CORPORATE PRESENTATION. March 2018
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1 CORPORATE PRESENTATION March 2018
2 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 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
4 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 Project Houndé Mine Karma Mine BURKINA FASO Ouagadougou Koz 2018 PRODUCTION TARGET $ /oz 2018 AISC TARGET 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 4
5 COMPANY PROFILE Shareholder Distribution RETAIL LA MANCHA MANAGEMENT Other INSTITUTIONAL Europe Ticker Shares Outstanding as at Jan. 1st Share price as at Feb. 21st Market cap as at Feb. 21st Net Debt as at Dec. 31 st TSX:EDV 108 m C$23.02 US$2.0B US$233m 7% 30% 1% 62% North America Share Price Performance Volume EDV share price In CAD Top Shareholders Rank Institution Name % of S/O 1 La Mancha 29.9% 2 Van Eck Associates Corporation 9.2% 3 BlackRock Investment Management (UK) Ltd. 8.1% 4 M & G Investment Management Ltd. 4.1% 5 OppenheimerFunds, Inc. 3.7% 6 Elliott Management Corporation 3.7% 7 RBC Global Asset Management Inc. 2.2% 8 Investec Asset Management Ltd. 2.1% 9 Fiera Capital Corporation 1.9% 10 Ruffer LLP 1.5% 5
6 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 Mines Projects Liptako (Niger) Mt. Ba/Gueya (Ivory Coast Ity trend) Fetekro (Ivory Coast) Brownfield target / stand-alone potential Greenfield target Preparation Drilling on-going Resource stage DFS Stage Construction LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION NEAR-TERM GROWTH FROM PROJECTS IMMEDIATE CASH FLOW FROM PRODUCTION 6
7 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 $869/oz 663koz koz koz koz 800$/oz All-in Sustaining Cost 317koz 462koz 517koz 584koz ~$869/oz $ /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 BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVE For 2019 STRATEGIC LEVERS +800koz Annual production 800$/oz All-in Sustaining Cost 10+ year Mine life 8
9 1 CORPORATE PRESENTATION OPERATIONAL EXCELLENCE Hands-on Management Model With Teams Close to Operations London Based Sebastien de Montessus CEO & Director Vincent Benoit EVP CFO & Corporate Development Morgan Carroll EVP Corporate Finance & General Counsel Henri de Joux EVP People, Culture & IT Abidjan Based Jeremy Langford COO Patrick Bouisset EVP Exploration & Growth SENEGAL GAMBIA GUINEA- BISSAU GUINEA SIERRA LEONE Tabakoto Mine LIBERIA 3h10 MALI Bamako Kalana Project 2h CÔTE D IVOIRE 1h35 Ity Mine and CIL Project 35min Agbaou Mine Houndé Mine 2h Abidjan 2h40 Karma Mine BURKINA FASO Ouagadougou GHANA Pascal Bernasconi EVP Public Affairs, CSR & Security hours Flight time 200km Operations Office 9
10 1 CORPORATE PRESENTATION OPERATIONAL EXCELLENCE Safety is our key priority Lost Time Injury Frequency Rate m Man Hours for the full year 2017 with only 5 LTI m Peer Group Average FY2016 FY Houndé 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 1 CORPORATE PRESENTATION OPERATIONAL EXCELLENCE Proven track record of meeting guidance Production, on a 100% basis in koz Guidance All-in Sustaining Costs, in $/oz Guidance , ~ Guidance Guidance Preliminary All-in Margin, in $m $35m $85m $135m ~$160m $ m* Average Mine Life, in years As at year-ended 4yrs Sold Youga Bought Karma 5yrs Sold Nzema Started Houndé 7yrs Started Ity CIL +10yrs $1,392/oz $1,264/oz $1,157/oz $1,221/oz Guidance 2015A 2016A 2017A 2019E *Estimated based on production guidance range, AISC guidance mid-point, a spot gold price of $1,325/oz and non-sustaining capex as detailed in Outlook Section 11
12 2 CORPORATE PRESENTATION PROJECT DEVELOPMENT Adding +600koz at an average AISC of <$700/oz over the next 3 years KALANA ITY CIL Houndé Houndé (Completed) +235koz at AISC of <$650/oz Ity CIL Construction (Underway) DFS Optimization (Underway) +235koz at AISC of <$500/oz Construction +150koz at AISC of <$700/oz GREENFIELD EXPLORATION Resource Definition Studies Construction
