Corporate Presentation February 2017 Disclaimer & Forward - - PowerPoint PPT Presentation

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Corporate Presentation February 2017 Disclaimer & Forward - - PowerPoint PPT Presentation

CREATING A PREMIER AFRICAN GOLD PRODUCER Corporate Presentation February 2017 Disclaimer & Forward Looking Statements Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP market prices of mining consumables, possible


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SLIDE 1

CREATING A PREMIER AFRICAN GOLD PRODUCER

Corporate Presentation

February 2017

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SLIDE 2

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Disclaimer & Forward Looking Statements

Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with respect to Endeavour’s plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour’s most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

Adriaan “Attie” Roux, Pr.Sci.Nat, Endeavour’s Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this presentation.

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 3

Endeavour Mining Overview

2

Immediate Cashflow

from 5 producing mines at low AISC

– 2015 production: 517koz – 2016 production: 584koz – 2015 AISC: US$922/oz – 2016 AISC: US$895/oz

Near-Term Growth

from 2 attractive projects

– Houndé Project construction started in April 2016, first gold pour expected in Q4-2017 – Ity CIL Project feasibility study demonstrated potential for Ity to become another flagship asset

Long-Term Upside from Exploration

– Strategic review outlined potential to find 10-15Moz over the next 5 years at a discover cost of <$15/oz – Potential to significantly extend mine lives to beyond 10 years

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 4

Shareholder distribution and geographic mix

Company Profile

Retail 7% Institutional 63% La Mancha 29% Management 1%

3

Board Members

Wayne McManus Non-executive Director Ian Henderson Non-executive Director Sebastien de Montessus CEO & President & Director Naguib Sawiris Non-executive Director Michael Beckett Chairman, Non-executive Director Ian Cockerill Non-executive Director As of February 22, 2017 Olivier Colom Non-executive Director Livia Mahler Non-executive Director

Top Shareholders

Rank Institution Name % of S/O 1 LA MANCHA HOLDING S.A.R.L. 28.1% 2 Van Eck Associates Corporation 13.7% 3 RBC Global Asset Management Inc. 3.3% 4 Fiera Capital Corporation 3.0% 5 M & G Investment Management Ltd. 2.9% 6 Liberty Metals & Mining Holdings, L.L.C. 2.6% 7 Ruffer LLP 2.5% 8 Sun Valley Gold, LLC 2.5% 9 Oppenheimer Funds, Inc. 2.2% 10 Maple Leaf Partners, L.L.C. 1.7%

CREATING A PREMIER AFRICAN GOLD PRODUCER

5 10 15 20 25 30 1000000 2000000 3000000 4000000 5000000 6000000 7000000 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Volume, shares EDV share price, C$

Share Price Performance

Ticker TSX:EDV Shares in Issue 93.6 m Fully Diluted 94.6 m Share price C$26.77 Market cap US$1,920m Net Debt US$25m
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SLIDE 5

4

Strategic Milestones for 2018-2020

+ 900 koz

ANNUAL PRODUCTION

≤ 800$/oz

ALL IN CASH COST

10+ year

MINE LIFE IN OUR CORE ASSETS $1,137 $1,010 $922

2010 2011 2012 2013 2014 2015 2016 6+6 2017 2018 2019 Youga, Burkina Faso Nzema, Ghana Tabakoto, Mali Agbaou, Côte d'Ivoire Ity (Heap Leach), Côte d'Ivoire Karma, Burkina Faso (incl. pre-production) Houndé, Burkina Faso Ity (CIL), Côte d'Ivoire Group AISC

$895 83koz 167koz 220koz 317koz 462koz 517koz +900koz 584koz <$800

Assumes Ity construction starts H2-2017 and first gold production in 2019 with Heap Leach operation ending once CIL starts

Clear Path to Build a +900koz Producer at ≤ $800/oz AISC

2016

600-640koz $860-905

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 6

4 Strategic Levers

1

OPERATIONAL EXCELLENCE PROJECT DEVELOPMENT UNLOCK EXPLORATION VALUE PORTFOLIO & BALANCE SHEET MANAGEMENT

2 3 4

4 Strategic Levers to Building a Premier African Gold Producer

5

Objective

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 7

6

Sebastien de Montessus CEO & Director Adriaan “Attie” Roux

COO

Vincent Benoit

EVP CFO & Corporate Development

Patrick Bouisset

EVP Exploration & Growth

Jeremy Langford

EVP Construction Services

Morgan Carroll

EVP Corporate Finance & General Counsel

Henri de Joux

EVP People & Public Affairs

London Based Abidjan Based

Functions:

  • Government relations
  • Operations controlling
  • Procurement
  • Exploration
  • Projects
  • Environmental
  • CSR
  • HR – mine level

Functions:

  • Finance
  • Investor relations
  • Corporate development
  • People and culture

All GMs Located on Site Management Focus Safety First Lean and Efficient Operations Hands-On Management Cash flow driven OPERATIONAL EXCELLENCE Hands-on Management Model With Teams Close to Operations

1

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 8

584Koz in 2016 +13% vs 2015

575koz

Production Guidance

610koz $895/oz in 2016 (3%) vs 2015

$870/oz

AISC Guidance

$920/oz Circa $135m 2016 +60% vs 2015

$135m

FCF Before Growth Projects Guidance

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OPERATIONAL EXCELLENCE Continued to meet guidance in 2016

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Free Cash Flow (before growth projects, WC, tax and financing cost)

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 9

Increased Production Decreased All-in Sustaining Costs Increased Cash Generation Low Lost Time Injury Frequency Rate

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OPERATIONAL EXCELLENCE Proven track record

$1,392/oz

Guidance for the year

875-925koz 930-980koz 985-1,070koz

      

2017 Guidance

$150m

2013

$35m $135m $28m

2016

$85m

2015 2014

$1,392/oz $1,264/oz $1,157/oz

Free cash flow before growth projects (and before WC, tax, and financing costs)

$1,240/oz $1,240/oz

1

466koz 517koz 584koz 324koz

2013 2014 2017 Guidance 2016 2015

600

  • 640koz
310-345koz 400-440koz 475-500koz 575-610koz

2015 2014 2013 2016

$860-905/oz

2017 Guidance

AISC, in US$/oz

US$895/oz US$922/oz 0.29 0.76 1.73 0.73

2015 2016 2013 2014 Lost Time Injury Frequency Rate (Number of LTIs in the Period X 1,000,000)/ (Total man hours worked for the period)

$1,010/oz $1,137/oz

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 10

9

Income generating activities

  • Tabakoto: Orchard Project with local Women

Association

Education

  • Nzema: Scholarship programs and partnership with

Australian High Commission

  • Nzema and Karma: provision of educational facilities

Direct financial support / community development

  • c.USD8m invested in CSR projects since 2014

Healthcare / Water & Sanitation

  • Partnership with Monaco Red Cross
  • Agbaou & Tabakoto: provision of water & sanitation

facilities

Maintain a social license to operate Stakeholder Relationship Principles

OPERATIONAL EXCELLENCE CSR & stakeholder management at the foundation of long-term success

CSR strategy – Key Pillars & Recent Projects On-the-ground management

  • Several ExCom members based locally
  • Several French-speaking Board and ExCom members

with longstanding West African experience

Stable communication channels

  • At international, national and local levels

Local employment priority

  • 93%+ of total workforce is national including 44% from

directly impacted areas

Access to infrastructure

  • E.g. electrification of Ity village ; Power line at Agbaou ;

Water wells around Tabakoto

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 11 800 17 950 650 850 700 900 750 20 19 18 15 14 13 11 10 8 7 12 5 9 6 4 3 16 2 $1,000/oz 1,250 1,150 1,100 1,050 1,200 Yaramoko (Roxgold) Banfora (Gryphon) Kobada (African Gold Group) Sissingue (Perseus) Baomahun (Amara)

Ity CIL (DFS)

Dugbe 1 (Hummingbird) Wa-Lawra (Azumah) Yanfolila (Hummingbird ) Mine life, years Tri-K (Avocet) Fekola (B2Gold) Natougou (Semafo) Mako (Toro) Bouly (NordGold) Kalana (Avnel)

Ity CIL (PFS)

West African DFS Stage Projects Benchmark:

Mine life and All-in cost (including initial capex)

All-in Cash Cost, $/oz (AISC + Initial Capex)

Houndé

DFS

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Significant West African Construction Expertise:

– Core construction team has successfully developed projects together for +10 years – 7 projects built, $2.4B in capex – All projects delivered on time and within budget

PROJECT DEVELOPMENT Houndé and Ity CIL are top tier projects

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Bubble size represents average annual production = 100koz p.a. CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 12

PROJECT DEVELOPMENT Houndé is positioned to be Endeavour’s flagship low cost mine

Burkina Faso

Houndé

Ouagadougou

Essakane

(IAMGOLD)

Taparko

(Nordgold)

Youga

(MNG)

Mana

(Semafo)

Inata

(Avocet)

Bissa Hill

(Nordgold)

Yaramoko

(Roxgold)

Bomboré

(Orezone)

Konkera

(Centamin)

Banfora

(Gryphon)

