Endeavour Mining Management Presentation

Endeavour Mining Management Presentation February 2015 GOLD PRODUCER WEST AFRICA CASH FLOW

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

Endeavour Today A West African gold producer operating four mines 2014 Production of 466,000 oz growing to 2015 Guidance of 475,000-500,000 oz 2015 AISC Guidance of $930 to 980 per oz Through the heavy capex phase In 2013 and 2014 invested over $300 million in new mine construction and improvements Only $20 million non-sustaining capex in 2015 Generated positive cash in Q4 2014 2015 free cash flow will reduce debt TSX:EDV ASX:EVR OTCQX:EDVMF Market Cap: $256M Shares Out: 413.1M GOLD PRODUCER WEST AFRICA CASH FLOW 3

West African Projects Multiple operations Open-pit and underground Contract and owner mining Gravity/CIL plants Operations management based in Accra GOLD PRODUCER WEST AFRICA CASH FLOW 4

Historic and Potential Growth Potential for Houndé production in early 2017 +700,000 ozs Houndé Agbaou Tabakoto 80,000 ozs Nzema Youga 2009 2010 2011 2012 2013 2014 2015e 2016e 2017e Gold Production (ozs) 0 80,000 180,000 300,000 325,000 466,000 ~500,000/yr plus Houndé GOLD PRODUCER WEST AFRICA CASH FLOW 5

2014 Achievements Production and cost guidance 466,000 ozs, a 44% increase over 2013 Anticipate full-year AISC just below mid-point of $985-1070 per oz guidance Achieved goal of reducing AISC/oz from over $1100 in 2013 to below $1000 as of Q3 2014 Three mines increased production year-onyear Excellent health and safety record at all mines Successful exploration at Agbaou, Tabakoto and Houndé GOLD PRODUCER WEST AFRICA CASH FLOW 6

Agbaou A Success Story Full commercial production started January 2014 Demonstrating strong, sustained performance Produced 146,757 ozs (2014) Cash cost of $561/oz (9 months) AISC of $647/oz (9 months) Strong cash flow generator Resource definition program commenced to extend mine life Several mineralized zones remain open on strike and at depth; Three high priority targets drilled Potential extensions of North Pit and West Pit Demonstrated continuity of grades and widths Majority of the intercepts are near surface and therefore oxide mineralization GOLD PRODUCER WEST AFRICA CASH FLOW 7

Tabakoto Mine Optimization Production has transitioned to sources of cheaper higher grade ore H1 2014 H2 2014 2015 o Tabakoto Underground o Tabakoto Underground o Tabakoto Underground o Stockpiles o Segala Underground o Segala Underground o Djambaye Open Pit o Djambaye Open Pit o Kofi C Open Pit In 2014 Q2 completion of conversion to owner mining at Tabakoto underground mine Segala underground mine now has 6 stopes available As of January 2015 Commenced mining from Kofi C open pit Tabakoto underground mine performance continues to improve CRF plant being commissioned GOLD PRODUCER WEST AFRICA CASH FLOW 8

Kofi C Mining Commenced Kofi Property Kofi C production started in 2015 Mining permit covers all 8 Kofi deposits Exploration continues to add to current Indicated 0.6 million ozs plus Inferred 0.6 million ozs Kofi C production started in 2015 and other Kofi deposits along road will be added later Kofi C open pit reserve grade of 4.13 g/t is an attractive third source of ore to the Tabakoto mill 1 See Appendix for details on Tabakoto-Kofi Resources and Reserves GOLD PRODUCER WEST AFRICA CASH FLOW 9

Gold Production Profile and 2015 Guidance 2012 2013 2014 2015 Actual Actual Actual Guidance Range Agbaou, Côte d'ivoire - 6,000 147,000 150,000-155,000 Nzema, Ghana 109,000 103,000 115,000 110,000-115,000 Tabakoto, Mali 110,000 125,000 127,000 155,000-165,000 Youga, Burkina Faso 91,000 89,000 77,000 60,000-65,000 Total 310,000 323,000 466,000 475,000-500,000 2015 guidance by mine (ozs, 100% basis) GOLD PRODUCER WEST AFRICA CASH FLOW 10

