Corporate Presentation December 2016 0 Disclaimer & Forward - - PowerPoint PPT Presentation

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Corporate Presentation December 2016 0 Disclaimer & Forward - - PowerPoint PPT Presentation

CREATING A PREMIER AFRICAN GOLD PRODUCER Corporate Presentation December 2016 0 Disclaimer & Forward Looking Statements Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP market prices of mining consumables,


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SLIDE 1

CREATING A PREMIER AFRICAN GOLD PRODUCER

Corporate Presentation

December 2016

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SLIDE 2

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Disclaimer & Forward Looking Statements

CREATING A PREMIER AFRICAN GOLD PRODUCER

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.

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SLIDE 3

Endeavour Mining Overview

2

Immediate Cashflow

from 5 producing mines at low AISC

– 2015 production: 517 koz – 2016E production: 575-610 koz – 2015 AISC: US$922/oz – 2016E AISC: US$870 - 920/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

5 10 15 20 25 30

1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000

January-16 February-16 March-16 April-16 May-16 June-16 July-16 August-16 September-16 October-16 November-16

Volume (shares) EDV share price, C$

Share Price Performance Current shareholder distribution and geographic mix

Ticker TSX:EDV Shares in Issue 93.4 m Fully Diluted 95.8 m Share price C$23.26 Market cap US$1,655m Net Debt US$14m

Company Profile

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

3

Board Members

CREATING A PREMIER AFRICAN GOLD PRODUCER

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 November 7th 2016

Olivier Colom Non-executive Director Livia Mahler Non-executive Director

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SLIDE 5

Sebastien de Montessus CEO & President & Director

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Safety First Lean and Efficient Operations Hands-On Management Cash flow driven

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

MANAGEMENT FOCUS LEAN EXECUTIVE MANAGEMENT TEAM

Hands-on Management Model

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SLIDE 6

CREATING A PREMIER AFRICAN GOLD PRODUCER

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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

$870-920 83koz 167koz 220koz 317koz 462koz 517koz +900koz 575-610koz <$800

Assumes Ity construction starts H1-2017 and first gold production in 2019 with Heap Leach operation ending once CIL starts

Ity CIL

CLEAR PATH TO BUILD A +900KOZ PRODUCER AT ≤ $800/OZ AISC

2016

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SLIDE 7

STRATEGIC OBJECTIVE Create a Premier African Gold Producer with Low-cost and Long Life Mines

20 8 7 900 19 21 750 22 6 600 650 700 5 800 850 4 950 1,000 1,050 1,100 18 13 14 15 16 17 12 11 10 9

Average mine life, years AISC, $/oz

Endeavour 2016E Endeavour 2015A Teranga Semafo Resolute Randgold Perseus Nordgold Newmont Newcrest Kinross IAMGOLD Golden Star Gold Fields AngloGold Ashanti

4 Strategic Levers

1

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

2 3 4

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

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Endeavour (output of strategic exploration review)

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SLIDE 8

1) Increased Production 2) Decreased All-in Sustaining Costs 3) Increased Cash Generation 4) Low Lost Time Injury Frequency Rate

2013A

324koz

2016 Guidance

575-610koz

2015A

517koz

2014A

466koz

Production, on a 100% basis in koz

$35m

2015A 2014A

$135m $85m

2016 Guidance 2013A

$28m $1,137/oz

2015A

$922/oz

2014A

$1,010/oz $870-920/oz

2016 Guidance 2013A

AISC, in US$/oz US$1,392/oz US$1,264/oz US$1,157/oz HI : US$1,150/oz H2: US$1,250/oz

Free cash flow before tax, WC & financing costs, in US$m

(realized gold price)

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Excludes Agbaou, Houndé and Karma capex

OPERATIONAL EXCELLENCE Proven track record of operating in West-Africa

1

0.27 0.73

First 9-months 2016 2013 2015

1.73 0.76

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

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SLIDE 9

Q3- 2016 First 9 months

  • f 2016

2016 Guidance Comment

Production

(incl Karma)

