CORPORATE PRESENTATION. December 2017

Transcription

1 CORPORATE PRESENTATION December 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. Jeremy Langford, Endeavour s Chief Operating Officer - Fellow of the Australasian Institute of Mining and Metallurgy FAusIMM, is a Qualified Person under NI , and has reviewed and approved the technical information in this news release. 2

3 TABLE OF CONTENTS 1 CORPORATE OVERVIEW OUTLOOK & Q3 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

4 CORPORATE OVERVIEW ENDEAVOUR MINING OVERVIEW A premier African gold producer with a strong presence in West-Africa 4,000 EMPLOYEES WORLDWIDE SENEGAL GAMBIA GUINEA- BISSAU GUINEA Tabakoto Mine MALI Bamako Kalana Mine Houndé Mine Karma Mine BURKINA FASO Ouagadougou Koz 2017 PRODUCTION TARGET FROM CONTINUING OPERATIONS $ /oz 2017 AISC TARGET FOR CONTINUING OPERATIONS SIERRA LEONE LIBERIA Ity Mine and CIL Project CÔTE D IVOIRE Agbaou Mine GHANA Abidjan Operations Office 9.8Moz RESERVES 15.4Moz M&I RESOURCES 10-15Moz 5-YEAR DISCOVERY TARGET All amounts presented on a Pro-forma basis: Nzema (Ghana) reserves and resources deconsolidated (full year) and Kalana reserves and resources added 4

5 CORPORATE OVERVIEW COMPANY PROFILE Shareholder Distribution RETAIL LA MANCHA MANAGEMENT Other INSTITUTIONAL Europe Ticker Shares in Issue* Share price as at Nov. 23rd Market cap Net Debt pro-forma* as at Sept. 30 th TSX:EDV 106 m C$23.60 US$2.0B US$191m 7% 30% 1% 62% North America * Sept 30, 2017 Pro-forma includes $28m of cash held at the Nzema held-for-sale asset and $30m of La Mancha private placement which was received after quarter-end Share Price Performance Top Shareholders Volume EDV share price In CAD Rank Institution Name % of S/O 1 LA MANCHA HOLDING S.A.R.L. 30% 2 BlackRock Investment Management (UK) 8.3% 3 Van Eck Associates Corporation 8.0% 4 M & G Investment Management Ltd. 4.2% 5 Oppenheimer Funds, Inc. 3.9% 6 RBC Global Asset Management Inc. 2.8% Fiera Capital Corporation 2.1% 8 Investec Asset Management Ltd. 1.9% 9 Ruffer LLP 1.7% 10 Quaker Capital Management Corporation 1.3% 5

6 CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS Exposure to near & long-term growth potential, in addition to current production Daoukro Cluster (Ivory Coast) Kofi Trend (Mali) Floleu (Ivory Coast Ity trend) Siguiri (Guinea) Sissedougou JV (Ivory Coast) Bondoukou Cluster (Ivory Coast) Kalana Hounde (completed) Hounde Sia/Sianikoui (Hounde trend) Fougadian (Mali) Liguidi (Burkina Faso) Tiepleu (Ity trend) Kari/Kari Pump (Hounde trend) Ity CIL Liptako (Niger) Preparation Mt. Ba/Gueya (Ivory Coast Ity trend) Drilling on-going Fetekro (Ivory Coast) LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION Resource stage DFS Stage Construction NEAR-TERM GROWTH FROM PROJECTS Mines Projects Brownfield target / stand-alone potential Greenfield target IMMEDIATE CASH FLOW FROM PRODUCTION 6

7 CORPORATE OVERVIEW PRODUCTION AND AISC PROFILE Key objective is to reduce the group s AISC and extending mine lives STRATEGIC OBJECTIVE For 2019 $1,317/oz +900koz +900koz +800koz Annual production $1,010/oz $922/oz $895/oz $ /oz koz koz 800$/oz All-in Sustaining Cost 317koz 462koz 517koz 584koz koz <$800/oz 10+ year Mine life Group AISC Houndé, Burkina Faso Ity (Heap Leach), Côte d Ivoire Youga, Burkina Faso Kalana, Mali Karma, Burkina Faso Tabakoto, Mali Ity (CIL), Côte d Ivoire Agbaou, Côte d Ivoire Nzema, Ghana 7

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

9 EO CORPORATE INTRODUCTION OVERVIEW 1 OPERATIONAL EXCELLENCE Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director 3h10 2h40 Vincent Benoit EVP CFO & Corporate Development Morgan Carroll EVP Corporate Finance & General Counsel Henri de Joux EVP People, Culture & IT 2h 2h Abidjan Based Jeremy Langford COO 1h35 35min Patrick Bouisset EVP Exploration & Growth Pascal Bernasconi EVP Public Affairs, CSR & Security hours Flight time 200km 9

10 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Safety is our key priority Lost Time Injury Frequency Rate m 0.40 Man Hours for operations YTD with only 3 LTI m Peer Group Average FY2016 Last 12-months 0.00 Houndé (since start) 0.00 Agbaou 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 LAUNCHED IMPROVEMENTS ACROSS THE GROUP Transforming From Stand Alone Units To Integrated Group TABAKOTO ZERO BASE PLAN CSR GOVERNANCE GROWING LOCAL TALENT FOCUSED ON OPERATIONAL EXCELLENCE COST REDUCTION WORKING CAPITAL IT SYSTEMS SUPPLY CHAIN 11

12 CORPORATE OVERVIEW 1 OPERATIONAL EXCELLENCE Proven track record of meeting guidance 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 $165m 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 $28m $35m $85m $1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,250/oz Guidance LTM *Nzema sale: $20m payment to be received in

13 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Adding +600koz at an average AISC of <$700/oz over the next 3 years KALANA ITY CIL Houndé ndé, Burkina Faso CIL), Côte d'ivoire Houndé Completed +235koz at AISC of <$650/oz Ity CIL Construction DFS Optimization +235koz at AISC of <$500/oz Construction +150koz at AISC of <$700/oz Kalana, Mali GREENFIELD EXPLORATION Resource Definition Studies Construction