Karma

  • Construction started in April with first

gold pour expected in Q4-2017

  • Construction is progressing on-time and
  • n-budget
  • Procurement is nearly complete
  • 10-year mine life based on current

reserves + significant exploration upside

  • Average production of 190kozpa at

AISC of US$709/oz

  • Capex of $328m, inclusive of $47m

for owner-mining fleet

  • Robust Project with after-tax IRR of

+30% at US$1,250/oz

$662/oz 184koz Year 2 $648/oz 218koz Year 3 231koz Year 9 to 10 Average $645/oz 116koz $496/oz Year 5 to 8 Average $901/oz Year 4 223koz 265koz $506/oz Year 1

AISC/oz Production based on reserves, koz

Exploration upside expected to fill this shortfall

Life of Mine Plan

2

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 13

Long-life Low Cost Project

  • Long 14-year reserves mine life
  • Low AISC of $507/oz over first 9 years
  • Solid production of 144kozpa over first 9 years

Robust Project Economics

(based on $1,250/oz)

  • After-tax IRR of 36%
  • After-tax NPV5% of $411m
  • Quick payback of 2.1 years

Significant improvement expected in H1- 2017 Feasibility Study update

  • Inclusion of the recent high-grade Bakatouo and Colline

Sud discoveries and Verse Ouest

  • Additional Resource conversion at Daapleu and Mont Ity

Well-positioned with strong liquidity sources to take final investment decision in H1-2017

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PROJECT DEVELOPMENT

Ity CIL Feasibility Study demonstrates potential for Ity to become another flagship asset

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$898/oz 53koz Years 10 to 14 Year 9 109koz $638/oz Year 8 124koz $554/oz Year 7 103koz $608/oz Year 6 133koz $622/oz Year 5 150koz $582/oz Year 4 185koz $500/oz Year 3 134koz $608/oz Year 2 193koz $409/oz Year 1 163koz $477/oz AISC/oz Production based on reserves, koz

165kozpa at AISC of US$507/oz

  • n average over the first 5 years

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 14

+200 Targets 7,190 km2 10 Mining Leases 42 Exploration Licenses

390

km²

2,140

km²

510

km²

4,150

km²

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UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 15

4 3 1 6 5 2

0.5-1.5Moz 0.5-1.0Moz 4.0-6.0Moz

Greater Ity

2.5-3.5 Moz

Houndé

1.5-2.5Moz

Karma and Regional

0.5-1.0Moz

Côte d’Ivoire Regional Tabakoto Agbaou

Ambition to find 10-15Moz of Indicated Resources

  • ver next 5 years

Moz

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UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Ranking of Potential

  • Significant success over the

last 4 years

  • Significant amount of data

available

  • Many known targets based
  • n geochem and auger

results

  • Exploration stopped
  • nce project

reached critical size to make investment decision

  • Many known

targets and historical drill data

  • On same trend as

Randgold

  • Limited exploration

expenses have caused mine life to be short

  • New discoveries made

in 2016 with strong targets for 2017+

  • Has same reserves as

when production started in 2014 despite limited exploration (mainly focused on converting inferred)

  • Focus on pit extensions

and parallel trends

  • Targets backed by

geochem anomolies

  • Previously owned by

junior with lack of fund for exploration

  • North Kao already

added 2.5 years of mine life

  • Many near mill targets
  • One of the largest

exploration tenements in the country

  • Several advanced

exploration targets based on historic results

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 16

$10m $15m $25m $30m $45m $55m $13/oz $20/oz $25/oz $15/oz $15/oz $11/oz Côte d’Ivoire Regional Karma and Regional Agbaou Tabakoto Houndé Greater Ity

Average discovery cost Exploration budget

Annual budget of $35-40m with anticipated average discovery costs <$15/oz

33% Côte d’Ivoire 50% Mali 17% Burkina Faso

5-year budget

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UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 17

2017 8% 100% 13% 25% 18% 13% 23% 9% 4% 2021 100% 12% 7% 43% 27% 6% 2020 100% 13% 2% 35% 35% 6% 2019 100% 10% 4% 21% 20% 26% 20% 2018 100% 7% 3% 25% 20% 22% 23% Karma and Regional Regional CI Ity Agbaou Hounde Tabakoto

Priorities:

  • 1. Tabakoto due to its short mine life
  • 2. Agbaou to extend oxide mine life
  • 3. Ity to extend HL and Improve CIL case
  • 4. Houndé (once in production) to maintain 250kozpa level after 4th year

Priorities:

  • 1. Ity Greater Area
  • 2. Houndé to prolong mine life
  • 3. Tabakoto and Agabou exploration will be

success driven

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UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities?

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 18

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 $1,150/oz $1,050/oz $1,100/oz $750/oz $1,000/oz $1,200/oz $850/oz $800/oz $950/oz $900/oz $700/oz $650/oz $600/oz $550/oz $500/oz $450/oz Mine life, years

SOLD

Agbaou

(175-180koz)

Nzema

(100-110koz)

Tabakoto

(150-160koz)

AISC, US$/oz

Ity HL

(75-80koz)

Ity CIL

165koz starting 2019

Karma

(100-110koz)

Bubble size represents production Côte d’Ivoire Burkina Faso Ghana Mali

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Possibility to run HL in parallel

Mine life as at 2016

Youga

Decreased costs from >1,300/oz

Houndé

+250koz starting Q4-2017

PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio

Cut-back

4

Karma with North Kao

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SLIDE 19 1,100 1,050 850 5 18 7 600 15 1,000 950 750 17 14 13 12 650 10 700 11 16 9 800 8 6 4 900

AISC, $/oz

Gold Fields Golden Star Endeavour 2016A Endeavour 2015A Teranga Newmont IAMGOLD Kinross Resolute Nordgold Newcrest Perseus

Average mine life, years

AngloGold Ashanti Semafo Randgold Asanko

Benchmark of West-African Producers

Bubble size represents production

Source: UBS Research, based on 2015A only West-Africa production. Mine life excludes expansion and development projects such as Kinross’ Tasiast Phase 2 and Resolute’s UG project Asanko based on 2017 guidance

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Endeavour (output of strategic exploration review)

PORTFOLIO & BALANCE SHEET MANAGEMENT Well Positioning Ourselves Against Our Peers

4

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SLIDE 20

Significant Balance Sheet improvement

‒ $65m cash injection received from La Mancha in May 2016 following the True Gold transaction close ‒ $104m of net proceeds from bought deal financing to accelerate organic growth and exploration ‒ Free Cash Flow of c. $135m (before growth projects, WC, tax and financing cost)

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End of Dec 2016 End of June 2016

$83m

End of Sept 2015

$242m

1.7x 2014 (year-end)

$254m

1.8x

$25m

Net Debt to trailing 12-month Operating EBITDA ratio Net debt

Liquidity and Financing Sources

0.5x

 Strong liquidity and financing sources to fund remaining Houndé capex spend of roughly $180m  Further headroom potential to fund exploration and Ity CIL with free cash flow

Undrawn RCF

  • f $210m

Cash Position

  • f $125m
Net debt = Cash less drawn RCF, leases & drawn equipment financing RCF of $350 million, maturity date March 2020, semi-annual reductions commencing September 2018, annual interest based on LIBOR + a 3.75% to 5.75% margin

4

PORTFOLIO & BALANCE SHEET MANAGEMENT Healthy financial structure

$335m

As of Dec 30st, 2016 (in US$ million) Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Cash 125 110 62 Less: Equipment finance lease 10 13 16 Less: Drawn portion of $350 million RCF 140 240 300 Net Debt/(Cash) Position 25 144 254 0.1x

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CREATING A PREMIER AFRICAN GOLD PRODUCER

HEALTHY FINANCIAL STRUCTURE Well positioned to fund growth

4

Objective to keep leverage in a maximum range of 0.5x-1.0x

$125m $210m Existing cash balance Undrawn RCF ~$180m ~$300m

Funding requirements Liquidity Sources

Ity Equipment Financing (expected) Remaining Houndé project costs Ity CIL project costs ~$480m

Potential liquidity buffer (@ $1,250/oz)

As of end December 2016

Strong Liquidity Sources and Cash Flow generation to fund internal growth

  • Net Free Cash flow from current

mine operations 2017-2018 including Houndé start in Q4 2017 (@$1,250/oz)

  • Hedging collar (between

USD1,200-1,400/oz) covering c. 50% of production from Apr 16 to June 2017 protects cash flows while Houndé is being built

Room to manoeuvre between debt and own cashflow

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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Reset Strategy

  • 5-year strategy validated by the board
  • Focused on improve the quality of our portfolio, with mines with AISC <$850/oz and mine life +10 years
  • 4 key pillars: 1) Operational Excellence, 2) Project Development, 3) Unlock Exploration, 4) Portfolio &

Balance Sheet Management

Streamline Organization

  • Streamlining Excom from 10 to 7
  • 3 Operational Pillars in Abidjan (Ops – Projects – Explo)
  • Re-group all corporate offices in London office (Monaco, Vancouver, Paris)

Improve Governance

  • New CEO appointed in June 2016
  • Board reorganization with 3 departures and 4 new arrivals (2 La Mancha + 2 independent)
  • Additional governance improvements under consideration

Manage Portfolio

  • Dynamic portfolio management to improve quality of asset base
  • Youga sold in March (end of life, high cost operation)
  • Karma acquired in April (Long mine life, low-cost operation)
  • Houndé construction launched and Ity DFS published

Deleverage Balance Sheet

  • US$230m additional equity injection which includes La Mancha deal (c.$65m), La Mancha anti-dilution

right in True Gold deal (c.$63m) and successful equity raise (c.US$110m) and cash flow generation

