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Corporate Presentation October 2017 CORPORATE PRESENTATION 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


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SLIDE 1

› October 2017

Corporate Presentation

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SLIDE 2

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

CORPORATE PRESENTATION

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

  • perating 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

  • r 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

  • perates. 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. Jeremy Langford, Endeavour’s Chief Operating Officer - Fellow of the Australasian Institute of Mining and Metallurgy – FAusIMM, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this news release.

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SLIDE 3

TABLE OF CONTENTS CORPORATE OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q2 RESULTS

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 4

All amounts presented on a Pro-forma basis: Nzema (Ghana) reserves and resources deconsolidated (full year) and Kalana reserves and resources added

4

$855-900/oz

2017 AISC TARGET

FOR CONTINUING OPERATIONS

$500-530 Koz

2017 PRODUCTION TARGET

FROM CONTINUING OPERATIONS

4,000

EMPLOYEES WORLDWIDE

9.8Moz

RESERVES

15.4Moz

M&I RESOURCES

10-15Moz

5-YEAR DISCOVERY TARGET

MALI

Agbaou Mine Tabakoto Mine Houndé Project

CÔTE D’IVOIRE GHANA

Karma Mine Ity Mine and CIL Project

Abidjan Bamako Ouagadougou

GUINEA EA SIERRA RA LEONE NE SENEG EGAL GAMBIA LIBERI RIA GUINEA- BISSAU

Operations Office

BURKINA FASO

Kalana Mine

ENDEAVOUR MINING OVERVIEW

A premier African gold producer with a strong presence in West-Africa

CORPORATE OVERVIEW

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SLIDE 5

COMPANY PROFILE

5

Share Price Performance

Rank Institution Name % of S/O 1 LA MANCHA HOLDING S.A.R.L. 30% 2 Van Eck Associates Corporation 9.0% 3 BlackRock Investment Management (UK) 5.2% 4 M & G Investment Management Ltd. 4.5% 5 Oppenheimer Funds, Inc. 3.8% 6 RBC Global Asset Management Inc. 3.2% 7 Fiera Capital Corporation 3.0% 8 Ruffer LLP 2.1% 9 Investc Asset Management Ltd. 1.6% 10 Quaker Capital Management Corporation 1.5%

Top Shareholders

*Inclusive of the Avnel acquisition and LM placement (expected to close Oct. 5th)

Ticker TSX:EDV Shares in Issue* 107 m Share price as at Sept. 20th C$23.13 Market cap* US$2.0B Net Debt as at June 30th US$183m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

30%

RETAIL

7%

INSTITUTIONAL

62%

Other Europe North America

In CAD

CORPORATE OVERVIEW

5 10 15 20 25 30 1000000 2000000 3000000 4000000 5000000 6000000 7000000 Volume EDV share price

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SLIDE 6

INVESTMENT HIGHLIGHTS

6

Endeavour offers exposure to both near and long-term growth potential, in addition to current production with an accomplished management team and a healthy balance sheet

Immediate Cashflow

from PRODUCTION

Near-Term Growth

from PROJECTS

Long-Term Upside

from EXPLORATION

CORPORATE OVERVIEW

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SLIDE 7

DEVELOPING PROJECTS TO IMPROVE THE PORTFOLIO QUALITY

7

Key objective is to reduce the group’s AISC and extending mine lives

$895/oz $922/oz $1,010/oz $1,317/oz

800-900koz 317koz +900koz 2020 2019 2016 2017 2018 800-900koz 584koz 2015 517koz 2014 2013 462koz 2021 +900koz 2022

Ity (CIL), Côte d’Ivoire Kalana, Mali Group AISC Houndé, Burkina Faso Youga, Burkina Faso Ity (Heap Leach), Côte d’Ivoire Agbaou, Côte d’Ivoire Karma, Burkina Faso Nzema, Ghana Tabakoto, Mali

+800koz

Annual production

10+ year

Mine life

≤800$/oz

All-in Sustaining Cost

STRATEGIC OBJECTIVE

<$800/oz

For 2019

CORPORATE OVERVIEW

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SLIDE 8

STRATEGIC LEVERS

8

BUILDING A PREMIER AFRICAN GOLD PRODUCER

+800koz

Annual production

10+ year

Mine life

≤800$/oz

All-in Sustaining cost

STRATEGIC OBJECTIVES

4 Strategic Levers to Achieve Objectives

CORPORATE OVERVIEW

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SLIDE 9

Levering Operating Synergies in West Africa

OPERATIONAL EXCELLENCE

9

1

CORPORATE OVERVIEW Karma

Ownership: 90% Mine/mill type: Open pit / Heap Leach Reserves: 1.1Moz 2017E Production: 100-110koz 2017E AISC: $750-$800/oz

Agbaou

Ownership: 85% Mine/mill type: Open Pit / CIL Plant Reserves: 0.9Moz 2017E Production: 175-180koz 2017E AISC: $660-$700/oz

Ity Heap Leach

Ownership: 80% Mine/mill type: Open pit / Heap Leach Reserves: 0.3Moz 2017E Production: 75-80koz 2017E AISC: $740-$780/oz

Tabakoto

Ownership: 80-90% Mine/mill type: Underground & Open Pit / CIL Reserves: 0.6Moz 2017E Production: 150-160koz 2017E AISC: $950-$990/oz

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SLIDE 10

Hands-on Management Model With Teams Close to Operations

OPERATIONAL EXCELLENCE

10

1

Sebastien de Montessus CEO & Director Jeremy Langford

COO

Vincent Benoit

EVP CFO & Corporate Development

Patrick Bouisset

EVP Exploration & Growth

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

Management Focus

SAFETY FIRST LEAN AND EFFICIENT OPERATIONS HANDS-ON MANAGEMENT CASH FLOW DRIVEN

CORPORATE OVERVIEW

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SLIDE 11

Lost Time Injury Frequency Rate= (Number of LTIs in the Period X 1,000,000)/ (Total man hours worked for the period) The peer group used from company annual reports for 2015 from Kinross Newmont, Barrick, Randgold, Acacia, Eldorado, Rio Tinto, Goldcorp, Glencore, Nordgold, Anglo American and AngloGold Ashanti,

11

SAFETY IS OUR FIRST PRIORITY

Q2-2017 was successfully completed with no LTIs

Lost Time Injury Frequency Rate 0.00 0.00 0.31 0.40 0.79

Last 12-months Agbaou Houndé (since start) Peer Group Average FY2016

8.4m

Man Hours for

  • perations in H1-17

with only 1 LTI

+6.3m

Man Hours on Houndé with no LTI Construction track record Operating track record

1

CORPORATE OVERVIEW

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SLIDE 12

12

Transforming From Stand Alone Units To Integrated Group

LAUNCHED IMPROVEMENTS ACROSS THE GROUP

1

TABAKOTO ZERO BASE PLAN GOVERNANCE IT SYSTEMS WORKING CAPITAL GROWING LOCAL TALENT CSR SUPPLY CHAIN COST REDUCTION

FOCUSED ON OPERATIONAL EXCELLENCE

CORPORATE OVERVIEW

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SLIDE 13

Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz Cash Flow Generation Lost Time Injury Frequency Rate

*Nzema sale: $20m payment to be received in 2016

13

Proven track record of meeting guidance

OPERATIONAL EXCELLENCE

1

922 1,010 1,137

2017 Guidance

(post Nzema sale)

855-900

2016

884

2015 2014 2013

324 466 517 584

2017 Guidance

Nzema

500-530 from cont.

  • perations

2016 2015 2014 2013

Free cash flow before growth projects

(and before WC, tax, and financing costs)

Lost Time Injury Frequency Rate

(Number of LTIs in the Period X 1,000,000) / Total man hours worked for the period)

0.31 0.40

LTM 2016 2013

0.73 1.73

2015

0.76

2014

$28m

$120m

$135m

2015

$35m

2016 2017 Guidance 2014 2013

Nzema*

$85m

Guidance Guidance

$1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,240/oz

CORPORATE OVERVIEW

Hounde

Hounde

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SLIDE 14

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Kalana, Mali (CIL), Côte d'Ivoire undé, Burkina Faso

PROJECT DEVELOPMENT

Strong pipeline with next project expected to be sourced by exploration

Houndé Construction 14 Ity CIL Construction

KALANA ITY CIL Houndé

2017 2018 2019 2020 2021 2022

GREENFIELD EXPLORATION

2

DFS Optimization Construction Resource Definition Studies Construction CORPORATE OVERVIEW

+235koz at AISC

  • f <$650/oz

+235koz at AISC

  • f <$500/oz

+150koz at AISC

  • f <$700/oz
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SLIDE 15

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

15

PROJECT DEVELOPMENT

2

Life of Mine Plan

Construction progress

› Construction started in April 2016 › Progressing on-time first gold expected in

Q4-2017

› On-budget with procurement completed

Project Highlights

› 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

  • wner-mining fleet

› Robust Project with after-tax IRR of +30% at

US$1,250/oz

Year 5 to 8 Average

116koz

$496/oz $901/oz

218koz

$648/oz Year 9 to 10 Average

184koz

Year 3 Year 4

223koz

$506/oz $662/oz

231koz

Year 1

265koz

Year 2 $645/oz

AISC/oz Production based on reserves, koz

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

Exploration upside expected to fill this shortfall

CORPORATE OVERVIEW

Natougou

(Semafo)

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SLIDE 16

16

PROJECT DEVELOPMENT

2

Long-life Low Cost Project

› Long 14-year reserves mine life › Low AISC of $494/oz over first 5 years › Solid production of 235kozpa over first 5

years Robust Project Economics (based on $1,250/oz)

› After-tax IRR of 40% › After-tax NPV5% of $710m › Quick payback of 2 years › Capex of $410m of which $61m of

equipment leasing First gold pour expected for mid-2019

Ity CIL Project construction launched in September 2017

CORPORATE OVERVIEW

$484/oz $532/oz Year 8 Year 9 $677/oz $643/oz 201koz $567/oz Year 10 Year 6 Year 7 $612/oz Year 5 Year 4 Year 3 159koz 190koz 238koz 224koz $493/oz 250koz 250koz Year 1 $407/oz 151koz 162koz 213koz Year 2 AISC Production

