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Corporate Presentation June 2017 CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This


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SLIDE 1

› June 2017

Corporate Presentation

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SLIDE 2

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

CORPORATE PRESENTATION

Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with respect to Endeavour’s plans and

  • perating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of

future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”. Forward- looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment

  • r processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other

risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour

  • perates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those

contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour’s most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. Adriaan “Attie” Roux, Pr.Sci.Nat, Endeavour’s Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this presentation.

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SLIDE 3

TABLE OF CONTENTS CORPORATE OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q1 RESULTS

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 4

4

ENDEAVOUR MINING OVERVIEW

A Premier African Gold Producer With 5 Mines and 2 Projects

CORPORATE OVERVIEW

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SLIDE 5

COMPANY PROFILE

5

Share Price Performance

Rank Institution Name % of S/O 1 LA MANCHA HOLDING S.A.R.L. 30% 2 Van Eck Associates Corporation 13.4% 3 M & G Investment Management Ltd. 3.6% 4 Oppenheimer Funds, Inc. 3.1% 5 Fiera Capital Corporation 3.0% 6 RBC Global Asset Management Inc. 2.9% 7 BlackRock Investment Management (UK) Ltd 2.6% 8 Sun Valley Gold, LLC 2.4% 9 Ruffer LLP 1.8% 10 Maple Leaf Partners, L.L.C. 1.7%

Top Shareholders

*As of June 15, 2017

Ticker TSX:EDV Shares in Issue as of May 31st 96.5 m Fully Diluted as of May 31st 97.0 m Share price* C$21.56 Market cap* US$1,570m Net Debt as of March 31, 2017 – post LMA placement US$14m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

30%

RETAIL

7%

INSTITUTIONAL

62%

Other Europe North America

In CAD

CORPORATE OVERVIEW

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

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SLIDE 6

INVESTMENT HIGHLIGHTS

6

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

Immediate Cashflow

from PRODUCTION

Near-Term Growth

from PROJECTS

Long-Term Upside

from EXPLORATION

CORPORATE OVERVIEW

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SLIDE 7

2016 2011 2017 2012 2014 2010 2019 2015 2013 2018

$922 $884 $1 010 $1,137

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

7

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

+900koz 83koz 167koz 220koz 317koz 462koz 517koz 584koz 600-640koz

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

+900koz

Annual production

10+ year

Mine life

≤800$/oz

All-in Sustaining Cost

STRATEGIC MILESTONES

FOR 2019 $860-905 <$800

CORPORATE OVERVIEW

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SLIDE 8

STRATEGIC LEVERS

8

BUILDING A PREMIER AFRICAN GOLD PRODUCER

+900koz

Annual production

10+ year

Mine life

≤800$/oz

All-in Sustaining cost

STRATEGIC OBJECTIVES

4 Strategic Levers to Achieve Objectives

CORPORATE OVERVIEW

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SLIDE 9

Hands-on Management Model With Teams Close to Operations

OPERATIONAL EXCELLENCE

9

1

Sebastien de Montessus CEO & Director Adriaan “Attie” Roux

COO

Vincent Benoit

EVP CFO & Corporate Development

Patrick Bouisset

EVP Exploration & Growth

Jeremy Langford

EVP Construction Services

Morgan Carroll

EVP Corporate Finance & General Counsel

Henri de Joux

EVP People & Public Affairs

London Based Abidjan Based

FUNCTIONS:

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

FUNCTIONS:

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

All GMs Located on Site Management Focus Safety First Lean and Efficient Operations Hands-On Management Cash flow driven

CORPORATE OVERVIEW

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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

10

CORPORATE OVERVIEW

Lost Time Injury Frequency Rate 0.00 0.00 0.25 0.40 0.79

Peer Group Average Q1-2017 Agbaou Houndé (since start) FY2016

4.0m

Man Hours in Q1-17 with only 1 LTI

4.0m

Man Hours on Houndé with no LTI Construction track record Operating track record Safety is our first priority

OPERATIONAL EXCELLENCE

1

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SLIDE 11

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

11

Proven track record of meeting guidances

OPERATIONAL EXCELLENCE

1

922 1,010 1,137 884

2017 Guidance

860-905

2013 2014 2015 2016

324 466 517 584

2016 2014 2015 2013 2017 Guidance

600 - 640

Free cash flow before growth projects

(and before WC, tax, and financing costs)

Lost Time Injury Frequency Rate

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

0.40

2014

1.73 0.73

2013 2015 2016

0.76

$28m

2013 2014

$85m

2016

$135m

2015

$35m

2017 Guidance

$150m

Guidance Guidance

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

CORPORATE OVERVIEW

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SLIDE 12

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

12

PROJECT DEVELOPMENT

2

Life of Mine Plan

Construction progress

› Progressing on-time with 85% completed › On-budget with procurement complete and

  • nly ~35% of the capital remains to be

spent

› Construction started in April 2016 with first

gold pour expected in Q4-2017 Project Highlights

› 10-year mine life based on current reserves

+ significant exploration upside

› Average production of 190kozpa at AISC of

US$709/oz

› Capex of $328m, inclusive of $47m for

  • wner-mining fleet

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

US$1,250/oz

Year 5 to 8 Average

116koz

$496/oz $901/oz

218koz

$648/oz Year 9 to 10 Average

184koz

Year 3 Year 4

223koz

$506/oz $662/oz

231koz

Year 1

265koz

Year 2 $645/oz

AISC/oz Production based on reserves, koz

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

Exploration upside expected to fill this shortfall

CORPORATE OVERVIEW

Natougou

(Semafo)

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SLIDE 13

13

PROJECT DEVELOPMENT

2

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

165kozpa at AISC of US$507/oz

  • n average over the first 5 years

Long-life Low Cost Project

  • Long 14-year reserves mine life
  • Low AISC of $542/oz over first 9 years
  • Solid production of 144kozpa over first 9 years

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

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

Significant improvement expected in H1- 2017 Feasibility Study update

  • Inclusion of the recent high-grade Bakatouo and Colline

Sud discoveries and Verse Ouest

  • Additional Resource conversion at Daapleu and Mont Ity

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

Ity CIL Feasibility Study Published in 2016

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

CORPORATE OVERVIEW

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SLIDE 14

14 14

UNLOCK EXPLORATION VALUE

Amongst Largest and Most Promising Portfolios in West Africa

3

CORPORATE OVERVIEW

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SLIDE 15

Screening And Ranking Methodology

Full Details Provided in Appendix

15

Exhaustive screening of all >200 potential targets

130+ target screened through multi-criteria data analysis

First filtering Quantifying min/max and mean size and grade

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

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

Risked-probability weighted potential per target

High/Medium/Low

Exploration budget required per target to reach Indicated resource level status

Strategic Prioritization

CONSERVATIVE APPROACH

SIMILAR TO THAT USED IN OIL & GAS INDUSTRY

3

CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

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SLIDE 16

16 16

UNLOCK EXPLORATION VALUE

Exploration Strategic Review Output: Low Discovery Costs

4.0-6.0Moz

Houndé Tabakoto Greater Ity Agbaou Karma Côte d’Ivoire Regional

3

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

10-15Moz

5-year Indicated Resource Discovery Target

› Significant success over the

last 4 years

› Significant amount of data

available

› Many known targets based

  • n geochem and auger

results

› Exploration stopped once

project reached critical size to make investment decision

› Many known targets and

historical drill data

› On same trend as Randgold › Limited exploration

expenses have caused mine life to be short

› New discoveries made in

2016 with strong targets for 2017+

› Limited exploration (mainly

focused on converting inferred)

› Focus on pit extensions and

parallel trends

› Targets backed by geochem

anomolies

› Previously owned by junior

with lack of fund for exploration

› North Kao already added 2.5

years of mine life

› Many near mill targets › One of the largest

exploration tenements in the country

› Several advanced

exploration targets based

  • n historic results

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

CORPORATE OVERVIEW

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SLIDE 17

UNLOCK EXPLORATION VALUE

17 17

$35-40m

Annual budget

<$15/oz

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

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

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

3

CORPORATE OVERVIEW

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SLIDE 18

18

UNLOCK EXPLORATION VALUE

Exploration Strategic Review Output: What are the priorities?

