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CORPORATE PRESENTATION March 2018 CORPORATE PRESENTATION - - PowerPoint PPT Presentation

CORPORATE PRESENTATION March 2018 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

› March 2018

CORPORATE PRESENTATION

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SLIDE 2

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

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.

CORPORATE PRESENTATION

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SLIDE 3

TABLE OF CONTENTS CORPORATE OVERVIEW

1

APPENDIX

4

FULL YEAR 2017 RESULTS & 2018 OUTLOOK

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 4

4

$840-890/oz

2018 AISC TARGET

670-720 Koz

2018 PRODUCTION TARGET

4,000

EMPLOYEES WORLDWIDE

9.8Moz

RESERVES

15.4Moz

M&I RESOURCES

10-15Moz

5-YEAR DISCOVERY TARGET

MALI

Agbaou Mine Tabakoto Mine Houndé Mine

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 Project

ENDEAVOUR MINING OVERVIEW

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

CORPORATE PRESENTATION

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SLIDE 5

COMPANY PROFILE

5

Share Price Performance

Rank Institution Name % of S/O 1

La Mancha 29.9%

2

Van Eck Associates Corporation 9.2%

3

BlackRock Investment Management (UK) Ltd. 8.1%

4

M & G Investment Management Ltd. 4.1%

5

OppenheimerFunds, Inc. 3.7%

6

Elliott Management Corporation 3.7%

7

RBC Global Asset Management Inc. 2.2%

8

Investec Asset Management Ltd. 2.1%

9

Fiera Capital Corporation 1.9%

10

Ruffer LLP 1.5%

Top Shareholders

Ticker TSX:EDV Shares Outstanding as at Jan. 1st 108 m Share price as at Feb. 21st C$23.02 Market cap as at Feb. 21st US$2.0B Net Debt as at Dec. 31st US$233m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

30%

RETAIL

7%

INSTITUTIONAL

62%

Other Europe North America

In CAD

10 12 14 16 18 20 22 24 26 28 30 1000000 2000000 3000000 4000000 5000000 6000000 7000000 Volume EDV share price

CORPORATE PRESENTATION

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SLIDE 6

LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION NEAR-TERM GROWTH FROM PROJECTS IMMEDIATE CASH FLOW FROM PRODUCTION

6

INVESTMENT HIGHLIGHTS

Construction DFS Stage

Kalana Hounde Ity CIL

Sissedougou JV (Ivory Coast) Fetekro (Ivory Coast) Kofi Trend (Mali) Liguidi (Burkina Faso) Daoukro Cluster (Ivory Coast)

  • Mt. Ba/Gueya

(Ivory Coast – Ity trend) Siguiri (Guinea) Liptako (Niger) Floleu (Ivory Coast – Ity trend)

Hounde (completed)

Bondoukou Cluster (Ivory Coast) Kari/Kari Pump (Hounde trend) Tiepleu (Ity trend) Sia/Sianikoui (Hounde trend) Fougadian (Mali)

Resource stage Drilling on-going Preparation

Mines Projects Brownfield target / stand-alone potential Greenfield target

Exposure to near & long-term growth potential, in addition to current production

CORPORATE PRESENTATION

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SLIDE 7

PRODUCTION AND AISC PROFILE

7

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

$1,010/oz $1,317/oz $869/oz $922/oz

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

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

+800koz

Annual production

10+ year

Mine life

≤800$/oz

All-in Sustaining Cost

STRATEGIC OBJECTIVE

For 2019

663koz

~$869/oz $840-890/oz

670-720koz

CORPORATE PRESENTATION

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SLIDE 8

STRATEGIC LEVERS

8

BUILDING A PREMIER AFRICAN GOLD PRODUCER

4 Strategic Levers to Achieve Objectives

+800koz

Annual production

10+ year

Mine life

≤800$/oz

All-in Sustaining Cost

STRATEGIC OBJECTIVE

CORPORATE PRESENTATION

For 2019

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SLIDE 9

London Based

MALI

Agbaou Mine Tabakoto Mine Houndé Mine

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 Project 35min 1h35 2h 2h40 3h10 2h

Hands-on Management Model With Teams Close to Operations

OPERATIONAL EXCELLENCE

9

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, Culture & IT

Abidjan Based

Pascal Bernasconi

EVP Public Affairs, CSR & Security 200km hours Flight time

CORPORATE PRESENTATION

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SLIDE 10

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

Lost Time Injury Frequency Rate 0.00 0.00 0.29 0.40 0.79

Peer Group Average Agbaou Houndé FY2017 FY2016

17.4m

Man Hours for the full year 2017 with

  • nly 5 LTI

+8.0m

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

10

Safety is our key priority

OPERATIONAL EXCELLENCE

1

CORPORATE PRESENTATION

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SLIDE 11

Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz All-in Margin, in $m Average Mine Life, in years

*Estimated based on production guidance range, AISC guidance mid-point, a spot gold price of $1,325/oz and non-sustaining capex as detailed in “Outlook Section”

11

Proven track record of meeting guidance

OPERATIONAL EXCELLENCE

922 1,010 884 ~869

2016 2018 Guidance

840-890

2015 2014 2017 Preliminary

466 517 584 663

2015 2014 2016

670-720

2018 Guidance 2017

7yrs 5yrs 4yrs

2019E 2015A 2016A 2017A

+10yrs

$85m

2015

~$160m

2018 Guidance

$35m $175-200m*

2017 2016 2014

$135m

Guidance Guidance

$1,392/oz $1,264/oz $1,157/oz $1,221/oz

1

CORPORATE PRESENTATION As at year-ended

Sold Youga Bought Karma Sold Nzema Started Houndé Started Ity CIL

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SLIDE 12

PROJECT DEVELOPMENT

Adding +600koz at an average AISC of <$700/oz over the next 3 years

Houndé (Completed) 12 Ity CIL Construction (Underway)

KALANA ITY CIL Houndé

2017 2018 2019 2020 2021 2022

GREENFIELD EXPLORATION

DFS Optimization (Underway) Construction Resource Definition Studies Construction

+235koz at AISC

  • f <$650/oz

+235koz at AISC

  • f <$500/oz

+150koz at AISC

  • f <$700/oz

2

CORPORATE PRESENTATION

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SLIDE 13

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

13

PROJECT DEVELOPMENT

2

Life of Mine Plan Built ahead of schedule and below budget

› Commercial production declared Nov 1, 2017, 2

months ahead of schedule

› Completed $15 million below the initial $328

million budget

› Running at nameplate capacity with all key

parameters in line with DFS

› +7m manhour without an LTI

Project Highlights ‒ 10-year mine life based on current reserves + significant exploration upside ‒ Average production of 190kozpa at AISC of US$709/oz ‒ 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 became Endeavour’s new flagship low cost mine

