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

CREATING A PREMIER AFRICAN GOLD PRODUCER

Corporate Presentation

September 2016

1

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.

MALI

Agbaou Mine Nzema Mine Tabakoto Mine Houndé Project

CÔTE D’IVOIRE GHANA

Karma Project Ity Mine and CIL Project

Abidjan Accra Bamako Ouagadougou

GUINEA SIERRA LEONE SENEGAL GAMBIA LIBERIA GUINEA- BISSAU

Operations Office

Endeavour Mining Overview

2

See Appendix for details of mineral resources and mineral reserves, stated on a 100% basis.

BURKINA FASO

4 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 – Total Reserves of 6.7 Moz – Total M&I resources of 12.8 Moz – Inferred Resources: 4.7 Moz

1 Mine in Ramp-up : Karma

– First gold pour announced on April 11th 2016 – Production of 110-120koz per annum (years 1 to 5) with immediate cash flow generation – True Gold transaction closed on April 26th 2016

2 Attractive Projects

– Houndé Project construction started in April 2016, first gold pour expected in Q4-2017 – Ity CIL Project feasibility study expected in Q4 2016

CREATING A PREMIER AFRICAN GOLD PRODUCER

Current shareholder distribution and geographic mix

Ticker TSX:EDV Shares in Issue 93.0 m Fully Diluted 95.4 m Share price C$23.26 Market cap US$1,640m Net Cash US$21m

Company Profile

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

3

Board Members

CREATING A PREMIER AFRICAN GOLD PRODUCER

Share Price Performance

5 10 15 20 25 30

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Volume, shares EDV share price, C$

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 September 14th 2016

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

Hands-on Management Model

Sebastien de Montessus – CEO & President & Director

• Former CEO of the La Mancha Group (2012-2015)
• Former member of the Executive Board & Group Deputy CEO of AREVA

Group & CEO of AREVA Mining

• Investment banker at Morgan Stanley in London (M&A, ECM)

4

CREATING A PREMIER AFRICAN GOLD PRODUCER

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

MANAGEMENT FOCUS LEAN EXECUTIVE MANAGEMENT TEAM

Adriaan “Attie” Roux – COO

• Metallurgical engineer
• ~40 years of experience, including 34 years with Anglo American, De Beers & AngloGold
• Previously General Manager of Adamus Resources & Senior VP

Vincent Benoit – EVP Chief Financial Officer and Corporate Development

• Former EVP Strategy & Business Development of La Mancha
• Former EVP Merger & Acquisitions, as well as Head of Strategy & Investor Relations, at Orange
• Former SVP Investor Relation of Areva Group

Patrick Bouisset – EVP Exploration & Growth

• Former Executive VP Exploration & New Ventures of La Mancha
• Former VP Geoscience of AREVA Mining
• +20 years at Total – in charge of exploration activities in Africa

Morgan Carroll – EVP Corporate Finance & General Counsel

• Previously practiced law in the finance group at Mayer Brown International LLP in London & New

York Jeremy Langford – EVP Construction Services

• Managed the construction & delivery of Nzema, and Agbaou
• Currently managing Houndé project along with Endeavour’s in-house Construction Services Group

1 137 $1 010 $922 $800

$500 $600 $700 $800 $900 $1 000 $1 100 $1 200 100 200 300 400 500 600 700 800 900 1 000 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E

CREATING A PREMIER AFRICAN GOLD PRODUCER

5 Production Profile (100%) and AISC (US$/oz) 83koz 167koz 220koz 317koz 462koz 517koz +900koz

Strategic Milestones for 2018-2020

+ 900 koz

ANNUAL PRODUCTION

< 800$/oz

ALL IN CASH COST

10+ year

MINE LIFE IN OUR CORE ASSETS 575-610koz $870-920

Internal Growth to Create a Premier African Gold Producer with Low-cost and Long Life Mines

Youga (Burkina Faso) Nzema (Ghana) Tabakoto (Mali) Agbaou (Côte d’Ivoire) Ity HL (Côte d’Ivoire) Houndé (Burkina Faso) Karma (Burkina Faso)

Strategic Objective:

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

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

AISC, US$/oz Average mine life, years

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

4 Strategic Levers

1

OPERATIONAL EXCELLENCE PROJECT DEVELOPMENT UNLOCK EXPLORATION VALUE PRO-ACTIVE PORTFOLIO 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 Resolutes UG project

6

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Endeavour 2018E

7

1 2 3 4 5 6 7 8 9 10 11 12 13 $700/oz $750/oz $650/oz $1,100/oz $1,050/oz $950/oz $1,000/oz $900/oz $850/oz $800/oz Mine life, years

