MANAGEMENT REPORT

For the three months and year ended 31 December 2022 and 31 December 2021

(Expressed in Millions of United States Dollars)

MANAGEMENT REPORT
1. BUSINESS OVERVIEW	3
1.1. OPERATIONS DESCRIPTION	3
2. HIGHLIGHTS FOR THE THREE AND TWELVE MONTHS ENDED 31 DECEMBER 2022	4
3. ENVIRONMENTAL, SOCIAL AND GOVERNANCE	5
3.1. HEALTH AND SAFETY	5
3.2. ESG UPDATES AND PERFORMANCE	6
4. OPERATIONS REVIEW	8
4.1. OPERATIONAL REVIEW SUMMARY	8
4.2. BOUNGOU GOLD MINE	9
4.3. HOUNDÉ GOLD MINE	11
4.4. ITY GOLD MINE	13
4.5. MANA GOLD MINE	15
4.6. SABODALA-MASSAWA GOLD MINE	17
4.7. WAHGNION GOLD MINE	19
4.8. DISCONTINUED OPERATIONS - KARMA MINE	21
5. FINANCIAL REVIEW	22
5.1. STATEMENT OF COMPREHENSIVE (LOSS)/EARNINGS	22
5.2. CASH FLOWS	24
5.3. SUMMARISED STATEMENT OF FINANCIAL POSITION	26
5.4. LIQUIDITY AND FINANCIAL CONDITION	27
5.5. RELATED PARTY TRANSACTIONS	28
5.6. ACCOUNTING POLICIES AND CRITICAL JUDGEMENTS	29
6. NON-GAAP MEASURES	29
6.1. REALISED GOLD PRICE	29
6.2. EBITDA AND ADJUSTED EBITDA	31
6.3. CASH AND ALL-IN SUSTAINING COST PER OUNCE OF GOLD SOLD	31
6.4. ADJUSTED NET EARNINGS AND ADJUSTED NET EARNINGS PER SHARE	34
6.5. OPERATING CASH FLOW PER SHARE	35
6.6. NET CASH/ADJUSTED EBITDA RATIO	36
6.7. RETURN ON CAPITAL EMPLOYED	36
7. QUARTERLY AND ANNUAL FINANCIAL AND OPERATING RESULTS	37
8. PRINCIPAL RISKS AND UNCERTAINTIES	39
9. CONTROLS AND PROCEDURES	42
9.1. DISCLOSURE CONTROLS AND PROCEDURES	42
9.2. INTERNAL CONTROLS OVER FINANCIAL REPORTING	42
9.3. LIMITATIONS OF CONTROLS AND PROCEDURES	42

This Management Report should be read in conjunction with Endeavour Mining plc's ("Endeavour", the "Company", or the "Group") audited consolidated financial statements for the years ended 31 December 2022 and 2021 and notes thereto. Endeavour Mining plc's audited consolidated financial statements for the years ended 31 December 2022 and 2021 and notes thereto has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") or ("GAAP") 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 millions of United States Dollars, except per share amounts and where otherwise indicated. This Management Report is prepared as of 15 March 2023. Additional information relating to the Company is available, including the Company's prospectus (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 has six operating assets consisting of the Boungou, Houndé, Mana and Wahgnion mines in Burkina Faso, the Ity mine in Côte d'Ivoire, the Sabodala-Massawa mine in Senegal, two development projects (Lafigué and Kalana) in Côte d'Ivoire and Mali 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 March 2022, the Company completed the sale of its Karma mine in Burkina Faso. On 17 October 2022, the Company launched construction of the Lafigué project after releasing results of the Definitive Feasibility Study ("DFS").

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 15 March 2023

2. HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31 DECEMBER 2022

Table 1: Consolidated Highlights

		THREE MONTHS ENDED		YEAR ENDED
(\$m)	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data from continuing operations
Gold produced	oz	355,225	377,796	1,400,161	1,436,126
Gold sold	oz	352,448	370,284	1,393,284	1,478,291
Realised gold price1	\$/oz	1,758	1,775	1,807	1,781
All-in sustaining costs ("AISC") per ounce sold2	\$/oz	954	894	928	864
Cash flow data from continuing operations
Operating cash flows before working capital	\$	280.8	318.2	1,108.7	1,132.7
Operating cash flows before working capital per share2	\$/share	1.14	1.28	4.47	4.72
Operating cash flows	\$	310.8	341.4	1,017.1	1,132.2
Operating cash flows per share2	\$/share	1.26	1.37	4.10	4.72
Earnings data from continuing operations
Revenue3	\$	617.0	666.0	2,508.1	2,642.1
Earnings from mine operations	\$	156.0	203.2	759.7	897.5
Net comprehensive (loss)/earnings attributable to shareholders	\$	(256.4)	(86.8)	(66.1)	245.0
Basic (loss)/earnings per share attributable to shareholders	\$/share	(1.04)	(0.35)	(0.27)	1.02
EBITDA2,4	\$	(110.4)	128.1	826.8	1,113.4
Adjusted EBITDA2,4	\$	288.2	357.7	1,284.2	1,464.2
Adjusted net earnings attributable to shareholders2,5	\$	64.5	120.1	357.9	581.7
Adjusted net earnings per share attributable to shareholders2,5	\$/share	0.26	0.48	1.44	2.42
Balance sheet data
Cash	\$	951.1	906.2	951.1	906.2
Return on capital employed ("ROCE")2	%	16	26	16	26
Net cash2	\$	121.1	76.2	121.1	76.2
Net cash/Adjusted EBITDA (LTM) ratio2,4	:	0.09	0.05	0.09	0.05

1 Realised gold price is inclusive of the Sabodala-Massawa stream and the realised gains/ losses from the Group's revenue protection programme. Please refer to non-GAAP measures for the calculation of the realised gold price for all periods presented.

2 This is a non-GAAP measure. Refer to the non-GAAP measure section of this Management Report.

3 Revenue includes gold and silver revenue for all periods presented. Please refer to non-GAAP measures for the reconciliation of the revenues to the gold revenue.

4 EBITDA is defined as earnings before interest, taxes, depreciation and depletion; LTM is defined as last twelve months.

5 Adjusted net earnings per share attributable to shareholders for the year ended 31 December 2022 has been restated to correct for an error to the amount of adjusted net earnings attributable to non-controlling interests and the related impact on adjusted earnings per share attributable to shareholders. The comparative periods for 2021 have also been corrected, see section 6.4 for more details.

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 socioeconomic 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 ESG 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 that are linked to clear, measurable ESG-related executive compensation targets, which are published in the Company's annual reporting suite.

To maximise Endeavour's socioeconomic 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, 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"), Global Reporting Initiative ("GRI"), the World Gold Council's Responsible Gold Mining Principles ("RGMPs"), the Sustainability Accounting Standards Board ("SASB") and the Local Procurement Reporting Mechanism ("LPRM"). Endeavour is also a participant of the United Nations Global Compact and a signatory of the Women's Empowerment Principles.

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. Regrettably, on 27 October 2022, a fatal accident occurred at the Ity mine in Côte d'Ivoire. A contractor passed away as a result of injuries sustained in an incident that occurred during blasting activities. Endeavour conducted an internal investigation into the incident, working closely with the relevant local authorities. The results of the investigation identified the need to review and update our site blasting evacuation procedures, which has been done and rolled out across the Group, with the aim of preventing similar incidents. The following table shows the safety statistics for the trailing twelve months ended 31 December 2022. The Group's lost time injury frequency rate ("LTIFR") continues to be well below the industry benchmark of 1.08¹ , with a significant decrease year-on-year from 0.20 in 2021 to 0.02 in 2022.

				Incident Category
	Fatality	Lost Time Injury	Total People Hours	LTIFR2	TRIFR3
Boungou	—	—	2,982,617	—	0.34
Houndé	—	—	5,388,920	—	1.11
Ity	1	—	7,527,834	—	0.27
Mana	—	—	4,736,353	—	1.69
Non Operations4	—	—	7,045,497	—	0.71
Sabodala-Massawa	—	1	6,784,138	0.15	1.47
Wahgnion	—	—	7,013,055	—	0.57
Total	—	1	41,478,414	0.02	0.87

Table 2: LTIFR¹ and TRIFR² Statistics for the Trailing Twelve Months ended 31 December 2022

1 Global Mining Research, FY-2021.

2 LTIFR = Number of LTIs in the Period x 1,000,000 / Total people hours worked for the period.

3 Total Recordable Injury Frequency Rate ("TRIFR") = Number of (LTI + Restricted Work Injury + Medical Treated Injury) in the period x 1,000,000 / Total people hours worked for the period.

⁴"Non Operations" includes Corporate, Kalana, Lafigué and Exploration.

3.2. ESG UPDATES AND PERFORMANCE

Tax and Economic Contribution Report

Endeavour published its first standalone Tax and Economic Contribution Report ("ECR Report") in Q4-2022 for the year ended 31 December 2021. This report complements and expands upon the Extractive Sector Transparency Measures Act ("ESTMA") reports that have been filed annually with the Canadian authorities. Both the ECR Report and the ESTMA report are available on Endeavour's website.

Highlights from the ECR Report include:

\$2.4 billion in total economic contribution, which includes the following:
- \$413.3 million in total taxes to host governments
- \$141.4 million in royalty payments to host governments
- \$56.2 million in dividend and other payments to host governments
- \$1.6 billion in total procurement spend
- \$163.9 million in wages and related payments
Total contributions to the countries where we are operating as follows:
- \$1.45 billion in total economic contribution to Burkina Faso
- \$325.5 million in total economic contribution to Côte d'Ivoire
- \$433.3 million in total economic contribution to Senegal
- \$142.6 million in total economic contribution to other West African countries

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. Consisting of ten umbrella principles and fifty-one detailed principles that cover key ESG themes, 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.

During FY-2022, Endeavour continued to progress implementation of the RGMPs, achieving full conformance at both corporate and site-level for its legacy assets, the Ity and Houndé mines, as per the World Gold Council's three-year timeframe. For the acquired SEMAFO and Teranga mines, Endeavour has three years to conform from the date of acquisition and anticipates achieving full conformance in FY-2023.

Changes to Board of Directors

During the year ended 31 December 2022, there were several changes to the Board of Directors. Srinivasan Venkatakrishnan ("Venkat") and Ian Cockerill were elected to the Board at the Company's Annual General Meeting ("AGM") in May 2022, while Dr. Carmen Letton, Sofia Bianchi, and Michael Beckett did not stand for re-election. On 15 August 2022, Endeavour announced that David Mimran, Non-Executive Director, was stepping down as a Director of the Company. On 29 September 2022, Endeavour announced the appointment of Sakhila Mirza to the Board as an Independent Non-Executive Director. As such, Endeavour's Board is now comprised of nine members, of which the following five members are considered independent under the UK Corporate Governance Code: Alison Baker, Ian Cockerill (Senior Independent Director), Livia Mahler, Sakhila Mirza, and Tertius Zongo. The Chair, Venkat, was considered independent at the time of his appointment. In addition, James Askew and Naguib Sawiris serve as Non-Executive Directors, alongside Sébastien de Montessus as Executive Director, President and CEO.

It is expected that Mr. Patrick Bouisset, formerly EVP Exploration who retired on 31 December 2022, will be appointed to the Endeavour Board as a Non-Executive Director and a La Mancha representative at the Company's next AGM, replacing Jim Askew who has decided to retire and will not stand for re-election.

Voting Results Update Statement

In accordance with the UK Corporate Governance Code, the Company is providing an update in relation to the results of the 2022 Annual General Meeting ("AGM") vote. Resolution 13 (To Approve Directors' Remuneration Policy), being the binding resolution, received the support of 90.52% of shareholders. Resolution 14 (To Approve Directors' Remuneration Report) being the advisory resolution received the support of 70.14% of shareholders.

Following the AGM, the Chair reconstituted the committees of the Board and Ian Cockerill was appointed to the Remuneration Committee ("RemCo") alongside Tertius Zongo and Livia Mahler (RemCo Chair). This brought the Company's approach to the RemCo composition into alignment with the Code, as all members are independent and the RemCo Chair is not also the Chair of the Board.

Following the 2022 AGM, the Company conducted a formal outreach with a significant number of shareholders to discuss their views and to solicit feedback on the nature of the issues which had led to a lower vote of 70.14% of shareholders in support of the Remuneration Report. The Chair met with shareholders representing over 70% of the register, including the largest shareholders who had voted against the Remuneration Report. The matters raised by the shareholders principally related to the pensionable treatment of STIP awards for the Chief Executive, the one-off award granted to the Chief Executive linked to the Company's domiciliation to the UK in anticipation of the London listing, and consequently the total quantum of the Chief Executive's remuneration for 2021.

The Remuneration Committee has worked with Willis Towers Watson, the external independent remuneration adviser to the Board and the Chair of the Remuneration Committee has also spoken to major institutional shareholders, to determine how the Company can best address these matters ahead of this year's AGM. As a result some changes have been proposed by the Board with respect to the pension contributions of the Chief Executive and the UK workforce, in order to comply with the UK Code. The aim is to remove the pension element that is calculated on the STIP and, instead, limit pension contributions for the Chief Executive and the UK workforce to 10% of base pay. A resolution to make this change to the Remuneration Policy is being put to the shareholders at the AGM. The Chair of the Remuneration Committee will also undertake follow-up engagement with proxy advisers and shareholders prior to the AGM.

4. OPERATIONS REVIEW

The following tables summarises the operating results for the three and twelve months ended 31 December 2022 and 31 December 2021.

4.1. Operational Review Summary

• Q4-2022 production from continuing operations amounted to 355,225 ounces, a decrease of 22,571 ounces or 6% compared to Q4-2021, due primarily to the lower average grades at Houndé, Mana, Boungou and Wahgnion, partially offset by higher grades and recoveries at Ity.
AISC from continuing operations increased by \$60 per ounce to \$954 per ounce compared to Q4-2021, mainly due to the decrease in gold sold associated with lower production and the underlying unit cost increases primarily related to fuel and consumable prices, offset partially by a favourable foreign exchange rate as the Euro remained comparatively stronger against the dollar, and lower sustaining capital.
FY-2022 production from continuing operations amounted to 1,400koz, achieving the top end of the guided 1,315-1,400koz range while all-in sustaining costs ("AISC") amounted to \$928/oz, achieving the guided \$880-930/oz. The production performance was mainly due to the Houndé and Ity mines which benefitted from higher than planned throughput, and the Mana mine where higher than expected open pit mining tonnages were extracted from the Wona open pit prior to its depletion. Inflationary pressures on costs were partially offset by favourable foreign exchange movements as the Euro declined against the Dollar as well as group-wide optimisation initiatives.
FY-2022 production from continuing operations decreased by 36koz or 3% from 1,436koz in FY-2021 to 1,400koz due to lower production at Boungou, Mana and Wahgnion due to mining and processing of lower grade ore. AISC from continuing operations increased, in line with guidance, from \$864/oz in FY-2021 to \$928/oz in FY-2022.

