corporate presentation · q2-2017 was successfully completed with no ltis . lost time injury...

› October 2017

CorporatePresentation

DISCLAIMER & FORWARD LOOKING STATEMENTS

2

CORPORATE PRESENTATION

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

2017 OUTLOOK & Q2 RESULTS2DETAILS BY MINE AND PROJECT3

All amounts presented on a Pro-forma basis: Nzema (Ghana) reserves and resources deconsolidated (full year) and Kalana reserves and resources added 4

$855-900/oz2017 AISC TARGET

FOR CONTINUING OPERATIONS

$500-530 Koz2017 PRODUCTION TARGET

FROM CONTINUING OPERATIONS

4,000EMPLOYEES WORLDWIDE

9.8MozRESERVES

15.4MozM&I RESOURCES

10-15Moz5-YEAR DISCOVERY TARGET

MALI

AgbaouMine

Tabakoto Mine

HoundéProject

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

KalanaMine

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

CORPORATE OVERVIEW

COMPANY PROFILE

5

Share Price PerformanceRank Institution Name % of S/O

1 LA MANCHA HOLDING S.A.R.L. 30%

2 Van Eck Associates Corporation 9.0%

3 BlackRock Investment Management (UK) 5.2%

4 M & G Investment Management Ltd. 4.5%

5 Oppenheimer Funds, Inc. 3.8%

6 RBC Global Asset Management Inc. 3.2%

7 Fiera Capital Corporation 3.0%

8 Ruffer LLP 2.1%

9 Investc Asset Management Ltd. 1.6%

10 Quaker Capital Management Corporation 1.5%

Top Shareholders

*Inclusive of the Avnel acquisition and LM placement (expected to close Oct. 5th)

Ticker TSX:EDVShares in Issue* 107 mShare price as at Sept. 20th C$23.13Market cap* US$2.0BNet Debt as at June 30th US$183m

Shareholder Distribution

MANAGEMENT

1%

LA MANCHA

30%

RETAIL

7%

INSTITUTIONAL

62%

Other

Europe

NorthAmerica

In CAD

CORPORATE OVERVIEW

0

5

10

15

20

25

30

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000Volume EDV share price

INVESTMENT HIGHLIGHTS

6

Endeavour offers exposure to both near and long-term growth potential,in addition to current production

with an accomplished management team and a healthy balance sheet

ImmediateCashflow

fromPRODUCTION

Near-TermGrowth

fromPROJECTS

Long-TermUpside

fromEXPLORATION

CORPORATE OVERVIEW

DEVELOPING PROJECTS TO IMPROVE THE PORTFOLIO QUALITY

7

Key objective is to reduce the group’s AISC and extending mine lives

$895/oz$922/oz

$1,010/oz

$1,317/oz

800-900koz

317koz

+900koz

202020192016 2017 2018

800-900koz

584koz

2015

517koz

20142013

462koz

2021

+900koz

2022

Ity (CIL), Côte d’Ivoire

Kalana, Mali

Group AISC Houndé, Burkina Faso Youga, Burkina FasoIty (Heap Leach), Côte d’Ivoire

Agbaou, Côte d’Ivoire

Karma, Burkina Faso

Nzema, Ghana

Tabakoto, Mali

+800kozAnnual production

10+ yearMine life

≤800$/ozAll-in Sustaining Cost

STRATEGIC OBJECTIVE

<$800/oz

For 2019

CORPORATE OVERVIEW

STRATEGIC LEVERS

8

BUILDING A PREMIER AFRICAN GOLD PRODUCER

+800kozAnnual production

10+ yearMine life

≤800$/ozAll-in Sustaining cost

STRATEGIC OBJECTIVES

4 Strategic Levers to Achieve Objectives

CORPORATE OVERVIEW

Levering Operating Synergies in West AfricaOPERATIONAL EXCELLENCE

9

1CORPORATE OVERVIEW

KarmaOwnership: 90%Mine/mill type: Open pit / Heap Leach Reserves: 1.1Moz2017E Production: 100-110koz2017E AISC: $750-$800/oz

AgbaouOwnership: 85%Mine/mill type: Open Pit / CIL PlantReserves: 0.9Moz2017E Production: 175-180koz2017E AISC: $660-$700/oz

Ity Heap LeachOwnership: 80%Mine/mill type: Open pit / Heap Leach Reserves: 0.3Moz2017E Production: 75-80koz 2017E AISC: $740-$780/oz

TabakotoOwnership: 80-90%Mine/mill type: Underground & Open Pit / CILReserves: 0.6Moz2017E Production: 150-160koz2017E AISC: $950-$990/oz

Hands-on Management Model With Teams Close to OperationsOPERATIONAL EXCELLENCE

10

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 & Public Affairs

London Based

Abidjan BasedFUNCTIONS: • Government relations• Operations controlling• Procurement• Exploration• Projects• Environmental • CSR• HR – mine level

FUNCTIONS: • Finance • Investor relations• Corporate development• People and culture

Management Focus

SAFETY FIRST

LEAN AND EFFICIENT

OPERATIONS

HANDS-ONMANAGEMENT

CASH FLOW DRIVEN

CORPORATE OVERVIEW

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, 11

SAFETY IS OUR FIRST PRIORITYQ2-2017 was successfully completed with no LTIs

Lost Time Injury Frequency Rate

0.000.00

0.31

0.40

0.79

Last 12-months

AgbaouHoundé (since start)

Peer Group Average

FY2016

8.4m Man Hours for

operations in H1-17 with only 1 LTI

+6.3mMan Hours on

Houndé with no LTI

Construction track recordOperating track record

1CORPORATE OVERVIEW

12

Transforming From Stand Alone Units To Integrated Group LAUNCHED IMPROVEMENTS ACROSS THE GROUP 1

TABAKOTOZERO BASE

PLANGOVERNANCE

IT SYSTEMS

WORKING CAPITAL

GROWING LOCAL

TALENT

CSR

SUPPLYCHAIN

COSTREDUCTION

FOCUSED ON OPERATIONAL EXCELLENCE

CORPORATE OVERVIEW

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

Cash Flow Generation Lost Time Injury Frequency Rate

*Nzema sale: $20m payment to be received in 2016 13

Proven track record of meeting guidanceOPERATIONAL EXCELLENCE1

9221,010

1,137

2017 Guidance(post Nzema sale)

855-900

2016

884

201520142013

324466 517 584

2017 Guidance

Nzema

500-530from cont. operations

2016201520142013

Free cash flow before growth projects(and before WC, tax, and financing costs)

Lost Time Injury Frequency Rate(Number of LTIs in the Period X 1,000,000) / Total man hours worked for the period)

0.310.40

LTM20162013

0.73

1.73

2015

0.76

2014

$28m$120m

$135m

2015

$35m

2016 2017 Guidance20142013

Nzema*

$85m

Guidance Guidance

$1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,240/oz

CORPORATE OVERVIEW

Hounde

Hounde

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

Kalana, Mali

(CIL), Côte d'Ivoire

undé, Burkina Faso

PROJECT DEVELOPMENTStrong pipeline with next project expected to be sourced by exploration

HoundéConstruction

14

Ity CIL Construction

KALA

NA

ITY

CIL

Hou

ndé

2017 2018 2019 2020 2021 2022

GRE

ENFI

ELD

EX

PLO

RATI

ON

2

DFS Optimization Construction

Resource Definition Studies Construction

CORPORATE OVERVIEW

+235koz at AISC of <$650/oz



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

15

PROJECT DEVELOPMENT2

Life of Mine Plan

Construction progress› Construction started in April 2016 › Progressing on-time first gold expected in

Q4-2017 › On-budget with procurement completed

Project Highlights› 10-year mine life based on current reserves

+ significant exploration upside› Average production of 190kozpa at AISC of

US$709/oz› Capex of $328m, inclusive of $47m for

owner-mining fleet › 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 is positioned to be Endeavour’s flagship low cost mine

Exploration upside expected to fill this shortfall

CORPORATE OVERVIEW

Natougou(Semafo)

16

PROJECT DEVELOPMENT2

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

CORPORATE OVERVIEW

$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

17

PROJECT DEVELOPMENTKalana is a high-quality project with significant optimization potential2

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

66koz

119koz123koz123koz

170koz

203koz

$703/oz

$976/oz

$598/oz

Avg. Years 11-17

Avg. Years 6-10

88koz

Year 5

$865/oz

Year 4

$689/oz

Year 3

$676/oz

Year 2Year 1

$446/oz

AISCProduction

Production Profile

Optimization potential for +150kozpa

CORPORATE OVERVIEW

Tabakoto MineBamako

Mali

KalanaProject

18

UNLOCK EXPLORATION VALUEAmongst Largest and Most Promising Portfolios in West Africa3

CORPORATE OVERVIEW

15.4MozM&I RESOURCES

Screening And Ranking Methodology

Full Details Provided in Appendix 19

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

CONSERVATIVE APPROACH

SIMILAR TO THAT USED IN OIL & GAS INDUSTRY

3CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

20

UNLOCK EXPLORATION VALUEStarting To Deliver Our Against 5-year Strategy

4.0-6.0Moz

1.5MozDiscovered

Greater Ity KarmaTabakoto AgbaouHoundé Côte d’Ivoire Regional

3

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 TrueGold and 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 uncertain if exploration will result in the targets being delineated as a mineral resource.