  • Net Debt positon reduced to US$25m

Improve Investor Relations

  • Clarified equity story
  • Increased management presence and marketing
  • Improved transparency

Key 2016 Achievements

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Near-Term Growth

from Projects

Immediate Cashflow

from Production

Long-Term Upside

from Exploration Endeavour now offers exposure to both near and long-term growth potential, in addition to current production

Investment Highlights

with an accomplished management team and a healthy balance sheet

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SLIDE 24

CREATING A PREMIER AFRICAN GOLD PRODUCER

2017 Outlook

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SLIDE 25

(on a 100% basis)

2016 Actual 2017 Guidance Agbaou

195,505 175,000

  • 180,000

Tabakoto

162,817 150,000

  • 160,000

Nzema

87,710 100,000

  • 110,000

Ity

75,867 75,000

  • 80,000

Karma

61,817 100,000

  • 110,000

Group-wide Production

583,712 600,000

  • 640,000

(In US$/oz)

2016 Actual 2017 Guidance Agbaou

~535 660

  • 700

Tabakoto

~1,030 950

  • 990

Nzema

~1,170 895

  • 940

Ity

~790 740

  • 780

Karma

~750 750

  • 800

Mine-level AISC

~830 800

  • 850

Corporate G&A

~47 37

  • 34

Sustaining exploration

~18 23

  • 22

Group AISC

~895 860

  • 905

Production Guidance, koz AISC Guidance, US$/oz

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CREATING A PREMIER AFRICAN GOLD PRODUCER

2017 GUIDANCE Production expected to increase and AISC to decrease

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SLIDE 26

25

Exploration Guidance, $m AISC Guidance, $/oz

(In $m)

2017 Guidance

Agbaou 7 Tabakoto 9 Ity 10 Karma 4 Houndé 5 Exploration Expenditures for Mines 35 Grassroots exploration expense 5 Total Exploration Expenditures 40

(in $m)

Sustaining Capital Non-Sustaining Capital Growth Projects

Agbaou 20

  • Tabakoto

20

  • Nzema

5 12

  • Ity

10 4 10 Karma 10 19 35 Houndé

  • 180

Total 65 35 225

(in US$m)

$1,100/oz $1,200/oz $1,300/oz Net Revenue (based on production guidance mid-point) 685 725 785

Mine level AISC costs (based on AISC guidance mid-point) (510) (510) (510) Corporate G&A (21) (21) (21) Sustaining exploration (14) (14) (14)

Group AIS Margin 140 180 240

Non-sustaining mine exploration (20) (20) (20) Non-sustaining capital (35) (35) (35)

Free Cash Flow before growth projects

(Mine cash flow less corporate costs before WC, tax and financing cost)

85 125 185 Free Cash Flow Guidance based on Production and AISC Guidance Mid-points, $m

CREATING A PREMIER AFRICAN GOLD PRODUCER

2017 GUIDANCE Free Cash Flow Before Growth Projects Expected to Increase

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SLIDE 27

CREATING A PREMIER AFRICAN GOLD PRODUCER

Details by Mine and Project

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SLIDE 28

27

Agbaou Mine – Côte d’Ivoire

Recent and Upcoming catalysts

Accomplished

  • Fully repaid shareholder loans in <2 years, in Nov 2015
  • Commissioned secondary crusher on time and on budget in July 2016
  • Reserves are same level as when production started in 2014

Upcoming

  • Secondary crusher allows for stable mill throughput throughout life of mine
  • Return to more normalised sustainable production rate of 175-180koz with fresh ore

representing up to 50% of tonnes processed

  • Exploration campaign underway with initial drill results confirming mineralization

Quick Facts (on 100% basis)

Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources (incl. of Reserves) M&I: 14.4Mt @ 2.5 g/t for 1.180Moz Inferred: 1.2Mt @ 1.7 g/t for 0.065Moz Reserves 13.2Mt @ 2.4 g/t for 1.027Moz Processing Rate Up to 2.6 Mtpa Gravity/CIL plant - oxides; 1.6 Mtpa fresh Open Pit Strip Ratio 8.1 to 1 (2016A) Gold Recovery Achieving 95% at present; 92.5% design Mining Type Open Pit – Contractor Mining (BCM) Production AISC (mine-level) 2014A– $621/oz 2015A – $576/oz 2016 Prelim – $535/oz 2017E - $660-700/oz Expected Mine Life 7 years from current Reserves Royalty 3% - 5% sliding scale Corporate Tax 25% (5 year corporate tax holiday)

2015A 2014A 196koz 147koz 2016 Prelim 181koz 2017E 175-180 koz Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 29

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Agbaou Mine – Côte d’Ivoire

Production and AISC

535 $525 Q1-2016 43koz Q4-2015 Q4-2016 $550 Q2-2016 Q3-2016 46koz $525 49koz 57koz 52koz $537 Production, koz AISC, US$/oz

Q4-2016 Insights

  • Record performance in Q4:

‒ Benefit from the end of the rainy season ‒ Greater mix of higher grade transitional

  • re, which represented 15% of total ore

processed 2017 Outlook

  • The secondary crusher (commissioned in

mid-2016) provides the flexibility to process higher grade transitional ore while maintaining a fairly constant ore blend and throughput over the remaining life of mine

  • After achieving an exceptional year, Agbaou

is expected to return to a more normalized and sustainable production rate of 175- 180koz in 2017 with fresh ore representing up to 50% of tonnes processed

  • AISC are expected to remain competitive, at

$660-700/oz, as higher grade transitional

  • re is expected to compensate for increased

unit costs and lower throughput

Insight: Benefit of higher grades

709kt 743kt 654kt 748kt 721kt 2.50 g/t 2.21 g/t 2.15 g/t 2.05 g/t 2.05 g/t Q4-2016 Q3-2016 Q2-2016 Q1-2016 Q4-2015 Tonnes milled, kt Grade milled, g/t Au

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SLIDE 30

Agbaou Site Map 29

Agbaou Exploration

  • The ongoing exploration campaign,

which commenced in April 2016 based on previous geophysics and soil geochemistry results, is focused

  • n:

‒ North pit and South pit extensions, ‒ Agbaou South target ‒ Niafouta target ‒ Generating targets beyond the current resource boundaries.

  • Initial drill results suggest the

extension of mineralized zones

  • An exploration budget of $7 million

has been planned for 2017, totaling approximately 45,000 meters of drilling

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SLIDE 31

Agbaou Numerous Gold in soil anomalies over Mag > 50 ppb

30

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SLIDE 32

Agbaou Exploration – 5 years targets

Côte d’Ivoire

Auger & RC drilling

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SLIDE 33

Agbaou – Exploration Potential

  • 2013-2015 : Successful Drilling limited to infill drilling and immediate trend

extension to renew resources and compensate for reserves depletion. As such, no preparation of future targets was done (nearly no inferred left)

  • Current drill program is focused on new targets and definition of new inferred

resources to be converted in 2017/2018 into indicated resources & reserves

  • Known targets on the Agbaou Exploitation license have the potential to

replace the production for a few additional years

  • A brownfield exploration campaign of targets located in Agbaou Exploration

License (at less than 20 km of the Agbaou mill) has started in 2016. Any new deposit discovered on this license also has the potential to further extend the mine life Targeting discovery of between 0.5 to 1.5 Moz at an average cost of $25/oz over the next 5 years with a budget of ~$25M to extend mine life to 10 years*

*Targeting to discover between 0.5 to 1.5 Moz with average grade between 2 and 3 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 32

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SLIDE 34

Quick Facts (on 100% basis)

Ownership 80-90% Endeavour depending on pit, remainder government of Mali Resources (incl. of Reserves) M&I: 18.5Mt @ 3.1 g/t for 1.844Moz Inferred: 9.0Mt @ 3.6 g/t for 1.023Moz Reserves 6.4Mt @ 3.5 g/t for 0.725Moz Open Pit Strip Ratio 10.4 to 1 (2016A) Processing Rate 1.4 Mtpa Gravity/CIL Plan Gold Recovery 92% - 95% Mining Type Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine Production AISC (mine-level) 2014A– $1,335/oz 2015A –$1,067/oz 2016 Prelim – $1,030/oz 2017E - $950-990/oz Expected Mine Life 4+ years from current Reserves Royalty 6% Corporate Tax 30%

33

Tabakoto Mine – Mali

Recent and Upcoming catalysts

Accomplished

  • In 2013 the mill was expanded from 2,000 tpd to 4,000 tpd
  • Segala ore production commenced in Q2 2014 and to full production by Q4 2014
  • Kofi C deposit commenced production in Q1 2015
  • In 2015, switch to owner and contractor fleet resulting in increased productivity

Upcoming

  • Top exploration priority and cost reduction to be the main focus of 2017
  • Ongoing cost saving and optimisation programs include overhead reduction

centralizing procurement, fleet replacement and improvement equipment availability and mining efficiency

2016 Prelim 163koz 2015A 2017E 152koz 127koz 2014A 150-160koz Tabakoto Mine Bamako

Mali

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SLIDE 35

Tabakoto Mine – Mali

34

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Production and AISC

Q4-2016 Insights

  • Record quarter due to the anticipated higher

grades from Kofi C and Segala and increased mill throughput following the end of the rainy season. 2017 Outlook

  • Cost reduction will continue to be the main

focus in 2017, with AISC expected to decrease to $950-990/oz.

