GlobeNewswire Inc | Aug 5, 2020 06:30AM EDT

August 05, 2020

ENDEAVOUR REPORTS Q2-2020 RESULTSOn track to meet FY-2020 guidanceSignificant improvement in leverage ratioDividend initiation approaching

HIGHLIGHTS

-- Production of 149koz at an AISC of $939/oz in Q2-2020; Production of 321koz at an AISC of $918/oz in H1-2020 -- Integration process is largely complete with the SEMAFO assets slotted into Endeavour's well-established West African operating model -- On track to achieve full year production and AISC guidance for both Endeavour and SEMAFO assets despite COVID-19, resulting in a Pro Forma guidance of 9951,095koz at an AISC of $865915/oz -- Operating Cash Flow before Working Capital of $85m or $0.77/share for Q2-2020; $205m or $1.85/share for H1-2020 -- Adjusted Net Earnings of $53m or $0.48/share in Q2-2020; $86m or $0.78/share in H1-2020 -- Strong deleveraging as Net Debt / Adjusted EBITDA ratio stands at below 0.5x following the SEMAFO transaction close, compared to 2.75x for the same period last year -- Endeavour expects to reach a net cash position in the coming quarters, at which point it intends to pay an initial dividend

George Town, August 5, 2020 Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the second quarter and half year 2020, with highlights provided in table 1 and 2 below.

Table 1: Endeavour Operational and Financial Highlights

THREE MONTHS SIX MONTHS ENDED ENDEDin US$ million unless otherwise June March June June June specified. 30, 31, 30, 30, 30, ? YTD 2020 2020 2019 2020 2019

PRODUCTION AND AISC HIGHLIGHTS Gold Production, koz 149 172 171 321 292 +10% Gold Sold, koz 150 175 171 324 292 +11% Realized Gold Price^2, $/oz 1,689 1,546 1,285 1,612 1,271 +27% All-in Sustaining Cost^1, $/oz 939 899 790 918 826 +11% All-in Sustaining Margin^1,3, $ 750 647 494 694 445 +56% /ozCASH FLOW HIGHLIGHTS ^1 All-in Sustaining Margin^4, $m 112 113 84 225 130 +74% All-in Margin^5, $m 73 80 46 153 68 +124% Operating Cash Flow Before 85 119 57 205 105 +94% Non-Cash Working Capital, $mOperating Cash Flow BeforeNon-Cash Working Capital, $/ 0.77 1.08 0.52 1.85 0.96 +92% shareOperating Cash Flow, $m 57 126 62 183 85 +115% Operating Cash Flow, $/share 0.52 1.14 0.57 1.66 0.78 +113% PROFITABILITY HIGHLIGHTS Revenues, $m 253 270 219 523 371 +41% Adjusted EBITDA^1, $m 120 130 94 250 135 +86% Net Earnings Attr. to (37) 26 1 (11) (14) n.a. Shareholders^1, $mNet Earnings^1, $/share (0.34) 0.24 0.01 (0.10) (0.13) n.a. Adjusted Net Earnings Attr. to 53 34 9 86 4 n.a. Shareholders^1, $mAdjusted Net Earnings per Share 0.48 0.30 0.08 0.78 0.03 n.a ^1, $/shareBALANCE SHEET HIGHLIGHTS^1 Net Debt, $m 473 473 660 473 660 (28)% Net Debt / Adjusted EBITDA 1.00 1.06 2.75 1.00 2.75 (64)% (LTM) ratio

1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 2Realized Gold Price inclusive of Karma stream; 3Realized Gold Price less All-in Sustaining Cost per ounce; 4Net revenue less All-in Sustaining Costs; 5Net revenue less All-in Sustaining Costs and Non-Sustaining capital.

Table 2: Pro Forma Highlights3

THREE MONTHS ENDED 30 SIX MONTHS ENDED 30 JUNE, 2020 JUNE, 2020(in US$ million) SEMAFO^ Pro SEMAFO^ Pro Endeavour 3 Forma^ Endeavour 3 Forma^ 3 3PRODUCTION AND AISC HIGHLIGHTSGold Production, koz 149 79 228 321 158 479Gold Sold, koz 150 68 218 324 145 469All-in Sustaining Cost^1, $/ 939 1,021 979 918 951 942ozBALANCE SHEET HIGHLIGHTS^1 Net Debt inclusive of La 473 (64) 309 473 (64) 309Mancha investment^2 $mNet Debt / Adjusted EBITDA 1.00x n.a. 0.44x 1.00x n.a. 0.44x(LTM) ratio

1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A for Endeavour and refer to the non-IFRS measures note in this press release for SEMAFO. 2La Mancha $100 million investment occurred as subsequent event on July 3, 2020. SEMAFO cash amount excludes restricted cash related to the transaction. 3Pro Forma and SEMAFO figures are non-GAAP. Endeavour believes that operating and financial figures for SEMAFO are representative of the period ended June 30, 2020 as the Transaction closed on July 1, 2020. Figures presented and disclosed relating to SEMAFO operations represent classifications and calculations performed using consistent historical SEMAFO methodologies. Potential variances to existing Endeavour classifications and calculation methodologies may result in adjustments affecting results. Potential differences may include, but not limited to, classification of corporate costs and operating expenses, classification of mining, processing, and site G&A costs, classification of capitalized waste as sustaining and non-sustaining, valuation of stockpiles and gold in circuit. Accounting treatments and classifications will be aligned with Endeavour methodologies and policies. Pro forma information has not been adjusted and is comprised of the simple sum of information provided for each of Endeavour and SEMAFO.

Sbastien de Montessus, CEO, commented: "We are proud of our achievements during the first half of the year as we continued to deliver on our strategic priorities, despite the global pandemic.

Id like to thank our employees and partners for their dedication to ensuring business continuity. Thanks to these efforts, we remain on track to achieve our full year production and AISC guidance and expect a significantly stronger performance in the second half of the year with higher grades.

We have also maintained our exploration activities, with 85% of our FY-2020 budget already spent in the first half of the year, ahead of the rainy season. The team continue to deliver successful results, with 0.8 million ounces of M&I resources recently added at our Ity and Hound mines while an updated resource at Fetekro is expected to be published shortly.

We are very pleased with the progress made to integrate the SEMAFO assets within our well-established West African operating model, which is now largely complete. These operations are already benefiting from our strong local presence and regional expertise and we look forward to realizing synergies.

The combined group is now a top 15 global gold producer, with significant optionality within its portfolio and a healthy balance sheet with a leverage ratio of below 0.5 times. Our goal is to completely deleverage the balance sheet in the coming quarters to further derisk the business, at which point we intend to initiate dividend payments.

UPCOMING CATALYSTS

The key upcoming expected catalysts are summarized in the table below.

Table 3: Key Upcoming Catalysts

TIMING CATALYST Q3-2020 Hound Start of mining higher grade Kari Pump depositQ3-2020 Ity Updated Le Plaque reserve estimateQ3-2020 Hound Maiden reserve estimate for Kari West, Kari Center and Kari GapQ3-2020 Fetekro Updated resource estimateLate Fetekro Preliminary Economic AssessmentQ3-2020Q4-2020 Boungou Re-start of mining operations

MANAGEMENT CHANGE

With the successful integration of the SEMAFO assets into Endeavour's West African operating model largely complete, Benoit Desormeaux, former CEO of SEMAFO who joined Endeavour as President upon transaction close, has decided to step down to pursue other opportunities.

I would like to thank Benoit for his significant efforts to build SEMAFO over the last decade and his help over the recent months in completing the transaction and the integration. On behalf of the Board of Directors I wish him all the best in the future. added Sbastien de Montessus.

Benoit Desormeaux stated, "It has been a distinct pleasure to be part of the SEMAFO team for the past 23 years and I look forward to following Endeavours activities as a leading West African producer. In the wake of the smooth integration process, I wish the combined company and its people every success."

COVID-19 UPDATE

Since the outbreak of the global COVID-19 pandemic, Endeavour has focused on the well-being of its employees, contractors and local communities, while ensuring business continuity. In addition, host governments in Cote dIvoire, Burkina Faso and Mali have taken strict and pro-active measures to minimize overall exposure in their countries.

Protecting the well-being of employees, contractors, and local communities

-- Endeavour has implemented a range of preventative measures across all its sites, including social distancing, health screening, augmented hygiene and restricted access to sites. -- Endeavour operates in close coordination with the national health authorities and is using the epidemiological surveillance system it developed to assist host countries (Cote dIvoire, Burkina Faso and Mali) with the monitoring and tracking of the pandemic in these countries. -- Endeavours donations of key medical equipment and supplies to regional, community and on-site medical centers continued during the quarter across all three countries of its operations. -- A range of community programs were implemented during the quarter including micro-credit programs, which help to support people in host communities whose livelihoods have been impacted by the pandemic, and e-learning programs in Burkina Faso to facilitate access to distance learning for students.