Decreased costs from >1,300/oz

Agbaou

(180-195koz)

Nzema

(90-100koz)

Tabakoto

(155-175koz)

Ity HL

(70-80koz)

Youga (sold)

(40-45koz)

Optimization + exploration Cut-back Develop CIL project

AISC, US$/oz Ity HL

(70-80koz)

Pro-active Portfolio Management Overview

Ity CIL

DFS in progress (120 - 150koz)

Houndé

(200koz)

Karma (Acquired)

(110-120koz)

Bubble size represents production

CREATING A PREMIER AFRICAN GOLD PRODUCER

Prolong

Executing Our Internal Growth Strategy

Increase Overall Quality of our Portfolio

7

Côte d’Ivoire Burkina Faso Ghana Mali

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

8

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 Ity CIL Ity HL Damang Bogoso/Prestea Iduapriem Essekane Tarkwa Bonikro Ahafo Sadiola Edikan Wassa Tongon Lefa Morila Syama Chirano Loulo Mana Gounkoto Bissa Agbaou (2016E) Akyem

Creating one of West-Africa’s lowest cost asset portfolios

Production, kozpa

Houndé and Karma are respectively based on first 4 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

~1/3 of 2018 EDV production ~2/3 of 2018 EDV production

West African Mines Benchmark

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

2016 Guidance

575-610koz

2015A

517koz

2014A

466koz

2013A

324koz

Production, on a 100% basis in koz

2016 Guidance

$135m

2015A

$85m

2014A

$35m

2013A

$28m

2016 Guidance

$870-920/oz

2015A

$922/oz

2014A

$1,010/oz

2013A

$1,137/oz

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)

9

CREATING A PREMIER AFRICAN GOLD PRODUCER

Excludes Agbaou, Houndé and Karma capex

OPERATIONAL EXCELLENCE Proven track record of operating in West-Africa

1

0.76 0.76 1.73 0.73

2013 2016 H1 2015 2014 Lost Time Injury Frequency Rate (Number of LTIs in the Period X 1,000,000)/ (Total man hours worked for the period)

PROJECT DEVELOPMENT Houndé and Ity CIL are top tier projects

Bubble size represents average annual production

5 900 750 1,050 6 3 17 2 4 850 1,250 19 1,150 20 18 16 1,100 1,200 7 11 15 14 13 9 12 8 10 $1,000/oz 950 650 700 800 Dugbe 1 (Hummingbird) Yanfolila (Hummingbird ) Bouly (NordGold)

Mine life, years

Kalana (Avnel) Kobada (African Gold Group) Tri-K (Avocet) Wa-Lawra (Azumah) Sissingue (Perseus) Mako (Toro) Natougou (Semafo) Banfora (Gryphon) Fekola (B2Gold) Baomahun (Amara) Yaramoko (Roxgold)

Ity CIL

(PFS: ~120koz)

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

West African DFS Stage Projects Benchmark:

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

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

2

Houndé

DFS underway

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10

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 on-budget

• Procurement is approximately 45%

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

11

PROJECT DEVELOPMENT Ity CIL Project DFS Expected in Q4-2016

2

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12

0.3 1.6 3.1 1.5 0.7 0.4 2016-end (expected) 2015-end 2014-end 2012-end

Measured and Indicated Resources, Moz Inferred Resources, Moz CIL mill size, Mtpa

1.5

Mtpa

2.0

Mtpa

3.0

Mtpa

Scoping PFS DFS

Resource and CIL plant size evolution

• Ity has produced more than 1.2Moz to date
• $30m exploration program between 2012-2015

significantly increased resources and generated potential to convert Heap Leach plant to CIL (“CIL project”)

• DFS expected in Q4-2016
• Targeting 120-150 kozpa at AISC of <US$800/oz
• ver +10-year mine life
• High-grade Bakatouo discovery announced in

September 2016

• Expected to be highest grade deposit
• Expected to supplement both heap leach and CIL

project

• Maiden resource expected in Q4-2016
• Exploration is on-going on several other nearby

targets

UNLOCK EXPLORATION VALUE: Long-term Strategic Review Expected in Q4-2016

3

35%

8Moz

10%

33Moz

22%

12Moz

19%

110Moz

11%

12Moz

West African Birimian Belt % holding and findings

Strategically positioned to become one of the largest producers with the largest exploration package in both Côte d’Ivoire and Burkina Faso, which host +50% of the Birimian belt

Significant Potential Across Portfolio:

