ENDEAVOUR MINING

MANAGEMENT REPORT

For the three and twelve months ended 31 December 2021 and 31 December 2020

(Expressed in Millions of United States Dollars)

MANAGEMENT REPORT

BUSINESS OVERVIEW ... 3
1.1. OPERATIONS DESCRIPTION ... 3
HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31 DECEMBER 2021 ... 4
ENVIRONMENTAL, SOCIAL AND GOVERNANCE ... 5
3.1. HEALTH AND SAFETY ... 5
3.2. COVID-19 RESPONSE ... 5
OPERATIONS REVIEW ... 7
4.1. OPERATIONAL REVIEW SUMMARY ... 7
4.2. BOUNGOU GOLD MINE ... 8
4.3. HOUNDE GOLD MINE ... 10
4.4. ITY GOLD MINE ... 12
4.5. MANA GOLD MINE ... 14
4.6. SABODALA-MASSAWA GOLD MINE ... 16
4.7. WAHGNION GOLD MINE ... 18
4.8. KARMA GOLD MINE ... 20
4.9. DISCONTINUED OPERATIONS ... 22
OUTLOOK ... 23
FINANCIAL REVIEW ... 25
6.1. STATEMENT OF COMPREHENSIVE EARNINGS ... 25
6.2. SUMMARISED CASH FLOWS ... 28
6.3. SUMMARISED BALANCE SHEET ... 30
6.4. LIQUIDITY AND FINANCIAL CONDITION ... 31
6.5. RELATED PARTY TRANSACTIONS ... 32
6.6. ACCOUNTING POLICIES AND CRITICAL JUDGEMENTS ... 32
USE OF PROCEEDS ... 33
NON-GAAP MEASURES ... 34
8.1. ADJUSTED EBITDA ... 34
8.2. CASH AND ALL-IN SUSTAINING COST PER OUNCE OF GOLD SOLD ... 35
8.3. ADJUSTED NET EARNINGS AND ADJUSTED NET EARNINGS PER SHARE ... 37
8.4. OPERATING CASH FLOW PER SHARE ... 37
8.5. NET CASH/ADJUSTED EBITDA RATIO ... 38
8.6. RETURN ON CAPITAL EMPLOYED ... 38
QUARTERLY AND ANNUAL FINANCIAL AND OPERATING RESULTS ... 39
PRINCIPAL RISKS AND UNCERTAINTIES ... 41
CONTROLS AND PROCEDURES ... 45
11.1. DISCLOSURE CONTROLS AND PROCEDURES ... 45
11.2. INTERNAL CONTROLS OVER FINANCIAL REPORTING ... 45
11.3. LIMITATIONS OF CONTROLS AND PROCEDURES ... 45

This Management Report should be read in conjunction with Endeavour Mining plc's ("Endeavour", the "Company", or the "Group") consolidated financial statements for the year ended 31 December 2021 which has been prepared in accordance with UK adopted international accounting standards and International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") ("IFRS") or ("GAAP") and are included in Endeavour Mining plc's audited consolidated financial statements for the years ended 31 December 2021 and 2020 and notes thereto which has been prepared in accordance with IFRS. This Management Report is prepared as an equivalence to the Company's Management Discussions & Analysis ("MD&A") which is the Canadian filing requirement in accordance with National Instrument 51-102, Continuous Disclosure Obligations ("NI 51-102"), and includes all of the disclosures as required by NI 51-102.

This Management Report contains "forward-looking statements" that are subject to risk factors set out in a cautionary note contained herein. The reader is cautioned not to place undue reliance on forward-looking statements. All figures are in United States Dollars, unless otherwise indicated. Tabular amounts are in thousands of United States Dollars, except per share amounts and where otherwise indicated. This Management Report is prepared as of 17 March 2022. Additional information relating to the Company is available, including the Company's prospectus (available on the Company's website at www.endeavourmining.com) and the Company's Annual Information Form (available on SEDAR at www.sedar.com.

1. BUSINESS OVERVIEW

1.1. OPERATIONS DESCRIPTION

Endeavour is a multi-asset gold producer focused on West Africa and dual-listed on the Toronto Stock Exchange ("TSX") and the London Stock Exchange ("LSE") under the symbol EDV on both exchanges and is quoted in the United States on the OTCQX International (symbol EDVMF). The Company's assets include four mines (Houndé, Mana, Boungou, and Wahgnion) in Burkina Faso, the Ity mine in Côte d'Ivoire, the Sabodala-Massawa mine in Senegal, two development projects (Lafigue and Kalana) and a strong portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Côte d'Ivoire, Mali, Senegal, and Guinea. On 10 February 2021, Endeavour completed the acquisition of Teranga Gold Corporation ("Teranga"), a TSX-listed gold company which owned the Sabodala-Massawa and Wahgnion mines, as well as certain development and exploration assets. On 10 March 2022, the Company completed the sale of its Karma mine in Burkina Faso.

As a leading global gold producer and the largest in West Africa, Endeavour is committed to principles of responsible mining and delivering sustainable value to its employees, stakeholders, and the communities where it operates.

Figure 1: Endeavour's Principal Properties in West Africa as at 17 March 2022

2. HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31 DECEMBER 2021

Table 1: Consolidated Highlights

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating data from continuing operations
Gold produced	oz	398,261	315,176	1,523,788	802,971
Gold sold	oz	390,047	300,622	1,566,758	808,806
Realised gold price^{1}	$/oz	1,787	1,841	1,773	1,761
All-in sustaining costs ("AISC") per ounce sold^{2}	$/oz	915	779	883	853
Cash flow data from continuing operations
Operating cash flows before working capital	$	316.4	288.6	1,166.7	628.6
Operating cash flows before working capital per share^{2}	$/share	1.27	1.77	4.86	4.59
Operating cash flows	$	355.9	375.2	1,174.9	710.5
Operating cash flows per share^{2}	$/share	1.43	2.30	4.89	5.18
Profit and loss data from continuing operations
Revenue^{1}	$	697.2	553.4	2,778.1	1,424.1
Earnings from mine operations	$	201.0	218.4	890.8	489.4
Net comprehensive (loss)/earnings attributable to shareholders	$	(102.8)	64.9	220.7	95.9
Basic (loss)/earnings per share attributable to shareholders	$/share	(0.41)	0.40	0.92	0.70
EBITDA^{2,3}	$	122.9	227.4	1,138.9	529.5
Adjusted EBITDA^{2,3}	$	371.1	329.0	1,506.3	771.2
Adjusted net earnings attributable to shareholders^{2}	$	145.4	154.4	577.2	323.1
Adjusted net earnings per share attributable to shareholders^{2}	$/share	0.58	0.95	2.40	2.36
Balance Sheet Data
Cash	$	906.2	645.0	906.2	645.0
Return on capital employed ("ROCE")^{2}	%	18	23	18	23
Net cash^{2}	$	(76.2)	(74.7)	(76.2)	(74.7)
Net cash/Adjusted EBITDA (LTM) ratio^{2,3}	:	(0.05)	(0.09)	(0.05)	(0.09)

1 Revenue and realised gold price are inclusive of the Sabodala-Massawa and Karma streams.
2 This is a non-GAAP measure. Refer to the non-GAAP measure section of this Management Report.
3 EBITDA is defined as Earnings before interest, taxes, depreciation and depletion; LTM is defined as last twelve months.

3. ENVIRONMENT, SOCIAL AND GOVERNANCE

Endeavour is committed to being a responsible gold miner, creating long-term value and sharing the benefits of its operations with all its stakeholders, including employees, host communities and shareholders. As the largest gold miner in West Africa and a trusted partner, Endeavour's operations have the potential to provide a significant positive impact on the socio-economic development of its local communities and host countries, while minimising their impact on the environment.

Environment, social and governance ("ESG") policies, systems and practices are embedded throughout the business and the Company reports annually on its ESG performance via its Annual and Sustainability Reports. A dedicated sustainability governance structure has been established with an Environment, Sustainability and Governance Committee at board level, and an Executive Management ESG Steering Committee that it reports into.

Endeavour's ESG strategy is centered around the three pillars of ESG, with a number of priority areas identified, which are linked to clear, measurable ESG-related executive compensation targets (as outlined in the 2021 Management Information Circular).

To maximise Endeavour's socio-economic impact, it has identified a number of priority areas for its social investment, these are health, education, economic development and access to water and energy.

Endeavour's environmental priorities seek to address issues of both global and local concern; addressing climate change, water stewardship, protecting biodiversity, and tackling the scourge of plastic waste, which is prevalent and problematic for its local communities.

These are supported by the third pillar, a strong governance foundation. This includes respect for human rights, delivery of zero harm, support for employee well-being, diversity and inclusion, responsible sourcing, and rigorous reporting utilising the following ESG frameworks: the Task Force on Climate-related Financial Disclosures ("TCFD"), GRI, the World Gold Council's Responsible Gold Mining Principles ("RGMPs"), the Sustainability Accounting Standards Board ("SASB") and the Local Procurement Reporting Mechanism.

3.1. HEALTH AND SAFETY

Endeavour puts the highest priority on safe work practices and systems. The Company's ultimate aim is to achieve "zero harm" performance. The following table shows the safety statistics for the trailing twelve months ended 31 December 2021. The Group's lost time injury frequency rate ("LTIFR") continues to be well below the industry benchmark.

Table 2: LTIFR ${}^{2}$ and TRIFR ${}^{2}$ Statistics for the Trailing Twelve Months ended 31 December 2021 ${}^{4}$

	Fatality	Lost Time Injury	Total People Hours	Incident Category
				LTIFR1	TRIFR2
Boungou	—	1	3,270,599	0.31	1.83
Houndé	—	1	5,146,069	0.19	1.17
Ity	—	—	6,632,716	—	1.21
Karma	—	—	3,088,859	—	—
Mana	—	—	5,028,795	—	2.39
Non Operations3	—	1	4,479,436	0.22	1.12
Sabodala-Massawa4	—	3	5,630,105	0.53	3.00
Wahgnion4	—	2	6,028,306	0.33	2.16
Total	—	8	39,304,885	0.20	1.57

${}^{1}$ LTIFR = Number of LTIs in the Period x 1,000,000 / Total people hours worked for the period.
2Total Recordable Injury Frequency Rate ("TRIFR") = Number of (LTI+Fatalities+Restricted Work Injury+Medical Treated Injury+First Aid Injury) in the period x 1,000,000 / Total people hours worked for the period.
3 "Non Operations" includes Corporate, Kalana and Exploration.
Data relating to the acquired Teranga entities have been included from their acquisition date.

3.2. COVID-19 RESPONSE

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 Côte d'Ivoire, Burkina Faso, Senegal and Mali have taken strict and pro-active measures to minimise overall exposure in their countries.

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

Endeavour has implemented a range of preventative measures at all its sites, including social distancing, health screening, augmented hygiene and restricted access to sites. Commencing in Q2-2021, this included vaccination awareness campaigns across all its sites and offices. The campaign has been successful and at the end of February 2022, $97\%$ of the entire workforce have been vaccinated.

Endeavour has donated key medical equipment and supplies to regional, community and on-site medical centres across all four countries of its projects and operations and continues to monitor the needs of its communities.
A range of community programmes have been implemented during the pandemic, including micro-credit programmes, which have helped to support people in host communities whose livelihoods were impacted by the pandemic, and e-learning programmes 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, Endeavour’s 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.
The Company’s cloud-based strategy ensures that employees who need to work from home are able to access all the relevant applications, systems and collaboration tools needed to perform their duties. In addition, the Company’s cyber security response has been updated and is constantly tracked in light of the increased cyber security risk generally observed during the pandemic.

3.3. ESG UPDATES AND PERFORMANCE

Tackling Climate Change

Being responsible stewards of the environment is critical to the Group’s long-term success. The Group has been reporting on its Scope 1 and Scope 2 greenhouse gas emissions since 2017 and Scope 3 emissions since 2019, and adopted TCFD in 2020.

In Q2-2021, Endeavour announced a Net Zero ambition by 2050 and a goal to reduce its emissions by 30% by 2030. To support its 2030 goal and set out a roadmap to reduce its greenhouse gas emissions, in Q3-2021, the Company commenced a detailed study of abatement opportunities at its operations across eight identified levers which is expected to be completed in Q1-2022.

To support this commitment, 25% of the FY-2021 long-term executive compensation award (vesting in 2023) was tied to the successful implementation of a carbon reduction strategy and the commissioning of at least one significant renewable energy power plant.

In addition, the Company expanded its Scope 3 emissions disclosure, working with its top 15 suppliers by spend to better understand their carbon footprint.

For FY-2021, the Group’s Scope 1 and Scope 2 emissions were 853,151 tonnes of CO2-equivalent (“tCO2-e”), an increase over FY-2020 due to the increase in its portfolio of operating assets, consequently its emissions intensity per ounce of gold was 0.54tCO2-e, a 12% increase compared to 0.48tCO2-e in 2020. Scope 3 emissions were 226,883tCO2-e, an increase over FY-2020, due to the expanded asset portfolio as well as an increase in the categories of Scope 3 that have been disclosed.

The Responsible Gold Mining Principles

The RGMPs were launched by the World Gold Council, the industry body responsible for stimulating and sustaining demand for gold, to reflect the commitment of the world’s leading gold producers to responsible mining. The RGMPs provide a comprehensive ESG reporting framework that sets out clear expectations as to what constitutes responsible gold mining to help provide confidence to investors, supply chain participants and ultimately, consumers.

The RGMPs consist of ten umbrella principles and fifty-one detailed principles that cover key ESG themes. During FY-2021, Endeavour continued to progress implementation of the RGMPs, working towards full conformance, with external assurance at both corporate and site-level by September 2022 for its legacy assets, the Ity and Hounde mines, as per the Council’s three-year timeframe. For the acquired SEMAFO and Teranga mines, Endeavour has three years to conform from the date of acquisition.

In FY-2020, Endeavour received external assurance on seven RGMPs, the details of which are included in the Company’s 2020 Sustainability Report, available at www.endeavourmining.com.

4. OPERATIONS REVIEW

The following tables summarises operating results for the three months and year ended 31 December 2021 and 31 December 2020.

4.1. Operational Review Summary

Q4-2021 consolidated production from continuing operations amounted to 398,261 ounces, an increase of 83,085 ounces or 26% compared to Q4-2020. Group production increased due to the inclusion of Sabodala-Massawa and Wahgnion mines which were acquired on 10 February 2021, partially offset by lower production at Houndé, Boungou, Mana and Karma who all had strong comparative quarters. Group AISC from continuing operations increased by 17% or $136 per ounce due to higher capital expenditure and higher operating cost at existing mines and the inclusion of Wahgnion, partially offset by the inclusion of the lower cost Sabodala-Massawa mine due to more ounces sold.
FY-2021 consolidated production from continuing operations increased by 720,817 ounces or 90%, primarily as a result of the acquisition of Teranga, a TSX-listed gold mining company which owned the Sabodala-Massawa and Wahgnion mines, on 10 February 2021 as well as the benefit of the full year of operations of the ex-SEMAFO Inc ("SEMAFO") assets, Mana and Boungou which were acquired on 1 July 2020. AISC for all operations increased by $12 per ounce or 1% to $885 per ounce due to increased AISC per ounce at the Mana mine as a result of increased underground mining costs and at the Boungou mine due to increased sustaining capital and higher unit processing costs. The increase in AISC was slightly offset by the inclusion of the lower cost Sabodala-Massawa mine during the year.

Table 3: Group Production

(All amounts in oz, on a 100% basis)	THREE MONTHS ENDED		YEAR ENDED
	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Boungou^{1}	34,927	63,939	174,320	94,165
Houndé	77,260	101,367	293,155	276,709
Ity	59,969	60,547	271,832	212,812
Karma	20,465	27,901	87,662	98,185
Mana^{1}	53,840	61,422	204,507	121,100
Sabodala-Massawa^{2}	104,563	—	345,280	—
Wahgnion^{2}	47,237	—	147,032	—
PRODUCTION FROM CONTINUING OPERATIONS	398,261	315,176	1,523,788	802,971
Agbaou^{3}	—	28,379	12,575	105,092
GROUP PRODUCTION	398,261	343,555	1,536,363	908,063

1 Included for the post acquisition period commencing 1 July 2020.
2 Included for the post acquisition period commencing 10 February 2021.
3 Divested on 1 March, 2021.

Table 4: Group All-In Sustaining Costs

(All amounts in US$/oz)	THREE MONTHS ENDED		YEAR ENDED
	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Boungou^{2}	825	534	801	609
Houndé	874	612	843	837
Ity	854	1,055	836	807
Karma	1,300	1,132	1,193	1,005
Mana^{2}	1,116	803	1,026	853
Sabodala-Massawa^{3}	592	—	645	—
Wahgnion^{3}	1,066	—	994	—
Corporate G&A	48	28	32	29
AISC^{1} FROM CONTINUING OPERATIONS	915	779	883	853
Agbaou^{4}	—	1,068	1,132	1,027
GROUP AISC^{1}	915	803	885	873

1 This is a non-GAAP measure.
2 Included for the post acquisition period commencing 1 July 2020.
3 Included for the post acquisition period commencing 10 February 2021.
4 Divested on 1 March 2021.

4.2. Boungou Gold Mine, Burkina Faso

Table 5: Boungou Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	301	335	1,437	459
Tonnes of waste mined	kt	3,993	1,905	25,002	2,075
Tonnes of ore milled	kt	352	333	1,352	641
Average gold grade milled	g/t	3.36	6.92	4.07	5.10
Recovery rate	%	94.8	96.0	95.4	95.0
Gold produced	oz	34,927	63,939	174,320	94,165
Gold sold	oz	33,817	65,371	170,936	100,782
Realised gold price	$/oz	1,792	1,857	1,783	1,864
Financial Data ($'000)
Revenue	$	60.6	121.4	304.7	187.9
Operating expenses	$	(22.5)	(37.6)	(104.7)	(89.1)
Royalties	$	(3.8)	(7.4)	(18.5)	(11.5)
Non-cash operating expenses2	$	—	11.3	4.4	40.9
Total Cash Cost3	$	(26.3)	(33.7)	(118.8)	(59.7)
Sustaining capital3	$	(1.6)	(1.2)	(18.1)	(1.7)
Total All-in Sustaining Costs3	$	(27.9)	(34.9)	(136.9)	(61.4)
Non-sustaining capital3	$	(9.0)	(1.1)	(22.9)	(1.9)
Total All-in Costs3	$	(36.9)	(36.0)	(159.8)	(63.3)
Cash cost per ounce sold3	$/oz	778	516	695	592
Mine All-In Sustaining Costs per ounce sold3	$/oz	825	534	801	609

1 Analysis of operations is only for the period after its acquisition by Endeavour on 1 July 2020.
2 Non-cash operating expenses relates to the reversal in the period of the fair value adjustment of inventory on hand at the acquisition date.
3 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
4 All-in Margin is calculated as revenue less all-in costs for the period.

