Reserves and Resources

Endeavour Mining Mineral Reserves and Mineral Resources Current as at December 31, 2019, on a 100% basis, unless otherwise stated

Group Consolidated

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 26.2  2.05  1,731 
Probable Reserves 129.9  2.08  8,670 
P&P Reserves 156.1  2.07  10,401 
Measured Resource (incl. reserves) 37.3  2.47  2,962 
Indicated Resources (incl. reserves) 307.6  1.99  19,656 
M&I Resources (incl. reserves) 344.8  2.04  22,628 
Inferred Resources 110.1  1.78  6,289 

ITY MINE (85% owned except 100% owned Le Plaque area)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 9.4  1.05  318
Probable Reserves 52.7 1.672,825 
P&P Reserves 62.1  1.57  3,144 
Measured Resource (incl. reserves) 10.3  1.02  337 
Indicated Resources (incl. reserves) 71.4  1.62  3,727 
M&I Resources (incl. reserves) 81.7  1.55  4,064 
Inferred Resources 18.3  1.33  782 

HOUNDE MINE (90% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 1.8  1.57 89 
Probable Reserves 30.9  2.09  2,075 
P&P Reserves 32.6  2.06  2,164 
Measured Resource (incl. reserves) 1.7  1.75  96 
Indicated Resources (incl. reserves) 72.7  1.86 4,343 
M&I Resources (incl. reserves) 74.4  1.85  4,439 
Inferred Resources 7.9  1.89  480 

AGBAOU MINE (85% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 1.5  0.71  34 
Probable Reserves 4.8  1.86  286 
P&P Reserves 6.3  1.58  321 
Measured Resource (incl. reserves) 1.5  0.76 38 
Indicated Resources (incl. reserves) 6.0  2.49  481 
M&I Resources (incl. reserves) 7.6 2.14 519 
Inferred Resources 0.7 1.59  37 

KARMA MINE (90% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 3.1  0.85  84 
Probable Reserves 6.1  1.06  209 
P&P Reserves 9.2  0.99 293 
Measured Resource (incl. reserves) 0.3  0.38 
Indicated Resources (incl. reserves) 52.3  1.21  2,038 
M&I Resources (incl. reserves) 52.6  1.21  2,042 
Inferred Resources 15.7  1.35  681 

KALANA (80% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 5.1  3.00  492 
Probable Reserves 16.6  2.76  1,472 
P&P Reserves 21.7  2.81  1,964 
Measured Resource (incl. reserves) 9.5  4.19  1,280 
Indicated Resources (incl. reserves) 16.3  3.74  1,964 
M&I Resources (incl. reserves) 25.8  3.92  3,254 
Inferred Resources 1.9  4.41  265 

FETEKRO (65% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 0.00 
Probable Reserves 0.00 
P&P Reserves 0.00 
Measured Resource (incl. reserves) 0.00 
Indicated Resources (incl. reserves) 32.0 2.40 2,471 
M&I Resources (incl. reserves) 32.0  2.40  2,471 
Inferred Resources 0.8 2.52 66 

MANA MINE (90% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 3.3  3.56  374 
Probable Reserves 11.8  2.73  1,034 
P&P Reserves 15.0  2.91  1,407 
Measured Resource (incl. reserves) 11.9  2.11  806 
Indicated Resources (incl. reserves) 45.9  2.26  3,334 
M&I Resources (incl. reserves) 57.7  2.23  4,139 
Inferred Resources 8.9  2.66  766 

BOUNGOU MINE (90% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves 2.1  5.04  340 
Probable Reserves 7.1  3.38  769 
P&P Reserves 9.2  3.76  1,109 
Measured Resource (incl. reserves) 2.1  6.05  401 
Indicated Resources (incl. reserves) 11.0  3.68  1,298 
M&I Resources (incl. reserves) 13.0  4.06  1,699 
Inferred Resources 1.3  2.98  126 

BANTOU PROJECT(100% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves - 0.00  -
Probable Reserves - 0.00  -
P&P Reserves - 0.00  -
Measured Resource (incl. reserves) - 0.00  -
Indicated Resources (incl. reserves) - 0.00  -
M&I Resources (incl. reserves) - 0.00  -
Inferred Resources 51.1  1.37  2,245 

