Corporate Presentation September 2016 0 Disclaimer & Forward - PowerPoint PPT Presentation

CREATING A PREMIER AFRICAN GOLD PRODUCER Corporate Presentation September 2016 0

Disclaimer & Forward Looking Statements Cash cost per ounce and all-in sustaining cash cost per ounce are non-GAAP market prices of mining consumables, possible variations in ore reserves, performance measures with no standard meaning under IFRS. This grade or recovery rates; failure of plant, equipment or processes to operate presentation contains “forward -looking statements” including but not as anticipated; accidents, labour disputes, title disputes, claims and limited to, statements with respect to Endeavour’s plans and operating limitations on insurance coverage and other risks of the mining industry; performance, the estimation of mineral reserves and resources, the timing delays in the completion of development or construction activities, changes and amount of estimated future production, costs of future production, in national and local government regulation of mining operations, tax rules future capital expenditures, and the success of exploration activities. and regulations, and political and economic developments in countries in Generally, these forward-looking statements can be identified by the use of which Endeavour operates. Although Endeavour has attempted to identify forward-looking terminology such as “expects”, “expected”, “budgeted”, important factors that could cause actual results to differ materially from “forecasts” and “anticipates” . Forward-looking statements, while based on those contained in forward-looking statements, there may be other factors management’s best estimates and assumptions, are subject to risks and that cause results not to be as anticipated, estimated or intended. There uncertainties that may cause actual results to be materially different from can be no assurance that such statements will prove to be accurate, as those expressed or implied by such forward-looking statements, including actual results and future events could differ materially from those but not limited to: risks related to the successful integration of acquisitions; anticipated in such statements. Accordingly, readers should not place risks related to international operations; risks related to general economic undue reliance on forward-looking statements. Please refer to Endeavour’s conditions and credit availability, actual results of current exploration most recent Annual Information Form filed under its profile at activities, unanticipated reclamation expenses; changes in project www.sedar.com for further information respecting the risks affecting parameters as plans continue to be refined; fluctuations in prices of metals Endeavour and its business. including gold; fluctuations in foreign currency exchange rates, increases in Adriaan “ Attie ” Roux, Pr.Sci.Nat , Endeavour’s Chief Operating Officer, is a Qualified Person under NI 43 -101, and has reviewed and approved the technical information in this presentation. CREATING A PREMIER AFRICAN GOLD PRODUCER 1

Endeavour Mining Overview 4 Producing Mines at Low AISC SENEGAL – 2015 production: 517 koz MALI Karma Tabakoto Mine – 2016E production: 575-610 koz GAMBIA Project BURKINA FASO – 2015 AISC: US$922/oz GUINEA- Bamako – 2016E AISC: US$870 - 920/oz Ouagadougou BISSAU – Total Reserves of 6.7 Moz Houndé GUINEA Project – Total M&I resources of 12.8 Moz – Inferred Resources: 4.7 Moz CÔTE SIERRA D’IVOIRE 1 Mine in Ramp-up : Karma LEONE GHANA Ity Mine and First gold pour announced on April 11 th 2016 – CIL Project LIBERIA Agbaou – Production of 110-120koz per annum (years 1 to 5) with Mine Accra Nzema immediate cash flow generation Abidjan Mine True Gold transaction closed on April 26 th 2016 – Operations Office 2 Attractive Projects – Houndé Project construction started in April 2016, first gold pour expected in Q4-2017 – Ity CIL Project feasibility study expected in Q4 2016 See Appendix for details of mineral resources and mineral reserves, stated on a 100% basis. 2 CREATING A PREMIER AFRICAN GOLD PRODUCER

Company Profile Share Price Performance 30 Ticker TSX:EDV 7 000 000 Volume, shares EDV share price, C$ Shares in Issue 93.0 m Fully Diluted 95.4 m 6 000 000 25 Share price C$23.26 Market cap US$1,640m 5 000 000 20 Net Cash US$21m 4 000 000 15 3 000 000 10 2 000 000 5 1 000 000 0 0 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 As of September 14 th 2016 Board Members Current shareholder distribution and geographic mix Michael Beckett Sebastien de Montessus Livia Mahler Retail Chairman, Non-executive Director CEO & President & Director Non-executive Director Institutional 7% 63% Naguib Sawiris Wayne McManus Olivier Colom Non-executive Director Non-executive Director Non-executive Director La Mancha 29% Ian Cockerill Ian Henderson Non-executive Director Non-executive Director Management 1% CREATING A PREMIER AFRICAN GOLD PRODUCER 3