Business continuity response plan

-- In early March 2020, Endeavour put in place a business continuity plan to mitigate the risks and potential impact of the global COVID-19 pandemic, which has three levels of response: Level 1, which the Group is currently operating under, involves a range of preventative measures including temperature checks, restricted access to sites, social distancing, increased hygiene standards and mandatory quarantine periods for employees arriving in-country, while otherwise continuing operations as normal.Level 2 is designed to be initiated should COVID-19 become more prevalent in the countries in which the Group operates and involves comprehensive restrictions on movement into and out of the mines. Under these circumstances, Endeavours mines would be isolated, but mining operations and the shipment of gold would continue.Level 3 involves the full or partial suspension of mining and processing operations. -- In addition, the Group has also taken a number of proactive steps, including: Assessing the supply chain with a focus on ensuring continuity of supply in a range of scenarios. Endeavours shift to national suppliers located within host countries over the past 12 months has mitigated the impact of closed borders.To ensure that Endeavour would have substantial liquidity and financial flexibility to operate under various stress-test scenarios, Endeavour drew down the entirety of its available Revolving Credit Facility (RCF) in Q1-2020. Endeavour has now commenced repaying the RCF and expects to continue to reduce the drawn amount during Q3-2020 and Q4-2020.Endeavour assessed its ability to curtail its operations to selectively mine higher grade ore with low strip ratios should mining activity need to be reduced in response to an increase in COVID-19 prevention measures. -- Each of Endeavours operations are continuing to operate at normal levels with gold shipments and sales continuing, albeit with increased health and safety measures and decreased efficiencies. -- Employees in a role that enabled them to work from home were asked to do so. The Companys cloud-based strategy ensured that employees could access all the relevant applications, systems and collaboration tools that they needed to perform their duties. In addition, the cyber security response was updated and is constantly tracked in light of the increased cyber security risk generally observed during the pandemic.

OPERATIONAL PERFORMANCE SUMMARY

-- Continued strong safety record for the Group, with a low Lost Time Injury Frequency Rate (LTIFR) of 0.21 for the trailing 12 months. -- As described in the Outlook Section on page 21, Endeavour remains on track to achieve its Group production and AISC guidance, despite the COVID-19 pandemic, as it expects a higher grade profile in H2-2020. Endeavour is also maintaining SEMAFO's production and AISC guidance on Mana and Boungou, and therefore expects the FY-2020 Pro Forma Group production to amount to 9951,095koz in 2020 at an AISC of $865915/oz. -- Endeavour expects stronger cash flow generation in the second half of the year, due to higher production, lower non-sustaining spend (already 65% of FY-2020 guidance completed in H1), lower exploration spend (already 85% of FY-2020 guidance completed in H1), the benefit of higher gold prices and its gold collar program (with a cap of $1,500/oz for half its production) finishing at the end of June 2020. -- H1-2020 production for Endeavour's assets amounted to 321koz, an increase over H1-2019 mainly due to the start-up of the Ity CIL operation in late Q1-2019 while AISC increased in line with guidance. -- Q2-2020 production for Endeavour's assets amounted to 149Koz, a decrease over Q1-2020, due to a lower production at Ity and Karma.

Table 4: Group and Pro Forma Group1

(All amounts in koz, on a THREE MONTHS ENDED SIX MONTHS ENDED 100% basis) June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019 Agbaou 24 27 35 52 66 Ity Heap Leach ? ? ? ? 3 Ity CIL 47 61 58 108 66 Karma 20 28 21 48 43 Hound 57 56 58 113 114 ENDEAVOUR PRODUCTION 149 172 171 321 292 Mana^1 48 50 37 97 78 Boungou^1 31 29 63 61 125 PRO FORMA PRODUCTION^2 228 251 271 479 494

1Pro forma information has not been adjusted and is comprised of the simple sum of information provided for each of Endeavour and SEMAFO. 2 See Footnote 2 below Table 5.

Table 5: Group and Pro Forma Group All-In Sustaining Costs1

(All amounts in US$ THREE MONTHS ENDED SIX MONTHS ENDED /oz) June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019 Agbaou 955 951 788 953 786 Ity Heap Leach ? ? ? ? 1,086 Ity CIL 784 651 585 707 585 Karma 952 866 1,047 904 999 Hound 965 1,077 836 1,020 808 Corporate G&A 34 30 30 32 38 Sustaining ? ? ? ? ? ExplorationENDEAVOUR AISC^1 939 889 790 918 826 Mana^2 1,251 1,051 1,152 1,137 1,113 Boungou^2 710 549 476 635 505 PRO FORMA AISC^2 979 910 n.a. 942 n.a.

1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A for Endeavour and refer to the non-IFRS measures note in this press release for SEMAFO. 2Endeavour believes that operating and financial figures for SEMAFO are representative of the period ended June 30, 2020 as the Transaction closed on July 1, 2020. Figures presented and disclosed relating to SEMAFO operations represent classifications and calculations performed using consistent historical SEMAFO methodologies. Potential variances to existing Endeavour classifications and calculation methodologies may result in adjustments affecting results. Potential differences may include, but not limited to, classification of corporate costs and operating expenses, classification of mining, processing, and site G&A costs, classification of capitalized waste as sustaining and non-sustaining, valuation of stockpiles and gold in circuit. Accounting treatments and classifications will be aligned with Endeavour methodologies and policies. Pro forma information has not been adjusted and is comprised of the simple weighted average of information provided for each of Endeavour and SEMAFO.

ITY MINE

Ity CIL Q2 2020 vs Q1 2020 Insights

-- Despite the COVID-19 pandemic, Ity continued to operate at near-normal levels under the Level 1 Response Environment, as describe in COVID-19 Section. The mine plan prioritized both waste extraction and the completion of the TSF raise in Q2-2020 which provides the Company with increased operational flexibility should the mine be forced to operate under a Level 2 or 3 Response Environment which would restrict the number of employees on site and reduce mining activity. -- Production decreased as the mine plan prioritized both waste extraction and the TSF raise which resulted in a sub-optimal processed ore blend leading to short-term variances in mill throughput, recoveries and processed grade Total tonnes mined remained flat, however tonnes of ore mined decreased by 16% as a greater focus was placed on waste extraction. More waste was extracted at the Ity pit as a result of accelerating the previously planned cutback. In addition, pre-stripping commenced at the Colline Sud Pit, following a change in the mine plan to provide greater operational flexibility. In addition to the operating data presented in the table above, 0.9Mt of waste were mined outside of existing pits to accelerate the planned TSF raise.The processed grade decreased slightly as a higher proportion of the mill feed was supplemented by the lower grade oxide stockpiles as mining focused on waste extraction.Tonnes milled decreased due to lower mill availability driven by longer maintenance shutdowns related to COVID-19 (more time required to get technicians and spare parts on site), however throughput remained within 5% of the nominal plant capacity throughput.Recovery rates reduced, as expected, due to greater quantities of transitional and fresh ore processed from Daapleu with associated lower recoveries. -- AISC increased due to lower ounces of gold sold, higher royalty rates, a higher strip ratio, lower recovery rates and higher unit mining costs. Mining unit costs increased from $2.37 to $3.12 per tonne mined due to the higher drill and blast and equipment maintenance costs associated with mining an increased proportion of fresh material.Processing unit costs remained broadly flat, despite greater downtime and lower mill throughput.Sustaining capital increased from $1.1 million to $2.3 million for the quarter due to the change-out on heavy mining equipment. -- Non-sustaining capital remained flat. Q2-2020 includes accelerated waste capitalization for the new Colline Sud pit as well as the TSF raise which was completed within the same period.

H1 2020 vs H1 2019 Insights

-- Production increased as the Ity CIL plant operated for the full six month period in H1-2020 compared to half the period in H1-2019 as the plant had its first gold pour in March 2019 with commercial production declared on April 8th 2019. AISC increased as guided due to mining at deeper elevations and increased sustaining capital related to the component change-out associated with heavy mining equipment.