146koz 416koz 575 - 610koz

 Q3: +6% over Q2-2016  Growth acceleration expected in Q4  Production on track to be within guidance

All-in Sustaining Costs

$898/oz $896/oz $870-920/oz

 Continued decrease achieved in Q3 with success of cost reduction programs  Low AISC trend expected to continue in Q4

Free Cash Flow

(before tax, WC , financing costs, Houndé and Karma)

$41m $100m $135m1

 Strong cash generation in Q3  Q4 to benefit from stronger production and start of Karma commercial production  Well on-track to meet Cash Flow guidance

Net Debt

(end of period)

$14m n/a

 Decreased from a net debt position of $242m at the end of September 2015

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CREATING A PREMIER AFRICAN GOLD PRODUCER

1 Based on H1 realized gold price of $1,225/oz and $1,250/oz for H2

OPERATIONAL EXCELLENCE

Group level performance in line with full year guidance

1

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SLIDE 10

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

CREATING A PREMIER AFRICAN GOLD PRODUCER

9

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

2

Bubble size represents average annual production = 100koz p.a.

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SLIDE 11

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 approximately 60%

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

CREATING A PREMIER AFRICAN GOLD PRODUCER

2

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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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CREATING A PREMIER AFRICAN GOLD PRODUCER

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

2

$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
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SLIDE 13

+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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CREATING A LOW COST AFRICAN GOLD PRODUCER

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

3

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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

True Gold

0.5-1.0Moz

Côte d’Ivoire Regional Tabakoto Agbaou

Total Potential to find 10-15Moz over next 5 years

Moz

48% 52%

10-15 Moz

Near Mine to Brownfield < 15km Greenfield

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. 13

CREATING A LOW COST AFRICAN GOLD PRODUCER

UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Ranking of Potential

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$10m $15m $25m $30m $45m $55m $13/oz $20/oz $25/oz $15/oz $15/oz $11/oz Côte d’Ivoire Regional True Gold 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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CREATING A LOW COST AFRICAN GOLD PRODUCER

UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs

3

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2017 9% 100% 7% 21% 24% 9% 31% 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% True Gold 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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CREATING A LOW COST AFRICAN GOLD PRODUCER

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

3

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 $1,000/oz $450/oz $1,200/oz $600/oz $1,100/oz $950/oz $900/oz $800/oz $550/oz $650/oz $1,050/oz $850/oz $1,150/oz $750/oz $700/oz $500/oz Mine life, years

Decreased costs from >1,300/oz

Agbaou

(180-195koz)

Nzema

(90-100koz)

Tabakoto

(155-175koz)

Ity HL

(70-80koz)

AISC, US$/oz Ity HL

(70-80koz)

Ity CIL (first 9 years) Houndé

(200koz)

Karma

(110-120koz)

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 CIL Project

DFS

Mine life as at 2016

4

PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio

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SLIDE 18

Karma Siguiri Tasiast AISC, US$/oz Tabakoto (2016E) Sabodala Nzema (2016E)

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50 100 150 200 250 300 350 400 450 500 550 600 500 550 600 650 700 750 800 850 900 950 1,000 1,050 1,100 1,150 1,200 1,250 1,300 1,350 Tarkwa Akyem Agbaou (2016E) Bissa Gounkoto Mana Loulo Chirano Syama Morila Lefa Tongon Wassa Edikan Sadiola Ahafo Bonikro Essekane Iduapriem Bogoso/Prestea Damang Ity HL Ity CIL Production, kozpa

Houndé, Ity, and Karma are respectively based on first 4, 5, and 5 year averages. Peer group based on 2015A. Source: UBS research

Lowest cost mines Highest cost mines

Houndé CREATING A PREMIER AFRICAN GOLD PRODUCER

~1/5 of 2019 EDV production ~4/5 of 2019 EDV production

West African Mines Benchmark

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PORTFOLIO & BALANCE SHEET MANAGEMENT Creating one of West-Africa’s lowest cost asset portfolios

