Endeavour Mining PLC · TSX:EDV
Endeavour Mining — Q3 2026 Earnings Presentation
51 slides from Endeavour Mining's earnings presentation, Nov 12, 2026
Slide 1: Q3-2026 Results Presentation
Q3-2026 RESULTS PRESENTATION 12 November 2026
Slide 2: Disclaimer & Forward-Looking Statements
DISCLAIMER & FORWARD-LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial insurance coverage and other risks of the mining industry; delays in the completion of development measures, including sustaining capital per ounce, non-sustaining capit
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & VP Investor ESG Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q3-2026 & YTD HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q3-2026 & YTD Highlights
01 SECTION 1 Q3-2026 & YTD HIGHLIGHTS
Slide 6: Q3-2026 & YTD Highlights
Q3-2026 & YTD HIGHLIGHTS FY-2026 guidance on track; record financials underpin organic growth Operational Free Cash Flow Balance Sheet Performance Generation Strength YTD-2026 2026 Guidance Free cash flow Net cash (debt) / LTM adjusted EBITDA +50% $1,023m 0.09x Production 820koz 1,090 – 1,265koz $68
Slide 7: Full Year Guidance On Track
FULL YEAR GUIDANCE Guidance on track with Q4-2026 weighted operational performance FY-2026 Guidance GROUP 820koz PRODUCTION YTD-2026 1,090koz 1,265koz ON TRACK $166/oz2 YTD-2026 AISC guidance for $1,700/oz2 $1,866/oz FY-2026 GROUP AISC $1,600/oz FY-2026 Guidance1 $1,800/oz at $3,000/oz YTD-2026 FY-2
Slide 8: Stable Production and Strong Margins
STABLE PRODUCTION AND STRONG MARGINS Usual seasonality impacting Q3, with a strong Q4 expected Production and All-In Sustaining Margin Gold produced (koz) All-In Sustaining Margin, $/oz Realised Gold Price1 867koz 911koz 820koz Q4-2026 792koz weighted production 741koz $2,611/oz $986/oz $936/oz $977
Slide 9: Adjusted EBITDA and EBITDA Margin
ADJUSTED EBITDA AND EBITDA MARGIN Strong operational performance and higher realised gold prices Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA Margin 38% Realised Gold Price1 $2,250m + Adj. EBITDA $1,634m YTD-2026 vs. YTD-2025 61.2% $982m 55.2% 6 $795m $779m 52.1% 48.3% 44.9% + pp Adj. EBITDA marg
Slide 10: Record Free Cash Flow Generation
RECORD FREE CASH FLOW GENERATION Maximising free cash flow from every ounce produced Free Cash Flow and Free Cash Flow per ounce Free Cash Flow FCF/oz produced Realised $1,246/oz Gold Price1 $1,023m Free Cash Flow per ounce YTD-2026 $680m $1,246/oz $362m $746/oz $346/oz $(153)/oz $45m $61/oz + 50% F
Slide 11: Healthy Financial Position
HEALTHY FINANCIAL POSITION Net cash balance sheet position with strong liquidity Evolution of leverage Net debt (cash) / LTM adjusted EBITDA -0.09x ABILITY TO FUND GROWTH AND DELEVERAGING AND INCREASING SECTOR LEADING SHAREHOLDER DELIVER SHAREHOLDER RETURNS SHAREHOLDER RETURNS RETURNS & ORGANIC GROW
Slide 12: Sector-Leading Shareholder Returns
SECTOR-LEADING SHAREHOLDER RETURNS Over $1.9bn returned and double-digit returns growth since Q1-2021 Total dividend Total shareholder returns Supplemental dividend $380m Share buybacks Minimum dividend $350m Supplemental dividends $462m $435m +26% p.a. Minimum dividends +12% p.a. $240m $299m $200m
Slide 13: 2026-2028 Shareholder Returns Programme
2026-2028 SHAREHOLDER RETURNS PROGRAMME ~$ $1bn minimum commitment with supplemental returns at prevailing gold price minimum commitment over Shareholder returns programme 1bn FY-2026 to FY-2028 Share buybacks Minimum dividends Supplemental dividends Supplemental returns $435m ~$ bn minimum commitme
Slide 14: Organically Growing Production
ORGANICALLY GROWING PRODUCTION +27% organic growth to 1.5Moz with further exploration upside 3 STRATEGIC PARTNERS NEAR-TERM UPSIDE +1.5MOZ Two large, near-mine discoveries NEW VENTURES ORGANIC GROWTH TO 1.5MOZ EXPLORATION Two high-return development KAWSARA projects Sabodala-Massawa Expand and VINDA
