› December 2017

CORPORATE PRESENTATION

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 & Q3 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

$850-895/oz2017 AISC TARGET

FOR CONTINUING OPERATIONS

630-675 Koz2017 PRODUCTION TARGET

FROM CONTINUING OPERATIONS

4,000EMPLOYEES WORLDWIDE

9.8MozRESERVES

15.4MozM&I RESOURCES

10-15Moz5-YEAR DISCOVERY TARGET

MALI

AgbaouMine

Tabakoto Mine

HoundéMine

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 BlackRock Investment Management (UK) 8.3%

3 Van Eck Associates Corporation 8.0%

4 M & G Investment Management Ltd. 4.2%

5 Oppenheimer Funds, Inc. 3.9%

6 RBC Global Asset Management Inc. 2.8%

7 Fiera Capital Corporation 2.1%

8 Investec Asset Management Ltd. 1.9%

9 Ruffer LLP 1.7%

10 Quaker Capital Management Corporation 1.3%

Top Shareholders

Ticker TSX:EDVShares in Issue* 106 mShare price as at Nov. 23rd C$23.60Market cap US$2.0BNet Debt pro-forma* as at Sept. 30th US$191m

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

*Sept 30, 2017 Pro-forma includes $28m of cash held at the Nzema held-for-sale asset and $30m of La Mancha private placement which was received after quarter-end

LONG-TERM UPSIDE FROM GREENFIELD EXPLORATION

NEAR-TERM GROWTH FROM PROJECTS

IMMEDIATE CASH FLOW FROM PRODUCTION

6

INVESTMENT HIGHLIGHTS

ConstructionDFS Stage

KalanaHounde

Ity CIL

Sissedougou JV(Ivory Coast)

Fetekro(Ivory Coast)

Kofi Trend(Mali)

Liguidi(Burkina Faso)

Daoukro Cluster(Ivory Coast)

Mt. Ba/Gueya(Ivory Coast – Ity trend)

Siguiri(Guinea)

Liptako(Niger)

Floleu(Ivory Coast – Ity trend)

Hounde(completed)

Bondoukou Cluster(Ivory Coast)

Kari/Kari Pump(Hounde trend)

Tiepleu(Ity trend)

Sia/Sianikoui(Hounde trend)

Fougadian(Mali)

Resource stageDrilling on-goingPreparation

Mines

Projects

Brownfield target / stand-alone potential

Greenfield target

CORPORATE OVERVIEW

Exposure to near & long-term growth potential, in addition to current production

PRODUCTION AND AISC PROFILE

7

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

$895/oz$922/oz

$1,010/oz

$1,317/oz

462koz

800-900koz

201720162015

517koz

584koz

20182014 2019 2021

+900koz

2020

800-900koz

+900koz

20222013

317koz

Tabakoto, Mali

Youga, Burkina Faso

Nzema, Ghana

Ity (Heap Leach), Côte d’Ivoire

Agbaou, Côte d’Ivoire

Karma, Burkina Faso

Houndé, Burkina Faso

Kalana, Mali

Group AISC

Ity (CIL), Côte d’Ivoire

+800kozAnnual production

10+ yearMine life

≤800$/ozAll-in Sustaining Cost

STRATEGIC OBJECTIVE

<$800/oz

For 2019

CORPORATE OVERVIEW

630-675koz

$850-895/oz

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

35min

1h35

2h

2h403h10

2h

Hands-on Management Model With Teams Close to OperationsOPERATIONAL EXCELLENCE

9

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, Culture & IT

London Based

Abidjan Based

Pascal BernasconiEVP Public Affairs, CSR & Security

CEO INTRODUCTIONCORPORATE OVERVIEW

200km

hours Flight time

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,

Lost Time Injury Frequency Rate

0.000.00

0.15

0.40

0.79

Last 12-months

AgbaouHoundé (since start)

Peer Group Average

FY2016

19.7mMan Hours for operations YTD with only 3 LTI

+7.0mMan Hours on

Houndé with no LTI

Construction track recordOperating track record

10

1 Safety is our key priorityOPERATIONAL EXCELLENCE

CORPORATE OVERVIEW

11

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 12

Proven track record of meeting guidanceOPERATIONAL EXCELLENCE1

9221,010

1,137

850-895884

2016 2017 Guidance201520142013

324466 517 584

2017 Guidance

630-675

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

LTM20162015

0.76

2014

1.73

2013

0.73

2017 Guidance2016

$135m

2015

$85m

2014

$35m

2013

$28m

$165m

Guidance Guidance

$1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,250/oz

CORPORATE OVERVIEW

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

Kalana, Mali

(CIL), Côte d'Ivoire

undé, Burkina Faso

PROJECT DEVELOPMENTAdding +600koz at an average AISC of <$700/oz over the next 3 years

HoundéCompleted

13

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

+235koz at AISC of <$650/oz

+235koz at AISC of <$500/oz

+150koz at AISC of <$700/oz

CORPORATE OVERVIEW

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

14

PROJECT DEVELOPMENT2

Life of Mine Plan

Built ahead of schedule and below budget› Commercial production declare Nov 1,

2017, 2 months ahead› Completed $15 million below the initial

$328 million budget› Running at nameplate capacity with all key

parameters in line with DFS› Expected to produce between 30-35koz at

an AISC of $550-600/oz for Q4-2017

Project Highlights‒ 10-year mine life based on current

reserves + significant exploration upside‒ Average production of 190kozpa at AISC

of US$709/oz‒ Robust Project with after-tax IRR of

+30% at US$1,250/ozYear 5 to 8

Average

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 became Endeavour’s new flagship low cost mine

