Endeavour Mining : Q4 and FY23 MD&A

Table of Contents

MANAGEMENT REPORT

1. BUSINESS OVERVIEW ............................................................................................................................................... 3

1.1. OPERATIONS DESCRIPTION ..........................................................................................................................3

2. HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31 DECEMBER 2023 ....................................................4

3. ENVIRONMENTAL, SOCIAL AND GOVERNANCE ......................................................................................................5

3.1. HEALTH AND SAFETY ....................................................................................................................................5

3.2. ESG UPDATES AND PERFORMANCE .............................................................................................................6

4. OPERATIONS REVIEW ..............................................................................................................................................9

4.1. OPERATIONAL REVIEW SUMMARY ..............................................................................................................9

4.2. GUIDANCE .................................................................................................................................................... 8

5. SHAREHOLDER RETURNS PROGRAMME ................................................................................................................. 12

6. FINANCIAL REVIEW .................................................................................................................................................. 13

6.1. STATEMENT OF COMPREHENSIVE EARNINGS/(LOSS) ................................................................................. 13

6.2. CASH FLOWS ................................................................................................................................................ 15

6.3. SUMMARISED STATEMENT OF FINANCIAL POSITION ................................................................................. 17

6.4. LIQUIDITY AND FINANCIAL CONDITION ....................................................................................................... 18

7. NON-GAAP MEASURES ............................................................................................................................................ 20

7.1. REALISED GOLD PRICE .................................................................................................................................. 20

7.2. EBITDA AND ADJUSTED EBITDA ................................................................................................................... 22

7.3. CASH AND ALL-IN SUSTAINING COST PER OUNCE OF GOLD SOLD ............................................................. 23

7.4. ADJUSTED NET EARNINGS AND ADJUSTED NET EARNINGS PER SHARE ..................................................... 26

7.5. OPERATING CASH FLOW PER SHARE ........................................................................................................... 27

7.6. NET CASH/ADJUSTED EBITDA RATIO ........................................................................................................... 27

7.7. RETURN ON CAPITAL EMPLOYED ................................................................................................................. 28

8. QUARTERLY AND ANNUAL FINANCIAL AND OPERATING RESULTS ......................................................................... 29

9. MINE SITE OPERATIONAL COMMENTARY ............................................................................................................... 30

9.1. HOUNDÉ GOLD MINE ................................................................................................................................... 30

9.2. ITY GOLD MINE ............................................................................................................................................ 32

9.3. MANA GOLD MINE ....................................................................................................................................... 34

9.4. SABODALA-MASSAWA GOLD MINE ............................................................................................................. 36

10. MINE SITE STATISTICS ............................................................................................................................................ 39

11. RELATED PARTY TRANSACTIONS ........................................................................................................................... 41

12. ACCOUNTING POLICIES AND CRITICAL JUDGEMENTS ........................................................................................... 41

13. PRINCIPAL RISKS AND UNCERTAINTIES ................................................................................................................. 42

14. CONTROLS AND PROCEDURES .............................................................................................................................. 46

14.1. DISCLOSURE CONTROLS AND PROCEDURES ............................................................................................. 46

14.2. INTERNAL CONTROLS OVER FINANCIAL REPORTING ................................................................................ 46

14.3. LIMITATIONS OF CONTROLS AND PROCEDURES ....................................................................................... 46

This Management Report should be read in conjunction with Endeavour Mining plc's ("Endeavour", the "Company", or the "Group") audited consolidated financial statements for the years ended 31 December 2023 and 2022 and notes thereto. The audited 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.

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 is prepared as of 27 March 2024. Additional information relating to the Company is available on the Company'swebsite atwww.endeavourmining.com and the Company's Annual Information Form (availableon SEDAR atwww.sedar.com).

1. BUSINESS OVERVIEW

1.1.

OPERATIONS DESCRIPTION

Endeavour is a multi-asset gold producer focused on 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 with first gold expected in early May. 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 and its 90% interest in Karma mine in Burkina Faso on 10 March 2022.

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 27 March 2024

2. HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31

DECEMBER 2023

Table 1: Consolidated Highlights

THREE MONTHS ENDED

YEAR ENDED

1 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, silver and other by-products revenues 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.

