› December 2017 CORPORATE PRESENTATION
› December 2017
CORPORATE PRESENTATION
DISCLAIMER & FORWARD LOOKING STATEMENTS
2
CORPORATE PRESENTATION
Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This presentation contains “forward-looking statements” including but not limited to, statements with respect to Endeavour’s plans and 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”. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment 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 www.sedar.com 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 43-101, and has reviewed and approved the technical information in this news release.
TABLE OF CONTENTS
CORPORATE OVERVIEW1
APPENDIX4
2017 OUTLOOK & Q3 RESULTS2DETAILS BY MINE AND PROJECT3
All amounts presented on a Pro-forma basis: Nzema (Ghana) reserves and resources deconsolidated (full year) and Kalana reserves and resources added 4
$850-895/oz2017 AISC TARGET
FOR CONTINUING OPERATIONS
630-675 Koz2017 PRODUCTION TARGET
FROM CONTINUING OPERATIONS
4,000EMPLOYEES WORLDWIDE
9.8MozRESERVES
15.4MozM&I RESOURCES
10-15Moz5-YEAR DISCOVERY TARGET
MALI
AgbaouMine
Tabakoto Mine
HoundéMine
CÔTE D’IVOIRE
GHANA
Karma Mine
Ity Mine and CIL Project
Abidjan
Bamako Ouagadougou
GUINEA
SIERRALEONE
SENEGAL
GAMBIA
LIBERIA
GUINEA-BISSAU
Operations Office
BURKINA FASO
KalanaMine
ENDEAVOUR MINING OVERVIEWA premier African gold producer with a strong presence in West-Africa
CORPORATE OVERVIEW
COMPANY PROFILE
5
Share Price PerformanceRank 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%
7 Fiera Capital Corporation 2.1%
8 Investec Asset Management Ltd. 1.9%
9 Ruffer LLP 1.7%
10 Quaker Capital Management Corporation 1.3%
Top Shareholders
Ticker TSX:EDVShares in Issue* 106 mShare price as at Nov. 23rd C$23.60Market cap US$2.0BNet Debt pro-forma* as at Sept. 30th US$191m
Shareholder Distribution
MANAGEMENT
1%
LA MANCHA
30%
RETAIL
7%
INSTITUTIONAL
62%
Other
Europe
NorthAmerica
In CAD
CORPORATE OVERVIEW
0
5
10
15
20
25
30
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000Volume EDV share price
*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
LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION
NEAR-TERM GROWTH FROM PROJECTS
IMMEDIATE CASH FLOW FROM PRODUCTION
6
INVESTMENT HIGHLIGHTS
ConstructionDFS Stage
KalanaHounde
Ity CIL
Sissedougou JV(Ivory Coast)
Fetekro(Ivory Coast)
Kofi Trend(Mali)
Liguidi(Burkina Faso)
Daoukro Cluster(Ivory Coast)
Mt. Ba/Gueya(Ivory Coast – Ity trend)
Siguiri(Guinea)
Liptako(Niger)
Floleu(Ivory Coast – Ity trend)
Hounde(completed)
Bondoukou Cluster(Ivory Coast)
Kari/Kari Pump(Hounde trend)
Tiepleu(Ity trend)
Sia/Sianikoui(Hounde trend)
Fougadian(Mali)
Resource stageDrilling on-goingPreparation
Mines
Projects
Brownfield target / stand-alone potential
Greenfield target
CORPORATE OVERVIEW
Exposure to near & long-term growth potential, in addition to current production
PRODUCTION AND AISC PROFILE
7
Key objective is to reduce the group’s AISC and extending mine lives
$895/oz$922/oz
$1,010/oz
$1,317/oz
462koz
800-900koz
201720162015
517koz
584koz
20182014 2019 2021
+900koz
2020
800-900koz
+900koz
20222013
317koz
Tabakoto, Mali
Youga, Burkina Faso
Nzema, Ghana
Ity (Heap Leach), Côte d’Ivoire
Agbaou, Côte d’Ivoire
Karma, Burkina Faso
Houndé, Burkina Faso
Kalana, Mali
Group AISC
Ity (CIL), Côte d’Ivoire
+800kozAnnual production
10+ yearMine life
≤800$/ozAll-in Sustaining Cost
STRATEGIC OBJECTIVE
<$800/oz
For 2019
CORPORATE OVERVIEW
630-675koz
$850-895/oz
STRATEGIC LEVERS
8
BUILDING A PREMIER AFRICAN GOLD PRODUCER
+800kozAnnual production
10+ yearMine life
≤800$/ozAll-in Sustaining cost
STRATEGIC OBJECTIVES
4 Strategic Levers to Achieve Objectives
CORPORATE OVERVIEW
35min
1h35
2h
2h403h10
2h
Hands-on Management Model With Teams Close to OperationsOPERATIONAL EXCELLENCE
9
1
Sebastien de MontessusCEO & Director
Jeremy LangfordCOO
Vincent BenoitEVP CFO & Corporate Development
Patrick BouissetEVP Exploration & Growth
Morgan Carroll EVP Corporate Finance & General Counsel
Henri de JouxEVP People, Culture & IT
London Based
Abidjan Based
Pascal BernasconiEVP Public Affairs, CSR & Security
CEO INTRODUCTIONCORPORATE OVERVIEW
200km
hours Flight time
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,
Lost Time Injury Frequency Rate
0.000.00
0.15
0.40
0.79
Last 12-months
AgbaouHoundé (since start)
Peer Group Average
FY2016
19.7mMan Hours for operations YTD with only 3 LTI
+7.0mMan Hours on
Houndé with no LTI
Construction track recordOperating track record
10
1 Safety is our key priorityOPERATIONAL EXCELLENCE
CORPORATE OVERVIEW
11
Transforming From Stand Alone Units To Integrated Group LAUNCHED IMPROVEMENTS ACROSS THE GROUP 1
TABAKOTOZERO BASE
PLANGOVERNANCE
IT SYSTEMS
WORKING CAPITAL
GROWING LOCAL
TALENT
CSR
SUPPLYCHAIN
COSTREDUCTION
FOCUSED ON OPERATIONAL EXCELLENCE
CORPORATE OVERVIEW
Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz
Cash Flow Generation Lost Time Injury Frequency Rate
*Nzema sale: $20m payment to be received in 2016 12
Proven track record of meeting guidanceOPERATIONAL EXCELLENCE1
9221,010
1,137
850-895884
2016 2017 Guidance201520142013
324466 517 584
2017 Guidance
630-675
2016201520142013
Free cash flow before growth projects(and before WC, tax, and financing costs)
Lost Time Injury Frequency Rate(Number of LTIs in the Period X 1,000,000) / Total man hours worked for the period)
0.310.40
LTM20162015
0.76
2014
1.73
2013
0.73
2017 Guidance2016
$135m
2015
$85m
2014
$35m
2013
$28m
$165m
Guidance Guidance
$1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,250/oz
CORPORATE OVERVIEW
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Kalana, Mali
(CIL), Côte d'Ivoire
undé, Burkina Faso
PROJECT DEVELOPMENTAdding +600koz at an average AISC of <$700/oz over the next 3 years
HoundéCompleted
13
Ity CIL Construction
KALA
NA
ITY
CIL
Hou
ndé
2017 2018 2019 2020 2021 2022
GRE
ENFI
ELD
EX
PLO
RATI
ON
2
DFS Optimization Construction
Resource Definition Studies Construction
+235koz at AISC of <$650/oz
+235koz at AISC of <$500/oz
+150koz at AISC of <$700/oz
CORPORATE OVERVIEW
Burkina Faso
Houndé
Ouagadougou
Essakane(IAMGOLD)
Taparko(Nordgold)
Youga(MNG)
Mana(Semafo)
Inata(Avocet)
Bissa Hill(Nordgold)
Yaramoko(Roxgold)
Bomboré(Orezone)
Konkera(Centamin)
Banfora(Gryphon)
Karma
14
PROJECT DEVELOPMENT2
Life of Mine Plan
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 $550-600/oz for Q4-2017
Project Highlights‒ 10-year mine life based on current
reserves + significant exploration upside‒ Average production of 190kozpa at AISC
of US$709/oz‒ Robust Project with after-tax IRR of
+30% at US$1,250/ozYear 5 to 8
Average
116koz
$496/oz
$901/oz
218koz
$648/oz
Year 9 to 10Average
184koz
Year 3 Year 4
223koz
$506/oz$662/oz
231koz
Year 1
265koz
Year 2
$645/oz
AISC/ozProduction based on reserves, koz
Houndé became Endeavour’s new flagship low cost mine
Exploration upside expected to fill this shortfall
CORPORATE OVERVIEW
Natougou(Semafo)
15
PROJECT DEVELOPMENT2
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
First gold pour expected for mid-2019
Ity CIL Project construction launched in September 2017
CORPORATE OVERVIEW
$484/oz $532/oz
Year 8 Year 9
$677/oz $643/oz
201koz
$567/oz
Year 10Year 6 Year 7
$612/oz
Year 5Year 4Year 3
159koz
190koz
238koz224koz
$493/oz
250koz 250koz
Year 1
$407/oz
151koz162koz
213koz
Year 2
AISCProduction
Production Profile
Exploration potential
Source: 2017 Optimization Study
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 NPV5% 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
16
PROJECT DEVELOPMENTKalana is a high-quality project with significant optimization potential2
Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017
66koz
119koz123koz123koz
170koz
203koz
$703/oz
$976/oz
$598/oz
Avg. Years 11-17
Avg. Years 6-10
88koz
Year 5
$865/oz
Year 4
$689/oz
Year 3
$676/oz
Year 2Year 1
$446/oz
AISCProduction
Production Profile
Optimization potential for +150kozpa
CORPORATE OVERVIEW
Tabakoto MineBamako
Mali
KalanaProject
17
UNLOCK EXPLORATION VALUEAmongst Largest and Most Promising Portfolios in West Africa3
CORPORATE OVERVIEW
15.4MozM&I RESOURCES
10,090 km²EXPLORATION TENEMENTS
+200EXPLORATION TARGETS
10-15Moz5-YEAR DISCOVERY
TARGET
Screening And Ranking Methodology
Full Details Provided in Appendix 18
Exhaustive screening of all >200 potential
targets
130+ target screened through multi-criteria
data analysis
First filtering
Quantifying min/max and mean size and grade
(Length x width x 100m depth x density x average grade issued from existing drilling or nearby analogs)
Top selection of 40 most significant
targets
Risked mean Indicated Resource per Target
Risked-probability weighted potential
per targetHigh/Medium/Low
Exploration budget required per target to
reach Indicated resource level status
Strategic Prioritization
CONSERVATIVE APPROACH
SIMILAR TO THAT USED IN OIL & GAS INDUSTRY
3CORPORATE OVERVIEW
UNLOCK EXPLORATION VALUE
19
UNLOCK EXPLORATION VALUEStarting To Deliver Our Against 5-year Strategy
4.0-6.0Moz
1.5MozDiscovered
Greater Ity KarmaTabakoto AgbaouHoundé Côte d’Ivoire Regional
3
4.0-6.0Moz
2.5-3.5Moz
1.5-2.5Moz
0.5-1.5Moz 0.5-1.5Moz0.5-1.0Moz
10-15Moz 5-year Indicated
Resource Discovery Target
› Significant success over the last 4 years
› Significant amount of data available
› Many known targets based 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 2017+
› Limited exploration (mainly focused on converting inferred)
› Focus on pit extensions and parallel trends
› Targets backed by geochemanomalies
› 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 tenementsin 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 2.0-3.5g/t for Greater Ity, 1.8-2.5g/t for Houndé, 2.0-4.0g/t for Tabakoto, 1.0-1.5g/t for TrueGold and 1.5-3.0g/t for Côte d’Ivoire regional. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.
