REG-Endeavour Targets Discovery of 12-15 Million Ounces of Resources Over The Next 5 Years
02/12/2025 07:00
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ENDEAVOUR TARGETS DISCOVERY OF 12-15 MILLION OUNCES OF RESOURCES OVER THE NEXT
5 YEARS
HIGHLIGHTS: * Endeavour’s new exploration outlook is targeting the discovery of 12 - 15Moz of mineral resources over the five-year period from 2026 – 2030, at an average discovery cost of less than $40/oz. * Near-mine brownfield exploration aims to maintain and extend mine lives beyond a 10-year target, through the targeted discovery of 6 - 9Moz of mineral resources.
* Greenfield exploration targets the discovery of 6Moz of mineral resources, including between two and three new standalone cornerstone greenfield projects. Greenfield exploration will prioritise West Africa, as well as three additional highly prospective, immature tier 1 gold provinces.
* New exploration outlook follows successful completion of two previous exploration campaigns over the 2016 – 2025 period, delivering 20.7Moz of M&I resources, equivalent to 2.4x production depletion, at a discovery cost of less than $25/oz. * Two cornerstone greenfield projects, Lafigué and Assafou were discovered over this period at discovery costs of $12/oz and $11/oz respectively, demonstrating the Group’s ability to generate value through the drill bit.
* Exploration underpins Endeavour’s organic growth and remains a core capital allocation priority, with increased average annual exploration spend expected to exceed $100m over the 2026 – 2030 period.
London, 2 December 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV,
OTCQX:EDVMF) (“Endeavour” or the “Group” or the “Company”) is
pleased to announce its exploration outlook for the next five years, which
targets the discovery of 12 – 15 million ounces (Moz) of mineral resources
at a cost of less than $40 per ounce. The new outlook is also targeting the
discovery of between two to three greenfield projects to support the expansion
and diversification of Endeavour’s organic growth pipeline.
Ian Cockerill, Chief Executive Officer said: “Since 2016 we have
consistently generated significant value through the drill bit. We have
replaced more than double our production depletion with high-quality,
high-grade ounces allowing us to extend mine lives and improve our asset
quality. In doing so, we have discovered two top-tier greenfield projects that
have been quickly advanced, to become cornerstone projects in our portfolio.
Our strong track record, highly prospective land packages and high-calibre
team give us the confidence to set a new, ambitious exploration target; the
discovery of between 12 and 15 million ounces of resources over the next five
years at a discovery cost of less than $40 per ounce.
Our exploration programme seeks to replace production depletion and extend
mine lives at our core assets, while also discovering new greenfield projects
both within our current land packages and in new, highly fertile, immature
gold provinces, where we can leverage local partnerships to support the
discovery of tier 1 gold deposits.
While we see significant opportunities across our brownfield portfolio, we are
encouraged by the potential to add additional standalone cornerstone
greenfield deposits to our pipeline. We are targeting assets with over 3Moz of
high grade resources that are capable of producing at least 300koz of annual
production at sector leading all-in sustaining costs, with mine-life
visibility of more than 10 years.
Our exploration outlook re-iterates our commitment to organic growth, which
underpins our high-quality portfolio and the resilience of our business. We
expect that this targeted level of sustainable growth will ensure that we can
maintain our competitive advantage and continue to deliver sector leading
returns to our shareholders.”
Table 1 illustrates the discovery targets by mine, project and target
(greenfields).
