Corporate Presentation. June 2017

Transcription

1 Corporate Presentation June 2017

2 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 presentation contains forward-looking statements including but not limited to, statements with respect to Endeavour s plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as expects, expected, budgeted, forecasts and anticipates. Forwardlooking statements, while based on management s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour s most recent Annual Information Form filed under its profile at 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 , and has reviewed and approved the technical information in this presentation. 2

3 TABLE OF CONTENTS 1 CORPORATE OVERVIEW OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 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 7% 30% MANAGEMENT 1% Other INSTITUTIONAL Europe 62% North America Ticker Shares in Issue as of May 31 st Fully Diluted as of May 31st Share price* Market cap* Net Debt as of March 31, 2017 post LMA placement *As of June 15, 2017 TSX:EDV 96.5 m 97.0 m C$21.56 US$1,570m US$14m Share Price Performance Volume EDV share price In CAD Top Shareholders 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% 5

6 CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS Endeavour offers exposure to both near and long-term growth potential, in addition to current production Immediate Cashflow from PRODUCTION Near-Term Growth from PROJECTS Long-Term Upside 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 STRATEGIC MILESTONES FOR 2019 $1, koz +900koz Annual production 584koz koz $ koz 517koz 800$/oz All-in Sustaining Cost 167koz 220koz 317koz $922 $884 $ <$ year Mine life 83koz Group AISC Tabakoto, Mali Karma, Burkina Faso Youga, Burkina Faso Agbaou, Côte d Ivoire Houndé, Burkina Faso Nzema, Ghana Ity (Heap Leach), Côte d Ivoire Ity (CIL), Côte d Ivoire Assumes Ity construction starts H and first gold production in 2019 with Heap Leach operation ending once CIL starts 7

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

9 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Hands-on 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 Management Focus 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 Cash flow driven Safety First Lean and Efficient Operations Hands-On Management 9

10 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Safety is our first priority Lost Time Injury Frequency Rate m Man Hours in Q1-17 with only 1 LTI m Peer Group Average FY Q Houndé Agbaou (since start) Man Hours on Houndé with no LTI Operating track record Construction track record 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

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

12 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé is positioned to be Endeavour s flagship low cost mine Construction progress Progressing on-time with 85% completed On-budget with procurement complete and only ~35% of the capital remains to be spent Construction started in April 2016 with first gold pour expected in Q 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 owner-mining fleet Robust Project with after-tax IRR of +30% at US$1,250/oz Banfora (Gryphon) Mana (Semafo) Houndé Life of Mine Plan Konkera (Centamin) Yaramoko (Roxgold) Production based on reserves, koz 265koz $506/oz 231koz $645/oz 223koz $662/oz Karma Inata (Avocet) Ouagadougou 218koz $648/oz Bissa Hill (Nordgold) Essakane (IAMGOLD) Taparko (Nordgold) Burkina Faso Bomboré (Orezone) Youga (MNG) AISC/oz 184koz $901/oz Natougou (Semafo) Exploration upside expected to fill this shortfall 116koz $496/oz Year 1 Year 2 Year 3 Year 4 Year 5 to 8 Average Year 9 to 10 Average 12

13 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Ity CIL Feasibility Study Published in 2016 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 NPV 5% of $411m Quick payback of 2.1 years Significant improvement expected in H 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 H kozpa at AISC of US$507/oz on average over the first 5 years 163koz $477/oz 193koz $409/oz 134koz $608/oz 185koz $500/oz 150koz $582/oz 133koz $622/oz Ity Mine 103koz $608/oz Côte d Ivoire Agbaou Mine 124koz $554/oz Abidjan 109koz $638/oz $898/oz 53koz Year 1 Year 2 Year 3 Year 4 Year 5 Production based on reserves, koz Year 6 AISC/oz Year 7 Year 8 Year 9 Years 10 to 14 13

14 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa 14

15 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Screening And Ranking Methodology Exhaustive screening of all >200 potential targets First filtering 130+ target screened through multi-criteria data analysis CONSERVATIVE APPROACH SIMILAR TO THAT USED IN OIL & GAS INDUSTRY Strategic Prioritization Exploration budget required per target to reach Indicated resource level status 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-probability weighted potential per target High/Medium/Low Risked mean Indicated Resource per Target Full Details Provided in Appendix 15