CORPORATE OVERVIEW
UNLOCK EXPLORATION VALUE
20
$35-40mAnnual budget
<$15/ozAnticipated average
discovery costs
Exploration Strategic Review Output: Low Discovery Costs
$10m
$15m
$25m
$30m
$45m
$55m
$13/oz$20/oz
$25/oz
$15/oz$15/oz$11/oz
Côte d’Ivoire Regional
KarmaAgbaouGreater Ity Houndé Tabakoto
Exploration budget Average discovery cost
3CORPORATE OVERVIEW
21
UNLOCK EXPLORATION VALUEExploration Strategic Review Output: What are the priorities?
22%
23%
2017
100%
8%
13%
25%
18%
13%
23%
26%
43%
7%
12%
4%
27%
6%
2020
100%
13%
9%
35%
6%
2019
100%
10%4%
20%
21%
3%
2021
100%
2%
20%
2018
100%
7%
35%
25%
20%
Tabakoto Agbaou Regional CI Karma and RegionalHounde Ity
3
PRIORITIES: i. Tabakoto due to its short mine life ii. Agbaou to extend oxide mine lifeiii. Ity to extend HL and Improve CIL caseiv. Houndé (once in production) to maintain 250kozpa level after 4th year
PRIORITIES: i. Ity Greater Area ii. Houndé to prolong mine lifeiii. Tabakoto and Agabou exploration will be
success driven
CORPORATE OVERVIEW
22
0 5 10 15 20
$1,200
$450
$500
$550
$600
$650
$700
$750
$800
$850
$900
$950
$1,000
$1,050
$1,100
$1,150
Mine life, years
0 5 10 15 20
$850
$650
$450
$1,200
$1,050
Mine life, years
Bubble size represents production
AISC, $/oz
Ghana MaliBurkina FasoCôte d’Ivoire
AISC, $/oz
PORTFOLIO IN 2015 PORTFOLIO IN 2017
Nzema
Tabakoto
Agbaou
Youga Tabakoto
Agbaou
Houndé Kalana Potential
Ity CIL
Ity HL
Karma
Assessment expected by
mid-2018
Increase Overall Quality of our PortfolioPORTFOLIO & BALANCE SHEET MANAGEMENT4
CORPORATE OVERVIEW
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
Q3-2017 RESULTSPORTFOLIO & BALANCE SHEET MANAGEMENT
Significant headroom to fund projects4
$127m
$200m
Growth Projects
Sources of FundingExpected Mine CF until start of Ity CIL (mid-2019)
Ity Equipment Financing
Circa $60m
NzemaSale
Up to $65m
Liquidity Sources(as at end of Sept 2017)
$327m
Hounde remaining capex (as at Sept 30, 2017)
Ity Capex
UndrawnRCF
Cash1
~$440mFully funded without mine cash flow
CORPORATE OVERVIEW
24
PORTFOLIO & BALANCE SHEET MANAGEMENTConservative leverage target
4
3.28x
1.80x
0.90x
0.11x
0.98x
0.00x
0.50x
1.00x
1.50x
2.00x
2.50x
3.00x
3.50x
4.00x
2013 2014 2015 2016 2017 Q3 2018 2019 LT
Target during construction periods
Net debt to EBITDA ratio
Long-term target post construction
end
CORPORATE OVERVIEW
UPCOMING CATALYSTS
Immediate Cashflowfrom Production
Near-TermGrowth from Projects
Long-Term Upside
from Exploration
2017 OUTLOOK: › Gold production guidance increase to 630-675koz 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
› HOUNDÉ: Contribution to Group free cash flow generation starting Q4-2017
› ITY CIL PROJECT: Construction launched in September with first gold pour expected by mid-2019
› KALANA PROJECT: Optimization study expected by end of 2018
› 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 Q4-2017
› TABAKOTO: Resource increase for year-end resource update
25
CORPORATE OVERVIEW
TABLE OF CONTENTS
STRATEGIC OVERVIEW1
APPENDIX4
2017 OUTLOOK & Q3 RESULTS2DETAILS BY MINE AND PROJECT3
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 $5m following significant YTD exploration success
2017 GUIDANCE INCREASED WITH HOUNDE
27
Houndé is Already Cash Flow Positive
(All amounts in koz, on a 100% basis)UPDATED 2017
FULL-YEAR GUIDANCECurrent Production From Continuing Operations (Unchanged ) 500 - 530Hounde 30 - 35PRODUCTION FROM CONTINUING OPERATIONS 530 - 565Nzema (held for sale) 100 - 110TOTAL PRODUCTION 630 - 675
(All amounts in US$/oz)UPDATED 2017
FULL-YEAR GUIDANCECurrent Group AISC For Continuing Operations (Unchanged ) 855 - 900Hounde 550 - 600GROUP AISC FOR CONTINUING OPERATIONS 845 - 890Nzema (held for sale) 895 - 940GROUP AISC 850 - 895
In $m INITIAL
GUIDANCEREVISED
GUIDANCENET REVENUE (based on guidance mid-point for cont. ops) 755 665Mine 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 210 190Nzema 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)
155 165
Production Guidance
AISC Guidance
FCF Guidance
2017 OUTLOOK
*111koz and AISC of $976/oz excluding Nzema held-for-sale asset 28
ON TRACK TO MEET GUIDANCEQ3-2017 RESULTS
In line with 2016 seasonality, Q3 was slightly weaker and Q4 is expected to be stronger
INSIGHTS BY MINE
$897/oz$905/oz$855/oz
$898/oz $906/oz
146koz
Q3-17*
148koz
Q2-17
152koz
Q1-17
159koz
Q4-16Q3-16
175koz
ITYTABAKOTOAGBAOU
$780$1,141
Q2-2017
14koz
OUTLOOKQ3-2017
12koz
37koz
OUTLOOKQ3-2017
$705
Q2-2017
27koz
$985
NZEMA
$1,054
Q2-2017 OUTLOOKQ3-2017
32koz41koz
$1,278$973
$755
OUTLOOK
24koz
Q2-2017 Q3-2017
21koz
KARMA
$638$606
OUTLOOKQ3-2017
46koz
Q2-2017
45koz
Production, koz AISC, $/oz
Group Production and AISC (including Nzema asset held-for-sale asset)
Net free cash flow increased despite increased exploration spend NET FREE CASH FLOW FROM OPERATIONS DOUBLED
INSIGHTS1. Gold sales up mainly due to the
addition of the Karma mine2. Inclusive of 15,000 ounces
delivered under the Karmastream
3. Increase due to strategic focuson exploration
4. 2017 figure includes Nzema(asset classified as Held-For-Sale) and 2016 figure includesYouga (asset sold)
5. The working capital variationimproved to $18m in Q3-2017,from negative $27m in Q2-2017, with the year-to-dateoutflow reduced to $1m
Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.