Table 6: Ity CIL Quarterly Performance Indicators

For The Quarter Ended Q2-2020 Q1-2020 Q2-2019Tonnes ore mined, kt 1,650 1,909 1,409Strip ratio (incl. waste cap) 2.26 1.74 1.75Tonnes milled, kt 1,180 1,410 934Grade, g/t 1.59 1.63 2.03Recovery rate, % 77 84 90PRODUCTION, KOZ 47 61 58Cash cost/oz 639 558 537AISC/OZ 784 651 585

Table 7: Ity CIL Half Yearly Performance Indicators

For The Half Year Ended H1-2020 H1-2019Tonnes ore mined, kt 3,559 2,523Strip ratio (incl. waste cap) 1.98 1.86Tonnes milled, kt 2,590 1,191Grade, g/t 1.61 2.03Recovery rate, % 81 90PRODUCTION, KOZ 108 66Cash cost/oz 592 537AISC/OZ 707 585

H2 2020 Outlook

-- Ity is expected to achieve the bottom end of its full year 2020 production guidance range of between 235,000 - 255,000 ounces and the top end of its AISC guidance of $630 - $675 per ounce. -- Plant feed in H2-2020 is expected to be sourced primarily from the Daapleu pit, while continuing to be supplemented by ore from the Ity pit and lower grade historic heap dumps. As initially guided, the proportion of fresh ore is expected to remain high for the remainder of the year as the pits become deeper whilst processed grades and recovery rates are expected to remain stable. -- Sustaining capital spend for FY-2020 is expected to amount to approximately $8.0 million (of which $3.4 million has been incurred in H1-2020), an increase compared to the initial FY-2020 guidance of $4.0 million due to increased waste extraction following the change in the mine plan. -- Non-sustaining capital spend for FY-2020 is expected to amount to approximately $35.0 million (of which $21.7 million has been incurred in H1-2020), an increase compared to the initial FY-2020 guidance of $26.0 million as the infrastructure and river diversion work for the Le Plaque high grade deposit, which was originally planned for 2021, is now expected to be brought forward given the high confidence in obtaining a mining permit in the coming months and the expected positive impact of this deposit.

Exploration Activities

-- An exploration program of up to $14.0 million totaling approximately 100,000 meters has been planned for 2020, with the aim of growing the Le Plaque, Bakatouo, and Daapleu deposits, and testing other targets such as Floleu and Samuel. -- In H1-2020, $12.0 million was spent, comprised of nearly 85,000 meters drilled, with eight rigs active over the greater Ity area. The majority of drilling was focused on the Le Plaque area and on near-mill targets such as Verse West and Leach pad and Daapleu SW. -- As announced on July 7, 2020, drilling has resulted in a 43% increase in Le Plaques Indicated resource estimate to 689,000 ounces. In addition, several other nearby targets have also been identified. At least 15,000 meters of drilling are planned for the remainder of 2020. Following the recent resource addition, the updated Le Plaque reserve estimate is expected to be published in Q3-2020 and integrated into the Ity mine plan.

HOUND MINE

Q2 2020 vs Q1 2020 Insights

-- Despite the COVID-19 pandemic, Hound continued to operate at near-normal levels under the Level 1 Response Environment, as describe in COVID-19 Section above. Given the flexibility available within the Hound mine plan, notably due to the slightly earlier than expected receipt of the mining permit for the high grade Kari Pump deposit, a portion of the initially scheduled waste capitalization activity was delayed to later in the year. As such, Hounds performance was better than initially anticipated. -- Production increased slightly as higher processed grades and a slightly better recovery rate more than offset the slightly lower throughput. Tonnes of ore mined increased due to the lower overall strip ratio as scheduled waste capitalization activity was delayed to later in the year. Ore was mainly sourced from the Vindaloo Central and Bour pits, which have a lower strip ratio, and supplemented by ore from the Vindaloo Main and Vindaloo North pits which have a slightly higher strip ratio.Tonnes milled reduced slightly, however continued to perform well above nameplate, as the ore blend continued to be mainly fresh.Processed grades increased as the strong waste capitalization at Vindaloo Central during the previous quarter provided access to high grade ore. In addition, less low grade stockpiles were used to supplement mill feed given the increased mining activity.Recovery rates increased slightly based on the ore blend characteristics. -- AISC decreased mainly due to slightly higher sales volumes and lower mining unit costs which more than offset higher royalties and higher processing and G&A unit costs. Mining unit costs decreased from $2.25 to $2.15 per tonne due to lower production drilling and blasting activities required for the oxidized ore mined at the Vindaloo Central pit.Processing unit costs increased from $12.49 to $14.31 per tonne driven by increased reagent costs.Sustaining capital decreased slightly decreased from $11.8 million to $11.1 million due to the change in the mine plan. -- Non-sustaining capital increased from $1.8 million to $5.8 million with the Q2-2020 spend mainly comprised of compensation and resettlement for the Kari Pump area, as well as a TSF raise.

H1 2020 vs H1 2019 Insights

-- Production remained steady as increased tonnes milled offset the lower recovery rate while processed grades remained flat. AISC increased as expected due to higher sustaining waste capitalization, higher royalty costs and a shift to mining and processing a higher proportion of harder fresh ore.

Table 8: Hound Quarterly Performance Indicators

For The Quarter Ended Q2-2020 Q1-2020 Q2-2019Tonnes ore mined, kt 1,072 900 917Strip ratio (incl. waste cap) 9.73 11.57 8.97Tonnes milled, kt 1,035 1,066 1,043Grade, g/t 1.91 1.76 1.88Recovery rate, % 92 91 93PRODUCTION, KOZ 57 56 58Cash cost/oz 632 744 621AISC/OZ 965 1,077 836

Table 9: Hound Half Yearly Performance Indicator

For The Half Year Ended H1-2020 H1-2019Tonnes ore mined, kt 1,972 1,686Strip ratio (incl. waste cap) 10.57 10.00Tonnes milled, kt 2,101 2,076Grade, g/t 1.83 1.84Recovery rate, % 91 93PRODUCTION, KOZ 113 114Cash cost/oz 687 630AISC/OZ 1,020 808

H2 2020 Outlook

-- With the recent receipt of the Kari Pump mining permit, Hound is expected to achieve the top end of its full year 2020 production guidance range of 230,000 - 250,000 ounces and the bottom end of its AISC guidance range of $865$895 per ounce. -- Higher grade material is planned to be processed in the second half of the year with mill feed from Vindaloo Main and Central supplemented by Kari Pump, which will be ramped up in Q4-2020. -- The overall expected capital spend for FY-2020 is expected to remain unchanged at $59.0 million (of which $30.5 million was incurred in H1-2020). Sustaining and non-sustaining capital spends for FY-2020 are expected to amount to approximately $49.0 million and $10.0 million, respectively.

Exploration

-- An exploration program of $11.0 million totaling approximately 94,000 meters has been initially planned for 2020, with the aim of delineating additional resources in the Kari area and at the Vindaloo South and Vindaloo North targets. In addition, other targets such as Dohoun and Sia/Sianikoui are expected to be tested. -- In H1-2020, over 73,000 meters were drilled with up to 11 rigs active. Of the meters completed, over 44,000 meters were drilled for geotechnical and metallurgical purposes at Kari West, Kari Centre and Kari Gap, and sterilization and grade control at Kari Pump. The majority of remaining drill metres focused on the Kari area along with small reconnaissance drill campaigns at Sianikoui, Mambo and Marzipan which provided positive initial results. A new mineralized area was discovered, named Kari Gap, which is the extension of the Kari Center Main area. -- An updated resource estimate, incorporating 554,000 additional Indicated ounces for the entire Kari area, was published in early Q3-2020. -- A reserve estimate update is expected to be released in Q3-2020, which will include maiden reserves for Kari West and will be followed by the publication of an updated mine plan for Hound. In addition, a second reserve estimate update is expected to be published in Q4-2020 to include Kari Center Main and Kari Gap.

AGBAOU MINE

Q2 2020 vs Q1 2020 Insights

-- Despite the COVID-19 pandemic, Agbaou continued to operate at near-normal levels under the Level 1 Response Environment, as describe in COVID-19 Section above, with no material changes to its mine plan required. -- Production decreased due to lower average processed grades and throughput while recovery rates remained flat. Total tonnes mined decreased due to both fewer tonnes of ore mines and a lower overall strip ratio. Mining was focused on the deeper elevation of the North and South pits. Tonnes of ore mined decreased mainly due to the impact of higher rainfall and lower equipment productivity as mining focused on the fresh material zones.Tonnes milled decreased due to the planned higher proportion of fresh ore in the blend.Processed grades decreased as a result of higher tonnage from the lower grade South pit and the use of low grade stockpiles to supplement the plant feed.Recovery rates remained flat. -- The AISC remained flat as lower sustaining capital spend offset higher unit mining, processing and G&A costs and increased royalties. Mining unit costs increased from $2.66 to $2.76 per tonne mined due to mining more fresh material at a deeper elevation in the North and South pits.Processing unit costs increased from $7.10 to $8.88 per tonne mainly due to lower tonnes milled and a greater proportion of fresh ore in the blend.Sustaining capital costs decreased from $5.4 million to $1.4 million primarily due to the lower capitalized waste. -- Non-sustaining capital remained low, marginally increasing from $0.1 million to $0.3 million.

