ENDEAVOUR REPORTS Q3-2024 RESULTS

Adjusted EBITDA of $317m • Free Cash Flow of $97m • Shareholder returns paid of $229m

Table 1: Q3-2024 and YTD-2024 Highlights from continuing operations¹

Management will host a conference call and webcast today, 7 November 2024, at 8:30 am EST / 1:30 pm 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 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: "During Q3-2024 we continued to deliver against our strategic objectives as we successfully completed our growth phase, achieving commercial production at our two organic growth projects, which supported our strongest quarter of production this year and underpinned our transition to a phase focused on free cash flow generation.

On the operational front, we expect full-year production to be at or around the low end of the guidance range, while our all-in sustaining cost is expected to be above the top end of the range, due to higher royalty and power costs as well as lower production at the Sabodala-Massawa CIL operation. Despite above average rainfall early in the Q4, our performance is expected to be significantly stronger than Q3, supported by the ramp ups of our growth projects as well as increased production at the Houndé and Mana mines, in line with their mine sequences.

During the quarter, we completed construction and achieved commercial production at the Sabodala-Massawa BIOX Expansion and the Lafigué mine, with both projects ramping up in line with expectations and achieving nameplate throughput capacity during the quarter. At the top tier Assafou project, where the preliminary feasibility study is on track for completion in Q4, we continue to see significant exploration upside, both at the Assafou project, and on the wider Tanda-Iguela property.

We achieved a significant free cash inflection during the quarter, generating approximately $100 million of free cash flow, and given our strong outlook, we are now focused on shareholder returns and our balance sheet. We repaid $160 million of our revolving credit facility during the quarter, while our stronger earnings supported an improvement in our leverage, as we advanced towards our 0.5x leverage target. On shareholder returns, we paid our H1-2024 dividend of $100 million and we have now returned $229 million to shareholders this year through dividends and share buybacks. We will increase our focus on supplemental shareholder returns over the coming quarters.

Looking forward, we have visibility to organically grow the production profile to our 1.5 million ounce portfolio objective by the end of the decade, while maintaining best in class margins. We expect to outline our new outlook next year, which will underpin our continued commitments to disciplined capital allocation and delivering attractive shareholder returns.”

SHAREHOLDER RETURNS PROGRAMME

• Endeavour implemented a shareholder returns programme for the 2021 - 2023 period that was comprised of three annual minimum dividends totalling $450.0 million, supplemented by additional dividends and share buybacks. Over the shareholder returns programme period, Endeavour returned $903.0 million to shareholders comprised of $600.0 million of dividends and $303.0 million of share buybacks; more than double the minimum commitment and equivalent to $211 returned for every ounce produced over the 2021-2023 period.
• During Q3-2024, Endeavour implemented a new shareholder returns programme to reflect its transition from a phase focused on investment to one focused on free cash flow generation. The new programme is comprised of minimum dividends of $435.0 million over the 2024-2025 period, that are expected to be supplemented with additional dividends and share buybacks.
• Dividends are expected to be paid semi-annually, provided that the prevailing gold price for the dividend period is at or above $1,850/oz and the Company has a healthy financial position. Supplemental returns are expected to be paid in the form of dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a healthy financial position.
• Since the beginning of the year, Endeavour has paid $200.0 million in dividends including the H2-2023 dividend of $100.0 million ($0.41/sh) paid on 25 March 2024 (within the 2021 - 2023 programme) and the H1-2024 dividend of $100.0 million ($0.41/sh) paid on 10 October 2024 and returned an additional $28.9 million or 1.46 million shares through opportunistic share buybacks, of which $8.8 million or 0.42 million shares were repurchased during Q3-2024.
• Since payment of the first dividend in FY-2021, Endeavour has returned more than $1,032.0 million to shareholders, including $700.0 million of dividends and $332.0 million of share buybacks.

• Strong safety performance for the Group, with a Lost Time Injury Frequency Rate ("LTIFR”) from continuing operations of 0.12 for the trailing twelve months ended 30 September 2024.
• Q3-2024 production amounted to 270koz, an increase of 19koz over Q2-2024, due to the ramp up of the Sabodala-Massawa BIOX and Lafigué operations to commercial production, both of which were achieved on 1 August 2024, as well as higher production at Houndé, which was partially offset by lower production at Ity, Mana and the Sabodala-Massawa CIL operation. Production increased at Houndé due to higher average grades processed and at Lafigué due to the ramp-up of the mine towards nameplate capacity, which was achieved late in Q3. Production decreased at Ity due to lower average grades processed in line with the mine sequence, at Mana due to lower tonnes milled following the depletion of the Maoula open pit, and at Sabodala-Massawa CIL due to the continued lower grade mill feed as well as strike action, maintenance activity and significantly above average rainfall lowering throughput levels.
• Q3-2024 AISC was stable quarter on quarter at $1,287/oz as commercial production commenced at the low cost Lafigué mine coupled with lower AISC at Houndé, which was offset by higher AISC at Ity, Sabodala-Massawa and Mana. Lower AISC at Houndé was due to higher grades processed and lower power costs as grid power availability improved significantly compared to Q2-2024. Higher AISC at Ity, Sabodala-Massawa and Mana were largely due to lower volumes of gold sold and higher royalty costs due to higher gold prices, as well as higher sustaining capital at Ity and Sabodala-Massawa.

²The Boungou and Wahgnion mines were divested on 30 June 2023.

Table 4: Group All-In Sustaining Costs