NINE MONTHS ENDED(in US$ million) SEPT 30, 2017 SEPT 30, 2016
GOLD SOLD FROM CONTINUING OPERATIONS, koz 370 312Gold Price, $/oz 1,214 1,238
REVENUE FROM CONT. OPS 445 394Total cash costs (260) (190)Royalties (23) (18)Corporate costs (15) (15)Sustaining capex (30) (32)Sustaining exploration (9) (5)ALL-IN SUSTAINING COSTS (“AISC”) (338) (260)
ALL-IN SUSTAINING MARGIN FROM CONT. OPS 107 133AISC Margin from asset held for sale 37 5Less: Non-sustaining capital (23) (20)Less: Non-sustaining exploration (22) (13)
FREE CASH FLOW BEFORE GROWTH PROJECTS(and before working capital, tax & financing costs)
100 106
Working capital (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 59 12
3
1
2
3
29
4
5
Q3-2017 RESULTS
Cash from operations and RCF used to fund growthGROWTH FUNDING SOURCES
INSIGHTS1. For Houndé construction ($186m),
Karma optimization ($22m), Ity CILProject ($13m)
2. Consists mainly of $54m for thepurchase of an additional 25% stake inthe Ity mine which was offset by the$8m inflow of cash acquired upon theacquisition of the Kalana mine
3. Mainly La Mancha private placementsless dividends to minorities. Cashposition includes $30m of La Manchaprivate placements received afterquarter-end.
4. Used to fund Hounde project5. Cash position includes $30m of La
Mancha private placements receivedafter quarter-end.
6. Upsized from $350m to $500m withbetter terms
1Sept 30, 2017 Pro-forma includes $28m of cash held at the Nzema held-for-sale asset and $30m of La Mancha private placement which was received after quarter-endAdditional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.
NINE MONTHS ENDED(in US$ million) SEPT 30, 2017 SEPT 30, 2016
NET FREE CASH FLOW FROM OPERATIONS 59 12
Growth projects (221) (80)
Greenfield exploration expense (6) (4)
Restructuring costs (7) (18)
Acquisition & disposal of mining interests (54) 11
Cash paid on settlement of share appreciation rights, DSUs and PSUs (4) (2)
Net equity proceeds and dividends to non-controlling interests 77 181
Proceeds (repayment) of long-term debt 160 (106)
Proceeds from pre-production gold sales - 34
Other (foreign exchange gains/losses and other) (4) -
CASH INFLOW (OUTFLOW) FOR THE PERIOD 1 28
4
1
2
30
3
(in US$ million)SEPT. 30, 2017 PRO-FORMA1
SEPT. 30, 2017
JUN. 30, 2017
DEC. 30, 2016
Cash 155 125 85 124
Less: Equipment finance lease (46) (46) (47) (10)
Less: Drawn portion of $500 million RCF (300) (300) (220) (140)
NET DEBT POSITION (191) (221) (183) (26)
NET DEBT / ADJUSTED EBITDA (LTM) RATIO 0.85 0.98 0.76 0.11
5
Net Debt Position
Net Cash Flow
6
Q3-2017 RESULTS
Adjusted EPSNET EARNINGS BREAKDOWN
All-In Sustaining Margin to Adjusted Net Earnings For Continuing OperationsFor the 9-months period ended September 30, 2017
NINE MONTHS ENDED
(in US$ million)SEPT. 30,
2017SEPT. 30,
2016
Gold Revenue 445 394
Operating expenses (266) (193)
Depreciation and depletion (90) (58)
Royalties (23) (18)
Earnings from mine operations 66 125
Corporate costs (15) (15)
Acquisition and restructuring costs (10) (25)
Share based expenses (19) (9)
Exploration (6) (4)
Earnings from operations 17 73
(Losses)/gains on financial instruments (6) (20)
Finance costs (20) (19)
Other income (expenses) 2Earnings (loss) from continuing operations before taxes (8) 34
Current income tax expense (12) (8)
Deferred taxes recovery 6 (4)
Net (loss)/earnings from discontinued operations (29) (5)
Total net and comprehensive earnings/(loss) (43) 17
Adj. net earnings/(loss) from cont. operations 19 83
A
A = Adjustments made
A
A
A
A
A
$37m $40m
$90m
$20m
$12m
$107m
$144m
Deduct: Finance Costs
Deduct:Depreciation
from cont.ops
Deduct:Exploration
Expense
$6m
Add-back:Sustaining
Capital/Exploration
$19mor $0.10/share
Deduct:Taxes
Adjusted Net Earningsfrom cont.
ops
All-In Sustaining
Margin from cont. ops
All-in sustaining
margin
Less: Discontinued Ops (Nzema)
31
Q3-2017 RESULTSQ3-2017 RESULTS
RCF UPSIZED AND EXTENDED
32
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
Q3-2017 RESULTS
TABLE OF CONTENTS
STRATEGIC OVERVIEW1
APPENDIX4
2017 OUTLOOK & Q3 RESULTS2DETAILS BY MINE AND PROJECT3
AGBAOU MINE, CÔTE D’IVOIRE Overview
AGBAOU MINE
QUICK FACTS (ON 100% BASIS)
Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI
Resources(incl. of Reserves)
M&I: 13.0Mt @ 2.4 g/t for 1.004MozInferred: 1.1Mt @ 1.7 g/t for 0.060Moz
Reserves 11.0Mt @ 2.4 g/t for 0.853Moz
Processing Rate Up to 2.6 Mtpa Gravity/CIL plant - oxides; 1.6 Mtpa fresh
Open Pit Strip Ratio 8.1 to 1 (2016A)
Gold Recovery Achieving 95% at present; 92.5% design
Mining Type Open Pit – Contractor Mining
Production
AISC (mine-level)
2014A– $621/oz2015A – $576/oz2016A – $534/oz2017E - $660-700/oz
Expected Mine Life 7 years from current Reserves
Royalty 3% - 5% sliding scale
Corporate Tax 25% (5 year corporate tax holiday)
196koz2015A
2017E
147koz
2016
2014A181koz
175-180 koz
34
RECENT AND UPCOMING CATALYSTSAccomplished- Fully repaid shareholder loans in <2 years, in Nov 2015- Commissioned secondary crusher on time and on budget in July 2016 - Reserves are same level as when production started in 2014Upcoming- Return to more normalised sustainable production rate of 175-180koz with fresh ore representing
up to 50% of tonnes processed- Exploration campaign underway with initial drill results confirming mineralization
AgbaouMine
Abidjan
Ity Mine
Côte d’Ivoire
……
Production and AISCQ3-17 vs Q2-17 INSIGHTS: › Production remained fairly flat as
greater tonnes processed offset thelower head grade
› All-in sustaining costs increased by$32/oz due to planned higher sustainingcapital costs, while increased miningunit costs were offset by lowerprocessing unit costs
OUTLOOK› In Q4-2017, production is expected to
decrease slightly and AISC is expected toincrease as the mine continues toprogress towards a greater oxide tofresh/transitional ore blend, with anincreased planned sustaining capitalspend
› Agbaou remains on track to meet theFY-2017 production guidance of175,000-180,000 ounces and is expectedto achieve the low-end of the initial AISCguidance of $660-700/oz
$638/oz
46koz
Q3-2017Q2-2017
57koz
Q3-2016 Q1-2017
49koz42koz
Q4-2016
45koz
AISC, US$/ozProduction, koz
35
$550/oz $532/oz $660/oz
AGBAOU MINE, CÔTE D’IVOIREOn track to beat AISC guidance
Tonnes Processes and Grade
770kt693kt683kt721kt709kt
1.96 g/t
Q2-2017Q3-2016 Q3-2017Q1-2017Q4-2016
Grade milled, g/t AuTonnes milled, kt
2.21 g/t 2.46 g/t
2.09 g/t
$606/oz
2.23 g/t
AGBAOU MINE
INSIGHTS› Exploration activity during the first 9
months amounted to approximately31,000 meters drilled out of the 45,000meters planned for the year. Inaddition, several ground geophysicswere acquired
› The drill program focused on various pitextensions, the Agbaou south andNiafouta targets, targets on structurallyparallel trends, in addition toexploration targets located within a20km range of the processing plant
› A dedicated deeper drilling programwas also initiated in Q3-2017 targetingAgbaou’s at-depth potential
Agbaou Site Map
36
AGBAOU MINE, COTE D’IVOIREExploration program continues to progress
AGBAOU MINE
37
AGBAOU MINE EXPLORATIONTarget of finding between 0.5 to 1.5Moz
Agbaou Site Map
AGBAOU MINE
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 At-depth
2. MPN Extension target
3. Agbaou South target
4. Beta Extension target
5. Mbazo area
0.5-1.5Moz5-YEAR DISCOVERY
TARGET
<$25/ozAVERAGE 5-YEAR DISCOVERY COST
> 50 ppb
2m@5g/t Au
4m@17g/t Au (incl. [email protected]/t)4m@3g/t Au (incl. 2m@4,70g/t)
[email protected]/t Au (incl. [email protected]/t)
[email protected]/t Au (incl. [email protected]/t)[email protected]/t Au (incl. [email protected]/t)[email protected]/t
[email protected]/t Au2m@2g/t Au4m@2g/t Au (incl. [email protected]/t)
Deep Potential
38
Section - AGBDD2141
Intercepted mineralization 150m under the North pit in 2017
AGBAOU MINE
AGBAOU MINE EXPLORATION
TABAKOTO MINE, MALIOverview
39
TABAKOTO MINE
QUICK FACTS (ON 100% BASIS)
Ownership 80-90% Endeavour depending on pit, remainder government of Mali
Resources(incl. of Reserves)
M&I: 19.0Mt @ 3.0 g/t for 1.844Moz Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz
Reserves 6.3Mt @ 3.1 g/t for 0.615Moz
Open Pit Strip Ratio 10.4 to 1 (2016A)
Processing Rate 1.4 Mtpa Gravity/CIL Plan
Gold Recovery 92% - 95%
Mining Type Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine
Production
AISC (mine-level)
2014A– $1,335/oz2015A –$1,067/oz2016A – $1,027/oz2017E - $950-990/oz
Expected Mine Life 4+ years from current Reserves
Royalty 6%
Corporate Tax 30%
150-160koz2016A2015A
2017E
2014A
163 koz152koz
127koz
RECENT AND UPCOMING CATALYSTSAccomplished- In 2013 the mill was expanded from 2,000 tpd to 4,000 tpd- Segala ore production commenced in Q2 2014 and to full production by Q4 2014- Kofi C deposit commenced production in Q1 2015- In 2015, switch to owner and contractor fleet resulting in increased productivity Upcoming• Top exploration priority and cost reduction to be the main focus of 2017• Ongoing cost saving and optimisation programs include overhead reduction centralizing
procurement, fleet replacement and improvement equipment availability and mining efficiency
Tabakoto MineBamako
Mali
KalanaProject
Q3-17 vs Q2-17 INSIGHTS: › Production decreased due to lower open pit
tonnage and grade, in addition to the impact ofstrong rainfall and a national strike
› AISC increased by $223/oz due to the volumeeffect following the decrease in gold sold, anincreased strip ratio and an increase in mining,processing and G&A unit costs, partially offsetby lower sustaining costs
OUTLOOK› 300 people redundancy program recently
completed, with benefit to start Q4-2017
› Other cost saving and optimization programsare underway including, centralizingprocurement, fleet replacement, andimprovement of equipment availability andmining efficiency
› Tabakoto is on track to meet the low-end of theinitial FY-2017 production guidance of 150,000 -160,000 ounces while AISC are expected to beabove the initial guidance of $950-990/oz
40
TABAKOTO MINE, MALICost saving and optimization programs are underway
Tonnes and Grade Processed
Production and AISC
$1,278/oz
Q2-2017Q1-2017
48koz
Q4-2016
37koz43koz
Q3-2017Q3-2016
32koz
41koz
AISC, US$/oz
392kt407kt405kt402kt381kt
2.64 g/t
Q1-2017 Q3-2017Q2-2017Q4-2016Q3-2016
Tonnes Processed, kt Processed grades, g/t Au
3.11 g/t3.93 g/t
$1,119/oz$1,071/oz$975/oz$927/oz
3.50 g/t
$1,054/oz
3.32 g/t
TABAKOTO MINE
41
TABAKOTO AND KOFI EXPLORATION TARGET
1.5-2.5Moz5-YEAR DISCOVERY
TARGET
<$15/ozAVERAGE 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.
