Endeavour Mining : MDA Management Report Q1 2024

Delivering sustainable value

Endeavour Mining plc

Management Report

For the three months ended 31 March 2024 and 2023

Expressed in Millions of United States Dollars

Q1 Q2 Q3 Q4

This Management Report should be read in conjunction with Endeavour Mining plc's ("Endeavour", the "Company", or the "Group") condensed interim consolidated financial statements for the three months ended 31 March 2024 and 2023 and Endeavour Mining plc's audited consolidated financial statements for the years ended 31 December 2023 and 2022 and notes thereto. The condensed interim consolidated financial statements has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") or ("GAAP"), and are in compliance with the requirements of the Companies Act 2006. Endeavour Mining plc's audited consolidated financial statements for the years ended 31 December 2023 and 2022 and notes thereto has been prepared in accordance with IFRS. This Management Report is prepared as an equivalence to the Company's Management Discussions & Analysis ("MD&A") which is the Canadian filing requirement in accordance with National Instrument 51-102, Continuous Disclosure Obligations ("NI 51-102"), and includes all of the disclosures as required by NI 51-102.

2

This Management Report contains "forward-looking statements" that are subject to risk factors set out in a cautionary note contained herein. The reader is cautioned not to place undue reliance on forward-looking statements. All figures are in United States Dollars, unless otherwise indicated. Tabular amounts are in millions of United States Dollars, except per share amounts and where otherwise indicated. This Management Report has been prepared as of 1 May 2024. Additional information relating to the Company is available on the Company's website at www.endeavourmining.comand the Company's Annual Information Form (available on SEDAR at www.sedar.com).

1. BUSINESS OVERVIEW

1.1. OPERATIONS DESCRIPTION

Endeavour is a multi-asset gold producer focused in West Africa and dual-listed on the Toronto Stock Exchange ("TSX") and the London Stock Exchange ("LSE") under the symbol EDV on both exchanges and is quoted in the United States on the OTCQX International (symbol: EDVMF). The Company currently has four operating assets consisting of the Houndé and Mana mines in Burkina Faso, the Ity mine in Côte d'Ivoire, and the Sabodala-Massawa mine in Senegal, two greenfield development projects (Lafigué and Kalana) in Côte d'Ivoire and Mali and a strong portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Côte d'Ivoire, Mali, Senegal, and Guinea. The Company launched the construction of the Lafigué mine during Q4-2022 and first gold production is scheduled for Q2-2024, while it is also in the process of expanding the Sabodala-Massawa mine with the addition of the new BIOX® processing facility which achieved first gold on 18 April 2024. As part of the Company's portfolio optimisation strategy, the Company completed the sale of its 90% interests in the Boungou and Wahgnion mines in Burkina Faso on 30 June 2023.

As a leading global gold producer and the largest in West Africa, Endeavour is committed to principles of responsible mining and delivering sustainable value to its employees, stakeholders, and the communities where it operates.

Figure 1: Endeavour's Properties in West Africa as at 1 May 2024

3

2. HIGHLIGHTS FOR THE THREE MONTHS ENDED 31 MARCH 2024

• Realised gold price is inclusive of the Sabodala-Massawa stream and realised gains/losses from the Group's revenue protection programme. Please refer to non- GAAP measures for the calculation of the realised gold price for all periods presented.
  2 This is a non-GAAP measure. Refer to the non-GAAP measure section of this Management Report.
  3 Revenue includes gold and silver revenue for all periods presented. Please refer to non-GAAP measures for the reconciliation of the revenues to the gold revenue.
  4 EBITDA is defined as earnings before interest, taxes, depreciation and depletion; LTM is defined as last twelve months. The basis of calculation for Adjusted EBITDA is explained in further detail in the non-GAAP measure section of this Management Report.

4

3. ENVIRONMENT, SOCIAL AND GOVERNANCE

Endeavour is committed to being a responsible gold miner, creating long-term value and sharing the benefits of its operations with all its stakeholders, including employees, host communities and shareholders. As the largest gold miner in West Africa and a trusted partner, Endeavour's operations have the potential to provide a significant positive impact on the socio-economic development of its local communities and host countries, while minimising their impact on the environment.

Environment, social and governance ("ESG") policies, systems and practices are embedded throughout the business and the Company reports annually on its ESG performance via its Annual and Sustainability Reports. A dedicated sustainability governance structure is in place, with an ESG Committee at board level, and an Executive Management ESG Steering Committee that it reports into, supported by a dedicated executive, Djaria Traore, who is EVP ESG and Supply Chain.

