Caledonia Mining Corporation Plc press release

Endeavour Reports FY-2024 Preliminary Results; Announces Record H2-2024 Dividend

2025-01-30

NYSE - New York Stock Exchange · Jersey

ENDEAVOUR REPORTS FY-2024 PRELIMINARY RESULTS; ANNOUNCES RECORD H2-2024 DIVIDEND FY-2024 production of 1.1Moz at AISC of ~$1,220/oz • 2024 year-end leverage of <0.60x • FY-2024 shareholder returns of $277m

| OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations) | | - Q4-2024 production of 363 koz increased by 92 koz or 34% over Q3-2024 , while AISC decreased by approximately ~$ 147 /oz or 11% to ~$ 1,140 /oz. | | - FY-2024 production of 1,103 koz at an AISC of ~$ 1,220 /oz, which was above the AISC guidance range due to lower production and higher costs at Sabodala-Massawa, higher power costs and higher royalty costs due to high gold prices. | | - Up to ~15% production growth expected in FY-202 5 with production guidance of 1,110 - 1,260koz at a class-leading total cash cost of $950-1,090/oz and AISC of $1,150-1,350/oz. | | - Strong financial position at year-end with net debt of $732m, leverage less than 0.60x Net Debt to Adjusted EBITDA (LTM) and $614m of available liquidity. | | ROBUST SHAREHOLDER RETURNS | | - H2-2024 record dividend of $140m or $0.57/sh announced, brings FY-2024 dividends to $240m or $0.98/sh; supplemented with $ 37 m of share buybacks for total returns of $277m, equivalent to $251/oz produced. | | - Following the successful completion of its growth phase, Endeavour's shareholder returns programme aims to continue to deliver attractive supplemental dividends with an increasing commitment to share buybacks. | | ATTRACTIVE ORGANIC GROWTH | | - Assafou PFS highlights a potential tier-1 asset with projected 329kozpa production at AISC of $892/oz over the first 10 years of its 15 year mine life; DFS is underway with expected completion in late 2025 to early 2026. | | - Solar Power Plant construction at Sabodala-Massawa was completed on schedule with first power injected into the site grid in Q4-2024; commissioning and ramp-up to nameplate power generation underway in Q1-2025. | | - Significant exploration success achieved in FY-2024 with ~90% conversion of Assafou M&I resources into a 4.1Moz maiden reserve; strong exploration focus maintained in FY-2025 with $75m guidance. |

London, 30 January 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the "Company") is pleased to announce its unaudited preliminary financial and operating results for the fourth quarter and full year 2024, with highlights provided in Table 1 below.

_Table 1: Preliminary Financial and Operating Results Highlights __1,2 _

Gold Production, koz | 363 | 270 | 280 | 1,103 | 1,072 | +3% | | Gold Sold, koz | 356 | 280 | 285 | 1,099 | 1,084 | +1% | | Total Cash Cost 4 , $/oz | ~980 | 1,128 | 837 | ~1,060 | 837 | +27% | | All-in Sustaining Cost 3 , $/oz | ~1,140 | 1,287 | 947 | ~1,220 | 967 | +26% | | SHAREHOLDER RETURNS | | | | | | | | Shareholder dividends paid | 100 | — | — | 200 | 200 | —% | | Share buyback | 8 | 9 | 26 | 37 | 66 | (44)% | | Total shareholder returns paid | 108 | 9 | 24 | 237 | 266 | (11)% | | ORGANIC GROWTH | | | | | | | | Growth capital spend 3 | 24 | 35 | 155 | 252 | 448 | (44)% | | Exploration spend 3 | 12 | 19 | 23 | 87 | 101 | (14)% | | FINANCIAL POSITION HIGHLIGHT | | | | | | | | Net debt 3 | 732 | 834 | 555 | 732 | 555 | +32% |

1 All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2 Production and AISC highlights from continuing operations 3 This is a non-GAAP measure, for details please refer to the most recent MD&A available on Endeavour Mining's website. 4 Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-cash adjustments divided by gold ounces sold. Ian Cockerill, Chief Executive Officer, commented: “2024 was a pivotal year for Endeavour. We successfully commissioned two high-margin growth projects, delivered the preliminary feasibility study for the tier-1 Assafou project, and significantly increased our free cash flow generation through the year, supporting record dividends for our shareholders.

Our robust operational performance resulted in 1.1 million ounces of production at a class-leading all-in sustaining cost of ~$1,220 per ounce. As expected, our operating performance was weighted toward the second half, driving improvements in free cash flow generation through the year, accelerating balance sheet improvement, and we ended the year on track to achieve our 0.5x leverage target in the near term.

