corporate presentation - s21.q4cdn.com · corporate presentation lost time injury frequency rate=...

› February 2018

CORPORATE PRESENTATION

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

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

FULL YEAR 2017 RESULTS & 2018 OUTLOOK 2DETAILS BY MINE AND PROJECT3

4

$840-890/oz2018 AISC TARGET

670-720 Koz2018 PRODUCTION TARGET

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

KalanaProject

ENDEAVOUR MINING OVERVIEWA premier African gold producer with a strong presence in West-Africa


COMPANY PROFILE

5

Share Price PerformanceRank 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%

Top Shareholders

Ticker TSX:EDVShares Outstanding 107 mShare price as at Jan. 26th C$26.01Market cap as at Jan. 26th US$2.3BNet Debt as at Dec. 31st US$233m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

30%

RETAIL

7%

INSTITUTIONAL

62%

Other

Europe

NorthAmerica

In CAD

1012141618202224262830

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000Volume EDV share price


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

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

$1,010/oz

$1,317/oz

$869/oz$922/oz

2022

+900koz

462koz

2013

317koz

2014 2015

517koz

800-900koz

20212019 202020182016 2017

584koz

+900koz

800-900koz

Tabakoto, Mali

Ity (Heap Leach), Côte d’Ivoire

Agbaou, Côte d’Ivoire

Houndé, Burkina Faso

Karma, Burkina Faso

Group AISC

Ity (CIL), Côte d’Ivoire

Kalana, Mali

Youga, Burkina Faso

Nzema, Ghana

+800kozAnnual production

10+ yearMine life

≤800$/ozAll-in Sustaining Cost

STRATEGIC OBJECTIVEFor 2019

663koz

~$869/oz$670-720/oz

840-890koz


STRATEGIC LEVERS

8

BUILDING A PREMIER AFRICAN GOLD PRODUCER4 Strategic Levers to Achieve Objectives

+800kozAnnual production

10+ yearMine life

≤800$/ozAll-in Sustaining Cost

STRATEGIC OBJECTIVE


For 2019

London Based

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 FASOKalanaProject

35min

1h35

2h

2h40

3h10

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

Abidjan Based

Pascal BernasconiEVP Public Affairs, CSR & Security 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

0.29

0.40

0.79

Peer Group Average

AgbaouHoundéFY2017FY2016

17.4mMan Hours for the full year 2017 with

only 5 LTI

+8.0mMan Hours on

Houndé with no LTI

Construction track recordOperating track record

10

Safety is our key priorityOPERATIONAL EXCELLENCE1


Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz

All-in Margin, in $m Average Mine Life, in years

*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

Proven track record of meeting guidanceOPERATIONAL EXCELLENCE

922

1,010

884~869

2016 2018 Guidance

840-890

20152014 2017 Preliminary

466 517584 663

20152014 2016

670-720

2018 Guidance2017

7yrs5yrs

4yrs

2019E2015A 2016A 2017A

+10yrs

$85m

2015

~$160m

2018 Guidance

$35m

$175-200m*

201720162014

$135m

Guidance Guidance

$1,392/oz $1,264/oz $1,157/oz $1,221/oz

1CORPORATE PRESENTATION

As at year-ended

Sold YougaBought Karma

Sold Nzema Started Houndé

Started Ity CIL

PROJECT DEVELOPMENTAdding +600koz at an average AISC of

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

13

PROJECT DEVELOPMENT2

Life of Mine Plan

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 LTIProject 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

Year 5 to 8Average

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)

14

PROJECT DEVELOPMENT

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

$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

15

PROJECT DEVELOPMENTKalana is a high-quality project with significant optimization potential

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

119koz123koz123koz

170koz

203koz

$703/oz

$976/oz

$598/oz

Year 5 Avg. Years 11-17

66koz

Avg. Years 6-10

88koz$865/oz

$446/oz

Year 1 Year 2

$676/oz

Year 3

$689/oz

Year 4

Production AISC

Production Profile

Optimization potential for +150kozpa

Tabakoto MineBamako

Mali

KalanaProject


16

UNLOCK EXPLORATION VALUEAmongst Largest and Most Promising Portfolios in West Africa

15.4MozM&I RESOURCES

10,090 km²EXPLORATION TENEMENTS

+200EXPLORATION TARGETS

3

10-15Moz5-YEAR DISCOVERY

TARGET


Screening And Ranking Methodology

Full Details Provided in Appendix 17

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

UNLOCK EXPLORATION VALUE3

CONSERVATIVE APPROACH

SIMILAR TO THAT USED IN OIL & GAS INDUSTRY


18

UNLOCK EXPLORATION VALUEStarting To Deliver Our Against 5-year Strategy

4.0-6.0Moz

1.5MozDiscovered

Greater Ity KarmaTabakoto AgbaouHoundé Côte d’Ivoire Regional

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 TrueGoldand 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 uncertainif exploration will result in the targets being delineated as a mineral resource. Kalana exploration assessment underway


UNLOCK EXPLORATION VALUE

Kalana exploration assessment underway 19

$35-40mAnnual budget

20

0 5 10 15 20

$750

$650

$700

$1,200

$550

$850

$1,000

$500

$1,150

$950

$900

$600

$1,100

$450

$800

$1,050

Mine life, years

0 5 10 15 20

$1,050

$1,200

$450

$650

$850

Mine life, years

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.