  • Ongoing cost saving and optimization

programs include: ‒ Overhead reduction and centralizing procurement ‒ Improving mine efficiency by improving equipment availability and replacing fleet

  • Production is expected to slightly decrease in

2017 to 150-160koz as grades are expected to slightly decrease due to open pit mining transitioning from Kofi C to Kofi B in the second half of the year, and underground mining sequence.

$930 $1,071 $1,061 $1,071 $1,119 +30% Q4-2016E 48 Q3-2016 37koz Q2-2016 39koz Q1-2016 39koz Q4-2015 42koz AISC, US$/oz Production, koz

Mine output out-perfomed mill throughput

448kt 398kt 368kt 380kt 403kt 381kt 399kt 406kt Q3-2016 Q2-2016 Q1-2016 Q4-2016 Processed grades, g/t Au Tonnes Processed, kt Tonnes Mined, kt 3.10 g/t 3.31 g/t 3.11 g/t 3.90 g/t

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SLIDE 36

Tabakoto Site Map 35

Tabakoto Mine – Exploration

Kreko Fougala Kofi B North

  • A first shallow RC program of 334 holes was

completed on the Tabakoto, Fougala and Kreko targets which confirmed two mineralized trends

  • A second phase drill program has been launched on

Fougala and Kreko

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  • Tabakoto is a top exploration priority in 2017 given

its relatively short mine life and significant potential.

  • $9 million exploration program totaling

approximately 72,000 meters of drilling has been planned for 2017.

  • Focus on both surface exploration, with the aim of

delineating resources within trucking distance at discoveries made in 2016 and on new targets, and underground drilling.

  • At Kofi B North a 244 hole RC drilling program and a

1,311 hole auger drilling program have been completed since the beginning of the year

  • Analytic drill currently being analyzed
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SLIDE 37

 75 targets identifIed, 7 Priority 1 (2017)  Areas under transported cover identifIed

Tabakoto Surface Target priority ranking

Segala S Kreko Fougala Dioulafoundou S Famakan

  • Reg. Explo

Yatia SE Sanou Sira Dabo S Sanou Sira S

36

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SLIDE 38

KOFI Land Package Main Target Areas

Auger drilling RC drilling

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SLIDE 39

Mali Exploration – Tabakoto and Kofi Land Packages

Targeting discovery of between 1.5 to 2.5 Moz at an average cost of $15/oz

  • ver the next 5 years with a budget of ~$30M*

*Targeting to discover between 1.5 to 2.5 Moz with average grade between 2 and 4 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 38

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  • Main focus is on finding new additional open pit resources within a short distance to the Tabakoto mill within

within18 to 24 months to replace Kofi C and further Kofi B/A Linear/ Betea production while pursuing exploration near Kofi C/B/A

  • Aggressive Tabakoto surface exploration was initiated at mid-2016 (Ongoing Kreko and Fougala trend

exploration)

  • Ongoing large exploration program over Kofi Blocks
  • Due to its “on trend” position with Loulo type deposits, we will be targeting a new large discovery in Kofi North,

along this trend with the potential be a standalone operation since it is located more than 40 km away from Tabakoto facilities

  • While proven continuation at-depth, a prudent evaluation of the underground potential as been set at 200-

300koz for the next 2-3 years. Afterwards, although mineralizations continue at depth, additional exploration will be based on economic viability of the production

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SLIDE 40

Quick Facts (on 100% basis)

Ownership 55% EDV, 30% SODEMI, 10% Côte d’Ivoire, 5% private Resources (HL + CIL) (incl. of Reserves) M&I: 61.4Mt @ 1.6 g/t for 3.106Moz Inferred: 14.1Mt @ 1.5 g/t for 0.687Moz Reserves (HL+CIL) 30.4Mt @ 1.7 g/t for 1.6Moz Open Pit Strip Ratio 4.2 to 1 (2016A) Processing Rate 950ktpa HL Gold Recovery 81% Mining Type Open pit / Heap Leach Production AISC (mine-level) 2016 Prelim – $790/oz 2017E - $740-780/oz Mine life 3 years from current Reserves + addition potential Royalty 3% - 5% sliding scale Corporate Tax 25%

39

Ity Mine – Côte d’Ivoire

Recent and Upcoming catalysts

Accomplished

  • Producing at historic highs (+50% since 2012 level)
  • Increased heap leach capacity from 0.6mtpa to 1.0mtpa in 2013
  • DFS for CIL project published on November 10, 2016 outlines potential to become

core low-cost asset Upcoming

  • Continued exploration success to prolong heap leach life at current production level
  • Potential to increase ownership
  • Possibility of running the CIL and heap leaching operations in parallel for the first few

years remains under review

81koz 2016 Prelim 2015A 76koz 75-80koz 2017E Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

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SLIDE 41

40

Ity Mine – Côte d’Ivoire

17koz 19koz $850 $621 $775 21koz Q4-2015 $710 22koz Q1-2016 Q2-2016 Q3-2016 15koz $724 Q4-2016 AISC, US$/oz Production, koz

Q4-2016 Insights

  • Production increased in Q4 following the

end of the rainy season which allowed for increased throughput

  • Pre-strip at the Zia pit was completed

during the quarter which positively contributed to Ity's Q4 production increase 2017 Outlook

  • Production is expected to remain stable in

2017, at 75-80koz while AISC are expected to slightly decrease to $740-780/oz due to higher grades

  • The possibility of running the CIL and

Heap leaching operations in parallel for the first few years is currently under analysis.

Production and AISC Ity mine extraction

295kt 271kt 304kt 303kt 2.00 g/t 1.90 g/t 2.10 g/t 2.53 g/t Q2-2016 Q3-2016 Q1-2016 Q4-2016 Grade milled, g/t Au Tonnes stacked, kt

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SLIDE 42

Summary of Independent Feasibility Study for CIL Project

Life of Mine Production Strip ratio, w:o 2.1 Tonnes of ore processed, Mt 41.0 Mt Grade processed, Au g/t 1.42 g/t Gold content processed, Moz 1.88Moz Gold recovery, % 83% Gold production, Moz 1.56Moz Mine life, years 14 years Average annual gold production, koz 114Koz AISC, $/oz $603 Capital Cost Upfront capital cost, $m $282m Equipment lease $25m Economic Returns base on US$1,250/oz After-tax Project NPV5%,$m 411 After-tax Project IRR, % 36% Payback, years 2.1

Lead Consultant: Contributions from:

Source: Ity CIL Feasibility Study

41

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Ity CIL Project DFS highlights Independent CIL Feasibility Study prepared by:

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SLIDE 43

Significant Improvement Expected in Updated Feasibility Study

H1-2017 update expected to include:

  • Recent high-grade Bakatouo and

Colline Sud discoveries

  • Verse

Ouest following recently completed infill drilling program

  • Additional Resource conversion at

Daapleu and Mont Ity based planned infill drilling program

Significant opportunity beyond the potential to delineate additional resources at known deposits and make new discoveries

42

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SLIDE 44

Additional Potential for Resource Conversion

Deposits on a 100%

  • basis. Resources are

inclusive of reserves. Probable Reserves Indicated Resources Inferred Resources Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) Open Pits Daapleu 19.3 1.51 936 19.9 1.51 965 4.3 1.15 160 Mont Ity / Ity Flat 3.8 2.19 268 7.5 2.19 527 11.1 1.92 684

Gbeitouo 2.6 1.35 112 2.9 1.35 124 0.3 1.48 13 Walter 1.9 1.22 73 2.1 1.21 81 0.7 1.32 28 Zia NE 4.8 1.24 192 7.7 1.31 325 4.0 1.39 179 Bakatouo

  • 4.8

3.07 475 0.8 2.86 70 Colline Sud

  • 0.6

2.13 40 0.5 2.53 38 Total Open Pits 32.4 1.52 1,580 45.4 1.73 2,537 21.7 1.68 1,172 Existing Stockpiles Aires 5.8 1.09 202 5.8 1.09 202 0.2 0.78 6 Teckraie 2.8 1.07 97 2.8 1.07 97 0.1 0.55 2 Verse Ouest

  • 8.4

0.85 230 Total Stockpiles 8.6 1.08 300 8.6 1.08 300 8.7 0.85 238 Total 41.0 1.42 1,880 54.1 1.63 2,837 30.4 1.44 1,410

Potential includes:

  • The

recently discovered Bakatouo and Colline Sud deposits and the results from the ongoing 11,700 meter reverse-circulation (“RC”) and diamond-drilling (“DD”) program to test their extensions and conduct infill drilling.

  • Further resource conversion

potential on both Daapleu and Mont Ity following the completion of the planned 33,000 meter in-fill drilling program

  • Inclusion of Verse Ouest

following the recent completion

  • f

the in-fill drilling program

43

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SLIDE 45

44

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Ity Mine – Exploration:

High-grade Bakatouo discovery

September 2016 Indicated Inferred Cutoff Grade g/t Pit Shell Constraint $ kt g/t Au koz kt g/t Au koz All Ore 4 807 3.07 474 188 2.87 70 0.50 $ 1 500 4 632 3.13 466 645 2.95 61 0.50 $ 1 250 Oxide / Transitional Ore 1 373 3.73 165 170 4.19 23 0.50 $ 1 500 1 317 3.81 161 153 4.40 22 0.50 $ 1 250

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SLIDE 46

45

Ity Mine – Exploration

  • The largest portion of Endeavour’s

2017 exploration budget has been allocated to the Ity area in light of its strong prospectivity and potential to further extend the lives of the CIL project and Heap Leach operations.