– Agbaou: strong proven potential with renewal of all reserves depleted since inception in 2014 – Tabakoto: capacity to find more open pit potential in a very prolific area on trend with Randgold’s Loulou mine – Ity: Focused on identifying new targets close to the plant to extend heap leach and enhance CIL

• project. Recently announced Bakatouo discovery

and consolidation of 80km corridor on trend – Houndé: Already 10year mine life with potential to extend significantly mine life project – Karma: Many near mill targets. Targeting to extend mine life from 8 to 10 years by end of 2016 CREATING A PREMIER AFRICAN GOLD PRODUCER

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PRO-ACTIVE PORTFOLIO MANAGEMENT Opportunistic M&A Approach to improve portfolio quality

• Priority is Internal growth before

M&A consideration

• M&A is driven by value creation

and cash-flow per share increase, NOT production increase

• Pro-active portfolio

management driven by achieving

• ur mid-term strategic objectives

and improving the quality of our assets

• Opportunistic M&A criteria:

– Increase group’s average mine life – Decrease group’s average AISC – Promising exploration potential – Accretive CF/share basis – Seeking benefit of West African cluster synergies

14

CREATING A PREMIER AFRICAN GOLD PRODUCER Sept-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb -16 Mar-16 Apr-16

Strategic Partnership with Naguib Sawiris / La Mancha

• 55% of SMI (HL
• peration + CIL

project)

• US$63m of additional

cash

• In-principle

commitment to fund growth (up to $ 75m) Acquisition of True Gold

• Transaction closed in

end April

• Mine already in

production

• Significant exploration

potential Youga Mine divestment

• Obtained US$25m
• Synergetic deal with

MNG Gold

• End of Mine Life of

Youga planned for 2017

2015-2016 transactions improved quality of portfolio

4

HEALTHY FINANCIAL STRUCTURE

Deleverage Balance Sheet… Now Cash Positive with Significant Capacity to Fund Growth

15

0.5x

• 0.1x

0.9x Post-Bought Deal (July 11, 2016) 2014 (year-end)

$-21m

End of June 2016 2015 (year-end)

$144m $254m

1.8x

$82m

Operating EBITDA based on trailing 12m basis

Net Debt to Operating EBITDA ratio Net debt

$134m

Post-Bought Deal (July 11, 2016) End of June 2016

$238m

2015 (year-end) 2014 (year-end)

$110m $62m

Notes: All amounts in US$. Debt includes $5m Auramet loan, $12m Tabakoto equipment lease, and $200m RCF. RCF of US$350 million, maturity date March 2020, semi-annual reductions commencing September 2018, annual interest based on LIBOR + a 3.75% to 5.75% margin

Significantly increased cash position (US$m) Net Debt Reduction (US$m)

CREATING A PREMIER AFRICAN GOLD PRODUCER

Undrawn RCF

• f $150m

$50m Equipment Financing Cash Position of $238m

$438m

Liquidity and Financing Sources as of June 30th, 2016

Key Value Drivers H1-2016 Achievements

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 Cash positon of US$21m after July bought deal close

Fund Houndé Project

• Houndé fully financed due to improved balance sheet and

cash from operations

• Construction launched in April

Extend Mine Lives

• Exploration now an integral part of the strategy
• Long-term exploration program nearing approval

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



On- Going

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CREATING A PREMIER AFRICAN GOLD PRODUCER

Investment Highlights  Premier African gold producer with focus on building a high quality portfolio  Established track record of building mines on time and on budget in West Africa  Efficient operators with focus on lowering costs  Positioned to unlock significant exploration potential across the Birimian Greenstone Belt  Growing cash flows and strong balance sheet underpin financial flexibility  Accomplished management team with history of success in Africa

17

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2016 Outlook and Performance

H1-2016 Actual Initial 2016 Guidance Revised 2016 Guidance Comment

Production

270koz

(incl. 12 koz for Karma)

535-560koz 575 - 610koz  Initial guidance confirmed thanks to Agbaou’s strong performance  Increasing guidance with the addition

• f Karma: 50-60 koz for FY 2016

All-In SustainingCosts

$896 $870-920/oz $870-920/oz  On-track to meet initial guidance: Q1 ($889/oz) and Q2 ($901/oz)  Karma to have positive impact on average Group AISC from 2016

Free Cash Flow

(before tax, WC ,financing costs, Houndéand Karma)

$59m

(@ 1,225$/oz realized price)

$90m

(@ 1,150 $/oz)

$135m

(@ 1,250 $/oz in H2)

 Increasing guidance with revised H2 gold price of US$1,250/oz and Karma

Net Debt

$83m n/a n/a  Turned cash positive following successful bought deal which closed July 11 with $21m of Net Cash

