Mr. Sebastien de Montessus reports

ENDEAVOUR REPORTS Q1-RESULTS

Endeavour Mining PLC has released its operating and financial results for Q1 2023, with highlights provided in Table 1 below.

OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)

• Q1 2023 production of 301 koz at an AISC of $1,022 /oz; On track to achieve full year 2023 guidance with performance weighted towards H2 2023
  • EBITDA of $206 m for Q1 2023; Adjusted EBITDA of $279 m for Q1 2023, down 3 per cent over Q4 2022
• Net Earnings of $4 m for Q1 2023; Adjusted Net Earnings of $70 m (or $0.28 /sh) for Q1 2023, up 8 per cent over Q4 2022
• Operating Cash Flow before changes in WC of $242 m (or $0.98 /sh) for Q1 2023 , down 14 per cent over Q4 2022
• Strong financial position at quarter end with $810 m cash position in addition to $285 m in available sources of financing
• Reimbursed in cash the $330m principal amount of its convertible bond in Q1 2023 to minimise shareholder dilution

ROBUST SHAREHOLDER RETURNS

• H2 2022 dividend of $100m was paid in Q1 2023, amounting to $400m paid since early 2021
• Share buybacks continue to supplement shareholder returns with $11 m or 0.4 million shares repurchased in Q1 2023 , amounting to $244 m or 11.1 million shares repurchased since early 2021

ORGANIC GROWTH

• Sabodala-Massawa expansion and the Lafigue greenfield project are both on budget, with 70 per cent and 46 per cent of the initial capital committed respectively, and on schedule for Q2-2024 and Q3-2024 respectively
• Strong exploration effort with $22 m spent in Q1 2023 out of FY 2023 exploration guidance of $70m; updated resource for Tanda-Iguela greenfield discovery expected to be published in H2 2023

Management will host a conference call and webcast today, 4 May 2023, at 8:30 am EST / 1:30 pm BST. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release.

Sebastien de Montessus, President and CEO, commented: "During the quarter, we continued to deliver in line with our expectations and we remain well positioned to unlock near-term value for all of our stakeholders.

We began the year with momentum and financial strength, positioning us to deliver against this year's capital allocation priorities of funding growth while maintaining our attractive shareholder returns program, which has already returned $644 million since its launch in 2021. Furthermore, to minimise shareholder dilution we settled the principal of our $330 million convertible notes, in cash during the quarter.

On the operational front, we are tracking in line with our guided trend, as we expect production weighted towards the second half of the year due to mine sequencing across the group.

On the growth front, we are pleased to report that the Sabodala-Massawa expansion and the Lafigue greenfield build are progressing well, with both projects on time and on budget with first production expected in Q2 and Q3 2024 respectively. Our goal is to then increase our shareholder returns once these organic growth projects are completed.

Our exploration program continues to provide us with a strong platform for future growth. Further drilling at last year's Tanda-Iguela discovery in Cote d'Ivoire continues to demonstrate its potential to become another cornerstone asset and we will provide a resource update later this year.

We look forward to progressing our strategy this year to further strengthen our business and benefit all our stakeholders."

OPERATING SUMMARY

Strong safety performance for the Group, with a Lost Time Injury Frequency Rate ("LTIFR") of 0.02 for the trailing twelve months ending 31 March 2023.

The Group remains on track to achieve its FY 2023 production guidance of 1,325 - 1,425koz at an AISC of $940 - 995/oz, with performance weighted towards H2 2023 as previously guided.

Q1 2023 production from continuing operations amounted to 301koz, a decrease of 54koz or 15 per cent over Q4 2022 due to FY 2023 production being weighted towards H2 2023. The decrease was mainly due to lower production at Sabodala-Massawa (down 42koz) due to the mine sequence as lower grades were processed from the Sabodala pit as the focus was on waste stripping to prepare for in-pit tailings deposition and development of the new Massawa North Zone satellite pit. Hounde and Boungou had lower production as a result of a focus on stripping activity to open up higher grade mining areas for later in the year. Mana had slightly lower production due to the focus on underground development to increase access to underground production stopes later in the year. This was partially offset by higher production at Ity and Wahgnion in line with the mine sequence.