Recently consolidated Kofi Trend
AREAS OF FOCUS: 1. Tabakoto Area
a. Tabakoto underground
b. Segala underground
c. Near mill open-pittargets currently beingexplored
2. Kofi Area (potential for stand alone operation)
a. Large underexploredlicenses on trend withLoulo
b. Several targets ready forreconnaissance drilling
c. Netekoto Block recentlyacquired
TABAKOTO MINE
ITY MINE, CÔTE D’IVOIRE Overview
QUICK FACTS (ON 100% BASIS)
Ownership 80% EDV, 15% Côte d’Ivoire, 5% private
Resources (HL + CIL)(incl. of Reserves)
M&I: 75.1Mt @ 1.6 g/t for 3.784MozInferred: 18.9Mt @ 1.3 g/t for 0.792Moz
Reserves (HL+CIL) 60.3Mt @ 1.6 g/t for 3.138Moz
Open Pit Strip Ratio 4.2 to 1 (2016A)
Processing Rate 950ktpa HL
Gold Recovery 81%
Mining Type Open pit / Heap Leach
Production
AISC (mine-level)2016A – $756/oz2017E - $740-780/oz
Mine life 3 years from current Reserves + addition potential
Royalty 3% - 5% sliding scale
Corporate Tax 25%
76koz2017E 75-80koz2016A2015A 81koz
Côte d’Ivoire
RECENT AND UPCOMING CATALYSTSAccomplished- Increased heap leach capacity from 0.6mtpa to 1.0mtpa in 2013- 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
ITY MINE
AgbaouMine
Abidjan
Ity Mine
Côte d’Ivoire
Q3-17 vs Q2-17 INSIGHTS:› Production decreased due to lower
processed grades and recovery rates,which were partially offset by increasedstacked tonnage
› A swift decision was made to preserveBakatouo for the upcoming CIL plant(due to better economics)
› AISC increased due to higher miningcosts and increased sustaining capitalexpenditures, which were partiallyoffset by lower stacking costs
OUTLOOK› In Q4, Ity’s production and cost profile
is expected to improve slightly as thegrade profile increases
› Due to change in mine plan as well asgreater priority given to the CILconstruction activities, production isexpected to fall below the initialguidance of 75,000 – 80,000 ouncesand AISC are expected to be above theinitial guidance of $740-780/oz
43
ITY HEAP LEACH MINE, CÔTE D’IVOIRELower production as high-grade Bakatouo is preserved for Ity CIL Project
$1,141/oz
15koz
12koz
16koz14koz
Q1-2017Q3-2016
17koz
Q4-2016 Q3-2017Q2-2017
AISC, US$/ozProduction, koz
312kt
243kt267kt295kt271kt
1.58g/t
Q3-2017Q1-2017Q4-2016Q3-2016 Q2-2017
Tonnes stacked, kt Grade milled, g/t Au
Production and AISC
Ity mine extraction
$724/oz
1.90g/t
$827/oz
2.00g/t
$879/oz
1.90g/t
$780/oz
2.15g/t
ITY MINE
ACHIEVEMENTS TO DATE› Long-lead items ordered
› $116m already committed
› EPCM contracted award toLycopodium
› Construction workforcemobilisation is progressing well
› Process plant area earthworksprogressing well
› Construction workforcemobilisation ongoing
› Danane to Ity 90kV OHLcorridor compensationestimation in progress
44
ITY HEAP LEACH MINE, CÔTE D’IVOIRECIL Construction Has Started
Earthworks are underway
ITY MINE
KEY CHANGES INCLUDE:
›KEY CHANGES INCLUDE:
› 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
SUMMARY OF ITY CIL OPTIMISATION STUDY
45
2017 OPTIMIZATION
STUDY
2016FEASIBILITY
STUDY
VARIANCE (OS VS. FS)
LIFE OF MINE PRODUCTIONStrip ratio, w:o 1.9 2.1 (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 COSTInitial 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%)
Significant improvement over 2016 Feasibility Study
ITY MINE
ROBUST PROJECT ECONOMICS
46
IRR of +20% even at $1,000/oz
$710m / 40%
$343m / 23%
$920m / 50%
NPV5% / IRR
$1,400/oz
$1,250/oz
$1,000/oz
-$200m
$1,200m
$0m
$200m
$400m
-$400m
$600m
$800m
$1,000m
$1,400m
Y12 Y13 Y14 Y15Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11
22-M
ON
TH P
AYBA
CK P
ERIO
D
14-Y
EAR
MIN
E LI
FE
Cumulative after-tax free cash flow, US$m
ITY CIL OPTIMIZATION STUDYITY MINE
LONG-LIFE LOW-COST PROJECT
47
Significantly improved production profile
$643/oz$677/oz
$532/oz$567/oz
$493/oz$407/oz
$612/oz
$484/oz
Year 8
162koz
Year 6 Year 7Year 5
151koz
Year 4
213koz
238koz
224koz
Year 2
201koz
Year 3
250koz
Year 1
159koz
Year 9
190koz
Year 10
250koz
AISC for OSFS productionOS production
235kozaverage production
over first 5 years
$602/oz$598/oz
Production Profile
$494/ozaverage AISC over
first 5 years
Exploration potential
ITY CIL OPTIMIZATION STUDYITY MINE
LIFE OF MINE PLAN
48
Item UnitLOM Total /
Average Pre-prod 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15Mining ScheduleTotal Material Moved kt 166,752 15,555 16,000 16,000 16,000 16,000 16,000 13,770 12,661 15,908 13,623 10,143 5,092 0 0 0Total Waste Moved kt 109,559 10,973 10,225 10,074 11,285 11,172 10,873 9,475 8,847 10,463 7,755 5,233 3,184 0 0 0Total Ore Mined kt 57,193 4,582 5,775 5,926 4,715 4,828 5,127 4,296 3,814 5,445 5,868 4,910 1,908 0 0 0Stripping Ratio w:o 1.92 2.39 1.77 1.70 2.39 2.31 2.12 2.21 2.32 1.92 1.32 1.07 1.67 0.00 0.00 0.00Au Grade - Ore Mined g/t 1.57 1.70 2.05 1.78 1.87 1.65 1.88 1.20 1.37 1.38 1.30 1.12 1.08 0.00 0.00 0.00Contained Gold - Ore Mined oz 2,882,942 250,292 380,473 339,552 284,028 256,057 309,845 165,566 167,586 240,798 246,064 176,249 66,432 0 0 0Processing ScheduleTotal Ore Processed kt 57,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 1,000Au Grade - Ore Processed g/t 1.57 2.26 2.32 2.21 1.87 1.99 1.80 1.37 1.57 1.84 1.32 1.45 0.98 0.72 0.53 0.42Contained Gold - Ore Processed oz 2,874,932 291,115 298,991 283,905 240,735 256,406 231,939 176,705 201,293 236,809 170,115 186,579 125,818 92,339 68,735 13,447Au Recovery % 85.8% 86.0% 83.7% 84.0% 88.3% 87.2% 86.7% 85.5% 80.2% 80.1% 93.3% 89.8% 89.9% 83.9% 85.8% 92.0%Recovered Gold oz 2,466,728 250,481 250,152 238,381 212,644 223,659 201,195 151,022 161,502 189,661 158,686 167,457 113,113 77,427 58,978 12,370Payable Gold oz 2,464,261 250,231 249,902 238,143 212,431 223,435 200,994 150,871 161,341 189,471 158,527 167,289 113,000 77,349 58,919 12,358Operating Cost SummaryMining & Rehandling US$/t Mined 2.89 2.42 3.21 3.05 3.23 2.92 3.50 2.70 2.80 2.86 2.36 2.34 3.07 0.00 0.00 0.00Processing US$/t Ore Processed 11.96 11.54 12.41 12.48 12.20 12.50 12.39 12.16 12.36 11.56 11.27 10.72 12.37 12.06 11.52 11.68General & Administrative US$/t Ore Processed 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23Cash Operating Costs (Net of Credits) US$/oz Gold Sold 504 345 414 426 489 447 544 602 556 506 517 426 630 788 1005 1332Total Cash Costs US$/oz Gold Sold 554 395 464 476 539 497 594 652 606 556 567 476 680 838 1055 1382All-In-Sustaining Costs US$/oz Gold Sold 580 407 484 493 567 532 612 677 643 598 602 500 716 864 1055 1382Cash Flow SummaryGold Revenue $M 3,080 313 312 298 266 279 251 189 202 237 198 209 141 97 74 15 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 1,715 214 196 184 151 168 132 90 104 132 108 130 64 32 11 (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 1,652 211 191 180 145 160 128 86 98 124 103 125 60 30 11 (2)Less: Working Capital Movement $M (0) (11) 0 (0) 1 (1) 3 0 (0) (1) 2 (1) 3 1 1 3 Less: Taxes $M (230) 0 (3) (12) (14) (20) (30) (26) (13) (17) (24) (21) (29) (13) (5) (1)Less: Customs Duties & VAT $M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FCF Before Non-Sustaining Capital $M 1,422 0 200 188 168 132 139 101 60 85 105 80 103 34 17 7 (1)Less: Non-Sustaining Capital $M (351) (351) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment Financing $M (77) (15) (15) (15) (15) (15) 0 0 0 0 0 0 0 0 0 0 0 Reclamation and Salvage Costs $M (5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (3) 0 Exploration $M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mine Free Cash Flow $M 990 (366) 184 173 153 117 139 101 60 85 105 80 103 34 17 5 (2)
