Mr. Ian Cockerill reports

ENDEAVOUR REPORTS STRONG FY-2023 RESULTS

Endeavour Mining PLC has released its fiscal year 2023 operating and financial results, with highlights provided herein.

Management will host a conference call and webcast today, March 27, 2024, at 9:30 a.m. EDT/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. Today the management discussion and analysis, audited financial statements, and annual report for the year ended Dec. 31, 2023, have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available for inspection on the company's website and on the Financial Conduct Authority's website. In addition, the company has published its 2023 sustainability report, which will shortly be available on the company's website.

Ian Cockerill, chief executive officer, commented: "I am delighted to have been appointed CEO of Endeavour at such a pivotal moment. As you can see from our 2023 results, Endeavour is well positioned with a high-quality portfolio and a resilient business model that is underpinned by a disciplined approach to capital allocation. During the year we delivered against our key objectives and produced 1.1 million ounces of gold, meeting our production guidance for the 11th consecutive year, while achieving an all-in sustaining cost of $967 per ounce, maintaining our status as one of the lowest-cost producers within the sector.

"We continued to increase the quality of our portfolio as we advanced our two high-margin development projects, the Sabodala-Massawa expansion and the Lafigue development project, which are both on budget and slightly ahead of schedule with commissioning under way at both projects. We also divested our non-core Boungou and Wahgnion mines during the year, further strengthening the quality of the portfolio and increasing its geographic diversification.

"Our exploration programme continues to support our robust project pipeline, with the addition of 3.4 million ounces of indicated resources at our Tanda-Iguela discovery in Cote d'Ivoire. This 4.5-million-ounce discovery is not only one of the most significant discoveries in West Africa in the last 10 years, but a potential Tier 1 deposit for Endeavour, that we discovered for an industry low cost of $11 per ounce.

"In addition to investing over $548-million in organic growth and exploration during the year, we returned $266-million to our shareholders, through dividends and share buybacks. We returned $227 for every ounce of gold that we produced, reiterating our commitment to delivering attractive shareholder returns.

"The foundations are in place for 2024 to be a transformational year of delivery. I am focused on completing our growth projects and transitioning to a more cash-generative phase, that will prioritize delevering the balance sheet and delivering enhanced shareholder returns, ensuring that the growth that we unlock immediately benefits all our stakeholders."

Investigation into chief executive officer's misconduct completed:

• As previously announced on Jan. 4, 2024, the contract with former president and chief executive officer, Sebastien de Montessus, was terminated for serious misconduct following an investigation undertaken by the board of directors into an irregular payment instruction issued by him, related to the disposal of the Agbaou asset undertaken by the company. As a result of his serious misconduct, the remuneration committee of the board determined to claw back remuneration totalling $29.1-million as announced on Jan. 18, 2024.
• The board of directors of Endeavour announced today, March 27, 2024, that the investigation is now complete and the key outcomes are:
  • No restatement of historic financial statements and no material impact on 2023 annual financial results issued today, which are the subject of an unmodified audit opinion;
  • Investigation found that Mr. de Montessus, acting with certain others who are not employees of the group:
    • Diverted a $5.9-million (U.S.) payment to a third party company in March, 2021, and concealed his actions with repeated false representations to management, the board and auditors;
    • Caused Endeavour to make two payments totalling $15-million (U.S.) to the same third party company in August and November, 2020, deliberately disguising them as advance payments to a contractor through repeated false representations to management;
  • No evidence of bribery, or of any payments being made to sanctioned persons or to terrorist groups;
  • Ultimate beneficiaries of these payments have not been discovered, despite extensive investigation, as the recipient entity was liquidated immediately after the funds were transferred;
  • Mr. de Montessus provided implausible and untrue explanations of his conduct during the course of the investigation;
  • The investigation is now complete.
• Summary of actions taken and proposed:
  • Mr. de Montessus was terminated as CEO and president on Jan. 4;
  • Clawback of remuneration totalling $29.1-million (U.S.) announced on Jan. 18;
  • Noting that these payments involved deliberate circumvention of the company's existing controls framework, the board has nonetheless accelerated its review of internal controls in line with the new U.K. Corporate Governance Code, and has made immediate adjustments to certain controls relating to merger and acquisition activity.
• For further information, please refer to the 2023 annual report.
• The board appointed Mr. Cockerill, formerly deputy chair of the board, as permanent chief executive officer and executive director on Jan. 4. Mr. Cockerill brings over four decades of experience in the global natural resources sector and has held senior operational, project and executive positions at major mining companies, including chief executive officer of Gold Fields and Anglo Coal.