13 CORPORATE OVERVIEW 2 PROJECT DEVELOPMENT Houndé became Endeavour s new flagship low cost mine Built ahead of schedule and below budget Commercial production declared Nov 1, 2017, 2 months ahead of schedule Completed $15 million below the initial $328 million budget Running at nameplate capacity with all key parameters in line with DFS +7m manhour without an LTI 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) Production based on reserves, koz 265koz $506/oz 231koz $645/oz Yaramoko (Roxgold) 223koz $662/oz Karma Inata (Avocet) Ouagadougou AISC/oz 218koz $648/oz Bissa Hill (Nordgold) Essakane (IAMGOLD) Taparko (Nordgold) Burkina Faso Bomboré (Orezone) Youga (MNG) 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 13
14 2 CORPORATE PRESENTATION 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 Production Profile Robust Project Economics (based on $1,250/oz) After-tax IRR of 40% After-tax NPV 5% of $710m Quick payback of 2 years Capex of $410m of which $61m of equipment leasing First gold pour expected for mid-2019 Production 250koz 250koz $407/oz $484/oz AISC 238koz $493/oz 213koz $567/oz 224koz $532/oz 201koz $612/oz Exploration potential 190koz 151koz 162koz 159koz $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 14
15 2 CORPORATE PRESENTATION 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 170koz $598/oz Year 1 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,
16 3 CORPORATE PRESENTATION 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 16
17 3 CORPORATE PRESENTATION 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 17
18 3 CORPORATE PRESENTATION 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. Kalana exploration assessment underway 18
19 3 CORPORATE PRESENTATION 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 Kalana exploration assessment underway 19
20 4 CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT Increase Overall Quality of our Portfolio PORTFOLIO AT END OF 2015 PORTFOLIO IN 2017 AISC, $/oz $1,200 AISC, $/oz $1,200 Tabakoto Assessment expected by mid-2018 $1,150 $1,100 $1,050 $1,000 $1,050 $850 Youga Tabakoto Nzema Ity HL Karma $950 $900 $850 $650 $450 Agbaou Mine life, years Agbaou Houndé Kalana Potential Ity CIL $800 $750 $700 $650 $600 $550 $ Mine life, years $450 Bubble size represents production. Portfolio in 2017 based on 2017 production and AISC actuals (other than Hounde which is 2018 guidance, mine lives based on end of 2016 as year-end 2017 reserves have not yet been published. Côte d Ivoire Burkina Faso Ghana Mali 20
21 PORTFOLIO & BALANCE SHEET MANAGEMENT 4 PORTFOLIO & BALANCE SHEET MANAGEMENT Significant headroom to fund projects $502m Up to $25m Circa $60m Fully funded without mine cash flow Undrawn RCF $322m $350m ~$400m Ity Capex $200m Cash $122m $152m Hounde remaining capex Liquidity Sources (As at Dec. 31, 2017) Liquidity Sources (after convertible issuance) Nzema Sale Ity Equipment Financing Expected Mine CF until start of Ity CIL (mid-2019) Sources of Funding until mid-2019 Growth Projects INSIGHTS $330m convertible was closed in February 2018 Intent is to pay down the current $300m drawn on the RCF and reduce RCF limit from $500m to $350m Increases liquidity by $180m (in $m) DEC. 31, 2017 (with convertible) DEC. 31, 2017 SEPT. 30, 2017 DEC. 31, 2016 Cash Less: Equipment finance lease (55) (55) (46) (10) Less: Drawn portion of RCF (0) (300) (300) (140) Less: Convertible Notes (330) NET DEBT POSITION (233) (233) (221) (26) 21
22 4 CORPORATE PRESENTATION PORTFOLIO & BALANCE SHEET MANAGEMENT Diversified borrowing sources REVOLVING CREDIT FACILITY (RCF) PRINCIPLE AMOUNT: $500m with intent to decrease to $350m INTEREST RATE: LIBOR plus 2.95% to 3.95% on drawn portion 1.03% commitment fees on undrawn portion TERM: September 2021 REPAYMENT: Single bullet payment on the maturity date, can be repaid at any time without penalty BANKING POOL: CONVERTIBLE NOTES PRINCIPLE AMOUNT: $330m INTEREST RATE: 3% annual coupon TERM: February 2023 CONVERSION PRICE: CAD29.47 (US$23.90) REPAYMENT: Endeavour has the option to settle its obligation through the payment of cash, the delivery of shares, or any combination of cash and shares DILUTION IMPACT: Maximum amount of underlying shares of 13.8m shares, representing between 0% and 12.9% dilution based on Endeavour s ability to repay in cash ADVANTAGES OF THE CONVERT: Reduces its overall financing costs and de-risks LIBOR exposure Extends its debt maturity profile compared to RCF Increases liquidity by $180m to accelerate growth project pipeline (Kalana) Limited dilution with option to settle in cash 22