Production Profile

Exploration potential

Source: 2017 Optimization Study

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SLIDE 17

Feasibility-stage project

› 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at

2.8 g/t

› 18-year mine life › Low AISC cost operation with $730/oz

  • ver life of mine

› After-tax NPV5% of $321m and after-tax

IRR of 50% based on a gold price of $1,200/oz Endeavour intends to re-design the current feasibility study

› Expand the plant capacity › Increase the average annual production

and shorten the mine life

› Integrate synergies › Integrate exploration upside

17

PROJECT DEVELOPMENT

Kalana is a high-quality project with significant optimization potential

2

Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017

66koz 119koz 123koz 123koz 170koz 203koz $703/oz $976/oz $598/oz

  • Avg. Years

11-17

  • Avg. Years

6-10 88koz Year 5 $865/oz Year 4 $689/oz Year 3 $676/oz Year 2 Year 1 $446/oz AISC Production

Production Profile

Optimization potential for +150kozpa

CORPORATE OVERVIEW

Tabakoto Mine Bamako

Mali

Kalana Project

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SLIDE 18

18 18

UNLOCK EXPLORATION VALUE

Amongst Largest and Most Promising Portfolios in West Africa

3

CORPORATE OVERVIEW

15.4Moz

M&I RESOURCES

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SLIDE 19

Screening And Ranking Methodology

Full Details Provided in Appendix

19

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

CONSERVATIVE APPROACH

SIMILAR TO THAT USED IN OIL & GAS INDUSTRY

3

CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

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SLIDE 20

20 20

UNLOCK EXPLORATION VALUE

Starting To Deliver Our Against 5-year Strategy

4.0-6.0Moz 1.5Moz Discovered

Greater Ity Karma Tabakoto Agbaou Houndé Côte d’Ivoire Regional

3

4.0-6.0Moz 2.5-3.5Moz 1.5-2.5Moz 0.5-1.5Moz 0.5-1.5Moz 0.5-1.0Moz

10-15Moz

5-year Indicated Resource Discovery Target

› Significant success over the

last 4 years

› Significant amount of data

available

› Many known targets based

  • n geochem and auger

results

› Exploration stopped once

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 additional targets for 2017+

› Limited exploration (mainly

focused on converting inferred)

› Focus on pit extensions and

parallel trends

› Targets backed by geochem

anomalies

› 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

  • n historic results

Note: See Investor Day Presentation on EDV website for full details. Based on average gold grade of 2.0-3.5g/t for Greater Ity, 1.8-2.5g/t for Houndé, 2.0-4.0g/t for Tabakoto, 1.0-1.5g/t for TrueGold and 1.5-3.0g/t for Côte d’Ivoire regional. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

CORPORATE OVERVIEW

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SLIDE 21

UNLOCK EXPLORATION VALUE

21 21

$35-40m

Annual budget

<$15/oz

Anticipated average discovery costs Exploration Strategic Review Output: Low Discovery Costs

$10m $15m $25m $30m $45m $55m $13/oz $20/oz $25/oz $15/oz $15/oz $11/oz

Côte d’Ivoire Regional Karma Agbaou Greater Ity Houndé Tabakoto Exploration budget Average discovery cost

3

CORPORATE OVERVIEW

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SLIDE 22

22

UNLOCK EXPLORATION VALUE

Exploration Strategic Review Output: What are the priorities?

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

3

PRIORITIES:

i. Tabakoto due to its short mine life ii. Agbaou to extend oxide mine life iii. Ity to extend HL and Improve CIL case iv. Houndé (once in production) to maintain 250kozpa level after 4th year

PRIORITIES:

i. Ity Greater Area ii. Houndé to prolong mine life iii. Tabakoto and Agabou exploration will be success driven

CORPORATE OVERVIEW

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SLIDE 23

23

5 10 15 20 $1,200 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 $950 $1,000 $1,050 $1,100 $1,150

Mine life, years 5 10 15 20 $850 $650 $450 $1,200 $1,050 Mine life, years

Bubble size represents production AISC, $/oz Ghana Mali Burkina Faso Côte d’Ivoire AISC, $/oz

PORTFOLIO IN 2015 PORTFOLIO IN 2017

Nzema Tabakoto

Agbaou

Youga

Tabakoto

Agbaou Houndé

Kalana Potential

Ity CIL

Ity HL Karma

Assessment expected by mid-2018

Increase Overall Quality of our Portfolio

PORTFOLIO & BALANCE SHEET MANAGEMENT

4

CORPORATE OVERVIEW

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SLIDE 24

24

PORTFOLIO & BALANCE SHEET MANAGEMENT

All-in Sustaining Margin Now More Diversified

13% 63% 10% 15% All-In Sustaining Margin From Mines Which Excludes Corporate And Exploration Costs 13% 11% 46% 17% 14% 22% 0% 12% 65% Agbaou Tabakoto Karma Ity Nzema

$95m

Z

$84m $116m

Youga H1-2015 H1-2016 H1-2017

4

CORPORATE OVERVIEW

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SLIDE 25

PORTFOLIO & BALANCE SHEET MANAGEMENT

25

Significant headroom to fund projects

$150m $85m $130m Growth Projects $495m Sources of Funding Ity Equipment Financing La Mancha Placement Nzema Sale RCF Upsize Liquidity Sources (as at June 30, 2017) $215m Hounde remaining capex (as at June 30, 2017) Ity Capex FCF before Growth Capex

(H2-’17 to H1-19)

Undrawn RCF Cash

ITY CIL OPTIMIZATION STUDY

4

CORPORATE OVERVIEW

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SLIDE 26

KEY 2016 ACHIEVEMENTS

26

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

CORPORATE OVERVIEW

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SLIDE 27

UPCOMING CATALYSTS

27

CORPORATE OVERVIEW

Immediate Cashflow

from Production

Near-Term Growth

from Projects

Long-Term Upside

from Exploration 2017 OUTLOOK:

› On-track to meet guidance › Hounde expected to contribute to production in Q4 › Q3-2017: Ity Optimization Study and investment decision announced › Q3-2017: Karma mill front-end optimization › Q4-2017: Houndé first gold pour › DELIVERY OF 5-YEAR EXPLORATION STRATEGY: Target of Finding 10-15Moz of Indicated Resources › H2-2017: Completion of Agbaou drilling program (first phase) › H2-2017: Maiden resource at Ity’s Le Plaque target and infill and extension drilling program update › H2-2017: Completion of drilling on Karma’s near-mill Rambo West and Yabonsgo targets › H2-2017: Houndé exploration results following drilling re-commencement

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SLIDE 28

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q2 RESULTS

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 29

2017 GUIDANCE

29

29

2017 OUTLOOK

Production Guidance, koz AISC Guidance, $/oz

  • n a 100% basis

INITIAL 2017 GUIDANCE UPDATED 2017 GUIDANCE Agbaou

175,000

  • 180,000

175,000

  • 180,000

Tabakoto

150,000

  • 160,000

150,000

  • 160,000

Nzema

100,000

  • 110,000
  • Ity

75,000

  • 80,000

75,000

  • 80,000

Karma

100,000

  • 110,000

100,000

  • 110,000

GROUP-WIDE PRODUCTION

600,000

  • 640,000

500,000

  • 530,000

In $/oz

INITIAL 2017 GUIDANCE UPDATED 2017 GUIDANCE

Agbaou 660

  • 700

660

  • 700

Tabakoto 950

  • 990

950

  • 990

Nzema 895

  • 940
  • Ity

740

  • 780

740

  • 780

Karma 750

  • 800

750

  • 800

MINE-LEVEL AISC 800

  • 850

785

  • 835

Corporate G&A 37

  • 34

42

  • 40

Sustaining exploration 23

  • 22

28

  • 25

GROUP AISC 860

  • 905

855

  • 900

INSIGHTS:

› Production is expected to increase in 2017

as improvements at Karma are expected to more than compensate for Agbaou returning to a normalized production level after a record-breaking year.

› As was the case in 2016, production is

expected to fluctuate throughout the year due to mine plan sequences, with a peak towards the middle of the year.

› Group AISC is expected to continue to

decrease due to the full year benefit of Karma, optimizations at Tabakoto, and cost reduction programs.

slide-30
SLIDE 30

Capital Guidance, $m

2017 GUIDANCE

Free Cash Flow Guidance

30

Free Cash Flow Guidance, $m

In US$m

Sustaining Capital Non-Sustaining Capital Growth Projects Agbaou 20

  • Tabakoto

20

  • Ity

10 4 10 Karma 10 19 35 Houndé

  • 180

Total 60 23 225

2017 OUTLOOK In $m

$1,100/oz $1,200/oz $1,300/oz

NET REVENUE (based on production guidance mid-point) 550 600 650 Mine level AISC costs (based on AISC guidance mid-point) (420) (420) (420) Corporate G&A (21) (21) (21) Sustaining exploration (14) (14) (14) GROUP AISC MARGIN 95 145 195 Non-sustaining mine exploration (20) (20) (20) Non-sustaining capital (25) (25) (25) FREE CASH FLOW BEFORE GROWTH PROJECTS

(and before WC, tax and financing cost)

50 100 150

Exploration Spend Guidance, $m

AREAS OF FOCUS H1-2017 FY-2017 GUIDANCE Agbaou 3.1 7.0 Tabakoto 5.2 9.0 Nzema

  • Ity

5.9 10.0 Karma 1.7 4.0 Houndé 3.0 5.0 Other Greenfield 9.2 5.0 Total 28.0 40.0

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SLIDE 31

Production and AISC from continuing operations - Youga production and AISC have been removed from continuing operations