2015 AISC Guidance and Margin at $1200/oz 2015 AISC/oz Guidance by Mine ($/oz) AISC Margin and Free cashflow 2015 Guidance Range Production guidance (ozs, 2015 mid-point) 487,500 Agbaou, Côte d'ivoire $690 - $740 $/oz US$ million Nzema, Ghana $1,000 - $1,050 Tabakoto, Mali $950 - $1,000 Youga, Burkina Faso $975 - $1,025 Mine-level AISC/oz $883 - $933 Plus Corporate G&A $37 Revenue $1,200 $585 Less: AISC costs (2015 mid-point) $465 All-in sustaining margin $120 Non-sustaining capital: Projects include completion of Kofi C open pit access and Cement Rock Fill (CRF) plant for Segala $5 Plus Exploration (sustaining) $10 Non-sustaining exploration $15 AISC/oz $930 - $980 Free cashflow (before tax & financing costs) $100 GOLD PRODUCER WEST AFRICA CASH FLOW 11

Developing the Houndé Project Permitting progress continues Cabinet approved, awaiting final decree signed by President Feasibility study completed in 2013 2P Reserve 1 of 25 million tonnes at 1.95 g/t containing 1.55 million ozs 3.0 Mtpa SAG/Ball mill and Gravity/CIL 180,000 ozs per year over 8 years AISC/oz of less than $800/oz Upfront capital of $315M including owner mining fleet IRR 22.4% at $1,300/oz (post tax) Houndé FS General Site Layout Mine, Waste Dumps, and Plant Location Construction Services Team now reviewing and optimizing based on Agbaou construction experience and 2014 exploration 1 See Appendix for details on Houndé Reserves GOLD PRODUCER WEST AFRICA CASH FLOW 12

Summary Exceeded top end of 2014 production guidance Record production of 466,000 ozs Continued reductions in AISC Achieved stated goal of AISC/oz below $1,000 in Q3 with AISC/oz of $991 Benefiting from cost reduction program, especially from low-aisc cost of newly constructed Agbaou mine Fall in oil price and other input prices may lower AISC Focus is on effectively managing our 4 mines Generated positive cash in Q4 2014 2015 free cashflow will reduce debt GOLD PRODUCER WEST AFRICA CASH FLOW 13

Appendices Board of Directors Management Company Profile Operations Q3 2014 Cash Cost Detail by Mine Resources and Reserves GOLD PRODUCER WEST AFRICA CASH FLOW 14

Board of Directors Michael Beckett, Chairman Former Chairman, Ashanti Goldfields and former MD, Consolidated Gold Fields Ian Cockerill Extensive African mining experience, Former CEO, Gold Fields Frank Giustra Founder: Wheaton River, Silver Wheaton and Pacific Rubiales; Former CEO, Yorkton Securities Ian Henderson Former Managing Director and natural resources fund manager, JP Morgan Wayne McManus Accounting professor: CPA, CFA, LLM in taxation Miguel Rodriguez Former President Venezuela Central Bank; former Governor of IMF, World Bank and IADB Neil Woodyer, CEO Founded Endeavour in 1988; former mining banker/advisor GOLD PRODUCER WEST AFRICA CASH FLOW 15

Management Neil Woodyer CEO Founder of Endeavour, 30+ years experience in natural resources Project financed and advised on the acquisition of over 30 mines Attie Roux COO Built / commissioned Nzema processing plant 34 years as metallurgist at AngloGold Christian Milau CFO CA and US Certified Public Accountant 18 years experience, previously treasurer of New Gold Inc Doug Bowlby EVP Corporate Development Chartered Financial Analyst with corporate finance and M&A background 18 years experience with mining transactions & growth plans Doug Reddy SVP Business Development Geologist with 30+ years exploration and mining experience Manages relationships with analysts and institutional investors Jeremy Langford EVP Construction Services Mechanical engineer with 10+ years experience Built Agbaou, Nzema and Sabodala gold mines Richard Thomas EVP Technical Services 20+ years experience in open pit and underground mining Previously VP Mining for Continental Africa for Anglogold Morgan Carroll SVP Corp. Finance/General Counsel 14 years experience in mining corporate financing and M&A Previously a lawyer at Mayer Brown International LLP, admitted in New York and London Gérard de Hert VP Exploration Geologist with more than 14 years experience in mining and exploration in West and Central Africa GOLD PRODUCER WEST AFRICA CASH FLOW 16

