CREATING A PREMIER AFRICAN GOLD PRODUCER...Agbaou South 3 Agbaou South 2 Niafouta 1 Greenstonne Belt Boundary1 Niafouta 2 Peterkro Niafouta 3 Agbaou South 1 South Gamma MPN Extension

CREATING A PREMIER AFRICAN GOLD PRODUCER

FACTSHEET 2018MININGENDEAVOUR EDV:TSX

Endeavour Mining is focused on becoming a premier intermediate African gold producer with a portfolio of high quality mines.

The Company has established a solid operational and construction track record and delivers cash fl ow from its fi ve operating mines, which are expected to produce between 670 and 720Koz of gold at an AISC of $840 to $890/oz in 2018. Endeavour also has immediate growth potential through its high-quality development projects which include the construction-stage Ity CIL project and DFS-stage Kalana project. In addition, Endeavour o� ers long-term upside through its exploration program which aims to discover 10-15Moz of gold between 2017 and 2021 which represents more than twice the reserve depletion during the period.

2

2

TABAKOTO MINE

HOUNDÉ MINE

KALANA PROJECT

AGBAOU MINE

OPERATIONS OFFICE

ITY MINE ITY CIL PROJECT

KARMA MINE

OUR FOOTPRINT

Birimian Greenstone Belt

Mines & Projects

We benefi t from operating synergies due to our geographic focus, while being diversifi ed across multiple countries and assets.

EMPLOYEES WORLD-WIDE

4,500

P+P RESERVES

9.1Moz

670-720Koz2018

PRODUCTION TARGET

M+I RESOURCES

14.9Moz

$840-890/oz2018

AISC TARGET

10-15Moz5-YEAR DISCOVERY

TARGET

oz

5

+10 yearMINE LIFE

+800KozANNUAL

PRODUCTION

<$800/ozAISC

When I became CEO in 2016 we established a new strategy that was focused on building a portfolio of high quality assets to support a long-term sustainable business. We set ourselves an objective of increasing gold production to more than 800,000 ounces, reducing All-in Sustaining Costs to below $800/oz and extending the average mine life within our portfolio to more than 10 years by 2019.

We believe that once these strategic objectives are met, we will have created a sustainable platform that will enable us to generate enough cash to both reinvest into the business - to fund growth and exploration - and pay dividends.

To achieve our objectives, we have built our strategy around four pillars: operational excellence, project development, unlocking exploration value, and the management of our portfolio and balance sheet.

This strategy has already proven successful as we continue to deliver against these strategic pillars. We have signifi cantly increased the quality of our portfolio by successfully building the Houndé project, while divesting the non-core Youga and Nzema mines and acquiring the Karma mine and Kalana project. As part of our aggressive exploration campaign, we have enjoyed considerable success in the Ity mine which has generated the CIL project, where construction began in late 2017.

Looking ahead, I am excited about the future and confi dent that we are well on our way to building a premier African gold producer.

“Our goal is to create a sustainable business with high quality mines that generate su� cient cash fl ow to both reinvest into the business - to fund growth and exploration - and pay dividends.”

BUILDING A SUSTAINABLE BUSINESS

SÉBASTIEN DE MONTESSUS, CEO & PRESIDENT

3

202220212020201920120120120150142 301

317Koz

2

462Koz 517Koz

6

584Koz

7

+663Koz

+900Koz+900Koz

800-900Koz800-900Koz

670-720Koz

<$800/oz$840-890/oz

8

$1,317/oz

$1,010/oz

$922/oz$895/oz

$869/oz

2010

•Endeavour acquired Etruscan

(Agbaou project and Youga mine)

2011

•Endeavour

merged with Adamus (Nzema

mine)

2012

•Endeavour acquired

Avion (Tabakoto mine and Houndé

project) •

Construction of the Agbaou project

commenced

2013

•Houndé

Feasibility Study published

2014

•Agbaou began

commercial production

2015

•Endeavour acquired Ity and formed a strategic

partnership with La Mancha who became a 30%

shareholder

OUR STORY

PRODUCTION PROFILEGROUP PRODUCTION AND AISC, INCLUSIVE OF DISCONTINUED OPERATIONS

4

2

OPERATIONALEXCELLENCE

Proven track record of operating in West Africa, based on a proactive management team located within close proximityof our mines.

PROJECTDEVELOPMENT

High-quality project pipeline coupled with a strong in-house construction team with a proven track-record.

UNLOCKINGEXPLORATIONVALUE

One of largest exploration portfolios in West Africa and an annual budget of over $40m, with the target of discovering an additional 10-15 million ounces between 2017 and 2021.

PORTFOLIO &BALANCE SHEET MANAGEMENT

Dynamic management of our portfolio to increase its quality, coupled with a healthy balance sheet to fund organic growth.