CORPORATE PRESENTATION

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

3

PRIORITIES:

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

PRIORITIES:

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

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SLIDE 19

Increase Overall Quality of our Portfolio

19

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

SOLD

Agbaou

(175-180koz)

Nzema

(100-110koz)

Tabakoto

(150-160koz)

AISC, US$/oz

Ity HL

(75-80koz)

Ity CIL

165koz starting 2019

Karma

(100-110koz)

Bubble size represents production Côte d’Ivoire Burkina Faso Ghana Mali Possibility to run HL in parallel Youga

Houndé

+250koz starting Q4-2017

Cut-back

PORTFOLIO & BALANCE SHEET MANAGEMENT

4

CORPORATE OVERVIEW

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SLIDE 20

20

All-in Sustaining Margin Now More Diversified

PORTFOLIO & BALANCE SHEET MANAGEMENT

0% Youga 63% Agbaou 1% Nzema 10% Tabakoto 26% Ity 13% Agbaou 39% Nzema 20% Tabakoto 10% Ity 17% Karma

All-In Sustaining Margin From Mines- Breakdown by Operation

Excludes Exploration and Corporate Costs

$43m

Q1-2016

$57m

Q1-2017

CORPORATE OVERVIEW

4

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SLIDE 21

PORTFOLIO & BALANCE SHEET MANAGEMENT

4

Healthy Net Debt of $14m despite Hounde spend being 65% complete

CORPORATE OVERVIEW

INSIGHTS › Net debt position increased since year-end due to the

growth projects ($69m spent in Q1-2017)

› In April, $48 million private placement closed with

La Mancha following exercise of anti-dilution right

› Strong liquidity and financing sources to fund remaining

Houndé capex spend of approx. $120m

› Further headroom potential to fund exploration and Ity CIL

with free cash flow

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

$14m $62m $26m $14m $83m $144m

0.06x 0.27x 0.11x 0.08x 0.22x 0.89x 1.02x 31-Mar-16 31-Dec-15 30-Jun-16

$136m

31-Mar-17 31-Dec-16 30-Sep-16 31-Mar-17 PF Post placement

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

21

Liquidity and Financing Sources at March 31, 2017 Net Debt Evolution

$345m

$87m

Cash Position

$210m

Undrawn RCF

$48m

As of Mar 31st, 2017 La Mancha placement (April)

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SLIDE 22

Well positioned to fund growth

Strong Liquidity Sources and Cash Flow generation to fund internal growth

As at March 31, 2017

22

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

$87m $210m ~$420m Ity Equipment Financing (expected) ~$300m

Liquidity Sources

Existing cash balance Remaining Houndé project costs

Funding requirements

Undrawn RCF Ity CIL project costs ~$120m

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

  • Net Free Cash flow from current

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

  • Hedging collar (between $1,200-

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

Room to manoeuvre between debt and

  • wn cashflow

PORTFOLIO & BALANCE SHEET MANAGEMENT

4

CORPORATE OVERVIEW

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SLIDE 23

KEY 2016 ACHIEVEMENTS

23

RESET STRATEGY

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

Balance Sheet Management

STREAMLINE ORGANIZATION

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

IMPROVE GOVERNANCE

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

MANAGE PORTFOLIO

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

DELEVERAGE BALANCE SHEET

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

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

› Net Debt positon reduced to US$25m

IMPROVE INVESTOR RELATIONS

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

CORPORATE OVERVIEW

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SLIDE 24

UPCOMING CATALYSTS

24

Immediate Cashflow

from Production

Near-Term Growth

from Projects

Long-Term Upside

from Exploration 2017 OUTLOOK:

› Gold production expected to increase to 600-640koz (excluding Houndé) › AISC expected to decrease further to $860-905/oz › Free Cash Flow (before growth projects, WC, tax and financing cost) expected to increase to $150m,

based on the 2016 realized gold price of circa $1,240/oz

› Q2-2017: Ity CIL Resource/Reserve update along with an engineering optimization study › H1-2017: Ity ownership discussions and investment decision › Mid-2017: Karma mill front-end optimization › Q4-2017: Houndé first gold pour › DELIVERY OF 5-YEAR EXPLORATION STRATEGY: Target of Finding 10-15Moz of Indicated Resources › Mid-2017: Maiden resource at Tabakoto’s Fougala and Kreko targets › H2-2017: Completion of Agbaou drilling program (first phase) › H2-2017: Maiden resource at Ity’s Le Plaque target and infill and extension drilling program update › H2-2017: Completion of drilling on Karma’s near-mill Rambo West and Yabonsgo targets › H2-2017: Houndé exploration results following drilling re-launch

CORPORATE OVERVIEW

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SLIDE 25

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q1 RESULTS

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 26

Production Guidance, koz

INSIGHTS:

› Production is expected to increase in

2017 as improvements at Karma and Nzema are expected to more than compensate for Agbaou returning to a normalized production level after a record-breaking year.

› As was the case in 2016, production

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

› Group AISC is expected to continue

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

AISC Guidance, $/oz

2017 GUIDANCE

Production is expected to increase and AISC to decrease

  • n a 100% basis

2016 ACTUAL 2017 GUIDANCE Agbaou 195,505 175,000

  • 180,000

Tabakoto 162,817 150,000

  • 160,000

Nzema 87,710 100,000

  • 110,000

Ity 75,867 75,000

  • 80,000

Karma 61,813 100,000

  • 110,000

GROUP-WIDE PRODUCTION 583,712 600,000

  • 640,000

In US$/oz

2016 ACTUAL 2017 GUIDANCE Agbaou

534

660

  • 700

Tabakoto

1,027

950

  • 990

Nzema

1,167

895

  • 940

Ity

756

740

  • 780

Karma

738

750

  • 800

MINE-LEVEL AISC

820

800

  • 850

Corporate G&A

46

37

  • 34

Sustaining exploration

18

23

  • 22

GROUP AISC

884

860

  • 905

26

26

2017 OUTLOOK

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SLIDE 27

Capital and Exploration Spend Guidance, $m

INSIGHTS:

› Due to the expected increased production

and lower AISC, the Free Cash Flow before growth projects (and before working capital movement, tax and financing costs) is projected to increase by approximately $15 million to circa $150 million, based on the 2016 realized gold price of circa $1,240/oz, and using the mid-point of 2017 production and AISC/oz guidance ranges

› Within our collar gold price boundaries of

$1,200/oz to $1,400/oz, the Free Cash Flow variation to each $100/oz fluctuation is roughly $60 million. With the Gold Revenue Protection program, if the gold price were to drop below $1,200/oz in 2017, this fluctuation is reduced to roughly $40 million per $100/oz change.