Table 1: Discoveries, M&I Resources and 5-year Resource Discovery Target
Potential
2016-2025 M&I M&I RESOURCES 2026-2030 MINERAL
DISCOVERIES as at 31 Dec., 2024 (1) RESOURCE DISCOVERY
TARGET POTENTIAL (2)
Resources shown inclusive of P&P Reserves, on a 100% Basis Content, Au Moz Tonnage, Mt Grade, Au g/t Content, Au Moz Content, Au Moz
Ity mine 5.4 109.1 1.55 5.4 1.0 – 1.5
Houndé mine 2.8 67.5 1.51 3.3 1.5 – 2.0
Sabodala-Massawa mine 1.7 80.4 2.01 5.2 1.5 – 2.0
Lafigué mine 3.2 46.2 1.95 2.9 1.0 – 1.5
Mana mine 0.3 15.9 3.36 1.7 0.0 – 0.5
Assafou 4.6 73.6 1.95 4.6 1.0 – 1.5
Greenfields 3.2 64.1 1.47 3.0 6.0
Divested Assets 1.0 - - - -
(1)Reserves and resources are shown for continuing operations on a 100% basis.
Greenfields M&I resources include Kalana and Bantou. The mineral reserves and
resources were estimated as at 31 December 2024, with the provisions adopted
by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and
incorporated into the NI 43-101. Mineral resource estimates follow the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions
Standards for Mineral Resources and Reserves and have been completed in
accordance with the Standards of Disclosure for Mineral Projects as defined by
National Instrument 43-101. Mineral Resources that are not Mineral Reserves do
not have demonstrated economic viability. For a summary of the key
assumptions, parameters, and methods used to estimate the M&I Resources as at
31 December 2024 and the identification of any known legal, political,
environmental, or other risks that could materially affect the potential
development of the such mineral resources, please refer to Endeavour’s
FY-2024 News Release
(https://www.globenewswire.com/Tracker?data=K81Zoc3ZnMzJMbheJyjKEu6IR5J1a-JEeOQgg_azBhaAqm41BnvqLlbbWvkHucbTzck0TpT8IwmM6_OSSpzo8-BsaYx3XYjFRSYnRHmIVNFPZjBgKaoPb1dH2HO7PYFnFcybUE3LOzQV0e-QbLxoUaaIiIzLatbd0kWgDLUX-ng9_WIRchQBBZZGlQ_9rSwmnHwdHkqduYhj8ZQzp0VWdrZNWWLb33-RXNIYR6XCDGs=)
on Sedar+. The Qualified Persons responsible for M&I resources estimates are
set out in Endeavour’s FY-2024 News Release
(https://www.globenewswire.com/Tracker?data=K81Zoc3ZnMzJMbheJyjKEugx5Ozyy4IsAru3bIJ73FI31sYp4BxR7VPlcPn1ecbSnI2E_As7ciH4SJ1-vdmzVzu12-Yjf97g4njXovTsL69SpbGbS68bp7_IPtuAh4FR_kALIsY-R98YgTZlnDZvNYa-QrHb5N93FOtPWmQQmHDKCinmNZdGwvjNZP24rC0HGrzWcbFl3J3jR9mc579Bf4WjTt7wvzKf7_gjgaT-tuE=)
on Sedar+.
(2)The potential quantity of ounces is conceptual in nature since there has
been insufficient exploration to define a mineral resource and it is uncertain
if exploration will result in the targets being delineated as a mineral
resource. 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 forward-looking statements. For methodology details please
refer to the Exploration Programme Methodology section below. Targets
resources are based on average tonnage and average gold grades of 13 – 31Mt
at 1.50 – 3.50g/t at Sabodala-Massawa, 10 – 33Mt at 1.40 – 4.50g/t at
Houndé, 10 – 21Mt at 1.50 – 3.00g/t at Ity, 1.7 – 2.6Mt at 3.00 –
4.50g/t at Mana, 15 – 21Mt at 1.50 – 2.00g/t at Lafigué and 10 – 21Mt
at 1.50 – 3.00g/t at Assafou.
2026 – 2030 Exploration Programme
Endeavour’s 2026 – 2030 Exploration Programme is targeting the discovery
of between 12 – 15Moz of mineral resources, at an industry leading discovery
cost of less than $40/oz, for a total exploration expenditure of approximately
$540 million over the period. This discovery target includes 6 - 9Moz through
near-mine discoveries and a further 6Moz through greenfield discoveries,
including between two to three new greenfield discoveries that could become
cornerstone projects for Endeavour.