2016

•New CEO stepped-in with aim of creating

a high-quality portfolio

•Non-core Youga

mine divested and True Gold (Karma

mine) acquired •

Houndé project construction began

•Agbaou secondary

crusher built•

5-Year exploration strategy was

launched

2017

•Ity stake increased from 55% to 80%

•Acquired Avnel

(Kalana project) to strengthen project

pipeline•

Houndé built completed ahead of schedule and

below budget •

Ity CIL construction was launched

•Non-core Nzema

mine divested

STRATEGIC LEVERS

We signifi cantly increased the quality of our portfolio by developing our high quality project pipeline while actively managing our portfolio to divest non-core assets at the right time and make opportunistic acquisitions.

1

3

4

6

ITY MINE & ITY CIL PROJECT AGBAOU MINE TABAKOTO MINE

Ity has produced over 1.2Moz since its start in 1991. The Ity CIL Project is expected to give a second life to the Ity mine with a long 14-year mine life based on current reserves. The Feasibility Study outlined the potential for Ity to deliver average production of 165Koz over the first 5 years at an AISC of US$507/oz.

Agbaou was built ahead of schedule and under the 160m budget, commercial production was declared in January 2014. Agbaou has delivered very strong cash fl ows, with a payback period of less than 2 years.

Tabakoto was acquired in 2012 following which the Segala open pit was converted to an underground mine and the Kofi C open pit was commissioned, and mill capacity was doubled. Current e¢ orts are focused on cost-optimization and exploration.

STRONG PIPELINEEXPOSURE ACROSS THE MINING PHASES

Mines

Projects

Greenfi eld exploration targets

Endeavour o� ers exposure to both near and long-term growth in addition to current production.

LONG-TERM UPSIDEFROM GREENFIELD EXPLORATION

NEAR-TERM GROWTHFROM PROJECTS

Mt. Ba/Gueya(Ivory Coast-Ity trend)

Fetekro(Ivory Coast)

Kari/Kari Pump(Hounde trend)

Tiepleu(Ity trend)

Floleu(Ivory Coast-Ity trend)Kofi Trend

(Mali)

Bondoukou Cluster(Ivory Coast)

Daoukro Cluster(Ivory Coast)

Siguiri(Guinea)

Fougadian(Mali)

Liguidi(Burkina Faso)

Liptako(Niger)

Sissedougou JV(Ivory Coast)

Sia/sianikoui(Hounde trend)

Preparation Resource stage DFS stageDrilling on-going

7

KALANA PROJECT HOUNDÉ MINE KARMA MINE

The Kalana Gold Project was acquired by Endeavour in 2017, to further strengthen Endeavour’s high quality project pipeline. Endeavour expects to take advantage of its construction expertise, operating synergies and exploration experience to re-design and optimize the current feasibility study, which is expected to increase the annual production profi le and improve the project economics.

The Houndé mine was successfully built ahead of schedule and below budget, with its fi rst gold pour occurring in October 2017. Houndé has become the Company's fl agship low-cost mine, ranking amongst West Africa's top tier cash generating mines.

The Karma mine was acquired in 2016, shortly after its fi rst gold pour. Karma includes six identifi ed gold deposits and is a shallow open pit with little blasting required and a low strip ratio, making it a low cost operation. In 2017, an optimization project was completed to lift the stacking capacity.

LONG-TERM UPSIDEFROM GREENFIELD EXPLORATION

NEAR-TERM GROWTHFROM PROJECTS

IMMEDIATE CASH FLOWFROM PRODUCTION

Resource stage DFS stage Construction

Kalana

Ity CIL

Houndé(completed) Houndé

Karma

Tabakoto

Ity Heap Leach

Agbaou

Nzema

8

AGBAOU MINE

The low-cost Agbaou mine was built ahead of schedule and under-budget in 2014. The secondary crusher, which was successfully built in mid-2016 now provides the flexibility to blend the oxide ore with higher-grade harder fresh ore and maintain a more normalized and sustainable annual production rate.

MINE ATTRIBUTES ■ Ownership: 85% EDV, 10% government

Côte d’Ivoire, 5% SODEMI

■ Mining Method: Open pit / Contractor Mining

■ Processing: Gravity / CIL plant

■ Gold Recovery: 94% (2017A)

CÔTE D’IVOIRE

140-150KozPRODUCTION

expected in 2018

0.7MozP+P RESERVES

As of December 31, 2017

0.8MozM+I RESOURCES


$860-$900/ozALL-IN

SUSTAINING COSTSexpected in 2018

0.5-1.5MozPOTENTIAL

EXPLORATION

Agbaou Mine

ABIDJAN

Ity Mine and CIL Project

FULL YEAR ENDED DECEMBER 31

OPERATIONAL DATA 2015 2016 2017

MINING

Waste, kt 17,629 22,585 25,117

Ore Mined -open pit, kt 2,818 2,797 2,983

PROCESSING

Ore Processed, kt 2,665 2,827 2,906

Grade, g/t 2.15 2.27 2.02

Recovery, % 97% 97% 94%

Production, oz 181,365 195,505 177,191

PRODUCTION COSTS

Cash Cost per gold ounce sold, $/oz

462 430 557

All-in Sustaining Costs, $/oz 576 534 647

EXPLORATION POTENTIALAgbaou’s 2017 exploration program amounted to $6 million, totaling 31,400 meters of drilling. The primary objective was to conduct in-pit drilling at the North pit and to test gold in soil anomalies on parallel shear zones. The campaign at the North pit confirmed that its mineral izat ion ex tends at- depth with occurrences of higher grade intercepts.