23 UPCOMING CATALYSTS Immediate Cashflow from Production 2018 OUTLOOK: Gold production guidance increase to koz with Hounde AISC guidance to decrease to $ /oz with Hounde Near-Term Growth from Projects HOUNDÉ: Contribution to Group free cash flow generation started in 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 in 2017 KARMA: Maiden resource on new targets ITY S LE PLAQUE TARGET: Maiden resource AGBAOU: Completion of drilling program GREENFIELD: First exploration results on new properties 23
24 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
25 2018 GUIDANCE INCREASED WITH HOUNDE Continued reduction in AISC expected INSIGHTS Production from continuing operations is expected to increase to koz in 2018 AISC is expected to decrease to $ /oz due to the full year benefit of Houndé and improvements at Karma and Ity which are expected to more than offset declines at Agbaou and Tabakoto In line with Endeavour s portfolio management strategy, a strategic assessment is expected to be made on Tabakoto during the course of the year production excluding Tabakoto is expected to range between koz at an AISC of $ /oz Production Guidance (All amounts in koz, on a 100% basis) 2018 FULL-YEAR GUIDANCE Agbaou Ity Karma Tabakoto Houndé PRODUCTION FROM CONTINUING OPERATIONS PRODUCTION FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO AISC Guidance (All amounts in $/oz, on a 100% basis) 2018 FULL-YEAR GUIDANCE Agbaou Ity Karma Houndé Tabakoto 1,200-1,250 Corporate G&A Sustaining exploration GROUP AISC FROM CONTINUING OPERATIONS GROUP AISC FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO
26 2018 GUIDANCE INCREASED WITH HOUNDE Houndé is Already Cash Flow Positive INSIGHTS Growth projects amount to $200 million of the sustaining and non-sustaining capital allocations for 2018, mainly for the Ity CIL project construction In 2018 a company-wide exploration program of $40-45 million (compared to circa $44 million in 2017) was launched Approx 40% of the budget will be dedicated to greenfield opportunities A strong focus will continue at Houndé to support the ramp-up of mining operations There will be a continued focus at the Ity mine and greenfield targets along its 100km trend An intensive Kalana exploration campaign is planned for H with the aim of integrating the results into the updated feasibility study Capital Expenditure Guidance, $m (in $m) SUSTAINING CAPITAL NON-SUSTAINING CAPITAL GROWTH PROJECTS Agbaou Tabakoto Ity Karma Houndé Kalana Exploration Corporate (Group IT system) TOTAL Exploration Guidance, $m EXPLORATION (on a 100% basis) SPEND ALLOCATION Agbaou 8% Tabakoto and greenfield Kofi areas 15% Ity and greenfield areas on the 100km Ity trend 18% Karma 4% Kalana 13% Houndé 21% Other greenfield properties 22% TOTAL EXPLORATION EXPENDITURES* $40-45m 26
27 PRODUCTION PROFILE Houndé expected to lift production and lower AISC Group Production and AISC 466koz 517koz 593koz 663koz koz $1,010/oz $922/oz $886/oz ~$869/oz $ /oz 2014A 2015A 2016A 2017A 2018E INSIGHTS BY MINE Production, koz AISC, $/oz HOUNDE koz $ koz ~$373 AGBAOU 177koz koz $ ~$641 TABAKOTO 144koz koz ~$1,127 $1,200-1,250 NZEMA 37koz ~$705 ITY 59koz ~$ koz $ KARMA koz 98koz ~$835 $ A 2018E 2017A 2018E 2017A 2018E 2017A 2017A 2018E 2017A 2018E 27
28 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