	THREE MONTHS ENDED		YEAR ENDED
	31 December	31 December	31 December	31 December
(All amounts in oz, on a 100% basis)	2022	2021	2022	2021
Boungou	25,580	34,927	115,701	174,320
Houndé	62,618	77,260	294,993	293,155
Ity	82,348	59,969	312,517	271,832
Mana	45,973	53,840	194,975	204,507
Sabodala-Massawa1	102,816	104,563	358,339	345,280
Wahgnion1	35,890	47,237	123,636	147,032
PRODUCTION FROM CONTINUING OPERATIONS	355,225	377,796	1,400,161	1,436,126
Karma2	—	20,465	10,246	87,662
Agbaou3	—	—	—	12,575
GROUP PRODUCTION	355,225	398,261	1,410,407	1,536,363

Table 3: Group Production

1 Included for the post acquisition period commencing 10 February 2021. 2 Divested on 10 March 2022.

3 Divested on 1 March 2021.

Table 4: Group AISC¹

	THREE MONTHS ENDED		YEAR ENDED
	31 December	31 December	31 December	31 December
(All amounts in US\$/oz)	2022	2021	2022	2021
Boungou	1,118	825	1,064	801
Houndé	969	874	809	843
Ity	847	854	812	836
Mana	999	1,116	994	1,026
Sabodala-Massawa2	661	591	691	645
Wahgnion2	1,376	1,066	1,525	994
Corporate G&A	43	51	36	34
AISC1 FROM CONTINUING OPERATIONS	954	894	928	864
Karma3	—	1,300	1,504	1,193
Agbaou4	—	—	—	1,131
GROUP AISC1	954	915	933	885

1 This is a non-GAAP measure. Refer to non-GAAP Measures section for further details.

4 Divested on 1 March 2021.

² Included for the post acquisition period commencing 10 February 2021.

³ Divested on 10 March 2022.

4.2. Boungou Gold Mine, Burkina Faso

Table 5: Boungou Key Performance Indicators

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined	kt	256	301	990	1,437
Tonnes of waste mined	kt	3,241	3,993	17,515	25,002
Tonnes of ore milled	kt	295	352	1,348	1,352
Average gold grade milled	g/t	2.85	3.36	2.80	4.07
Recovery rate	%	93	95	94	95
Gold produced	oz	25,580	34,927	115,701	174,320
Gold sold	oz	23,710	33,817	117,052	170,936
Realised gold price	\$/oz	1,784	1,792	1,811	1,783
Financial data
Gold revenue1	\$m	42.3	60.6	212.0	304.8
Operating expenses	\$m	(22.5)	(22.6)	(105.6)	(105.1)
Royalties	\$m	(2.6)	(3.8)	(12.7)	(18.5)
Non-cash and other adjustments2	\$m	0.1	0.1	0.3	4.8
Total cash cost1	\$m	(25.0)	(26.3)	(118.0)	(118.8)
Sustaining capital1	\$m	(1.5)	(1.6)	(6.6)	(18.1)
Total AISC1	\$m	(26.5)	(27.9)	(124.6)	(136.9)
Non-sustaining capital1	\$m	(6.0)	(9.0)	(27.5)	(22.9)
Total all-in costs1	\$m	(32.5)	(36.9)	(152.1)	(159.8)
Cash cost per ounce sold1	\$/oz	1,054	778	1,008	695
Mine AISC per ounce sold1	\$/oz	1,118	825	1,064	801

1 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

2 Non-cash and other adjustments include reversal of the fair value adjustment of inventory on hand at the acquisition date, as well as by product revenue.

Q4-2022 vs Q4-2021 Insights

Production decreased from 34,927 ounces in Q4-2021 to 25,580 ounces in Q4-2022 due to lower average grades processed and lower tonnes milled with operations impacted in Q4-2022 by logistic challenges in supplies getting to site which caused mining and processing interruptions.
- Total tonnes mined and tonnes of ore mined decreased as mining activities were impacted by the supply chain disruptions which meant fuel usage was constrained. Ore mining was primarily focused on the West pit phase 3 in the quarter while pre-stripping of the West flank pit was performed.
- Tonnes milled decreased due to downtime experienced during the quarter as a result of the previously disclosed logistics challenges which caused production interruptions in the quarter.
- Processed grade decreased as lower grade stockpiles supplemented the ore feed from West pit stage 3 in Q4-2022 given lower volumes of ore mined.
AISC increased from \$825 per ounce in Q4-2021 to \$1,118 per ounce in Q4-2022 due to the significant decrease in the volume of gold sold and an increase in unit mining costs due to increased fuel and consumable costs in Q4-2022 compared to Q4-2021.
Sustaining capital expenditure amounted to \$1.5 million in Q4-2022, in line with the \$1.6 million incurred in Q4-2021, with the capital spend primarily relating to plant infrastructure and capital spares.
Non-sustaining capital expenditure amounted to \$6.0 million in Q4-2022, a decrease from \$9.0 million in Q4-2021, with the capital spend primarily relating to pre-stripping activity at the West pit flank 1 pit and some capitalised drilling.

FY-2022 vs FY-2021 Insights

• FY-2022 production totalled 116koz, which in line with the previously disclosed outlook, stands below the guided 130-140koz range due primarily to lower than scheduled stripping activities in West pit phase 3 to access higher grade ore in 2022 due to fuel constraints. FY-2022 AISC amounted to \$1,064/oz, which is above the guided \$900-1,000/oz range due to the lowerthan-expected production, higher fuel prices and increased security costs.

FY-2022 production decreased from 174koz in FY-2021 to 116koz in FY-2022 due to the impact of lower grade material available as a result of logistics challenges in getting some supplies to site causing unplanned downtime. AISC increased from \$801/oz in FY-2021 to \$1,064/oz in FY-2022 due to the lower grades processed and an increase in fuel, consumable costs.
Due to the higher than expected operating costs and the lower than expected grades during the year described above, management evaluated a revised life of mine plan which reflects the lower estimated recoverable reserves and resources at 31 December 2022, the higher waste stripping required over the life of mine, the increased operating costs, due primarily to security, fuel and some consumable cost increases. As a result of this assessment, the recoverable value exceeded the carrying value of the mining interest, and the Group recognised a non-cash impairment expense of \$163.3 million for the Boungou mine at 31 December 2022. In FY-2021, an impairment of \$246.3 million was recognised, of which \$31.9 million related to the goodwill which had been recognised on acquisition.

2023 Outlook

Boungou is expected to produce between 115-125koz in FY-2023 at an AISC of between \$985-1,075/oz.
Mining activities in H1-2023 are expected to focus on continuing the waste stripping at the West Flank pit and ore mining in the West pit phase 3. In H2-2023, greater ore volumes are expected to be sourced from the West Flank phase 1 pit. Mill throughput is expected to decrease slightly while grades are expected to improve compared to the prior year. Production is expected to be weighted towards H2-2023 when higher grades are expected to be accessed from the West Flank phase 1 pit following waste stripping activities.
Sustaining capital expenditure is expected to decrease from approximately \$6.6 million in FY-2022 to \$5.0 million in FY-2023, relating mainly to waste stripping, plant maintenance and fuel capacity increases.
Non-sustaining capital expenditure is expected to increase from approximately \$27.5 million in FY-2022 to \$30.0 million in FY-2023, relating primarily to significant waste stripping activity at the West Flank phase 1 pit in H1-2023.

Exploration

An exploration programme of \$2.0 million was undertaken in FY-2022, which included 8,636 meters of drilling across 708 drill holes. The exploration programme was focused on identifying new targets close to the Boungou mine and testing the continuity of the Boungou deposit mineralisation within the mine fence.
During Q4-2022, \$0.1 million was spent as limited drilling was completed and activities were primarily focussed on re-logging historic drill core and incorporating new advanced grade control drilling data into updated geological models to improve the geological interpretation of the Boungou deposit.
An exploration programme of \$1.0 million is planned for FY-2023 which will continue to focus on geological reinterpretation of the existing system.

4.3. Houndé Gold Mine, Burkina Faso

Table 6: Houndé Key Performance Indicators

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined	kt	1,912	777	5,754	4,397
Tonnes of waste mined	kt	10,989	11,520	39,736	45,520
Tonnes milled	kt	1,359	1,226	5,043	4,622
Average gold grade milled	g/t	1.55	2.05	1.92	2.13
Recovery rate	%	92	94	93	92
Gold produced	oz	62,618	77,260	294,993	293,155
Gold sold	oz	62,151	73,340	295,874	292,579
Realised gold price	\$/oz	1,755	1,797	1,801	1,785
Financial data
Gold revenue1	\$m	109.1	131.8	532.9	522.3
Operating expenses	\$m	(41.2)	(40.8)	(170.5)	(162.7)
Royalties	\$m	(8.3)	(9.5)	(37.5)	(35.7)
By product revenue1	\$m	0.2	0.1	0.6	0.8
Total cash cost1	\$m	(49.3)	(50.2)	(207.4)	(197.6)
Sustaining capital1	\$m	(10.9)	(13.9)	(32.0)	(49.1)
Total AISC1	\$m	(60.2)	(64.1)	(239.4)	(246.7)
Non-sustaining capital1	\$m	(13.6)	(6.8)	(39.2)	(17.1)
Total all-in costs1	\$m	(73.8)	(70.9)	(278.6)	(263.8)
Cash cost per ounce sold1	\$/oz	793	684	701	675
Mine AISC per ounce sold1	\$/oz	969	874	809	843

1 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

Q4-2022 vs Q4-2021 Insights

Production decreased from 77,260 ounces in Q4-2021 to 62,618 ounces in Q4-2022 due to the lower grades milled and lower recoveries, partially offset by higher tonnes milled.
- Ore tonnes mined increased significantly due to lower strip ratio areas of Vindaloo and Kari West being mined, which contributed most of the ore feed. Waste stripping at Kari Pump continued during the quarter.
- Tonnes milled increased due to higher throughput rates with greater volumes of softer oxide and transitional ore from the Kari West pit in the feed.
- Average gold grade milled decreased compared to Q4-2021 due a higher proportion of ore sourced from the lower grade Kari West and Vindaloo Main compared to more ore tonnes from the higher-grade Kari Pump pit in Q4-2021.
- Recoveries fell from 94% in Q4-2021 to 92% in Q4-2022 due to the increased lower grade Kari West oxide material in the blend and higher throughput.
AISC increased from \$874 per ounce in Q4-2021 to \$969 per ounce in Q4-2022 primarily due to the lower gold sold volumes and higher operating costs due to increased fuel and consumable pricing in addition to longer average haulage distances. This was partially offset by lower sustaining capital.
Sustaining capital expenditure amounted to \$10.9 million, a decrease compared to \$13.9 million in Q4-2021 which consisted of waste development at Kari Pump and Vindaloo Main pits, whereas Q4-2022 spend mainly related to mining fleet re-builds, processing plant replacement parts and capitalised infill drilling.
Non-sustaining capital expenditure amounted to \$13.6 million, an increase from \$6.8 million in Q4-2021, due to the continuation of pre-stripping of stage 3 of the Kari Pump pit, expenditures related to the stage 6 and 7 tailings storage facility ("TSF") raise and infrastructure around the Kari area.

FY-2022 vs FY-2021 Insights

• FY-2022 production totalled 295koz which exceeded the guided 260-275koz range, due to higher than scheduled volumes of high-grade ore sourced from the Kari area and better mill performance following blend optimisation initiatives. FY-2022 AISC amounted to \$809/oz, which is below the guided \$875-925/oz range due to the benefit of the higher-than-expected production.

• FY-2022 production remained consistent with FY-2021 as increased mill throughput and improved recoveries associated with the high-grade ore sourced from the Kari Pump pit offset a lower average grade milled. AISC decreased from \$843/oz in FY-2021 to \$809/oz in FY-2022 due to lower volumes of waste mined.

2023 Outlook

Houndé is expected to produce between 270-285koz in FY-2023 at AISC of \$850-925/oz.
Mining activities during the year will focus on the Vindaloo Main, Kari Pump and Kari West pits. In H1-2023, ore is expected to be mined primarily from the Kari West pit, while significant waste stripping is underway at Kari Pump and Vindaloo Main pits. In H2-2023, greater ore volumes are expected be mined from the Kari Pump and Vindaloo Main pits following waste stripping in H1-2023, with Kari West continuing to provide supplemental feed. Production for the year is expected to be weighted towards H2-2023 as the waste stripping activities in H1-2023 are expected to provide access to higher grade ore sources at both the Kari Pump and Vindaloo Main pits in the second half of the year. Throughput and recoveries are expected to be slightly lower in FY-2023 compared to FY-2022 due to a greater proportion of harder fresh ore in the blend.
Sustaining capital expenditure is expected to increase from \$32.0 million in FY-2022 to approximately \$40.0 million in FY-2023, relating mainly to waste stripping, fleet re-builds and plant equipment replacements and upgrades.
Non-sustaining capital expenditure is expected to decrease from \$39.2 million in FY-2022 to approximately \$35.0 million in FY-2023, and primarily relates to waste stripping activities and stage 8 and 9 of the TSF1 embankment raise.

Exploration

An exploration programme of \$11.6 million was undertaken in FY-2022, which included 30,115 meters of drilling across 299 drill holes. The exploration programme was focussed on extending the resources at Vindaloo South, and testing new targets including Sianikoui and Koho.
During Q4-2022, \$0.7 million was spent focussed on drilling at the new Dynikonogolo target, as well as desktop reviews and modelling of the Koho and Golden Hill deposits.
An exploration program of \$7.0 million is planned for FY-2023, focussed on extending the mineralisation of Vindaloo Southeast along strike and delineating underground resource potential at the Vindaloo Deeps and Kari West deposits.