ITY CIL OPTIMIZATION STUDYITY MINE
1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FSOptimization study was preformed to capture the increased resource inventory
49
2017 OPTIMIZATION STUDY INVENTORY 2016 FEASIBILITY STUDY INVENTORY
Depositson a 100% basis
Indicated Resources Inferred Resources Indicated Resources Inferred ResourcesTonnage
(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)
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Open PitsDaapleu 28.1 1.50 1,349 0.7 0.92 22 19.9 1.51 965 4.3 1.15 160
Mont Ity / Flat 10.1 2.20 716 9.7 1.40 436 7.5 2.19 527 11.1 1.92 684
Gbeitouo 2.9 1.35 124 0.3 1.48 13 2.9 1.35 124 0.3 1.48 13
Walter 1.6 1.23 65 0.6 1.35 26 2.1 1.21 81 0.7 1.32 28
Zia NE 6.7 1.28 274 4.0 1.40 178 7.7 1.31 325 4.0 1.39 179
Bakatouo 10.2 2.14 704 0.6 2.27 44 - - - - - -
Colline Sud 1.0 2.14 66 0.4 2.11 28 - - - - - -
Sub-total 60.6 1.69 3,298 16.3 1.43 747 40.1 1.57 2,022 20.4 1.62 1,064
Existing Stockpiles
Aires 5.8 1.09 202 0.2 0.78 6 5.8 1.09 202 0.2 0.78 6
Teckraie 2.8 1.07 97 0.1 0.55 2 2.8 1.07 97 0.1 0.55 2
Verse Ouest 5.9 0.99 187 2.3 0.50 37 - - - 8.4 0.85 230
Sub-total 14.5 1.04 486 2.6 0.54 45 8.6 1.08 300 8.7 0.85 238
Total 75.1 1.57 3,784 18.9 1.30 792 48.7 1.48 2,322 29.1 1.39 1,302
ITY CIL OPTIMIZATION STUDYITY MINE
CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz
Only CIL reserves shown. 50
Depositson a 100% basis
Optimization Study Reserves,as at September 1, 2017
Feasibility Study Reserves,as at October 1, 2016 Variance
(koz)Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Open PitsBakatouo 6.9 2.40 532 - - - +532
Colline Sud - - - - - - -
Daapleu 18.4 1.72 1,015 19.3 1.51 936 +79
Mont Ity / Ity Flat 7.4 2.03 479 3.8 2.19 268 +211
Gbeitouo 2.5 1.37 111 2.6 1.35 112 (1)
Walter 1.2 1.07 41 1.9 1.22 73 (32)
Zia NE 6.2 1.06 210 4.8 1.24 192 +18
Sub-total 42.5 1.75 2,390 32.4 1.52 1,580 +810
Existing Stockpiles
Aires 5.8 1.09 202 5.8 1.09 202 -
Teckraie/ Verse Ouest 8.7 1.02 284 2.8 1.07 97 +187
Sub-total 14.5 1.05 486 8.6 1.08 300 +186
Total 57.0 1.57 2,876 41.0 1.42 1,880 +996
Addition of Bakatouo and increases at Mont Ity, Teckraie, and Daapleu
ITY CIL OPTIMIZATION STUDYITY MINE
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
ITY EXPLORATION POTENTIAL OVERVIEW
4-6Moz5-YEAR DISCOVERY
TARGET
<$15/ozAVERAGE 5-YEAR DISCOVERY COST
Endeavour controls the full Ity Birimian belt
ITY MINE
ON-TRACK TO ACHIEVE DISCOVERY TARGET
52
3.8Moz
2.3Moz
1.5Mozadded
2017 M&I Resource
(Base for OS)
5-Year Discovery Target
(published Nov. 2016)
2016 M&I Resource
(Base for FS)
4-6Moz Discovery Target
M&I Resource Evolution
Already 1.5 Moz added between November 2016 and November 2017
ITY MINE
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
ITY MINE AREA UPCOMING TARGETS
53
Many advance stage targets backed by auger drill and gold-in-soil anomalies
ITY MINE
54
ITY MINE EXPLORATION - LE PLAQUE DISCOVERYMultiple High Grade Trends Discovered
ITY MINE
INSIGHTS
‒ Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly
‒ Mineralization at the Le Plaque trends 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 Q4-2017
GREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB) ANOMALIES
55
Birrimian meta sedimentsand green belt
GnamapleuGranite-Gneiss
No Geochemical data at allNo Exploration
Historical Sparse 400x100m Grid on PR462Except on few selected targets
PR558 Le Plaque Area Several Targets
GBAMPLEU
Mt BA AreaSeveral targets
GUEYA areaSeveral targets
PR609 East CavallySeveral Targets
ITY MINE
KARMA MINE, BURKINA FASOOverview
56
KARMA MINE QUICK FACTS (ON 100% BASIS)
Ownership 90% EDV, 10% Burkina Faso
Resources(incl. of Reserves)
M&I: 84.3Mt @ 1.1 g/t for 2.981MozInferred: 19.3Mt @ 1.3 g/t for 0.791Moz
Reserves 37.9Mt @ 0.9 g/t for 1.117Moz
Processing Rate 4.0mtpa Heap Leach
Gold Recovery 87%
Mining TypeShallow open pit and free digging material with no blasting required, low strip ratio
Production
AISC (Mine-level)2016A – $738/oz2017E - $750 -780/oz
Mine life8 years mine life based on reserves + 2.5 years from North Kao deposit (inferred resource)
Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax
100-110koz
62koz2016A
2017E
RECENT AND UPCOMING CATALYSTSAccomplished- First gold production achieved on April 11th 2016- Started leach pad ore stacking and irrigating in early March 2016Upcoming- Benefit of higher grade Rambo pit- Plant optimization project underway- Kao pit expected to be in operation by year-end 2017
KARMA MINE
Houndé Mine
Ouagadougou
Karma Project
Q3-17 vs Q2-17 INSIGHTS: › Production decreased due to lower grades and
tonnage stacked which was partially offset byhigher recovery rates
› AISC increased as a result of lower grades andhigher strip ratio, in addition to higher unitprocessing costs which were partially offset bylower unit mining costs
OUTLOOK› Q4 profile is expected to slightly improve as the
grades are expected to increase with the higher-grade Rambo ore feed, which is expected to behowever slightly offset by its lower recovery ratesdue to its higher transitional and fresh ore content
› Stacking capacity is expected to increase followingthe recent commissioning of the new front-end
› Karma is on track to meet the initial FY-2017production guidance of 100,000 – 110,000 ouncesand with AISC expected to be at the top end of theinitial guidance of $750-800/oz
57
KARMA MINE, BURKINA FASOProfile is expected to improve as new front-end was commissioned
Production and AISC
Tonnes Stacked and Grade
21koz24koz
32koz29koz
20koz
$973/oz
Q3-2017Q2-2017Q3-2016 Q1-2017Q4-2016
Production, koz AISC, US$/oz
$738/oz
720kt852kt
954kt853kt880kt
0.91g/t
Q3-2017Q1-2017Q4-2016 Q2-2017Q3-2016
Grade milled, g/t AuTonnes stacked, kt
1.14g/t1.21g/t
$748/oz
1.07g/t
$755/oz
1.24g/t
KARMA MINE
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
KARMA MINE, BURKINA FASO
58
Optimization program completed and new front-end commissioned
KARMA MINE
ADR Area - Before ADR Area - After
Feed Preparation Circuit - Before Feed Preparation Circuit - After
59
Several identified targets with success already being achieved KARMA EXPLORATION OVERVIEW
0.5-1.0Moz5-YEAR DISCOVERY
TARGET
<$20/ozAVERAGE 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.