Q4-2021 vs Q4-2020 insights

Production significantly decreased due to lower average grade processed as ore was sourced from the West Pit relative to Q4-2020 where the plant feed was mainly sourced from higher grade stockpiles and available ore as Boungou had been on care and maintenance.
Total tonnes mined increased significantly due to increased contractor mining fleet availability and utilisation compared to Q4-2020 where mining activity was ramping up. In Q4-2021, ore mined was solely sourced from the West Pit Phase 2 while pre-stripping continued in the East Pit.
Tonnes milled increased due to higher throughput rates driven by effective fragmentation and processing of crushed ore stockpiles allowing for a more stable ore feed.
Processed grade significantly decreased due to the ore sourced from the West Pit Phase 2 compared to the prior period where there was immediate access to higher grade areas and stockpiles following the restart of mining activities.
AISC increased due to the significant decrease in gold sold volumes in Q4-2021 compared to Q4-2020. Costs increased in absolute terms primarily as the mining contractor was still ramping up in Q4-2020, this was partially offset by a decrease in the underlying unit rates for mining, processing and G&A in Q4-2021.
Sustaining capital expenditure of $1.6 million mainly related to the third TSF wall raise and capital spares and equipment for the processing plant.
Non-sustaining capital expenditure of $9.0 million related to pre-stripping at the East pit.

FY-2021 v FY-2020 Insights

FY-2021 production of 174koz was slightly below the guided 180 - 200 koz range as a result of lower processed grades due to accelerated mining of high grade ore in Q4-2020 upon restarting of the mining operations. AISC of $801 per ounce was in line with the outlook provided in Q3-2021, which stated that AISC is expected to continue to trend above the guided $690 - 740 per ounce range as a result of higher fuel prices and increased security costs.
FY-2021 production was significantly above FY-2020 due to consolidating a full year of operations and the restart of mining at Boungou in Q4-2020.
Total tonnes mined is due to having a full year of operations in FY-2021 following the restart of full mining activities in Q4-2020, the benefit of commissioning additional mining equipment during Q1-2021, and the benefit of mining on the top benches in the new phase of the West pit, which have a shorter haul and associated efficiencies. Pre-stripping activities in the East pit have been ongoing since Q1-2021 and it is planned to expose ore for mining in early FY-2022. Ore mined in FY-2021 was sourced from the West pit.
Tonnes milled in 2021 has benefitted from crushing circuit de-bottlenecking initiatives to improve the size distribution of the material with a flow on improvement of the throughput rate in the milling circuit.
Average milled grade is lower as 2020 benefitted from the processing of higher grade stockpiles built up during FY-2019 and access to higher grade ore zones upon the restart of mining activities, which have since been depleted.
AISC of $801 per ounce was higher than FY-2020, as the prior year period benefitted from the processing of higher grade ore after the re-start of mining operations, while FY-2021 included an increase in sustaining capital, as well as higher unit processing cost due to high power generation cost driven by higher fuel prices.
Sustaining capital expenditures of $18.1 million, increased significantly from the $1.7 million incurred in FY-2020, related primarily to waste capitalisation in the West pit and the commencement of the third TSF wall raise. There was minimal activity in FY-2020 as explained above.
Non-sustaining capital expenditure of $22.9 million also increased significantly from the $1.9 million incurred in FY-2020 related to pre-stripping at the East pit which is only due to start producing ore in early FY-2022.
There were no interruptions in operations and supply procurement during FY-2021 due to management's focus on security and logistics enhancements at the Boungou mine following the restart of operations in Q4-2020.
The Group recognised an impairment of the Boungou mine for a total of $246.3 million, of which $31.9 million related to the goodwill which had been recognised on acquisition. The impairment was driven by a revised life of mine plan which reflects the increased operating costs, lower than expected production and processed grades, and a decrease in the estimated resource to reserve conversion and exploration potential surrounding the Boungou mine.

2022 Outlook

Boungou is expected to produce between 130—140koz in FY-2022 at an AISC of between $900—1,000/oz.
Mining activities in H1-2022 will focus on waste stripping and ore extraction from the East pit in addition to waste stripping in Phase 3 of the West pit. In H2-2022, stripping activities will continue in both pits, while ore will be sourced mainly from the West pit. Due to the flat dipping nature of the orebody, progressive backfilling activity will be undertaken in mined out areas of the pit which is expected to benefit mining costs and ultimately rehabilitation costs. Mill throughput is expected to remain broadly consistent with the FY-2021 performance while grades are expected to decline in line with the life of mine schedule.
Sustaining capital expenditure is expected to decrease from approximately $18.1 million in 2021 to $15.0 million in FY-2022 mainly due to the conclusion of Phase 2 waste stripping at the West pit in FY-2022.
Non-sustaining capital expenditure is expected to decrease to approximately $19.0 million in FY-2022 compared to $22.9 million in FY-2021, with FY-2022 spend primarily relating to a significant cut back at the East pit.

Exploration

An exploration programme of $7.0 million was planned for FY-2021, of which $5.4 million was spent consisting of 25,700 meters of drilling across 280 drillholes. Exploration efforts were focused on delineating near mine targets including Natougou Northwest, Boungou Northwest and Boungou North.
At Natougou Northwest, drilling delineated a zone of higher-grade mineralisation trending north to northwest that remains open towards the Boungou North and Boungou Northwest targets. In FY-2022, drilling will focus on evaluating the targets along this trend.
At Boungou North and Northwest, drilling demonstrated promising initial results, identifying the continuation of the Boungou shear zone, down plunge.
An exploration programme of $4.0 million is planned for FY-2022 with drilling focused on expanding the footprints and defining resources at Natougou Northwest, Boungou North, and Boungou Northwest. In addition, reconnaissance drilling to the north of Boungou will follow up on geochemical and geophysical anomalies at the Osaanpalo and Tawori targets.

4.3. Houndé Gold Mine, Burkina Faso

Table 6: Houndé Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	777	2,120	4,397	5,324
Tonnes of waste mined	kt	11,520	8,621	45,520	38,171
Tonnes milled	kt	1,226	1,117	4,622	4,228
Average gold grade milled	g/t	2.05	3.06	2.13	2.21
Recovery rate	%	93.7	94.0	92.0	93.0
Gold produced	oz	77,260	101,367	293,155	276,709
Gold sold	oz	73,340	101,512	292,579	277,887
Realised gold price	$/oz	1,797	1,865	1,785	1,778
Financial Data ($'000)
Revenue	$	131.8	189.3	522.3	494.0
Operating expenses	$	(40.7)	(40.8)	(161.9)	(156.6)
Royalties	$	(9.5)	(14.1)	(35.7)	(38.8)
Total Cash Cost1	$	(50.2)	(54.9)	(197.6)	(195.4)
Sustaining capital1	$	(13.9)	(7.2)	(49.1)	(37.1)
Total All-In Sustaining Costs1	$	(64.1)	(62.1)	(246.7)	(232.5)
Non-sustaining capital1	$	(6.8)	(4.8)	(17.1)	(19.7)
Total All-in Costs1	$	(70.9)	(66.9)	(263.8)	(252.2)
Cash cost per ounce sold1	$/oz	684	541	675	703
Mine All-In Sustaining Costs per ounce sold1	$/oz	874	612	843	837

1 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
2 All-in Margin is calculated as revenue less all-in costs for the period.

Q4-2021 vs Q4-2020 insights

Production decreased in Q4-2021 due to the lower grade milled, partially offset by higher tonnes milled, relative to the strong performance in Q4-2020.
Tonnes of ore mined decreased due to the focus on waste stripping at Kari Pump as pre-stripping activities at the high grade Kari West continued. Ore was primarily sourced from the Kari Pump deposit and supplemented by fresh ore from the Vindaloo Centre and Main with first ore from Kari West.
Tonnes milled increased due to the higher throughput rate that resulted from a higher proportion of oxide ore in the blend and increased plant availability.
Average gold grade milled decreased in Q4-2021 due to lower grade ore available from the Vindaloo Main and Centre pits, compared to Q4-2020.
AISC increased due to the lower ounces sold compared to Q4-2020 in addition to higher operational cost for mining and maintenance as a result of the higher tonnes moved and higher sustaining capital.
Sustaining capital of $13.9 million is related to waste capitalisation at the Vindaloo Main and Kari Pump pits and fleet rebuilds.
Non-sustaining capital of $6.8 million is primarily related to the costs associated with the development of the Kari West pit and new mining fleet acquired.

FY-2021 vs FY-2020 Insights

Production for FY-2021 totalled 293koz, beating the guided 230-250koz range driven by mining efficiencies at the Kari area pits, which enabled access to greater volumes of high grade oxide ore. AISC amounted to $843/oz, well below the guided $865-895/oz due to the benefit of higher production.
Production increased compared to FY-2020 due to higher throughput as a greater proportion of oxide ore from Kari Pump was milled. This was partially offset by slightly lower grades and recoveries.

Tonnes of ore mined decreased mainly due to the higher grade ore being mined from Kari Pump which was blended with stockpiled ore and enabled an increased focus on waste stripping at Vindaloo Main, Vindaloo Centre, Kari Pump and Kari West during FY-2021. Mining was completed at both the Bouéré and Vindaloo Centre pits during FY-2021.
Tonnes milled increased as mill throughput improved due to the higher proportion of oxide ore from the Kari Pump pit.
Average gold grade milled decreased marginally due to the increased throughout with higher grade oxide ore blended with lower grade stockpiled fresh ore.
AISC remained broadly consistent with the prior year with the impact of higher fuel costs being offset by more gold sold in the year. Mining and processing unit rates remain well controlled and benefitted from increased production rates and consequently were consistent with FY-2020.
Sustaining capital expenditures of $49.1 million, an increase from $37.1 million relative to FY-2020, related primarily to waste capitalisation at Vindaloo Main and Kari Pump in addition to fleet re-builds and upgrades.
Non-sustaining capital of $17.1 million, slightly lower than $19.7 million in FY-2020, primarily related to Kari West infrastructure and establishment costs including land compensation, sterilisation drilling, infrastructure and initial waste stripping capitalisation.

2022 Outlook

Following a record 2021 performance, Houndé is expected to produce between 260—275koz in 2022 at AISC of $875—925/oz.
Mining activities in 2022 will focus on Vindaloo Main, Kari Pump and Kari West pits. In H1-2022, ore will primarily be mined from Kari Pump, supplemented by Vindaloo Main, while stripping is underway at Kari West. In H2-2022, ore will be mined from Kari Pump and Kari West, once stripping for this phase has been completed. Processing throughput and recoveries are expected to decline slightly in 2022 due to changes in the ore blend.
Sustaining capital expenditure is expected to decrease from $49.1 million in FY-2021 to approximately $44.0 million in FY-2022, with FY-2022 expenditure relating mainly to waste extraction and fleet re-builds.
Non-sustaining capital expenditure is expected to remain broadly consistent with the $17.1 million in FY-2021 at approximately $18.0 million in FY-2022. The FY-2022 expenditures are mainly related to waste stripping, resettlement and associated mine infrastructure in the Kari area and completion of a TSF wall raise.

Exploration

An exploration programme of $7.0 million was initially planned for FY-2021, however given the exploration success during the year, $13.9 million was spent, consisting of 75,300 meters across 668 drillholes. The exploration efforts were focused on Mambo (14km to the north-east of the processing plant), Vindaloo South, Vindaloo Deeps and the Kari area; including Kari Centre, Kari Gap and Kari South.
During FY-2021, exploration efforts delineated a maiden Indicated resource for Mambo, increased resources at the Kari Center-Gap-South area, and identified an initial maiden resource at the Vindaloo South target. Scout drilling beneath the southern end of the Vindaloo main pit identified a southward plunging higher grade zone which will be further investigated in FY-2022
An exploration programme of $14.0 million is planned for FY-2022, with drilling focused on delineating resources at Sianikoui, investigating mineralised trends around the Dohoun deposit, extending the Vindaloo South mineralisation to the south along the Koho trend and investigating continuations of the Mambo resource towards the north-east. In addition, reconnaissance drilling will focus on several targets to the north-west of the Houndé mine including Tioro, Grand Espoir, Baraki and Hondjo.

4.4. Ity Gold Mine, Côte d'Ivoire

Table 7: Ity CIL Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	2,234	2,660	7,906	8,571
Tonnes of waste mined	kt	4,390	3,886	17,044	14,898
Tonnes milled	kt	1,624	1,456	6,248	5,353
Average gold grade milled	g/t	1.50	1.72	1.67	1.57
Recovery rate	%	77.1	76.0	80.0	79.0
Gold produced	oz	59,969	60,547	271,832	212,812
Gold sold	oz	57,963	50,983	279,226	208,121
Realised gold price	$/oz	1,801	1,863	1,789	1,749
Financial Data ($'000)
Revenue	$	104.4	95.0	499.6	363.9
Operating expenses	$	(37.6)	(45.1)	(181.8)	(139.3)
Royalties	$	(5.8)	(5.4)	(27.5)	(19.8)
Total Cash Cost^{1}	$	(43.4)	(50.5)	(209.3)	(159.1)
Sustaining capital^{1}	$	(6.1)	(3.3)	(24.0)	(8.9)
Total All-in Sustaining Costs^{1}	$	(49.5)	(53.8)	(233.3)	(168.0)
Non-sustaining capital^{1}	$	(10.9)	(12.0)	(35.3)	(37.4)
Total All-in Costs^{1}	$	(60.4)	(65.8)	(268.6)	(205.4)
Cash cost per ounce sold^{1}	$/oz	749	991	750	764
Mine All-In Sustaining Costs per ounce sold^{1}	$/oz	854	1,055	836	807

1 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
2 All-In Margin is calculated as revenue less all-in costs for the period.

Q4-2021 vs Q4-2020 insights

Production was in line with Q4-2020 with higher throughput as well as slightly improved recovery rates partially offset by lower average grade milled.
Tonnes ore mined decreased due to the greater focus on waste stripping at Ity and Bakatuou pits. Ore was mainly sourced from Daapleu in Q4-2021 with Colline Sud, Walter, Le Plaque, Flotouo and the historic heap leach waste dumps providing supplemental ore allowing greater operational flexibility.
Tonnes milled increased and continued to perform above nameplate due to continued use of the surge bin for supplemental feed despite a higher proportion of transitional and fresh ore being processed.
Average milled headgrade decreased due to the relative mix of ore feed from lower grade sources including the supplemental ore sources including the Floutouo dump.
Recovery rates remained broadly flat compared to Q4-2020
AISC per ounce decreased primarily due to the higher gold sales in Q4-2021 (10koz were poured but not sold in Q4-2020), offset by higher sustaining capital.
Sustaining capital expenditure of $6.1 million related primarily to waste stripping at the Ity, Bakatouo and Walter pits as well as dewatering equipment and borehole drilling, pit slope monitoring equipment and various other capital replacements.
Non-sustaining capital expenditure of $10.9 million included the construction of the pre-leach and tank spargers, Le Plaque haul road and waste dump sterilisation drilling, TSF wall buttressing and TSF cell 2 sterilisation drilling.

FY-2021 vs FY-2020 Insights

Production in FY-2021 totalled 272koz which was above the guided 230-250koz range driven by a combination of higher throughput and grade. AISC of $836/oz was in line with the guided range of $800-850/oz.
Production increased compared to FY-2020 as a result of an increase in throughput due to improvements in plant operating and maintenance strategies and continued use of the surge bin to provide supplemental oxide ore to the plant.

Tonnes of ore mined decreased on account of higher grade ore available from the Daapleu and Bakatouo pits compared to FY-2020, supplemented with high grade ore from Le Plaque towards the end of the year. Mining was spread across a number of pits including Bakatouo, Daapleu and Colline Sud, the two long term stockpiles of Heap Dump and Verse Ouest and saw the commencement of mining at Walter, Le Plaque and Flotouo pits, which provided greater operational flexibility. In May 2021, Ity successfully transitioned to contract mining.
Tonnes milled increased due to higher mill utilisation and the supplemental processing of oxide ore through the surge bin.
Average gold grade milled increased due to the higher grade ore sourced from Bakatouo and Daapleu pits.
AISC per ounce increased compared to the prior year due to less ore stockpiling and increased sustaining capital that mainly related to waste stripping at the Ity, Bakatouo, Walter and Colline Sud pits.
Sustaining capital expenditures of $24.0 million was significantly higher than the $8.9 million incurred in FY-2020. FY-2021 sustaining capital expenditures included $15.8 million of waste capital primarily at the Ity, Bakatouo, Walter and Colline Sud pits, in addition to dewatering infrastructure at Bakatouo and various other stay in business capital projects.
Non-sustaining capital expenditures of $35.3 million was broadly in line with the $37.4 million incurred in FY-2020. FY-2021 non-sustaining capital expenditures primarily related to Le Plaque infrastructure including the haul road construction and sterilisation drilling, TSF construction including wall buttressing, as well as the construction of a pre-leach and tank spargers to improve processing recovery.
During Q2-2021, Ity transitioned from owner mining to contract mining with Societe de Forage et des Travaux Publics ("SFTP"), a local contractor who is already performing contract mining services at our Karma and Boungou mines. As a part of the transition, the mining fleet at Ity was sold to SFTP for a consideration of approximately $24.2 million, $14.1 million of which was received during Q4-2021 with the balance expected in FY-2022.

2022 Outlook

Ity is expected to produce between 255—270koz in 2022 at an AISC of between $850—900/oz.
Ore will be mined from Le Plaque, Daapleu, Ity, Bakatouo, Walter, and Colline Sud pits and supplemented by historical ore sources including Verse Ouest stockpile and the spent Heap 2 dump. In H1-2022, mining at the current phase of Daapleu is expected to be completed, with increased contributions expected from Le Plaque and higher grade ore coming from the Walter pit in H2-2022.
Ore tonnes processed are expected to remain fairly constant throughout the year, however grades are expected to decline in H2-2022 as feed material moves away from Daapleu. The decline in grade is expected to be partially offset by increased recoveries associated with increased oxide ore sourced from Le Plaque and from the addition of the pre-leach tank. Average processed grade for the year is expected to be consistent with FY-2021.
Sustaining capital is expected to amount to $20.0 million in FY-2022 compared to $24 million in FY-2021. The FY-2022 sustaining capital relates mainly to capitalised waste.
Non-sustaining capital is expected to decrease from $35.3 million in FY-2021 to approximately $29.0 million in FY-2022, with non-sustaining capital in FY-2022 relating to processing plant enhancements, land compensation, and the stage 4 TSF raise.

Exploration

An exploration programme of $9.0 million was initially planned for FY-2021, however given the success of the programme, $11.0 million was spent during the year consisting of 72,800 meters across 557 drillholes.
In FY-2021, exploration efforts delineated resources at the junction between Walter and Bakatouo pits, the West Flotouo deposit, and at the extension of the Le Plaque deposit. In addition, early stage drilling at the adjacent Yopleu-Legaleu target successfully intercepted mineralization.
An exploration programme of $10.0 million is planned for FY-2022, with drilling focused on increasing the size of resources at Yopleu-Legaleu, West Flotouo, Walter-Bakatouo, Verse Est, Colline Sud and evaluating the continuity of Daapleu Deep mineralisation. In addition, early stage drilling at the Delta Extension, Goleu and Gbampleu targets is planned.

