Mr. Ian Cockerill reports

ENDEAVOUR REPORTS Q1-2024 RESULTS

Endeavour Mining PLC has released its operating and financial results for Q1 2024, with highlights provided in an attached table.

OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations unless otherwise specified)

• Q1-2024 production of 219 koz at an AISC of $ 1,186 /oz; on track to achieve full year 2024 guidance with performance strongly weighted towards H2-2024
• Adjusted EBITDA of $ 213 m for Q1-2024 , down 27% over Q4-2023
• Adjusted Net Earnings of $ 41 m (or $ 0.17 /sh) for Q1-2024 , flat over Q4-2023
• Operating Cash Flow before changes in WC of $ 137 m (or $ 0.56 /sh) for Q1-2024 , down 44% over Q4-2023
• Healthy financial position with a net debt position of $ 831 m at end Q1-2024 with $ 481 m in cash and available liquidity

ORGANIC GROWTH

• Sabodala-Massawa BIOX(TM) Expansion first gold pour completed on 18 April 2024, in only 2 years from construction launch, with project on budget and on schedule; expansion ramping up to nameplate capacity in Q3-2024
• Lafigue development project on budget and on schedule for first gold in late Q2-2024 with dry commissioning underway
• Strong exploration efforts with $ 25 m spent in Q1-2024; mineralisation extended at the Assafou deposit

ATTRACTIVE SHAREHOLDER RETURNS

• $100m or $0.41/sh dividend paid in Q1-2024 bringing FY-2023 dividend to $200m, 14% above minimum commitment
• $ 13 m or 0.7 million share buybacks completed during Q1-2024 continue to supplement shareholder returns Shareholder returns total $ 917 m since Q1-2021, equivalent to $ 211 for every ounce of gold produced over the period

Management will host a conference call and webcast today, 2 May 2024, 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. A copy of the Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on SEDAR+. The documents will shortly be available for inspection on the Company's website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Ian Cockerill, Chief Executive Officer, commented: "Following my first quarter as Chief Executive Officer at Endeavour, I am pleased that we have continued to make progress against our strategic objectives.

Our operational performance is tracking in line with our Group guidance, as production and costs are expected to progressively improve throughout the year, with performance strongly weighted towards the second half, as our two organic growth projects ramp up, and we expect significantly stronger performance from our Hounde mine.

We were delighted to have achieved first gold at the Sabodala-Massawa Expansion project on 18 April, and at our second growth project, Lafigue, we have now started dry commissioning and are on track to deliver first gold in late Q2, a quarter ahead of schedule. Lafigue will be the fifth growth project that we have completed over the last 10 years, all of which have been built on budget and on schedule in two years or less. As we transition out of this phase of growth, we will renew our focus on optimising our existing assets and continue developing our talented projects team, ahead of the next phase of growth .

Exploration at the Assafou deposit on the Tanda-Iguela property continues to demonstrate the project's potential to become another cornerstone asset for Endeavour. The aggressive drilling program has further extended the mineralised trend at the Assafou deposit by over 400 metres, while drilling at potential satellite targets, in close proximity to Assafou, has also yielded promising results.

During the quarter we paid our H2-2023 dividend of $100 million to shareholders and completed $13 million worth of share buybacks. Since our first dividend payment in Q1-2021, we have now returned $ 917 million to shareholders, equivalent to $ 211 for every ounce produced over the same period, demonstrating our commitment to paying supplemental returns. We have now finished our first shareholder returns programme, and expect to outline the next phase of the programme early in H2.

Despite investing over $235 million in organic growth, exploration and shareholder returns during the quarter, our leverage remains healthy at 0.80x net debt to adjusted EBITDA, and we are well positioned to quickly de-lever our balance sheet and increase our commitment to shareholder returns, to reflect our transition from a phase of growth to one focused on cash flow generation.

We look forward to advancing 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") from continuing operations of 0.11 for the trailing twelve months ending 31 March 2024.

As previously disclosed, on 28 February 2024, we were 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. The health, safety and welfare of our colleagues remain our top priority and we are focussed on improvements to contractor management, front-line supervision and reviewing operational procedures.

The Group remains on track to achieve its FY-2024 production guidance of 1,130 - 1,270koz at an AISC within the $955 - 1,035/oz range, with performance strongly weighted towards H2-2024, as previously guided.