N

South Extension

Agbaou South 3

Agbaou South 2Agbaou South 2Agbaou South 2

Niafouta 1

Gree

nsto

nne

Belt

Boun

dary

1Gr

eens

tonn

e Be

lt Bo

unda

ry1

Niafouta 2

Peterkro

Niafouta 3

Agbaou South 1Agbaou South 1Agbaou South 1

South

Gamma MPNMPNExtensionExtension

AgbaouAgbaou

Beta ExtensionBeta Extension

BetaAMEAME

AGBS-4AGBS-4

Badji

PitsAreas of interestDrilling completed in 2016Drilling to be completed in 2017Trends

AMAAMAP1

MPNMPN

TSF

PET-Z

BOK

OMEG

A

220

Km

2008

•Feasibility

Study completed

2012

•Construction commenced

2014

•Commercial production launched

2010


Estruscan

2016

•Secondary

crusher built

2017

•Start of

blending the harder

transitional ore

A further drilling campaign is planned for 2018 with the aim of delineating a resource.

A $4 million exploration program totaling approximately 16,000 meters has been planned for 2018 with the aim of delineating the at-depth potential of the North pit and further investigating targets on parallel trends.

AGBAOU EXPLORATION TARGETS

9

10

ITY HEAP LEACH MINE

CÔTE D’IVOIRE

Agbaou Mine

ABIDJAN


Ity has the longest operating history of any gold mine in Côte d’Ivoire, with more than 1.2 million ounces of gold in its 20-plus years of operation. Exploration success, which has increased resources from approximately 0.5Moz to circa 4Moz in the past few years, has generated the potential to replace the heap leach operation with a larger CIL plant (more details are provided on the following page). The current heap leach operation is expected to continue until the CIL plant is commissioned in 2019.


OPERATIONAL DATA 2015* 2016 2017

MINING

Waste, kt 311 4,916 5,237

Ore Mined-open pit, kt 64 1,186 1,410

PROCESSING

Ore stacked, kt 71 1,173 1,194

Grade stacked, g/t 2.39 2.20 1.85

Recovery, % 81% 93% 83%

Production, oz 5,689 75,867 59,026

PRODUCTION COSTS


550 606 733

All-in Sustaining Costs, $/oz 683 756 906

* For the post-acquisition period.


of Côte d’Ivoire, 10% Drogba Group

■ Mining Method: Open pit

■ Processing: 950ktpa Heap Leach

■ Gold Recovery: ~85%

60-65KozPRODUCTION

expected in 2018

0.1MozP+P RESERVES


3.7MozM+I RESOURCES


$790-850/ozALL-IN


4.0-6.0MozPOTENTIAL

EXPLORATION

EXPLORATION POTENTIALIn 2017, Endeavour invested $14 million in the Ity exploration program, totalling 58,500 meters of drilling Following the successful drilling campaigns at the Bakatouo, Ity, Daapleu and Verse Ouest deposits, and the recent Le Plaque discovery, more than 1Moz of indicated resources were added to the CIL project.

In 2018, Endeavour will invest a further $2 million in an exploration campaign to further explore the Le Plaque target in addition to several other near-mill opportunities, with the continued aim of delineating additional resources for the CIL project. An addition $5 million will be dedicated to greenfi eld targets within the 100km corridor along the Ity mine.

ENDEAVOUR-CONTROLLED BIRIMIAN CORRIDOR

1991

•First gold pour by BRGM

2006

•Cominor

transferred to La Mancha through RTO

2012

•La Mancha

purchased by N. Sawiris

2014

•La Mancha

increased its stake to 55%

2016

•Feasibility

study on CIL project

2017

•- Endeavour increased

its stake to 80%- Published optimized feasibility study and

launched Ity CIL construction

Birimian Greenstone Belt80%-owned Permits100%-owned PermitsDepositsTargets

N

TOULEPLEU

CÔTE D’IVOIRELIBERIA TIEPLEUToulepleu-Ity

Greestone

Gbampleu

ZeitouoMt Ba

Gueya

Toulepleu-Ity Greestone

GuiamapleuGranite Gneiss

250

Km

BakatouoIty

Mine

Le Plaque

Morgan

Gneissic B

asement

GbeitouoDaapleu

FLOLEU

CavallyRiver

11

12

ITY CIL PROJECT

CÔTE D’IVOIRE

The Ity CIL Project commenced construction in September 2017, and is being carried out by Endeavour's in-house team following their successful completion of the Houndé Project. The optimized study, published in September 2017, demonstrated the signifi cant potential of Ity, which has already been in operation for more than 20 years, to become another flagship asset for Endeavour. The Ity CIL Project is expected to extend the mine life by 14 years, producing approximately 204,000 ounces annually for the fi rst ten years, at a low AISC of $549/oz.

