Published
02 Dec 2025
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.
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.
Ian Cockerill
Chief Executive Officer
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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.
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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.
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 realisation 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”, “can”, “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 those 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 rates; 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 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 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 properties; 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 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.sedarplus.ca for further information respecting the risks affecting Endeavour and its business.