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SLIDE 19

Significant reduction in Net Debt since the beginning of the year

‒ $65m cash injection received from La Mancha in May following the True Gold transaction close ‒ $104m of net proceeds from bought deal financing to accelerate organic growth and exploration ‒ $100m voluntary repayment made under the $350m revolving corporate facility

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End of Sept 2015 End of Sept 2016

$14m

0.1x End of June 2016

$83m

1.7x 2014 (year-end)

$254m

1.8x

$242m

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 $270m  Further headroom potential to fund Exploration and Ity CIL with free cash flow

$397m

Undrawn RCF

  • f $210m

$50m Equipment Financing Cash Position

  • f $137m

As of September 30th, 2016

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

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PORTFOLIO & BALANCE SHEET MANAGEMENT Healthy financial structure

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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

US$137m US$210m US$50m US$271m US$306m

  • c. $580m

Remaining Houndé project costs

(as of 30/09/2016)

Ity CIL project costs

Funding requirements Liquidity Sources

Undrawn RCF Existing cash balance Houndé Equipment Financing Ity Equipment Financing (expected)

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

As of end September 2016

Based on current economic conditions, Endeavour can self-finance Houndé and Ity

Room to manoeuvre between debt and own cashflow

  • Cash flow from current mine
  • perations 2017-2018 (@$1,250/oz),

including Houndé and Karma

  • Hedging collar (between USD1,200-

1,400/oz) covering c. 50% of production from Apr 16 to Sept 2017 protects cash flows while Ity and Houndé are being built

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Key Value Drivers 2016 Achievements to Date Portfolio Management

  • Dynamic portfolio management to improve quality of portfolio
  • Youga sold in March (end of life, high cost operation)
  • Karma acquired in April (Long mine life, low-cost operation)

Deleverage Balance Sheet

  • US$230m additional equity
  • Net Debt positon reduced to US$14m

Fund Houndé Project

  • Houndé fully financed due to improved balance sheet and

cash from operations

  • Construction launched in April

Exploration Strategy

  • Exploration now an integral part of the strategy (published in November)
  • Long-term exploration strategy outlines potential to find 10-15 Moz

and extend mine lived beyond 10 years

Enhance Investor Relations

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

Improve Governance

  • New CEO appointed in June 2016
  • Rationalization of offices (Corporate in London and Operations in Abidjan)
  • Strengthened board with the appointment of 2 new independent directors
  • Additional governance improvements under consideration

Scorecard of value drivers set at the beginning of the year

 

On- Going

On- Going

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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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CREATING A PREMIER AFRICAN GOLD PRODUCER

Details by Mine and Project

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Agbaou Mine – Côte d’Ivoire

Recent and Upcoming catalysts

Accomplished

  • Record year in 2015, up 23% YoY
  • Fully repaid shareholder loans in <2 years, in Nov 2015
  • 2015 drill results confirmed oxide mineralization extensions

Upcoming

  • Continue to benefit from the soft ore with high potential to add oxide reserves
  • Secondary crusher successfully commissioned in July, providing increased processing

flexibility

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 2.2 Mtpa Gravity/CIL plant - oxides; 1.6 Mtpa fresh ore Gold Recovery Achieving 97% at present; 92.5% design Mining Type Open Pit – Contractor Mining (BCM) Production AISC (mine-level) 2014A– $621/oz 2015A – $576/oz 2016F – $550-600/oz Expected Mine Life 7 years from current Reserves Royalty 3% - 5% sliding scale Corporate Tax 25% (5 year corporate tax holiday)

2016F 2014A 2015A 180-195koz 181koz 147koz

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

CREATING A PREMIER AFRICAN GOLD PRODUCER

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Agbaou Mine – Côte d’Ivoire

Production and AISC

46koz $525 Q1-2016 43koz $525 Q4-2015 52koz $537 Q3-2015 44koz $583 +12% Q4-2016E Q3-2016 49koz $550 Q2-2016 AISC, US$/oz Production, koz