OPTIMIZED FEASIBILITY STUDY HIGHLIGHTS

LIFE OF MINE SUMMARY

Strip ratio, w:o 1.9

Tonnes of ore processed, Mt 57

Grade processed, Au g/t 1.57

Gold content processed, Moz 2.87

LOM Average Gold recovery, % 86%

Gold production, Moz 2.47

Mine life, years 14.3

Average annual gold production, Koz 173

Cash costs, $/oz 554

AISC, $/oz 580

AVERAGE FOR YEARS 1 TO 5

Gold production, kozpa 235


AISC, $/oz 494




AISC, $/oz 549

CAPITAL COST

Upfront capital cost, $m 351

ECONOMIC RETURNS BASED ON US$1,250/oz

After-tax Project NPV5%, $m 710

After-tax Project IRR, % 40%

Payback, years 1.8

PROJECT ATTRIBUTES ■ Status: Construction launched, fi rst gold pour

expected mid-2019

■ Ownership: 80% EDV, 10% government of Côte d’Ivoire, 10% Drogba Group


■ Processing: 4Mtpa CIL (upgraded from 3Mtpa in DFS)

■ Expected Mine Life: +14 years

■ After-Tax Project NPV (5%): $710m @1,250/oz gold price

■ After-Tax Project IRR: 40% @ $1,250/oz gold price

Agbaou Mine

ABIDJAN


235KozAVERAGE PRODUCTION

over fi rst 5 years

3.0MozP+P RESERVES


3.7MozM+I RESOURCES


$494/ozAVERAGE ALL-IN

SUSTAINING COSTSover fi rst 5 years

4.0-6.0MozPOTENTIAL

EXPLORATION

13

ITY MINE LAYOUT

Cavally River

Deposits included in optimized feasibility study

Pits in Operation

Mined Out Pits

Gbeitouo

Teck

raie

Aires

Plant

LeachingPads

Zia NE

Zia

Flotouo

Verse Est

Mont Ity

Ity FlatTontouoVerse

Ouest

Colli

neSu

d

Walter

Bakatouo

Daapleu

20 1

Km

Daapleu

1991

•First gold

pour by BRGM

2006

•Cominor

transferred to La Mancha through RTO

2012

•La Mancha

purchased by N. Sawiris

2014

•La Mancha

increased its stake to 55%

2016

•Feasibility

study on CIL project

2017

•- Endeavour increased

its stake to 80%- Published optimized feasibility study and

launched Ity CIL construction

14

KARMA MINE

Karma was acquired shortly before its first gold pour in April 2016. Despite its low grade, Karma is a low-cost operation with shallow open pit, little blasting required and a low strip ratio. Having already extended its mine life from 8.5 years to 10 years in 2016, Karma has the potential to be a long-life asset as it already hosts six identified gold deposits and has 45 targets.

BURKINA FASO


OPERATIONAL DATA 2016 2017

MINING

Waste, kt 6,874 11,451

Tonnes ore mined, kt 1,879 3,862

PROCESSING

Ore Processed, kt 2,089 3,552

Grade milled, g/t 1.16 1.07

Recovery, % 90% 83%

Production, oz 61,813 97,982

PRODUCTION COSTS

Cash Cost per gold ounce sold, $/oz 657 716

All-in Sustaining Costs, $/oz 738 834


of Burkina Faso

■ Mining Method: Shallow open pit

■ Processing: 4Mtpa Heap Leach

■ Gold Recovery: 83% (2017 actual)

Karma Mine

OUAGADOUGOU

Houndémine


expected in 2018

1.0MozP+P RESERVES


2.9MozM+I RESOURCES


$780-$830/ozALL-IN


0.5-1.5MozPOTENTIAL

EXPLORATION

15

EXPLORATION POTENTIALKarma’s 2017 exploration program amounted to $3 million, totalling 41,520 meters of drilling focused primarily on the northeast extension of the North Kao deposit and on the Yabonsgo target. Drilling at the North Kao deposit extension confirmed the deposit’s continuity.

2008

•First resources published for

Karma Project

2015

•Construction work began

2016

•- First gold

pour in April- Endeavour purchased

Karma in March

2014

•Mining permit

issued

2017

•- Mine life extended

from 8.5 to +10 years- Front-end

optimization project completed

A $2 million exploration program totalling approximately 32,000 meters has been planned for 2018 with the aim of delineating Indicated resources at both North Kao and Yabonsgo, in addition to near-mill targets such as Rounga and on the recently acquired Zanna exploration license.