Endeavour’s targets are defined based on Endeavour’s proprietary Gold
Mineral System Framework, a robust and proven methodology that the Company
believes provides a consistent approach to targeting tier 1 gold deposits. The
Gold Mineral System Framework analyses the genetic elements required to create
a tier 1 gold deposit at various scales and is incorporated into the
artificial intelligence data analytics tool that the Company uses to quickly
evaluate targets against these key genetic elements. This systematic approach
supports disciplined prioritisation across all of the Company’s exploration
activities.
Brownfield Exploration Programme
Endeavour’s brownfield exploration programme is targeting between 6 – 9Moz
of mineral resources at a discovery cost of less than $40 per ounce, screening
approximately 50 targets across 7,000km(2) of exploration tenure in Côte
d’Ivoire, Senegal, and Burkina Faso. Focused on areas surrounding existing
operations, the programme is designed to replace ounces depleted through
production, extend the lives of current mines, and maintain or improve reserve
and resource grades to ensure consistently high ore quality.
Of the 6 – 9Moz target across the 50 targets within the brownfield
portfolio, 5.0 – 7.5Moz are expected to be discovered in close proximity to
our existing mines, while 1.0 – 1.5Moz are expected to be discovered at, or
in close proximity to, the Assafou development project.
Endeavour employs a sophisticated ranking methodology that initially evaluates
prospective resources based on their quality, proximity to the processing
plant and timeline to development. Resource quality examines the potential
grade, size, and metallurgical recovery rates to ensure brownfield targets are
accretive to the proximal mine and amenable to the process plant. Proximity to
the processing facility and to existing infrastructure is considered in
conjunction with resource quality. Timing is also considered to ensure targets
are complimentary to the current mine plans.
Greenfield Exploration Programme
The greenfield programme's ambitious goal is to discover 6Moz of mineral
resources and between 2 to 3 new tier 1 greenfield deposits over the 2026 –
2030 period, replacing the tier 1 Assafou deposit in the Company's pipeline,
using two complementary approaches.
Firstly, greenfield exploration will be accelerated within West Africa,
focussed on seeking to identify the next large, low-cost and long mine-life
asset that can be added to the Group’s attractive organic growth pipeline.
Secondly, greenfield exploration will focus on identifying targets within
highly prospective and relatively immature geological terrains outside of West
Africa, across three tier 1 gold provinces; the Central Asian Orogenic Belt
(CAOB), the Guiana Shield and the West Tethyan Metallogenic Belt. Unlike
brownfield resource discovery targets, which are supported by existing
geological data and prior exploration data, the greenfield mineral resource
discovery targets are more conceptual in nature and contain an elevated degree
of uncertainty.
From a jurisdictional standpoint, the Company prioritises regions with
transparent legal frameworks, established mining sectors, and existing
infrastructure that enable quick project development. Beyond the technical
criteria, potential paths to entry, including whether to form partnerships
with local companies or acquire properties directly, are also considered.
Targets within these provinces must demonstrate the potential to host deposits
of significant scale, high technical likelihood of a mineral system and low
exploration maturity.
* Scale potential is critical for identifying future tier 1 deposits, which
are defined as major discoveries with at least 3 million ounces of resource
potential, low production costs, and mine lives exceeding 10 years. The
Company assesses the potential mineable size of mineralised systems, the
expected ore grade, and whether multiple deposits might cluster in one area,
which can dramatically improve project economics.
* They must also exhibit technical likelihood following a rigorous geological
evaluation, including the presence of favourable mineral systems, proven gold
deposits, and evidence that gold exists in economic quantities. A favourable
mineral system must demonstrate proof of regional fertility and metallogenic
fertility with proven gold deposits.