14 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé became Endeavour s new flagship low cost mine Built ahead of schedule and below budget Commercial production declare Nov 1, 2017, 2 months ahead Completed $15 million below the initial $328 million budget Running at nameplate capacity with all key parameters in line with DFS Expected to produce between 30-35koz at an AISC of $ /oz for Q Project Highlights 10-year mine life based on current reserves + significant exploration upside Average production of 190kozpa at AISC of US$709/oz Robust Project with after-tax IRR of +30% at US$1,250/oz Banfora (Gryphon) Life of Mine Plan Mana (Semafo) Houndé 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 Exploration upside expected to fill this shortfall 184koz $901/oz Natougou (Semafo) 116koz $496/oz Year 1 Year 2 Year 3 Year 4 Year 5 to 8 Average Year 9 to 10 Average 14

15 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Ity CIL Project construction launched in September 2017 Long-life Low Cost Project Long 14-year reserves mine life Low AISC of $494/oz over first 5 years Solid production of 235kozpa over first 5 years Robust Project Economics (based on $1,250/oz) After-tax IRR of 40% After-tax NPV5% of $710m Quick payback of 2 years Capex of $410m of which $61m of equipment leasing Production Profile Production AISC 250koz 250koz 238koz 213koz 224koz 201koz Exploration potential 190koz 162koz 159koz 151koz First gold pour expected for mid-2019 $407/oz $484/oz $493/oz $567/oz $532/oz $612/oz $677/oz $643/oz Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Source: 2017 Optimization Study 15

16 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Kalana is a high-quality project with significant optimization potential Feasibility-stage project 1.2Mtpa CIL plant Single open-pit reserve of 1.96Moz at 2.8 g/t 18-year mine life Low AISC cost operation with $730/oz over life of mine After-tax NPV 5% of $321m and after-tax IRR of 50% based on a gold price of $1,200/oz Endeavour intends to re-design the current feasibility study Expand the plant capacity Increase the average annual production and shorten the mine life Integrate synergies Integrate exploration upside Production Profile 203koz $446/oz Production Year 1 170koz $598/oz Year 2 AISC 123koz $676/oz Year 3 Tabakoto Mine Bamako Kalana Project 123koz $689/oz Year 4 119koz $865/oz Year 5 Mali Optimization potential for +150kozpa $976/oz 88koz Avg. Years 6-10 $703/oz 66koz Avg. Years Numbers presented are Based on Anvel s the Optimised Feasibility Study dated Jan. 9,

17 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Amongst Largest and Most Promising Portfolios in West Africa 10,090 km² EXPLORATION TENEMENTS +200 EXPLORATION TARGETS 15.4Moz M&I RESOURCES 10-15Moz 5-YEAR DISCOVERY TARGET 17

18 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 18

19 CORPORATE OVERVIEW 3 UNLOCK EXPLORATION VALUE Starting To Deliver Our Against 5-year Strategy Moz Moz 10-15Moz 5-year Indicated Resource Discovery Target Moz 1.5Moz Discovered 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 additional targets for Limited exploration (mainly focused on converting inferred) Focus on pit extensions and parallel trends Targets backed by geochem anomalies Previously owned by junior with lack of fund for exploration North Kao already added 2.5 years of mine life Many near mill targets One of the largest exploration tenements in the country Several advanced exploration targets based 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. 19

20 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 20

21 CORPORATE OVERVIEW 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%

22 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio PORTFOLIO IN 2015 PORTFOLIO IN 2017 AISC, $/oz $1,200 AISC, $/oz $1,200 $1,150 $1,100 $1,050 $1,050 $850 $650 $450 Youga Tabakoto Nzema Agbaou Ity HL Tabakoto Assessment expected by mid-2018 Agbaou Houndé Karma Kalana Potential $1,000 $950 $900 $850 $800 $750 $700 $650 $600 Mine life, years Ity CIL $550 $ Mine life, years $450 Bubble size represents production Côte d Ivoire Burkina Faso Ghana Mali 22

23 Q RESULTS 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Significant headroom to fund projects CORPORATE OVERVIEW Circa $60m Fully funded without mine cash flow ~$440m $327m Up to $65m Ity Capex $200m Undrawn RCF $127m Cash 1 Hounde remaining capex (as at Sept 30, 2017) Liquidity Sources (as at end of Sept 2017) Nzema Sale Ity Equipment Financing Expected Mine CF until start of Ity CIL (mid-2019) Sources of Funding Growth Projects Notes: 1) Includes $30m of La Mancha private placement which was received after quarter-end and excludes $28m of cash held at the Nzema held-for-sale asset 23

24 CORPORATE OVERVIEW 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Conservative leverage target Net debt to EBITDA ratio 4.00x 3.50x 3.28x 3.00x 2.50x 2.00x 1.80x 1.50x 1.00x 0.90x 0.98x Target during construction periods 0.50x 0.00x 0.11x Long-term target post construction Q3 end LT 24

25 CORPORATE OVERVIEW UPCOMING CATALYSTS Immediate Cashflow from Production 2017 OUTLOOK: Gold production guidance increase to koz with Hounde AISC guidance to decrease to below $900/oz with Hounde Free Cash Flow (before growth projects, interest, WC, tax and financing cost) expected to increase to $165m, based on the 2016 realized gold price of circa $1,250/oz Near-Term Growth from Projects HOUNDÉ: Contribution to Group free cash flow generation starting Q ITY CIL PROJECT: Construction launched in September with first gold pour expected by mid-2019 KALANA PROJECT: Optimization study expected by end of 2018 Long-Term Upside from Exploration DELIVERY OF 5-YEAR EXPLORATION STRATEGY: Target of Finding 10-15Moz of Indicated Resources HOUNDÉ: Results following drilling re-commencement expected soon KARMA: Resource increase on Rambo West and Yabonsgo targets for year-end update ITY S LE PLAQUE TARGET: Maiden resource for year-end resource update AGBAOU: Completion of drilling program (first phase) in Q TABAKOTO: Resource increase for year-end resource update 25

26 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK & Q3 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