Endeavour's ESG strategy is centred around the three pillars of ESG, with a number of priority areas identified that are linked to clear, measurable ESG-related executive compensation targets, which are published in the Company's annual reporting suite.

To maximise Endeavour's socio-economic impact, it has identified a number of priority areas for its social investment which are health, education, economic development and access to water and energy.

Endeavour's environmental priorities seek to address issues of both global and local concern; addressing climate change, water stewardship, protecting biodiversity; and tackling the scourge of plastic waste, which is prevalent and problematic for its local communities.

These are supported by the third pillar, a strong governance foundation. This includes respect for human rights, zero harm, support for employee well-being, diversity and inclusion, responsible sourcing, and rigorous reporting utilising the following ESG frameworks: Global Reporting Initiative ("GRI"), the World Gold Council's Responsible Gold Mining Principles ("RGMPs"), the Sustainability Accounting Standards Board ("SASB") and the Local Procurement Reporting Mechanism ("LPRM"). Endeavour is also a participant of the United Nations Global Compact, a formal supporter of Extractive Industries Transparency Initiative ("EITI") and a signatory of the Women's Empowerment Principles.

3.1. HEALTH AND SAFETY

Endeavour puts the highest priority on safe work practices and systems. The Company's ultimate aim is to achieve "zero harm" performance. As previously disclosed, on 28 February 2024, we were saddened to report that a contractor colleague passed away on 27 February 2024, as a result of injuries sustained in an incident that occurred during maintenance activities at the Mana mine in Burkina Faso. The health, safety and welfare of our colleagues remain our top priority and we are focussed on improvements to training, front-line supervision and reviewing operational procedures. The following table shows the Group's safety statistics for the trailing twelve months ended 31 March 2024.

Table 2: LTIFR1 and TRIFR2 Statistics for the Trailing Twelve Months ended 31 March 2024

1LTIFR = Number of LTIs and Fatalities in the Period x 1,000,000 / Total people hours worked for the period.

2Total Recordable Injury Frequency Rate ("TRIFR") = Number of (LTI + Restricted Work Injury + Medical Treated Injury) in the period x 1,000,000 / Total people hours worked for the period.

• "Non-Operations"includes Corporate, Kalana, Lafigué and Exploration.

5

3.2. ESG UPDATES

Highlights for the quarter include:

• Appointment of Cathia Lawson-Hall as Chair of the Board ESG Committee
• Publication of the 2023 Sustainability Report and ESG data centre, available atwww.endeavourmining.com
• Early adopter of the Task Force for Nature-Related Financial Disclosure ("TNFD")
• In March 2024, MSCI ESG Ratings maintained Endeavour's AA rating for the third year in a row, placing it in the top 29% of the MSCI ACWI Index constituents, Metals and Mining - Precious Metals.

The Responsible Gold Mining Principles

The Responsible Gold Mining Principles ("RGMPs") were launched by the World Gold Council ("WGC"), the industry body responsible for stimulating and sustaining demand for gold, to reflect the commitment of the world's leading gold producers to responsible mining. Consisting of ten umbrella principles and fifty-one detailed principles that cover key ESG themes, the RGMPs provide a comprehensive ESG reporting framework that sets out clear expectations as to what constitutes responsible gold mining to help provide confidence to investors, supply chain participants and ultimately, consumers.

In 2022, Endeavour received external assurance for compliance to the RGMPs for its legacy assets, the Houndé and Ity mines, and at the corporate level, in accordance with the WGC's timeline.

During Q3-2023, Endeavour was pleased to receive external assurance for compliance to the RGMPs for the former SEMAFO and Teranga mines, Mana and Sabodala-Massawa respectively.

The WGC requires implementing companies to report publicly each year on their conformance with the RGMPs. Endeavour is pleased to confirm RGMP conformance for 2023, the full report and external assurance is available in the 2023 Sustainability Report.

Changes to the Board of Directors

On 4 January 2024, Endeavour announced the termination of Sébastien de Montessus as President and Chief Executive Officer and removal from the Company's Board of Directors (the "Board") following an investigation by the Board into an irregular payment instruction amounting to $5.9 million issued by him in relation to an asset disposal undertaken by the Company. The results of the extended investigation is discussed in the Audit Committee report of the 2023 Annual Report.

The Board appointed Ian Cockerill, previously Deputy Chair of the Board, as Chief Executive Officer and Executive Director.