16 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs Moz Moz 10-15Moz 5-year Indicated Resource Discovery Target Moz Moz Moz Moz Greater Ity Houndé Tabakoto Agbaou Karma Côte d Ivoire Regional Significant success over the last 4 years Significant amount of data available Many known targets based on 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 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 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 g/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. 16

17 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: Low Discovery Costs Exploration budget $55m $45m Average discovery cost $35-40m Annual budget $30m $25m $11/oz $15/oz $15/oz $25/oz $15m $20/oz $10m $13/oz <$15/oz Anticipated average discovery costs Greater Ity Houndé Tabakoto Agbaou Karma Côte d Ivoire Regional 17

18 CORPORATE PRESENTATION 3 UNLOCK EXPLORATION VALUE Exploration Strategic Review Output: What are the priorities? 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 4 th year PRIORITIES: i. Ity Greater Area ii. Houndé to prolong mine life iii. Tabakoto and Agabou exploration will be success driven 100% 23% 13% 18% 25% 13% 8% % 100% 23% 22% 20% 25% % 100% 20% 26% 20% 21% 4% 10% % 6% 35% 9% 35% 2% 13% 2020 Tabakoto Hounde Agbaou Ity Regional CI Karma and Regional 100% 6% 27% 4% 43% 7% 12%

19 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio AISC, US$/oz $1,200/oz $1,150/oz $1,100/oz Youga SOLD Cut-back Tabakoto ( koz) Nzema ( koz) $1,050/oz $1,000/oz $950/oz $900/oz Ity HL (75-80koz) Possibility to run HL in parallel Agbaou ( koz) Houndé +250koz starting Q Karma ( koz) $850/oz $800/oz $750/oz $700/oz $650/oz $600/oz Bubble size represents production Ity CIL 165koz starting Mine life, years Côte d Ivoire Burkina Faso Ghana Mali $550/oz $500/oz $450/oz 19

20 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT All-in Sustaining Margin Now More Diversified All-In Sustaining Margin From Mines- Breakdown by Operation Excludes Exploration and Corporate Costs Ity Youga 0% Karma 17% 26% 10% Tabakoto 1% Nzema $43m Q % Agbaou Ity 10% Tabakoto 20% $57m Q % 39% Agbaou Nzema 20

21 CORPORATE OVERVIEW PORTFOLIO & BALANCE SHEET MANAGEMENT 4 Healthy Net Debt of $14m despite Hounde spend being 65% complete Net Debt Evolution Net debt Net Debt / trailing 12-month Operating EBITDA ratio Liquidity and Financing Sources at March 31, x $144m 0.89x $136m $87m Cash Position 31-Dec Mar x $83m 30-Jun x $14m 30-Sep x $26m 31-Dec x $62m 31-Mar-17 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 0.06x $14m 31-Mar-17 PF Post placement $48m La Mancha placement (April) $345m As of Mar 31 st, 2017 $210m Undrawn RCF 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 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 As at March 31, 2017 ~$420m Net Free Cash flow from current mine operations including Houndé start in Q (@$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 own cashflow Potential liquidity buffer (@ $1,250/oz) Ity CIL project costs ~$300m $210m Ity Equipment Financing (expected) Undrawn RCF Objective to keep leverage in a maximum range of 0.5x-1.0x Remaining Houndé project costs ~$120m $87m Existing cash balance Funding requirements Liquidity Sources 22

23 CORPORATE OVERVIEW KEY 2016 ACHIEVEMENTS RESET STRATEGY STREAMLINE ORGANIZATION IMPROVE GOVERNANCE MANAGE PORTFOLIO DELEVERAGE BALANCE SHEET IMPROVE INVESTOR RELATIONS 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 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) 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 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 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 Clarified equity story Increased management presence and marketing Improved transparency 23

24 CORPORATE OVERVIEW UPCOMING CATALYSTS Immediate Cashflow from Production 2017 OUTLOOK: Gold production expected to increase to koz (excluding Houndé) AISC expected to decrease further to $ /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 Near-Term Growth from Projects 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 Long-Term Upside from Exploration 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 24

25 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

26 2017 OUTLOOK 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 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. 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 GROUP-WIDE PRODUCTION 583, , ,000 AISC Guidance, $/oz In US$/oz 2016 ACTUAL 2017 GUIDANCE Agbaou Tabakoto 1, Nzema 1, Ity Karma MINE-LEVEL AISC Corporate G&A Sustaining exploration GROUP AISC