4.4. Ity Gold Mine, Côte d'Ivoire

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined	kt	1,662	2,234	7,044	7,906
Tonnes of waste mined	kt	4,381	4,390	16,902	17,044
Tonnes milled	kt	1,710	1,624	6,351	6,248
Average gold grade milled	g/t	1.73	1.50	1.80	1.67
Recovery rate	%	87	77	85	80
Gold produced	oz	82,348	59,969	312,517	271,832
Gold sold	oz	82,561	57,963	309,371	279,226
Realised gold price	\$/oz	1,751	1,801	1,798	1,789
Financial data
Gold revenue1	\$m	144.6	104.4	556.1	499.6
Operating expenses	\$m	(61.2)	(39.4)	(214.2)	(189.0)
Royalties	\$m	(8.4)	(5.8)	(31.1)	(27.5)
By product revenue1	\$m	2.2	1.8	7.5	7.2
Total cash cost1	\$m	(67.4)	(43.4)	(237.8)	(209.3)
Sustaining capital1	\$m	(2.5)	(6.1)	(13.4)	(24.0)
Total AISC1	\$m	(69.9)	(49.5)	(251.2)	(233.3)
Non-sustaining capital1	\$m	(22.9)	(10.9)	(49.0)	(35.3)
Total all-in costs1	\$m	(92.8)	(60.4)	(300.2)	(268.6)
Cash cost per ounce sold1	\$/oz	816	749	769	750
Mine AISC per ounce sold1	\$/oz	847	854	812	836

Table 7: Ity CIL Key Performance Indicators

1 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

Q4-2022 vs Q4-2021 Insights

Production increased from 59,969 ounces in Q4-2021 to 82,348 ounces in Q4-2022, due to higher gold grades milled, improved recovery rates and increased tonnes milled.
- Ore tonnes mined decreased following the completion of the Daapleu pit stage 1 in early 2022 and the Colline Sud pit which was completed in mid-2022, offset by an increase in ore tonnes sourced from Ity and Bakatouo where mining focused on lower strip ratio areas. The Le Plaque stage 3 cutback commenced in Q4-2022.
- Tonnes milled increased due to higher mill availability, with less scheduled downtime and throughput rates which benefitted from cleaner supplemental feed.
- Average grade milled increased due to increased high-grade availability from Bakatouo, Le Plaque and Ity pits in the feed.
- Recovery rates increased as a result of less semi-refractory material being fed compared to Q4-2022 where there was refractory Daapleu ore in the feed, and benefit of the pre-leach tanks which came online in mid-2022.
AISC decreased from \$854 per ounce in Q4-2021 to \$847 per ounce in Q4-2022 due to significantly higher ounces sold and lower sustaining capital, which was partially offset by higher unit mining and processing costs due to the increase in fuel and consumable costs.
Sustaining capital expenditure amounted to \$2.5 million, a decrease compared to \$6.1 million in Q4-2021, mainly related to spare parts.
• Non-sustaining capital expenditure amounted to \$22.9 million, an increase compared to the \$10.9 million incurred in Q4-2021, mainly related to the ongoing construction of the Recyn project, the TSF wall raise, and compensation of land and pre-stripping capitalisation associated with the Le Plaque pit cut back.
The Recyn project remains on track to be commissioned in Q3-2023. Detailed design and engineering have been completed and procurement is now 80% complete. Construction works including the acid storage facility, reagents shed, mixing stations and absorption tanks are all progressing with 65% of the overall capital has now been committed. The circuit aims to improve costs by reducing leaching and detox reagent consumption, improving the quality of the tailings discharge and decant water, and increasing gold production through higher recovery rates. The project is expected to result in 87koz of additional gold production and \$63.0 million in cost savings over Ity's current reserve life for an upfront capital cost of \$41 million, of which \$14.8 million has been incurred in FY-2022.

FY-2022 vs FY-2021 Insights

• FY-2022 production totalled 313koz which was above the guided 255-270koz range mainly due to higher-than-expected grades, higher recoveries associated with less processing of transitional semi-refractory material from Daapleu, and improved processing plant performance from increased throughput through the use of the surge bin to supplement the crusher feed. FY-2022 AISC amounted to \$812/oz, which was in line with the \$800-850/oz guided range.
FY-2022 production increased from 272koz in FY-2021 to 313koz in FY-2022 due to an increase in throughput rates from improvements in plant operating and maintenance strategies, continued use of mobile screening and crushing plants to produce supplemental ore introduced via the surge bin to the mill feed, higher average processed grades due to higher portions of high-grade material from Le Plaque and higher recoveries due to a lower portion of fresh material from Daapleu. FY-2022 AISC decreased from \$836/oz in FY-2021 to \$812/oz in FY-2022, driven largely by the increased production during the period.

2023 Outlook

Ity is expected to produce between 285-300koz in FY-2023 at an AISC of between \$840-915/oz.
For FY-2023, ore is expected to be sourced from the Ity, Bakatouo, Le Plaque and Walter pits, supplemented by historical heap leach stockpiles. Ore tonnes processed for FY-2023 are expected to remain consistent with the prior year. Grades are expected to decline due to the cessation of ore mining at the higher grade Daapleu open pit in mid-2022, while recoveries are expected to increase as no Daapleu semi-refractory material is expected in the mill feed for FY-2023.
Sustaining capital expenditure is expected to increase from \$13.4 million in FY-2022 to \$25.0 million in FY-2023 and is primarily related to waste stripping, installation of de-watering boreholes and capital spares.
Non-sustaining capital expenditure is expected to decrease from \$49.0 million in FY-2022 to approximately \$40.0 million in FY-2023, mainly related to the completion of the Recyn project which is expected to be commissioned early in H2-2023, as well as the TSF 1 stage 5 raise and commencement of construction of TSF 2. In addition, the mineral sizer (crusher duplication) project is expected to be launched in H2-2023.

Exploration

An exploration programme of \$10.0 million was undertaken in FY-2022, which included 51,181 meters of drilling across 330 drill holes. The exploration programme was focused on extending resources at several near mine deposits and confirming the continuity of the Ity mineralised system resulting in a significantly larger resource adjacent to the Ity processing plant.
During Q4-2022, \$2.0 million was spent focussed on creation of a new single resource model for the Ity area comprised of seven deposits, which were previously thought to be unique. Mineralisation remains open at the West Flotouo, Daapleu, Bakatouo, Colline Sud and Walter deposits with additional drilling planned for 2023. At Le Plaque, resources were added from the Yopleu-Legaleu deposit and the Delta Extension, while a new discovery was logged at the Delta Sud-Est target that appears continuous with the Yopleu-Legaleu vein system. During Q4-2022, the exploration programme also continued to assess the potential of new greenfield targets with discoveries made at both the Gbampleu and Delta SE targets, where further drilling is planned for 2023.
An exploration program of \$14.0 million is planned for FY-2023, focussed on evaluating mineralisation in proximity to known deposits, where mineralisation is known to extend including at the Bakatouo, Walter, Ity Flat, West Flotouo and Colline Sud deposits. In addition, the exploration programme will continue to advance the recent discoveries including Gbampleu, located 22km away from the processing plant where several high grade mineralised lenses have been identified.

4.5. Mana Gold Mine, Burkina Faso

	Table 8: Mana Key Performance Indicators
--	------------------------------------------

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined - open pit	kt	338	529	1,260	2,025
Tonnes of waste mined - open pit	kt	719	2,166	2,355	21,504
Tonnes ore mined - underground	kt	299	180	944	838
Tonnes of waste mined - underground	kt	65	89	482	301
Tonnes of ore milled	kt	643	651	2,607	2,593
Average gold grade milled	g/t	2.33	2.75	2.49	2.65
Recovery rate	%	93	93	92	91
Gold produced	oz	45,973	53,840	194,975	204,507
Gold sold	oz	44,523	52,339	194,403	211,424
Realised gold price	\$/oz	1,754	1,796	1,812	1,789
Financial data
Gold revenue1	\$m	78.1	94.0	352.3	378.2
Operating expenses	\$m	(37.3)	(49.7)	(162.9)	(180.3)
Royalties	\$m	(4.7)	(6.4)	(21.2)	(25.2)
Non-cash and other adjustments2	\$m	0.1	0.1	0.7	1.2
Total cash cost1	\$m	(41.9)	(56.0)	(183.4)	(204.3)
Sustaining capital1	\$m	(2.6)	(2.4)	(9.9)	(12.6)
Total AISC1	\$m	(44.5)	(58.4)	(193.3)	(216.9)
Non-sustaining capital1	\$m	(16.7)	(6.9)	(61.4)	(63.3)
Total all-in costs1	\$m	(61.2)	(65.3)	(254.7)	(280.2)
Cash cost per ounce sold1	\$/oz	941	1,070	943	966
Mine AISC per ounce sold1	\$/oz	999	1,116	994	1,026

¹Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

2 Non-cash and other adjustments include reversal of the fair value adjustment of inventory on hand at the acquisition date, as well as by product revenue.

Q4-2022 vs Q4-2021 insights

Production decreased from 53,840 ounces in Q4-2021 to 45,973 ounces in Q4-2022 due to lower processed grades and slightly lower tonnes milled.
- Total open pit tonnes mined in Q4-2022 was lower than Q4-2021, as the new Maoula open pit began ramping up production compared to Q4-2021 where mining was ongoing at the Wona open pit which was completed in Q2-2022.
- Total underground tonnes of ore mined increased due to increased stope production at Siou underground and increased development ore tonnes from Wona underground, with 2,117 meters of development completed across the two declines during Q4-2022.
- Tonnes milled decreased slightly due to lower mill utilisation with some unplanned mill downtime in the quarter relating to blockages of the SAG chute and pumps.
- Average grades processed decreased as lower grade Maoula open pit material was used in the feed blend together with the higher-grade ore sourced from the Siou underground mine.
AISC decreased from \$1,116 per ounce in Q4-2021 to \$999 per ounce in Q4-2022 due to lower open pit mining unit costs with Q4-2021 containing higher maintenance costs, and lower unit underground costs, partially offset by the lower volume of gold sold.
• Sustaining capital expenditure amounted to \$2.6 million, an increase compared to the \$2.4 million incurred in Q4-2021, related to site infrastructure and mining equipment costs.
• Non-sustaining capital expenditure amounted to \$16.7 million, an increase compared to \$6.9 million incurred in Q4-2021, related to underground development and infrastructure for the two Wona underground declines, Maoula open pit establishment costs and the TSF raise.

FY-2022 vs FY-2021 Insights

• FY-2022 production totalled 195koz, exceeding the guided 170-190koz range due to better-than-expected ore tonnage mined from the Wona open pit before it was depleted and greater volumes of ore sourced from the Siou and Wona underground mines. FY-2022 AISC amounted to \$994/oz, slightly below the guided \$1,000-\$1,100/oz range, largely due to better-than-expected production from the Wona South pit prior to completion.
Production decreased from 205koz in FY-2021 to 195koz in FY-2022 largely due to lower grades milled because of processing more lower grade stockpiles to supplement the mill feed as open pit mining at the Wona open pit ended during the year. FY-2022 AISC decreased from \$1,026/oz in FY-2021 to \$994/oz primarily due to an increased proportion of underground mining and higher underground mining unit costs due to the mining of ore at increased depth.

2023 Outlook

Mana is expected to produce between 190-210koz in FY-2023 at an AISC of \$950-1,050/oz.
In FY-2023, ore will be sourced primarily from the Siou and Wona underground where stope mining is expected to continue throughout the year, supplemented by ore from the Maoula open pit. Processed grades are expected to increase compared to the prior year as higher-grade underground ore is expected to represent a larger portion of the mill feed. Production is expected to be weighted to H2-2023 as more stopes are expected to be accessible at the Wona underground mine following the development conducted in H1-2023. Development at the Wona underground is expected to continue throughout the year while establishment of an additional portal is expected to commence in H1-2023.
Sustaining capital expenditure is expected to increase from \$9.9 million in FY-2022 to approximately \$25.0 million in FY-2023, with expenditure relating mainly to Siou capitalised underground development and plant maintenance.
Non-sustaining capital expenditure is expected to decrease from \$61.4 million in FY-2022 to approximately \$45.0 million in FY-2023, with expenditure relating mainly to Wona underground development and establishment of a new portal, and its associated infrastructure, and the stage 5 lift of the TSF.

Exploration

An exploration programme of \$7.0 million was undertaken in FY-2022, which included 30,299 meters of drilling across 291 drill holes focussed on increasing the size of the resources at Maoula Est, Fofina and Nyafe as well as delineating both near mine and greenfield targets.
During Q4-2022 \$1.4 million was spent, focussed on identifying new targets using artificial intelligence based prospectivity analysis to screen for targets based on multiple geologic data sets. 70 targets were identified and these targets are progressively being screened through geological and structural mapping, with five promising targets having been identified and prioritised for drilling in 2023.
An exploration program of \$5.0 million is planned for FY-2023, primarily focussed on underground exploration at the Siou deposit to upgrade resources in the northern portion of the deposit. In addition reconnaissance drilling is planned at the five near mine and greenfield targets generated in Q4-2022 from the prospectivity analysis.

4.6. Sabodala-Massawa Gold Mine, Senegal

Table 9: Sabodala-Massawa Key Performance Indicators¹

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined	kt	1,727	1,719	6,449	6,603
Tonnes of waste mined	kt	10,917	11,070	42,810	34,330
Tonnes milled	kt	1,154	1,081	4,289	3,777
Average gold grade milled	g/t	3.16	3.41	2.88	3.19
Recovery rate	%	88	90	89	90
Gold produced	oz	102,816	104,563	358,339	345,280
Gold sold	oz	101,069	106,768	350,578	365,331
Realised gold price2	\$/oz	1,712	1,774	1,764	1,757
Financial data
Gold revenue2,3	\$m	173.0	189.4	618.3	641.9
Operating expenses	\$m	(46.1)	(39.7)	(171.6)	(210.0)
Royalties	\$m	(9.8)	(10.5)	(34.7)	(35.9)
Non-cash and other adjustments4	\$m	(0.6)	1.3	4.0	60.5
Total cash cost3	\$m	(56.5)	(48.9)	(202.3)	(185.4)
Sustaining capital3	\$m	(10.3)	(14.2)	(40.0)	(50.3)
Total AISC3	\$m	(66.8)	(63.1)	(242.3)	(235.7)
Non-sustaining capital3	\$m	(6.9)	(14.1)	(40.1)	(34.0)
Total all-in costs3	\$m	(73.7)	(77.2)	(282.4)	(269.7)
Cash cost per ounce sold3	\$/oz	559	458	577	507
Mine AISC per ounce sold3	\$/oz	661	591	691	645

1 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.

3 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

4 Non-cash and other adjustments include reversal of the fair value adjustment of inventory on hand at the acquisition date, as well as by product revenue.

Q4-2022 vs Q4-2021 Insights

Production decreased from 104,563 ounces in Q4-2021 to 102,816 ounces in Q4-2022, due to lower processed grades and recovery rates, partially offset by higher throughput.
- Tonnes mined was in line with the prior year period with mining activities focused on Sofia North, Sabodala, Massawa Central and North Zones and Bambaraya pits.
- Ore tonnes mined remained in line with prior year period and were sourced from Massawa Central and North zones as well as Bambaraya which were all commenced in the year compared to Q4-2021 where ore tonnes were primarily sourced from Sofia Main and Sofia North pits.
- Tonnes milled increased slightly due to increased mill availability and utilisation due to a processing more oxide material and less scheduled downtime compared to Q4-2021.
- Average processed grades decreased as expected, due to lower grade transitional and fresh material processed while the prior year quarter benefitted from the higher-grade Sofia Main pit material which was fully depleted in 2022.
- Recovery rates decreased due to the increased proportion of transitional Massawa material in the blend in the quarter with lower associated recovery.
AISC increased from \$591 per ounce in Q4-2021 to \$661 per ounce in Q4-2022 due to lower ounces of gold sold, and higher processing unit costs associated with fuel price increases earlier in 2022. This increase was partially offset by lower sustaining capital and mining unit costs due to mining efficiencies realised in the mining at higher elevations in the pits that were commenced during the year.
Sustaining capital expenditure amounted to \$10.3 million, a decrease compared to the \$14.2 million incurred in Q4-2021, related to waste capitalisation at Sabodala, Massawa North, Massawa Central and Bambaraya pits, in addition to new mining equipment, dewatering projects and plant and infrastructure upgrades.
Non-sustaining capital expenditure amounted to \$6.9 million, a decrease compared to the \$14.1 million incurred in Q4-2021, primarily related to the final stages of construction at the Sabodala resettlement village, in addition to the Massawa mining area development and mining establishment costs at the Bambaraya satellite deposit.