2017 GUIDANCE

Free cash flow expected to increase

27

Free Cash Flow Guidance, $m

in US$m

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

NET REVENUE (based on production guidance mid-point)

685 725 785

Mine level AISC (based on AISC guidance mid-point)

(510) (510) (510)

Corporate G&A

(21) (21) (21)

Sustaining exploration

(14) (14) (14)

GROUP AISC MARGIN

140 180 240

Non-sustaining mine exploration

(20) (20) (20)

Non-sustaining capital

(35) (35) (35)

FREE CASH FLOW BEFORE GROWTH PROJECTS

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

85 125 185

In US$m

Sustaining Capital Non-Sustaining Capital Growth Projects Agbaou 20

  • Tabakoto

20

  • Nzema

5 12

  • Ity

10 4 10 Karma 10 19 35 Houndé

  • 180

Total 65 35 225 Exploration Guidance, $m Agbaou 7 Tabakoto 9 Ity 10 Karma 4 Houndé 5 Exploration Expenditures for Mines 35 Grassroots exploration expense 5 Total Exploration Expenditures 40

2017 OUTLOOK

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SLIDE 28

INSIGHTS BY MINE

Production and AISC from continuing operations

ALL MINES ON TRACK TO MEET GUIDANCE

Youga production and AISC have been removed from continuing operations

28

Back to normalized production after record Q4-16 performance

$855/oz $898/oz $901/oz $905/oz $889/oz

Q4-16

175koz

Q3-16

146koz

Q1-17

159koz

Q1-16 Q2-16

138koz 123koz

ITY TABAKOTO AGBAOU

Q1-2017

17koz 16koz

Q4-2016 $879/oz $827/oz OUTLOOK

24koz

$1,118/oz

Q1-2017

26koz

OUTLOOK

$951/oz

Q4-2016

NZEMA

Q4-2016

43koz

$975/oz Q1-2017 $927/oz OUTLOOK

48koz

OUTLOOK

32koz

Q1-2017 Q4-2016 $738/oz $748/oz

29koz

KARMA

42koz

$532/oz $660/oz

57koz

Q1-2017 OUTLOOK Q4-2016 Production, koz AISC, $/oz Records at Agbaou and Tabakoto

Q1 RESULTS

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SLIDE 29

ALL-IN SUSTAINING MARGIN VARIATION

29

Driven by improvements at Tabakoto, Nzema, and the addition to portfolio management with Karma

IMPROVED MARGINS DESPITE INCREASED EXPLORATION

Agbaou

Q1-2017

(4.8) Tabakoto

Q1-2017

(pre-explo) +6.7 Ity +7.1 (0.2)

Q1-2016

(3.2)

$46.3m

Youga (sold)

$36.7m

+35% Corporate

Exploration

(4.9) +9.8 (0.9) Nzema Karma

$49.5m

Q1/16 vs Q1/27 Bridge, in $m

$1,190/oz $1,192/oz

PRODUCTION VARIATION

Q1-16 vs Q1-17 Bridge

Agbaou +6koz

Q1-2017 Q1-2016

159koz

+4koz (1koz) (8koz) Tabakoto (6koz) Youga

(sold)

Nzema Karma +32koz

132koz

Ity

Fresh ore cost impact Higher AISC, expected to decrease

AISC: +26% AISC: -18% AISC: -9% AISC: +24%

Q1 RESULTS

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SLIDE 30

QUARTER ENDED,

(in US$ million)

  • MAR. 31, 2017
  • MAR. 31, 2016

GOLD SOLD, koz 162 121 Gold Price, $/oz 1,190 1,192 REVENUE 193 144 Total cash costs (114) (83) Royalties (10) (7) Corporate costs (6) (5) Sustaining capex (12) (11) Sustaining exploration (5) (2) ALL-IN SUSTAINING COSTS (“AISC”) (147) (107) ALL-IN SUSTAINING MARGIN 46 37 Less: Non-sustaining capital (7) (4) Less: Non-sustaining exploration (7) (1) FREE CASH FLOW BEFORE GROWTH PROJECTS (and before working capital, tax & financing costs) 32 32 Working capital infow (outflow) 5 (20) Taxes paid (1) (3) Interest paid (0) (0) Cash settlements on hedge programs and gold collar premiums (2) (3) NET FREE CASH FLOW FROM OPERATIONS 34 5 Growth projects (69) (3) Non-mine greenfield exploration expense (2) (1) Other (foreign exchange gains/losses and other) (2) (2) Cash received for Youga mineral property interests (net)

  • 22

Operating cash flow from Youga discontinued operation

  • 1

Bridge loan advanced to True Gold

  • (15)

Restructuring costs (2)

  • Net equity proceeds

5 1 Settlement of debt obligations (1) (1) CASH INFLOW (OUTFLOW) FOR THE PERIOD (37) 7

30

INCREASED FREE CASH FLOW FROM OPERATIONS

INSIGHTS

  • 1. Gold sales up 34% mainly due to the

acquisition of Karma, the deconsolidation

  • f Youga and improvements at Tabakoto

and Nzema

  • 2. Inclusive of 5,000 ounces delivered under

the Karma stream. Excluding stream, price would have been $1,220/oz

  • 3. Sustaining capex remained fairly flat
  • 4. Strong increase due to strategic focus on

exploration

  • 5. Significantly reduced compared to large

negative swing last year

  • 6. Growth

projects includes $58m for Hounde, $8m for Karma optimization and $2m for Ity CIL Project

4 5 6 1 2 3

Q1 RESULTS

slide-31
SLIDE 31

31

NET EARNINGS BREAKDOWN

$17m $2m $36m $6m $3m

$46m $14m

Adjusted Net Earnings Deduct: Taxes Deduct: Finance Costs Deduct: Non-cash Expenses $2m Deduct: Depreciation Deduct: Exploration Expense Add-back: Sustaining Capital All-In Sustaining Margin

All-In Sustaining Margin to Adjusted Net Earnings Bridge

For the 3-month period ended March 31, 2017

QUARTER ENDED

(in US$ million) March 31, 2017 March 31, 2016

Gold Revenue 193.1 144.0 Operating expenses (120.1) (84.0) Depreciation and depletion (36.1) (26.2) Royalties (9.9) (6.6) Earnings from mine operations 27.1 27.2 Corporate costs (5.9) (4.8) Transaction and restructuring costs (1.5) (1.2) Share based expenses (7.6) (2.6) Exploration (2.2) (0.9) Earnings from operations 9.8 17.6 (Losses)/gains on financial instruments (9.1) (2.9) Finance costs (5.9) (6.8) Other income (expenses) 3.5 0.1 Earnings (loss) from continuing operations before taxes (1.7) 8.0 Current income tax expense (2.6) (2.3) Deferred taxes recovery 2.1 5.5 Net (loss)/earnings from discontinued operations

  • (3.3)

Total net and comprehensive earnings (loss) (2.2) 7.9

A A

= Adjustments made

A A A A A

Q1 RESULTS

slide-32
SLIDE 32

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q1 RESULTS

2

DETAILS BY MINE AND PROJECT

3

slide-33
SLIDE 33

AGBAOU MINE, CÔTE D’IVOIRE

Overview

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 8.1 to 1 (2016A) Gold Recovery Achieving 95% at present; 92.5% design Mining Type Open Pit – Contractor Mining Production AISC (mine-level) 2014A– $621/oz 2015A – $576/oz 2016A – $534/oz 2017E - $660-700/oz Expected Mine Life 7 years from current Reserves Royalty 3% - 5% sliding scale Corporate Tax 25% (5 year corporate tax holiday)