Q1-2024 production from continuing operations amounted to 219koz, a decrease of 61koz over Q4-2023, due to lower production at Hounde and Sabodala-Massawa, which was partially offset by higher production at Ity and Mana. Production decreased at Hounde as lower grade ore from the Kari West pit was mined and processed while waste stripping focused on the higher-grade Kari Pump and Vindaloo Main pits in order to access higher grade ore in H2-2024 in line with the mine sequence. In addition, mining and processing activities were temporarily stopped for 11-days due to the previously disclosed sub-contractor led strike. At Sabodala-Massawa, lower tonnage of high grade ore was sourced from the Sabodala pit as the pit approaches the end of its economic mine life. Production increased at Ity, in-line with the mine sequence due to higher grade ore from the Ity pit in the mill feed, and at Mana, as underground mining ramped up to deliver increased underground ore tonnage to the mill.

Q1-2024 AISC from continuing operations amounted to $1,186/oz, an increase of $239/oz over Q4-2023 due largely to lower volumes of gold sold at Hounde and Sabodala-Massawa, in addition to higher processing costs at Hounde, Sabodala-Massawa and Ity as a result of increased power costs, a harder ore blend and commissioning costs associated with the Recyn optimisation initiative, respectively. The increases were partially offset by a decrease at Mana due to higher gold volumes sold and decreased unit rates as underground development activities continued to ramp-up.

   
  
 
  
   Table 2: Group Production
  
 
 THREE MONTHS ENDED                           
All amounts in koz, on a 100% basis   31 March 2024 31 December 2023 31 March 2023
Hounde                                42            84               47           
Ity                                   86            74               91           
Mana                                  42            37               44           
Sabodala-Massawa                      49            85               61           
PRODUCTION FROM CONTINUING OPERATIONS 219           280              243          
Boungou1                              -             -                19           
Wahgnion1                             -             -                39           
GROUP PRODUCTION                      219           280              301          

Sustaining capital expenditure outlook for FY-2024 remains unchanged at $125.0 million, of which $29.7 million was incurred in Q1-2024 primarily related to ongoing waste development activities at Hounde, Sabodala-Massawa and Ity, as well as underground development at Mana.

Non-sustaining capital expenditure outlook for FY-2024 remains unchanged at $190.0 million, of which $41.3 million was incurred in Q1-2024 primarily related to Solar Power plant construction at Sabodala-Massawa, TSF construction and embankment raises at Hounde, Ity and Mana, pre-stripping activities at the Walter and Bakatouo pits and the ongoing Mineral Sizer optimisation initiative at Ity.

Growth capital expenditure outlook for FY-2024 remains unchanged at $245.0 million, of which $98.7 million was incurred in Q1-2024 primarily related to construction activities at the BIOX(TM) expansion project in Senegal ($39.8 million incurred in Q1-2024), the Lafigue development project in Cote d'Ivoire ($56.7 million incurred in Q1-2024) and additional spend related to the Kalana project.

SHAREHOLDER RETURNS PROGRAMME

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 its leverage remained below 0.5x Net Debt / adj EBITDA.

Endeavour's goal is to increase its shareholder returns programme once its organic growth projects are completed, while strengthening its balance sheet, thereby ensuring that its efforts to unlock growth immediately benefit all stakeholders. The updated dividend framework for the next phase of Endeavour's shareholder returns policy is expected to be announced in early H2-2024.

As previously announced, the FY-2023 dividend amounted to $200.0 million, which represents $25.0 million or 14% more than the minimum dividend commitment of $175.0 million for the year, reiterating Endeavour's commitment to paying supplemental shareholder returns. The H2-2023 dividend of $100.0 million, or $0.41 per share, was paid on 25 March 2024 to shareholders of record on 23 February 2024.

During Q1-2024, shareholder returns continued to be supplemented with share buybacks with $12.6 million or 0.7 million shares repurchased during the period. Since the commencement of the buyback program, $316.1 million or 14.4 million shares have been repurchased as at 31 March 2024.

Since the first shareholder returns payment in Q1-2021, the Company has now returned $916.5 million to shareholders including $600.4 million of dividends and $316.1 million of share buybacks; equivalent to returning $211 per ounce of gold produced from all operations over the same period.

CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Thursday 2 May, at 8:30 am EDT / 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

The video webcast can be accessed through the following link:

https://edge.media-server.com/mmc/p/5g47kgz8

Click here to add a Webcast reminder to your Outlook Calendar.

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

https://register.vevent.com/register/BIbafe46988b6e4673b4e044c5587b481193aa6a8c7 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.