29 HOUNDÉ MINE, BURKINA FASO Overview Karma Mine Ouagadougou KARMA MINE QUICK FACTS (ON 100% BASIS) Ownership Resources (incl. of Reserves) Reserves 90% EDV, 10% Burkina Faso M&I: 2.1 g/t for 2.551Moz Inferred: 2.6 g/t for 0.274Moz 2.1 g/t for 2.075Moz Houndé Mine Processing Rate Open Pit Strip Ratio Gold Recovery Mining Type 3.0mtpa CIL plant to 1 (2017A) 95% (2017A) Open pit / Owner Mining Production 2017A 2018E 69koz koz AISC (Mine-level) 2017 prelim - $373/oz 2018E - $ /oz Mine life Tax regime +10 years % Corporate tax RECENT AND UPCOMING CATALYSTS Accomplished - Construction completed in October 2017 ahead of schedule and below budget Upcoming - Exploration drilling restarted in 2017 and is intensifying in
30 HOUNDE MINE, BURKINA FASO Performance above guidance boosted the quarter Q4-17 INSIGHTS: Production totaled 69koz since the start of mining operations (all considered commercial); significantly surpassing the upper end of the 30-35koz guidance, due to better than expected mill availability, throughput, grades, and recovery rates AISC amounted to circa $373/oz, significantly below the lower end of the $ /oz forecast due to the aforementioned greater than expected production, and lower mining costs 2018 OUTLOOK Houndé is expected to produce between koz in 2018 at an AISC of $ /oz Mining activities are expected to continue to ramp-up to achieve a mining rate of 40Mtpa, up from 18Mtpa in 2017 Mining and processing of fresh ore began in the latter portion of Q Activities are expected to progressively transition from mainly oxides in early 2018 to mainly fresh ore by the end of 2018 Production and AISC Production, koz AISC, US$/oz 69koz $373/oz Q Life of Mine Plan Production based on reserves, koz 265koz 231koz 223koz $645/oz $662/oz $506/oz AISC/oz 218koz $648/oz koz $ /oz 2018E Exploration upside expected to fill this shortfall 184koz $901/oz 116koz $496/oz Year 1 Year 2 Year 3 Year 4 Year 5 to 8 Average Year 9 to 10 Average 30
31 HOUNDE MINE, BURKINA FASO Construction achievements AHEAD OF TIME Commercial production was declared more than two months ahead of schedule as a stable nameplate capacity was achieved within weeks from first ore being introduced into the plant on September 25, The team and Houndé s first gold bars BELOW BUDGET Construction was completed $15 million below the initial capital budget and it was decided to spend an additional circa $21 million mainly for the addition of a 26MW back up power station & fuel farm, bringing the total investment to circa $334 million. 0 LTIs No Lost-Time-Injury occurred over the 8 million manhours worked. 31
32 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. 32
33 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 33
34 CORPORATE PRESENTATION KARI PUMP EXPLORATION RESULTS Drill results confirmed high-grade mineralization A A 34
35 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 Production AISC (mine-level) Expected Mine Life Royalty Corporate Tax 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 8.47 to 1 (2017A) 94% (2017A) Open Pit Contractor Mining 2015A A 2018E 2015A $576/oz 2016A $534/oz 2017 prelim - $641oz 2018E - $ /oz 7 years from current Reserves 3% - 5% sliding scale 25% (5 year corporate tax holiday) 181koz 196koz 177koz 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 2016 Upcoming - Return to more normalised sustainable production rate with fresh ore representing up to 50% of tonnes processed - Exploration campaign underway with initial drill results confirming mineralization 35
36 AGBAOU MINE, CÔTE D IVOIRE Transitioning into harder ore blend Q4-17 vs Q3-17 INSIGHTS: Production decreased slightly, in line with guidance, mainly due to a lower grade and slightly lower tonnage milled All-in sustaining costs increased in line with guidance as operations continued to transition towards mining and processing a greater proportion of fresh ore 2018 OUTLOOK 2018 is expected to be a transition year for Agbaou with a large focus on waste capitalization activities, as a result Agbaou s 2018 production is expected to decrease to koz as low-grade stockpile feed supplements mine feed to allow waste capitalization activities to progress more quickly AISC is expected to increase to $860 - $900/oz as a result of increased mining costs and higher processing costs Production and AISC Production, koz AISC, US$/oz 57koz 46koz 42koz 45koz 43koz $660/oz $606/oz $638/oz $665/oz $532/oz Q Q Q Q Q Tonnes Processed and Grade Tonnes milled, kt Grade milled, g/t Au 721kt 683kt 693kt 770kt 760kt 2.46 g/t 2.23 g/t 1.96 g/t 2.09 g/t Q Q Q Q g/t Q