H1 2020 vs H1 2019 Insights

-- As guided, production decreased due to lower grades which were slightly offset by higher plant throughput. -- AISC increased as a result of lower ounces sold and higher royalties, unit mining costs and processing costs, which were offset by lower sustaining capital and G&A unit costs.

Table 10: Agbaou Quarterly Performance Indicators

For The Quarter Ended Q2-2020 Q1-2020 Q2-2019Tonnes ore mined, kt 659 757 564Strip ratio (incl. waste cap) 6.97 7.50 10.60Tonnes milled, kt 675 732 644Grade, g/t 1.14 1.31 1.75Recovery rate, % 94 94 94PRODUCTION, KOZ 24 27 35Cash cost/oz 801 668 665AISC/OZ 955 951 788

Table 11: Agbaou Half Yearly Performance Indicators

For The Half Year Ended H1-2020 H1-2019Tonnes ore mined, kt 1,416 1,015Strip ratio (incl. waste cap) 7.25 11.58Tonnes milled, kt 1,407 1,365Grade, g/t 1.23 1.58Recovery rate, % 94 94PRODUCTION, KOZ 52 66Cash cost/oz 731 592AISC/OZ 953 786

H2 2020 Outlook

-- Agbaou is expected to achieve the bottom half of its full year 2020 production guidance range of 115,000125,000 ounces and the middle of its AISC guidance range of $940$990 per ounce. -- Mining is expected to continue principally in the North and South pits with contributions from the West pit ceasing in the second half of the year. Throughput and recovery rates are expected to decrease slightly in the second half of the year as greater volumes of harder fresh ore are expected to be processed. The average grade milled is however expected to increase throughout the second half of the year. -- Sustaining and non-sustaining capital spends for FY-2020 remain unchanged compared to the initial guidance, and are expected to amount to approximately $17.0 million and $1.0 million, respectively.

Exploration Activities

-- An exploration program of up to $2.0 million has been planned for 2020 with the aim of continuing to test targets located along extensions of known deposits and on parallel trends. -- Minimal work was done in H1-2020 as the Cte d'Ivoire exploration efforts were concentrated on Ity and Fetekro.

KARMA MINE

Q2 2020 vs Q1 2020 Insights

-- Despite the COVID-19 pandemic, Karma continued to operate at near-normal levels under the Level 1 Response Environment, as describe in COVID-19 Section, with no material changes to its mine plan required. -- Production decreased despite higher stacker throughput rates due to lower grades stacked, a slight decrease in recovery rate and increased gold in the circuit. Total tonnes mined remained relatively flat. As guided, a higher proportion of ore mined was sourced from the lower grade GG1 pit. In addition, a waste stripping campaign commenced at the Kao North pit.Ore tonnes stacked increased due to the benefit of the recently completed conveyor and stacking system upgrades.The stacked grade decreased due to lower grade ore sourced from the GG1 pit.Recovery rates decreased slightly as a portion of the ore stacked was transitional material. In addition, gold in circuit increased due to gold locked in the heap which is expected to be recovered in the upcoming quarters. -- The AISC increased, albeit outperforming guidance, mainly due to increased sustaining capital spend, higher royalty rates, and increased unit processing cost which were partially offset by lower unit G&A costs. Mining unit costs remained flat.Processing unit costs increased from $6.14 to $6.56 per tonne due to higher use of cyanide and cement associated with the low grade GG1 materials stacked.Sustaining capital costs increased from $0.6 million to $2.0 million due to increased capitalized waste at the Kao North pit. -- Non-sustaining capital spend increased from $2.1million to $3.8million due to security upgrades and various process plant upgrades. -- A mining contact was awarded to SFTP Mining BF S.A.R.L (SFTP), a local contractor, in late Q2-2020. As such, Karma successfully transitioned from owner mining to contract mining on June 8, 2020. As a part of the transition, the mining fleet at Karma and associated spare parts were sold to SFTP for $12.8 million.

H1 2020 vs H1 2019 Insights

-- As guided, production increased due to the higher throughput rate and grade stacked. -- AISC decreased as a result of higher ounces sold, lower unit processing and G&A costs and a lower strip ratio.

Table 12: Karma Quarterly Performance Indicators

For The Quarter Ended Q2-2020 Q1-2020 Q2-2019Tonnes ore mined, kt 1,288 1,229 1,057Strip ratio (incl. waste cap) 2.73 3.03 4.35Tonnes stacked, kt 1,238 1,114 1,047Grade, g/t 0.81 1.02 0.86Recovery rate, % 80 82 83PRODUCTION, KOZ 20 28 21Cash cost/oz 723 722 902AISC/OZ 952 866 1,047

Table 13: Karma Half Yearly Performance Indicators

For The Half Year Ended H1-2020 H1-2019Tonnes ore mined, kt 2,517 1,891Strip ratio (incl. waste cap) 2.87 4.52Tonnes milled, kt 2,352 2,142Grade, g/t 0.91 0.77Recovery rate, % 81 82PRODUCTION, KOZ 48 43Cash cost/oz 722 875AISC/OZ 904 999

H2 2020 Outlook

-- Karma is expected to achieve the bottom end of its full year 2020 production guidance range of 100,000 - 110,000 ounces and the middle of its AISC guidance range of $980 - $1,050 per ounce. -- Mining activity is expected to continue at the Kao North pit and GG1 throughout the remainder of the year. Processed grades are expected to increase in the latter portion of the year as production from GG1 increases. Tonnes stacked are expected to remain fairly stable outside of the rainy season. Recovery rates are expected to decline slightly throughout the year as the proportion of transitional ore increases, while gold-in-circuit is expected to be recovered. -- Sustaining capital spend for FY-2020 is expected to amount to approximately $9.0 million (of which $2.7 million has been incurred in H1-2020), a decrease compared to the initial FY-2020 guidance of $13.0 million due to less mining maintenance required following the transfer to contract mining. -- Non-sustaining capital spend for FY-2020 is expected to amount to approximately $9.0 million (of which all $5.9 million has been incurred in H1-2020), an increase compared to the initial FY-2020 guidance of $5.0 million due to process plant upgrades.

Exploration Activities

-- An exploration program of up to $2.0 million has been planned for 2020 with the aim of in-fill drilling and testing extensions of known deposits. -- Minimal work has been done in H1-2020 as the Burkina Faso exploration efforts were focused on the numerous Hound exploration targets.

MANA MINE

Q2 2020 vs Q1 2020 Insights

-- Following the outbreak of COVID-19 pandemic, a large portion of the underground mining team was placed in a 14-day quarantine as a preventive measure. Due to this, the underground operation was temporarily halted which resulted in a shortage of higher grade ore feed. In addition, the mill experienced downtime following a quarantine period once the roster change was made. As such, production during the quarter was slightly impacted. -- Production decreased as a result of lower tonnes milled and a slightly lower recovery rate which were partially offset by higher processed grade. Tonnes of ore mined from the open pit operations increased as mining focused on ore extraction, benefiting from the lower overall strip ratio. Open pit ore mined was sourced from both the Siou and Wona pits, while towards the end of the quarter stripping activities commenced in the northern part of Wona pit.Tonnes of ore mined from the underground operation decreased due to a temporary halt of the underground mining activities as a result of the COVID-19 precautions. During the quarter, 1,636 meters of development were completed at Siou compared to 2,053 meters during Q1-2020.Ore tonnes processed decreased as a result of a harder ore blend (additional ore sourced from Siou as less underground ore tonnes were extracted) and lower plant utilization due to quarantine periods following expatriate roster changes.Recovery rates decreased slightly as the characteristics of the ore milled remained similar to Q1-2020. -- AISC increased due to higher underground mining costs, higher processing unit costs and lower gold sales, partially offset by lower sustaining capital spend. Mining open pit unit costs decreased from $4.79 to $4.46 per tonne in part due to a lower fuel price.Mining underground unit costs per tonne of ore increased from $60.26 to $69.31 as a result of the lower tonnes extracted.Processing unit costs increased from $18.19 to $21.42 per tonne due to lower tonnes milled.Sustaining capital decreased from $16.9 million to $11.9 million due to less underground development in Q2-2020 and more waste stripping in the Wona North pit during Q1-2020. -- Non-sustaining capital remained minimal.

H1 2020 vs H1 2019 Insights

-- Production increased due to higher head grade and recovery rate which reflects the relative contribution of Siou underground and open pit (higher head grade and better recovery rate) than the ore from Wona pit. -- AISC increased slightly due to a higher royalty cost related to the increase in the average realized selling price.