Exploration upside expected to fill this shortfall

CORPORATE OVERVIEW

Natougou(Semafo)

15

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

16

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

17

UNLOCK EXPLORATION VALUEAmongst Largest and Most Promising Portfolios in West Africa3

CORPORATE OVERVIEW

15.4MozM&I RESOURCES

10,090 km²EXPLORATION TENEMENTS

+200EXPLORATION TARGETS

10-15Moz5-YEAR DISCOVERY

TARGET

Screening And Ranking Methodology

Full Details Provided in Appendix 18

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

19

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

20

$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

21

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

22

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

Notes: 1) Includes $30m of La Mancha private placement which was received after quarter-end and excludes $28m of cash held at the Nzema held-for-sale asset

23

Q3-2017 RESULTSPORTFOLIO & BALANCE SHEET MANAGEMENT

Significant headroom to fund projects4

$127m

$200m

Growth Projects

Sources of FundingExpected Mine CF until start of Ity CIL (mid-2019)

Ity Equipment Financing

Circa $60m

NzemaSale

Up to $65m

Liquidity Sources(as at end of Sept 2017)

$327m

Hounde remaining capex (as at Sept 30, 2017)

Ity Capex

UndrawnRCF

Cash1

~$440mFully funded without mine cash flow

CORPORATE OVERVIEW

24

PORTFOLIO & BALANCE SHEET MANAGEMENTConservative leverage target

4

3.28x

1.80x

0.90x

0.11x

0.98x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

2013 2014 2015 2016 2017 Q3 2018 2019 LT

Target during construction periods

Net debt to EBITDA ratio

Long-term target post construction

end

CORPORATE OVERVIEW

UPCOMING CATALYSTS

Immediate Cashflowfrom Production

Near-TermGrowth from Projects

Long-Term Upside

from Exploration

2017 OUTLOOK: › Gold production guidance increase to 630-675koz with Hounde› AISC guidance to decrease to below $900/oz with Hounde› Free Cash Flow (before growth projects, interest, WC, tax and financing cost) expected to increase to $165m,

based on the 2016 realized gold price of circa $1,250/oz

› HOUNDÉ: Contribution to Group free cash flow generation starting Q4-2017

› ITY CIL PROJECT: Construction launched in September with first gold pour expected by mid-2019

› KALANA PROJECT: Optimization study expected by end of 2018

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

› HOUNDÉ: Results following drilling re-commencement expected soon

› KARMA: Resource increase on Rambo West and Yabonsgo targets for year-end update

› ITY’S LE PLAQUE TARGET: Maiden resource for year-end resource update

› AGBAOU: Completion of drilling program (first phase) in Q4-2017

› TABAKOTO: Resource increase for year-end resource update

25

CORPORATE OVERVIEW

TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4

2017 OUTLOOK & Q3 RESULTS2DETAILS BY MINE AND PROJECT3

INSIGHTS› Initial guidance unchanged as

outperformance of certain mines expected to compensate for underperformance of others

› Guidance updated to include Hounde due to its quicker than expected construction and ramp-up period (commercial production declared as at November 1, 2017)

› Removed Nzema from the Group’s AIS Margin from continuing operations but maintained in free cash flow (IFRS standard)

› Exploration budget increased by $5m following significant YTD exploration success

2017 GUIDANCE INCREASED WITH HOUNDE

27

Houndé is Already Cash Flow Positive

(All amounts in koz, on a 100% basis)UPDATED 2017

FULL-YEAR GUIDANCECurrent Production From Continuing Operations (Unchanged ) 500 - 530Hounde 30 - 35PRODUCTION FROM CONTINUING OPERATIONS 530 - 565Nzema (held for sale) 100 - 110TOTAL PRODUCTION 630 - 675

(All amounts in US$/oz)UPDATED 2017

FULL-YEAR GUIDANCECurrent Group AISC For Continuing Operations (Unchanged ) 855 - 900Hounde 550 - 600GROUP AISC FOR CONTINUING OPERATIONS 845 - 890Nzema (held for sale) 895 - 940GROUP AISC 850 - 895

In $m INITIAL

GUIDANCEREVISED

GUIDANCENET REVENUE (based on guidance mid-point for cont. ops) 755 665Mine level AISC costs (based on guidance mid-point for cont. ops) (510) (440)Corporate G&A (21) (21)Sustaining exploration (14) (14)

GROUP AIS MARGIN FOR CONTINUING OPERATIONS 210 190Nzema AISC Margin - 35 Non-sustaining mine exploration (20) (25)Non-sustaining capital (35) (35)

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

155 165

Production Guidance

AISC Guidance

FCF Guidance

2017 OUTLOOK

*111koz and AISC of $976/oz excluding Nzema held-for-sale asset 28

ON TRACK TO MEET GUIDANCEQ3-2017 RESULTS

In line with 2016 seasonality, Q3 was slightly weaker and Q4 is expected to be stronger

INSIGHTS BY MINE

$897/oz$905/oz$855/oz

$898/oz $906/oz

146koz

Q3-17*

148koz

Q2-17

152koz

Q1-17

159koz

Q4-16Q3-16

175koz

ITYTABAKOTOAGBAOU

$780$1,141

Q2-2017

14koz

OUTLOOKQ3-2017

12koz

37koz

OUTLOOKQ3-2017

$705

Q2-2017

27koz

$985

NZEMA

$1,054

Q2-2017 OUTLOOKQ3-2017

32koz41koz

$1,278$973

$755

OUTLOOK

24koz

Q2-2017 Q3-2017

21koz

KARMA

$638$606

OUTLOOKQ3-2017

46koz

Q2-2017

45koz

Production, koz AISC, $/oz

Group Production and AISC (including Nzema asset held-for-sale asset)