AISC, $/oz

Ghana MaliBurkina FasoCôte d’Ivoire

AISC, $/oz

PORTFOLIO AT END OF 2015 PORTFOLIO IN 2017

Nzema

Tabakoto

Agbaou

Youga

Tabakoto

Kalana Potential

Ity HL

Assessment expected by

mid-2018

Increase Overall Quality of our PortfolioPORTFOLIO & BALANCE SHEET MANAGEMENT4

Karma

Agbaou

Ity CIL

Houndé


21

PORTFOLIO & BALANCE SHEET MANAGEMENTSignificant headroom to fund projects

$122m$122m

$350m

$200m

Growth Projects

Sources of Fundinguntil mid-2019

Expected Mine CF until start of Ity CIL (mid-2019)

Ity Equipment Financing

NzemaSale

Liquidity Sources(after convertible

issuance)

Liquidity Sources(As at Dec. 31, 2017)

$472m

$322m

~$400m

Circa $60mUp to $25m

Hounderemaining capex

Ity CapexUndrawn

RCF

Cash

Fully funded without mine cash flow

4PORTFOLIO & BALANCE SHEET

MANAGEMENT

INSIGHTS› $300m convertible was announced on Jan 30, 2017› Intent is to pay down the current $300m drawn on the RCF

and reduce RCF limit from $500m to $350m › Increases liquidity by $150m

(in $m)DEC. 31, 2017

(with convertible)DEC. 31,

2017SEPT. 30,

2017DEC. 31,

2016Cash 122 122 125 124Less: Equipment finance lease (55) (55) (46) (10)Less: Drawn portion of RCF (0) (300) (300) (140)Less: Convertible Notes (300) - - -NET DEBT POSITION (233) (233) (221) (26)

› 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:

› PRINCIPLE AMOUNT: $300m

› 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 11.55m shares, representing between 0% and 11.75% 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 $150m to accelerate growth project

pipeline (Kalana)‒ Limited dilution with option to settle in cash

PORTFOLIO & BALANCE SHEET MANAGEMENT

22


Diversified borrowing sources

REVOLVING CREDIT FACILITY (RCF) CONVERTIBLE NOTES

4

UPCOMING CATALYSTS

Immediate Cashflowfrom Production

Near-TermGrowth from Projects

Long-Term Upside

from Exploration

2018 OUTLOOK: › Gold production guidance increase to 670-720koz with Hounde› AISC guidance to decrease to below $900/oz with Hounde

› HOUNDÉ: Contribution to Group free cash flow generation started in 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 in 2017› KARMA: Resource increase on Rambo West and Yabonsgo targets› ITY’S LE PLAQUE TARGET: Maiden resource › AGBAOU: Completion of drilling program › GREENFIELD: First exploration results on new properties

23


TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4


INSIGHTS› Production from continuing operations

is expected to increase to 670-720koz in2018

› AISC is expected to decrease to $840-890/oz due to the full year benefit ofHoundé and improvements at Karmaand Ity which are expected to morethan offset declines at Agbaou andTabakoto

› In line with Endeavour’s portfoliomanagement strategy, a strategicassessment is expected to be made onTabakoto during the course of the year.2018 production excluding Tabakoto isexpected to range between 555-590kozat an AISC of $760-810/oz

2018 GUIDANCE INCREASED WITH HOUNDE

25

Continued reduction in AISC expected

Production Guidance

AISC Guidance


(All amounts in koz, on a 100% basis) 2018 FULL-YEAR GUIDANCEAgbaou 140 - 150Ity 60 - 65Karma 105 - 115Tabakoto 115 - 130Houndé 250 - 260PRODUCTION FROM CONTINUING OPERATIONS 670 - 720PRODUCTION FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO 555 - 590

(All amounts in $/oz, on a 100% basis) 2018 FULL-YEAR GUIDANCEAgbaou 860 - 900Ity 790 - 850Karma 780 - 830Houndé 580 630Tabakoto 1,200 - 1,250Corporate G&A 30 - 30Sustaining exploration 10 - 10GROUP AISC FROM CONTINUING OPERATIONS 840 - 890GROUP AISC FROM CONTINUING OPERATIONS EXCLUDING TABAKOTO 760 - 810