Exploration upside expected to fill this shortfall

CORPORATE OVERVIEW

Natougou

(Semafo)

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SLIDE 14

14

PROJECT DEVELOPMENT

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

$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

2

CORPORATE PRESENTATION

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SLIDE 15

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

15

PROJECT DEVELOPMENT

Kalana is a high-quality project with significant optimization potential

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

119koz 123koz 123koz 170koz 203koz $703/oz $976/oz $598/oz Year 5

  • Avg. Years

11-17 66koz

  • Avg. Years

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

Production Profile

Optimization potential for +150kozpa

Tabakoto Mine Bamako

Mali

Kalana Project

2

CORPORATE PRESENTATION

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SLIDE 16

16 16

UNLOCK EXPLORATION VALUE

Amongst Largest and Most Promising Portfolios in West Africa 15.4Moz

M&I RESOURCES

10,090 km²

EXPLORATION TENEMENTS

+200

EXPLORATION TARGETS

3

10-15Moz

5-YEAR DISCOVERY TARGET

CORPORATE PRESENTATION

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SLIDE 17

Screening And Ranking Methodology

Full Details Provided in Appendix

17

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

UNLOCK EXPLORATION VALUE

3

CONSERVATIVE APPROACH

SIMILAR TO THAT USED IN OIL & GAS INDUSTRY

CORPORATE PRESENTATION

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SLIDE 18

18 18

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

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. Kalana exploration assessment underway

3

CORPORATE PRESENTATION

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SLIDE 19

UNLOCK EXPLORATION VALUE

Kalana exploration assessment underway

19 19

$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 PRESENTATION

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SLIDE 20

20

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

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

Bubble size represents production. Portfolio in 2017 based on 2017 production and AISC actuals (other than Hounde which is 2018 guidance, mine lives based on end of 2016 as year-end 2017 reserves have not yet been published. AISC, $/oz Ghana Mali Burkina Faso Côte d’Ivoire AISC, $/oz

PORTFOLIO AT END OF 2015 PORTFOLIO IN 2017

Nzema Tabakoto

Agbaou

Youga

Tabakoto

Kalana Potential

Ity HL

Assessment expected by mid-2018

Increase Overall Quality of our Portfolio

PORTFOLIO & BALANCE SHEET MANAGEMENT

4

Karma

Agbaou

Ity CIL

Houndé

CORPORATE PRESENTATION

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SLIDE 21

21

PORTFOLIO & BALANCE SHEET MANAGEMENT

Significant headroom to fund projects

$152m $122m $350m $200m Growth Projects Sources of Funding until mid-2019 Expected Mine CF until start of Ity CIL (mid-2019) Ity Equipment Financing Nzema Sale Liquidity Sources (after convertible issuance) Liquidity Sources (As at Dec. 31, 2017) $502m $322m ~$400m Circa $60m Up to $25m Hounde remaining capex Ity Capex Undrawn RCF Cash Fully funded without mine cash flow

4

PORTFOLIO & BALANCE SHEET MANAGEMENT

INSIGHTS

$330m convertible was closed in February 2018

Intent is to pay down the current $300m drawn on the RCF and reduce RCF limit from $500m to $350m

Increases liquidity by $180m

(in $m)

  • DEC. 31, 2017

(with convertible)

  • DEC. 31,

2017

  • SEPT. 30,

2017

  • DEC. 31,

2016

Cash 152 122 125 124 Less: Equipment finance lease (55) (55) (46) (10) Less: Drawn portion of RCF (0) (300) (300) (140) Less: Convertible Notes (330)

  • NET DEBT POSITION

(233) (233) (221) (26)

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SLIDE 22

› PRINCIPLE AMOUNT:

$500m with intent to decrease to $350m

› INTEREST RATE:

‒ LIBOR plus 2.95% to 3.95% on drawn portion ‒ 1.03% commitment fees on undrawn portion

› TERM:

September 2021

› REPAYMENT:

Single bullet payment on the maturity date, can be repaid at any time without penalty

› BANKING POOL: › PRINCIPLE AMOUNT:

$330m

› INTEREST RATE:

3% annual coupon

› TERM:

February 2023

› CONVERSION PRICE:

CAD29.47 (US$23.90)

› REPAYMENT:

Endeavour has the option to settle its obligation through the payment of cash, the delivery of shares, or any combination of cash and shares

› DILUTION IMPACT:

Maximum amount of underlying shares of 13.8m shares, representing between 0% and 12.9% dilution based on Endeavour’s ability to repay in cash

› ADVANTAGES OF THE CONVERT:

‒ Reduces its overall financing costs and de-risks LIBOR exposure ‒ Extends its debt maturity profile compared to RCF ‒ Increases liquidity by $180m to accelerate growth project pipeline (Kalana) ‒ Limited dilution with option to settle in cash

PORTFOLIO & BALANCE SHEET MANAGEMENT

22

CORPORATE PRESENTATION

Diversified borrowing sources

REVOLVING CREDIT FACILITY (RCF) CONVERTIBLE NOTES

4

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SLIDE 23

UPCOMING CATALYSTS

Immediate Cashflow

from Production

Near-Term Growth

from Projects

Long-Term Upside

from Exploration 2018 OUTLOOK:

› Gold production guidance increase to 670-720koz with Hounde › AISC guidance to decrease to $849-890/oz with Hounde › HOUNDÉ: Contribution to Group free cash flow generation started in Q4-2017 › ITY CIL PROJECT: Construction launched in September with first gold pour expected by mid-2019 › KALANA PROJECT: Optimization study expected by end of 2018 › DELIVERY OF 5-YEAR EXPLORATION STRATEGY: Target of Finding 10-15Moz of Indicated Resources › HOUNDÉ: Results following drilling re-commencement in 2017 › KARMA: Maiden resource on new targets › ITY’S LE PLAQUE TARGET: Maiden resource › AGBAOU: Completion of drilling program › GREENFIELD: First exploration results on new properties

23

CORPORATE PRESENTATION

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SLIDE 24

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

FULL YEAR 2017 RESULTS & 2018 OUTLOOK

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 25

INSIGHTS

› Production from continuing operations

is expected to increase to 670-720koz in 2018

› AISC is expected to decrease to $840-

890/oz due to the full year benefit of Houndé and improvements at Karma and Ity which are expected to more than offset declines at Agbaou and Tabakoto

› In

line with Endeavour’s portfolio management strategy, a strategic assessment is expected to be made on Tabakoto during the course of the year. 2018 production excluding Tabakoto is expected to range between 555-590koz at an AISC of $760-810/oz

