Endeavour Mining (EDV) CEO Swiss Mining Conference Presentation summary

Strategic positioning and operational highlights

• Operates five gold mines in West Africa, targeting 1,110–1,260koz production in 2025 at AISC of $1,150–$1,350/oz, with a 14% production growth at the top end of guidance and a 27% reduction in capital expenditure year-on-year.

• Maintains a high-quality portfolio focused on large, low-cost, long-life assets, with over 10 years of production visibility and a disciplined capital allocation approach targeting over 20% ROCE.

• Achieved a 32% increase in reserves and discovered over 12Moz of M&I resources since 2021, surpassing the five-year discovery target early.

• Delivered two organic growth projects on time and on budget in 2024, with a strong construction track record across multiple assets.

• Class-leading ESG ratings and a $2.2bn economic contribution to host countries in 2024.

Financial performance and shareholder returns

• Generated $365m free cash flow in H2-2024, with adjusted free cash flow of $418m in Q4-2024, supporting deleveraging and increased shareholder returns.

• Net debt to LTM adjusted EBITDA reduced to 0.55x by year-end 2024, with a target leverage of 0.5x.

• Record $240m dividend declared for FY-2024, with $251/oz returned to shareholders and a sector-leading total return of over $1.2bn (30% of market value) from 2021–2024.

• Shareholder returns program includes minimum dividends, supplemental dividends, and share buybacks, with increased commitment following the investment phase.

Exploration and growth projects

• Discovered 21.4Moz of M&I resources since mid-2016, with 2.2Moz added in 2024 at a targeted discovery cost of less than $25/oz.

• The Assafou project in Côte d'Ivoire confirmed as a potential tier 1 asset, with a 4.6Moz resource, $892/oz AISC, and a 15+ year mine life; DFS expected late 2025/early 2026.

• Over $16m spent on Assafou drilling in 2024, with 120km planned for 2025 and further resource growth expected.