INSIGHTS› Growth projects amount to $200 million

of the sustaining and non-sustainingcapital allocations for 2018, mainly forthe Ity CIL project construction

› In 2018 a company-wide explorationprogram of $40-45 million (compared tocirca $44 million in 2017) was launched‒ Approx 40% of the budget will be

dedicated to greenfield opportunities

‒ A strong focus will continue at Houndé tosupport the ramp-up of mining operations

‒ There will be a continued focus at the Itymine and greenfield targets along its100km trend

‒ An intensive Kalana exploration campaignis planned for H1-2018 with the aim ofintegrating the results into the updatedfeasibility study

2018 GUIDANCE INCREASED WITH HOUNDE

26

Houndé is Already Cash Flow Positive

Capital Expenditure Guidance, $m

Exploration Guidance, $m


(on a 100% basis)EXPLORATION

SPEND ALLOCATIONAgbaou 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

(in $m)SUSTAINING

CAPITALNON-SUSTAINING

CAPITALGROWTH PROJECTS

Agbaou 17 2 -Tabakoto 37 - -Ity 2 - 180Karma 2 23 -Houndé 3 23 10Kalana - - 10Exploration 7 29 -Corporate (Group IT system) - 7 -TOTAL 68 84 200

27

PRODUCTION PROFILE

INSIGHTS BY MINE

$886/oz$922/oz

$1,010/oz

670-720koz

~$869/oz

663koz593koz

2016A 2017A2015A 2018E

$840-890/oz

517koz466koz

2014A

ITYTABAKOTOAGBAOU

~$927

59koz

2018E

60-65koz

$790-850

2017A

37koz

2017A

~$705

NZEMA

~$1,127

2017A

144koz

2018E

$1,200-1,250

115-130koz

2018E

105-115koz

$780-830

2017A

98koz

~$835

KARMA

2017A

$580-630

2018E

~$373

250-260koz

69koz

AISC, $/ozProduction, koz

Group Production and AISC

Houndé expected to lift production and lower AISC

HOUNDE

177koz

2017A

~$641

2018E

140-150koz$860-900


TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4


HOUNDÉ MINE, BURKINA FASO

29

Houndé Mine

Ouagadougou

Karma Mine

Overview KARMA MINE QUICK FACTS (ON 100% BASIS)Ownership 90% EDV, 10% Burkina Faso

Resources(incl. of Reserves)

M&I: 37.9Mt @ 2.1 g/t for 2.551MozInferred: 3.Mt @ 2.6 g/t for 0.274Moz

Reserves 30.6Mt @ 2.1 g/t for 2.075Moz

Processing Rate 3.0mtpa CIM plant

Open Pit Strip Ratio 16.48 to 1 (2017A)

Gold Recovery 95% (2017A)

Mining Type Open pit / Owner Mining

Production

AISC (Mine-level)2017 prelim - $373/oz 2018E - $580 -630/oz

Mine life +10 years

Tax regime 17.5 - 27.5% Corporate tax

RECENT AND UPCOMING CATALYSTS

Accomplished- Construction completed in October 2017 ahead of schedule and below budgetUpcoming- Exploration drilling restarted

2017A

2018E

69koz

250-260koz


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 millavailability, throughput, grades, and recovery rates

› AISC amounted to circa $373/oz, significantlybelow the lower end of the $550-600/oz forecastdue to the aforementioned greater than expectedproduction, and lower mining costs

2018 OUTLOOK› Houndé is expected to produce between 250 -

260koz in 2018 at an AISC of $580-630/oz.› Mining activities are expected to continue to

ramp-up to achieve a mining rate of 40Mtpa, upfrom 18Mtpa in 2017

› Mining and processing of fresh ore began in thelatter portion of Q4-2017. Activities are expectedto progressively transition from mainly oxides inearly 2018 to mainly fresh ore by the end of 2018

30

HOUNDE MINE, BURKINA FASOPerformance above guidance boosted the quarter

Production and AISC

69koz

$373/oz2018E

250-260koz

$580-630/oz

Q4-2017

Production, koz AISC, US$/oz


Life of Mine Plan

Year 5 to 8Average

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

Exploration upside expected to fill this shortfall

31

Construction was completed $15 million below theinitial capital budget and it was decided to spend anadditional circa $21 million mainly for the addition of a26MW back up power station & fuel farm, bringing thetotal investment to circa $334 million.

No Lost-Time-Injury occurred over the 8 millionmanhours worked.