2018 GUIDANCE INCREASED WITH HOUNDE

25

Continued reduction in AISC expected

Production Guidance AISC Guidance

CORPORATE PRESENTATION

(All amounts in koz, on a 100% basis) 2018 FULL-YEAR GUIDANCE Agbaou 140

  • 150

Ity 60

  • 65

Karma 105

  • 115

Tabakoto 115

  • 130

Houndé 250

  • 260

PRODUCTION FROM CONTINUING OPERATIONS 670

  • 720

PRODUCTION FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO 555

  • 590

(All amounts in $/oz, on a 100% basis) 2018 FULL-YEAR GUIDANCE Agbaou 860

  • 900

Ity 790

  • 850

Karma 780

  • 830

Houndé 580 630 Tabakoto 1,200

  • 1,250

Corporate G&A 30

  • 30

Sustaining exploration 10

  • 10

GROUP AISC FROM CONTINUING OPERATIONS 840

  • 890

GROUP AISC FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO 760

  • 810
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SLIDE 26

INSIGHTS

› Growth projects amount to $200 million

  • f the sustaining and non-sustaining

capital allocations for 2018, mainly for the Ity CIL project construction

› In 2018 a company-wide exploration

program of $40-45 million (compared to circa $44 million in 2017) was launched

‒ Approx 40%

  • f

the budget will be dedicated to greenfield opportunities ‒ A strong focus will continue at Houndé to support the ramp-up of mining operations ‒ There will be a continued focus at the Ity mine and greenfield targets along its 100km trend ‒ An intensive Kalana exploration campaign is planned for H1-2018 with the aim of integrating the results into the updated feasibility study

2018 GUIDANCE INCREASED WITH HOUNDE

26

Houndé is Already Cash Flow Positive

Capital Expenditure Guidance, $m Exploration Guidance, $m

CORPORATE PRESENTATION

(on a 100% basis) EXPLORATION SPEND ALLOCATION Agbaou 8% Tabakoto and greenfield Kofi areas 15% Ity and greenfield areas on the 100km Ity trend 18% Karma 4% Kalana 13% Houndé 21% Other greenfield properties 22% TOTAL EXPLORATION EXPENDITURES* $40-45m

(in $m) SUSTAINING CAPITAL NON-SUSTAINING CAPITAL GROWTH PROJECTS Agbaou 17 2

  • Tabakoto

37

  • Ity

2

  • 180

Karma 2 23

  • Houndé

3 23 10 Kalana

  • 10

Exploration 7 29

  • Corporate (Group IT system)
  • 7
  • TOTAL

68 84 200

slide-27
SLIDE 27

27

PRODUCTION PROFILE

INSIGHTS BY MINE

$886/oz $922/oz $1,010/oz

670-720koz

~$869/oz

663koz 593koz

2016A 2017A 2015A 2018E

$840-890/oz

517koz 466koz

2014A ITY TABAKOTO AGBAOU

~$927

59koz

2018E

60-65koz

$790-850 2017A

37koz

2017A

~$705

NZEMA

~$1,127 2017A

144koz

2018E $1,200-1,250

115-130koz

2018E

105-115koz

$780-830 2017A

98koz

~$835

KARMA

2017A $580-630 2018E ~$373

250-260koz 69koz

AISC, $/oz Production, koz

Group Production and AISC

Houndé expected to lift production and lower AISC

HOUNDE

177koz

2017A ~$641 2018E

140-150koz

$860-900

CORPORATE PRESENTATION

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SLIDE 28

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

FULL YEAR 2017 RESULTS & 2018 OUTLOOK

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 29

HOUNDÉ MINE, BURKINA FASO

29

Houndé Mine Ouagadougou Karma Mine

Overview

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso Resources (incl. of Reserves) M&I: 37.9Mt @ 2.1 g/t for 2.551Moz Inferred: 3.Mt @ 2.6 g/t for 0.274Moz Reserves 30.6Mt @ 2.1 g/t for 2.075Moz Processing Rate 3.0mtpa CIL plant Open Pit Strip Ratio 16.48 to 1 (2017A) Gold Recovery 95% (2017A) Mining Type Open pit / Owner Mining Production AISC (Mine-level) 2017 prelim - $373/oz 2018E - $580 -630/oz Mine life +10 years Tax regime 17.5 - 27.5% Corporate tax

RECENT AND UPCOMING CATALYSTS

Accomplished

  • Construction completed in October 2017 ahead of schedule and below budget

Upcoming

  • Exploration drilling restarted in 2017 and is intensifying in 2018

2017A 2018E

69koz 250-260koz

CORPORATE PRESENTATION

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SLIDE 30

Q4-17 INSIGHTS:

› Production totaled 69koz since the start of mining

  • perations

(all considered commercial); significantly surpassing the upper end of the 30- 35koz guidance, due to better than expected mill availability, throughput, grades, and recovery rates

› AISC amounted to circa $373/oz, significantly

below the lower end of the $550-600/oz forecast due to the aforementioned greater than expected production, and lower mining costs

2018 OUTLOOK

› Houndé is expected to produce between 250 -

260koz in 2018 at an AISC of $580-630/oz

› Mining activities are expected to continue to

ramp-up to achieve a mining rate of 40Mtpa, up from 18Mtpa in 2017

› Mining and processing of fresh ore began in the

latter portion of Q4-2017. Activities are expected to progressively transition from mainly oxides in early 2018 to mainly fresh ore by the end of 2018

30

HOUNDE MINE, BURKINA FASO

Performance above guidance boosted the quarter

Production and AISC

69koz $373/oz

2018E

250-260koz $580-630/oz

Q4-2017 Production, koz AISC, US$/oz

CORPORATE PRESENTATION

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-31
SLIDE 31

31

Construction was completed $15 million below the initial capital budget and it was decided to spend an additional circa $21 million mainly for the addition of a 26MW back up power station & fuel farm, bringing the total investment to circa $334 million. No Lost-Time-Injury occurred over the 8 million manhours worked.

AHEAD OF TIME 0 LTIs BELOW BUDGET

The team and Houndé’s first gold bars

CORPORATE PRESENTATION

Commercial production was declared more than two months ahead of schedule as a stable nameplate capacity was achieved within weeks from first ore being introduced into the plant on September 25, 2017.

HOUNDE MINE, BURKINA FASO

Construction achievements

slide-32
SLIDE 32

32

2.5-3.5Moz

5-YEAR DISCOVERY TARGET

<$15/oz

AVERAGE 5-YEAR DISCOVERY COST

Hounde Site Map

INSIGHTS

› Following a two

year period of no exploration drilling, activities resumed in 2017 with a $5 million program

› Focused on drilling

high grade targets

› Work performed

also included advanced soil geochemistry, ground geophysics

  • n selected targets,

regolith and geological mapping

› Significant

potential highlighted

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.