Given our low leverage and the recent cash flow inflection, we have declared a record dividend of $140 million for H2-2024, bringing total returns for FY-2024 to $277 million, or $251 for every ounce produced. Since we began our returns programme in 2021, we have now returned over $1.1 billion, 79% more than the minimum commitment for the period, reiterating our commitment to paying supplemental shareholder returns.

We successfully delivered both the Sabodala-Massawa BIOX expansion and the Lafigué project on budget and on schedule in under two years, declaring commercial production at both mines in August last year. After completing this phase of organic growth, we outlined our next phase, with the completion of the pre-feasibility study for the Assafou project defining a potential tier 1 cornerstone asset for Endeavour. Assafou is expected to support our organic production growth up to 1.5 million ounces by the end of the decade, while improving the quality and diversification of our portfolio.

During the year, our exploration programme delivered significant resource to reserve conversion at Assafou and at Ity, as well as resource additions at Ity and Sabodala-Massawa, in line with our long-term discovery targets. During 2025, we will focus on adding resources at our cornerstone assets while we continue to delineate further opportunities for resource expansion at our Assafou project.

I would like to thank our team for their continued hard work during 2024 that has created the foundation for further success in 2025. As we increase production by up to 15%, maintain stable costs and significantly reduce capex, driving higher free-cash flow generation, our goal is to further increase returns to shareholders this year, through supplemental dividends and an increased commitment to share buybacks."

SHAREHOLDER RETURNS PROGRAMME

Endeavour is pleased to continue to deliver attractive shareholder returns by announcing a record H2-2024 dividend of $140.0 million, or approximately $0.57 per share. As such, the FY-2024 dividend amounts to a annual record of $240.0 million or approximately $0.98 per share, which includes $30.0 million of supplemental dividends, in excess of the $210.0 million annual minimum commitment. Shareholder returns continue to be supplemented through the Company’s share buyback programme. A total of $37.0 million, or 1.8 million shares were repurchased during FY-2024, of which $8.0 million or 0.4 million shares were repurchased in Q4-2024. For FY-2024, Endeavour returned $277.0 million to shareholders through dividends and share buybacks, 32% above the $210.0 million minimum commitment for the year, and equivalent to $251/oz produced, reiterating Endeavour's strong commitment to paying supplemental shareholder returns. Under Endeavour's new shareholder returns programme, that was announced in Q3-2024 for the FY-2024 and FY-2025 period, the minimum dividend for FY-2025 is $225.0 million and this may be supplemented with both additional dividends and increased opportunistic share buybacks. Dividends are expected to be paid semi-annually, provided that the prevailing gold price for the dividend period is at or above $1,850/oz and the Company has a healthy financial position. Supplemental returns are expected to be paid in the form of dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a healthy financial position.

Table 2: Cumulative Shareholder Returns

| (All amounts in US$m) | | MINIMUM DIVIDEND COMMITMENT | SUPPLEMENTAL DIVIDENDS | BUYBACKS COMPLETED | TOTAL RETURN | △ ABOVE MINIMUM COMMITMENT | | | FY-2020 | — | 60 | — | 60 | +60 | | 2021-2023 Shareholder Returns Programme (completed) | FY-2021 | 125 | 15 | 138 | 278 | +153 | | FY-2022 | 150 | 50 | 99 | 299 | +149 | | | FY-2023 | 175 | 25 | 66 | 266 | +91 | | | 2024-2025 Shareholder Returns Programme (ongoing) | FY-2024 | 210 | 30 | 37 | 277 | +67 | | FY-2025 (Minimum) | 225 | n.a | n.a | 225 | n.a | | | TOTAL | | 885 | 180 | 340 | 1,405 | +520 |

Endeavour’s H2-2024 dividend will be paid on 15 April 2025 (“Payment Date”), to shareholders of record on 14 March 2025, with an ex-dividend date for holders of shares listed on the London Stock Exchange of 13 March 2025. For holders of shares traded on the Toronto Stock Exchange, both the ex-dividend and record dates will be 14 March 2025. Holders of shares listed on the Toronto Stock Exchange will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States Dollars (“USD”). Holders of shares traded on the London Stock Exchange will receive dividends in USD but can elect to receive Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by all shareholders prior to 17:00 GMT on 25 March 2025. Dividends will be paid in the default or elected currency on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 27 March 2025. This dividend does not qualify as an “eligible dividend” for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder. Endeavour is pleased to continue to offer a DRIP, to offer existing shareholders the opportunity, at their own election, to increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company. Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the London Stock Exchange or on the Toronto Stock Exchange. Participants may opt to reinvest all, or any portion of their dividends in the DRIP. Custodians are reminded that as part of the terms and conditions of the DRIP, if you make a partial election on the DRIP, the remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific holding(s). The enrolment form is available on Endeavour’s website. The last election date for participation in the H2-2024 DRIP will be 25 March 2025. In accordance with the DRIP, Endeavour’s Registrar, Computershare, will use cash dividends payable to participating shareholders to purchase ordinary shares in the open market on the Toronto Stock Exchange and the London Stock Exchange at the prevailing market price.