AHEAD OF TIME

0 LTIs

BELOW BUDGET

The team and Houndé’s first gold bars


Commercial production was declared more than twomonths ahead of schedule as a stable nameplatecapacity was achieved within weeks from first ore beingintroduced into the plant on September 25, 2017.

HOUNDE MINE, BURKINA FASOConstruction achievements

32

2.5-3.5Moz5-YEAR DISCOVERY

TARGET

PRIORITY RANKING AFTER INITIAL DRILL TEST

33

Houndé exploration targets and gold-in-soil anomalies map

Priority 1

Priority 2Priority 2

Priority 2

Priority 2


34

Drill results confirmed high-grade mineralizationKARI PUMP EXPLORATION RESULTS

A

A’


AGBAOU MINE, CÔTE D’IVOIREQUICK FACTS (ON 100% BASIS)Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI


M&I: 13.0Mt @ 2.4 g/t for 1.004MozInferred: 1.1Mt @ 1.7 g/t for 0.060Moz


Processing Rate Up to 2.6 Mtpa Gravity/CIL plant - oxides; 1.6 Mtpa fresh



Mining Type Open Pit – Contractor Mining

Production

AISC (mine-level)

2015A – $576/oz2016A – $534/oz2017 prelim - $641oz2018E - $860-900/oz

Expected Mine Life 7 years from current Reserves

Royalty 3% - 5% sliding scale

Corporate Tax 25% (5 year corporate tax holiday)

2017A2018E

2015A196koz

181koz

140-150koz

2016177koz

35

RECENT AND UPCOMING CATALYSTSAccomplished- Fully repaid shareholder loans in

……

Production and AISCQ4-17 vs Q3-17 INSIGHTS: › Production decreased slightly, in line

with guidance, mainly due to a lowergrade and slightly lower tonnage milled

› All-in sustaining costs increased in linewith guidance as operations continuedto transition towards mining andprocessing a greater proportion of freshore

2018 OUTLOOK› 2018 is expected to be a transition year

for Agbaou with a large focus on wastecapitalization activities, as a resultAgbaou’s 2018 production is expected todecrease to 140 - 150koz as low-gradestockpile feed supplements mine feed toallow waste capitalization activities toprogress more quickly

› AISC is expected to increase to $860 -$900/oz as a result of increased miningcosts and higher processing costs

$665/oz

46koz

Q1-2017 Q3-2017

42koz

57koz

Q2-2017 Q4-2017

43koz45koz

Q4-2016

Production, koz AISC, US$/oz

36

$532/oz

$660/oz

AGBAOU MINE, CÔTE D’IVOIRETransitioning into harder ore blend

Tonnes Processed and Grade

770kt693kt683kt721kt 760kt

1.85 g/t

Q4-2017Q3-2017Q2-2017Q4-2016 Q1-2017

Grade milled, g/t AuTonnes milled, kt

2.46 g/t

2.09 g/t

$606/oz

2.23 g/t


$638/oz

1.96 g/t

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

37

AGBAOU MINE, COTE D’IVOIREExploration program continues to progress


38

AGBAOU MINE EXPLORATIONTarget of finding between 0.5 to 1.5Moz

Agbaou Site MapAREAS 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


TARGET

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

39

Section - AGBDD2141

Intercepted mineralization 150m under the North pit in 2017AGBAOU MINE EXPLORATION


TABAKOTO MINE, MALI

40

QUICK FACTS (ON 100% BASIS)

Ownership 80-90% Endeavour depending on pit, remainder government of Mali


M&I: 19.0Mt @ 3.0 g/t for 1.844Moz Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz


Processing Rate 1.4 Mtpa Gravity/CIL Plan



Mining Type Tabakoto (UG), Segala (UG) & Kofi C Open Pit Mine

Production

AISC (mine-level)

2015A –$1,067/oz2016A – $1,027/oz2017 prelim - $1,127/oz2018E - $1,200-1,250/oz

Expected Mine Life 4+ years from current Reserves

Royalty 6%

Corporate Tax 30%

144koz2018E

2016A2015A

115-130koz

163 koz152koz

2017A

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- 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-2018

Tabakoto MineBamako

Mali

KalanaProject

Overview


Q4-17 vs Q3-17 INSIGHTS: › Production decreased mainly due to lower

average head grades, in spite of overallimproved mining operations

› AISC remained stable despite decreases acrossall unit costs per tonne (open pit andunderground mining, processing, and G&A),which were offset by higher sustaining costsand lower grades

2018 OUTLOOK› Tabakoto production is expected to decrease to

115 – 130koz from both the underground minesand open pits mainly due to a decline inaverage grade

› AISC are forecast to increase to $1,200-$1,250/oz due to lower grade and an increasein sustaining capital expenditures to $35 million

› In line with Endeavour’s portfolio managementstrategy, a strategic assessment is expected tobe made on Tabakoto during the course of theyear