AREAS OF FOCUS: 1. North Kao added in
2017 and resourceadditions expected
2. Yabonsgo drilled in2017 with maidenresource expecetd
3. Nogafaere (previsoulyowned by GoldenRim) is a target for2018
4. Rounga is a target for2018
KARMA MINE
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 Q1-2018
60
Extension Drilling – New Parallel Trend DiscoveredKARMA EXPLORATION - NORTH KAO
KARMA MINE
Map of the Yabonsgo area
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 Q1-2018
YABONSGO TARGET
61
New discovery made in 2017
KARMA MINE
Map of the Yabonsgo area
HOUNDÉ MINE, BURKINA FASOOverview
1Based on 100% equity funding and equipment lease financing²From production start 62
QUICK FACTS (ON 100% BASIS)
Ownership 90% EDV, 10% Burkina Faso
Status Commercial production
Resources(incl. of Reserves)
M&I: 37.9Mt @ 2.1 g/t for 2.551MozInferred: 3.2Mt @ 2.6 g/t for 0.274Moz
Reserves 30.6Mt @ 2.1 g/t for 2.075Moz
Mine Type Open pit
LOM Strip Ratio 8.4
Processing Rate 3.0 Mtpa Gravity / CIL plant
Gold Recovery 93%
Tax regime 17.5% for Vindaloo and 27.5% for Bouere
LOMP SUMMARY (ON 100% BASIS)
ProcessingTotal ore processed, Mt 29.7Gold grade, g/t 2.15Contained gold, koz 2,057Recovery rate, % 93%Production, koz 1,906
Operating CostsMining costs, $/t moved 2.17Processing costs, $/t 13.36Site G&A, $m/yr 9.8
AISC , US$/oz 709
ECONOMIC RETURNS1
Gold Price (US$/oz) $1,150 $1,200 $1,250 $1,300 1,350
After-tax Project NPV (5%) $230 $286 $342 $398 $437
After-tax Project IRR 24% 28% 32% 36% 39%
Payback, years² 2.7 2.4 2.2 2.0 1.8
Houndé Mine
Ouagadougou
Karma Project
HOUNDE MINE
63
2.5-3.5Moz5-YEAR DISCOVERY
TARGET
<$15/ozAVERAGE 5-YEAR DISCOVERY COST
Hounde Site MapINSIGHTS› Following a two
year period of no exploration drilling, activities resumed in 2017 with a $5 million program
› Focused on drilling high grade targets
› Work performed also included advanced soil geochemistry, ground geophysics on selected targets, regolith and geological mapping
› Significant potential highlighted
Targeting to discover between 2.5 to 3.5 Moz with average grade between 1.8 and 2.5 g/t Au. The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral resource and since it is uncertain if exploration will result in the targets being delineated as a mineral resource.
Significant exploration potential highlighted by 2017 drillingHOUNDÉ PROJECT, BURKINA FASO
HOUNDE MINE
PRIORITY RANKING AFTER INITIAL DRILL TEST
64
Houndé exploration targets and gold-in-soil anomalies map
Priority 1
Priority 2Priority 2
Priority 2
Priority 2
HOUNDE MINE
65
Drill results confirmed high-grade mineralizationKARI PUMP EXPLORATION RESULTS
A
A’
HOUNDE MINE
KALANA PROJECT, MALI Overview
66
KALANA PROJECT
QUICK FACTS (ON 100% BASIS)
Ownership 80% EDV, 20% government of Mali
Status DFS stage
Resources(incl. of Reserves)
M&I: 24.5Mt @ 4.1 g/t for 3.200MozInferred: 24.5Mt @ 4.5 g/t for 0.240Moz
Reserves 21.7Mt @ 2.8 g/t for 1.960Moz
Mine Type Open pit
LOM Strip Ratio 9.9
Processing Rate1.2 Mtpa for competent fresh oreand 1.5Mtpa for soft saprolite ore
Gold Recovery 93%
Upfront Capital (US$M) 196
LOMP SUMMARY (ON 100% BASIS)
ProcessingTotal ore processed, Mt 22Gold grade, g/t 2.80Contained gold, koz 1,964Recovery rate, % 93%Production, Moz 1.82
AISC , US$/oz 730
Tabakoto MineBamako
Mali
KalanaProject
› 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 NPV5% 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
67
FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana is a high-quality project
GENERAL INFORMATION Ownership 80% Avnel; 20% Mali government M&I Resources (inclusive of reserves) 3.10Moz @ 4.07g/t
Reserves 1.96Moz @ 2.80g/t
Mine Type Open Pit
Processing Rate 1.2mtpa LIFE OF MINE PRODUCTION
Strip ratio, w:o 9.9 Tonnes of ore processed, Mt 21.7Grade processed, Au g/t 2.80Gold content processed, Koz 1,964Gold recovery, % 93%Gold production, Moz 1,821Mine life, years 18Average gold production, koz pa 101 kozAISC, $/oz US$730/oz
CAPITAL COSTUpfront capital cost, $m US$171mSustaining capital cost, $m US$122m
ECONOMIC RETURNS (US$1,200/oz)After-tax Project NPV 5%, $m US$321mAfter-tax Project IRR, % 50%Payback, years (undiscounted) 1.1
Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017
KALANA PROJECT
Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017 68
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
FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana has potential to increase annual production to c.150kozpa
66koz
88koz
119koz123koz123koz
170koz
203koz
53koz
$976/oz
Pre-production
$703/oz
Avg. Years 11-17
Year 5 Avg. years 6-10
$865/oz
Year 2
$446/oz
$676/oz
Year 1
$598/oz
Year 3
$689/oz
Year 4
Production AISC
Reserve life of mine plan
Potential for a +150kozpa operation
KALANA PROJECT
69
KALANA PROJECT
FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana 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 387km2
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
Source: Market data as per 28 June 2017 70
VALUE ACCRETIVEMeets equity hurdle rates and is accretive on an NAV basis
NAV per share accretion
Endeavour NAV
2,061 1,834
1,573 1,329 1,199 1,136 1,122 1,058
Cana
ccor
d(9
-May
-17)
Hay
woo
d(2
4-M
ay-1
7)
RBC
(11-
May
-17)
Clar
us(3
0-M
ay-1
7)
Scot
ia(2
9-M
ay-1
7)
Raym
ond
Jam
es(9
-May
-17)
Peel
Hun
t(2
2-M
ay-1
7)
BMO
(7-M
ar-1
7)
272 263 223
Corm
ark
(2-M
ay-1
6)
Hay
woo
d(5
-Jun
-17)
Mac
kie
(10-
Jan-
17)
Avnel NAV
Average NAV of US$253m(P/NAV of 0.33x)
Average NAV of US$1,414m (P/NAV of 1.21x)
NAV Accretion to Endeavour
KALANA PROJECT
› 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 analysis at US$120m Acquisition Cost
Equity offer US$m 122 Shares issued m 7.0 PF Endeavour shares m 103.5
PF NAV US$m 1,667
Endeavour NAV / share US$ 14.65
PF NAV / share US$ 16.10
NAV per share accretion / (dilution) % 9.87%
NZEMA MINE, GHANAOverview
QUICK FACTS (ON 100% BASIS)
Ownership 90% EDV, 10% government of Ghana
Resources(incl. of Reserves)
M&I: 33.1Mt @ 1.S g/t for 1.431MozInferred: 5.9Mt @ 1.3 g/t for 0.243Moz
Reserves 3.3Mt @ 2.7 g/t for 0.291Moz
Open Pit Strip Ratio 8.3 to 1 (2016A)
Processing Rate 1.6 Mtpa Gravity/CIL plant
Gold Recovery 91% to 75% depending on ore type
Mining Type Open Pit – Contractor Mining
Production
AISC (mine-level)
2014A– $1,036/oz2015A – $1,064/oz2016A – $1,167/oz2017E - $895 -940/oz
Expected Mine Life 4 years from current Reserves
Royalty 5% (+1% 3rd party at Adamus pits)
Corporate Tax 35%
2017E
2015A2016A
2014A110koz
100-110koz
115koz
88koz
AccraNzemaMine
Ghana
RECENT AND UPCOMING CATALYSTSAccomplished- Adamus pit cut back completed during Q1 2017- Decreased dependency on purchased ore due to higher grades coming from our
own mining activitiesUpcoming- Following the completion of the cut-back, Nzema is expected to continue to
produce positive all-in sustaining margin and earnings- Higher grades from Adamus pit to support AISC reduction- Pre-stripping at Bokrobo deposit deposit expected to start in H2 2107
71
NZEMA MINE
72
Q3-17 vs Q2-17 INSIGHTS: › Production increased significantly due to
higher processed grades and increased millthroughput
› Quality control processes for purchased oreestablished in H1-2017 led to higherpurchased ore grades with a lower tonnage
› AISC decreased by $280/oz mainly due to theaforementioned higher grades andsubsequently increased production
OUTLOOK› After a strong Q3, production in Q4 is
expected to decrease and AISC are expectedto increase notably due to anticipated lowergrade and recovery rate
› Nzema is on track to meet the top-end of theinitial FY-2017 production guidance of100,000 – 110,000 ounces and the low-end ofthe initial AISC guidance of $895-940/oz
› The sale transaction will close following theapproval from the Ghanaian government
