Mr. Sebastien de Montessus reports

ENDEAVOUR REPORTS Q3-2023 RESULTS

Endeavour Mining PLC has released its operating and financial results for Q3 2023, with highlights provided in the attached table. All monetary amounts are in United States dollars.

Management will host a conference call and webcast today, Nov. 9, 2023, at 8:30 a.m. EST/1:30 p.m. GMT. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. A copy of the management report and financial statements have been submitted to the National Storage Mechanism. The documents will shortly be available for inspection on the company's website.

Sebastien de Montessus, president and chief executive officer, commented: "We are pleased with our performance over the first nine months of the year, which leaves us well positioned to deliver against our strategic objectives.

"On the operational front, in light of the efforts made over the first half of the year, our third quarter saw the strongest performance so far this year and we expect Q4 performance to be even stronger, which positions us well to meet full-year production guidance for the 11th consecutive year and maintain our status as one of the lowest cost gold producers in the sector. Looking ahead, we expect 2024 to be a strong year for Endeavour, as the brownfield expansion of Sabodala-Massawa and the Lafigue development project both remain on budget and on track to be commissioned next year.

"Alongside this year's investments in our organic pipeline, we are pleased to continue to offer attractive shareholder returns, delivering $240-million to shareholders over the first nine months of the year. Since we paid our first dividend in Q1 2021, we are proud to have returned over three quarters of a $1-billion to shareholders in the form of dividends and buybacks, which represents $354-million more than our minimum commitment for the period. Looking ahead, our goal is to increase our shareholder returns program, once our two ongoing organic growth projects are complete, to ensure that our efforts to unlock growth benefit all stakeholders.

"Lastly, we are very excited by our exploration program, which continues to provide a strong platform for organic growth. Further drilling at our recent Tanda-Iguela discovery in Cote d'Ivoire has exceeded expectations, extending the mineralized trend by 50 per cent and delineating several potential satellite deposits. We are continuing to advance this year's 180,000-metre drill campaign and look forward to publishing an updated resource estimate later this year.

"I would like to thank our team for their continued strong contributions. I look forward to 2024 and beyond as we will benefit from the efforts undertaken over recent years to improve the quality of our portfolio and strengthen the resilience of our business."

Operating summary:

• Strong safety performance for the group, with a lost-time injury frequency rate (LTIFR) from continuing operations of 0.08 for the trailing 12 months ending Sept. 30 2023.
• In line with its guided trend, Q3 2023 was Endeavour's strongest quarter this year while Q4 2023 is expected to be even stronger. As such, the group remains on track to achieve its FY 2023 production guidance from continuing operations of 1.06 million to 1,135,000 ounces (oz) with the group AISC expected to be near the top-end of the guided $895 to 950 per oz range.
• Q3 2023 production from continuing operations amounted to 281,000 oz, an increase of 13,000 oz or 5 per cent over Q2 to 2023, despite the impact of the wet season, due to increased production from Hounde (as a result of higher grade ore sourced from Kari Pump), which was partially offset by a decrease in production across Ity and Sabodala-Massawa (due to lower throughputs and lower average grades), while production at Mana was largely consistent with the prior quarter. Q3 2023 AISC from continuing operations amounted to an industry low of $967/oz, which marks a decrease of $33 per oz or 3 per cent over Q2 2023 due largely to lower costs at Hounde (due to higher grades processed and volumes sold) which was partially offset by increased costs at Ity (due to the impacts of the wet season), Sabodala-Massawa (due to lower volumes of gold sold) and at Mana (due to higher open pit mining and processing unit costs).
• YTD 2023 production from continuing operations amounted to 792,000 oz, a decrease of 75,000 oz or 9 per cent over YTD 2022 as a result of decreased production at Sabodala-Massawa (due to lower grade oxide ores processed as per the mine schedule) and at Mana (due to the slower than expected ramp up of the new Wona Underground mining contractor resulting in lower processing grades). This was partially offset by increased production at Ity due to improved throughput and recoveries, while Hounde remained consistent. YTD 2023 AISC from continuing operations amounted to $974 per oz, an increase of $136 per oz or 16 per cent over YTD 2022, due to increases across Mana, Sabodala-Massawa and Hounde.