41

TABAKOTO MINE, MALIStrategic assessment underway

Tonnes and Grade Processed

Production and AISC

$1,282/oz

Q4-2017

28koz

Q3-2017

32koz

Q2-2017

41koz

Q1-2017Q4-2016

48koz43koz

AISC, US$/oz

435kt392kt407kt405kt402kt

2.20 g/t

Q3-2017Q1-2017 Q2-2017Q4-2016 Q4-2017

Tonnes Processed, kt Processed grades, g/t Au

3.93 g/t

$1,119/oz

$975/oz$927/oz

3.50 g/t

$1,054/oz

3.32 g/t


$1,278/oz

2.64 g/t

42

TABAKOTO AND KOFI EXPLORATION TARGET


TARGET

ITY MINE, CÔTE D’IVOIRE QUICK FACTS (ON 100% BASIS)

Ownership 80% EDV, 15% Côte d’Ivoire, 5% private

Resources (HL + CIL)(incl. of Reserves)


Reserves (HL+CIL) 60.3Mt @ 1.6 g/t for 3.138Moz


Processing Rate 950ktpa HL


Mining Type Open pit / Heap Leach

Production

AISC (mine-level)2016A – $756/oz2017 prelim - $927/oz2018E - $790-850/oz

Mine life 3 years from current Reserves + addition potential

Royalty 3% - 5% sliding scale

Corporate Tax 25%

2018E 60-65koz59koz

2015A 81koz

2017A76koz2016A

Côte d’Ivoire

RECENT AND UPCOMING CATALYSTS

Accomplished- 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% in 2017Upcoming- Construction of CIL project launched- Continued exploration success

43

AgbaouMine

Abidjan

Ity Mine

Côte d’Ivoire

Overview


Q4-17 vs Q3-17 INSIGHTS:› Following the rainy season, production

increased due to higher stacking andmining rates, in addition to improvedgrades and recovery rates

› AISC decreased due to lower unit miningcosts and lower unit processing costs.Despite these unit cost reductions, AISCremained high due to sustaining capitalexpenditures related to fleet upgrades

2018 OUTLOOK› Production in 2018 is expected to

increase slightly to 60-65koz and AISCare expected to decrease to $790 -$850/oz as a result of anticipated highergrades

› 2018 is expected to be a transition yearfor the heap leach operation withgreater priority given to the CILconstruction

› Heap leach production is expected to belower in the second half of the yearwhile AISC are expected to be higher

44

ITY HEAP LEACH MINE, CÔTE D’IVOIREProduction is expected to increase in 2018 with higher grades

$947/oz

Q4-2017

17koz

12koz

Q3-2017Q2-2017Q1-2017

14koz

17koz16koz

Q4-2016

AISC, US$/ozProduction, koz

372kt312kt

243kt267kt295kt

1.86g/t

Q2-2017 Q3-2017 Q4-2017Q1-2017Q4-2016

Grade milled, g/t AuTonnes stacked, kt

Production and AISC

Ity mine extraction

$827/oz

2.00g/t

$879/oz

1.90g/t

$780/oz

2.15g/t


$1,141/oz

1.58g/t

ACHIEVEMENTS TO DATE› Long-lead items have been

ordered and nearly 50% of thetotal capital cost of $412 millionhas already been committed

› 6 CIL ring beams out of 8 havealready been poured and SAGand Ball mill foundation work hasstarted

› EPCM design is progressing wellwith more than 20% alreadycompleted

› Bulk earthworks, campconstruction, and other activitiesare also progressing according toschedule

45

ITY HEAP LEACH MINE, CÔTE D’IVOIRECIL construction is progressing on time and on budget

SAG Mill Foundation


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

46

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


ROBUST PROJECT ECONOMICS

47

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


LONG-LIFE LOW-COST PROJECT

48

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


LIFE OF MINE PLAN

49

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)


1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FSOptimization study was preformed to capture the increased resource inventory

50

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


CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz

Only CIL reserves shown. 51

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


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. 52

ITY EXPLORATION POTENTIAL OVERVIEW

4-6Moz5-YEAR DISCOVERY

TARGET

ON-TRACK TO ACHIEVE DISCOVERY TARGET

53

2017 M&I Resource

(Base for OS)

3.8Moz

5-Year Discovery Target

(published Nov. 2016)

4-6Moz Discovery Target

1.5Mozadded

2016 M&I Resource

(Base for FS)

2.3Moz

M&I Resource Evolution

Already 1.5 Moz added between November 2016 and November 2017


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

54

Many advance stage targets backed by auger drill and gold-in-soil anomalies


55

ITY MINE EXPLORATION - LE PLAQUE DISCOVERYMultiple High Grade Trends Discovered

INSIGHTS

‒ Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly

‒ Mineralization at the Le Plaque trends occurs from surface for the main lense and all trends are open along strike and at depth