NABANGA PROJECT (100% owned)

Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Proven Reserves - 0.00  -
Probable Reserves - 0.00  -
P&P Reserves - 0.00  -
Measured Resource (incl. reserves) - 0.00  -
Indicated Resources (incl. reserves) - 0.00  -
M&I Resources (incl. reserves) - 0.00  -
Inferred Resources 3.4  7.69  841 

The mineral reserves and resources were estimated current as at December 31, 2019 in accordance with the provisions adopted by the Canadian Institute of Mining Metallurgy and Petroleum (CIM) and incorporated into the NI 43-101. The Qualified Persons responsible for the mineral reserve and resource estimates are detailed in the following tables.    

MINERAL RESOURCES

The Qualified Persons listed below are independent of Endeavour, except Salih Ramazan,François Thibert and Kevin Harris.

QUALIFIED PERSON POSITION PROPERTY/DEPOSIT
Kevin Harris, CPG
V.P. Resources, Endeavour Mining Corp
Agbaou; Colline Sud, La Plaque (Ity); North Kao, Yabonsgo, Rambo West, GG1 deposits (Karma); Bouere, Dohoun, Kari Pump deposits, Kari West, Kari Center (Houndé); Lafigué (Fetekro)
Helen Oliver, FGS, CGeol
Group Resource Geologist, Endeavour Mining Corp.Nami (Karma), Kalanko (Kalana)
Mark Zammit, MAIG
Principal, Cube Consulting Pty Ltd
Ity (except Colline Sud and La Plaque deposits); Vindaloo deposits (Houndé); GG1 (Karma)
Eugene Puritch, P.Eng.
President, P&E Mining Consultants Inc
GG2, Rambo, Kao Main (Karma)
Ivor Jones, FAusIMM
Principal Consultant, Denny Jones (Pty) Ltd
Kalana Project
François Thibert (M.Sc., P.Geo.)
Director, Group Reserve and Resource Estimation
Boungou, Mana, Bantou, Nabanga

 

MINERAL RESERVES

QUALIFIED PERSON POSITION PROPERTY/DEPOSIT
Salih Ramazan, MAusIMMVice President – Mine Planning, Endeavour Mining
Ity, Agbaou, Houndé and Karma
Allan Earl, FAusIMMExecutive Consultant, Snowden Mining Industry Consultants (Pty) Ltd
Kalana Project
François Thibert (M.Sc., P.Geo.)Director, Group Reserve and Resource Estimation
Boungou, Mana, Bantou, Nabanga

 

1. The mineral resources and reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the Definition Standards adopted by CIM Council in May 2014.

2. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

3. All Mineral Resources are reported inclusive of Mineral Reserves.

4. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to two decimal place; ounces are rounded to the nearest 1,000oz. Rounding may result in apparent summation differences between tonnes, grade and contained metal.

5. Tonnes and grade measurements are in metric units; contained gold is in troy ounces.

5. Errors may occur due to rounding of numbers.

6. Gold recoveries are those of the reserves for the saprolite/oxide and the saprock/transition horizons for all deposits. For the bedrock/sulphide portion, gold recovery has been set at 81% for Wona-Kona , 96% for Siou, 91% for Yama and 48% for Yaho and Maoula. Recoveries are set to 19% to 29% for Nyafé, Fofina, F67, Fobiri with the assumption that sulphide mineralization is considered refractory and cannot be recovered economically with the current CIL process.

 

Project1Agbaou1Kalana1Ity1Karma2Houndé1Fetekro1 Boungou3 Mana4 Bantou5 Nabanga6
Reserves Au Price1,3001,2001,3001,3501,300n.a. 1,200 1,200 n.a. n.a.
Resources Au Price1,5001,4001,5001,5001,5001,500 1,400 1,400 1,500 1,300


1Cut off grades for all resources open pits are 0.5g/tAu, except at Kalana where the cutoff grade is at 0.9g/tAu and at Karma where the cut-off grade is defined by material type: Oxide=0.2, Transition=0.22 and Sulfide=0.5.
Cut off grades for reserves except for Kalana vary between 0.3-0.5g/t for Oxide ore, 0.3-0.8g/t for Transition ore & 0.3-0.7g/t for Sulfide ore.

