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-look...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 3
Endeavour in West Africa
• West African gold producer with four operating mines
...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 4
West African Projects
• Multiple operations, both open-pit and underground
• Acc...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 5
Company Profile
Capitalization Summary (May 31, 2014)
Shares in Issue 413,143,66...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 6
Growth Track Record - All in West Africa
2009 2010 2011 2012 2013 2014e
Focus
Se...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 7
Côte d’Ivoire – Agbaou Mine
• Agbaou ownership is 85% Endeavour, 10%
government ...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 8
Agbaou Mine – Strong Performer
• Quick and successful ramp up in late 2013
• Sta...
Agbaou Employment
• 555 Personnel On-site; including 340 contractors
• 94% of Work force is Ivorian
• Creation of indirect...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 10
Ghana – Nzema Mine
• Endeavour’s operation centre is based
in Accra and service...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 11
Nzema Mine
• Mine was started in April 2011
• Average annual production of over...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 12
Mali – Tabakoto Mine
• Tabakoto ownership is 80% Endeavour,
20% government in M...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 13
Tabakoto Mine Complex
• Endeavour continues to invest in mine
development at Ta...
Segala Mine
14
• Segala underground mine now
contributing to Tabakoto mill feed
• At June 18, 2014:
– Decline face at 203 ...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 15
Kofi Mine Permit Received
• Mining permit area includes 8 known
deposits that s...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 16
Burkina Faso – Youga Mine and Houndé Project
• Youga mine ownership is 90%
Ende...
Youga Mine
GOLD PRODUCER  WEST AFRICA  CASH FLOW 17
• Operations commenced in March 2008 and
461Kozs have been produced ...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 18
Houndé Project – In Permitting
• Feasibility study completed in 2013
– 2P Reser...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 19
Houndé Project – Exploration Potential
Houndé Property Targets and Trends
• Exp...
2014: focus on effectively managing our 4 mines
• Achieve production and cost guidance
• Remain focused on safety and resp...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 21
Neil Woodyer
CEO
nwoodyer@endeavourmining.com
+377 97 98 7161
SVP Business Deve...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 22
Tabakoto Gold Mine, Mali
Tabakoto Gold Mine (80% Endeavour, 20% Mali)
Kofi (84....
GOLD PRODUCER  WEST AFRICA  CASH FLOW 23
Agbaou Gold Mine, Côte d’Ivoire
Agbaou Gold Mine (85% Endeavour, 10% Côte d’Ivo...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 24
Nzema Gold Mine, Ghana
Nzema Gold Mine (90% Endeavour, 10% Ghana)
Resources
(in...
GOLD PRODUCER  WEST AFRICA  CASH FLOW 25
Youga Gold Mine, Burkina Faso
Youga Gold Mine (90% Endeavour; 10% Burkina Faso)...
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Investor Presentation - Endeavour Mining

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Investor Presentation - Endeavour Mining
Speaker: Neil Woodyer, CEO, Endeavour Mining

Mining On Top: Africa - London Summit
24-26 June 2014 | London

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Investor Presentation - Endeavour Mining