CORPORATE OVERVIEW

UNLOCK EXPLORATION VALUE

21

$35-40mAnnual budget

<$15/ozAnticipated average

discovery costs

Exploration Strategic Review Output: Low Discovery Costs

$10m

$15m

$25m

$30m

$45m

$55m

$13/oz$20/oz

$25/oz

$15/oz$15/oz$11/oz

Côte d’Ivoire Regional

KarmaAgbaouGreater Ity Houndé Tabakoto

Exploration budget Average discovery cost

3CORPORATE OVERVIEW

22

UNLOCK EXPLORATION VALUEExploration Strategic Review Output: What are the priorities?

22%

23%

2017

100%

8%

13%

25%

18%

13%

23%

26%

43%

7%

12%

4%

27%

6%

2020

100%

13%

9%

35%

6%

2019

100%

10%4%

20%

21%

3%

2021

100%

2%

20%

2018

100%

7%

35%

25%

20%

Tabakoto Agbaou Regional CI Karma and RegionalHounde Ity

3

PRIORITIES: i. Tabakoto due to its short mine life ii. Agbaou to extend oxide mine lifeiii. Ity to extend HL and Improve CIL caseiv. Houndé (once in production) to maintain 250kozpa level after 4th year

PRIORITIES: i. Ity Greater Area ii. Houndé to prolong mine lifeiii. Tabakoto and Agabou exploration will be

success driven

CORPORATE OVERVIEW

23

0 5 10 15 20

$1,200

$450

$500

$550

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

Mine life, years

0 5 10 15 20

$850

$650

$450

$1,200

$1,050

Mine life, years

Bubble size represents production

AISC, $/oz

Ghana MaliBurkina FasoCôte d’Ivoire

AISC, $/oz

PORTFOLIO IN 2015 PORTFOLIO IN 2017

Nzema

Tabakoto

Agbaou

Youga Tabakoto

Agbaou

Houndé Kalana Potential

Ity CIL

Ity HL

Karma

Assessment expected by

mid-2018

Increase Overall Quality of our PortfolioPORTFOLIO & BALANCE SHEET MANAGEMENT4

CORPORATE OVERVIEW

24

PORTFOLIO & BALANCE SHEET MANAGEMENTAll-in Sustaining Margin Now More Diversified

13%

63%

10%15%

All-In Sustaining Margin From Mines Which Excludes Corporate And Exploration Costs

13%

11%46%

17%

14%

22%

0%12%

65%

Agbaou Tabakoto KarmaItyNzema

$95mZ$84m $116m

Youga

H1-2015 H1-2016 H1-2017

4CORPORATE OVERVIEW

PORTFOLIO & BALANCE SHEET MANAGEMENT

25

Significant headroom to fund projects

$150m

$85m

$130m

Growth Projects

$495m

Sources of Funding

Ity Equipment Financing

La Mancha Placement

NzemaSale

RCFUpsize

Liquidity Sources(as at June 30,

2017)

$215m

Hounde remaining capex (as at June 30, 2017)

Ity Capex

FCF before Growth Capex

(H2-’17 to H1-19)

UndrawnRCF

Cash

ITY CIL OPTIMIZATION STUDY

4CORPORATE OVERVIEW

KEY 2016 ACHIEVEMENTS

26

RESET STRATEGY

› 5-year strategy validated by the board › Focused on improve the quality of our portfolio, with mines with AISC <$850/oz and mine life +10 years› 4 key pillars: 1) Operational Excellence, 2) Project Development, 3) Unlock Exploration, 4) Portfolio &

Balance Sheet Management

STREAMLINE ORGANIZATION

› Streamlining Excom from 10 to 7› 3 Operational Pillars in Abidjan (Ops – Projects – Explo)› Re-group all corporate offices in London office (Monaco, Vancouver, Paris)

IMPROVE GOVERNANCE

› New CEO appointed in June 2016› Board reorganization with 3 departures and 4 new arrivals (2 La Mancha + 2 independent) › Additional governance improvements under consideration

MANAGE PORTFOLIO

› Dynamic portfolio management to improve quality of asset base› Youga sold in March (end of life, high cost operation) › Karma acquired in April (Long mine life, low-cost operation) › Houndé construction launched and Ity DFS published

DELEVERAGEBALANCE SHEET

› US$230m additional equity injection which includes La Mancha deal (c.$65m), La Mancha anti-dilution right in True Gold deal (c.$63m) and successful equity raise (c.US$110m) and cash flow generation

› Net Debt positon reduced to US$25m

IMPROVE INVESTOR RELATIONS

› Clarified equity story› Increased management presence and marketing› Improved transparency

CORPORATE OVERVIEW

UPCOMING CATALYSTS

27

CORPORATE OVERVIEW

Immediate Cashflowfrom Production

Near-TermGrowth from Projects

Long-Term Upside

from Exploration

2017 OUTLOOK: › On-track to meet guidance› Hounde expected to contribute to production in Q4

› Q3-2017: Ity Optimization Study and investment decision announced

› Q3-2017: Karma mill front-end optimization

› Q4-2017: Houndé first gold pour

› DELIVERY OF 5-YEAR EXPLORATION STRATEGY: Target of Finding 10-15Moz of Indicated Resources

› H2-2017: Completion of Agbaou drilling program (first phase)

› H2-2017: Maiden resource at Ity’s Le Plaque target and infill and extension drilling program update

› H2-2017: Completion of drilling on Karma’s near-mill Rambo West and Yabonsgo targets

› H2-2017: Houndé exploration results following drilling re-commencement

TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4


2017 GUIDANCE

2929

2017 OUTLOOK

Production Guidance, koz

AISC Guidance, $/oz

on a 100% basisINITIAL

2017 GUIDANCEUPDATED

2017 GUIDANCEAgbaou 175,000 - 180,000 175,000 - 180,000Tabakoto 150,000 - 160,000 150,000 - 160,000Nzema 100,000 - 110,000 0 - 0Ity 75,000 - 80,000 75,000 - 80,000Karma 100,000 - 110,000 100,000 - 110,000GROUP-WIDEPRODUCTION

600,000 - 640,000 500,000 - 530,000

In $/ozINITIAL

2017 GUIDANCEUPDATED

2017 GUIDANCEAgbaou 660 - 700 660 - 700Tabakoto 950 - 990 950 - 990Nzema 895 - 940 0 - 0Ity 740 - 780 740 - 780Karma 750 - 800 750 - 800MINE-LEVEL AISC 800 - 850 785 - 835Corporate G&A 37 - 34 42 - 40

Sustaining exploration 23 - 22 28 - 25

GROUP AISC 860 - 905 855 - 900

INSIGHTS:

› Production is expected to increase in 2017 as improvements at Karma are expected to more than compensate for Agbaoureturning to a normalized production level after a record-breaking year.

› As was the case in 2016, production is expected to fluctuate throughout the year due to mine plan sequences, with a peak towards the middle of the year.

› Group AISC is expected to continue to decrease due to the full year benefit of Karma, optimizations at Tabakoto, and cost reduction programs.