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: the Task Force on Climate-related Financial Disclosures ("TCFD"), 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 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, Endeavour was 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. Endeavour has conducted a comprehensive internal investigation into the incident and is focussed on improvements to training, front-line supervision and reviewing operational procedures.

The following table shows the safety statistics for continuing operations for the trailing twelve months ended 31 December 2023.

Table 2: LTIFR1 and TRIFR2 Statistics for the Trailing Twelve Months ended 31 December 20234

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

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

• 4 Information provided for Discontinued Operations is for the six months ended 30 June 2023, the date of sale of Boungou and Wahgnion.

3.2. 2023 SUSTAINABILITY REPORT

Endeavour has published its 2023 Sustainability Report ("the Report") with key environmental, social and governance ("ESG") performance. The Report and the ESG data centre are available atwww.endeavourmining.com.

Highlights from the Sustainability Report include:

• • Significant measurable benefits to Endeavour's host countries:

  • - $2,276.3 million of total economic contribution to host countries

  • - 81% of total procurement in-country, supporting more than 1,600 national and local businesses

  • - 94% of our employees and 57% of senior operational management are West African

  • - $4 million invested in community projects

• • Continued focus on being a responsible gold miner:

  • - Industry-leading LTIFR of 0.08 incidents per million hours worked

  • - Zero major environmental incidents

  • - 604kg CO2-e/oz emissions intensity

  • - Approval of the Sabodala-Massawa solar farm, set to reduce the mine's CO2 emissions by 24%

  • - Received certification for ISO 45001, for the Group's occupational health and safety management system, and ISO 14001 for the Group's environmental management system

• • Strengthened our governance: - 22% women new hires, increasing women to 11% of total employees - 44% of Endeavour's Board are women, following the appointment of Cathia Lawson-Hall to the Board in 2023

• • Achieved RGMP compliance for all sites and corporate

• • 2024 ESG targets, including safety, malaria, plastic waste and biodiversity, represent 30% of executive short-term and 15% of long-term incentive compensation

Table 1: 2023 ESG Scorecard

TOPICENVIRONMENT

SOCIAL

Zero Harm & Employee WellbeingZero fatalities

Achieved. We reported no fatalities for 2023.

Reduce TRIFR by <5% year on year

GOVERNANCE

Diversity & Inclusion

10% reduction in the malaria incidence rate at our mines year on year

We reported a slight increase year on year from 0.87 in 2022 to 0.92 (for continuing operations) in 2023.

Missed. We reported a 2% reduction in our malaria incidence rate to 286/1,000 employees.

15% female enrolment rate for new hires Conduct an Employee Engagement SurveyAchieved. We successfully hired 22% women.

Achieved. We conducted two surveys during the year, one to gain insight into the experience of women working at Endeavour, and one for the top leaders in the business.

Ethical BusinessAchieve RGMP compliance for our Mana and Sabodala-Massawa mines

Achieved.

(

Table 2: 2024 ESG Targets

TOPIC

TARGETS

ENVIRONMENT

Climate change Water Biodiversity Plastic Waste

Economic developmentEmissions intensity of < 601kg CO2-e/oz Average of 70% recycled water across the Group

Protect and preserve >430 hectares of land across Endeavour's tenements 70% reduction in single use plastic water bottles across all sites

Local Content Procurement target of 80% group-wide spend, including at least 35% from national suppliers and a minimum of 3% from local suppliers within the mine catchment area

SOCIAL

Community Engagement Health

Audit our grievance mechanism against the UN Guiding Principle 22 Implement community health assistance programme

Target Group malaria incidence rate of 275/1,000 per employee Implement pilot malaria community health programme at our Ity mineSafety

Zero fatalities and reduce TRIFR by TRIFR group average for FY2023 and FY2024 below mid-point of peer group

All site Emergency Response Teams qualify and compete in FY2024 Company Mine Rescue Competition

6 Visible Felt Leadership Inspections per EVP

GOVERNANCE

Diversity and Inclusion

Continue to target 20% women new hires

Implement an Action Plan to improve support for women within Endeavour's workplace Roll out dedicated Diversity Training, supporting Human Rights & Harassment TrainingsEthical Business

Enhance Human Rights Online Training for employees

Roll out Human Rights Awareness Campaign in our host communities Continue progression to full membership of the VPSHR

Enhance procedures for compliance with new corporate fraud legislation Develop investigations procedures to complement Whistleblower reporting

The 2023 Sustainability Report has been prepared in accordance with the GRI, SASB, TCFD and LPRM reporting requirements and has been externally assured against key ESG performance indicators for both GRI and SASB.