31

Q2-2017 RESULTS

ALL MINES ON TRACK TO MEET GUIDANCE

INSIGHTS BY MINE

$905/oz $855/oz $898/oz $901/oz $897/oz

138koz

Q2-16

159koz

Q4-16 Q2-17

152koz 175koz

Q3-16 Q1-17

146koz

ITY TABAKOTO AGBAOU

$780/oz Q1-2017

16koz

$879/oz OUTLOOK Q2-2017

14koz 27koz

$985/oz

Q1-2017 OUTLOOK Q2-2017

26koz

$951/oz

NZEMA

$1,054/oz

$975/oz OUTLOOK Q1-2017 Q2-2017

43koz 41koz

Q1-2017 Q2-2017 OUTLOOK

24koz

$755/oz

32koz

$748/oz

KARMA

$660/oz

42koz

OUTLOOK $606/oz Q1-2017 Q2-2017

45koz

AISC, $/oz Production, koz

slide-32
SLIDE 32

32

Increased contributions from Karma, Nzema and Tabakoto

MARGINS INCREASED DESPITE INCREASED EXPLORATION

PRODUCTION VARIATION

(13koz) +6koz Karma Ity

H1-2017

270koz

Nzema Tabakoto +44koz (8koz) (2koz) Agbaou +13koz

H1-2016

Youga

(sold)

311koz

AISC: +20% AISC: -20% AISC: -5% AISC: +13% H1-16 vs H1-17 Bridge, in koz

ALL-IN SUSTAINING MARGIN VARIATION

+22%

$100m

Ity Agbaou Nzema Karma

H1-2016

(8) +7 +16 (0) Tabakoto (2)

$82m

(5) Corporate (9)

H1-2017 Pre- exploration

Sustaining Exploration

$95m

+14

H1-2017

Youga (sold)

H1-16 vs H1-17 Bridge, in $m

Q2-2017 RESULTS

slide-33
SLIDE 33

33

FREE CASH FLOW FROM OPERATIONS

Cash flow before growth projects increased, despite increased exploration

Q2-2017 RESULTS

INSIGHTS

  • 1. Gold sales up mainly due to the addition of the

Karma mine, as well as an increase in production at Nzema and Tabakoto

  • 2. Inclusive of 10,000 ounces delivered under the

Karma stream

  • 3. Strong

increase due to strategic focus

  • n

exploration

  • 4. Sustaining capex remained fairly flat
  • 5. Includes $13m outflow of prepaids for growth

capex and insurance, $5m of VAT receivables increase (Karma), $9m of increased inventories before the rainy season (Karma, Ity, Nzema) and $4m of payables timing

Notes: Youga has been deconsolidated from the Net Free Cash Flow From Operations. Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

SIX MONTHS ENDED

(in US$ million)

JUN 30, 2017 JUN 30, 2016

GOLD SOLD, koz

315 248

Gold Price, $/oz

1,204 1,225

REVENUE

379 304

Total cash costs

(219) (173)

Royalties

(20) (14)

Corporate costs

(12) (10)

Sustaining capex

(25) (22)

Sustaining exploration

(8) (3)

ALL-IN SUSTAINING COSTS (“AISC”)

284 222

ALL-IN SUSTAINING MARGIN

95 82

Less: Non-sustaining capital

(14) (15)

Less: Non-sustaining exploration

(16) (6)

FREE CASH FLOW BEFORE GROWTH PROJECTS (and before working capital, tax & financing costs)

65 61

Working capital

(23) (25)

Taxes paid

(11) (9)

Interest paid

(5) (7)

Cash settlements on hedge programs and gold collar premiums

(4) (4)

NET FREE CASH FLOW FROM OPERATIONS

23 15

4 5 1 2 3 3

slide-34
SLIDE 34

34

NET EARNINGS BREAKDOWN

Adjusted EPS of $0.23 for H1-2017

Q2-2017 RESULTS

All-In Sustaining Margin to Adjusted Net Earnings Bridge

For the 6-month period ended June 30, 2017

SIX MONTHS ENDED

(in US$ million)

  • JUN. 30,

2017

  • JUN. 30,

2016

Gold Revenue 379 304 Operating expenses (222) (171) Depreciation and depletion (72) (48) Royalties (20) (14) Earnings from mine operations 65 71 Corporate costs (12) (10) Transaction and restructuring costs (3) (18) Share based expenses (9) (6) Exploration (4) (2) Earnings from operations 36 35 (Losses)/gains on financial instruments (6) (24) Finance costs (12) (13) Other income (expenses) 3 Earnings (loss) from continuing operations before taxes 21 (2) Current income tax expense (9) (5) Deferred taxes recovery 3 3 Net (loss)/earnings from discontinued operations

  • (3)

Total net and comprehensive earnings (loss) 15 (8)

A A

= Adjustments made

A A A A A

$33m $72m $12m $9m

$31m $95m

Deduct: Exploration Expense

$4m

All-In Sustaining Margin Adjusted Net Earnings Deduct: Finance Costs Add-back: Sustaining Capital Deduct: Taxes Deduct: Depreciation

slide-35
SLIDE 35

CHANGE IN NET DEBT

35

(in US$ million)

  • JUN. 30,

2017

  • MAR. 31,

2017

  • DEC. 31,

2016

Cash

85 87 124

Less: Equipment finance lease

(8) (9) (10)

Less: Houndé financing agreement

(39)

  • Less: Drawn portion of $350 million RCF

(220) (140) (140)

NET DEBT POSITION (183) (62) (26)

Q2-2017 RESULTS

$183m $26m

FCF Before Growth, WC, int, tax Net Debt at 2016-end Growth Projects Net Equity Proceeds Other corporate items Acquisitions Other

  • perating

items

($52m) +$166m +$6m +$43m +$59m ($65m)

Net Debt at end of June

Liquidity and Financing Sources at June 30, 2017

$215m

$85m

Cash Position

$130m

Undrawn RCF

As Expected, Net Debt Increased With Growth Project Spend

Net Debt Bridge

0.11x 0.75x

Net Debt /

  • Adj. EBITDA
slide-36
SLIDE 36

RCF UPSIZED AND EXTENDED

36

Provides significant headroom to fund growth projects

INCREASED PRINCIPAL AMOUNT DECREASED INTEREST RATE LOWER MAINTENANCE COSTS TERM EXTENDED REPAYMENT › Increased from $350m to $500m › Decreased from LIBOR plus 3.75% to 5.75% to LIBOR plus 2.95% to 3.95% on

drawn portion

› Decreased from commitment fees on undrawn portion from 1.31% to 2.01%

(depending on the applicable margin) to 1.03%

› Expected to represent savings of approximately $5 million per year › The term of the new RCF is four years, maturing in September 2021,

representing an extension of the previous RCF which matures in March 2020

› Upsized RCF is repayable as a single bullet payment on the maturity date,

compared to semi-annual reductions/repayments starting September 2018 for the 2015 RCF

› New RCF can be repaid at any time without penalty, and offers Endeavour a

corporate style covenant package, which enhances the flexibility to run its business from day-to-day

A stronger and enlarged bank pool

Q2-2017 RESULTS

slide-37
SLIDE 37

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q2 RESULTS

2

DETAILS BY MINE AND PROJECT

3

slide-38
SLIDE 38

AGBAOU MINE, CÔTE D’IVOIRE

Overview

AGBAOU MINE QUICK FACTS (ON 100% BASIS)

Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI Resources (incl. of Reserves) M&I: 13.0Mt @ 2.4 g/t for 1.004Moz Inferred: 1.1Mt @ 1.7 g/t for 0.060Moz Reserves 11.0Mt @ 2.4 g/t for 0.853Moz 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 Production AISC (mine-level) 2014A– $621/oz 2015A – $576/oz 2016A – $534/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)

196koz 2015A 2017E 147koz 2016 2014A 181koz 175-180 koz

38 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

  • 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

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

slide-39
SLIDE 39

39 AGBAOU MINE

…… Production and AISC

Q2-17 vs Q1-17 INSIGHTS:

› Production

up 8% as greater tonnes processed and better grades offset the slightly lower recovery rate

› AISC

decreased by 8% as the mining sequence moved from a lower grade oxide area in Q1 to higher grade transitional ore in the second quarter

OUTLOOK

› Agbaou remains on track to meet the FY-

2017 guidance of 175,000-180,000 ounces at an AISC of $660-700/oz

› Production is expected to slightly increase in

H2-2017 as higher hard

  • re

grade is expected to compensate lower mill throughput and recoveries as the mine continues towards 50% fresh/transitional

  • re blend

› AISC

are expected to remain within guidance as sustaining capital is expected to increase with greater waste capitalisation $606/oz

42koz

Q2-2017

57koz 49koz

Q2-2016

46koz

Q4-2016 Q1-2017 Q3-2016

45koz

AISC, US$/oz Production, koz

$525/oz $550/oz $532/oz 660/oz

Tonnes Processes and Grade

693kt 683kt 721kt 709kt 743kt

2.23 g/t

Q2-2017 Q2-2016 Q1-2017 Q3-2016 Q4-2016 Tonnes milled, kt Grade milled, g/t Au

2.15 g/t 2.21 g/t 2.46 g/t 2.09 g/t

AGBAOU MINE, CÔTE D’IVOIRE

Production and AISC Improved in Q2 over Q1

slide-40
SLIDE 40

INSIGHTS

› Exploration progressed well in H1-2017, with a

total of approximately 26,100 meters drilled out

  • f the 45,000 meters planned for the year

› The drill program is focused on the MPN

extension, Agbaou south, Niafouta, Beta extension targets, as well as on other exploration targets located less than 20km away from facilities within the neighboring exploration license.

› A dedicated deeper drilling program will be

initiated in H2-2017 targeting Agbaou deeper potential.

› An update to the Resources and Reserves

estimate will be made following the completion

  • f the program in H2-2017.

Agbaou Site Map

40

AGBAOU MINE, COTE D’IVOIRE

Exploration progressed well in H1-2017

AGBAOU MINE

slide-41
SLIDE 41

41

AGBAOU MINE, CÔTE D’IVOIRE

Numerous gold in soil anomalies over Mag > 50 ppb

AGBAOU MINE

slide-42
SLIDE 42

42

AGBAOU MINE, CÔTE D’IVOIRE

5 year exploration targets

Auger & RC drilling

AGBAOU MINE

slide-43
SLIDE 43

AGBAOU MINE, CÔTE D’IVOIRE

Exploration strategy

43

› 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.