Capital Guidance, $m

2017 GUIDANCEFree Cash Flow Guidance

30

Free Cash Flow Guidance, $m

In US$m

Sustaining Capital

Non-Sustaining Capital

Growth Projects

Agbaou 20 - -Tabakoto 20 - -Ity 10 4 10Karma 10 19 35Houndé - - 180Total 60 23 225

2017 OUTLOOK

In $m $1,100/oz $1,200/oz $1,300/ozNET REVENUE (based on production guidance mid-point) 550 600 650Mine level AISC costs (based on AISC guidance mid-point) (420) (420) (420)Corporate G&A (21) (21) (21)Sustaining exploration (14) (14) (14)

GROUP AISC MARGIN 95 145 195Non-sustaining mine exploration (20) (20) (20)Non-sustaining capital (25) (25) (25)

FREE CASH FLOW BEFORE GROWTH PROJECTS (and before WC, tax and financing cost)

50 100 150

Exploration Spend Guidance, $m

AREAS OF FOCUS H1-2017 FY-2017 GUIDANCEAgbaou 3.1 7.0Tabakoto 5.2 9.0Nzema - -Ity 5.9 10.0Karma 1.7 4.0Houndé 3.0 5.0Other Greenfield 9.2 5.0

Total 28.0 40.0

Production and AISC from continuing operations - Youga production and AISC have been removed from continuing operations 31

Q2-2017 RESULTS

ALL MINES ON TRACK TO MEET GUIDANCE

INSIGHTS BY MINE

$905/oz$855/oz

$898/oz$901/oz $897/oz

138koz

Q2-16

159koz

Q4-16 Q2-17

152koz

175koz

Q3-16 Q1-17

146koz

ITYTABAKOTOAGBAOU

$780/oz

Q1-2017

16koz

$879/oz

OUTLOOKQ2-2017

14koz

27koz

$985/oz

Q1-2017 OUTLOOKQ2-2017

26koz

$951/oz

NZEMA

$1,054/oz

$975/oz

OUTLOOKQ1-2017 Q2-2017

43koz 41koz

Q1-2017 Q2-2017 OUTLOOK

24koz

$755/oz

32koz

$748/oz

KARMA

$660/oz

42koz

OUTLOOK

$606/oz

Q1-2017 Q2-2017

45koz

AISC, $/ozProduction, koz

32

Increased contributions from Karma, Nzema and TabakotoMARGINS INCREASED DESPITE INCREASED EXPLORATION

PRODUCTION VARIATION

(13koz)+6koz

KarmaIty H1-2017

270koz

Nzema Tabakoto

+44koz(8koz)

(2koz)

Agbaou

+13koz

H1-2016 Youga(sold)

311koz

AISC: +20% AISC: -20% AISC: -5% AISC: +13%

H1-16 vs H1-17 Bridge, in koz

ALL-IN SUSTAINING MARGIN VARIATION

+22%

$100m

ItyAgbaou Nzema KarmaH1-2016

(8)+7+16

(0)

Tabakoto

(2)

$82m

(5)

Corporate

(9)

H1-2017 Pre-

exploration

Sustaining Exploration

$95m

+14

H1-2017Youga (sold)

H1-16 vs H1-17 Bridge, in $m

Q2-2017 RESULTS

33

FREE CASH FLOW FROM OPERATIONSCash flow before growth projects increased, despite increased exploration

Q2-2017 RESULTS

INSIGHTS1. Gold sales up mainly due to the addition of the

Karma mine, as well as an increase in productionat Nzema and Tabakoto

2. Inclusive of 10,000 ounces delivered under theKarma stream

3. Strong increase due to strategic focus onexploration

4. Sustaining capex remained fairly flat5. Includes $13m outflow of prepaids for growth

capex and insurance, $5m of VAT receivablesincrease (Karma), $9m of increased inventoriesbefore the rainy season (Karma, Ity, Nzema) and$4m of payables timing

Notes: Youga has been deconsolidated from the Net Free Cash Flow From Operations. Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

SIX MONTHS ENDED

(in US$ million) JUN 30, 2017 JUN 30, 2016

GOLD SOLD, koz 315 248

Gold Price, $/oz 1,204 1,225

REVENUE 379 304

Total cash costs (219) (173)

Royalties (20) (14)

Corporate costs (12) (10)

Sustaining capex (25) (22)

Sustaining exploration (8) (3)

ALL-IN SUSTAINING COSTS (“AISC”) 284 222

ALL-IN SUSTAINING MARGIN 95 82

Less: Non-sustaining capital (14) (15)

Less: Non-sustaining exploration (16) (6)

FREE CASH FLOW BEFORE GROWTH PROJECTS(and before working capital, tax & financing costs)

65 61

Working capital (23) (25)

Taxes paid (11) (9)

Interest paid (5) (7)

Cash settlements on hedge programs and gold collar premiums

(4) (4)

NET FREE CASH FLOW FROM OPERATIONS 23 15

4

5

1

2

3

3

34

NET EARNINGS BREAKDOWNAdjusted EPS of $0.23 for H1-2017

Q2-2017 RESULTS

All-In Sustaining Margin to Adjusted Net Earnings BridgeFor the 6-month period ended June 30, 2017

SIX MONTHS ENDED

(in US$ million)JUN. 30,

2017JUN. 30,

2016

Gold Revenue 379 304

Operating expenses (222) (171)

Depreciation and depletion (72) (48)

Royalties (20) (14)

Earnings from mine operations 65 71

Corporate costs (12) (10)

Transaction and restructuring costs (3) (18)

Share based expenses (9) (6)

Exploration (4) (2)

Earnings from operations 36 35

(Losses)/gains on financial instruments (6) (24)

Finance costs (12) (13)

Other income (expenses) 3 0Earnings (loss) from continuing operations before taxes 21 (2)

Current income tax expense (9) (5)

Deferred taxes recovery 3 3

Net (loss)/earnings from discontinued operations - (3)

Total net and comprehensive earnings (loss) 15 (8)

A

A = Adjustments made

A

A

A

A

A

$33m

$72m

$12m

$9m $31m

$95m

Deduct:Exploration

Expense

$4m

All-In Sustaining

Margin

Adjusted Net Earnings

Deduct: Finance Costs

Add-back:Sustaining

Capital

Deduct:Taxes

Deduct:Depreciation

CHANGE IN NET DEBT

35

(in US$ million)JUN. 30,

2017MAR. 31,

2017DEC. 31,

2016

Cash 85 87 124

Less: Equipment finance lease (8) (9) (10)

Less: Houndé financing agreement (39) - -

Less: Drawn portion of $350 million RCF (220) (140) (140)

NET DEBT POSITION (183) (62) (26)

Q2-2017 RESULTS

$183m

$26m

FCF Before Growth,

WC, int, tax

Net Debt at 2016-end

Growth Projects

Net Equity Proceeds

Other corporate

items

AcquisitionsOther operating

items

($52m)

+$166m

+$6m

+$43m

+$59m

($65m)

Net Debt at end of June

Liquidity and Financing Sources at June 30, 2017

$215m

$85mCash Position

$130mUndrawn RCF

As Expected, Net Debt Increased With Growth Project Spend

Net Debt Bridge

0.11x

0.75xNet Debt /

Adj. EBITDA

RCF UPSIZED AND EXTENDED

36

Provides significant headroom to fund growth projects

INCREASED PRINCIPAL AMOUNT

DECREASED INTEREST

RATE

LOWER MAINTENANCE

COSTS

TERM EXTENDED

REPAYMENT

› Increased from $350m to $500m

› Decreased from LIBOR plus 3.75% to 5.75% to LIBOR plus 2.95% to 3.95% on drawn portion

› Decreased from commitment fees on undrawn portion from 1.31% to 2.01% (depending on the applicable margin) to 1.03%

› Expected to represent savings of approximately $5 million per year

› The term of the new RCF is four years, maturing in September 2021, representing an extension of the previous RCF which matures in March 2020

› Upsized RCF is repayable as a single bullet payment on the maturity date, compared to semi-annual reductions/repayments starting September 2018 for the 2015 RCF

› New RCF can be repaid at any time without penalty, and offers Endeavour a corporate style covenant package, which enhances the flexibility to run its business from day-to-day

A stronger and enlarged bank pool

Q2-2017 RESULTS

TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4


AGBAOU MINE, CÔTE D’IVOIRE Overview

AGBAOU MINE

QUICK FACTS (ON 100% BASIS)