Company Profile Share Price (January 30, 2015) Recent Share Price Market Cap Av. daily shares in January 2015 Canada TSX:EDV Australia ASX:EVR USA OTCQX:EDVMF CDN$0.60 AUD$0.59 CDN$248 million 3.3 million 0.1 million 0.1 million Balance Sheet (December 31, 2014) Cash position 1 $62 million Drawn down from $350 million debt facility $300 million 1 Preliminary, subject to audit. Analyst Coverage (January 30, 2015) BMO Capital Markets Andrew Breichmanas C$0.75 Canaccord Genuity Rahul Paul C$1.20 Capitalization Summary (January 30, 2015) Shares in Issue 413,143,668 Options 31,509,550 Fully Diluted 444,653,218 Shareholder Base Institutions 60-65% Retail 25-35% Insiders/Management 3% CIBC World Markets Leon Esterhuizen C$1.60 GMP Securities Brock Salier C$1.10 Haywood Securities Tara Hassan C$1.30 Pareto Securities John McClintock C$1.02 Patersons Securities Matthew Trivett A$0.87 Peel Hunt Michael Stoner C$0.87 Raymond James Chris Thompson C$1.00 UBS Jo Battershill A$0.90 Sourced from Bloomberg. Peel Hunt sourced by author. This list is provided for informational purposes only. The opinions, estimates, forecasts or any analysis do not represent opinions, forecasts or analyses of Endeavour Mining Corporation or its Management. Endeavour Mining Corporation does not by its reference above imply any endorsement of or concurrence with such opinions, estimates or forecasts. GOLD PRODUCER WEST AFRICA CASH FLOW 17

Agbaou Gold Mine, Côte d Ivoire Agbaou Gold Mine (85% Endeavour, 10% Côte d Ivoire, 5% SODEMI) Resources (incl. Reserves, 100%) Reserves (100%) M&I: 15.0Mt @ 2.3 g/t for 1.100Moz Inferred: 2.2Mt @ 2.3 g/t for 0.165Moz 11.4Mt @ 2.4 g/t for 0.880Moz Strip Ratio 7.9 to 1 Processing Rate Met. Recovery Mining Type Production Up to 2.2 Mtpa Gravity/CIL plant - oxides; 1.34 Mtpa design with fresh ore Achieving 97% at present; 92.5% design Open Pit Contractor Mining (BCM) 2014 146,757 ozs 2015e 150,000 to 155,000 ozs Cash Costs ($/oz) 2014 9 months $561 All-in Sustaining Costs (Mine Level) Expected Mine Life Royalty Corporate Tax 2015e $690 - $740/oz 8 years from current Reserves 3% - 5% sliding scale 25% with 5 year corporate tax holiday GOLD PRODUCER WEST AFRICA CASH FLOW 18

Nzema Gold Mine, Ghana Nzema Gold Mine (90% Endeavour, 10% Ghana) Resources (incl. Reserves, 100%) M&I: 38.4Mt @ 1.4 g/t for 1.693Moz Inferred: 7.7Mt @ 1.3 g/t for 0.313Moz Reserves (100%) 9.9Mt @ 2.1 g/t for 0.602Moz Strip Ratio 4.8 to 1 (2014) Processing Rate Met. Recovery Production Cash Costs ($/oz) All-in Sustaining Costs (Mine Level) Expected Mine Life Royalty 1.6 to 2.1Mtpa Gravity/CIL plant 91% to 75% depending on ore type 2013 103,464 ozs 2014 115,129 ozs 2015e 110,000 to 115,000 ozs 2013 - $917 2014 9 months - $844 2014e $780 to $830 2015e $1000 - $1050/oz 6 years from current Reserves 5% (+1% third-party at Adamus pits) Corporate Tax 35% GOLD PRODUCER WEST AFRICA CASH FLOW 19

Tabakoto Gold Mine, Mali Tabakoto Gold Mine (80% Endeavour, 20% Mali) Kofi (90% Endeavour, 10% Mali) Resources (incl. Reserves, 100%) Reserves (100%) Processing Rate Mining Type M&I: 17.2Mt @ 3.0 g/t for 1.679Mozs (~52% U/G @ 4.7 g/t) Inferred: 19.0Mt @ 2.6 g/t for 1.603Mozs (~59% U/G @ 4.6 g/t) 6.9Mt @ 3.6 g/t for 0.794Mozs (~60% U/G @ 4.1 g/t) 1.4 Mtpa Gravity/CIL Tabakoto (UG), Segala (UG) & Djambaye II Open Pit Mine Met. Recovery 92% - 95% Production Cash Costs ($/oz) All-in Sustaining Costs (Mine Level) 2012 110,301 ozs 2013 125,231 ozs 2014 127,323 ozs 2015e 155,000 to 165,000 ozs 2013 - $972 2014 9 months - $1,184 2014e - $790 to $840 2015e $950 - $1000/oz Royalty 6% Corporate Tax 25% GOLD PRODUCER WEST AFRICA CASH FLOW 20