19

H1-2016 group level performance in line with full year guidance

2016 Revised production guidance includes Karma pre and post commercial production, AISC guidance includes only Karma’s post-commercial production (ie. Q4-2016)

CREATING A PREMIER AFRICAN GOLD PRODUCER

20

Production Guidance Revised Upwards with addition of Karma

Insights:

• Production expected to increase in H2-2016 with Tabakoto and Nzema improving on H1-2016
• Initial guidance (excluding Karma) is maintained, as out-performance of Agbaou and Ity is expected to

compensate for Nzema

• Karma increases group 2016 Guidance to 575-610koz

(in koz on a 100% basis)

H1-2016 Initial 2016 Revised 2016 Actual Guidance Guidance

Agbaou 89 165

• 175

180

• 195

Tabakoto 78 155

• 175

155

• 175

Nzema 40 110

• 130

90

• 100

Ity 43 65

• 75

70

• 80

Youga 8 7

• 8

7

• 8

Sub-total 258 502

• 563

502

• 558

Karma (including pre-commercial production) 12

• 50
• 60

Removal of Youga (discontinued operation)

• (7)
• (8)

Total 270 502

• 563

545 610

Group selected guidance range 535

• 560

575

• 610

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AISC group objective remains unchanged

Insights:

• Group AISC remains in-line

with initial guidance due to Agbaou out-performance counter-balancing increased costs at Tabakoto and Nzema

• AISC expected to improve in

H2-2016 for both Tabakoto and Nzema

• Karma is included only for its

post-commercial production period (Q4-2016)

(in $/oz)

H1-2016 Initial 2016 Revised 2016 Guidance Guidance

Agbaou 525 650

• 700

550

• 600

Tabakoto 1,066 920

• 970

970

• 1,050

Nzema 1,212 970

• 1,020

1,050

• 1,125

Ity 742 800

• 850

800

• 850

Youga 1,101 980

• 1,030

980

• 1,030

Subtotal Mine-level AISC 849 820

• 870

820

• 870

Karma (excluding pre-commercial production*) n.a.

• 750
• 850

Remove Youga (discontinued operation) (1,101)

• (980)
• (1,030)

Mine-level AISC 841 820

• 870

810

• 860

Corporate G&A 42 38 40 Sustaining exploration 13 11 20 Group AISC 896 870

• 920

870

• 920

*Assuming 3 months of commercial production

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Revised Guidance for FCF @ 1,250 for H2-2016

22

Insights:

• Free cash flow before Houndé

and Karma has been revised upward from $90 million to $135 million

• 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

(in US$ millions)

Initial Guidance Revised Guidance Revenue (based on production guidance range mid-point) 630 665 AISC costs (based on AISC guidance range mid-point) (492) (481) All-in sustaining margin 138 185 Agbaou secondary crusher ($12m) (48) (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)

90 135

Houndé capex

n/a (80)

Karma net pre-production

n/a (15)

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

n/a 40

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Details by Mine and Project

24

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
• US$12 million secondary crusher to be built in 2016 to maintain throughput despite

harder rock mix

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

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25

Agbaou Mine – Côte d’Ivoire

Production and AISC

H1-2016 Insights

• Optimized mill throughput, running

significantly above nameplate capacity, benefiting production in Q2 vs Q1

• Ongoing low AISC, well below its $650-700/oz

guidance, benefiting from enhanced mill throughput and mining contract rates revision in mid-Q1

• Continued to benefit from processing only
• xide ore
• Secondary crusher commissioned in July on

time and under budget ($10m), providing increased processing flexibility H2-2016 Outlook

• Production expected to increase due to mixing

higher grade transitional ore in Q4 2016

• FY2016 guidance increased from 165-175koz

to 180-195koz while AISC guidance lowered from $650-700/oz to $550-600/oz

41koz $525 Q1-2016 52koz 46koz $525 Q4-2015 Q3-2015 $583 43koz $537 Q2-2015 44koz Q2-2016 Q1-2015 45koz $619 $577 AISC, US$/oz Production, koz

Secondary & Pebble Crushing Circuits commissioned

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Agbaou Site Map 26

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

• Following resolution of ground

reclamation and compensation issues with local communities, drilling based

• n previous geophysics surveys and soil

geochemistry results commenced in April 2016

• At the end of June 2016, over 8,000

meters of RC and DD had already been drilled (representing approximately 20%

• f the initial program)
• Initial results suggest the extension of

mineralized zones, which will be further investigated

• Additional studies include an infill

geochemical program, a resistivity survey and a magnetic survey

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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%

