Corporate Presentation. April 2017

Transcription

1 Corporate Presentation April 2017

2 CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and allin sustaining cash cost per ounce are nongaap performance measures with no standard meaning under IFRS. This prese tatio o tai s for ardlooki g state e ts i ludi g ut ot li ited to, state e ts ith respe t to E dea our 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 forwardlooking statements can be identified by the use of forwardlooki g ter i olog su h as e pe ts, e pe ted, udgeted, fore asts a d a ti ipates. Forwardlooki g state e ts, hile ased o a age e t s est esti ates a d assu ptio s, are su je t to risks a d u ertai ties that ay cause actual results to be materially different from those expressed or implied by such forwardlooking 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 forwardlooking 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 forwardlooking statements. Please refer to E dea our s ost re e t A ual I for atio For filed u der its profile at for further information respecting the risks affecting Endeavour and its business. Adriaan Attie Rou, Pr.Sci.Nat, E dea our s Chief Operati g Offi er, is a Qualified Perso u der NI approved the technical information in this presentation. 101, and has reviewed and 2

3 TABLE OF CONTENTS 1 CORPORATE OVERVIEW OUTLOOK 3 4 DETAILS BY MINE AND PROJECT APPENDIX

4 CORPORATE OVERVIEW ENDEAVOUR MINING OVERVIEW A Premier African Gold Producer With 5 Mines and 2 Projects 4

5 CORPORATE OVERVIEW COMPANY PROFILE Shareholder Distribution RETAIL LA MANCHA Ticker INSTITUTIONAL Europe MANAGEMENT Other 29% 1% Adj Close 94.6 m Share price* C$24.75 Market cap* US$1,840m US$26m Top Shareholders In CAD Fully Diluted 63% m *As of March 28, 2017 Share Price Performance Volume Shares in Issue Net Debt (Dec 31, 2016) North America 7% TSX:EDV Rank Institution Name % of S/O 1 LA MANCHA HOLDING S.A.R.L. 28.1% 25 2 Van Eck Associates Corporation 13.7% 20 3 RBC Global Asset Management Inc. 3.3% 4 Fiera Capital Corporation 3.0% 15 5 M & G Investment Management Ltd. 2.9% 10 6 Liberty Metals & Mining Holdings, L.L.C. 2.6% Ruffer LLP 2.5% Sun Valley Gold, LLC 2.5% 9 Oppenheimer Funds, Inc. 2.2% 10 Maple Leaf Partners, L.L.C. 1.7%

6 CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS Endeavour offers exposure to both near and longterm growth potential, in addition to current production Immediate Cashflow NearTerm Growth LongTerm Upside from PRODUCTION from PROJECTS from EXPLORATION with an accomplished management team and a healthy balance sheet 6

7 CORPORATE OVERVIEW CLEAR PATH TO BUILD A +900KOZ PRODUCER AT $800/OZ AISC $1,137 STRATEGIC MILESTONES +900koz FOR koz koz Annual production 584koz 517koz $ koz 800$/oz $ koz $884 Allin cash cost $ koz 167koz <$800 83koz 10+ year Mine life Group AISC Tabakoto, Mali Karma, Burkina Faso Youga, Burkina Faso Ag aou, Côte d I oire Houndé, Burkina Faso Nzema, Ghana It Heap Lea h, Côte d I oire It CIL, Côte d I oire Assumes Ity construction starts H12017 and first gold production in 2019 with Heap Leach operation ending once CIL starts

8 CORPORATE OVERVIEW BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVES STRATEGIC LEVERS +900koz Annual production 800$/oz Allin cash cost 10+ year Mine life 8

9 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Handson Management Model With Teams Close to Operations London Based All GMs Located on Site Sebastien de Montessus CEO & Director Vincent Benoit EVP CFO & Corporate Development Morgan Carroll EVP Corporate Finance & General Counsel FUNCTIONS: Finance Investor relations Corporate development People and culture Henri de Joux EVP People & Public Affairs Abidjan Based Adriaan Attie Roux COO Patrick Bouisset EVP Exploration & Growth Jeremy Langford EVP Construction Services FUNCTIONS: Government relations Operations controlling Procurement Exploration Projects Environmental CSR HR mine level Management Focus Cash flow driven Safety First Lean and Efficient Operations HandsOn Management 9

10 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Record performance and met all guidance metrics in 2016 PRODUCTION GUIDANCE AISC GUIDANCE 584koz in % vs koz 610koz $884/oz in 2016 (4%) vs 2015 $870/oz FCF BEFORE GROWTH PROJECTS GUIDANCE $920/oz $142m % vs 2015 $135m (based on midpoints) Free Cash Flow (before growth projects, WC, tax and financing cost) 10

