Republic of Ghana Roundtable Session Supported by Richard Thomas - EVP Technical Services, Endeavour Mining

1. GOLD PRODUCER  WEST AFRICA  CASH FLOW
Mining In Ghana : A partnership
25 June 2014

2. Disclaimer & Forward Looking Statements
GOLD PRODUCER  WEST AFRICA  CASH FLOW 2
This presentation contains “forward-looking statements” including
but not limited to, statements with respect to Endeavour’s plans
and operating performance, the estimation of mineral reserves
and resources, the timing and amount of estimated future
production, costs of future production, future capital expenditures,
and the success of exploration activities. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as “expects”, “expected”,
“budgeted”, “forecasts” and “anticipates”. Forward-looking
statements, while based on management’s best estimates and
assumptions, are subject to risks and uncertainties that may
cause actual results to be materially different from those
expressed or implied by such forward-looking statements,
including but not limited to: risks related to the successful
integration of acquisitions; risks related
to international operations; risks related to general economic
conditions and credit availability, actual results of current exploration
activities, unanticipated reclamation expenses; changes in project
parameters as plans continue to be refined; fluctuations in prices
of metals including gold; fluctuations in foreign currency exchange
rates, increases in market prices of mining consumables, possible
variations in ore reserves, grade or recovery rates; failure of
plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations on
insurance coverage and other risks of the mining industry; delays
in the completion of development or construction activities,
changes in national and local government regulation of mining
operations, tax rules and regulations, and political and economic
developments in countries in which Endeavour operates.
Although Endeavour has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-
looking statements. Please refer to Endeavour’s most recent
Annual Information Form filed under its profile at www.sedar.com
for further information respecting the risks affecting Endeavour
and its business.

3. GOLD PRODUCER  WEST AFRICA  CASH FLOW 3
Endeavour Delivers
• West African gold producer with four operating mines
producing between 400,000 and 440,000 oz in 2014
• AISC guidance of $985 to 1,070 per oz for 2014
• Q1 2014 record gold production:
− Produced 105,912 ozs
− Revenue of $137 million
− Cash cost of $879/oz and AISC of $1,059/oz
− All-in sustaining margin of $25 million
• Potential to add ~180,000 oz/yr and expand low-AISC
cost production base by advancing Houndé project –
now in permitting
• Reserves of 4 million ounces and Measured and
Indicated Resources over 6 million ounces in the
Inferred category

4. GOLD PRODUCER  WEST AFRICA  CASH FLOW 4
West African Projects
• Multiple operations,
both open-pit and underground
• West African focus,
diversified jurisdictions
• Accra-based operations management

5. GOLD PRODUCER  WEST AFRICA  CASH FLOW 5
Tabakoto Underground Mining
• Record gold revenue and production in 2013:
− Produced 324,275 ozs
− AISC of $1,174/oz
− Revenue of $443 million
− All-in sustaining margin of $93 million
• Key achievements:
− Agbaou mine completed ahead of schedule and
under budget
− Changed to owner mining in Tabakoto underground
− Developing Segala underground mine
− Kofi permitted and contributes to Tabakoto production
schedule in 2015
− Houndé Project feasibility study completed and now
in permitting
Record Production and Key Achievements
Gold Bar at Tabakoto

6. Q1 2014 Highlights
GOLD PRODUCER  WEST AFRICA  CASH FLOW 6
• Good cost profiles at three of our mines and, as expected, a high cost during
transitional phase of optimization at Tabakoto
• Q1 2014 AISC/oz of $1,059 is 10% lower than $1,174 in Q1 2013 (on a comparable
basis)
Agbaou1 Tabakoto Nzema Youga
Total /
Average
Production (oz) 24,086 33,472 28,487 19,867 105,912
Cash cost / oz $594 $1,157 $890 $680 $879
AISC / oz $647 $1,320 $1,046 $758 $1,059
1 Agbaou production for 3 months of Q1 2014, cash cost and AISC only for Feb and March as commercial production was declared at the end of Jan 2014