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

Agbaou Mine Abidjan Ity Mine

33 RECENT AND UPCOMING CATALYSTS

Accomplished

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

Upcoming

  • Return to more normalised sustainable production rate of 175-180koz with fresh ore representing up to

50% of tonnes processed

  • Exploration campaign underway with initial drill results confirming mineralization
slide-34
SLIDE 34

AGBAOU MINE, CÔTE D’IVOIRE

Agbaou production decreased to be in line with guidance

34 AGBAOU MINE

Insight: Q1 decreased due to temporary lower grades Production and AISC

Q1-17 vs. Q4-16 INSIGHTS:

› Coming off a record Q4, lower production in

Q1 (as expected) due to temporary mining in lower grade area

› Throughput remained high (2.7Mt

annualized rate), despite achieving 30% hard ore blend, thanks to the installation of the secondary crusher in 2016

› AISC increased due to lower grades and

higher mining and processing costs related to hard ore mining

OUTLOOK

› Increased grade and production expected

  • ver the coming quarters, while AISC are

expected to remain within the guided $660- 700/oz range

› Continuing to progress toward 50/50 hard

  • re blend in Q3-2017

› After achieving an exceptional 2016,

Agbaou is expected to return to a more normalised and sustainable annual production rate of 175,000-180,000 ounces in 2017, with fresh ore representing up to 50% of tonnes processed

683kt 709kt 743kt 654kt

Q4-2016 Q1-2017

721kt

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

42koz

Q2-2016 Q4-2016

57koz 49koz 43koz

Q3-2016 Q1-2017

46koz

Q1-2016 Production, koz AISC, US$/oz

$525/oz $525/oz $550/oz 2.05 g/t 2.15 g/t 2.21 g/t 2.46 g/t $532/oz 660/oz 2.09 g/t

0% 0% 15% 8% 30% Fresh:

slide-35
SLIDE 35

AGBAOU MINE, CÔTE D’IVOIRE

Exploration program is still on-going

35

INSIGHTS

› The ongoing exploration campaign, which

commenced in April 2016 is expected to be completed in H2-2017

› Campaign based on previous geophysics and

soil geochemistry results, is focused on:

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

› Initial drill results suggest the extension of

mineralized zones

› An update to the reserves and resources will

be made following the completion of the program in H2-2017

› An exploration budget of $7 million has been

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

Agbaou Site Map

AGBAOU MINE

slide-36
SLIDE 36

36

AGBAOU MINE, CÔTE D’IVOIRE

Numerous gold in soil anomalies over Mag > 50 ppb

AGBAOU MINE

slide-37
SLIDE 37

37

AGBAOU MINE, CÔTE D’IVOIRE

5 year exploration targets

Auger & RC drilling

AGBAOU MINE

slide-38
SLIDE 38

AGBAOU MINE, CÔTE D’IVOIRE

Exploration strategy

38

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

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

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

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

› Known targets on the Agbaou Exploitation license have the potential to replace

the production for a few additional years

› A brownfield exploration campaign of targets located in Agbaou Exploration

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

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

AGBAOU MINE

slide-39
SLIDE 39

TABAKOTO MINE, MALI

Overview

39 TABAKOTO MINE QUICK FACTS (ON 100% BASIS)

Ownership 80-90% Endeavour depending on pit, remainder government of Mali Resources (incl. of Reserves) M&I: 19.0Mt @ 3.0 g/t for 1.844Moz Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz Reserves 6.3Mt @ 3.1 g/t for 0.615Moz Open Pit Strip Ratio 10.4 to 1 (2016A) Processing Rate 1.4 Mtpa Gravity/CIL Plan Gold Recovery 92% - 95% Mining Type Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine Production AISC (mine-level) 2014A– $1,335/oz 2015A –$1,067/oz 2016A – $1,027/oz 2017E - $950-990/oz Expected Mine Life 4+ years from current Reserves Royalty 6% Corporate Tax 30%

150-160koz

2016A 2015A 2017E 2014A

163 koz 152koz 127koz Tabakoto Mine Bamako

Mali

RECENT AND UPCOMING CATALYSTS

Accomplished

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

Upcoming

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

procurement, fleet replacement and improvement equipment availability and mining efficiency

slide-40
SLIDE 40

40

TABAKOTO MINE, MALI

Continued good performance in Q1-2017

TABAKOTO MINE

Tonnes and Grade Production and AISC

Q1-17 vs. Q4-16 INSIGHTS:

› Production and AISC trending in line

with expectations with AISC maintained within $950-990/oz guidance

› Production decreased and AISC

increased due to lower grade open pit

  • re at Kofi C

› Mining began at Kofi B (less rich than Kofi C) › Underground mining efficiency

remained at a good level, however lower grade mined at Segala due to mine sequence

OUTLOOK

› Cost reduction programs underway › Production expected to be lower in

second half of the year with end of Kofi C mining

› 2017 expected production of 150,000 -

160,000 ounces at AISC of $950-990/oz

39koz

Q4-2016 Q1-2016

37koz 39koz

Q1-2017

48koz

Q3-2016 Q2-2016

43koz

Production, koz AISC, US$/oz

405kt 402kt 381kt 399kt 406kt

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

Tonnes Processed, kt Processed grades, g/t Au

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

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

3.50 g/t

slide-41
SLIDE 41

Tabakoto Site Map

41

TABAKOTO MINE, MALI

New discoveries made in 2016

Tabakoto Site Map

Kreko Fougala

NEW DISCOVERIES MADE IN 2016 INCLUDE:

› Tabakoto North Open Pit, confirming the continuation

between Tabakoto and Dar Salam, already added ~50koz in 2016 with additional drilling to start in Q1-2017 around Kofi C

› Fougala and Kreko open-pit targets, located less than

7km away from Tabakoto facilities. Will be delineated early Q1 2017 with the target of delivering new maiden resources by mid-2017

› Underground M&I resources grew by 76koz (inclusive of

depletion). In addition, underground exploration programs allowed the discovery of new vein sets that will be delineated in 2017

2017 Outlook

› Tabakoto is a top exploration priority in 2017 given its

relatively short mine life and significant potential

› $9 million exploration program totaling approximately

72,000 meters of drilling has been planned for 2017

› Focus on both surface exploration, with the aim of

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

Kofi North

TABAKOTO MINE

slide-42
SLIDE 42

42

Côte d’Ivoire

TABAKOTO MINE, MALI

Surface target priority ranking

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

TABAKOTO MINE

slide-43
SLIDE 43

43

Côte d’Ivoire

TABAKOTO MINE, MALI

Kofi land package main target area

TABAKOTO MINE

slide-44
SLIDE 44

44

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

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

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

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

› Aggressive Tabakoto surface exploration was initiated at mid-2016 (Ongoing Kreko and

Fougala trend exploration)

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

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

› While proven continuation at-depth, a prudent evaluation of the underground potential as

been set at 200-300koz for the next 2-3 years. Afterwards, although mineralizations continue at depth, additional exploration will be based on economic viability of the production

TABAKOTO MINE, MALI Exploration strategy

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

TABAKOTO MINE

slide-45
SLIDE 45

ITY MINE, CÔTE D’IVOIRE

Overview

QUICK FACTS (ON 100% BASIS)

Ownership 80% EDV, 15% Côte d’Ivoire, 5% private Resources (HL + CIL) (incl. of Reserves) M&I: 52.8Mt @ 1.6 g/t for 2.779Moz Inferred: 30.2Mt @ 1.5 g/t for 1.406Moz Reserves (HL+CIL) 43.9Mt @ 1.5 g/t for 2.123Moz Open Pit Strip Ratio 4.2 to 1 (2016A) Processing Rate 950ktpa HL Gold Recovery 81% Mining Type Open pit / Heap Leach Production AISC (mine-level) 2016A – $756/oz 2017E - $740-780/oz Mine life 3 years from current Reserves + addition potential Royalty 3% - 5% sliding scale Corporate Tax 25%

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

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

RECENT AND UPCOMING CATALYSTS

Accomplished

  • Increased heap leach capacity from 0.6mtpa to 1.0mtpa in 2013
  • DFS for CIL project published on November 10, 2016 outlines potential to become

core low-cost asset

  • Increased stake in the Ity mine from 55% to 80%.

