Endeavour Targets Discovery of 12-15 Million Ounces of Resources over the NEXT 5 Years
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NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
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.”
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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
DISCOVERIES
M&I RESOURCES
as at 31 Dec., 20241
2026-2030 MINERAL
RESOURCE DISCOVERY
TARGET POTENTIAL2
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 - - - -
1Reserves 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 def ined 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 su ch mineral resources, please refer to Endeavour’s FY-2024
News Release on Sedar+. The Qualified Persons responsible for M&I resources estimates are set out in Endeavour’s FY-2024 News Release on Sedar+.
2The potential quantity of ounces is conceptual in nature since there has been insufficient exploration to define a mineral re source 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 ma terially
from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward -looking stateme nts. For methodology d etails 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/o z, for a total explo ration 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 analy ses 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 prioriti sation
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 7,000km2 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 a cross 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, pro ximity 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.
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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 minerali sed 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.
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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.
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APPENDIX: EXPLORATION PROGRAMME METHODOLOGY
Endeavour’s large land position of more than 7,000km2 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 characteri ses 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 ac tivity, 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.
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Once identified, greenfield targets are sub sequently 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
[email protected] [email protected]
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.
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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 reali sation 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”, “c an”, “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 tho se
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 rate s;
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 lim itations
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 propert ies; 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 thos e
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