#1ENDEAVOUR Q1-2022 OPERATIONAL & FINANCIAL RESULTS Presentation 5 May 2022 London Stock Exchange TMX Toronto Stock Exchange OTCQX#2DISCLAIMER & FORWARD LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial measures, including sustaining capital per ounce, non-sustaining capital per ounce, cash cost per ounce, all in sustaining cash cost per ounce, all in sustaining margin, adjusted EBITDA, adjusted EPS, operating cash flow pre-working capital and operating CFPS pre working capital. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardized definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section of the Company's most recently filed management discussion and Analysis for a reconciliation of the non-IFRS financial measures used in this presentation. This presentation contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are "forward-looking statements", including but not limited to, statements with respect to Endeavour's plans and operating performance, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company's shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback program. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes", "plan", "target", "opportunities", "objective", "assume", "intention", "goal", "continue", "estimate", "potential", "strategy", "future", "aim", "may", "will", "can", "could", "would" and similar expressions. Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, 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 or completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour's financial results, cash flows and future prospects being consistent with Endeavour expectations amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour's current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; 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; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, 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 legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalization of any of Endeavour's property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic. 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 prospectus published on 9 June 2021 and its most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. Clinton Bennett, Endeavour's Vice President of Metallurgy and Process Improvement, a Fellow of the Australasian Institute of Mining and Metallurgy, is a "Qualified Person" as defined by National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101" )and has reviewed and approved the technical information in this presentation. Note: All amounts are in US$, except where indicated, and may differ from the Management Report due to rounding#3SPEAKERS SÉBASTIEN DE MONTESSUS President and CEO X ENDEAVOUR MINING MARK MORCOMBE COO JOANNA PEARSON CFO PATRICK BOUISSET EVP Exploration and Growth MARTINO DE CICCIO VP, Strategy and Investor Relations#4TABLE OF CONTENTS 1 2 3 4 5 Q1-2022 HIGHLIGHTS Q1-2022 FINANCIAL RESULTS OPERATING PERFORMANCE BY MINE CONCLUSION APPENDIX (#5SECTION 1 Q1-2022 HIGHLIGHTS ENDEAVOUR MINING 01#6Q1-2022 HIGHLIGHTS Strong quarter delivering against key objectives STRONG OPERATIONAL PERFORMANCE Well positioned to meet guidance with 357koz produced at an AISC of $848/oz in Q1-2022 for continuing operations M ROBUST ORGANIC GROWTH Launched Sabodala-Massawa expansion On-track to discover 15-20Moz of Indicated resources over next 5 years $ HEALTHY FINANCIAL POSITION Net cash position increased by $90m in Q1-2022 to $167m ESG INITIATIVES Upcoming publication of 2021 sustainability report to highlight larger ESG ambitions ENDEAVOUR RETURNS MINING ATTRACTIVE SHAREHOLDER $70m dividend paid and $31m worth of shares repurchased in Q1-2022 PORTFOLIO MANAGEMENT Sale of non-core Karma mine and optimization initiatives at continuing operations 6#7WELL POSITIONED TO MEET GUIDANCE Strong performance across all operating metrics GROUP LTIFR¹ GROUP PRODUCTION (For continuing operations) GROUP AISC (For continuing operations) 357 koz Į Q1 $848/oz Q1 - 0.15 LTM $880/oz Guidance (1) Lost Time Injury Frequency Rate= (Number of LTIs in the Period X 1,000,000)/(Total man hours worked for the period) (2) Global Mining Research, FY-2020 1.08 Industry Average² $930/oz 1,315-1,400koz Guidance ENDEAVOUR MINING INDUSTRY LEADING ON TRACK ON TRACK 7#8QUARTERLY PRODUCTION AND AISC Q1-2022 performance was better than guided Production and AISC Production from all operations 347koz $868/oz Q1-2021 409koz $853/oz Q2-2021 Discontinued operations 382koz $904/oz Q3-2021 AISC from all operations 398koz $915/oz Q4-2021 367koz $866/oz Q1-2022 ENDEAVOUR MINING +6% Production Q1-2022 vs. Q1-2021 -$2/oz AISC Q1-2022 vs. Q1-2021 8#9ALL-IN SUSTAINING MARGIN Benefiting from operational discipline and a high gold price All-in Sustaining Margin from all operations All-in sustaining margin Realized Gold Price $333m $883/oz $1,749/oz Q1-2021 All-in sustaining margin per ounce $395m $938/oz $1,791/oz Q2-2021 $337m $858/oz $1,763/oz Q3-2021 $340m $873/oz $1,787/oz Q4-2021 $381m $1,039/oz $1,905/oz Q1-2022 ENDEAVOUR MINING +$48m All-In Sustaining Margin Q1-2022 vs Q1-2021 +$156/oz All-In Sustaining Margin Q1-2022 vs Q1-2021 9#10QUARTERLY OPERATING CASH FLOW Benefiting from operational discipline and a high gold price Operating cash flow before changes in WC Realized Gold Price $263m $1,749/oz Q1-2021 $286m $1,791/oz Q2-2021 $327m $1,763/oz Q3-2021 $316m $1,787/oz Q4-2021 $370m $1,911/oz Q1-2022 (Excludes Karma) ENDEAVOUR MINING +$107m Operating CF Q1-2022 vs. Q1-2021 +41% Operating CF Q1-2022 vs. Q1-2021 10#11WELL DIVERSIFIED PORTFOLIO Diversified across multiple mines and countries Operating Cash Flow breakdown by asset Senegal Côte d'Ivoire Burkina Faso Sabodala-Massawa 32% Ity 22% Q1-2022 Operating Cash Flow Wahgnion 20% 6% Houndé Mana 13% Boungou 8% ENDEAVOUR MINING 6 Gold mines across West Africa 3 Countries of operation 11#12BALANCE SHEET STRENGTH Strong cash generation supports growth and shareholder returns Net Cash and Shareholder Returns (Net Debt)/ Net Cash INVESTMENT PHASE ($660m) # ($473m) Buybacks DEBT REDUCTION PHASE ($175m) Dividends $75m Q2-2019 Q2-2020 Q3-2020 Q4-2020 $60m SHAREHOLDER RETURNS PHASE WITH ABILITY TO FUND GROWTH ($162m) c. $332m of Net Debt assumed from Teranga $59m ($77m) $35m $70m ($70m) $76m $44m Q1-2021 Q2-2021 Q3-2021 Q4-2021 $167m $31m $70m Q1-2022 ENDEAVOUR MINING +$90m Net Cash added in Q1-2022 $369m! Shareholder returns since Q1-2021 12#13ATTRACTIVE SHAREHOLDER RETURNS PROGRAMME Minimum progressive dividend provides visibility during growth phase Cumulative Shareholder Returns Programme SHAREHOLDER RETURNS POLICY > In 2021, Endeavour implemented a shareholder returns programme