* Critically, Endeavour seeks areas with limited exploration maturity where
prior exploration using modern, sub-surface exploration techniques has been
minimal. The maturity assessment examines what exploration stage each target
has reached and considers the typical development timeline to production
DETAILS BY ASSET
Ity mine
At Ity, the discovery of between 1.0 and 1.5Moz of mineral resources over the
2026 to 2030 period is targeted. Following the successful 50% increase in
Ity’s mine reserves in 2024, near-term exploration efforts will focus on
targets along the Ity trend including Gbampleu, Guimapleu, Guya and Monta-Bâ
within the Toulepleu permit, in addition to the Mahapleu and Goleu targets.
The Toulepleu permit presents an opportunity for Ity to vastly expand its
resource in the long-term, while the deposits within the Ity mining permit
retain the potential to improve operational efficiency through the Ity donut
expansion, where a scoping study is ongoing.
Houndé mine
At Houndé, the discovery of between 1.5 and 2.0Moz of mineral resources over
the 2026 to 2030 period is targeted. Exploration efforts are currently focused
on the large and high grade Vindaloo Deeps deposit, adjacent to the Houndé
processing plant, where a maiden resource is expected in Q1-2026 and which the
Company believes has the potential to continue expanding. Further exploration
along the Kari Fault and at the Karba and Kari Deeps targets is also being
prioritised to identify potential extensions to the existing Kari deposits’
mineralisation.
Sabodala-Massawa mine
Within the vast Sabodala-Massawa property, the discovery of between 1.5 and
2.0Moz of mineral resources over the 2026 to 2030 period is targeted,
prioritising targets that can support the mine plan. Current exploration
efforts are focused on the Makana and Kawsara targets, which are expected to
provide non-refractory resources to support the mine plan, while the Goulouma
and Kerekounda underground deposits are expected to provide high grade
non-refractory ore in the medium term to bolster the grade profile in the mine
plan. The Makana target, located approximately 20km from the Sabodala-Massawa
processing plant, is a near-surface deposit with high grade lenses, and
mineralisation that remains open to the north of the deposit. Further drilling
is expected in FY-2026 to further delineate the Makana target. The Kawsara
target, located approximately 35km south of the Sabodala-Massawa processing
plant, has a mineralised strike length of over 1,300m with step-out drilling
indicating that mineralisation extends further towards the Massawa deposits.
Lafigué mine
At Lafigué, the discovery of between 1.0 and 1.5Moz of mineral resources over
the 2026 to 2030 period is targeted. Exploration activities were limited
during the project development phase at Lafigué, but have been accelerated.
Current exploration efforts are focussed on several targets surrounding the
Lafigué deposit, primarily at the Central Area target and Corridor Target
T4-12, along with Corridor Target 01 and 9-11, Corridor WA 01-03, WA 02-06,
and WA08.
Mana mine
At Mana, the discovery of up to 0.5Moz of mineral resources over the 2026 to
2030 period is targeted. Exploration efforts are focussed on extending
resources at the Wona underground deposit, where 12 deep holes drilled for a
total of 7,600m in FY-2025, have confirmed mineralisation beneath the existing
underground mine. The Company believes that additional open pit opportunities
exist at the Bara and Momina deposits.
Assafou project
At the Assafou project, the discovery of between 1.0 and 1.5Moz of mineral
resources over the 2026 to 2030 period is targeted. Exploration has identified
10 targets in close proximity to the Assafou deposit and has advanced at the
nearby Pala Trend 2 and Pala Trend 3 satellite deposits, located within 1km
west of the Assafou deposit. The Pala Trend targets are expected to provide
near-surface ore to supplement production at the Assafou deposit. Additional
potential exists at the Assufrey deposit, owned and operated by Koulou Gold,
in which Endeavour has a 19% stake, and which is located approximately 30km
East of Assafou.