Net free cash flow increased despite increased exploration spend NET FREE CASH FLOW FROM OPERATIONS DOUBLED

INSIGHTS1. Gold sales up mainly due to the

addition of the Karma mine2. Inclusive of 15,000 ounces

delivered under the Karmastream

3. Increase due to strategic focuson exploration

4. 2017 figure includes Nzema(asset classified as Held-For-Sale) and 2016 figure includesYouga (asset sold)

5. The working capital variationimproved to $18m in Q3-2017,from negative $27m in Q2-2017, with the year-to-dateoutflow reduced to $1m

Additional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

NINE MONTHS ENDED(in US$ million) SEPT 30, 2017 SEPT 30, 2016

GOLD SOLD FROM CONTINUING OPERATIONS, koz 370 312Gold Price, $/oz 1,214 1,238

REVENUE FROM CONT. OPS 445 394Total cash costs (260) (190)Royalties (23) (18)Corporate costs (15) (15)Sustaining capex (30) (32)Sustaining exploration (9) (5)ALL-IN SUSTAINING COSTS (“AISC”) (338) (260)

ALL-IN SUSTAINING MARGIN FROM CONT. OPS 107 133AISC Margin from asset held for sale 37 5Less: Non-sustaining capital (23) (20)Less: Non-sustaining exploration (22) (13)

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

100 106

Working capital (1) (49)Taxes paid (16) (12)Interest paid (19) (19)Cash settlements on hedge programs and gold collar premiums

(4) (13)

NET FREE CASH FLOW FROM OPERATIONS 59 12

3

1

2

3

29

4

5

Q3-2017 RESULTS

Cash from operations and RCF used to fund growthGROWTH FUNDING SOURCES

INSIGHTS1. For Houndé construction ($186m),

Karma optimization ($22m), Ity CILProject ($13m)

2. Consists mainly of $54m for thepurchase of an additional 25% stake inthe Ity mine which was offset by the$8m inflow of cash acquired upon theacquisition of the Kalana mine

3. Mainly La Mancha private placementsless dividends to minorities. Cashposition includes $30m of La Manchaprivate placements received afterquarter-end.

4. Used to fund Hounde project5. Cash position includes $30m of La

Mancha private placements receivedafter quarter-end.

6. Upsized from $350m to $500m withbetter terms

1Sept 30, 2017 Pro-forma includes $28m of cash held at the Nzema held-for-sale asset and $30m of La Mancha private placement which was received after quarter-endAdditional notes available in Endeavour’s MD&A filed on Sedar for the referenced periods.

NINE MONTHS ENDED(in US$ million) SEPT 30, 2017 SEPT 30, 2016

NET FREE CASH FLOW FROM OPERATIONS 59 12

Growth projects (221) (80)

Greenfield exploration expense (6) (4)

Restructuring costs (7) (18)

Acquisition & disposal of mining interests (54) 11

Cash paid on settlement of share appreciation rights, DSUs and PSUs (4) (2)

Net equity proceeds and dividends to non-controlling interests 77 181

Proceeds (repayment) of long-term debt 160 (106)

Proceeds from pre-production gold sales - 34

Other (foreign exchange gains/losses and other) (4) -

CASH INFLOW (OUTFLOW) FOR THE PERIOD 1 28

4

1

2

30

3

(in US$ million)SEPT. 30, 2017 PRO-FORMA1

SEPT. 30, 2017

JUN. 30, 2017

DEC. 30, 2016

Cash 155 125 85 124

Less: Equipment finance lease (46) (46) (47) (10)

Less: Drawn portion of $500 million RCF (300) (300) (220) (140)

NET DEBT POSITION (191) (221) (183) (26)

NET DEBT / ADJUSTED EBITDA (LTM) RATIO 0.85 0.98 0.76 0.11

5

Net Debt Position

Net Cash Flow

6

Q3-2017 RESULTS

Adjusted EPSNET EARNINGS BREAKDOWN

All-In Sustaining Margin to Adjusted Net Earnings For Continuing OperationsFor the 9-months period ended September 30, 2017

NINE MONTHS ENDED

(in US$ million)SEPT. 30,

2017SEPT. 30,

2016

Gold Revenue 445 394

Operating expenses (266) (193)

Depreciation and depletion (90) (58)

Royalties (23) (18)

Earnings from mine operations 66 125

Corporate costs (15) (15)

Acquisition and restructuring costs (10) (25)

Share based expenses (19) (9)

Exploration (6) (4)

Earnings from operations 17 73

(Losses)/gains on financial instruments (6) (20)

Finance costs (20) (19)

Other income (expenses) 2Earnings (loss) from continuing operations before taxes (8) 34

Current income tax expense (12) (8)

Deferred taxes recovery 6 (4)

Net (loss)/earnings from discontinued operations (29) (5)

Total net and comprehensive earnings/(loss) (43) 17

Adj. net earnings/(loss) from cont. operations 19 83

A

A = Adjustments made

A

A

A

A

A

$37m $40m

$90m

$20m

$12m

$107m

$144m

Deduct: Finance Costs

Deduct:Depreciation

from cont.ops

Deduct:Exploration

Expense

$6m

Add-back:Sustaining

Capital/Exploration

$19mor $0.10/share

Deduct:Taxes

Adjusted Net Earningsfrom cont.

ops

All-In Sustaining

Margin from cont. ops

All-in sustaining

margin

Less: Discontinued Ops (Nzema)