4.5. Mana Gold Mine, Burkina Faso

Table 8: Mana Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined - open pit	kt	529	435	2,025	900
Tonnes of waste mined - open pit	kt	2,166	8,792	21,504	14,742
Tonnes ore mined - underground	kt	180	215	838	412
Tonnes of waste mined - underground	kt	89	165	301	281
Tonnes of ore milled	kt	651	629	2,593	1,222
Average gold grade milled	g/t	2.75	3.33	2.65	3.38
Recovery rate	%	92.7	90.0	91.4	92.0
Gold produced	oz	53,840	61,422	204,507	121,100
Gold sold	oz	52,339	55,897	211,424	123,703
Realised gold price	$/oz	1,796	1,878	1,789	1,884
Financial Data ($'000)
Revenue	$	94.0	105.0	378.2	233.0
Operating expenses	$	(49.6)	(33.5)	(179.5)	(86.2)
Royalties	$	(6.4)	(7.5)	(25.2)	(15.2)
Non-cash operating expenses2	$	—	(0.4)	0.4	4.1
Total Cash Cost3	$	(56.0)	(41.4)	(204.3)	(97.3)
Sustaining capital3	$	(2.4)	(3.5)	(12.6)	(8.2)
Total All-in Sustaining Costs3	$	(58.4)	(44.9)	(216.9)	(105.5)
Non-sustaining capital3	$	(6.9)	(17.6)	(63.3)	(27.6)
Total All-in Costs3	$	(65.3)	(62.5)	(280.2)	(133.1)
Cash cost per ounce sold3	$/oz	1,070	741	966	787
Mine All-In Sustaining Costs per ounce sold3	$/oz	1,116	803	1,026	853

Analysis of operations is only for the period after its acquisition by Endeavour on 1 July 2020.
2 Non-cash operating expenses relates to the reversal in the period of the fair value adjustment of inventory on hand at the acquisition date.
3 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
4 All-In Margin is calculated as revenue less all-in costs for the period.

Q4-2021 vs Q4-2020 insights

Production decreased despite the increase in tonnes of ore milled and higher recoveries, due to the lower grades from the Wona South Stage 2 and 3 pit as well as lower grade from the Siou underground.
Open pit tonnes of ore mined increased in line with plan
Total underground ore tonnes mined was lower than Q4-2020 in line with a 60kt per month plan
Tonnes milled increased due to processing of softer ore from the Wona South pit compared to the Wona North pit.
The average processed grade decreased as expected due to lower open pit grades mined from the Wona South pit.
Recovery rates increased due to the improved recoveries from Wona South ore in the blend.
AISC was higher due to higher open pit unit mining costs and lower waste development capitalised as non-sustaining compared to Q4-2020. This was offset by lower processing costs due to optimisation of reagent consumption and reduction in power costs via improved efficiencies of power plant and use of national grid power.
Sustaining capital of $2.4 million is related to underground development to create new stopping levels.
Non-sustaining capital expenditure of $6.9 million was mainly related to waste capitalisation, activities related to the preparation of the Wona underground portals and the TSF raise.

FY-2021 v FY-2020 Insights

FY-2021 production totalled 205koz, significantly beating the guided 170-190koz range due to improved performance in mining of the Wona South open pit providing higher than planned feed to the processing plant and higher plant availability and throughput. This was partially offset by the lower grade. The AISC amounted to $1,026/oz achieving the guided $975-$1,050/oz range.
FY-2021 production increased by 83koz over FY-2020 due to the benefit of consolidating a full year of operations, strong plant performance and increased underground tonnes mined.
Open pit ore tonnes mined during the year were mainly sourced from the Wona South stage 2 and 3 following the completion of mining at Wona North stage 3 during Q1-2021.
Underground operations achieved strong performance for the full year delivering 838 thousand tonnes of ore mainly from longhole stopes, with capital and ore development largely completed by the end of the year. Following a full review of mining plans at Mana, development commenced at Wona underground in Q4-2021 which will see the mine transition to ore feed being sourced predominately from underground operations for the next few years.
The plant continued to perform reliably with tonnes milled and throughput rates benefitting from the softer ore characteristics and effective blasting of Wona South pit material which resulted in the strong plant throughput.
The average milled grade was lower due to a much lower grade mined in the Wona South pit compared to the Wona North in the previous year, coupled with lower average stope and development grades mined at Siou.
AISC increased by $173/oz primarily due to higher underground mining costs due to increased stope production requiring a combination of increased cable bolting for stope brow support and cemented rock fill, which was partially offset by lower open pit mining costs due to slightly lower tonnes mined.
Sustaining capital expenditures of $12.6 million in FY-2021, an increase from the $8.2 million in FY-2020, were related to underground development, heavy mobile equipment and power plant.
Non-sustaining capital of $63.3 million, an increase on the $27.6 million incurred in FY-2020, mainly relates to Wona open pit waste capitalisation, Siou exploration drilling for resource extension, Wona underground development and associated infrastructure which has been brought forward into FY-2021 and the TSF stage 4 raise.

2022 Outlook

Following a strong out-performance in FY-2021, Mana is expected to produce between 170—190koz in FY-2022 at an AISC of $1,000—1,100/oz.
Mining at Wona open pit is expected to conclude at the end of H1-2022, while in H2-2022 mill feed is expected to be sourced primarily from Siou underground whilst development progresses at Wona underground where stope production is expected to commence in late FY-2022. Siou underground is largely developed and stope production is expected to be consistent throughout the year, though grade will vary depending on the stopes in production. Mining at the Maoula satellite pit, which was initially expected to commence in late H2-2022, is being considered to start earlier than planned. Mill throughout is expected to be lower in H2-2022 following the transition away from the Wona open pit. This is expected to be partially offset by supplemental feed from stockpiles and from Wona underground development in H2-2022 as well as slightly higher grades from Siou underground, while recovery rates are expected to remain strong.
Sustaining capital expenditure is expected to decrease from $12.6 million in FY-2021 to approximately $7.0 million in FY-2022, with expenditure relating mainly to plant maintenance and equipment re-builds. Non-sustaining capital expenditure is expected to be flat over FY-2021 at approximately $40.0 million in FY-2022, with expenditure relating mainly to the Wona underground development and associated infrastructure as well as Maoula infrastructure and a TSF wall raise.

Exploration

An exploration programme of $8.0 million was planned for FY-2021 of which $9.1 million was spent, consisting of 59,600 meters across 459 drillholes.
In FY-2021, at Maoula the focus was placed on delineating Indicated resources and on identifying extensions. At Siou South and Nyafe, work focused on testing continuations of mineralised structures and revising geological models as part of the target generation work.
An exploration programme of $6.0 million is planned for FY-2022, with drilling focused on increasing resources at Maoula, Nyafe and Fofina, as well as early stage exploration at several targets along the Greenville-Wona-Kona shear zone and the Boni shear zone, including Siou NW, Tounou, Kokoi Sud, Bombouela and Doumakele. In addition, early stage exploration work will look to delineate the under explored refractory resources in the Mana area.

4.6. Sabodala-Massawa Gold Mine, Senegal

Table 9: Sabodala-Massawa Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	1,719	—	6,603	—
Tonnes of waste mined	kt	11,070	—	34,330	—
Tonnes milled	kt	1,081	—	3,777	—
Average gold grade milled	g/t	3.41	—	3.19	—
Recovery rate	%	89.7	—	89.7	—
Gold produced	oz	104,563	—	345,280	—
Gold sold	oz	106,768	—	365,331	—
Realised gold price2	$/oz	1,774	—	1,757	—
Financial Data ($'000)
Revenue2	$	189.4	—	641.9	—
Operating expenses	$	(39.4)	—	(209.2)	—
Royalties	$	(10.5)	—	(35.9)	—
Non-cash operating expenses3	$	1.0	—	59.7	—
Total Cash Cost4	$	(48.9)	—	(185.4)	—
Sustaining capital4	$	(14.3)	—	(50.3)	—
Total All-In Sustaining Costs4	$	(63.2)	—	(235.7)	—
Non-sustaining capital4	$	(14.1)	—	(34.0)	—
Total All-in Costs4	$	(77.3)	—	(269.7)	—
Cash cost per ounce sold4	$/oz	458	—	507	—
Mine All-In Sustaining Costs per ounce sold4	$/oz	592	—	645	—

Analysis of operations is only for the period after its acquisition by Endeavour on 10 February 2021.
2 Revenue and realised gold price are inclusive of the Sabodala-Massawa stream.
Non-cash operating expenses relates to the reversal in the period of the fair value adjustment of inventory on hand at the acquisition date.
Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
3 All-in Margin is calculated as revenue less all-in costs for the period.

Q4-2021 Insights

Strong production of 105koz due to a high throughput rate and average gold grade milled as well as stable recovery rate.
Total tonnes mined reflected the combination of favourable mining conditions and additional equipment availability despite the higher proportion of fresh material mined at Sofia North. Waste stripping at the Sofia North pit to provide access to good grades to offer more optionality in future mining. Mining also re-started at the Sabodala pit with mostly waste mined in Q4-2021.
Ore was mainly sourced from the Sofia Main and Sofia North pits on the Massawa lease.
Tonnes milled reflected the continued high mill availability and relative high proportion of fresh ore introduced to the mill preventing mill chutes and screens becoming blocked. Ore tonnes milled comprised mainly fresh ore from the Sofia Main pit, supplemented by a combination of fresh and oxide material from Sofia North.
Average processed grades reflected the processing of high grade fresh material sourced from Sofia Main, supplemented by oxide ore.
AISC of $592 per ounce was low and tracking below the lower end of the guidance due to sustaining capital timing and ounces sold from the higher grade Sofia Main material fed.
Sustaining capital expenditure of $14.3 million was related to purchases of additional dump trucks and a front end loader, planned HME fleet re-builds and waste capitalisation at the Sabodala and Sofia North pits.
Non-sustaining capital expenditure of $14.1 million mostly related to the relocation activities of the Sabodala village and infrastructure developments at Massawa.

FY-2021 Insights

FY-2021 production, which comprises the period commencing on 10 February 2021, amounted to 345koz, beating the guided 310—330koz range, while AISC amounted to $645/oz, ahead of the guided $690—740/oz range, due to strong performance driven by higher throughput at higher grades.
Total tonnes mined increased in the second half of the year with the recommissioning of Shovel #1 which enabled mining to recommence in the Sabodala pit, in parallel with mining of the Sofia Main and North pits. Infrastructure establishment to the Massawa CZ pit was well underway by the end of the year, including advanced grade control drilling, in order for mining to commence in early FY-2022.
Ore was mainly sourced from the Sofia Main and Sofia North pits during the year, supplemented by ore from Golouma West and Kourouloulou pits which were completed in Q1-2021.
Tonnes milled were mainly fresh ore from the Sofia Main pit while the oxide blend was sourced from the Sofia North pit throughout the year and supplemented by oxide from Golouma West during Q1-2021.
The average milled grade for the period benefited from the processing of fresh high grade ore from the Sofia Main pit.
AISC of $645 per ounce is below the lower end of the guided range primarily due to the higher gold sold volumes in the year and ongoing effective cost management.
Sustaining capital expenditure of $50.3 million related to purchases of additional mining equipment, a TSF raise and waste capitalisation at Sabodala, Sofia North and Sofia Main pits.
Non-sustaining capital expenditure of $34.0 million related to the relocation activities of the Sabodala village which is expected to complete in early FY-2022, as well as the new Massawa haul road and infrastructure developments at the Massawa permit mining areas, which will continue into FY-2022 to support the build-up of operations from the long-term Massawa pits.
Growth capital amounted to $30.5 million and included expenditure on the Phase 1 upgrades, improvements to the Massawa camp to house the mining crews, purchase of equipment for Phase 1 and 2 construction and Phase 2 study costs

2022 Outlook

Sabodala-Massawa is expected to produce between 360—375koz in FY-2022 at an AISC of $675—725/oz.
Ore is expected to be sourced primarily from the Massawa Central Zone and North Zone pits in FY-2022. The Massawa Central Zone pit will be mined from the start of the year, whilst the Massawa North Zone pit is expected to commence mid-year. Mining of the Sofia North pit is expected to continue for the entire year though the mined grade is expected to be lower than the Massawa Central Zone and Massawa North Zone pits. Mining of the Sabodala pit will continue throughout the year, focussed on the pit cutback, with some supplemental low grade fresh ore expected in H1-2022. Processed grades are expected to decline compared to FY-2021, particularly in H1-2022 due to lower grade Sofia North feed, while mill throughput rates and recovery rates are expected to remain similar.
Sustaining capital expenditure is expected to increase from approximately $50.3 million in FY-2021 (only the consolidated post acquisition portion) to $63.0 million in FY-2022, related mainly to capitalised waste, fleet re-builds and continued investment in new mining equipment. Non-sustaining capital expenditure in FY-2022 is expected to remain flat at approximately $34.0 million, with FY-2022 capital expenditures related mainly to the ongoing construction of the new Sabodala village and associated relocation costs plus infrastructure and establishment works for the Massawa pits.
Growth capital expenditure is expected to be $3.0 million for the completion of the new leach tank at the Sabodala-Massawa plant and the overhead powerline to Massawa. Following the completion of the DFS for the Sabodala-Massawa Phase 2 expansion in late Q1-2022, further detail on the growth capital spend for the project will be provided.

Plant Expansion

The Massawa deposit is being integrated into the Sabodala mine through a two-phased approach, as outlined in the 2020 pre-feasibility study ("PFS"). Phase 1 of the plant expansion, which was completed in Q4-2021, will facilitate processing of an increased proportion of high grade, free-milling Massawa ore through the existing Sabodala processing plant.
Phase 2 of the expansion will add an additional processing circuit designed to process the high grade refractory ore from the Massawa deposits. The DFS is on track for completion in late Q1-2022.

Exploration

An exploration programme of $13.0 million was planned for FY-2021, of which $12.5 million was spent comprised of 100,000 meters across 929 drillholes.
During FY-2021, exploration efforts have successfully delineated resources at Massawa Central Zone and Massawa North Zone, Sofia, Tina and Samina significantly extending the strike lengths of the existing mineralisation at all of these deposits.
An exploration programme of $15.0 million is planned for FY-2022, focused expanding on the Sofia North, Delya, Samina and Tina deposits. Further exploration work will focus on other Massawa permit targets including Bambaraya, Tiwana, Kawasara and Makana. Reconnaissance drilling is planned on the Niakafiri Extensions and Goumbati Kobokoto targets on the Sabodala permit as well.

4.7. Wahgnion Gold Mine, Burkina Faso

Table 10: Wahgnion Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	1,054	—	3,807	—
Tonnes of waste mined	kt	7,911	—	23,378	—
Tonnes milled	kt	959	—	3,322	—
Average gold grade milled	g/t	1.64	—	1.43	—
Recovery rate	%	92.3	—	93.5	—
Gold produced	oz	47,237	—	147,032	—
Gold sold	oz	46,057	—	158,795	—
Realised gold price	$/oz	1,804	—	1,789	—
Financial Data ($'000)
Revenue	$	83.1	—	284.1	—
Operating expenses	$	(37.4)	—	(134.3)	—
Royalties	$	(5.8)	—	(19.5)	—
Non-cash operating expenses²	$	(1.1)	—	8.3	—
Total Cash Cost³	$	(44.3)	—	(145.5)	—
Sustaining capital³	$	(4.8)	—	(12.3)	—
Total All-In Sustaining Costs³	$	(49.1)	—	(157.8)	—
Non-sustaining capital³	$	(7.2)	—	(27.5)	—
Total All-in Costs³	$	(56.3)	—	(185.3)	—
Cash cost per ounce sold³	$/oz	962	—	916	—
Mine All-In Sustaining Costs per ounce sold³	$/oz	1,066	—	994	—

¹ Analysis of operations is only for the period after its acquisition by Endeavour on 10 February 2021.
Non-cash operating expenses relates to the reversal in the period of the fair value adjustment of inventory on hand at the acquisition date.
Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
All-In Margin is calculated as revenue less all-in costs for the period.

Q4-2021 Insights

Production of 47koz was above previous quarters largely due to available milling grades, processing plant performance and moving out of the wet season.
Tonnes of ore mined were largely fresh materials from the Fourkoura pits supplemented by predominantly oxide material from the Nogbele South and Nogbele North pits.
Tonnes milled was a more even blend following the end of the wet season between fresh materials sourced from the Nogbele North and the Fourkoura pits, and oxide quantities from the Nogbele South, Nogbele North and to a lesser extent Fourkoura pits.
Average gold grade milled reflects blend of materials from the Nogbele North, Nogbele South and Fourkoura in the blend.
Recovery rates were slightly below previous levels as a result of the higher proportion of Fourkoura fresh ore processed in the quarter.
AISC per ounce is higher than expected due to the expected high strip ratio as well as higher haulage costs and additional waste mined than originally planned.
Sustaining capital expenditure of $4.8 million was related to waste capitalisation at the Nogbele North and Fourkoura pits.
Non-sustaining capital expenditure of $7.2 million related mainly to the TSF cell 2 raise and Fourkoura resettlement costs.

FY-2021 Insights

FY-2021 production, which is from the date of acquisition on 10 February 2021, amounted to 147koz which was the midpoint of the guided 140—155koz range, while the AISC amounted to $994/oz, at the top end of the guided $940-990/oz range.
Mining was focused on the Nogbele North, Nogbele South, and Fourkoura pits where mining commenced earlier this year. Increased production volumes were achieved using contracted fleet to support the main owner fleet.
Tonnes milled were an equal mix of oxide and fresh materials on a full year basis with Nogbele North and Nogbele South pits providing the primary source, supplemented by Fourkoura which increased quantities of predominantly fresh ore as the year progressed.
Average gold grade milled was impacted by lower average grades mined from the Fourkoura and Nogbele North pits on account of a poor resource reconciliation factor.
AISC per ounce was near the top end of original guidance due to higher mining costs associated with additional waste volumes mined to access additional ore tonnes to offset the lower average grade mined.
Sustaining capital expenditure of $12.3 million related mainly to waste capitalisation at Nogbele North and South and Fourkoura mining areas.
Non-sustaining capital expenditure of $27.5 million related mainly to the TSF cell 2 raise and Fourkoura resettlement costs and exploration drilling.

2022 Outlook

Wahgnion is expected to produce between 140—150koz in FY-2022 at an AISC of $1,050—1,150/oz.
Ore is expected to be primarily sourced from the Nogbele North and Fourkoura pits, with supplemental feed coming from the Nogbele South pits in H1-2022. In H2-2022, greater volumes of ore are expected to be sourced from the Nogbele North pits while ore sourced from the Fourkoura pits is expected to remain steady throughout the year. Mill throughput rates are expected to decrease marginally in FY-2022 on account of increased fresh feed while process grades are expected to decline in line with the life of mine schedule.
Sustaining capital expenditure is expected to increase from $12.3 million in FY-2021 (consolidated post acquisition portion) to approximately $20.0 million in FY-2022, related mainly to waste extraction and equipment re-builds.
Non-sustaining capital expenditure is expected to decrease from $27.5 million in FY-2021 (consolidated post acquisition portion) to approximately $23.0 million in FY-2022, related mainly to infrastructure required to expand site operations at Samavogo, including land compensation, housing resettlement and haul road, and TSF cell 2 wall raise.

Exploration

An exploration programme of $12.0 million was planned for FY-2021, of which $8.5 million was spent consisting of over 46,000 meters across 363 drillholes.
The exploration efforts in FY-2021 continued to focus on the Nogbele North and Nogbele South deposits, targeting the continuation of mineralised structures beneath and between the pits. Delineation drilling at Fourkoura, as well as reconnaissance drilling at Bassongoro, Salenka, Dagano, Muddi and Muddi Junction targets commenced in FY-2021.
An exploration programme of $9.0 million is planned for FY-2021, focused on expanding the resources at Nogbele North, Nogbele South and Fourkoura as well as delineating resources at Kassera and Ouahiri South. Reconnaissance drilling at Bozogo, Stinger and Samavogo will follow up on several high priority soil anomalies and promising reconnaissance drill intercepts.