Significant exploration potential highlighted by 2017 drilling

HOUNDÉ PROJECT, BURKINA FASO

CORPORATE PRESENTATION

slide-33
SLIDE 33

PRIORITY RANKING AFTER INITIAL DRILL TEST

33

Houndé exploration targets and gold-in-soil anomalies map

Priority 1

Priority 2 Priority 2 Priority 2 Priority 2

CORPORATE PRESENTATION

slide-34
SLIDE 34

34

Drill results confirmed high-grade mineralization

KARI PUMP EXPLORATION RESULTS

A A’

CORPORATE PRESENTATION

slide-35
SLIDE 35

AGBAOU MINE, CÔTE D’IVOIRE

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 8.47 to 1 (2017A) Gold Recovery 94% (2017A) Mining Type Open Pit – Contractor Mining Production AISC (mine-level) 2015A – $576/oz 2016A – $534/oz 2017 prelim - $641oz 2018E - $860-900/oz Expected Mine Life 7 years from current Reserves Royalty 3% - 5% sliding scale Corporate Tax 25% (5 year corporate tax holiday)

2017A 2018E 2015A 196koz 181koz 140-150koz 2016 177koz

35 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

Upcoming

  • Return to more normalised sustainable production rate 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

Overview

CORPORATE PRESENTATION

slide-36
SLIDE 36

……

Production and AISC Q4-17 vs Q3-17 INSIGHTS: › Production decreased slightly, in line

with guidance, mainly due to a lower grade and slightly lower tonnage milled

› All-in sustaining costs increased in line

with guidance as operations continued to transition towards mining and processing a greater proportion of fresh

  • re

2018 OUTLOOK › 2018 is expected to be a transition year

for Agbaou with a large focus on waste capitalization activities, as a result Agbaou’s 2018 production is expected to decrease to 140 - 150koz as low-grade stockpile feed supplements mine feed to allow waste capitalization activities to progress more quickly

› AISC is expected to increase to $860 -

$900/oz as a result of increased mining costs and higher processing costs

$665/oz

46koz

Q1-2017 Q3-2017

42koz 57koz

Q2-2017 Q4-2017

43koz 45koz

Q4-2016 Production, koz AISC, US$/oz

36

$532/oz $660/oz

AGBAOU MINE, CÔTE D’IVOIRE

Transitioning into harder ore blend

Tonnes Processed and Grade

770kt 693kt 683kt 721kt 760kt

1.85 g/t

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

2.46 g/t 2.09 g/t $606/oz 2.23 g/t

CORPORATE PRESENTATION

$638/oz 1.96 g/t

slide-37
SLIDE 37

INSIGHTS

› Exploration activity during the first 9

months amounted to approximately 31,000 meters drilled out of the 45,000 meters planned for the year. In addition, several ground geophysics were acquired

› The drill program focused on various pit

extensions, the Agbaou south and Niafouta targets, targets on structurally parallel trends, in addition to exploration targets located within a 20km range of the processing plant

› A dedicated deeper drilling program

was also initiated in Q3-2017 targeting Agbaou’s at-depth potential

Agbaou Site Map

37

AGBAOU MINE, COTE D’IVOIRE

Exploration program continues to progress

CORPORATE PRESENTATION

slide-38
SLIDE 38

38

AGBAOU MINE EXPLORATION

Target of finding between 0.5 to 1.5Moz

Agbaou Site Map AREAS OF FOCUS:

› Main 2017 priority

was to test area and to generate targets and prioritize for the upcoming campaigns

› Key Areas targeted

are:

  • 1. Agbaou North

Pit Area At- depth

  • 2. MPN Extension

target

  • 3. Agbaou South

target

  • 4. Beta Extension

target

  • 5. Mbazo area

0.5-1.5Moz

5-YEAR DISCOVERY TARGET

<$25/oz

AVERAGE 5-YEAR DISCOVERY COST

> 50 ppb

CORPORATE PRESENTATION

slide-39
SLIDE 39

2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) 2m@5.11g/t Au (incl. 1m@9.79g/t) 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au (incl. 1m@4.54g/t) 2m@1.81g/t 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t)

Deep Potential

39

Section - AGBDD2141

Intercepted mineralization 150m under the North pit in 2017

AGBAOU MINE EXPLORATION

CORPORATE PRESENTATION

slide-40
SLIDE 40

TABAKOTO MINE, MALI

40 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 Processing Rate 1.4 Mtpa Gravity/CIL Plant Open Pit Strip Ratio 8.89 to 1 (2017A) Gold Recovery 94% (2017A) Mining Type Tabakoto (UG), Segala (UG) & Kofi Open Pit Mine Production AISC (mine-level) 2015A –$1,067/oz 2016A – $1,027/oz 2017 prelim - $1,127/oz 2018E - $1,200-1,250/oz Expected Mine Life 4+ years from current Reserves Royalty 6% Corporate Tax 30%

144koz

2018E 2016A 2015A

115-130koz 163 koz 152koz

2017A

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 and ended in mid-2017
  • In 2015, switch to owner underground mining and contractor open pit fleet

Upcoming

  • Ongoing cost saving and optimisation programs include overhead reduction centralizing

procurement, fleet replacement and improvement equipment availability and mining efficiency

  • Strategic assessment expected by mid-2018

Tabakoto Mine Bamako

Mali

Kalana Project

Overview

CORPORATE PRESENTATION

slide-41
SLIDE 41

Q4-17 vs Q3-17 INSIGHTS: › Production decreased mainly due to lower

average head grades, in spite

  • f
  • verall

improved mining operations

› AISC remained stable despite decreases across

all unit costs per tonne (open pit and underground mining, processing, and G&A), which were offset by higher sustaining costs and lower grades

2018 OUTLOOK › Tabakoto production is expected to decrease to

115 – 130koz from both the underground mines and open pits mainly due to a decline in average grade

› AISC

are forecast to increase to $1,200- $1,250/oz due to lower grade and an increase in sustaining capital expenditures to $35 million

› In line with Endeavour’s portfolio management

strategy, a strategic assessment is expected to be made on Tabakoto during the course of the year

41

TABAKOTO MINE, MALI

Strategic assessment underway

Tonnes and Grade Processed Production and AISC

$1,282/oz

Q4-2017

28koz

Q3-2017

32koz

Q2-2017

41koz

Q1-2017 Q4-2016

48koz 43koz

AISC, US$/oz

435kt 392kt 407kt 405kt 402kt 2.20 g/t

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

Tonnes Processed, kt Processed grades, g/t Au

3.93 g/t

$1,119/oz

$975/oz $927/oz 3.50 g/t $1,054/oz 3.32 g/t

CORPORATE PRESENTATION

$1,278/oz 2.64 g/t

slide-42
SLIDE 42

42

TABAKOTO AND KOFI EXPLORATION TARGET

1.5-2.5Moz

5-YEAR DISCOVERY TARGET

<$15/oz

AVERAGE 5-YEAR DISCOVERY COST

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.