27

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
• Kofi B pre-stripping to start in H2-2016

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

Tabakoto Mine Bamako

Mali

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Tabakoto Mine – Mali

28

Production and AISC

H1-2016 Insights

• Steady production in Q2 compared to Q1

despite 8 days general strike against the State

• Good performance of Segala and Kofi

positively impacting grade milled

• Q2 AISC in line with Q1 but still high as

mining at Tabakoto underground was restricted to low grade areas due to slow development H2-2016 Outlook

• Improvement in AISC expected due to higher

level of production in Tabakoto UG and Kofi

• Focus on improving operations:
• Equipment availability
• UG mining efficiency
• Optimization of organization
• FY2016 guidance maintained at 155-175koz

while AISC guidance increased from $920- 970/oz to $970-1,050/oz

Q1-2015 34koz $1,127 42koz $1,119 $1,071 Q4-2015 Q2-2015 $1,061 39koz Q1-2016 $990 40koz $1,032 Q3-2015 36koz 39koz Q2-2016 Production, koz AISC, US$/oz

Tabakoto underground mining

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Tabakoto Site Map 29

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 received

Kreko Fougala Kofi B North

A shallow RC program of 334 holes was completed

• n the Tabakoto, Fougala and Kreko targets:
• The Fougala program confirmed two mineralized

trends that will be evaluated in the second half of 2016.

• The Kreko program successfully targeted structural

intercept model below laterite

• Fougala and Kreko drill results currently being

received and analyzed

• An exploration program has been launched in

early 2016 to extend the mine lives of the current underground mines and test new open pit potential

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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%

30

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 underway for CIL project
• Potential to increase ownership

2015A 81koz 2016F 70-80koz

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

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31

Ity Mine – Côte d’Ivoire

Q2-2015 Q1-2015 24koz $603 $595 21koz $628 21koz $777 Q1-2016 Q2-2016 17koz Q3-2015 $621 19koz Q4-2015 $710 22koz AISC, US$/oz Production, koz

H1-2016 Insights

• Similar level of production in Q2

compared to Q1 as production benefited from the cyclical nature of heap leach processing recovery rates

• Cash Cost remained stable while AISC was

slightly higher in Q2 due to planned delivery of mobile equipment H2-2016 Outlook

• FY-2016 production guidance increased

from 65-75koz to 70-80koz to take into account its strong H1 performance, and the anticipated slight decrease in H2-2016 due to expected grade decline and cyclical nature of heap leach processing recovery rates

• The AISC guidance remains unchanged at

$800-850/oz

• Ity CIL DFS on track for Q4 2016

Production and AISC Ity mine extraction

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32

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

• The Bakatouo discovery annouced

in September with resource estimate expected for Q4-2016

• An additional drilling campaign is

expected to commence in November on 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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33

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• Mineralization is very close

to surface and occurs over 800m along strike and 250m across strike, while the extensions remain open at depth and along strike

• An additional drilling

campaign is expected to commence in November on Bakatouo to test its extensions

• A maiden Bakatouo

resource estimate is expected by Q4-2016

• Bakatouo’s significant oxide

mineralization suggests potential to supplement both the existing heap leach operation and the future CIL project

Ity Mine – Exploration:

High-grade Bakatouo discovery cont.

34

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Ity Mine – Exploration:

High-grade Bakatouo discovery cont.

Some of the selected best intercepts include (true width):

• BK16-096: 9.65m at 27.7 g/t including

1.13m at 133.7 g/t

• BK16-098: 5.76m at 17.9g/t including

0.54m at 121.9 g/t

• BK16-092: 17.48 m at 6.4g/t including

1.08m at 59.1g/t

• BK16-146: 12.31m at 12.2 g/t including

0.74m at 61.9 g/t

• BK16-042: 8.52m at 8.9 g/t and 5.81m at

16.5 g/t including 0.98m at 52.6 g/t.

