Endeavour Achieves Record Annual Discoveries with Addition of 3.0MOZ of M&i and 0.9MOZ of Inferred Resources
1
NEWS RELEASE – LSE & TSX: EDV
ENDEAVOUR ACHIEVES RECORD ANNUAL DISCOVERIES WITH
ADDITION OF 3.0MOZ OF M&I AND 0.9MOZ OF INFERRED RESOURCES
HIGHLIGHTS:
• 3.0Moz of M&I resources discovered at a cost of $16/oz, exceeding the 2021 discovery target of 2.5Moz
• M&I resources for flagship Ity, Hound é and Sabodala-Massawa mines have increased respectively by
26%, 20% and 11%, excluding 2021 mine depletion, while resource updates for other assets are
underway
• M&I resources for the Lafigué deposit, on the Fetekro property, have grown by 18% to 2.9Moz and
Inferred resources have grown by 309% to 270koz, justifying a larger 4.0Mtpa plant for the DFS rather
than the 3.0Mtpa originally contemplated in the PFS
• Exploration efforts also delineated 0.9Moz of Inferred resources, mainly at the Ity mine, where follow-
up drilling is planned for 2022
• Results mark the successful completion of the previous 5-year discovery target of 10-15Moz of Indicated
resources; on track to deliver the next 5-year discovery target of 15-20Moz of Indicated resources
London, 17 January 2022 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Group” or
the “Company”) is pleased to announce the discovery of 3. 0 million ounces of Measured and Indicated (“M&I”)
resources and 0.9 million ounces of Inferred resources across its flagship Ity, Houndé and Sabodala-Massawa mines as
well as at its Lafigué deposit on the Fetekro property, as presented in Table 1 below.
Table 1: Summary of Mineral Resources Added in 2021 (in koz)
MEASURED AND INDICATED RESOURCES INFERRED RESOURCES
Resources shown inclusive of
P&P Reserves, on a 100% Basis
As at Dec. 31,
2020
2021
discoveries
%
added
As at Dec. 31,
2020
2021
discoveries
%
added
Ity mine 3,762 +975 +26% 762 +571 +75%
Houndé mine 4,581 +889 +20% 999 +54 +5%
Sabodala-Massawa mine 6,640 +709 +11% 1,728 +46 +3%
Lafigué deposit (Fetekro property) 2,470 +445 +18% 66 +204 +309%
Mineral Reserve 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 defi ned by National Instrument 43-101. Reported tonnage and grade figures have been rounded
from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounde d numbers. Mineral Resources that are not M ineral
Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut -off grade of 0.5 g/t Au and $1,500/oz gold price. Further
details are provided in the tables below and within the Technical Notes se ction of this press release.
Exploration and resource estimation activities were prioritised at the flagship mines and Fetekro for incorporation into
the upcoming definitive feasibility study (“DFS”), which is due to be completed this quarter. Resource updates for all
the other assets will be included in the annual year-end reserve and resource update, which is expected to be
published along with the FY-2021 financial results in March 2022.
The strong results from the 2021 exploration programme have positioned Endeavour well to achieve its 5-year (2021-
2025) discovery target of 15 to 20 million ounces of Indicated resources at a discovery cost of less than $25 per ounce,
as previously announced on 30 September 2021 – for reference, click here to view the 5-Year Exploration Strategy
presentation and click here to view the accompanying video presentation.
Sebastien de Montessus, President and CEO, said: “The significant discoveries we have made showcase the strong
exploration potential within our portfolio and continue to confirm West Africa as one of the world’s top regions for gold
discoveries. Our exploration programme continues to add significant value to the business, creating the potential to
extend mine lives to well beyond 10 years while feeding our development pipeline. We are particularly pleased with
the significant discoveries made at our flagship mines, Ity, Houndé and Sabodala-Massawa.