31

Q3-2017 RESULTSQ3-2017 RESULTS

RCF UPSIZED AND EXTENDED

32

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

Q3-2017 RESULTS

TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4

2017 OUTLOOK & Q3 RESULTS2DETAILS BY MINE AND PROJECT3

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

34

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

……

Production and AISCQ3-17 vs Q2-17 INSIGHTS: › Production remained fairly flat as

greater tonnes processed offset thelower head grade

› All-in sustaining costs increased by$32/oz due to planned higher sustainingcapital costs, while increased miningunit costs were offset by lowerprocessing unit costs

OUTLOOK› In Q4-2017, production is expected to

decrease slightly and AISC is expected toincrease as the mine continues toprogress towards a greater oxide tofresh/transitional ore blend, with anincreased planned sustaining capitalspend

› Agbaou remains on track to meet theFY-2017 production guidance of175,000-180,000 ounces and is expectedto achieve the low-end of the initial AISCguidance of $660-700/oz

$638/oz

46koz

Q3-2017Q2-2017

57koz

Q3-2016 Q1-2017

49koz42koz

Q4-2016

45koz

AISC, US$/ozProduction, koz

35

$550/oz $532/oz $660/oz

AGBAOU MINE, CÔTE D’IVOIREOn track to beat AISC guidance

Tonnes Processes and Grade

770kt693kt683kt721kt709kt

1.96 g/t

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

Grade milled, g/t AuTonnes milled, kt

2.21 g/t 2.46 g/t

2.09 g/t

$606/oz

2.23 g/t

AGBAOU MINE

INSIGHTS› Exploration activity during the first 9

months amounted to approximately31,000 meters drilled out of the 45,000meters planned for the year. Inaddition, several ground geophysicswere acquired

› The drill program focused on various pitextensions, the Agbaou south andNiafouta targets, targets on structurallyparallel trends, in addition toexploration targets located within a20km range of the processing plant

› A dedicated deeper drilling programwas also initiated in Q3-2017 targetingAgbaou’s at-depth potential

Agbaou Site Map

36

AGBAOU MINE, COTE D’IVOIREExploration program continues to progress

AGBAOU MINE

37

AGBAOU MINE EXPLORATIONTarget of finding between 0.5 to 1.5Moz

Agbaou Site Map

AGBAOU MINE

AREAS OF FOCUS: › Main 2017 priority

was to test area and to generate targets and prioritize for the upcoming campaigns

› Key Areas targeted are:

1. Agbaou North Pit Area At-depth

2. MPN Extension target

3. Agbaou South target

4. Beta Extension target

5. Mbazo area

0.5-1.5Moz5-YEAR DISCOVERY

TARGET

<$25/ozAVERAGE 5-YEAR DISCOVERY COST

> 50 ppb

2m@5g/t Au

4m@17g/t Au (incl. 2m@26.33g/t)4m@3g/t Au (incl. 2m@4,70g/t)

2m@5.11g/t Au (incl. 1m@9.79g/t)

3m@2.34g/t Au (incl. 1m@6.26g/t)3m@2.67g/t Au (incl. 1m@4.54g/t)2m@1.81g/t

2m@1.38/t Au2m@2g/t Au4m@2g/t Au (incl. 1m@5.23g/t)

Deep Potential

38

Section - AGBDD2141

Intercepted mineralization 150m under the North pit in 2017

AGBAOU MINE

AGBAOU MINE EXPLORATION

TABAKOTO MINE, MALIOverview

39

TABAKOTO MINE

QUICK FACTS (ON 100% BASIS)

Ownership 80-90% Endeavour depending on pit, remainder government of Mali

Resources(incl. of Reserves)

M&I: 19.0Mt @ 3.0 g/t for 1.844Moz Inferred: 8.2Mt @ 3.5 g/t for 0.908Moz

Reserves 6.3Mt @ 3.1 g/t for 0.615Moz

Open Pit Strip Ratio 10.4 to 1 (2016A)

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

Q3-17 vs Q2-17 INSIGHTS: › Production decreased due to lower open pit

tonnage and grade, in addition to the impact ofstrong rainfall and a national strike

› AISC increased by $223/oz due to the volumeeffect following the decrease in gold sold, anincreased strip ratio and an increase in mining,processing and G&A unit costs, partially offsetby lower sustaining costs

OUTLOOK› 300 people redundancy program recently

completed, with benefit to start Q4-2017

› Other cost saving and optimization programsare underway including, centralizingprocurement, fleet replacement, andimprovement of equipment availability andmining efficiency

› Tabakoto is on track to meet the low-end of theinitial FY-2017 production guidance of 150,000 -160,000 ounces while AISC are expected to beabove the initial guidance of $950-990/oz

40

TABAKOTO MINE, MALICost saving and optimization programs are underway

Tonnes and Grade Processed

Production and AISC

$1,278/oz

Q2-2017Q1-2017

48koz

Q4-2016

37koz43koz

Q3-2017Q3-2016

32koz

41koz

AISC, US$/oz

392kt407kt405kt402kt381kt

2.64 g/t

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

Tonnes Processed, kt Processed grades, g/t Au

3.11 g/t3.93 g/t

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

3.50 g/t

$1,054/oz

3.32 g/t

TABAKOTO MINE

41

TABAKOTO AND KOFI EXPLORATION TARGET

1.5-2.5Moz5-YEAR DISCOVERY

TARGET

<$15/ozAVERAGE 5-YEAR DISCOVERY COST

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.