4.8. Karma Gold Mine, Burkina Faso

Table 11: Karma Key Performance Indicators

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	1,182	1,253	5,071	4,781
Tonnes of waste mined	kt	3,371	3,759	15,812	14,377
Tonnes of ore stacked	kt	1,246	1,327	5,157	4,871
Average gold grade stacked	g/t	0.79	0.78	0.78	0.84
Recovery rate	%	68.8	72.0	67.0	77.0
Gold produced	oz	20,465	27,901	87,662	98,185
Gold sold	oz	19,763	26,859	88,467	98,313
Realised gold price1	$/oz	1,715	1,586	1,665	1,477
Financial Data ($'000)
Revenue1	$	33.9	42.6	147.3	145.2
Operating expenses	$	(22.5)	(46.2)	(91.5)	(100.4)
Royalties	$	(3.1)	(3.9)	(13.4)	(13.4)
Non-cash operating expenses2	$	—	20.5	—	20.0
Total Cash Cost3	$	(25.6)	(29.6)	(104.9)	(93.8)
Sustaining capital3	$	(0.1)	(0.8)	(0.6)	(5.0)
Total All-In Sustaining Costs3	$	(25.7)	(30.4)	(105.5)	(98.8)
Non-sustaining capital3	$	(1.7)	(2.8)	(4.8)	(10.4)
Total All-in Costs3	$	(27.4)	(33.2)	(110.3)	(109.2)
Cash cost per ounce sold3	$/oz	1,295	1,102	1,186	954
Mine All-In Sustaining Costs per ounce sold3	$/oz	1,300	1,132	1,193	1,005

1 Revenue and realised gold price are inclusive of the Karma stream.
2 Non-cash operating expenses relate primarily to the write down of gold-in-circuit pertaining to historically stacked ore that was deemed to be unrecoverable.
3 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
4 All-In Margin is calculated as revenue less all-in costs for the period.

Q4-2021 vs Q4-2020 insights

Production decreased due to the lower tonnes stacked and recovery rates on account of a higher proportion of transitional GG1 ore stacked.
Total ore tonnes mined, which were mainly sourced from the GG1 pit and supplemented by Rambo West, decreased slightly due to lower availability of mining fleet compared to Q4-2020, and higher strip ratio at Rambo.
Ore tonnes stacked decreased as a result of additional downtime due to fines and sticky material from Rambo.
The stacked ore grade was consistent with Q4- 2020 despite the differing ore sources.
Recovery rate decreased as expected due to the increased proportion of transitional ore from the GG1 pit which has a lower associated recovery rate.
AISC per ounce increased primarily due to the lower gold ounces sold from the decrease in recoveries which was partially offset by slightly lower unit mining and processing costs due to expat headcount reduction and effective reagent and cement consumption with GG1 ore.
Sustaining capital expenditure was negligible during Q4-2021.
Non-sustaining capital expenditure was $1.7 million, which was related to construction of new heap leach cells.

FY-2021 vs FY-2020 Insights

FY-2021 production of 88koz was at the top end of the guided 80-90koz range, AISC of $1,193/oz was below the lower end of the guided $1,220-1,300/oz range due to lower than guided sustaining capital on account of lower waste capitalised and higher production.
Production decreased in FY-2021 relative to FY-2020 due to lower grades and recoveries from the higher proportion of transitional GG1 material stacked compared to the higher grade and associated recovery of the Kao North ore mined and stacked in FY-2020.
Ore tonnes mined increased due to increased mining at GG1 pit which benefited from a lower strip ratio.
Ore tonnes stacked increased due to higher stacker utilisation and the use of stockpiles to supplement the mill feed.
The average grade decreased due to a higher proportion of the low grade GG1 and stockpile ore stacked during FY-2021 compared to FY-2020 where a higher proportion of the higher grade Kao North ore was stacked.
Recovery rate decreased due to the higher proportion of the more transitional GG1 ore being stacked, which has a lower recovery due to the presence of carbonaceous material.
AISC per ounce increased compared to FY-2020 due to the lower recoveries associated with GG1 ore and slightly higher unit mining and processing costs associated with the transitional ore from GG1 pits.
Sustaining capital expenditure was $0.6 million and related to dewatering boreholes and other site equipment upgrades.
Non-sustaining capital expenditure was $4.8 million and related to the progressive construction of new cells within the heap leach pad compared to non-sustaining costs in FY-2020 which related to the completion of the stacking system upgrades, power station upgrade and construction of new cells.
Given management’s intention to dispose of the Karma mine, management evaluated the Karma mine for impairment at 31 December 2021, taking into account the expected fair value of the consideration to be received upon disposal of the Karma mine. As a result, the Group recognised an impairment of $11.7 million in FY-2021. The Company announced the disposal of its 90% interest in the Karma mine on 11 March 2022.

Exploration

During FY-2021, limited exploration work continued as part of the advanced grade control drilling programme, targeting near mine extensions to be added into the current mine plan. The focus was on the Kao North area, Rambo, GG1, Anomaly B and Kanongo.

4.9. DISCONTINUED OPERATIONS

Agbaou Gold Mine, Côte d'Ivoire

Table 12: Agbaou Key Performance Indicators³

($m)	Unit	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating Data
Tonnes ore mined	kt	—	433	353	2,376
Tonnes of waste mined	kt	—	3,950	2,102	19,783
Tonnes milled	kt	—	691	348	2,739
Average gold grade milled	g/t	—	1.37	1.09	1.28
Recovery rate	%	—	93.0	95.0	94.0
Gold produced	oz	—	28,379	12,575	105,092
Gold sold	oz	—	27,152	14,045	104,921
Realised gold price	$/oz	—	1,867	1,810	1,758
Financial Data ($'000)
Revenue	$	—	50.7	25.4	184.5
Operating expenses	$	—	(24.3)	(14.3)	(84.9)
Royalties	$	—	(2.9)	(1.4)	(10.4)
Total Cash Cost¹	$	—	(27.2)	(15.7)	(95.3)
Sustaining capital¹	$	—	(1.8)	(0.2)	(12.5)
Total All-in Sustaining Costs¹	$	—	(29.0)	(15.9)	(107.8)
Non-sustaining capital¹	$	—	(0.5)	—	(1.4)
Total All-in Costs¹	$	—	(29.5)	(15.9)	(109.2)
Cash cost per ounce sold¹	$/oz	—	1,002	1,118	908
Mine All-In Sustaining Costs per ounce sold¹	$/oz	—	1,068	1,132	1,027

¹ Non-GAAP measure. Refer to the non-GAAP Measures section for further details.
² All-In Margin is calculated as revenue less all-in costs for the period.
³ Analysis of operations is only for the period up to its disposal by Endeavour on 1 March 2021.

On 1 March 2021, the Company completed the sale of its 85% interest in the Agbaou mine cash generating unit to Allied Gold Corp Limited ("Allied"). The consideration upon sale of the Agbaou mine included (i) a cash payment of $16.4 million (net of working capital adjustments of $3.6 million upon closing), of which $10.5 million was received in the first quarter of 2021; (ii) $40.0 million in Allied shares of which Endeavour has the option to sell the shares back to Allied at the issue price which expires on 31 December 2022 or earlier if Allied conducts an IPO before then; (iii) contingent consideration of up to $20.0 million comprised of $5.0 million payments for each quarter where the average gold price exceeds $1,900 per ounce; and (iv) a net smelter royalty ("NSR") on ounces produced in excess of the Agbaou reserves estimated as at 31 December 2019. The NSR royalty is based on a sliding scale, linked to the average spot gold price as follows: 2.5% if the gold price is at least $1,400 per ounce, 2% if the gold price is at least $1,200 per ounce and less than $1,400 per ounce, 1% if the gold price is at least $1,000 per ounce and less than $1,200 per ounce, and 0% if the gold price is below $1,000 per ounce.

FY-2021 vs FY-2020 Insights

Production decreased compared to FY-2020 due to operating the mine for a shorter period as the operations was discontinued through a sale. Average grade decreased due to lower grade at the deeper elevation of the North, West and South pits mined. Recovery rate remained flat.
AISC increased in line with expectation as a result of lower ounces sold as well as higher mining cost and higher processing cost. This was partially offset by lower sustaining capital spend.

5. OUTLOOK

Following the divestment of the non-core Karma mine that was announced on 11 March 2022, the Group's production and cost guidance for continuing operations in 2022 is expected to amount to 1,315-1,400koz at an AISC of $880-930/oz. Production and AISC guidance is unchanged for all continuing operations, as published on 24 January 2022. More details on individual mine guidance have been provided in the below sections.

Table 13: Production 2022 guidance¹

(All amounts in koz, on a 100% basis)	2022 FULL-YEAR GUIDANCE
Boungou	130	—	140
Houndé	260	—	275
Ity	255	—	270
Mana	170	—	190
Sabodala-Massawa	360	—	375
Wahgnion	140	—	150
GROUP PRODUCTION FROM CONTINUING OPERATIONS¹	1,315	—	1,400

¹2022 guidance from continuing operations excludes production from the Karma mine, which was divested on 10 March 2022.

Table 14: AISC 2022 guidance¹

(All amounts in US$/oz)	2022 FULL-YEAR GUIDANCE
Boungou	900	—	1,000
Houndé	875	—	925
Ity	850	—	900
Mana	1,000	—	1,100
Sabodala-Massawa	675	—	725
Wahgnion	1,050	—	1,150
Corporate G&A		30
GROUP AISC FROM CONTINUING OPERATIONS¹	880	—	930

¹2022 guidance from continuing operations excludes production from the Karma mine, which was divested on 10 March 2022. AISC is a non-GAAP measure. Refer to the non-GAAP measure section for further details.

Sustaining and non-sustaining capital spend for continuing operations is expected to decrease by approximately $34.2 million in FY-2022 compared to FY-2021. Sustaining capital for 2022 is expected to amount to $169.0 million, compared to a spend of $166.4 million in FY-2021. Non-sustaining capital for 2022 is expected to amount to $173.0 million compared to a spend of $209.9 million in FY-2021. More details on individual mine capital expenditures have been provided in the mine sections below.

Table 15: Sustaining and non-sustaining mine capital expenditure 2022 guidance¹

(All amounts in US$m)	SUSTAINING CAPITAL	NON SUSTAINING CAPITAL
Boungou	15.0	19.0
Houndé	44.0	18.0
Ity	20.0	29.0
Mana	7.0	40.0
Sabodala-Massawa	63.0	34.0
Wahgnion	20.0	23.0
Non-mining	-	10.0
MINE CAPITAL EXPENDITURES FROM CONTINUING OPERATIONS	169.0	173.0

Total growth capital spend for FY-2022 is expected to amount to $6 million for the addition of a leach tank at Sabodala-Massawa and various study work across other assets.
Exploration will continue to be a strong focus in FY-2022 with a company-wide exploration budget of $80 million, as detailed in the table below.

Table 16: Exploration 2022 guidance¹

(All amounts in US$m unless stated)	2022 GUIDANCE	2022 ALLOCATION
Sabodala-Massawa mine	15	19%
Hounde mine	14	18%
Other greenfield projects	15	19%
Ity mine	10	13%
Wahgnion mine	9	11%
Lafigue project	7	9%
Mana mine	6	8%
Boungou mine	4	4%
TOTAL FROM CONTINUING OPERATIONS	80	100%

Approximately 50% is expected to be classified as expensed and 50% as non-sustaining capital¹ 2022 guidance from continuing operations excludes production from the Karma mine, which was divested on 10 March 2022.

6. FINANCIAL REVIEW

6.1. STATEMENT OF COMPREHENSIVE EARNINGS

Table 17: Statement of Comprehensive Earnings

($m)	Notes	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Revenue	[1]	697.2	553.4	2,778.1	1,424.1
Operating expenses	[2]	(249.7)	(203.7)	(1,062.9)	(574.8)
Depreciation and depletion	[3]	(201.6)	(93.0)	(648.7)	(261.2)
Royalties	[4]	(44.9)	(38.3)	(175.7)	(98.7)
Earnings from mine operations		201.0	218.4	890.8	489.4
Corporate costs	[5]	(20.3)	(8.4)	(62.5)	(23.7)
Acquisition and restructuring costs	[6]	(1.0)	(13.6)	(29.5)	(39.8)
Impairment charge of mining interests	[7]	(259.4)	(64.5)	(259.4)	(64.5)
Share-based compensation	[8]	(7.4)	(5.1)	(32.5)	(18.8)
Exploration costs	[9]	(5.1)	(0.9)	(23.6)	(4.9)
Earnings from operations		(92.2)	125.9	483.3	337.7
Gain/(loss) on financial instruments	[10]	15.6	22.5	22.9	(78.7)
Finance costs	[11]	(25.4)	(13.3)	(66.1)	(48.8)
Other (expense)/income	[12]	(2.1)	(14.0)	(16.0)	9.3
Earnings before taxes		(104.1)	121.1	424.1	219.5
Current income tax expense	[13]	(39.4)	(50.7)	(196.4)	(122.6)
Deferred income tax (expense)/recovery	[13]	34.1	3.1	51.8	37.4
Net loss from discontinued operations		—	(44.3)	(3.7)	(21.8)
Net comprehensive earnings		(109.4)	29.2	275.8	112.5

Review of results for the three months and year ended 31 December 2021:

Revenue for Q4-2021 was $697.2 million compared to $553.4 million for Q4-2020. The increase in revenue in Q4-2021 compared to Q4-2020 is primarily due to the acquisition of the Wahgnion and Sabodala-Massawa mines on 10 February 2021. During Q4-2021, the Wahgnion and Sabodala-Massawa mines contributed 152,825 ounces amounting to $272.5 million of the consolidated revenue while the remaining mines contributed 237,222 ounces amounting to $424.7 million. With respect to these five operations, a decrease in total ounces sold and average realised gold price negatively impacted revenue by $116.1 million and $12.6 million respectively.

Revenue for FY-2021 increased by $95\%$ compared to FY-2020 due to the acquisition of the Wahgnion and Sabodala-Massawa mines on 10 February 2021, which contributed a total of $\$ 926.0$ million to revenue FY-2021, and the inclusion of the Boungou and Mana mines for the full FY-2021 compared to the period after their acquisition on 1 July 2020, which contributed an additional $\$ 262.0$ million to revenue for FY-2021 compared to FY-2020. The realised gold price increased from $\$ 1,761$ per ounce in FY-2020 to $\$ 1,773$ per ounce in FY-2021 which accounted for an increase in revenue of approximately $\$ 30.0$ million for the Company's three legacy continuing operations. In addition, 75,951 more ounces sold in FY-2021 compared to FY-2020 from the Company's three legacy mines favourably impacted revenue by $\$ 135.9$ million.

Operating expenses for Q4-2021 were $249.7 million compared to $203.7 million in Q4-2020. The increase in operating expenses is due primarily to the addition of the Wahgnion and Sabodala-Massawa mines, with attributable operating expenses of $101.5 million for the current quarter, offset by a decrease in operating expenses at Karma and Ity of $23.8 million and $7.4 million respectively. Operating expenses decreased at Karma due to lower levels of production in Q4-2021 compared to Q4-2020, while the decrease in operating expenses at Ity mainly relates to cost efficiencies associated with the transition to contractor mining.

The significant increase in operating expenses in FY-2021 compared to the prior year was due to the addition of the Mana and Boungou mines, which were acquired on 1 July 2020, as well as the acquisition of the Wahgnion and Sabodala-Massawa mines, which were acquired on 10 February 2021. The total increase in operating expenses resulting from these four mines

was $627.7 million. Ity and Houndé mines' operating expenses were higher in FY-2021 compared to same period in FY-2020 due to increased tonnes mined and processed, while operating expenses decreased at Karma due to decreased production

Depreciation and depletion in Q4-2021 was $201.6 million compared to $93.0 million in Q4-2020 with the increase mainly attributable to the acquisition of the Wahgnion and Sabodala-Massawa mines and additional depletion of the mining interests relating to TSFs based on the updated capacity estimates in Q4-2021. Depreciation and depletion increased in FY-2021 by $387.4 million compared to FY-2020 with the inclusion of Mana and Boungou for the full FY-2021, and with the acquisition of the Wahgnion and Sabodala-Massawa mines from 10 February 2021. The depletion charge also reflects the higher carrying values for the mining interests upon determination of the fair values of these four mines upon acquisition.
Royalties were $44.9 million for Q4-2021, compared to $38.3 million in Q4-2020, and $175.7 million in FY-2021 compared to $98.7 million in FY-2020. The increase in royalty expense in Q4-2021 is due to the inclusion of the Wahgnion and Sabodala-Massawa mines acquired on 10 February 2021. The increase in FY-2021 royalty expense is due to the inclusion of Wahgnion and Sabodala-Massawa mines, as well as the inclusion of the Mana and Boungou mines for the full year. Royalties were further impacted by the increase in the realised gold price. The underlying royalty rates based on the sliding scale were 5% for both Burkina Faso, and Côte d'Ivoire for Q4-2021 and FY-2021, as well as Q4-2020 and FY-2020. The gold royalty rate in Senegal is a flat 5%.
Corporate costs were $20.3 million for Q4-2021 compared to $8.4 million for Q4-2020, and $62.5 million for FY-2021 compared to $23.7 million for FY-2020. The increase in corporate costs are primarily due to additional administrative costs following the integration of SEMAFO and Teranga. Costs associated with listing on the LSE, which were $1.4 million and $12.6 million in Q4-2021 and FY-2021 respectively, also contributed to increased corporate costs in FY-2021.
Acquisition and restructuring costs were $1.0 million in Q4-2021 compared to $13.6 million in Q4-2020, and $29.5 million in FY-2021 compared to $39.8 million in FY-2020. The Q4-2021 and FY-2021 costs relate to ongoing restructuring and other legal costs related to the Teranga assets which were acquired on 11 February 2021 while the Q4-2020 and FY-2020 cost mainly consisted of costs related to the integration of the Teranga and SEMAFO assets after their acquisition on 1 July 2020.
Impairment of mining interests and goodwill was $259.4 million in Q4-2021 and FY-2021, compared to $64.5 million in Q4-2020 and FY-2020. The increase in impairment charges in FY-2021 was due to the impairment of the Boungou mine of $246.3 million, driven by a revised life of mine plan which reflects the increased operating costs, lower than expected production and processed grades, and a decrease in the estimated resource to reserve conversion and exploration potential surrounding the Boungou mine. There was an additional $11.7 million of impairment recognised in FY-2021 for the Karma mine based on the expected fair value of the consideration to be received upon disposal of the Karma mine. In FY-2020, the impairment charge related primarily to an impairment charge of $44.6 million of the Karma mine due lower than expected operating results at the Karma mine. In FY-2021, an additional impairment of $1.4 million was recognised on exploration projects, compared to an impairment charge on exploration projects of $19.9 million recognised in FY-2020.
Share-based compensation was $7.4 million in Q4-2021 compared to $5.1 million for Q4-2020, and $32.5 million in FY-2021 compared to $18.8 million in FY-2020. The increase is mainly due to the increase in fair value of performance share units ("PSUs") granted. The fair value of the PSUs is determined based on total shareholder return relative to peer companies and achieving certain operational performance measures.
Exploration costs in Q4-2021 were $5.1 million compared to $0.9 million in Q4-2020, and $23.6 million in FY-2021 compared to $4.9 million in FY-2020. The increase in exploration cost is related to a larger exploration portfolio and increased greenfield exploration activities mainly at the newly acquired Teranga exploration properties.
The gain on financial instruments was $15.6 million in Q4-2021 compared to a gain of $22.5 million in Q4-2020. The gain in Q4-2021 is mainly due to the net impact of a gain on the gold collar of $6.2 million, an unrealised gain on revaluation of the conversion option on the convertible senior notes of $8.7 million, a gain on change in fair value of the warrant liabilities and call rights of $0.8 million and $1.6 million respectively, a gain on other financial instruments of $5.8 million, a loss due to the change in fair value of receivable measured at fair value through profit and loss of $2.3 million and foreign exchange losses of $8.1 million.

