Commentary & Deal Flow

Endeavour Mining Plc (Ticker: EDV LN (London), EDV CN (Toronto)), exp issue ratings BB-/BB (n/s) by S&P/Fitch, US$500m 144A/Reg S 5nc2 sr unsec notes due 5/28/30. Citi (B&D) sole global coordinator. Citi/BMO/HSBC/ING joint active books. First call date: 5/28/27. Call Schedule: First call at 100.000% + 50% of coupon in 2027, Second call at 100.000% + 25% of coupon in 2028, Callable at 100.000% from 2029. MWC: During non-call period, at a discount rate of Treasury plus 50 basis points. Put Option: Put at 101% in the case of Change of Control and Ratings Decline. Covenants: Incurrence based covenants including but not limited to: Debt Incurrence: Fixed Charge Coverage Ratio: 2.0x; Restricted Payments: 50% of CNI subject to incurrence ratio; amongst others. Guarantors: (1) Endeavour Canada Holdings Corporation, (2) Endeavour Gold Corporation, (3) Ity Holdings UK Limited, (4) Hounde Holdings Ltd., (5) Mana Burkina Holdings Ltd., (6) Massawa (Jersey) Limited, (7) Sabodala Gold (Mauritius) Limited and (8) Lafigue Holdings UK Limited. Listing/Trading: Euronext Dublin GEM. Governing Law: New York. UOP: Finance the purchase of any and all existing notes validly tendered and accepted for purchase by the issuer pursuant to the tender offer, and to pay fees and expenses in relation to the transaction. Pricing 5/21. Settle 5/28 (T+4). IPTs: High 7%.