11 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Proven track record of meeting guidances Production, on a 100% basis in koz Allin Sustaining Costs, in $/oz Guidance Guidance 1, , Guidance Cash Flow Generation Guidance Lost Time Injury Frequency Rate Lost Time Injury Frequency Rate Free cash flow before growth projects (and before WC, tax, and financing costs) $135m $150m (Number of LTIs in the Period X 1,000,000) / Total man hours worked for the period) 1.73 $85m $28m $35m 0.29 $1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,240/oz 2017 Guidance

12 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé and Ity CIL are top tier projects West African DFS Stage Projects Benchmark: 1,250 Mine life and Allin cost (including initial capex) Significant West African Construction Expertise: Baomahun (Amara) Core construction team has successfully developed projects together for +10 years 1,200 1,150 WaLawra (Azumah) All projects delivered on time and within budget 1,100 TriK (Avocet) 1,050 Dugbe 1 (Hummingbird) $1,000/oz Banfora (Gryphon) Bouly (NordGold) 950 Houndé Sissingue (Perseus) 900 Kalana (Avnel) Kobada (African Gold Group) 850 Mako (Toro) Yanfolila (Hummingbird ) Bubble size represents average annual production 800 Ity CIL 750 Yaramoko (Roxgold) Fekola (B2Gold) = 100koz p.a. 700 Natougou (Semafo) Mine life, years 12 Allin Cash Cost, $/oz (AISC + Initial Capex) 7 projects built, $2.4B in capex

13 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé is positio ed to e E dea our s flagship lo Construction started in April with first gold pour expected in Q42017 Construction is progressing ontime and onbudget Procurement is nearly complete Average production of 190kozpa at AISC of US$709/oz Capex of $328m, inclusive of $47m for ownermining fleet ost i e 10year mine life based on current reserves + significant exploration upside Life of Mine Plan Production based on reserves, koz AISC/oz 265koz Robust Project with aftertax IRR of +30% at US$1,250/oz 231koz 223koz 218koz Exploration upside expected to fill this shortfall 184koz $901/oz $645/oz $662/oz $648/oz $506/oz Year 1 116koz $496/oz Year 2 Year 3 Year 4 Year 5 to 8 Average Year 9 to 10 Average 13

14 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Ity CIL Feasibility Study Published in 2016 Longlife Low Cost Project Long 14year reserves mine life Low AISC of $507/oz over first 9 years Solid production of 144kozpa over first 9 years Robust Project Economics (based on $1,250/oz) Aftertax IRR of 36% Aftertax NPV5% of $411m Quick payback of 2.1 years Significant improvement expected in H12017 Feasibility Study update Côte d I oire Ity Mine Agbaou Mine 165kozpa at AISC of US$507/oz Abidjan on average over the first 5 years 193koz 185koz 163koz 150koz 134koz 133koz Inclusion of the recent highgrade Bakatouo and Colline Sud discoveries and Verse Ouest 124koz 109koz 103koz $898/oz Additional Resource conversion at Daapleu and Mont Ity Wellpositioned with strong liquidity sources to take final investment decision in H12017 $608/oz $477/oz Year 1 $409/oz Year 2 Year 3 $500/oz Year 4 $582/oz $622/oz $608/oz $554/oz $638/oz Year 5 Production based on reserves, koz Year 6 Year 7 Year 8 Year 9 53koz Years 10 to 14 AISC/oz 14

15 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa 15

16 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs Moz Moz 1015Moz 5year Indicated Resource Discovery Target Moz Moz Moz Moz Moz Côte d I oire Regio al Greater Ity Houndé Tabakoto Agbaou True Gold Significant success over the Exploration stopped once On same trend as Randgold Limited exploration Limited exploration (mainly Previously owned by junior One of the largest last 4 years Significant amount of data available Many known targets based on geochem and auger results project reached critical size to make investment decision Many known targets and historical drill data expenses have caused mine life to be short New discoveries made in 2016 with strong targets for focused on converting inferred) Focus on pit extensions and parallel trends Targets backed by geochem anomolies with lack of fund for exploration North Kao already added 2.5 years of mine life Many near mill targets exploration tenements in the country Several advanced exploration targets based on historic results Note: See Investor Day Presentation on EDV website for full details. Based on average gold grade of g/t for Greater Ity, g/t for Houndé, g/t for Tabakoto, g/t for TrueGold and 1.5. g/t fo Côte d I oi e egio al. The pote tial ua tit of ou es is o eptual i atu e si e the e has ee i suffi ie t exploration to define a mineral resource and since it is uncertain if 16 exploration will result in the targets being delineated as a mineral resource.