Q1 2023 AISC from continuing operations amounted to $1,022/oz, an increase of $68/oz or 7 per cent over Q4 2022 due to lower gold sales volumes in addition to higher costs across several mines. Costs increased at Boungou and Hounde as a result of mining lower-grade zones at higher strip ratios as the mine plan focused on stripping activity. Costs were higher at Sabodala-Massawa due to the above mentioned lower grades processed and higher strip ratio. At Mana, higher costs were the result of sequencing lower grade ore from the underground development to prioritise the advancement of the third decline into Wona underground. These AISC increases were partially offset by lower AISC at Ity and Wahgnion due to lower processing costs as a result of the benefit of softer oxide ore representing a larger proportion of the mill feed.

Sustaining capital expenditure outlook for FY 2023 remains unchanged at $165.0 million, of which $33.3 million has been incurred in Q1 2023. Likewise, non-sustaining capital expenditure outlook for FY 2023 remains unchanged at $205.0 million, of which $94.5 million has been incurred in Q1 2023.

Growth capital expenditure outlook for FY 2023 remains unchanged at $400.0 million. In Q1 2023, $72.2 million was incurred, of which $26.4 million was incurred at Sabodala-Massawa, $43.0 million was incurred at Lafigue and $2.8 million was incurred at the Kalana project.

SHAREHOLDER RETURNS PROGRAMME

Endeavour's shareholder returns program is composed of a minimum progressive dividend that may be supplemented with additional dividends and share buybacks, providing the prevailing gold price remains above $1,500/oz, and that Endeavour's leverage remains below 0.5x Net Debt / adjusted EBITDA. The minimum dividend commitment for FY 2023 was set at $175.0 million.

As previously announced, Endeavour's FY 2022 dividend amounted to $200.0 million or approximately $0.81 per share, which represented $50.0 million or 33 per cent more than the minimum dividend commitment for the year. Endeavour paid its H2 2022 dividend of $100.0 million or $0.40 per share on 28 March 2023.

Shareholder returns continued to be supplemented with share buybacks, with $10.9 million or 0.4 million shares repurchased in Q1 2023. Since the commencement of the buyback program on 9 April 2021, a total of $243.5 million, or 11.1 million shares have been repurchased as at 31 March 2023.

Endeavour renewed its Normal Course Issuer Bid ("NCIB") for its share buyback program on 22 March 2023, and is entitled to repurchase up to 5 per cent of its total issued and outstanding shares or 12,387,688 shares, during the 12 month period of the program, and up to 25 per cent of the average daily trading volume or 134,817 shares during each trading day, excluding purchases made in accordance with the block purchase exemptions under applicable TSX policies. All ordinary shares repurchased under the share repurchase program will be cancelled.

Since the launch of the Company's shareholder returns program in early 2021, a cumulative $643.5 million has been delivered to shareholders, comprised of $400.0 million in dividends and $243.5 million in share buybacks.

EARNINGS FROM CONTINUING OPERATIONS

The table below presents the earnings and adjusted earnings for Endeavour for the three month periods ended 31 March 2023, 31 December 2022, and 31 March 2022.

CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Thursday 4 May, at 8:30 am EST / 1:30 pm BST to discuss the Company's financial results. The conference call and webcast are scheduled at:

5:30am in Vancouver

8:30am in Toronto and New York

1:30pm in London

8:30pm in Hong Kong and Perth

Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in via the following link:

The conference call and webcast will be available for playback on Endeavour's website .

QUALIFIED PERSONS

Mark Morcombe, COO of Endeavour Mining PLC., a Fellow of the Australasian Institute of Mining and Metallurgy, is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.

ABOUT ENDEAVOUR MINING CORPORATION

Endeavour Mining is one of the world's senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d'Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

We seek Safe Harbor.