Avnel Acquisition › June 2017

2

TRANSACTION HIGHLIGHTS Endeavour to acquire Avnel, which owns the Kalana Gold project in Mali

1 FITS OUR

STRATEGIC PORTOFLIO

CRITERIA

› An all-share transaction values Avnel at US$122m (C$159m), representing a 48% premium to Avnel’s closing price on 28 June 2017

› Kalana is a high-quality project that fits Endeavour’s strategic portfolio criteria

› Strengthens Endeavour’s construction pipeline following the completion of the Hounde and Ity CIL projects and leverages its operational synergies in the region

› With robust project economics, the transaction will be value accretive on a Net Asset Value basis to Endeavour shareholders

› The Boards of Directors of both Endeavour and Avnel have unanimously approved the transaction 3 4

2 FILLS OUR PROJECT PIPELINE

CORPORATE & OPERATING

SYNERGIES

VALUE ACCRETIVE

AVNEL TRANSACTION

› 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

3

FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana is a high-quality project

1

AVNEL TRANSACTION

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 21.7

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, 2017

Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017 4

› Production profile based on the Optimised Feasibility Study:

‒ Average over first 5 years: 148koz at an AISC of $561/oz

‒ Average over mine life: 101koz at an AISC of $730/oz

› Endeavour intends to re-design and optimize the current feasibility study:

‒ Expanding the plant capacity

‒ Increase the average annual production and shorten the mine life

‒ Integrate synergies

‒ Integrating exploration upside

FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has potential to increase annual production to c.150kozpa

1

AVNEL TRANSACTION

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

5

AVNEL TRANSACTION

› 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

FITS OUR STRATEGIC PORTOFLIO CRITERIA Kalana has significant exploration upside

1

6

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

$900/oz

$1,200/oz

$950/oz

$1,000/oz

$1,050/oz

$1,100/oz

$1,150/oz

$850/oz

$750/oz

$700/oz

$650/oz

$600/oz

$550/oz

$500/oz

$450/oz

$800/oz

Mine life, years

SOLD

Agbaou (175-180koz)

Nzema (100-110koz)

Tabakoto (150-160koz)

AISC, US$/oz

Ity HL (75-80koz)

Ity CIL 165koz

starting 2019

Karma (100-110koz)

Bubble size represents production

Côte d’Ivoire Burkina Faso Ghana Mali

Youga

Houndé +250koz starting Q4-2017

Cut-back

Kalana Potential (125-150koz)

FITS OUR STRATEGIC PORTOFLIO CRITERIA 1 Kalana Fits Well in our “Magic Box”

AVNEL TRANSACTION

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Kalana, Mali

Ity (CIL), Côte d'Ivoire

Houndé, Burkina Faso

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018 2019

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STRENGHTENS ENDEAVOUR’S PROJECT PIPELINE

Ity CIL, Côte d’Ivoire - Construction period

Construction team expertise

Project construction pipeline

› Core construction team has successfully developed projects together for +10 years

› 7 projects built, $2.4B in capex

› All projects delivered on time and within budget ‒ Agbaou

‒ Nzema

‒ Karma expansion

‒ Houndé (85% completed)

2 Kalana will be developed after the Hounde and Ity CIL projects

AVNEL TRANSACTION

Houndé - Construction period

Kalana, Mali - Construction period Kalana, Mali - Exploration and optimisation

› Endeavour’s West African presence will benefit Kalana and provide opportunities to draw on operating synergies in a country where Endeavour already has a producing mine

› Synergies from operating the Kalana with the current team in Abidjan

› Removal of Avnel corporate costs

8

AVNEL TRANSACTION

CORPORATE & OPERATING SYNERGIES 3 Second mine in the country and 6th in West-Africa

Source: Market data as per 28 June 2017 9

VALUE ACCRETIVE Meets 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

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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

3

AVNEL TRANSACTION

› 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%

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TRANSACTION TERMS Transaction closing by 13 Sept 2017

Offer

› 0.0187 Endeavour shares for each Avnel share, implying a value of C$0.42 per Avnel share

› Implied aggregate consideration of US$122m

› Offer will be conducted through a Guernsey Scheme of Arrangement

› 75% present and voting, and a majority in number requirement

Implied premia › 48% premium to spot

› 52% premium to 20 day VWAP

New shareholders

› Avnel shareholders will make up 6.8% of Endeavour register

› Major Avnel shareholder, Elliott, is expected to hold 4.3% of Endeavour

Shareholder approvals and support

› Total irrevocable undertakings of 72.3%

› Irrevocable undertakings to support the transaction from Fern Trust (8.9% percent), from Elliott (63.4% percent) and from Avnel’s Directors and Officers

Indicative timeline

› Shareholder approval expected on 31 August 2017

› Transaction closing by 13 Sept 2017

AVNEL TRANSACTION

Source: Market data as per 28 June 2017