Q3-2016 Insights

  • Production increased over the previous

quarter despite the negative impact of the rainy season

  • Higher gold grades and gold-in-circuit

balance optimization compensated for lower processed tonnage and recovery rate

  • Transitional ore processed in Q3-2016

represented 15% of total ore Q4-2016 Outlook

  • Production expected to increase due to:

‒ Improvement after end of cyclical effect of rainy season ‒ Benefit of mixing higher grade transitional ore

Insight: Benefit of higher grades

709kt 743kt 654kt 748kt 746kt 2,21 g/t 2,15 g/t 2,05 g/t 2,05 g/t 2,00 g/t Q4-2016E Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Grade milled, g/t Au Tonnes milled, kt

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Agbaou Site Map 25

Agbaou Exploration

  • In 2016, exploration is focused on

the North pit and South pit extensions, the Agbaou South target, and on generating targets beyond the current resource boundaries

  • Drilling based on previous

geophysics surveys and soil geochemistry results commenced in April 2016

  • More than 12,900 meters had been

drilled by the end of September, representing approximately 25% of the exploration program

  • Initial results suggest the extension
  • f mineralized zones which will be

further investigated by additional drilling

  • Program expected to be completed

by mid-2017

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 27

Agbaou Numerous Gold in soil anomalies over Mag > 50 ppb

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CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 28

Agbaou Exploration – 5 years targets

Côte d’Ivoire

Auger & RC drilling

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SLIDE 29

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. 28

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 30

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 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 2016F – $970-1,050/oz Expected Mine Life 4+ years from current Reserves Royalty 6% Corporate Tax 30%

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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

  • Continue to optimize operation and reduce costs
  • Considerable potential to expand and replace reserves

2014A 2016F 155-175koz 2015A 152koz 127koz

Tabakoto Mine Bamako

Mali

CREATING A PREMIER AFRICAN GOLD PRODUCER

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SLIDE 31

Tabakoto Mine – Mali

30

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Production and AISC

Q3-2016 Insights

  • Improved mine performance with ~10%

increase in ore tonnage extracted (for both

  • pen pit and underground)

‒ First time mine extraction over- performs mill throughput in over a year

  • Production decreased over the previous

quarter due to: ‒ Reduced mill throughput caused by maintenance shutdowns ‒ Planned decreased in grade at Segala which is expected to increase in Q4

( 2.75g/t in Q3 vs 3.2g/t in Q2)

Q4-2016 Outlook

  • Higher production and lower costs expected

due to ‒ Increased mill throughput ‒ Higher grades at Segala ‒ Improved mining after end of cyclical effect of rainy season

$1 071 $1 061 $1 071 $1 032 $1 119 +2% Q4-2016E Q3-2016 37koz Q2-2016 39koz Q1-2016 39koz Q4-2015 42koz Q3-2015 36koz AISC, US$/oz Production, koz

Mine output out-perfomed mill throughput

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398kt 368kt 380kt 352kt 500kt 381kt 399kt 406kt 392kt 408kt Q4-2016E Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Processed grades, g/t Au Tonnes Processed, kt Tonnes Mined, kt 3.11 g/t 3.31 g/t 3.10 g/t 3.53 g/t 2.99 g/t

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SLIDE 32

Tabakoto Site Map 31

Tabakoto Mine – Exploration

  • 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

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
  • n Fougala and Kreko

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  • On the open-pit targets, a total of 72,900m of

drilling (both RC and DD) and 1,311 Auger holes have been completed since the start of the year

  • The underground exploration programmes are
  • ngoing with 22,400 metres of DD drilled so far

this year at Tabakoto UG and Segala UG mines

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SLIDE 33

 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

32

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SLIDE 34

KOFI Land Package Main Target Areas

Auger drilling RC drilling

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SLIDE 35

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. 34

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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 36

Quick Facts (on 100% basis)

Ownership 55% EDV, 30% SODEMI, 10% Côte d’Ivoire, 5% private investor 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 Processing Rate 950ktpa HL Gold Recovery 81% Mining Type Open pit / Heap Leach Production AISC (mine-level) 2016F – $800-850/oz Mine life 3 years from current Reserves + addition potential Royalty 3% - 5% sliding scale Corporate Tax 25%