Slide 15: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE Final investment decision approved, targeting first gold within 7 years of discovery INSIGHTS Assafou processing plant render › FID approved and project development launched. › Mining convention agreed in principle with signing expected in the coming weeks. › Upfront c
Slide 16: Assafou Project: Top Tier Project
ASSAFOU PROJECT, CÔTE D’IVOIRE Top tier project with a scalable process plant and significant exploration upside ASSAFOU PROJECT METRICS1 APPROVED OPEN-PIT GOLD PROJECTS (2024-2026)3 Average annual production Bubble size indicates over LOM (kozpa) average reserve grade 320koz +16 year 300 West Afric
Slide 17: Sabodala-Massawa Underground, Senegal
SABODALA-MASSAWA UNDERGROUND, SENEGAL Underground expansion underpins production growth to ~350koz INSIGHTS Underground portal at Sabodala-Massawa › Underground Expansion targeting the high grade Golouma and Kerekounda underground deposits is expected to supplement CIL production. › During H2-2026,
Slide 18: Unlocking Exploration Value
UNLOCKING EXPLORATION VALUE Multi-million ounce resource updates at Kawsara and Vindaloo Deeps in Q4-2026 FY-2026 Exploration Guidance1 VINDALOO DEEPS - HOUNDÉ KAWSARA - SABODALA-MASSAWA Sabodala-Massawa $25m › Vindaloo Deeps: Thick, high-grade › 10km mineralised trend located ~35km Hounde undergrou
Slide 19: Launching ESG 2030
LAUNCHING ESG 2030 Building on our commitment to create meaningful value for all stakeholders Phase 2 ESG 2026-2030 Strategy › 5 strategic pillars underpinned by 10 priorities, including Championing our People prioritizing a safe, inclusive and enabling workplace. › Aligned with UN SDGs and host cou
Slide 20: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 21: Financial Highlights
FINANCIAL HIGHLIGHTS Solid operational performance despite Q3 seasonality and lower gold prices THREE MONTHS ENDED 30 Sep 30 Jun 30 Sep Q3-2026 vs. (in $ million unless otherwise stated) 2026 2026 2025 Q2-2026 OPERATIONAL HIGHLIGHTS Gold Production, koz Gold Sold, koz Total Cash Cost1, $/oz All-in S
Slide 22: On Track to Achieve Full Year Guidance
ON TRACK TO ACHIEVE FULL YEAR GUIDANCE Seasonally softer Q3-2026, with a strong Q4-2026 expected Production and All-In Sustaining Margin Gold produced (koz) All-In Sustaining Margin, $/oz 298koz 256koz Realised Gold Price1 283koz 282koz 264koz 256koz Production Q3-2026 $2,976/oz $2,441/oz $2,401/oz
Slide 23: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Capturing higher margins at higher gold prices Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA Adjusted EBITDA Margin 639m Realised Gold Price1 $880m $732m $ $681m Adj. EBITDA $639m Q3-2026 $466m 58% 65% 60% 58% 51% 53% Adj. EBITDA margin Q3-2026
Slide 24: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Improved sequential operating cash flow driven by lower cash taxes INSIGHTS Operating Cash Flow Bridge 4 5 1. The realised gold price decreased by $90/oz from $4,348/oz in Q2-2026 to $4,258/oz in Q3-2026. 2. Gold sold decreased by 20koz to 259koz in Q3- ($107m) 2026. $407m
Slide 25: Record Free Cash Flow
FREE CASH FLOW Record YTD-2026 free cash flow with usual seasonality impacting Q3-2026 Free Cash Flow1 Operating cashflow Free Cash Flow Cash used in investing activities $737m $609m $613m + 76% Free Cash Flow $407m Q3-2026 vs. Q2-2026 $476m $309m $317m $261m $166m $149m RECORD Free Cash Flow YTD-20
Slide 26: Change in Net Debt
CHANGE IN NET DEBT Healthy and stable net cash balance sheet ahead of next organic growth phase INSIGHTS Change in net cash (debt) 1. Operating cash flow included $461m in 1 2 operating cash flow before changes in working capital, and a $54m working capital outflow. ($146m) 2. Investing activities i