KARMA EXPLORATION TARGETS

16

HOUNDÉ MINE

The Houndé mine was successfully built ahead of schedule and below budget, with its first gold pour occurring in October 2017 and comm er c ia l p r o duc t ion announce d on November 1st, 2017. Houndé has become the Company's flagship low-cost mine, ranking amongst West Africa's top tier cash generating mines, with an average annual production of 235,000 ounces at an All-In Sustaining Cost of $610/oz over its fi rst four years.

BURKINA FASO

Karma Mine

OUAGADOUGOU

Houndémine

MINE ATTRIBUTES ■ Ownership: 90% EDV, 10% government of Burkina Faso


■ Processing: 3Mtpa Gravity / CIL plant

■ Gold Recovery: 95% (2017A)


expected in 2018

2.0MozP+P RESERVES

at 2017

2.5MozM+I RESOURCES

at 2017

$580-630/ozALL-IN SUSTAINING COSTS

expected in 2018

2.5-3.5MozPOTENTIAL

EXPLORATION


OPERATIONAL DATA 2017

MINING

Waste, kt 17,933

Tonnes ore mined, kt 1,026

PROCESSING

Ore Processed, kt 813

Grade milled, g/t 2.75

Recovery, % 95%

Production, oz 68,754

PRODUCTION COSTS

Cash Cost per gold ounce sold, $/oz 194

All-in Sustaining Costs, $/oz 335

17

EXPLORATION POTENTIALFollowing a two-year period of no exploration, activities resumed in 2017 with $5 million spent on a drilling program totalling approximately 76,000 meters. The campaign yielded positive results with the discovery of high-grade intercepts at both the Kari Pump target and the Sia/Sianikoui targets.

In 2018, Houndé will be a key focus for Endeavour with a $9 million exploration program totaling approximately 125,000 meters planned with the aim of drilling the entire Kari anomaly and delineating a maiden resource.

HOUNDÉ EXPLORATION TARGETS

Kari Pump

Nema

Soukou

Kari Fault

Koho

Vindaloo

Bouere

Grand Espoir

Dohoun

Sia/Sianikoui

Mambo

KopoiDossi

Exist

ing Hi

ghway

Exist

ing Po

werline

TargetsDeposits

1050

Km

N

Waste

Dum

p

TailingsStorageFacility

2012

•Endeavour purchased

Avion (Tabakoto

and Houndé)

2013

•Feasibility

Study published

2015

•Endeavour

received mining premit

for Houndé Project

2016

•- Construction began in April

- Groundbreaking ceremony

2017

•Commercial production

achieved ahead of schedule and

below budget

18

TABAKOTO MINE

Tabakoto underwent a complete assetturn-around after Endeavour acquired it in 2012. Segala was converted into an underground mine, the Kofi C open pit mine was commissioned and the mill’s capacity was doubled. Today, Endeavour’s main focus is to continue to optimize costs while re-launching signifi cant exploration e� orts in an aim to extend the mine life.

MALI

TabakotoMine

KalanaProject

BAMAKO


OPERATIONAL DATA 2015 2016 2017

MINING

Waste, kt 8,787 6,449 5,753

Ore Mined -open pit, kt 511 649 647

Ore Mined - underground, kt 860 944 756

PROCESSING

Ore Processed, kt 1,588 1,588 1,640

Grade milled, g/t 3.17 3.36 2.90

Recovery, % 93% 95% 94%

Production, oz 151,067 162,817 143,995

PRODUCTION COSTS


846 821 929

All-in Sustaining Costs, $/oz 1,067 1,027 1,148

MINE ATTRIBUTES ■ Ownership: Endeavour ownership ranges

from 80% to 90% depending on pits, remainder government of Mali

■ Mining Method: Underground and open pit mining

■ Recovery rate: 94% (2017 actual)

■ Processing: 1.4Mtpa Gravity / CIL Plant


expected in 2018

0.5MozP+P RESERVES


1.9MozM+I RESOURCES


$1,200-1,250/ozALL-IN


1.5-2.5MozPOTENTIAL

EXPLORATION

19

EXPLORATION POTENTIALIn 2017, Endeavour dedicated $8 million to Tabakoto’s exploration program, totalling 56,200 meters of drilling. The campaign was focused on both underground resource delineation and testing near-mill open pit targets. Depleted ounces were replaced and a portion of the new M&I resources was converted.Endeavour is investing $6 million in the 2018 exploration program, totalling approximately 45,000 of drilling. This will be allocated equally between near-mill targets (both underground and open pit) and greenfi eld targets on both the Kofi permit and on the new permits acquired in 2017, located immediately north of Kofi and on-trend with Randgold’s Loulo deposits.