Table 12: Mana Quarterly Performance Indicators

For The Quarter Ended Q2-2020 Q1-2020 Q2-2019OP tonnes ore mined, kt 390 211 479OP strip ratio (incl. waste cap) 9.94 20.70 14.60UG tonnes ore mined, kt 138 164 ?Tonnes milled, kt 546 665 619Grade, g/t 2.84 2.49 2.12Recovery rate, % 93 94 88PRODUCTION, KOZ 48 50 37Cash cost/oz 857 645 805AISC/OZ 1,251 1,051 1,152

Table 13: Mana Half Yearly Performance Indicators

For The Half Year Ended H1-2020 H1-2019OP tonnes ore mined, kt 602 887OP strip ratio (incl. waste cap) 13.72 15.80UG tonnes ore mined, kt 302 ?Tonnes milled, kt 1,211 1,259Grade, g/t 2.65 2.20Recovery rate, % 93 87PRODUCTION, KOZ 97 78Cash cost/oz 736 759AISC/OZ 1,137 1,113

H2 2020 Outlook

-- Good progress has been made to swiftly integrate Mana within Endeavours West African operating model. A key difference between SEMAFOs operating model and that of Endeavour is the reporting structure, where Endeavours mines benefit from the presence of technical experts and a logistics platform based locally at site rather than at the head office which allows for quick decision making and synergies. The integration planning process was launched with the SEMAFO team after the transaction announcement in March 2020 and implemented on transaction close. Several key personnel changes were made at Mana to accelerate the integration process into Endeavours operating model. -- Mana is expected to achieve its full year guidance, as published by SEMAFO, and produce between 185,000 to 205,000 ounces in 2020 at an AISC of between $1,050 - $1,120 per ounce. -- Open pit mining activity in H2-2020 is expected to focus solely on Wona once the Siou open pit mining activities are completed later this year, while underground mining activity is expected to increase. -- AISC is expected to decrease in H2-2020 following higher contribution of the underground operation and sourcing more oxide ore from the Wona North pit which is expected to offset the slightly lower anticipated recovery rate due to change in ore blend. -- Sustaining and non-sustaining capital spends for FY-2020 remain unchanged compared to SEMAFOs published guidance, and are expected to amount to approximately $70.0 million and $2.0 million, respectively (of which $28.8 million and $0.3 million were incurred in H1-2020, respectively).

BOUNGOU MINE

Q2 2020 vs Q1 2020 Insights

-- Following the outbreak of COVID-19 pandemic, Boungou continued to process stockpiles with minimal impact. -- Production decreased slightly as lower processed grades were partially offset by increased mill throughput. No mining activity took place during the quarter.Tonnes milled increased during the quarter as the plant processed stockpile over a three-month period compared to a two-month period in the first quarter.As expected, the processed grade decreased due to the declining grade profile of the available ore stockpile.Recovery rates remained flat as the characteristics of the ore milled remained similar to Q1-2020. -- As expected, AISC increased due to the processing of lower grade stockpiles in the period. Processing unit cost increased from $34.40 to $39.31 per tonne mainly due to higher rehandling costs.Sustaining capital decreased from $0.5 million to $0.2 million. -- Non-sustaining capital increased slightly from $0.6 million to $0.8 million in Q2-2020, mainly related to the air strip build.

H1 2020 vs H1 2019 Insights

-- Production decreased from the comparative period in 2019 as a result of processing only stockpiles in H1-2020.

Table 16: Boungou Quarterly Performance Indicators

For The Quarter Ended Q2-2020 Q1-2020 Q2-2019Tonnes ore mined, kt ? ? ?Strip ratio (incl. waste cap) ? ? ?Tonnes milled, kt 270 200 200Grade, g/t 3.69 5.29 7.19Recovery rate, % 94 94 94PRODUCTION, KOZ 31 29 63Cash cost/oz 598 434 350AISC/OZ 710 549 476

Table 17: Boungou Half Yearly Performance Indicators

For The Half Year Ended H1-2020 H1-2019Tonnes ore mined, kt ? 51Strip ratio (incl. waste cap) ? 18.50Tonnes milled, kt 470 591Grade, g/t 4.37 6.83Recovery rate, % 94 96PRODUCTION, KOZ 61 125Cash cost/oz 521 343AISC/OZ 635 505

H2 2020 Outlook

-- Good progress has been made to swiftly integrate Boungou within Endeavours West African operating model. A key difference between SEMAFOs operating model and that of Endeavour is the reporting structure, where Endeavours mines benefit from the presence of technical experts and a logistics platform based locally on site rather than at the head office which allows for quick decision making and synergies. The integration planning process was launched with the SEMAFO team after the transaction announcement in March 2020 and implemented on transaction close. Several key personnel changes were made at Boungou, including the appointment of a West African General Manager, to accelerate the integration process into Endeavours operating model. -- Boungou is expected to meet its full year guidance as published by SEMAFO and produce between 130,000 and 150,000 ounces in 2020 at an AISC of between $680 - $725 per ounce. -- Boungou is expected to recommence mining activities in Q4-2020 once a new mining contract is awarded, the air strip is built and the security practice is fully integrated within Endeavours operating model. In the meantime, processed grades and recovery rates are expected to decrease as higher quality ore stockpiles are processed in priority. -- Sustaining and non-sustaining capital spends for FY-2020 remain unchanged compared to SEMAFOs published guidance, and are expected to amount to approximately $10.0 million and $3.0 million, respectively (of which $0.7 million and $1.3 million were incurred in H1-2020, respectively).

PROJECT UPDATE

-- While the main focus for 2020 is cash flow generation, Endeavour is continuing to build optionality within its portfolio by advancing studies and conducting exploration on both the Fetekro and Kalana projects. -- Studies are underway with the aim of publishing a Preliminary Economic Assessment (PEA) on Fetekro and a Preliminary Feasibility Study (PFS) on Kalana during H2-2020. -- At Fetekro, an exploration program of up to $6.0 million had been budgeted for 2020, which has already been exceeded with approximately $8.0 million spent in H1-2020. The program mainly focused on the Lafigu deposit, in addition to initial drilling on the Iguela target. An updated Lafigu deposit resource estimate is planned to be published in Q3-2020. -- At Kalana, an exploration budget of up to $2.0 million has been planned for 2020 to follow-up on nearby targets, with the program expected to be conducted in H2-2020. -- Once these studies on Fetekro and Kalana are published, Endeavour will be better positioned to decide which project to prioritize and advance to Feasibility stage.

EXPLORATION ACTIVITIES

-- The H1-2020 Group exploration spend was $36.0 million, comprising of 234,866 meters drilled. Details by asset are provided in the mine sections above. -- The main areas of focus in H1-2020 were Hound and Ity near-mine exploration, aimed at extending their mine lives to beyond 10 years, and Fetekro with the aim adding optionality to Endeavours project pipeline. -- H1-2020 greenfield exploration spend includes a 5,000-meter drilling campaign on the Tanda/Bondoukou property in Cte dIvoire which has yielded positive results.

Table 18: Exploration Expenditures

(in US$ million unless otherwise stated) Q2-2020 Q1-2020 H1-2020Ity 6 6 12Hound 7 6 13Fetekro 5 3 8Agbaou 0 0 0Karma 0 0 0Kalana 0 0 0Other greenfield 1 1 2TOTAL 19 16 36

Amounts include expensed, sustaining, and non-sustaining exploration expenditures. Amounts may differ from MD&A due to rounding

CASH FLOW BASED ON ALL-IN MARGIN APPROACH

The table below presents the cash flow for Endeavour for the three and six month periods ending June 30, based on the All-In Margin approach, with accompanying notes below.

