Endeavour Mining (EDV) Corporate presentation summary

Strategic positioning and portfolio overview

• Largest gold producer in West Africa with four operating mines and a robust pipeline of development and exploration projects across Senegal, Côte d'Ivoire, Burkina Faso, Mali, and Guinea.

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

• Maintains a diversified portfolio with over 10 years of production visibility and annual output exceeding 1.5Moz.

• Active portfolio management through divestment of non-core assets and integration of new mines, focusing on long-life, low-cost operations.

• Strong capital allocation discipline, prioritizing high-return projects and exploration.

Financial performance and outlook

• Q1-2024 gold production was 219koz with an AISC of $1,186/oz, reflecting lower production and higher costs due to mine sequencing and ramp-up activities.

• EBITDA increased 123% quarter-over-quarter to $156m, while operating cash flow before working capital was $137m.

• Net debt stood at $831m as of 31 March 2024, with available liquidity of $481m.

• Short-term leverage expected to peak as major projects complete, with a focus on deleveraging and increasing shareholder returns post-investment phase.

• 2024 guidance anticipates a production increase of up to 18% over 2023, driven by new project commissioning.

Project development and exploration

• Sabodala-Massawa BIOX® expansion achieved first gold in April 2024, on budget and ahead of schedule; commercial production expected late Q2-2024.

• Lafigué project in Côte d'Ivoire commenced wet commissioning in May 2024, with first gold expected in late June; 2024 production guidance is 90–110koz at $900–975/oz AISC.

• Tanda-Iguela greenfield project outlined a 4.5Moz resource at $11/oz discovery cost, with a PFS expected in Q4-2024 and significant upside potential.

• On track to meet a 5-year discovery target of 12–17Moz by 2025, with 18.6Moz of M&I resources discovered since 2016.

• Exploration budget for 2024 is $65m, focusing on both brownfield and greenfield targets.