17 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs Exploration budget Average discovery cost $3540m $55m Annual budget $45m $30m $25m $25/oz $11/oz $15/oz $15m $10m $15/oz $20/oz $13/oz Greater Ity Houndé Tabakoto Agbaou True Gold <$15/oz Anticipated average discovery costs Côte d I oire Regional 17

18 Corporate Presentation 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities? PRIORITIES: PRIORITIES: i. ii. iii. iv. i. Ity Greater Area ii. Houndé to prolong mine life iii. Tabakoto and Agabou exploration will be success driven Tabakoto due to its short mine life Agbaou to extend oxide mine life Ity to extend HL and Improve CIL case Houndé (once in production) to maintain 250kozpa level after 4th year 100% 100% 100% 23% 23% 20% 100% 6% 35% 13% 26% 22% 9% 20% 20% 43% 25% 35% 21% 25% 13% % 4% 18% 8% 100% 6% 3% 7% 2018 Tabakoto Hounde Agbaou 7% 4% 10% 2% 13% 12% Ity Regional CI Karma and Regional 18

19 CORPORATE OVERVIEW PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Increase Overall Quality of our Portfolio AISC, US$/oz $1,200/oz $1,150/oz $1,100/oz $1,050/oz Youga Cutback SOLD $1,000/oz Tabakoto $950/oz (150160koz) Nzema $900/oz (100110koz) $850/oz Houndé $800/oz +250koz starting Q42017 Ity HL (7580koz) $750/oz Karma Possibility to run HL in parallel (100110koz) $700/oz Agbaou $650/oz (175180koz) $600/oz Ity CIL $550/oz 165koz starting 2019 $500/oz Bubble size represents production $450/oz Mine life, years Côte d I oire Burkina Faso 18 Ghana 19 Mali 19

20 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Well Positioning Ourselves Against Our Peers AISC, $/oz Benchmark of WestAfrican Producers 1,100 Gold Fields 1,050 1,000 IAMGOLD Golden Star Teranga 950 Endeavour 2015A Endeavour 2016A 900 Perseus AngloGold Ashanti Kinross Nordgold 850 Asanko Endeavour (output of strategic exploration review) Resolute Newcrest Newmont Randgold Semafo Bubble size represents production Average mine life, years Source: UBS Research, based on 2015A only WestAfrica production. Mine life excludes expansion and development projects such as Ki ross Tasiast Phase 2 and Resolute s UG project Asanko based on 2017 guidance 20

21 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Healthy financial structure to fund growth Net Debt Reduction Net debt Liquidity and Financing Sources Net Debt to trailing 12month Operating EBITDA ratio $124m $254m Cash Position $144m 1.8x $334m 1.0x As of Dec 31st, 2016 $26m $210m 0.1x 2014 (yearend) 2015 (yearend) Undrawn RCF 2016 (yearend) INSIGHTS INSIGHTS $65m cash injection from La Mancha in May 2016 Strong liquidity and financing sources to fund remaining following the True Gold transaction close $104m of net proceeds from bought deal in July 2016 FCF of $142m (before growth projects, WC, tax and financing cost) Houndé capex spend of approx. $180m 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, semiannual reductions commencing September 2018, annual interest based on LIBOR + a 3.75% to 5.75% margin 21

22 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Well positioned to fund growth Strong Liquidity Sources and Cash Flow generation to fund internal growth Net Free Cash flow from current mine operations including Houndé start in Q (@$1,250/oz) Hedging collar (between $1,2001,400/oz) covering c. 50% of production from Apr 16 to June 2017 protects cash flows while Houndé is being built ~$480m Ity CIL project costs Remaining Houndé project costs Potential liquidity buffer (@ $1,250/oz) Ity Equipment Financing (expected) ~$300m $210m Undrawn RCF $124m Existing cash balance Objective to keep leverage in a maximum range of 0.5x1.0x ~$180m Funding requirements As of end December 2016 Room to manoeuvre between debt and own cashflow Liquidity Sources 22

23 CORPORATE OVERVIEW KEY 2016 ACHIEVEMENTS RESET STRATEGY 5year 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) Regroup 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 DELEVERAGE BALANCE SHEET IMPROVE INVESTOR RELATIONS 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, lowcost operation) Houndé construction launched and Ity DFS published US$230m additional equity injection which includes La Mancha deal (c.$65m), La Mancha antidilution 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 Clarified equity story Increased management presence and marketing Improved transparency 23

