Endeavour Reports FY-2024 Preliminary Results; Announces Record H2-2024 Dividend

ENDEAVOUR REPORTS FY-2024 PRELIMINARY RESULTS; ANNOUNCES RECORD H2-2024 DIVIDEND

FY-2024 production of 1.1Moz at AISC of ~$1,220/oz • 2024 year-end leverage of <0.60x • FY-2024 shareholder returns of $277m

Table 1: Preliminary Financial and Operating Results Highlights^1,2

Ian Cockerill, Chief Executive Officer, commented: "2024 was a pivotal year for Endeavour. We successfully commissioned two high-margin growth projects, delivered the preliminary feasibility study for the tier-1 Assafou project, and significantly increased our free cash flow generation through the year, supporting record dividends for our shareholders.

Our robust operational performance resulted in 1.1 million ounces of production at a class-leading all-in sustaining cost of ~$1,220 per ounce. As expected, our operating performance was weighted toward the second half, driving improvements in free cash flow generation through the year, accelerating balance sheet improvement, and we ended the year on track to achieve our 0.5x leverage target in the near term.

Given our low leverage and the recent cash flow inflection, we have declared a record dividend of $140 million for H2-2024, bringing total returns for FY-2024 to $277 million, or $251 for every ounce produced. Since we began our returns programme in 2021, we have now returned over $1.1 billion, 79% more than the minimum commitment for the period, reiterating our commitment to paying supplemental shareholder returns.

We successfully delivered both the Sabodala-Massawa BIOX expansion and the Lafigué project on budget and on schedule in under two years, declaring commercial production at both mines in August last year. After completing this phase of organic growth, we outlined our next phase, with the completion of the pre-feasibility study for the Assafou project defining a potential tier 1 cornerstone asset for Endeavour. Assafou is expected to support our organic production growth up to 1.5 million ounces by the end of the decade, while improving the quality and diversification of our portfolio.

During the year, our exploration programme delivered significant resource to reserve conversion at Assafou and at Ity, as well as resource additions at Ity and Sabodala-Massawa, in line with our long-term discovery targets. During 2025, we will focus on adding resources at our cornerstone assets while we continue to delineate further opportunities for resource expansion at our Assafou project.

I would like to thank our team for their continued hard work during 2024 that has created the foundation for further success in 2025. As we increase production by up to 15%, maintain stable costs and significantly reduce capex, driving higher free-cash flow generation, our goal is to further increase returns to shareholders this year, through supplemental dividends and an increased commitment to share buybacks."

SHAREHOLDER RETURNS PROGRAMME

• Endeavour is pleased to continue to deliver attractive shareholder returns by announcing a record H2-2024 dividend of $140.0 million, or approximately $0.57 per share. As such, the FY-2024 dividend amounts to a annual record of $240.0 million or approximately $0.98 per share, which includes $30.0 million of supplemental dividends, in excess of the $210.0 million annual minimum commitment.
• Shareholder returns continue to be supplemented through the Company's share buyback programme. A total of $37.0 million, or 1.8 million shares were repurchased during FY-2024, of which $8.0 million or 0.4 million shares were repurchased in Q4-2024.
• For FY-2024, Endeavour returned $277.0 million to shareholders through dividends and share buybacks, 32% above the $210.0 million minimum commitment for the year, and equivalent to $251/oz produced, reiterating Endeavour's strong commitment to paying supplemental shareholder returns.
• Under Endeavour's new shareholder returns programme, that was announced in Q3-2024 for the FY-2024 and FY-2025 period, the minimum dividend for FY-2025 is $225.0 million and this may be supplemented with both additional dividends and increased opportunistic 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.