On 22 April 2024, Endeavour announced that the Board has nominated John Munro as an Independent Non-Executive Director of the Company. His appointment will be voted on by shareholders at the Annual General Meeting ("AGM") to be held on 30 May 2024. If elected at the AGM, John Munro will chair the Technical, Health and Safety Committee of the Board and join the Remuneration Committee.

Tertius Zongo, an Independent Non-Executive Director, has notified the Board that he will not seek re-election as a Director of the Company at the forthcoming AGM, in order to focus on his personal interests. He has been an important member of the Semafo and Endeavour Boards for the past 12 years. He will continue to assist the Company as a consultant on West African matters.

6

4. OPERATIONS REVIEW

The table below summarises the operating results for the three months periods ended 31 March 2024, 31 December 2023, and 31 March 2023.

4.1. OPERATIONAL REVIEW SUMMARY

Table 3: Group Production

THREE MONTHS ENDED

1Divested on 30 June 2023.

Q1-2024 production from continuing operations amounted to 219koz, a decrease of 61koz or 22% over Q4-2023 due to lower production at Houndé and Sabodala-Massawa, which was partially offset by higher production at Ity and Mana. Production decreased at Houndé as lower grade ore from the Kari West pit was mined and processed while waste stripping focused on the higher-grade Kari Pump and Vindaloo Main pits in order to access higher grade ore in H2-2024 in line with the mine sequence. In addition, mining and processing activities were temporarily stopped for 11-days due to the previously disclosed sub-contractor led strike. At Sabodala-Massawa, lower tonnage of high grade ore was sourced from the Sabodala pit as the pit approaches the end of its economic mine life. Production increased at Ity, in-line with the mine sequence due to higher grade ore from the Ity pit in the mill feed, and at Mana, as underground mining ramped up to deliver increased underground ore tonnage to the mill.

Q1-2024 production from continuing operations decreased by 10% from 243koz in Q1-2023 mainly due to lower production from Sabodala-Massawa which was impacted by lower processed grades and a decrease in recovery rates due to the higher proportion of transitional ore from Massawa North Zone pits. In addition, production from Ity was adversely affected by a decrease in recovery rate due to the processing of ore from Daapleu pit which has lower associated recoveries, while production from Houndé was disrupted by the aforementioned 11-day strike.

Table 4: Group AISC1

THREE MONTHS ENDED

1This is a non-GAAP measure. Refer to the non-GAAP Measures section for further details. 2Divested on 30 June 2023.

Q1-2024 AISC from continuing operations amounted to $1,186/oz, an increase of $239/oz or 25% over Q4-2023 due largely to lower volumes of gold sold at Houndé and Sabodala-Massawa, in addition to higher processing costs at Houndé, Sabodala- Massawa and Ity as a result of increased power costs, a harder ore blend and commissioning costs associated with the Recyn optimisation initiative, respectively. The increases were partially offset by a decrease at Mana due to higher gold volumes sold and decreased unit rates as underground development activities continued to ramp-up.

Q1-2024 AISC from continuing operations increased from $955/oz in Q1-2023 due largely to lower volumes of gold sold, increase in mining costs at Ity and Sabodala-Massawa due to longer haulage distances, decrease in capitalised waste at Houndé, higher processing costs at Houndé, Mana and Sabodala-Massawa associated with increased power costs and higher royalty costs as a result of the increase in royalty rates in Burkina Faso effective November 2023. The increases were partially offset by a decrease in corporate costs.

7

5. SHAREHOLDER RETURNS PROGRAMME

Endeavour implemented a dividend policy in 2021, with the goal of supplementing its minimum dividend commitment with additional dividends and share buybacks provided that the prevailing gold price remained above $1,500/oz and its leverage remained below 0.5x Net Debt / adj EBITDA.

Endeavour's goal is to increase its shareholder returns programme once its organic growth projects are completed, while strengthening its balance sheet, thereby ensuring that its efforts to unlock growth immediately benefit all stakeholders. The updated dividend framework for the next phase of Endeavour's shareholder returns policy is expected to be announced in early H2-2024.

As previously announced, the FY-2023 dividend amounted to $200.0 million, which represents $25.0 million or 14% more than the minimum dividend commitment of $175.0 million for the year, reiterating Endeavour's commitment to paying supplemental shareholder returns. The H2-2023 dividend of $100.0 million, or $0.41 per share, was paid on 25 March 2024 to shareholders of record on 23 February 2024.

