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Corporate Presentation April 2017 CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This


  1. Corporate Presentation › April 2017

  2. CORPORATE PRESENTATION DISCLAIMER & FORWARD LOOKING STATEMENTS Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP performance measures with no standard meaning under IFRS. This prese�tatio� �o�tai�s �for�ard - looki�g state�e�ts� i��ludi�g �ut �ot li�ited to, state�e�ts �ith respe�t to E�dea�our’s pla ns 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- looki�g ter�i�olog� su�h as �e�pe�ts�, �e�pe�ted�, ��udgeted�, �fore�asts� a�d �a�ti�ipates� . Forward- looki�g state�e�ts, �hile �ased o� �a�age�e�t’s �est esti�ates a�d assu�ptio�s, are su�je�t to risks a�d u��ertai�ties that � ay 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 E�dea�our’s �ost re�e�t A��ual I�for�atio� For� filed u�der its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. Adriaan � Attie � Rou�, Pr.Sci.Nat , E�dea�our’s Chief Operati�g Offi�er, is a Qualified Perso� u�der NI �� -101, and has reviewed and approved the technical information in this presentation. 2

  3. TABLE OF CONTENTS 1 CORPORATE OVERVIEW 2 2017 OUTLOOK 3 DETAILS BY MINE AND PROJECT 4 APPENDIX

  4. CORPORATE OVERVIEW ENDEAVOUR MINING OVERVIEW A Premier African Gold Producer With 5 Mines and 2 Projects 4

  5. CORPORATE OVERVIEW COMPANY PROFILE Shareholder Distribution Ticker TSX:EDV Shares in Issue 93.8 m RETAIL LA MANCHA MANAGEMENT INSTITUTIONAL Fully Diluted 94.6 m Europe Share price* C$24.75 Market cap* US$1,840m Other Net Debt (Dec 31, 2016) US$26m North *As of March 28, 2017 America 7 % 29 % 1 % 63 % Top Shareholders Share Price Performance In CAD Volume Adj Close Rank Institution Name % of S/O 7000000 30 1 LA MANCHA HOLDING S.A.R.L. 28.1% 6000000 25 2 Van Eck Associates Corporation 13.7% 5000000 3 RBC Global Asset Management Inc. 3.3% 20 4000000 4 Fiera Capital Corporation 3.0% 15 5 M & G Investment Management Ltd. 2.9% 3000000 10 6 Liberty Metals & Mining Holdings, L.L.C. 2.6% 2000000 7 Ruffer LLP 2.5% 5 1000000 8 Sun Valley Gold, LLC 2.5% 0 0 9 Oppenheimer Funds, Inc. 2.2% 10 Maple Leaf Partners, L.L.C. 1.7% 5

  6. CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS Endeavour offers exposure to both near and long-term growth potential, in addition to current production Immediate Near-Term Long-Term Cashflow Growth Upside from from from PRODUCTION PROJECTS EXPLORATION with an accomplished management team and a healthy balance sheet 6

  7. CORPORATE OVERVIEW CLEAR PATH TO BUILD A +900KOZ PRODUCER AT ≤$ 800/OZ AISC $1,137 STRATEGIC MILESTONES +900koz FOR 2019 + 900 koz 600-640koz Annual production 584koz 517koz $1 010 462koz ≤ 800 $/oz $922 317koz $884 All-in cash cost $860-905 220koz 167koz <$800 83koz 10+ year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mine life Group AISC Tabakoto, Mali Karma, Burkina Faso Youga, Burkina Faso Ag�aou, Côte d’I�oire Houndé, Burkina Faso Nzema, Ghana It� �Heap Lea�h�, Côte d’I�oire It� �CIL�, Côte d’I�oire 7 Assumes Ity construction starts H1-2017 and first gold production in 2019 with Heap Leach operation ending once CIL starts

  8. CORPORATE OVERVIEW BUILDING A PREMIER AFRICAN GOLD PRODUCER 4 Strategic Levers to Achieve Objectives STRATEGIC OBJECTIVES STRATEGIC LEVERS + 900 koz Annual production ≤ 800 $/oz All-in cash cost 10+ year Mine life 8