Hands-on Management Model MANAGEMENT FOCUS LEAN EXECUTIVE MANAGEMENT TEAM Sebastien de Montessus – CEO & President & Director • Former CEO of the La Mancha Group (2012-2015) • Former member of the Executive Board & Group Deputy CEO of AREVA Group & CEO of AREVA Mining • Investment banker at Morgan Stanley in London (M&A, ECM) Safety First Adriaan “Attie” Roux – COO • Metallurgical engineer • ~40 years of experience, including 34 years with Anglo American, De Beers & AngloGold • Previously General Manager of Adamus Resources & Senior VP Lean and Cash flow Vincent Benoit – EVP Chief Financial Officer and Corporate Development • Former EVP Strategy & Business Development of La Mancha driven Efficient • Former EVP Merger & Acquisitions, as well as Head of Strategy & Investor Relations, at Orange Operations • Former SVP Investor Relation of Areva Group Patrick Bouisset – EVP Exploration & Growth • Former Executive VP Exploration & New Ventures of La Mancha Hands-On • Former VP Geoscience of AREVA Mining • +20 years at Total – in charge of exploration activities in Africa Management Morgan Carroll – EVP Corporate Finance & General Counsel • Previously practiced law in the finance group at Mayer Brown International LLP in London & New York Jeremy Langford – EVP Construction Services • Managed the construction & delivery of Nzema, and Agbaou • Currently managing Houndé project along with Endeavour’s in -house Construction Services Group CREATING A PREMIER AFRICAN GOLD PRODUCER 4

Internal Growth to Create a Premier African Gold Producer with Low-cost and Long Life Mines Production Profile (100%) and AISC (US$/oz) Strategic Milestones 1 000 $1 200 1 137 +900koz for 2018-2020 900 $1 100 + 900 koz 800 $1 010 ANNUAL PRODUCTION $1 000 700 < 800$/oz 575-610koz $922 600 $900 ALL IN CASH COST 517koz 500 462koz 10+ year $870-920 $800 400 $800 MINE LIFE IN OUR CORE ASSETS 317koz 300 $700 220koz 200 167koz $600 83koz 100 0 $500 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E Youga (Burkina Faso) Tabakoto (Mali) Ity HL (Côte d’Ivoire) Nzema (Ghana) Agbaou (Côte d’Ivoire) Houndé (Burkina Faso) Karma (Burkina Faso) CREATING A PREMIER AFRICAN GOLD PRODUCER 5

Strategic Objective: Create a Premier African Gold Producer with Low-cost and Long Life Mines 4 Strategic Levers 1 2 3 4 OPERATIONAL PROJECT UNLOCK PRO-ACTIVE PORTFOLIO EXCELLENCE DEVELOPMENT EXPLORATION VALUE MANAGEMENT Benchmark of West-African producers AISC, US$/oz 1,100 Gold Fields 1,050 1,000 IAMGOLD Golden Star Teranga 950 Endeavour 2015A Endeavour 900 2016E Perseus AngloGold Ashanti Kinross 850 Nordgold Endeavour 800 2018E Resolute 750 Newcrest Newmont 700 Randgold 650 Semafo Bubble size represents production 600 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Average mine life, years Source: UBS Research, based on 2015A only west-africa production. Mine life excludes expansion and development projects such as Kinross’ Tasiast Phase 2 and Resolutes UG project 6 CREATING A PREMIER AFRICAN GOLD PRODUCER

Executing Our Internal Growth Strategy Increase Overall Quality of our Portfolio AISC, US$/oz Pro-active Portfolio Management Overview $1,100/oz Decreased costs $1,050/oz from >1,300/oz Youga (sold) (40-45koz) $1,000/oz Nzema (90-100koz) Optimization Cut-back Tabakoto + exploration $950/oz (155-175koz) $900/oz Develop CIL project Ity HL Prolong Ity HL (70-80koz) (70-80koz) $850/oz $800/oz $750/oz Ity CIL DFS in progress Houndé Karma (120 - 150koz) (200koz) (Acquired) $700/oz (110-120koz) Agbaou (180-195koz) $650/oz Bubble size represents production 1 2 3 4 5 6 7 8 9 10 11 12 13 Mine life, years Côte d’Ivoire Burkina Faso Ghana Mali 7 7 CREATING A PREMIER AFRICAN GOLD PRODUCER