24 CORPORATE OVERVIEW UPCOMING CATALYSTS Immediate Cashflow from Production NearTerm Growth from Projects LongTerm Upside from Exploration 2017 OUTLOOK: Gold production expected to increase to koz (excluding Houndé) AISC expected to decrease further to $860905/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 Q22017: Ity CIL Resource/Reserve update along with an engineering optimization study DELIVERY OF 5YEAR EXPLORATION STRATEGY: Target of Finding 1015Moz of Indicated Resources H12017: Ity ownership discussions and investment decision Mid2017: Karma mill frontend optimization Q42017: Houndé first gold pour Mid2017: Maiden resource at Ta akoto s Fougala and Kreko targets H22017: Completion of Agbaou drilling program (first phase) H22017: Maiden resource at It s Le Plaque target and infill and extension drilling program update H22017: Completion of drilling on Kar a s earmill Rambo West and Yabonsgo targets H22017: Houndé exploration results following drilling relaunch 24

25 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK 3 4 DETAILS BY MINE AND PROJECT APPENDIX

26 2017 Guidance 2017 GUIDANCE Production is expected to increase and AISC to decrease 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 recordbreaking 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. Production Guidance, koz on a 100% basis 2016 ACTUAL 2017 GUIDANCE Agbaou 195, , ,000 Tabakoto 162, , ,000 Nzema 87, , ,000 Ity 75,867 75,000 80,000 Karma 61, , ,000 GROUPWIDE PRODUCTION 583, , ,000 AISC Guidance, $/oz In US$/oz Agbaou Tabakoto Nzema Ity Karma MINELEVEL AISC Corporate G&A 2016 ACTUAL 2017 GUIDANCE , , Sustaining exploration GROUP AISC

27 2017 Guidance 2017 GUIDANCE Free cash flow expected to increase 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 midpoint 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. Capital and Exploration Spend Guidance, $m In US$m Agbaou Tabakoto Nzema Ity Karma Houndé Total Sustaining Capital NonSustaining Capital Growth Projects Exploration Guidance, $m Agbaou Tabakoto Ity Karma Houndé Exploration Expenditures for Mines Grassroots exploration expense Total Exploration Expenditures Free Cash Flow Guidance, $m $1,100/oz $1,200/oz $1,300/oz (510) (510) (510) Corporate G&A (21) (21) (21) Sustaining exploration (14) (14) (14) Nonsustaining mine exploration (20) (20) (20) Nonsustaining capital (35) (35) (35) in US$m NET REVENUE (based on production guidance midpoint) Mine level AISC (based on AISC guidance midpoint) GROUP AISC MARGIN FREE CASH FLOW BEFORE GROWTH PROJECTS (Mine cash flow less corporate costs before WC, tax and financing cost) 27

28 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK 3 4 DETAILS BY MINE AND PROJECT APPENDIX

29 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ownership Côte d I oire Ity Mine Agbaou Mine Abidjan % EDV, % Côte d I oire, % SODEMI Resources (incl. of Reserves) M&I: 2.4 g/t for 1.004Moz Inferred: 1.7 g/t for 0.060Moz Reserves 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 2014A 2015A E AISC (minelevel) 2014A $621/oz 2015A $576/oz 2016A $534/oz 2017E $660700/oz Expected Mine Life 7 years from current Reserves Royalty 3% 5% sliding scale Corporate Tax 25% (5 year corporate tax holiday) 147koz 181koz 196koz koz 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 koz with fresh ore representing up to 50% of tonnes processed Exploration campaign underway with initial drill results confirming mineralization 29

30 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE Record 2016 performance 2016 vs 2015 INSIGHTS Production and AISC Production benefited from higher grades and continued mill overperformance The secondary crusher (commissioned in mid2016 ahead of schedule and underbudget) provides the flexibility to process higher grade transitional ore while maintaining a fairly constant ore blend and throughput over the remaining life of mine 2017 OUTLOOK 196koz 181koz koz $576/oz $660700/oz After achieving an exceptional year, Agbaou is expected to return to a more normalized and sustainable production rate of koz in 2017 with fresh ore representing up to 50% of tonnes processed AISC is expected to remain competitive, at $660700/oz, as higher grade transitional ore is expected to compensate for increased unit costs and lower throughput $534/oz 2015 Production Δ Tonnes Processed Δ Grade Processed Δ Recovery Rate Production Production 30

31 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE Exploration program is still ongoing INSIGHTS Agbaou Site Map The ongoing exploration campaign, which commenced in April 2016 is expected to be completed in H22017 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 H22017 An exploration budget of $7 million has been planned for 2017, totaling approximately 45,000 meters of drilling 31