that is composed of a minimum progressive dividend of: FY-2021: $125m (whereas $140m was paid inclusive of excess returns) FY-2022: $150m - FY-2023: $175m > The minimum commitment dividend may be supplemented with additional dividends and buybacks, provided that the prevailing gold price remains above $1,500/oz and that Endeavour's leverage remains below 0.5x Net Debt / adjusted EBITDA During Q1-2021, Endeavour paid its H2-2021 dividend of $70m ($0.28 per share), totalling $140m ($0.56 per share) for FY-2021, which represents $15m more than the minimum dividend commitment > In Q1-2022, EDV bought back 1.3 million shares for $31m. To date, a total of 7.4 million shares have been repurchased for a sum of $169m since the start of the buyback programme on 9 April 2021 $200m $169m Cumulative Dividends Cumulative Buybacks paid to-date made to-date $369m Cumulative returns to-date +$150m www FY-2022 +$175m: FY-2023 Minimum Dividend Commitment ENDEAVOUR MINING $694m + excess returns Minimum Expected Returns (FY 2020-2023) 13#14KEY GROWTH PROJECTS Sabodala-Massawa expansion underway; progressing DFS on greenfield projects BROWNFIELD PROJECT: SABODALA-MASSAWA EXPANSION DFS INSIGHTS: Construction to commence in Q2-2022, first gold pour from the BIOX® plant expected in early 2024 ■ Incremental annual production of 194koz over next five years at a low AISC of $531/oz ■ BIOX® project Capex: $290m After-tax NPV 5% & IRR at $1,500/oz: $861m, 72% ■ Lifts Sabodala-Massawa complex to top tier status GREENFIELD PROJECT: LAFIGUÉ ON FETEKRO PROPERTY PFS INSIGHTS: ■ Mine life: 10 years ■ LOM AISC: $838/oz PANGOR ▪ Average annual production: 209koz Initial Capex: $338m ▪ After-tax NPV5% & IRR at $1,500/oz: $497m, 33% DFS due Mid-2022 PFS INSIGHTS: ■ Mine life: 11 years ■ LOM AISC: $901/oz ■ ENDEAVOUR GREENFIELD PROJECT: KALANA MINING Average annual production: 150koz Initial Capex: $297m After-tax NPV 5% & IRR at $1,500/oz: $331m, 49% ▪ Acquisition price: circa $120m DFS due H2-2022 14#15CONTINUED STRONG EXPLORATION FOCUS $80 million budget for 2022 with strong focus on new assets Q1-2022 Exploration Spend Wahgnion $1.6m Sabodala-Massawa $3.8m Ity $1.9m $18m spent Sabodala-Massawa 19% Boungou Greenfields and other $0.7m $4.1m 2022 Exploration Budget Wahgnion 11% Ity 13% $80m guidance Greenfields and other 19% Mana $1.8m Houndé $2.1m Boungou 4% Mana 8% Houndé 18% Dakar Senegal SABODALA-MASSAWA Conakry Guinea Sierra Leone Liberia Mines Bamako SIGUIRI Mali KALANA ITY HOUNDÉ WAHGNION Development Projects LAFIGUÉ Côte d'Ivoire Burkina Faso Ouagadougou MANA BANTOU Abidjan Regional Office Ghana TANDA-IGUELA AFEMA Advanced Exploration ENDEAVOUR MINING NABANGA Togo Niger BOUNGOU Benin Birimian Greenstone Belt 15 Nigeria#16CONTINUED PORTFOLIO MANAGEMENT Divested non-core Karma mine in Q1-2022 KARMA SALE INSIGHTS On 10 March 2022, Endeavour closed the sale of its 90% interest in its non-core Karma mine in Burkina Faso to Néré Mining for a consideration of up to $25.0 million plus a 2.5% Net Smelter Return royalty, applicable on production in excess of approximately 160koz of recovered gold from 1 January 2022. > KEY ONGOING OPTIMIZATION INITIATIVES > Strong exploration efforts to extend mine lives and bring forward higher quality production > > > > > At Sabodala-Massawa, launched construction of refractory circuit At Wahgnion, opening the Samavogo deposit At Boungou, commenced in-pit backfilling > Progressing on solar power in Burkina Faso which would lower energy costs Continued group procurement strategy > At Mana, adding a second underground operation by progressing underground development of Wona At Houndé, opening the Kari West deposit At Ity, launching the addition of a recyanidation circuit would lower costs and improve recovery rates Endeavour's Portfolio Core Mine¹ Karma Ity HL Agbaou Tabakoto Youga (1) Production and AISC based on 2022 guidance (mid-point), mine life calculated from reserves as at December 31st, 2021 (2) Projects based on LOM as per published 2021 PFS Non-core Mine¹ Nzema Wahgnion Boungou Lafigué Divested / Ceased Mine Mana Houndé Kalana 10 Mine Life, yrs Ity ENDEAVOUR MINING Project² D Sabodala-Massawa AISC, $/oz 1,300 20 1,200 1,100 1,000 900 800 700 600 16#17SECTION 2 Q1-2022 FINANCIAL RESULTS ENDEAVOUR MINING 02#18FINANCIAL HIGHLIGHTS Robust production and industry-low AISC For Continuing Operations¹ (in $ million unless otherwise stated) PRODUCTION, SALES AND AISC HIGHLIGHTS Gold production, koz Gold sales, koz All-in Sustaining Cost², $/oz PROFITABILITY HIGHLIGHTS Net Earnings/(Loss) Net Earnings/(Loss) ($US/sh) Adjusted Net Earnings² Adjusted Net Earnings ($US/sh)² Adjusted EBITDA² Adjusted EBITDA margin² CASH FLOW HIGHLIGHTS² Operating cash flow before non-cash WC Operating cash flow before non-cash WC ($US/sh) Operating cash flow Operating cash flow ($US/sh) Mar. 31, 2022 357 359 848 (57) (0.23) 122 0.49 398 58% 370 1.49 299 1.21 QUARTER ENDED Dec. 31 2021 378 370 894 (87) (0.35) 148 0.59 363 55% 303 1.22 345 1.38 Mar. 31, 2021 313 341 837 85 0.41 101 0.48 325 54% 233 1.12 204 0.98 Var. Mar-22 vs. Dec-21 (6) % (3) % (5) % (34) % (34) % (18) % (17) % +10 % +5% +22 % +22 % (13) % (12) % (1) From Continuing Operations, which excludes the Karma mine which was divested on 10 March 2022 and the Agbaou mine which was divested on 1 March, 2021. (2) This is a non-GAAP measure. Additional notes available in Endeavour's Management Report filed on SEDAR for the referenced periods. ENDEAVOUR MINING +10% Adjusted EBITDA Q1-2022 vs Q4-2021 +22% Operating Cash Flow before Working Capital Q1-2022 vs Q1-2021 18#19OPERATING CASH FLOW Decreased due to timing of working capital Operating cash flow from continuing operations bridge $345m Q4-2021 operating cash flows 1 A$45m Gold price 2 (A$20m) Production and associated expenses 3 A$29m Operating expenses and other¹ 4 A$13m Income taxes paid 5 (A$112m) Difference in changes in working capital $299m Q1-2022 operating cash flows ENDEAVOUR MINING INSIGHTS 1. The realised gold price for continuing operations increased by $124/oz from $1,787/oz in Q4-2021 to $1,911/oz in Q1-2022 2. Gold sold decreased by 31koz from 390koz in Q4-2021 to 359koz in Q1- 2022 3. Operating expenses and other items decreased by $29m over Q4-2021, largely driven by lower salaries paid. 4. Income taxes paid decreased by $13m over Q4-2021 to $29m in Q1-2022, due to the inclusion of a one-off payment of $12m related to the settlement of a tax assessment for the Massawa project in Q4-2021 5. Working capital was an outflow of $70m in Q1-2022, a decrease of $112m over Q4-2021 mainly due to an increase in stockpiles, a decrease in trade and other payables and an increase in trade and other receivables. (1) Operating expenses and other include operating expenses, royalties, corporate costs, acquisition and restructuring, exploration costs, foreign exchange, settlement of other financial assets and liabilities, settlement of DSUS, PSUs and options and other cash expenses. 