27 2017 OUTLOOK 2017 GUIDANCE INCREASED WITH HOUNDE Houndé is Already Cash Flow Positive INSIGHTS Initial guidance unchanged as outperformance of certain mines expected to compensate for underperformance of others Guidance updated to include Hounde due to its quicker than expected construction and ramp-up period (commercial production declared as at November 1, 2017) Removed Nzema from the Group s AIS Margin from continuing operations but maintained in free cash flow (IFRS standard) Exploration budget increased by $5m following significant YTD exploration success Production Guidance UPDATED 2017 (All amounts in koz, on a 100% basis) FULL-YEAR GUIDANCE Current Production From Continuing Operations (Unchanged ) Hounde PRODUCTION FROM CONTINUING OPERATIONS Nzema (held for sale) TOTAL PRODUCTION AISC Guidance UPDATED 2017 (All amounts in US$/oz) FULL-YEAR GUIDANCE Current Group AISC For Continuing Operations (Unchanged ) Hounde GROUP AISC FOR CONTINUING OPERATIONS Nzema (held for sale) GROUP AISC FCF Guidance In $m INITIAL GUIDANCE REVISED GUIDANCE NET REVENUE (based on guidance mid-point for cont. ops) Mine level AISC costs (based on guidance mid-point for cont. ops) (510) (440) Corporate G&A (21) (21) Sustaining exploration (14) (14) GROUP AIS MARGIN FOR CONTINUING OPERATIONS Nzema AISC Margin - 35 Non-sustaining mine exploration (20) (25) Non-sustaining capital (35) (35) FREE CASH FLOW BEFORE GROWTH PROJECTS (and before WC, tax and financing cost)

28 Q RESULTS ON TRACK TO MEET GUIDANCE In line with 2016 seasonality, Q3 was slightly weaker and Q4 is expected to be stronger Group Production and AISC (including Nzema asset held-for-sale asset) 146koz 175koz 159koz 152koz 148koz $898/oz $855/oz $905/oz $897/oz $906/oz Q3-16 Q4-16 Q1-17 Q2-17 Q3-17* INSIGHTS BY MINE Production, koz AISC, $/oz AGBAOU 45koz 46koz TABAKOTO 41koz 32koz NZEMA 27koz 37koz ITY 14koz 12koz KARMA 24koz 21koz $606 $638 $1,054 $1,278 $985 $705 $780 $1,141 $755 $973 Q Q OUTLOOK Q Q OUTLOOK Q Q OUTLOOK Q Q OUTLOOK Q Q OUTLOOK *111koz and AISC of $976/oz excluding Nzema held-for-sale asset 28

29 Q RESULTS NET FREE CASH FLOW FROM OPERATIONS DOUBLED Net free cash flow increased despite increased exploration spend NINE MONTHS ENDED (in US$ million) SEPT 30, 2017 SEPT 30, 2016 GOLD SOLD FROM CONTINUING OPERATIONS, koz Gold Price, $/oz 2 1,214 1,238 REVENUE FROM CONT. OPS Total cash costs (260) (190) Royalties (23) (18) Corporate costs (15) (15) Sustaining capex (30) (32) Sustaining exploration 3 (9) (5) ALL-IN SUSTAINING COSTS ( AISC ) (338) (260) ALL-IN SUSTAINING MARGIN FROM CONT. OPS AISC Margin from asset held for sale Less: Non-sustaining capital (23) (20) Less: Non-sustaining exploration 3 (22) (13) FREE CASH FLOW BEFORE GROWTH PROJECTS (and before working capital, tax & financing costs) Working capital 5 (1) (49) Taxes paid (16) (12) Interest paid (19) (19) Cash settlements on hedge programs and gold collar premiums (4) (13) NET FREE CASH FLOW FROM OPERATIONS INSIGHTS 1. Gold sales up mainly due to the addition of the Karma mine 2. Inclusive of 15,000 ounces delivered under the Karma stream 3. Increase due to strategic focus on exploration figure includes Nzema (asset classified as Held-For- Sale) and 2016 figure includes Youga (asset sold) 5. The working capital variation improved to $18m in Q3-2017, from negative $27m in Q2-2017, with the year-to-date outflow reduced to $1m Additional notes available in Endeavour s MD&A filed on Sedar for the referenced periods. 29

30 Q RESULTS GROWTH FUNDING SOURCES Cash from operations and RCF used to fund growth Net Cash Flow NINE MONTHS ENDED (in US$ million) SEPT 30, 2017 SEPT 30, 2016 NET FREE CASH FLOW FROM OPERATIONS Growth projects 1 (221) (80) Greenfield exploration expense (6) (4) Restructuring costs (7) (18) Acquisition & disposal of mining interests 2 (54) 11 Cash paid on settlement of share appreciation rights, DSUs and PSUs (4) (2) Net equity proceeds and dividends to non-controlling interests Proceeds (repayment) of long-term debt (106) Proceeds from pre-production gold sales - 34 Other (foreign exchange gains/losses and other) (4) - CASH INFLOW (OUTFLOW) FOR THE PERIOD 1 28 Net Debt Position (in US$ million) SEPT. 30, 2017 SEPT. 30, PRO-FORMA JUN. 30, 2017 DEC. 30, 2016 Cash Less: Equipment finance lease (46) (46) (47) (10) Less: Drawn portion of $500 million RCF 6 (300) (300) (220) (140) NET DEBT POSITION (191) (221) (183) (26) NET DEBT / ADJUSTED EBITDA (LTM) RATIO INSIGHTS 1. For Houndé construction ($186m), Karma optimization ($22m), Ity CIL Project ($13m) 2. Consists mainly of $54m for the purchase of an additional 25% stake in the Ity mine which was offset by the $8m inflow of cash acquired upon the acquisition of the Kalana mine 3. Mainly La Mancha private placements less dividends to minorities. Cash position includes $30m of La Mancha private placements received after quarter-end. 4. Used to fund Hounde project 5. Cash position includes $30m of La Mancha private placements received after quarter-end. 6. Upsized from $350m to $500m with better terms 1 Sept 30, 2017 Pro-forma includes $28m of cash held at the Nzema held-for-sale asset and $30m of La Mancha private placement which was received after quarter-end Additional notes available in Endeavour s MD&A filed on Sedar for the referenced periods. 30