Table 19: Cash Flow Based on All-In Margin Approach

THREE MONTHS SIX MONTHS ENDED ENDED June March June June Junein US$ million unless otherwise 30, 31, 30, 30, 30,specified. 2020 2020 2019 2020 2019GOLD PRODUCTION, koz 149 172 171 321 292GOLD SOLD, koz (Note 150 175 171 324 292 1)Gold Price, $/oz (Note 1,689 1,546 1,285 1,612 1,271 2)REVENUE 253 270 219 523 371Total cash costs (101) (115) (108) (216) (188)Royalties (Note (18) (17) (11) (35) (20) 3)Corporate costs (5) (5) (5) (10) (11)Sustaining mining capital spend (Note (17) (19) (11) (36) (22) 4)Sustaining exploration capital 0 0 0 0 0spendALL-IN SUSTAINING MARGIN (Note 112 113 84 225 130 5)Less: Non-sustaining mining (Note (22) (18) (17) (40) (29)capital spend 6)Less: Non-sustaining exploration (Note (17) (15) (21) (32) (33)capital spend 7)ALL-IN MARGIN 73 80 46 153 68Changes in working capital and (Note (28) 9 2 (19) (29)long-term assets, $ 8)Taxes paid (Note (20) (9) (30) (29) (31) 9)Interest paid, financing fees and (Note (16) (20) (21) (36) (33)lease repayments 10)Cash settlements on hedge programs (Note (17) 0 (1) (17) (1)and gold collar premiums 11)NET FREE CASH FLOW (8) 59 (3) 52 (26)Growth project capital (Note (2) (2) (20) (4) (86) 12)Greenfield exploration expense (2) (1) (2) (3) (6)M&A, restructuring and asset sales (Note 9 (10) 0 (1) 0 13)Cash paid on settlement of share 0 0 0 0 (1)appreciation rights, DSUs and PSUsForeign exchange (losses) /gains 1 (1) (4) 0 (5)Other (expenses) /income (Note (4) 3 1 (1) (2) 14)Proceeds (repayment) of long-term (Note 0 120 20 120 80debt 15)CASH INFLOW (OUTFLOW) FOR THE (6) 167 (6) 162 (46)PERIOD

Certain line items in the table above are NON-GAAP measures. For more information and notes, please consult the Companys MD&A.

NOTES:

-- Gold sales decreased by 25Koz in Q2-2020 compared to Q1-2020 as a result of lower production at the Ity, Karma and Agbaou mines. Gold sales increased in H1-2020 compared to H1-2019 due to higher production from the Ity mine which was commissioned in Q2-2019. -- The realized gold price for H1-2020 was $1,612/oz compared to $1,271/oz in H1-2019. Both these amounts include the impact of the Karma stream, amounting to 10,000 ounces sold in H1-2020 and 10,938 in H1-2019, at 20% of spot prices. The realized gold price excluding the gold stream at Karma, would have been $1,653/oz for H1-2020 and $1,311/oz for H1-2019. -- The royalty expense increased from $100/oz in Q1-2020 to $119/oz in Q2-2020. The H1-2020 royalty expense was $109/oz, up from $69/oz for H1-2019, due to both the higher realized gold price and an increase in the underlying royalty rate based on the applicable sliding scale (above a spot gold price of $1,300/oz, government royalty rates in Burkina Faso increase from 4.0% to 5.0%, and above a spot gold price of $1,600/oz rates increase from 4.0% to 5.0% in Cte d'Ivoire). -- The sustaining capital expenditure for Q2-2020 decreased slightly over Q1-2020 mainly due to a decrease in spend at Agbaou. The sustaining capital expenditure for H1-2020 increased compared to the corresponding period of 2019 mainly due to the scheduled waste capitalization at Hound and the commissioning of the Ity CIL project, as shown in the table below. Further details by asset are provided in the above mine sections.

Table 20: Sustaining Capital

(All amounts in THREE MONTHS ENDED SIX MONTHS ENDED US$m) June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019 Agbaou 1 5 3 7 10 Ity CIL 2 1 0 3 0 Karma 2 1 1 3 2 Hound 11 12 7 23 10 Total 17 19 11 36 22

-- The All-In Sustaining Margin for Q2-2020 remained flat over Q1-2020 as the higher realized gold price offset lower gold sales. The All-In Sustaining Margin for H1-2020 increased compared to the corresponding period of 2019 due to increased gold sales and increased realized gold price (described in Notes 1 and 2) which was partially offset by a higher cash costs, royalties and sustaining mining capital spend. -- The non-sustaining capital spend increased in Q2-2020 compared to Q1-2020, due to increases at Hound and Karma. The non-sustaining capital spend for H1-2020 increased compared to the corresponding period of 2019 mainly due to the TSF raise and waste capitalization at Ity, while spend decreased at Agbaou, Karma and Hound, as shown in the table below. Further details by asset are provided in the above mine sections.

Table 21: Non-Sustaining Capital

(All amounts in THREE MONTHS ENDED SIX MONTHS ENDED US$m) June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019 Agbaou 0 0 3 0 5 Ity CIL 11 11 0 22 0 Karma 4 2 9 6 12 Hound 6 2 3 8 9 Non-mining 1 3 3 4 3 Total 22 18 17 40 29

-- The non-sustaining exploration capital spend for H1-2020 continued to remain high, in line with Endeavours strategic objective of unlocking exploration value through its aggressive drilling campaign. The majority of the exploration work planned for 2020 was conducted in H1-2020, ahead of the rainy season, with approximately 85% of the original full year guidance already completed. -- The tables below summarize the Q2-2020 and H1-2020 working capital movements.

Table 22: Working Capital Movement Q2-2020 compared to Q1-2020

THREE MONTHS ENDED June March 30, 31, Q2-2020 Comments 2020 2020Trade and Increased mainly due to a $7 million increase in VATother (11) (7) receivables at Hound and a $5 million short-termreceivables loan to the BCM Group.Trade and Settlement of Accounts Payable in the normal courseother (10) +3 of business.payables Increase of $8 million of GIC at Karma and AgbaouInventories (7) +11 which was slightly offset by a decrease in inventory supplies.Prepaidexpenses and ? ? otherChanges inlong-term 0 +2 assetsTotal (28) +9

Table 23: Working Capital Movement H1-2020 compared to H1-2019

SIX MONTHS ENDED June June 30, 30, H1-2020 Comments 2020 2019Trade and Increase is mainly due to the increase in VATother (18) (4) receivable at Hound and an increase in thereceivables receivable from BCM.Trade and Settlement of Accounts Payable in the normal courseother (7) +9 of business.payables Inflow mainly related to the decrease in stockpiles,Inventories +3 (21) GIC and consumables at Ity and Hound offset by an increase in GIC at Karma.Prepaidexpenses and 0 (4) otherChanges in Increased due to a $4.5 million inflow from BCMlong-term +2 (8) related to the Tabakoto sale, which was offset by aassets reclassification from long-term to short-term inventory at ItyTotal (19) (29)

-- Taxes paid increased by $11.6million in Q2-2020 compared to Q1-2020. This was due to corporate income tax payments made at Agbaou and Ity of $11.9 million and $7.5 million respectively. Taxes paid in H1-2020 decreased slightly compared to the previous year, despite significantly higher revenues, mainly due to a decrease of taxes paid at Hound (due to installment payments being made).

Table 24: Tax Payments

THREE MONTHS ENDED SIX MONTHS ENDED June 30, March 31, June 30, June 30, June 30,(in US$ 2020 2020 2019 2020 2019million)Agbaou 12 0 0 12 0Karma 0 0 0 0 0Ity 8 0 4 8 5Hound 1 6 25 7 25Kalana 0 0 0 0 0Exploration 0 2 0 2 0Corporate 0 0 1 0 1Total 20 9 30 29 31

-- The interest paid, financing fees and lease repayments decreased in Q2-2020 compared to Q1-2020 as the convertible bond coupon is payable during the first and third quarters. The amount for H1-2020 increased slightly compared to the corresponding period of H1-2019 mainly due to interest payment on equipment leases at Ity. -- Cash settlements on hedge programs in H1-2020 includes a $5 million fee for the gold collar program and $20 million for its associated settlements, and an inflow of $7 million related to short-term forward sales in Q1-2020. The collar expired at the end of June 2020 with the final payment on the collar due to early Q3-2020. -- Growth project spend decreased to $2 million in Q2-2020 as the Ity CIL plant was completed in Q1-2019. The amount for H1-2020 of $4million relates mainly to the Kalana project. -- M&A, restructuring and asset sale activities in Q2-2020 include an inflow $10 million related to the sale of mining equipment, in addition to $2 million received for associated spares, to the newly appointed contactor miner at Karma and a $7 million outflow associated to advisory fees for the SEMAFO transaction. The $1 million outflow in H1-2020 also includes a $5 million payment for the increased Ity ownership (contingent consideration based on ounces discovered) and advisory M&A fees. -- Other expenses in Q2-2020 were mainly comprised of COVID-19 expenses relating to items such as donations. -- $120 million was drawn on the RCF as a proactive measure in Q1-2020 to secure the companys liquidity as part of its COVID-19 business continuity program.

NET CASHFLOW, NET DEBT AND LIQUIDITY SOURCES

-- The table below summarizes operating, investing, and financing activities, main balance sheet items and the resulting impact on the companys Net Debt position, with notes provide below.