Recently consolidated Kofi Trend

AREAS OF FOCUS:

  • 1. Tabakoto Area
  • a. Tabakoto underground
  • b. Segala underground
  • c. Near

mill

  • pen-pit

targets currently being explored

2.

Kofi Area

(potential for stand alone

  • peration)
  • a. Large

underexplored licenses on trend with Loulo

  • b. Several targets ready for

reconnaissance drilling

  • c. Netekoto Block recently

acquired

CORPORATE PRESENTATION

slide-43
SLIDE 43

ITY MINE, CÔTE D’IVOIRE

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 3.71 to 1 (2017A) Processing Rate 950ktpa Heap Leach Gold Recovery 83% (2017A) Mining Type Open pit / Heap Leach Production AISC (mine-level) 2016A – $756/oz 2017 prelim - $927/oz 2018E - $790-850/oz Mine life 3 years from current Reserves + addition potential Royalty 3% - 5% sliding scale Corporate Tax 25%

2018E 60-65koz 59koz 2015A 81koz 2017A 76koz 2016A

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% in 2017

Upcoming

  • Construction of CIL project launched in September 2017 with first gold pour expected

in mid-2019

  • Continued exploration success

43

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

Overview

CORPORATE PRESENTATION

slide-44
SLIDE 44

Q4-17 vs Q3-17 INSIGHTS: › Following the rainy season, production

increased due to higher stacking and mining rates, in addition to improved grades and recovery rates

› AISC decreased due to lower unit mining

costs and lower unit processing costs. Despite these unit cost reductions, AISC remained high due to sustaining capital expenditures related to fleet upgrades

2018 OUTLOOK › Production

in 2018 is expected to increase slightly to 60-65koz and AISC are expected to decrease to $790 - $850/oz as a result of anticipated higher grades

› 2018 is expected to be a transition year

for the heap leach

  • peration

with greater priority given to the CIL construction

› Heap leach production is expected to be

lower in the second half of the year while AISC are expected to be higher

44

ITY HEAP LEACH MINE, CÔTE D’IVOIRE

Production is expected to increase in 2018 with higher grades

$947/oz

Q4-2017

17koz 12koz

Q3-2017 Q2-2017 Q1-2017

14koz 17koz 16koz

Q4-2016 AISC, US$/oz Production, koz

372kt 312kt 243kt 267kt 295kt

1.86g/t

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

Production and AISC Ity mine extraction

$827/oz 2.00g/t $879/oz 1.90g/t $780/oz 2.15g/t

CORPORATE PRESENTATION

$1,141/oz 1.58g/t

slide-45
SLIDE 45

ACHIEVEMENTS TO DATE

› No LTI with nearly 630,000 man-hours

worked

› Nearly 50% of the total capital cost of

$412 million has already been committed

› Concrete works are tracking well, with

all eight ring beams and the SAG mill foundation pour complete and ball mill foundation pour commencing

› Tailing storage facility (TSF) earthworks

are progressing on schedule with 15% completed

› EPCM

design is progressing

  • n-

schedule with approximately 50% completed

› Design work for the 90KV transmission

line is complete and bush clearing is 70% completed

45

ITY CIL PROJECT MINE, CÔTE D’IVOIRE

Construction is progressing on time and on budget

CIL Ring Beams Poured

CORPORATE PRESENTATION

slide-46
SLIDE 46

46

ITY CIL PROJECT MINE, CÔTE D’IVOIRE

CORPORATE PRESENTATION

TSF Earthworks

Construction is progressing on time and on budget

slide-47
SLIDE 47

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 ITY CIL OPTIMISATION STUDY

47 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

CORPORATE PRESENTATION

slide-48
SLIDE 48

ROBUST PROJECT ECONOMICS

48

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

CORPORATE PRESENTATION

slide-49
SLIDE 49

LONG-LIFE LOW-COST PROJECT

49

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 CORPORATE PRESENTATION

slide-50
SLIDE 50

LIFE OF MINE PLAN

50

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)

CORPORATE PRESENTATION

slide-51
SLIDE 51

1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FS

Optimization study was preformed to capture the increased resource inventory

51 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 CORPORATE PRESENTATION

slide-52
SLIDE 52

CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz

Only CIL reserves shown.

52

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

CORPORATE PRESENTATION

slide-53
SLIDE 53

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.

53

ITY EXPLORATION POTENTIAL OVERVIEW

4-6Moz

5-YEAR DISCOVERY TARGET

<$15/oz

AVERAGE 5-YEAR DISCOVERY COST

Endeavour controls the full Ity Birimian belt

CORPORATE PRESENTATION

slide-54
SLIDE 54

ON-TRACK TO ACHIEVE DISCOVERY TARGET

54 2017 M&I Resource

(Base for OS)

3.8Moz 5-Year Discovery Target

(published Nov. 2016)

4-6Moz Discovery Target 1.5Moz added

2016 M&I Resource

(Base for FS)

2.3Moz

M&I Resource Evolution

Already 1.5 Moz added between November 2016 and November 2017

CORPORATE PRESENTATION

slide-55
SLIDE 55

UPCOMING NEAR-MINE PRIORITIES INCLUDE:

  • 1. Mont Ity / Flat Deposit

‒ Area between Mont Ity / Flat deposits ‒ Potential to extend Mont Ity at depth

  • 2. Bakatouo Deposit

‒ Deposit is open in many directions

  • 3. Daapleu deposit

‒ Down Plunge Potential

  • 4. Le Plaque Area

‒ Floleu area with potential for a maiden resource ‒ Plaque/Falaise area with potential for a maiden resource

ITY MINE AREA UPCOMING TARGETS

55

Many advance stage targets backed by auger drill and gold-in-soil anomalies

CORPORATE PRESENTATION

slide-56
SLIDE 56

56

ITY MINE EXPLORATION - LE PLAQUE DISCOVERY

Multiple High Grade Trends Discovered

INSIGHTS

‒ Le Plaque target has the potential to be the next sizeable discovery following the recent Daapleu and Bakaotuo discoveries ‒ Only the central portion, representing about 25% of the Le Plaque target, was drilled in 2017, in an area named Le Plaque Main, for which a maiden Indicated resource of 85koz at 2.70 g/t and an Inferred resource of 43Koz at 2.40 g/t was delineated

CORPORATE PRESENTATION

slide-57
SLIDE 57

GREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB) ANOMALIES

57

Birimian 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

CORPORATE PRESENTATION

slide-58
SLIDE 58

KARMA MINE, BURKINA FASO

58

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 Open Pit Strip Ratio 2.96 to 1 (2017A) Gold Recovery 83% (2017A) Mining Type Shallow open pit and free digging material with no blasting required, low strip ratio Production AISC (Mine-level) 2016A – $738/oz 2017 prelim - $835/oz 2018E - $750 -780/oz Mine life 11 years Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax

98koz 2017A 62koz 105-115koz 2018E 2016A

RECENT AND UPCOMING CATALYSTS

Accomplished

  • First gold production achieved on April 11th 2016
  • Optimization in 2017 completed - The newly installed front-end and ADR plant are

expected to boost stacking capacity beyond the initial design capacity of 4Mtpa Upcoming

  • Benefit of increasing stacking capacity
  • Exploration on more near-mine targets

Houndé Mine Ouagadougou Karma Mine

Overview

CORPORATE PRESENTATION

slide-59
SLIDE 59

Q4-17 vs Q3-17 INSIGHTS:

› Production

remained flat as higher stacking capacity and grades were offset by the anticipated lower recovery rate

› AISC decreased as a result of the aforementioned

higher grades, lower strip ratio, and lower stacking unit costs which offset the higher mining unit costs

2018 OUTLOOK

› Plant optimization work was successfully carried

  • ut during 2017. The newly installed front-end

and ADR plant are expected to boost stacking capacity beyond the initial design capacity of 4Mtpa

› Production in 2018 is expected to increase to 105-

115koz and AISC is expected to decrease to $780- 830/oz as a result of the plant optimization work done in 2017

› In aggregate, roughly 15% of the 2018 ore feed is

expected to be transitional material from GG2

59

KARMA MINE, BURKINA FASO

Profile is expected to improve in 2018 with optimization work completed

Production and AISC Tonnes Stacked and Grade

21koz 21koz 24koz 32koz 29koz $922/oz

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

$738/oz 1,026kt 720kt 852kt 853kt 954kt 1.06g/t

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

1.14g/t $748/oz 1.07g/t $755/oz 1.24g/t

CORPORATE PRESENTATION

$973oz 0.91g/t

slide-60
SLIDE 60

INSIGHTS

› Plant optimization

work has been successfully carried

  • ut during the past

year

› The newly installed

front-end completed its performance testing and is running at steady-state

› The new ADR plant

was commissioned November

› An on-site camp was

built

KARMA MINE, BURKINA FASO

60

Optimization program completed and new front-end commissioned in 2017

ADR Area - Before ADR Area - After Feed Preparation Circuit - Before Feed Preparation Circuit - After

CORPORATE PRESENTATION

slide-61
SLIDE 61

61

Several identified targets with success already being achieved

KARMA EXPLORATION OVERVIEW

0.5-1.0Moz

5-YEAR DISCOVERY TARGET

<$20/oz

AVERAGE 5-YEAR DISCOVERY COST

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.

AREAS OF FOCUS:

  • 1. North Kao added in

2017 and resource additions expected

  • 2. Yabonsgo

drilled in 2017 with maiden resource expecetd

  • 3. Nogafaere (previsouly
  • wned

by Golden Rim) is a target for 2018

  • 4. Rounga is a target for

2018

CORPORATE PRESENTATION

slide-62
SLIDE 62

INSIGHTS:

› Oxide mineralization

discovered on a parallel structure

› Most notable intercepts

include 33.2m at 4.13 g/t Au and 22.8m at 4.18 g/t Au

› A resource for this parallel

structure is expected to be delineated in Q1-2018

62

Extension Drilling – New Parallel Trend Discovered

KARMA EXPLORATION - NORTH KAO

Map of the Yabonsgo area

CORPORATE PRESENTATION

slide-63
SLIDE 63

INSIGHTS:

› 600m-long mineralized

area discovered with a stacked high grade quartz vein system

› Reconnaissance drilling

suggests potential for further extension

› Most notable intercepts

include 8.1m at 15.8 g/t Au, 6.3m at 11.0 g/t Au, and 9.9m at 6.67 g/t Au

› A maiden resource is

expected in Q1-2018

YABONSGO TARGET

63

New discovery made in 2017

Map of the Yabonsgo area

CORPORATE PRESENTATION

slide-64
SLIDE 64

KALANA PROJECT, MALI

64 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 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

Overview

CORPORATE PRESENTATION

slide-65
SLIDE 65

› 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 over

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

65

FITS OUR STRATEGIC PORTOFLIO CRITERIA

Kalana is a high-quality project

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

CORPORATE PRESENTATION

slide-66
SLIDE 66

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

66

AVNEL TRANSACTION CLOSED IN SEPTEMBER

› Integration progress completed shortly

after

› Study optimization process launched and

expected to be completed by end of 2018

› Ceased underground small scale

  • peration

› Focus on CSR and resettlement action

plan

OPTIMIZATION LEVERS

› Expand the plant capacity › Increase the average annual production

to +150koz and shorten the mine life

› Integrate synergies › Integrate exploration upside

FITS OUR STRATEGIC PORTOFLIO CRITERIA

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

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

CORPORATE PRESENTATION

slide-67
SLIDE 67

67

FITS OUR STRATEGIC PORTOFLIO CRITERIA

Kalana has significant exploration upside

› Kalana Main deposit still fully open

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 outside of Kalana

› Currently have a small unclassified

resource at Djirlia

CORPORATE PRESENTATION

slide-68
SLIDE 68

Source: Market data as per 28 June 2017

68

AVNEL ACQUISITION IS VALUE ACCRETIVE

Meets equity hurdle rates and is accretive on an NAV basis

NAV per share 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

› 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%

CORPORATE PRESENTATION

slide-69
SLIDE 69

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

FULL YEAR 2017 RESULTS & 2018 OUTLOOK

2

DETAILS BY MINE AND PROJECT

3

slide-70
SLIDE 70

BOARD MEMBERS

70

70

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

CORPORATE PRESENTATION

slide-71
SLIDE 71

71

INSIGHTS

› Strong knowledge of

West African Birimian belts

› Senior staff from BRGM,

Randgold, Iamgold, Areva, La Mancha, etc

› 20 Seniors Geologists › SVP, 3 VPs, › 6 Exploration Managers › 40 Juniors Geologists › 130 Technicians and

Support Staff

SVP West Africa Exploration Resource VP HR Manager New Ventures Manager

Expert Geologist

Finance Manager

NI 43-101 Compliance

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

EVP Exploration & Growth

CI Government Relations Advisor Legal Advisor

EXPERIENCED TEAM IN PLACE

Near-mine and Regional Teams

Sr Geos Jr Geos DB Techs Account Support

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

CORPORATE PRESENTATION

slide-72
SLIDE 72

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)

All targets characterized by a minimum-maximum and mean size of tentative deposit (length, width, depth), including estimated average grade when calibration is available