FY-2022 vs FY-2021 Insights

• FY-2022 production totalled 358koz, achieving near the bottom end of the guided 360-375koz range due to delays at the end of the year in accessing high grade ore areas and greater volumes of waste extraction in the Massawa North Zone pits than initially scheduled. FY-2022 AISC amounted to \$691/oz, within the guided \$675-\$725/oz range.
Production increased from 345koz in FY-2021 to 358koz in FY-2022 due to the full year of production following the Teranga acquisition in Q1-2021. FY-2022 AISC increased from \$645/oz to \$691/oz due to the lower average grade processed and increases in fuel and explosive costs, which were partially offset by foreign exchange benefits and lower sustaining capital.

2023 Outlook

Sabodala-Massawa is expected to produce between 315-340koz in FY-2023 at an AISC of \$760-810/oz.
In FY-2023, ore will be sourced primarily from the Sabodala and Bambaraya pits with additional higher grade non-refractory ore expected to be sourced from the Massawa Central Zone and Massawa North Zone pits. Tonnes milled and recoveries are expected to be consistent with FY-2022 performance, while grades are expected to be slightly lower due to lower grade areas of the Massawa North Zone pit planned to be mined in 2023.
Sustaining capital expenditure is expected to increase from approximately \$40.0 million in FY-2022 to \$45.0 million in FY-2023, related primarily to capitalised waste as well as fleet re-builds and additional mining equipment purchases.
Non-sustaining capital expenditure is expected to decrease from approximately \$40.1 million in FY-2022 to \$35.0 million in FY-2023 and is related primarily to waste capital stripping, infrastructure related to the Massawa mining areas and community resettlement.
Growth capital expenditure is expected to be \$170 million, with further detail on the growth capital spend for the BIOX project provided in the projects update.

Plant Expansion

Construction of the Sabodala-Massawa BIOX project was launched in April 2022, and the project has an initial capital of \$290.0 million and remains on budget and on schedule for completion in H1-2024.
During FY-2022, \$68.1 million was spent on the project, which includes costs incurred in relation to the DFS. Approximately \$155 million or 53% of the total growth capital has now been committed, with pricing in line with expectations, mainly related to detailed engineering and design, earthworks, civil works, processing plant construction and ordering of long lead items including the mills.
The construction progress regarding critical path items is detailed below:
- Bulk earthworks are largely complete.
- Civil works have continued to progress well with the concrete pours well underway for the crushing area, milling area, BIOX® reactors, neutralisation and the reclaim areas.
- Processing plant construction is underway, with BIOX® reactor construction progressing well and CIL tank and neutralisation tank ring beams in place.
- Expansion of the 18MW power plant has commenced, with excavation underway for the concrete foundations for the three large gensets.

Exploration

An exploration programme of \$15.0 million was undertaken in FY-2022, which included 88,717 meters of drilling across 836 drill holes focussed on defining non-refractory resources on targets within the Massawa area including Makana, Matiba, Thianga and Tiwana, expanding resources at Bamabraya and Delya South, delineating resources at Kiesta and developing new targets along the Main Transcurrent Shearzone and Sabodala-Sofia Shear Zone first order structures.
During Q4-2022, \$2.5 million was spent, focussed on resource definition drilling at the Kiesta discovery and infill drilling at Makana.
An exploration program of \$15.0 million is planned for FY-2023, primarily focussed on adding near-mine non-refractory resources and extending mineralisation at the recently discovered deposits. The drilling programme will focus on extending mineralisation at the Kiesta, Niakafiri and the Keredounda Deeps deposits within the Sabodala-Sofia Shear Zone. Reconnaissance drilling is planned at the Nouma and Missira targets that extend to the north and south of the Kiesta deposit respectively. South of the Sofia pit, drilling at the new Tinkoto target will follow up on historical positive intersections. Additionally, reconnaissance work will target further mineralisation along the Main Transcurrent Shearzone, mineralised extensions to the Sofia deposit and the Massawa Central Zone deeps deposits.

4.7. Wahgnion Gold Mine, Burkina Faso

Table 10: Wahgnion Key Performance Indicators¹

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined	kt	1,051	1,054	3,797	3,807
Tonnes of waste mined	kt	8,309	7,911	33,422	23,378
Tonnes milled	kt	921	959	3,831	3,322
Average gold grade milled	g/t	1.32	1.64	1.08	1.43
Recovery rate	%	92	92	92	94
Gold produced	oz	35,890	47,237	123,636	147,032
Gold sold	oz	38,434	46,057	126,006	158,795
Realised gold price	\$/oz	1,738	1,804	1,791	1,789
Financial data
Gold revenue2	\$m	66.8	83.1	225.7	284.1
Operating expenses	\$m	(41.0)	(37.6)	(154.1)	(135.5)
Royalties	\$m	(4.7)	(5.8)	(15.7)	(19.5)
Non-cash and other adjustments3	\$m	(6.1)	(0.9)	0.8	9.5
Total cash cost2	\$m	(51.8)	(44.3)	(169.0)	(145.5)
Sustaining capital2	\$m	(1.1)	(4.8)	(23.2)	(12.3)
Total AISC2	\$m	(52.9)	(49.1)	(192.2)	(157.8)
Non-sustaining capital2	\$m	(10.3)	(7.2)	(31.6)	(27.5)
Total all-in costs2	\$m	(63.2)	(56.3)	(223.8)	(185.3)
Cash cost per ounce sold2	\$/oz	1,348	962	1,341	916
Mine AISC per ounce sold2	\$/oz	1,376	1,066	1,525	994

1 Analysis of operations is only for the period after its acquisition by Endeavour on 10 February 2021.

2 Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

3 Non-cash operating expenses relates to the reversal in the period of the fair value adjustment of inventory on hand at the acquisition date, as well as by product revenue.

Q4-2022 vs Q4-2021 Insights

Production decreased from 47,237 ounces in Q4-2021 to 35,890 ounces in Q4-2022 due to the lower processed grades and lower tonnes milled while recovery rates remained flat.
- Total tonnes mined increased as mining activities ramped up at the Samavogo pits following establishment in Q3-2022. Tonnes of ore mined was in line with the prior year period with ore tonnes at Samavogo compensating with the decrease in ore tonnes from Fourkoura.
- Tonnes milled decreased slightly due to higher processing plant downtime, which was offset slightly by higher plant utilisation rates.
- Average grade milled decreased due to the scheduled mine sequencing of lower-grade ore sourced from the Nogbele South pits and less higher-grade ore mined from Fourkoura pits compared to Q4-2021.
AISC increased from \$1,066 per ounce in Q4-2021 to \$1,376 per ounce in Q4-2022, primarily due to the lower volume of ounces sold as a result of lower grade fresh ore mined and milled, and an increase in unit mining costs due to the increased haulage distance from the Samavogo pits and higher fuel and explosive costs.
Sustaining capital expenditure amounted to \$1.1 million, a decrease from the \$4.8 million incurred in Q4-2021, mainly related to mining fleet re-builds.
Non-sustaining capital expenditure amounted of \$10.3 million, an increase from the \$7.2 million incurred in Q4-2021, mainly related to an ongoing capitalised drilling campaign, mining infrastructure and establishment costs at the Samavogo deposit, and construction of the TSF cell 2 stage 4.

FY-2022 vs FY-2021 Insights

• FY-2022 production totalled 124koz, which is below the guided 140-150koz range mainly due to lower-than-expected ore tonnes and grades from the Nogbele North and Fourkoura pits during the year. FY-2022 AISC amounted to \$1,525/oz, which is above the guided \$1,050-\$1,150/oz range due to lower volumes of gold sold and higher than expected mining costs driven by a combination of increased unit costs due to the expected higher fuel price and greater volumes being mined at a higher strip ratio in order to generate sufficient mill feed.

Production decreased from 147koz in FY-2021 to 124koz in FY-2022 due to lower processed grades associated with lower grade ore mined and lower recovery rates, which was partially offset by higher tonnes milled. AISC increased from \$994/oz in FY-2021 to \$1,525/oz in FY-2022 due to higher-than-expected mining costs and mining at a higher strip ratio.
Due to the higher than expected operating costs and lower than expected grades during the year, management evaluated a revised life of mine plan which reflects the lower estimated recoverable reserves and resources at 31 December 2022, and the expected higher operating costs and capital expenditures over the life of the mine. As a result of this assessment, the recoverable value exceeded the carrying value of the mining interest, and the Group recognised a non-cash impairment expense of \$197.0 million for the Wahgnion mine at 31 December 2022.

2023 Outlook

Wahgnion is expected to produce between 150-165koz in 2023 at an AISC of \$1,250-1,350/oz.
Ore is expected to be sourced primarily from the Nogbele North and Samavogo pits, with mining at the Nogbele South pits scheduled to end in H1-2023 and commencement of mining at the Stinger pits expected in H2-2023. Production is expected to be weighted to the second half of the year as greater volumes of high grade ore are expected to be sourced from the Samavogo pit in H2-2023, as the strip ratio reduces. Mill throughput rates are expected to be similar to FY-2022 while grades are expected to increase with the full year benefit of higher-grade deposits.
Sustaining capital expenditure is expected to increase slightly from \$23.2 million in FY-2022 to approximately \$25.0 million in FY-2023, and relates primarily to waste stripping at Samavogo, Stinger and Nogbele North pits.
Non-sustaining capital expenditure is expected to decrease from \$31.6 million in FY-2022 to approximately \$15.0 million in FY-2023, and relates primarily to completion of the capitalised drilling campaign, mining infrastructure at the Stinger pit including haul road construction, resettlement activities and completion of the TSF wall raise.

Exploration

An exploration programme of \$9.0 million was undertaken in FY-2022, which included 44,149 meters of drilling across 435 drill holes focussed on evaluating the Ouahiri South, Bozogo, Samavogo Nord and Kassera targets.
During Q4-2022, \$2.0 million was spent, focussed on delineating the Kassera target, which was identified through a large gold in soil anomaly along a north-northeast structural trend. Drilling identified favourable geology and a regional northnortheast trending shear zone associated with quartz veining, ankerite alteration and disseminated pyrite. Follow up work is planned for 2023. At the Samavogo North target two mineralised zones of quartz veining with a cumulative strike length over 1.8 kilometers have been identified with zones of high-grade mineralised identified for follow up.
An exploration programme of \$4.0 million is planned for FY-2023, primarily focussed on exploring for open-pit oxide ores within close proximity to the current exploitation permits. The Kassera target is located between the Fourkoura and Stinger deposits, and early works have identified promising geology along a favourable structural trend with further drilling planned during the year. In addition further drilling will be conducted on the Samavogo North deposit where zones of high-grade mineralisation have been identified and the Samavogo West area will also be tested with some reconnaissance drilling.

4.8. DISCONTINUED OPERATIONS - KARMA MINE

Table 11: Karma Key Performance Indicators1
---------------------------------------------	--	--	--

		THREE MONTHS ENDED		YEAR ENDED
	Unit	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating data
Tonnes ore mined	kt	—	1,182	709	5,071
Tonnes of waste mined	kt	—	3,371	3,038	15,812
Tonnes of ore stacked	kt	—	1,246	768	5,157
Average gold grade stacked	g/t	—	0.79	0.57	0.78
Recovery rate	%	—	69	67	67
Gold produced	oz	—	20,465	10,246	87,662
Gold sold	oz	—	19,763	10,107	88,467
Realised gold price2	\$/oz	—	1,715	1,702	1,665
Financial data
Revenue2	\$m	—	33.9	17.2	147.3
Operating expenses	\$m	—	(22.5)	(13.5)	(91.5)
Royalties	\$m	—	(3.1)	(1.7)	(13.4)
Total cash cost3	\$m	—	(25.6)	(15.2)	(104.9)
Sustaining capital3	\$m	—	(0.1)	—	(0.6)
Total AISC3	\$m	—	(25.7)	(15.2)	(105.5)
Non-sustaining capital3	\$m	—	(1.7)	(0.5)	(4.8)
Total all-in costs3	\$m	—	(27.4)	(15.7)	(110.3)
Cash cost per ounce sold3	\$/oz	—	1,295	1,504	1,186
Mine AISC per ounce sold3	\$/oz	—	1,300	1,504	1,193

1 Analysis of operations is only for the period up to its disposal by Endeavour on 10 March 2022.

2 Revenue and realised gold price are inclusive of the Karma stream.

³Non-GAAP measure. Refer to the non-GAAP Measures section for further details.

On 10 March 2022, the Group completed the sale of its 90% interest in the Karma mine CGU to Néré Mining SA ("Néré"). The consideration upon sale of the Karma mine included (i) a deferred cash payment of \$5.0 million to be paid six months after closing of the transaction subject to certain buyer conditions being met; (ii) a contingent payment of up to \$10.0 million payable twelve months after closing, based on a sliding scale, linked to the average gold price; and (iii) a 2.5% net smelter royalty ("NSR") on all ounces produced by the Karma mine in excess of 160koz of recovered gold from 1 January 2022.

FY-2022 vs FY-2021 Insights

Ore mined for the period was primarily sourced from the GG1 pit with additional contributions from Kao North and Rambo West.
Sustaining capital expenditure was negligible during FY-2022.
Non-sustaining capital expenditure was \$0.5 million, which was related to the construction of new heap leach cells.