‒ A maiden inferred resource estimate, for some of the targets identified in the Le Plaque area, is expected in Q4-2017


GREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB)ANOMALIES

56

Birimian 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


KARMA MINE, BURKINA FASO

57

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso




Processing Rate 4.0mtpa Heap Leach



Mining TypeShallow open pit and free digging material with no blasting required, low strip ratio

Production

AISC (Mine-level)2016A – $738/oz2017 prelim - $835/oz 2018E - $750 -780/oz

Mine life 11 years

Tax regime 3% - 5% sliding scale royalty / 17.5% Corporate tax

98koz2017A

62koz

105-115koz2018E

2016A

RECENT AND UPCOMING CATALYSTSAccomplished- First gold production achieved on April 11th 2016- Optimization in 2017 completed - The newly installed front-end and ADR plant are

expected to boost stacking capacity beyond the initial design capacity of 4MtpaUpcoming- Benefit of increasing stacking capacity - Exploration on more near-mine targets

Houndé Mine

Ouagadougou

Karma Mine

Overview


Q4-17 vs Q3-17 INSIGHTS: › Production remained flat as higher stacking

capacity and grades were offset by the anticipatedlower recovery rate

› AISC decreased as a result of the aforementionedhigher grades, lower strip ratio, and lower stackingunit costs which offset the higher mining unitcosts

2018 OUTLOOK› Plant optimization work was successfully carried

out during 2017. The newly installed front-endand ADR plant are expected to boost stackingcapacity beyond the initial design capacity of4Mtpa

› Production in 2018 is expected to increase to 105-115koz and AISC is expected to decrease to $780-830/oz as a result of the plant optimization workdone in 2017

› In aggregate, roughly 15% of the 2018 ore feed isexpected to be transitional material from GG2

58

KARMA MINE, BURKINA FASOProfile is expected to improve in 2018 with optimization work completed

Production and AISC

Tonnes Stacked and Grade

21koz21koz24koz

32koz29koz

$922/oz

Q2-2017Q4-2016 Q4-2017Q3-2017Q1-2017

AISC, US$/ozProduction, koz

$738/oz

1,026kt

720kt852kt853kt 954kt

1.06g/t

Q2-2017Q1-2017 Q3-2017 Q4-2017Q4-2016

Grade milled, g/t AuTonnes stacked, kt

1.14g/t

$748/oz

1.07g/t

$755/oz

1.24g/t


$973oz

0.91g/t

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

59

Optimization program completed and new front-end commissioned in 2017

ADR Area - Before ADR Area - After

Feed Preparation Circuit - Before Feed Preparation Circuit - After


60

Several identified targets with success already being achieved KARMA EXPLORATION OVERVIEW


TARGET

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

61

Extension Drilling – New Parallel Trend DiscoveredKARMA EXPLORATION - NORTH KAO

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

62

New discovery made in 2017Map of the Yabonsgo area


KALANA PROJECT, MALI

63

QUICK FACTS (ON 100% BASIS)Ownership 80% EDV, 20% government of Mali

Status DFS stage




Mine Type Open pit

LOM Strip Ratio 9.9

Processing Rate1.2 Mtpa for competent fresh oreand 1.5Mtpa for soft saprolite ore

Upfront Capital (US$M) 196

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 730

Tabakoto MineBamako

Mali

KalanaProject

Overview


› 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

64

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


Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017 65

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


66

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 387km2and 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 67

AVNEL ACQUISITION IS 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)

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(11-

May

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Clar

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Scot

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9-M

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Raym

ond

Jam

es(9

-May

-17)

Peel

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2-M

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BMO

(7-M

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272 263 223

Corm

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(2-M

ay-1

6)

Hay

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-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

› 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%


TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4


BOARD MEMBERS

6969

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


70

INSIGHTS › Strong knowledge of

West African Birimianbelts

› 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 GeosDBTechsSupport


Sr GeosJr GeosTechsAccountSupport

Sr GeosJr GeosTechsSupport

EVPExploration & Growth

CI GovernmentRelations Advisor

Legal Advisor

EXPERIENCED TEAM IN PLACENear-mine and Regional Teams


Greater ItyExplo VP

Regional CIExplo Manager

AgbaouExplo Manager

HoundeExplo VP

KarmaExplo Manager

Regional BFExplo Manager

Tabakoto/KofiExplo Manager

KalanaExplo Manager


› 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

71

UNLOCK EXPLORATION VALUESelection, Ranking and Risk Evaluation of Exploration targets