Table 25: Cash Flow and Net Debt Position for Endeavour

THREE MONTHS SIX MONTHS ENDED ENDED(in US$ million unless stated June March June June Juneotherwise) 30, 31, 2020 30, 30, 30, 2020 2019 2020 2019Net cash from (used in), as per cash flow statement:Operating activities (Note 57 126 62 183 85 16)Investing activities (Note (48) (57) (69) (105) (178) 17)Financing activities (Note (16) 100 (1) 84 47 18)Effect of exchange rate 1 (1) 1 0 0changes on cashINCREASE/(DECREASE) IN CASH (6) 167 (6) 162 (46)Cash position at beginning of 357 190 84 190 124periodCASH POSITION AT END OF PERIOD (Note 352 357 78 352 78 19)Equipment financing (Note (64) (70) 98 (64) 98 20)Convertible senior bond (Note (330) (330) (330) (330) (330) 21)Drawn portion of revolving (Note (430) (430) (310) (430) (310)credit facility 22)NET DEBT POSITION (Note 473 473 660 473 660 23)Net Debt / Adjusted EBITDA (Note 1.00 1.06 2.75 1.00 2.75(LTM) ratio 23)

Net Debt and Adjusted EBITDA are Non-GAAP measures. For a discussion regarding the companys use of Non-GAAP Measures, please see "note regarding certain measures of performance" in the MD&A.

Table 26: Pro Forma Net Debt Position

(in US$ million) AS AT 30 JUNE, 2020 Endeavour SEMAFO Pro FormaCash, $m 352 93 445Cash from La Mancha equity investment, $m 0 0 100Debt, $m 824 30 854Net Debt, (Net Cash), $m 473 (64) 309Net Debt / Adjusted EBITDA (LTM) ratio 1.00 n.a. 0.44

NOTES:

-- Net cash flow from operating activities for H1-2020 was $183 million, up $98 million compared to H1-2019. The main drivers were a $152 million increase in revenue, as a result of more gold sold (Ity commercial production only commenced in Q2-2019) at a higher realized gold price, a $5 million decrease in losses due to foreign exchange and a $3 million decrease in taxes paid which was partially offset by a $15 million increase in royalty costs and a $23 million increase in settlements related to the gold collar. In Q2-2020, there was a decrease in net cash flow from operating activities of $69 million compared to Q1-2020. This was mainly attributable to the negative non-cash working capital variance of $28million compared to the positive $9 million variance in Q1-2020 (details in note 8 above), coupled with a $17 million decrease in revenue as a result of 25koz fewer gold sold, a $17 million outflow related to gold collar fees and settlements, and an $12 million increase in taxes paid. -- Net cash used in investing activities during H1-2020 was $105 million, down $73 million compared to H1-2019, mainly due Ity CIL construction being completed in Q1-2019. Net cash used in investing activities in Q2-2020 was down $9 million as Endeavour received $12 million of proceeds for the sale of its fleet at Karma and associated spares, as part of the shift to owner mining, whereas Q1-2020 included a $5 million payment for the increased Ity ownership (contingent consideration based on ounces discovered) -- Net cash generated in financing activities in H1-2020 was $84 million, mainly related to the $120 million drawdown on the RCF in Q1-2020, which was offset by $17 million in interest payments and $19 million repayment of finance lease obligations. -- The equipment finance lease obligations decreased in Q2-2020 due to scheduled lease payments. -- At quarter-end, Endeavours liquidity remained strong with $352 million of cash on hand. Subsequent to quarter-end, Endeavour closed both the acquisition of SEMAFO and the associated $100 million investment from La Mancha. As such, as at June 30, 2020, its Pro Forma liquidity stood at $545million. -- In 2018, Endeavour issued a $330 million convertible note, maturing in February 2023. -- In Q1-2020 as a precaution to ensure that Endeavour would have substantial liquidity and financial flexibility to operate under various stress-test scenarios relating to the COVD-19 pandemic, Endeavour drew down the entirety of its available revolving credit facility. Reimbursement of this facility has commenced and will continue during Q3-2020 and Q4-2020. -- Net Debt for Endeavour amounted to $473 million at the end of H1-2020, a decrease of $187 million compared to the corresponding period in 2019. The Net Debt / Adjusted EBITDA ratio for Endeavour improved slightly over the quarter, decreasing from 1.06 times to 1.00 times mainly due to a slightly higher LTM adjusted EBITDA. Subsequent to quarter-end, Endeavour closed both the acquisition of SEMAFO and the associated $100 million investment from La Mancha. As such, as at June 30, 2020, its Pro Forma Net Debt stood at $309 million and its Pro Forma Net Debt / Adjusted EBITDA ratio stood at 0.44x.

OPERATING CASH FLOW PER SHARE

-- Operating cash flow increased by $98 million in H1-2020 compared to H1-2019, amounting to $183million or $1.66 per share in total. Further insights have been provided in Note 16 above. -- Operating cash flow amounted to $57 million in Q2-2020 (or $0.52 per share), a decrease of $69 million compared to Q1-2020 with the largest factor related to the non-cash working capital variance of $37 million.

Table 27: Operating Cash Flow Per Share

QUARTER ENDED YEAR ENDED (in US$ million unless stated June June June June otherwise) 30, March 30, 30, 30, 2020 31, 2020 2019 2020 2019

CASH GENERATED FROM OPERATING 57 126 62 183 85 ACTIVITIESDivided by weighted average number 111 111 110 111 110 of O/S shares, in millionsOPERATING CASH FLOW PER SHARE 0.52 1.14 0.57 1.66 0.78

Operating Cash Flow Per Share is a NON-GAAP measure. For a discussion regarding the companys use of NON-GAAP Measures, please see "note regarding certain measures of performance" in the MD&A.

-- Operating cash flow before non-cash working capital increased by $99 million in H1-2020 compared to H1-2019, amounting to $205million or $1.85 per share. -- Operating cash flow before non-cash working capital for Q2-2020 amounted to $85million (or $0.77 per share) in Q2-2020, down $34 million over Q1-2020, mainly due to lower ounces sold, an outflow of $17 million related to hedging programs and an $11 million increase in taxes paid which was partially offset by an $11 million decrease in operating expenses.

Table 28: Operating Cash Flow Before Non-Cash Working Capital Per Share

(in US$ million unless stated QUARTER ENDED YEAR ENDEDotherwise) June 30, March June 30, June 30, June 30, 2020 31, 2020 2019 2020 2019CASH GENERATED FROM OPERATING 57 126 62 183 85ACTIVITIESAdd back changes in non-cash working (28) 7 5 (21) (20)capitalOPERATING CASH FLOWS BEFORE NON-CASH 85 119 57 205 105WORKING CAPITALDivided by weighted average number 111 111 110 111 110of O/S shares, in millionsOPERATING CASH FLOW PER SHARE 0.77 1.08 0.52 1.85 0.96BEFORE NON-CASH WORKING CAPITAL

Operating Cash Flow Per Share is a Non-GAAP measure. For a discussion regarding the companys use of Non-GAAP Measures, please see "note regarding certain measures of performance" in the MD&A.

ADJUSTED NET EARNINGS PER SHARE

-- Adjusted Net Earnings amounted to $53 million in Q2-2020 (or $0.48 per share), an increase of $19 million compared to Q1-2020 due to the benefit of a strong gold price and lower depreciation. -- Adjusted Net Earnings amounted to $86 million in H1-2020 (or $0.78 per share), an increase of $83 million compared to H1-2019 due to the benefit of higher production at a higher realized gold price. -- Adjustments made in Q2-2020 and H1-2020 relate mainly to the loss on financial instruments, deferred income tax expense, share based compensation, and acquisition and restructuring costs.

Table 29: Net Earnings and Adjusted Net Earnings

(in US$ million unless stated QUARTER ENDED YEAR ENDEDotherwise) June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019TOTAL NET EARNINGS (23) 35 7 13 (5)Adjustments (see MD&A) 92 7 8 99 18ADJUSTED NET EARNINGS 69 43 15 112 13Less portion attributable to 16 9 7 26 9non-controlling interestsATTRIBUTABLE TO SHAREHOLDERS 53 34 9 86 4Divided by weighted average 111 111 110 111 110number of O/S sharesADJUSTED NET EARNINGS PER SHARE(BASIC) 0.48 0.30 0.08 0.78 0.03FROM CONTINUING OPERATIONS

Adjusted Net Earnings is a Non-GAAP measure. For a discussion regarding the companys use of Non-GAAP Measures, please see "Note Regarding Certain Measures of Performance" in the MD&A.

