Endeavour Announces Completion of Investigation and Key Findings

ENDEAVOUR ANNOUNCES COMPLETION OF INVESTIGATION AND KEY FINDINGS

London, 27 March 2024 – The Board of Directors of Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Company” and, together with its subsidiaries, the “Group”) announces that the investigation commissioned following the termination of Sébastien de Montessus as President and Chief Executive Officer of the Company (the “Investigation”) is now complete.

Summary of Key Outcomes

• No restatement of historic financial statements and no material impact on 2023 annual financial results issued today, which are the subject of an unmodified audit opinion.
• Investigation found that Mr de Montessus, acting with certain others who are not employees of the Group:
  • diverted a US$5.9 million payment to a third-party company, and concealed his actions with repeated false representations to management, the Board and auditors;
  • caused Endeavour to make two payments totalling US$15.0 million to the same third-party company, deliberately disguising them as advance payments to a contractor through repeated false representations to management.
• No evidence of bribery, or of any payments being made to sanctioned persons or to terrorist groups.
• Ultimate beneficiaries of these payments have not been discovered, despite extensive investigation.
• Mr de Montessus provided implausible and untrue explanations of his conduct during the course of the Investigation.
• The Investigation is now complete.

Summary of Actions Taken and Proposed

• Mr de Montessus was terminated as CEO and President on 4 January.
• Clawback of remuneration totalling US$29.1 million announced on 18 January.
• Noting that these payments involved deliberate circumvention of our existing controls framework, the Board has nonetheless accelerated its review of internal controls in line with the new UK Corporate Governance Code, and has made immediate adjustments to certain controls relating to M&A activity.
  
  

Srinivasan Venkatakrishnan (“Venkat”), Chairman of Endeavour, commented: “The Board’s actions illustrate the high importance we place on integrity, governance and transparency. We will not waver from these values. The conclusion of the Investigation enables us to put this matter behind us and focus on delivery and creating value for all our stakeholders. Under the highly experienced leadership of Ian Cockerill, we are confident we will deliver on our two high-quality development projects and move towards a period of free cash generation.”