In FY-2021, there was a gain on financial instruments of $22.9 million compared to a loss in FY-2020 of $78.7 million. The gain in FY-2021 is primarily due to the net impact of the unrealised gain on the convertible senior bond derivative of $40.0 million, a realised gain on forward contracts of $11.5 million, a gain on the gold collar of $6.2 million, a gain of $8.7 million on other financial instruments, offset by a loss on foreign exchange of $37.5 million and a loss on change in fair value pertaining to warrant liabilities and contingent consideration of $1.4 million and $3.2 million, respectively. In FY-2020, the primary components of the $78.7 million loss was an unrealised loss on the convertible senior bond derivative of $43.2 million, a loss on the gold collar of $21.2 million, and a loss on the change in the value of receivables at FVTPL of $13.3 million.

Finance costs were $25.4 million for Q4-2021 compared to $13.3 million in Q4-2020, and $66.1 million in FY-2021 compared to $48.8 million in FY-2020. Finance costs are primarily associated with interest expense on the revolving credit facility ("RCF") and bridge facility, convertible debt, the recently issued corporate senior notes, finance obligations, and lease liabilities.
Other expenses was $2.1 million for Q4-2021 compared to $14.0 million in Q4-2020. Other expenses in Q4-2021 consist primarily of a write down of historic VAT at Houndé and Mana that has been deemed uncollectible. Other expenses for FY-2021 was $16.0 million compared to an income of $9.3 million in FY-2020. Other expenses for FY-2021 mainly relates to

asset write offs and a loss on disposal of assets at Ity, whereas the FY-2020 income related to income of $22.2 million from the reimbursement of expenditures from a mining contractor on previously capitalised expenditures, offset by an assessment of customs charges in Cote d'Ivoire.

Current income tax expense was $39.4 million and $196.4 million in Q4-2021 and FY-2021 respectively compared to $50.7 million and $122.6 million in Q4-2020 FY-2020, respectively. Current income tax expense for Q4-2021 decreased in comparison to Q4-2020 primarily due to the tax associated with the sale of Agbaou in Q4-2020, as well as a lower income tax expense at Boungou associated with lower production levels and revenue generated. Current income tax expense for FY-2021 increased when compared to FY-2020 due to the inclusion of the Wahgnion and Sabodala-Massawa mines acquired on 10 February 2021 and due to the inclusion of the Mana and Boungou mines for the full FY-2021 compared to FY-2020, which included operations for the six months after their acquisition on 1 July 2020, as well as due to an increase in taxable profit at the Ity and Houndé mines.

In Q4-2021 and FY-2021, the Group had deferred tax recoveries of $34.1 million and $51.8 million respectively compared to recoveries of $3.1 million and $37.4 million in Q4-2021 and FY-2021, respectively. The increase in deferred tax recoveries compared to the prior year is a reflection of the increase in size of the Group's operations and the unwinding of the deferred tax liabilities recognised as part of the purchase price allocation on acquisition of Semafo on 1 July 2020 and Teranga on 10 February 2021.

6.2. CASH FLOWS

Table 18: Summarised cash flows

($m)	Note	THREE MONTHS ENDED		YEAR ENDED
		31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating cash flows before changes in working capital	[1]	316.4	288.6	1,166.7	628.6
Changes in working capital	[2]	39.5	86.6	8.2	81.9
Cash (used by)/generated from discontinued operations		—	(10.8)	(8.8)	38.4
Cash generated from operating activities	[3]	355.9	364.4	1,166.1	748.9
Cash used in investing activities	[4]	(132.3)	(96.5)	(511.7)	(160.1)
Cash used in financing activities	[5]	(71.2)	(80.4)	(431.1)	(70.7)
Effect of exchange rate changes on cash		(6.6)	3.9	(31.8)	6.7
Increase in cash		145.8	191.4	191.5	524.8

Operating cash flows before changes in working capital for Q4-2021 and FY-2021 were $316.4 million and $1,166.7 million respectively compared to $288.6 million in Q4-2020 and $628.6 million in FY-2020. The increase in Q4-2021 compared to Q4-2020 is attributable to the acquisition of the Wahgnion and Sabodala-Massawa operating mines on 10 February 2021, while the acquisition of the Mana and Boungou mines on 1 July 2020 also contributed to the increase in the FY-2021 operating cash flows.
Income taxes paid were $42.1 million in Q4-2021 and$ 227.7 million in FY-2021 compared to $7.4 million and $56.6 million in Q4-2020 and FY-2020, respectively. These higher cash payments relative to the comparative periods are reflective of the increase in the Group's earnings and higher provisional payments in 2021 based on 2020 earnings, as well as higher withholding tax payments on increased dividends declared at mine sites based on 2020 earnings. Taxes paid for the three months and year ended 31 December 2021 and 31 December 2020 for each of the Group's mine sites are summarised in the table below:

Table 19: Tax payments

($m)	THREE MONTHS ENDED		YEAR ENDED
	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Boungou	8.8	—	52.4	1.4
Houndé	10.7	3.3	47.9	17.3
Ity	4.8	—	42.1	24.7
Karma	0.2	—	1.7	—
Mana	2.9	0.8	12.2	0.8
Sabodala-Massawa	0.7	n.a.	20.1	n.a.
Wahgnion	1.5	n.a.	11.3	n.a.
Other¹	12.6	3.4	40.0	12.5
Taxes from continuing operations	42.2	7.5	227.7	56.7
Agbaou	—	39.2	19.9	52.3
Taxes paid	42.2	46.7	247.6	109.0

¹Included in the "Other" category is taxes paid by corporate and exploration entities.

The Q4-2021 and FY-2021 changes in working capital is an inflow of $39.5 million and an inflow of$ 8.2 million respectively, which is broken down as follows:
Receivables were an inflow of $7.8 million for Q4-2021 and an outflow of$ 1.4 million for FY-2021. The inflow in Q4-2021 is mainly due to a decrease in receivables at the Ity mine related to amounts received from SFTP. The FY-2021 outflow is mainly due to a decrease in amounts receivable from SFTP at Ity and corporate for a total of $19.0 million, a decrease in VAT receivable at Wahgnion offset by an increase in VAT receivable at Mana, Boungou, Houndé and Karma mines due to the timing of reimbursements.
Inventories were an outflow of $8.1 million for Q4-2021 and an inflow of$ 65.2 million in FY-2021. The outflow in Q4-2021 is due primarily to an increase in the value of long-term stockpiles at Ity. The inflow in FY-2021 is mainly due

to the unwinding of the fair value adjustment to inventory recognised on acquisition at the Boungou, Mana, Sabodala-Massawa and Wahgnion mines offset slightly by an increase in long-term stockpiles at Ity.

Prepaid expenses and other was an inflow of $12.4 million for Q4-2021 and an inflow of $4.6 million for FY-2021. The inflow in Q4-2021 was mainly due to a decrease in prepayments of $6.4 million at Wahgnion, $4.1 million at Houndé and $1.5 million at Boungou. The inflow for FY-2021 was mainly due to an increase in prepaid expenses at sites of $11.6 million, offset by a decrease at corporate, Ity and Houndé of $7.0 million.
Accounts payable was an inflow of $27.4 million in Q4-2021 and an outflow of $60.2 million in FY-2021. The inflow in Q4-2021 mainly relates to an increase in accounts payable at corporate, Ity, Houndé and Mana offset by a decrease in accounts payable at Karma, primarily due to the timing of payments. Acquisition-related costs paid in relation to the Teranga acquisition also contributed to the outflow in FY-2021.
Operating cash flows after changes in working capital in Q4-2021 and FY-2021 were $355.9 million and $1,166.1 million respectively compared to $364.4 million and $748.9 million in Q4-2020 and FY-2020 respectively. Q4-2021 decreased by $8.5 million compared to Q4-2020 mainly due to less cash generated from movements in working capital as discussed above. FY-2021 operating cash flows after changes in working capital increased by $417.2 million relative to FY-2020 due to increased production for the year from the Company's legacy mines, as well as from the addition of Wahgnion, Sabodala-Massawa, Mana and Boungou mines.
Cash flows used by investing activities were $132.3 million and $511.7 million in Q4-2021 and FY-2021 respectively compared to outflows of $96.5 million and $160.1 million in Q4-2020 and FY-2020 respectively. The Q4-2021 and the FY-2021 amount was a larger outflow compared to comparative periods mainly due to expenditure on mining interests of $132.3 million for Q4-2021 and $522.5 million for FY-2021 given the increase in the size of the Group's operations. The FY-2021 cash flows included cash acquired on acquisition of Teranga of $27.0 million which is less than the $93.0 million acquired from Semafo in FY-2020.
Cash flows used in financing activities were $71.2 million and $431.1 million in Q4-2021 and FY-2021 respectively compared to a cash outflow of $80.4 million and a cash outflow of $70.7 million in Q4-2020 and FY-2020 respectively. A repayment of long-term debt of $500.0 million, proceeds from the issue of Senior Notes of $494.6 million, payments of financing and other fees of $19.4 million and payments for the acquisition of the Company's own shares of $39.7 million contributed to the outflow in Q4-2021. The outflow in FY-2021 was due to a net repayment of long-term debt of $653.0 million, a payment of dividends to the minority shareholders of the mines amounting to $29.9 million, payments for the acquisition of the Company's own shares of $133.8 million, the settlement of the gold offtake agreement which was acquired from Teranga amounting to $49.7 million, repayments of lease obligations of $28.4 million, payment of financing and other fees of $27.6 million, interest paid of $26.9 million offset by proceeds from the issue of Senior Notes of $494.6 million and proceeds received from the issue of common shares of $200.0 million.

6.3. SUMMARISED STATEMENT OF FINANCIAL POSITION

Table 20: Summarised Statement of Financial Position

($m)	As at 31 December 2021	As at 31 December 2020
ASSETS
Cash and cash equivalents	906.2	645.0
Other current assets	459.8	272.0
Current assets excluding assets held for sale	1,366.0	917.0
Assets held for sale	—	180.8
Total current assets	1,366.0	1,097.8
Mining interests	4,980.2	2,577.8
Deferred income taxes	10.0	19.8
Other long term assets	414.7	173.7
TOTAL ASSETS	6,770.9	3,869.1
LIABILITIES
Other current liabilities	397.8	275.4
Income taxes payable	169.3	134.2
Current liabilities excluding liabilities held for sale	567.1	409.6
Liabilities held for sale	—	112.8
Total current liabilities	567.1	522.4
Long-term debt	841.9	688.3
Environmental rehabilitation provision	162.9	78.0
Other long-term liabilities	141.0	26.4
Deferred income taxes	672.3	305.1
TOTAL LIABILITIES	2,385.2	1,620.2
TOTAL EQUITY	4,385.7	2,248.9
TOTAL EQUITY AND LIABILITIES	6,770.9	3,869.1

Other current assets as at 31 December 2021 consists of $104.8 million of trade and other receivables, $311.3 million of inventories, $8.6 million of other financial assets and $35.1 million of prepaid expenses and other.
Trade and other receivables increased by $49.7 million compared to 31 December 2020 mainly due to the inclusion of VAT receivable acquired at Wahgnion mine, increases in VAT receivables at Mana and Boungou in the period, and an increase in other amounts receivable at Ity relating to the sale of mining equipment to the mining contractor. VAT received during the year ended 31 December 2021 was $92.0 million consisting of proceeds from the Group's mines in Burkina Faso, while the VAT amounts receivable for assets located in Cote d'Ivoire and Senegal are nominal.
Inventories increased by $120.7 million primarily due to the inclusion of the inventories at the Wahgnion and Sabodala-Masawa mines from acquisition, offset by a decrease in spare parts and supplies and doré bars at all the Company's remaining operating mines other than Boungou.
Prepaid expenses and other increased by $8.8 million primarily due to the prepayments acquired from the Sabodala-Massawa and Wahgnion mines.
Other financial assets includes the current portion of the gold collar and forward contracts derivatives held at fair value amounting to $8.6 million at 31 December 2021.
Mining interests increased by $2.4 billion primarily due to the acquisition of mineral property of the Teranga assets which were recognised at their fair values as determined as part of the allocation of the purchase price at the acquisition date.
Other long-term assets are made up of $134.4 million of goodwill related to the Semafo and Teranga acquisitions, $185.3 million of long-term stockpiles not expected to be used in the next twelve months at the Houndé, Ity, Sabodala-Massawa and Wahgnion mines, $46.0 million long-term assets related to the sale of Agbaou, $11.8 million related to the gold collar

derivative which matures in more than twelve months, $4.6 million related to the embedded derivative related to the prepayment feature on the Senior Notes as well as $31.6 million of restricted cash relating to reclamation bonds. Other long-term assets increased by $241.0 million at 31 December 2021 relative to the prior year mainly due to the recognition of goodwill arising from the transaction with Teranga, an increase in long-term stockpiles, as well as the long-term assets of $46.0 million consisting of shares and an NSR received as consideration upon the sale of Agbaou.

Other current liabilities are made up of $351.0 million of trade and other payables, $32.4 million of derivatives related to warrants and call-rights, and $14.4 million of lease obligations. Trade and other payables increased by $89.4 million mainly due to the inclusion of the Teranga assets accounting for an additional $98.5 million compared to prior year.
Income taxes payable increased by $35.1 million compared to the prior year and is due to the inclusion of the Sabodala-Massawa and Wahgnion mines acquired during the year.
Long-term debt increased by $153.6 million compared to the prior year due to the issuance of the Senior Notes due in 2026 offset by a repayment of the previously outstanding revolving credit facility and Bridge Facility which had increased upon assumption of additional debt as part of the Teranga acquisition.
The environmental rehabilitation provision increased by $84.9 million to $162.9 million at the end of FY-2021 mainly due to the acquisition of the Sabodala-Massawa and Wahgnion mines.
Other long-term liabilities increased by $114.6 million to $141.0 million mainly due to the addition of share warrants, call-right liabilities and contingent consideration payable acquired as part of the Teranga acquisition as well as changes in estimates at other mines. An increase in PSU liabilities and repurchased shares to be settled in cash also contributed to the increase during the year.

6.4. LIQUIDITY AND FINANCIAL CONDITION

Net Cash Position

The following table summarises the Company's net cash position as at 31 December 2021 and 31 December 2020.

Table 21: Net Cash Position

($m)	31 December 2021	31 December 2020
Cash and cash equivalents	906.2	645.0
Cash included in assets held for sale	—	69.7
Less: Principal amount of Senior Notes	(500.0)	—
Less: Principal amount of convertible senior bond	(330.0)	(330.0)
Less: Drawn portion of corporate loan facilities¹	—	(310.0)
Net cash	76.2	74.7
Net cash / Adjusted EBITDA LTM ratio²	(0.05)	(0.10)

¹ Corporate loan facilities are presented at face value.
² Adjusted EBITDA is per table 23 and is calculated using the trailing twelve months Adjusted EBITDA.

Equity and Capital

On 14 June 2021, the Company announced its entire issued ordinary share capital consisting of 250,491,775 shares had been admitted to the premium listing segment of the LSE, and as a result, the Company no longer has authorised share capital. On 29 September 2021, as part of the Company's capital reduction strategy to create distributable reserves, the Company capitalised $4.5 billion of its merger reserve and applied the amount in full to allot $4.5 billion to new deferred shares with a par value of $1.00 each. The deferred shares did not carry any dividend or voting rights, had no meaningful economic value and were issued solely to enable a reduction of capital to be effected. The deferred shares were cancelled in October 2021. The table below summarises Endeavour's share structure at 31 December 2021.

During the year ended 31 December 2021, the Group announced its dividend for the first half of the 2021 fiscal year of $0.28 per share totalling $69.9 million. The dividend was paid during the three months ended 30 September 2021 to shareholders on record at the close of business on 10 September 2021. In February 2021, the Group paid a dividend of $60.0 million ($0.37 per share) to shareholders on record on the close of business of 22 January 2021.

On 24 January 2022, the Board of Directors of the Company declared a dividend of $0.28 per share totalling $70.0 million. The dividend was paid on 16 March 2022 to shareholders on record on the close of business on 11 February 2022.

Table 22: Outstanding Shares

	31 December 2021	31 December 2020
Shares issued and outstanding
Ordinary voting shares	248,038,422	163,036,473
Stock options	1,573,110	—

As at 14 March 2022, the Company had 249,174,793 shares issued and outstanding, and 1,573,110 outstanding stock options.

As part of the Company's share buyback programme, subsequent to 31 December 2021 and up to 14 March 2022, the Company has repurchased a total of 1,049,100 shares at an average price of $23.31, for total cash outflows of $24.5 million.

Going Concern

The directors have performed an assessment of whether the Company would be able to continue as a going concern until at least March 2023. In their assessment, the Company has taken into account its financial position, expected future trading performance, its debt and other available credit facilities, future debt servicing requirements, its working capital and capital expenditure commitments and forecasts.

At 31 December 2021, the Company's net cash was $76.2 million with gross debt of$ 830.0 million, undrawn credit facilities of $500.0 million and cash and cash equivalents of $906.2 million.

Based on a detailed cash flow forecast prepared by management, in which it included any reasonably possible change in the key assumptions on which the cash flow forecast is based, and taking into account possible changes in performance due to the COVID-19 pandemic impact, the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence until at least March 2023 and that at this point in time there are no material uncertainties regarding going concern. Key assumptions underpinning this forecast include consensus analyst gold prices and production volumes in line with annual guidance.

The Board is satisfied that the going concern basis of accounting is an appropriate assumption to adopt in the preparation of the annual report for the period ended 31 December 2021.

6.5. RELATED PARTY TRANSACTIONS

A related party is considered to include shareholders, affiliates, associates and entities under common control with the Company and members of key management personnel.

Key management compensation

During the year ended 31 December 2021, an amount of $10.8 million was granted to key and senior management personnel as incentive awards for the completion of the Teranga acquisition and the successful listing on the LSE.

Other related party transactions

During the year ended 31 December 2021, the Company entered into a transaction with La Mancha Holding S.àr.l. ("La Mancha") when La Mancha exercised its anti-dilution right to maintain its interest in the Company and completed a $200.0 million private placement for 8,910,592 shares of Endeavour. La Mancha's future anti-dilution rights have now been extinguished and La Mancha's ownership interest in Endeavour was (19.4\%$ at 31 December 2021 (31 December 2020 - 24.1%).

During the year ended 31 December 2021, and prior to the Company listing on the London Stock Exchange, the Company established an Employee Benefits Trust ("EBT") in connection with the Company's employee share incentive plans, which may hold repurchased shares on trust to settle future employee share incentive obligations. During the three months ended 30 June 2021, the EBT acquired 576,308 outstanding common shares from certain employees of the Group, which remain held in the EBT at 31 December 2021. In exchange for the shares, the Group is obligated to repay the employees cash for the fair value of the underlying shares of the Company now held in the EBT. The amount of this liability is $13.2 million at 31 December 2021 and is included in current financial liabilities.