APPENDIX: EXPLORATION PROGRAMME METHODOLOGY
Endeavour’s large land position of more than 7,000km(2) and comprehensive
database over more than 80 exploration targets promotes the application of a
general portfolio management theory where all exploration targets are
evaluated and risked, based on their development stage and probability of
success which is, defined as the potential to achieve Endeavour’s target
criteria.
Brownfield Exploration Methodology:
Step 1: Technical screening of the brownfield exploration portfolio based on
four key criteria; Gold Mineral System Framework, resource quality, proximity
to a processing facility and timing, to define an unrisked discovery target.
The first round of screening evaluates the mine’s requirements and
identifies opportunities based on the resource quality, proximity to existing
processing facilities and timeline to production, evaluating over 50 targets
within the Group’s brownfield portfolio.
* Gold Mineral System Framework: The Gold Mineral System framework is a
proprietary framework that provides a consistent approach to targeting tier 1
gold deposits. The Framework analyses the genetic elements required to create
a tier 1 gold deposit, at various scales and characterises the various proxies
that define these genetic elements allowing large volumes of data to be
screened for tier 1 gold deposits potential. This consistent approach supports
systematic prioritisation and targeting at various scales from district scale
to deposit scale.
* Resource Quality: To determine resource quality all available geological
data including geological maps, cross sections, structural data, surface
geology, geochemistry, geophysics, regolith mapping, alteration profiles,
drilling data, cores, analysis of artisanal mining activity, outcrops, and
other survey data are incorporated to determine the potential grade, size and
metallurgical affinity to the respective processing plant to evaluate the
targets.
* Proximity: Target locations are evaluated based on the distance to existing
infrastructure and the nearest processing facility. This criterion is reviewed
in conjunction with resource quality.
* Timing: Timeline to develop the targets is evaluated based on the
requirements of the proximal mine, and the outlook for the mine plan at the
mine and across the group.
Step 2: Evaluation of all available geological data to determine indicative
target grade and size, which is risked based on development stage.
Evaluation of geological data and target characteristics including the
physical parameters such as length, width, thickness, density, grade
characterising are used to determine potential target grade and expected
resource size. Resource size is then risked based on the development stage of
the target, using risking of 0.05 – 0.2x at the target definition phase, 0.2
– 0.7x at the target testing and delineation phase and 0.7 – 1.0x at the
resource appraisal stage.
Brownfield Programme Objectives: The brownfield exploration programme is
focussed on replacing production depletion across the operating portfolio and
extending mine lives by adding resources at similar or higher grade than the
existing resource base at each asset.
Greenfields Exploration Methodology:
Defining the search area: tier 1 gold provinces with high prospectivity and
low exploration maturity, defined by the presence of tier 1 gold deposits and
the amount of modern, systematic exploration that has been undertaken. The
three criteria that are used to evaluate these provinces are the Gold Mineral
System Framework, path to entry and jurisdiction risk.
* Gold Mineral System Framework: The Gold Mineral System framework is a
proprietary framework that provides a consistent approach to targeting tier 1
gold deposits. The Framework analyses the genetic elements required to create
a tier 1 gold deposit, at various scales and characterises the various proxies
that define these genetic elements allowing large volumes of data to be
screened for tier 1 gold deposits potential. This consistent approach supports
systematic prioritisation and targeting at various scales from district scale
to deposit scale.
* Path to Entry: The ability for Endeavour to gain exposure to preferred
tenure through direct ownership or through partnerships with local operators.
* Jurisdiction Risk: Jurisdictions are evaluated based on the state of the
mining sector and current mining frameworks and their transparency. Access and
infrastructure are also economic considerations.
Once identified, greenfield targets are subsequently prioritised based on
maturity, technical likelihood and scale potential.
* Maturity evaluates the current development stage of the target and the
expected development timeline.
* Technical Likelihood reviews the mineral system, its fertility and the
metallogeny of the surrounding region.
* Scale Potential evaluates the size and quality of the system against other
systems in the region to determine the likelihood of the target meeting the
Group’s target criteria.