AGBAOU MINE

slide-44
SLIDE 44

TABAKOTO MINE, MALI

Overview

44 TABAKOTO MINE QUICK FACTS (ON 100% BASIS)

Ownership 80-90% Endeavour depending on pit, remainder government of Mali Resources (incl. of Reserves) M&I: 19.0Mt @ 3.0 g/t for 1.844Moz Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz Reserves 6.3Mt @ 3.1 g/t for 0.615Moz 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 2016A – $1,027/oz 2017E - $950-990/oz Expected Mine Life 4+ years from current Reserves Royalty 6% Corporate Tax 30%

150-160koz

2016A 2015A 2017E 2014A

163 koz 152koz 127koz

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 Tabakoto Mine Bamako

Mali

Kalana Project

slide-45
SLIDE 45

TABAKOTO MINE

Q2-17 vs. Q1-17 INSIGHTS:

› Production decreased mainly due to

lower

  • pen

pit and underground volumes which was offset by the usage

  • f stockpiles.

› AISC increased mainly due to increased

sustaining capital spending.

OUTLOOK

› On track to meet FY-2017 production

guidance of 150,000 - 160,000 ounces and the top end of its AISC guidance of $950-990/oz.

› Ongoing cost saving and optimisation

programs are underway.

› Production is expected to be lower in

the second half of the year with the end of Kofi C mining and the full transition to Kofi B and Takakoto North.

TABAKOTO MINE, MALI

Ongoing cost saving and optimisation programs are underway

Tonnes and Grade Production and AISC

$1,054/oz 48koz

Q3-2016

37koz 43koz

Q2-2016

39koz

Q2-2017 Q1-2017 Q4-2016

41koz

AISC, US$/oz

407kt 405kt 402kt 381kt 399kt 3.32 g/t

Q4-2016 Q3-2016 Q2-2016 Q2-2017 Q1-2017

Tonnes Processed, kt Processed grades, g/t Au

3.31 g/t 3.11 g/t 3.93 g/t

$1,119/oz $1,061/oz $1,071/oz $975/oz $927/oz

3.50 g/t

slide-46
SLIDE 46

INSIGHTS

› As Tabakoto operations are characterized by

a short-term mine life, a $9 million exploration program totaling approximately 86,000m of drilling on Tabakoto and Kofi properties has been planned for 2017, of which 48,000 meters were drilled in H1- 2017.

› During H1-2017, Tabakoto open pit drilling

focused mainly on drilling at the Kreko and Fougala West targets, for which a maiden resource is expected during H2-2017, and testing all identified exploration targets supported by an ongoing auger program.

› During

H1-2017, underground drilling focused

  • n

testing the eastern side extensions at Segala and north-east extensions at Tabakoto, with encouraging preliminary results.

Tabakoto Site Map

46

Kreko Fougala

TABAKOTO MINE, MALI

Significant focus for 2017

TABAKOTO MINE

slide-47
SLIDE 47

47

Côte d’Ivoire

TABAKOTO MINE, MALI

Surface target priority ranking

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

TABAKOTO MINE

slide-48
SLIDE 48

48

Côte d’Ivoire

TABAKOTO MINE, MALI

Kofi land package main target area

TABAKOTO MINE

slide-49
SLIDE 49

49

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*

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

Tabakoto mill within within 18 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

TABAKOTO MINE, MALI Exploration strategy

*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.

TABAKOTO MINE

slide-50
SLIDE 50

ITY MINE, CÔTE D’IVOIRE

Overview

QUICK FACTS (ON 100% BASIS)

Ownership 80% EDV, 15% Côte d’Ivoire, 5% private Resources (HL + CIL) (incl. of Reserves) M&I: 75.1Mt @ 1.6 g/t for 3.784Moz Inferred: 18.9Mt @ 1.3 g/t for 0.792Moz Reserves (HL+CIL) 60.3Mt @ 1.6 g/t for 3.138Moz 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) 2016A – $756/oz 2017E - $740-780/oz Mine life 3 years from current Reserves + addition potential Royalty 3% - 5% sliding scale Corporate Tax 25%

76koz 2017E 75-80koz 2016A 2015A 81koz

Côte d’Ivoire

RECENT AND UPCOMING CATALYSTS

Accomplished

  • Increased heap leach capacity from 0.6mtpa to 1.0mtpa in 2013
  • OS for CIL project outlines potential to become core low-cost asset
  • Increased stake in the Ity mine from 55% to 80%.

Upcoming

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

years remains under review

50 ITY MINE

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

slide-51
SLIDE 51

51 ITY MINE

Q2-17 vs. Q1-17 INSIGHTS:

› Production decreased due to the

recovery rate decline and less stacked tonnage which was partially offset by better grade.

› AISC increased due to changes in

inventory adjustments which

  • ffset higher unit costs.

OUTLOOK

› Ity’s production and cost profile

is expected to improve over the remainder of 2017 as the grade profile is expected to increase.

› FY-2017

guidance remains unchanged with 75,000 – 80,000

  • unces production expected at

an AISC of $740-780/oz.

ITY HEAP LEACH MINE, CÔTE D’IVOIRE

Production expected to improve in H2 with higher grades

$780/oz

Q1-2017 Q2-2017

16koz 15koz

Q2-2016

21koz

Q4-2016

17koz 14koz

Q3-2016 Production, koz AISC, US$/oz

243kt 267kt 295kt 271kt 304kt

2.15g/t

Q1-2017 Q2-2017 Q4-2016 Q3-2016 Q2-2016 Tonnes stacked, kt Grade milled, g/t Au

Production and AISC Ity mine extraction

$775/oz $724/oz 1.90g/t 2.10g/t $827/oz 2.00g/t $879/oz 1.90g/t

slide-52
SLIDE 52

52 ITY MINE

INSIGHTS

› For 2017, a $10 million exploration program

totaling approximately 52,500 meters has been planned for the greater Ity area, of which roughly 42,000 meters was completed in H1-2017.

› In H1-2017 drilling focused on Bakatouo,

Mont Ity Flat area, Daapleu, and Colline Sud and positive results were achieved as the Indicated Resource grew by 1.0 million

  • unces since the beginning of the year, to

reach 3.8 million ounces.

› The Le Plaque discovery was announced and

a maiden Inferred Resource is expected by year end.

› A regional auger campaign is underway and

target drilling was initiated in Yacetouo, Vavoua, Daapleu southwest, Bakatouo northeast, and on the Toulepleu exploration license to the southwest of Ity area.

Ity Mine Drilling Targets

ITY MINE, COTE D’IVOIRE

Indicated Resource grew by 1.0Moz in H1-2017

slide-53
SLIDE 53

ITY CIL PROJECT TO BECOME OUR NEXT FLAGSHIP ASSET

53

Construction launched based on robust optimization study results

 Long 14-year mine life  High production level: ‒ 235kozpa on average

  • ver first 5 years

‒ +200kozpa on average

  • ver first 10 years

‒ 173kozpa on average

  • ver mine life

 $494/oz on average over

first 5 years

 $549/oz on average over

first 10 years

 $580/oz on average over

mine life

 At $1,250/oz: ‒ After-tax IRR of 40% ‒ After-tax NPV5% of $710m  At $1,000/oz: ‒ After-tax IRR of 23% ‒ After-tax NPV5% of $343m  On track to meet our 5-

year discovery target of 4-6Moz

‒ 1.5Moz already

added over last 12- months

‒ Many near-mine

targets identified

‒ Maiden resource on

Le Plaque expected by year-end

ROBUST ECONOMICS LOW AISC EXPLORATION UPSIDE STRONG PRODUCTION PROFILE

ITY CIL OPTIMIZATION STUDY

slide-54
SLIDE 54

KEY CHANGES INCLUDE:

KEY CHANGES INCLUDE:

› Indicated resource inventory

increased by 1.5Moz following exploration success

› Added Bakatouo high-grade deposit

upfront

› Mill size increased from 3Mtpa to

4Mtpa

› Process plant design optimized to

maximize construction and operating synergies with Houndé

› Improved recovery rates › Optimized site layout

SUMMARY OF OPTIMISATION STUDY

54 2017 OPTIMIZATION STUDY 2016 FEASIBILITY STUDY VARIANCE (OS VS. FS)

LIFE OF MINE PRODUCTION

Strip ratio, w:o 1.9 2.1 (10%) Tonnes of ore processed, Mt 57.0Mt 41.0Mt +39% Grade processed, Au g/t 1.57 g/t 1.42 g/t +10% Gold content processed, Moz 2.87 Moz 1.88 Moz +53% LOM Average Gold recovery, % 86% 83% +3% Gold production, Moz 2.47 Moz 1.56 Moz +58% Mine life, years 14.3 years 13.7 years +4% Average annual gold production, koz 173 Koz 114 Koz +52% Cash costs, $/oz $554 $528 +5% AISC, $/oz $580 $603 (4%)

AVERAGE FOR YEARS 1 TO 5:

Gold production, kozpa 235 koz 165 koz +42% Cash costs, $/oz $472/oz $446/oz +6% AISC, $/oz $494/oz $507/oz (3%)

AVERAGE FOR YEARS 1 TO 10:

Gold production, kozpa 204 koz 135 koz +51% Cash costs, $/oz $523/oz $488/oz +7% AISC, $/oz $549/oz $559/oz (2%)

CAPITAL COST

Initial capital cost, $m $412m $307m +34%

  • of which equipment lease, $m

$61m $25m +160% Upfront capital cost, $m $351m $282m +24%

ECONOMICS (BASED ON $1,250/OZ)

After-tax IRR 40% 36% +12% After-tax NPV ( 0% discount rate) $990m $607m +63% After-tax NPV ( 5% discount rate) $710m $411m +73% Payback period 1.8 years 2.1 years (17%)