19#20Power TACKLING INFLATIONARY PRESSURES Shielded in Q1-2022 due to fuel pricing mechanism and long-term contracts Other costs Logistics Drilling Royalties Salaries Spares All-in cost breakdown Fuel > 75% of Endeavour's fuel exposure is LFO. HFO is only used at Boungou, Waghnion, and Sabodala-Massawa with optionality to switch gensets to LFO > Fuel price is regulated by in-country based pricing mechanisms where prices are revised on a monthly or quarterly basis, which shelters Endeavour from paying peak spot international fuel prices Contractors > Impact in Q1-2022 has been limited and we expect a price increase in Q2-2022, estimated to represent approx. $40/oz Q4-2021 Average fuel price variance, $/L Q1-2022 +16% 1.06 1.22 Burkina Faso LFO +9% 0.85 0.92 +2% ENDEAVOUR 0.90 0.92 MINING -2%) 0.89 0.87 Burkina Cote Senegal Faso HFO d'Ivoire LFO LFO +9% 0.61 0.67 Senegal HFO +29% 0.47 Brent Crude 0.61 Consumables > Contract length, price variations provision and size helps to mitigate inflationary pressures on key consumables. More than 70% of our procurement is sourced in-country and many contracts have delivered-to-site pricing; this has limited higher freight cost impact > Cyanide, which represents 3-4% of the cost base, has experienced no price variation due to long-term contracts in place > Explosives, which represents 3-4% of the cost base, increased by ~40% in Q1-2022 compared to Q4-2021, which represented an impact of approx. $10/oz › Grinding media, which represents <2% of the cost base, has experienced no price variation due to long-term contract in place in Q1-2022 and is expected to increase by <5% in Q2-2022 representing <$2/oz > Lime, which represents <1% of the cost base, has experienced no price variation due to long-term contract in place in Q1- 2022 and is expected to increase by 8% in Q2-2022 representing <$1/oz Other offsetting factors > Favourable FX variation as the Euro has decreased by 3% compared to the US$ in Q1-2022, given that approximately 65% of the operating cost base is in local currency, which is linked to the Euro > Several cost optimization and efficiency improvement initiatives are ongoing across the group 20#21CHANGE IN NET CASH Continuing to grow our net cash position Net Cash variation analysis $76m Net cash position at end of Q4-2021 $304m ($94m) Operating Investing activities activities ($100m) ($20m) Financing Effect of FX activities changes on cash $167m Net cash position at end of Q1-2022 > ENDEAVOUR INSIGHTS Q1-2022 operating activities included $370m in operating cashflow before changes in working capital, a $70m change in working capital, and $5m generated from discontinued operations MINING > > Q1-2022 financing activities included $31m of share buybacks and $70m of dividends paid Q4-2021 investing activities included $31m spend on sustaining capex, $42m on non- sustaining capex and $8m on growth projects among other items > Robust net cash position of $167m at quarter-end despite $31m of share buybacks and $70m in dividends paid during the quarter > At quarter-end, Endeavour's liquidity remained strong with $1,047m of cash on hand and $450m undrawn on the RCF 21#22NET EARNINGS FROM CONTINUING OPERATIONS Adjusted EPS increased in Q1-2022 compared to Q4-2021 INSIGHTS 1. Corporate costs decreased during the quarter primarily due the cessation of costs associated with corporate integration and the LSE listing that were previously incurred. 2. The loss on financial instruments was $179m million in Q1-2022 mainly due to an unrealised loss on gold forward sales of $79m and an unrealised loss on gold collars of $44m. In addition, the loss included a foreign exchange loss of $20m, an unrealised loss on the revaluation of the conversion option on convertible notes of $18m, a realised loss on gold forward sales of $7m, a loss on change in fair value of the call rights of $4m, a loss on early redemption feature of senior notes of $4m, and a loss on change in fair value of warrant liabilities of $3m. 3. For Q1-2022, current income tax increased to $75m due largely to increased tax expenses at Mana which were due to an increase in taxable income relative to a reduction in tax provisions in Q4-2021 and at Sabodala-Massawa where a tax expense related to the start-up of mining at the Massawa pits was incurred. (in $ million) A = Adjustments made for Adjusted Net Earnings EARNINGS FROM CONTINUING MINE OPERATIONS Corporate costs A Acquisition and restructuring costs Impairment charge of mining interests Share based compensation Exploration costs EARNINGS FROM CONTINUING OPERATIONS A (Losses)/gains on financial instruments Finance costs Other income (expenses) A Current income tax expense Deferred taxes recovery (expense) TOTAL NET AND COMPREHENSIVE EARNINGS (LOSS) FROM CONT. OPS Add-back adjustments¹ ADJUSTED NET EARNINGS/(LOSS)² Portion attributable to non-controlling interests² ADJUSTED NET EARNINGS PER SHARE FROM CONTINUING OPERATIONS² 1 2 3 ENDEAVOUR (1) Other adjustments not annotated (A) on this slide are non-cash and other adjustments (2) Additional notes available in Endeavour's Management Report. (3) adjusted for continuing operations MINING 3 MONTHS ENDED 31 March, 2022 276 (14) (8) (7) 247 (179) (15) (2) (75) (11) (35) 180 145 22 0.49 31 December, 2021³ 203 (20) (1) (248) (7) (5) (78) 19 (25) (3) (38) 34 (92) 235 142 (6) 0.59 22#23SECTION 3 OPERATING PERFORMANCE BY MINE ENDEAVOUR MINING 03#24WELL POSITIONED TO MEET GUIDANCE Strong performance across the portfolio Sabodala-Massawa PRODUCTION Ity AISC - PRODUCTION AISC — Boungou 96koz AISC 1 Q1 Q1 $578/oz $675/oz 72koz Q1 34koz PRODUCTION ▪ Q1 $850/oz Q1 $728/oz $900/oz Q1 $901/oz Guidance Guidance Guidance 360-375koz + $725/oz 255-270koz + $900/oz 130-140koz + $1,000/oz Houndé 73koz PRODUCTION Q1 Mana AISC AISC 53koz PRODUCTION +01 Wahgnion $875/oz Q1 $771/oz 29koz PRODUCTION Q1 AISC $1,000/oz Q1 $1,000/oz $1.050/oz Guidance Guidance Guidance ENDEAVOUR MINING 260-275koz + $925/oz 170-190koz + $1,100/oz 140-150koz $1,150/oz Q1 $1.351/oz 24#25★ SABODALA-MASSAWA, SENEGAL Lowest AISC achieved since acquiring the mine Q1-2022 vs Q4-2021 INSIGHTS > Production decreased from 105koz in Q4-2021 to 96koz in Q1-2022 primarily due to the lower average grade milled and slightly lower recoveries and mill throughput. > Mining was focussed on the Sofia North, Sofia Main and the Sabodala pits, whilst activity at the Massawa Central