Each selected target (~40 in 2016, ~50 in 2017) are 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 are set within a 5 year window, according to mine priorities, permit duration, requested exploration efforts, and budget and are 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

72

UNLOCK EXPLORATION VALUE

Selection, Ranking and Risk Evaluation of Exploration targets

CORPORATE PRESENTATION

slide-73
SLIDE 73

1,000 1,100 1,200 1,300 1,400 1,500 1,600

Gold Revenue Protection Program : Gold Option Collar Strategy

› Gold Option Contracts aim to increase

the certainty of the free cash flow during the construction period of the Ity CIL

› Gold Option Contracts applied to

400koz, representing ~40%

  • f

Endeavour’s expected production

  • ver 15 months, (Feb 2018-Apr 2019)

‒ Protect 40%

  • f

production below $1,300/oz ‒ Fully exposed between 1,300 and $1,500/oz ‒ Upside beyond $1,500/oz on 60% of production

› Once

the Gold Option Contracts program ends, Endeavour will return to a position where its gold production is fully exposed to spot gold prices

73 73

GOLD REVENUE PROTECTION PROGRAM

Gold price in US$/oz Collar “bought puts” strike Collar “written calls” strike

CORPORATE PRESENTATION

Upside on 60% of production Upside on 100% of production Protection on 40% of production

Increased certainty of the FCF during the construction period of the Ity CIL

slide-74
SLIDE 74

ADVANTAGES OF THE CONVERTIBLE NOTES

74

Reduces its overall financing costs and de-risks LIBOR exposure

Annual saving based on $330m convertible compared to $330m drawn on RCF at various Libor rates

$25m $21m $18m $15m $11m $7m $6m 7.0% 6.0% 5.0% 4.0% 3.0% 1.8% (current) 1.5% LIBOR rates

Historic Libor curve

1.8%

CORPORATE PRESENTATION

slide-75
SLIDE 75

75

ADVANTAGES OF THE CONVERTIBLE NOTES

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% $15 $17 $19 $21 $23 $25 $27 $29 $31 $33 $35 $37 $39 $41 $43 $45 $47 $49 $51 Straight bond yield Convert yield

Solid alternative to a straight bond

All-in cost comparison: straight bond vs. convertible

Share Price in C$

$37/share Break-even point

CORPORATE PRESENTATION

slide-76
SLIDE 76

76

ADVANTAGES OF THE CONVERTIBLE NOTES

Based on $330m convertible note

Limited dilution due to option to settle in cash

Dilution impact

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 1 6 11 16 21 26 31 36 41 46 51 Potential dilution Share price at maturity

If $330m principle is settled in cash and in the money option in shares If all settled in shares

CORPORATE PRESENTATION

slide-77
SLIDE 77

Net free cash flow increased despite increased exploration spend

NET FREE CASH FLOW FROM OPERATIONS DOUBLED

INSIGHTS

  • 1. Gold sales up mainly due to the

addition of the Karma mine

  • 2. Inclusive
  • f

15,000

  • unces

delivered under the Karma stream

  • 3. Increase due to strategic focus
  • n exploration
  • 4. 2017 figure includes Nzema

(asset classified as Held-For- Sale) and 2016 figure includes Youga (asset sold)

  • 5. The working capital variation

improved to $18m in Q3-2017, from negative $27m in Q2- 2017, with the year-to-date

  • utflow reduced to $1m

Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

NINE MONTHS ENDED

(in US$ million)

SEPT 30, 2017 SEPT 30, 2016

GOLD SOLD FROM CONTINUING OPERATIONS, koz 370 312 Gold Price, $/oz 1,214 1,238 REVENUE FROM CONT. OPS 445 394 Total cash costs (260) (190) Royalties (23) (18) Corporate costs (15) (15) Sustaining capex (30) (32) Sustaining exploration (9) (5) ALL-IN SUSTAINING COSTS (“AISC”) (338) (260) ALL-IN SUSTAINING MARGIN FROM CONT. OPS 107 133 AISC Margin from asset held for sale 37 5 Less: Non-sustaining capital (23) (20) Less: Non-sustaining exploration (22) (13) FREE CASH FLOW BEFORE GROWTH PROJECTS

(and before working capital, tax & financing costs)

100 106 Working capital (1) (49) Taxes paid (16) (12) Interest paid (19) (19) Cash settlements on hedge programs and gold collar premiums (4) (13) NET FREE CASH FLOW FROM OPERATIONS 59 12

3 1 2 3

77

4 5

CORPORATE PRESENTATION

slide-78
SLIDE 78

Cash from operations and RCF used to fund growth

GROWTH FUNDING SOURCES

INSIGHTS

  • 1. For

Houndé construction ($186m), Karma optimization ($22m), Ity CIL Project ($13m)

  • 2. Consists

mainly

  • f $54m

for the purchase of an additional 25% stake in the Ity mine which was offset by the $8m inflow of cash acquired upon the acquisition of the Kalana mine

  • 3. Mainly La Mancha private placements

less dividends to minorities. Cash position includes $30m of La Mancha private placements received after quarter-end.

  • 4. Used to fund Houndé project
  • 5. Cash position includes $30m of La

Mancha private placements received after quarter-end.

  • 6. Upsized from $350m to $500m with

better terms

1Sept 30, 2017 Pro-forma includes $28m of cash held at the Nzema held-for-sale asset and $30m of La Mancha private placement which was received after quarter-end

Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

NINE MONTHS ENDED

(in US$ million)

SEPT 30, 2017 SEPT 30, 2016

NET FREE CASH FLOW FROM OPERATIONS 59 12 Growth projects (221) (80) Greenfield exploration expense (6) (4) Restructuring costs (7) (18) Acquisition & disposal of mining interests (54) 11 Cash paid on settlement of share appreciation rights, DSUs and PSUs (4) (2) Net equity proceeds and dividends to non-controlling interests 77 181 Proceeds (repayment) of long-term debt 160 (106) Proceeds from pre-production gold sales

  • 34

Other (foreign exchange gains/losses and other) (4)

  • CASH INFLOW (OUTFLOW) FOR THE PERIOD

1 28

4 1 2

78

3

(in US$ million)

  • SEPT. 30, 2017

PRO-FORMA1

  • SEPT. 30,

2017

  • JUN. 30,

2017

  • DEC. 30,

2016 Cash 155 125 85 124 Less: Equipment finance lease (46) (46) (47) (10) Less: Drawn portion of $500 million RCF (300) (300) (220) (140) NET DEBT POSITION (191) (221) (183) (26) NET DEBT / ADJUSTED EBITDA (LTM) RATIO 0.85 0.98 0.76 0.11

5

Net Debt Position Net Cash Flow

6

CORPORATE PRESENTATION

slide-79
SLIDE 79

PRODUCTION DETAILS BY MINE

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.