1,000

1,100

1,200

1,300

1,400

1,500

1,600

Gold Revenue Protection Program : Gold Option Collar Strategy › Gold Option Contracts aim to increasethe certainty of the free cash flowduring the construction period of theIty CIL

› Gold Option Contracts applied to400koz, representing ~40% ofEndeavour’s expected productionover 15 months, (Feb 2018-Apr 2019)‒ Protect 40% of production below

$1,300/oz

‒ Fully exposed between 1,300 and$1,500/oz

‒ Upside beyond $1,500/oz on 60% ofproduction

› Once the Gold Option Contractsprogram ends, Endeavour will returnto a position where its goldproduction is fully exposed to spotgold prices

72

GOLD REVENUE PROTECTION PROGRAM

Gold price in US$/oz

Collar “bought puts” strike

Collar “written calls” strike


Upside on 60% of production

Upside on 100% of production

Protection on 40% of production

Increased certainty of the FCF during the construction period of the Ity CIL

ADVANTAGES OF THE CONVERTIBLE NOTES

73


Reduces its overall financing costs and de-risks LIBOR exposure

Annual saving based on $300m convertible compared to $300m drawn on RCF at various Libor rates

$22m

$19m

$16m

$13m

$10m

$7m$6m

5.0%4.0%3.0%1.8%(current)

1.5% 7.0%6.0%

LIBOR rates

Historic Libor curve

1.8%

74

ADVANTAGES OF THE CONVERTIBLE NOTESCORPORATE PRESENTATION

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

$15 $17 $19 $21 $23 $25 $27 $29 $31 $33 $35 $37 $39 $41 $43 $45 $47 $49 $51

Straight bond yield

Convert yield

Solid alternative to a straight bondAll-in cost comparison: straight bond vs. convertible

Share Price in C$

$37/shareBreak-even point

75

ADVANTAGES OF THE CONVERTIBLE NOTESCORPORATE PRESENTATION

Limited dilution due to option to settle in cashDilution impact

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

1 6 11 16 21 26 31 36 41 46 51

Pote

ntia

l dilu

tion

Share price at maturity

If $300m principle is settled in cash and in the money option in shares

If all settled in shares

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

76

4

5


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 Houndé 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

77

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


PRODUCTION DETAILS BY MINE

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

For the years quarters ended 2017 and 2016

(on a 100% basis)AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE

Unit Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017 Q3-2017 Q4-2016 Q4-2017PhysicalsTotal tonnes mined – OP1 000t 7,216 7,576 6,518 1,431 1,333 2,885 1,863 1,098 1,593 1,680 1,191 1,472 3,717 3,637 4,023 6,973Total ore tonnes – OP 000t 826 824 674 369 310 288 165 108 195 403 305 316 1,185 593 783 447Open pit strip ratio1 W:t ore 7.92 8.19 8.67 2.88 3.30 9.02 10.32 9.13 7.17 3.17 2.90 3.66 2.14 5.13 4.14 14.59Total tonnes mined – UG 000t - - - - - - 207 226 324 - - - - - - -Total ore tonnes – UG 000t - - - - - - 157 179 253 - - - - - - -Total tonnes milled 000t 760 770 721 377 368 428 435 392 402 372 312 295 1,026 720 853 813Average gold grade milled g/t 1.85 1.96 2.46 2.13 3.39 2.20 2.20 2.64 3.93 1.86 1.58 2.00 1.06 0.91 1.14 2.75Recovery rate % 93% 93% 97% 92% 92% 82% 92% 93% 95% 78% 74% 90% 77% 87% 90% 95%

Gold produced oz 43,439 46,326 57,061 24,846 37,440 23,874 28,117 31,602 47,884 17,287 11,727 17,480 21,102 21,005 29,112 68,754

Gold sold oz 41,490 46,675 56,936 23,366 38,570 22,033 27,740 31,693 47,053 16,316 11,799 15,038 20,574 20,622 28,743 60,990

Mine-level AISC Per Ounce Sold $/oz ~665 638 532 ~850 705 1,118 ~1,282 1,278 927 ~947 1,141 827 ~922 973 738 ~373


ON A QUARTERLY BASIS

ON A FULL YEAR BASIS(on a 100% basis)

AGBAOU NZEMA TABAKOTO ITY KARMA HOUNDE

UnitDec 31,

2017Dec 31,

2016Dec 31,

2017Dec 31,

2016Dec 31,

2017Dec 31,

2016Dec 31,

2017Dec 31,

2016Dec 31,

2017Dec 31,

2016Dec 31,

2017Physicals

Total tonnes mined – OP1 000t 28,101 25,382 6,873 9,295 6,400 7,098 6,647 6,102 15,313 8,753 17,933

Total ore tonnes – OP 000t 2,983 2,797 1,427 1,000 647 649 1,410 1,186 3,862 1,879 1,026