Slide 27: Net Earnings
NET EARNINGS Adjusted net earnings impacted by lower production and realised gold prices INSIGHTS 3 MONTHS ENDED 30 Sep 30 Jun 1. Current income tax expense decreased by $180m in (in $ million) A = Adjustments made for Adjusted Net Earnings Q3, driven by lower taxable profits and lower 2026 2026 wit
Slide 28: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 29: Safety Performance
SAFETY PERFORMANCE Initiatives to reinforce safety culture, behaviours and processes TRIFR and hours worked Independent review of Hours Worked (millions, 12 month trailing basis) TRIFR (12 month trailing basis)1 operational risk and safety 41.9m 41.6m 41.7m 41.6m culture across all sites 39.4m 0.96
Slide 30: YTD-2026 Performance vs Guidance
YTD-2026 PERFORMANCE VS GUIDANCE Group on track to achieve full-year guidance OUTLOOK YTD-2026 Production vs Guidance OUTLOOK YTD-2026 Royalty Adj. AISC2 vs Guidance ON ON $1,800/oz $2,000/oz Houndé YTD TRACK TRACK YTD 151koz 220 - 255koz $1,860/oz2 ON ON $1,300/oz $1,500/oz Ity YTD YTD TRACK TRACK
Slide 31: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Stronger production expected in Q4-2026 as phased stripping concludes Q3-2026 vs Q2-2026 INSIGHTS Production and AISC › Production decreased due to lower tonnes milled and lower Production, koz AISC, US$/oz average grades. › AISC decreased driven by decreased sustaining cap
Slide 32: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Higher grade ores expected in Q4 from the Walter and Le Plaqué pits Q3-2026 vs Q2-2026 INSIGHTS Production and AISC › Production decreased due to lower grades processed, partially Production, koz AISC, US$/oz offset by higher mill throughput. › AISC decreased primarily due to
Slide 33: Mana Mine, Burkina Faso
MANA MINE, BURKINA FASO Production expected below low-end of guidance range Q3-2026 vs Q2-2026 INSIGHTS Production and AISC › Production decreased due to lower tonnes milled, driven by the Production, koz AISC, US$/oz temporary pause in mining activities at the Aviera portal. This was partially offs
Slide 34: Mana Mine: Geotechnical Review Underway
MANA MINE, BURKINA FASO Geotechnical review underway, stabilisation and remediation in Q4-2026 WHAT HAPPENED Wona geology map › On 28 October, the access ramp leading to the depleted Wona open pit partially subsided, restricting access to two of the KONA PIT GRAPHITIC three (Dangouna and Aviera) und
Slide 35: Mana Mine: Open Pit Start Up Ahead of Underground Ramp Up
MANA MINE, BURKINA FASO Open pit mining start up ahead of underground mining ramp up UNDERGROUND MINING Wona, Dangouna and Aviera underground mine portals › Wona portal: Stabilisation activities in the Wona portal are expected ACCESSIBLE RESTRICTED ACCESS to restart in Q4-2026, initially focused on
Slide 36: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL Stronger performance at both CIL and BIOX expected in Q4-2026 Q3-2026 vs Q2-2026 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades milled 78koz › AISC decreased due to a decrease in sustaining capital and 61koz 67k
Slide 37: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Full-year production expected near the top-end of guidance Q3-2026 vs Q2-2026 INSIGHTS Production and AISC › Production decreased slightly due to a decrease in average Production, koz AISC, US$/oz grades, partially offset by an increase in throughput. › AISC increased sli
Slide 38: Lafigué Mine: Solar Plant
LAFIGUÉ MINE, CÔTE D’IVOIRE Solar plant to reduce emissions, power costs and increase supply security INSIGHTS Lafigué power generation › 16MWp photovoltaic (“PV”) solar facility at CURRENT PLANT SOLARPROJECT SOLAR PROJECT the Lafigué mine, under a Deferred 27% Purchase Sale Agreement (“DPSA”) with
Slide 39: Conclusion
04 SECTION 4 CONCLUSION
Slide 40: Why Endeavour?