27 2017 OUTLOOK 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 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. Capital and Exploration Spend Guidance, $m In US$m Sustaining Capital Non-Sustaining Capital Growth Projects Agbaou Tabakoto Nzema Ity Karma Houndé Total Free Cash Flow Guidance, $m Exploration Guidance, $m Agbaou 7 Tabakoto 9 Ity 10 Karma 4 Houndé 5 Exploration Expenditures for Mines 35 Grassroots exploration expense 5 Total Exploration Expenditures 40 in US$m $1,100/oz $1,200/oz $1,300/oz NET REVENUE (based on production guidance mid-point) 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 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)

28 Q1 RESULTS ALL MINES ON TRACK TO MEET GUIDANCE Back to normalized production after record Q4-16 performance Production and AISC from continuing operations 138koz 123koz 146koz 175koz Records at Agbaou and Tabakoto 159koz $889/oz $901/oz $898/oz $855/oz $905/oz Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 INSIGHTS BY MINE Production, koz AISC, $/oz KARMA NZEMA AGBAOU ITY TABAKOTO 29koz $738/oz 32koz $748/oz 24koz $1,118/oz 26koz $951/oz 57koz $532/oz $660/oz 42koz 17koz $827/oz 16koz $879/oz 48koz $927/oz 43koz $975/oz Q Q OUTLOOK Q Q OUTLOOK Q Q OUTLOOK Q Q OUTLOOK Q Q OUTLOOK Youga production and AISC have been removed from continuing operations 28

29 Q1 RESULTS IMPROVED MARGINS DESPITE INCREASED EXPLORATION Driven by improvements at Tabakoto, Nzema, and the addition to portfolio management with Karma PRODUCTION VARIATION Q1-16 vs Q1-17 Bridge 159koz 132koz (8koz) (1koz) +6koz +4koz (6koz) +32koz AISC: +26% AISC: -18% AISC: -9% AISC: +24% Q Youga (sold) Agbaou Nzema Tabakoto Ity Karma Q ALL-IN SUSTAINING MARGIN VARIATION Q1/16 vs Q1/27 Bridge, in $m (0.9) $49.5m (3.2) $46.3m +9.8 $36.7m $1,190/oz (0.2) Fresh ore cost impact (4.9) (4.8) Higher AISC, expected to decrease +35% $1,192/oz Q Youga (sold) Agbaou Nzema Tabakoto Ity Karma Corporate Q Exploration Q (pre-explo) 29

30 Q1 RESULTS INCREASED FREE CASH FLOW FROM OPERATIONS QUARTER ENDED, (in US$ million) MAR. 31, 2017 MAR. 31, 2016 GOLD SOLD, koz Gold Price, $/oz 2 1,190 1,192 REVENUE Total cash costs (114) (83) Royalties (10) (7) Corporate costs (6) (5) Sustaining capex 3 (12) (11) Sustaining exploration (5) (2) ALL-IN SUSTAINING COSTS ( AISC ) (147) (107) ALL-IN SUSTAINING MARGIN Less: Non-sustaining capital (7) (4) Less: Non-sustaining exploration 4 (7) (1) FREE CASH FLOW BEFORE GROWTH PROJECTS (and before working capital, tax & financing costs) Working capital infow (outflow) 5 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 6 (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 INSIGHTS 1. Gold sales up 34% mainly due to the acquisition of Karma, the deconsolidation of 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 30

31 Q1 RESULTS NET EARNINGS BREAKDOWN All-In Sustaining Margin to Adjusted Net Earnings Bridge For the 3-month period ended March 31, 2017 $46m $17m $2m $36m (in US$ million) A = Adjustments made QUARTER ENDED March 31, 2017 March 31, 2016 Gold Revenue Operating expenses (120.1) (84.0) Depreciation and depletion (36.1) (26.2) Royalties (9.9) (6.6) Earnings from mine operations Corporate costs (5.9) (4.8) Transaction and restructuring costs A (1.5) (1.2) Share based expenses A (7.6) (2.6) Exploration (2.2) (0.9) Earnings from operations $2m $6m $3m $14m (Losses)/gains on financial instruments A (9.1) (2.9) Finance costs (5.9) (6.8) Other income (expenses) A Earnings (loss) from continuing operations before taxes (1.7) 8.0 Current income tax expense (2.6) (2.3) Deferred taxes recovery A Net (loss)/earnings from discontinued operations A - (3.3) All-In Sustaining Margin Add-back: Sustaining Capital Deduct: Deduct: Exploration Depreciation Expense Deduct: Non-cash Expenses Deduct: Finance Costs Deduct: Taxes Adjusted Net Earnings Total net and comprehensive earnings (loss) (2.2)