32 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE Numerous gold in soil anomalies over Mag > 50 ppb 32

33 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE 5 year exploration targets Auger & RC drilling 33

34 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE Exploration strategy 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* : 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 Any new deposit discovered on this license also has the potential to further extend the mine life *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. 34

35 TABAKOTO MINE TABAKOTO MINE, MALI Overview QUICK FACTS (ON 100% BASIS) Mali Tabakoto Mine Bamako Ownership 8090% Endeavour depending on pit, remainder government of Mali Resources (incl. of Reserves) M&I: 3.0 g/t for 1.844Moz Inferred: 3.5 g/t for 0.908Moz Reserves 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 Production Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine 2014A 2015A 2016A 2017E AISC (minelevel) 2014A $1,335/oz 2015A $1,067/oz 2016A $1,027/oz 2017E $950990/oz Expected Mine Life 4+ years from current Reserves Royalty 6% Corporate Tax 30% 127koz 152koz 163 koz koz RECENT AND UPCOMING CATALYSTS Accomplished In 2013 the mill was expanded from 2,000 tpd to 4,000 tpd Segala ore production commenced in Q and to full production by Q Kofi C deposit commenced production in Q 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 35

36 TABAKOTO MINE TABAKOTO MINE, MALI Significant continued improvement in AISC 2016 vs 2015 Insights Production and AISC Production lifted by Increased overall grade and recovery rate 163koz Improved open pit extraction (+24%) mainly due to koz opening up and accessing the deeper benches of ore Increased mine efficiency (up 10%) mostly due to an 152koz improvement on the reef development and fleet availability Significant G&A costs per tonne reduction of 18% $1,067/oz due to ongoing cost reduction program $1,027/oz $950990/oz 2017 Outlook Production is expected to slightly decrease in 2017 to koz as grades are expected to slightly decrease due to open pit mining transitioning from Kofi C to Kofi B in the second half of the year, and underground mining sequence. AISC expected to decrease to $950990/oz with cost reduction programs 2015 Production Δ Tonnes Processed Δ Grade Processed Δ Recovery Rate Production Production 36

37 TABAKOTO MINE TABAKOTO MINE, MALI New discoveries made in 2016 NEW DISCOVERIES MADE IN 2016 INCLUDE: Tabakoto Site Map Tabakoto North Open Pit, confirming the continuation between Tabakoto and Dar Salam, already added ~50koz in 2016 with additional drilling to start in Q12017 around Kofi C Fougala and Kreko openpit targets, located less than 7km away from Tabakoto facilities. Will be delineated early Q with the target of delivering new maiden resources by mid2017 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 Kofi North 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 Tabakoto Site Map Kreko Fougala 37

38 TABAKOTO MINE TABAKOTO MINE, MALI Surface target priority ranking 75 targets identified, 7 Priority 1 (2017) Areas under transported cover identified Côte d I oire 38

39 TABAKOTO MINE TABAKOTO MINE, MALI Kofi land package main target area Côte d I oire 39

40 TABAKOTO MINE TABAKOTO MINE, MALI Exploration strategy Targeting discovery of between 1.5 to 2.5 Moz at an average cost of $15/oz over 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 mid2016 (Ongoing Kreko and Fougala trend exploration) Ongoing large exploration program over Kofi Blocks Due to its o tre d positio ith 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 atdepth, a prudent evaluation of the underground potential as been set at koz for the next 23 years. Afterwards, although mineralizations continue at depth, additional exploration will be based on economic viability of the production *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. 40

41 ITY MINE ITY MINE, CÔTE D IVOIRE Overview QUICK FACTS (ON 100% BASIS) Côte d I oire Ity Mine Agbaou Mine Abidjan % EDV, Ownership % SODEMI, % Côte d I oire, % pri ate Resources (HL + CIL) (incl. of Reserves) M&I: 1.6 g/t for 2.779Moz Inferred: 1.5 g/t for 1.406Moz Reserves (HL+CIL) 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 2015A 2016A 2017E 81koz 76koz 7580koz AISC (minelevel) 2016A $756/oz 2017E $740780/oz Mine life 3 years from current Reserves + addition potential Royalty 3% 5% sliding scale Corporate Tax 25% 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 lowcost asset Upcoming Continued exploration success to prolong heap leach life at current production level Potential to increase ownership Possibility of running the CIL and heap leaching operations in parallel for the first few years remains under review 41

