Endeavour Mining Investor Presentation Deck
O
KALANA PROJECT
Mali
> Key changes in updated PFS compared to
the 2016 Avnel study:
-
Mill capacity increased by 150% from 1.2 to
3.0Mtpa, with upfront capital increased by 51%
2016 study included pre-production revenue
from the tailings processed during construction,
which were removed within the 2021 study
Average annual production increased by 49%
from 101 to 150kozpa, while shortening the
mine life from 18 to 11 years
AISC increased by 15% to $901/oz reflecting
updated unit costs and the lower grades
Average processed grade decreased by 43%,
tonnage processed increased by 63%, and the
strip ratio decreased by 34%
The updated MRE includes the Kalana and
Kalanako deposits and two TSFs stemming from
the historical underground mine. The deposit's
geological models were updated using a more
conservative approach to incorporate tighter
geological controls for the high-grade nugget
effect, stacked vein sets and dilution
ENDEAVOUR
MINING
Kalana 2016 vs. 2021 Study Comparison¹
PLANT SIZE & CAPEX
Nominal mill capacity, Mtpa
Upfront capital cost, $m
LIFE OF MINE STATS
Mine life, years
Strip ratio, W:0
Tonnes processed, Mt
Grade processed, Au g/t
Gold contained processed, Moz
Average recovery rate, %
Total gold production, Moz
Average annual production, kozpa
AISC, $/oz
2021 Kalana PFS Project Economics
Gold Price
PRE-TAX
NPV5 $m
5%'
IRR, %
Payback years
AFTER-TAX
NPV5%, $m
IRR, %
Payback years
$1,350/oz
310
44
1.4
204
36
1.5
$1,500/oz
498
59
1.1
2021 STUDY
331
49
1.1
3.0
297
11
6.7
35.6
1.60
1.8
90
1.7
150
901
2016 STUDY
1.2
196
18
10.2
21.8
2.81
2.0
93
1.8
101
784
$1,650/oz
687
74
0.9
458
62
0.9
VARIANCE
+150%
+51%
-39%
-34%
+63%
-43%
-9%
-3%
-8%
+49%
+15%
$1,800/oz
875
88
0.8
584
74
0.8
1. Details related to the Avnel 2016 Study, published on March 30, 2016, are available on SEDAR under Avnel's profile. Comparative period economics are unavailable as a gold price of US$1,200/oz was used in the 2016 Study
while $1,500/oz was used in the 2021 Study. Mineral Reserve and Resource estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for Mineral Resources and Reserves and
have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the
relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The 2020 Updated
Kalana Project Mineral Resource has an effective date of June 30, 2020 and is constrained by a $1,500/oz conceptual open-pit shell. For notes relating to the 2020 Resource Estimate, please consult the section below entitled
Kalana Technical Notes. As per Avnel Mineral Resources as of March 30, 2016, based on $1,400/oz Au; for the notes relating to the 2016 estimate, please consult the Kalana Technical Report dated March 30, 2016 available
on the Endeavour website.
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