32 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

33 AGBAOU MINE AGBAOU MINE, CÔTE D IVOIRE Overview Ity Mine Côte d Ivoire Agbaou Mine Abidjan QUICK FACTS (ON 100% BASIS) Ownership Resources (incl. of Reserves) Reserves Processing Rate Open Pit Strip Ratio Gold Recovery Mining Type 85% EDV, 10% Côte d Ivoire, 5% SODEMI M&I: 2.4 g/t for 1.004Moz Inferred: 1.7 g/t for 0.060Moz 2.4 g/t for 0.853Moz Up to 2.6 Mtpa Gravity/CIL plant - oxides; 1.6 Mtpa fresh 8.1 to 1 (2016A) Achieving 95% at present; 92.5% design Open Pit Contractor Mining Production AISC (mine-level) Expected Mine Life Royalty Corporate Tax 2014A 2015A E 2014A $621/oz 2015A $576/oz 2016A $534/oz 2017E - $ /oz 7 years from current Reserves 3% - 5% sliding scale 25% (5 year corporate tax holiday) 147koz 181koz 196koz koz RECENT AND UPCOMING CATALYSTS Accomplished - Fully repaid shareholder loans in <2 years, in Nov Commissioned secondary crusher on time and on budget in July 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 33

34 AGBAOU MINE AGBAOU MINE, CÔTE D IVOIRE Agbaou production decreased to be in line with guidance 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 over the coming quarters, while AISC are expected to remain within the guided $ /oz range Continuing to progress toward 50/50 hard ore blend in Q After achieving an exceptional 2016, Agbaou is expected to return to a more normalised and sustainable annual production rate of 175, ,000 ounces in 2017, with fresh ore representing up to 50% of tonnes processed Production and AISC Production, koz AISC, US$/oz 43koz 46koz Insight: Q1 decreased due to temporary lower grades Tonnes milled, kt Grade milled, g/t Au 57koz 49koz $550/oz $525/oz $525/oz $532/oz 42koz Q Q Q Q Q g/t 660/oz 654kt 743kt 709kt 721kt 683kt 2.21 g/t 2.05 g/t 2.15 g/t 2.09 g/t Q Q Q Q Q Fresh: 0% 0% 15% 8% 30% 34

35 AGBAOU MINE AGBAOU MINE, CÔTE D IVOIRE Exploration program is still on-going INSIGHTS The ongoing exploration campaign, which commenced in April 2016 is expected to be completed in H 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 Agbaou Site Map 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 H An exploration budget of $7 million has been planned for 2017, totaling approximately 45,000 meters of drilling 35

36 AGBAOU MINE AGBAOU MINE, CÔTE D IVOIRE Numerous gold in soil anomalies over Mag > 50 ppb 36

37 AGBAOU MINE AGBAOU MINE, CÔTE D IVOIRE 5 year exploration targets Auger & RC drilling 37

38 AGBAOU MINE AGBAOU MINE, CÔTE 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. 38

39 TABAKOTO MINE TABAKOTO MINE, MALI Overview Tabakoto Mine Bamako Mali QUICK FACTS (ON 100% BASIS) Ownership Resources (incl. of Reserves) Reserves Open Pit Strip Ratio Processing Rate 80-90% Endeavour depending on pit, remainder government of Mali M&I: 3.0 g/t for 1.844Moz Inferred: 3.5 g/t for 0.908Moz 3.1 g/t for 0.615Moz 10.4 to 1 (2016A) Gold Recovery 92% - 95% Mining Type Production 1.4 Mtpa Gravity/CIL Plan Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine 2014A 2015A 2016A 2017E 127koz 152koz 163 koz koz AISC (mine-level) 2014A $1,335/oz 2015A $1,067/oz 2016A $1,027/oz 2017E - $ /oz Expected Mine Life Royalty 6% Corporate Tax 30% RECENT AND UPCOMING CATALYSTS Accomplished 4+ years from current Reserves - 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 39

