Investor Presentation - Endeavour Mining

GOLD PRODUCER WEST AFRICA CASH FLOW

Endeavour Management Presentation

June 2014

Disclaimer & Forward Looking Statements

GOLD PRODUCER WEST AFRICA CASH FLOW 2

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 relatedto 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.


Endeavour in West Africa

• West African gold producer with four operating mines producing between 400,000 and 440,000 oz in 2014

• Potential to add ~180,000 oz/yr by advancing Houndé project in Burkina Faso – now in permitting

• Reserves of 4 million ounces and Measured and Indicated Resources over 6 million ounces

• Workforce of over 3,500 in four countries

• Focused on developing our local workforce and contributing to the communities we operate in

• Strong commitment to Safety, Health and the Environment

Endeavour has expertise in exploration, project development, construction and operations


West African Projects

• Multiple operations, both open-pit and underground

• Accra-based operations management with:– COO and senior operations team– Group exploration– CSR, HSE and HR– Purchasing and group inventory


Company Profile

Capitalization Summary (May 31, 2014)

Shares in Issue 413,143,668

Options 24,977,544

Fully Diluted 438,121,212

Share Price (June 23, 2014)

Recent Share PriceCDN$0.85AUD$0.80

Market Cap CDN$351 million

Av. daily shares traded for May Canada TSE:EDVAustralia ASX:EVR

1.3 million0.1 million

Shareholder Base

Institutions 60-65%

Retail 25-35%

Insiders/Management 3%


Growth Track Record - All in West Africa

2009 2010 2011 2012 2013 2014e

Focus Selecting targets Growth through acquisitions Optimization and

building AgbaouReady for new opportunities

ProductionGrowth (ozs) 0 82,000 180,000 310,000 324,000 >400,000

2009 2010 2011 2012 2013 2014

Agbaou

Tabakoto

Nzema

Youga


Côte d’Ivoire – Agbaou Mine

• Agbaou ownership is 85% Endeavour, 10% government of Côte d’Ivoire, 5% SODEMI

• Acquired through takeover of Etruscan Resources in 2010

• Located 200 km from the port city of Abidjan

• Construction started August, 2012

• First gold pour was November 29, 2013

• Completed ahead of schedule and under budget

• Invested $150 million in mine construction

• Fourth gold mine in Côte d’Ivoire (others are Tongon, Bonikro, Ity)

AgbaouAbidjan

http://www.ginkgomaps.com/maps_cote_d_ivoire.html


Agbaou Mine – Strong Performer

• Quick and successful ramp up in late 2013

• Started full commercial production January, 2014

• Performing above plan:

– Higher than planned processed grades (approx. 5% above plan)

– Mill throughput averaged 5,400 tpd over the two month period, above design capacity

– Good recoveries (97% during Q1; forecast 93% long-term)

• Average annual production of 100,000 ozs

• Strong cash flow generator due to:

– Access to low cost grid power ($0.085/kWh)

– Free dig ore in first few years

• Demonstrating strong, sustained performance:

− Produced 24,086 oz in Q1Mining on North Pit of Agbaou

Truck Fleet at Agbaou

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Agbaou Employment

• 555 Personnel On-site; including 340 contractors

• 94% of Work force is Ivorian

• Creation of indirect jobs – estimated at 10+ indirect jobs per direct job

• Training in safety, machine and equipment operating, maintenance and administration

• Excellent safety record


Note: These statistics reflect current employment levels and will change over time


Ghana – Nzema Mine

• Endeavour’s operation centre is based in Accra and services the region

• Nzema mine ownership is 90% Endeavour, 10% government of Ghana

• Nzema was acquired during takeover of Adamus Resources in 2011

• Located 280 km from Accra, and 70 km from Takoradi

Nzema

Accra

http://www.ginkgomaps.com/maps_ghana.html


Nzema Mine

• Mine was started in April 2011

• Average annual production of over 100,000 ozs

• Demonstrating strong, sustained performance:

• Produced 28,847 oz in Q1

• Workforce: 682, including 455 contractors; only 3 expats

Nzema Process Plant

Adamus Pit at Nzema


Mali – Tabakoto Mine

• Tabakoto ownership is 80% Endeavour, 20% government in Mali

• Located 360 km west of Bamako; within 17 km of the Senegal border

• Tabakoto acquired through takeover of Avion Gold

• Endeavour’s investments include:

– Expanded plant capacity to 4,000 tpd

– Changed to owner mining in Tabakoto underground

– Developing Segala underground mine

– Kofi permitted and contributes to Tabakoto production schedule

Tabakoto

http://www.ginkgomaps.com/maps_mali.html


Tabakoto Mine Complex

• Endeavour continues to invest in mine development at Tabakoto and Segala underground mines

• Transition to owner mining at Tabakoto is progressing well:

– Owner mining commenced effective April 1st

– All underground activities now being completed by Endeavour employees

– Retained over 300 employees from the contractor for high level of workforce continuity, and focus on training Malian workforce

• Workforce of 1896; including 558 contractors

Tabakoto Underground MineLongitudinal Section Facing North East

• Production is transitioning from:H2 2014

o Tabakoto Undergroundo Segala Undergroundo Djambaye II Open Pit

2015o Tabakoto Undergroundo Segala Undergroundo Kofi C Open Pit

Q2 2014o Tabakoto Undergroundo Djambaye II Open Pito Stockpiles

Segala Mine

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• Segala underground mine now contributing to Tabakoto mill feed

• At June 18, 2014:

– Decline face at 203 metres below surface

– 1,291 metres in the decline

– 3,751 metres of lateral development on four levels to provide access to the ore body

– Levels access every 20 metres vertically

• Main ore body is 20 metres wide on average

• Long hole transverse method with Cemented Rock Fill (CRF) will be used to mine Segala


Segala 2014 Development Plan


Kofi Mine Permit Received

• Mining permit area includes 8 known deposits that so far comprise resources of Indicated 0.6 million ozs plus Inferred 0.6 million ozs

• Kofi C deposit reserves have already been added to the Tabakoto production schedule starting in 2015

– 2P Reserve1 of 1.55 million tonnes at 4.3 g/t containing 213,000 ozs

– 38 km haulage to Tabakoto plant

• Work continues on conversion of resources to reserves for the other Kofi deposits along the haul route

• Excellent exploration potential on Tabakoto property and on the Kofi Property, especially on continuation of the Loulo trend

Kofi Property

1 See Appendix for details on Tabakoto-Kofi Resources and Reserves


Burkina Faso – Youga Mine and Houndé Project

• Youga mine ownership is 90% Endeavour, 10% government of Burkina Faso

• Acquired through takeover of Etruscan in 2010

• Located 200 km from Ouagadougou - 3 hours drive

• Also have the Hounde Project; acquired in 2012 and is now in permitting

Youga

http://www.ginkgomaps.com/maps_burkina_faso.html

Houndé

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Youga Mine


• Operations commenced in March 2008 and 461Kozs have been produced to end of 2013

• Produced 19,867 in Q1

• Low sustaining capital requirements

• Good cash flow generator

• Workforce of 715 including 339 contractors; with 22 expats


Houndé Project – In Permitting

• Feasibility study completed in 2013

– 2P Reserve1 of 25 million tonnes at 1.95 g/t containing 1.55 million ozs

– 3.0 Mtpa SAG/Ball mill and Gravity/CIL

– 180,000 ozs per year over 8 years

– AISC/oz of less than $800/oz

– Upfront capital of $315M including owner mining fleet

– IRR 22.4% at $1,300/oz (post tax)

• Submitted for permitting in Nov 2013

– Public consultation meetings completed

• Projects Team is now reviewing and optimizing based on recent Agbaou construction experience

Houndé FS General Site Layout

Mine, Waste Dumps, and Plant Location

1 See Appendix for details on Houndé Reserves


Houndé Project – Exploration Potential

Houndé Property Targets and Trends

• Exploration Team developed a work program based on prior drilling which could enhance the resource base

• Mineralized areas are highlighted by

– Gold in soil geochemistry

– Geophysical signatures

– Structural trends

• Known targets include

– Parallel trends close to the Vindaloo deposits

– Douhoun, Grand Espoir, Bouéré and Kari Pomp to the northwest

– Kopoi to the northeast

– Vindaloo Far South, Soukou and Kari Sud zones to the south

2014: focus on effectively managing our 4 mines

• Achieve production and cost guidance

• Remain focused on safety and respect for the environment

• Continue to develop our local workforce and contribute to the communities in which we operate