Zone is ramping up. Tonnes milled decreased slightly due to an increased proportion of fresh ore from the Sofia Main and Sofia North pits in the feed, which was partially offset by continued high mill availability. Average grade milled decreased due to a lower proportion of high grade ore from the Sofia Main pit and a higher proportion of ore from the Sofia North pit. > AISC decreased from $592 per ounce in Q4-2021 to $578 per ounce in Q1-2022 largely due to sustaining capital timing compounded with slightly higher unit mining and processing costs. OUTLOOK > > Sabodala-Massawa is on track to produce between 360-375koz in FY-2022 at an AISC of $675-725/oz. In Q1-2022 mining activities started at the Massawa CZ, where activities will continue for the rest of the year. Production and AISC Production, koz 75koz $749/oz Q1-2021 AISC, US$/oz For The Period Ended Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % PRODUCTION, KOZ Total cash cost/oz AISC/OZ 96koz $637/oz Q2-2021 Key Performance Indicators¹ 106koz $655/oz Q3-2021 Q1-2022 1,708 12,076 6.07 1,054 3.10 89 96 448 578 105koz $592/oz Q4-2021 Q4-2021 1,719 12,789 6.44 1,081 3.41 90 105 458 592 ENDEAVOUR MINING (1) For comparative purposes, performance indicators, excluding costs, include the pre-acquisition period from 1 January 2021 to 10 February 2021. Costs are from the post-acquisition period commencing February 10 2021. 96koz $578/oz Q1-2022 Q1-2021 1,622 10,713 5.62 1,027 2.48 90 75 564 749 25#26★ BIOX® PROJECT INSIGHTS > DFS recommends supplementing the current 4.2Mtpa CIL plant with a 1.2Mtpa BIOX® plant to process the high-grade refractory ore from the Massawa deposits SABODALA-MASSAWA EXPANSION Low-capex intensive brownfield expansion > BIOX® plant generates $200 million of incremental annual free cash flow during its first five years, at a gold price of $1,700/oz and delivers incremental annual production of 194koz over next five years at a low AISC of $531/oz > > At a $1,700/oz gold price the stand alone BIOX® project has an after-tax NPV5% of $861 million, a 72% IRR, and a short 1.4 year payback period > $290m initial capex expansion expected to be self funded by the existing Sabodala-Massawa operation > Construction commenced in Q2-2022 with first gold pour from the BIOX® plant expected in early 2024 BIOX® project expected to create over 100 full-time jobs in country with a corporate target of 95% national employment BIOX® Project expansion schematic plan BIOX Reactors Ch Counter Current Decantation (CCD) Elution & Regeneration Reagent Store EPCM Award Detailed Design & Engineering Order & Procure Long Lead Items TSF 1B Tailings Dam Construction Earthworks Civil Concrete Works Power Plant Construction Process Plant Construction Process Plant Commissioning First Gold Neutralization Expansion Project construction timeline BIOX CIL Flotation ENDEAVOUR Grinding MINING Crushing and Stockpile 1803 H1-2022 H2-2022 H1-2023 H2-2023 H1-2024 26#27★ Sabodala-Massawa mine plan BIOX® Production CIL Production 2022 Guidance mid-point Expected Reserve additions 450Koz 400Koz 350Koz 300Koz 250Koz 200Koz 150Koz 100Koz SABODALA-MASSAWA First gold pour expected in early 2024 50Koz OKoz 2021A1 2022 2023 (1) Includes pre-acquisition production Targeting production +400koz per annum թիլի, 2024 EXPANSION 2025 2026 2027 2028 2029 2030 2031 ENDEAVOUR MINING 373koz/yr Expected average annual production over the next 5 years (2022-2026) $745/oz | Expected average annual AISC over the next 5 years (2022-2026) 27#28Q1-2022 vs Q4-2021 INSIGHTS > Production slightly decreased from 77koz in Q4-2021 to 73koz in Q1-2022 due to the lower grade processed, which was partially offset by higher tonnes milled and recoveries. Mining activities shifted away from waste extraction to mining primarily oxide material from Kari Pump and Kari West, while waste development activity continued to progress at Vindaloo Main. HOUNDÉ MINE, BURKINA FASO Ore mining in Kari West to increase in H2-2022 > AISC decreased from $874 per ounce in Q4-2021 to $771 per ounce in Q1-2022 primarily due to the lower sustaining capital, lower unit mining and processing costs and the lower strip ratio due to less waste development activities during the quarter. OUTLOOK > In line with its full year guidance, Houndé is on track to produce between 260-275koz in 2022 at AISC of $875- 925/oz. > In Q2-2022, mining activities are expected to continue to focus on the Vindaloo Main, Kari Pump and Kari West pits, while in H2-2022 ore is expected to be mainly sourced from the Vindaloo Main and Kari West pits as mainly stripping activities are expected to be conducted at Kari Pump, which is expected to yield lower grades in the latter portion of the year. Mill throughput and recovery rates are expected to be slightly lower in the upcoming quarters primarily due to changes in the ore blend. Production and AISC Production, koz 66koz $839/oz Q1-2021 AISC, US$/oz 80koz $741/oz For The Period Ended Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % PRODUCTION, KOZ Total cash cost/oz AISC/OZ Q2-2021 Key Performance Indicators 70koz $921/oz Q3-2021 Q1-2022 1,338 12,686 8.48 1,233 1.94 95 73 697 771 77koz $874/oz Q4-2021 Q4-2021 777 12,297 14.83 1,226 2.05 92 77 684 874 ENDEAVOUR MINING 73koz $771/oz Q1-2022 Q1-2021 1,625 13,937 7.58 1,147 1.89 91 66 768 839 28#29|| ITY MINE, CÔTE D'IVOIRE Strong throughput continues into Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS > Production increased from 60koz in Q4-2021 to 72koz in Q1-2022 due to higher grades milled, tonnes milled, and improved recoveries. Mining at the current phase of Daapleu was completed during the quarter. Throughput remained high due to continued use of the surge bin to process the higher grade Le Plaque ore. > AISC decreased from $854 per ounce in Q4-2021 to $738 per ounce in Q1-2022 primarily due to the lower sustaining capital in Q1-2022, lower unit processing costs, and a lower strip ratio. OUTLOOK Ity is on track to produce between 255-270koz in FY- 2022 at an AISC of between $850-900/oz. Mill ore feed is expected to continue to be sourced from the Le Plaque, Ity, Bakatouo, Walter and Colline Sud deposits. Recovery rates are expected to improve in upcoming quarters while average grade is expected to be slightly lower. Throughput is expected to be lower due to the change in the ore blend. > Non-sustaining capital of approximately $60.0 million is expected in FY-2022, of which $5.1 million has been incurred in Q1-2022, which represents an increase from the initial full year guidance of $29.0 million due to the addition of the Recyanidation ("Recyn") initiative Production and AISC Production, koz 71koz $786/oz Q1-2021 AISC, US$/oz 