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 +$5billion spent in West Africa over 385 last 10 years 363 247 176 175 173 137 123 113 110 100 77 75 74 71 10% 47 of global budget is spent in USA Mali Peru Chile West Africa Brazil China Russia Ghana Mexico Canada Senegal Australia Tanzania Colombia Argentina West Africa Burkina Faso Burkina d’Ivoire Cote Source: 2017 S&P Global Market Intelligence. West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, and Senegal 10 CORPORATE PRESENTATION SIGNIFICANT WEST-AFRICA EXPLORATION SUCCESS Top ranking region for discoveries over past 10 years Discoveries by area For the period between 2006-2016 79Moz +79Moz Discovered over past 10 years in West Africa 50Moz 42Moz 33Moz 27Moz 27Moz 23Moz 22Moz 20Moz 18Moz 16Moz 16Moz 15Moz 13Moz 13Moz 11Moz No.1 Discovery region USA Mali Chile China globally Russia Ghana Mexico Canada Ecuador Australia Colombia Mongolia West West Africa South Africa BurkinaFaso Cote d’Ivoire Source: SNL West Africa includes: Burkina Faso, Cote d’Ivoire, Ghana, Mali, Senegal, Guinea, Liberia and Sierra Leone 11 CORPORATE PRESENTATION SIGNIFICANT EXPLORATION EFFORTS IN WEST AFRICA More exploration expenditures in a region that is 5x smaller Land mass compared to exploration spend 900 800 700 Canada Australia 600 500 400 West Africa More spending, yet 5x smaller land mass USA 300 2017 exploration budget ($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 Africa South Africa 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.