Ownership 85% EDV, 10% Côte d’Ivoire, 5% SODEMI

Resources(incl. of Reserves)

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

Reserves 11.0Mt @ 2.4 g/t for 0.853Moz

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

Open Pit Strip Ratio 8.1 to 1 (2016A)

Gold Recovery Achieving 95% at present; 92.5% design

Mining Type Open Pit – Contractor Mining

Production

AISC (mine-level)

2014A– $621/oz2015A – $576/oz2016A – $534/oz2017E - $660-700/oz

Expected Mine Life 7 years from current Reserves

Royalty 3% - 5% sliding scale

Corporate Tax 25% (5 year corporate tax holiday)

196koz2015A

2017E

147koz

2016

2014A181koz

175-180 koz

38

RECENT AND UPCOMING CATALYSTSAccomplished- Fully repaid shareholder loans in <2 years, in Nov 2015- Commissioned secondary crusher on time and on budget in July 2016 - Reserves are same level as when production started in 2014Upcoming- Return to more normalised sustainable production rate of 175-180koz with fresh ore representing

up to 50% of tonnes processed- Exploration campaign underway with initial drill results confirming mineralization

AgbaouMine

Abidjan

Ity Mine

Côte d’Ivoire

39

AGBAOU MINE

……

Production and AISCQ2-17 vs Q1-17 INSIGHTS: › Production up 8% as greater tonnes

processed and better grades offset theslightly lower recovery rate

› AISC decreased by 8% as the miningsequence moved from a lower grade oxidearea in Q1 to higher grade transitional ore inthe second quarter

OUTLOOK › Agbaou remains on track to meet the FY-

2017 guidance of 175,000-180,000 ouncesat an AISC of $660-700/oz

› Production is expected to slightly increase inH2-2017 as higher hard ore grade isexpected to compensate lower millthroughput and recoveries as the minecontinues towards 50% fresh/transitionalore blend

› AISC are expected to remain withinguidance as sustaining capital is expected toincrease with greater waste capitalisation

$606/oz42koz

Q2-2017

57koz49koz

Q2-2016

46koz

Q4-2016 Q1-2017Q3-2016

45koz

AISC, US$/ozProduction, koz

$525/oz $550/oz $532/oz

660/oz

Tonnes Processes and Grade

693kt683kt721kt709kt743kt

2.23 g/t

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

Tonnes milled, kt Grade milled, g/t Au

2.15 g/t 2.21 g/t 2.46 g/t

2.09 g/t

AGBAOU MINE, CÔTE D’IVOIREProduction and AISC Improved in Q2 over Q1

INSIGHTS› Exploration progressed well in H1-2017, with a

total of approximately 26,100 meters drilled outof the 45,000 meters planned for the year

› The drill program is focused on the MPNextension, Agbaou south, Niafouta, Betaextension targets, as well as on other explorationtargets located less than 20km away fromfacilities within the neighboring explorationlicense.

› A dedicated deeper drilling program will beinitiated in H2-2017 targeting Agbaou deeperpotential.

› An update to the Resources and Reservesestimate will be made following the completionof the program in H2-2017.

Agbaou Site Map

40

AGBAOU MINE, COTE D’IVOIREExploration progressed well in H1-2017

AGBAOU MINE

41

AGBAOU MINE, CÔTE D’IVOIRENumerous gold in soil anomalies over Mag

> 50 ppb

AGBAOU MINE

42

AGBAOU MINE, CÔTE D’IVOIRE5 year exploration targets

Auger & RC drilling

AGBAOU MINE

AGBAOU MINE, CÔTE D’IVOIREExploration strategy

43

› 2013-2015 : Successful Drilling limited to infill drilling and immediate trend extension to renew resources and compensate for reserves depletion. As such, no preparation of future targets was done (nearly no inferred left)

› Current drill program is focused on new targets and definition of new inferred resources to be converted in 2017/2018 into indicated resources & reserves

› Known targets on the Agbaou Exploitation license have the potential to replace the production for a few additional years

› A brownfield exploration campaign of targets located in Agbaou Exploration License (at less than 20 km of the Agbaou mill) has started in 2016. Any new deposit discovered on this license also has the potential to further extend the mine life

Targeting discovery of between 0.5 to 1.5 Moz at an average cost of $25/oz over the next 5 years with a budget of ~$25M to extend mine life to 10 years*

*Targeting to discover between 0.5 to 1.5 Moz with average grade between 2 and 3 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.

AGBAOU MINE

TABAKOTO MINE, MALIOverview

44

TABAKOTO MINE


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

Gold Recovery 92% - 95%

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

Production

AISC (mine-level)

2014A– $1,335/oz2015A –$1,067/oz2016A – $1,027/oz2017E - $950-990/oz

Expected Mine Life 4+ years from current Reserves

Royalty 6%

Corporate Tax 30%

150-160koz2016A2015A

2017E

2014A

163 koz152koz

127koz

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• Top exploration priority and cost reduction to be the main focus of 2017• Ongoing cost saving and optimisation programs include overhead reduction centralizing

procurement, fleet replacement and improvement equipment availability and mining efficiency

Tabakoto MineBamako

Mali

KalanaProject

TABAKOTO MINE

Q2-17 vs. Q1-17 INSIGHTS: › Production decreased mainly due to

lower open pit and undergroundvolumes which was offset by the usageof stockpiles.

› AISC increased mainly due to increasedsustaining capital spending.

OUTLOOK› On track to meet FY-2017 production

guidance of 150,000 - 160,000 ouncesand the top end of its AISC guidance of$950-990/oz.

› Ongoing cost saving and optimisationprograms are underway.

› Production is expected to be lower inthe second half of the year with theend of Kofi C mining and the fulltransition to Kofi B and Takakoto North.

TABAKOTO MINE, MALIOngoing cost saving and optimisation programs are underway

Tonnes and Grade

Production and AISC

$1,054/oz

48koz

Q3-2016

37koz43koz

Q2-2016

39koz

Q2-2017Q1-2017Q4-2016

41koz

AISC, US$/oz

407kt405kt402kt381kt399kt

3.32 g/t

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

Tonnes Processed, kt Processed grades, g/t Au

3.31 g/t 3.11 g/t3.93 g/t

$1,119/oz$1,061/oz $1,071/oz$975/oz$927/oz

3.50 g/t

INSIGHTS

› As Tabakoto operations are characterized bya short-term mine life, a $9 millionexploration program totaling approximately86,000m of drilling on Tabakoto and Kofiproperties has been planned for 2017, ofwhich 48,000 meters were drilled in H1-2017.

› During H1-2017, Tabakoto open pit drillingfocused mainly on drilling at the Kreko andFougala West targets, for which a maidenresource is expected during H2-2017, andtesting all identified exploration targetssupported by an ongoing auger program.

› During H1-2017, underground drillingfocused on testing the eastern sideextensions at Segala and north-eastextensions at Tabakoto, with encouragingpreliminary results.

Tabakoto Site Map

46

Kreko

Fougala

TABAKOTO MINE, MALISignificant focus for 2017

TABAKOTO MINE

47

Côte d’Ivoire

TABAKOTO MINE, MALISurface target priority ranking

75 targets identifIed, 7 Priority 1 (2017) Areas under transported cover identifIed

TABAKOTO MINE

48

Côte d’Ivoire

TABAKOTO MINE, MALIKofi land package main target area

TABAKOTO MINE

49

Targeting discovery of between 1.5 to 2.5 Moz at an average cost of $15/ozover the next 5 years with a budget of ~$30M*

› Main focus is on finding new additional open pit resources within a short distance to the Tabakoto mill within within 18 to 24 months to replace Kofi C and further Kofi B/A Linear/ Betea production while pursuing exploration near Kofi C/B/A

› Aggressive Tabakoto surface exploration was initiated at mid-2016 (Ongoing Kreko and Fougala trend exploration)

› Ongoing large exploration program over Kofi Blocks› Due to its “on trend” position with Loulo type deposits, we will be targeting a new large

discovery in Kofi North, along this trend with the potential be a standalone operation since it is located more than 40 km away from Tabakoto facilities

› While proven continuation at-depth, a prudent evaluation of the underground potential as been set at 200-300koz for the next 2-3 years. Afterwards, although mineralizations continue at depth, additional exploration will be based on economic viability of the production

TABAKOTO MINE, MALIExploration strategy

*Targeting to discover between 1.5 to 2.5 Moz with average grade between 2 and 4 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.