35

Ity Mine – Côte d’Ivoire

Recent and Upcoming catalysts

Accomplished

  • Gained majority ownership in 2014
  • Producing at historic highs (+50% since 2012 level)
  • Increased heap leach capacity from 0.6mtpa to 1.0mtpa
  • Increased M&I resources since 2011 from 0.2Moz to 2.9Moz plus 0.5Moz Inferred

Upcoming

  • Continued exploration success to prolong heap leach life at current production level
  • DFS for CIL project published on November 10, 2016 outlines potential to become

core low-cost asset

  • Potential to increase ownership

2015A 81koz 2016F 70-80koz

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

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SLIDE 37

36

Ity Mine – Côte d’Ivoire

Q4-2016E Q3-2016 15koz $724 Q2-2016 21koz $775 Q1-2016 22koz $710 Q4-2015 19koz $621 Q3-2015 17koz $628 AISC, US$/oz Production, koz

Q3-2016 Insights

  • As guided, production decreased due to

the impact of the rainy season: ‒ Lower Stacked Tonnage ‒ Decreased grades due to processed lower grade stockpiles during rainy season ‒ Higher mining costs due to more water pumping, etc Q4-2016 Outlook

  • Production expected to increase due to

cyclical nature of rainy season

  • Maiden resource estimate expected for

Bakatouo and Colline Sud discoveries – potential to both extend heap leach mine life and improve Ity CIL project

  • CIL DFS on track for Q4-2016

Production and AISC Ity mine extraction

271kt 304kt 303kt 247kt 280kt 1,90 g/t 2,10 g/t 2,53 g/t 2,10 g/t 1,95 g/t Q4-2016E Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Grade milled, g/t Au Tonnes stacked, kt

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SLIDE 38

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

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

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SLIDE 39

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

38

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SLIDE 40

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 of the in-fill drilling program

39

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SLIDE 41

40

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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 42

41

Ity Mine – Exploration

  • In 2016, exploration is focused on

drilling previously identified oxide targets to prolong the life of the heap leach operation and drill new targets with the aim of delineating additional resources for the CIL project

  • High-grade maiden resource totaling

515koz of Indicated and 108koz of Inferred on the recently announced Bakatouo and Colline Sud discoveries

  • An additional drilling campaign is

expected to commence in November

  • n Bakatouo to test its extensions,

while exploration is on-going on other nearby targets

  • A large auger drilling program was

completed and successfully identified several new targets, which will be drilled in the second half of 2016 and in 2017

Ity Mine Drilling Targets

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SLIDE 43

Ity: New High Quality Near Mine Exploration Targets

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SLIDE 44

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

10 km radius

Côte d’Ivoire

Auger drilling RC drilling

43

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SLIDE 45

44

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% ownership basis

  • The previously 55%-held

Tiepleu tenement (153km2) was re-obtained on a 100% basis.

Ity Mine Birimian corridor

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SLIDE 46

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

45

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SLIDE 47

Greater Ity: 2017 – 2021 Exploration Targets Toulepleu

Auger drilling RC drilling

46

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SLIDE 48

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

47

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SLIDE 49

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. 48

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SLIDE 50

49

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 Upcoming

  • Benefit from accumulated ore stockpiles and increased purchased ore
  • Nzema pushback ($13 million) in 2016 should give access to higher grades

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 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 2016F – $1,050 -1,125/oz Expected Mine Life 4 years from current Reserves Royalty 5% (+1% 3rd party at Adamus pits) Corporate Tax 35%

90-100koz 110koz 2014A 115koz 2015A 2016F

Accra Nzema Mine

Ghana

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SLIDE 51

Nzema Mine – Ghana

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Q4-2016E Q3-2016 24koz $1,136 Q2-2016 20koz $1,266 Q1-2016 20koz $1,158 Q4-2015 23koz $1,133 Q3-2015 27koz $1,011

AISC, US$/oz Production, koz

Production and AISC

Q3-2016 Insights

  • Improving production and AISC profile due to:

– Continued ramp-up of purchased ore at better grades from more suppliers – Better grades from Adamus pit, ahead of cut-back completion – Contribution of Nugget Hill deposit despite its lower associated recovery rates

  • Adamus pit push-back progressing on budget and
  • n schedule with 3Mt out of 4.6Mt completed
  • AISC has improved but remains high due to

impact of processing lower grade stockpiles to fill the mill while cut-back is in progress, and lower contribution from purchased ore. Q4-2016 Outlook

  • Production and AISC expected to continue to

improve with higher Adamus pit grades and continued purchased ore ramp-up

Purchased ore trend

141kt 112kt 79kt 84kt 184kt 3,2g/t 3,0g/t 3,1g/t 2,9g/t 3,1g/t Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q4-2016E Grade purchased, g/t Ore tonnes puchased, kt Permit issues

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SLIDE 52

51

Karma Project – 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
  • Continued mill ramp-up

Houndé Project Ouagadougou Karma Project

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

Ownership 90% True Gold, 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 Avg Annual Production (y 1-5) 110 – 120 kozs @ <$700/oz Mine life 8 years mine life based on reserves + 2.5 years from North Kao deposit (inferred resource) Infrastructure Easy operation with low power requirements (~4MW) with six diesel gen-sets. Water supplied by barrage on river 4 km south of plant; pumped to holding ponds at site Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax Financing

  • Drawn US$105m out of US$120m gold streaming

facility with Franco-Nevada and Sandstorm Gold (representing 2.3% cost of capital ay US$1,200/oz and DFS mine mine)

  • Drawn US$6.0m US$10m Auramet loan

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SLIDE 53

Karma Update

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52

Q3-2016 Insights  Commercial production declared as at October 1st 2016  Production continued to ramp-up in Q3, currently at annual run-rate of roughly 90koz  Lower production costs to date confirm its ability to be well in line with investment case expectation of low $700/oz  Recovery rate of 90% achieved, higher than 87% in DFS  Shifting mine plan to focus on highest grade Rambo pit, with pre-strip started end of Q3 Outlook

  • Production expected to increase in Q4-2016 with

benefit of continued increase in Process throughput

  • Expected to positively contribute to cash flow in Q4
  • Stacking capacity expected to increase to 4.0mtpa by

mid-2017 following replacement of front-end and

  • ther optimizations. Associated capex to be spent is

$32 million, to be incurred over the next 9-months

October to December September 7,381oz $606 August 6,854oz $587 July 6,174oz $612 June $812 6,026oz

Total Cash Cost, US$/oz Production, koz

Production and Cash Cost

DFS Average life of mine Cash Cost of $672

Process throughput continues to ramp-up

June 4.0 Mtpa Capacity expected by Q4-2016 Process optimization Ramp-up phase 3.0 to 3.2 Mtpa September Capacity expected by mid-2017 2.5 Mtpa 1.5 Mtpa

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SLIDE 54

Karma Site Map

Karma - Exploration

  • Target: +10 year mine life

by year end

  • 60,000m program at Kao

North started in July, with the aim of extending mine life by +2.5 years

  • Program expected to be

completed in Q4-2016

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53

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SLIDE 55

KAO NORTH H2-2016 RESOURCES DRILLING A A ’

45,000m program has been recently been completed with the target of increasing mine life by 2.5 years and reach +10 years by year end

Selected intercepts shown above. Full results are currently being analyzed.

