ENDEAVOUR ACHIEVES FIRST GOLD POUR AT LAFIGUÉ MINE IN CÔTE D’IVOIRE Constructed in only 21 months · Delivered on budget and ahead of schedule · Investment phase completed
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NEWS RELEASE – LSE & TSX: EDV
ENDEAVOUR ACHIEVES FIRST GOLD POUR AT LAFIGUÉ MINE
IN CÔTE D’IVOIRE
Constructed in only 21 months · Delivered on budget and ahead of schedule · Investment phase completed
HIGHLIGHTS:
• First gold pour at the Lafigué mine achieved on budget and ahead of schedule, only 2 1 months after
construction launch
• Commercial production and subsequent ramp-up to nameplate plant capacity of 4.0Mtpa expected to be
achieved in Q3-2024
• Over 17.8Mt of total material moved since Q4-2023 with over 1.8Mt of ore at 1.37g/t totalling over 80koz
mined and stockpiled ahead of the processing plant ramp-up
• Lafigué is expected to produce between 90 -110koz of gold at a sector leading AISC of between $900 -
975/oz in FY-2024, with production increasing to approximately 200koz in FY-2025
• The Lafigué mine is the fifth project Endeavour has built in West Africa in the last ten years, all of which
have been delivered on budget and on or ahead of schedule, in two years or less
Abidjan, 2 July 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or
the “Company”) is pleased to announce that the first gold pour from the Lafigué mine in Côte d’Ivoire was
achieved on 28 June 2024, marking the successful delivery of the project construction on budget and a quarter
ahead of schedule.
Ian Cockerill, CEO, commented “We are proud to have achieved our first gold pour at Lafigué , which, alongside
the first gold pour at the Sabodala-Massawa BIOX® expansion that we achieved in April, marks the successful
completion of the recent phase of investment and growth that we started in Q2-2022. We now begin a new phase
of increased free cash flow generation, de-levering and enhanced shareholder returns.
The Lafigué project is the fifth project that we have successfully built in West Africa in the last decade, which is a
testament to the strength of our in-house project construction team and is a demonstration of our competitive
advantage in West Africa, the world’s most prospective and largest gold producing region.
Lafigué is an excellent example of our ability to leverage this advantage by self-generating a project pipeline. We
discovered Lafigué for a cost of $31 million, equivalent to an industry-low discovery cost of just $12 per ounce of
M&I resources. The project was quickly advanced through technical studies and permitting, before construction
was launched in Q4-2022, and first gold was delivered only 21 months later for a low capital intensity of
approximately $150/oz of M&I resources. In less than eight years we have transformed Lafigué from a discovery
to production, creating a cornerstone asset that has the potential to produce over 200koz per year, at an industry
leading all-in sustaining cost of approximately $900/oz for at least 13 years, improving the quality of our existing
portfolio.
We believe this level of value creation is repeatable in West Africa, and we have already identified the Assafou
deposit on the Tanda-Iguela property in Côte d’Ivoire, where we have delineated a top tier resource and another
potential cornerstone asset, which will underpin our next phase of organic growth in a few years time.
With the current phase of organic growth completed, we are now focused on quickly ramping up our recent
development projects to maximise their returns and support our near-term capital allocation priorities of de-
levering our balance sheet and enhancing our shareholder returns.”
Since the start of wet commissioning on 30 May 2024, approximately 77kt of ore has been processed through
the Lafigué processing plant, with all circuits operating in line with expectations. The first gold pour included gold
from both the gravity and CIL circuits, and yielded approximately 380 ounces of gold. The Lafigué mine is expected
to achieve commercial production and ramp up to its nameplate capacity of 4.0Mtpa in Q3-2024.
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Figure 1: First gold pour at the Lafigué mine
Figure 2: Paul Day, General Manager at Lafigué with the first gold bar poured at the mine
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ABOUT THE LAFIGUÉ MINE
The Lafigué mine is located towards the northern end of the Birimian aged Oumé -Fetekro greenstone belt, in
north-central Côte d’Ivoire, approximately 500km from Abidjan by road. The Lafigué deposit is located in the
northeast part of the Fetekro exploration permit, adjacent to existing infrastructure, including sealed paved roads
and high voltage grid power. Endeavour has an 80% ownership stake in the Lafigué mine (with 10% owned by the
Ivorian Government and 10% owned by SODEMI, a state-owned mining company) and a 100% ownership stake in
the remainder of the Fetekro exploration licence.
Endeavour began exploration on the Fetekro property in March 2017, following a strategic assessment of its
exploration tenements which identified the project as a top priority target. To date, only a limited portion of the
Fetekro property has been explore d, as the priority has been the delineation of the Lafigué deposit. A maiden
Mineral Resource Estimate for the Lafigué deposit was published on 29 October 2018 and subsequently updated
on 3 September 2019, 18 August 2020 and 15 May 2022 . A Preliminary Econ omic Assessment (“PEA”) was
published on 18 August 2020 and a Preliminary Feasibility Study (“PFS”) was completed with the effective date of
31 December 2020.
Construction of the Lafigué project in Côte d'Ivoire was launched in Q4 -2022, following the completion of a
Definitive Feasibility Study (“DFS”) which confirmed Lafigué’s potential to be a cornerstone asset for Endeavour.
The 2022 DFS contemplates a 12.8 year LOM with average annual production of 203koz at a low AISC of $871/oz,
with an initial capital cost of $448 million. The project DFS displayed robust economics at an $1,800/oz gold price
assumption including an after-tax NPV5% of $870m and an after-tax IRR of 33%. For FY-2024, Lafigué is expected
to produce between 90-110koz at an AISC of between $900-975/oz.
As at 31 December 2023, Proven and Probable reserves totalled 49.8Mt at 1.69 g/t containing 2.7Moz of gold and
Measured and Indicated resources (inclusive of reserves) totalled 46.2Mt at 2.04 g/t containing 3.0Moz of gold.
Given the strong exploration potential, Endeavour is targeting the discovery of 1.2 – 1.8Moz of Indicated resources
across the Lafigué mining permit and the wider Fetekro exploration permit area over the 2021 to 2025 period at
a discovery cost of $14/oz. To date 0.6Moz, or 50% of the lower end of the target, has been discovered.
QUALIFIED PERSONS
Mark Morcombe, COO of Endeavour Mining plc., a Fellow of the Australasian Institute of Mining and Metallurgy,
is a "Qualified Person" as defined by National Instrument 43 -101 - Standards of Disclosure for Mineral Projects
("NI 43-101") and has reviewed and approved the technical information in this news release.
CONTACT INFORMATION
Jack Garman
Vice President, Investor Relations
+44 203 011 2723
Brunswick Group LLP in London
Carole Cable, Partner
+44 207 404 5959
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, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and
exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.
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 listed on
the London and Toronto Stock Exchanges, under the symbol EDV.
For more information, please visit www.endeavourmining.com.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All
statements, other than statements of historical fact, are "forward-looking statements". Generally, these forward-
looking statements can be identified by the use of forward -looking terminology such as "expects", "expected",
"budgeted", "forecasts", and "anticipates".
Forward-looking statements, while based on management's best estimates and assumptions, 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 the successful integration of acquisitions;
risks related to international operations; risks related to general economic conditions and credit availability, actual
results of current exploration activities, unanti cipated 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 variat ions in ore reserves, grade or
recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title
disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in th e
completion of development or construction activities, changes in national and local government regulation of
mining operations, tax rules and regulations, and political and economic developments in countries in which
Endeavour operates. Although Endeavou r 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.sedar plus.ca for further
information respecting the risks affecting Endeavour and its business.