40 TABAKOTO MINE TABAKOTO MINE, MALI Continued good performance in Q Q1-17 vs. Q4-16 INSIGHTS: Production and AISC trending in line with expectations with AISC maintained within $ /oz guidance Production decreased and AISC increased due to lower grade open pit ore 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 ounces at AISC of $ /oz Production and AISC Production, koz 39koz Q Tonnes and Grade AISC, US$/oz 39koz Q koz $1,119/oz $1,071/oz $1,061/oz $1,071/oz Tonnes Processed, kt 406kt 3.10 g/t Q kt Q Q Processed grades, g/t Au 381kt 3.31 g/t 3.11 g/t Q koz $927/oz Q kt 3.93 g/t Q koz $975/oz Q kt 3.50 g/t Q

41 TABAKOTO MINE TABAKOTO MINE, MALI New discoveries made in 2016 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 Q around Kofi C Fougala and Kreko open-pit targets, located less than 7km away from Tabakoto facilities. Will be delineated early Q 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 Tabakoto Site Map 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 Kreko Fougala Tabakoto Site Map 41

42 TABAKOTO MINE TABAKOTO MINE, MALI Surface target priority ranking Côte d Ivoire 75 targets identified, 7 Priority 1 (2017) Areas under transported cover identified 42

43 TABAKOTO MINE TABAKOTO MINE, MALI Kofi land package main target area Côte d Ivoire 43

44 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 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 koz for the next 2-3 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. 44

45 ITY MINE ITY MINE, CÔTE D IVOIRE Overview Ity Mine Côte d Ivoire Agbaou Mine Abidjan QUICK FACTS (ON 100% BASIS) Ownership Resources (HL + CIL) (incl. of Reserves) Reserves (HL+CIL) Open Pit Strip Ratio Processing Rate 80% EDV, 15% Côte d Ivoire, 5% private M&I: 1.6 g/t for 2.779Moz Inferred: 1.5 g/t for 1.406Moz 1.5 g/t for 2.123Moz 4.2 to 1 (2016A) 950ktpa HL Gold Recovery 81% Mining Type Production AISC (mine-level) Open pit / Heap Leach 2015A 2016A 2017E 2016A $756/oz 2017E - $ /oz 81koz 76koz 75-80koz Mine life Royalty 3 years from current Reserves + addition potential 3% - 5% sliding scale Corporate Tax 25% RECENT AND UPCOMING CATALYSTS Accomplished - Increased heap leach capacity from 0.6mtpa to 1.0mtpa in 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

46 ITY MINE ITY HEAP LEACH MINE, CÔTE D IVOIRE Production remained fairly stable, uplift expected in upcoming quarters Q1-17 vs. Q4-16 INSIGHTS: Production remained relatively flat over 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 Production and AISC Production, koz AISC, US$/oz 22koz 21koz 15koz $710/oz $775/oz $724/oz 17koz $827/oz 16koz $879/oz OUTLOOK Production and cost profile is expected to improve due to: - Grade profile is expected to increase by starting to mine Bakatouo in Q 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 $ /oz Q Q Q Ity mine extraction Tonnes stacked, kt Grade milled, g/t Au 303kt 304kt 271kt 2.53g/t 2.10g/t 1.90g/t Q Q Q Q kt 2.00g/t Q Q kt 1.90g/t Q

47 ITY MINE ITY MINE, CÔTE D IVOIRE Exploration added 515koz in 2016 and outlined new targets NEW DISCOVERIES MADE IN 2016 INCLUDE: Ity Mine Drilling Targets Bakatouo and Colline Sud discoveries (515koz of M&I resources) with additional infill and extension drilling initiated in Q Several targets confirmed mineralization 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 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 47

48 ITY MINE ITY MINE, CÔTE D IVOIRE Ity CIL Feasibility Study Published in 2016 Long-life Low Cost Project Long 14-year reserves mine life Côte d Ivoire Low AISC of $542/oz over first 9 years Ity Mine Solid production of 144kozpa over first 9 years Robust Project Economics (based on $1,250/oz) After-tax IRR of 36% 165kozpa at AISC of US$507/oz on average over the first 5 years Agbaou Mine Abidjan After-tax NPV5% of $411m Quick payback of 2.1 years Significant improvement expected in H 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 163koz $477/oz 193koz $409/oz 134koz $608/oz 185koz $500/oz 150koz $582/oz 133koz $622/oz 103koz $608/oz 124koz $554/oz 109koz $638/oz $898/oz 53koz Well-positioned with strong liquidity sources to take final investment decision in H Year 1 Year 2 Year 3 Year 4 Year 5 Production based on reserves, koz Year 6 AISC/oz Year 7 Year 8 Year 9 Years 10 to 14 48

