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Creating a Premier African Gold Producer

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Creating a Premier African Gold Producer CREATING A PREMIER AFRICAN GOLD PRODUCER FOLLOW US EDV: TSX FACTSHEET OCTOBER 2020 endeavourmining.com ENDEAVOUR MINING MINING ENDEAVOUR ABOUT US | FACT SHEET OCTOBER 2020 | FACT SENEGAL NIGER KARMA MALI BURKINA FASO BOUNGOU MANA NABANGA HOUNDÉ GUINEA KALANA BANTOU BENIN SIERRA TOGO NIGERIA LEONE FETEKRO GHANA CÔTE D’IVOIRE LIBERIA ITY AGBAOU REGIONAL OFFICE Endeavour Mines Endeavour Development Projects 2020 TARGET Top 15 6 10Moz Global Gold Operational P&P Reserves Producer Mines +1Moz 1 Production at <$900/oz N o . 1 4 23Moz AISC Producer in Development M&I Resources West Africa Projects 1 Acquired Etruscan 2010 (Agbaou project and Youga mine) Merged with Adamus 2011 Endeavour Mining is a (Nzema mine) multi-asset gold producer focused on West Africa with a solid track record Acquired Avion 2012 (Tabakoto mine and of operational excellence, Houndé project) project development, exploration success and portfolio management Houndé Feasibility 2013 in the highly prospective Study published Birimian Greenstone Belt. As a leading gold producer, Endeavour is committed to the principles of responsible 2014 Agbaou began mining and delivering sustainable value to its commercial production employees, stakeholders and the communities where it operates. Endeavour’s shares are listed on the Toronto Acquired Ity and formed a strategic partnership with Stock Exchange, under the trading symbol EDV 2015 and trade over-the-counter on the OTCQX under La Mancha who became a the symbol EDVMF. 30% shareholder New CEO appointed Non-core Youga mine divested and True Gold 2016 (Karma mine) acquired Houndé construction began Five-year exploration strategy was launched Acquired Avnel (Kalana project) Houndé completed ahead of schedule and below budget 2017 Ity CIL plant construction began Non-core Nzema mine divested 1Moz indicated resource at Kari Pump 2018 (Houndé mine) Non-core Tabakoto mine divested Ity CIL plant completed ahead of schedule and below budget Upsize of Ity CIL plant to 5Mtpa 2019 1Moz Indicated resource at Kari West & Kari Center (Houndé mine) 2020 C$1 billion acquisition of SEMAFO 2 ENDEAVOUR MINING MINING ENDEAVOUR WEST AFRICA: A GOLDEN OPPORTUNITY | FACT SHEET OCTOBER 2020 | FACT 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 4th 81% No.1 LARGEST GOLD GROWTH IN REGION GLOBALLY PRODUCING PRODUCTION OVER FOR RECENT REGION GLOBALLY PAST 15 YEARS DISCOVERIES +80Moz No.3 <$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 seven 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 WEST AFRICA: GOLDEN OPPORTUNITY 3 ATTRACTIVE MINING- MOVING FROM FRIENDLY JURISDICTION DEVELOPING TO EMERGING Responsible approach to mining MARKET STATUS development with modern environmental GDP growth rate amongst the highest in the standards world with controlled inflation of below 2% Swift permitting process which means Democratic elections held across most West timing from discovery to production can be African countries in past decade under three years Strong support from the IMF and World Bank Modern mining codes consistent with international principles Local governments are investing heavily in improved regional security with additional support from international partners Great human potential; significant improvement MALI NIGER in literacy and education over the past 10 years SENEGAL Political and economic stability thanks to the BURKINA creation of a regional economic zone called the GUINEA FASO BISSAU BENIN West African Economic and Monetary Union CÔTE TOGO (UEMOA) which is similar to the European D’IVOIRE Union: • Common central bank for the eight francophone nations UEMOA Member States • Common currency (CFA Franc) which is pegged to the Euro • Fiscal and monetary policies tend to be aligned with guidance from IMF 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: 6.15% 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 MINING ENDEAVOUR STRATEGIC POSITIONING ON TWO OF WEST AFRICA’S | FACT SHEET OCTOBER 2020 | FACT 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 SENEGAL Endeavour has one of the largest footholds on the Hounde Belt, with two mines, a project NIGER and significant exploration tenements MALI BURKINA FASO BENIN Mana Mine GHANA CÔTE D’IVOIRE GUINEA NIGERIA CÔTBirimianE Greenstone Belts D’IVOIRE Tarkwaian Type Sediments BURKINA LIBERIA Houndé Mine Exploration permits FASO JV Exploration Permits Mining Permits Deposits Targets 0 Km 100 GHANA Bantou Exploration 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 1.5Moz – 2.5Moz 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 MINING ENDEAVOUR FETEKRO ITY MINE AGBAOU | FACT SHEET OCTOBER 2020 | FACT 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 of Expected mine life: 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. 235-255koz OPERATING PERFORMANCE Production 2020 Target 2017 2018 2019 Mining Waste (kt) 5,237 2,901 8,320 Ore mined – Open Pit (kt) 1,410 1,127 5,733 $630-675/oz Processing AISC 2020 Target Ore processed (kt) 1,194 1,307 3,693 Grade (g/t) 1.85 2.49 1.88 Recovery (%) 83 81 86 3.1Moz Production (oz) 59,026 84,832 193,140 P&P Reserves As at December 31, 2019 Cash costs per ounce of gold sold Cash cost 733 646 557 AISC ($/oz) 906 719 616 4.1Moz M&I Resources Current as at December 31, 2019 7 KARMA OUAGADOUGOU HOUNDÉ MINE BOUNGOU MANA NABANGA BANTOU 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 at 1,860 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 230-250koz 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. 2020 Target OPERATING PERFORMANCE 2017 2018 2019 Mining Waste (kt) 14,827 35,659 35,225 $865-895/oz AISC Ore mined – Open Pit (kt) 1,222 5,822 2,969 2020 Target Processing Ore processed (kt) 813 3,948 4,144 Grade (g/t) 2.75 2.29 1.83 2.2Moz Recovery (%) 95 94 93 P&P Reserves As at December 31, 2019 Production (oz) 68,754 277,218 223,304 Cash costs per ounce of gold sold Cash cost 194 459 666 AISC ($/oz) 335 564 862 4.4Moz M&I Resources Current as at December 31, 2019 8 ENDEAVOUR MINING MINING ENDEAVOUR KARMA BOUNGOU OUAGADOUGOU MINE MANA NABANGA | FACT SHEET OCTOBER 2020 | FACT HOUNDÉ BANTOU 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 CIL Plant operation with significant exploration potential.
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