Upcoming

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

years remains under review

45 ITY MINE

slide-46
SLIDE 46

ITY HEAP LEACH MINE, CÔTE D’IVOIRE

Production remained fairly stable, uplift expected in upcoming quarters

46 ITY MINE

Q1-17 vs. Q4-16 INSIGHTS:

› Production remained relatively flat

  • ver the previous quarter despite a

drop in grade and down-time related to work stoppages, and by a longer leach cycle of stacked ore

› Mining activities improved, due to

improved equipment availability, resulting in 23% more tonnes mined than stacked during the quarter

OUTLOOK

› Production and cost profile is

expected to improve due to:

  • Grade profile is expected to increase by

starting to mine Bakatouo in Q2-2017

  • Increased stacking and benefit of the lag

between tonnes mined and tonnes stacked

› FY-2017 guidance remains

unchanged with 75-80koz production expected at an AISC of $740-780/oz

$879/oz

Q1-2017

21koz

Q4-2016

15koz

Q3-2016

17koz

Q2-2016 Q1-2016

16koz 22koz

AISC, US$/oz Production, koz

267kt 295kt 271kt 304kt 303kt

1.90g/t

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

Production and AISC Ity mine extraction

$710/oz $775/oz $724/oz 1.90g/t 2.10g/t 2.53g/t $827/oz 2.00g/t

slide-47
SLIDE 47

ITY MINE, CÔTE D’IVOIRE

Exploration added 515koz in 2016 and outlined new targets

47

NEW DISCOVERIES MADE IN 2016 INCLUDE:

Bakatouo and Colline Sud discoveries (515koz of M&I resources) with additional infill and extension drilling initiated in Q4-2016

Several targets confirmed mineralization

Drilling started on the Le Plaque target (100% EDV owned) in November 2016. Le Plaque will be delineated in 2017, with a maiden resource expected in H2-2017

2017 OUTLOOK ›

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

A $10 million exploration program totaling approximately 50,000 meters has been planned for 2017

Exploration in 2017 focused on: ‒ Infill drilling and extension drilling at the Daapleu Mont Ity, Bakatouo and Colline Sud deposits ‒ Drilling on Le Plaque and other targets ‒ Conducting initial drilling campaigns on strong Auger anomalies such as the Yacetouo and Vavoua targets

Ity Mine Drilling Targets

ITY MINE

slide-48
SLIDE 48

48

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

165kozpa at AISC of US$507/oz

  • n average over the first 5 years

Long-life Low Cost Project

› Long 14-year reserves mine life › Low AISC of $542/oz over first 9 years › Solid production of 144kozpa over first 9 years

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

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

Significant improvement expected in H1- 2017 Feasibility Study update

› Inclusion of the recent high-grade Bakatouo and Colline

Sud discoveries and Verse Ouest

› Additional Resource conversion at Daapleu and Mont Ity

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

Agbaou Mine Abidjan Ity Mine

Côte d’Ivoire

ITY MINE, CÔTE D’IVOIRE

Ity CIL Feasibility Study Published in 2016

ITY MINE

slide-49
SLIDE 49

Ity CIL Project DFS highlights

ITY MINE, CÔTE D’IVOIRE

Summary of independent feasibility study for CIL Project

Source: Ity CIL Feasibility Study

49

LIFE OF MINE PRODUCTION Strip ratio, w:o 2.1 Tonnes of ore processed, Mt 41.0 Mt Grade processed, Au g/t 1.42 g/t Gold content processed, Moz 1.88Moz Gold recovery, % 83% Gold production, Moz 1.56Moz Mine life, years 14 years Average annual gold production, koz 114Koz AISC, $/oz $603 CAPITAL COST Upfront capital cost, $m $282m Equipment lease $25m ECONOMIC RETURNS BASE ON US$1,250/OZ After-tax Project NPV5%,$m 411 After-tax Project IRR, % 36% Payback, years 2.1 Lead Consultant: Contributions from:

Independent CIL Feasibility Study prepared by:

ITY MINE

slide-50
SLIDE 50

Feasibility Study Optimization to Include:

‒ Recent high-grade Bakatouo and Colline Sud discoveries ‒ Verse Ouest following recently completed infill drilling program ‒ Additional Resource conversion at Daapleu and Mont Ity based on planned infill drilling program

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

ITY CIL PROJECT, CÔTE D’IVOIRE

Feasibility Study to be optimized in Q2-2017

50

Deposits to be added in the study

ITY MINE

slide-51
SLIDE 51

POTENTIAL INCLUDES:

‒ The recently discovered Bakatouo and Colline Sud deposits and the results from the ongoing 11,700 meter reverse-circulation (“RC”) and diamond-drilling (“DD”) program to test their extensions and conduct infill drilling ‒ Further resource conversion potential on both Daapleu and Mont Ity following the completion of the planned 33,000 meter in-fill drilling program ‒ Inclusion of Verse Ouest following the recent completion of the in-fill drilling program

ITY CIL PROJECT, CÔTE D’IVOIRE

51

ADDITIONAL POTENTIAL FOR RESOURCE CONVERSION

PROBABLE RESERVES INDICATED RESOURCES INFERRED RESOURCES Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content

Deposits on a 100% basis. Resources are inclusive of reserves

(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) Open Pits Daapleu 19.3 1.51 936 19.9 1.51 965 4.3 1.15 160 Mont Ity / Ity Flat 3.8 2.19 268 7.5 2.19 527 11.1 1.92 684 Gbeitouo 2.6 1.35 112 2.9 1.35 124 0.3 1.48 13 Walter 1.9 1.22 73 2.1 1.21 81 0.7 1.32 28 Zia NE 4.8 1.24 192 7.7 1.31 325 4.0 1.39 179 Bakatouo

  • 4.8

3.07 475 0.8 2.86 70 Colline Sud

  • 0.6

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

  • 8.4

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

slide-52
SLIDE 52

ITY CIL PROJECT, CÔTE D’IVOIRE

New High Quality Near Mine Exploration Targets

52 ITY MINE

slide-53
SLIDE 53

53

ITY CIL PROJECT, CÔTE D’IVOIRE

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

ITY MINE

INSIGHTS

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

  • ccurs from surface for

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

slide-54
SLIDE 54

ITY CIL PROJECT, CÔTE D’IVOIRE

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

54 ITY MINE

slide-55
SLIDE 55

INSIGHTS ‒ Endeavour consolidated an 80km underexplored Birimian corridor on-trend with its Ity mine in Côte d’Ivoire ‒ Significantly increased its holdings in the Ity district from 178km² to 664km2. ‒ The new Floleu (104km2) and Toulepleu (382km2) exploration tenements were obtained on a 100%

  • wnership basis

‒ The previously 55%-held Tiepleu tenement (153km2) was re-obtained on a 100% basis. ‒ An auger drilling program will be conducted on the 80km underexplored portion corridor along the Ity trend in 2017

ITY CIL PROJECT, CÔTE D’IVOIRE

80km underexplored Birimian corridor

Ity Mine Birimian corridor

55 ITY MINE

slide-56
SLIDE 56

ITY CIL PROJECT, CÔTE D’IVOIRE

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

56

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

ITY MINE

slide-57
SLIDE 57

ITY CIL PROJECT, CÔTE D’IVOIRE

Greater Ity: 2017 – 2021 Exploration Targets Toulepleu

57

Auger drilling RC drilling

ITY MINE

slide-58
SLIDE 58

ITY CIL PROJECT, CÔTE D’IVOIRE

How significant is Greater Ity area?