NZEMA MINE, GHANASignificant improvement following completion of cut-back
Purchased Ore
Production and AISC
4.69g/t
Q1-2017
78kt
Q3-2016
82kt
53kt
92kt
Q4-2016
141kt
Q3-2017Q2-2017
Grade purchased, g/tOre tonnes purchased , kt
3.11g/t3.23g/t
$705/oz
37koz
Q3-2017Q2-2017
24koz27koz
Q3-2016
26koz
Q1-2017Q4-2016
24koz
AISC, US$/ozProduction, koz
$1,136/oz $1,118/oz$951/oz
3.04g/t
$985/oz
3.20g/t
NZEMA MINE
TABLE OF CONTENTS
STRATEGIC OVERVIEW1
APPENDIX4
2017 OUTLOOK & Q2 RESULTS2DETAILS BY MINE AND PROJECT3
BOARD MEMBERS
7474
Michael BECKETTChairman,Non-executive Director
Ian COCKERILL,Non-executive Director
Olivier COLOM,Non-executive Director
Livia MAHLER,Non-executive Director
Wayne MCMANUS,Non-executive Director
Sébastien de MONTESSUS,CEO & President
Naguib SAWIRIS,Non-executive Director
Jim ASKEW,Non-executive Director
APPENDIX
ENDEAVOUR IS BACKED BY LA MANCHA
75
APPENDIX
30%holding
31%holding
Sawiris family’s mining investment vehicle
La Mancha vended-in the Frog’s Leg and White Foil mines
La Mancha then contributed $112m for acquisition of the Cowal mine
Evolution has grown from a ~A$670m market cap to ~A$3.2B, since announcement of strategic partnership
Partnership Announced
La Mancha vended-in the Ity mine and $63m 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
The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to
real estate and telecommunications
Long-term growth supportive investor with focus on creating regional leaders
Partnership Announced
0
5
10
15
20
25
30
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-160.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16
76
INSIGHTS › Strong knowledge of West
African Birimian belts
› Senior staff from BRGM, Randgold, Iamgold, Areva, La Mancha, etc
› 20 Seniors Geologists
› SVP, 3 VPs,
› 6 Exploration Managers
› 40 Juniors Geologists
› 130 Technicians and Support Staff
SVPWest Africa Exploration
Resource VP
HR Manager
New VenturesManager
Expert Geologist
FinanceManager
NI 43-101 Compliance
Abidjan based
Sr GeosJr GeosDBTechsAccountSupport
Sr GeosJr GeosDBTechsAccountSupport
Sr GeosJr GeosDBTechsAccountSupport
Sr GeosJr GeosDBTechsSupport
Sr GeosJr GeosDBTechsAccountSupport
Sr GeosJr GeosTechsAccountSupport
Sr GeosJr GeosTechsSupport
EVPExploration & Growth
CI GovernmentRelations Advisor
Legal Advisor
EXPERIENCED TEAM IN PLACENear-mine and Regional Teams
Sr GeosJr GeosDBTechsAccountSupport
Greater ItyExplo VP
Regional CIExplo Manager
AgbaouExplo Manager
HoundeExplo VP
KarmaExplo Manager
Regional BFExplo Manager
Tabakoto/KofiExplo Manager
KalanaExplo Manager
APPENDIX
› All targets referenced and classified according to :‒ Current state of project knowledge (from grassroot to development)‒ Quality of supporting data (drilling, available nearby analogs, structural trends, favorable geology, etc.)
‒ Distance to producing facilities:‒ Mine Exploration then Near Mine exploration within a 5 km radius from facilities‒ Brownfield Exploration between 5 and 15 km from facilities
‒ Greenfield Exploration for over 15/20 km from facilities (tentative stand alone future projects, or feeding the facilities if high grade)
› All targets characterized by a minimum-maximum and mean size of tentative deposit (length, width, depth), including estimated average grade when calibration is available
› Each selected target (~40 in 2016, ~50 in 2017) are risked and characterized by a Probability of Occurrence (POO), based on geological confidence/structural understanding/ type of expected mineralization/existing positive intercepts/trend extension, strong and coherent gold in soil and Auger anomalies
‒ POO 0.8 to 1: Very high confidence (some Mine and Near Mine Exploration or already Identified /tested targets)‒ POO 0.6 : Probable deposit, with a size and grade distribution according to prognosis (Oz and average grade)‒ POO 0.4: Less than average Probability of Occurrence, kept in the planning due to its possible size (High Risk- High Reward type) or due to its
short distance to mine
› All selected exploration targets are set within a 5 year window, according to mine priorities, permit duration, requested exploration efforts, and budget and are characterized with:
‒ The required drilling amount/yearly budgets and the related timing of Indicated Resource definition‒ Proposed yearly budgets include estimated manpower, drilling, analysis, support, geophysics, geochem, etc
‒ A 2017-2021 required risked exploration spending necessary to discover the targeted risked mean Indicated Oz per target
77
UNLOCK EXPLORATION VALUESelection, Ranking and Risk Evaluation of Exploration targets
APPENDIX
(on a 100% basis)AGBAOU NZEMA TABAKOTO ITY3 KARMA
Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016PhysicalsTotal tonnes mined – OP1 000t 25,382 20,447 9,295 8,144 7,098 9,298 6,102 375 8,753
Total ore tonnes – OP 000t 2,797 2,818 1,000 1,310 649 511 1,186 64 650
Open pit strip ratio1 W:t ore 8.07 6.26 9.94 17.20 9.94 17.20 4.15 4.86 3.66
Total tonnes mined – UG 000t - - - - 1,301 1,360 - - -
Total ore tonnes - UG 000t - - - - 944 860 - - -
Total tonnes milled 000t 2,827 2,665 1,761 1,783 1,588 1,588 1,173 71 2,089
Average gold grade milled g/t 2.27 2.15 1.87 2.21 3.36 3.17 2.20 2.39 1.16
Recovery rate % 97% 97% 83% 87% 95% 93% 93% 81% 90%
Gold ounces produced oz 195,505 181,365 87,710 110,302 162,817 151,067 75,867 5,689 61,813
Gold sold oz 196,316 182,219 85,495 110,404 161,803 151,345 73,332 7,917 28,743
Unit Cost AnalysisMining costs - Open pit $/t mined 2.22 2.64 4.64 4.78 3.60 2.79 2.88 2.38 1.32
Mining costs – Underground $/t mined - - - - 51.04 50.24 - - -
Processing and maintenance $/t milled 6.60 6.40 13.16 14.26 21.93 22.89 14.71 23.28 7.76 Site G&A $/t milled 4.66 5.56 6.57 6.81 12.80 15.66 11.43 16.97 9.66 Cash Cost DetailsMining costs - Open pit1 $000s 56,420 54,060 43,109 38,947 25,586 25,960 17,583 892 5,306
Mining costs -Underground $000s - - - - 66,406 68,328 - - -
Processing and maintenance $000s 18,656 17,069 23,177 25,423 34,825 36,347 17,256 1,653 6,616
Site G&A $000s 13,175 14,806 11,577 12,151 20,325 28,659 13,413 1,205 8,241
Purchased ore at Nzema $000s - - 21,255 29,447 - - - - -
Inventory adjustments and other2 $000s 1,702 3,375 7,885 1,059 3,357 4,961 (53) 605 (906)
Cash costs for ounces sold $000s 84,477 84,172 90,801 99,374 132,906 128,041 44,450 4,355 18,898
Royalties $000s 8,871 7,574 5,662 7,234 11,997 10,438 3,316 536 1,952
Sustaining capital $000s 11,407 13,191 3,318 10,839 21,193 23,048 7,648 519 359
Cash cost per ounce sold $/oz 430 462 1,062 900 821 846 606 550 657
Mine-level AISC Per Ounce Sold $/oz 534 576 1,167 1,064 1,027 1,067 756 683 738
PRODUCTION AND COST DETAILS BY MINEFor the years ended 2016 and 2015
1) Includes waste capitalized 2) Includes waste capitalized adjustment 3) Ity’s production and AISC is excluded for the pre-November 28, 2015 acquisition period. 78
APPENDIX
PRODUCTION AND COST DETAILS BY MINE BY QUARTER
1) Includes waste capitalized 7979
(on a 100% basis)AGBAOU NZEMA TABAKOTO ITY KARMA
Unit Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016
PhysicalsTotal tonnes mined – OP1 000t 7,576 6,952 6,877 1,333 1,413 2,848 1,098 1,550 1,569 1,191 1,988 948 3,637 3,616 5,430Total ore tonnes – OP 000t 824 709 651 310 352 222 108 157 160 305 374 200 593 1,035 3,040Open pit strip ratio1 W:t ore 8.19 8.81 9.56 3.30 3.01 11.83 9.13 8.87 8.81 2.90 4.32 3.74 5.13 2.49 3.68Total tonnes mined – UG 000t - - - - - - 226 253 302 - - - - - -Total ore tonnes – UG 000t - - - - - - 179 184 238 - - - - - -Total tonnes milled 000t 770 693 709 368 362 424 392 407 381 312 243 271 720 852 570Average gold grade milled g/t 1.96 2.23 2.21 3.39 2.46 2.40 2.64 3.32 3.31 1.58 2.15 1.90 0.91 1.24 1.21Recovery rate % 93% 94% 96% 92% 92% 82% 93% 94% 95% 74% 84% 91% 87% 83% 90%