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.

Rating Agency Update

In October 2023, Endeavour was pleased to receive an updated score from Sustainalytics, which has upgraded Endeavour's rating to 18.2, ranking it a 'low risk'. This upgraded score positions Endeavour as the top ranked gold producer within the Sustainalytics gold universe. Sustainalytics measures the Company's exposure to industry-related material ESG risks as well as its approach to risk management to provide investors with an industry-wide ESG rating standard.

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.

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 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.

The Board of Endeavour now comprises of nine members, of which 75% are independent, 44% women and 55% ethnic. Endeavour's Senior Independent Director is a woman, which means the Company now meets the board diversity targets under Listing Rules 9.8.6R(9) and 14.3.33R(1).

4. OPERATIONS REVIEW

The tables below summarise the operating results for the three months ended 31 December 2023, 30 September 2023, and 31 December 2022, and the years ended 31 December 2023 and 31 December 2022.

4.1. OPERATIONAL REVIEW SUMMARY

Table 3: Group Production

THREE MONTHS ENDED

YEAR ENDED

Q4-2023 production from continuing operations amounted to 280koz, in line with Q3-2023, as the anticipated decrease in production at Houndé was largely offset by increases at Sabodala-Massawa (albeit by less than anticipated due to the lower grades encountered in the Sabodala pit as it enters its final phase of mining) and Mana, while Ity remained flat.

FY-2023 production from continuing operations amounted to 1,072koz, a decrease of 89koz or 8% over FY-2022 due to decreases in production at Sabodala-Massawa and Mana, partially offset by record yearly production performance at Ity and Houndé.

Table 4: Group AISC1

THREE MONTHS ENDED

YEAR ENDED

Q4-2023 AISC from continuing operations amounted to an industry-leading $947/oz, a decrease of $20/oz or 2% over Q3-2023 despite a $24/oz increase in royalty costs linked to the higher realised gold price and the impact of the change in the sliding scale royalty rates in Burkina Faso, which came into effect in November 2023. Q4-2023 AISC benefitted from reductions at Sabodala-Massawa and Mana, which was offset by the increase at Houndé (following record Q3-2023 performance) while Ity remained flat.

FY-2023 AISC from continuing operations amounted to $967/oz, an increase of $118/oz or 14% over FY-2022 due to increases across Mana, Sabodala-Massawa, and Houndé. As shown in the table below, Endeavour achieved near the top-end of guided $895-950/oz AISC range, albeit 1.8% (representing $17/oz) above due to royalties being $18/oz higher than anticipated due to a higher realised gold price ($1,919/oz compared to guidance of $1,750/oz) and the aforementioned increase in the Burkina Faso royalty rate which came into effect in November 2023.

Table 5: FY-2023 Production and All-In Sustaining Cost from Continuing Operations Compared to Guidance

4.2. GUIDANCE

Production guidance for FY-2024 amounts to 1,130-1,270koz, which marks an increase of up to nearly 200koz or 18.5% over the FY-2023 production from continuing operations of 1,072koz, which is largely due to the start-up of the Sabodala-Massawa BIOX® Expansion project and the Lafigué project in Q2-2024. The AISC is expected to remain consistent with that achieved over recent quarters at an industry-low $955-1,035/oz.

Group production is expected to be more heavily weighted towards H2-2024 while AISC is also expected to be lower in H2-2024 as the Group's organic growth projects are expected to significantly increase the quality of Endeavour's portfolio.

Table 6: FY-2024 Production Guidance

10

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Endeavour Mining plc published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 07:46:06 UTC.