• BK16-033: 7.04m at 9.9 g/t including

1.08m at 30.1 g/t and 4.73m at 7.9 g/t

• BK16-065: 15.02m at 5.6 g/t including

0.98m at 21.8 g/t

• BK15-022: 4.92m at 7.3 g/t including

1.77m at 18.5 g/t

• BK16-116: 9.94m at 6.3 g/t including

1.18m at 17.5 g/t

• BK16-109: 7.73m at 12.2 g/t including

0.84m at 28.5 g/t

35

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

36

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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Nzema Mine – Ghana

37

Q2-2016 20koz $1,266 Q1-2016 20koz $1,158 Q4-2015 23koz $1,133 Q3-2015 27koz $1,011 Q2-2015 33koz $953 Q1-2015 27koz $1,194

AISC, US$/oz Production, koz

Production and AISC

H1-2016 Insights

• Q2 production was similar to Q1, due to lower

volumes and grade from purchased ore suppliers

• Owner mining is performing slightly above

expectations

• AISC impacted by processing lower grade

stockpiles and increased purchased ore cost

• Adamus pit push-back progressing on schedule

H2-2016 Outlook

• Production should improve due to

– Greater quantities of purchased ore at better grades from more suppliers – Start accessing higher grade ore from Adamus pit push-back in Q4

• FY-2016 production guidance decrease from

110-130koz to 90-100koz and its AISC guidance increased from $970-1,020/oz to $1,050-1,125/oz to take into account the lower purchased ore volumes encountered during the first half of the year

Purchased ore trend, Monthly Average

37kt 26kt 28kt 61kt 36kt 26kt 3.8g/t 3.0g/t 3.1g/t 2.9g/t 3.1g/t 4.9g/t 5.1g/t July (as July 26) >45kt Q2-2016 Q1-2015 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Grade purchased, g/t Average monthly tonnes puchased, kt Permit issues

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38

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

• Upcoming commercial production

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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Karma Update

Mining

 +14% positive reconciliation on ounces  Current mining costs of $1.4/t, roughly 15% below DFS Outlook:  Shift mine plan to focus on highest grade Rambo pit in priority

Processing

Current:  First gold pour on April 11th with 14koz produced during ramp- up phase (H1-2016) Х Front-end commissioning shows constraints in the feeder- breaker, limiting the current throughput at 75-80% of nameplate  Above 85% recovery achieved to date, with cells 1 & 2 still delivering pregnant solution Outlook:  Implementing new front-end design ongoing to increase throughput to nameplate capacity  Construction of a new front-end expected to be completed in mid-2017, associated capex is currently being assessed  Recovery rate expected to be in-line with 87% estimated in DFS  Processing costs of $7.90/t, expected to reach DFS rate of $6.60/t once plant is optimized

Production

 Produced 14koz to in H1-2016  Current run-rate of 80kozpa, expecting to reach >110kozpa in mid-2017  2016E production of 50-60koz at AISC of US$750-850/oz  Expecting to declare commercial production in Q4-2016, maintaining tax exoneration benefits associated with pre- production status

Security

 Relocating personnel to on-site camp

4.0mtpa Mill Nameplate Capacity 3.0 to 3.2mtpa 2.2 to 2.5mtpa Capacity expected by Q4-2016 Capacity expected by mid-2017 Current capacity

Endeavour’s construction, operations, and exploration teams further reviewed and re-validated the acquisition case assumptions following the close of the transaction and have concluded the following:

– Production capacity of >100-120kozpa – AISC potential in the low $700/oz range – Mine life potential of +10 years 39

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Karma Site Map

Karma - Exploration

• Target: +10 year mine life by

year end

• Undertaking a 60,000m program at

Kao North, with the aim of extending sterilization and mine life by +2.5 years

• Highly prolific region:

– One of the largest gold-in-soil anomalies in the country – In situ anomaly sits above large, underlying gold system – Situated in Markoye regional structure that hosts multiple +5 million ounce deposits

40

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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

41

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

²From production start

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42

Houndé Update

Significant achievements to date:

• Construction is progressing on-time and on-budget
• Procurement is approximately 45% complete
• CIL ring beam concrete pour achieved early-August, two weeks

ahead of schedule

• Mining fleet equipment financing signed with Komatsu Ltd.,

deliveries already

• n-site,

machinery commissioned and

• perational
• 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 30% complete and on-schedule for completion in Q1-2017

• Crusher civil earthworks commenced late August
• Procurement has been completed for the 38km 91kv overhead

power line with construction scheduled to start in October 2016

• Detailed engineering of the processing facility is progressing on

schedule to be completed mid-November 2016

• 1,058 personnel including contractors are currently employed on-

site, of which over 96% are Burkinabe

• Over 400,000 man-hours worked without a Lost Time Injury (LTI)
• r Medical Treatment Injury (MTI)
• The land compensation process has been successfully completed

and resettlement is underway, with all approvals in place.