At our Ity mine, we have added over 1 million ounces of resources which is an extraordinary achievement. T he West
Flotouo deposit represents a significant discovery given its rich grades above 2 g/t Au, its size, and its location in close
proximity to the plant. We will therefore aim to integrate the deposit within the mine plan as soon as possible. Looking
ahead, work is continuing to convert the significant Inferred resource s into Indicated status and to pursue our
aggressive exploration programme.
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At our Houndé mine, after locking-in more than 10 years of strong production visibility through the recent discoveries
of Kari Pump and Kari Center, we are very please d to have made yet another significant discovery with the Mambo
deposit and expect to be quickly integrate the higher-grade southern extension into the mine plan. Given the significant
resources defined over recent years and its current long mine life , we will study the potential to bring forward
production.
At our Sabadola -Massawa mine, which was acquired last year, we are pleased to have quickly increased the M&I
resource base by 10% with the addition of more than 600 ,000 ounces. We are very excited to pursue our drilling
campaign into 2022 as we continue to see potential to add resources, both by extending known deposits and initiating
exploration on several identified targets.
At our Fetekro property, our continued exploration success at the Lafigué deposit, whi ch now hosts approximately 3
million ounces of resources, means that it can be considered an anchor deposit capable of supporting an Endeavour-
sized project. Given today’s increase in Indicated resources to approximately 3 million ounces and the strong additional
exploration potential, we have decided to increase the envisaged nameplate throughput capacity of the plant by 33%
to 4Mtpa and look forward to publishing the results of the DFS later this quarter.
Given the exploration potential across our portfolio, we will continue to invest in exploration to further unlock value. I
would like to congratulate our exploration team for achieving their best annual performance which positions us well
to discover our 5-year target of 15-20 million ounces.”
Patrick Bo uisset, E xecutive Vice President Exploration and Growth said: “The success of our 2021 exploration
programme marks the completion of our first 5-Year exploration target, set in 2016. The immense effort and dedication
from my team over the last 5 years has delivered over 10Moz of Indicated resource discoveries across our legacy
portfolio, at a discovery cost below $25 per ounce, thereby achieving our ambitious target.
We are particularly proud to have significantly extended the lives of our Houndé and Ity mines, raising their status to
flagship assets, as well as the discovery of the Lafigué deposit on the Fetekro property which is now an Endeavour size
project.
Looking ahead, we believe that we have a strategic foothold in West Africa, which has grown into a leading global gold
producing region, as we control some of the most prospective grounds and have a highly experienced team with a
proven exploration methodology. We are excited to now focus on delivering our new 5-year discovery target, which
represents replacing twice the mine depletion over the period.”
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ITY MINE DISCOVERIES
During 2021, over 72,000 meters of drilling was completed at Ity and as shown in Table 2 below, exploration efforts
have delineated 975koz of Indicated resources representing a 26% increase over the 31 December 2020 M&I resource
estimate, excluding 2021 mine depletion. At Ity, Indicated resources were discovered at a very low discovery cost of
$11/oz. In addition, 571koz of Inferred resources were delineated and will be followed-up.
Table 2: Ity Mine Updated Mineral Resource Estimate
PREVIOUS RESOURCE
(As at 31 December 2020)
UPDATED RESOURCE
(Excluding 2021 mine depletion)
VARIANCE
On a 100% basis. M&I Resources shown
inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Measured Resource 11.6 0.95 354 11.6 0.95 354 -
Indicated Resources 65.6 1.65 3,407 81.5 1.67 4,382 +975
M&I Resources 77.1 1.52 3,762 93.0 1.58 4,737 +975
Inferred Resources 17.9 1.32 762 28.2 1.47 1,333 +571
Updated Resource is current as at 31 December 2020, as it excludes 2021 mine depletion. Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordan ce with the Standards of Disclosure for Mineral
Projects as defined by National Instrument 43 -101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate .
Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources
were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section
of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Exploration focused on the junction between Walter and Bakatouo, the West Flotouo deposit, the Le Plaque deposit
and its adjacent Yopleu-Legaleu target. The discoveries are detailed in Table 3 below. As shown in Figure 1, the
resources that have been added are all within a short hauling distance to the Ity CIL plant.