  • A $10 million exploration program

totaling approximately 50,000 meters has been planned for 2017

  • Exploration in 2017 focused on:

‒ Infill drilling at the Daapleu and Mount Ity deposits ‒ Infill drilling and extension drilling at the new Bakatouo and Colline Sud discoveries ‒ Conducting initial drilling campaigns

  • n strong Auger anomalies such as

the Yacetouo and Vavoua targets

Ity Mine Drilling Targets

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SLIDE 47

Ity: New High Quality Near Mine Exploration Targets

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SLIDE 48

Greater Ity: 2017-2021 Exploration Program in Tiepleu/Floleu

10 km radius

Côte d’Ivoire

Auger drilling RC drilling

47

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SLIDE 49

48

Ity Mine – Exploration

80km underexplored Birimian corridor

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  • Endeavour consolidated an 80km

underexplored Birimian corridor on- trend with its Ity mine in Côte d’Ivoire

  • Significantly increased its holdings in

the Ity district from 178km² to 664km2.

  • The new Floleu (104km2) and

Toulepleu (382km2) exploration tenements were obtained on a 100%

  • wnership basis
  • The previously 55%-held Tiepleu

tenement (153km2) was re-obtained

  • n a 100% basis.
  • An auger drilling program will be

conducted on the 80km underexplored portion corridor along the Ity trend in 2017

Ity Mine Birimian corridor

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SLIDE 50

Greater Ity Regional Gold in Soil (> 100 ppb) Anomalies

Birrimian meta sediments and green belt Gnamapleu Granite-Gneiss No Geochemical data at all No Exploration Historical Sparse 400x100m Grid on PR462 Except on few selected targets PR558 Le Plaque Area Several Targets GBAMPLEU Mt BA Area Several targets GUEYA area Several targets PR609 East Cavally Several Targets

49

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SLIDE 51

Greater Ity: 2017 – 2021 Exploration Targets Toulepleu

Auger drilling RC drilling

50

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SLIDE 52

EDV Controlled Greater ITY TREND SEMAFO Controlled MANA TREND

How significant is Greater Ity area?

SEMAFO Mana (BF) vs EDV Greater Ity (CI) trend size comparison

51

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SLIDE 53

Potential of Greater Ity Exploration

  • Numerous high Potential targets have been identified within the Greater Ity area
  • The whole controlled 80 km trend will be covered by an airborne geophysical survey

for target generation in late 2016 (Mag/Spectro/VTEM ~700 Km2)

  • The exploration blocks contiguous with Ity Exploitation license have the potential

for multi-millions ounce deposits or group of deposits which may constitute future stand alone operations (heap leach and or CIL)

  • While Endeavour controls some 700 km² of Birimian grounds with similar geology

around Ity, the targeted new ounces only represent the same number of ounces that have been already produced and discovered over the 35 km² of the mine present footprint. Targeting discovery of between 4 to 6 Moz at an average cost of $11/oz

  • ver the next 5 years with a budget of ~$55M*

*Targeting to discover between 4 to 6 Moz with average grade between 2.0 and 3.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 52

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SLIDE 54

53

Nzema Mine – Ghana

Recent and Upcoming catalysts

Accomplished

  • Increased levels of purchased ore availability is strategically being used to

improve the mine’s economics, operating margins and in the preservation of the mine’s reserves in-situ

  • Adamus pit push-back nearly completed in 2016

Upcoming

  • Adamus pit cut back to be completed during Q1 2017
  • Higher grades from Adamus pit to support AISC reduction
  • Pre-stripping at Bokrobo deposit deposit expected to start in H2 2107

Quick Facts (on 100% basis)

Ownership 90% EDV, 10% government of Ghana Resources (incl. of Reserves) M&I: 34.6Mt @ 1.3 g/t for 1.490Moz Inferred: 5.9Mt @ 1.3 g/t for 0.244Moz Reserves 4.7Mt @ 2.4 g/t for 0.356Moz Open Pit Strip Ratio 8.3 to 1 (2016A) Processing Rate 1.6 Mtpa Gravity/CIL plant Gold Recovery 91% to 75% depending on ore type Mining Type Open Pit – Contractor Mining (BCM) Production AISC (mine-level) 2014A– $1,036/oz 2015A – $1,064/oz 2016 Prelim – $1,170/oz 2017E - $895 -940/oz Expected Mine Life 4 years from current Reserves Royalty 5% (+1% 3rd party at Adamus pits) Corporate Tax 35%

2015A 115koz 2014A 110koz 88koz 2016 Prelim 2017E 100-110koz Accra Nzema Mine

Ghana

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SLIDE 55

Nzema Mine – Ghana

54

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20koz $1,266 $1,133 23koz Q1-2016 $1,158 Q4-2015 20koz Q4-2016 24koz $1,120 Q3-2016 24koz $1,136 Q2-2016

AISC, US$/oz Production, koz

Production and AISC

Q3-2016 Insights

  • Production slightly decreased over the

previous quarter as the higher grades mined was offset by lower purchased ore grades

  • The Adamus pit push-back progressed well

in 2016 and is expected to be completed in Q1-2017. 2017 Outlook

  • Following the cutback, Nzema is expected

to generate healthy cash flows for the coming years

  • As a result of the higher expected grades

from the Adamus pit following the cut- back, production is expected to increase to 100-110koz in 2017 while AISC are expected to decrease to $895-940/oz.

  • To complement production from the

Adamus pit, pre-stripping at the Bokrobo deposit is expected to start in the second half of the year.

Adamus Pit Push-back

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SLIDE 56

55

Karma Mine – Burkina Faso

Recent and Upcoming catalysts

Accomplished

  • First gold production achieved on April 11th 2016
  • Started leach pad ore stacking and irrigating in early March 2016

Upcoming

  • Benefit of higher grade Rambo pit
Houndé Project Ouagadougou Karma Project

Karma Mine Quick Facts (1) (on 100% basis)

Ownership 90% EDV, 10% Burkina Faso Resources (incl. of Reserves) M&I: 75.2Mt @ 1.08 g/t for 2.621Moz Inferred: 65.3Mt @ 1.13 g/t for 2.362Moz Reserves 33.2Mt @ 0.89 g/t for 0.949Moz Processing Rate 4.0mtpa Heap Leach Gold Recovery 87% Mining Type Shallow open pit and free digging material with no blasting required, low strip ratio Production AISC (Mine-level) 2016 Prelim – $750/oz 2017E - $750 -780/oz Mine life 8 years mine life based on reserves + 2.5 years from North Kao deposit (inferred resource) Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax

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62koz 2017E 2016 Prelim 100-110koz
slide-57
SLIDE 57

Karma Update

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56

Q4-2016 Insights

  • Commercial production was declared on

October 1, 2016

  • Production continued to ramp up as the higher

grade Rambo pit complemented ore feed from the GG2 pit and stacking capacity continued to improve 2017 Outlook

  • Production in 2017 is expected to increase to

100-110koz as higher grade Rambo ore feed will complement that of the GG2 pit with contribution from the Kao pit in the later portion of the year. In addition, stacking capacity is expected to increase in the second half of the year following the completion of the plant optimization efforts.

  • AISC are expected to range between $750-

800/oz

  • Capacity at the processing facility is expected to

further increase in the second half of the year following the replacement of the front-end and

  • ther plant optimization activities, which are

expected to amount to $35 million.

9,985oz 9,754oz 9,109oz 7,381oz 6,854oz 6,174oz 6,026oz June August October September July December November

Production, koz

Producing at a run-rate of 100-110koz per annum Process throughput continues to ramp-up

Process optimization 4.0 Mtpa Capacity expected by mid-2017 Ramp-up phase December 1.5 Mtpa June September 2.5 Mtpa 3.0 Mtpa

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SLIDE 58

NORTH KAO RESERVE CONVERSION EXTENDED MINE LIFE TO +10 YEARS

57

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  • North Kao infill drilling

confirms the continuity of the previous inferred resource and improves the grade profile

  • 314koz of resources

amenable to heap leach processing converted to indicated status

  • Indicated resource grade up

53% over the previous inferred grade to 1.22 g/t Au

  • 262koz were subsequently

converted to reserves, extending Karma’s mine life to beyond 10 years

  • The North Kao mineralized

structure remains open to the north and the potential exists for additional sub- parallel zones

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SLIDE 59

KAO North 2016 Drilling Section

Infill Drilling Confirms Mineralization Continuity

58

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SLIDE 60

Karma - Exploration

  • In 2017, a $4 million

exploration program totaling approximately 30,000 meters has been planned to drill near- mill targets such as Rambo West and Yabonsgo

  • Beyond North Kao

resource drilling,

  • ther exploration

targets have potential to add up to 5 additional years of mine life with still on- going evaluations

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59

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SLIDE 61

2017 Targets: YABONSGO Target (<10km from GG1)

AC RC

Yabonsgo is one of our next priority target

60

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SLIDE 62

2017 Targets: Rambo West

AC RC Granodiorite sediments

Rambo West is a near-mine obvious target

61

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SLIDE 63

Karma Exploration

  • New geological understanding and mapping in less than 6 months
  • North Kao already added 2.5 year of mine life
  • Near mine “higher” grades targets to be drilled in 2017 (Yabongso and

Rambo West)