31 Q RESULTS Q RESULTS NET EARNINGS BREAKDOWN Adjusted EPS All-In Sustaining Margin to Adjusted Net Earnings For Continuing Operations For the 9-months period ended September 30, 2017 $144m $37m $40m $107m $6m $90m (in US$ million) A = Adjustments made NINE MONTHS ENDED SEPT. 30, 2017 SEPT. 30, 2016 Gold Revenue Operating expenses (266) (193) Depreciation and depletion (90) (58) Royalties (23) (18) Earnings from mine operations Corporate costs (15) (15) Acquisition and restructuring costs A (10) (25) Share based expenses A (19) (9) Exploration (6) (4) Earnings from operations (Losses)/gains on financial instruments A (6) (20) Finance costs (20) (19) Other income (expenses) A 2 $20m $12m $19m or $0.10/share Earnings (loss) from continuing operations before taxes (8) 34 Current income tax expense (12) (8) Deferred taxes recovery A 6 (4) Net (loss)/earnings from discontinued operations A (29) (5) All-in sustaining margin Less: Discontinued Ops (Nzema) All-In Sustaining Margin from cont. ops Add-back: Sustaining Capital /Exploration Deduct: Exploration Expense Deduct: Depreciation from cont. ops Deduct: Finance Costs Deduct: Taxes Adjusted Net Earnings from cont. ops Total net and comprehensive earnings/(loss) (43) 17 Adj. net earnings/(loss) from cont. operations

32 Q RESULTS RCF UPSIZED AND EXTENDED Provides significant headroom to fund growth projects INCREASED PRINCIPAL AMOUNT DECREASED INTEREST RATE LOWER MAINTENANCE COSTS TERM EXTENDED REPAYMENT Increased from $350m to $500m Decreased from LIBOR plus 3.75% to 5.75% to LIBOR plus 2.95% to 3.95% on drawn portion Decreased from commitment fees on undrawn portion from 1.31% to 2.01% (depending on the applicable margin) to 1.03% Expected to represent savings of approximately $5 million per year The term of the new RCF is four years, maturing in September 2021, representing an extension of the previous RCF which matures in March 2020 Upsized RCF is repayable as a single bullet payment on the maturity date, compared to semi-annual reductions/repayments starting September 2018 for the 2015 RCF New RCF can be repaid at any time without penalty, and offers Endeavour a corporate style covenant package, which enhances the flexibility to run its business from day-to-day A stronger and enlarged bank pool 32

33 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK & Q3 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

34 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) 2014A 2015A E 2014A $621/oz 2015A $576/oz 2016A $534/oz 2017E - $ /oz 147koz 181koz 196koz koz Expected Mine Life Royalty Corporate Tax 7 years from current Reserves 3% - 5% sliding scale 25% (5 year corporate tax holiday) 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 34

35 AGBAOU MINE AGBAOU MINE, CÔTE D IVOIRE On track to beat AISC guidance Q3-17 vs Q2-17 INSIGHTS: Production remained fairly flat as greater tonnes processed offset the lower head grade All-in sustaining costs increased by $32/oz due to planned higher sustaining capital costs, while increased mining unit costs were offset by lower processing unit costs Production and AISC Production, koz 49koz AISC, US$/oz 57koz 42koz $550/oz $532/oz $660/oz 45koz $606/oz 46koz $638/oz OUTLOOK In Q4-2017, production is expected to decrease slightly and AISC is expected to increase as the mine continues to progress towards a greater oxide to fresh/transitional ore blend, with an increased planned sustaining capital spend Agbaou remains on track to meet the FY-2017 production guidance of 175, ,000 ounces and is expected to achieve the low-end of the initial AISC guidance of $ /oz Q Q Q Q Q Tonnes Processes and Grade Tonnes milled, kt Grade milled, g/t Au 709kt 721kt 683kt 693kt 770kt 2.21 g/t 2.46 g/t 2.23 g/t 1.96 g/t 2.09 g/t Q Q Q Q Q

36 AGBAOU MINE AGBAOU MINE, COTE D IVOIRE Exploration program continues to progress INSIGHTS Exploration activity during the first 9 months amounted to approximately 31,000 meters drilled out of the 45,000 meters planned for the year. In addition, several ground geophysics were acquired Agbaou Site Map The drill program focused on various pit extensions, the Agbaou south and Niafouta targets, targets on structurally parallel trends, in addition to exploration targets located within a 20km range of the processing plant A dedicated deeper drilling program was also initiated in Q targeting Agbaou s at-depth potential 36

37 AGBAOU MINE AGBAOU MINE EXPLORATION Target of finding between 0.5 to 1.5Moz AREAS OF FOCUS: Main 2017 priority was to test area and to generate targets and prioritize for the upcoming campaigns Key Areas targeted are: 1. Agbaou North Pit Area Atdepth 2. MPN Extension target 3. Agbaou South target 4. Beta Extension target 5. Mbazo area Agbaou Site Map > 50 ppb Moz 5-YEAR DISCOVERY TARGET <$25/oz AVERAGE 5-YEAR DISCOVERY COST 37

38 AGBAOU MINE AGBAOU MINE EXPLORATION Intercepted mineralization 150m under the North pit in 2017 Section - AGBDD2141 2m@1.38/t Au 2m@2g/t Au 4m@2g/t Au (incl. 1m@5.23g/t) 2m@5g/t Au 4m@17g/t Au (incl. 2m@26.33g/t) 4m@3g/t Au (incl. 2m@4,70g/t) Deep Potential 3m@2.34g/t Au (incl. 1m@6.26g/t) 3m@2.67g/t Au (incl. 1m@4.54g/t) 2m@1.81g/t 2m@5.11g/t Au (incl. 1m@9.79g/t) 38

39 TABAKOTO MINE TABAKOTO MINE, MALI Overview Tabakoto Mine Bamako Kalana Project 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 4+ years from current Reserves 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 39