5. FINANCIAL REVIEW

5.1. STATEMENT OF COMPREHENSIVE (LOSS)/EARNINGS

Table 12: Statement of Comprehensive (Loss)/Earnings

		THREE MONTHS ENDED		YEAR ENDED
(\$m)	Notes	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Revenue	[1]	617.0	666.0	2,508.1	2,642.1
Operating expenses	[2]	(249.5)	(229.9)	(979.5)	(982.5)
Depreciation and depletion	[3]	(173.0)	(191.1)	(616.0)	(599.8)
Royalties	[4]	(38.5)	(41.8)	(152.9)	(162.3)
Earnings from mine operations		156.0	203.2	759.7	897.5
Corporate costs	[5]	(14.5)	(20.3)	(47.7)	(62.5)
Impairment of mining interests and goodwill	[6]	(360.3)	(247.7)	(360.3)	(247.7)
Share-based compensation	[7]	(17.8)	(7.4)	(32.8)	(32.5)
Other expense	[8]	(29.4)	(4.3)	(51.9)	(45.6)
Exploration costs	[9]	(7.0)	(5.1)	(33.9)	(23.6)
(Loss)/earnings from operations		(273.0)	(81.6)	233.1	485.6
(Loss)/gain on financial instruments	[10]	(10.4)	18.6	(22.3)	28.0
Finance costs, net	[11]	(15.9)	(25.3)	(66.2)	(65.7)
(Loss)/earnings before taxes		(299.3)	(88.3)	144.6	447.9
Current income tax expense	[12]	(56.9)	(38.2)	(273.3)	(195.1)
Deferred income tax recovery	[12]	88.8	34.1	97.7	51.8
Net (loss)/earnings from discontinued operations	[13]	(5.7)	(17.0)	9.1	(28.8)
Net comprehensive (loss)/earnings		(273.1)	(109.4)	(21.9)	275.8

Review of results for the three months and year ended 31 December 2022:

Revenue for Q4-2022 decreased by 7% to \$617.0 million compared to \$666.0 million for Q4-2021, which includes both gold and silver revenue. Lower revenues in Q4-2022 was driven by lower sales volumes compared to Q4-2021 of 17,836 ounces of gold sold, an impact of \$31.9 million, following lower production volumes across all of the sites with the exception of Ity. When taking into account the impact of the Company's revenue protection programme, the realised gold price for Q4-2022 was \$1,758 per ounce compared to \$1,775 per ounce in Q4-2021.

Revenue for FY-2022 decreased by \$134.0 million to \$2,508.1 million compared to \$2,642.1 million in FY-2021, which includes both gold and silver revenue. The decrease was primarily driven by lower sales volumes of 85,007 ounces of gold in FY-2022 compared to FY-2021, an impact of \$151.3 million, driven primarily by lower production volumes at Boungou, Mana and Wahgnion and the revenue contribution associated with ounces on hand at the transaction date of Teranga mines in FY-2021. This was in part offset by the higher realised gold price that increased from \$1,781 per ounce in FY-2021 to \$1,807 per ounce in FY-2022 after taking into account the impact of the Company's revenue protection programme.

Operating expenses for Q4-2022 were \$249.5 million compared to \$229.9 million in Q4-2021. The increase in operating expenses is primarily driven by higher costs associated with energy and consumable inputs as a function of current global inflationary pressures reflected in mining and processing costs in combination with increased processing volumes at Ity, Sabodala and Houndé. This was in part offset by the foreign exchange benefits associated with the weakening Euro against the Dollar.

Operating expenses for FY-2022 were \$979.5 million and was slightly lower than \$982.5 million in FY-2021. The decrease is driven primarily by non-cash operating expenses primarily relating to the decrease in the reversal of fair value adjustments to inventory at Sabodala-Massawa expensed in YTD-2021 and foreign exchange benefits associated with the weakening Euro against the Dollar. This was in part offset by higher fuel and consumable costs across the portfolio and higher operating costs at Sabodala-Massawa and Wahgnion mines due to the comparable cost base for YTD-2021 including costs from mid-February 2021 only.

Depreciation and depletion decreased to \$173.0 million charged in Q4-2022 compared to \$191.1 million in Q4-2021. The decrease is primarily attributable to the additional depletion on the TSFs in Q4-2021 based on updated capacity estimates, offset by the impact of lower depletable base of reserves in 2022.

Depreciation and depletion increased to \$616.0 million in FY-2022 compared to \$599.8 million in FY-2021 with the slight increase attributable primarily to an increased carrying values being depreciated with the lower depletable base of reserves in 2022, and the higher Sabodala-Massawa depreciation charge due to the full year impact in FY-2022 compared to acquisition date charge in FY-2021. These are partially offset by the lower carrying value at Boungou following the impairment charge in Q4-2021.

1. Royalties decreased to \$38.5 million for Q4-2022, compared to \$41.8 million in Q4-2021, and \$152.9 million in FY-2022 compared to \$162.3 million in FY-2021 due to lower revenues as a result of primarily lower production volumes. The underlying royalty rates did not change and are based on the sliding scale of 5% for both Burkina Faso and Côte d'Ivoire, while the gold royalty rate in Senegal is a flat 5%.
1. Corporate costs for Q4-2022 of \$14.5 million has decreased compared to \$20.3 million in Q4-2021, primarily as a result of a decrease in LSE listing costs, employee costs and other corporate expenses. Corporate costs decreased to \$47.7 million in FY-2022 compared to \$62.5 million in FY-2021. The decrease in YTD-2022 corporate costs is primarily due to the LSE listing related costs incurred in FY-2021 amounting to \$12.6 million.
1. The Group recognised an impairment expense of \$360.3 million in the year ended 31 December 2022 with respect to the Wahgnion and Boungou mines, compared to an impairment of \$247.7 million in FY-2021 of which \$246.3 million related to the Boungou mine and \$1.4 million related to exploration permits. The impairment follows updates to the life of mine plans for both mines to reflect the year-end adjustments to the estimated recoverable reserves and resources for each of the mines, and the increased operating costs. An impairment analysis was also performed for the Sabodala-Massawa and Mana mines, and there was no impairment in FY-2022 as the recoverable amount exceeded the carrying value for both mines.
1. Share-based compensation increased to \$17.8 million in Q4-2022 compared to \$7.4 million for Q4-2021 following a higher performance share units ("PSUs") expense due to the stronger share price performance. The full year expense of \$32.8 million in FY-2022 reflects a slight increase compared to \$32.5 million in FY-2021.
1. Other expenses were \$29.4 million in Q4-2022 compared to \$4.3 million in Q4-2021. The increase was driven primarily by legal provisions recognised, acquisition and restructuring costs and impairment of receivables associated to unrecoverable VAT balances and other overdue receivables.

Other expenses amounted to \$51.9 million in FY-2022 compared to \$45.6 million in FY-2021. The expense for FY-2022 includes costs associated with legal provisions recognised for commercial and employee claims, costs related to corporate and management restructuring, additional contingent payments to the minority shareholder of Ity resulting from our previous acquisition of a portion of their interest, provisions for overdue receivables, and the write-off of inventory consumables at Houndé following an incident with a group of artisanal miners in May resulting in the destruction of certain inventory consumables.

1. Exploration costs in Q4-2022 were \$7.0 million compared to \$5.1 million in Q4-2021, and \$33.9 million in FY-2022 compared to \$23.6 million in FY-2021. The increase in Q4-2022 exploration cost is a result of the timing of planned exploration activities whereas the increase in FY-2022 is a result of the decision to increase greenfield activities around the Bantou area in Burkina Faso and the Assafou target on the Iguela property in Côte d'Ivoire.
1. The loss on financial instruments was \$10.4 million in Q4-2022 compared to a gain of \$18.6 million in Q4-2021. The loss in Q4-2022 is primarily due to the unrealised losses on the gold collars and forwards of \$62.9 million reflecting the change in the fair value of these contracts in the quarter due to higher gold prices and the revaluation loss on call rights due to the stronger share price performance in the quarter. These losses were partly offset by foreign exchange gains due to the strengthening of the Euro against the Dollar in the quarter and unrealised gain on foreign currency contracts.

In FY-2022, the loss on financial instruments of \$22.3 million compared to a gain in FY-2021 of \$28.0 million. The loss in FY-2022 is primarily due to the impact of foreign exchange losses of \$45.7 million due to the impact of the Euro weakening against the Dollar exchange rate and unrealised losses on the gold collars and forwards of \$23.8 million reflecting the higher gold prices. This was in part offset by the gain on the change in the fair value of the conversion option on Convertible Notes of \$30.3 million as it nears its maturity, realised gains on gold collars and forwards of \$19.8 million, the gain on the disposal of certain net smelter royalties of \$4.5 million and unrealised gain on foreign currency contracts of \$5.1 million.

Finance costs of \$15.9 million in Q4-2022 compared to \$25.3 million in Q4-2021. Finance costs include interest expense on the revolving credit facility ("RCF"), Convertible Notes, fixed rate senior notes ("Senior Notes"), and lease liabilities. The decrease in Q4-2022 was primarily due to the accelerated amortisation in Q4-2021 of previously deferred facility fees following the listing of Senior Notes and the completion of the new RCF in October 2021.

Finance costs amounted to \$66.2 million in FY-2022 compared to \$65.7 million in FY-2021. Finance costs were relatively consistent with the prior year, with the slight increase being primarily driven by higher interest costs associated with the Senior Notes following the debt refinancing completed in Q4-2021 and RCF commitment fees charged on the undrawn portion.

Current income tax expense was \$56.9 million in Q4-2022 compared to \$38.2 million in Q4-2021, and \$273.3 million in FY-2022 compared to \$195.1 million in FY-2021. Current income tax expense increased due primarily to an increase in the tax expense at Sabodala-Massawa which had benefited from a tax holiday which came to an end at the end of FY-2021. The FY-2022 expense was also higher than FY-2021 due to increased withholding tax expense associated to increased dividends paid from the operating subsidiaries.

The Group had a deferred tax recovery of \$88.8 million and \$97.7 million in Q4-2022 and FY-2022, respectively, compared to deferred tax recoveries of \$34.1 million and \$51.8 million in Q4-2021 and FY-2021, respectively. The deferred tax recovery for the quarter and year to date is mainly attributable to the reversal of deferred tax liabilities recognised on mining interests following the impairment charges recognised at Wahgnion and Boungou.

13.Net comprehensive earnings for FY-2022 included earnings of \$9.1 million from discontinued operations related to the Karma mine which was sold in March 2022, as well as the settlement of historical tax claims of \$5.7 million in Q4-2022 related to Agbaou which was sold in February 2021.

5.2. CASH FLOWS

Table 13: Summarised Cash Flows

		THREE MONTHS ENDED		YEAR ENDED
(\$m)	Note	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating cash flows before changes in working capital	[1]	280.8	318.2	1,108.7	1,132.7
Changes in working capital	[2]	30.0	23.2	(91.6)	(0.5)
Cash generated from discontinued operations		—	11.5	4.9	24.1
Cash generated from operating activities	[3]	310.8	352.9	1,022.0	1,156.3
Cash used in investing activities	[4]	(172.2)	(132.3)	(521.4)	(511.7)
Cash used in financing activities	[5]	(53.5)	(68.2)	(385.0)	(421.3)
Effect of exchange rate changes on cash and cash equivalents		33.5	(6.6)	(70.7)	(31.8)
Increase in cash and cash equivalents		118.6	145.8	44.9	191.5

1. Operating cash flows before changes in working capital for Q4-2022 was \$280.8 million compared to \$318.2 million in Q4-2021, and \$1,108.7 million in FY-2022 compared to \$1,132.7 million in FY-2021. The decrease is attributable to decreased revenue resulting primarily from a lower sales base and increased operating, exploration and other expenses as discussed in section 5.1. which in part was offset by lower taxes paid.
2. Income taxes paid by continuing operations amounted to \$14.8 million in Q4-2022 compared to \$41.9 million in Q4-2021, the decrease primarily due to the timing of both withholding tax payments on dividends declared by the mine sites and provisional tax payments. Income taxes paid by continuing operations were \$189.2 million in FY-2022 compared to \$225.7 million in FY-2021, the decrease being due to the lower pre-taxable income generated at Group level and in particular lower taxes paid at Boungou, which is partially offset by the higher withholding taxes paid on dividends declared by the mine sites. Taxes paid for the three months and year ended 31 December 2022 and 31 December 2021 for each of the Group's mine sites are summarised in the table below:

Table 14: Tax Payments

	THREE MONTHS ENDED		YEAR ENDED
(\$m)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Boungou	—	8.8	18.0	52.4
Houndé	9.8	10.7	46.8	47.9
Ity	—	4.8	30.5	42.1
Mana	2.7	2.9	12.9	12.2
Sabodala-Massawa	—	0.7	16.8	20.1
Wahgnion	2.3	1.4	12.7	11.3
Other1	—	12.6	51.5	39.7
Taxes paid by continuing operations	14.8	41.9	189.2	225.7
Karma	—	0.3	—	2.0
Agbaou	—	—	—	19.9
Total taxes paid	14.8	42.2	189.2	247.6

1 Included in the "Other" category is income and withholding taxes paid by Corporate and Exploration entities.

1. In Q4-2022 and FY-2022 changes in working capital is an inflow of \$30.0 million and an outflow of \$91.6 million respectively, which is broken down as follows:
2. Trade and other receivables reflected an inflow of \$8.8 million for Q4-2022 and an outflow of \$13.6 million for FY-2022. The inflow in Q4-2022 is mainly due to a decrease in receivables due from SFTP offset by an increase in VAT receivables at Sabodala-Massawa.

The outflow in FY-2022 is mainly due to an increase in VAT receivables at Sabodala-Massawa following the expiry of its VAT exemption status in May 2022 as well as an increase in royalties at Houndé and Boungou, offset slightly by a decrease in receivables at Houndé and Boungou as a result of VAT received during YTD-2022. The Group collected \$115.2 million in VAT receivables in FY-2022 in both Burkina Faso and Senegal, and there is no indication that the VAT receivables will not be reimbursed by the tax authorities.

– Inventories reflected an outflow of \$16.3 million for Q4-2022 and an outflow of \$57.5 million in FY-2022. The outflow in Q4-2022 was primarily driven by an increase in stockpiles at Sabodala-Massawa mine and consumables across the Group which was offset by drawdowns of stockpiles at other mines, in particular at Wahgnion, Ity, Boungou and Houndé.

The FY-2022 outflow was mainly due to an increase in stockpiles at the Sabodala, Houndé and Ity mines driven by mined volumes in excess of processed throughput, and the stockpiling of refractory ore at Sabodala pending completion of the BIOX plant in 2024, as well as an increase in consumables across the Group.

Prepaid expenses and other showed an inflow of \$5.0 million for Q4-2022 following decreased prepayments at Houndé and an outflow of \$9.9 million for FY-2022 which mainly related to prepayments for security contracts at the Mana and Boungou mines.
Trade and other payables reflected an inflow of \$32.5 million in Q4-2022 and an outflow of \$10.6 million in FY-2022. The inflow in Q4-2022 and FY-22 was driven in particular by the timing of supplier payments, social development fund and royalty payments at Ity, Houndé, Sabodala-Massawa and Mana.
1. Operating cash flows after changes in working capital in Q4-2022 and FY-2022 were \$310.8 million and \$1,022.0 million respectively compared to \$352.9 million and \$1,156.3 million in Q4-2021 and FY-2021 respectively. Q4-2022 decreased by \$42.1 million compared to Q4-2021 due to decreased revenues, increased operating and other costs offset by working capital inflows as noted above. FY-2022 decreased by \$134.3 million compared to FY-2021 due to decreased revenues, increased exploration costs and working capital outflows driven by the timing of payments, increased stockpile levels and the increase in the VAT receivables in Senegal.
1. Cash flows used by investing activities were \$172.2 million and \$521.4 million in Q4-2022 and FY-2022 respectively compared to outflows of \$132.3 million and \$511.7 million in Q4-2021 and FY-2021 respectively. The Q4-2022 outflows were higher due to increased growth capital at Sabodala-Massawa in relation to the BIOX® project and Lafigué and nonsustaining capital expenditures in the period at Mana, Ity and Hounde. This was in part offset by lower non-sustaining exploration costs and sustaining capital in the quarter.