Q4-2024 AND FY-2024 OPERATIONAL PERFORMANCE OVERVIEW

Q4-2024 production increased by 92koz or 34% over Q3-2024, to 363koz following increased production at all mines. Production increased due to higher grades processed in line with the mine sequences, as previously guided, and higher throughput following the end of the regional wet season, as well as the ramp up of the Sabodala-Massawa Expansion and the Lafigué growth projects. Q4-2024 total cash costs ("TCC") decreased by $148/oz or 13% over Q3-2024 to approximately ~$980/oz due to lower costs at Houndé, Mana and Lafigué largely due to higher gold sales as well as lower underground mining costs at Mana. This was partially offset by slightly higher costs at Ity due to increased mining unit costs as haulage distances increased. Q4-2024 all-in sustaining costs ("AISC") decreased by $147/oz or 11% over Q3-2024 to approximately $1,140/oz due to lower costs at Houndé, Mana and Lafigué. This was partially offset by slightly higher costs at Ity due to increased sustaining capital associated with plant upgrades, and at Sabodala-Massawa due to increased sustaining capital associated with fleet replacements. FY-2024 production amounted to 1,103koz, in line with the previously disclosed outlook and slightly below the guided 1,130 - 1,270koz range, due to lower than guided production from Sabodala-Massawa. FY-2024 AISC amounted to approximately $1,220/oz, in line with the previously disclosed outlook, and above the top end of the guided $955 - $1,035/oz range, due to underperformance at Sabodala-Massawa (+$137/oz), higher royalty costs (+$51/oz) associated with the prevailing higher gold price ($2,418/oz realised gold price vs $1,850/oz guided gold price) and low grid power availability during H1-2024 (+$27/oz), which was partially offset by lower than expected costs at Lafigué due to lower stripping costs.

_Table 3: 2024 All-In Sustaining Costs __1 _

| | 2024 ACTUALS | 2024 GUIDANCE | | | | Comparative AISC at $1,850/oz gold price before impacts of: | ~1,005 | 955 | — | 1,035 | | Royalties at $2,418/oz realised gold price 2 | +51 | | +51 | | | Low grid power availability in H1-2024 3 | +27 | | — | | | Sabodala-Massawa under performance | +137 | | — | | | AISC at $2,418/oz realised gold price | ~1,220 | 1,006 | — | 1,086 |

1 All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2 2024 AISC guidance was based on a gold price of $1,850/oz compared to the realised gold price of $2,418/oz 3 As previously disclosed, grid availability issues increased self-generated power costs across Burkina Faso and Côte d'Ivoire assets during the FY-2024.

FY-2024 production of 1,103koz increased by 31koz over the 1,072koz produced in FY-2023 from continuing operations due to record production at Ity, increased production at Mana and the addition of Lafigué, partially offset by lower production at Houndé following record production in FY-2023 and underperformance at Sabodala-Massawa. FY-2024 TCC increased by $223/oz, from $837/oz in FY-2023 to approximately $1,060/oz in FY-2024 as TCC increased at Houndé, Ity, Mana and Sabodala-Massawa due to higher royalty costs, the impact of low grid power availability in H1-2024, as well as significantly lower production at Sabodala-Massawa, partially offset by the H2-2024 impact of the lower-cost Lafigué mine. FY-2024 AISC increased by $251/oz, from $967/oz in FY-2023 to approximately $1,220/oz in FY-2024. The Group’s realised gold price, excluding the impact of realised gains and losses on gold hedges and inclusive of the Sabodala-Massawa gold stream, was $2,620/oz and $2,418/oz for Q4-2024 and FY-2024 respectively. Including the impact of the gold hedges, the Group's realised gold price from continuing operations was $2,590/oz and $2,349/oz for Q4-2024 and FY-2024 respectively.