• Endeavour's H2-2024 dividend will be paid on 15 April 2025 ("Payment Date”), to shareholders of record on 14 March 2025, with an ex-dividend date for holders of shares listed on the London Stock Exchange of 13 March 2025. For holders of shares traded on the Toronto Stock Exchange, both the ex-dividend and record dates will be 14 March 2025. Holders of shares listed on the Toronto Stock Exchange will receive dividends in Canadian Dollars ("CAD”) but can elect to receive United States Dollars ("USD”). Holders of shares traded on the London Stock Exchange will receive dividends in USD but can elect to receive Pounds Sterling ("GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by all shareholders prior to 17:00 GMT on 25 March 2025. Dividends will be paid in the default or elected currency on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 27 March 2025. 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.
• Endeavour is pleased to continue to offer a DRIP, to offer existing shareholders the opportunity, at their own election, to increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company.
• Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the London Stock Exchange or on the Toronto Stock Exchange. Participants may opt to reinvest all, or any portion of their dividends in the DRIP. Custodians are reminded that as part of the terms and conditions of the DRIP, if you make a partial election on the DRIP, the remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific holding(s). The enrolment form is available on Endeavour's website. The last election date for participation in the H2-2024 DRIP will be 25 March 2025.
• In accordance with the DRIP, Endeavour's Registrar, Computershare, will use cash dividends payable to participating shareholders to purchase ordinary shares in the open market on the Toronto Stock Exchange and the London Stock Exchange at the prevailing market price. 

• Q4-2024 production increased by 92koz or 34% over Q3-2024, to 363koz following increased production at all mines. Production increased due to higher grades processed in line with the mine sequences, as previously guided, and higher throughput following the end of the regional wet season, as well as the ramp up of the Sabodala-Massawa Expansion and the Lafigué growth projects.
• Q4-2024 total cash costs ("TCC") decreased by $148/oz or 13% over Q3-2024 to approximately ~$980/oz due to lower costs at Houndé, Mana and Lafigué largely due to higher gold sales as well as lower underground mining costs at Mana. This was partially offset by slightly higher costs at Ity due to increased mining unit costs as haulage distances increased.
• Q4-2024 all-in sustaining costs ("AISC") decreased by $147/oz or 11% over Q3-2024 to approximately $1,140/oz due to lower costs at Houndé, Mana and Lafigué. This was partially offset by slightly higher costs at Ity due to increased sustaining capital associated with plant upgrades, and at Sabodala-Massawa due to increased sustaining capital associated with fleet replacements.
• FY-2024 production amounted to 1,103koz, in line with the previously disclosed outlook and slightly below the guided 1,130 - 1,270koz range, due to lower than guided production from Sabodala-Massawa. FY-2024 AISC amounted to approximately $1,220/oz, in line with the previously disclosed outlook, and above the top end of the guided $955 - $1,035/oz range, due to underperformance at Sabodala-Massawa (+$137/oz), higher royalty costs (+$51/oz) associated with the prevailing higher gold price ($2,418/oz realised gold price vs $1,850/oz guided gold price) and low grid power availability during H1-2024 (+$27/oz), which was partially offset by lower than expected costs at Lafigué due to lower stripping costs.

• FY-2024 production of 1,103koz increased by 31koz over the 1,072koz produced in FY-2023 from continuing operations due to record production at Ity, increased production at Mana and the addition of Lafigué, partially offset by lower production at Houndé following record production in FY-2023 and underperformance at Sabodala-Massawa. FY-2024 TCC increased by $223/oz, from $837/oz in FY-2023 to approximately $1,060/oz in FY-2024 as TCC increased at Houndé, Ity, Mana and Sabodala-Massawa due to higher royalty costs, the impact of low grid power availability in H1-2024, as well as significantly lower production at Sabodala-Massawa, partially offset by the H2-2024 impact of the lower-cost Lafigué mine. FY-2024 AISC increased by $251/oz, from $967/oz in FY-2023 to approximately $1,220/oz in FY-2024.
• The Group's realised gold price, excluding the impact of realised gains and losses on gold hedges and inclusive of the Sabodala-Massawa gold stream, was $2,620/oz and $2,418/oz for Q4-2024 and FY-2024 respectively. Including the impact of the gold hedges, the Group's realised gold price from continuing operations was $2,590/oz and $2,349/oz for Q4-2024 and FY-2024 respectively.

Table 5: Consolidated Total Cash Costs^1,2,5