TABAKOTO MINE

ITY MINE, CÔTE D’IVOIRE Overview


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

Gold Recovery 81%

Mining Type Open pit / Heap Leach

Production

AISC (mine-level)2016A – $756/oz2017E - $740-780/oz

Mine life 3 years from current Reserves + addition potential

Royalty 3% - 5% sliding scale

Corporate Tax 25%

76koz2017E 75-80koz2016A2015A 81koz

Côte d’Ivoire

RECENT AND UPCOMING CATALYSTSAccomplished- 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%.Upcoming- Continued exploration success to prolong heap leach life at current production level- Possibility of running the CIL and heap leaching operations in parallel for the first few

years remains under review

50

ITY MINE

AgbaouMine

Abidjan

Ity Mine

Côte d’Ivoire

51

ITY MINE

Q2-17 vs. Q1-17 INSIGHTS: › Production decreased due to the

recovery rate decline and lessstacked tonnage which waspartially offset by better grade.

› AISC increased due to changes ininventory adjustments whichoffset higher unit costs.

OUTLOOK› Ity’s production and cost profile

is expected to improve over theremainder of 2017 as the gradeprofile is expected to increase.

› FY-2017 guidance remainsunchanged with 75,000 – 80,000ounces production expected atan AISC of $740-780/oz.

ITY HEAP LEACH MINE, CÔTE D’IVOIREProduction expected to improve in H2 with higher grades

$780/oz

Q1-2017 Q2-2017

16koz15koz

Q2-2016

21koz

Q4-2016

17koz14koz

Q3-2016

Production, koz AISC, US$/oz

243kt267kt295kt271kt

304kt

2.15g/t

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

Tonnes stacked, kt Grade milled, g/t Au

Production and AISC

Ity mine extraction

$775/oz $724/oz

1.90g/t2.10g/t

$827/oz

2.00g/t

$879/oz

1.90g/t

52

ITY MINE

INSIGHTS

› For 2017, a $10 million exploration program totaling approximately 52,500 meters has been planned for the greater Ity area, of which roughly 42,000 meters was completed in H1-2017.

› In H1-2017 drilling focused on Bakatouo, Mont Ity Flat area, Daapleu, and Colline Sud and positive results were achieved as the Indicated Resource grew by 1.0 million ounces since the beginning of the year, to reach 3.8 million ounces.

› The Le Plaque discovery was announced and a maiden Inferred Resource is expected by year end.

› A regional auger campaign is underway and target drilling was initiated in Yacetouo, Vavoua, Daapleu southwest, Bakatouo northeast, and on the Toulepleu exploration license to the southwest of Ity area.

Ity Mine Drilling Targets

ITY MINE, COTE D’IVOIREIndicated Resource grew by 1.0Moz in H1-2017

ITY CIL PROJECT TO BECOME OUR NEXT FLAGSHIP ASSET

53

Construction launched based on robust optimization study results

Long 14-year mine life

High production level:

‒ 235kozpa on average over first 5 years

‒ +200kozpa on average over first 10 years

‒ 173kozpa on average over mine life

$494/oz on average over first 5 years

$549/oz on average over first 10 years

$580/oz on average over mine life

At $1,250/oz:

‒ After-tax IRR of 40%

‒ After-tax NPV5% of $710m

At $1,000/oz:

‒ After-tax IRR of 23%

‒ After-tax NPV5% of $343m

On track to meet our 5-year discovery target of 4-6Moz

‒ 1.5Moz already added over last 12-months

‒ Many near-mine targets identified

‒ Maiden resource on Le Plaque expected by year-end

ROBUSTECONOMICS

LOW AISC

EXPLORATION UPSIDE

STRONGPRODUCTION

PROFILE


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 OPTIMISATION STUDY

54

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

55

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


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

56

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. 57

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


SIGNIFICANT INCREASE IN RESERVES

58

Mill size increase to capture value created from exploration success

+1.0MozOS vs FS reserves

+53%OS vs FS reserves

1.9Moz

0.8Moz

2.9Moz

1.4Moz

4.0Mtpa

3.0Mtpa

2.0Mtpa

1.5Mtpa

2016 FS

2015 PFS

2014Scoping Study

2017 Optimisation

ReserveMill Size

Mill size and reserves growth


LONG-LIFE LOW-COST PROJECT

59

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

60

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)


SIGNIFICANT EXPLORATION UPSIDE

61

On-track to achieve exploration discovery target of 4-6Moz

3.8Moz

2.3Moz

1.5Mozadded

2017 M&I Resource

(Base for OS)

5-Year Discovery Target(published Nov. 2016)

2016 M&I Resource

(Base for FS)

4-6Moz Discovery Target

M&I Resource Evolution


62

ITY CIL PROJECT, CÔTE D’IVOIREMultiple high grade trends discovered in the 100%-owned Le Plaque area

ITY MINE

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

ITY CIL PROJECT, CÔTE D’IVOIREGreater Ity: 2017-2021 Exploration Program in Tiepleu/Floleu

63

ITY MINE

INSIGHTS

‒ Endeavour consolidated an 80km underexplored Birimian corridor on-trend with its Ity mine in Côte d’Ivoire

‒ Significantly increased its holdings in the Ity district from 178km² to 664km2.

‒ The new Floleu (104km2) and Toulepleu (382km2) exploration tenements were obtained on a 100% ownership basis

‒ The previously 55%-held Tiepleu tenement (153km2) was re-obtained on a 100% basis.

‒ An auger drilling program will be conducted on the 80km underexplored portion corridor along the Ity trend in 2017

ITY CIL PROJECT, CÔTE D’IVOIRE80km underexplored Birimian corridor

Ity Mine Birimian corridor

64

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIREGreater Ity Regional Gold in Soil (> 100 ppb) Anomalies

65

Birrimian 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

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIREGreater Ity: 2017 – 2021 Exploration Targets Toulepleu

66

Auger drilling

RC drilling

ITY MINE

ITY CIL PROJECT, CÔTE D’IVOIREHow significant is Greater Ity area?

67

EDV Controlled Greater ITY TRENDSEMAFO Controlled MANA TREND

ITY MINE

ITY MINE, CÔTE D’IVOIREExploration strategy

68*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.

› Numerous high Potential targets have been identified within the Greater Ity area

› The whole controlled 80 km trend will be covered by an airborne geophysical survey for target generation in late 2016 (Mag/Spectro/VTEM ~700 Km2)

› The exploration blocks contiguous with Ity Exploitation license have the potential for multi-millions ounce deposits or group of deposits which may constitute future stand alone operations (heap leach and or CIL)

› While Endeavour controls some 700 km² of Birimian grounds with similar geology around Ity, the targeted new ounces only represent the same number of ounces that have been already produced and discovered over the 35 km² of the mine present footprint.

Targeting discovery of between 4 to 6 Moz at an average cost of $11/ozover the next 5 years with a budget of ~$55M*

ITY MINE

KARMA MINE, BURKINA FASOOverview

69

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso




Processing Rate 4.0mtpa Heap Leach

Gold Recovery 87%

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

Production

AISC (Mine-level)2016A – $738/oz2017E - $750 -780/oz

Mine life8 years mine life based on reserves + 2.5 years from North Kao deposit (inferred resource)

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

100-110koz

62koz2016A

2017E

RECENT AND UPCOMING CATALYSTSAccomplished- First gold production achieved on April 11th 2016- Started leach pad ore stacking and irrigating in early March 2016Upcoming- Benefit of higher grade Rambo pit- Plant optimization project underway- Kao pit expected to be in operation by year-end 2017

KARMA MINE

Houndé Project

Ouagadougou

Karma Project

70

KARMA MINE

Q2-17 vs. Q1-17 INSIGHTS:

› Production decreased due to less tonnagestacked and lower recovery rates whichwas partially offset by higher stackedgrades.

› AISC remained stable as a lower strip ratiowas offset by a higher unit cost, as well asinventory adjustments.

OUTLOOK› FY-2017 guidance remains unchanged with

100,000 - 110,000 ounces planned at anAISC of $750-800/oz.