During Q1-2024, shareholder returns continued to be supplemented with share buybacks with $12.6 million or 0.7 million shares repurchased during the period. Since the commencement of the buyback program, $315.6 million or 14.4 million shares have been repurchased as at 31 March 2024.

Since the first shareholder returns payment in Q1-2021, the Company has now returned $916.5 million to shareholders including $600.4 million of dividends and $316.1 million of share buybacks; equivalent to returning $211 per ounce of gold produced from all operations over the same period.

6. FINANCIAL REVIEW

6.1. STATEMENT OF COMPREHENSIVE (LOSS)/EARNINGS

Table 9: Statement of Comprehensive (Loss)/Earnings

THREE MONTHS ENDED

Review of results for the three months ended 31 March 2024:

1. Revenue decreased by 18% from $579.3 million in Q4-2023 to $472.7 million in Q1-2024 primarily due to lower sales volumes of 60koz, an impact of $120.7 million, driven primarily by lower gold production at Houndé due to the adverse impact of the illegal strike in combination with prioritisation of stripping activities and at Sabodala-Massawa due to processing lower grade oxide ore from Sabodala pit. This was partially offset by the impact of higher gold prices realised in

8

Q1-2024 which contributed $18.0 million driven by macro-economic factors. Revenue decreased by 2% in Q1-2024 in comparison to Q1-2023 of $481.2 million primarily due to lower sales volumes of 27koz also driven by lower gold production across all sites with Sabodala-Massawa being the most material which had an impact of $51.3 million and that was partially offset by higher gold prices realised amounting to $42.0 million.

1. Operating expenses decreased by 4% from $208.7 million in Q4-2023 to $199.9 million in Q1-2024. This reduction was primarily driven by lower mined and processed volumes at Houndé and Sabodala-Massawa but partially offset by higher processing costs at Ity and Mana due to increased throughput and higher power generation costs. Operating expenses in Q1-2024 increased by 17% compared to $171.4 million in Q1-2023. This was attributed to increased mining costs, net of capitalised stripping costs at Sabodala-Massawa and Houndé in Q1-2024 due to the increased stripping activity in Q1-2023, increased underground mining costs at Mana driven by higher volumes and increased processing primarily due to increased processing volumes and self-generation power costs.
2. Depreciation and depletion decreased from $132.6 million in Q4-2023 to $108.7 million in Q1-2024 driven primarily by lower production volumes across Houndé and Sabodala-Massawa. Depreciation and depletion increased from $101.9 million in Q1-2023 driven primarily by higher depreciable cost of the Mana underground mine following development costs incurred in 2023 and the lower reserves base at Sabodala-Massawa in Q1-2024 following the 2023 Reserves and Resource update.
3. Royalties decreased from $40.3 million in Q4-2023 to $33.9 million in Q1-2024 largely due to lower revenues. Royalties in Q1-2024 saw an increase from $29.7 million incurred in Q1-2023 primarily driven by the increase in royalty rates in Burkina Faso which was effective from November 2023 and partly offset by lower revenues in the current quarter.
4. Corporate costs for Q1-2024 of $10.5 million was slightly below the $11.1 million in Q4-2023 and was lower than the $13.5 million in Q1-2023 primarily due to lower professional fees.
5. Other expenses amounted to $16.6 million in Q1-2024 compared to $45.1 million in Q4-2023 and $5.1 million in Q1-2023. Other expenses in Q1-2024 included costs of investigating the irregular payment instruction made by the former CEO of $6.3 million, legal and other costs of $5.9 million, tax claims of $8.1 million, which include a temporary contribution of 2% of profits before tax and interest from the Houndé and Mana mines that became effective in December 2023 in Burkina Faso. This was partially offset by a gain on disposal of Afema of $4.5 million. Other expenses in Q4-2023 relates mainly to impairment of receivables of $26.3 million, tax settlements of $23.1 million primarily in relation to indirect taxes at Sabodala- Massawa and a credit for the clawback of the former CEO remuneration previously paid in 2021 of $10.0 million. Other expenses in Q1-2023 included acquisition and restructuring costs of $2.9 million and tax and legal claims of $2.2 million.
6. Exploration costs in Q1-2024 of $5.4 million were largely in line with $5.6 million in Q4-2023. Exploration costs in Q1-2024 reduced from $12.5 million in Q1-2023 primarily due to the capitalisation of all Tanda-Iguela costs following the Q4-2023 Resource update supporting the delineation of a 4.5Moz Indicated resource at an average grade of 1.97g/t in November 2023.
7. The loss on financial instruments amounted to $46.2 million in Q1-2024 compared to a loss of $84.3 million in Q4-2023 and a loss of $72.0 million in Q1-2023. Gains and losses are predominantly driven by unrealised exchange rate movements, mainly between the Western African CFA franc and the US dollar, and mark-to-market adjustments in relation to gold hedges. The loss in Q1-2024 primarily comprised of total loss on gold collars and forward contracts of $34.2 million driven by changes in gold spot market and foreign exchange loss of $11.2 million. The loss in Q4-2023 primarily included loss on gold collars and forward contracts of $56.7 million, unrealised loss on changes in fair value of NSRs and deferred consideration of $24.3 million, unrealised loss on marketable securities, predominantly related to the investment in Allied shares of $11.7 million and that was partly offset by a foreign exchange gain of $8.0 million. The loss in Q1-2023 comprised of total loss on gold collars and forward contracts of $46.4 million, the fair value loss on the conversion option of the convertible notes of $14.9 million which was redeemed and fully settled in February 2023, foreign exchange losses of $4.9 million and loss on change in the fair value of call rights of $4.3 million subsequently settled in April 2023.
8. Finance costs increased to $23.4 million in Q1-2024 compared to $19.4 million in Q4-2023 and $14.9 million in Q1-2023. The increases were driven by higher interest charges due to the higher average principal debt outstanding during the quarter following additional drawdowns on the revolving credit facility ("RCF") and the Lafigué term loan, which amounted to $645.0 million and $146.5 million drawn at Q1-2024, respectively.
9. Tax expenses of $33.6 million in Q1-2024 was lower than the $65.1 million in Q4-2023 and was lower than the $36.4 million in Q1-2023. The decrease in the tax expense compared to Q4-2023 was attributable to lower taxable profits and withholding taxes in relation to dividends paid and/or accrued by operating sites. The decrease compared to Q1-2023 is primarily due to lower current income tax as result of lower taxable profits partially offset by a lower reversal of deferred tax liabilities on mining interests.
10. The net (loss)/earnings from discontinued operations in reflects the (loss)/earnings from Boungou and Wahgnion which have been reclassified as discontinued operations following the sale to Lilium during Q2-2023.