42 ITY MINE ITY HEAP LEACH MINE, CÔTE D IVOIRE 2016 Production Remained Flat Despite Lower Grades 2016 VS 2015 INSIGHTS Production remained relatively flat as lower grade was offset by increased ore stacked thanks to new pit made available Continued high recovery rate Heap leach mine life extended by 2 years (2016 depletion fully replaced + added 78koz) while preparing the CIL Project 2017 OUTLOOK Production is expected to remain stable in 2017, at 7580koz while AISC is expected to slightly decrease to $740780/oz due to higher grades The possibility of running the CIL and Heap leaching operations in parallel for the first few years is currently under analysis Production and AISC 81koz 7580koz 76koz $756/oz $740780/oz $619/oz 2015 Production Δ Tonnes Stacked Δ Grade Stacked Δ Recovery Rate Production Production 42

43 ITY MINE ITY MINE, CÔTE D IVOIRE Exploration added 515koz in 2016 and outlined new targets NEW DISCOVERIES MADE IN 2016 INCLUDE: Bakatouo and Colline Sud discoveries (515koz of M&I resources) with additional infill and extension drilling initiated in Q42016 Several targets confirmed mineralization Ity Mine Drilling Targets Drilling started on the Le Plaque target (100% EDV owned) in November Le Plaque will be delineated in 2017, with a maiden resource expected in H OUTLOOK The largest portio of E dea our s e ploratio udget 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 43

44 ITY MINE ITY MINE, CÔTE D IVOIRE Ity CIL Feasibility Study Published in 2016 Longlife Low Cost Project Côte d I oire Long 14year reserves mine life Low AISC of $507/oz over first 9 years Ity Mine Solid production of 144kozpa over first 9 years Robust Project Economics (based on $1,250/oz) Agbaou Mine 165kozpa at AISC of US$507/oz Abidjan on average over the first 5 years Aftertax IRR of 36% Aftertax NPV5% of $411m Quick payback of 2.1 years 193koz 185koz 163koz 150koz Significant improvement expected in H12017 Feasibility Study update 134koz 133koz 124koz 109koz 103koz Inclusion of the recent highgrade Bakatouo and Colline $898/oz Sud discoveries and Verse Ouest Additional Resource conversion at Daapleu and Mont Ity $608/oz $477/oz $409/oz $500/oz $582/oz $622/oz $608/oz $554/oz $638/oz 53koz Year 4 Year 5 Wellpositioned with strong liquidity sources to take final investment decision in H12017 Year 1 Year 2 Year 3 Production based on reserves, koz Year 6 Year 7 Year 8 Year 9 Years 10 to 14 AISC/oz 44

45 ITY MINE ITY MINE, CÔTE D IVOIRE Summary of independent feasibility study for CIL Project Independent CIL Feasibility Study prepared by: Lead Consultant: Ity CIL Project DFS highlights LIFE OF MINE PRODUCTION Strip ratio, w:o Contributions from: 2.1 Tonnes of ore processed, Mt Grade processed, Au g/t 41.0 Mt 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 AISC, $/oz CAPITAL COST Upfront capital cost, $m Equipment lease 114Koz $603 $282m $25m ECONOMIC RETURNS BASE ON US$1,250/OZ Aftertax Project NPV5%,$m 411 Aftertax Project IRR, % 36% Payback, years Source: Ity CIL Feasibility Study

46 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Feasibility Study to be optimized in Q22017 Feasibility Study Optimization to Include: Deposits to be added in the study Recent highgrade 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 46

47 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE ADDITIONAL POTENTIAL FOR RESOURCE CONVERSION POTENTIAL INCLUDES: The recently discovered Bakatouo and Colline Sud deposits and the results from the ongoing 11,700 meter reverse ir ulatio RC a d diamonddrilli g 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 infill drilling program Inclusion of Verse Ouest following the recent completion of the infill drilling program Deposits on a 100% basis. Resources are inclusive of reserves PROBABLE RESERVES INDICATED RESOURCES INFERRED RESOURCES Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) Open Pits Daapleu Mont Ity / Ity Flat Gbeitouo Walter Zia NE Bakatouo Colline Sud , , ,172 Aires Teckraie Total Stockpiles TOTAL , , ,410 Total Open Pits Existing Stockpiles Verse Ouest 47

48 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE New High Quality Near Mine Exploration Targets 48

49 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Greater Ity: Exploration Program in Tiepleu/Floleu 49

50 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE 80km underexplored Birimian corridor INSIGHTS Ity Mine Birimian corridor Endeavour consolidated an 80km underexplored Birimian corridor ontrend with its Ity i e i Côte d I oire 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 reobtained on a 100% basis. An auger drilling program will be conducted on the 80km underexplored portion corridor along the Ity trend in

