Endeavour Mining (EDV) Corporate presentation summary

Strategic positioning and portfolio overview

• Largest gold producer in West Africa with five operating mines and a strong presence in the Birimian Greenstone Belt, focusing on large, low-cost, long-life assets with high margins and diversified across multiple countries and mines.

• 2024 production guidance is 1,130–1,270koz at an industry-leading AISC of $955–1,035/oz, with production expected to be H2-weighted due to ramp-ups at Sabodala-Massawa and Lafigué.

• Peer benchmarking highlights a low-cost production profile relative to other top global gold producers.

• Active portfolio management includes divesting non-core assets, optimizing existing operations, and maintaining a robust pipeline of organic growth projects.

• Proven exploration methodology has delivered 18.6Moz of M&I resources since 2016, with a 5-year discovery target of 12–17Moz by 2025.

Financial performance and outlook

• Q2-2024 saw a 24% increase in EBITDA and a 55% increase in operating cash flow before working capital compared to Q1-2024, driven by higher gold prices and increased sales.

• Operating cash flow reached $258m in Q2-2024, up $203m from Q1-2024, supported by a $150m gold prepayment agreement.

• Net debt remained stable at $835m as of June 30, 2024, with available liquidity of $477m.

• FY-2024 production is expected to increase by up to 18% over 2023, with AISC remaining at industry-low levels.

• Capital allocation priorities have shifted from investment to shareholder returns, with a minimum dividend of $210m in 2024 and $225m in 2025, plus supplemental returns if gold prices remain high.

Operational excellence and project delivery

• Achieved commercial production at both Sabodala-Massawa BIOX® expansion and Lafigué mine in Q3-2024, both delivered on budget and ahead of schedule.

• Maintains an industry-leading safety record with a LTIFR of 0.11, well below the industry average.

• Operational performance is expected to be strongly H2-weighted, with cost improvements anticipated as new projects ramp up.

• Ongoing asset optimization includes solar power projects, grid connections, and process improvements to further reduce costs and emissions.

• Exploration and development focus on high-value greenfield and brownfield targets, with significant recent discoveries at Tanda-Iguela and Assafou.