40 TABAKOTO MINE TABAKOTO MINE, MALI Cost saving and optimization programs are underway Q3-17 vs Q2-17 INSIGHTS: Production decreased due to lower open pit tonnage and grade, in addition to the impact of strong rainfall and a national strike AISC increased by $223/oz due to the volume effect following the decrease in gold sold, an increased strip ratio and an increase in mining, processing and G&A unit costs, partially offset by lower sustaining costs OUTLOOK 300 people redundancy program recently completed, with benefit to start Q Other cost saving and optimization programs are underway including, centralizing procurement, fleet replacement, and improvement of equipment availability and mining efficiency Tabakoto is on track to meet the low-end of the initial FY-2017 production guidance of 150, ,000 ounces while AISC are expected to be above the initial guidance of $ /oz Production and AISC AISC, US$/oz 37koz $1,119/oz $1,071/oz Q koz Q koz Q Tonnes and Grade Processed Tonnes Processed, kt 381kt 3.11 g/t $927/oz 402kt 3.93 g/t $975/oz Processed grades, g/t Au 405kt 3.50 g/t 41koz $1,054/oz Q kt 3.32 g/t 32koz $1,278/oz Q kt 2.64 g/t Q Q Q Q Q

41 TABAKOTO MINE TABAKOTO AND KOFI EXPLORATION TARGET Recently consolidated Kofi Trend AREAS OF FOCUS: 1. Tabakoto Area a. Tabakoto underground b. Segala underground c. Near mill open-pit targets currently being explored 2. Kofi Area (potential for stand alone operation) a. Large underexplored licenses on trend with Loulo b. Several targets ready for reconnaissance drilling c. Netekoto Block recently acquired Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 1.5 to 2.5 Moz with average grade between 2 and 4 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 41

42 ITY MINE ITY MINE, CÔTE D IVOIRE Overview QUICK FACTS (ON 100% BASIS) Ity Mine Côte d Ivoire Côte d Ivoire Agbaou Mine Ownership Resources (HL + CIL) (incl. of Reserves) Reserves (HL+CIL) Open Pit Strip Ratio 80% EDV, 15% Côte d Ivoire, 5% private M&I: 1.6 g/t for 3.784Moz Inferred: 1.3 g/t for 0.792Moz 1.6 g/t for 3.138Moz 4.2 to 1 (2016A) Abidjan Processing Rate 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 OS for CIL project outlines potential to become core low-cost asset - Increased stake in the Ity mine from 55% to 80%. Upcoming - Construction of CIL project launched - Continued exploration success 42

43 ITY MINE ITY HEAP LEACH MINE, CÔTE D IVOIRE Lower production as high-grade Bakatouo is preserved for Ity CIL Project Q3-17 vs Q2-17 INSIGHTS: Production decreased due to lower processed grades and recovery rates, which were partially offset by increased stacked tonnage A swift decision was made to preserve Bakatouo for the upcoming CIL plant (due to better economics) AISC increased due to higher mining costs and increased sustaining capital expenditures, which were partially offset by lower stacking costs OUTLOOK In Q4, Ity s production and cost profile is expected to improve slightly as the grade profile increases Due to change in mine plan as well as greater priority given to the CIL construction activities, production is expected to fall below the initial guidance of 75,000 80,000 ounces and AISC are expected to be above the initial guidance of $ /oz Production and AISC Production, koz AISC, US$/oz 15koz 17koz 16koz $724/oz $827/oz $879/oz 14koz 12koz $1,141/oz $780/oz Q Q Q Q Q Ity mine extraction Tonnes stacked, kt Grade milled, g/t Au 271kt 295kt 312kt 267kt 243kt 1.90g/t 2.00g/t 2.15g/t 1.90g/t Q Q Q Q g/t Q

44 ITY MINE ITY HEAP LEACH MINE, CÔTE D IVOIRE CIL Construction Has Started ACHIEVEMENTS TO DATE Long-lead items ordered $116m already committed EPCM contracted award to Lycopodium Construction workforce mobilisation is progressing well Process plant area earthworks progressing well Construction workforce mobilisation ongoing Danane to Ity 90kV OHL corridor compensation estimation in progress Earthworks are underway 44

45 ITY MINE KEY CHANGES INCLUDE: SUMMARY OF ITY CIL OPTIMISATION STUDY Significant improvement over 2016 Feasibility Study Indicated resource inventory increased by 1.5Moz following exploration success Added Bakatouo high-grade deposit upfront Mill size increased from 3Mtpa to 4Mtpa Process plant design optimized to maximize construction and operating synergies with Houndé Improved recovery rates Optimized site layout 2017 OPTIMIZATION STUDY 2016 FEASIBILITY STUDY VARIANCE (OS VS. FS) LIFE OF MINE PRODUCTION Strip ratio, w:o (10%) Tonnes of ore processed, Mt 57.0Mt 41.0Mt +39% Grade processed, Au g/t 1.57 g/t 1.42 g/t +10% Gold content processed, Moz 2.87 Moz 1.88 Moz +53% LOM Average Gold recovery, % 86% 83% +3% Gold production, Moz 2.47 Moz 1.56 Moz +58% Mine life, years 14.3 years 13.7 years +4% Average annual gold production, koz 173 Koz 114 Koz +52% Cash costs, $/oz $554 $528 +5% AISC, $/oz $580 $603 (4%) AVERAGE FOR YEARS 1 TO 5: Gold production, kozpa 235 koz 165 koz +42% Cash costs, $/oz $472/oz $446/oz +6% AISC, $/oz $494/oz $507/oz (3%) AVERAGE FOR YEARS 1 TO 10: Gold production, kozpa 204 koz 135 koz +51% Cash costs, $/oz $523/oz $488/oz +7% AISC, $/oz $549/oz $559/oz (2%) CAPITAL COST Initial capital cost, $m $412m $307m +34% - of which equipment lease, $m $61m $25m +160% Upfront capital cost, $m $351m $282m +24% ECONOMICS (BASED ON $1,250/OZ) After-tax IRR 40% 36% +12% After-tax NPV ( 0% discount rate) $990m $607m +63% After-tax NPV ( 5% discount rate) $710m $411m +73% Payback period 1.8 years 2.1 years (17%) 45

