Mr. Ian Cockerill reports

ENDEAVOUR EXPECTS SIGNIFICANT GROWTH IN 2024 WITH BOTH PROJECTS SET TO START UP IN Q2-2024

Endeavour Mining PLC has released its unaudited preliminary financial and operating results for the fourth quarter and full year 2023, with highlights provided in the attached table.

Ian Cockerill, chief executive officer of Endeavour Mining, commented: "I am honoured to assume the role of CEO at a pivotal time for Endeavour as strong foundations are in place to unlock significant value as we deliver on our organic growth pipeline. I look forward to continuing to implement the strategy approved by the board and lead the company forward for the benefit of all our stakeholders.

"Two thousand twenty-three was another successful year for Endeavour, during which we continued to focus on improving the quality of our portfolio through asset optimization initiatives, the divestment of non-core Boungou and Wahgnion mines, construction of our two high-margin, long-life growth projects, and continued to deliver significant exploration success.

"On the operational front, we are pleased to have met production guidance for the 11th consecutive year and to remain one of the lowest all-in sustaining cost producers within the sector, allowing us to generate robust cash flow to fund both our organic growth and shareholder returns programs. Moreover, we achieved record production at both Ity and Hounde in 2023, where production exceeded 300,000 ounces. As we look forward to continuing to optimize and explore these two mines with the goal of sustaining such levels of production over the long term, Endeavour's other flagship asset, Sabodala-Massawa, is well positioned to produce up to 400,000 oz in 2024.

"Regarding our near-term growth plans, we are very pleased to report that both the Sabodala-Massawa expansion and the Lafigue development project are progressing well, with both projects on budget and on, or ahead of, schedule for first production in the second quarter of 2024. Our longer-term organic growth pipeline is equally attractive, following the delineation of a 4.5-million-ounce indicated resource at our Tanda-Iguela greenfield property in Cote d'Ivoire. This represents one of the most significant discoveries in West Africa over the past decade, and we have launched a preliminary feasibility study that we expect to finalize by year-end as we continue to focus on increasing its size.

"Throughout last year, we continued to execute on our commitment to deliver attractive shareholder returns, returning $200-million of dividends for the year and having repurchased $66-million worth of shares, which combined is equivalent to $226 for every ounce of gold produced from all operations. Importantly, since we began the shareholder returns program in 2021, we have returned over $900-million to shareholders representing 77 per cent more than the minimum commitment for the period. Looking ahead, our goal is to increase returns further once our two ongoing organic growth projects are complete.

"I would like to thank our team for their continued hard work. I look forward with excitement 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."

Shareholder return program:

• In line with Endeavour Mining's capital allocation framework, the company is pleased to continue to deliver attractive shareholder returns by declaring a second half 2023 dividend of $100.0-million, or approximately 41 cents per share. As such, the FY 2023 dividend amounts to $200.0-million, which represents $25.0-million or 14 per cent more than the minimum dividend commitment of $175.0-million for the year, reiterating Endeavour Mining's strong commitment to paying supplemental shareholder returns.
• Endeavour Mining's H2 2023 dividend will be paid on March 25, 2024, with an ex dividend date of Feb. 22, 2024, to shareholders of record on Feb. 23, 2024. Shareholders of shares traded on the Toronto Stock Exchange will receive dividends in Canadian dollars but can elect to receive U.S. dollars. Shareholders of shares traded on the London Stock Exchange will receive dividends in U.S. dollars but can elect to receive pounds sterling. Currency elections and elections under the company's dividend reinvestment plan must be made by shareholders prior to 5 p.m. GMT on March 4, 2024. Dividends will be paid in the default or elected currency on the payment date at the prevailing U.S.-dollar/Canadian-dollar and U.S.-dollar/British-pound exchange rates on March 6, 2024. This dividend does not qualify as an eligible dividend for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder.
• Shareholder returns are being supplemented through the company's share buyback program. A total of $65.7-million, or 3.0 million shares were repurchased during fiscal 2023, of which $25.7-million or 1.3 million shares were repurchased in fourth quarter 2023.
• Endeavour Mining has returned $266.0-million to shareholders for FY 2023 through dividends and share buybacks, 52 per cent above the $175.0-million minimum dividend commitment for the year and equivalent to $226 per ounce produced from all operations. Since the shareholder return program began to be paid in 2021, Endeavour Mining has returned $903.0-million to shareholders in the form of dividends and buybacks, inclusive of the H2 2023 dividend, which represents $393.0-million or 77 per cent more than its minimum commitment over the period.

H2 2023 dividend declared on Jan. 22, 2024, to be paid on or about March 25, 2024:

• As previously stated, Endeavour Mining 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 higher gold prices remained above $1,500 per ounce and its leverage remained below 0.5 times net debt/adjusted earnings before interest, taxes, depreciation and amortization. Endeavour Mining's goal is to increase its shareholder return program once its organic growth projects are completed, along with the strengthening of its balance sheet, thereby ensuring that its efforts to unlock growth immediately benefit all its stakeholders. Endeavour Mining's next semi-annual dividend is expected to be announced in early August, along with its second quarter and first half 2024 financial results.