58

EDV Controlled Greater ITY TREND SEMAFO Controlled MANA TREND

ITY MINE

slide-59
SLIDE 59

ITY MINE, CÔTE D’IVOIRE

Exploration strategy

59

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

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

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

› The exploration blocks contiguous with Ity Exploitation license have the potential for

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

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

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

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

ITY MINE

slide-60
SLIDE 60

NZEMA MINE, GHANA

Overview

QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% government of Ghana Resources (incl. of Reserves) M&I: 33.1Mt @ 1.S g/t for 1.431Moz Inferred: 5.9Mt @ 1.3 g/t for 0.243Moz Reserves 3.3Mt @ 2.7 g/t for 0.291Moz Open Pit Strip Ratio 8.3 to 1 (2016A) Processing Rate 1.6 Mtpa Gravity/CIL plant Gold Recovery 91% to 75% depending on ore type Mining Type Open Pit – Contractor Mining Production AISC (mine-level) 2014A– $1,036/oz 2015A – $1,064/oz 2016A – $1,167/oz 2017E - $895 -940/oz Expected Mine Life 4 years from current Reserves Royalty 5% (+1% 3rd party at Adamus pits) Corporate Tax 35%

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

Accra Nzema Mine

Ghana

RECENT AND UPCOMING CATALYSTS

Accomplished

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

Upcoming

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

produce positive all-in sustaining margin and earnings

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

60

NZEMA MINE

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SLIDE 61

NZEMA MINE, GHANA

Stronger production due to cut-back, despite lower purchased ore

61 NZEMA MINE

Q1-17 vs. Q4-16 INSIGHTS: › Production benefited from the completion of

the Adamus cut-back in Q1-2017 which started to lift grades mined

› As expected, total mill throughput decreased

by 15% to reflect the increased proportion of fresh ore processed during the quarter

› Purchased ore decreased due to lower

requirement more selective quality control

  • process. Expected to increase in upcoming

quarters

OUTLOOK › Following the completion of the push-back

project in March, Nzema is now expected to generate healthy cash flows

› 100- 110koz planned in 2017 to $895-940/oz,

as AISC are expected to continue to decline throughout the year

› To complement production from the Adamus

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

Purchased Ore Production and AISC

3.04g/t

112kt

Q2-2016

78kt 141kt

Q1-2017 Q4-2016

92kt

Q1-2016

79kt

Q3-2016 Ore tonnes purchased , kt Grade purchased, g/t

2.97g/t 3.09g/t 3.11g/t 3.23g/t $951/oz

26koz

Q2-2016 Q3-2016

24koz 20koz 24koz 20koz

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

$1,158/oz $1,266/oz $1,136/oz $1,118/oz

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SLIDE 62

KARMA MINE, BURKINA FASO

Overview

62

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso Resources (incl. of Reserves) M&I: 84.3Mt @ 1.1 g/t for 2.981Moz Inferred: 19.3Mt @ 1.3 g/t for 0.791Moz Reserves 37.9Mt @ 0.9 g/t for 1.117Moz Processing Rate 4.0mtpa Heap Leach Gold Recovery 87% Mining Type Shallow open pit and free digging material with no blasting required, low strip ratio Production AISC (Mine-level) 2016A – $738/oz 2017E - $750 -780/oz Mine life 8 years mine life based on reserves + 2.5 years from North Kao deposit (inferred resource) Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax

100-110koz 62koz 2016A 2017E

Houndé Project Ouagadougou Karma Project

RECENT AND UPCOMING CATALYSTS

Accomplished

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

Upcoming

  • Benefit of higher grade Rambo pit
  • Plant optimization project underway
  • Kao pit expected to be in operation by year-end 2017

KARMA MINE

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SLIDE 63

KARMA, BURKINA FASO

Production continued to ramp-up with increased processing efficiency

63 KARMA MINE

Q1-17 vs. Q4-16 INSIGHTS:

› The overall increase in mining activity was

associated to the optimized performance of the mobile power screen and crushing sections leading to a increase in production despite a slight decrease in grade

› AISC remained fairly stable despite lower grades

and increased drill and blasting requirement from hard rock in the mining sequence

OUTLOOK

› On track to meet 100-110koz production at AISC

  • f $750-800/oz

› Expected to transition from Rambo to Kao later in

the year

› Stacking capacity is expected to increase in the

second half of the year following the completion

  • f the plant optimization project, which is

progressing on-time

Production and AISC Tonnes Stacked and Grade

32koz 29koz 20koz 12koz $748/oz

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

$738/oz 954kt 853kt 880kt 356kt 1.07g/t

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

1.14/t 1.21/t 1.18/t

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SLIDE 64

KARMA, BURKINA FASO

North Kao Reserve Conversion Extended Mine Life To +10 Years

64

Karma Site Map

NORTH KAO INSIGHTS

› North Kao infill drilling confirmed the continuity of

the previous inferred resource and improved the grade profile ‒ 314koz of resources amenable to heap leach processing converted to indicated status ‒ Indicated resource grade up 53% over the previous inferred grade to 1.22 g/t Au

› 262koz were subsequently converted to reserves,

extending Karma’s mine life to beyond 10 years

› The North Kao mineralized structure remains open

to the north and the potential exists for additional sub-parallel zones 2017 EXPLORATION

› In 2017, a $4 million exploration program totaling

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

KARMA MINE

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SLIDE 65

KARMA, BURKINA FASO

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

65 KARMA MINE

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SLIDE 66

KARMA, BURKINA FASO

2017 Targets: Rambo West

66 KARMA MINE

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SLIDE 67

KARMA, BURKINA FASO

Exploration strategy

67

*Targeting to discover between 0.5 to 1.0 Moz with average grade between 1.0 and 1.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.

› New geological understanding and mapping in less than 6 months › North Kao already added 2.5 year of mine life › Near mine “higher” grades targets to be drilled in 2017 (Yabongso and Rambo West) › Still ongoing evaluation and ranking of all exploration targets › Beyond North Kao resource drilling, other exploration targets have potential to add

up to 5 additional years of mine life with still on-going evaluations Targeting discovery of between 0.5 to 1.0 Moz at an average cost of $20/oz

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

KARMA MINE

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SLIDE 68

HOUNDÉ PROJECT, BURKINA FASO

Overview

1Based on 100% equity funding and equipment lease financing

²From production start

68 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

LOMP SUMMARY (ON 100% BASIS)

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

ECONOMIC RETURNS1

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

HOUNDE MINE

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SLIDE 69

HOUNDÉ PROJECT, BURKINA FASO

Construction Progressing On-time And On-budget

69 HOUNDE MINE

Only ~35% of the capital remains to be spent

SIGNIFICANT ACHIEVEMENTS TO-DATE:

Construction is progressing as planned, and is currently more than 75% complete and remains on-budget

100% of the procurement has been complete, reducing cost over-run risk

During the quarter ended March 31, 2017, $58 million was incurred on the project, with the remaining spend amounting to $125 million

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

The 38 km long, 90 kilovolt overhead power line construction is 89%

  • complete. Power from the national grid is scheduled for August 2017.