Youga Gold Mine, Burkina Faso Youga Gold Mine (90% Endeavour; 10% Burkina Faso) Resources (incl. of Reserves, 100%) Reserves (100%) Youga & Ouaré M&I: 15.5Mt @ 1.6g/t for 0.805Moz Inferred: 2.2Mt @ 1.4g/t for 0.099Moz 4.0Mt @ 2.0g/t for 0.265Moz Strip Ratio 3.5 to 1 (2014) Processing Rate 1.0Mtpa Gravity/CIL plant Met. Recovery 94% Production Cash Costs ($/oz) All-in Sustaining Costs (Mine Level) Expected Mine Life Royalty 2013 89,448 ozs 2014 76,561 ozs 2015e 60,000 to 65,000 ozs 2013 - $730 2014 9 months - $736 2014e $790 to $840 2015e $975 - $1025/oz 2 years at current grade (potential for 5+ years with satellite deposits and Ouaré) 3% - 5% sliding scale Corporate Tax 17.5% GOLD PRODUCER WEST AFRICA CASH FLOW 21

Q3 2014 Cash Cost Detail by Mine Agbaou Nzema Tabakoto Youga Total Mining Physicals Total tonnes mined - Open pit 000t 5,481 2,243 1,826 1,349 Total ore tonnes - Open pit 000t 669 342 164 239 Total ore tonnes - Underground 000t - - 230 - Total tonnes milled 000t 603 401 390 236 Gold sold ozs 41,919 24,231 29,434 18,498 114,082 Unit cost analysis Mining costs - Open pit 1 $/t mined 2.96 4.30 4.56 4.06 Mining costs - Underground 1 $/t ore - - 57.36 - Processing and maintenance $/t milled 7.74 18.89 28.84 25.58 Site G&A $/t milled 3.70 7.63 15.41 9.87 Cash cost details Mining costs - Open pit $000s $13,182 $9,199 $8,323 $5,478 $36,181 Mining costs - Underground $000s - - 11,526 - $11,526 Processing and maintenance $000s 4,666 7,571 11,251 6,047 $29,536 Site G&A $000s 2,227 3,059 6,013 2,333 $13,633 Purchased ore at Nzema $000s - 3,457 - - $3,457 Inventory adjustments $000s -507-1,077 470-369 -$1,483 Cash costs for ounces sold $000s $19,567 $22,209 $37,583 $13,490 $92,849 Royalties $000s $1,856 $1,706 $2,254 $1,002 $6,817 Sustaining capital $000s $3,330 $1,368 $2,871 $199 $7,768 Cash cost per ounce sold $/oz $467 $917 $1,277 $729 $814 Mine-level AISC per ounce sold $/oz $590 $1,043 $1,451 $794 $942 Other costs used to derive unit mining cost Capitalized mining costs $000s $3,055 $439 $1,665 Numbers may not add due to rounding 1 Includes capitalized mining costs GOLD PRODUCER WEST AFRICA CASH FLOW 22

Mineral Reserves as at Dec 31, 2013 Mine / Project Reserves Proven Probable Proven & Probable Gold Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Price Mt g/t k Ozs Mt g/t k Ozs Mt g/t k Ozs US$/oz Nzema 1 - Total 6.7 2.0 434 2.3 2.3 168 9.0 2.1 602 US$ 1,350 Attributable - 90% 391 151 542 Youga 2 - Total 2.7 2.0 172 1.3 2.2 93 4.0 2.0 265 US$ 1,250 Attributable - 90% 156 84 239 Agbaou 4 - Total 3.1 2.8 279 8.3 2.2 601 11.4 2.4 880 US$ 1,350 Attributable - 85% 237 511 748 Tabakoto 5 Kofi 5 - Total 3.2 2.6 265 3.7 4.4 529 6.9 3.6 794 Attributable - 81% 212 432 644 US$ 1,200-1,350 Houndé 6 - Total 3.8 2.4 300 20.9 1.9 1,250 24.6 2.0 1,550 US$ 1,144 Attributable - 90% 270 1,125 1,395 Total 1,450 2,641 4,091 Total Attributable 1,265 2,303 3,567 Note: Percent attributable at Tabakoto Kofi is weighted by contribution to reserves. GOLD PRODUCER WEST AFRICA CASH FLOW 23