79koz $806/oz Q2-2021 Key Performance Indicators For The Period Ended Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % PRODUCTION, KOZ Total cash cost/oz AISC/OZ 61koz $915/oz Q3-2021 Q1-2022 2,534 6,951 1.74 1,669 1.70 80 72 707 728 60koz $854/oz Q4-2021 Q4-2021 2,234 6,624 1.97 1,624 1.50 77 60 749 854 ENDEAVOUR MINING 72koz $728/oz Q1-2022 Q1-2021 2,105 6,816 2.24 1,550 1.76 79 71 715 786 29#30BOUNGOU, BURKINA FASO Continued focus on waste stripping at East pit in Q1-2022 Q1-2022 vs Q4-2021 INSIGHTS > Production remained consistent with the prior quarter as mill throughput and recovery rates remained stable, while grade decreased slightly. Ore extraction decreased at the West pit during the quarter, given the focus on waste extraction, which was offset by the commencement of ore extraction at the East pit. > Processed grade decreased as ore was mined in lower grade areas of the East Pit, less high grade ore was mined from the West pit and low grade stockpiles were utilized. > AISC slightly increased in Q1-2022 due to the increase in strip ratio and the decrease in processed grade in Q1-2022 compared to Q4-2021. This was slightly offset by lower sustaining capital and lower mining and processing unit costs during Q1-2022. OUTLOOK > In line with its full year guidance, Boungou is on track to produce 130-140koz in FY-2022 at an AISC of between $900-1,000/oz. > In Q2-2022, waste extraction is expected to continue to be a strong focus in the West pit, while ore is mainly sourced from the East pit. In H2-2022, stripping activities are expected to continue in both pits, while ore will be sourced mainly from the West pit. Mill throughput is expected to slightly increase over the upcoming quarters, while grades are expected to be lower. Production and AISC Production, koz 60koz $690/oz Q1-2021 AISC, US$/oz 39koz $950/oz Q2-2021 Key Performance Indicators For The Period Ended Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % PRODUCTION, KOZ Total cash cost/oz AISC/OZ 41koz $800/oz Q3-2021 Q1-2022 252 6,334 24.13 349 3.03 95 34 848 901 35koz $825/oz Q4-2021 Q4-2021 301 4,294 13.27 352 3.36 95 35 778 825 ENDEAVOUR MINING 34koz $901/oz Q1-2022 Q1-2021 246 6,672 26.11 315 5.52 96 60 619 690 30#31★ WAHGNION, BURKINA FASO Greater focus on waste stripping Q1-2022 vs Q4-2021 INSIGHTS > Production decreased from 47koz in Q4-2021 to 29koz in Q1-2022 primarily due to the lower average grade milled and lower recovery rates partially offset by an increase in tonnes milled > Average grade milled decreased due to blending of lower grade materials from Nogbele South with ore from Fourkoura and Nogbele North. Recovery rates decreased slightly due to a higher volume of ore from the Fourkoura pit being processed, which has lower associated recoveries. > AISC increased in Q1-2022 due to the expected lower grade and higher strip ratio as well as higher haulage costs, higher unit mining costs and additional waste mined than originally planned. OUTLOOK > Wahgnion is on track to produce between 140-150koz in FY-2022 at an AISC of $1,050-1,150/oz. > In Q2-2022, ore is expected to be primarily sourced from the Nogbele North and Fourkoura pits, with supplemental feed coming from the Nogbele South pits. Mill throughput is expected to decline in the upcoming quarters and increase in the latter portion of the year while recovery rates are expected to increase. Production and AISC Production, koz 43koz $780/oz Q1-2021 AISC, US$/oz For The Period Ended Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % PRODUCTION, KOZ Total cash cost/oz AISC/OZ 41koz $980/oz Q2-2021 Key Performance Indicators¹ 34koz $1,097/oz Q3-2021 Q1-2022 1,100 10,173 8.25 974 0.99 91 29 1,134 1,351 47koz $1,066/oz Q4-2021 Q4-2021 1,054 8,965 7.51 959 1.64 92 47 962 1,066 ENDEAVOUR MINING (1) For comparative purposes, performance indicators, excluding costs, include the pre-acquisition period from 1 January 2021 to 10 February 2021. Costs are from the post-acquisition period commencing February 10 2021. $1,351/oz 29koz Q1-2022 Q1-2021 1,183 7,751 5.55 962 1.46 95 43 746 780 31#32MANA, BURKINA FASO Wona underground development being expedited Q1-2022 vs Q4-2021 INSIGHTS > Production of 53koz remained consistent with the prior quarter as higher grades processed largely offset lower tonnes milled and slightly lower recoveries. Underground tonnes of ore mined increased as the Wona underground development continues to advance, development progressed 1,452 meters across the two declines during Q1-2022, creating access to more ore zones. AISC decreased in Q1-2022 due to lower underground mining unit costs and lower haulage costs associated with a smaller amount of tonnes moved from the deeper levels of the Wona open pit. OUTLOOK Mana is on track to produce between 170-190koz in FY-2022 at an AISC of $1,000-1,100/oz. Open pit mining activities at Wona open pit are expected to conclude at the end of Q2-2022 and the Maoula satellite pit is expected to commence in H2- 2022. Underground mining activities continue to progress as planned with Siou stope production remaining consistent and Wona underground development continuing with expected first stope production in Q3-2022. Production and AISC Production, koz 52koz $954/oz Q1-2021 For The Period Ended OP tonnes ore mined, kt AISC, US$/oz 49koz PRODUCTION, KOZ Total cash cost/oz AISC/OZ $1,016/oz Key Performance Indicators Q2-2021 OP total tonnes mined, kt OP strip ratio (incl. waste cap) UG tonnes ore mined, kt Tonnes milled, kt Grade, g/t Recovery rate, % 49koz $1,029/oz Q3-2021 Q1-2022 470 1,644 2.50 199 622 2.94 92 53 948 1,000 54koz $1,116/oz Q4-2021 Q4-2021 529 2,695 4.09 180 651 2.75 93 54 1,070 1,116 ENDEAVOUR MINING 53koz $1,000/oz Q1-2022 Q1-2021 355 8,532 23.01 245 604 2.90 90 52 907 954 32#33SECTION 4 CONCLUSION ENDEAVOUR MINING 04#34KEY PRIORITIES ACROSS THE BUSINESS Continuing to build a resilient business with disciplined capital allocation OPERATIONS SHAREHOLDER RETURNS ESG INITIATIVES GROWTH PROJECTS EXPLORATION BALANCE SHEET 2022 production guidance of 1,315 - 1,400koz at an AISC of $880 - $930/oz Minimum dividend of $150m with potential to supplement returns with additional dividends and buybacks Upcoming publication of 2021 sustainability report to highlight larger ESG ambitions BIOX Project at Sabodala-Massawa and Lafigué (Fetekro) DFS On track to discover 15-20Moz of indicated resources during 2021-2025 Grow net cash position while funding growth and shareholder returns $ ENDEAVOUR MINING OUR STRATEGY MAINTAINING A HIGH-QUALITY PORTFOLIO BEING A TRUSTED PARTNER REWARDING SHAREHOLDERS 34#35SECTION 5 APPENDIX ENDEAVOUR MINING 05#36★ SABODALA-MASSAWA MINE, SENEGAL Focused on Delya