Figure 1: Ity Map
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Table 3: Ity Resource Additions
PREVIOUS RESOURCE
(As at 31 December 2020)
UPDATED RESOURCE
(Excluding 2021 mine depletion)
VARIANCE
On a 100% basis. M&I Resources shown
inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Walter-Bakatouo
Measured Resource - - - - - - -
Indicated Resources 10.3 1.98 652 16.6 1.86 995 +343
M&I Resources 10.3 1.98 652 16.6 1.86 995 +343
Inferred Resources 3.4 1.34 147 5.7 1.43 262 +115
West Flotouo
Measured Resource - - - - - - -
Indicated Resources - - - 9.1 2.00 582 +582
M&I Resources - - - 9.1 2.00 582 +582
Inferred Resources - - - 7.5 1.83 439 +439
Le Plaque
Measured Resource - - - - - - -
Indicated Resources 7.9 2.66 680 8.4 2.70 730 +50
M&I Resources 7.9 2.66 680 8.4 2.70 730 +50
Inferred Resources 0.8 2.11 52 0.3 1.76 17 (35)
Yopleu-Legaleu
Measured Resource - - - - - - -
Indicated Resources - - - - - - -
M&I Resources - - - - - - -
Inferred Resources - - - 1.0 1.61 52 +52
Updated Resource is current as at 31 December 2020, as it excludes 2021 mine depletion. Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in acc ordance with the Standards of Disclosure for Mineral
Projects as defined by National Instrument 43 -101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate .
Minor variations may occur dur ing the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viabil ity. Resources
were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section
of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Walter-Bakatouo: resource extension
› The 2021 drilling campa ign confirmed that mineralisation is continuous between th e Walter and Bakatouo
deposits.
› The resource ore type is 71% fresh and the overall strip ratio is expected to remain low.
› The 2022 exploration programme will aim to increase the resource size further as the mineralisation remains open
at depth.
West Flotouo: maiden resource
› The re-interpretation of structural and geological data with follow-up drilling led to the discovery of the West
Flotouo deposit, which is located partially below the former Verse Ouest and TSF, in close proximity to the existing
plant.
› The mineralisation has been identified over 0.8km in length and 0.3km in width. It remains open along strike to
the southwest and northeast and at depth. The 2022 exploration programme has been designed to test the along
strike and down dip extensions.
› The West Flotouo deposit will be integrated into the mine plan as soon as possible as it is a very attractive discovery
due to its high grade, proximity to the plant, and resource ore type being 95% fresh material with high expected
recovery rates.
Le Plaque: resource extension
› During the 2021 drilling campaign , an updated mineral resource was defined at Le Plaque, extending
mineralisation towards Le Plaque SW and at depth at Delta Extension.
› The high grade Le Plaque deposit has been extended to the south towards Delta Extension and Le Plaque
southwest. Resource ore type is 77% fresh and the strip ratio is expected to be in line with the previous Le Plaque
resource, where mining began in late 2021.
› Mineralisation remains open to the southwest and at depth, with significant high-grade mineralisation identified
outside of the current resource pit shell . At Delta Extension , the mineralisation continues at depth and further
exploration will explore the underground resource potential.
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Yopleu-Legaleu: maiden resource
› The promising early drilling results at Yopleu-Legaleu, located in the Le Plaque area east of Delta Extension were
followed up on in the 2021 drilling campaign, resulting in a maiden Inferred resource.
› Mineralisation is 56% fresh ore and the strip ratio is expected to be significantly lower than that of Le Plaque.
› Mineralisation is open at depth and along strike and a second phase of drilling is planned as part of the 2022
exploration programme, with the aim of converting Inferred resources into Indicated resources and to increase
the size of this satellite deposit.