46 ITY CIL ITY MINE OPTIMIZATION STUDY ROBUST PROJECT ECONOMICS IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m $1,400m $1,200m $1,000m $800m $600m 22-MONTH PAYBACK PERIOD 14-YEAR MINE LIFE $1,400/oz $1,250/oz $1,000/oz NPV 5% / IRR $920m / 50% $710m / 40% $343m / 23% $400m $200m $0m -$200m -$400m Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 46

47 ITY ITY CIL MINEOPTIMIZATION STUDY LONG-LIFE LOW-COST PROJECT Significantly improved production profile Production Profile OS production FS production AISC for OS 250koz 250koz 238koz 235koz 213koz 224koz 201koz Exploration potential 190koz average production over first 5 years 151koz 162koz 159koz $407/oz $484/oz $493/oz $567/oz $532/oz $612/oz $677/oz $643/oz $598/oz $602/oz $494/oz average AISC over first 5 years Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 47

48 ITY CIL ITY MINE OPTIMIZATION STUDY Item LIFE OF MINE PLAN Unit LOM Total / Average Pre-prod Mining Schedule Total Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5, Total Waste Moved kt 109,559 10,973 10,225 10,074 11,285 11,172 10,873 9,475 8,847 10,463 7,755 5,233 3, Total Ore Mined kt 57,193 4,582 5,775 5,926 4,715 4,828 5,127 4,296 3,814 5,445 5,868 4,910 1, Stripping Ratio w:o Au Grade - Ore Mined g/t Contained Gold - Ore Mined oz 2,882, , , , , , , , , , , ,249 66, Processing Schedule Total Ore Processed kt 57,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 1,000 Au Grade - Ore Processed g/t Contained Gold - Ore Processed oz 2,874, , , , , , , , , , , , ,818 92,339 68,735 13,447 Au Recovery % 85.8% 86.0% 83.7% 84.0% 88.3% 87.2% 86.7% 85.5% 80.2% 80.1% 93.3% 89.8% 89.9% 83.9% 85.8% 92.0% Recovered Gold oz 2,466, , , , , , , , , , , , ,113 77,427 58,978 12,370 Payable Gold oz 2,464, , , , , , , , , , , , ,000 77,349 58,919 12,358 Operating Cost Summary Mining & Rehandling US$/t Mined Processing US$/t Ore Processed General & Administrative US$/t Ore Processed Cash Operating Costs (Net of Credits) US$/oz Gold Sold Total Cash Costs US$/oz Gold Sold All-In-Sustaining Costs US$/oz Gold Sold Cash Flow Summary Gold Revenue $M 3, Less: Royalties, Credits, Transport & Refining $M (60) (6) (6) (6) (5) (5) (5) (4) (4) (5) (4) (4) (3) (2) (1) (0) Less: Cash Operating Costs $M (1,305) (93) (110) (108) (109) (106) (115) (95) (94) (101) (86) (76) (74) (63) (61) (17) Mining & Rehandling $M (496) (38) (51) (49) (52) (47) (56) (37) (35) (46) (32) (24) (16) (6) (6) (3) Processing $M (682) (46) (50) (50) (49) (50) (50) (49) (49) (46) (45) (43) (49) (48) (46) (12) General & Administrative $M (127) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (9) (2) Mine EBITDA $M 1, (2) Less: Sustaining Capital $M (63) (3) (5) (4) (6) (8) (4) (4) (6) (8) (6) (4) (4) (2) 0 0 All-In-Sustaining Costs $M (1,428) (102) (121) (117) (120) (119) (123) (102) (104) (113) (95) (84) (81) (67) (62) (17) Sustaining Margin $M 1, (2) Less: Working Capital Movement $M (0) (11) 0 (0) 1 (1) 3 0 (0) (1) 2 (1) Less: Taxes $M (230) 0 (3) (12) (14) (20) (30) (26) (13) (17) (24) (21) (29) (13) (5) (1) Less: Customs Duties & VAT $M FCF Before Non-Sustaining Capital $M 1, (1) Less: Non-Sustaining Capital $M (351) (351) Equipment Financing $M (77) (15) (15) (15) (15) (15) Reclamation and Salvage Costs $M (5) (3) 0 Exploration $M Mine Free Cash Flow $M 990 (366) (2) 48

49 ITY CIL ITY MINE OPTIMIZATION STUDY 1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FS Optimization study was preformed to capture the increased resource inventory 2017 OPTIMIZATION STUDY INVENTORY 2016 FEASIBILITY STUDY INVENTORY Deposits on a 100% basis Tonnage (Mt) Indicated Resources Inferred Resources Indicated Resources Inferred Resources Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Open Pits Daapleu , Mont Ity / Flat Gbeitouo Walter Zia NE Bakatouo Colline Sud Sub-total , , ,064 Existing Stockpiles Aires Teckraie Verse Ouest Sub-total Total , , ,302 49

50 ITY CIL ITY MINE OPTIMIZATION STUDY CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz Addition of Bakatouo and increases at Mont Ity, Teckraie, and Daapleu Deposits on a 100% basis Optimization Study Reserves, as at September 1, 2017 Grade (Au g/t) Tonnage (Mt) Content (Au koz) Feasibility Study Reserves, as at October 1, 2016 Grade (Au g/t) Tonnage (Mt) Content (Au koz) Variance (koz) Open Pits Bakatouo Colline Sud Daapleu , Mont Ity / Ity Flat Gbeitouo (1) Walter (32) Zia NE Sub-total , , Existing Stockpiles Aires Teckraie/ Verse Ouest Sub-total Total , , Only CIL reserves shown. 50

51 ITY MINE ITY EXPLORATION POTENTIAL OVERVIEW Endeavour controls the full Ity Birimian belt 4-6Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST 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. 51

52 ITY MINE ON-TRACK TO ACHIEVE DISCOVERY TARGET Already 1.5 Moz added between November 2016 and November 2017 M&I Resource Evolution 4-6Moz Discovery Target 2.3Moz 1.5Moz added 3.8Moz 2016 M&I Resource (Base for FS) 5-Year Discovery Target (published Nov. 2016) 2017 M&I Resource (Base for OS) 52