51 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Greater Ity Regional Gold in Soil (> 100 ppb) Anomalies PR609 East Cavally Several Targets Birrimian meta sediments and green belt Gnamapleu GraniteGneiss PR558 Le Plaque Area Several Targets No Geochemical data at all No Exploration GUEYA area Several targets GBAMPLEU Historical Sparse 400x100m Grid on PR462 Except on few selected targets Mt BA Area Several targets 51

52 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Greater Ity: Exploration Targets Toulepleu Auger drilling RC drilling 52

53 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE How significant is Greater Ity area? SEMAFO Controlled MANA TREND EDV Controlled Greater ITY TREND 53

54 ITY MINE ITY MINE, CÔTE D IVOIRE Exploration strategy Targeting discovery of between 4 to 6 Moz at an average cost of $11/oz over the next 5 years with a budget of ~$55M* 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 multimillions 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 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. 54

55 NZEMA MINE NZEMA MINE, GHANA Overview QUICK FACTS (ON 100% BASIS) Ghana Nzema Mine Accra Ownership 90% EDV, 10% government of Ghana Resources (incl. of Reserves) M&I: 1.S g/t for 1.431Moz Inferred: 1.3 g/t for 0.243Moz Reserves 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 2014A 2015A 2016A 2017E 115koz 110koz 88koz AISC (minelevel) 2014A $1,036/oz 2015A $1,064/oz 2016A $1,167/oz 2017E $ /oz Expected Mine Life 4 years from current Reserves Royalty 5% (+1% 3rd party at Adamus pits) Corporate Tax 35% koz RECENT AND UPCOMING CATALYSTS Accomplished Increased levels of purchased ore availability is strategically being used to i pro e the i e s e o o i s, operati g argi s a d i the preser atio of the i e s reser es i situ Upcoming Adamus pit cut back to be completed during Q Higher grades from Adamus pit to support AISC reduction Prestripping at Bokrobo deposit deposit expected to start in H

56 NZEMA MINE NZEMA MINE, GHANA Cutback expected to improve AISC in INSIGHTS Production and AISC 2016 was a transitional year for Nzema as ore feed was constrained to low grade ore mined and stockpiles, supplemented by purchased ore feed 110koz koz The 19% decrease in purchased ore grade and 7% decrease in purchased ore throughput was the key driver in the 20% reduction in gold production 88koz $1,167/oz 2017 OUTLOOK Following the cutback, Nzema is expected to generate healthy cash flows for the coming years As a result of the higher expected grades from the $1,064/oz Adamus pit following the cutback, production is expected to increase to koz in 2017 while AISC are expected to decrease to $895940/oz $ /oz To complement production from the Adamus pit, prestripping at the Bokrobo deposit is expected to start in the second half of the year 2015 Production Δ Tonnes Processed Δ Grade Processed Δ Recovery Rate Production Production 56

57 KARMA MINE KARMA MINE, BURKINA FASO Overview Karma Project Ouagadougou Houndé Project KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership 90% EDV, 10% Burkina Faso Resources (incl. of Reserves) M&I: 1.1 g/t for 2.981Moz Inferred: 1.3 g/t for 0.791Moz Reserves 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 2016A 62koz 2017E koz AISC (Minelevel) 2016A $738/oz 2017E $ /oz Mine life 8 years mine life based on reserves years from North Kao deposit (inferred resource) Tax regime 3% 5% sliding scale royalty / 17.5% Corporate tax 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 57

58 KARMA MINE KARMA, BURKINA FASO Continuing to Rampup Q42016 INSIGHTS Commercial production was declared on October 1, 2016 Production continued to ramp up as the higher grade Rambo pit complemented ore feed from the GG2 pit and stacking capacity continued to improve 2017 OUTLOOK Production in 2017 is expected to increase to koz as higher grade Rambo ore feed will complement that of the GG2 pit with contribution from the Kao pit in the later portion of the year. In addition, stacking capacity is expected to increase in the second half of the year following the completion of the plant optimization efforts. AISC are expected to range between $750800/oz Capacity at the processing facility is expected to further increase in the second half of the year following changes to the ROM layout, the replacement of the crushing circuit, and other plant optimization activities, which are expected to amount to $27 million. In addition, $8m is being spent to build a 200Man accommodation facility Producing at a runrate of koz per annum Production, koz June July 6.9 August November December 7.4 September October Process throughput continues to rampup Process optimization Rampup phase 2.5 Mtpa 4.0 Mtpa 3.0 Mtpa 1.5 Mtpa June September December Capacity expected by mid