The FY-2022 outflow was consistent with FY-2021 as increased growth capital and non-sustaining capital was offset by lower sustaining capital and non-sustaining exploration costs. FY-2022 also included proceeds of \$10.7 million on the sale of a portfolio of net smelter royalties held by the Group, which were sold and resulted in a gain of \$4.5 million.

Cash flows used in financing activities amounted to \$53.5 million and \$385.0 million in Q4-2022 and FY-2022 respectively compared to \$68.2 million and \$421.3 million in Q4-2021 and FY-2021 respectively. The outflows in Q4-2022 was driven primarily by share buybacks of \$24.2 million (Q4-2021 - \$39.7 million), payment of financing fees of \$16.0 million (Q4-2021 - \$20.5 million) and settlement of shares of \$16.0 million.

The outflows in FY-2022 primarily relate to dividend payments of \$166.6 million (YTD-2021 - \$129.9 million), share buybacks of \$98.7 million (YTD-2021 - \$133.8 million), dividends paid to minority shareholders of \$57.2 million (YTD-2021 - \$29.9 million), and payment of financing fees of \$46.6 million (FY-2021 - \$54.3 million). The FY-2021 outflows also included the impact of the refinancing of debt following the Teranga acquisition including the settlement of the offtake liability, offset by the equity proceeds associated with the La Mancha private placement.

5.3 SUMMARISED STATEMENT OF FINANCIAL POSITION

Table 15: Summarised Statement of Financial Position

(\$m)	Note	As at 31 December 2022	As at 31 December 2021
ASSETS
Cash and cash equivalents		951.1	906.2
Other current assets	[1]	495.3	459.8
Total current assets		1,446.4	1,366.0
Mining interests		4,517.0	4,980.2
Deferred income taxes		—	10.0
Other long term assets	[2]	451.3	414.7
TOTAL ASSETS		6,414.7	6,770.9
LIABILITIES
Other current liabilities	[3]	461.9	397.8
Current portion long-term debt	[4]	336.6	—
Income taxes payable	[5]	247.1	169.3
Total current liabilities		1,045.6	567.1
Long-term debt	[6]	488.1	841.9
Environmental rehabilitation provision	[7]	165.0	162.9
Other long-term liabilities	[8]	54.1	141.0
Deferred income taxes		574.6	672.3
TOTAL LIABILITIES		2,327.4	2,385.2
TOTAL EQUITY		4,087.3	4,385.7
TOTAL EQUITY AND LIABILITIES		6,414.7	6,770.9

1. Other current assets as at 31 December 2022 consists of \$106.9 million of trade and other receivables, \$320.7 million of inventories, \$11.2 million of other financial assets and \$56.5 million of prepaid expenses and other.
2. Trade and other receivables increased by \$2.1 million compared to 31 December 2021. The balance was consistent with 31 December 2021, though there was an increase in VAT receivable at Sabodala Massawa, and an increase in advanced royalty payments, offset by a decrease on other receivables as a result of provisions recognised for overdue receivables at 31 December 2022 which are no longer believed to be collectible. VAT received during the period ended 31 December 2022 was \$115.2 million consisting of amounts received related to the Group's mines in Burkina Faso and Senegal.
3. Inventories increased by \$9.4 million due primarily to a strategic increase in consumables across all sites to minimise risk associated to logistics challenges and increased unit prices due to inflationary pressures, offset by a decrease in gold-in circuit inventory.
4. Prepaid expenses and other increased by \$21.4 million due to an increase in prepayments for security contracts at the Mana and Boungou mines during the year.
5. Other financial assets of \$11.2 million is relatively consistent with the prior year, with the slight increase being due to the change in the fair value of certain financial assets, including the recognition of the contingent consideration of \$5.0 million for the sale of the Karma mine which is due in FY-2023.
1. Other long-term assets consist of \$134.4 million of goodwill which has been allocated to the Sabodala-Massawa and Mana mines, \$229.6 million of long-term stockpiles not expected to be processed in the next twelve months at the Houndé, Ity and Sabodala-Massawa mines, and other financial assets of \$87.5 million that primarily comprise of an NSR of \$6.5 million received as consideration upon the sale of the Karma mine, \$40.0 million related to Allied Gold shares received as consideration upon the sale of Agbaou, and \$39.5 million of restricted cash relating primarily to reclamation bonds. Other long-term assets increased by \$36.6 million at 31 December 2022 compared to 31 December 2021 due primarily to an increase in long term stockpiles at Sabodala-Massawa.
1. Other current liabilities are made up of \$354.6 million of trade and other payables, \$18.2 million of lease liabilities and \$89.1 million of other financial liabilities consisting of PSU and DSU liabilities, foreign currency and gold forward contracts, and contingent consideration payable. Trade and other payables increased by \$3.6 million mainly due to the timing of payments related to royalties, payroll, and social payments. Other financial liabilities increased due to the reclassification of

contingent consideration of \$49.4 million which was acquired upon the acquisition of Teranga from non-current financial liabilities to current financial liabilities and which was repaid in March 2023.

1. The current portion of long-term debt is made up of the Convertible Notes and the associated conversion option that matured on 15 February 2023, of which the principal of \$330.0 million was repaid in cash at the Company's election and 835,254 shares were issued to holders of the Convertible Notes to settle the share price premium to the strike price.
1. Income taxes payable increased by \$77.8 million compared to the prior year and is due primarily to increased income tax expense at Ity and Sabodala-Massawa. The increase at Sabodala-Massawa in the current year is due to Massawa being subject to tax in 2022, whereas it had previously benefitted from a tax holiday. At Ity, the increase in taxes payable is due to taxable profit at Floleu, where it had not previously had taxable profit.
1. The non-current portion of long-term debt decreased by \$353.8 million compared to the prior year due to the reclassification of the Convertible Notes due in Q1-2023 and associated embedded derivative related to the conversion option to current liabilities.
1. The environmental rehabilitation provision increased by \$2.1 million to \$165.0 million at 31 December 2022 due to revisions to the reclamation estimates in the year, offset by the decrease upon the disposal of the Karma mine.
1. Other long-term liabilities decreased by \$86.9 million to \$54.1 million mainly due to the redemption of all outstanding warrants during Q1-2022 and due to the reclassification of contingent consideration from long-term liabilities to current liabilities.

5.4. LIQUIDITY AND FINANCIAL CONDITION

Net cash position

The following table summarises the Company's net cash position as at 31 December 2022 and 31 December 2021.

Table 16: Net Cash Position

(\$m)	31 December 2022	31 December 2021
Cash and cash equivalents	951.1	906.2
Less: Principal amount of Senior Notes	(500.0)	(500.0)
Less: Principal amount of Convertible Notes	(330.0)	(330.0)
Net cash2 121.1		76.2
Net cash / adjusted EBITDA LTM ratio2,3	0.09	0.05

1 Presented at face value.

2 This is a non-GAAP measure. Refer to the non-GAAP measure section of this Management Report.

3 Adjusted EBITDA is per table 23 and is calculated using the trailing twelve months adjusted EBITDA.

Equity and capital

On 24 January 2023, the Board of Directors of the Company declared a dividend totalling \$100.0 million or approximately \$0.41 per share. The dividend is payable on 28 March 2023 to shareholders on record at close on 24 February 2023.

During the quarter ended 30 September 2022, the Board of Directors of the Company declared a dividend of \$0.40 per share totalling approximately \$100.0 million. The dividend was paid on 30 September 2022 to shareholders on record at the close of business on 2 September 2022 and resulted in dividends paid of \$97.3 million.

On 24 January 2022, the Board of Directors of the Company declared a dividend of \$0.28 per share totalling approximately \$70.0 million. The dividend was paid on 16 March 2022 to shareholders on record at the close of business on 11 February 2022 and resulted in dividends paid of \$69.3 million.

Table 17: Outstanding Shares

	31 December 2022	31 December 2021
Shares issued and outstanding
Ordinary voting shares	246,215,903	248,038,422
Stock options	577,020	1,573,110

As at 13 March 2023, the Company had 247,777,474 shares issued and outstanding, and zero outstanding stock options.

As part of the Company's share buyback programme, subsequent to 31 December 2022 and up to 13 March 2023, the Company has repurchased a total of 453,752 shares at an average price of \$22.65 for total cash outflows of \$10.3 million.

Going concern

The Directors have performed an assessment of whether the Company and Group would be able to continue as a going concern for at least until March 2024. In their assessment, the Group 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 2022, the Group's net cash position was \$121.1 million, calculated as the difference between cash and cash equivalents of \$951.1 million and the current and non-current portion of long-term debt with a principal outstanding of \$830.0 million and cash of \$951.1 million. At 31 December 2022, the Group had undrawn credit facilities of \$575.0 million. The Group had current assets of \$1,446.4 million and current liabilities of \$1,045.6 million representing a total working capital balance (current assets less current liabilities) of \$400.8 million as at 31 December 2022 which includes the Convertible Notes which were repaid in February 2023. Cash generated from operating activities for the year ended 31 December 2022 was \$1,022.0 million.

Based on a detailed cash flow forecast prepared by management, in which it included any reasonable possible change in the key assumptions on which the cash flow forecast is based, the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence until at least March 2024 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 consolidated financial statements as at and for the 12 months ended 31 December 2022.

5.5. 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 2022, the remuneration of Directors and other members of key management personnel, who are those members of management who are responsible for planning, directing and controlling the activities of the Group during the year, were as follows:

Table 18: Remuneration of Key Management Personnel

	YEAR ENDED
	31 December 2022	31 December 2021
Short-term benefits	13.3	23.4
Share-based payments	14.2	10.5
Termination benefits	2.4	—
Total	29.9	33.9

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 19.6% at 31 December 2022 (31 December 2021 - 19.5%).

5.6. 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 climate change, determination of economic viability, capitalisation and depreciation of waste stripping, capitalisation and depreciation of underground development, indicators of impairment, 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 2022 are consistent with those in the consolidated financial statements for the year ended 31 December 2021.

6. 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 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.

6.1. REALISED GOLD PRICE

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use the realised gold price which takes into account the impact of the Company's revenue protection programme, whereby the Group has entered into gold forward contracts and gold collars to protect against volatility of the gold price, particularly in a period of significant capital investment. For accounting purposes, the Company does not account for these contracts as hedges, but includes them in the gain/(loss) on financial instruments for the period. Management believes that reflecting the impact of the revenue protection programmes on the Group's realised gold price is a relevant measure and increases the consistency of this calculation with our peer companies.

In addition to the above, in calculating the realised gold price, management has adjusted the revenues as disclosed in the consolidated financial statement to exclude by product revenue, relating to silver revenue, and has reflected the by product revenue as a credit to operating expenses in the determination of AISC for the periods presented. The revenues as disclosed in the consolidated financial statements have been reconciled to the gold revenue for all periods presented.

Table 19: Realised gold price

	THREE MONTHS ENDED		YEAR ENDED
(\$m)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Revenue	617.0	666.0	2,508.1	2,642.1
By product revenue	(3.1)	(2.6)	(10.8)	(11.2)
Gold revenue	613.9	663.4	2,497.3	2,630.9
Realised gains on collars and forward contracts	5.7	(6.3)	19.8	1.5
Adjusted gold revenue	619.6	657.1	2,517.1	2,632.4
Ounces sold in the year	352,448	370,284	1,393,284	1,478,291
Realised gold price for the period, per ounce sold	1,758	1,775	1,807	1,781

Table 20: Quarter to date Revenue and Revenue from gold sales by site

	THREE MONTHS ENDED
	31 December 2022			31 December 2021
(\$m)	Revenue	By product revenue	Gold revenue	Revenue	By product revenue	Gold revenue
Boungou	42.4	0.1	42.3	60.7	0.1	60.6
Houndé	109.3	0.2	109.1	131.9	0.1	131.8
Ity	146.8	2.2	144.6	106.2	1.8	104.4
Mana	78.2	0.1	78.1	94.1	0.1	94.0
Sabodala-Massawa	173.1	0.1	173.0	189.7	0.3	189.4
Wahgnion	67.2	0.4	66.8	83.4	0.2	83.2
Total	617.0	3.1	613.9	666.0	2.6	663.4

Table 21: Year to date Revenue and Revenue from gold sales by site

	YEAR ENDED
	31 December 2022			31 December 2021
(\$m)	Revenue	By product revenue	Gold revenue	Revenue	By product revenue	Gold revenue
Boungou	212.3	0.3	212.0	305.2	0.4	304.8
Houndé	533.5	0.6	532.9	523.1	0.8	522.3
Ity	563.6	7.5	556.1	506.8	7.2	499.6
Mana	353.0	0.7	352.3	379.0	0.8	378.2
Sabodala-Massawa	618.9	0.6	618.3	642.7	0.8	641.9
Wahgnion	226.8	1.1	225.7	285.3	1.2	284.1
Total	2,508.1	10.8	2,497.3	2,642.1	11.2	2,630.9

The realised gold price for Q3-2022, Q4-2021 and YTD-2022 and YTD-2021 have been restated to include the realised gains/ (losses) on financial instruments which relate to the Group's revenue protection programme, which include the realised gains/ (losses) on the gold collars and forward contracts. The table below reflects the restatement of all previous periods for this change:

Table 22: Restatement of realised gold price in prior periods

	THREE MONTHS ENDED				YEAR ENDED
(\$m except per share amounts)	30 September, 2022	30 June, 2022	31 March, 2022	31 December, 2021	31 December, 2021
Revenue	570.0	632.2	688.9	666.0	2,642.1
By product revenue	(2.4)	(2.6)	(2.7)	(2.6)	(11.2)
Gold revenue	567.6	629.6	686.2	663.4	2,630.9
Realised gains/(losses) on collars and forward contracts	19.7	1.4	(7.0)	(6.3)	1.5
Adjusted gold revenue	587.3	631.0	679.2	657.1	2,632.4
Ounces sold in the year	338,054	343,688	359,094	370,284	1,478,291
Realised gold price for the period, per ounce sold	1,737	1,836	1,891	1,775	1,781
Realised gold price as previously reported, per ounce sold (gold revenue/ ounces sold)	1,679	1,832	1,911	1,792	1,780

6.2. 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 2022 and 31 December 2021.