2020 OUTLOOK: PRODUCTION AND AISC GUIDANCE MAINTAINED DESPITE COVID-19

-- As presented in the tables 30, 31 and 32 below, Endeavour is maintaining its FY-2020 production and AISC guidance. The Company expects to mitigate the impact of the COVID-19 pandemic due to the higher grade profile expected in H2-2020. -- Endeavour is also maintaining SEMAFO's production and AISC guidance on Mana and Boungou and therefore expects the full year Pro Forma Group production to amount to 9951,095koz in 2020 at an AISC of $865915/oz. The Group consolidated amounts will be based on production and AISC commencing July 1, 2020, for the SEMAFO acquired assets. -- Pro Forma Group production is expected to be higher and AISC lower during the second half of the year, notably due to the mining of the higher-grade Kari Pump deposit at Hound and the restart of mining activities at the Boungou mine. More details on the updated individual mine guidance and outlook have been provided in the above sections. -- Endeavour expects stronger cash flow generation in the second half of the year due to higher production, lower non-sustaining spend, lower exploration spend, the benefit of higher gold prices and the expiry of its gold collar program (with a cap of $1,500/oz for half its production) at the end of June 2020.

Table 30: Guidance Summary1

ENDEAVOUR SEMAFO PRO FORMAProduction, Koz 680 ? 740 315 ? 355 995 ? 1,095AISC, $/oz 845 ? 895 895 ? 960 865 ? 915

Table 31: Detailed Production Guidance1

(All amounts in koz, on a 100% basis) H1-2020A 2020 FULL-YEAR GUIDANCEAgbaou 52 115 ? 125Ity 108 235 ? 255Karma 48 100 ? 110Hound 113 230 ? 250Mana 97 185 ? 205Boungou 61 130 ? 150PRO FORMA PRODUCTION 479 995 ? 1,095

Table 32: Detailed AISC Guidance1

(All amounts in US$/oz) H1-2020A 2020 FULL-YEAR GUIDANCEAgbaou 953 940 ? 990Ity CIL 707 630 ? 675Karma 904 980 ? 1,050Hound 1,020 865 ? 895Mana 1,137 1,050 ? 1,120Boungou 635 680 ? 725Corporate G&A 36 30 Sustaining exploration ? 5 PRO FORMA AISC 942 865 ? 915

1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A for Endeavour and refer to the non-IFRS measures note in this press release for SEMAFO. 2Endeavour believes that operating and financial figures for SEMAFO are representative of the period ended June 30, 2020 as the Transaction closed on July 1, 2020. Figures presented and disclosed relating to SEMAFO operations represent classifications and calculations performed using consistent historical SEMAFO methodologies. Potential variances to existing Endeavour classifications and calculation methodologies may result in adjustments affecting results. Potential differences may include, but not limited to, classification of corporate costs and operating expenses, classification of mining, processing, and site G&A costs, classification of capitalized waste as sustaining and non-sustaining, valuation of stockpiles and gold in circuit. Accounting treatments and classifications will be aligned with Endeavour methodologies and policies. Pro forma information has not been adjusted and is comprised of the simple weighted average of information provided for each of Endeavour and SEMAFO.

-- The royalty cost, incorporated into the AISC calculation for Endeavour, has been guided on a gold price of US$1,350/oz. A portion of the higher royalties due to the higher gold price is expected to be netted against lower expected fuel costs. -- As detailed in the table below, the FY-2020 mine sustaining capital expenditure guidance for Endeavour's mines is expected to remain unchanged at $83 million as an increase at Ity is expected to be offset by a decrease at Karma. While the nominal amount for H2-2020 is higher than that of H1-2020, due to higher expected production, it is expected to remain similar on a per ounce basis. -- Endeavour is also maintaining SEMAFO's sustaining capital expenditure guidance on Mana and Boungou, and therefore expects the FY-2020 Pro Forma Group amount to stand at $163 million. More details on individual mine capital expenditures have been provided in the above sections.

Table 33: Mine Capital Sustaining Expenditure Guidance

(All amounts in US$m) H2-2020 H1-2020 2020 FULL-YEAR GUIDANCE GUIDANCE ACTUALAgbaou 10 7 17Ity 5 3 8Karma 6 3 9Hound 26 23 49ENDEAVOUR MINES 47 36 83Mana 41 29 70Boungou 9 1 10PRO FORMA 98 65 163

-- As detailed in the table below, the FY-2020 non-sustaining mine capital expenditure guidance for Endeavour's mines is expected to increase from $42 million (as per initial guidance) to $55 million. The increases are at Ity where the aim is to commence the infrastructure work for the Le Plaque high grade deposit which was originally planned for 2021, and at Karma due to the capital already incurred in H1-2020. The FY-2020 non-sustaining mine capital expenditure was mainly H1-2020 weighted, with only 35% of the remaining capital spend to be incurred in the second half of the year. -- Endeavour is maintaining SEMAFO's non-sustaining capital expenditure guidance on Mana and Boungou, and therefore expects the FY-2020 Pro Forma Group amount to stand at $60 million. More details on individual mine capital expenditures have been provided in the above sections.

Table 34: Mine Capital Non-Sustaining Expenditure Guidance

(All amounts in US$m) H2-2020 H1-2020 2020 FULL-YEAR GUIDANCE GUIDANCE ACTUALAgbaou 1 0 1Ity 13 22 35Karma 3 6 9Hound 2 8 10ENDEAVOUR 19 36 55Mana 2 0 2Boungou 2 1 3PRO FORMA 23 37 60

-- FY-2020 growth capital spend is expected to amount to approximately $12 million, a slight increase of $2 million from the initial FY-2020 guidance of $10 million, mainly due to studies in progress on Kalana and Fetekro. -- Roughly 85% of Endeavour's FY-2020 exploration expenditure guidance amount was incurred in H1-2020 ahead of the rainy season. As shown in the table below, the Pro Forma FY-2020 exploration spend is expected to amount to $45-50 million, inclusive of the SEMAFO assets.

Table 35: Exploration Guidance

(All amounts in US$m) H2-2020 H1-2020 FULL-YEAR 2020 GUIDANCE GUIDANCE ACTUALEndeavour assets 4 - 9 36 40 - 45SEMAFO assets 5 n.a 5PRO FORMA 9 - 14 36 45 - 50

CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Wednesday August 5, at 8:30am Toronto time (ET) to discuss the Company's financial results.

The conference call and webcast are scheduled at:5:30am in Vancouver8:30am in Toronto and New York1:30pm in London8:30pm in Hong Kong and Perth

The webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/mx9zr7tx

Analysts and investors are also invited to participate and ask questions using the dial-in numbers below: International: +44 (0) 203 0095709North American toll-free: +18662801157UK toll-free: 08006941461

Confirmation Code: 4792808

The conference call and webcast will be available for playback on Endeavour's website.Click here to add Webcast reminder to Outlook Calendar

Access the live and On-Demand version of the webcast from mobile devices running iOS and Android:

QUALIFIED PERSONS

Clinton Bennett, Endeavour's VP Metallurgy and Met Improvement - 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.

CONTACT INFORMATION

Martino De Ciccio Brunswick Group LLP in London

VP ? Strategy & Investor Relations Carole Cable, Partner

+44 203 640 8665 +44 7974 982 458

mdeciccio@endeavourmining.com ccable@brunswickgroup.comVincic Advisors in Toronto

John Vincic, Principal

(647) 402 6375

john@vincicadvisors.com

ABOUT ENDEAVOUR MINING CORPORATION

Endeavour Mining is a multi-asset gold producer focused on West Africa, with two mines (Ity and Agbaou) in Cte dIvoire, four mines (Hound, Mana, Karma and Boungou) in Burkina Faso, four potential development projects (Fetekro, Kalana, Bantou and Nabanga) and a strong portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Cte dIvoire, Mali and Guinea.

As a leading gold producer, Endeavour Mining is committed to principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release 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. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-GAAP financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis.

SEMAFO NON-IFRS MEASURES

Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures. These measures are presented as they can provide useful information to assist investors with their evaluation of the SEMAFO's and the pro forma performance. Since the non-IFRS performance measures presented in the below sections do not have any standardized definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-IFRS financial performance measures are defined below and reconciled to reported IFRS measures.

SEMAFO reports total cash costs based on ounces sold. Endeavour believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find that the total cash cost per ounce sold provided useful information to assist investors with their evaluation of SEMAFOs performance and ability to generate cash flow from its operations.

All-in sustaining cost represents the total cash cost plus sustainable capital expenditures and stripping costs presented per ounce sold. Endeavour believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find that the all-in sustaining cost per ounce sold better meets their needs by assessing SEMAFOs operating performance and its ability to generate free cash flow. SEMAFO classified sustaining capital expenditures which are required to maintain existing operations and capitalized stripping.

Corporate Office: 5 Young St, Kensington, London W8 5EH, UK

Attachments

-- 200805 - EDV NR - Q2 2020 Results VF -- 200805 - EDV Q2 Presentation vF