  • Still ongoing evaluation and ranking of all exploration targets
  • Beyond North Kao resource drilling, other exploration targets have

potential to add up to 5 additional years of mine life with still on- going evaluations

Targeting discovery of between 0.5 to 1.0 Moz at an average cost of $20/oz over the next 5 years with a budget of ~$15M to extend mine life to 15 years*

*Targeting to discover between 0.5 to 1.0 Moz with average grade between 1.0 and 1.5 g/t Au. The potential quantity of ounces is conceptual in nature since

there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 62

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SLIDE 64

Quick Facts (on 100% basis)

Ownership 90% EDV, 10% Burkina Faso Status Fully permitted, construction launched Production start date First gold pour expected Q4 2017 Resources (incl. of Reserves) M&I: 37.9Mt @ 2.1 g/t for 2.551Moz Inferred: 3.2Mt @ 2.6 g/t for 0.274Moz Reserves 30.6Mt @ 2.1 g/t for 2.075Moz Mine Type Open pit LOM Strip Ratio 8.4 Processing Rate 3.0 Mtpa Gravity / CIL plant Gold Recovery 93% Upfront Capital (US$M) $328m, inclusive of $47m for the owner-mining fleet

63

Houndé Project – Burkina Faso

Houndé Project Ouagadougou

Burkina Faso

Karma Project

LOMP Summary (on 100% basis)

Processing Total ore processed, Mt 29.7 Gold grade, g/t 2.15 Contained gold, koz 2,057 Recovery rate, % 93% Production, koz 1,906 Operating Costs Mining costs, $/t moved 2.17 Processing costs, $/t 13.36 Site G&A, $m/yr 9.8 AISC , US$/oz 709

Economic Returns1

Gold Price (US$/oz) $1,150 $1,200 $1,250 $1,300 1,350 After-tax Project NPV (5%) $230 $286 $342 $398 $437 After-tax Project IRR 24% 28% 32% 36% 39% Payback, years² 2.7 2.4 2.2 2.0 1.8

1Based on 100% equity funding and equipment lease financing ²From production start

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SLIDE 65

64

Houndé Construction is progressing on-time and on-budget

Significant achievements to date:

 Construction is progressing as planned, with over 50% completed by year-end  Over 2 million man-hours have been worked without LTI  The 38km long, 91kv overhead power line construction is 52%

  • complete. First power from Sonobel is scheduled for August 2017.

 Open pit pre-strip mining at the Main Vindaloo open pit, adjacent the processing facility, commenced in late 2016.  Detailed engineering of the processing facility along with the design HAZOP has been completed, also ahead of schedule in November 2016.  CIL ring beam concrete pour was achieved in early August 2016, and the SAG and Ball Mill first lift on both plinths was completed by year-end.  The construction of the water harvest dam decant tower is complete, with water already being pumped to the water storage dam two months ahead of schedule.  Construction of the 300-person permanent accommodation village is approaching completion.  Over 2,000 personnel including contractors are currently employed

  • n-site, more than 94% of which are Burkinabe.

 Full back-up 26Mw backup power station has been awarded to JA

  • Delmas. This is on schedule to be operational in Q3-2017.

 The land compensation process has been successfully completed with resettlement commencing in early 2017.

Incurred Capex (end of Dec.) $100m Committed Capex (end of dec) $210m Total Capex (incl. $26m contigency) $328m

Procurement is approximately 60% complete Pouring Crusher West Wing Wall

CREATING A PREMIER AFRICAN GOLD PRODUCER

slide-66
SLIDE 66

Houndé Exploration Upside

65

  • The Houndé exploration tenement

covers +1,075km² within Burkina Faso’s highly prospective Birimian belt

  • Historically, exploration focus mainly on

the Vindaloo trends

  • At least 15 other significant targets

were identified by previous limited drilling campaigns but remain largely untested

– All located within 20km from the planned mill – High grade targets (+5g/t) will be explored in priority

  • Following a two year period of no

drilling exploration, activities will resume in 2017 with a $5 million program totaling approximately 45,000 meters.

CREATING A PREMIER AFRICAN GOLD PRODUCER

Exploration Targets in Proximity to the Planned Mill

slide-67
SLIDE 67

Houndé Exploration: 2017-2021 Main Promising Targets

RC drilling Auger drilling

66

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 68

Houndé Exploration – Burkina Faso

  • Our Houndé exploration portfolio is located within one of the most prospective areas of the

Birimian greenstone belt of Burkina Faso

  • Historical exploration already proved the occurrence of multiple major mineralized trends of

Vindaloo type within these licences

  • At least 15 significant targets were partially tested by previous drilling, and the majority of

them remain undeveloped

  • All defined exploration targets are located within a 20 km radius of the Houndé mill
  • The high grade targets (Bouere, 5 to 6g/t and Kari Pump) will be developed as a priority in

2017

Targeting discovery of between 2.5 to 3.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$45M to extend mine life to +15 years*

*Targeting to discover between 2.5 to 3.5 Moz with average grade between 1.8 and 2.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 67

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 69

CREATING A PREMIER AFRICAN GOLD PRODUCER

Appendix

slide-70
SLIDE 70

Endeavour is backed by La Mancha

30%

holding

31%

holding

Sawiris family’s mining investment vehicle

  • La Mancha vended-in the Frog’s Leg and

White Foil mines

  • La Mancha then contributed $112m for

acquisition of the Cowal mine

  • Evolution has grown from a ~A$670m market

cap to ~A$3.2B, since announcement of strategic partnership

Partnership Announced

  • La Mancha vended-in the Ity mine and $63m
  • f cash
  • La Mancha then contributed $65m following

the acquisition of Truegold

  • Participated in bought deal with C$20m
  • Endeavour has grown from a US$250m to a

US$1.8B market cap since announcement of strategic partnership

The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to real estate and telecommunications

Long-term growth supportive investor with focus on creating regional leaders

69

Partnership Announced CREATING A PREMIER AFRICAN GOLD PRODUCER

5 10 15 20 25 30 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16
slide-71
SLIDE 71

Insights:

  • 1. Houndé spend fully on track with capex

program

  • 2. + net proceeds from sales +$34m
  • mining costs capitalized ($21m)
  • capital expenditure ($13m)
  • 3. Includes Karma and Hounde associated WC
  • 4. WC is expected to reverse in Q4 due to

seasonal effect

  • 5. Increased due to Ity inclusion in 2016
  • 6. Includes: $10m hedge settlements, $4m gold

collar premiums

  • 7. Pre-acquisition loan to True Gold for Karma

Capex

  • 8. + Karma cash acquired

+$10m

  • TGM change of control payments ($6m)
  • TGM transaction costs

($6m)

  • 9. Combined ex-CEO, BOD and executive level

restructuring costs and office consolidation

  • 10. La Mancha for TG acquisition +$65m

Option exercises +$13m Bought deal proceeds +$106m Net of SAR and PSU payments ($4m)

Net Free Cash Flow Breakdown

*Includes financial fees, hedge settlements, realized loss on derivative financial instruments, realized foreign exchange loss

  • n cash, and other non-operating cash adjustments.

70

CREATING A PREMIER AFRICAN GOLD PRODUCER First 9 months ended US$m 2016 2015 Free cash flow (before Hounde, Karma, working capital, tax & financing costs) 100 72 Hounde project costs (45) (5) Karma proceeds from sales less mining costs capitalized and capital expenditure (1) Change in capital project working capital (24) Free cash flow (before operating working capital, tax & financing costs) 30 68 Working capital changes as per statement of cash flows (19) (21) Taxes paid (12) (6) Interest paid (10) (9) Cash settlements on hedge programs and gold collar premiums and share appreciation rights (15) (4) Other (foreign exchange gains/losses and other) (4) (16) Free Cash Flow before other items (31) 12 Cash received for Youga mineral property interests (net) 22 Bridge loan advanced to True Gold (15) True Gold cash acquired, less acquisition COC payments, less acquisition expenses (2) Restructuring costs (18) La Mancha anti-dilution proceeds with True Gold, Bought Deal proceeds, share option exercises, net of equity linked payments (SARs and PSU’s) 180 RCF, debt and lease repayments (109) (42) Cash inflow for the period 28 (30)

1 2 3 4 7 5 8 9 6 10

slide-72
SLIDE 72

Adjusted Net Earnings Breakdown

71

Insights: 1. Youga results are removed due to disposal of the mine 2. Legacy gold hedge caused losses due to increased 2016 gold price and FX movements 3. Increased due to mark-to-market

  • f EDV share price

4. Non-recurring costs, associated with True Gold transaction, closure of Vancouver and Accra

  • ffices, and severance packages

5. Shares outstanding increased due to True Gold acquisition

CREATING A PREMIER AFRICAN GOLD PRODUCER Nine months ended (US$m) 30-Sep-16 30-Sep-15 Total net earnings 17 57 Youga discontinued operations 3 (9) Loss (gain) on financial instruments 20 (3) Stock-based payments 9 3 Acquisition and restructuring costs 25 Deferred income tax expense (recovery) (6) Adjusted net earnings after tax 74 42 Attributable to non-controlling interests 22 14 Attributable to shareholders of the Corporation 51 29 Weighted average number of outstanding shares (million) 76 41 Adjusted net earnings per share (basic) from continuing operations $0.67 $0.70