2006

•First gold

pour

2013

•Mill size

expanded from 2,000 to 4,000 tpd

2014

•Production

from Segala UG

commenced

2012


Avion

2015

•Production from Kofi C

deposit commenced

2016

•Focus on

cost-cutting and relaunched

exploration

2017

•Tabakoto deemed

non-core and sales process

launched

TABAKOTO SITE MAPN

1050

Km

Mineral DepositsEndeavour MiningRandgold Resources

Mineral TrendsPlanned roadEscarpmentNational bordersEndeavour permits

MALI

KOFI

TABAKOTO

SENEGAL

Bassindi

Betea North ZoneBetea Central ZoneBetea South Zone

A linear Zone

Segala

Dar Salam

Djambaye II

Gounkoto

Yalea

PQ10 SouthGara West

Gara

Randgold loulo>11 Moz Au

P129QTLoulo 3Loulo 2Loulo 1Batabo

Tabakoto

Dioulafoundou

A Zone

Blanald ZoneC Zone

B Zone

Yalea

P129QTP129QTLoulo 3Loulo 2Loulo 1Batabo

20

KALANA PROJECT

MALI

TabakotoMine

KalanaProject

BAMAKO 148KozAVERAGE PRODUCTION

over fi rst 5 years

2.0MozP+P RESERVES


3.1MozM+I RESOURCES


$561/ozAVERAGE ALL-IN

SUSTAINING COSTSover fi rst 5 years

The Kalana Project was acquired in 2017 to strengthen Endeavour's high quality project pipeline. Kalana is a high-quality project with an expected AISC of $730/oz over an 18-year mine life. Endeavour expects to take advantage of its construction expertise, operating synergies and exploration experience to re-design and optimize the current feasibility study, which is expected to increase the annual production profi le and improve the project economics.

PROJECT ATTRIBUTES ■ Status: DFS stage

■ Ownership: 80% EDV, 20% government of Mali


■ Processing: 1.2Mtpa for competent fresh ore and 1.5Mtpa for soft saprolite ore

■ Expected Mine Life: 18 years

■ After-Tax Project NPV (5%): $321m @ $1,200/oz gold price

■ After-Tax Project IRR: 50% @ $1,200/oz gold price

FEASIBILITY STUDY HIGHLIGHTS

LIFE OF MINE SUMMARY

Strip ratio, w:o 9.9

Tonnes of ore processed, Mt 22

Grade processed, Au g/t 2.80

Gold content processed, Moz 1.96

LOM Average Gold recovery, % 93%

Gold production, Moz 1.82

Mine life, years 18

Average annual gold production, Koz 101


AISC, $/oz 730




AISC, $/oz 561

ECONOMIC RETURNS BASED ON US$1,200/oz

After-tax Project NPV5%, $m 321

After-tax Project IRR, % 50%

Payback, years 1.1

21

EXPLORATION POTENTIALA $5 million exploration program is planned for 2018, with the objective of completing 45,000 meters of drilling to provide an updated resource which is expected to form the basis for the updated feasibility study. Exploration is focused on infill and extension drilling at the Kalana deposit, as well as further drilling the previously discovered Kalanako deposit. Additional exploration is also expected to take place on the recently acquired Fougadian license and on permits which are expected to be granted shortly.

1982-1991

•Kalana UG

mine operated by Soviets

2009-2013

•Exploration outlines the Kalana Main

Project

2014

•PEA

published

2003

•Avnel

acquired Kalana

2016

•FS

published

2017

•Endeavour

acquired Avnel and launched optimisation

KALANA SITE MAP

N

1050

Km

ResourcesTargets

Kalana Licence

Kalanako

Djirila

KalanaGold Mine

Dabaran North

SanekourouTonda

Zamirila

SananfaraniDalada

Solomanina

Bandiala

22

We are strategically positioned to unlock exploration value with an experienced team in place and one of West-Africa’s largest and most promising exploration portfolios. Our exploration strategy is based on methodically screening and ranking targets within our portfolio and then maintaining a 5-year exploration program based on priorities. Our aggressive exploration program aims to discover 10-15Moz of gold between 2017 and 2021, which represents more than twice the reserve depletion, to increase the average mine lives to above 10 years.

EXPLORATION

5-YEAR EXPLORATION BUDGET

31%Greater

Ity

25%Houndé

14%Agbaou

8%Karma

6%Côte d’IvoireRegional

17%Tabakoto

$35-40mPer Year

Agbaou Karma Côte d’IvoireRegional

TabakotoHoundéGreater Ity

4.0-6.0Moz

2.5-3.5Moz

1.5-2.5Moz

0.5-1.5Moz 0.5-1.5Moz0.5-1.0Moz

$11/oz $15/oz $15/oz $25/oz $20/oz $13/oz

TARGET DISCOVERIES BY COUNTRY AND DISCOVERY COST

Signifi cant success over the last 4 years

Signifi cant 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 strong targets for 2017+

Limited exploration (mainly focused on converting inferred)

Focus on pit extensions and parallel trends

Targets backed by geochem anomolies

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 tenements in the country

Several advanced exploration targets based on historic results

14.9MozGROUP M&I RESOURCES


+200EXPLORATION

TARGETS

10-15Moz5-YEAR

DISCOVERY TARGET

We believe that investing in exploration is fundamental to creating long-term value and sustainable operations. 10,090 km2

EXPLORATION TENEMENTS

Note: Kalana is currently being integrated into exploration strategy.