6.6. ACCOUNTING POLICIES AND CRITICAL JUDGEMENTS

Critical judgements and key sources of estimation uncertainty

The Company's management has made critical judgments and estimates in the process of applying the Company's accounting policies to the consolidated financial statements that have significant effects on the amounts recognised in the Company's consolidated financial statements. These judgements and estimations include determination of economic viability, capitalisation and depreciation of waste stripping, indicators of impairment, assets held for sale and discontinued operations, fair value of assets acquired and liabilities assumed, recoverability of value added tax, other financial assets, impairment of mining interests and goodwill, estimated recoverable ounces, mineral reserves, environmental rehabilitation costs, inventories, and current

income taxes. The judgements applied in the period ended 31 December 2021 are consistent with those in the consolidated financial statements for the year ended 31 December 2020, except for the judgements and estimates made relating to the acquisition of Teranga in the quarter ended 31 March 2021.

7. USE OF PROCEEDS

On 14 October 2021, the Company completed an offering of fixed rate senior notes due in 2026 as well as entered into the New RCF. The Company used the proceeds of $500.0 million from the issuance of the Notes, together with cash on the Group's balance sheet, to repay all amounts outstanding under the Group's $370.0 million bridge term loan facility, which was used to retire higher cost debt facilities acquired upon the acquisition of Teranga Gold Corporation, to repay the $130 million drawn under the Group's existing revolving credit facility, and to pay fees and expenses in connection with the offering of the Notes. The Company intends to use the proceeds of the $500.0 million New RCF for general corporate purposes as required, but there is no amount currently drawn on the New RCF. The New RCF replaces the Bridge Facility and the existing RCF which was cancelled upon completion of the Notes offering.

In the Company's prospectus supplement dated 29 March 2021 to the short form base shelf prospectus dated 17 June 2020, the Company disclosed that they intended to use the proceeds of $200.0 million from the issuance of approximately 8.9 million common shares to partially repay outstanding indebtedness under the refinancing of the debt upon the acquisition of Teranga and for general corporate purposes. The Company repaid $120.0 million of the outstanding balance of the revolving credit facility in Q2-2021. The remainder of the proceeds are being used for general working capital purposes, including fees related to the acquisition and integration of Teranga, expenses related to the London listing, as well as general corporate costs. There has been no change on how the remaining proceeds are expected to be used.

In the Company's prospectus supplement dated 2 July 2020 to the short form base shelf prospectus dated 17 June 2020, the Company disclosed that they intended to use the proceeds of $100.0 million from the issuance of approximately 4.5 million common shares for general corporate purposes. As disclosed in the prospectus supplement, the Company has used the proceeds from that financing for general corporate purposes over the past twelve months, including for costs related to the acquisition and integration of SEMAFO, as well as general corporate costs.

8. NON-GAAP MEASURES

This Management Report as well as the Company's other disclosures contain multiple non-GAAP measures, which the Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use to assess the performance of the Company. These do not have a standard meaning and are intended to provide additional information which are not necessarily comparable with similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The definitions of these measures, and the reconciliation to the amounts presented in the condensed interim consolidated financial statements, and the reasons for these measures are included below. The non-GAAP measures are consistent with those presented previously and there have been no changes to the bases of calculation, except with respect to the determination of free cash flows, the definition of which has been changed to be more consistent with our peers and reflective of how management evaluates the free cash flows of the Company.

8.1. EBITDA AND ADJUSTED EBITDA

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use the earnings before interest, tax, depreciation and amortisation ("EBITDA") and the adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA") to evaluate the Company's performance and ability to generate cash flows and service debt. The following tables provide the illustration of the calculation of this margin, for the three months and year ended 31 December 2021 and 31 December 2020.

Table 23: EBITDA and Adjusted EBITDA

	THREE MONTHS ENDED		YEAR ENDED
($m)	31 December 2021	31 December 2020	31 December 2021	31 December 2020
(Loss)/Earnings before taxes	(104.1)	121.1	424.1	219.5
Add back: Depreciation and depletion	201.6	93.0	648.7	261.2
Add back: Finance costs	25.4	13.3	66.1	48.8
EBITDA from continuing operations	122.9	227.4	1,138.9	529.5
Add back: Acquisition and restructuring costs	1.0	13.6	29.5	39.8
Add back: Impairment charge of mineral interests	259.4	64.5	259.4	64.5
Add back: (Gain)/loss on financial instruments	(15.6)	(22.5)	(22.9)	78.7
Add back: Other expense/(income)	2.1	14.0	16.0	(9.3)
Add back: Non-cash and other adjustments¹	1.3	32.0	85.4	68.0
Adjusted EBITDA from continuing operations	371.1	329.0	1,506.3	771.2

¹ Non-cash and other adjustments mainly relate to non-cash fair value adjustments to inventory associated with the purchase price allocation of SEMAFO and Teranga as well as the listing fees associated with listing on the London Stock Exchange. Non-cash and other adjustment have been included in the Adjusted EBITDA as they are non-recurring items which are not reflective of the Company's on-going operations, as well as to be consistent with calculation of Adjusted earnings.

8.2. CASH AND ALL-IN SUSTAINING COST PER OUNCE OF GOLD SOLD

The Company reports cash costs and all-in sustaining costs based on ounces of gold sold. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors may find this information useful to evaluate the costs of production per ounce. The following table provides a reconciliation of cash costs per ounce of gold sold, for the three months and year ended 31 December 2021 and 31 December 2020.

Table 24: Cash Costs

	THREE MONTHS ENDED		YEAR ENDED
($m except ounces sold)	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating expenses from mine operations	(249.7)	(203.7)	(1,062.9)	(574.8)
Royalties	(44.9)	(38.3)	(175.7)	(98.7)
Non-cash and other adjustments	(0.1)	32.0	72.8	68.0
Cash costs from continuing operations	(294.7)	(210.0)	(1,165.8)	(605.5)
Gold ounces sold from continuing operations	390,047	300,622	1,566,758	808,806
Total cash cost per ounce of gold sold from continuing operations	756	699	744	749
Cash costs from discontinued operations	—	(27.2)	(15.7)	(95.3)
Total cash costs from all operations	(294.7)	(237.2)	(1,181.5)	(700.8)
Gold ounces sold from all operations	390,047	327,774	1,580,803	913,727
Total cash cost per ounce of gold sold from all operations	756	724	747	767

The Company is reporting all-in sustaining costs per ounce sold. This non-GAAP measure provides investors with transparency regarding the total cash cost of producing an ounce of gold in each period, including those capital expenditures that are required for sustaining the on-going operation of the mines.

Table 25: All-In Sustaining Costs

	THREE MONTHS ENDED		YEAR ENDED
($m except ounces sold)	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Total cash costs for ounces sold from continuing operations	(294.7)	(210.0)	(1,165.8)	(605.5)
Corporate G&A1	(18.9)	(8.4)	(49.9)	(23.7)
Sustaining Capital	(43.2)	(15.9)	(167.0)	(60.9)
All-in sustaining costs from continuing operations	(356.8)	(234.3)	(1,382.7)	(690.1)
Gold ounces sold	390,047	300,622	1,566,758	808,806
All-in sustaining costs per ounce sold from continuing operations	915	779	883	853
Including discontinued operations
All in sustaining costs from Agbaou	—	(29.0)	(15.9)	(107.8)
All-in sustaining costs from all operations	(356.8)	(263.3)	(1,398.6)	(797.9)
Gold ounces sold	390,047	327,774	1,580,803	913,727
All-in sustaining cost per ounce sold from all operations	915	803	885	873

Corporate G&A costs included in the calculation for all-in sustaining costs has been adjusted to exclude expenses associated to listing on the LSE of $1.4 million for the three months and $12.6 million for the year ended 31 December 2021.

The Company presents its sustaining capital expenditures in its all-in sustaining costs to reflect the capital expenditures related to producing and selling gold from its on-going mine operations. The distinction between sustaining and non-sustaining capital reflects the definition set out by the World Gold Council. Non-sustaining capital is capital expenditure incurred at new projects and costs related to major projects or expansions at existing operations where these projects will materially benefit the operations. This non-GAAP measure provides investors with transparency regarding the capital costs required to support the ongoing operations at its mines, relative to its total capital expenditures. Readers should be aware that these measures do not have a standardised meaning. It is 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.

Table 26: Sustaining and Non-Sustaining Capital

($m)	THREE MONTHS ENDED		YEAR ENDED
	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Expenditures on mining interests	132.3	83.9	522.8	249.7
Non-sustaining capital expenditures1	(58.1)	(39.5)	(214.7)	(105.3)
Non-sustaining exploration	(19.2)	(23.2)	(77.7)	(63.3)
Growth projects	(11.8)	(3.5)	(63.2)	(7.7)
Sustaining Capital1	43.2	17.7	167.2	73.4

1Non-sustaining and sustaining capital expenditures include amounts incurred at the Agbaou mine.

Table 27: Consolidated Sustaining Capital

($m)	THREE MONTHS ENDED		YEAR ENDED
	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Boungou	1.6	1.2	18.1	1.7
Houndé	13.9	7.2	49.1	37.1
Ity	6.1	3.3	24.0	8.9
Karma	0.1	0.8	0.6	5.0
Mana	2.4	3.5	12.6	8.2
Sabodala-Massawa	14.3	—	50.3	—
Wahgnion	4.8	—	12.3	—
Sustaining capital from continuing operations	43.2	16.0	167.0	60.9
Agbaou	—	1.7	0.2	12.5
Sustaining capital from all operations	43.2	17.7	167.2	73.4

Table 28: Consolidated Non-Sustaining Capital

($m)	THREE MONTHS ENDED		YEAR ENDED
	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Boungou	9.0	1.1	22.9	1.9
Houndé	6.8	4.8	17.1	19.7
Ity	10.9	12.0	35.3	37.4
Karma	1.7	2.8	4.8	10.4
Mana	6.9	17.6	63.3	27.6
Sabodala-Massawa	14.1	—	34.0	—
Wahgnion	7.2	—	27.5	—
Non-mining	3.8	2.0	9.8	6.2
Non-sustaining capital from continuing operations	60.4	40.3	214.7	103.2
Agbaou	—	0.5	0.0	1.4
Non-sustaining capital from all operations	60.4	40.8	214.7	104.6

8.3. ADJUSTED NET EARNINGS AND ADJUSTED NET EARNINGS PER SHARE

Net earnings have been adjusted for items considered exceptional in nature and not related to Endeavour's core operation of mining assets. The presentation of adjusted net earnings may assist investors and analysts to understand the underlying operating performance of our core mining business. However, adjusted net earnings and adjusted net earnings per share do not have a standard meaning under IFRS. They should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

The following table reconciles these non-GAAP measures to the most directly comparable IFRS measure.

Table 29: Adjusted Net Earnings

	THREE MONTHS ENDED		YEAR ENDED
($m except per share amounts)	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Total net and comprehensive (loss)/earnings	(109.4)	29.2	275.8	112.5
Net loss from discontinued operations	—	44.3	3.7	21.8
Acquisition and restructuring costs	1.0	13.6	29.5	39.8
Impairment charge on mineral interests	259.4	64.5	259.4	64.5
(Gain)/loss on financial instruments	(15.6)	(22.5)	(22.9)	78.7
Other expenses/(income)	2.1	14.0	16.0	(9.3)
Non-cash and other adjustments1	1.3	32.0	85.4	68.0
Adjusted net earnings2	138.8	175.1	646.9	376.0
Attributable to non-controlling interests	(6.6)	20.7	69.7	52.9
Attributable to shareholders of the Company	145.4	154.4	577.2	323.1
Weighted average number of shares issued and outstanding	249.2	163.0	240.1	137.0
Adjusted net earnings from continuing operations per basic share	0.58	0.95	2.40	2.36

1 Non-cash and other adjustments mainly relate to non-cash fair value adjustments to inventory associated with the purchase price allocation of SEMAFO and Teranga as well as the listing fees associated with listing on the London Stock Exchange.
2 The Adjusted net earnings figure for FY-2021 has been restated to exclude the impact of deferred income taxes and share-based compensation in the adjusted earnings figure in order to increase consistency of this calculation with peer companies, and ensure consistency of the adjustments with the Company's other adjusted metrics (Adjusted EBITDA). These items are not excluded from adjusted earnings as they are not considered non-recurring to the Group's operations.

8.4. OPERATING CASH FLOW PER SHARE

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use free cash flow to assess the Company's ability to generate and manage liquid resources. These terms do not have a standard meaning and are intended to provide additional information. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Table 30: Operating Cash Flow (OCF) and Operating Cash Flow (OCF) per share

	THREE MONTHS ENDED		YEAR ENDED
($m except per share amounts)	31 December 2021	31 December 2020	31 December 2021	31 December 2020
Operating cash flow
Cash generated from operating activities by continuing operations	355.9	375.2	1,174.9	710.5
Changes in working capital from continuing operations	(39.5)	(86.6)	(8.2)	(81.9)
Operating cash flows before working capital from continuing operations	316.4	288.6	1,166.7	628.6
Divided by weighted average number of outstanding shares, in thousands	249.2	163.0	240.1	137.0
Operating cash flow per share from continuing operations	$ 1.43	$ 2.30	$ 4.89	$ 5.19
Operating cash flow per share before working capital from continuing operations	$ 1.27	$ 1.77	$ 4.86	$ 4.59

8.5. NET CASH/ADJUSTED EBITDA RATIO

The Company is reporting net cash and net cash/Adjusted EBITDA LTM ratio. This non-GAAP measure provides investors with transparency regarding the liquidity position of the Company. It is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The calculation of net cash is shown in table 21. The following table explains the calculation of net cash/Adjusted EBITDA LTM ratio using the last twelve months of Adjusted EBITDA.

Table 31: Net Cash/ Adjusted EBITDA LTM ratio

($m)	31 December 2021	31 December 2020
Net cash	(76.2)	(74.7)
Trailing twelve month Adjusted EBITDA1	1,506.3	771.2
Net cash / Adjusted EBITDA LTM ratio	(0.05)	(0.10)

1 Trailing twelve month Adjusted EBITDA is calculated using Adjusted EBITDA as reported in prior periods for each quarter prior to Q4-2021 adjusted to exclude results of discontinued operations and for the effects of retrospective PPA adjustments.

8.6. RETURN ON CAPITAL EMPLOYED

The Company uses Return on Capital Employed ("ROCE") as a measure of long-term operating performance to measure how effectively management utilises the capital it has been provided. The calculation of ROCE, expressed as a percentage, is Adjusted EBIT (based on Adjusted EBITDA as per table 23 adjusted to include Adjusted EBITDA from discontinued operations) divided by the average of the opening and closing capital employed for the twelve months preceding the period end. Capital employed is the total assets less current liabilities.

Table 32: Return on Capital Employed

	TRAILING TWELVE MONTHS
($m unless otherwise stated)	31 December 2021	31 December 2020
Adjusted EBITDA1	1,515.8	860.4
Depreciation and amortisation	(648.7)	(299.5)
Adjusted EBIT (A)	867.1	560.9
Opening Capital employed (B)	3,346.7	1,604.8
Total Assets	6,770.9	3,869.1
Current Liabilities	(567.1)	(522.4)
Closing Capital employed (C)	6,203.8	3,346.7
Average Capital Employed (D)=(B+C)/2	4,775.3	2,475.8
ROCE (A)/(D)	18%	23%

1 Adjusted EBITDA has been calculated to include the Adjusted EBITDA from discontinued operations.

9. QUARTERLY AND ANNUAL FINANCIAL AND OPERATING RESULTS

The following tables summarise the Company's financial and operational information for the last eight quarters and three fiscal years.

Table 33: 2021 Quarterly Key Performance Indicators

FOR THE THREE MONTHS ENDED
($m except ounces sold)	31 December 2021	30 September 2021	30 June 2021	31 March 2021
Gold ounces sold	390,047	392,432	420,761	363,518
Revenue	697.2	691.7	753.4	635.8
Operating cash flows from continuing operations	355.9	311.9	300.5	206.7
Earnings from continuing mine operations	201.0	234.5	270.5	184.9
Net comprehensive (loss)/earnings	(109.4)	136.4	150.9	98.0
Net comprehensive earnings/(loss) from discontinued operations	—	—	—	(3.7)
Net (loss)/earnings from continuing operations attributable to shareholders	(102.8)	117.5	128.7	77.5
Net loss from discontinued operations attributable to shareholders	—	—	—	(5.2)
Basic (loss)/earnings per share from continuing operations	(0.41)	0.47	0.51	0.37
Diluted (loss)/earnings per share from continuing operations	(0.41)	0.47	0.51	0.37
Basic (loss)/earnings per share from all operations	(0.41)	0.47	0.51	0.35
Diluted (loss)/earnings per share from all operations	(0.41)	0.47	0.51	0.35

Table 34: 2020 Quarterly Key Performance Indicators

FOR THE THREE MONTHS ENDED
($m except ounces sold)	31 December 2020	30 September 2020	30 June 2020	31 March 2020
Gold ounces sold	300,622	236,292	124,761	147,131
Revenue	553.4	434.8	209.6	226.3
Operating cash flows from continuing operations	374.5	182.7	53.5	99.9
Earnings from continuing mine operations	218.4	123.2	75.6	72.2
Net comprehensive earnings/(loss)	29.3	70.2	(22.6)	35.5
Net comprehensive (loss)/earnings from discontinued operations	(44.3)	6.6	7.9	8.0
Net earnings/(loss) from continuing operations attributable to shareholders	64.6	52.4	(41.2)	19.4
Net (loss)/earnings from discontinued operations attributable to shareholders	(42.4)	9.0	4.0	6.6
Basic earnings/(loss) per share from continuing operations	0.40	0.32	(0.37)	0.18
Diluted earnings/(loss) per share from continuing operations	0.40	0.32	(0.37)	0.18
Basic earnings/(loss) per share from all operations	0.14	0.38	(0.34)	0.24
Diluted earnings/(loss) per share from all operations	0.14	0.38	(0.34)	0.24

Table 35: Annual Key Performance Indicators

FOR THE YEAR ENDED

($m except ounces sold)	31 December 2021	31 December 2020	31 December 2019
Gold ounces sold	1,566,758	808,806	511,749
Revenue	2,778.1	1,424.1	694.8
Operating cash flows from continuing operations	1,174.9	710.6	205.5
Operating cash flows from discontinued operations	(8.8)	38.4	96.4
Earnings/(Loss) from continuing operations	483.3	337.6	(27.5)
Net and comprehensive earnings/(loss) from continuing operations	279.5	134.1	(160.0)
Net and comprehensive (loss)/earnings from discontinued operations	(3.7)	(21.8)	18.8
Net earnings/(loss) from continuing operations attributable to shareholders	220.7	95.2	(174.5)
Net earnings/(loss) attributable to shareholders	215.5	72.5	(163.7)
Basic earnings/(loss) per share from continuing operations	0.92	0.69	(1.59)
Diluted earnings/(loss) per share from continuing operations	0.91	0.69	(1.59)
Basic earnings/(loss) per share	0.90	0.53	(1.49)
Diluted earnings/(loss) per share	0.89	0.53	(1.49)
Total assets	6,770.9	3,881.7	1,872.8
Total long term liabilities (excluding deferred taxes)	1,145.8	792.7	738.3
Total attributable shareholders' equity	3,921.5	2,057.0	717.9
Adjusted net earnings per share²	2.40	2.28	0.33

1 Prior year figures for continuing operations have been adjusted to exclude Agbaou.
2 The adjusted net earnings per share is inclusive of the prior period tax adjustment included in the 31 December 2018 adjusted earnings per share.