49 ITY MINE ITY MINE, CÔTE D IVOIRE Summary of independent feasibility study for CIL Project Independent CIL Feasibility Study prepared by: Lead Consultant: Contributions from: Ity CIL Project DFS highlights LIFE OF MINE PRODUCTION Strip ratio, w:o 2.1 Tonnes of ore processed, Mt Grade processed, Au g/t Gold content processed, Moz 41.0 Mt 1.42 g/t 1.88Moz Gold recovery, % 83% Gold production, Moz Mine life, years Average annual gold production, koz 1.56Moz 14 years 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 Source: Ity CIL Feasibility Study 49

50 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Feasibility Study to be optimized in Q 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 Deposits to be added in the study Significant opportunity to delineate additional resources at known deposits and make new discoveries 50

51 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-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 PROBABLE RESERVES INDICATED RESOURCES INFERRED RESOURCES Deposits on a 100% basis. Tonnage Grade Content Tonnage Grade Content Tonnage Grade Content 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 Mont Ity / Ity Flat Gbeitouo Walter Zia NE Bakatouo Colline Sud Total Open Pits , , ,172 Existing Stockpiles Aires Teckraie Verse Ouest Total Stockpiles TOTAL , , ,410 51

52 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE New High Quality Near Mine Exploration Targets 52

53 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Multiple high grade trends discovered in the 100%-owned Le Plaque area 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 occurs 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 Q

54 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Greater Ity: Exploration Program in Tiepleu/Floleu 54

55 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE 80km underexplored Birimian corridor 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% ownership 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 Mine Birimian corridor 55

56 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Greater Ity Regional Gold in Soil (> 100 ppb) Anomalies PR609 East Cavally Several Targets Gnamapleu Granite-Gneiss Birrimian meta sediments and green belt PR558 Le Plaque Area Several Targets GUEYA area Several targets GBAMPLEU No Geochemical data at all No Exploration Historical Sparse 400x100m Grid on PR462 Except on few selected targets Mt BA Area Several targets 56

57 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE Greater Ity: Exploration Targets Toulepleu Auger drilling RC drilling 57

58 ITY MINE ITY CIL PROJECT, CÔTE D IVOIRE How significant is Greater Ity area? SEMAFO Controlled MANA TREND EDV Controlled Greater ITY TREND 58

59 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 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 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. 59

60 NZEMA MINE NZEMA MINE, GHANA Overview Nzema Mine Ghana Accra QUICK FACTS (ON 100% BASIS) Ownership Resources (incl. of Reserves) Reserves Open Pit Strip Ratio Processing Rate Gold Recovery Mining Type Production 90% EDV, 10% government of Ghana M&I: 1.S g/t for 1.431Moz Inferred: 1.3 g/t for 0.243Moz 2.7 g/t for 0.291Moz 8.3 to 1 (2016A) 1.6 Mtpa Gravity/CIL plant 91% to 75% depending on ore type Open Pit Contractor Mining 2014A 2015A 2016A 2017E 115koz 110koz 88koz koz AISC (mine-level) 2014A $1,036/oz 2015A $1,064/oz 2016A $1,167/oz 2017E - $ /oz Expected Mine Life Royalty Corporate Tax 35% RECENT AND UPCOMING CATALYSTS Accomplished 4 years from current Reserves 5% (+1% 3rd party at Adamus pits) - Adamus pit cut back completed during Q Decreased dependency on purchased ore due to higher grades coming from our own 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 H

61 NZEMA MINE NZEMA MINE, GHANA Stronger production due to cut-back, despite lower purchased ore Q1-17 vs. Q4-16 INSIGHTS: Production benefited from the completion of the Adamus cut-back in Q 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 Production and AISC Production, koz AISC, US$/oz 24koz 20koz 20koz $1,266/oz $1,158/oz $1,136/oz Q Q Q Purchased Ore Ore tonnes purchased, kt Grade purchased, g/t 141kt 24koz $1,118/oz Q koz $951/oz Q koz planned in 2017 to $ /oz, as AISC are expected to continue to decline throughout the year 79kt 112kt 92kt 78kt To complement production from the Adamus pit, pre-stripping at the Bokrobo deposit is expected to start in the second half of the year 3.09g/t Q g/t Q g/t Q g/t Q g/t Q