54

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SLIDE 56

KAO North 2016 Drilling Section A A’

Infill Drilling Confirms Mineralization Continuity

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SLIDE 57

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

AC RC

Yabonsgo is one of our next priority target

56

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SLIDE 58

2017 Targets: Rambo West

AC RC Granodiorite sediments

Rambo West is a near-mine obvious target

57

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SLIDE 59

Karma Exploration

  • New geological understanding and mapping in less than 6 months
  • 45,000 m drilling campaign already performed on Kao North to add

2.5 year of mine life by year-end

  • Near mine “higher” grades targets to be drilled in 2017 (Yabongso and

Rambo West)

  • Still ongoing evaluation and ranking of all exploration targets
  • Beyond Kao North 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. 58

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SLIDE 60

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

59

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 61

60

Houndé Construction is progressing on-time and on-budget

Significant achievements to date:

 Procurement is approximately 60% complete (excluding contingency) and construction is 22% complete overall  Full back-up power station has been tendered with CAT 26MW of

  • redundancy. Financing negotiations underway, expected during Q4

 CIL ring beam concrete pour achieved early-Aug, two weeks ahead

  • f schedule

 Mining fleet equipment financing signed with Komatsu Ltd., deliveries already on-site, machinery commissioned and operational  Water harvest dam construction completed, water is already being pumped to the water storage dam two months ahead of schedule  Construction of the 300-person permanent accommodation village is 52% complete and on-schedule for completion in Q1-2017  Procurement has been completed for the 38km 91kv overhead power line and clearing commenced as scheduled in Oct 2016  Detailed engineering of the processing facility is progressing ahead

  • f schedule at 65% complete, scheduled to be completed mid-Nov

2016  1,058 personnel including contractors are currently employed on- site, of which over 96% are Burkinabe  Over 800,000 man-hours worked without a Lost Time Injury (LTI) or Medical Treatment Injury (MTI)  The land compensation process has been successfully completed and resettlement is underway, with all approvals in place.

Incurred Capex (end of September) $61m Committed Capex (end of September) $170m Total Capex (incl. $26m contigency) $328m

Procurement is approximately 60% complete Pouring Crusher West Wing Wall

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SLIDE 62

Houndé Exploration Upside

61

  • 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

Potential to Significantly Extend Houndé’s Mine Life

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Exploration Targets in Proximity to the Planned Mill

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SLIDE 63

Houndé Exploration: 2017-2021 Main Promising Targets

RC drilling Auger drilling

62

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SLIDE 64

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. 63

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SLIDE 65

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Appendix

slide-66
SLIDE 66

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

65

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

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SLIDE 67

66

2016 Guidance

(in koz on a 100% basis)

2016 Production 2016 AISC Guidance Guidance

Agbaou 180 - 195 550

  • 600

Tabakoto 155 - 175 970

  • 1,050

Nzema 90

  • 100

1,050 - 1,125 Ity 70

  • 80

800

  • 850

Youga 7

  • 8

980

  • 1,030

Sub-total 502 - 558 820

  • 870

Karma (including pre-commercial production*) 50

  • 60

750

  • 850

Removal of Youga (discontinued operation) (7)

  • (8)

(980) - (1,030) Total 545 610 810

  • 860

Adjusted guidance range 575 - 610 870 - 920

CREATING A PREMIER AFRICAN GOLD PRODUCER

*Assuming 3 months of commercial production

(in US$ millions) Guidance Revenue (based on production guidance range mid-point) 665 AISC costs (based on AISC guidance range mid-point) (481) All-in sustaining margin 185 Agbaou secondary crusher ($12m) (50) Nzema pit wall push-back ($12m) Non-sustaining exploration ($16m, increased from $14m) Houndé and the Ity CIL projects ($10m) Free cash flow before Houndé and Karma (and before WC, tax and financing costs) 135 Houndé capex (80) Karma net pre-production (15) Free cash flow (before WC, tax and financing costs) 40

Revised Guidance assumptions: – gold price forecast increased from $1,150/oz to $1,250/oz for the second half of the year – 3 months Karma commercial production included

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SLIDE 68

67

Production increased in Q3 with larger lift expected in Q4

CREATING A PREMIER AFRICAN GOLD PRODUCER

Q3-15

122koz 146koz

+36%

Q2-16 Q1-16 Q4-15 Q4-16E Q3-16

138koz 108koz 123koz

Group Production From Continuing Operations, koz (including Karma)