Significant improvement over 2016 Feasibility Study

ITY CIL OPTIMIZATION STUDY

slide-55
SLIDE 55

ROBUST PROJECT ECONOMICS

55

IRR of +20% even at $1,000/oz

$710m / 40% $343m / 23% $920m / 50% NPV5% / IRR $1,400/oz $1,250/oz $1,000/oz

  • $200m

$1,200m $0m $200m $400m

  • $400m

$600m $800m $1,000m $1,400m

Y12 Y13 Y14 Y15 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11

22-MONTH PAYBACK PERIOD 14-YEAR MINE LIFE

Cumulative after-tax free cash flow, US$m

ITY CIL OPTIMIZATION STUDY

slide-56
SLIDE 56

1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FS

Optimization study was preformed to capture the increased resource inventory

56 2017 OPTIMIZATION STUDY INVENTORY 2016 FEASIBILITY STUDY INVENTORY Deposits

  • n a 100% basis

Indicated Resources Inferred Resources Indicated Resources Inferred Resources Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Open Pits Daapleu 28.1 1.50 1,349 0.7 0.92 22 19.9 1.51 965 4.3 1.15 160 Mont Ity / Flat 10.1 2.20 716 9.7 1.40 436 7.5 2.19 527 11.1 1.92 684 Gbeitouo 2.9 1.35 124 0.3 1.48 13 2.9 1.35 124 0.3 1.48 13 Walter 1.6 1.23 65 0.6 1.35 26 2.1 1.21 81 0.7 1.32 28 Zia NE 6.7 1.28 274 4.0 1.40 178 7.7 1.31 325 4.0 1.39 179 Bakatouo 10.2 2.14 704 0.6 2.27 44

  • Colline Sud

1.0 2.14 66 0.4 2.11 28

  • Sub-total

60.6 1.69 3,298 16.3 1.43 747 40.1 1.57 2,022 20.4 1.62 1,064 Existing Stockpiles Aires 5.8 1.09 202 0.2 0.78 6 5.8 1.09 202 0.2 0.78 6 Teckraie 2.8 1.07 97 0.1 0.55 2 2.8 1.07 97 0.1 0.55 2 Verse Ouest 5.9 0.99 187 2.3 0.50 37

  • 8.4

0.85 230 Sub-total 14.5 1.04 486 2.6 0.54 45 8.6 1.08 300 8.7 0.85 238 Total 75.1 1.57 3,784 18.9 1.30 792 48.7 1.48 2,322 29.1 1.39 1,302 ITY CIL OPTIMIZATION STUDY

slide-57
SLIDE 57

CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz

Only CIL reserves shown.

57

Deposits

  • n a 100% basis

Optimization Study Reserves, as at September 1, 2017 Feasibility Study Reserves, as at October 1, 2016 Variance (koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Open Pits Bakatouo 6.9 2.40 532

  • +532

Colline Sud

  • Daapleu

18.4 1.72 1,015 19.3 1.51 936 +79 Mont Ity / Ity Flat 7.4 2.03 479 3.8 2.19 268 +211 Gbeitouo 2.5 1.37 111 2.6 1.35 112 (1) Walter 1.2 1.07 41 1.9 1.22 73 (32) Zia NE 6.2 1.06 210 4.8 1.24 192 +18 Sub-total 42.5 1.75 2,390 32.4 1.52 1,580 +810 Existing Stockpiles Aires 5.8 1.09 202 5.8 1.09 202

  • Teckraie/ Verse Ouest

8.7 1.02 284 2.8 1.07 97 +187 Sub-total 14.5 1.05 486 8.6 1.08 300 +186 Total 57.0 1.57 2,876 41.0 1.42 1,880 +996

Addition of Bakatouo and increases at Mont Ity, Teckraie, and Daapleu

ITY CIL OPTIMIZATION STUDY

slide-58
SLIDE 58

SIGNIFICANT INCREASE IN RESERVES

58

Mill size increase to capture value created from exploration success

+1.0Moz

OS vs FS reserves

+53%

OS vs FS reserves

1.9Moz 0.8Moz 2.9Moz 1.4Moz 4.0Mtpa 3.0Mtpa 2.0Mtpa 1.5Mtpa 2016 FS 2015 PFS 2014 Scoping Study 2017 Optimisation Reserve Mill Size

Mill size and reserves growth

ITY CIL OPTIMIZATION STUDY

slide-59
SLIDE 59

LONG-LIFE LOW-COST PROJECT

59

Significantly improved production profile

$643/oz $677/oz $532/oz $567/oz $493/oz $407/oz $612/oz $484/oz Year 8 162koz Year 6 Year 7 Year 5 151koz Year 4 213koz 238koz 224koz Year 2 201koz Year 3 250koz Year 1 159koz Year 9 190koz Year 10 250koz AISC for OS FS production OS production

235koz

average production

  • ver first 5 years

$602/oz $598/oz

Production Profile

$494/oz

average AISC over first 5 years

Exploration potential ITY CIL OPTIMIZATION STUDY

slide-60
SLIDE 60

LIFE OF MINE PLAN

60

Item Unit LOM Total / Average Pre-prod 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Mining Schedule Total Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5,092 Total Waste Moved kt 109,559 10,973 10,225 10,074 11,285 11,172 10,873 9,475 8,847 10,463 7,755 5,233 3,184 Total Ore Mined kt 57,193 4,582 5,775 5,926 4,715 4,828 5,127 4,296 3,814 5,445 5,868 4,910 1,908 Stripping Ratio w:o 1.92 2.39 1.77 1.70 2.39 2.31 2.12 2.21 2.32 1.92 1.32 1.07 1.67 0.00 0.00 0.00 Au Grade - Ore Mined g/t 1.57 1.70 2.05 1.78 1.87 1.65 1.88 1.20 1.37 1.38 1.30 1.12 1.08 0.00 0.00 0.00 Contained Gold - Ore Mined

  • z

2,882,942 250,292 380,473 339,552 284,028 256,057 309,845 165,566 167,586 240,798 246,064 176,249 66,432 Processing Schedule Total Ore Processed kt 57,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 1,000 Au Grade - Ore Processed g/t 1.57 2.26 2.32 2.21 1.87 1.99 1.80 1.37 1.57 1.84 1.32 1.45 0.98 0.72 0.53 0.42 Contained Gold - Ore Processed

  • z

2,874,932 291,115 298,991 283,905 240,735 256,406 231,939 176,705 201,293 236,809 170,115 186,579 125,818 92,339 68,735 13,447 Au Recovery % 85.8% 86.0% 83.7% 84.0% 88.3% 87.2% 86.7% 85.5% 80.2% 80.1% 93.3% 89.8% 89.9% 83.9% 85.8% 92.0% Recovered Gold

  • z

2,466,728 250,481 250,152 238,381 212,644 223,659 201,195 151,022 161,502 189,661 158,686 167,457 113,113 77,427 58,978 12,370 Payable Gold

  • z

2,464,261 250,231 249,902 238,143 212,431 223,435 200,994 150,871 161,341 189,471 158,527 167,289 113,000 77,349 58,919 12,358 Operating Cost Summary Mining & Rehandling US$/t Mined 2.89 2.42 3.21 3.05 3.23 2.92 3.50 2.70 2.80 2.86 2.36 2.34 3.07 0.00 0.00 0.00 Processing US$/t Ore Processed 11.96 11.54 12.41 12.48 12.20 12.50 12.39 12.16 12.36 11.56 11.27 10.72 12.37 12.06 11.52 11.68 General & Administrative US$/t Ore Processed 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 Cash Operating Costs (Net of Credits) US$/oz Gold Sold 504 345 414 426 489 447 544 602 556 506 517 426 630 788 1005 1332 Total Cash Costs US$/oz Gold Sold 554 395 464 476 539 497 594 652 606 556 567 476 680 838 1055 1382 All-In-Sustaining Costs US$/oz Gold Sold 580 407 484 493 567 532 612 677 643 598 602 500 716 864 1055 1382 Cash Flow Summary Gold Revenue $M 3,080 313 312 298 266 279 251 189 202 237 198 209 141 97 74 15 Less: Royalties, Credits, Transport & Refining $M (60) (6) (6) (6) (5) (5) (5) (4) (4) (5) (4) (4) (3) (2) (1) (0) Less: Cash Operating Costs $M (1,305) (93) (110) (108) (109) (106) (115) (95) (94) (101) (86) (76) (74) (63) (61) (17) Mining & Rehandling $M (496) (38) (51) (49) (52) (47) (56) (37) (35) (46) (32) (24) (16) (6) (6) (3) Processing $M (682) (46) (50) (50) (49) (50) (50) (49) (49) (46) (45) (43) (49) (48) (46) (12) General & Administrative $M (127) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (2) Mine EBITDA $M 1,715 214 196 184 151 168 132 90 104 132 108 130 64 32 11 (2) Less: Sustaining Capital $M (63) (3) (5) (4) (6) (8) (4) (4) (6) (8) (6) (4) (4) (2) All-In-Sustaining Costs $M (1,428) (102) (121) (117) (120) (119) (123) (102) (104) (113) (95) (84) (81) (67) (62) (17) Sustaining Margin $M 1,652 211 191 180 145 160 128 86 98 124 103 125 60 30 11 (2) Less: Working Capital Movement $M (0) (11) (0) 1 (1) 3 (0) (1) 2 (1) 3 1 1 3 Less: Taxes $M (230) (3) (12) (14) (20) (30) (26) (13) (17) (24) (21) (29) (13) (5) (1) Less: Customs Duties & VAT $M FCF Before Non-Sustaining Capital $M 1,422 200 188 168 132 139 101 60 85 105 80 103 34 17 7 (1) Less: Non-Sustaining Capital $M (351) (351) Equipment Financing $M (77) (15) (15) (15) (15) (15) Reclamation and Salvage Costs $M (5) (3) Exploration $M Mine Free Cash Flow $M 990 (366) 184 173 153 117 139 101 60 85 105 80 103 34 17 5 (2)

ITY CIL OPTIMIZATION STUDY

slide-61
SLIDE 61

SIGNIFICANT EXPLORATION UPSIDE

61

On-track to achieve exploration discovery target of 4-6Moz

3.8Moz 2.3Moz 1.5Moz added 2017 M&I Resource

(Base for OS)

5-Year Discovery Target

(published Nov. 2016)

2016 M&I Resource

(Base for FS)

4-6Moz Discovery Target

M&I Resource Evolution

ITY CIL OPTIMIZATION STUDY

slide-62
SLIDE 62

62

ITY CIL PROJECT, CÔTE D’IVOIRE

Multiple high grade trends discovered in the 100%-owned Le Plaque area

ITY MINE

INSIGHTS

‒ Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly ‒ Mineralization at the Le Plaque trends

  • ccurs from surface for

the main lense and all trends are open along strike and at depth ‒ A maiden inferred resource estimate, for some of the targets identified in the Le Plaque area, is expected in Q4-2017

slide-63
SLIDE 63

ITY CIL PROJECT, CÔTE D’IVOIRE

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

63 ITY MINE

slide-64
SLIDE 64

INSIGHTS ‒ 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 on a 100% basis. ‒ An auger drilling program will be conducted on the 80km underexplored portion corridor along the Ity trend in 2017

ITY CIL PROJECT, CÔTE D’IVOIRE

80km underexplored Birimian corridor

Ity Mine Birimian corridor

64 ITY MINE

slide-65
SLIDE 65

ITY CIL PROJECT, CÔTE D’IVOIRE

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

65

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

ITY MINE

slide-66
SLIDE 66

ITY CIL PROJECT, CÔTE D’IVOIRE

Greater Ity: 2017 – 2021 Exploration Targets Toulepleu

66

Auger drilling RC drilling

ITY MINE

slide-67
SLIDE 67

ITY CIL PROJECT, CÔTE D’IVOIRE

How significant is Greater Ity area?

