources and reserves for Le Plaque CORPORATE PRESENTATION UNLOCK EXPLORATION VALUE 3 Exploration demonstrates potential for +250koz for 10 years at Houndé Mine
Houndé production plan (As per 2016 Optimized Study(2), excludes Kari Pump discovery) 1.1Moz of total reserve additions required Production as per study
Kari Pump, Kari West and Kari Center expected to fill the gap Extra 24koz already produced
223koz 218koz 222koz 217koz
175koz
123koz 124koz 107koz
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 (started Q4-’17)
Actual As per study UPDATED TECHNICAL REPORT AND MINE PLAN EXPECTED TO BE PUBLISHED Q3-2020(3)
(1) Mine reserve grade as at Dec 31, 2018 as published in press release dated Mar 5, 2019. Kari Pump grade based on reserves as published on Jun 24, 2019. (2) Based on Optimized study plans as published on respectively April 2016. (3) Updated technical report will include the added reserves for Kari Pump and the added resources for Kari West and Kari Centre 36 36 CORPORATE PRESENTATION
PORTFOLIO44 & BALANCE SHEET MANAGEMENT 4 Potential to continue to pursue our active portfolio management strategy
Combined Entity Producing Portfolio1 Portfolio Management Insights AISC, $/oz
Tabakoto › Ity HL acquired through strategic partnership with La Mancha in (sold in Q4-’18) $1,150 late 2015 and transitioned to CIL in Q1-2019 Nzema › Youga divested, in March 2016, due to its short mine life and high Mana (sold in 2017) $1,050 AISC Karma › Karma acquired in March 2016, and its mine life was Ity HL Agbaou subsequently increased from 7 to 10 years and process plant was (ended in 2018) $950 upgraded Youga › Houndé was completed in October 2017, becoming Endeavour’s (sold in 2016) Houndé flagship mine $850 › The Kalana project was acquired in June 2017, to strengthen the project pipeline $750 Nzema divested in 2017 due to its short mine life and high AISC › Boungou › Tabakoto divested in December 2018, due to its short mine life Ity $650 and high AISC › Mana and Boungou acquired through the SEMAFO acquisition $550
$450 0 5 10 15 20 Mine life, years
1. AISC Based on 2020 mid-point guidance; Mine lives calculated as reserves divided by contained gold produced using 2019 stated recovery per mine 2. Sources: company disclosures 37 CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Continued strong cash flow following completion of investment phase Net Cash Flow Net cash flow before repayment/proceeds of long-term debt, convertible bond and equipment finance obligation Net Cashflow Cummulative Cashflow
ITY CIL CONSTRUCTION ITY CIL PRODUCTION
$187m +$154m Q1-20 vs Q1-19 $132m
$52m
$80m $52m $55m $187m ($25m) Cumulative net cash flow over last 3 quarters ($98m) Q1-19 Q2-19 Q3-19 Q4-19 Q1-20
38 CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Sustained cash flow profile and sound balance sheet
Available sources of liquidity 2020E Consensus FCF Yield As at March 31, 2020 16% FCF Yield realized for Q1- 2020 annualized
Represents CAD 51/share 11% 11% 12% 10% 7% 8% 6% 7% 7% $354m 5% 6% 6% 6% 6% 6% 6% 6% EDV $100m 4% Cash La Mancha 2% 2% Cash 1% $551m Injection 0% 0% (1%) $97m SMF Cash (8%)
(21%)
Regis
Torex
Coeur
B2Gold
Alamos
Median
Perseus
Saracen
Yamana Pretium
Centerra
Eldorado
Harmony
Evolution
Centamin
New Gold New
IAMGOLD
St St Barbara
Hochschild
Endeavour
EDV + SMF + EDV
SSR SSR Mining
Lundin Gold Lundin
OceanaGold
Northern Star Northern Buenaventura
Source: Factset broker consensus as of Apr 29, 2020 Free Cash Flow defined as Operating Cash Flow less total capex less interest expense 39 CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Attractive returns following investment phases
Return on Capital Employed (ROCE) (1)
SEMAFO ENDEAVOUR
13%
10% % 14% 11 for H2-2019 annualized Combined 2019 ROCE
6% 6%
1% 1% +20% ROCE target with strong capital allocation discipline 2017A 2018A 2019A 2017A 2018A 2019A
(1) EBIT (Adjusted EBITDA as in MD&A less depreciation and amortization) divided by average capital employed (total assets less current liabilities) 40 CORPORATE PRESENTATION PRO FORMA GROUP METRICS Creation of a +1Moz, low AISC producer with strong balance sheet
Q1-2020 Q1-ANNUALIZED
PRODUCTION 254koz +1.0Moz
ALL-IN SUSTAINING $896/oz <$900/oz COST
OPERATING Approx. $187m CASH FLOW $750m
NET DEBT / LTM ADJ. Close to 0x 0.5x EBITDA by year-end
Notes: Pro forma amounts are for illustrative proposes only. All amounts shown are as published by respective companies and accounting standards may vary. 41 Net Debt includes the $100m placement from La Mancha CORPORATE PRESENTATION INVESTMENT PROPOSITION Exposure to strong fundamentals and with upside potential STRONG FUNDAMENTALS › High quality asset base generating strong free cash flow yield › Capital allocation discipline with >20% ROCE target › Strong organic growth potential Immediate ATTRACTIVE VALUE PROPOSITION Cashflow › Re-rating potential due to growth in size and attractive cash flow metrics from Production › Rapid deleveraging expected to accelerate dividend strategy › Short-term growth with minimal capex from high grade discoveries at Ity and Houndé › Long-term growth with 4 projects and exposure to fastest growing gold region Near-Term PROVEN MANAGEMENT TEAM Growth › Met production guidance for the past 7 years from Projects › Built 4 mines on time and on budget over past 10 years › Discovered 6.3Moz at >$15/oz over past 3 years
UPCOMING CATALYSTS TIMING CATALYST Long-Term Q3-2020 Ity Updated Le Plaque reserve estimate Updated Kari area resource estimate Q3-2020 Houndé Upside (Kari Pump, Kari Center, Kari West, and newly discovered Kari Gap) from Exploration Q3-2020 Houndé Maiden reserve estimate for Kari West Q3-2020 Houndé Maiden reserve estimate on Kari Center and Kari Gap Q3-2020 Fetekro Updated resource estimate Q3-2020 Fetekro Preliminary Economic Assessment
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