Operating Cash Flow up 148% l Net Debt reduced by $603m to reach $75m Net Cash position l Buyback program approved

Q4 & FY-2020 HIGHLIGHTS
Eighth consecutive year of achieving annual production and AISC guidance
Record Q4-2020 production of 344koz, a 41% increase over Q3-2020 while AISC decreased by 11% to $803/oz
Record FY-2020 production of 908koz, a 40% increase over FY-2019, while AISC increased by 7% to $873/oz
Adjusted Net Earnings for Q4-2020 up 118% over Q3-2020 to $166m or $1.02/share; FY-2020 up 368% over FY-2019 to $345m or $2.51/share
Operating Cash Flow before working capital of $311m or $1.91/share in Q4-2020, up 40% from Q3-2020; Operating Cash Flow before working capital for FY-2020 up 145% over FY-2019 to $705m or $5.14/share
Net Cash position of $75m achieved at year-end, marking a Net Debt reduction of $250m during Q4-2020 and $603m during FY-2020; $200m La Mancha investment expected to close in Q1-2021
Group M&I resources increased by 13.7Moz year-on-year to 28.4Moz while P&P reserves increased by 10.1Moz year-on-year to 18.0Moz due to successful exploration efforts and integration of acquired assets
Q4 2021 OUTLOOK

Production guidance of 1,365-1,495koz at AISC of $850-900/oz, confirming Endeavour as a senior gold producer
Continued focus on organic growth with construction of Sabodala-Massawa Phase 1 expansion expected to be completed by year-end; DFS underway for Sabodala-Massawa Phase 2 expansion, Fetekro, and Kalana projects


George Town, March 18, 2021 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the fourth quarter and full year 2020, with highlights provided in the table below.

Table 1: Consolidated Highlights

In US$ million unless otherwise specified,
inclusive of Agbaou which was sold on March 1, 2021. THREE MONTHS ENDED TWELVE MONTHS ENDED
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019 ? FY-2020 vs. FY-2019
RODUCTION AND AISC HIGHLIGHTS
Gold Production1, koz 344 244 178 908 651 +40%
All-in Sustaining Cost1, $/oz 803 906 819 873 818 +7%
CASH FLOW HIGHLIGHTS
Operating Cash Flow Before Non-Cash Working Capital 311 223 70 705 287 +145%
Operating Cash Flow Before Non-Cash Working Capital1, $/share 1.91 1.37 0.64 5.14 2.62 +97%
Operating Cash Flow 364 202 120 749 302 +148%
Operating Cash Flow1, $/share 2.23 1.24 1.10 5.46 2.75 +99%
PROFITABILITY HIGHLIGHTS
Net earnings/(loss) Attr. to Shareholders1 30 59 (113) 112 (141) n.a.
Net Earnings per Share1, $/share 0.19 0.36 (0.69) 0.82 (1.29) n.a.
Adjusted Net Earnings Attr. to Shareholders1 166 76 37 345 74 +368%
Adjusted Net Earnings per Share1, $/share 1.02 0.47 0.34 2.51 0.67 +275%
FINANCIAL POSITION HIGHLIGHT1
Net Cash (Net Debt)1 75 (175) (528) 75 (528) n.a.
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A.

Sebastien de Montessus, President and CEO, commented: “2020 was a transformational year for Endeavour as we consolidated our strategic position in West Africa, creating a resilient business capable of rewarding our shareholders through the cycle. Our business is underpinned by long-life and low-cost cash-generative mines, robust organic growth opportunities and a strong focus on contributing to socio-economic development wherever we operate.

In the fourth quarter of 2020, we delivered record results as we realized the full benefits from the integration of the SEMAFO assets and the ramp-up of the high grade Kari Pump deposit at Houndé. For the eighth consecutive year, we met or exceeded our annual production and AISC guidance, and notably achieved record production in 2020 as both our internally developed and acquired operations delivered strong performances.

Looking ahead to 2021, we are focused on progressing our organic growth opportunities through mine life extensions, asset optimization, and green and brownfield exploration. The most promising of these is the Phase 1 and 2 expansions at Sabodala-Massawa which will help transform the mine into a tier-one asset.

We are also excited to continue working towards a premium listing on the London Stock Exchange as we seek to broaden our appeal to a wider group of potential investors. We believe that our robust business, upcoming catalysts, and our attractive shareholder return program, which offers an attractive dividend that will be supplemented with the introduction of a share buyback program, offers a compelling value proposition for both existing and new shareholders.”

Management will host a conference call and webcast on Thursday March 18, at 8:30am Toronto time (ET) to discuss the Company's Q4 and FY-2020 financial and operating results. For instructions on how to participate please refer to page 30.

UPCOMING CATALYSTS
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