WHY ENDEAVOUR? Focused on maximising free cash flow to support sector leading returns INVESTMENT PROPOSITION KEY UPCOMING CATALYSTS Strong Track Record of Delivery Launch of Lafigué Solar Q4-2026 Optimisation project Top 10 Producer at Low Cost Vindaloo Deeps Q4-2026 Exploration maiden resource Heal
Slide 41: Benchmarking Cash Flow, Growth, and Returns
BENCHMARKING CASH FLOW, GROWTH, AND RETURNS Sector-leading shareholder returns and growth, at a compelling valuation 15% 12.3% 10% Sector-Leading FCF Yield1 5% Cash Generation (FY-2026E) 0% -5% IAMGOLD Endeavour Oceana Gold Kinross AngloGold SSR Newmont Lundin Barrick B2Gold Agnico Alamos Centerra E
Slide 42: Appendix
05 SECTION 5 APPENDIX
Slide 43: Our Cost Base
OUR COST BASE Asset optimisations and organic growth underpin resilient cost base INTERNAL FACTORS IMPACTING AISC EXTERNAL FACTORS IMPACTING AISC ROYALTIES Government royalty rates currently vary CONTRACTORS between 5 - 11% by country and are Large, multi-year contracts in place, ~29% ~23% dependent
Slide 44: Assafou Project: Satellite Targets
ASSAFOU PROJECT, CÔTE D’IVOIRE Satellite targets support incremental resource growth INSIGHTS Map of Assafou deposit and satellite targets › An exploration programme of $10.0 million was initially planned for FY-2026, of which $3.6 million has been spent in YTD-2026 and $1.3 million was spent in Q3-
Slide 45: Mine Statistics: Quarterly
MINE STATISTICS On a quarterly basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q3-2026 Q2-2026 Q3-2025 Q3-2026 Q2-2026 Q3-2025 Q3-2026 Q2-2026 Q3-2025 Q3-2026 Q2-2026 Q3-2025 Q3-2026 Q2-2026 Q3-2025 Physicals Total tonnes mined – OP1 000t 11,280 12,704 12,718 7,607 9,423 7,949 — — —
Slide 46: Mine Statistics: Year-to-Date
MINE STATISTICS On a year-to-date basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) YTD-2026 YTD-2025 YTD-2026 YTD-2025 YTD-2026 YTD-2025 YTD-2026 YTD-2025 YTD-2026 YTD-2025 Physicals Total tonnes mined – OP1 000t 37,567 37,542 25,893 24,167 — — 25,678 26,572 42,588 40,989 Total ore t
Slide 47: Tax Payments by Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED NINE MONTHS ENDED 30 September 30 June 30 September 30 September 30 September 2026 2026 2025 2026 2025 All amounts in US$ million Houndé 19.4 51.4 15.5 86.3 56.0 Ity 56.3 116.5 39.1 172.8 115.8 Mana 9.0 27.7 2.6 40.0 5.5 Sabodala-Massawa 0.0 126.5 0.0 139.0 3
Slide 48: Tax Payments
TAX PAYMENTS Majority of FY-2026 cash tax payments already paid Group tax payments by year Minesite Tax Withholding Tax INSIGHTS › Income tax payments reflect the prior year’s taxable FY-2024 $17m $296m FY-2025 $23m $362m earnings, while withholding tax payments reflect cash $65m $67m upstreaming in
Slide 49: FY-2026 Guidance
FY-2026 GUIDANCE Capital Expenditure Guidance FY-2026 PREVIOUS FY-2026 UPDATED YTD-2026 (All amounts in US$m) GUIDANCE GUIDANCE Houndé 49 90 60 Production Guidance Ity 20 40 40 Mana 46 60 60 (All amounts in koz, on a YTD-2026 FY-2026 GUIDANCE Sabodala-Massawa 36 50 50 100% basis) Lafigué 41 40 45 Ho
Slide 50: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement Severe B- AA AA AA AA AA C+ A C Medium Low Low BBB C- C- 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026 B B 58 B- 54 53 C C C 49 45 D- 39 2019
Slide 51: Contact Details
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US [email protected] Follow us: TSX.EDV endeavourmining.com LSE.EDV