ENDEAVOUR ANNOUNCES WET COMMISSIONING IS UNDERWAY AT SABODALA-MASSAWA BIOX® EXPANSION First gold expected in May · Project on schedule and on budget with no LTIs · 91% project completion
1
NEWS RELEASE – LSE & TSX: EDV
ENDEAVOUR ANNOUNCES WET COMMISSIONING IS
UNDERWAY AT SABODALA-MASSAWA BIOX® EXPANSION
First gold expected in May · Project on schedule and on budget with no LTIs · 91% project completion
HIGHLIGHTS:
• Over 3 million man hours have been completed with zero lost-time injuries
• Wet commissioning is underway with overall construction activities 91% complete
• Expansion project on budget and on schedule with the first gold pour expected in May
• Sabodala-Massawa is expected to produce between 360-400koz at a sector leading AISC of between $750-
850/oz in FY-2024
• Sabodala-Massawa is the largest exploration focus this year with a guided spend of $21 million
Dakar, 27 February 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group”
or the “Company”) is pleased to announce that wet commissioning activities are now underway at the Sabodala-
Massawa Expansion project (“BIOX® Expansion”) in Senegal. The BIOX® Expansion project is on budget , with
construction now 91% complete, and the first gold pour is expected on schedule, in May.
Ian Cockerill, CEO, commented: “We are extremely pleased with our progress as we start wet commissioning at
the BIOX® Expansion project. Importantly, we have achieved this milestone with no lost -time injuries having
worked more than 3 million man hours, which is a testament to the strong safety culture that is a hallmark of our
in-house construction teams.
At completion, Sabodala-Massawa will become a true top tier asset with 2024 production of up to 400koz at an
industry leading AISC of less than $850/oz, with costs expected to improve further in the coming years, embedding
the mine firmly in the lowest cost quartile.
This year, Endeavour is well positioned to transition from a phase of investment in organic growth, to a more cash
flow generative phase in the second half of the year. This inflection point will allow us to focus our efforts on
increasing our shareholder returns programme while de-levering our balance sheet, as we continue to execute on
our strategy.”
Wet commissioning of the BIOX® Expansion was delivered in less than 23 months after construction was launched
in April 2022. During construction activities, up to 1,300 employees and contractors were on site, 82% of whom
were Senegalese nationals, successfully completing over three million man-hours with zero lost time injuries.
The addition of the 1.2Mtpa BIOX® Expansion, with an initial capital cost of $290 million, is expected to add
194koz per annum of incremental production over the first five years, lifting Sabodala-Massawa to top-tier status
with expected production of 360-400koz at an AISC of between $750-850/oz in FY-2024, increasing to above 400koz
from 2025.
2
Figure 1: BIOX® Expansion project overview highlighting construction activities at 91% complete
Figure 2: Crushing circuit construction is complete and wet commissioning of the primary jaw crusher is underway
3
Figure 3: Milling circuit construction is complete and wet commissioning of the ball mill (left) and the SAG mill (right) is underway
Figure 4: Flotation circuit construction is largely complete and sulphide concentrate is expected to be delivered to the BIOX® circuit in
early March
4
Figure 5: BIOX® reactors wet commissioning is underway with BIOX® inoculum active and starting to fill the first reactor
Figure 6: BIOX® inoculum currently active in the back-up reactor
5
Figure 7: CIL tank construction is largely complete
Figure 9: Elution and electrowinning circuit construction is largely complete with wet commissioning planned for early March
6
Figure 10: Gold room construction is largely complete with first gold pour expected in May
Figure 11: Tailings storage facility (“TSF”) 1b comprising two HDPE lined cells has been completed
7
Figure 12: 18MW HFO power plant expansion was completed and successfully energised during Q4-2023,
increasing the capacity of the existing power plant by 50%
8
ABOUT THE SABODALA-MASSAWA MINE
The Sabodala-Massawa mine was acquired by Endeavour in February 2021, as part of its acquisition of Teranga.
Endeavour owns a 90% stake in the Sabodala-Massawa mine, with the remaining 10% owned by the Government of
Senegal.
Located approximately 630 km east-southeast of Dakar, the capital of Senegal, the Sabodala-Massawa mine consists of
several open pit operations on the highly prospective Birimian Greenstone Belt. Non-refractory ore is treated at a
4.0Mtpa CIL plant that achieved commercial production in November 2009. In 2021, Endeavour expedited the
completion of the initial upgrades at the existing CIL plant and simultaneously advanced the definitive feasibility study
for the addition of a refractory ore processing plant to confirm the economic viability of processing the high -grade
refractory ores from the Massawa Central Zone and Massawa North Zone deposits. In 2022, Endeavour launched the
construction of the 1.2Mtpa BIOX® circuity to process the large refractory ore resource with first gold expected in May
2024. As at 31 December 2022, Proven and Probable reserves totalled 62.8Mt at 2.02 g/t containing 4.1Moz of gold
and Measured and Indicated resources (inclusive of reserves) totalled 106.1Mt at 1.86 g/t containing 6.3Moz of gold.
For the full year ended 31 December 2023, Sabodala-Massawa produced 294koz at an AISC of $ 767/oz. For FY-2024,
Sabodala-Massawa is expected to produce between 360-400koz at an AISC of between $750-850/oz.
Sabodala-Massawa is Endeavour’s largest exploration focus this year with a guided spend of $21 million, or 31% of total
Group exploration expenditure for the year. The exploration programme is focussed on expanding non-refractory and
refractory resources for the existing CIL processing plant and the new BIOX® Expansion respectively. The exploration
programme remains on track to achieve its 5-year target of discovering an additional 2.3-2.7Moz of Indicated resources
by the end of 2025.
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
+442030112723
Brunswick Group LLP in London
Carole Cable, Partner
+442074045959
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.
For more information, please visit www.endeavourmining.com.