Greenfield Programme Objectives: The greenfield exploration programme is
focussed on discovering between 2 to 3 potential tier 1 greenfield projects
over the 2026 – 2030 period in order to expand and diversify the organic
growth pipeline. Targets within the four defined tier 1 gold provinces that
can be developed following the completion of the Assafou project will be
prioritised. Unlike brownfield resource discovery targets, which are supported
by existing geological data and prior exploration data, the greenfield mineral
resource discovery targets are more conceptual in nature and contain an
elevated degree of uncertainty.
QUALIFIED PERSONS
Markku Lappalainen, VP Exploration – Senegal and Guinea for Endeavour
Mining, is a member of the Professional Geoscientists Association of Ontario
and a "Qualified Person" as defined by National Instrument 43-101, and has
reviewed and approved the technical information in this news release.
CONTACT INFORMATION
For Investor Relations Enquiries: For Media Enquiries:
Jack Garman Brunswick Group LLP in London
Vice President, Investor Relations Carole Cable, Partner
+44 203 011 2723 +44 207 404 5959
investor@endeavourmining.com ccable@brunswickgroup.com
ABOUT ENDEAVOUR MINING PLC
Endeavour Mining is one of the world’s senior gold producers and the largest
in West Africa, with operating assets across Senegal, Côte d’Ivoire and
Burkina Faso and a strong portfolio of advanced development projects and
exploration assets.
A member of the World Gold Council, Endeavour is committed to the principles
of responsible mining and delivering sustainable value to its employees,
stakeholders and the communities where it operates. Endeavour is admitted to
listing and to trading on the London Stock Exchange and the Toronto Stock
Exchange, under the symbol EDV.
For more information, please visit www.endeavourmining.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" within the meaning of
applicable securities laws. All statements, other than statements of
historical fact, are “forward-looking statements”, including but not
limited to, statements with respect to Endeavour's plans, Endeavour’s
exploration potential, targeted exploration estimates, contained ounces,
grades and estimated discovery costs, the estimation of mineral resources, the
realisation of mineral resource estimates, and the timing and amount of
estimated future mineral resources, the completion of studies, mine life and
any potential extensions. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "expects",
"expected", "budgeted", "forecasts", "anticipates", believes”, “plan”,
“target”, “opportunities”, “objective”, “assume”,
“intention”, “goal”, “continue”, “estimate”, “potential”,
“strategy”, “future”, “aim”, “may”, “will”, “can”,
“could”, “would” and similar expressions .
Forward-looking statements, while based on management's reasonable estimates,
projections and assumptions at the date the statements are made, 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 international operations; risks
related to general economic conditions; the completion of studies on the
timelines currently expected, and the results of those studies being
consistent with Endeavour’s current expectations; actual results of current
exploration activities; production and cost of sales forecasts for Endeavour
meeting expectations; 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 the Company to execute on its exploration
plans and the potential for such exploration plans to not yield the targeted
exploration results, failure of plant, equipment or processes to operate as
anticipated; extreme weather events, natural disasters, supply disruptions,
power disruptions, accidents, pit wall slides, 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 legislation, regulation
of mining operations, tax rules and regulations and changes in the
administration of laws, policies and practices in the jurisdictions in which
Endeavour operates; disputes, litigation, regulatory proceedings and audits;
adverse political and economic developments in countries in which Endeavour
operates, including but not limited to acts of war, terrorism, sabotage, civil
disturbances, non-renewal of key licences by government authorities, or the
expropriation or nationalisation of any of Endeavour’s properties; risks
associated with illegal and artisanal mining; environmental hazards; and risks
associated with new diseases, epidemics and pandemics.
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 forward-looking
statements. Please refer to Endeavour's most recent Annual Information Form
filed under its profile at www.sedarplus.ca for further information respecting
the risks affecting Endeavour and its business.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
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