HOUNDÉ MINE DISCOVERIES
During 2021, over 70,000 meters of drilling was completed at Houndé. As shown in Table 4 below, recent exploration
efforts have delineated 889koz of Indicated resources, representing a 20% increase over the 31 December 2020, M&I
resource estimate, excluding 2021 mine depletion. At Houndé Indicated resources were discovere d at the low
discovery cost of $16/oz.
Table 4: Houndé Mine Updated Mineral Resource Estimate
PREVIOUS RESOURCE
(As at 31 December 2020)
UPDATED RESOURCE
(Excluding 2021 mine depletion) VARIANCE
On a 100% basis. M&I Resources shown
inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Measured Resource 2.8 1.26 112 2.8 1.26 112 -
Indicated Resources 79.2 1.75 4,469 105.3 1.58 5,358 +889
M&I Resources 82.0 1.74 4,581 108.1 1.57 5,470 +889
Inferred Resources 18.3 1.69 999 20.5 1.60 1,053 +54
Updated Resource is current as at 31 December 2020, as it excludes 2021 mine depletion. Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in acc ordance with the Standards of Disclosure for Mineral
Projects as defined by National Instrument 43 -101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate .
Minor variations may occur dur ing the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viabil ity. Resources
were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section
of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
Exploration focussed on the Mambo target, where a maiden resource was delineated, the Kari Center-Gap-South area
where the resource was extended, while limited work was done on the Vindaloo South target where an initial maiden
resource was identified. The discoveries are detailed in Table 5 below. As shown in Figure 2, all the resources added
are within trucking distance to the Houndé plant. Looking ahead, drilling higher-grade targets such as Sia Sianikoui and
Dohoun are the next top priorities.
Figure 2: Houndé Map
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Table 5: Houndé Resource Additions
PREVIOUS RESOURCE
(As at 31 December 2020)
UPDATED RESOURCE
(As at 31 December 2021)
VARIANCE
On a 100% basis. M&I Resources shown
inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Mambo
Measured Resource - - - - - - -
Indicated Resources - - - 19.7 0.97 616 +616
M&I Resources - - - 19.7 0.97 616 +616
Inferred Resources - - - 3.2 1.06 108 +108
Kari Centre-Gap-South
Measured Resource - - - - - - -
Indicated Resources 12.7 1.27 518 18.9 1.28 780 +262
M&I Resources 12.7 1.27 518 18.9 1.28 780 +262
Inferred Resources 2.3 1.40 102 1.3 1.18 48 (54)
Vindaloo South
Measured Resource - - - - - - -
Indicated Resources - - - 0.2 1.41 11 +11
M&I Resources - - - 0.2 1.41 11 +11
Inferred Resources - - - 0.0 1.50 0 +0
Mineral Resources and Reserve 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. Reported tonnage and grade figures have been
rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition o f rounded numbers. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell and based on a cut -off grade of 0.5 g/t Au and $1,500/oz gold price.
Details for the Updated Resource are provided in the Technical Notes section of this press release. For details regarding the 31 December 2020 resources, please consult the press
release dated 18 March 2021 of Endeavour.
Mambo: maiden resource
› Mambo is an attractive deposit as it is expected to have a low strip ratio, the resource contains approximately 40%
oxide and transitional material, and there is the potential to selectively mine higher grade areas as a priority.
Approximately a third of the resource, hosted in the mafic volcanics in the southwestern portion of the deposit, is
higher grade, typically above 2g/t. For reference, based on a cut-off grade of 1.5 Au g/t within the $1,500 MII pit
shell, the M&I resource totals 2.6 million tonnes at 2.1 Au g/t containing 172,000 ounces.
› The higher-grade portion of the Mambo deposit is expected to be integrated within the Houndé mine plan as a
priority. In addition, given that the Mambo and Kari Center-Gap-South discoveries now represent 1.4Moz at over
1 g/t Au, Endeavour will assess the potential to bring forward lower-grade production by assessing the viability of
adding a low-grade heap leach operation in addition to further de-bottlenecking Houndé’s plant.