Open pit strip ratio1 W:t ore 8.47 8.07 3.81 8.30 8.89 9.94 3.71 4.15 2.96 3.66 16.48

Total tonnes mined – UG 000t - - - 997 1,301 - - - - -

Total ore tonnes – UG 000t - - - 756 944 - - - - -

Total tonnes milled 000t 2,906 2,827 1,499 1,761 1,640 1,588 1,194 1,173 3,552 2,089 813

Average gold grade milled g/t 2.02 2.27 2.58 1.87 2.90 3.36 1.85 2.20 1.07 1.16 2.75

Recovery rate % 94% 97% 92% 83% 94% 95% 83% 93% 83% 90% 95%

Gold produced oz 177,191 195,505 115,621 87,710 143,995 162,817 59,026 75,867 97,982 61,813 68,754

Gold sold oz 174,868 196,316 117,242 85,495 144,636 161,803 59,688 73,332 96,935 28,743 60,990

Mine-level AISC Per Ounce Sold $/oz ~641 534 ~858 1,167 ~1,127 1,027 ~927 756 ~835 738 ~373

PRODUCTION AND COST DETAILS BY MINE

1) Includes waste capitalized 7979


For the first 9 months ended Sept. 30

(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 -

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.

80

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


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


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


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


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 :

As of December 31, 2016


http://www.endeavourmining.com/

Slide Number 1DISCLAIMER & FORWARD LOOKING STATEMENTSSlide Number 3ENDEAVOUR MINING OVERVIEWCOMPANY PROFILEINVESTMENT HIGHLIGHTSPRODUCTION AND AISC PROFILEBUILDING A PREMIER AFRICAN GOLD PRODUCEROPERATIONAL EXCELLENCEOPERATIONAL EXCELLENCEOPERATIONAL EXCELLENCEPROJECT DEVELOPMENTSlide Number 13Slide Number 14PROJECT DEVELOPMENTUNLOCK EXPLORATION VALUEScreening And Ranking Methodology UNLOCK EXPLORATION VALUEUNLOCK EXPLORATION VALUESlide Number 20PORTFOLIO & BALANCE SHEET MANAGEMENTPORTFOLIO & BALANCE SHEET MANAGEMENTUPCOMING CATALYSTSSlide Number 242018 GUIDANCE INCREASED WITH HOUNDE2018 GUIDANCE INCREASED WITH HOUNDEPRODUCTION PROFILESlide Number 28HOUNDÉ MINE, BURKINA FASOSlide Number 30Slide Number 31Slide Number 32PRIORITY RANKING AFTER INITIAL DRILL TESTKARI PUMP EXPLORATION RESULTSAGBAOU MINE, CÔTE D’IVOIRESlide Number 36Slide Number 37AGBAOU MINE EXPLORATIONSlide Number 39TABAKOTO MINE, MALISlide Number 41TABAKOTO AND KOFI EXPLORATION TARGETITY MINE, CÔTE D’IVOIRE Slide Number 44Slide Number 45SUMMARY OF ITY CIL OPTIMISATION STUDYROBUST PROJECT ECONOMICSLONG-LIFE LOW-COST PROJECTLIFE OF MINE PLAN1.5MOZ OF INDICATED RESOURCES ADDED SINCE THE FSCIL RESERVES INCREASED BY 1.0Moz TO 2.9MozITY EXPLORATION POTENTIAL OVERVIEWON-TRACK TO ACHIEVE DISCOVERY TARGETITY MINE AREA UPCOMING TARGETSITY MINE EXPLORATION - LE PLAQUE DISCOVERYGREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB)�ANOMALIESKARMA MINE, BURKINA FASOSlide Number 58KARMA MINE, BURKINA FASOKARMA EXPLORATION OVERVIEWKARMA EXPLORATION - NORTH KAOYABONSGO TARGETKALANA PROJECT, MALI FITS OUR STRATEGIC PORTOFLIO CRITERIAFITS OUR STRATEGIC PORTOFLIO CRITERIAFITS OUR STRATEGIC PORTOFLIO CRITERIAAVNEL ACQUISITION IS VALUE ACCRETIVESlide Number 68BOARD MEMBERSSlide Number 70Slide Number 71GOLD REVENUE PROTECTION PROGRAMADVANTAGES OF THE CONVERTIBLE NOTESADVANTAGES OF THE CONVERTIBLE NOTESADVANTAGES OF THE CONVERTIBLE NOTESNET FREE CASH FLOW FROM OPERATIONS DOUBLEDGROWTH FUNDING SOURCESPRODUCTION DETAILS BY MINEPRODUCTION AND COST DETAILS BY MINERESERVES AND RESOURCES

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