Endeavour Announces CEO Termination
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NEWS RELEASE – LSE & TSX: EDV
ENDEAVOUR ANNOUNCES CEO TERMINATION
London, 4 January 2024 – The Board of Directors of Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF)
(“Endeavour”, the “Group” or the “Company”) today announces the termination of the President and Chief
Executive Officer, Sébastien de Montessus, for serious misconduct with immediate effect. This follows an
investigation by the Board into an irregular payment instruction issued by him in relation to an asset disposal
undertaken by the Company. The amount of this irregular payment instruction is US$5.9 million. The Board
recently became aware of this in the course of a review of acquisitions and disposals, which is ongoing. Sébastien
de Montessus has been removed from the Company’s Board of Directors with immediate effect.
Separately, in October 2023 allegations were made against Sébastien de Montessus through the Company’s
confidential whistleblowing channel relating to his personal conduct with colleagues. Following a recent external
investigation, the Board had received t he findings and, at the point of termination, was considering the
appropriate course of action.
The Board has appointed Ian Cockerill (currently Deputy Chair of the Board) as Chief Executive Officer and
Executive Director with immediate effect.
Ian has over four decades of experience in the global natural resources industry. During his career he has held
senior roles covering operational, project and executive positions around the world, having held executive roles
at major international mining c ompanies, including Chief Executive Officer of Gold Fields and Anglo Coal, a
subsidiary of Anglo American, as well as non -executive positions. Ian will be reviewing his other, current
directorships in light of his appointment as Chief Executive Officer and Executive Director of Endeavour.
Remuneration
Full details of the impact of the termination of Sébastien de Montessus on his remuneration will be disclosed on
the Company’s website in due course in compliance with Section 430(2B) of the Companies Act 2006 and in the
Directors' Remuneration Report within the Annual Report and Accounts for the year ended 31 December 2023,
and subsequent years, as appropriate.
Ian Cockerill will be paid in accordance with the approved Directors’ Remuneration Policy. Full details of his
remuneration terms will be disclosed in the Company’s 2023 Annual Report.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014
(MAR) as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
CONTACT INFORMATION
Martino De Ciccio
Deputy CFO & Head of Investor Relations
+44 203 640 8665
Brunswick Group LLP in London
Carole Cable, Partner
+44 7974 982 458
ABOUT ENDEAVOUR MINING CORPORATION
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.
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For more information, please visit www.endeavourmining.com.
Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements" including but not limited to, statements with respect to
Endeavour's plans for further exploration of the Tanda -Iguela property, the extent and timing of Endeavour’s
drilling campaign, the timing of the updated mineral resource estimate, the estimation of mineral resources, and
the success of exploration activities. 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, 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 p lant, 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 the 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 wh ich
Endeavour operates. 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 antic ipated, 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.com for further
information respecting the risks affecting Endeavour and its business.