79

For the years quarters ended 2017 and 2016

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE Unit Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Physicals Total tonnes mined – OP1 000t 7,216 7,576 6,518 1,431 1,333 2,885 1,863 1,098 1,593 1,680 1,191 1,472 3,717 3,637 4,023 6,973 Total ore tonnes – OP 000t 826 824 674 369 310 288 165 108 195 403 305 316 1,185 593 783 447 Open pit strip ratio1 W:t ore 7.92 8.19 8.67 2.88 3.30 9.02 10.32 9.13 7.17 3.17 2.90 3.66 2.14 5.13 4.14 14.59 Total tonnes mined – UG 000t

  • 207

226 324

  • Total ore tonnes – UG

000t

  • 157

179 253

  • Total tonnes milled

000t 760 770 721 377 368 428 435 392 402 372 312 295 1,026 720 853 813 Average gold grade milled g/t 1.85 1.96 2.46 2.13 3.39 2.20 2.20 2.64 3.93 1.86 1.58 2.00 1.06 0.91 1.14 2.75 Recovery rate % 93% 93% 97% 92% 92% 82% 92% 93% 95% 78% 74% 90% 77% 87% 90% 95% Gold produced

  • z

43,439 46,326 57,061 24,846 37,440 23,874 28,117 31,602 47,884 17,287 11,727 17,480 21,102 21,005 29,112 68,754 Gold sold

  • z

41,490 46,675 56,936 23,366 38,570 22,033 27,740 31,693 47,053 16,316 11,799 15,038 20,574 20,622 28,743 60,990 Mine-level AISC Per Ounce Sold $/oz ~665 638 532 ~850 705 1,118 ~1,282 1,278 927 ~947 1,141 827 ~922 973 738 ~373

CORPORATE PRESENTATION

ON A QUARTERLY BASIS ON A FULL YEAR BASIS

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE Unit Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Physicals Total tonnes mined – OP1 000t 28,101 25,382 6,873 9,295 6,400 7,098 6,647 6,102 15,313 8,753 17,933 Total ore tonnes – OP 000t 2,983 2,797 1,427 1,000 647 649 1,410 1,186 3,862 1,879 1,026 Open pit strip ratio1 W:t ore 8.47 8.07 3.81 8.30 8.89 9.94 3.71 4.15 2.96 3.66 16.48 Total tonnes mined – UG 000t

  • 997

1,301

  • Total ore tonnes – UG

000t

  • 756

944

  • Total tonnes milled

000t 2,906 2,827 1,499 1,761 1,640 1,588 1,194 1,173 3,552 2,089 813 Average gold grade milled g/t 2.02 2.27 2.58 1.87 2.90 3.36 1.85 2.20 1.07 1.16 2.75 Recovery rate % 94% 97% 92% 83% 94% 95% 83% 93% 83% 90% 95% Gold produced

  • z

177,191 195,505 115,621 87,710 143,995 162,817 59,026 75,867 97,982 61,813 68,754 Gold sold

  • z

174,868 196,316 117,242 85,495 144,636 161,803 59,688 73,332 96,935 28,743 60,990 Mine-level AISC Per Ounce Sold $/oz ~641 534 ~858 1,167 ~1,127 1,027 ~927 756 ~835 738 ~373

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SLIDE 80

PRODUCTION AND COST DETAILS BY MINE

1) Includes waste capitalized

80

80

CORPORATE PRESENTATION

For the first 9 months ended Sept. 30

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA Unit 9 Months 2017 9 Months 2016 9 Months 2017 9 Months 2016 9 Months 2017 9 Months 2016 9 Months 2017 9 Months 2016 9 Months 2017 9 Months 2016 Physicals Total tonnes mined – OP1 000t 20,884 18,864 5,441 6,410 4,536 5,505 4,968 4,630 11,596 8,364 Total ore tonnes – OP 000t 2,157 2,123 1,058 712 482 454 1,008 870 2,678 4,730 Open pit strip ratio1 W:t ore 8.68 7.89 4.14 8.00 8.40 11.13 3.93 4.32 3.33 3.32 Total tonnes mined – UG 000t

  • 790

977

  • Total ore tonnes – UG

000t

  • 599

691

  • Total tonnes milled

000t 2,146 2,106 1,121 1,333 1,204 1,186 822 878 2,526 927 Average gold grade milled g/t 2.09 2.20 2.73 1.77 3.16 3.17 1.85 2.20 1.08 1.18 Recovery rate % 94% 97% 93% 85% 94% 94% 85% 94% 85% 90% Gold ounces produced

  • z

133,752 138,444 90,774 63,836 115,878 114,933 41,739 58,387 76,880 32,701 Gold sold

  • z

133,378 139,380 93,876 63,462 116,895 114,750 43,372 58,294 76,361 34,141 Unit Cost Analysis Mining costs - Open pit $/t mined 2.49 2.17 5.74 4.83 3.65 3.47 3.18 3.02 1.84

  • Mining costs – Underground

$/t mined

  • 63.98

48.47

  • Processing and maintenance

$/t milled 7.19 6.72 16.10 12.87 20.79 21.40 15.35 15.24 9.02

  • Site G&A

$/t milled 4.09 4.66 6.42 6.56 10.92 12.28 9.36 10.20 4.36

  • Cash Cost Details

Mining costs - Open pit1 $000s 52,063 40,883 31,250 30,958 16,576 19,107 15,815 13,998 21,391

  • Mining costs -Underground

$000s

  • 50,541

47,356

  • Processing and maintenance

$000s 15,426 14,143 18,051 17,151 25,030 25,377 12,619 13,382 22,796

  • Site G&A

$000s 8,769 9,813 7,200 8,746 13,150 14,568 7,697 8,955 11,002

  • Purchased ore at Nzema

$000s

  • 13,187

17,162

  • Capitalized waste

$000s (1,960) (4,525) (1,966) (10,531) (12,595) (13,007) (2,376) (3,149) (1,970)

  • Inventory adjustments and other

$000s (2,086) (348) 1,676 6,247 9,224 3,335 (723) (168) (259)

  • Cash costs for ounces sold

$000s 72,211 59,966 69,368 69,733 101,926 96,736 33,032 33,018 52,960

  • Royalties

$000s 5,894 6,531 6,730 4,198 8,729 8,613 2,110 2,683 6,233

  • Sustaining capital

$000s 6,401 7,973 4,579 1,212 16,185 17,112 4,763 7,270 2,739

  • Cash cost per ounce sold

$/oz 541 430 739 1,099 872 843 762 566 694

  • Mine-level AISC Per Ounce Sold

$/oz 634 534 859 1,184 1,085 1,067 920 737 811

slide-81
SLIDE 81

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.

81

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 :

As of December 31, 2016

CORPORATE PRESENTATION