South, Matiba, Makana and Kaviar targets INSIGHTS > An exploration programme of $15.0 million is planned for FY-2022, of which $3.8 million was spent in Q1-2022 comprised of approximately 27,500 meters of drilling. > During Q1-2022, drilling activities were focused on the Delya South, Matiba, Makana and Kaviar advanced exploration targets and other early- stage targets within the Massawa area. At Delya South high-grade non-refractory mineralisation has been identified along the Main Transcurrent Shear Zone, a major north-northeast trending first order structure running through the Massawa Permit. > During Q2-2022, the exploration programme will aim to grow the non-refractory oxide ore resource at Delya South and the non-refractory fresh ore resources at Sofia North Extension, and follow up on drilling results at other prospective targets including Kaviar, Tiwana-Thianga, Soma and Kawsara all located in the Massawa and northern Kanoumba area. Sabodala-Massawa map AN ‒‒‒‒‒‒‒‒‒‒‒ 25 km from plan ‒‒‒‒‒‒‒‒‒‒‒‒‒--- km from plant SABODALA PLANT Sofia North Ext. SOFIA Goulouma Kaviar 0 SABODALA Sabodala Nyakafiri Makana 2 Bambaraya Makana 1 Kawsara Thianga Soba Tiwana Tina km MASSAWA 15 DELYA Délya,South & Samina ENDEAVOUR MINING Deposits Targets Exploration Permit Mining Permits 36#37HOUNDÉ MINE, BURKINA FASO Focused on Sianikoui and Dohoun, and Vindaloo South targets Houndé map INSIGHTS > An exploration programme of $14.0 million is planned for FY-2022, of which $2.1 million was spent in Q1-2022 consisting of approximately 6,500 meters of drilling across 69 drillholes. The exploration programme was focussed on following up on historic drilling results at Sianikoui and Dohoun, and extending the mineralised trend at Vindaloo South. > During Q1-2022 drilling at Sianikoui identified three mineralised trends, with further drilling results pending, mineralisation remains open to the north and the south. Drilling at Dohoun is testing the extension of mineralisation to the southwest, with further drilling planned in Q2-2022. At Vindaloo South diamond drilling was used to delineate the geology and identify the mineralised trend towards the south of the existing mineralisation. > During Q2-2022, drilling will continue at Sianikoui and Dohoun to test the mineralised trends that have been identified. Similarly, exploration programmes are planned at the Grand Espoir, Baraki, Banana, Tioro Sud and Hondjo targets to delineate these prospects. At the Mambo discovery, step-out drilling will focus on extending the mineralised trend to the northeast to fully evaluate the potential size of the Mambo deposit. AZK Kari West 0 Bombi Grand Espoir Bouere 1.8. Dohoun Kari Center RN1 ¡Sia/Sianikoui Kari Pump Nema Soukou Plant Tailings Storage Facility Waste Dump Mambo Existing Highway ------------------ Existing Powerline Vindaloo -Koho Kari Fault ENDEAVOUR MINING RN1 Kopoi Deposits Targets km Dossi 37 10#38I INSIGHTS An exploration programme of $10.0 million was initially planned for FY-2022, of which $1.9 > ITY MINE, CÔTE D'IVOIRE Focused on the West Flotouo, Colline Sud and Le Plaque deposits million was spent in Q1-2022 consisting of 9,800 meters of drilling. > During Q1-2022, exploration efforts focused on extending and expanding the West Flotouo, Colline Sud and Le Plaque deposits. At the West Flotouo deposits and the NE extension (Flotouo Extension) was focussed on growing the existing resources and expediting their incorporation in the current mining plan. At Colline Sud, drilling was focussed on identifying extensions to the current mineralisation, which will be followed up in in Q2-2022. Drilling at the Le Plaque deposit and its satellite, Yopleau- Legaleu, continued during the quarter with the aim of extending the mineralisation at both deposits. > During Q2-2022, the exploration programme will aim to continue growing resources at West Flotouo and Le Plaque, as well as extending the mineralised trends at Bakatouo, Colline Sud and Yopleu-Legaleu. Ity map • 100% Ownership. 85% Ownership • West Flotouo Colline Sud Trend a Colline Sud 1 0000 Plant, Le Plaque 0 Old TSF ***. od 007600 000000000 00000 Zia 000000000 • « 9800 000060 www... door 000 000- 00000000 00000000000000-0 C am p Ox30 €2000 Bakatouo NE O Ity Flat Mont Ity 13 100 0000 80 of co 00000 $600000 00003) Bakatouo .. P Le Plaque Walter Dapleu SW Trend 3 0 B Daapleu 85% Ownership 90% Ownership Gbeitouo 1 km Vavoua ENDEAVOUR ● MINING Permits Morgan Yacetouo Greenstone Belt Soil > 200 ppb • Soil > 650 ppb Main Activity Areas AN Auger > 1000 ppb Auger >200 ppb DD, RC and RC-DD Exploration Drilling June 2020 to Date Deposits Exploitation Exploration Cavally River 38#39BOUNGOU MINE, BURKINA FASO Focused on the Osaanpalo and Boungou East targets INSIGHTS > An exploration programme of $4.0 million is planned for FY-2022, of which $0.7 million was spent in Q1-2022 consisting of 1,600 meters of drilling across 14 drillholes. Exploration efforts were focused on delineating Osaanpalo and Boungou East as well as near mine targets on the Tawori permit, where results are still pending. > During Q1-2022, drilling at Osaanpalo was focussed on testing structural trends similar to those at the Boungou shear zone. At Boungou East and Tawori, drilling following up on IP anomalies, intersected disseminated sulphides and sericite alteration along high priority structures, this mineralisation which will be followed up with more detailed drilling. > During Q2-2022, drilling will continue at Osaanpalo, Tiwori and Boungou East to continue delineating these targets. In addition, a large drilling programme is planned at Boungou North, to expand the resources and extend mineralisation to the northwest. Boungou map Boungou NW Boungoul W Boungou Boungou UG TN045 Boungou Village Osaanpalo Boungou. West Flanc 0 Natougou NE Natougou SE km Natougou 2 Natougou 5 Pambourou 300 ENDEAVOUR MINING Deposits Targets Mining Permit 39#40MANA, BURKINA FASO Focus on discovering new oxide potential INSIGHTS > An exploration programme of $6.0 million is planned for FY-2022 of which $1.8 million was spent during Q1-2022, consisting of over 9,000 meters across 102 drillholes. > During Q1-2022, the exploration programme focussed on testing mineralised extensions to the Nyafe deposit as well as upgrading Inferred resources at the Maoula Est deposit to the Indicated category. At Maoula, the exploration programme focussed on delineating Indicated resources at the Maoula-Est satellite deposit and extending its mineralised trend towards the southwest, where several high-grade intercepts have been discovered. > During Q2-2022, the exploration programme will continue to test the mineralised extensions and