› The mineralised trend at M ambo has been defined over 1,400 meters, and it remains open to the southwest
(where the grade is higher), northeast, and at depth. The Mambo continuous ore zone is between 10-40 meters
thick, with higher grade mineralisation concentrated at the contacts between the mafic volcanics and the granite,
as shown in Figure 3 below. Further exploration work will continue to delineate the extent of the Mambo orebody
along strike and down dip, within the southwestern portion of the deposit where grades are higher.
Figure 3: Mambo Plan Map
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Kari Centre-Gap-South: resource extension
› During the 2021 drilling campaign, an updated mineral resource was defined from Kari Centre, Kari Gap and Kari
South as drilling followed the continuity of the mineralised trend and successfully expanded the resources at each
of these deposits.
› Mineralisation in the Kari area remains open at depth, north of Kari Center, and south of Kari South and the
mineralised trend extends through all three deposits and beyond.
› The mineralisation, which is two thirds oxide and transitional, is expected to hav e a low strip ratio, it has strong
lithological and structural control and there is the potential to selectively mine higher grade areas as a priority.
› Higher grade mineralisation is associated with brittle zones along structural controls, as shown in Figures 4 and 5
below.
Figure 4: Kari Centre-Gap-South Plan Map
Figure 5: Kari Centre-Gap-South Cross Sections A and B
Vindaloo South: maiden resource
› During the 2021 drilling campaign , a maiden resource was defined at Vindaloo South, which is located only 3.5
kilomeetres south of the Houndé plant just outside the existing mining license.
› The Vindaloo South deposit covers an area of approximately 300 meters along strike with a width of approximately
100 meters and remains open at depth.
› Reconnaissance drilling has indicated that the mineralised trend continues towards the southern part of Vindaloo
South.
› The resource is 98% oxide and transitional ore with an indicative strip ratio below the Houndé life of mine strip
ratio.
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SABODALA-MASSAWA MINE DISCOVERIES
During 2021, over 110,000 meters of drilling was completed at S abodala-Massawa. As shown in Table 6 below,
exploration efforts have delineated 591koz of Indicated resources representing a 11% increase over the 31 December
2020 M&I resource estimate, excluding 2021 mine depletion. At Sabodala -Massawa Indicated resources were
discovered at the low discovery cost of $20/oz.
Table 6: Sabodala-Massawa Mine Updated Mineral Resource Estimate
PREVIOUS RESOURCE
(As at 31 December 2020)
UPDATED RESOURCE
(Excluding 2021 mine depletion)
VARIANCE
On a 100% basis. M&I Resources
shown inclusive of Reserves.
Tonnage Grade Content Tonnage Grade Content Au Content
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Measured Resource 19.4 1.38 862 20.8 1.45 980 +118
Indicated Resources 82.7 2.17 5,778 93.3 2.13 6,369 +591
M&I Resources 102.1 2.02 6,640 114.2 2.01 7,349 +709
Inferred Resources 24.3 2.21 1,728 26.0 2.14 1,774 +46
Updated Resource is current as at 31 December 2020, as it excludes 2021 mine depletion. Mineral Resources and Reserve Estimates follow the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and reserves and have been completed in accordan ce with the Standards of Disclosure for Mineral
Projects as defined by National Instrument 43 -101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate .
Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources
were constrained by MII Pit Shell and based on a cut-off grade of 0.5 g/t Au and $1,500/oz gold price. Details for the Updated Resource are provided in the Technical Notes section
of this press release. For details regarding the 31 December 2020 resources, please consult the press release dated 18 March 2021 of Endeavour.
The exploration programme focussed on Massawa, Sofia, Delya, Tina and Samina on the Massawa permit area, with
the discoveries detailed in Table 7 below. As shown in Figure 6, the exploration programme focussed on targets within
trucking distance to the Sabodala mill.
Figure 6: Sabodala-Massawa map