Table 23: EBITDA and Adjusted EBITDA

	THREE MONTHS ENDED		YEAR ENDED
(\$m)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
(Loss)/Earnings before taxes	(299.3)	(88.3)	144.6	447.9
Add back: Depreciation and depletion	173.0	191.1	616.0	599.8
Add back: Finance costs, net	15.9	25.3	66.2	65.7
EBITDA from continuing operations	(110.4)	128.1	826.8	1,113.4
Add back: Impairment charge of mineral interests	360.3	247.7	360.3	247.7
Add back: Net loss/(gain) on financial instruments1	16.1	(24.9)	42.1	(26.5)
Add back: Other expense	29.4	4.3	51.9	45.6
Add back: Non-cash and other adjustments2	(7.2)	2.5	3.1	84.0
Adjusted EBITDA from continuing operations	288.2	357.7	1,284.2	1,464.2

1 Net loss/ (gain) on financial instruments is the loss/(gain) on financial instruments excluding the realised gain/loss on forward contracts and gold collars. Refer to Section 6.3 below.

2 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, and net realisable value adjustments. 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.

6.3. 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. By product revenues are included as a credit to operating expenses, and included in non-cash and other adjustments below. The following table provides a reconciliation of cash costs per ounce of gold sold, for the three months and year ended 31 December 2022 and 31 December 2021.

Table 24: Cash Costs

	THREE MONTHS ENDED		YEAR ENDED
(\$m except ounces sold)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating expenses from mine operations	(249.5)	(229.9)	(979.5)	(982.5)
Royalties	(38.5)	(41.8)	(152.9)	(162.3)
Non-cash and other adjustments1	(4.1)	2.5	13.9	84.0
Cash costs from continuing operations	(292.1)	(269.2)	(1,118.5)	(1,060.8)
Gold ounces sold from continuing operations	352,448	370,284	1,393,284	1,478,291
Total cash cost per ounce of gold sold from continuing operations	829	727	803	718
Cash costs from discontinued operations	—	(25.5)	(15.2)	(120.7)
Total cash costs from all operations	(292.1)	(294.7)	(1,133.7)	(1,181.5)
Gold ounces sold from all operations	352,448	390,047	1,403,391	1,580,803
Total cash cost per ounce of gold sold from all operations	829	756	808	747

1 Non-cash and other adjustments relate primarily to non-cash fair value adjustments to inventory associated with the purchase price allocation of SEMAFO and Teranga, net realisable value adjustments and adjustment for revenue from silver sales.

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 2022	31 December 2021	31 December 2022	31 December 2021
Total cash costs for ounces sold from continuing operations	(292.1)	(269.2)	(1,118.5)	(1,060.8)
Corporate costs, net1	(14.5)	(18.9)	(47.7)	(49.9)
Sustaining capital	(29.6)	(43.0)	(127.3)	(166.5)
All-in sustaining costs from continuing operations	(336.2)	(331.1)	(1,293.5)	(1,277.2)
Gold ounces sold from continuing operations	352,448	370,284	1,393,284	1,478,291
All-in sustaining costs per ounce sold from continuing operations	954	894	928	864
Including discontinued operations
All in sustaining costs from discontinued operations	—	(25.7)	(15.2)	(121.4)
All-in sustaining costs from all operations	(336.2)	(356.8)	(1,308.7)	(1,398.6)
Gold ounces sold from all operations	352,448	390,047	1,403,391	1,580,803
All-in sustaining cost per ounce sold from all operations	954	915	933	885

1 Corporate 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's all-in sustaining costs include sustaining capital expenditures which management has defined as those capital expenditures related to producing and selling gold from its on-going mine operations. Non-sustaining capital is capital expenditure related to major projects or expansions at existing operations where management believes that these projects will materially benefit the operations. Capital expenditures at growth projects are those capital expenditures incurred at new projects. The distinction between sustaining and non-sustaining capital is based on the Company's capitalisation policies and refers to the definitions set out by the World Gold Council. This non-GAAP measure provides investors with transparency regarding the capital costs required to support the on-going 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

	THREE MONTHS ENDED		YEAR ENDED
(\$m)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Expenditures on mining interests	164.3	132.3	546.2	522.8
Additions to leased assets	—	—	(9.7)	—
Non-sustaining capital expenditures1	(77.1)	(58.1)	(252.2)	(214.7)
Non-sustaining exploration	(7.9)	(19.2)	(48.4)	(77.7)
Growth projects	(54.6)	(11.8)	(126.5)	(63.2)
Payments for sustaining leases	4.9	—	17.9	—
Sustaining Capital1	29.6	43.2	127.3	167.2

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

Table 27: Consolidated Sustaining Capital

	THREE MONTHS ENDED		YEAR ENDED
(\$m)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Boungou	1.5	1.6	6.6	18.1
Houndé	10.9	13.9	32.0	49.1
Ity	2.5	6.1	13.4	24.0
Mana	2.6	2.4	9.9	12.6
Sabodala-Massawa	10.3	14.2	40.0	50.3
Wahgnion	1.1	4.8	23.2	12.3
Corporate	0.7	—	2.2	—
Sustaining capital from continuing operations	29.6	43.0	127.3	166.4
Karma	—	0.1	—	0.6
Agbaou	—	—	—	0.2
Sustaining capital from all operations	29.6	43.1	127.3	167.2

Table 28: Consolidated Non-Sustaining Capital

	THREE MONTHS ENDED		YEAR ENDED
(\$m)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Boungou	6.0	9.0	27.5	22.9
Houndé	13.6	6.8	39.2	17.1
Ity	22.9	10.9	49.0	35.3
Mana	16.7	6.9	61.4	63.3
Sabodala-Massawa	6.9	14.1	40.1	34.0
Wahgnion	10.3	7.2	31.6	27.5
Non-mining	0.7	1.5	2.9	9.8
Non-sustaining capital from continuing operations	77.1	56.4	251.7	209.9
Karma	—	1.7	0.5	4.8
Non-sustaining capital from all operations	77.1	58.1	252.2	214.7

6.4. 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 or reflective of current operations. 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 earnings from mine operations, earnings, 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 2022	31 December 2021	31 December 2022	31 December 2021
Total net and comprehensive (loss)/earnings	(273.1)	(109.4)	(21.9)	275.8
Net loss/(earnings) from discontinued operations	5.7	17.0	(9.1)	28.8
Impairment charge on mineral interests	360.3	247.7	360.3	247.7
Net loss/(gain) on financial instruments1	16.1	(24.9)	42.1	(26.5)
Other expenses	29.4	4.3	51.9	45.6
Non-cash, tax and other adjustments2	(45.1)	9.5	28.1	118.0
Adjusted net earnings	93.3	144.2	451.4	689.4
Attributable to non-controlling interests3,4	28.8	24.1	93.5	107.7
Attributable to shareholders of the Company	64.5	120.1	357.9	581.7
Weighted average number of shares issued and outstanding	246.7	249.2	247.8	240.1
Adjusted net earnings from continuing operations per basic share4	0.26	0.48	1.44	2.42

¹Net gain on financial instruments excludes the realised gain/loss on forward contracts and gold collars.

²Non-cash, tax and other adjustments mainly relate to the impact of the foreign exchange remeasurement of deferred tax balances, non-cash fair value adjustments to inventory associated with the purchase price allocation of SEMAFO and Teranga, and the listing fees associated with listing on the LSE.

3 Adjusted net earnings attributable to non-controlling interests is equal to net earnings from continuing operations attributable to non-controlling interests adjusted, which on average is approximately 13% for the Company's operating mines (2021: 11%).

4 The adjusted net earnings per share for the years ended 31 December 2022 and 2021 and the three months ended 31 December 2021 as disclosed in our preliminary news release dated 9 March 2023 have been corrected for an error to the amount of adjusted net earnings attributable to non-controlling interests and the related impact on adjusted earnings per share. The impact of the correction of the adjusted net earnings per share for the periods to that which was disclosed in our preliminary news release is summarised in the table below.

Table 30: Correction to Preliminary Results

	THREE MONTHS		YEAR ENDED
(\$m except per share amounts)	31 December, 2022	31 December 2021	31 December, 2022	31 December 2021
Correction to adjusted net earnings attributable to non-controlling interests	—	(27.6)	(46.8)	(23.5)
Adjusted net earnings attributable to shareholders, in preliminary results (unaudited)	64.5	147.7	404.7	605.2
Adjusted net earnings attributable to shareholders, restated	64.5	120.1	357.9	581.7
Weighted average number of shares issued and outstanding (in millions)	246.7	249.2	247.8	240.1
Adjusted net earnings from continuing operations per basic share, restated	0.26	0.48	1.44	2.42
Adjusted net earnings from continuing operations per basic share, in preliminary results (unaudited)	0.26	0.59	1.63	2.52

The adjusted net earnings figure for Q4-2022, Q4-2021 and FY-2022 and FY-2021 have been restated to include the realised gains/(losses) on the gold collars and forward contracts which are part of the Group's revenue protection programme. This change increases the consistency of this calculation with our peer companies, and reflects the impact of the revenue protection programmes on the Group's earnings. All previous periods have been restated for this change, the impact of which is presented below (the realised gain in Q4-2022 that is adjusted from the gain on financial instruments was \$5.7 million):

Table 31: Restatement of Adjusted Net Earnings

	THREE MONTHS ENDED				YEAR ENDED
(\$m except per share amounts)	30 September 2022	30 June 2022	31 March 20221	31 December 20212	31 December 20213
Adjusted net earnings to attributable shareholders of the Company, as previously reported	36.5	111.3	133.6	126.4	580.2
Realised gains/(losses) on revenue protection contracts (collars and forward contracts)	19.7	1.4	(7.0)	(6.3)	1.5
Adjusted net earnings attributable to shareholders of the Company, restated	56.2	112.7	126.6	120.1	581.7
Weighted average number of shares issued and outstanding	247.8	248.3	248.3	249.2	240.1
Adjusted net earnings from continuing operations per basic share, restated	0.23	0.45	0.51	0.48	2.42
Adjusted net earnings from continuing operations per basic share, as previously reported	0.15	0.45	0.49	0.58	2.40

¹Adjusted net earnings attributable to shareholders of the Company as previously reported in the news release published on 3 August 2022 for the three and six months ended 30 June 2022 (page 1).

²Adjusted net earnings attributable to shareholders of the Company as previously reported in the news release published on 5 May 2022 for the three months ended 31 March 2022 (page 1), adjusted for the impact of the foreign exchange remeasurement of deferred tax balances and the non-controlling interest on impairment charges described in table 30 above.

³Adjusted net earnings attributable to shareholders of the Company as previously reported in the Management Report for the year ended 31 December 2021, adjusted for the retrospective reclassification of discontinued operations, the impact of the foreign exchange remeasurement of deferred tax balances and the non-controlling interest on impairment charges described in table 30 above.

6.5. OPERATING CASH FLOW PER SHARE

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use cash flow per share 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 32: Operating Cash Flow ("OCF") and Operating Cash Flow ("OCF") Per Share

	THREE MONTHS ENDED		YEAR ENDED
(\$m except per share amounts)	31 December 2022	31 December 2021	31 December 2022	31 December 2021
Operating cash flow
Cash generated from operating activities by continuing operations	310.8	341.4	1,017.1	1,132.2
Changes in working capital from continuing operations	(30.0)	(23.2)	91.6	0.5
Operating cash flows before working capital from continuing operations	280.8	318.2	1,108.7	1,132.7
Divided by weighted average number of outstanding shares, in millions	246.7	249.2	247.8	240.1
Operating cash flow per share from continuing operations	\$1.26	\$1.37	\$4.10	\$4.72
Operating cash flow per share before working capital from continuing operations	\$1.14	\$1.28	\$4.47	\$4.72

6.6. 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 16. The following table explains the calculation of net cash/adjusted EBITDA LTM ratio using the last twelve months of adjusted EBITDA.

Table 33: Net Cash/ Adjusted EBITDA LTM Ratio

(\$m)	31 December 2022	31 December 2021
Net cash/(net debt)1	121.1	76.2
Trailing twelve month adjusted EBITDA2	1,284.2	1,536.6
Net cash/adjusted EBITDA LTM ratio	0.09	0.05

¹Refer to table 16 for the reconciliation of this non-GAAP measure.

²Trailing twelve month adjusted EBITDA is calculated using adjusted EBITDA as reported in prior periods for each quarter prior to Q4-2022 adjusted to exclude results of discontinued operations and for the effects of retrospective PPA adjustments. Refer to table 23 for the reconciliation of this non-GAAP measure.

6.7. 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 calculated as total equity of the Group adjusted by net (cash)/ debt as per table 16. Previously, management determined capital employed as total assets less current liabilities. Management believes that including long-term liabilities and determining capital employed based on total equity is more reflective of the long-term management of capital of the Group and is also more consistent with the similar calculation of our peer companies. The calculation has been restated for all periods presented..

Table 34: Return on Capital Employed

	TRAILING TWELVE MONTHS
(\$m unless otherwise stated)	31 December 2022	31 December 2021
Adjusted EBITDA1	1,286.2	1,515.8
Depreciation and amortisation	(620.8)	(648.7)
Adjusted EBIT (A)	665.4	647.1
Opening capital employed (B)	4,309.5	2,174.2
Total equity	4,087.3	4,385.7
Net cash	(121.1)	(76.2)
Closing capital employed (C)	3,966.2	4,309.5
Average capital employed (D)=(B+C)/2	4,137.9	3,241.9
ROCE (A)/(D)	16 %	26 %

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

The decrease in ROCE for the trailing twelve months ("LTM") to 31 December 2022 reflects the lower Adjusted EBIT in FY-2022 compared to FY-2021 due to the lower revenues and increased operating costs, as discussed above, while average capital employed has increased reflecting the impact of the acquisition of Teranga.

7. 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 35: 2022 Quarterly Key Performance Indicators¹

	FOR THE THREE MONTHS ENDED
(\$m except ounces sold and per share amounts)	31 December 2022	30 September 2022	30 June 2022	31 March 2022
Gold ounces sold	352,448	338,054	343,688	359,094
Revenue	617.0	570.0	632.2	688.9
Operating cash flows generated from continuing operations	310.8	153.7	253.2	299.4
Earnings from mine operations	156.0	127.5	200.5	275.7
Net comprehensive (loss)/earnings	(273.1)	67.1	204.5	(20.4)
Net comprehensive (loss)/earnings from discontinued operations	(5.7)	—	—	14.8
Net (loss)/earnings from continuing operations attributable to shareholders	(256.4)	57.6	189.4	(56.7)
Net earnings/(loss) from discontinued operations attributable to shareholders	(5.7)	—	—	14.5
Basic (loss)/earnings per share from continuing operations	(1.04)	0.23	0.76	(0.23)
Diluted (loss)/earnings per share from continuing operations	(1.04)	0.23	0.76	(0.23)
Basic (loss)/earnings per share from all operations	(1.06)	0.23	0.76	(0.17)
Diluted (loss)/earnings per share from all operations	(1.06)	0.23	0.76	(0.17)

1 Prior year figures for continuing operations have been restated to exclude results of discontinued operations of Karma and Agbaou, as applicable.