explore for refractory ore potential at Nyafe. At Fofina, drilling will delineate the mineralised extensions to the north and south. In addition, several targets will be tested along the Greenville- Wona-Kona shear zone and the Boni shear zone, including Siou Nord, Tounou, Kokoi Sud, Doumakele, Fofina, Zina and Sodien. Mana map Permits Exploitation Exploration 2022 Working Areas 2022 Planned Working Areas Completed Drilling Planned Drilling 0 km Mana Plant Fobiri 3 Fofina ( 10 Fofina Sud Zina Nord Nyafé Maoula Kona Ble Tounou Bana Sodien Boumbouela 2 Momina Yona S Siou Nord Kokoï Sud Kokoi ENDEAVOUR MINING A Doumakélé Est Pompoï Nord Koussarou 40#41INSIGHTS An exploration programme of $9.0 million is planned for FY-2022, of which $1.6 million was spent during Q1-2022 consisting of approximately 6,500 meters of drilling across 50 drillholes. > > During Q1-2022, drilling focussed on the Nogbele area pits targetting extensions of existing mineralisation and sterilisation of depleted resources. In addition, early work started on the Ouahiri South deposit. At Nogbele North and Nogebele South drilling was focussed on extending mineralisation along strike and down dip to evaluate the expansions of the Nogbele resources. After completion of this programme, early-stage drilling started on the Ouahiri South prospect, located approximately 4km to the west of the Nogbele area, with preliminary results pending. > WAHGNION MINE, BURKINA FASO Significant exploration potential exists within the permitted mine license During Q2-2022, the exploration programme will focus on early-stage drilling of prospective targets within close proximity to the Wahgnion mill, including Oahiri South, Bozogo, Hillside and Kassera. Wahgnion map MALI Bagu Sud ★Kafina West Ouahiri South CÔTE D'IVOIRE Nogbele North & Nangolo Deposits Mining Permit Exploration Permits Deposits Prospects Weah Raul 5 km from plant 0 NIANKA II Plant Salentini South Nogbele Deposit WAHGNION NOGBELE SUD Sud Kangoura ★Bassangoro South HK South Fourkoura Deposit Hillside Kassera 10 Fambesso km Kassangara Korindougou Dagano ENDEAVOUR MINING NOGBELE II Stinger Deposit 20 Samavogo North Samavogo Deposit 41#422022 GUIDANCE INSIGHTS > The Group is well positioned to achieve its FY-2022 production and AISC guidance for continuing operations of 1,315-1,400koz at an AISC of $880-930 per ounce. > Inflationary pressures have been partially offset by favourable exchange rate variations, long-term supply contracts, production and cost optimisation initiatives, and the benefit of regulated in-country fuel pricing mechanisms where prices are revised on a monthly or quarterly basis, which shelters Endeavour from paying peak spot international fuel prices. Consolidated Production Guidance (All amounts in koz, on a 100% basis) Ity Houndé Mana Boungou Sabodala-Massawa Wahgnion PRODUCTION FROM CONT. OPERATIONS¹ Consolidated AISC Guidance (All amounts in US$/oz) Ity Houndé Mana Boungou Sabodala-Massawa Wahgnion Corporate G&A Sustaining exploration AISC FROM CONT. OPERATIONS¹ (1) 2022 guidance from continuing operations excludes production from the Karma mine, which was divested on 10 March 2022 255 260 170 130 360 140 1,315 880 850 875 1,000 900 675 1,050 2022 FULL-YEAR GUIDANCE | ||||||| ENDEAVOUR || | || | || | MINING 30 270 275 190 140 375 2022 FULL-YEAR GUIDANCE 150 1,400 900 925 1,100 1,000 725 1,150 930 42#432022 GUIDANCE (Continued) INSIGHTS > Sustaining capital for 2022 is expected to amount to $169 million, compared to a spend of $167 million in 2021 > Non-sustaining capital for 2022 is expected to amount to $204 million compared to a spend of $214 million in 2021 Sustaining > Houndé: Waste extraction and fleet re-builds > Ity: Mainly relating to capitalised waste > Sabodala-Massawa: Capitalised waste, fleet re-builds, new mining equipment, and increased production profile > Wahgnion: Waste extraction and equipment re-builds > Bongou: Stripping at the West pit in 2022 Non-Sustaining > Houndé: Stripping, compensation, resettlement and mine infrastructure in the Kari area Ity: processing plant enhancements, land compensation, stage 4 TSF raise, and the Recyn initiative > Boungou: Mainly a significant cut back at the East pit > Mana: Wona UG and associated infrastructure and a TSF raise > > Sabodala-Massawa: Ongoing relocation, infrastructure, and establishment works for the Massawa pits > Wahgnion: Infrastructure and community projects Growth > $121 million primarily related to the BIOX project at Sabodala- Massawa and a small portion allocated to work done on the Lafigué DFS (All amounts in US$m) Ity Houndé Mana Boungou Sustaining and Non-Sustaining Capital Expenditure Guidance 2022 FULL-YEAR GUIDANCE Sabodala-Massawa Wahgnion Non-mining CAPITAL EXPENDITURES - CONT. OPERATIONS¹ Exploration Guidance (All amounts in US$m) Ity Houndé Mana Boungou Sabodala-Massawa Wahgnion MINE SUBTOTAL Greenfield TOTAL¹ (1) 2022 guidance from continuing operations excludes production from the Karma mine, which was divested on 10 March 2022 (2) Includes expensed, sustaining, and non-sustaining exploration expenditures. SUSTAINING CAPITAL 2022 GUIDANCE² 15 14 6 4 15 9 65 15 80 ENDEAVOUR 20 44 7 15 63 20 0 169 MINING NON-SUSTAINING CAPITAL 60 18 40 19 34 23 10 204 43#44MINE STATISTICS On a quarterly basis (on a 100% basis) Physicals Total tonnes mined - Op¹ Total ore tonnes - OP OP strip ratio¹ (total) Total ore tonnes - UG Total tonnes milled Average gold grade milled Recovery rate Gold ounces produced Gold sold Unit Cost Analysis Mining costs - OP Mining costs - UG Processing and maintenance Site G&A Cash Cost Details Mining costs - OP¹ Mining costs - UG Processing and maintenance Site G&A Capitalized waste Inventory adj. and other Royalties Total cash costs for ounces sold Sustaining capital Total cash cost Mine-level AISC (1) Includes waste capitalized. 