10. PRINCIPAL RISKS AND UNCERTAINTIES

Readers of this Management Report should consider the information included in the Company's consolidated financial statements and related notes for the year ended 31 December 2021. The nature of the Company's activities and the locations in which it works mean that the Company's business generally is exposed to significant risk factors, many of which are beyond its control. The Company examines the various risks to which it is exposed and assesses any impact and likelihood of those risks. For discussion on all the risk factors that affect the Company's business generally, please refer to the prospectus prepared as part of the admission to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange (the "Prospectus") and which is available on its website, www.endeavourmining.com, Endeavour Mining Corporation's most recent Annual Information Form filed on SEDAR at www.sedar.com. The risks that affect the consolidated financial statements specifically, and the risks that are reasonably likely to affect them in the future which are incorporated by reference in this Management Report, are set out below.

Principal risks

Security risk

Our people, contractors and suppliers face the risk of terrorism, kidnapping, extortion and harm due to insecurity in some of the jurisdictions in which we operate. We face the risk of restricted access to operations and projects and theft of assets. The influence of terrorist organisations and other criminal elements and general lawlessness in some of the countries in which we operate make working in these areas particularly risky for us. The risk of terrorism could reduce our ability to carry out the exploration activities required to replace depleted resources and extend mine life, reduce our ability to resupply, or increase the cost of resupplying, our mines, and may impact the value of our assets.

Geopolitical risk

We operate and own assets in countries in Western Africa, some of which are categorised as developing, complex or having unstable political or social climates. As a result, we are exposed to a wide range of political, economic, regulatory, social and tax environments. Our operations may also be affected by political and economic instability, including terrorism, civil disturbance, crime, and social disruption. Political and economic conditions could change, with future governments adopting different laws or policies that may affect the cost of our operations or the manner in which we conduct them, as well as exchange rates and our ability to repatriate capital, procure key supplies internationally and export gold. Aggressive interpretation and enforcement of tax codes by local tax authorities has led to more tax audits and in some cases disputes with our host governments. Adverse actions by governments can also result in operational and or project delays or the loss of critical permits.

Geopolitical risk in the countries where we operate could affect our credit rating, which in turn could increase our cost of borrowing and free cash flow and result in lower levels of capital investment and production. The continued operation of our existing assets and future plans depend in part on our ability to secure and maintain key permits. The suspension or loss of key permits could have a material impact on our ability to execute our mine plans and shorten mine life.

Policies and laws in the countries in which we operate may change in a manner that may negatively affect the Group. Failure to be up-to-date with any changes in the government or changes in government policy could result in inability to respond and adapt to political and policy changes and social disruption. All of these factors could, therefore, affect the long-term viability of our business.

Commodity price risk

Our business is heavily dependent on the price of gold. Commodity prices can fluctuate significantly on a daily basis and are affected by numerous factors beyond our control including global supply and demand, the monetary policies employed by central banks, interest rates and investor sentiment. Any decline in our realised prices adversely impacts our revenues, net income and operating cash flows, thereby limiting shareholder returns. Falling gold prices may also trigger impairments, impact our credit rating and halt or delay the development of new projects.

Supply chain macroeconomic risk

Operations may be affected by the Group's potential inability to source and receive critical materials and services. Supply chains are subject to a number of risks not wholly within the Group's control, including: terrorism, political instability leading to the closing of borders, exchange rate fluctuation, inflation and changes in law (including increased environmental standards, international sanctions and local content requirements). Any disruption to supply chains could impact production, may require unplanned expenditure and could negatively impact cash flows. The Group is monitoring the impact of the current Russia-Ukraine conflict on global supply chains and the effect on energy and commodity prices.

Community relations risk

We are cognisant that our activities have both a positive and a negative impact on the local communities in which we work and on society as a whole. A perception that we are not respecting human rights or generating local sustainable benefits could have a negative impact on our "social licence to operate" and our ability to secure new resources and result in production disruptions and an increase in operating costs. The consequences of adverse community relations or allegations of human rights incidents could also adversely affect the cost, profitability, ability to finance or even the viability of an operation, as well as the safety and

security of our workforce and assets. Local events could escalate to disputes with regional or national governments, as well as with other stakeholders, and potentially result in reputational damage and social instability that may affect the perceived and real value of our assets.

Operational performance risk

The Group's projects and existing operations may fail to achieve or maintain planned production levels. Operations are subject to a number of risks not wholly within the Group's control, including: pandemic, extreme weather or other natural phenomena; geological and technological challenges; loss or interruption to key supplies such as electricity and water; damage to or failure of equipment and infrastructure; information technology and cybersecurity risks; and the availability of vital services.

Capital projects risk

The pursuit of advanced project development opportunities is essential to meeting our strategic goals. However, projects may fail to achieve desired economic returns due to: an inability to recover mineral resources; a design or construction inadequacy; a failure to achieve expected operating parameters; capital or operating costs being higher than expected. Failure to manage new projects effectively or a lack of available financing may prevent or delay the completion of projects.

Talent risk

The expertise and skills of our people are key to our success. Failure to select, recruit, retain and engage the people we need could have an impact on our operations or the successful implementation of growth projects, potentially increasing the cost of recruiting adequate people.

Cybersecurity risk

Companies are becoming more vulnerable to cyber threats due to the increasing reliance on computers, networks, programs, digital technology, social media and data globally. A data breach, cyber-attack or failure of Endeavour's IT system could have a negative impact on the business and cause reputational damage and financial and legal exposure for the Group.

Although Endeavour invests heavily to monitor, maintain, and regularly upgrade its systems, there remains a risk that we may be unable to prevent, detect, and respond to cyber-attacks in a timely manner.

Environmental risk

Mining operations are inherently hazardous with the potential to cause environmental damage, illness or injury and disruption to communities. Major hazards include process safety, surface mining and tailings storage. The Group is subject to environmental compliance obligations which are continually developing. Failure to comply could lead to reputational damage, the imposition of financial penalties and the suspension of operating licences. As environmental practices continue to face further scrutiny, this could affect the Group's operations or access to capital.

Regulatory compliance risk

The Group is exposed to various legal and regulatory requirements across all its jurisdictions. Legislation may be subject to change, whilst uncertainty of interpretation, application and enforcement may result in failure to comply with legal requirements. Non-compliance with legislation could result in regulatory challenges, fines, litigation and, ultimately, the loss of operating licences.

As the Group has assets in Western Africa and operates in international markets, we are particularly exposed to the risks of fraud, corruption, sanctions breaches and other unlawful activities both internally and externally.

The Group may also be the subject of legal claims brought by private parties. Any successful claims brought against the Group could result in material damages being awarded against the Group.

Other risks

The Group's activities expose it to a variety of risks that may include credit risk, liquidity risk, currency risk, interest rate risk and other price risks, including equity price risk. The Group examines the various financial instrument risks to which it is exposed and assesses any impact and likelihood of those risks.

Credit risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Group by failing to discharge its obligations. Credit risk arises from cash, restricted cash, marketable securities, trade and other receivables, long-term receivable and other assets.

The Group manages the credit risk associated with cash by investing these funds with highly rated financial institutions, and by monitoring its concentration of cash held in any one institution. As such, the Group deems the credit risk on its cash to be low. At 31 December 2021 1% of the Group's cash balances were invested in AA rated financial institutions (2020: 16%), 76% in A rated financial institutions (2020: 45%), 7% in B rated financial institutions (2020: 1%), 14% in BB rated institutions (2020: 31%) and 3% in unrated financial institutions (2020: 7%).

The Group closely monitors its financial assets (excluding cash) and does not have any significant concentration of credit risk other than receivable balances owed from the governments in the countries the Group operates in and its other receivables of $14.6 million due from third parties.

The Group has a receivable of $5.9 million from Allied, who acquired the Agbaou mine in March 2021, which has not yet been repaid at 31 December 2021. Management monitors the results of Allied to evaluate the ability of the counterparty to repay the amount. In addition, the Group has an investment in shares of Allied which a value of $40.0 million at 31 December 2021, and has the option to sell the shares back to Allied and receive $40.0 million in cash. Management is monitoring Allied's results from operations to determine the fair value of the investment, as well as its ability to repay the receivable if the option to convert the shares into a receivable is exercised. The Group monitors the amounts outstanding from all its third parties regularly and does not believe that there is a significant level of credit risk associated with these receivables given the current nature of the amounts outstanding and the on-going customer/supplier relationships with those companies.

The Group sells its gold to large international organisations with strong credit ratings, and the historical level of customer defaults is minimal. As a result, the credit risk associated with gold trade receivables at 31 December 2021 is considered to be negligible. The Group does not rely on ratings issued by credit rating agencies in evaluating counterparties' related credit risk.

The Company's maximum exposure to credit risk is as follows:

Table 36: Exposure to Credit Risk

($m)	31 December 2021	31 December 2020
Cash	906.2	645.0
Trade and other receivables	104.8	55.1
Other financial assets	41.0	0.8
Derivative financial assets	25.1	—
Marketable securities	3.1	—
Long-term receivable	5.9	—
Restricted Cash	31.6	24.4
	1,117.7	725.3

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash, physical gold or another financial asset. The Group has a planning and budgeting process in place to help determine the funds required to support the Group's normal operating requirements. The Group ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its short term obligations.

Currency risk

Currency risk relates to the risk that the fair values or future cash flows of the Group's financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Group incurs in its operations. There has been no change in the Group's objectives and policies for managing this risk during the period ended 31 December 2021. The Group has not hedged its exposure to foreign currency exchange risk.

The table below highlights the net assets held in foreign currencies, presented in US dollars:

Table 37: Net Assets in Foreign Currencies

($m)	31 December 2021	31 December 2020
Canadian dollar	(19.3)	92.4
CFA Francs	451.4	175.9
Euro	(14.7)	0.6
Other currencies	(0.4)	13.3
	417.0	282.2

The effect on earnings before taxes as at 31 December 2021, of a 10% appreciation or depreciation in the foreign currencies against the US dollar on the above mentioned financial and non-financial assets and liabilities of the Group is estimated to be

$41.7 million (31 December 2020, $28.2 million), if all other variables remained constant. The calculation is based on the Group's statement of financial position as at 31 December 2021.

Interest rate risk

Interest rate risk is the risk that future cash flows from, or the fair values of, the Group's financial instruments will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk primarily on its long-term debt. Since marketable securities and government treasury securities held as loans are short term in nature and are usually held to maturity, there is minimal fair value sensitivity to changes in interest rates. The Group continually monitors its exposure to interest rates and is comfortable with its exposure given the relatively low short-term US interest rates and Secured Overnight Financing Rate ("SOFR").

COVID-19 Pandemic risk

The Company continues to actively monitor the impact of the COVID-19 pandemic, including the impact on economic activity and financial reporting. In response to health risks associated with the spread of COVID-19, the Group implemented a number of health and safety measures designed to protect employees and the local communities at its operations. Throughout the COVID-19 pandemic, the Group has monitored the impact that COVID-19 has had on its employees and contractors, in terms of potential health concerns, mobility to and from sites, as well as personal well-being. The Group has also monitored the impact on supply chain, infrastructure, as well as the ability to transport its gold for sale.

In the years ended 31 December 2021 and 2020, none of the Group's operations were suspended as a result of COVID-19. During the year ended 31 December 2021, the Company continued to incur costs attributable to the management of the pandemic, including those associated with additional personal protective equipment, higher travel and transportation costs, and community support. These costs were approximately $0.6 million in the year ended 31 December 2021 (2020 - $7.7 million) and are included corporate costs in the consolidated statement of comprehensive earnings. The impacts of COVID-19 on the Group's operations to date did not represent indicators of impairment for any of the Group's assets as at 31 December 2021 and 2020.

The extent to which COVID-19 may continue to impact the Group's operations will depend on future developments which are uncertain and cannot be predicted. These developments include, but are not limited to, the continued spread of COVID-19, increased severity of COVID-19, the emergence of any future variants of concern, the duration of the outbreak, and additional actions taken by the governments in the countries in which the Group operates to contain COVID-19.

As the pandemic continues to evolve, it remains difficult to predict the full extent and duration of the resulting operational and economic impacts for the Company, which may impact a number of future reporting periods. The Group will continue to monitor these and all other developments on the Group's operations and their impact on the Group's operations and economic activity.

11. CONTROLS AND PROCEDURES

11.1. DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported on a timely basis to senior management, including the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO). Additionally, these controls and procedures provide reasonable assurance that information required to be disclosed in the Company's annual and interim filings (as such terms are defined under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) and other reports filed or submitted under Canadian securities law is recorded, processed, summarised and reported within the time periods specified by those laws, and that material information is accumulated and communicated to management including the CEO and CFO as appropriate to allow timely decisions regarding required disclosure.

Management evaluated the design and operating effectiveness of the Company's disclosure controls and procedures as required by Canadian Securities Law. Based on that evaluation, the CEO and CFO concluded that as of 31 December 2021, the disclosure controls and procedures were effective.

11.2. INTERNAL CONTROLS OVER FINANCIAL REPORTING

The Company's management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal controls over financial reporting. Under the supervision of the CFO, the Company's internal controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

As at December 31, 2021, management evaluated the effectiveness of the Company's internal control over financial reporting as required by Canadian securities laws.

Based on that evaluation of internal control over financial reporting, the CEO and CFO have concluded that, as at December 31, 2021, the internal controls over financial reporting were effective and able to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

There have been no material changes in the Company's internal controls over financial reporting since the year ended 31 December 2020 that have materially affected or are reasonably likely to materially affect the Company's internal controls over financial reporting.

The Company assessed the Teranga mines' disclosure controls and procedures and internal control over financial reporting; however, in accordance with National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings, because the Teranga operations were acquired not more than 365 days before the end of 31 December 2021, the Company has limited the scope of its design of disclosure controls and procedures and internal controls over financial reporting to exclude the controls, policies and procedures of Teranga.

11.3. LIMITATIONS OF CONTROLS AND PROCEDURES

The Company's management, including the CEO and CFO believe that any disclosure controls and procedures or internal control over financial reporting, can provide only reasonable, but not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the actions of one individual, by collusion of two or more people, or by unauthorised override of the control. Accordingly, because of the inherent limitations in a control system, misstatements due to error or fraud may occur and not be detected.

APPENDIX A: DETAILED RESERVES AND RESOURCE

Resources shown inclusive of Reserves	ON A 100% BASIS			ON AN ATTRIBUTABLE BASIS
	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)
Boungou Mine (90% owned)
Proven Reserves	0.6	1.95	39	0.6	1.95	35
Probable Reserves	9.3	3.61	1,075	8.3	3.61	968
P&P Reserves	9.9	3.51	1,114	8.9	3.51	1,003
Measured Resource (incl. reserves)	0.6	2.04	40	0.6	2.04	36
Indicated Resources (incl. reserves)	10.5	3.95	1,336	9.5	3.95	1,202
M&I Resources (incl. reserves)	11.1	3.85	1,376	10.0	3.85	1,239
Inferred Resources	0.1	4.89	14	0.1	4.89	13
Houndé Mine (90% owned except 100% owned Golden Hill)
Proven Reserves	2.3	1.25	93	2.1	1.25	84
Probable Reserves	44.6	1.69	2,420	40.2	1.69	2,178
P&P Reserves	47.0	1.66	2,513	42.3	1.66	2,262
Measured Resource (incl. reserves)	2.4	1.24	97	2.2	1.24	87
Indicated Resources (incl. reserves)	101.5	1.55	5,067	92.6	1.56	4,636
M&I Resources (incl. reserves)	103.9	1.55	5,165	94.8	1.55	4,723
Inferred Resources	20.5	1.60	1,052	19.6	1.61	1,014
Ity Mine (85% owned except 100% owned Le Plaque)
Proven Reserves	11.9	0.89	338	10.1	0.89	287
Probable Reserves	51.2	1.61	2,641	43.9	1.61	2,273
P&P Reserves	63.0	1.47	2,979	54.0	1.47	2,560
Measured Resource (incl. reserves)	12.1	0.88	344	10.3	0.88	293
Indicated Resources (incl. reserves)	77.3	1.66	4,131	66.1	1.66	3,547
M&I Resources (incl. reserves)	89.5	1.56	4,475	76.5	1.56	3,840
Inferred Resources	27.1	1.47	1,279	23.1	1.47	1,088
Mana Mine (90% owned)
Proven Reserves	1.3	3.54	150	1.2	3.54	135
Probable Reserves	10.1	3.09	1,007	9.1	3.09	906
P&P Reserves	11.5	3.14	1,157	10.3	3.14	1,041
Measured Resource (incl. reserves)	7.5	1.48	359	6.8	1.48	323
Indicated Resources (incl. reserves)	30.1	1.99	1,928	27.1	1.99	1,735
M&I Resources (incl. reserves)	37.6	1.89	2,287	33.9	1.89	2,058
Inferred Resources	7.8	2.27	570	7.0	2.27	513
Sabodala-Massawa Complex (90% owned)
Proven Reserves	19.9	1.36	866	17.9	1.36	780
Probable Reserves	46.5	2.39	3,574	41.9	2.39	3,217
P&P Reserves	66.4	2.08	4,440	59.7	2.08	3,996
Measured Resource (incl. reserves)	21.2	1.32	900	19.1	1.32	810
Indicated Resources (incl. reserves)	88.9	2.09	5,977	80.0	2.09	5,379
M&I Resources (incl. reserves)	110.1	1.94	6,877	99.1	1.94	6,190
Inferred Resources	24.3	2.16	1,682	21.8	2.16	1,514
Wahgnion Mine (90% owned)
Proven Reserves	2.1	0.78	52	1.9	0.78	47
Probable Reserves	19.5	1.60	1,006	17.6	1.60	906
P&P Reserves	21.6	1.52	1,059	19.4	1.52	953
Measured Resource (incl. reserves)	2.3	0.82	60	2.1	0.82	54
Indicated Resources (incl. reserves)	38.4	1.52	1,879	34.6	1.52	1,692
M&I Resources (incl. reserves)	40.7	1.48	1,940	36.6	1.48	1,746
Inferred Resources	5.0	1.53	247	4.5	1.53	222
Bantou (90% owned except 81% owned Karankasso)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	—	—	—	—	—	—
P&P Reserves	—	—	—	—	—	—
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	—	—	—	—	—	—
M&I Resources (incl. reserves)	—	—	—	—	—	—
Inferred Resources	51.1	1.37	2,245	44.9	1.36	1,956

Resources shown inclusive of Reserves	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)
Lafigué Project (80% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	48.7	1.70	2,662	39.0	1.70	2,130
P&P Reserves	48.7	1.70	2,662	39.0	1.70	2,130
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	44.8	2.02	2,916	35.8	2.02	2,333
M&I Resources (incl. reserves)	44.8	2.02	2,916	35.8	2.02	2,333
Inferred Resources	3.6	2.35	269	2.8	2.35	215
Kalana Project (80% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	35.6	1.60	1,829	28.5	1.60	1,463
P&P Reserves	35.6	1.60	1,829	28.5	1.60	1,463
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	46.0	1.57	2,318	36.8	1.57	1,854
M&I Resources (incl. reserves)	46.0	1.57	2,318	36.8	1.57	1,854
Inferred Resources	4.6	1.67	245	3.6	1.67	196
Nabanga (90% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	—	—	—	—	—	—
P&P Reserves	—	—	—	—	—	—
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	—	—	—	—	—	—
M&I Resources (incl. reserves)	—	—	—	—	—	—
Inferred Resources	3.4	7.69	841	3.1	7.69	757
Afema (51% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	—	—	—	—	—	—
P&P Reserves	—	—	—	—	—	—
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	5.1	1.10	179	2.6	1.10	91
M&I Resources (incl. reserves)	5.1	1.10	179	2.6	1.10	91
Inferred Resources	3.4	1.05	116	1.7	1.05	59
Total - Endeavour Mining
Proven Reserves	38.1	1.26	1,539	33.7	1.26	1,368
Probable Reserves	265.6	1.90	16,215	228.4	1.91	14,040
P&P Reserves	303.6	1.82	17,753	262.1	1.83	15,408
Measured Resource (incl. reserves)	46.2	1.21	1,802	41.0	1.22	1,604
Indicated Resources (incl. reserves)	442.6	1.81	25,730	385.1	1.81	22,469
M&I Resources (incl. reserves)	488.8	1.75	27,532	426.1	1.76	24,073
Inferred Resources	150.8	1.77	8,560	132.2	1.76	7,489

The mineral Reserves and Resources were estimated as at 31 December 2021 in accordance with the provisions adopted by the Canadian Institute of Mining Metallurgy and Petroleum (CIM) and incorporated into the NI 43-101. The Qualified Persons responsible for the mineral Reserve and Resource estimates are detailed in the following tables.