53 ITY MINE ITY MINE AREA UPCOMING TARGETS Many advance stage targets backed by auger drill and gold-in-soil anomalies UPCOMING NEAR-MINE PRIORITIES INCLUDE: 1. Mont Ity / Flat Deposit Area between Mont Ity / Flat deposits Potential to extend Mont Ity at depth 2. Bakatouo Deposit Deposit is open in many directions 3. Daapleu deposit Down Plunge Potential 4. Le Plaque Area Floleu area with potential for a maiden resource Plaque/Falaise area with potential for a maiden resource 53

54 ITY MINE ITY MINE EXPLORATION - LE PLAQUE DISCOVERY Multiple High Grade Trends Discovered 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

55 ITY MINE 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 55

56 KARMA MINE KARMA MINE, BURKINA FASO Overview Houndé Mine 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

57 KARMA MINE KARMA MINE, BURKINA FASO Profile is expected to improve as new front-end was commissioned Q3-17 vs Q2-17 INSIGHTS: Production decreased due to lower grades and tonnage stacked which was partially offset by higher recovery rates AISC increased as a result of lower grades and higher strip ratio, in addition to higher unit processing costs which were partially offset by lower unit mining costs OUTLOOK Q4 profile is expected to slightly improve as the grades are expected to increase with the highergrade Rambo ore feed, which is expected to be however slightly offset by its lower recovery rates due to its higher transitional and fresh ore content Stacking capacity is expected to increase following the recent commissioning of the new front-end Karma is on track to meet the initial FY-2017 production guidance of 100, ,000 ounces and with AISC expected to be at the top end of the initial guidance of $ /oz Production and AISC Production, koz 20koz AISC, US$/oz 29koz $738/oz Tonnes Stacked and Grade 32koz Q Q Q Tonnes stacked, kt 880kt 1.21g/t Q kt 1.14g/t $748/oz Grade milled, g/t Au 954kt 1.07g/t 24koz $755/oz Q kt 1.24g/t Q Q Q koz $973/oz Q kt 0.91g/t Q

58 KARMA MINE KARMA MINE, BURKINA FASO Optimization program completed and new front-end commissioned INSIGHTS Plant optimization work has been successfully carried out during the past year The newly installed front-end completed its performance testing and is running at steady-state The new ADR plant was commissioned November An on-site camp was built ADR Area - Before Feed Preparation Circuit - Before ADR Area - After Feed Preparation Circuit - After 58

59 KARMA MINE KARMA EXPLORATION OVERVIEW Several identified targets with success already being achieved AREAS OF FOCUS: 1. North Kao added in 2017 and resource additions expected 2. Yabonsgo drilled in 2017 with maiden resource expecetd 3. Nogafaere (previsouly owned by Golden Rim) is a target for Rounga is a target for Moz 5-YEAR DISCOVERY TARGET <$20/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 0.5 to 1.0 Moz with average grade between 1.0 and 1.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 59

60 KARMA MINE KARMA EXPLORATION - NORTH KAO Extension Drilling New Parallel Trend Discovered INSIGHTS: Oxide mineralization discovered on a parallel structure Most notable intercepts include 33.2m at 4.13 g/t Au and 22.8m at 4.18 g/t Au A resource for this parallel structure is expected to be delineated in Q Map of the Yabonsgo area 60

61 KARMA MINE YABONSGO TARGET New discovery made in 2017 INSIGHTS: 600m-long mineralized area discovered with a stacked high grade quartz vein system Reconnaissance drilling suggests potential for further extension Most notable intercepts include 8.1m at 15.8 g/t Au, 6.3m at 11.0 g/t Au, and 9.9m at 6.67 g/t Au A maiden resource is expected in Q Map of the Yabonsgo area 61

62 HOUNDE MINE HOUNDÉ MINE, BURKINA FASO Overview Houndé Mine Karma Project Ouagadougou QUICK FACTS (ON 100% BASIS) Ownership Status Resources (incl. of Reserves) Reserves Mine Type LOM Strip Ratio 8.4 Processing Rate Gold Recovery 93% Tax regime 90% EDV, 10% Burkina Faso Commercial production 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 17.5% for Vindaloo and 27.5% for Bouere LOMP SUMMARY (ON 100% BASIS) Processing Total ore processed, Mt 29.7 Gold grade, g/t 2.15 Contained gold, koz 2,057 Recovery rate, % 93% Production, koz 1,906 Operating Costs Mining costs, $/t moved 2.17 Processing costs, $/t 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 62

63 HOUNDE MINE HOUNDÉ PROJECT, BURKINA FASO Significant exploration potential highlighted by 2017 drilling INSIGHTS Following a two year period of no exploration drilling, activities resumed in 2017 with a $5 million program Focused on drilling high grade targets Work performed also included advanced soil geochemistry, ground geophysics on selected targets, regolith and geological mapping Significant potential highlighted Hounde Site Map Moz 5-YEAR DISCOVERY TARGET <$15/oz AVERAGE 5-YEAR DISCOVERY COST 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. 63

64 HOUNDE MINE PRIORITY RANKING AFTER INITIAL DRILL TEST Houndé exploration targets and gold-in-soil anomalies map Priority 2 Priority 2 Priority 2 Priority 1 Priority 2 64

65 HOUNDE MINE KARI PUMP EXPLORATION RESULTS Drill results confirmed high-grade mineralization A A 65

66 KALANA PROJECT KALANA PROJECT, MALI Overview Tabakoto Mine Bamako Kalana Project Mali QUICK FACTS (ON 100% BASIS) Ownership Status Resources (incl. of Reserves) Reserves Mine Type LOM Strip Ratio 9.9 Processing Rate Gold Recovery 93% Upfront Capital (US$M) % EDV, 20% government of Mali DFS stage M&I: 4.1 g/t for 3.200Moz Inferred: 4.5 g/t for 0.240Moz 2.8 g/t for 1.960Moz Open pit 1.2 Mtpa for competent fresh ore and 1.5Mtpa for soft saprolite ore LOMP SUMMARY (ON 100% BASIS) Processing Total ore processed, Mt 22 Gold grade, g/t 2.80 Contained gold, koz 1,964 Recovery rate, % 93% Production, Moz 1.82 AISC, US$/oz