1 2 3 4 5

slide-73
SLIDE 73

Production and Cost Details by Mine

72

CREATING A PREMIER AFRICAN GOLD PRODUCER

1) Includes waste capitalized 2) Includes waste capitalized adjustment (on a 100% basis) Agbaou Nzema Tabakoto Ity Unit Q3-2016 Q2-2016 Q3-2015 Q3-2016 Q2-2016 Q3-2015 Q3-2016 Q2-2016 Q3 2015 Q3-2016 Q2 2016 Physicals Total tonnes mined – OP1 000t 6,877 5,918 5,037 2,848 1,852 1,323 1,569 1,704 2,129 948 1,584 Total ore tonnes – OP 000t 651 654 706 222 213 231 160 148 123 200 383 Open pit strip ratio1 W:t ore 9.6 8.0 6.1 11.8 7.7 4.7 8.8 10.5 16.3 3.7 3.1 Total tonnes mined – UG 000t
  • 302
315 377
  • Total ore tonnes - UG
000t
  • 238
221 255
  • Total tonnes milled
000t 709 743 746 424 450 450 381 399 408 271 304 Average gold grade milled g/t 2.2 2.2 2.0 2.4 1.6 2.2 3.1 3.3 3.0 1.9 2.1 Recovery rate % 96% 97% 96% 82% 86% 85% 95% 95% 93% 91% 101% Gold ounces produced
  • z
49,384 46,295 43,802 24,279 19,800 27,405 37,019 39,372 36,373 15,334 20,729 Gold sold
  • z
51,308 47,638 43,304 23,526 19,827 28,072 37,324 39,156 37,298 15,349 20,981 Unit cost analysis Mining costs - Open pit $/t mined 2.3 1.9 2.6 4.2 5.4 5.3 3.8 3.8 3.5 4.1 2.8 Mining costs – Underground $/t mined
  • 52.6
50.0 49.7
  • Processing and maintenance
$/t milled 7.1 7.1 6.0 14.2 12.3 14.0 22.6 21.2 24.4 13.2 15.9 Site G&A $/t milled 4.8 4.6 4.5 6.2 6.3 6.1 12.3 11.3 15.7 13.1 7.1 Cash cost details Mining costs - Open pit1 $000s 15,550 11,008 13,189 11,857 9,992 6,996 5,892 6,527 7,541 3,878 4,450 Mining costs -Underground $000s
  • 15,880
15,740 18,727
  • Processing and maintenance
$000s 5,043 5,312 4,504 6,032 5,541 6,309 8,600 8,470 9,957 3,588 4,841 Site G&A $000s 3,382 3,396 3,385 2,620 2,837 2,748 4,680 4,519 7,815 3,538 2,154 Purchased ore at Nzema $000s
  • 7,817
5574 8,490
  • Inventory adjustments and other2
$000s (1,826) 1,038 1,217 (3,911) (670)
  • (1,666)
(2,815) (16,336) (4,003) 1,187 Cash costs for ounces sold $000s 22,149 20,754 22,295 24,415 23,274 24,543 33,386 32,441 27,704 7,001 12,632 Royalties $000s 2,761 2,037 1,748 1,651 1,322 1,768 2,962 2,951 2,493 832 919 Sustaining capital $000s 3,324 2,206 1,187 670 506 2,083 3,610 6,134 8,302 3,276 2,709 Cash cost per ounce sold $/oz 432 436 515 1,038 1,174 874 894 829 743 456 602 Mine-level AISC per ounce sold $/oz 550 525 583 1,136 1,266 1,011 1,071 1,061 1,032 724 775

On a quarterly basis

slide-74
SLIDE 74

Production and Cost Details by Mine

73

CREATING A PREMIER AFRICAN GOLD PRODUCER

For the 9 months period ended 2016 and 2015

(on a 100% basis) Agbaou Nzema Tabakoto Ity3 Unit

9-months 2016 9-months 2015 9-months 2016 9-months 2015 9-months 2016 9-months 2015 9-months 2016

Physicals Total tonnes mined – OP1 000t

18,864 15,331 6,410 6,707 5,505 6,909 4,630

Total ore tonnes – OP 000t

2,123 2,065 712 1,031 454 383 870

Open pit strip ratio1 W:t ore

7.9 6.4 8.0 5.5 11.1 17.0 4.3

Total tonnes mined – UG 000t

  • 977
1,227
  • Total ore tonnes - UG

000t

  • 691
794
  • Total tonnes milled

000t

2,106 1,917 1,333 1,337 1,186 1,195 878

Average gold grade milled g/t

2.2 2.2 1.8 2.3 3.2 3.1 2.2

Recovery rate %

97% 97% 85% 87% 94% 93% 94%

Gold ounces produced

  • z
138,444 129,633 63,836 87,226 114,933 109,521 58,387

Gold sold

  • z
139,380 128,921 63,462 87,878 114,750 110,227 58,294

Unit cost analysis Mining costs - Open pit $/t mined

2.2 2.6 4.8 4.6 3.5 2.7 3.0

Mining costs – Underground $/t mined

  • 48.5
40.3
  • Processing and maintenance

$/t milled

6.7 6.8 12.9 14.8 21.4 22.9 15.2

Site G&A $/t milled

4.7 6.2 6.6 6.7 12.3 15.7 10.2

Cash cost details Mining costs - Open pit1 $000s

40,883 40,098 30,958 30,702 19,107 18,327 13,998

Mining costs -Underground $000s

  • 47,356
49,407
  • Processing and maintenance

$000s

14,143 12,998 17,151 19,790 25,377 27,344 13,382

Site G&A $000s

9,813 11,866 8,746 8,992 14,568 20,159 8,995

Purchased ore at Nzema $000s

  • 17,162
26,250
  • Inventory adjustments and other2

$000s

(4,873) (4,877) (4,284) (9,640) (9,672) (24,492) (3,317)

Cash costs for ounces sold $000s

59,966 60,085 69,733 76,094 96,736 90,745 33,018

Royalties $000s

6,531 5,431 4,198 5,890 8,613 7,731 2,683

Sustaining capital $000s

7,973 10,801 1,212 9,942 17,112 17,024 7,270

Cash cost per ounce sold $/oz

430 466 1,099 866 843 823 566

Mine-level AISC per ounce sold $/oz

534 592 1,184 1,046 1,067 1,048 737 1) Includes waste capitalized 2) Includes waste capitalized adjustment 3) Ity’s production and AISC is excluded for the pre-November 28, 2015 acquisition period.
slide-75
SLIDE 75

Production and Cost Details by Mine

74

CREATING A PREMIER AFRICAN GOLD PRODUCER

*Includes waste capitalized

On a quarterly basis

Agbaou Nzema Tabakoto Ity Karma (on a 100% basis) Unit Q4-2016 Q3-2016 Q4-2015 Q4-2016 Q3-2016 Q4-2015 Q4-2016 Q3-2016 Q4-2015 Q4-2016 Q3-2016 Q4-2015 Q4-2016 Total tonnes mined – OP* 000t 6,518 6,877 4,924 2,885 2,848 1,341 1,593 1,569 2,423 1,472 948 375 4,022 Total ore tonnes – OP 000t 674 651 753 288 222 278 195 160 137 316 200 63 782 Open pit strip ratio* W:t ore 8.7 9.6 5.5 9.0 11.8 3.8 7.2 8.8 16.6 3.7 3.7 4.9 4.1 Total tonnes mined – UG 000t
  • 324
302 358
  • Total ore tonnes - UG
000t
  • 253
238 215
  • Total tonnes milled
000t 721 709 748 428 424 446 402 381 392 295 271 102 1,163 Average gold grade milled g/t 2.5 2.2 2.1 2.2 2.4 1.8 3.9 3.1 3.5 2.0 1.9 2.4 1.1 Recovery rate % 97% 96% 97% 82% 82% 87% 95% 95% 95% 90% 91% 81% 90% Gold ounces produced
  • z
57,061 49,384 51,372 23,874 24,279 23,076 47,884 37,019 41,546 17,480 15,334 5,689 28,848 Gold sold
  • z
56,936 51,308 53,298 22,033 23,526 22,526 47,053 37,324 41,118 15,038 15,349 7,917 28,743 Mine-level AISC per ounce sold $/oz ~535 550 537 ~1,120 1,136 1,133 ~930 1,071 1,119 ~850 724 683 ~750

For the years ended 2016 and 2015

Agbaou Nzema Tabakoto Ity Karma (on a 100% basis) Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 Total tonnes mined – OP* 000t 25,382 20,447 9,295 8,144 7,098 9,333 6,102 375 8,753 Total ore tonnes – OP 000t 2,797 2,818 1,000 1,310 649 520 1,186 63 1,879 Open pit strip ratio* W:t ore 8.1 6.3 8.3 5.2 10.4 17.2 4.2 4.9 3.7 Total tonnes mined – UG 000t
  • 1,301
1,360
  • Total ore tonnes – UG
000t
  • 944
860
  • Total tonnes milled
000t 2,827 2,665 1,761 1,783 1,588 1,588 1,173 102 2,089 Average gold grade milled g/t 2.3 2.2 1.9 2.2 3.4 3.2 2.2 2.4 1.2 Recovery rate % 97% 97% 83% 87% 95% 93% 93% 81% 90% Gold ounces produced
  • z
195,505 181,365 87,710 110,302 162,817 151,067 75,867 5,689 61,813 Gold sold
  • z
196,316 182,219 85,495 110,404 161,803 151,345 73,332 7,917 62,884 Mine-level AISC per ounce sold $/oz ~535 576 ~1,170 1,064 ~1,030 1,067 ~790 683 ~750
slide-76
SLIDE 76