67

EDV Controlled Greater ITY TREND SEMAFO Controlled MANA TREND

ITY MINE

slide-68
SLIDE 68

ITY MINE, CÔTE D’IVOIRE

Exploration strategy

68

*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.

› 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*

ITY MINE

slide-69
SLIDE 69

KARMA MINE, BURKINA FASO

Overview

69

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso Resources (incl. of Reserves) M&I: 84.3Mt @ 1.1 g/t for 2.981Moz Inferred: 19.3Mt @ 1.3 g/t for 0.791Moz Reserves 37.9Mt @ 0.9 g/t for 1.117Moz 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) 2016A – $738/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

100-110koz 62koz 2016A 2017E

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
  • Plant optimization project underway
  • Kao pit expected to be in operation by year-end 2017

KARMA MINE

Houndé Project Ouagadougou Karma Project

slide-70
SLIDE 70

70 KARMA MINE

Q2-17 vs. Q1-17 INSIGHTS:

› Production decreased due to less tonnage

stacked and lower recovery rates which was partially offset by higher stacked grades.

› AISC remained stable as a lower strip ratio

was offset by a higher unit cost, as well as inventory adjustments.

OUTLOOK

› FY-2017 guidance remains unchanged with

100,000 - 110,000 ounces planned at an AISC of $750-800/oz.

› Stacking capacity is expected to increase in

the second half of the year following the completion

  • f

the plant

  • ptimization

project, which is progressing on-time.

› The higher-grade Rambo ore feed will

compliment that of the GG2 pit.

KARMA MINE, BURKINA FASO

Continues to perform well with optimization program nearly completed

Production and AISC Tonnes Stacked and Grade

24koz 32koz 29koz 20koz 12koz $755/oz

Q2-2017 Q1-2017 Q4-2016 Q3-2016 Q2-2016 AISC, US$/oz Production, koz

$738/oz 852kt 954kt 853kt 880kt 356kt 1.24g/t

Q2-2017 Q1-2017 Q4-2016 Q3-2016 Q2-2016 Grade milled, g/t Au Tonnes stacked, kt

1.14/t 1.21/t 1.18/t $748/oz 1.07/t

slide-71
SLIDE 71

INSIGHTS

› In 2017 a $4 million exploration program

totaling approximately 38,000 meters has been planned

  • f

which approximately 28,000m was completed in H1-2017.

› During H1-2017, drilling focused on testing

the extensions of the Rambo, Goulagou and North Kao deposits, as well as the Yabonsgo target (6,800 meters drilling completed, waiting on results).

› A maiden Resource is expected to be

achieved during H2-2017 with the aim of further extending the mine life. Karma Site Map

71

KARMA MINE, BURKINA FASO

Expecting to further extend mine life following the H2 campaign

KARMA MINE

slide-72
SLIDE 72

KARMA, BURKINA FASO

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

72 KARMA MINE

slide-73
SLIDE 73

KARMA, BURKINA FASO

2017 Targets: Rambo West

73 KARMA MINE

slide-74
SLIDE 74

KARMA, BURKINA FASO

Exploration strategy

74

*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.

› 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

  • ver the next 5 years with a budget of ~$15M to extend mine life to 15 years*

KARMA MINE

slide-75
SLIDE 75

HOUNDÉ PROJECT, BURKINA FASO

Overview

1Based on 100% equity funding and equipment lease financing

²From production start

75 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 Tax regime 17.5% for Vindaloo and 27.5% for Bouere

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 Houndé Project Ouagadougou Karma Project

HOUNDE PROJECT

slide-76
SLIDE 76

SIGNIFICANT ACHIEVEMENTS TO-DATE:

Construction is progressing on-time with 97% of the total project complete, with the first gold pour expected in the fourth quarter

  • f 2017.

100% of capital has already been committed to date, reducing cost over-run risk.

6.3 million man-hours have been worked without a lost time injury.

The dry plant has been fully commissioned and wet plant commissioning has commenced with first ore introduced to the system via the SAG and Ball Milling circuit.

Open pit mining activities at the Main Vindaloo open pit commenced in late December 2016 with over 8Mt moved to-

  • date. A total of 515kt at 2.8 g/t containing 46koz has already

been mined and stockpiled on the ROM pad, representing nearly 3-months of feed. Mining to-date suggests positive grade reconciliation against the resource model.

The general manager of Endeavour’s Agbaou mine and the majority of its processing team, which successfully ramped-up the mill in 2014, have been transferred to Houndé to de-risk its start-up as the plants are of similar design.

The construction of the fuel farm, the 90kv overhead power line and the 26MW backup power station have been completed, with power having being drawn down from the national grid.

94% team burkinabe

76

HOUNDÉ PROJECT, BURKINA FASO

Progressing on-time and on budget for Q4 gold pour

Mining started in January

HOUNDE PROJECT

Life of Mine Plan

Year 5 to 8 Average

116koz

$496/oz $901/oz

218koz

$648/oz Year 9 to 10 Average

184koz

Year 3 Year 4

223koz

$506/oz $662/oz

231koz

Year 1

265koz

Year 2 $645/oz

AISC/oz Production based on reserves, koz

Exploration upside expected to fill this shortfall

slide-77
SLIDE 77

SIGNIFICANT ACHIEVEMENTS TO-DATE (continued) :

› The construction of the grade control and sample

preparation laboratories has been completed and is

  • perational.

› The

construction

  • f

the 300-person permanent accommodation village and resettlement has been completed.

› The construction of the water harvest dam decant tower

is complete, with water already being pumped to the water storage dam. Current dam volume is approximately 2,000,000m3, with the water harvesting still feeding the water storage dam.

› The airstrip is 50% complete and expected to be

  • perational in November.

› The TSF Cell 1 construction is complete and operational

and TSF Cell 2 construction and ROM pad extension are underway (Cell 2 was not scheduled until year 2 of

  • perations, however was brought forward).

77

HOUNDÉ PROJECT, BURKINA FASO

Progressing on-time and on budget for Q4 gold pour (continued)

CIL Steel Tanks Tailings Storage Facility

HOUNDE PROJECT

slide-78
SLIDE 78

Exploration Targets in Proximity to the Planned Mill INSIGHTS

› Following a two year period of no exploration drilling,

activities resumed in 2017 with a $5 million program

› During H1 2017 a total of 6,400m DD, 2700m RC and

48,300m AC were drilled on: ‒ Bouere with the aim of increased the current resource. ‒ Kari Pump/Sia/Sianikoui (higher grade exploration targets) which resulted in positive initial results. ‒ Grand Espoir, Bombi, Koho, Kari Fault, which initial exploration works.

› Work performed also included advanced soil

geochemistry, ground geophysics on selected targets, regolith and geological mapping.

› After prioritization based on initial successes, H2

activity will concentrate on the most promising exploration targets.

78

HOUNDÉ PROJECT, BURKINA FASO

Positive initial results received

HOUNDE PROJECT

slide-79
SLIDE 79

79

HOUNDÉ PROJECT, BURKINA FASO

2017-2021 Main Promising Targets

HOUNDE PROJECT

slide-80
SLIDE 80

80

*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.

80

› 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*

HOUNDÉ PROJECT, BURKINA FASO

Exploration strategy

HOUNDE PROJECT

slide-81
SLIDE 81

KALANA PROJECT, MALI

Overview

81 TABAKOTO MINE QUICK FACTS (ON 100% BASIS)

Ownership 80% EDV, 20% government of Mali Status DFS stage Resources (incl. of Reserves) M&I: 24.5Mt @ 4.1 g/t for 3.200Moz Inferred: 24.5Mt @ 4.5 g/t for 0.240Moz Reserves 21.7Mt @ 2.8 g/t for 1.960Moz Mine Type Open pit LOM Strip Ratio 9.9 Processing Rate 1.2 Mtpa for competent fresh ore and 1.5Mtpa for soft saprolite ore Gold Recovery 93% Upfront Capital (US$M) 196

LOMP SUMMARY (ON 100% BASIS)

Processing Total ore processed, Mt 22 Gold grade, g/t 2.80 Contained gold, koz 1,964 Recovery rate, % 93% Production, Moz 1.82 AISC , US$/oz 730

Tabakoto Mine Bamako

Mali

Kalana Project

slide-82
SLIDE 82

› Feasibility-stage project › 1.2Mtpa CIL plant › Single open-pit reserve of 1.96Moz at

2.8 g/t

› 18-year mine life › Low AISC cost operation with $730/oz

  • ver life of mine

› After-tax NPV5% of $321m and after-tax

IRR of 50% based on a gold price of $1,200/oz

› Endeavour intends to re-design the

current feasibility study

› Significant exploration upside

82

FITS OUR STRATEGIC PORTOFLIO CRITERIA

Kalana is a high-quality project

AVNEL TRANSACTION

GENERAL INFORMATION Ownership 80% Avnel; 20% Mali government M&I Resources (inclusive of reserves) 3.10Moz @ 4.07g/t Reserves 1.96Moz @ 2.80g/t Mine Type Open Pit Processing Rate 1.2mtpa LIFE OF MINE PRODUCTION Strip ratio, w:o 9.9 Tonnes of ore processed, Mt 21.7 Grade processed, Au g/t 2.80 Gold content processed, Koz 1,964 Gold recovery, % 93% Gold production, Moz 1,821 Mine life, years 18 Average gold production, koz pa 101 koz AISC, $/oz US$730/oz CAPITAL COST Upfront capital cost, $m US$171m Sustaining capital cost, $m US$122m ECONOMIC RETURNS (US$1,200/oz) After-tax Project NPV 5%, $m US$321m After-tax Project IRR, % 50% Payback, years (undiscounted) 1.1

Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017

slide-83
SLIDE 83

Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017

83

› Production profile based on the

Optimised Feasibility Study:

‒ Average over first 5 years: 148koz

at an AISC of $561/oz

‒ Average over mine life: 101koz at

an AISC of $730/oz

› Endeavour intends to re-design and

  • ptimize the current feasibility

study:

‒ Expanding the plant capacity ‒ Increase the average annual

production and shorten the mine life

‒ Integrate synergies ‒ Integrating exploration upside

FITS OUR STRATEGIC PORTOFLIO CRITERIA

Kalana has potential to increase annual production to c.150kozpa

AVNEL TRANSACTION

66koz 88koz 119koz 123koz 123koz 170koz 203koz 53koz $976/oz Pre- production $703/oz

  • Avg. Years

11-17 Year 5

  • Avg. years

6-10 $865/oz Year 2 $446/oz $676/oz Year 1 $598/oz Year 3 $689/oz Year 4 Production AISC

Reserve life of mine plan

Potential for a +150kozpa operation

slide-84
SLIDE 84

84

AVNEL TRANSACTION

› Kalana Main deposit still fully

  • pen at depth

› The high-grade Kalanako

prospect, located 2.5km northeast of the Kalana Main Project, provides potential for a satellite deposit (already hosts an

Indicated resource of 119koz at 3.34 g/t)

› Kalana concession covers 387km2

and contains 27 exploration prospects with multiple geochemical anomalies

› Strong regional exploration

potential with multiple prospects

  • utside of Kalana

› Currently have a small

unclassified resource at Djirlia

FITS OUR STRATEGIC PORTOFLIO CRITERIA

Kalana has significant exploration upside

slide-85
SLIDE 85

Source: Market data as per 28 June 2017

85

VALUE ACCRETIVE

Meets equity hurdle rates and is accretive on an NAV basis

NAV V per er shar are a accretion

Ende deavour ur N NAV

2,061 1,834 1,573 1,329 1,199 1,136 1,122 1,058 Canaccord (9-May-17) Haywood (24-May-17) RBC (11-May-17) Clarus (30-May-17) Scotia (29-May-17) Raymond James (9-May-17) Peel Hunt (22-May-17) BMO (7-Mar-17) 272 263 223 Cormark (2-May-16) Haywood (5-Jun-17) Mackie (10-Jan-17)

Av Avnel N NAV AV

Average NAV of US$253m (P/NAV of 0.33x) Average NAV of US$1,414m (P/NAV of 1.21x)

NAV A V Accretion t to E Endeavour AVNEL TRANSACTION

› Due diligence demonstrates that

the acquisition meets minimum hurdle rate returns when accounting for the acquisition cost, the initial construction costs, and the holding / integration costs prior to production

› Strong returns based on current

feasibility study with further potential to optimize the study, unlock exploration, and benefit from synergies

› Strongly accretive on a NAV per

share basis

NAV a anal alysis a at US$120m $120m A Acquisition Cost Equity o

  • ffe

ffer US$m m 122 Shares issued m 7.0 PF E Endeavour s shar ares m m 103.5 PF N NAV V US$m m 1,667 Endeavour NAV / share US$ 14.65 PF NAV / share US$ 16.10 NAV per share accretion / (dilution) % 9.87%

slide-86
SLIDE 86

NZEMA MINE, GHANA

Overview

QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% government of Ghana Resources (incl. of Reserves) M&I: 33.1Mt @ 1.S g/t for 1.431Moz Inferred: 5.9Mt @ 1.3 g/t for 0.243Moz Reserves 3.3Mt @ 2.7 g/t for 0.291Moz 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 Production AISC (mine-level) 2014A– $1,036/oz 2015A – $1,064/oz 2016A – $1,167/oz 2017E - $895 -940/oz Expected Mine Life 4 years from current Reserves Royalty 5% (+1% 3rd party at Adamus pits) Corporate Tax 35%

2017E 2015A 2016A 2014A 110koz 100-110koz 115koz 88koz

Accra Nzema Mine

Ghana

RECENT AND UPCOMING CATALYSTS

Accomplished

  • Adamus pit cut back completed during Q1 2017
  • Decreased dependency on purchased ore due to higher grades coming from our
  • wn mining activities

Upcoming

  • Following the completion of the cut-back, Nzema is expected to continue to

produce positive all-in sustaining margin and earnings

  • Higher grades from Adamus pit to support AISC reduction
  • Pre-stripping at Bokrobo deposit deposit expected to start in H2 2107

86

NZEMA MINE

slide-87
SLIDE 87

87 NZEMA MINE

Q2-17 vs. Q1-17 INSIGHTS:

› Production increased due to improved

recovery rates and higher grades, which compensated for reduced throughput.

› AISC increased due to a reduction in the

quantity

  • f

gold sold and increased sustaining capital spend.

SALE OF NZEMA :

› Sale announced in August for up to US$65

million, effective economic date July 1st

› Transaction expected

to close in Q4 following the approval from the Ghanaian government

Performance over H1-2017

Purchased Ore Production and AISC

3.20g/t

141kt 92kt

Q4-2016 Q1-2017 Q3-2016 Q2-2017

78kt

Q2-2016

112kt 82kt

Grade purchased, g/t Ore tonnes purchased , kt

2.97g/t 3.11g/t 3.23g/t $985/oz

Q2-2017

24koz

Q1-2017

26koz

Q4-2016 Q3-2016

24koz

Q2-2016

20koz 27koz

AISC, US$/oz Production, koz

$1,266/oz $1,136/oz $1,118/oz $951/oz 3.04g/t

NZEMA MINE, GHANA

slide-88
SLIDE 88

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q2 RESULTS

2

DETAILS BY MINE AND PROJECT

3

slide-89
SLIDE 89

APPENDIX

BOARD MEMBERS

89

89

Michael BECKETT Chairman, Non-executive Director Ian COCKERILL, Non-executive Director Olivier COLOM, Non-executive Director Livia MAHLER, Non-executive Director Wayne MCMANUS, Non-executive Director Sébastien de MONTESSUS, CEO & President Naguib SAWIRIS, Non-executive Director Jim ASKEW, Non-executive Director

slide-90
SLIDE 90

ENDEAVOUR IS BACKED BY LA MANCHA

90

APPENDIX

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

Partnership Announced

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-91
SLIDE 91

91

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

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

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

CEO COO EVP Projects EVP Exploration & Growth

CI Government Relations Advisor Legal Advisor

UNLOCK EXPLORATION VALUE

Exploration a core focus in 2016 with a new structure in place

APPENDIX

slide-92
SLIDE 92

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)

92

92

Methodic and Exhaustive Review to Quantify and Rank Potential

UNLOCK EXPLORATION VALUE

APPENDIX

slide-93
SLIDE 93

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

93

UNLOCK EXPLORATION VALUE

Further Selection, Ranking and Risk Evaluation

APPENDIX

slide-94
SLIDE 94

(on a 100% basis)

AGBAOU NZEMA TABAKOTO ITY3 KARMA

Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 Physicals Total tonnes mined – OP1 000t

25,382 20,447 9,295 8,144 7,098 9,298 6,102 375 8,753

Total ore tonnes – OP 000t

2,797 2,818 1,000 1,310 649 511 1,186 64 650

Open pit strip ratio1 W:t ore

8.07 6.26 9.94 17.20 9.94 17.20 4.15 4.86 3.66

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 71 2,089

Average gold grade milled g/t

2.27 2.15 1.87 2.21 3.36 3.17 2.20 2.39 1.16

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 28,743

Unit Cost Analysis Mining costs - Open pit $/t mined

2.22 2.64 4.64 4.78 3.60 2.79 2.88 2.38 1.32

Mining costs – Underground $/t mined

  • 51.04

50.24

  • Processing and maintenance

$/t milled

6.60 6.40 13.16 14.26 21.93 22.89 14.71 23.28 7.76

Site G&A $/t milled

4.66 5.56 6.57 6.81 12.80 15.66 11.43 16.97 9.66

Cash Cost Details Mining costs - Open pit1 $000s

56,420 54,060 43,109 38,947 25,586 25,960 17,583 892 5,306

Mining costs -Underground $000s

  • 66,406

68,328

  • Processing and maintenance

$000s

18,656 17,069 23,177 25,423 34,825 36,347 17,256 1,653 6,616

Site G&A $000s

13,175 14,806 11,577 12,151 20,325 28,659 13,413 1,205 8,241

Purchased ore at Nzema $000s

  • 21,255

29,447

  • Inventory adjustments and other2

$000s

1,702 3,375 7,885 1,059 3,357 4,961 (53) 605 (906)

Cash costs for ounces sold $000s

84,477 84,172 90,801 99,374 132,906 128,041 44,450 4,355 18,898

Royalties $000s

8,871 7,574 5,662 7,234 11,997 10,438 3,316 536 1,952

Sustaining capital $000s

11,407 13,191 3,318 10,839 21,193 23,048 7,648 519 359

Cash cost per ounce sold $/oz

430 462 1,062 900 821 846 606 550 657

Mine-level AISC Per Ounce Sold $/oz

534 576 1,167 1,064 1,027 1,067 756 683 738

PRODUCTION AND COST DETAILS BY MINE

For the years ended 2016 and 2015

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.