19 42 23 52 22 39 20 43 12 21 39 20 46 20 15 37 24 49

Karma Ity Tabakoto Agbaou Nzema

Production by Mine, koz

Q4 Trend

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

  • Q3 production continues to increase in line with

guided trends

‒ Q3 production up 36% over the previous year due to addition of Ity and Karma ‒ Continued out-performance of low-cost Agbaou mine, Ramp-up of Karma and better performance of Nzema ‒ Cyclical impact of rainy season in Q3 in Cote d’Ivoire

  • Q4-2016 expected to be our strongest quarter

with increases expected across all mines

‒ End of the rainy season for Agbaou and Ity ‒ Continued ramp-up of Karma with commercial production declared October 1st ‒ Improvement at Nzema already seen in Q3, with further improvements to come ‒ Higher grades and mill throughput at Tabakoto

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SLIDE 69

Continued AISC reduction to low-end of guidance

CREATING A PREMIER AFRICAN GOLD PRODUCER

68

All-in Sustaining Costs, US$/oz

682 698 690 740 686 674 732 826 890 898 901 889 934 908 898 946 FY2014 1,010 FY2013 1,137 Q1-15 Q4-15

920

Q2-16 Q3-15

870

Q2-15 Q3-16 Q1-16*

Cash Cost, US$/oz

Continued AISC reduction, US$/oz AISC by mine, US$/oz

621 537 710 525 775 525 724 550

Agbaou Nzema

1,136 1,266 1,158

Tabakoto

1,071 1,133 1,119

Ity

Q4 Trend

*Excluding discontinued Youga operations, according to standards

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

  • Continued AISC decrease in Q3 due to:

‒ Cost reduction programs ‒ Increased production at Agbaou with higher transition ore in ore mill mix ‒ Lower Ity and Nzema costs

  • AISC performance expected to continue in Q4:

‒ Production improvements across all mines ‒ On-going cost improvements at Nzema, Tabakoto and Ity ‒ Addition of post-commercial production at Karma with Total Cash Cost currently trending at $600/oz

Guidance

1,071 1,161

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SLIDE 70

Cash flow generation is on-track to meet guidance

CREATING A PREMIER AFRICAN GOLD PRODUCER

69

  • Free Cash Flow: +40% YTD vs 2015,

excluding the net positive impact of Karma which will start its commercial production in Q4

  • Out-performance of low-cost Agbaou

and Ity mines in first 9 months of the year strongly contributing to cash flow generation

  • Free Cash Flow objective well on-track

with a stronger Q4 in perspective: ‒ Stronger production at lower AISC is expected ‒ Start of Karma contribution as

  • f October 1 (commercial

production start) which had generated a FCF of $9m in Q3 ‒ Less non-sustaining capital required as main capital spend is already complete (Agbaou

secondary crusher, Ity DFS, Nzema push-back)

First 9 months ended 2016 2015

(All amounts exclude Youga unless otherwise indicated)

US$m US$/oz US$m US$/oz Gold sold, koz 376 327 Revenue 474 1,260 385 1,178 Total cash costs (259) (690) (227) (694) Royalties (22) (59) (19) (58) Corporate costs (16) (43) (13) (40) Sustaining capex (34) (89) (39) (118) Sustaining exploration (6) (14) (5) (14) AISC costs (337) (896) (302) (922) AISC Margin 137 364 83 256 Less: Non-sustaining capital (20) (52) (17) (53) Less: Non-sustaining exploration (17) (46) (4) (13) Operating cash flow from Youga discontinued operation 12 37 Free cash flow (before Hounde, Karma, working capital, tax & financing costs) 100 265 72 227

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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

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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

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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

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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.

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SLIDE 75

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

Gold Price 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 0.2 to 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-76
SLIDE 76

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

  • f production

75

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

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SLIDE 77

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 *

76

CREATING A LOW COST AFRICAN GOLD PRODUCER

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SLIDE 78

77

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)

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SLIDE 79

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 78

CREATING A LOW COST AFRICAN GOLD PRODUCER

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

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SLIDE 80

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

79

CREATING A LOW COST AFRICAN GOLD PRODUCER

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SLIDE 81

80

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)

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SLIDE 82

81

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