59 KARMA MINE KARMA, BURKINA FASO North Kao Reserve Conversion Extended Mine Life To +10 Years 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, e te di g Kar a s i e life to e o d ears The North Kao mineralized structure remains open to the north and the potential exists for additional subparallel zones 2017 EXPLORATION In 2017, a $4 million exploration program totaling approximately 30,000 meters has been planned to drill nearmill targets such as Rambo West and Yabonsgo 59

60 KARMA MINE KARMA, BURKINA FASO 2017 Targets: YABONSGO Target (<10km from GG1) 60

61 KARMA MINE KARMA, BURKINA FASO 2017 Targets: Rambo West 61

62 KARMA MINE KARMA, BURKINA FASO Exploration strategy Targeting discovery of between 0.5 to 1.0 Moz at an average cost of $20/oz over the next 5 years with a budget of ~$15M to extend mine life to 15 years* New geological understanding and mapping in less than 6 months North Kao already added 2.5 year of mine life Near i e higher grades targets to e drilled i 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 ongoing evaluations *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. 62

63 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Overview QUICK FACTS (ON 100% BASIS) Karma Project Ouagadougou Houndé Project Ownership 90% EDV, 10% Burkina Faso Status Fully permitted, construction launched Production start date First gold pour expected Q Resources (incl. of Reserves) M&I: 2.1 g/t for 2.551Moz Inferred: 2.6 g/t for 0.274Moz Reserves 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 ownermining fleet LOMP SUMMARY (ON 100% BASIS) Processing Total ore processed, Mt Gold grade, g/t Contained gold, koz Recovery rate, % Production, koz Operating Costs Mining costs, $/t moved Processing costs, $/t Site G&A, $m/yr AISC, US$/oz ,057 93% 1, ECONOMIC RETURNS1 Gold Price (US$/oz) 1Based on 100% equity funding and equipment lease financing ²From production start $1,150 $1,200 $1,250 $1,300 1,350 Aftertax Project NPV (5%) $230 $286 $342 $398 $437 Aftertax Project IRR 24% 28% 32% 36% 39% Payback, years²

64 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing Ontime And Onbudget SIGNIFICANT ACHIEVEMENTS TODATE: Construction is progressing as planned, with over 65% completed Over 2.7 million manhours have been worked without LTI. The 38km long, 91kv overhead power line construction over 60% complete. First power from Sonabel is scheduled for August Open pit prestrip mining at the Main Vindaloo open pit, adjacent the processing facility, commenced in late Detailed engineering of the processing facility along with the design HAZOP has been completed, also ahead of schedule in November TSF progressing ahead of schedule with 60% already completed. CIL ring beam concrete pour was achieved in early August 2016, and the SAG and Ball Mill first lift on both plinths was completed by yearend. The construction of the water harvest dam decant system is complete, with water already being pumped to the water storage dam two months ahead of schedule. Construction of the 300person permanent accommodation village is approaching completion. Over 2,000 personnel including contractors are currently employed onsite, more than 94% of which are Burkinabe. Full backup 26Mw power gensets has been awarded. This is on schedule to be operational in Q The land compensation process has been successfully completed and resettlement commenced in early Procurement Was 80% Complete At Yearend $328m 26 contingency $210m 302 $100m Total Capex (incl. $26m contigency) Committed Capex (end of dec) Incurred Capex (end of Dec.) 64

65 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing Ontime And Onbudget CIL Tanks Primary Crusher SAG Mill First Lift Poured Village Resettlement 65

66 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Exploration Relaunched in OUTLOOK The Houndé exploration tenement covers +, k ² ithi Burki a Faso s highl 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 Exploration Targets in Proximity to the Planned Mill 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 66

67 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Main Promising Targets 67

68 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Exploration strategy 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* 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 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. 68

69 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK 3 4 DETAILS BY MINE AND PROJECT APPENDIX

70 APPENDIX BOARD MEMBERS Michael BECKETT Chairman, Nonexecutive Director Ian COCKERILL, Nonexecutive Director Olivier COLOM, Nonexecutive Director Ian HENDERSON, Nonexecutive Director Livia MAHLER, Nonexecutive Director Wayne MCMANUS, Nonexecutive Director Sébastien de MONTESSUS, CEO & President Naguib SAWIRIS, Nonexecutive Director 70

71 APPENDIX ENDEAVOUR IS BACKED BY LA MANCHA Sawiris fa il s i i g investment vehicle 31% Longterm growth supportive investor with focus on creating regional leaders 30% holding holding The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to real estate and telecommunications La Mancha vendedin 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$1.8B market cap since announcement of strategic partnership La Mancha vendedi the Frog s Leg a d 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 2.0 Partnership Announced Sep Dec15 Mar16 Jun16 Sep16 Dec Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 71