$328m $150m Total Capex $15m Spent Capex Committed Capex (end of August

Procurement is approximately 45% complete Ground Breaking Ceremony held in June

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Houndé Exploration Upside

43

• 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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44

Appendix

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$4.3B, ~550% increase, since announcement of strategic partnership

Partnership Announced

• La Mancha vended-in the Ity mine and

$63m of 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$1.6B 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

45

3 8 13 18 23 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16

Partnership Announced

0,5 1 1,5 2 2,5 3 3,5 Jan-15 May-15 Sep-15 Jan-16 May-16

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46

Initial production guidance remains on-track with improvements expected in H2-2016

Q3-15

108koz

126 Karma:12

138koz

Q2-16 Q1-16 Q2-15

122koz

Q4-15 Q1-15

113koz 123koz 106koz

• Q2 production from continuing operations (excluding Youga) slightly increased over the

previous quarter, with continued strong performance from Agbaou

• Production is expected to increase in H2-2016 with Tabakoto and Nzema improving
• On-track to meet initial 2016 guidance of 535-560koz, with Agbaou and Ity compensating for

Nzema’s low purchased ore volumes and grade

Group Production from continuing operations, koz

22 39 20 43 12 21 39 20 46

Ity Karma Tabakoto Agbaou Nzema

Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2

Production by mine, koz

H2 Trend

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Continued AISC reduction

47

All-in Sustaining Costs, US$/oz

698 690 740 710 674 732 826 890 901 889 934 908 898 946 1,137 Q4-15 Q1-15 FY2014 Q2-15 1,010 FY2013 Q3-15 Q1-16*

870 920

Q2-16*

Cash Cost, US$/oz

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

710 1,071 1,158 525 775 1,062 1,266 525

Ity Agbaou Nzema Tabakoto

Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2

• AISC continues to decrease, remaining on-track to achieve our $870-920/oz guidance
• Agbaou continues to out-perform, well below its $650-700/oz guidance
• AISC expected to decrease in H2-2016 with improvements at Nzema and Tabakoto

H2 Trend

*Excluding discontinued Youga operations Youga, according to according standards

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48

Cash Flow generation is on track to meet initial guidance with increased production expected in H2 and AISC in-line

20 Initial Guidance $90m FCF H2-2016E $51m FCF H1-2016 $59m $39m Free cash flow (before WC, taxes and financing costs, excluding

Houndé capex and Karma)

Based on US$1,150/oz Re-based at US$1,150/oz Based on US$1,150/oz

Additional FCF based on realized US$1,225/oz

On track to meet initial guidance Cash Flow generation improved

H1-2016 H1-2015 US$m US$/oz US$m US$/oz Gold Sold, oz 248 218 Gold revenue 304 1,225 263 1,206 Royalties (14) (56) (13) (60) Cash cost for ounces sold (172) (694) (152) (697) G&A Costs (10) (40) (8) (37) Sustaining Capital (23) (93) (27) (124) Sustaining Exploration (3) (12) (3) (14) AISC Costs (222) (896) (204) (931) AISC Margin 82 331 59 271 Non-sustaining exploration (9) (36) (3) (14) Non-sustaining capital (15) (60) (9) (41) Free cash flow

(before WC, taxes and financing costs, exluding Houndé capex and Karma)

59 238 47 216

Increased production expected in H2

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Net Free Cash Flow Breakdown

*Includes financial fees, lease repayments, hedge settlements, realized loss on derivative financial instruments, unrealized foreign exchange loss on cash, and other non-operating cash adjustments.

49

$(000's)

H1-2016 H1-2015 Free cash flow (before WC, taxes and financing costs, Houndé capex and Karma)

59 47 Houndé project cash-out (15) (2) Karma cashflow (2)

• Free cash flow (before working capital, tax & financing costs)

42 45 Working capital changes as per statement of cash flows (19) (17) Taxes paid (9) (5) Interest paid (7) (9) Other (hedge, financing fees, foreign exchange gains/losses and other*) (15) (3) Free Cash Flow before other items (7) 12 Cash received for Youga mineral property interests 20

• Bridge loan advanced to True Gold

(15)

• True Gold acquisition

4

• Transaction and restructuring costs

(7)

• Shares issue relating to La Mancha anti-dilution and share options

73

• RCF, debt and lease repayments

(43) (22)

Cash movement for the period

24 (9)

1 2 3 4 6

Insights:

1. + net proceeds from sales +$17m

• mining costs capitalized ($9m)
• capital expenditure ($10m)

2. WC turned positive in Q2-2016: ($20m) in Q1 vs. +$2m in Q2 3. Increased due to Ity inclusion in 2016 4. Includes: $5m hedge settlements, $4m realized FX, $2m restricted cash movements 5. + Karma cash +$10m

• TGM change of control ($6m)

6. $7m paid out of $18m expensed, remainder to be paid in Q3 7. Includes $65m from La Mancha and $7m from options