37 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 37
38 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 38
39 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) 39
40 TABAKOTO MINE, MALI Overview Tabakoto Mine Bamako Kalana Project Mali QUICK FACTS (ON 100% BASIS) Ownership Resources (incl. of Reserves) Reserves Processing Rate Open Pit Strip Ratio Gold Recovery Mining Type Production AISC (mine-level) 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 1.4 Mtpa Gravity/CIL Plant 8.89 to 1 (2017A) 94% (2017A) Tabakoto (UG), Segala (UG) & Kofi Open Pit Mine 2015A 2016A 2017A 2018E 2015A $1,067/oz 2016A $1,027/oz 2017 prelim - $1,127/oz 2018E - $1,200-1,250/oz 152koz 163 koz 144koz koz 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 and ended in mid In 2015, switch to owner underground mining and contractor open pit fleet Upcoming - Ongoing cost saving and optimisation programs include overhead reduction centralizing procurement, fleet replacement and improvement equipment availability and mining efficiency - Strategic assessment expected by mid
41 TABAKOTO MINE, MALI Strategic assessment underway Q4-17 vs Q3-17 INSIGHTS: Production decreased mainly due to lower average head grades, in spite of overall improved mining operations AISC remained stable despite decreases across all unit costs per tonne (open pit and underground mining, processing, and G&A), which were offset by higher sustaining costs and lower grades 2018 OUTLOOK Tabakoto production is expected to decrease to koz from both the underground mines and open pits mainly due to a decline in average grade AISC are forecast to increase to $1,200- $1,250/oz due to lower grade and an increase in sustaining capital expenditures to $35 million In line with Endeavour s portfolio management strategy, a strategic assessment is expected to be made on Tabakoto during the course of the year Production and AISC AISC, US$/oz 48koz 43koz 41koz 32koz $1,119/oz $1,278/oz $927/oz $975/oz $1,054/oz Q Q Q Q Tonnes and Grade Processed Tonnes Processed, kt Processed grades, g/t Au 402kt 405kt 407kt 392kt 3.93 g/t 3.50 g/t 3.32 g/t 2.64 g/t 28koz $1,282/oz Q kt 2.20 g/t Q Q Q Q Q
42 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. 42
43 ITY MINE, CÔTE D IVOIRE Overview Ity Mine Côte d Ivoire 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 Gold Recovery Mining Type Production AISC (mine-level) Mine life Royalty 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 3.71 to 1 (2017A) 950ktpa Heap Leach 83% (2017A) Open pit / Heap Leach 2015A 2016A 2017A 2018E 2016A $756/oz 2017 prelim - $927/oz 2018E - $ /oz 3 years from current Reserves + addition potential 3% - 5% sliding scale 81koz 76koz 59koz 60-65koz 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% in 2017 Upcoming - Construction of CIL project launched in September 2017 with first gold pour expected in mid Continued exploration success 43
44 ITY HEAP LEACH MINE, CÔTE D IVOIRE Production is expected to increase in 2018 with higher grades Q4-17 vs Q3-17 INSIGHTS: Following the rainy season, production increased due to higher stacking and mining rates, in addition to improved grades and recovery rates AISC decreased due to lower unit mining costs and lower unit processing costs. Despite these unit cost reductions, AISC remained high due to sustaining capital expenditures related to fleet upgrades 2018 OUTLOOK Production in 2018 is expected to increase slightly to 60-65koz and AISC are expected to decrease to $790 - $850/oz as a result of anticipated higher grades 2018 is expected to be a transition year for the heap leach operation with greater priority given to the CIL construction Heap leach production is expected to be lower in the second half of the year while AISC are expected to be higher Production and AISC Production, koz AISC, US$/oz 17koz 16koz 14koz 12koz $1,141/oz $827/oz $879/oz $780/oz Q Q Q Q Ity mine extraction Tonnes stacked, kt Grade milled, g/t Au 295kt 312kt 267kt 243kt 2.00g/t 1.90g/t 2.15g/t 1.58g/t 17koz $947/oz Q kt 1.86g/t Q Q Q Q Q