Highlights:

• Total sustaining and non-sustaining capital expenditure for FY 2023 is expected to amount to approximately $327-million, which represents a 2-per-cent increase over the previously guided amount of $320-million, as detailed below.
• Total sustaining capital expenditure of $71.8-million was incurred in YTD 2023, of which $22.5-million has been incurred in Q3 2023, primarily related to waste development and mining equipment upgrades at Hounde, Ity and Sabodala-Massawa, as well as new infrastructure at Mana. The FY 2023 sustaining capital expenditure for continuing operations is expected to amount to $100-million compared with the previously provided outlook of $110-million due to a $10-million reduction at Sabodala-Massawa in line with the production profile and due to the acceleration of the Niakafiri East and Sofia North Extension pits into the mine plan which allows stripping activity initially planned in the Massawa zone to be deferred until next year.
• Total non-sustaining capital expenditure of $192.8-million was incurred in YTD 2023, of which $49.5-million has been incurred in Q3 2023, primarily related to waste stripping activities at Hounde; TSF construction, embankment raises, and the Recyn and Mineral Sizer optimization initiatives at Ity; the solar power plant construction at Sabodala-Massawa; and continuing underground development at Mana. The FY 2023 non-sustaining capital expenditure for continuing operations is expected to amount to $227-million compared with the previously provided outlook of $210-million due to a $10-million increase at Mana (related to increased underground development costs associated with the slower than expected ramp-up of the Wona Underground mining contractor) and a $7-million increase at Ity (as the tailings storage facility (TSF) embankment raise and the construction of a new TSF have been accelerated) due to its strong performance this year.
• The growth capital expenditure outlook for FY 2023 remains unchanged at $400-million, with $292.5-million incurred in YTD 2023, of which $116.2-million has been incurred in Q3 2023. In Q3 2023, a total of $50.4-million was incurred for the Sabodala-Massawa Biox expansion project, $63.8-million was incurred for the Lafigue development project and $2-million was incurred for the Kalana project.

Shareholder returns program:

• The company is pleased to continue to deliver attractive shareholder returns, despite the significant growth capital investments being undertaken this year. Endeavour paid its H1 2023 dividend of $100-million, or 40 cents per share, on Sept. 26, 2023, to shareholders of record on Sept. 1 2023. On an annualized basis, the H1 2023 dividend represents $25-million, or 14 per cent, more than the minimum dividend commitment for the year of $175-million.
• In addition, shareholder returns continued to be supplemented with share buybacks as $40-million, or 1.8 million shares, were repurchased in YTD 2023, of which $20-million, or one million shares, were repurchased in Q3 2023. Since the commencement of the buyback program on April 9, 2021, a total of $277-million, or 12.4 million shares, have been repurchased as at Sept. 30, 2023.
• As shown in an attached table, Endeavour has returned $777-million to shareholders in the form of dividends and buybacks, equivalent to $202 per oz produced from all operations, since its shareholder returns program began in late 2020 (first dividend payment in Q1 2021), which represents $354-million more than its minimum commitment for the period.

Cash flow summary

An attached table presents the cash flow and net debt position for Endeavour for the three-month period ended Sept. 30, 2023, June 30, 2023, and Sept. 30, 2022, and the nine-month periods ended Sept. 30, 2023, and Sept. 30, 2022.

Conference call and live webcast

Management will host a conference call and webcast on Thursday, Nov. 9, at 8:30 a.m. EST/1:30 p.m. GMT to discuss the company's financial results. The conference call and webcast are scheduled at:

• 5:30 a.m. in Vancouver;
• 8:30 a.m. in Toronto and New York;
• 1:30 p.m. in London;
• 9:30 p.m. in Hong Kong and Perth.

The video webcast can be accessed on-line.

Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in on-line.

Qualified persons

Mark Morcombe, chief operating officer of Endeavour Mining, 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) and has reviewed and approved the technical information in this news release.

About Endeavour Mining PLC

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

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