7 5

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In US$m

H1-2016 H1-2015

Total net and comprehensive earnings

(8) 51 (Gain) loss on financial instruments 24 (4) Stock-based payments 6 2 Acquisition and restructuring costs 18

• Deferred income tax expense (recovery), and other

(3) (7) Adjusted net earnings (loss) after tax 37 42

Attributable to shareholders of the Corporation

17 37

Weighted average number of outstanding shares, million

68 41

Adjusted net earnings (loss) per share (basic) from continuing operations (in US$)

0.25 0.90

Adjusted Net Earnings Breakdown

50

Insights: 1. Includes hedge settlements, realized FX, restricted cash movements, other adjustments 2. Increased due to mark-to-market

• f EDV share price

3. Non-recurring costs, associated with True Gold transaction, closure

• f Vancouver and Accra offices,

and severance packages 4. Shares outstanding increased due to True Gold acquisition

1 2 3 4

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Production and Cost Details by Mine

51

Agbaou Nzema Tabakoto Ity3

(on a 100% basis)

Unit Q2-2016 Q1 2016 Q2 2015 Q2-2016 Q1 2016 Q2 2015 Q2-2016 Q1 2016 Q2 2015 Q2-2016 Q1 2016

Physicals

Total tonnes mined – OP1 000t 5,918 6,071 5,075 1,852 1,710 2,450 1,704 2,232 2,480 1,584 2,098 Total ore tonnes – OP 000t 654 820 764 213 277 408 148 147 146 383 287 Total ore tonnes - UG 000t

• 221

233 261

• Open pit strip ratio1

W:t 8.0 6.4 5.6 7.7 5.2 5.0 10.5 15.2 17.1 3.1 6.3 Total tonnes milled 000t 743 654 590 450 459 461 399 406 399 304 303 Average gold grade milled g/t 2.2 2.1 2.2 1.6 1.5 2.5 3.3 3.1 3.3 2.1 2.5 Recovery rate % 97% 98% 97% 86% 86% 89% 95% 94% 94% 101% 90% Gold ounces produced

• z

46,295 42,765 40,508 19,800 19,757 32,842 39,372 38,542 39,574 20,729 22,324 Gold sold

• z

47,638 40,434 40,078 19,827 20,109 32,728 39,156 38,270 38,487 20,981 21,964

Unit cost analysis

Mining costs - Open pit $/t mined 1.9 2.4 2.8 5.4 5.3 4.6 3.8 3.0 2.2 2.8 2.7 Mining costs – Underground $/t ore

• 71.2

67.8 55.6

• Processing and maintenance

$/t milled 7.1 5.8 6.6 12.3 12.2 12.6 21.2 20.5 22.1 15.9 16.3 Site G&A $/t milled 4.6 4.6 9.2 6.3 7.2 7.1 11.3 13.2 15.7 7.1 10.8

Cash cost details

Mining costs - Open pit1 $000s 11,008 14,325 14,025 9,992 9,109 11,273 6,527 6,688 5,568 4,450 5,670 Mining costs -Underground $000s

• 15,740

15,736 14,520

• Processing and maintenance

$000s 5,312 3,788 3,922 5,541 5,578 5,801 8,470 8,307 8,823 4,841 4,953 Site G&A $000s 3,396 3,035 5,443 2,837 3,289 3,265 4,519 5,369 6,256 2,154 3,263 Purchased ore at Nzema $000s 5574 3771 10,092

• Inventory adjustments2

$000s 1,038 (4,087) (4,072) (670) 278 (5,582) (2,815) (5191) (4344) 1,187 (501) Cash costs for ounces sold $000s 20,754 17,061 19,318 23,274 22,025 24,849 32,441 30,909 30,823 12,632 13,385 Royalties $000s 2,037 1,733 1,732 1,322 1,225 2,215 2,951 2,700 2,743 919 932 Sustaining capital $000s 2,206 2443 3763 506 36 4,140 6,134 7,368 4,546 2,709 1,285 Cash cost per ounce sold $/oz 436 422 482 1,174 1,095 759 829 808 801 602 609

Mine-level AISC per ounce sold $/oz 525 525 619 1,266 1,158 953 1,061 1,071 990 775 710

1) Includes waste capitalized 2) Includes waste capitalized adjustment 3) Ity’s production and AISC is included for the post-acquisition beginning November 28, 2015

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Reserve and Resource Table

Resources inclusive of reserves

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

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

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

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

As at December 31, 2015

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

53

CREATING A PREMIER AFRICAN GOLD PRODUCER

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

• f production

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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