45 ITY CIL PROJECT MINE, CÔTE D IVOIRE Construction is progressing on time and on budget ACHIEVEMENTS TO DATE No LTI with nearly 630,000 man-hours worked Nearly 50% of the total capital cost of $412 million has already been committed Concrete works are tracking well, with all eight ring beams and the SAG mill foundation pour complete and ball mill foundation pour commencing Tailing storage facility (TSF) earthworks are progressing on schedule with 15% completed EPCM design is progressing onschedule with approximately 50% completed Design work for the 90KV transmission line is complete and bush clearing is 70% completed CIL Ring Beams Poured 45
46 TSF Earthworks ITY CIL PROJECT MINE, CÔTE D IVOIRE Construction is progressing on time and on budget 46
47 KEY CHANGES INCLUDE: CORPORATE PRESENTATION 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%) 47
48 $1,400m $1,200m $1,000m $800m $600m CORPORATE PRESENTATION ROBUST PROJECT ECONOMICS IRR of +20% even at $1,000/oz Cumulative after-tax free cash flow, US$m 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 48
49 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 $494/oz average AISC over first 5 years Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 49
50 LIFE OF MINE PLAN Item Unit LOM Total / Average Pre-prod Mining Schedule Total Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5, Total Waste Moved kt 109,559 10,973 10,225 10,074 11,285 11,172 10,873 9,475 8,847 10,463 7,755 5,233 3, Total Ore Mined kt 57,193 4,582 5,775 5,926 4,715 4,828 5,127 4,296 3,814 5,445 5,868 4,910 1, Stripping Ratio w:o Au Grade - Ore Mined g/t Contained Gold - Ore Mined oz 2,882, , , , , , , , , , , ,249 66, Processing Schedule Total Ore Processed kt 57,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 1,000 Au Grade - Ore Processed g/t Contained Gold - Ore Processed oz 2,874, , , , , , , , , , , , ,818 92,339 68,735 13,447 Au Recovery % 85.8% 86.0% 83.7% 84.0% 88.3% 87.2% 86.7% 85.5% 80.2% 80.1% 93.3% 89.8% 89.9% 83.9% 85.8% 92.0% Recovered Gold oz 2,466, , , , , , , , , , , , ,113 77,427 58,978 12,370 Payable Gold oz 2,464, , , , , , , , , , , , ,000 77,349 58,919 12,358 Operating Cost Summary Mining & Rehandling US$/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) 50
51 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 51
52 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. 52
53 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. 53
54 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) 54
55 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 ITY MINE AREA UPCOMING TARGETS Many advance stage targets backed by auger drill and gold-in-soil anomalies Floleu area with potential for a maiden resource Plaque/Falaise area with potential for a maiden resource 55
56 INSIGHTS ITY MINE EXPLORATION - LE PLAQUE DISCOVERY Multiple High Grade Trends Discovered Le Plaque target has the potential to be the next sizeable discovery following the recent Daapleu and Bakaotuo discoveries Only the central portion, representing about 25% of the Le Plaque target, was drilled in 2017, in an area named Le Plaque Main, for which a maiden Indicated resource of 85koz at 2.70 g/t and an Inferred resource of 43Koz at 2.40 g/t was delineated 56
57 GREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB) ANOMALIES PR609 East Cavally Several Targets Gnamapleu Granite-Gneiss Birimian 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 57