9

6.2. SUMMARISED STATEMENT OF CASH FLOWS

Table 10: Summarised Statement of Cash Flows

THREE MONTHS ENDED

1. Operating cash flows before changes in working capital and tax for Q1-2024 was $188.7 million compared to $317.1 million in Q4-2023 and $243.2 million in Q1-2023. The decrease compared to Q4-2023 was mainly attributable to lower revenues driven by lower production volumes and timing of gold hedge settlements. The decrease compared to Q1-2023 was attributable to lower revenues and increased operating costs, royalties and gold hedge settlements.
2. Income taxes paid by continuing operations decreased to $51.3 million in Q1-2024 compared to $70.9 million in Q4-2023 and increased from $24.4 million in Q1-2023. The decrease over Q4-2023 is due to a reduction in withholding tax on dividends from $30.3 million, paid in relation to Ity local dividends declared in Q4-2023, to $5.8 million paid in relation to Sabodala-Massawa dividends declared in Q1-2024. This was partly offset by higher provisional income tax payments mainly at Sabodala-Massawa. The increase over Q1-2023 is mainly due to the increase in provisional income tax payments at Sabodala-Massawa which in Q1-2024 was based of higher taxable earnings in relation to FY-2023 oppose to the Q1-2023 that was based of FY-2022 which benefited from mining convention benefits.

Taxes paid for the three months ended 31 March 2024, 31 December 2023 and 31 March 2023 for each of the Group's mine sites are summarised in the table below:

Table 11: Tax Payments

THREE MONTHS ENDED

1Included in the "Other" category is income and withholding taxes paid by Corporate and Exploration entities.

3. In Q1-2024 changes in working capital reflected an outflow of $82.3 million compared to an outflow of $79.5 million in

Q4-2023 and an outflow of $28.2 million in Q1-2023. The outflow in Q1-2024 can be broken down as follows:

• Trade and other receivables reflected an outflow of $17.8 million primarily due to the build-up of VAT in Burkina Faso and timing of VAT receipts in Senegal subsequent to quarter end. Furthermore, gold receivables reflected an increase following the timing of the last shipments at the end of the quarter.
• Inventories reflected an outflow of $30.6 million primarily driven by a build-up of stockpiles for the BIOX® Expansion plant at Sabodala-Massawa and stockpiles and supplies ahead of commercial production at Lafigué.

10