Gold ounces produced oz 46,326 45,489 49,384 37,440 27,203 24,279 31,602 41,248 37,019 11,727 14,120 15,334 21,005 24,223 20,409
Gold sold oz 46,675 46,722 51,308 38,570 26,245 23,526 31,693 41,390 37,324 11,799 13,226 15,349 20,622 24,632 19,476
Unit Cost Analysis
Mining costs - Open pit $/t mined 2.62 2.40 2.26 6.20 6.45 4.16 3.91 3.72 3.76 5.16 2.86 4.09 1.75 1.96 -
Mining costs – Underground $/t mined - - - - - - 75.79 61.18 52.58 - - - - - -
Processing and maintenance $/t milled 7.08 7.67 7.11 17.00 15.88 14.23 20.83 19.00 22.57 14.75 16.03 13.24 11.25 9.30 -Site G&A $/t milled 3.90 3.88 4.77 7.54 5.91 6.18 12.13 9.39 12.28 8.56 9.94 13.06 4.85 4.26 -Cash Cost Details -
Mining costs - Open pit1 $000s 19,829 16,653 15,550 8,273 9,110 11,857 4,295 5,772 5,892 6,142 5,685 3,878 6,378 7,089 -
Mining costs -Underground $000s - - - - - - 17,129 15,479 15,880 - - - - - -
Processing and maintenance $000s 5,451 5,316 5,043 6,257 5,750 6,032 8,165 7,734 8,600 4,601 3,895 3,588 8,097 7,922 -Site G&A $000s 3,006 2,689 3,382 2,776 2,141 2,620 4,753 3,820 4,680 2,672 2,415 3,538 3,492 3,626 -Purchased ore at Nzema $000s - - - 4,459 4,724 7,817 - - - - - - - -
Capitalized waste $000s (1,092) (525) (2,413) - - (5,055) (2,527) (5,433) (2,700) (541) (1,693) (3,149) (1,491) (230) -
Inventory adjustments and other $000s (1,622) 558 589 1,359 279 1,144 3,165 5,814 1,034 (1,863) (2,034) (854) (260) (2,220) -
Cash costs for ounces sold $000s 25,571 24,691 22,151 23,124 22,004 24,415 34,980 33,186 33,386 11,011 8,268 7,001 16,216 16,187 -
Royalties $000s 2,080 2,107 2,761 2,800 1,952 1,651 2,426 3,138 2,962 697 643 832 2,068 1,916 -Sustaining capital $000s 2,140 1,526 3,324 1,258 1,898 670 3,090 7,313 3,610 1,752 1,400 3,276 1,775 487 -Cash cost per ounce sold $/oz 548 528 432 600 838 1,038 1,104 802 894 933 625 456 786 657 -Mine-level AISC Per Ounce Sold $/oz 638 606 550 705 985 1,136 1,278 1,054 1,071 1,141 780 724 973 755 -
APPENDIX
(on a 100% basis)AGBAOU NZEMA TABAKOTO ITY KARMA
Unit9 Months
20179 Months
20169 Months
20179 Months
20169 Months
20179 Months
20169 Months
20179 Months
20169 Months
20179 Months
2016
PhysicalsTotal tonnes mined – OP1 000t 20,884 18,864 5,441 6,410 4,536 5,505 4,968 4,630 11,596 8,364Total ore tonnes – OP 000t 2,157 2,123 1,058 712 482 454 1,008 870 2,678 4,730Open pit strip ratio1 W:t ore 8.68 7.89 4.14 8.00 8.40 11.13 3.93 4.32 3.33 3.32Total tonnes mined – UG 000t - - - - 790 977 - - - -Total ore tonnes – UG 000t - - - - 599 691 - - - -Total tonnes milled 000t 2,146 2,106 1,121 1,333 1,204 1,186 822 878 2,526 927Average gold grade milled g/t 2.09 2.20 2.73 1.77 3.16 3.17 1.85 2.20 1.08 1.18Recovery rate % 94% 97% 93% 85% 94% 94% 85% 94% 85% 90%Gold ounces produced oz 133,752 138,444 90,774 63,836 115,878 114,933 41,739 58,387 76,880 32,701Gold sold oz 133,378 139,380 93,876 63,462 116,895 114,750 43,372 58,294 76,361 34,141Unit Cost AnalysisMining costs - Open pit $/t mined 2.49 2.17 5.74 4.83 3.65 3.47 3.18 3.02 1.84 -Mining costs – Underground $/t mined - - - - 63.98 48.47 - - - -Processing and maintenance $/t milled 7.19 6.72 16.10 12.87 20.79 21.40 15.35 15.24 9.02 -Site G&A $/t milled 4.09 4.66 6.42 6.56 10.92 12.28 9.36 10.20 4.36 -Cash Cost DetailsMining costs - Open pit1 $000s 52,063 40,883 31,250 30,958 16,576 19,107 15,815 13,998 21,391 -Mining costs -Underground $000s - - - - 50,541 47,356 - - - -Processing and maintenance $000s 15,426 14,143 18,051 17,151 25,030 25,377 12,619 13,382 22,796 -Site G&A $000s 8,769 9,813 7,200 8,746 13,150 14,568 7,697 8,955 11,002 -Purchased ore at Nzema $000s - - 13,187 17,162 - - - - - -Capitalized waste $000s (1,960) (4,525) (1,966) (10,531) (12,595) (13,007) (2,376) (3,149) (1,970) -Inventory adjustments and other $000s (2,086) (348) 1,676 6,247 9,224 3,335 (723) (168) (259) -Cash costs for ounces sold $000s 72,211 59,966 69,368 69,733 101,926 96,736 33,032 33,018 52,960 -Royalties $000s 5,894 6,531 6,730 4,198 8,729 8,613 2,110 2,683 6,233 -Sustaining capital $000s 6,401 7,973 4,579 1,212 16,185 17,112 4,763 7,270 2,739 -Cash cost per ounce sold $/oz 541 430 739 1,099 872 843 762 566 694 -Mine-level AISC Per Ounce Sold $/oz 634 534 859 1,184 1,085 1,067 920 737 811 -
PRODUCTION AND COST DETAILS BY MINE YEAR TO DATE
1) Includes waste capitalized 8080
APPENDIX
RESERVES AND RESOURCES
Full details and notes of reserves and resources can be found under the ‘Reserves and Resources’ section on the Company’s website at www.endeavourmining.comIty reserves and resources are stated as per updated 2017 figures, published in September 20, 2017 press release.
81
On a 100% basisResources showninclusive of Reserves
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 13 2.70 1,143 Probable Reserves 155 1.73 8,615 P&P Reserves 168 1.81 9,758 Measured Resource (incl Reserves) 22 3.21 2,316 Indicated Resources (incl Reserves) 231 1.75 13,048 M&I Resources (including Reserves) 254 1.88 15,364 Inferred Resources 52 1.82 3,065
Group Consolidated Total
Resources shown inclusive of Reserves. On a 100% basis
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 0.1 2.67 6 Probable Reserves 60.2 1.62 3,132 P&P Reserves 60.3 1.62 3,138 Measured Resource (incl reserves) - - -Indicated Resources (incl reserves) 75.1 1.57 3,784 M&I Resources (including Reserves) 75.1 1.57 3,784 Inferred Resources 18.9 1.30 792
Ity Mine & CIL Project
Resources shown inclusive of Reserves. On a 100% basis
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 5.1 3.00 490 Probable Reserves 16.6 2.75 1,470 P&P Reserves 21.7 2.80 1,960 Measured Resource (incl reserves) 9.5 4.20 1,280 Indicated Resources (incl reserves) 15.0 4.02 1,920 M&I Resources (including Reserves) 24.5 4.02 3,200 Inferred Resources 1.7 4.51 240
Kalana Project
Resources shown inclusive of Reserves. On a 100% basis
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 2.9 2.98 274 Probable Reserves 3.4 3.12 341 P&P Reserves 6.3 3.06 615 Measured Resource (incl reserves) 6.9 2.88 638 Indicated Resources (incl reserves) 12.1 3.09 1,206 M&I Resources (including Reserves) 19.0 3.01 1,844 Inferred Resources 8.2 3.45 908
Tabakoto Mine
Resources shown inclusive of Reserves. On a 100% basis
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 3.7 2.48 296 Probable Reserves 26.9 2.06 1,779 P&P Reserves 30.6 2.11 2,075 Measured Resource (incl reserves) 3.7 2.57 305 Indicated Resources (incl reserves) 34.2 2.04 2,247 M&I Resources (including Reserves) 37.9 2.09 2,551 Inferred Resources 3.2 2.62 274
Hounde Mine
Resources shown inclusive of Reserves. On a 100% basis
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 1.0 2.20 69 Probable Reserves 10.0 2.44 784 P&P Reserves 11.0 2.41 853 Measured Resource (incl reserves) 1.9 1.41 85 Indicated Resources (incl reserves) 11.2 2.56 919 M&I Resources (including Reserves) 13.0 2.39 1,004 Inferred Resources 1.1 1.73 60
Agbaou MineResources shown inclusive of Reserves. On a 100% basis
Tonnage(Mt)
Grade(Au g/t)
Content(Au koz)
Proven Reserves 0.4 0.59 8Probable Reserves 37.4 0.92 1,109P&P Reserves 37.9 0.92 1,117Measured Resource (incl reserves) 0.4 0.59 8Indicated Resources (incl reserves) 83.8 1.10 2,973M&I Resources (including Reserves) 84.3 1.10 2,981Inferred Resources 19.3 1.27 791
Karma Mine
Project1 Agbaou Nzema Tabakoto Ity Karma2 HoundeUG Open Pit
Reserves Au price 1,350 1,250 1,250 1,250 1,250 1,300 1,300Resources Au price 1,500 1,500 1,500 1,500 1,500 1,557 1,500
1 Cut off grades for all resources open pits are 0,5g/tAu, except at Karma where the cutoff grade is defined by material type:Oxide=0.2, Transition=0.22 and Sulfide=0,5
2 North Kao reserves and resources has a gold price of respectively $1,250/oz and $1,500/oz
Notes :
APPENDIX
As of December 31, 2016