58 KARMA MINE, BURKINA FASO Overview Karma Mine 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 Houndé Mine Processing Rate Open Pit Strip Ratio Gold Recovery Mining Type 4.0mtpa Heap Leach 2.96 to 1 (2017A) 83% (2017A) Shallow open pit and free digging material with no blasting required, low strip ratio Production 2016A 2017A 62koz 98koz 2018E koz AISC (Mine-level) 2016A $738/oz 2017 prelim - $835/oz 2018E - $ /oz Mine life 11 years Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax RECENT AND UPCOMING CATALYSTS Accomplished - First gold production achieved on April 11 th Optimization in 2017 completed - The newly installed front-end and ADR plant are expected to boost stacking capacity beyond the initial design capacity of 4Mtpa Upcoming - Benefit of increasing stacking capacity - Exploration on more near-mine targets 58
59 KARMA MINE, BURKINA FASO Profile is expected to improve in 2018 with optimization work completed Q4-17 vs Q3-17 INSIGHTS: Production remained flat as higher stacking capacity and grades were offset by the anticipated lower recovery rate AISC decreased as a result of the aforementioned higher grades, lower strip ratio, and lower stacking unit costs which offset the higher mining unit costs 2018 OUTLOOK Plant optimization work was successfully carried out during The newly installed front-end and ADR plant are expected to boost stacking capacity beyond the initial design capacity of 4Mtpa Production in 2018 is expected to increase to koz and AISC is expected to decrease to $ /oz as a result of the plant optimization work done in 2017 In aggregate, roughly 15% of the 2018 ore feed is expected to be transitional material from GG2 Production and AISC Production, koz AISC, US$/oz 32koz 29koz 24koz 21koz 21koz $973oz $922/oz $738/oz $748/oz $755/oz Q Q Q Q Q Tonnes Stacked and Grade Tonnes stacked, kt Grade milled, g/t Au 853kt 954kt 1,026kt 852kt 720kt 1.14g/t 1.07g/t 1.24g/t 0.91g/t 1.06g/t Q Q Q Q Q
60 KARMA MINE, BURKINA FASO Optimization program completed and new front-end commissioned in 2017 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 60
61 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 <$20/oz AVERAGE 5-YEAR DISCOVERY COST Targeting to discover between 0.5 to 1.0 Moz with average grade between 1.0 and 1.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource. 61
62 KARMA EXPLORATION - NORTH KAO Extension Drilling New Parallel Trend Discovered INSIGHTS: Oxide mineralization discovered on a parallel structure Most notable intercepts include 33.2m at 4.13 g/t Au and 22.8m at 4.18 g/t Au A resource for this parallel structure is expected to be delineated in Q Map of the Yabonsgo area 62
63 YABONSGO TARGET New discovery made in 2017 INSIGHTS: 600m-long mineralized area discovered with a stacked high grade quartz vein system Reconnaissance drilling suggests potential for further extension Most notable intercepts include 8.1m at 15.8 g/t Au, 6.3m at 11.0 g/t Au, and 9.9m at 6.67 g/t Au A maiden resource is expected in Q Map of the Yabonsgo area 63
64 KALANA PROJECT, MALI Overview Tabakoto Mine Bamako Kalana Project Mali QUICK FACTS (ON 100% BASIS) Ownership Status Resources (incl. of Reserves) Reserves Mine Type LOM Strip Ratio 9.9 Processing Rate Upfront Capital (US$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
65 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,
66 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,
67 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 67
68 AVNEL ACQUISITION IS 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 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 Average NAV of US$1,414m (P/NAV of 1.21x) Scotia (29-May-17) Raymond James (9-May-17) Peel Hunt (22-May-17) Equity offer US$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
69 TABLE OF CONTENTS 1 STRATEGIC OVERVIEW 2 FULL YEAR 2017 RESULTS & 2018 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX
70 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 70
ITY CIL Project. September 20, 2017
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