Recently consolidated Kofi Trend

AREAS OF FOCUS: 1. Tabakoto Area

a. Tabakoto underground

b. Segala underground

c. Near mill open-pittargets currently beingexplored

2. Kofi Area (potential for stand alone operation)

a. Large underexploredlicenses on trend withLoulo

b. Several targets ready forreconnaissance drilling

c. Netekoto Block recentlyacquired

TABAKOTO MINE

ITY MINE, CÔTE D’IVOIRE Overview

QUICK FACTS (ON 100% BASIS)

Ownership 80% EDV, 15% Côte d’Ivoire, 5% private

Resources (HL + CIL)(incl. of Reserves)

M&I: 75.1Mt @ 1.6 g/t for 3.784MozInferred: 18.9Mt @ 1.3 g/t for 0.792Moz

Reserves (HL+CIL) 60.3Mt @ 1.6 g/t for 3.138Moz

Open Pit Strip Ratio 4.2 to 1 (2016A)

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- Construction of CIL project launched- Continued exploration success

42

ITY MINE

AgbaouMine

Abidjan

Ity Mine

Côte d’Ivoire

Q3-17 vs Q2-17 INSIGHTS:› Production decreased due to lower

processed grades and recovery rates,which were partially offset by increasedstacked tonnage

› A swift decision was made to preserveBakatouo for the upcoming CIL plant(due to better economics)

› AISC increased due to higher miningcosts and increased sustaining capitalexpenditures, which were partiallyoffset by lower stacking costs

OUTLOOK› In Q4, Ity’s production and cost profile

is expected to improve slightly as thegrade profile increases

› Due to change in mine plan as well asgreater priority given to the CILconstruction activities, production isexpected to fall below the initialguidance of 75,000 – 80,000 ouncesand AISC are expected to be above theinitial guidance of $740-780/oz

43

ITY HEAP LEACH MINE, CÔTE D’IVOIRELower production as high-grade Bakatouo is preserved for Ity CIL Project

$1,141/oz

15koz

12koz

16koz14koz

Q1-2017Q3-2016

17koz

Q4-2016 Q3-2017Q2-2017

AISC, US$/ozProduction, koz

312kt

243kt267kt295kt271kt

1.58g/t

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

Tonnes stacked, kt Grade milled, g/t Au

Production and AISC

Ity mine extraction

$724/oz

1.90g/t

$827/oz

2.00g/t

$879/oz

1.90g/t

$780/oz

2.15g/t

ITY MINE

ACHIEVEMENTS TO DATE› Long-lead items ordered

› $116m already committed

› EPCM contracted award toLycopodium

› Construction workforcemobilisation is progressing well

› Process plant area earthworksprogressing well

› Construction workforcemobilisation ongoing

› Danane to Ity 90kV OHLcorridor compensationestimation in progress

44

ITY HEAP LEACH MINE, CÔTE D’IVOIRECIL Construction Has Started

Earthworks are underway

ITY MINE

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 ITY CIL OPTIMISATION STUDY

45

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

ITY MINE

ROBUST PROJECT ECONOMICS

46

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

ITY CIL OPTIMIZATION STUDYITY MINE

LONG-LIFE LOW-COST PROJECT

47

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

ITY CIL OPTIMIZATION STUDYITY MINE

LIFE OF MINE PLAN

48

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)

ITY CIL OPTIMIZATION STUDYITY MINE

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

49

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

ITY CIL OPTIMIZATION STUDYITY MINE

CIL RESERVES INCREASED BY 1.0Moz TO 2.9Moz

Only CIL reserves shown. 50

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

ITY CIL OPTIMIZATION STUDYITY MINE

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. 51

ITY EXPLORATION POTENTIAL OVERVIEW

4-6Moz5-YEAR DISCOVERY

TARGET

<$15/ozAVERAGE 5-YEAR DISCOVERY COST

Endeavour controls the full Ity Birimian belt

ITY MINE

ON-TRACK TO ACHIEVE DISCOVERY TARGET

52

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

Already 1.5 Moz added between November 2016 and November 2017

ITY MINE

UPCOMING NEAR-MINE PRIORITIES INCLUDE: 1. Mont Ity / Flat Deposit

‒ Area between Mont Ity / Flat deposits

‒ Potential to extend Mont Ity at depth

2. Bakatouo Deposit ‒ Deposit is open in many

directions

3. Daapleu deposit‒ Down Plunge Potential

4. Le Plaque Area‒ Floleu area with potential for a

maiden resource

‒ Plaque/Falaise area with potential for a maiden resource

ITY MINE AREA UPCOMING TARGETS

53

Many advance stage targets backed by auger drill and gold-in-soil anomalies

ITY MINE

54

ITY MINE EXPLORATION - LE PLAQUE DISCOVERYMultiple High Grade Trends Discovered

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

GREATER ITY REGIONAL GOLD IN SOIL (> 100 PPB) ANOMALIES

55

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

KARMA MINE, BURKINA FASOOverview

56

KARMA MINE QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso

Resources(incl. of Reserves)

M&I: 84.3Mt @ 1.1 g/t for 2.981MozInferred: 19.3Mt @ 1.3 g/t for 0.791Moz

Reserves 37.9Mt @ 0.9 g/t for 1.117Moz

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 Mine

Ouagadougou

Karma Project

Q3-17 vs Q2-17 INSIGHTS: › Production decreased due to lower grades and

tonnage stacked which was partially offset byhigher recovery rates

› AISC increased as a result of lower grades andhigher strip ratio, in addition to higher unitprocessing costs which were partially offset bylower unit mining costs

OUTLOOK› Q4 profile is expected to slightly improve as the

grades are expected to increase with the higher-grade Rambo ore feed, which is expected to behowever slightly offset by its lower recovery ratesdue to its higher transitional and fresh ore content