23

Endeavour MinesEndeavour Project

EDV Near-mine to Brownfield

EDV Exploration PropertiesPeer Gold MinesBirimian Greenstone

Ity

MALI

GUINEA

SIERRALEONE

LIBERIA

TOGO

BENIN

NIGER

NIGERIA

SENEGAL

MAURITANIA

GAMBIA

GUINEA-BISSAU

GHANA

Accra

Abidjan

Ouagadougou

Houndé

Kalana

Karma

Agbaou

CÔTE D’IVOIRE

BURKINA FASO

Tabakoto

Bamako

Niamey

AMONGST LARGEST & MOST PROMISING PORTFOLIOS IN WEST AFRICAThe Birimian greenstone belt of West Africa is one of the world’s most prospective gold bearing regions. Stretching across large parts of West Africa, with nearly half located in Ivory Coast and Burkina Faso, the Birimian rocks form parallel belts that generally trend north-easterly and are 40 to 50 km wide and about 90 km apart. These formations have long been recognised for their prospectivity and remain the prime focus for much gold exploration activity in the region. Today, West Africa lies behind only China, Australia and Russia in terms of gold production and still has considerable unmined reserves and excellent potential, particularly in the under-explored parts of the belt in Ivory Coast and Burkina Faso where Endeavour has one of the largest land packages.

Endeavour MinesEndeavour Project

EDV Near-mine to Brownfield

EDV Exploration PropertiesPeer Gold MinesBirimian Greenstone

Ity

MALI

GUINEA

SIERRALEONE

LIBERIA

TOGO

BENIN

NIGER

NIGERIA

SENEGAL

MAURITANIA

GAMBIA

GUINEA-BISSAU

GHANA

Accra

Abidjan

Ouagadougou

Houndé

Kalana

Karma

Agbaou

CÔTE D’IVOIRE

BURKINA FASO

Tabakoto

Bamako

Niamey

We are committed to delivering sustainable value to our employees, stakeholders and the communities where we operate. Put simply, this means we focus on being a good neighbour and a good employer.

RESPONSIBLEMINING

24

FY 2017FY 2016Peer GroupAverage

0.80

0.40

0.29

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

The selected peer group based on same reporting metrics, used from company annual reports for 2017 from Randgold, Nordgold, Eldorado, Asanko, Glencore, and Goldcorp.

OPERATING TRACK RECORDLost Time Injury Frequency Rate

CONSTRUCTION TRACK RECORD

ITY CIL:0 LTI WITH

OVER 3-MILLION MANHOURS

WORKED AS AT MID 2018

HOUNDÉ BUILT WITH NO LTI

AGBAOU BUILT WITH NO LTI

25

EMPLOYEES— We are committed to excellence and strive to develop our local talents with continuous training and evaluations with the goal of promoting our people internally.

Our long-term goal is to hire over 90% of our workforce directly from the country in which each of our operations is located, to support the development of our host country. We actively pro-mote gender equality and empower our female talent with the objective of accelerating individual and collective sustainable development. Mining pro-grams are implemented on our sites to widen access to employment opportu-nities in the mining sector.

COMMUNITY— We recognize that local communities are at the heart of our operations’ liveli-hoods and are fundamental to our day to day work. We are committed to build-ing strong relationships and proactively engaging in dialogue with local commu-nities and institutions, as well as the government at a local, regional, and national level. Ultimately, we believe that the construction and operation of our mines can serve as a catalyst for further long-term regional development.

Where resettlement is necessary, we engage with a¢ ected communities early on to assess and mitigate the potential impact and work closely with them throughout the process to ensure their expectations and needs are not only met, but exceeded.

We facilitate community development programs with a special focus on educa-tion and training – in addition to our mining investments, we are launching and fi nanc-ing other sustainable income-generating projects which seek to build the momen-tum that will attract other investors and ultimately create a local sustainable eco-nomic capital for the region.

HEALTH & SAFETY— We consider this a collective responsibility which we extend to our subcontractors and host communities, and we work diligently to instill a per-sonal sense of responsibility in all our employees.

Our health and safety site teams are committed to identifying occupational health and safety hazards based on job safety analysis and comprehensive hazard and risk assessments, using widely established methodologies. Going beyond the regulatory require-ments, our prevention programs further include awareness sessions, operational training and inspections and are supplemented by additional initiatives that promote our health and safety objectives and policy.

ENVIRONMENT— We are committed to sustainable development and recognize that the long-term success of our business is dependent upon good stewardship of the environment, both in terms of exploration and the extraction of min-eral resources. We closely monitor and seek to continuously improve our performance in dangerous substance management, waste management, water usage, emissions, biodiversity and energy sources.

Our operations are compliant with the environmental regulations of the countries in which we operate, and our site environment teams continu-ally strive to improve our processes and operations in pursuit of improved environmental performance and risk management.