Open pit pre-strip mining at the Main Vindaloo open pit, adjacent to the processing facility, commenced in late December 2016.

SAG and ball mill plinths concrete, as well as the TSF (Cell 1) earthworks have been completed

The construction of the water harvest dam decant tower is complete, with water already being pumped to the water storage dam approximately one year ahead of schedule

Construction of the 300-person permanent accommodation village is approaching completion

Over 2,000 personnel including contractors are currently employed on- site, more than 94% of which are Burkinabe

A full back-up 26Mw power station has been ordered and construction

  • f the foundations is underway. This is on schedule to be operational in

Q3-2017

The land compensation process has been successfully completed

$302m $47m

$160m

$207m

Capex Spend (end of March 2017) Total Capex (incl. $26m contigency)

$328m

$26m contingency

Mining Fleet Spent

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

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SLIDE 70

70

HOUNDÉ PROJECT, BURKINA FASO

Construction Progressing On-time And On-budget

HOUNDE MINE

Mill Heads Installation Mining Activities Started in Early 2017 Top of CIL Steel Tanks Village Resettlement

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SLIDE 71

71

HOUNDÉ PROJECT, BURKINA FASO

Exploration Re-launched in 2017

Exploration Targets in Proximity to the Planned Mill

2017 OUTLOOK

› The Houndé exploration tenement covers

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

› Historically, exploration focus mainly on

the Vindaloo trends

› At least 15 other significant targets were

identified by previous limited drilling campaigns but remain largely untested

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

› Following a two year period of no

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

HOUNDE MINE

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SLIDE 72

72

HOUNDÉ PROJECT, BURKINA FASO

2017-2021 Main Promising Targets

HOUNDE MINE

slide-73
SLIDE 73

73

*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.

73

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

areas of the Birimian greenstone belt of Burkina Faso

› Historical exploration already proved the occurrence of multiple major mineralized

trends of Vindaloo type within these licences

› At least 15 significant targets were partially tested by previous drilling, and the

majority of them remain undeveloped

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

priority in 2017 Targeting discovery of between 2.5 to 3.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$45M to extend mine life to +15 years*

HOUNDÉ PROJECT, BURKINA FASO

Exploration strategy

HOUNDE MINE

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SLIDE 74

TABLE OF CONTENTS STRATEGIC OVERVIEW

1

APPENDIX

4

2017 OUTLOOK & Q1 RESULTS

2

DETAILS BY MINE AND PROJECT

3

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SLIDE 75

APPENDIX

BOARD MEMBERS

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

75

75

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SLIDE 76

ENDEAVOUR IS BACKED BY LA MANCHA

76

APPENDIX

30%

holding

31%

holding

Sawiris family’s mining investment vehicle

▪ La Mancha vended-in the Frog’s Leg and White Foil mines ▪ La Mancha then contributed $112m for acquisition of the Cowal mine ▪ Evolution has grown from a ~A$670m market cap to ~A$3.2B, since announcement of strategic partnership

Partnership Announced

▪ La Mancha vended-in the Ity mine and $63m

  • f cash

▪ La Mancha then contributed $65m following the acquisition of Truegold ▪ Participated in bought deal with C$20m ▪ Endeavour has grown from a US$250m to a US$1.8B market cap since announcement of strategic partnership

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

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

Partnership Announced

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

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

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SLIDE 77

77

18 19 20 1,250 8 2 3 4 5 6 7 850 1,200 650 700 750 800 1,150 900 10 950 $1,000/oz 1,050 1,100 9 16 11 12 13 14 15 17 Mako (Toro) Baomahun (Amara) Kalana (Avnel) Tri-K (Avocet) Wa-Lawra (Azumah) Fekola (B2Gold) Banfora (Gryphon) Yanfolila (Hummingbird ) Dugbe 1 (Hummingbird) Sissingue (Perseus) Yaramoko (Roxgold) Kobada (African Gold Group) Natougou (Semafo) Bouly (NordGold)

Mine life, years

West African DFS Stage Projects Benchmark:

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

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

Houndé

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

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

Ity CIL

Houndé and Ity CIL are top tier projects

PROJECT DEVELOPMENT

CORPORATE OVERVIEW

slide-78
SLIDE 78

78

HIGHLY EXPERIENCED TEAM

› Strong knowledge of West African Birimian

belts

› Senior staff from BRGM, Randgold, Iamgold,

Areva, La Mancha, etc

› 20 Seniors Geologists › 7 Exploration Managers › 40 Juniors Geologists › 130 Technicians and Support Staff

SVP West Africa Exploration Resource Manager HR Manager New Ventures Manager

Expert Geologist

Finance Manager

NI 43-101 Compliance

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

Abidjan based

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

CEO COO EVP Projects EVP Exploration & Growth

CI Government Relations Advisor Legal Advisor

CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

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

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SLIDE 79

Visit to all sites with Exploration Managers/Chef-Senior Geologists, EDV experts

6 months detailed review of all past exploration, synthesis of all available and validated data in database

‒ All Geochem (Stream and Soil), all geophysics (air and ground) ‒ All Geological and Structural data (Outcrops, cores, Maps, regolith, structures, artisanal mining) ‒ All Drilling (Auger, RC, DD, Geotech) , logs and analytic results

130+ Targets screened through multi-criteria analysis of all data to identify and support exploration targets for evaluation

All targets referenced and classified according to :

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

‒ Mine Exploration then Near Mine exploration within a 5 km radius from facilities ‒ Brownfield Exploration between 5 and 15 km from facilities ‒ Greenfield Exploration for over 15/20 km from facilities (tentative stand alone future projects, or feeding the facilities if high grade) ‒ Geological framework, mineralization type, mineability, exploration game changer

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

Selection of the 30% (40) most significant targets over the full portfolio in term of localization, mean size, and nearby upside (possible clusters), all gathered per relevant PE (Exploration Permit) or PEX (Exploitation permit)

79

79

CORPORATE OVERVIEW

Methodic and Exhaustive Review to Quantify and Rank Potential

UNLOCK EXPLORATION VALUE

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SLIDE 80

Each selected target (~40) was risked and characterized by a Probability of Occurrence (POO), based on geological confidence/structural understanding/ type of expected mineralization/existing positive intercepts/trend extension, strong and coherent gold in soil and Auger anomalies

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

All selected exploration targets were set within a 5 year window, according to mine priorities, permit duration, requested exploration efforts, and budget

All selected targets characterized with:

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

80

CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

Further Selection, Ranking and Risk Evaluation

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SLIDE 81

(on a 100% basis)