Table 36: 2021 Quarterly Key Performance Indicators¹

	FOR THE THREE MONTHS ENDED
(\$m except ounces sold and per share amounts)	31 December 2021	30 September 2021	30 June 2021	31 March 2021
Gold ounces sold	370,284	371,739	395,146	341,122
Revenue	666.0	657.4	709.1	601.0
Operating cash flows generated from continuing operations	344.7	309.3	284.1	203.8
Earnings from mine operations	203.2	237.0	266.5	190.9
Net comprehensive (loss)/earnings	(109.4)	136.4	150.9	98.0
Net comprehensive (loss)/earnings from discontinued operations	(17.0)	(4.5)	2.9	(10.1)
Net (loss)/earnings from continuing operations attributable to shareholders	(86.8)	121.8	126.3	84.6
Net (loss)/earnings from discontinued operations attributable to shareholders	(16.0)	(4.3)	2.4	(11.5)
Basic (loss)/earnings per share from continuing operations	(0.35)	0.49	0.50	0.41
Diluted (loss)/earnings per share from continuing operations	(0.35)	0.49	0.50	0.41
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

1 Prior year figures for continuing operations have been restated to exclude results of discontinued operations of Karma and Agbaou, as applicable.

	FOR THE YEAR ENDED
(\$m except ounces sold and per share amounts)	31 December 2022	31 December 2021	31 December 2020
Gold ounces sold	1,393,284	1,478,291	710,493
Revenue	2,508.1	2,642.1	1,278.9
Operating cash flows from continuing operations	1,017.1	1,132.2	677.8
Operating cash flows from discontinued operations	4.9	24.1	71.1
Earnings from mine operations	759.7	897.5	426.8
Net and comprehensive (loss)/earnings from continuing operations	(31.0)	304.6	217.8
Net and comprehensive earnings/(loss) from discontinued operations	9.1	(28.8)	(105.5)
Net (loss)/earnings from continuing operations attributable to shareholders	(66.1)	245.0	174.8
Net (loss)/earnings attributable to shareholders	(57.3)	215.5	73.1
Basic (loss)/earnings per share from continuing operations	(0.27)	1.02	1.28
Diluted (loss)/earnings per share from continuing operations	(0.27)	1.01	1.28
Basic (loss)/earnings per share	(0.23)	0.90	0.53
Diluted (loss)/earnings per share	(0.23)	0.89	0.53
Total assets	6,414.7	6,770.9	3,881.7
Total long term liabilities (excluding deferred taxes)	707.2	1,145.8	792.7
Total attributable shareholders' equity	3,660.9	3,921.5	2,057.0
Adjusted net earnings per share	1.44	2.42	2.36

1 Prior year figures for continuing operations have been restated to exclude results of discontinued operations of Karma and Agbaou, as applicable.

8. 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 2022. 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 the annual consolidated financial statements of the Group for the year ended 31 December 2021 ("annual report"), both which are available on its website, and the Company's most recent Annual Information Form filed on SEDAR at . 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 operating jurisdictions expose Endeavour Mining to significant security threats. Due to the jurisdictions within which we operate, there is an underlying risk of terrorism, kidnapping, extortion, and harm to our people. If a security event were to materialise, we may experience theft of assets, loss of access to sites, the inability to operate, the inability to transport required supplies to mine sites, inability to recruit staff and/or perform exploration activities. In addition to the operational disruption caused, such events may impact the underlying value of our assets.

Geopolitical risk

The geopolitical environments in our operating locations remain complex and require ongoing monitoring. Endeavour Mining operates in countries in West Africa with developing, complex or unstable political and/or social climates. In Burkina Faso, there were two separate coups of the national government during the year. Though they did not significantly impact on our operations, it underscores the unstable political climate in the countries where we operate. As a result, the political, economic, and regulatory environments we face can be unstable and require intensive, ongoing management. The risk is that the unstable geopolitical environments introduce uncertainty to the political, economic, taxation and regulatory environments we operate in, which may challenge our ability to develop in line with our strategic objectives. Failure to actively monitor and manage changes in our geopolitical environment may impact our ability to explore, operate and develop, impacting the longer-term viability of our business.

Community relations risk

Through our operating activities, we have the potential to deliver significant and positive contributions to the local communities in the jurisdictions within which we operate. However, it remains critical that we continue to monitor and manage our impact to ensure we protect our reputation. An external perception that Endeavour Mining is not generating sustainable benefits for local communities or may not be acting in accordance with human rights legislation or environmental laws may impact the organisation's reputation and affect our stakeholder relations and social licence to operate. In Burkina Faso, there were incidents with the local communities at two of our mines during the year. Though these did not significantly impact our operations, it highlighted the importance of good relations with the local communities where we operate. This may further result in adverse community relations, impacting the costs, profitability, access to finance or viability of our operations and the safety and security of our workforce and assets. Localised events may escalate to disputes with local, regional and/or national governments and other external stakeholders, resulting in damage to our reputation and the real value of our assets.

Macro-economic risk

Due to the nature of our operations, Endeavour Mining is exposed to the volatility of gold prices, as well as for our production inputs, such as oil. Recent global events have increased volatility in financial markets, impacting not only commodities but also interest rates and foreign exchange rates. A rise in interest rates may impact our cost of capital for existing and future development projects whilst foreign exchange rate fluctuations may affect our input costs and revenue. With consideration to all of these macroeconomic factors in aggregate, there is an underlying risk to Endeavour Mining's ability to continue to generate cash flows.

Environmental risk

Mining operations carry the inherent risk of environmental damage, illness or injury and disruption to local communities and ecosystems. Endeavour Mining is subject to complying with environmental regulations and standards which continue to evolve (e.g. the Global Industry Standards on Tailings Management and the Transition to a Low Carbon Economy), as well as our own environmental targets to manage the impacts of our operations and support efforts to reduce the impacts of climate change. Failure to do so may impact our ability to operate within the expectations of our external stakeholders (including governments of our host countries and regulators). As environmental practices continue to face further scrutiny, there is an underlying risk our mine sites are impacted through the loss of our operating licences, or increased scrutiny impacting the group's access to capital.

Concentration risk

Our operations face an inherent risk of not achieving our targeted returns, which are crucial for the achievement of our strategic objectives. At present, the mining interests of Endeavour Mining are concentrated in gold mines within West Africa, in particular Burkina Faso, due to the significant commercial opportunities present. However, to ensure the continued commercial success of our organisation, we constantly evaluate the diversification of our portfolio beyond this region to ensure our longer-term revenues and the Group's strategic objectives. Without ongoing consideration to wider opportunities for development outside of the region, the Group faces the risk of reduced commercial performance.

Supply chain risk

Endeavour Mining relies on a stable supply chain of goods and services to support the continuation of operations at a site-level. At present, our supply chains remain sensitive to disruption due to a combination of a microeconomic and macroeconomic factors, outside of the control of Endeavour Mining. Microeconomic factors include the local security environment of operating regions and regulatory changes. Macroeconomic factors include the volatility of prices caused by foreign exchange rates and global conflicts, and access to freight services, including the ability to transport goods safely to mine sites and the ability to access reliable shipping lines to transport our products internationally. Without the ability to source and obtain the required inputs into our operations, our mining activities could face significant disruption, impacting cash flow generation for Endeavour Mining.

Operational performance risk

There is an underlying risk that our existing operations and development projects fail to deliver planned production rates and AISC levels. Our operational performance is exposed to a number of external risks, often outside of the Group's control (including, but not limited to, extreme weather, natural disasters, geotechnical challenges or loss or interruption to key supplies [e.g. electricity and water]). Internal risks may also be present, including the failure of equipment, including fixed plant. These factors, combined with lower than expected below-ground reserves may result in the inability to recover targeted resource levels, impacting the Group's ability to meet forecasted revenue targets. Where further extraction is needed to meet targets, the Group may experience higher-than expected costs.

Succession planning and talent risk

Endeavour Mining must continue to ensure we retain the best talent, retaining the experience to ensure our continued success. Endeavour Mining prides itself on the combination of experience and expertise within its Executive group, Senior Management team and across its operations. The organisation faces an underlying risk that it may be unable to continue to retain or attract employees with the appropriate skills and experience. Without these, the Group may experience short term disruption to operations and production, with the longer-term impact being the inability to effectively execute the organisational strategy.

Capital projects risk

The identification and construction of advanced project development opportunities is essential to meeting our strategic goals. However, large construction projects may fail to achieve desired economic returns due to: inability to recover estimated mineral resources, design or construction inadequacy, failure to achieve the expected operating parameters, capital or operating costs being higher than expected. Failure to manage new projects effectively - from the evaluation of the expected returns on the project relative to the Group's capital allocation strategy; accurate estimation of the capital costs to complete the project; and accurate estimates related to the life of mine of the project upon its completion from both a resource recovery and operating cost perspective - may result in the Company not meeting its longer-term strategic goals and shareholder objectives. During the year, the Company approved the construction of two significant capital projects, the BIOX® plant at Sabodala-Massawa in Senegal and the Lafigue project in Cote d'Ivoire, with total capital investment of approximately \$740 million from 2022 through to their expected commissioning in 2024.

Regulatory compliance risk

The geographical spread of Endeavour Mining's operations and assets makes its regulatory and compliance environment diverse and complex. Endeavour Mining must continue to manage its legal and regulatory obligations, including within the areas of human rights, anti-bribery and corruption, privacy, and international sanctions. Failure to effectively manage and deliver our requirements under these regulations could result in regulatory fines, reputational damage, and the potential for the Group to face litigation.

Other risks

The Company'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 Company 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 Company by failing to discharge its obligations. Credit risk arises from cash, restricted cash, marketable securities, trade and other receivables, longterm receivable and other assets.

The Company 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 Company deems the credit risk on its cash to be low.

The Company closely monitors its financial assets and does not have any significant concentration of credit risk other than receivable balances owed from the governments in the countries the Company operates in. The Company monitors the amounts outstanding from 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 Corporation 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 2022 is considered to be negligible. The Company does not rely on ratings issued by credit rating agencies in evaluating counterparties' related credit risk.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash, physical gold or another financial asset. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements. The Company 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 Company's financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Company incurs in its operations. There has been no change in the Company's objectives and policies for managing this risk during the period ended 31 December 2022 except for with respect to currency risk as the Group has entered into foreign exchange contracts for certain Euro and Australian Dollar denominated contracts for capital expenditures related to its significant capital projects at Lafigué and Sabodala-Massawa.

The Company has not hedged its other exposure to foreign currency exchange risk.

Commodity price risk

Commodity price risk relates to the risk that the fair values of the Group's financial instruments will fluctuate because of changes in commodity prices. Commodity price fluctuations may affect the revenue that the Group generates in its operations as well as the costs incurred at its operations for royalties based on the gold price. There has been no change in the Group's objectives and policies for managing this risk during the period ended 31 December 2022 and the Group has a gold revenue protection programmes in place to protect against commodity price variability in periods of significant capital investment.

Interest rate risk

Interest rate risk is the risk that future cash flows from, or the fair values of, the Company's financial instruments will fluctuate because of changes in market interest rates. The Company 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 Company 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").

9. CONTROLS AND PROCEDURES

9.1. 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 2022, the disclosure controls and procedures were effective.

9.2. 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 31 December 2022, 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 31 December 2022, 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 2021 that have materially affected or are reasonably likely to materially affect the Company's internal controls over financial reporting.

9.3. 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.

AI assistant

Endeavour Mining PLC — Management Reports 2023

5068_10-k_2023-03-15_0ed66613-1ef7-4095-a879-63a57931f4bc.pdf

MANAGEMENT REPORT

For the three months and year ended 31 December 2022 and 31 December 2021

Table of Contents

1. BUSINESS OVERVIEW

1.1. OPERATIONS DESCRIPTION

2. HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED 31 DECEMBER 2022

Table 1: Consolidated Highlights

3. ENVIRONMENT, SOCIAL AND GOVERNANCE

3.1. HEALTH AND SAFETY

Table 2: LTIFR1 and TRIFR2 Statistics for the Trailing Twelve Months ended 31 December 2022

3.2. ESG UPDATES AND PERFORMANCE

Tax and Economic Contribution Report

The Responsible Gold Mining Principles

Changes to Board of Directors

Voting Results Update Statement

4. OPERATIONS REVIEW

4.1. Operational Review Summary

Table 3: Group Production

Table 4: Group AISC1

4.2. Boungou Gold Mine, Burkina Faso

Table 5: Boungou Key Performance Indicators

Q4-2022 vs Q4-2021 Insights

FY-2022 vs FY-2021 Insights

2023 Outlook

Exploration

4.3. Houndé Gold Mine, Burkina Faso

Table 6: Houndé Key Performance Indicators

Q4-2022 vs Q4-2021 Insights

FY-2022 vs FY-2021 Insights

2023 Outlook

Exploration

4.4. Ity Gold Mine, Côte d'Ivoire

Table 7: Ity CIL Key Performance Indicators

Q4-2022 vs Q4-2021 Insights

FY-2022 vs FY-2021 Insights

2023 Outlook

Exploration

4.5. Mana Gold Mine, Burkina Faso

Q4-2022 vs Q4-2021 insights

FY-2022 vs FY-2021 Insights

2023 Outlook

Exploration

4.6. Sabodala-Massawa Gold Mine, Senegal

Table 9: Sabodala-Massawa Key Performance Indicators1

Q4-2022 vs Q4-2021 Insights

FY-2022 vs FY-2021 Insights

2023 Outlook

Plant Expansion

Exploration

4.7. Wahgnion Gold Mine, Burkina Faso

Table 10: Wahgnion Key Performance Indicators1

Q4-2022 vs Q4-2021 Insights

FY-2022 vs FY-2021 Insights

2023 Outlook

Exploration

4.8. DISCONTINUED OPERATIONS - KARMA MINE

FY-2022 vs FY-2021 Insights

5. FINANCIAL REVIEW

5.1. STATEMENT OF COMPREHENSIVE (LOSS)/EARNINGS

Table 12: Statement of Comprehensive (Loss)/Earnings

Review of results for the three months and year ended 31 December 2022:

5.2. CASH FLOWS

Table 13: Summarised Cash Flows

Table 14: Tax Payments

5.3 SUMMARISED STATEMENT OF FINANCIAL POSITION

Table 15: Summarised Statement of Financial Position

5.4. LIQUIDITY AND FINANCIAL CONDITION

Net cash position

Table 16: Net Cash Position

Equity and capital

Table 17: Outstanding Shares

Going concern

5.5. RELATED PARTY TRANSACTIONS

Key management compensation

Table 18: Remuneration of Key Management Personnel

Other related party transactions

5.6. ACCOUNTING POLICIES AND CRITICAL JUDGEMENTS

Endeavour Mining PLC Management Reports 2023

Table 2: LTIFR¹ and TRIFR² Statistics for the Trailing Twelve Months ended 31 December 2022

Table 4: Group AISC¹

Table 9: Sabodala-Massawa Key Performance Indicators¹

Table 10: Wahgnion Key Performance Indicators¹

Table 35: 2022 Quarterly Key Performance Indicators¹

Table 36: 2021 Quarterly Key Performance Indicators¹