  9. CORPORATE OVERVIEW OPERATIONAL EXCELLENCE 1 Hands-on Management Model With Teams Close to Operations London Based All GMs Located on Site Sebastien de Montessus CEO & Director Vincent Benoit FUNCTIONS: • EVP CFO & Corporate Finance Development • Investor relations • Corporate development Morgan Carroll • People and culture EVP Corporate Finance & General Counsel Henri de Joux EVP People & Public Affairs Abidjan Based Management Focus FUNCTIONS: Adriaan �Attie� Roux • Government relations COO • Operations controlling Lean and • Procurement Hands-On Patrick Bouisset Cash flow Safety First Efficient • Exploration EVP Exploration & Growth driven Management • Operations Projects • Environmental Jeremy Langford • CSR EVP Construction Services • HR – mine level 9

  10. CORPORATE OVERVIEW OPERATIONAL EXCELLENCE 1 Record performance and met all guidance metrics in 2016 584koz in 2016  +13% vs 2015 PRODUCTION GUIDANCE 575koz 610koz $884/oz in 2016  (4%) vs 2015 AISC GUIDANCE $870/oz $920/oz $142m 2016  +55% vs 2015 FCF BEFORE GROWTH PROJECTS GUIDANCE $135m (based on mid-points) 10 Free Cash Flow (before growth projects, WC, tax and financing cost)

  11. CORPORATE OVERVIEW OPERATIONAL EXCELLENCE 1 Proven track record of meeting guidances Production, on a 100% basis in koz All-in Sustaining Costs, in $/oz Guidance Guidance 1,137 600 - 640 584 517 466 1,010 324 922 860-905 884 2013 2014 2015 2016 2017 Guidance 2013 2014 2015 2016 2017 Guidance Cash Flow Generation Lost Time Injury Frequency Rate Lost Time Injury Frequency Rate Free cash flow before growth projects $150m (Number of LTIs in the Period X 1,000,000) / Total man hours worked for the period) (and before WC, tax, and financing costs) $135m 1.73 $85m 0.76 0.73 $35m $28m 0.29 $1,392/oz $1,264/oz $1,157/oz $1,240/oz $1,240/oz 2013 2014 2015 2016 2017 Guidance 2013 2014 2015 2016 11

  12. CORPORATE OVERVIEW PROJECT DEVELOPMENT 2 Houndé and Ity CIL are top tier projects West African DFS Stage Projects Benchmark: Mine life and All-in cost (including initial capex) 1,250 Significant West African Baomahun Construction Expertise: 1,200 (Amara) – Core construction team has 1,150 successfully developed projects together for +10 years Wa-Lawra 1,100 (Azumah) – 7 projects built, $2.4B in capex All-in Cash Cost, $/oz (AISC + Initial Capex) – All projects delivered on time 1,050 Tri-K Dugbe 1 and within budget (Avocet) (Hummingbird) $1,000/oz Banfora Bouly 950 (Gryphon) (NordGold) Kalana 900 Houndé (Avnel) Sissingue (Perseus) Kobada 850 (African Gold Group) Mako 800 Ity CIL (Toro) Yanfolila (Hummingbird ) 750 Bubble size represents Yaramoko (Roxgold) average annual production Fekola 700 = 100koz p.a. (B2Gold) Natougou (Semafo) 650 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Mine life, years 12

  13. CORPORATE OVERVIEW PROJECT DEVELOPMENT 2 Houndé is positio�ed to �e E�dea�our’s flagship lo� �ost �i�e › Construction started in April with first gold pour expected in Q4-2017 › Construction is progressing on-time and on- budget › Procurement is nearly complete › 10-year mine life based on current reserves + significant exploration upside › Average production of 190kozpa at AISC of US$709/oz Life of Mine Plan › Capex of $328m, inclusive of $47m for Production based on reserves, koz AISC/oz owner-mining fleet 265koz › Robust Project with after-tax IRR of +30% at 231koz Exploration upside expected 223koz 218koz to fill this shortfall US$1,250/oz 184koz 116koz $901/oz $662/oz $645/oz $648/oz $506/oz $496/oz Year 1 Year 2 Year 3 Year 4 Year 5 to 8 Year 9 to 10 Average Average 13

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