MINERAL RESOURCES

QUALIFIED PERSON	POSITION	PROPERTY/DEPOSIT
Kevin Harris, CPG	VP Resources, Endeavour Mining plc	Ity (Colline Sud, Le Plaque, Mont Ity/Flat/Walter, Bakatouo, Verse Ouest, Teckraie, Aires, West Flotouo, Yopleu); Hounde (Dohoun, Kari Pump), Sabodala/ Massawa, Wahgnion; Afema
Helen Oliver, FGS, CGeol	Group Resource Geologist, Endeavour Mining plc	Hounde (Kari West, Kari Center-South, Vindaloo South, Dafra); Kalana (Kalanko); Mana (Maoula)
Joseph Hirst, FGS, CGeol.	Group Resource Geologist, Endeavour Mining plc	Mana (Wona-Kona UG, Siou UG, Boungou, Massawa (Sofia North Extension)
Patti Nakai-Lajoie, P.Geo.	VP Mine Geology and Grade Control, Endeavour Mining plc	Golden Hill
Michel Plasse, P.Geo	Group Manager, OP Geology and Reconciliation Support, Endeavour Mining plc	Mana (Wona-Kona OP), Fifina, Yaho, Filon 67, Fobiri, Yama, Nabanga, Bantou
Mark Zammit, MAIG	Principal, Cube Consulting Pty Ltd	Ity (Daapleu, Gbeitouo), Hounde (Vindaloo)
Dr. Lucy Roberts, AusIMM (CP)	Principal Consultant, SRK Consulting (UK) Ltd	Lafigué
Paul Blackney, MAusIMM, MAIG	Principal Consultant, Optiro Pty Limited	Kalana Project

MINERAL RESERVES

QUALIFIED PERSON	POSITION	PROPERTY/DEPOSIT
Salih Ramazan, FAusIMM	Vice President, Mine Planning, Endeavour Mining plc	Ity, Houndé, Karma, Sabodala-Massawa (OP), Boungou and Wahgnion
Sam Myers, MIMM	Manager, Mining, Endeavour Mining plc	Mana
Bryan Pullman, P.Eng	Principal Mining Engineer – Mining Advisory, SLR (UK)	Sabodala UG
Francois Taljaard	Principal Consultant, Mining Engineering, SRK Consulting (UK) Ltd	Lafigué
Allan Earl, FAusIMM	Executive Consultant, Snowden Mining Industry Consultants (Pty) Ltd	Kalana Project

The mineral resources and reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the Definition Standards adopted by CIM Council in May 2014.
Mineral resources that are not mineral reserves have not demonstrated economic viability.
All mineral resources are reported inclusive of mineral reserves.
Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to one decimal place; ounces are rounded to the nearest 1,000oz. Rounding may result in apparent differences between tonnes, grade and contained metal.
Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
Processing recoveries vary at each pit by many factors including material types, mineralogy and chemistry of the ore. The overall average recoveries are around 89% at Sabodala, 91% at Houndé, 86% at Ity, 95% at Boungou, 88% at Mana and 92% at Wahgnion. The average processing recoveries at the development project's Lafigué and Kalana are 95% and 91% respectively.
A mining permit application was submitted for the Golden Hill property, but the Company subsequently requested a withdrawal of that application in order to submit an exploration permit application. The prior exploration permit has expired. The Company has received confirmation from the Ministry of Mines on March 4, 2022 stating that they have received the Company's request.
The reporting of mineral reserves and resources are based on a gold price as detailed below:

Au Price $/Oz	BOUNGOU	HOUNDÉ	ITY	KARMA	MANA	SABODALA-MASSAWA	WAHGNION	LAFIGUÉ	KALANA
2021 Reserves	1,300	1,300	1,300	1,300	UG & OP 1,300	1,300	1,300	1,300	1,500
2020 Reserves	1,300	1,300	1,300	1,300	UG at 1,300
OP at 1,500	UG at 1,200
OP at 1,300	1,300	1,500	1,500
2021 Resources	1,500	1,500
1,800^{1}	1,500	1,500	UG at 1,500
OP at 1,500	1,500	1,500	1,500	1,500
2020 Resources	1,500	1500
1,800^{1}	1,500	1,500	UG at 1,500
OP at 1,700	1,500	1,500	1,500	1,500

1 Golden Hill resources, within the Houndé mine resources are at a Gold Price of $1,800 per ounce. Cut-off grades for the resources are as follows:
a. Hounde: at 0.50g/t Au
b. Ity at 0.50g/t Au except ZiaNE which is at 0.30g/t Au
c. Sabodala-Massawa: open pit from 0.31g/t to 1.00g/t Au. Underground from 2.00g/t to 2.84g/t Au
d. Boungou: oxide at 0.91g/t Au, transition at 0.91g/t Au, sulphide at 1.09 g/t Au
e. Mana: open pit for oxide at 0.41g/t Au to 0.56g/t Au, for transitional 0.44g/t Au to 0.69 g/t Au, and sulphide at 0.72g/t Au to 2.54g/t Au
f. Wahgnion: from 0.35g/t Au to 0.60g/t Au
g. Lafigué: oxide at 0.40g/t Au, transitional and fresh at 0.50g/t Au
h. Kalana: all 0.50g/t Au
i. Bantou: from 0.43g/t Au to 0.86g/t Au
j. Nabanga: at 3.00g/t Au
k. Afema: at 0.50g/t Au
l. Golden Hill: from 0.49g/t to 0.55g/t Au

Cut-off grades for the reserves are as follows:
a. Houndé: oxide: 0.40g/t Au to 0.60g/t Au; transitional: 0.50g/t Au to 0.60g/t Au; fresh: 0.60g/t Au to 0.70g/
b. Ity: oxide: 0.40g/t Au to 0.50g/t Au; transitional: 0.40g/t Au to 0.80g/t Au; fresh: 0.40g/t Au to 0.80g/t Au
c. Sabodala Open Pit WOLP: oxide: 0.50/t Au to 0.60g/t Au; transitional: 0.60g/t Au to 0.80g/t Au; fresh: 0.60g/t Au to 0.70g/t Au. SLP: 1.20g/t Au
d. Sabodala UG: 2.82g/t Au
e. Boungou: oxide: 1.20g/t Au; transitional: 1.30g/t Au; fresh: 1.30g/t Au
f. Mana OP: oxide: 0.50g/t Au; transitional: 0.60g/t Au; fresh: 1.20g/t Au. UG: Siou: 2.50g/t Au; Wona: 2.30g/t Au
g. Wahgnion: oxide: 0.40g/t Au to 0.50g/t Au; transitional: 0.50g/t Au to 0.60g/t Au; fresh: 0.60g/t Au to 0.70g/t Au
h. Lafigué: 0.40g/t Au
i. Kalana: oxide: 0.40g/t Au; transitional: 0.60g/t Au; fresh: 0.60g/t Au

RESERVES AND RESOURCES: YEAR-OVER-YEAR COMPARISON

Resources shown inclusive of Reserves, on a 100% basis	As at 31 December 2021			As at 31 December 2020
	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)
Boungou Mine (90% owned)
Proven Reserves	0.6	1.95	39	1.7	3.83	213
Probable Reserves	9.3	3.61	1,075	6.8	3.60	791
P&P Reserves	9.9	3.51	1,114	8.6	3.65	1,004
Measured Resource (incl. reserves)	0.6	2.04	40	1.9	3.89	244
Indicated Resources (incl. reserves)	10.5	3.95	1,336	12.5	3.23	1,295
M&I Resources (incl. reserves)	11.1	3.85	1,376	14.4	3.32	1,538
Inferred Resources	0.1	4.89	14	0.8	3.03	82
Houndé Mine (90% owned except 100% owned Golden Hill)
Proven Reserves	2.3	1.25	93	2.6	1.26	104
Probable Reserves	44.6	1.69	2,420	43.7	1.76	2,480
P&P Reserves	47.0	1.66	2,513	46.3	1.74	2,584
Measured Resource (incl. reserves)	2.4	1.24	97	2.8	1.26	112
Indicated Resources (incl. reserves)	101.5	1.55	5,067	79.2	1.75	4,469
M&I Resources (incl. reserves)	103.9	1.55	5,165	82.0	1.74	4,581
Inferred Resources	20.5	1.60	1,052	18.3	1.69	999
Ity Mine (85% owned except 100% owned Le Plaque)
Proven Reserves	11.9	0.89	338	10.2	0.95	312
Probable Reserves	51.2	1.61	2,641	43.7	1.73	2,433
P&P Reserves	63.0	1.47	2,979	53.9	1.58	2,745
Measured Resource (incl. reserves)	12.1	0.88	344	11.6	0.95	354
Indicated Resources (incl. reserves)	77.3	1.66	4,131	65.6	1.62	3,407
M&I Resources (incl. reserves)	89.5	1.56	4,475	77.1	1.52	3,762
Inferred Resources	27.1	1.47	1,279	17.9	1.32	762
Mana Mine (90% owned)
Proven Reserves	1.3	3.54	150	5.7	3.18	578
Probable Reserves	10.1	3.09	1,007	8.6	3.05	839
P&P Reserves	11.5	3.14	1,157	14.2	3.10	1,418
Measured Resource (incl. reserves)	7.5	1.48	359	10.8	2.19	758
Indicated Resources (incl. reserves)	30.1	1.99	1,928	34.5	2.03	2,250
M&I Resources (incl. reserves)	37.6	1.89	2,287	45.2	2.07	3,009
Inferred Resources	7.8	2.27	570	10.2	2.14	701
Sabodala-Massawa Complex (90% owned)
Proven Reserves	19.9	1.36	866	17.3	1.25	696
Probable Reserves	46.5	2.39	3,574	60.1	2.12	4,101
P&P Reserves	66.4	2.08	4,440	77.4	1.93	4,796
Measured Resource (incl. reserves)	21.2	1.32	900	19.4	1.38	862
Indicated Resources (incl. reserves)	88.9	2.09	5,977	82.7	2.17	5,778
M&I Resources (incl. reserves)	110.1	1.94	6,877	102.1	2.02	6,640
Inferred Resources	24.3	2.16	1,682	24.3	2.21	1,728
Wahgnion Mine (90% owned)
Proven Reserves	2.1	0.78	52	2.2	1.23	86
Probable Reserves	19.5	1.60	1,006	24.3	1.64	1,282
P&P Reserves	21.6	1.52	1,059	26.4	1.61	1,367
Measured Resource (incl. reserves)	2.3	0.82	60	2.4	1.23	97
Indicated Resources (incl. reserves)	38.4	1.52	1,879	41.8	1.53	2,055
M&I Resources (incl. reserves)	40.7	1.48	1,940	44.2	1.51	2,152
Inferred Resources	5.0	1.53	247	5.1	1.52	250
Bantou (90% owned except 81% owned Karankasso)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	—	—	—	—	—	—
P&P Reserves	—	—	—	—	—	—
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	—	—	—	—	—	—
M&I Resources (incl. reserves)	—	—	—	—	—	—
Inferred Resources	51.1	1.37	2,245	51.1	1.37	2,245

	As at 31 December 2021			As at 31 December 2020
Resources shown inclusive of Reserves, on a 100% basis	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)
Lafigué Project (80% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	48.7	1.70	2,662	32.0	2.07	2,133
P&P Reserves	48.7	1.70	2,662	32.0	2.07	2,133
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	44.8	2.02	2,916	32.0	2.40	2,470
M&I Resources (incl. reserves)	44.8	2.02	2,916	32.0	2.40	2,470
Inferred Resources	3.6	2.35	269	0.8	2.51	66
Kalana Project (80% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	35.6	1.60	1,829	35.6	1.60	1,829
P&P Reserves	35.6	1.60	1,829	35.6	1.60	1,829
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	46.0	1.57	2,318	46.0	1.57	2,318
M&I Resources (incl. reserves)	46.0	1.57	2,318	46.0	1.57	2,318
Inferred Resources	4.6	1.67	245	4.6	1.67	245
Nabanga (90% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	—	—	—	—	—	—
P&P Reserves	—	—	—	—	—	—
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	—	—	—	—	—	—
M&I Resources (incl. reserves)	—	—	—	—	—	—
Inferred Resources	3.4	7.69	841	3.4	7.69	841
Afema (51% owned)
Proven Reserves	—	—	—	—	—	—
Probable Reserves	—	—	—	—	—	—
P&P Reserves	—	—	—	—	—	—
Measured Resource (incl. reserves)	—	—	—	—	—	—
Indicated Resources (incl. reserves)	5.1	1.10	179	—	—	—
M&I Resources (incl. reserves)	5.1	1.10	179	—	—	—
Inferred Resources	3.4	1.05	116	—	—	—
Group Total (excluding the divested Karma mine)
Proven Reserves	38.1	1.26	1,539	39.7	1.56	1,989
Probable Reserves	265.6	1.90	16,215	254.8	1.94	15,888
P&P Reserves	303.6	1.82	17,753	294.4	1.89	17,876
Measured Resource (incl. reserves)	46.2	1.21	1,802	48.9	1.54	2,427
Indicated Resources (incl. reserves)	442.6	1.81	25,730	394.3	1.90	24,042
M&I Resources (incl. reserves)	488.8	1.75	27,532	443.0	1.86	26,470
Inferred Resources	150.8	1.77	8,560	136.5	1.80	7,919
Karma Mine (90% owned)
Proven Reserves	—	—	—	0.3	0.40	4
Probable Reserves	—	—	—	5.2	0.93	154
P&P Reserves	—	—	—	5.5	0.90	158
Measured Resource (incl. reserves)	—	—	—	0.3	0.40	4
Indicated Resources (incl. reserves)	—	—	—	47.7	1.24	1,894
M&I Resources (incl. reserves)	—	—	—	48.0	1.23	1,898
Inferred Resources	—	—	—	16.2	1.30	679
Group Total
Proven Reserves	38.1	1.26	1,539	39.9	1.55	1,992
Probable Reserves	265.6	1.90	16,215	259.9	1.92	16,042
P&P Reserves	303.6	1.82	17,753	299.8	1.87	18,034
Measured Resource (incl. reserves)	46.2	1.21	1,802	49.2	1.54	2,431
Indicated Resources (incl. reserves)	442.6	1.81	25,730	441.9	1.83	25,937
M&I Resources (incl. reserves)	488.8	1.75	27,532	491.1	1.80	28,368
Inferred Resources	150.8	1.77	8,560	152.8	1.75	8,598

Notes for the period ended 31 December 2021 are available in the section above. Notes for the period ended 31 December 2020 are available in the press release dated 18 March 2021 available on the Company's website and on SEDAR.

AI assistant

Endeavour Mining PLC — Management Reports 2022

5068_rns_2022-03-17_97217709-240a-448c-8a7c-e51b9f707a29.pdf

ENDEAVOUR MINING

MANAGEMENT REPORT

Table of Contents

MANAGEMENT REPORT

1. BUSINESS OVERVIEW

1.1. OPERATIONS DESCRIPTION

2. HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31 DECEMBER 2021

3. ENVIRONMENT, SOCIAL AND GOVERNANCE

3.1. HEALTH AND SAFETY

3.2. COVID-19 RESPONSE

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

Business continuity response plan

3.3. ESG UPDATES AND PERFORMANCE

Tackling Climate Change

The Responsible Gold Mining Principles

4. OPERATIONS REVIEW

4.1. Operational Review Summary

4.2. Boungou Gold Mine, Burkina Faso

Q4-2021 vs Q4-2020 insights

4.3. Houndé Gold Mine, Burkina Faso

Q4-2021 vs Q4-2020 insights

FY-2021 vs FY-2020 Insights

2022 Outlook

Exploration

Q4-2021 vs Q4-2020 insights

FY-2021 vs FY-2020 Insights

2022 Outlook

Exploration

4.5. Mana Gold Mine, Burkina Faso

Q4-2021 vs Q4-2020 insights

4.6. Sabodala-Massawa Gold Mine, Senegal

Q4-2021 Insights

4.7. Wahgnion Gold Mine, Burkina Faso

Q4-2021 Insights

Q4-2021 vs Q4-2020 insights

FY-2021 vs FY-2020 Insights

5. OUTLOOK

6. FINANCIAL REVIEW

6.1. STATEMENT OF COMPREHENSIVE EARNINGS

Review of results for the three months and year ended 31 December 2021:

6.3. SUMMARISED STATEMENT OF FINANCIAL POSITION

6.4. LIQUIDITY AND FINANCIAL CONDITION

Net Cash Position

Equity and Capital

Going Concern

6.5. RELATED PARTY TRANSACTIONS

Key management compensation

Other related party transactions

6.6. ACCOUNTING POLICIES AND CRITICAL JUDGEMENTS

Critical judgements and key sources of estimation uncertainty

7. USE OF PROCEEDS

8. NON-GAAP MEASURES

8.1. EBITDA AND ADJUSTED EBITDA

8.2. CASH AND ALL-IN SUSTAINING COST PER OUNCE OF GOLD SOLD

8.3. ADJUSTED NET EARNINGS AND ADJUSTED NET EARNINGS PER SHARE

8.4. OPERATING CASH FLOW PER SHARE

8.5. NET CASH/ADJUSTED EBITDA RATIO

8.6. RETURN ON CAPITAL EMPLOYED

9. QUARTERLY AND ANNUAL FINANCIAL AND OPERATING RESULTS

10. PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks

Security risk

Geopolitical risk

Commodity price risk

Supply chain macroeconomic risk

Community relations risk

Operational performance risk

Capital projects risk

Talent risk

Cybersecurity risk

Environmental risk

Regulatory compliance risk

Other risks

Credit risk

Liquidity risk

Currency risk

Interest rate risk

Endeavour Mining PLC Management Reports 2022