62 KARMA MINE KARMA MINE, BURKINA FASO Overview Houndé Project Karma Project Ouagadougou KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership Resources (incl. of Reserves) Reserves 90% EDV, 10% Burkina Faso M&I: 1.1 g/t for 2.981Moz Inferred: 1.3 g/t for 0.791Moz 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 2017E 62koz koz AISC (Mine-level) 2016A $738/oz 2017E - $ /oz Mine life Tax regime 8 years mine life based on reserves years from North Kao deposit (inferred resource) 3% - 5% sliding scale royalty / 17.5% Corporate tax RECENT AND UPCOMING CATALYSTS Accomplished - First gold production achieved on April 11 th 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

63 KARMA MINE KARMA, BURKINA FASO Production continued to ramp-up with increased processing efficiency Q1-17 vs. Q4-16 INSIGHTS: Production and AISC 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 Production, koz AISC, US$/oz 20koz 29koz 32koz AISC remained fairly stable despite lower grades and increased drill and blasting requirement from hard rock in the mining sequence 12koz $738/oz $748/oz OUTLOOK On track to meet koz production at AISC of $ /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 of the plant optimization project, which is progressing on-time Q Tonnes Stacked and Grade Tonnes stacked, kt 356kt 1.18/t Q Q Q Q kt Grade milled, g/t Au 1.21/t 853kt 1.14/t 954kt 1.07g/t Q Q Q

64 KARMA MINE KARMA, BURKINA FASO North Kao Reserve Conversion Extended Mine Life To +10 Years 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 Karma Site Map 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 64

65 KARMA MINE KARMA, BURKINA FASO 2017 Targets: YABONSGO Target (<10km from GG1) 65

66 KARMA MINE KARMA, BURKINA FASO 2017 Targets: Rambo West 66

67 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 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 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. 67

68 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Overview Houndé Project Karma Project Ouagadougou QUICK FACTS (ON 100% BASIS) Ownership Status 90% EDV, 10% Burkina Faso Fully permitted, construction launched Production start date First gold pour expected Q Resources (incl. of Reserves) Reserves Mine Type LOM Strip Ratio 8.4 Processing Rate Gold Recovery 93% Upfront Capital (US$M) LOMP SUMMARY (ON 100% BASIS) M&I: 2.1 g/t for 2.551Moz Inferred: 2.6 g/t for 0.274Moz 2.1 g/t for 2.075Moz Open pit 3.0 Mtpa Gravity / CIL plant $328m, inclusive of $47m for the owner-mining fleet 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 Site G&A, $m/yr 9.8 AISC, US$/oz 709 ECONOMIC RETURNS 1 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 Based on 100% equity funding and equipment lease financing ²From production start 68

69 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget 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 Open pit pre-strip mining at the Main Vindaloo open pit, adjacent to the processing facility, commenced in late December 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 onsite, more than 94% of which are Burkinabe A full back-up 26Mw power station has been ordered and construction of the foundations is underway. This is on schedule to be operational in Q The land compensation process has been successfully completed Only ~35% of the capital remains to be spent $328m $26m contingency $302m Total Capex (incl. $26m contigency) Life of Mine Plan Production based on reserves, koz 265koz $506/oz 231koz $645/oz 223koz $662/oz 218koz $648/oz $207m $160m Spent $47m Capex Spend (end of March 2017) AISC/oz Exploration upside expected to fill this shortfall 184koz $901/oz Mining Fleet 116koz $496/oz Year 1 Year 2 Year 3 Year 4 Year 5 to 8 Average Year 9 to 10 Average 69

70 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Construction Progressing On-time And On-budget Mill Heads Installation Mining Activities Started in Early 2017 Top of CIL Steel Tanks Village Resettlement 70

71 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Exploration Re-launched in 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 Exploration Targets in Proximity to the Planned Mill 71

72 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Main Promising Targets 72

73 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

74 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK & Q1 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

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

76 APPENDIX ENDEAVOUR IS BACKED BY LA MANCHA Sawiris family s mining investment vehicle 30% holding Long-term growth supportive investor with focus on creating regional leaders The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to real estate and telecommunications 31% holding La Mancha vended-in the Ity mine and $63m of cash La Mancha then contributed $65m following the acquisition of Truegold Participated in bought deal with C$20m Endeavour has grown from a US$250m to a US$1.8B market cap since announcement of strategic partnership 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 Partnership Announced Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 76