AGBAOU NZEMA TABAKOTO ITY3 KARMA

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

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

Total ore tonnes – OP 000t

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

Open pit strip ratio1 W:t ore

8.07 6.26 9.94 17.20 9.94 17.20 4.15 4.86 3.66

Total tonnes mined – UG 000t

  • 1,301

1,360

  • Total ore tonnes - UG

000t

  • 944

860

  • Total tonnes milled

000t

2,827 2,665 1,761 1,783 1,588 1,588 1,173 71 2,089

Average gold grade milled g/t

2.27 2.15 1.87 2.21 3.36 3.17 2.20 2.39 1.16

Recovery rate %

97% 97% 83% 87% 95% 93% 93% 81% 90%

Gold ounces produced

  • z

195,505 181,365 87,710 110,302 162,817 151,067 75,867 5,689 61,813

Gold sold

  • z

196,316 182,219 85,495 110,404 161,803 151,345 73,332 7,917 28,743

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

2.22 2.64 4.64 4.78 3.60 2.79 2.88 2.38 1.32

Mining costs – Underground $/t mined

  • 51.04

50.24

  • Processing and maintenance

$/t milled

6.60 6.40 13.16 14.26 21.93 22.89 14.71 23.28 7.76

Site G&A $/t milled

4.66 5.56 6.57 6.81 12.80 15.66 11.43 16.97 9.66

Cash Cost Details Mining costs - Open pit1 $000s

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

Mining costs -Underground $000s

  • 66,406

68,328

  • Processing and maintenance

$000s

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

Site G&A $000s

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

Purchased ore at Nzema $000s

  • 21,255

29,447

  • Inventory adjustments and other2

$000s

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

Cash costs for ounces sold $000s

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

Royalties $000s

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

Sustaining capital $000s

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

Cash cost per ounce sold $/oz

430 462 1,062 900 821 846 606 550 657

Mine-level AISC Per Ounce Sold $/oz

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

PRODUCTION AND COST DETAILS BY MINE

For the years ended 2016 and 2015

1) Includes waste capitalized 2) Includes waste capitalized adjustment 3) Ity’s production and AISC is excluded for the pre-November 28, 2015 acquisition period.

81

APPENDIX

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SLIDE 82

PRODUCTION AND COST DETAILS BY MINE

1) Includes waste capitalized

82

APPENDIX

(on a 100% basis) AGBAOU NZEMA TABAKOTO ITY KARMA

Unit

Q1-2017 Q4-2016 Q1-2016 Q1-2017 Q4-2016 Q1-2016 Q1-2017 Q4-2016 Q1-2016 Q1-2017 Q4-2016 Q1- 2016 Q1- 2017 Q4-2016 Physicals Total tonnes mined – OP1 000t

6,356 6,518 6,071 2,695 2,885 1,710 1,888 1,593 2,232 1,789 1,472 2,098 4,343 4,023

Total ore tonnes – OP 000t

624 674 820 396 288 277 217 195 146 329 316 287 1,050 783

Open pit strip ratio1 W:t ore

9.19 8.767 6.41 5.81 9.02 3.40 7.70 7.17 14.29 4.44 3.66 6.31 3.14 4.14

Total tonnes mined – UG 000t

  • 311

324 360

  • Total ore tonnes – UG

000t

  • 236

253 232

  • Total tonnes milled

000t

683 721 654 391 428 459 405 402 406 267 295 303 954 853

Average gold grade milled g/t

2.09 2.46 2.05 2.36 2.20 1.53 3.50 3.93 3.10 1.90 2.00 2.53 1.07 1.14

Recovery rate %

95% 97% 98% 88% 82% 86% 94% 95% 94% 98% 90% 90% 87% 90%

Gold ounces produced

  • z

41,937 57,061 42,765 26,131 23,874 19,757 43,028 47,884 38,542 15,892 17,480 22,324 31,652 29,112

Gold sold

  • z

39,981 56,936 40,434 29,061 22,033 20,109 43,812 47,053 38,270 18,347 15,038 21,964 31,107 28,743

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

2.45 2.38 2.36 5.15 4.21 5.33 3.45 4.07 3.00 2.23 2.44 2.70 1.82 1.32

Mining costs – Underground $/t mined

  • 57.66

58.80 43.71

  • Processing and maintenance

$/t milled

6.82 6.26 5.79 15.46 14.08 12.15 22.55 23.50 20.46 15.44 13.13 16.35 7.10 7.76

Site G&A $/t milled

4.50 4.66 4.64 5.84 6.61 7.17 11.30 14.32 13.22 9.78 15.11 10.77 4.07 9.66

Cash Cost Details Mining costs - Open pit1 $000s

15,581 15,537 14,325 13,867 12,151 9,109 6,509 6,479 6,688 3,988 3,585 5,670 7,924 5,306

Mining costs -Underground $000s

  • 17,933

19,050 15,736

  • Processing and maintenance

$000s

4,659 4,513 3,788 6,044 6,026 5,578 9,131 9,448 8,307 4,123 3,874 4,953 6,777 6,616

Site G&A $000s

3,074 3,362 3,035 2,283 2,831 3,289 4,577 5,757 5,369 2,610 4,458 3,263 3,884 8,241

Purchased ore at Nzema $000s

  • 4,004

4,093 3771

  • Capitalized waste

$000s (343) (951) (954)

(1,996) (5,671) (1,741) (1,456) (4,586) (1,662) (142) (600) (249) (359)

Inventory adjustments and other $000s

(1,022) 2,050 (3,133) 38 1,638 2,091 (2,934) 22 (3,529) 3,174 115 (501) 2,241 (906)

Cash costs for ounces sold $000s

21,949 24,511 17,061 24,240 21,068 22,025 33,760 36,170 30,909 13,753 11,432 13,385 20,577 18,898

Royalties $000s

1,707 2,340 1,733 1,978 1,464 1,225 3,165 3,384 2,700 770 633 932 2,206 1,953

Sustaining capital $000s

2,735 3,434 2,443 1,423 2,106 36 5,782 4,081 7,368 1,611 378 1,285 447 359

Cash cost per ounce sold $/oz

549 431 422 834 956 1,095 771 769 808 750 760 609 661 657

Mine-level AISC Per Ounce Sold $/oz

660 532 525 951 1,118 1,158 975 927 1,071 879 827 710 748 738

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SLIDE 83

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

83

On a 100% basis On an attributable basis Resources shown inclusive of Reserves Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 10 2.57 834 9 2.56 720 Probable Reserves 123 1.58 6,240 94 1.58 4,812 P&P Reserves 133 1.66 7,074 103 1.67 5,532 Measured Resource (incl Reserves) 34 1.80 1,967 30 1.77 1,704 Indicated Resources (incl Reserves) 206 1.60 10,623 166 1.59 8,463 M&I Resources (including Reserves) 240 1.63 12,590 196 1.62 10,167 Inferred Resources 68 1.69 3,682 50 1.71 2,736

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 2.90 6 Probable Reserves 43.8 1.50 2,117 P&P Reserves 43.9 1.50 2,123 Measured Resource (incl reserves) 0.0 1.84 2 Indicated Resources (incl reserves) 52.8 1.64 2,777 M&I Resources (including Reserves) 52.8 1.64 2,779 Inferred Resources 30.2 1.45 1,406

Ity Mine & CIL Project

Resources shown inclusive of

  • Reserves. On a 100% basis

Tonnage (Mt) Grade (Au g/t) Content (Au koz) Proven Reserves 2.1 2.73 181 Probable Reserves 1.3 2.70 110 P&P Reserves 3.3 2.72 291 Measured Resource (incl reserves) 21.1 1.37 929 Indicated Resources (incl reserves) 12.0 1.31 502.0 M&I Resources (including Reserves) 33.1 1.35 1,431 Inferred Resources 5.9 1.29 243

Nzema Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

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

Tabakoto Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

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

Hounde Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

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

Agbaou Mine

Resources shown inclusive of

  • Reserves. On a 100% basis

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

Karma Mine

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

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

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

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

Notes :

APPENDIX