67 KALANA PROJECT FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana is a high-quality project Feasibility-stage project 1.2Mtpa CIL plant Single open-pit reserve of 1.96Moz at 2.8 g/t 18-year mine life Low AISC cost operation with $730/oz over life of mine After-tax NPV 5% of $321m and after-tax IRR of 50% based on a gold price of $1,200/oz Endeavour intends to re-design the current feasibility study Significant exploration upside GENERAL INFORMATION Ownership M&I Resources (inclusive of reserves) Reserves Mine Type 80% Avnel; 20% Mali government 4.07g/t 2.80g/t Open Pit Processing Rate 1.2mtpa LIFE OF MINE PRODUCTION Strip ratio, w:o 9.9 Tonnes of ore processed, Mt 21.7 Grade processed, Au g/t 2.80 Gold content processed, Koz 1,964 Gold recovery, % 93% Gold production, Moz 1,821 Mine life, years 18 Average gold production, koz pa 101 koz AISC, $/oz US$730/oz CAPITAL COST Upfront capital cost, $m US$171m Sustaining capital cost, $m US$122m ECONOMIC RETURNS (US$1,200/oz) After-tax Project NPV 5%, $m US$321m After-tax Project IRR, % 50% Payback, years (undiscounted) 1.1 Numbers presented are Based on Anvel s the Optimised Feasibility Study dated Jan. 9,

68 KALANA PROJECT FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has potential to increase annual production to c.150kozpa AVNEL TRANSACTION CLOSED IN SEPTEMBER Integration progress completed shortly after Study optimization process launched and expected to be completed by end of 2018 Ceased underground small scale operation Focus on CSR and resettlement action plan OPTIMIZATION LEVERS Expand the plant capacity Increase the average annual production to +150koz and shorten the mine life Integrate synergies Integrate exploration upside Reserve life of mine plan 53koz Production Preproduction 203koz $446/oz Year 1 AISC 170koz $598/oz Year 2 Potential for a +150kozpa operation 123koz $676/oz Year 3 123koz $689/oz Year 4 119koz $865/oz Year 5 $976/oz 88koz Avg. years 6-10 $703/oz 66koz Avg. Years Numbers presented are Based on Anvel s the Optimised Feasibility Study dated Jan. 9,

69 KALANA PROJECT FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has significant exploration upside Kalana Main deposit still fully open at depth The high-grade Kalanako prospect, located 2.5km northeast of the Kalana Main Project, provides potential for a satellite deposit (already hosts an Indicated resource of 119koz at 3.34 g/t) Kalana concession covers 387km 2 and contains 27 exploration prospects with multiple geochemical anomalies Strong regional exploration potential with multiple prospects outside of Kalana Currently have a small unclassified resource at Djirlia 69

70 KALANA PROJECT VALUE ACCRETIVE Meets equity hurdle rates and is accretive on an NAV basis Due diligence demonstrates that the acquisition meets minimum hurdle rate returns when accounting for the acquisition cost, the initial construction costs, and the holding / integration costs prior to production Strong returns based on current feasibility study with further potential to optimize the study, unlock exploration, and benefit from synergies Strongly accretive on a NAV per share basis NAV per share accretion Cormark (2-May-16) Avnel NAV Average NAV of US$253m (P/NAV of 0.33x) Haywood (5-Jun-17) 223 Mackie (10-Jan-17) 2,061 Canaccord (9-May-17) 1,834 Haywood (24-May-17) 1,573 RBC (11-May-17) Endeavour NAV Average NAV of US$1,414m (P/NAV of 1.21x) 1,329 1,199 1,136 1,122 1,058 Clarus (30-May-17) NAV Accretion to Endeavour NAV analysis at US$120m Acquisition Cost Scotia (29-May-17) Raymond James (9-May-17) Peel Hunt (22-May-17) Equity offer US$m 122 Shares issued m 7.0 PF Endeavour shares m BMO (7-Mar-17) PF NAV US$m 1,667 Endeavour NAV / share US$ PF NAV / share US$ NAV per share accretion / (dilution) % 9.87% Source: Market data as per 28 June

71 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 4 years from current Reserves 5% (+1% 3rd party at Adamus pits) Accomplished - 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

72 NZEMA MINE NZEMA MINE, GHANA Significant improvement following completion of cut-back Q3-17 vs Q2-17 INSIGHTS: Production increased significantly due to higher processed grades and increased mill throughput Quality control processes for purchased ore established in H led to higher purchased ore grades with a lower tonnage AISC decreased by $280/oz mainly due to the aforementioned higher grades and subsequently increased production OUTLOOK After a strong Q3, production in Q4 is expected to decrease and AISC are expected to increase notably due to anticipated lower grade and recovery rate Nzema is on track to meet the top-end of the initial FY-2017 production guidance of 100, ,000 ounces and the low-end of the initial AISC guidance of $ /oz The sale transaction will close following the approval from the Ghanaian government Production and AISC Production, koz AISC, US$/oz 24koz 24koz 26koz $1,136/oz $1,118/oz $951/oz Q Q Q Purchased Ore Ore tonnes purchased, kt Grade purchased, g/t 141kt 92kt 78kt 3.23g/t 3.11g/t 3.04g/t Q Q Q koz $985/oz Q kt 3.20g/t Q koz $705/oz Q g/t 53kt Q

73 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW OUTLOOK & Q2 RESULTS 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

74 APPENDIX BOARD MEMBERS Michael BECKETT Chairman, Non-executive Director Ian COCKERILL, Non-executive Director Olivier COLOM, Non-executive Director Livia MAHLER, Non-executive Director Jim ASKEW, Non-executive Director Wayne MCMANUS, Non-executive Director Sébastien de MONTESSUS, CEO & President Naguib SAWIRIS, Non-executive Director 74

75 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 75