000t 000t Wit ore 000t 000t g/t % OZ 02 $/t mined $/t mined $/t milled S/t milled $000s $000s $000s $000s $000s $000s $000s $000s $000s $/oz $/oz 6,951 2,534 1.74 ITY 3.60 12.82 4.07 6,624 2,234 1.97 1,669 1,550 1.70 1.76 0.57 80% 77% 79% 67% 72,401 59,969 70,882 10,246 72,670 57,963 74,483 10,107 1,624 1.50 3.55 Q1-2022 Q4-2021 Q1-2021 Q1-2022 04-2021 Q1-2021 Q1-2022 04-2021 Q1-2021 Q1-2022 Q4-2021 Q1-2021 Q1-2022 Q4-2021 Q1-2021 Q1-2022 Q4-2021 Q1-2022 Q4-2021 6,816 3,747 2,105 709 2.24 4.28 25,000 23,484 3.71 11.88 12.19 4.6.2 3.07 768 25,265 2.03 6.12 2.73 7,600 KARMA 21,400 19,296 18,900 4,700 6,800 7,533 4,753 2,100 (1,200) (4,713) (3,498) 0 (8,500) (7,965) 664 (900) 1,700 15,200 0 1,504 7,900 5,830 7,189 51,400 43,400 53,273 5,238 715 1,500 6,100 707 749 728 854 786 1,504 1,246 1,380 0.71 0.79 66% 69% 20,465 21,573 19,763 22,396 4,553 5,145 12,686 12,297 13,937 1,182 1,242 1,338 777 1,625 2.85 3.14 8.48 14.83 7.58 2.20 6.82 2.73 10,008 2.06 5.83 1.72 10,585 1,233 8,466 8,043 3,447 2,367 0 637 3,106 25,600 101 1,295 1,300 1,226 2.05 95% 94% 73,065 77,260 72,496 73,340 1.94 HOUNDÉ 2.24 10.95 4.38 28,400 2.33 12.23 5.22 1,644 2,695 470 529 2.50 4.09 180 651 2.75 93% 90% 53,840 52,399 52,339 60,554 199 622 2.94 92% 66,054 52,567 67,031 54,195 1,147 1.89 91% 1.75 - 12.79 4.71 MANA 5.84 60.86 20.09 28,666 24,373 8.52 5.83 81.78 19.98 6.92 8,532 355 23.01 245 604 2.90 2.87 63.74 20.30 5.01 6,334 252 24.13 349 3.03 9,600 15,700 24,494 21,300 22,000 20,907 13,500 15,030 14,672 12,500 13,000 12,261 5,400 6,409 5,399 5,300 4,500 3,029 4,800 (3,500) (10,542) (3,015) (8,500) (5,500) (20,644) (9,400) 1,872 (2,500) 1,128 (935) 5,100 (100) 6,717 3,400 3,305 9,200 9,495 11,012 6,100 6,400 8,170 4,000 26,172 50,500 50,200 51,506 51,400 56,000 54,934 30,400 224 5,400 13,900 4,702 2,800 2,400 2,805 1,900 1,169 697 684 768 948 1,070 907 848 1,179 1,000 1,116 954 771 874 839 2.67 30.66 13.75 BOUNGOU 5.5.2 96% 95% 95% 33,841 34,927 59,747 35,838 33,817 57,859 352 901 3.36 4,294 6,672 12,076 12,789 10,173 8,965 301 13.27 246 26.11 1,708 6.07 1,719 6.44 1,100 8.25 1,054 7.51 3.10 - 32.10 17.33 315 ENDEAVOUR SABODALA- MASSAWA 825 MINING 2.55 2.30 35.11 12.06 12.22 9.01 1,054 3.10 974 3.41 0.99 89% 90% 91% 96,326 104,563 28,889 93,998 106,768 29,897 1,081 2.18 WAHGNION 11.99 16,900 13,269 17,038 27,800 27,921 7.62 2.64 10.90 5.64 959 1.64 92% 47,237 46,057 2.67 10.56 6.56 10,700 11,322 11,061 12,704 12,960 10,611 10,124 6,089 3,848 9,489 8,238 5,491 6,291 (8,785) (7,512) (7,693) (7,272) (4,186) (3,026) (10,062) (3,426) (8,830) 1,239 9,900 10,505 3,900 5,769 42,100 48,900 33,900 44,300 12,227 14,286 6,523 4,844 448 458 1,134 962 578 592 1,351 1,066 563 5,203 3,794 6,195 26,300 35,833 1,600 4,110 778 619 6.90 26,900 23,921 44#45TAX PAYMENTS In US$ million unless otherwise specified. Boungou Houndé Ity Mana Sabodala-Massawa Wahgnion Other Taxes from continuing operations Karma Agbaou Consolidated taxes paid Mar. 31, 2022 8.6 8.8 0.2 2.8 6.0 1.9 0.4 28.7 28.7 THREE MONTHS ENDED Dec. 31, 2021 8.8 10.7 4.8 2.9 0.7 1.4 12.5 41.8 0.3 42.1 Mar. 31, 2021 1.4 3.5 6.5 5.8 6.4 23.6 19.9 43.5 ENDEAVOUR MINING 45#46SABODALA-MASSAWA PROJECT KEY CHANGES DFS VS. PFS AREA Geometallurgical Processing Tailings Infrastructure Construction management BIOX® EXPANSION DESCRIPTION OF CHANGE Additional geometallurgical work has reclassified fresh and transitional ore from the Massawa Central Zone and Massawa North Zone as more amenable to processing through the refractory plant adding an additional 3.8Mt at 2.02g/t gold for 248koz into the refractory ore reserves Addition of a standalone ROM pad and crusher Addition of a surge bin Addition of a gravity circuit within the milling circuit Addition of a flotation cleaner circuit Reduced the number of BIOX® reactors from nine to seven following further metallurgical tests which showed lower sulphur content for the Massawa Central Zone and North Zone deposits Addition of a separate high-density polyethylene ("HDPE") fully lined tailings storage facility ("TSF 1B") into the initial scope which will host the neutralised product and the BIOX® CIL tailings while the existing tailings storage facility ("TSF 1") will host the flotation tailings 18MW expansion of the existing HFO power plant, adding three 6MW HFO generators and two back up diesel generators, with the option to add-in solar to the infrastructure in the future Additional infrastructure including roads, water and administrative buildings Endeavour managed EPCM compared to contracted 3rd-party ENDEAVOUR MINING EXPECTED RESULT Removes risk associated with blending transitional and fresh ore with oxide ore into the CIL circuit. Improves mining efficiency due to lower need for selective mining. Improves overall recoveries and provides supplemental ore feed into the BIOX® plant. Reduces the risk of cross-contamination and improves blending optionality Improves capacity when processing softer ore and provides a supplemental feed to cover crusher outages Improves recoveries from the high-grade ores containing free-milling gold Controls the sulphur and carbonate grades in the concentrate and manages acid consumption in the BIOX® circuit Reduced BIOX® reactors and reduced associated blower air and cooling requirements reduced the upfront cost of the BIOX® circuit component Allows the clean supernatant water from TSF 1 to be recirculated into either processing plant without treatment De-risks power supply by increasing the capacity of the existing power plant by 50% to ensure sufficient power supply and back-up supply to maintain stable conditions for the BIOX® reactors Improves access and infrastructure at the Massawa Central Zone and Massawa North Zone pits Allows for flexibility in defining scope, contractor selection and procurement ensuring that the projects' team leverages off the existing operation 46#47SHORT TERM REVENUE PROTECTION PROGRAM Increased certainty of cash flow to achieve corporate objectives INSIGHTS > Endeavour entered into a revenue protection programme in Q1-2022 for a proportion of its production across FY-2022 and FY-2023, to provide greater cash flow visibility during its investment phase. > Structured as: - An upfront low premium collar with a put price of $1,750 per ounce and a call price of $2,100 per ounce for 75,000 ounces of production per quarter, from Q1-2022 until Q4-2023. Forward sales contract for approximately 520,000 ounces of production in FY-2022 and 120,000 ounces of production in 2023 at an average gold price of $1,831 per ounce and $1,828 per ounce, respectively. > In Q1-2022, the realized gold price was within the collar range. > In Q1-2022 the forward sales contracts were restructured, whereby 165,000 ounces, previously set to settle in Q1-2022, were pushed to settle later in the year and overall were restructured to a higher average price of $1,840/oz for FY-2022. Only 65,000 ounces were delivered to settle the forward sales contracts in Q1-2022. Gold collars Gold price in US$/oz 2000 1800 1600 1400 1200 1000 Houndé construction Ity CIL construction PROTECTED Growth and shareholder return focus Debt reduction focus ENDEAVOUR MINING Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 47#48ENDEAVOUR MINING CONTACT US T: +44 203 011 2719 [email protected] in Follow us: endeavourmining.com CORPORATE OFFICE 5 Young Street London W8 5EH United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Hotel Palm Club Croisement Boulevard Latrille et rue du Lycée Technique Abidjan 08 BP 872 Côte d'Ivoire T: +225 27 22 48 99 00