FY 2023 operational performance overview:

• Q4 2023 production from continuing operations amounted to 280,000 ounces and was flat over third quarter 2023 as the anticipated decrease at Hounde was 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. The all-in sustaining costs decreased by $31 per oz or 3.2 per cent over Q3 2023 to approximately $936 per oz despite a $24-per-ounce increase in royalty costs linked to the higher realized gold price and the impact of the change in the sliding scale royalty rates in Burkina Faso, which came into effect in November, 2023. The AISC benefited from reductions at Sabodala-Massawa and Mana, which were offset by the increase at Hounde (following record Q3 2023 performance) while Ity remained flat.
• The FY 2023 production from continuing operations amounted to 1,072,000 oz, achieving the guided 1.06-million-to-1,135,000-ounce range and marking the 11th consecutive year of achieving or beating production guidance. The AISC from continuing operations amounted to an industry-leading approximately $964 per oz for FY 2023. In line with the previously disclosed outlook, Endeavour Mining achieved near the top end of guided $895-to-$950-per-ounce AISC range, albeit 1.5 per cent (representing $14 per oz) above due to royalties being $18 per oz higher than anticipated due to a higher realized gold price ($1,952 per oz compared with guidance of $1,750 per oz) and the aforementioned increase in the Burkina Faso royalty rate, which came into effect in November, 2023.

Group production and all-in sustaining cost from continuing operations compared with guidance:

• FY 2023 production from continuing operations amounted to 1,072 koz, which represents a decrease of 89 koz or 8 per cent over the 1,161 koz produced in FY 2022 due to lower production at Mana (due to the transition from an open pit to an underground operation at the Wona deposit) and at Sabodala-Massawa (due to mining and processing of lower-grade ore), while both Hounde and Ity achieved record annual production. FY 2023 AISC from continuing operations increased by $114 per oz from $850 per oz in FY 2022 to approximately $964 per oz in FY 2023, as AISC increased at Hounde, Mana and Sabodala-Massawa and at corporate, in addition to a $15-per-ounce increase in royalty costs (from $108 per oz in FY 2022 to $123 per oz in FY 2023), which was partially offset by decreased AISC at Ity.
• The group's realized gold price from continuing operations, excluding the impact of realized gains on gold hedges and inclusive of the Sabodala-Massawa gold stream, was $2,034 per oz and $1,952 per oz for Q4 2023 and FY 2023, respectively. Including the impact of the gold hedges, the group's realized gold price from continuing operations was $1,945 per oz and $1,919 per oz for Q4 2023 and FY 2023, respectively.

2024 outlook:

• The production guidance for FY 2024 amounts to 1.13 million to 1.27 million oz, which marks an increase of up to nearly 200,000 oz or 18.5 per cent over the FY 2023 production from continuing operations of 1,072 koz, which is largely due to the commissioning of the Sabodala-Massawa expansion and the Lafigue projects in second quarter 2024. The AISC is expected to remain consistent with that achieved over recent quarters at an industry-low $955 to 1,035 per oz.
• Group production is expected to be more heavily weighted toward 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 Mining's portfolio.
• Total mine capital expenditure for FY 2024, consisting of both sustaining and non-sustaining capital spend, is expected to be approximately $315.0-million, which marks a decrease of $32.7-million or 9 per cent compared with the FY 2023 expenditure.

Mine capital expenditure for continuing operations 2024 guidance:

• Growth capital spend for FY 2024 is expected to amount to approximately $245.0-million, which marks a decrease of $202.1-million or 45 per cent compared with the FY 2023 expenditure of $447.1-million. The FY 2024 expenditure is expected to consist of approximately $75.0-million of remaining growth capital for the Sabodala-Massawa Biox expansion project and approximately $170.0-million of remaining growth capital for the Lafigue project.
• Exploration will continue to be a strong focus in FY 2024 with a company-wide exploration budget of $65.0-million. For FY 2024, approximately $15.0-million will be spent on the highly prospective Tanda-Iguela property in Ivory Coast, which already ranks as one of the most significant discoveries made in West Africa over the last decade.

Exploration 2024 guidance for continuing operations:

• The company's previously implemented revenue protection program is expected to continue to provide cash flow visibility during the construction phase of the company's two development projects and during the subsequent debt reduction phase. Outstanding contracts for FY 2024 include a zero-cost collar with a put price of $1,807 per ounce and a call price of $2,400 per ounce for a total of 450,000 ounces, or 112,500 ounces per quarter, and forward sales contracts for 70,000 ounces of production in first half 2024, or 35,000 ounces per quarter, at an average gold price of $2,033 per ounce. Outstanding contracts for FY 2025 include a zero-cost collar with a put price of $1,992 per ounce and a call price of $2,400 per ounce for a total of 200,000 ounces, or 50,000 ounces per quarter.

Management changes

On Jan. 4, the board of directors announced the termination of the president and chief executive officer, Sebastien de Montessus, for serious misconduct with effect from that date. Mr. de Montessus was also removed from the board of directors. This followed an investigation by the board into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the company. The investigation arose from a review of acquisitions and disposals. The investigation is continuing and will be progressed as quickly as possible, with further updates to be provided as appropriate.

As part of the board's succession planning processes, the directors appointed Mr. Cockerill as chief executive officer and executive director. As a director and chair of the technical committee since May, 2022, and deputy chair of the board since September, 2023, Mr. Cockerill has extensive knowledge of the company and its strategy. He was also a director of Endeavour Mining between third quarter 2013 and first quarter 2019. He has over four decades of experience in the global natural resource industry. During his career, he has held senior roles covering operational, project and executive positions around the world, including in Africa, having held executive roles at major international mining companies, including chief executive officer of Gold Fields and Anglo Coal, a subsidiary of Anglo American, as well as non-executive positions.

Qualified person

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.

A member of the World Gold Council, Endeavour Mining is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour Mining 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.