_Table 4: Consolidated Group Production __1 _

| | THREE MONTHS ENDED | YEAR ENDED | | | | | | 31 December 2024 | 30 September 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 | | (All amounts in koz, on a 100% basis) | | | | | | | Houndé | 109 | 74 | 84 | 288 | 312 | | Ity | 84 | 77 | 74 | 343 | 324 | | Mana | 41 | 30 | 37 | 148 | 142 | | Sabodala-Massawa 2 | 70 | 54 | 85 | 229 | 294 | | Lafigué 2 | 60 | 36 | — | 96 | — | | PRODUCTION FROM CONTINUING OPERATIONS | 363 | 270 | 280 | 1,103 | 1,072 | | Boungou 3 | — | — | — | — | 33 | | Wahgnion 3 | — | — | — | — | 68 | | GROUP PRODUCTION | 363 | 270 | 280 | 1,103 | 1,173 |

1 All Q4-2024 and FY-2024 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2 Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs. 3 The Boungou and Wahgnion mines were divested on 30 June 2023.

_Table 5: Consolidated Total Cash Costs __1,2,5 _

| (All amounts in US$/oz) | THREE MONTHS ENDED | YEAR ENDED | | | | | | 31 December 2024 | 30 September 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 | | | | | | | | | | | | Houndé | ~920 | 1,233 | 837 | ~1,120 | 835 | | | Ity | ~930 | 899 | 829 | ~885 | 777 | | | Mana | ~1,320 | 1,766 | 1,207 | ~1,515 | 1,284 | | | Sabodala-Massawa 3 | ~1,105 | 1,096 | 686 | ~1,045 | 688 | | | Lafigué 3 | ~755 | 831 | — | ~780 | — | | | TCC FROM CONTINUING OPERATIONS | ~980 | 1,128 | 837 | ~1,060 | 837 | | | Boungou 4 | — | — | — | — | 1,578 | | | Wahgnion 4 | — | — | — | — | 1,347 | | | GROUP TCC | ~980 | 1,128 | 837 | ~1,060 | 888 | |

1 All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2 This is a non-GAAP measure. 3 Excludes pre-commercial costs associated with ounces from the Sabodala -Massawa BIOX Expansion project and the Lafigué mine. 4 The Boungou and Wahgnion mines were divested on 30 June 2023. 5 Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-cash adjustments divided by gold ounces sold.

_Table 6: Consolidated All-In Sustaining Costs __1,2 _

| (All amounts in US$/oz) | THREE MONTHS ENDED | YEAR ENDED | | | | | | 31 December 2024 | 30 September 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 | | | | | | | | | | | | Houndé | ~1,025 | 1,379 | 901 | ~1,295 | 943 | | | Ity | ~975 | 928 | 865 | ~915 | 809 | | | Mana | ~1,700 | 1,987 | 1,482 | ~1,740 | 1,427 | | | Sabodala-Massawa 3 | ~1,260 | 1,219 | 700 | ~1,160 | 767 | | | Lafigué 3 | ~810 | 938 | — | ~850 | — | | | Corporate G&A | ~40 | 45 | 41 | ~45 | 48 | | | AISC FROM CONTINUING OPERATIONS | ~1,140 | 1,287 | 947 | ~1,220 | 967 | | | Boungou 4 | — | — | — | — | 1,639 | | | Wahgnion 4 | — | — | — | — | 1,566 | | | GROUP AISC | ~1,140 | 1,287 | 947 | ~1,220 | 1,021 | |

2025 OUTLOOK

As shown in Table 7 below, the production guidance for FY-2025 amounts to between 1,110 - 1,260koz, which marks an increase of up to 157koz or ~15% over the FY-2024 production of 1,103koz. The increased production is due to the full year contribution from the Lafigué mine, increased production at the Mana mine following the expansion of the Wona underground deposit, and increased production at Sabodala-Massawa due to higher throughput, grades and recoveries largely due to the full year contribution from the BIOX Expansion. Furthermore, the production guidance at Sabodala-Massawa does not incorporate the impact of potential levers to increase near-term production that are currently being assessed as part of a technical review, with further details in the Sabodala-Massawa section below. These increases in Group production are expected to be partially offset by a decrease at Houndé due to lower grades in the mine sequence. As shown in Table 8 below total cash costs are expected to remain consistent with that achieved in FY-2024, within a class leading $950-$1,090/oz guidance range. FY-2025 Total Cash Costs are expected to decrease at Mana and Sabodala-Massawa due to higher production, to remain stable at Houndé and Lafigué, and to increase slightly at Ity due to lower production relative to FY-2024 record production. As shown in Table 9 below the AISC is expected to remain consistent with that achieved in FY-2024 within a class-leading $1,150-1,350/oz guidance range. FY-2025 AISC are expected to decrease at Mana largely due to underground mining productivity initiatives, which is expected to be offset by an increase at Ity, due to slightly lower production and higher sustaining capital, and an increase at Lafigué due to higher sustaining capital related to increased waste stripping requirements. AISC are expected to remain stable at Houndé and Sabodala-Massawa. Group production and AISC are expected to be evenly distributed through FY-2025 and more details on individual mine guidance have been provided in the below sections.

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