94

APPENDIX

slide-95
SLIDE 95

1) Includes waste capitalized

PRODUCTION AND COST DETAILS BY MINE BY QUARTER

95

Q2-2017 RESULTS

95

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA Unit Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Physicals Total tonnes mined – OP1 000t 6,952 6,356 5,920 1,413 2,695 1,852 1,550 1,888 1,703 1,988 1,789 1,584 3,616 4,343 2,934 Total ore tonnes – OP 000t 709 624 656 352 396 213 157 217 147 374 329 383 1,035 1,050 1,690 Open pit strip ratio1 W:t ore 8.81 9.19 8.02 3.01 5.81 7.69 8.87 7.70 10.51 4.32 4.44 6.31 2.49 3.14 2.79 Total tonnes mined – UG 000t

  • 253

311 315

  • Total ore tonnes – UG

000t

  • 184

236 220

  • Total tonnes milled

000t 693 683 743 362 391 450 407 405 399 243 267 303 852 954 356 Average gold grade milled g/t 2.23 2.09 2.15 2.46 2.36 1.63 3.32 3.50 3.31 2.15 1.90 2.10 1.24 1.07 1.18 Recovery rate % 94% 95% 97% 92% 88% 85% 94% 94% 95% 84% 98% 101% 83% 87% 90% Gold ounces produced

  • z

45,489 41,937 46,295 27,203 26,131 19,800 41,248 43,028 39,372 14,120 15,892 20,729 24,223 31,652 12,292 Gold sold

  • z

46,722 39,981 47,638 26,245 29,061 19,827 41,390 43,812 39,156 13,226 18,347 20,981 24,632 31,107 14,655 Unit Cost Analysis Mining costs - Open pit $/t mined 2.40 2.45 1.86 6.45 5.15 5.40 3.72 3.45 3.83 2.86 2.23 2.81 1.96 1.82

  • Mining costs – Underground

$/t mined

  • 61.18

57.66 49.97

  • Processing and maintenance

$/t milled 7.67 6.82 7.15 15.88 15.46 12.31 19.00 22.55 21.23 16.03 15.44 15.98 9.30 7.10

  • Site G&A

$/t milled 3.88 4.50 4.57 5.91 5.84 6.30 9.39 11.30 11.33 9.94 9.78 7.11 4.26 4.07

  • Cash Cost Details
  • Mining costs - Open pit1

$000s 16,653 15,581 11,008 9,110 13,867 9,992 5,772 6,509 6,527 5,685 3,988 4,450 7,089 7,924

  • Mining costs -Underground

$000s

  • 15,479

17,933 15,740

  • Processing and maintenance

$000s 5,316 4,659 5,312 5,750 6,044 5,541 7,734 9,131 8,470 3,895 4,123 4,841 7,922 6,777

  • Site G&A

$000s 2,689 3,074 3,396 2,141 2,283 2,837 3,820 4,577 4,519 2,415 2,610 2,154 3,626 3,884

  • Purchased ore at Nzema

$000s

  • 4,724

4,004 5,574

  • Capitalized waste

$000s (525) (343) (1,158)

  • (1,996)

(3,735) (8,612) (1,456) (8,904) (1,693) (142)

  • (230)

(249)

  • Inventory adjustments and other

$000s 558 (1,022) 2,196 279 38 3,065 8,993 (2,934) 6,089 (2,034) 3,174 1,187 (2,220) 2,221

  • Cash costs for ounces sold

$000s 24,691 21,949 20,754 22,004 24,240 23,274 33,186 33,760 32,441 8,268 13,753 12,632 16,187 20,557

  • Royalties

$000s 2,107 1,707 2,037 1,952 1,978 1,322 3,138 3,165 2,951 643 770 919 1,916 2,249

  • Sustaining capital

$000s 1,526 2,735 2,206 1,898 1,423 506 7,313 5,782 6,134 1,400 1,611 2,709 487 477

  • Cash cost per ounce sold

$/oz 528 549 436 838 834 1,174 802 771 829 625 750 606 657 661

  • Mine-level AISC Per Ounce Sold

$/oz 606 660 525 985 951 1,266 1,054 975 1,061 780 879 775 755 748

  • APPENDIX
slide-96
SLIDE 96

1) Includes waste capitalized

PRODUCTION AND COST DETAILS BY MINE BY HALF YEAR

96

Q2-2017 RESULTS

96

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA Unit H1-2017 H1-2016 H1-2017 H1-2016 H1-2017 H1-2016 H1-2017 H1-2016 H1-2017 H1-2016 Physicals Total tonnes mined – OP1 000t 13,308 11,989 4,108 3,562 3,438 3,936 3,777 3,682 7,959 2,934 Total ore tonnes – OP 000t 1,333 1,474 748 490 374 294 703 670 2,085 1,690 Open pit strip ratio1 W:t ore 8.98 7.13 4.49 6.27 8.19 12.39 4.37 4.50 2.82 2.79 Total tonnes mined – UG 000t

  • 564

675

  • Total ore tonnes – UG

000t

  • 420

453

  • Total tonnes milled

000t 1,376 1,397 753 909 812 805 510 607 1,806 356 Average gold grade milled g/t 2.16 2.20 2.41 1.58 3.41 3.20 2.02 2.30 1.15 1.18 Recovery rate % 94% 98% 90% 86% 94% 94% 91% 95% 85% 90% Gold ounces produced

  • z

87,426 89,060 53,334 39,557 84,276 77,914 30,012 43,053 55,875 12,292 Gold sold

  • z

86,703 88,072 55,306 39,936 85,202 77,426 31,573 42,945 55,739 14,655 Unit Cost Analysis Mining costs - Open pit $/t mined 2.42 2.11 5.59 5.36 3.57 3.36 2.56 2.75 1.89

  • Mining costs – Underground

$/t mined

  • 59.24

46.63

  • Processing and maintenance

$/t milled 7.25 6.51 15.66 12.23 20.77 20.84 15.72 16.14 8.14

  • Site G&A

$/t milled 4.19 4.60 5.88 6.74 10.34 12.28 9.85 8.92 4.16

  • Cash Cost Details
  • Mining costs - Open pit1

$000s 32,234 25,333 22,977 19,101 12,281 13,215 9,673 10,120 15,013

  • Mining costs -Underground

$000s

  • 33,412

31,476

  • Processing and maintenance

$000s 9,975 9,100 11,794 11,119 16,865 16,777 8,018 9,794 14,699

  • Site G&A

$000s 5,763 6,431 4,424 6,126 8,397 9,888 5,025 5,417 7,510

  • Purchased ore at Nzema

$000s

  • 8,728

9,345

  • Capitalized waste

$000s (868) (2,112) (1,996) (5,476) (10,068) (10,566) (1,835)

  • (479)
  • Inventory adjustments and other

$000s (464) (937) 317 5,084 6,059 2,560 1,140 686 1

  • Cash costs for ounces sold

$000s 46,640 37,815 46,244 45,299 66,946 63,350 22,021 26,017 36,744

  • Royalties

$000s 3,814 3,770 3,930 2,547 6,303 5,651 1,413 1,851 4,165

  • Sustaining capital

$000s 4,261 4,649 3,321 542 13,095 13,502 3,011 3,994 964

  • Cash cost per ounce sold

$/oz 538 429 836 1,134 786 818 697 606 659

  • Mine-level AISC Per Ounce Sold

$/oz 631 525 967 1,212 1,013 1,066 838 742 751

  • APPENDIX
slide-97
SLIDE 97

RESERVES AND RESOURCES

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 Ity reserves and resources are stated as per updated 2017 figures, published in September 20, 2017 press release.

97

On a 100% basis Resources shown inclusive of Reserves Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves

13 2.70 1,143

Probable Reserves

155 1.73 8,615

P&P Reserves

168 1.81 9,758

Measured Resource (incl Reserves)

22 3.21 2,316

Indicated Resources (incl Reserves)

231 1.75 13,048

M&I Resources (including Reserves)

254 1.88 15,364

Inferred Resources

52 1.82 3,065

Group Consolidated Total

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 0.1 2.67 6 Probable Reserves 60.2 1.62 3,132 P&P Reserves 60.3 1.62 3,138 Measured Resource (incl reserves)

  • Indicated Resources (incl reserves)

75.1 1.57 3,784 M&I Resources (including Reserves) 75.1 1.57 3,784 Inferred Resources 18.9 1.30 792

Ity Mine & CIL Project

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 5.1 3.00 490 Probable Reserves 16.6 2.75 1,470 P&P Reserves 21.7 2.80 1,960 Measured Resource (incl reserves) 9.5 4.20 1,280 Indicated Resources (incl reserves) 15.0 4.02 1,920 M&I Resources (including Reserves) 24.5 4.02 3,200 Inferred Resources 1.7 4.51 240

Kalana Project

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 2.9 2.98 274 Probable Reserves 3.4 3.12 341 P&P Reserves 6.3 3.06 615 Measured Resource (incl reserves) 6.9 2.88 638 Indicated Resources (incl reserves) 12.1 3.09 1,206 M&I Resources (including Reserves) 19.0 3.01 1,844 Inferred Resources 8.2 3.45 908

Tabakoto Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 3.7 2.48 296 Probable Reserves 26.9 2.06 1,779 P&P Reserves 30.6 2.11 2,075 Measured Resource (incl reserves) 3.7 2.57 305 Indicated Resources (incl reserves) 34.2 2.04 2,247 M&I Resources (including Reserves) 37.9 2.09 2,551 Inferred Resources 3.2 2.62 274

Hounde Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 1.0 2.20 69 Probable Reserves 10.0 2.44 784 P&P Reserves 11.0 2.41 853 Measured Resource (incl reserves) 1.9 1.41 85 Indicated Resources (incl reserves) 11.2 2.56 919 M&I Resources (including Reserves) 13.0 2.39 1,004 Inferred Resources 1.1 1.73 60

Agbaou Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 0.4 0.59 8 Probable Reserves 37.4 0.92 1,109 P&P Reserves 37.9 0.92 1,117 Measured Resource (incl reserves) 0.4 0.59 8 Indicated Resources (incl reserves) 83.8 1.10 2,973 M&I Resources (including Reserves) 84.3 1.10 2,981 Inferred Resources 19.3 1.27 791

Karma Mine

Project1 Agbaou Nzema Tabakoto Ity Karma2 Hounde UG Open Pit Reserves Au price 1,350 1,250 1,250 1,250 1,250 1,300 1,300 Resources Au price 1,500 1,500 1,500 1,500 1,500 1,557 1,500

1 Cut off grades for all resources open pits are 0,5g/tAu, except at Karma where the cutoff grade is defined by material type:

Oxide=0.2, Transition=0.22 and Sulfide=0,5

2 North Kao reserves and resources has a gold price of respectively $1,250/oz and $1,500/oz

Notes :

APPENDIX

As of December 31, 2016