Mineral Resources as at Dec 31, 2013 Mine / Project Resources (including reserves) Measured Indicated Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Lower cutoff Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz Au g/t Nzema 1 - Total 25.2 1.4 1,130 13.2 1.3 563 38.4 1.4 1,693 7.7 1.3 313 0.5 Attributable - 90% 1,017 507 1,524 282 Youga 2 - Ouaré 3 - Total 6.9 1.4 322 8.6 1.7 484 15.5 1.6 805 2.2 1.4 99 0.5 Attributable - 90% 290 435 725 89 Agbaou 4 - Total 3.2 2.9 307 11.7 2.1 793 15.0 2.3 1,100 2.2 2.3 165 0.5 Attributable - 85% 261 674 935 140 Tabakoto 5 Kofi 5 - Total 4.4 2.9 412 12.8 3.1 1,267 17.2 3.0 1,679 19.0 2.6 1,603 0.5 to 1.5 Attributable - 82% 338 1,039 1,377 1,314 Houndé 6 - Total 3.8 2.5 303 25.7 1.9 1,571 29.4 2.0 1,874 1.8 2.2 133 0.35 Attributable - 90% 273 1,414 1,687 120 Total 2,474 4,677 7,151 2,313 Total Attributable 2,178 4,069 6,247 1,945 Note: Percent attributable at Tabakoto Kofi is weighted by contribution to resources. GOLD PRODUCER WEST AFRICA CASH FLOW 24

Notes to Mineral Resource and Reserves 1 Nzema Report with mineral resource update of the Adamus deposit effective November 7, 2013 prepared by N.J. Johnson (MPR Geological Consultants Pty Ltd.) and updated internal mineral reserve estimates effective December 31, 2013 prepared by M. Alyoshin (Endeavour). Most recent filed report is "Technical Report and Mineral Resource and Reserve Update for the Nzema Gold Mine, Ghana, West Africa", effective date December 31, 2012, prepared by N.J. Johnson (MPR Geological Consultants Pty Ltd.), Q. De Klerk (Cube Consulting Pty Ltd.) and W.J.A. Yeo and A.A. Roux of Endeavour. 2 Youga Report with mineral resource update for Youga Main, East, West, NTV, and Leduc deposits effective December 31, 2013 prepared by B. Diouf (Endeavour) and reviewed by K. Harris (Endeavour). Zergoré and A2NE deposit internal mineral resource estimates, prepared by AMEC under supervision of K. Woodman (Endeavour) effective December 31, 2012. Internal mineral reserve estimates effective December 31, 2013 prepared by E. Kadio Kakou under the supervision of A. de Freitas (Endeavour). Most recent filed report is "Technical Report and Update of Mineral Resources and Mineral Reserves for the Youga Gold Mine, Burkina Faso, West Africa" effective date December 31, 2010, prepared by A. de Freitas and K. Woodman of Endeavour. 3 Ouaré deposit - Resource Estimate 2012, project 171880, dated December 31, 2012, prepared by AMEC under supervision of K. Woodman (Endeavour). 4 Agbaou Report with "Updated Mineral Resource Estimate for the Agbaou Gold Mine, Cote d'ivoire, effective August 2013" prepared by M. Wanless (SRK Consulting). Internal mineral resource update for satellite zones effective December 31, 2013 prepared by K. Harris (Endeavour). Mineral reserve update effective March 2014 prepared by M. Alyoshin (Endeavour). Most recent filed report is "Agbaou Gold Mine, Côte d'ivoire, NI 43-101 Technical Report" effective date May 25, 2012, prepared by M. Wanless, H. Theart and M. Sturgeon of SRK Consulting South Africa (Pty) Ltd., N. Senior (SENET), and D. Grant-Stuart and A. Rowland of Knight Piésold (Pty) Ltd. 5 Tabakoto and Kofi are reported within Technical Report and Mineral Resource and Reserve Update for the Tabakoto Gold Mine, Mali, West Africa effective date December 31, 2013. Prepared by G. de Hert (Endeavour), K. Harris (Endeavour), M. Alyoshin (Endeavour), V. Duke (Sound Mining), A. Roux (Endeavour), E. Puritch (P&E Mining Consultants Inc.), and A. Yassa (P&E Mining Consultants Inc.). 6 Houndé Project Houndé Gold Project Burkina Faso, Feasibility Study NI 43-101 Technical Report effective date October 31, 2013. Prepared by M. Zammit MAIG (Cube Consulting), M. Warren MIEAust CPEng (Lycopodium), R.M. Cheyne FAusIMM (ORELOGY), D. Morgan CPEng (Knight Piésold), P. O Bryan MAusIMM (CP) (Peter O Bryan and Associates). The following notes apply to the tables: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to one decimal place; ounces are rounded to the nearest 1,000 ounces. Rounding may result in apparent summation differences. Tonnes and grade measurements are in metric units; contained gold is in troy ounces. GOLD PRODUCER WEST AFRICA CASH FLOW 25

Neil Woodyer CEO nwoodyer@endeavourmining.com +377 97 98 7161 Doug Reddy SVP Business Development dreddy@endeavourmining.com +1 604 609 6114 GOLD PRODUCER WEST AFRICA CASH FLOW 26