26

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.com

AGBAOU MINE

RESOURCES SHOWN INCLUSIVE OF RESERVESOn a 100% basis

Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)

Proven Reserves 1.0 1.41 44

Probable Reserves 7.9 2.45 624

P&P RESERVES 8.9 2.34 668

Measured Resource (incl. Reserves)

1.0 1.43 47

Indicated Resources (incl. Reserves)

9.3 2.54 757

M&I RESOURCES (INCLUDING RESERVES)

10.3 2.43 804

Inferred Resources 1.0 1.74 54

GROUP CONSOLIDATED TOTAL RESOURCES SHOWN INCLUSIVE OF RESERVESOn a 100% basis

Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)

Proven Reserves 13 2.56 1,080

Probable Reserves 146 1.71 8,027

P&P RESERVES 159 1.78 9,106

Measured Resource (incl. Reserves) 23 3.17 2,353

Indicated Resources (incl. Reserves) 224 1.74 12,492

M&I RESOURCES (INCLUDING RESERVES) 247 1.87 14,855

Inferred Resources 53 1.79 3,074

KARMA MINE


Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)



P&P RESERVES 34.6 0.89 986


0.7 0.63 15


81.0 1.10 2,856


81.8 1.09 2,871


Notes:

PROJECT(1) Agbaou Kalana

TABAKOTO

Ity Karma(2) HoundéUG Open pit

Reserves Au price 1,350 1,100 1,250 1,250 1,250 1,300 1,300

Resources Au price 1,500 1,400 1,500 1,500 1,500 1,557 1,500

(1) Cut o¢ grades for all resources open pits are 0.5g/tAu, except at Kalana where the cuto¢ grade is at 0.9g/tAu and at Karma where the cut-o¢ grade is defi ned

by material type: Oxide=0.2, Transition=0.22 and Sulfi de=0.5.

(2) North Kao resources has a gold price of $1,500/oz.

27

TABAKOTO MINE


Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)



P&P RESERVES 4.8 3.36 517


7.4 2.99 715


12.4 3.03 1,211


19.9 3.01 1,925


ITY MINE & CIL PROJECT


Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)


Probable Reserves 58.6 1.59 3,001

P&P RESERVES 58.9 1.59 3,016


0.7 0.63 15


73.1 1.57 3,680


73.9 1.56 3,695


HOUNDÉ MINE


Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)



P&P RESERVES 30.2 2.02 1,957


3.6 2.40 281


33.7 2.01 2,178


37.3 2.05 2,459


KALANA PROJECT


Tonnage (Mt)

Grade (Au g/t)

Content (Au Koz)



P&P RESERVES 21.7 2.80 1,960


9.5 4.20 1,280


15.0 4.02 1,920


24.5 4.02 3,200


9.1MozP+P RESERVES

14.9MozM+I RESOURCES

10-15Moz5-YEAR DISCOVERY

TARGET

28

SHAREHOLDER INFORMATION

ANALYSTCOVERAGE

TRANSFER AGENT

NAME LISTING ISIN

Ordinary Shares EDV on TSX KYG3040R1589

FIRM ANALYST PHONE EMAIL

Berenberg Michael Stoner +44 20 3465 2643 [email protected]

BMO Andrew Breichmanas +44 20 7246 5430 [email protected]

Canaccord Genuity Rahul Paul +1 416 869 7289 [email protected]

Clarus Securities Nana Sangmuah +1 416 343 3350 [email protected]

Haywood Securities Geordie Mark +1 604 697 6112 [email protected]

Numis Securities Justin Chan +44 207 260 1430 [email protected]

Pareto Securities Jack Garman +44 207 786 4383 [email protected]

PI Financial Chris Thompson +1 604 718 7549 cthompson@pifi nancial.com

Raymond James Tara Hassan +1 604 659 8064 [email protected]

RBC Dan Rollins +1 416 842 9893 [email protected]

Scotia Bank Ovais Habib +1 416 863 7141 [email protected]

LISTINGS AND SECURITY IDENTIFIERS

CONTACT INFORMATION

Evelyn HsuAccount Manager, Emerging Issuer Solutions (EIS)510 Burrard Street, 3rd FloorVancouver, British Columbia V6C 3B9T 604 661 9436 M 778 875 1367F 604 661 [email protected]

4

Design and production: – Tel.: +33 (0)1 55 32 29 74

www.endeavourmining.com

CORPORATE OFFICE5 Young StreetLondonUnited Kingdom W8 5EH+44 203 011 2723

OPERATIONS OFFICECroisement Boulevard Latrille et rue du Lycée TechniqueAbidjan, 08 BP 872Côte d’Ivoire +225 22 48 99 00

CONTACT US

[email protected]+44 203 011 2719

Documents

CREATING A PREMIER AFRICAN GOLD PRODUCER...Agbaou South 3 Agbaou South 2 Niafouta 1 Greenstonne Belt Boundary1 Niafouta 2 Peterkro Niafouta 3 Agbaou South 1 South Gamma MPN Extension