Reserve and Resource Table

Resources inclusive of reserves

P&P Reserves M&I Resources Inferred Resources (Mt) Au g/t (koz) (Mt) Au g/t (koz) (Mt) Au g/t (koz) Agbaou Mine 13.2 2.42 1,027 14.4 2.54 1,180 1.2 1.71 65 Tabakoto Mine 6.4 3.50 725 18.5 3.09 1,844 9.0 3.55 1,023 Nzema Mine 4.7 2.35 356 34.6 1.34 1,490 5.9 1.28 244 Ity Mine & CIL Project 30.4 1.65 1,613 61.4 1.57 3,106 14.1 1.52 687 Karma Mine 33.2 0.89 949 75.2 1.08 2,621 65.3 1.13 2,362 Houndé Project 30.6 2.11 2,075 37.9 2.09 2,551 3.2 2.62 274

Total 6,744 12,793 4,655 Attributable 5,405 10,238 3,852

GoldPrice and Cut-off Grades Resources Gold price Resource lower cut-off grade Reserves Gold Price Reserve lower cut-off grade * US$/oz g/t Au US$/oz g/t Au Agbaou Mine 1,500 0.5 1,350 0.6 to 0.8 Tabakoto Mine 1,350 to 1,600* 0.5 to 1.5* 1,250 1.1 to 1.9 Nzema Mine 1,500 0.5 1,250 0.8 to 1.9 Ity Mine & CIL Project 1,500 0 to 0.5* HL: 1,250 CIL: 1,150* 0.6 to 1.5 Karma Mine 1,557 0.2to 0.5* 1,250 0.2 to 0.3 Houndé Project 1,500 0.5 1,300 0.4 to 0.8

*Varies by distance from deposit to the mill, ore type and mining method (OP/UG)

As at December 31, 2015

Full details and notes of reserves and resources can be found under the ‘Reserves and Resources’ section on the Company’s website at www.endeavourmining.com

74

CREATING A PREMIER AFRICAN GOLD PRODUCER

slide-77
SLIDE 77

1,000 1,100 1,200 1,300 1,400 1,500 Upside on 100%

  • f production

76

Gold Revenue Protection Program Limit Debt Drawdown

Gold Revenue Protection Program : Gold Option Collar Strategy

US$1,300 US$1,100 US$1,000 $70m $30m US$1,200 ($9m) ($9m)

Gold price in US$/oz

Meaningful replacement of reduced revenue

Collar “bought puts” strike Collar “written calls” strike

Upside on 50% of production Protection on 50% of production

Proceeds from Gold Option Contracts (US$) (net of premium cost)

  • Gold Option Contracts aim to increase the

certainty of the free cash flow during the construction period

Objective of using free cash flow rather than Revolving Credit Facility

Significantly reduces debt requirements, even if the gold price drops to US$1,000/oz

  • Gold Option Contracts applied to 400koz,

representing ~50% of Endeavour’s expected production over 15 months, (Apr 2016-Jun 2017)

Protect 50% of production below $1,200/oz

Fully exposed between 1,200 and $1,400/oz

Upside beyond $1,400/oz on 50% of production

  • Full exposure to the gold price once project

is built

  • As at June 30, 2016, 320,000 ounces remain
  • utstanding

CREATING A PREMIER AFRICAN GOLD PRODUCER

slide-78
SLIDE 78

10 10 9 8 7 5

Randgold Acacia IAMGOLD B2Gold Semafo EDV EDV 2015

$31/oz $16m

Acacia

$31/oz $24m

Randgold

$72/oz

B2gold

$42m $42/oz

Iamgold

$70/oz

Semafo

$59/oz $56m $32m $18m 2016 estimated production and 2015/2016 Exploration budget

Average $51/oz produced

Short Mine Lives Due To Lack of Exploration, Not Potential! It is estimated that EDV should have spent at least $10m/year more in exploration in the previous years to support resource replacement and to be in line with peers

Exploration spend, $m/year Exploration spend, $/oz produced Average Mine Life of operating assets

Endeavour spent less than peers on exploration… … As a result it suffers from shorter mine lives

*Excluding purchases of Ity and Karma, exludes Hounde project *

77

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slide-79
SLIDE 79

78

Previous Exploration Strategy Was Based On Converting Inferred Resources

CREATING A PREMIER AFRICAN GOLD PRODUCER

133 1,603 165 1,693 273 1,582 154 311 274 1,023 65 244 Houndé Agbaou Nzema Tabakoto 2014 2015 2013

‒ Previous 3 years focused on replacing depletion/production by drilling in-mine or near- mine already existing inferred resources for conversion to indicated and subsequent reserves ‒ Insufficient exploration investment previous 3 years to support inferred resources renewal ‒ Re-launching near-mine and brownfield exploration to define new inferred resources and bring them to Indicated/reserve status Inferred Resources Evolution (excluding acquisitions)

slide-80
SLIDE 80

Exploration Became a Core Focus in 2016 with New Structure in Place

SVP West Africa Exploration Resource Manager HR Manager New Ventures Manager

Expert Geologist

Finance Manager

NI 43-101 Compliance

Greater Ity Explo Manager Regional CI Explo Manager Agbaou Explo Manager Hounde Explo Manager Karma Explo Manager Regional BF Explo Manager Tabakoto/Kofi Explo Manager

Abidjan based 79

Sr Geos Jr Geos DB Techs Account Support Sr Geos Jr Geos DB Techs Account Support Sr Geos Jr Geos DB Techs Account Support Sr Geos Jr Geos DB Techs Support Sr Geos Jr Geos DB Techs Account Support Sr Geos Jr Geos Techs Account Support Sr Geos Jr Geos Techs Support

Highly experienced team

– Strong knowledge of West African Birimian belts – Senior staff from BRGM, Randgold, Iamgold, Areva, La Mancha, etc – 20 Seniors Geologists – 7 Exploration Managers – 40 Juniors Geologists – 130 Technicians and Support Staff

CEO COO EVP Projects EVP Exploration & Growth

CI Government Relations Advisor Legal Advisor CREATING A PREMIER AFRICAN GOLD PRODUCER

slide-81
SLIDE 81

Exhaustive screening of all >200 potential targets

130+ target screened through multi-criteria data analysis

First filtering Quantifying min/max and mean size and grade

(Length x width x 100m depth x density x average grade issued from existing drilling or nearby analogs)

Top selection of 40 most significant targets Risked mean Indicated Resource per Target

Risked-probability weighted potential per target

High/Medium/Low

Exploration budget required per target to reach Indicated resource level status

Strategic Prioritization

Screening and Ranking Methodology

Conservative Approach

80

CREATING A PREMIER AFRICAN GOLD PRODUCER

slide-82
SLIDE 82

81

CREATING A PREMIER AFRICAN GOLD PRODUCER

Methodic and Exhaustive Review to Quantify and Rank Potential

  • Visit to all sites with Exploration Managers/Chef-Senior Geologists, EDV experts
  • 6 months detailed review of all past exploration, synthesis of all available and validated data in database
  • All Geochem (Stream and Soil), all geophysics (air and ground)
  • All Geological and Structural data (Outcrops, cores, Maps, regolith, structures, artisanal mining)
  • All Drilling (Auger, RC, DD, Geotech) , logs and analytic results
  • 130+ Targets screened through multi-criteria analysis of all data to identify and support exploration targets for

evaluation

  • All targets referenced and classified according to :

– Current state of project knowledge (from grassroot to development) – Quality of supporting data (drilling, available nearby analogs, structural trends, favorable geology, etc.) – Distance to producing facilities:

  • Mine Exploration then Near Mine exploration within a 5 km radius from facilities
  • Brownfield Exploration between 5 and 15 km from facilities
  • Greenfield Exploration for over 15/20 km from facilities (tentative stand alone future projects, or feeding the facilities if high grade)

– Geological framework, mineralization type, mineability, exploration game changer

  • All targets characterized by a minimum-maximum and mean size of tentative deposit (length, width, depth),

including estimated average grade when calibration is available

  • Selection of the 30% (40) most significant targets over the full portfolio in term of localization, mean size, and

nearby upside (possible clusters), all gathered per relevant PE (Exploration Permit)or PEX (Exploitation permit)

slide-83
SLIDE 83

82

Further Selection, Ranking and Risk Evaluation

  • Each selected target (~40) was risked and characterized by a Probability of Occurrence (POO),

based on geological confidence/structural understanding/ type of expected mineralization/existing positive intercepts/trend extension, strong and coherent gold in soil and Auger anomalies

– POO 0.8 to 1: Very high confidence (some Mine and Near Mine Exploration or already Identified /tested targets) – POO 0.6 : Probable deposit, with a size and grade distribution according to prognosis (Oz and average grade) – POO 0.4: Less than average Probability of Occurrence, kept in the planning due to its possible size (High Risk- High Reward type) or due to its short distance to mine

  • All selected exploration targets were set within a 5 year window, according to mine priorities,

permit duration, requested exploration efforts, and budget

  • All selected targets characterized with:

– The required drilling amount/yearly budgets and the related timing of Indicated resource definition – Proposed yearly budgets include estimated manpower, drilling, analysis, support, geophysics, geochem, etc – A 2017-2021 required risked exploration spending necessary to discover the targeted risked mean indicated Oz per target

CREATING A PREMIER AFRICAN GOLD PRODUCER