7. GOLD PRODUCER  WEST AFRICA  CASH FLOW 7
2014 Production Guidance
Gold Production (ozs)1
2011 2012 2013 2014
Actual Actual Actual Guidance range
Tabakoto, Mali 91,200 110,301 125,231 140,000 - 155,000
Nzema, Ghana 90,026 109,447 103,464 110,000 - 120,000
Agbaou, Côte d'Ivoire2
- - 6,132 85,000 - 95,000
Youga, Burkina Faso 87,264 91,030 89,448 65,000 - 70,000
TOTAL 268,490 310,778 324,275 400,000 - 440,000
1
2
On a 100% basis
Agbaou presented on a full 12 month basis in 2014; commercial production was declared on January 27, 2014
1 On a 100% basis
2 Agbaou presented on a full 12 month basis in 2014; commercial production was declared on January 27, 2014

8. GOLD PRODUCER  WEST AFRICA  CASH FLOW 8
Nzema Gold Mine: Ghana
Nzema Gold Mine (90% Endeavour, 10% Ghana)
Resources
(incl. of Reserves,
100%)
M&I: 38.4Mt @ 1.4 g/t for 1.7Moz
Inferred: 7.7Mt @ 1.3 g/t for 0.313Moz
Reserves (100%) 9.9Mt @ 2.1 g/t for 0.602Moz
Strip Ratio 3 to 1 (2013)
Processing Rate 1.6 to 2.1Mtpa Gravity/CIL plant
Met. Recovery 91% to 75% depending on ore type
Production
2012 – 109,447 ozs
2013 – 103,464 ozs
2014 Q1 – 28,487 ozs
2014e – 110,000 to 120,000 ozs
Cash Costs ($/oz)
2013 - $917
2014 Q1 - $890
2014e – $780 to $830
Expected Mine Life 6 years from current Reserves
Royalty 5% (+1% third-party at Adamus pits)
Corporate Tax 35%

9. GOLD PRODUCER  WEST AFRICA  CASH FLOW 9
Regional Geology
Nzema Gold Mine

10. Nzema and the Community
GOLD PRODUCER  WEST AFRICA  CASH FLOW 10
Nzema CSR projects
• Focus on education and youth training.
Scholarship programs and partnership
with Australian High Commission to train
youth in skills development
• Provide good drinking water, sanitation
access and partnership with healthcare
NGO
• Alternative Livelihood Program for 30
vulnerable Salman households: poultry,
pig-rearing, bakery training
• Phase II Livelihood Restoration
Program for 60 farmers
• Salman Village: resettlement of 2,200
villagers completed in March 2012
• May 2014 completed 325 houses 1200
people in the Anwia Teleko Bokaso
village at a cost of $25m
• Bokrobo village will be affected by
mining but no resettlement is
contemplated – work with community to
overcome the challenges

11. Positive Aspects of Operating in Ghana
GOLD PRODUCER  WEST AFRICA  CASH FLOW 11
• Highly skilled workforce
– Committed
– Mining experience
– 3 expats of a total of 224
• Clear regulatory framework
– Tax
– Mining Code
– Environmental regulations
• Ability to build relationships with
government agencies
• Infrastructure
– Ports
– Roads
– Airports
– Requires upgrading soon as Ghana
expands rapidly

12. Challenges of Ghana
GOLD PRODUCER  WEST AFRICA  CASH FLOW 12
Power
• Reliability
• Increasing cost
Artisanal Mining
• Resource depletion
• Safety and security of employees
• Reputational risks
• Associated environmental impacts
Land Access
• Increasing difficult
• Source of conflict with communities

13. Avrebo deposit
GOLD PRODUCER  WEST AFRICA  CASH FLOW 13
2012
Reserves
2013
reserves
Oz 10,054 8,790
Au, g/t 1.5 1.4

14. Artisanal Workings
GOLD PRODUCER  WEST AFRICA  CASH FLOW 14

15. Critical Success Factors
GOLD PRODUCER  WEST AFRICA  CASH FLOW 15
• Strong relationships with:
– Minerals Commission
– EPA
– Local communities
• Artisanal Mining Strategy
– Protects the resource
– Maintains the company reputation

16. GOLD PRODUCER  WEST AFRICA  CASH FLOW 16
Neil Woodyer
CEO
nwoodyer@endeavourmining.com
+377 97 98 7161
SVP Business Development
dreddy@endeavourmining.com
+1 604 609 6114
Richard Thomas
EVP Technical Services
rthomas@edv-ops.com
+377 97 98 7160
Doug Reddy