› Stacking capacity is expected to increase followingthe recent commissioning of the new front-end

› Karma is on track to meet the initial FY-2017production guidance of 100,000 – 110,000 ouncesand with AISC expected to be at the top end of theinitial guidance of $750-800/oz

57

KARMA MINE, BURKINA FASOProfile is expected to improve as new front-end was commissioned

Production and AISC

Tonnes Stacked and Grade

21koz24koz

32koz29koz

20koz

$973/oz

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

Production, koz AISC, US$/oz

$738/oz

720kt852kt

954kt853kt880kt

0.91g/t

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

Grade milled, g/t AuTonnes stacked, kt

1.14g/t1.21g/t

$748/oz

1.07g/t

$755/oz

1.24g/t

KARMA MINE

INSIGHTS› Plant optimization

work has been successfully carried out during the past year

› The newly installed front-end completed its performance testing and is running at steady-state

› The new ADR plant was commissioned November

› An on-site camp was built

KARMA MINE, BURKINA FASO

58

Optimization program completed and new front-end commissioned

KARMA MINE

ADR Area - Before ADR Area - After

Feed Preparation Circuit - Before Feed Preparation Circuit - After

59

Several identified targets with success already being achieved KARMA EXPLORATION OVERVIEW

0.5-1.0Moz5-YEAR DISCOVERY

TARGET

<$20/ozAVERAGE 5-YEAR DISCOVERY COST

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.

AREAS OF FOCUS: 1. North Kao added in

2017 and resourceadditions expected

2. Yabonsgo drilled in2017 with maidenresource expecetd

3. Nogafaere (previsoulyowned by GoldenRim) is a target for2018

4. Rounga is a target for2018

KARMA MINE

INSIGHTS:› Oxide mineralization

discovered on a parallel structure

› Most notable intercepts include 33.2m at 4.13 g/t Au and 22.8m at 4.18 g/t Au

› A resource for this parallel structure is expected to be delineated in Q1-2018

60

Extension Drilling – New Parallel Trend DiscoveredKARMA EXPLORATION - NORTH KAO

KARMA MINE

Map of the Yabonsgo area

INSIGHTS:› 600m-long mineralized

area discovered with a stacked high grade quartz vein system

› Reconnaissance drilling suggests potential for further extension

› Most notable intercepts include 8.1m at 15.8 g/t Au, 6.3m at 11.0 g/t Au, and 9.9m at 6.67 g/t Au

› A maiden resource is expected in Q1-2018

YABONSGO TARGET

61

New discovery made in 2017

KARMA MINE

Map of the Yabonsgo area

HOUNDÉ MINE, BURKINA FASOOverview

1Based on 100% equity funding and equipment lease financing²From production start 62

QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% Burkina Faso

Status Commercial production

Resources(incl. of Reserves)

M&I: 37.9Mt @ 2.1 g/t for 2.551MozInferred: 3.2Mt @ 2.6 g/t for 0.274Moz

Reserves 30.6Mt @ 2.1 g/t for 2.075Moz

Mine Type Open pit

LOM Strip Ratio 8.4

Processing Rate 3.0 Mtpa Gravity / CIL plant

Gold Recovery 93%

Tax regime 17.5% for Vindaloo and 27.5% for Bouere

LOMP 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 Mine

Ouagadougou

Karma Project

HOUNDE MINE

63

2.5-3.5Moz5-YEAR DISCOVERY

TARGET

<$15/ozAVERAGE 5-YEAR DISCOVERY COST

Hounde Site MapINSIGHTS› Following a two

year period of no exploration drilling, activities resumed in 2017 with a $5 million program

› Focused on drilling high grade targets

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

› Significant potential highlighted

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.

Significant exploration potential highlighted by 2017 drillingHOUNDÉ PROJECT, BURKINA FASO

HOUNDE MINE

PRIORITY RANKING AFTER INITIAL DRILL TEST

64

Houndé exploration targets and gold-in-soil anomalies map

Priority 1

Priority 2Priority 2

Priority 2

Priority 2

HOUNDE MINE

65

Drill results confirmed high-grade mineralizationKARI PUMP EXPLORATION RESULTS

A

A’

HOUNDE MINE

KALANA PROJECT, MALI Overview

66

KALANA PROJECT

QUICK FACTS (ON 100% BASIS)

Ownership 80% EDV, 20% government of Mali

Status DFS stage

Resources(incl. of Reserves)

M&I: 24.5Mt @ 4.1 g/t for 3.200MozInferred: 24.5Mt @ 4.5 g/t for 0.240Moz

Reserves 21.7Mt @ 2.8 g/t for 1.960Moz

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

67

FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana is a high-quality project

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

KALANA PROJECT

Numbers presented are Based on Anvel’s the Optimised Feasibility Study dated Jan. 9, 2017 68

AVNEL TRANSACTION CLOSED IN SEPTEMBER

› Integration progress completed shortly after

› Study optimization process launched and expected to be completed by end of 2018

› Ceased underground small scale operation

› Focus on CSR and resettlement action plan

OPTIMIZATION LEVERS

› Expand the plant capacity

› Increase the average annual production to +150koz and shorten the mine life

› Integrate synergies

› Integrate exploration upside

FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana has potential to increase annual production to c.150kozpa

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

KALANA PROJECT

69

KALANA PROJECT

FITS OUR STRATEGIC PORTOFLIO CRITERIAKalana has significant exploration upside

› 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

Source: Market data as per 28 June 2017 70

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

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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

KALANA PROJECT

› 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

QUICK FACTS (ON 100% BASIS)

Ownership 90% EDV, 10% government of Ghana

Resources(incl. of Reserves)