› Stacking capacity is expected to increase inthe second half of the year following thecompletion of the plant optimizationproject, which is progressing on-time.

› The higher-grade Rambo ore feed willcompliment that of the GG2 pit.

KARMA MINE, BURKINA FASOContinues to perform well with optimization program nearly completed

Production and AISC

Tonnes Stacked and Grade

24koz

32koz29koz

20koz

12koz$755/oz

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

AISC, US$/ozProduction, koz

$738/oz

852kt954kt

853kt880kt

356kt 1.24g/t

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

Grade milled, g/t AuTonnes stacked, kt

1.14/t1.21/t

1.18/t

$748/oz

1.07/t

INSIGHTS

› In 2017 a $4 million exploration programtotaling approximately 38,000 meters hasbeen planned of which approximately28,000m was completed in H1-2017.

› During H1-2017, drilling focused on testingthe extensions of the Rambo, Goulagouand North Kao deposits, as well as theYabonsgo target (6,800 meters drillingcompleted, waiting on results).

› A maiden Resource is expected to beachieved during H2-2017 with the aim offurther extending the mine life.

Karma Site Map

71

KARMA MINE, BURKINA FASOExpecting to further extend mine life following the H2 campaign

KARMA MINE

KARMA, BURKINA FASO2017 Targets: YABONSGO Target (<10km from GG1)

72

KARMA MINE

KARMA, BURKINA FASO2017 Targets: Rambo West

73

KARMA MINE

KARMA, BURKINA FASOExploration strategy

74*Targeting to discover between 0.5 to 1.0 Moz with average grade between 1.0 and 1.5 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.

› New geological understanding and mapping in less than 6 months

› North Kao already added 2.5 year of mine life

› Near mine “higher” grades targets to be drilled in 2017 (Yabongso and Rambo West)

› Still ongoing evaluation and ranking of all exploration targets

› Beyond North Kao resource drilling, other exploration targets have potential to add up to 5 additional years of mine life with still on-going evaluations

Targeting discovery of between 0.5 to 1.0 Moz at an average cost of $20/ozover the next 5 years with a budget of ~$15M to extend mine life to 15 years*

KARMA MINE

HOUNDÉ PROJECT, BURKINA FASOOverview

1Based on 100% equity funding and equipment lease financing²From production start 75


Ownership 90% EDV, 10% Burkina Faso

Status Fully permitted, construction launched

Production start date First gold pour expected Q4 2017




Mine Type Open pit

LOM Strip Ratio 8.4

Processing Rate 3.0 Mtpa Gravity / CIL plant

Gold Recovery 93%

Upfront Capital (US$M) $328m, inclusive of $47m for the owner-mining fleet

Tax regime 17.5% for Vindaloo and 27.5% for BouereLOMP SUMMARY (ON 100% BASIS)

ProcessingTotal ore processed, Mt 29.7Gold grade, g/t 2.15Contained gold, koz 2,057Recovery rate, % 93%Production, koz 1,906

Operating CostsMining costs, $/t moved 2.17Processing costs, $/t 13.36Site G&A, $m/yr 9.8

AISC , US$/oz 709

ECONOMIC RETURNS1

Gold Price (US$/oz) $1,150 $1,200 $1,250 $1,300 1,350

After-tax Project NPV (5%) $230 $286 $342 $398 $437

After-tax Project IRR 24% 28% 32% 36% 39%

Payback, years² 2.7 2.4 2.2 2.0 1.8

Houndé Project

Ouagadougou

Karma Project

HOUNDE PROJECT

SIGNIFICANT ACHIEVEMENTS TO-DATE:› Construction is progressing on-time with 97% of the total project

complete, with the first gold pour expected in the fourth quarterof 2017.

› 100% of capital has already been committed to date, reducingcost over-run risk.

› 6.3 million man-hours have been worked without a lost timeinjury.

› The dry plant has been fully commissioned and wet plantcommissioning has commenced with first ore introduced to thesystem via the SAG and Ball Milling circuit.

› Open pit mining activities at the Main Vindaloo open pitcommenced in late December 2016 with over 8Mt moved to-date. A total of 515kt at 2.8 g/t containing 46koz has alreadybeen mined and stockpiled on the ROM pad, representing nearly3-months of feed. Mining to-date suggests positive gradereconciliation against the resource model.

› The general manager of Endeavour’s Agbaou mine and themajority of its processing team, which successfully ramped-upthe mill in 2014, have been transferred to Houndé to de-risk itsstart-up as the plants are of similar design.

› The construction of the fuel farm, the 90kv overhead power lineand the 26MW backup power station have been completed, withpower having being drawn down from the national grid.

94% team burkinabe 76

HOUNDÉ PROJECT, BURKINA FASOProgressing on-time and on budget for Q4 gold pour

Mining started in January

HOUNDE PROJECT

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

SIGNIFICANT ACHIEVEMENTS TO-DATE (continued) :› The construction of the grade control and sample

preparation laboratories has been completed and isoperational.

› The construction of the 300-person permanentaccommodation village and resettlement has beencompleted.

› The construction of the water harvest dam decant toweris complete, with water already being pumped to thewater storage dam. Current dam volume is approximately2,000,000m3, with the water harvesting still feeding thewater storage dam.

› The airstrip is 50% complete and expected to beoperational in November.

› The TSF Cell 1 construction is complete and operationaland TSF Cell 2 construction and ROM pad extension areunderway (Cell 2 was not scheduled until year 2 ofoperations, however was brought forward).

77

HOUNDÉ PROJECT, BURKINA FASOProgressing on-time and on budget for Q4 gold pour (continued)

CIL Steel Tanks

Tailings Storage Facility

HOUNDE PROJECT

Exploration Targets in Proximity to the Planned MillINSIGHTS› Following a two year period of no exploration drilling,

activities resumed in 2017 with a $5 million program › During H1 2017 a total of 6,400m DD, 2700m RC and

48,300m AC were drilled on:

‒ Bouere with the aim of increased the current resource.

‒ Kari Pump/Sia/Sianikoui (higher grade exploration targets) which resulted in positive initial results.

‒ Grand Espoir, Bombi, Koho, Kari Fault, which initial exploration works.

› Work performed also included advanced soil geochemistry, ground geophysics on selected targets, regolith and geological mapping.

› After prioritization based on initial successes, H2 activity will concentrate on the most promising exploration targets.

78

HOUNDÉ PROJECT, BURKINA FASOPositive initial results received

HOUNDE PROJECT

79

HOUNDÉ PROJECT, BURKINA FASO2017-2021 Main Promising Targets

HOUNDE PROJECT

80*Targeting to discover between 2.5 to 3.5 Moz with average grade between 1.8 and 2.5 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. 80

› Our Houndé exploration portfolio is located within one of the most prospective areas of the Birimian greenstone belt of Burkina Faso

› Historical exploration already proved the occurrence of multiple major mineralized trends of Vindaloo type within these licences

› At least 15 significant targets were partially tested by previous drilling, and the majority of them remain undeveloped

› All defined exploration targets are located within a 20 km radius of the Houndé mill

› The high grade targets (Bouere, 5 to 6g/t and Kari Pump) will be developed as a priority in 2017

Targeting discovery of between 2.5 to 3.5 Moz at an average cost of $15/oz over the next 5 years with a budget of ~$45M to extend mine life to +15 years*

HOUNDÉ PROJECT, BURKINA FASOExploration strategy

HOUNDE PROJECT

KALANA PROJECT, MALI Overview

81

TABAKOTO MINE


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

Gold Recovery 93%

Upfront Capital (US$M) 196

LOMP SUMMARY (ON 100% BASIS)

ProcessingTotal ore processed, Mt 22Gold grade, g/t 2.80Contained gold, koz 1,964Recovery rate, % 93%Production, Moz 1.82

AISC , US$/oz 730

Tabakoto MineBamako

Mali

KalanaProject

› 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

82

FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana is a high-quality project

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 21.7Grade 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 83

› 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 CRITERIAKalana has potential to increase annual production to c.150kozpa

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

84

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 CRITERIAKalana has significant exploration upside

Source: Market data as per 28 June 2017 85

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)

Hay

woo

d(2

4-M

ay-1

7)

RBC

(11-

May

-17)

Clar

us(3

0-M

ay-1

7)