Shareholder returns program:

• Endeavour is pleased to continue to deliver attractive shareholder returns, in line with its capital allocation framework. As previously announced, the FY 2023 dividend amounts to $200-million, or 81 cents per share, which represents $25-million more than the minimum dividend commitment of $175-million for the year, reiterating Endeavour's strong commitment to paying supplemental shareholder returns. Endeavour's H2 2023 dividend amounts to $100-million or 41 cents per share and was paid on March 25, 2024, to shareholders of record on Feb. 23, 2024.
• Shareholder returns are being supplemented through the company's share buyback program. A total of $65.7-million or three million shares were repurchased during FY 2023, of which $25.7-million or 1.3 million shares were repurchased in fourth quarter 2023. Furthermore, a total of $12.6-million or 700,000 shares have been repurchased in FY 2024 up until March 22, 2024.
• As shown in the attached table, Endeavour has returned $266.4-million to shareholders for FY 2023 through dividends and share buybacks, 52 per cent above the $175-million minimum dividend commitment for the year, and equivalent to $227 per ounce produced from all operations. Since the shareholder returns program began to be paid in first quarter 2021, Endeavour has returned over $903-million to shareholders in the form of dividends and buybacks, which represents $393-million or 77 per cent more than its minimum commitment over the period.

• As previously stated, 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 Endeavour's leverage remained below 0.5 times net debt/adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). Endeavour's goal is to increase its shareholder returns program once its organic growth projects are completed, while simultaneously strengthening its balance sheet, thereby ensuring that its efforts to unlock growth immediately benefit all its stakeholders. Endeavour's next semi-annual dividend is expected to be announced in Q3 2024, along with its Q2 and H1 2024 financial results.
• As announced on March 20, 2024, Endeavour has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid (NCIB) for its share buyback program. Under the NCIB, Endeavour is entitled to repurchase up to 5 per cent of its total issued and outstanding shares as of March 13, 2024, or 12,259,943 shares, during the 12-month period of the NCIB, and up to 25 per cent of the average daily trading volume (ADTV) for the six months ended Feb. 29, 2024, calculated in accordance with the rules of the TSX for purposes of the NCIB or 96,878 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. The renewed NCIB commenced on March 22, 2024, and ends on March 21, 2025, or such earlier date as Endeavour may complete its purchases pursuant to the notice of intention filed with the TSX.
• Endeavour's previously announced automatic share purchase agreement with Stifel Nicolaus Europe Ltd. will continue to allow for the purchase of ordinary shares, subject to certain trading parameters, at times when Endeavour would not be active in the market due to regulatory close periods, its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, ordinary shares may be repurchased in accordance with management's discretion and in compliance with applicable law.
• Share purchases will be made by Stifel (or through its agent, Stifel Nicolaus Canada Inc.) on the TSX and the London Stock Exchange, as well as through other designated exchanges and alternative trading systems in accordance with applicable regulatory requirements. The price paid for repurchased ordinary shares will be the market price of such ordinary shares at the time of acquisition or such other price as may be permitted in accordance with applicable regulatory requirements and Endeavour's existing shareholder authority to conduct share repurchases. Endeavour intends to ask shareholders to renew that authority at its 2024 annual general meeting.

Earnings from continuing operations

The attached table presents the earnings and adjusted earnings for Endeavour for the three-month periods ended Dec. 31, 2023, Sept. 30, 2023, and Dec. 31, 2022, and the 12-month periods ended Dec. 31, 2023, and Dec. 31, 2022.

conference call and live webcast

Management will host a conference call and webcast on Wednesday, March 27, at 9:30 a.m. EDT/1:30 p.m. GMT to discuss the company's financial results.

The conference call and webcast are scheduled at:

6:30 a.m. in Vancouver

9:30 a.m. in Toronto and New York

1:30 p.m. in London

9:30 p.m. in Hong Kong and Perth

The 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.

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

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 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.