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

Reserves 3.3Mt @ 2.7 g/t for 0.291Moz

Open Pit Strip Ratio 8.3 to 1 (2016A)

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

71

NZEMA MINE

72

Q3-17 vs Q2-17 INSIGHTS: › Production increased significantly due to

higher processed grades and increased millthroughput

› Quality control processes for purchased oreestablished in H1-2017 led to higherpurchased ore grades with a lower tonnage

› AISC decreased by $280/oz mainly due to theaforementioned higher grades andsubsequently increased production

OUTLOOK› After a strong Q3, production in Q4 is

expected to decrease and AISC are expectedto increase notably due to anticipated lowergrade and recovery rate

› Nzema is on track to meet the top-end of theinitial FY-2017 production guidance of100,000 – 110,000 ounces and the low-end ofthe initial AISC guidance of $895-940/oz

› The sale transaction will close following theapproval from the Ghanaian government

NZEMA MINE, GHANASignificant improvement following completion of cut-back

Purchased Ore

Production and AISC

4.69g/t

Q1-2017

78kt

Q3-2016

82kt

53kt

92kt

Q4-2016

141kt

Q3-2017Q2-2017

Grade purchased, g/tOre tonnes purchased , kt

3.11g/t3.23g/t

$705/oz

37koz

Q3-2017Q2-2017

24koz27koz

Q3-2016

26koz

Q1-2017Q4-2016

24koz

AISC, US$/ozProduction, koz

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

3.04g/t

$985/oz

3.20g/t

NZEMA MINE

TABLE OF CONTENTS

STRATEGIC OVERVIEW1

APPENDIX4

2017 OUTLOOK & Q2 RESULTS2DETAILS BY MINE AND PROJECT3

BOARD MEMBERS

7474

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

APPENDIX

ENDEAVOUR IS BACKED BY LA MANCHA

75

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

0

5

10

15

20

25

30

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

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

76

INSIGHTS › Strong knowledge of West

African Birimian belts

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

› 20 Seniors Geologists

› SVP, 3 VPs,

› 6 Exploration Managers

› 40 Juniors Geologists

› 130 Technicians and Support Staff

SVPWest Africa Exploration

Resource VP

HR Manager

New VenturesManager

Expert Geologist

FinanceManager

NI 43-101 Compliance

Abidjan based

Sr GeosJr GeosDBTechsAccountSupport

Sr GeosJr GeosDBTechsAccountSupport

Sr GeosJr GeosDBTechsAccountSupport

Sr GeosJr GeosDBTechsSupport

Sr GeosJr GeosDBTechsAccountSupport

Sr GeosJr GeosTechsAccountSupport

Sr GeosJr GeosTechsSupport

EVPExploration & Growth

CI GovernmentRelations Advisor

Legal Advisor

EXPERIENCED TEAM IN PLACENear-mine and Regional Teams

Sr GeosJr GeosDBTechsAccountSupport

Greater ItyExplo VP

Regional CIExplo Manager

AgbaouExplo Manager

HoundeExplo VP

KarmaExplo Manager

Regional BFExplo Manager

Tabakoto/KofiExplo Manager

KalanaExplo Manager

APPENDIX

› 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)

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

› Each selected target (~40 in 2016, ~50 in 2017) are 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 and coherent 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 are set within a 5 year window, according to mine priorities, permit duration, requested exploration efforts, and budget and are 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

77

UNLOCK EXPLORATION VALUESelection, Ranking and Risk Evaluation of Exploration targets

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. 78

APPENDIX

PRODUCTION AND COST DETAILS BY MINE BY QUARTER

1) Includes waste capitalized 7979

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

Unit Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016 Q3-2017 Q2-2017 Q3-2016

PhysicalsTotal tonnes mined – OP1 000t 7,576 6,952 6,877 1,333 1,413 2,848 1,098 1,550 1,569 1,191 1,988 948 3,637 3,616 5,430Total ore tonnes – OP 000t 824 709 651 310 352 222 108 157 160 305 374 200 593 1,035 3,040Open pit strip ratio1 W:t ore 8.19 8.81 9.56 3.30 3.01 11.83 9.13 8.87 8.81 2.90 4.32 3.74 5.13 2.49 3.68Total tonnes mined – UG 000t - - - - - - 226 253 302 - - - - - -Total ore tonnes – UG 000t - - - - - - 179 184 238 - - - - - -Total tonnes milled 000t 770 693 709 368 362 424 392 407 381 312 243 271 720 852 570Average gold grade milled g/t 1.96 2.23 2.21 3.39 2.46 2.40 2.64 3.32 3.31 1.58 2.15 1.90 0.91 1.24 1.21Recovery rate % 93% 94% 96% 92% 92% 82% 93% 94% 95% 74% 84% 91% 87% 83% 90%

Gold ounces produced oz 46,326 45,489 49,384 37,440 27,203 24,279 31,602 41,248 37,019 11,727 14,120 15,334 21,005 24,223 20,409

Gold sold oz 46,675 46,722 51,308 38,570 26,245 23,526 31,693 41,390 37,324 11,799 13,226 15,349 20,622 24,632 19,476

Unit Cost Analysis

Mining costs - Open pit $/t mined 2.62 2.40 2.26 6.20 6.45 4.16 3.91 3.72 3.76 5.16 2.86 4.09 1.75 1.96 -

Mining costs – Underground $/t mined - - - - - - 75.79 61.18 52.58 - - - - - -

Processing and maintenance $/t milled 7.08 7.67 7.11 17.00 15.88 14.23 20.83 19.00 22.57 14.75 16.03 13.24 11.25 9.30 -Site G&A $/t milled 3.90 3.88 4.77 7.54 5.91 6.18 12.13 9.39 12.28 8.56 9.94 13.06 4.85 4.26 -Cash Cost Details -