Scot

ia(2

9-M

ay-1

7)

Raym

ond

Jam

es(9

-May

-17)

Peel

Hun

t(2

2-M

ay-1

7)

BMO

(7-M

ar-1

7)

272 263 223

Corm

ark

(2-M

ay-1

6)

Hay

woo

d(5

-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

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%

NZEMA MINE, GHANAOverview


Ownership 90% EDV, 10% government of Ghana


M&I: 33.1Mt @ 1.S g/t for 1.431MozInferred: 5.9Mt @ 1.3 g/t for 0.243Moz



Processing Rate 1.6 Mtpa Gravity/CIL plant

Gold Recovery 91% to 75% depending on ore type

Mining Type Open Pit – Contractor Mining

Production

AISC (mine-level)

2014A– $1,036/oz2015A – $1,064/oz2016A – $1,167/oz2017E - $895 -940/oz

Expected Mine Life 4 years from current Reserves

Royalty 5% (+1% 3rd party at Adamus pits)

Corporate Tax 35%

2017E

2015A2016A

2014A110koz

100-110koz

115koz

88koz

AccraNzemaMine

Ghana

RECENT AND UPCOMING CATALYSTSAccomplished- Adamus pit cut back completed during Q1 2017- Decreased dependency on purchased ore due to higher grades coming from our

own mining activitiesUpcoming- Following the completion of the cut-back, Nzema is expected to continue to

produce positive all-in sustaining margin and earnings- Higher grades from Adamus pit to support AISC reduction- Pre-stripping at Bokrobo deposit deposit expected to start in H2 2107

86

NZEMA MINE

87

NZEMA MINE

Q2-17 vs. Q1-17 INSIGHTS: › Production increased due to improved

recovery rates and higher grades, whichcompensated for reduced throughput.

› AISC increased due to a reduction in thequantity of gold sold and increasedsustaining capital spend.

SALE OF NZEMA : › Sale announced in August for up to US$65

million, effective economic date July 1st

› Transaction expected to close in Q4following the approval from the Ghanaiangovernment

Performance over H1-2017

Purchased Ore

Production and AISC

3.20g/t

141kt

92kt

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

78kt

Q2-2016

112kt

82kt

Grade purchased, g/tOre tonnes purchased , kt

2.97g/t 3.11g/t3.23g/t

$985/oz

Q2-2017

24koz

Q1-2017

26koz

Q4-2016Q3-2016

24koz

Q2-2016

20koz

27kozAISC, US$/ozProduction, koz

$1,266/oz $1,136/oz $1,118/oz$951/oz

3.04g/t

NZEMA MINE, GHANA

TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4


APPENDIX

BOARD MEMBERS

8989

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

ENDEAVOUR IS BACKED BY LA MANCHA

90

APPENDIX

30%holding

31%holding

Sawiris family’s mining investment vehicle

La Mancha vended-in the Frog’s Leg and White Foil mines

La Mancha then contributed $112m for acquisition of the Cowal mine

Evolution has grown from a ~A$670m market cap to ~A$3.2B, since announcement of strategic partnership

Partnership Announced

La Mancha vended-in the Ity mine and $63m of cash

La Mancha then contributed $65m following the acquisition of Truegold

Participated in bought deal with C$20m Endeavour has grown from a US$250m to a

US$1.8B market cap since announcement of strategic partnership

The Sawiris family is present across various sectors and businesses, ranging from construction and fertilizers to

real estate and telecommunications

Long-term growth supportive investor with focus on creating regional leaders

Partnership Announced

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30

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-160.0

0.5

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Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16

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HIGHLY EXPERIENCED TEAM› Strong knowledge of West African Birimian

belts

› Senior staff from BRGM, Randgold, Iamgold, Areva, La Mancha, etc

› 20 Seniors Geologists

› 7 Exploration Managers

› 40 Juniors Geologists

› 130 Technicians and Support StaffSVP

West Africa Exploration

Resource Manager

HR Manager

New VenturesManager

Expert Geologist

FinanceManager

NI 43-101 Compliance

Greater ItyExplo Manager

Regional CIExplo Manager

AgbaouExplo Manager

HoundeExplo Manager

KarmaExplo Manager

Regional BFExplo Manager

Tabakoto/KofiExplo Manager

Abidjan based

Sr GeosJr GeosDBTechsAccountSupport



Sr GeosJr GeosDBTechsSupport


Sr GeosJr GeosTechsAccountSupport

Sr GeosJr GeosTechsSupport

CEO

COO EVP Projects

EVPExploration & Growth

CI GovernmentRelations Advisor

Legal Advisor

UNLOCK EXPLORATION VALUEExploration a core focus in 2016 with a new structure in place

APPENDIX

› Visit to all sites with Exploration Managers/Chef-Senior Geologists, EDV experts

› 6 months detailed review of all past exploration, synthesis of all available and validated data in database

‒ All Geochem (Stream and Soil), all geophysics (air and ground)

‒ All Geological and Structural data (Outcrops, cores, Maps, regolith, structures, artisanal mining)

‒ All Drilling (Auger, RC, DD, Geotech) , logs and analytic results

› 130+ Targets screened through multi-criteria analysis of all data to identify and support exploration targets for evaluation

› 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)

‒ Geological framework, mineralization type, mineability, exploration game changer

› All targets characterized by a minimum-maximum and mean size of tentative deposit (length, width, depth), including estimated average grade when calibration is available

Selection of the 30% (40) most significant targets over the full portfolio in term of localization, mean size, and nearby upside (possible clusters), all gathered per relevant PE (Exploration Permit) or PEX (Exploitation permit)

9292

Methodic and Exhaustive Review to Quantify and Rank PotentialUNLOCK EXPLORATION VALUE

APPENDIX

› Each selected target (~40) was 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 andcoherent 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 were set within a 5 year window, according to mine priorities, permit duration, requested exploration efforts, and budget

› All selected targets 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

93

UNLOCK EXPLORATION VALUEFurther Selection, Ranking and Risk Evaluation

APPENDIX

(on a 100% basis)AGBAOU NZEMA TABAKOTO ITY3 KARMA

Unit FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016 FY-2015 FY-2016PhysicalsTotal tonnes mined – OP1 000t 25,382 20,447 9,295 8,144 7,098 9,298 6,102 375 8,753

Total ore tonnes – OP 000t 2,797 2,818 1,000 1,310 649 511 1,186 64 650

Open pit strip ratio1 W:t ore 8.07 6.26 9.94 17.20 9.94 17.20 4.15 4.86 3.66

Total tonnes mined – UG 000t - - - - 1,301 1,360 - - -

Total ore tonnes - UG 000t - - - - 944 860 - - -

Total tonnes milled 000t 2,827 2,665 1,761 1,783 1,588 1,588 1,173 71 2,089

Average gold grade milled g/t 2.27 2.15 1.87 2.21 3.36 3.17 2.20 2.39 1.16

Recovery rate % 97% 97% 83% 87% 95% 93% 93% 81% 90%

Gold ounces produced oz 195,505 181,365 87,710 110,302 162,817 151,067 75,867 5,689 61,813

Gold sold oz 196,316 182,219 85,495 110,404 161,803 151,345 73,332 7,917 28,743

Unit Cost AnalysisMining costs - Open pit $/t mined 2.22 2.64 4.64 4.78 3.60 2.79 2.88 2.38 1.32

Mining costs – Underground $/t mined - - - - 51.04 50.24 - - -

Processing and maintenance $/t milled 6.60 6.40 13.16 14.26 21.93 22.89 14.71 23.28 7.76 Site G&A $/t milled 4.66 5.56 6.57 6.81 12.80 15.66 11.43 16.97 9.66 Cash Cost DetailsMining costs - Open pit1 $000s 56,420 54,060 43,109 38,947 25,586 25,960 17,583 892 5,306

Mining costs -Underground $000s - - - - 66,406 68,328 - - -

Processing and maintenance $000s 18,656 17,069 23,177 25,423 34,825 36,347 17,256 1,653 6,616

Site G&A $000s 13,175 14,806 11,577 12,151 20,325 28,659 13,413 1,205 8,241

Purchased ore at Nzema $000s - - 21,255 29,447 - - - - -

Inventory adjustments and other2 $000s 1,702 3,375 7,885 1,059 3,357 4,961 (53) 605 (906)