• Preparing to build Houndé Project

Endeavour is an excellent value proposition for investors

20GOLD PRODUCER WEST AFRICA CASH FLOW

Summary


Neil WoodyerCEO

[email protected]+377 97 98 7161

SVP Business Development


Richard ThomasEVP Technical Services


Doug Reddy


Tabakoto Gold Mine, Mali

Tabakoto Gold Mine (80% Endeavour, 20% Mali)Kofi (84.4% Endeavour, 5.6% third-party, 10% Mali)

Resources (incl. of Reserves, 100%)

M&I: 17.2Mt @ 3.0 g/t for 1.679Mozs (~52% U/G @ 4.7 g/t)Inferred: 19.0Mt @ 2.6 g/t for 1.603Mozs (~59% U/G @ 4.6 g/t)

Reserves (100%)6.9Mt @ 3.6 g/t for 0.794Mozs (~60% U/G @ 4.1 g/t)

Processing Rate 1.4 Mtpa Gravity/CIL Plan

Mining TypeTabakoto (UG), Segala (UG) & Djambaye II Open Pit Mine

Met. Recovery 92% - 95%

Production

2012 – 110,301 ozs2013 – 125,231 ozs2014 Q1 – 33,472 ozs2014e – 140,000 to 155,000 ozs

Cash Costs ($/oz)2013 - $9722014 Q1 - $1,1572014e - $790 to $840

Royalty 6%

Corporate Tax 30%


Agbaou Gold Mine, Côte d’Ivoire

Agbaou Gold Mine (85% Endeavour, 10% Côte d’Ivoire, 5% SODEMI)

Resources(incl. of Reserves, 100%)

M&I: 15.0Mt @ 2.3 g/t for 1.100MozInferred: 2.2Mt @ 2.3 g/t for 0.165Moz

Reserves (100%) 11.4Mt @ 2.4 g/t for 0.880Moz

Strip Ratio 7.9 to 1

Processing Rate Up to 1.6 Mtpa Gravity/CIL plant

Met. Recovery 92.5%

Mining Type Open Pit – Contractor Mining (BCM)

Production2013 – 6,132 ozs (during commissioning)2014 Q1 – 24,086 ozs2014e – 85,000 to 95,000 ozs

Cash Costs ($/oz)2014 Q1 – $5942014e – $730 to $780

Expected Mine Life 8 years from current Reserves

Royalty 3% - 5% sliding scale

Corporate Tax 25% with 5 year corporate tax holiday


Nzema Gold Mine, Ghana

Nzema Gold Mine (90% Endeavour, 10% Ghana)

Resources(incl. of Reserves, 100%)

M&I: 38.4Mt @ 1.4 g/t for 1.693MozInferred: 7.7Mt @ 1.3 g/t for 0.313Moz

Reserves (100%) 9.9Mt @ 2.1 g/t for 0.602Moz

Strip Ratio 3 to 1 (2013)

Processing Rate 1.6 to 2.1Mtpa Gravity/CIL plant

Met. Recovery 91% to 75% depending on ore type

Production


Cash Costs ($/oz)2013 - $9172014 Q1 - $8902014e – $780 to $830

Expected Mine Life 6 years from current Reserves

Royalty 5% (+1% third-party at Adamus pits)

Corporate Tax 35%


Youga Gold Mine, Burkina Faso

Youga Gold Mine (90% Endeavour; 10% Burkina Faso)

Resources (incl. of Reserves, 100%)

Youga & OuaréM&I: 15.5Mt @ 1.6g/t for 0.805MozInferred: 2.2Mt @ 1.4g/t for 0.099Moz

Reserves (100%) 4.0Mt @ 2.0g/t for 0.265Moz

Strip Ratio 4.3 to 1 (2013)

Processing Rate 1.0Mtpa Gravity/CIL plant

Met. Recovery 94%

Production


Cash Costs ($/oz)2013 - $7302014 Q1 - $6802014e – $790 to $840

Expected Mine Life2 years at current grade (with potential for 5+ years with satellite deposits and Ouaré)

Royalty 3% - 5% sliding scale

Corporate Tax 17.5%

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