Mining costs - Open pit1 $000s 19,829 16,653 15,550 8,273 9,110 11,857 4,295 5,772 5,892 6,142 5,685 3,878 6,378 7,089 -

Mining costs -Underground $000s - - - - - - 17,129 15,479 15,880 - - - - - -

Processing and maintenance $000s 5,451 5,316 5,043 6,257 5,750 6,032 8,165 7,734 8,600 4,601 3,895 3,588 8,097 7,922 -Site G&A $000s 3,006 2,689 3,382 2,776 2,141 2,620 4,753 3,820 4,680 2,672 2,415 3,538 3,492 3,626 -Purchased ore at Nzema $000s - - - 4,459 4,724 7,817 - - - - - - - -

Capitalized waste $000s (1,092) (525) (2,413) - - (5,055) (2,527) (5,433) (2,700) (541) (1,693) (3,149) (1,491) (230) -

Inventory adjustments and other $000s (1,622) 558 589 1,359 279 1,144 3,165 5,814 1,034 (1,863) (2,034) (854) (260) (2,220) -

Cash costs for ounces sold $000s 25,571 24,691 22,151 23,124 22,004 24,415 34,980 33,186 33,386 11,011 8,268 7,001 16,216 16,187 -

Royalties $000s 2,080 2,107 2,761 2,800 1,952 1,651 2,426 3,138 2,962 697 643 832 2,068 1,916 -Sustaining capital $000s 2,140 1,526 3,324 1,258 1,898 670 3,090 7,313 3,610 1,752 1,400 3,276 1,775 487 -Cash cost per ounce sold $/oz 548 528 432 600 838 1,038 1,104 802 894 933 625 456 786 657 -Mine-level AISC Per Ounce Sold $/oz 638 606 550 705 985 1,136 1,278 1,054 1,071 1,141 780 724 973 755 -

APPENDIX

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

Unit9 Months

20179 Months

20169 Months

20179 Months

20169 Months

20179 Months

20169 Months

20179 Months

20169 Months

20179 Months

2016

PhysicalsTotal tonnes mined – OP1 000t 20,884 18,864 5,441 6,410 4,536 5,505 4,968 4,630 11,596 8,364Total ore tonnes – OP 000t 2,157 2,123 1,058 712 482 454 1,008 870 2,678 4,730Open pit strip ratio1 W:t ore 8.68 7.89 4.14 8.00 8.40 11.13 3.93 4.32 3.33 3.32Total tonnes mined – UG 000t - - - - 790 977 - - - -Total ore tonnes – UG 000t - - - - 599 691 - - - -Total tonnes milled 000t 2,146 2,106 1,121 1,333 1,204 1,186 822 878 2,526 927Average gold grade milled g/t 2.09 2.20 2.73 1.77 3.16 3.17 1.85 2.20 1.08 1.18Recovery rate % 94% 97% 93% 85% 94% 94% 85% 94% 85% 90%Gold ounces produced oz 133,752 138,444 90,774 63,836 115,878 114,933 41,739 58,387 76,880 32,701Gold sold oz 133,378 139,380 93,876 63,462 116,895 114,750 43,372 58,294 76,361 34,141Unit Cost AnalysisMining costs - Open pit $/t mined 2.49 2.17 5.74 4.83 3.65 3.47 3.18 3.02 1.84 -Mining costs – Underground $/t mined - - - - 63.98 48.47 - - - -Processing and maintenance $/t milled 7.19 6.72 16.10 12.87 20.79 21.40 15.35 15.24 9.02 -Site G&A $/t milled 4.09 4.66 6.42 6.56 10.92 12.28 9.36 10.20 4.36 -Cash Cost DetailsMining costs - Open pit1 $000s 52,063 40,883 31,250 30,958 16,576 19,107 15,815 13,998 21,391 -Mining costs -Underground $000s - - - - 50,541 47,356 - - - -Processing and maintenance $000s 15,426 14,143 18,051 17,151 25,030 25,377 12,619 13,382 22,796 -Site G&A $000s 8,769 9,813 7,200 8,746 13,150 14,568 7,697 8,955 11,002 -Purchased ore at Nzema $000s - - 13,187 17,162 - - - - - -Capitalized waste $000s (1,960) (4,525) (1,966) (10,531) (12,595) (13,007) (2,376) (3,149) (1,970) -Inventory adjustments and other $000s (2,086) (348) 1,676 6,247 9,224 3,335 (723) (168) (259) -Cash costs for ounces sold $000s 72,211 59,966 69,368 69,733 101,926 96,736 33,032 33,018 52,960 -Royalties $000s 5,894 6,531 6,730 4,198 8,729 8,613 2,110 2,683 6,233 -Sustaining capital $000s 6,401 7,973 4,579 1,212 16,185 17,112 4,763 7,270 2,739 -Cash cost per ounce sold $/oz 541 430 739 1,099 872 843 762 566 694 -Mine-level AISC Per Ounce Sold $/oz 634 534 859 1,184 1,085 1,067 920 737 811 -

PRODUCTION AND COST DETAILS BY MINE YEAR TO DATE

1) Includes waste capitalized 8080

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.

81

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

Resources shown inclusive of Reserves. On a 100% basis

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

Resources shown inclusive of Reserves. On a 100% basis

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

Resources shown inclusive of Reserves. On a 100% basis

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

Resources shown inclusive of Reserves. On a 100% basis

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