Cash costs for ounces sold $000s 84,477 84,172 90,801 99,374 132,906 128,041 44,450 4,355 18,898

Royalties $000s 8,871 7,574 5,662 7,234 11,997 10,438 3,316 536 1,952

Sustaining capital $000s 11,407 13,191 3,318 10,839 21,193 23,048 7,648 519 359

Cash cost per ounce sold $/oz 430 462 1,062 900 821 846 606 550 657

Mine-level AISC Per Ounce Sold $/oz 534 576 1,167 1,064 1,027 1,067 756 683 738

PRODUCTION AND COST DETAILS BY MINEFor the years ended 2016 and 2015

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. 94

APPENDIX

1) Includes waste capitalized

PRODUCTION AND COST DETAILS BY MINE BY QUARTER

95

Q2-2017 RESULTS

95

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

Unit Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016 Q2-2017 Q1-2017 Q2-2016PhysicalsTotal tonnes mined – OP1 000t 6,952 6,356 5,920 1,413 2,695 1,852 1,550 1,888 1,703 1,988 1,789 1,584 3,616 4,343 2,934

Total ore tonnes – OP 000t 709 624 656 352 396 213 157 217 147 374 329 383 1,035 1,050 1,690

Open pit strip ratio1 W:t ore 8.81 9.19 8.02 3.01 5.81 7.69 8.87 7.70 10.51 4.32 4.44 6.31 2.49 3.14 2.79

Total tonnes mined – UG 000t - - - - - - 253 311 315 - - - - - -

Total ore tonnes – UG 000t - - - - - - 184 236 220 - - - - - -

Total tonnes milled 000t 693 683 743 362 391 450 407 405 399 243 267 303 852 954 356

Average gold grade milled g/t 2.23 2.09 2.15 2.46 2.36 1.63 3.32 3.50 3.31 2.15 1.90 2.10 1.24 1.07 1.18

Recovery rate % 94% 95% 97% 92% 88% 85% 94% 94% 95% 84% 98% 101% 83% 87% 90%

Gold ounces produced oz 45,489 41,937 46,295 27,203 26,131 19,800 41,248 43,028 39,372 14,120 15,892 20,729 24,223 31,652 12,292

Gold sold oz 46,722 39,981 47,638 26,245 29,061 19,827 41,390 43,812 39,156 13,226 18,347 20,981 24,632 31,107 14,655

Unit Cost Analysis

Mining costs - Open pit $/t mined 2.40 2.45 1.86 6.45 5.15 5.40 3.72 3.45 3.83 2.86 2.23 2.81 1.96 1.82 -

Mining costs – Underground $/t mined - - - - - - 61.18 57.66 49.97 - - - - - -

Processing and maintenance $/t milled 7.67 6.82 7.15 15.88 15.46 12.31 19.00 22.55 21.23 16.03 15.44 15.98 9.30 7.10 -

Site G&A $/t milled 3.88 4.50 4.57 5.91 5.84 6.30 9.39 11.30 11.33 9.94 9.78 7.11 4.26 4.07 -

Cash Cost Details -

Mining costs - Open pit1 $000s 16,653 15,581 11,008 9,110 13,867 9,992 5,772 6,509 6,527 5,685 3,988 4,450 7,089 7,924 -

Mining costs -Underground $000s - - - - - - 15,479 17,933 15,740 - - - - - -

Processing and maintenance $000s 5,316 4,659 5,312 5,750 6,044 5,541 7,734 9,131 8,470 3,895 4,123 4,841 7,922 6,777 -

Site G&A $000s 2,689 3,074 3,396 2,141 2,283 2,837 3,820 4,577 4,519 2,415 2,610 2,154 3,626 3,884 -

Purchased ore at Nzema $000s - - - 4,724 4,004 5,574 - - - - - - - - -

Capitalized waste $000s (525) (343) (1,158) - (1,996) (3,735) (8,612) (1,456) (8,904) (1,693) (142) - (230) (249) -

Inventory adjustments and other $000s 558 (1,022) 2,196 279 38 3,065 8,993 (2,934) 6,089 (2,034) 3,174 1,187 (2,220) 2,221-

Cash costs for ounces sold $000s 24,691 21,949 20,754 22,004 24,240 23,274 33,186 33,760 32,441 8,268 13,753 12,632 16,187 20,557 -

Royalties $000s 2,107 1,707 2,037 1,952 1,978 1,322 3,138 3,165 2,951 643 770 919 1,916 2,249 -

Sustaining capital $000s 1,526 2,735 2,206 1,898 1,423 506 7,313 5,782 6,134 1,400 1,611 2,709 487 477 -

Cash cost per ounce sold $/oz 528 549 436 838 834 1,174 802 771 829 625 750 606 657 661 -

Mine-level AISC Per Ounce Sold $/oz 606 660 525 985 951 1,266 1,054 975 1,061 780 879 775 755 748 -

APPENDIX

1) Includes waste capitalized

PRODUCTION AND COST DETAILS BY MINE BY HALF YEAR

96

Q2-2017 RESULTS

96

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

Unit H1-2017 H1-2016 H1-2017 H1-2016 H1-2017 H1-2016 H1-2017 H1-2016 H1-2017 H1-2016

Physicals

Total tonnes mined – OP1 000t 13,308 11,989 4,108 3,562 3,438 3,936 3,777 3,682 7,959 2,934

Total ore tonnes – OP 000t 1,333 1,474 748 490 374 294 703 670 2,085 1,690

Open pit strip ratio1 W:t ore 8.98 7.13 4.49 6.27 8.19 12.39 4.37 4.50 2.82 2.79

Total tonnes mined – UG 000t - - - - 564 675 - - - -Total ore tonnes – UG 000t - - - - 420 453 - - - -

Total tonnes milled 000t 1,376 1,397 753 909 812 805 510 607 1,806 356

Average gold grade milled g/t 2.16 2.20 2.41 1.58 3.41 3.20 2.02 2.30 1.15 1.18

Recovery rate % 94% 98% 90% 86% 94% 94% 91% 95% 85% 90%

Gold ounces produced oz 87,426 89,060 53,334 39,557 84,276 77,914 30,012 43,053 55,875 12,292

Gold sold oz 86,703 88,072 55,306 39,936 85,202 77,426 31,573 42,945 55,739 14,655

Unit Cost AnalysisMining costs - Open pit $/t mined 2.42 2.11 5.59 5.36 3.57 3.36 2.56 2.75 1.89 -

Mining costs – Underground $/t mined - - - - 59.24 46.63 - - - -Processing and maintenance $/t milled 7.25 6.51 15.66 12.23 20.77 20.84 15.72 16.14 8.14 -

Site G&A $/t milled 4.19 4.60 5.88 6.74 10.34 12.28 9.85 8.92 4.16 -

Cash Cost Details -

Mining costs - Open pit1 $000s 32,234 25,333 22,977 19,101 12,281 13,215 9,673 10,120 15,013 -

Mining costs -Underground $000s - - - - 33,412 31,476 - - - -

Processing and maintenance $000s 9,975 9,100 11,794 11,119 16,865 16,777 8,018 9,794 14,699 -

Site G&A $000s 5,763 6,431 4,424 6,126 8,397 9,888 5,025 5,417 7,510 -

Purchased ore at Nzema $000s - - 8,728 9,345 - - - - - -

Capitalized waste $000s (868) (2,112) (1,996) (5,476) (10,068) (10,566) (1,835) - (479) -

Inventory adjustments and other $000s (464) (937) 317 5,084 6,059 2,560 1,140 686 1 -

Cash costs for ounces sold $000s 46,640 37,815 46,244 45,299 66,946 63,350 22,021 26,017 36,744 -

Royalties $000s 3,814 3,770 3,930 2,547 6,303 5,651 1,413 1,851 4,165 -

Sustaining capital $000s 4,261 4,649 3,321 542 13,095 13,502 3,011 3,994 964 -Cash cost per ounce sold $/oz 538 429 836 1,134 786 818 697 606 659 -Mine-level AISC Per Ounce Sold $/oz 631 525 967 1,212 1,013 1,066 838 742 751 -

APPENDIX

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.

97

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 :

APPENDIX

As of December 31, 2016

http://www.endeavourmining.com/

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