  1. 1. GOLD PRODUCER  WEST AFRICA  CASH FLOW Endeavour Management Presentation June 2014
  2. 2. 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 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.
  3. 3. GOLD PRODUCER  WEST AFRICA  CASH FLOW 3 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
  4. 4. GOLD PRODUCER  WEST AFRICA  CASH FLOW 4 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
  5. 5. GOLD PRODUCER  WEST AFRICA  CASH FLOW 5 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 Price CDN$0.85 AUD$0.80 Market Cap CDN$351 million Av. daily shares traded for May Canada TSE:EDV Australia ASX:EVR 1.3 million 0.1 million Shareholder Base Institutions 60-65% Retail 25-35% Insiders/Management 3%
  6. 6. GOLD PRODUCER  WEST AFRICA  CASH FLOW 6 Growth Track Record - All in West Africa 2009 2010 2011 2012 2013 2014e Focus Selecting targets Growth through acquisitions Optimization and building Agbaou Ready for new opportunities Production Growth (ozs) 0 82,000 180,000 310,000 324,000 >400,000 2009 2010 2011 2012 2013 2014 Agbaou Tabakoto Nzema Youga
  7. 7. GOLD PRODUCER  WEST AFRICA  CASH FLOW 7 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) Agbaou Abidjan http://www.ginkgomaps.com/maps_cote_d_ivoire.html
  8. 8. GOLD PRODUCER  WEST AFRICA  CASH FLOW 8 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 Q1 Mining on North Pit of Agbaou Truck Fleet at Agbaou
  9. 9. 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 GOLD PRODUCER  WEST AFRICA  CASH FLOW 9 Note: These statistics reflect current employment levels and will change over time
  10. 10. GOLD PRODUCER  WEST AFRICA  CASH FLOW 10 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
  11. 11. GOLD PRODUCER  WEST AFRICA  CASH FLOW 11 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
  12. 12. GOLD PRODUCER  WEST AFRICA  CASH FLOW 12 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
  13. 13. GOLD PRODUCER  WEST AFRICA  CASH FLOW 13 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 Mine Longitudinal Section Facing North East • Production is transitioning from: H2 2014 o Tabakoto Underground o Segala Underground o Djambaye II Open Pit 2015 o Tabakoto Underground o Segala Underground o Kofi C Open Pit Q2 2014 o Tabakoto Underground o Djambaye II Open Pit o Stockpiles
  14. 14. Segala Mine 14 • 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 GOLD PRODUCER  WEST AFRICA  CASH FLOW Segala 2014 Development Plan
  15. 15. GOLD PRODUCER  WEST AFRICA  CASH FLOW 15 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
  16. 16. GOLD PRODUCER  WEST AFRICA  CASH FLOW 16 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
  17. 17. Youga Mine GOLD PRODUCER  WEST AFRICA  CASH FLOW 17 • 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
  18. 18. GOLD PRODUCER  WEST AFRICA  CASH FLOW 18 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
  19. 19. GOLD PRODUCER  WEST AFRICA  CASH FLOW 19 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
  20. 20. 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
  21. 21. GOLD PRODUCER  WEST AFRICA  CASH FLOW 21 Neil Woodyer CEO nwoodyer@endeavourmining.com +377 97 98 7161 SVP Business Development dreddy@endeavourmining.com +1 604 609 6114 Richard Thomas EVP Technical Services rthomas@edv-ops.com +377 97 98 7160 Doug Reddy
  22. 22. GOLD PRODUCER  WEST AFRICA  CASH FLOW 22 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 Type Tabakoto (UG), Segala (UG) & Djambaye II Open Pit Mine Met. Recovery 92% - 95% Production 2012 – 110,301 ozs 2013 – 125,231 ozs 2014 Q1 – 33,472 ozs 2014e – 140,000 to 155,000 ozs Cash Costs ($/oz) 2013 - $972 2014 Q1 - $1,157 2014e - $790 to $840 Royalty 6% Corporate Tax 30%
  23. 23. GOLD PRODUCER  WEST AFRICA  CASH FLOW 23 Agbaou Gold Mine, Côte d’Ivoire Agbaou Gold Mine (85% Endeavour, 10% Côte d’Ivoire, 5% SODEMI) Resources (incl. of Reserves, 100%) M&I: 15.0Mt @ 2.3 g/t for 1.100Moz Inferred: 2.2Mt @ 2.3 g/t for 0.165Moz Reserves (100%) 11.4Mt @ 2.4 g/t for 0.880Moz Strip Ratio 7.9 to 1 Processing Rate Up to 1.6 Mtpa Gravity/CIL plant Met. Recovery 92.5% Mining Type Open Pit – Contractor Mining (BCM) Production 2013 – 6,132 ozs (during commissioning) 2014 Q1 – 24,086 ozs 2014e – 85,000 to 95,000 ozs Cash Costs ($/oz) 2014 Q1 – $594 2014e – $730 to $780 Expected Mine Life 8 years from current Reserves Royalty 3% - 5% sliding scale Corporate Tax 25% with 5 year corporate tax holiday
  24. 24. GOLD PRODUCER  WEST AFRICA  CASH FLOW 24 Nzema Gold Mine, Ghana Nzema Gold Mine (90% Endeavour, 10% Ghana) Resources (incl. of Reserves, 100%) M&I: 38.4Mt @ 1.4 g/t for 1.693Moz Inferred: 7.7Mt @ 1.3 g/t for 0.313Moz Reserves (100%) 9.9Mt @ 2.1 g/t for 0.602Moz Strip Ratio 3 to 1 (2013) Processing Rate 1.6 to 2.1Mtpa Gravity/CIL plant Met. Recovery 91% to 75% depending on ore type Production 2012 – 109,447 ozs 2013 – 103,464 ozs 2014 Q1 – 28,487 ozs 2014e – 110,000 to 120,000 ozs Cash Costs ($/oz) 2013 - $917 2014 Q1 - $890 2014e – $780 to $830 Expected Mine Life 6 years from current Reserves Royalty 5% (+1% third-party at Adamus pits) Corporate Tax 35%
  25. 25. GOLD PRODUCER  WEST AFRICA  CASH FLOW 25 Youga Gold Mine, Burkina Faso Youga Gold Mine (90% Endeavour; 10% Burkina Faso) Resources (incl. of Reserves, 100%) Youga & Ouaré M&I: 15.5Mt @ 1.6g/t for 0.805Moz Inferred: 2.2Mt @ 1.4g/t for 0.099Moz Reserves (100%) 4.0Mt @ 2.0g/t for 0.265Moz Strip Ratio 4.3 to 1 (2013) Processing Rate 1.0Mtpa Gravity/CIL plant Met. Recovery 94% Production 2012 – 91,030 ozs 2013 – 89,448 ozs 2014 Q1 – 19,867 ozs 2014e – 65,000 to 70,000 ozs Cash Costs ($/oz) 2013 - $730 2014 Q1 - $680 2014e – $790 to $840 Expected Mine Life 2 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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