2Kao, GG2, and Rambo have a gold price of $1,557/oz. Gold price for Kao Main and Rambo West reserves is $1,350/oz.
3Cut-off grades for Boungou resources are defined by material type: Oxide=0.92, Transition and Sulfide=0.96. Cut-off reserves are defined by material type: Oxide=0.91, Transition and Sulfide=1.05.
4Cut-off grades for Mana resources differ by pit and are defined by material type. Wona: Oxide=0.35, Transition=0.47 and Sulfide=0.54; Siou OP: Oxide=0.44, Transition=0.51 and Sulfide=0.54; Siou UG: 2g/tAu.
4Mana cut-off reserves differ by pit and are defined by material type. Wona: Oxide=0.51, Transition=0.68 and Sulfide=0.78; Siou OP: Oxide=0.64, Transition=0.75 and Sulfide=0.78; Siou UG: 2.6g/tAu.
5Cut-off grade for Bantou pit shell resource ranges from 0.43g/t to 0.86g/t and cut-off for resource below pit shell is 2.0g/t.
6Nabanga resource is reported above a cut-off grade of 3.0 g/t Au.

 

8. The Kalana Main deposit Mineral Resource is stated as per that published by Avnel, which forms the basis on which the stated Mineral Reserves were estimated.
In March 2019, Endeavour published an updated Mineral Resource Estimate for the Kalana Main deposit. The comparison between the Avnel MRE and the Endeavour MRE is demonstrated in the below:

(on a 100% basis)

PREVIOUS 2016
M&I RESOURCE

UPDATED 2019
M&I RESOURCE

Cut-off grade (g/t Au)

0.9

0.9
(For comparative purpose)

0.5

Tonnage (Mt)

23

18

27

Grade (g/t Au)

4.14

3.70

2.69

Content (Au Koz)

3,060

2,092

2,290

The 2019 Kalana Main geological model was prepared by Helen Oliver.  Ms Oliver FGS, CGeol is Endeavour Mining's Group Resource Geologist and a Qualified Person as defined by NI 43-101. The 2019 Kalana Main Resource Estimate was prepared by Geoff Booth, FAusIMM, Mining Consulting Manager for Snowden Mining Industry Consultants Pty Ltd and a Qualified Person as defined by NI 43-101.

The Kalana Main MRE is constrained within a $1,500/oz gold Whittle pit shell as a limit of economic extraction, defined using the following parameters (all costs are in US dollars):

  • Slope angles – Oxide 32°, Transition 45°, Fresh 54°
  • Au recovery – Oxide 96.2%, Transition – 88.5%, Fresh – 89%
  • Gold price = $1,500/oz
  • Mining cost (Oxide base cost at 380 mRL) = Bulk $1.97/t, semi-selective $2.06/t, selective $2.34/t
  • Mining cost (Transition base cost at 380 mRL) = Bulk $1.79/t, semi-selective $1.98/t, selective $2.18/t
  • Mining cost (Fresh base cost at 380 mRL) = Bulk $2.41/t, semi-selective $3.08/t, selective $3.37/t
  • Mining cost (depth cost below 380 mRL) = 0.005/t/m
  • Processing cost – Oxide $16.64/t, Transition $20.37/t, Fresh $21.40/t
  • Selling cost - $58/oz

The scientific and technical information relating to the mines and projects contained in this document has been derived from or based on the following technical reports. Copies of the reports are available electronically on SEDAR at www.sedar.com under the Corporation's profile. The Kalana report is available under the Avnel Gold Mining profile on SEDAR. The Mana, Boungou, Bantou and Nabanga reports are available under the SEMAFO profile on SEDAR.

 
  • Agbaou mine: "Technical Report, Mineral Resource and Reserve Update for the Agbaou Gold Mine, Côte d'Ivoire, West Africa" dated effective December 31, 2014.
  • Ity mine: "Ity CIL Project National Instrument 43-101 Technical Report", dated December 9, 2016.
  • Ity mine: Reserves and Resources were updated in 2017 after the completion of a Project Optimization Study. The results were published in the September 20, 2017 press release available on the company's website.
  • Karma mine: “Technical Report on an updated Feasibility Study and a Preliminary Economic Assessment for the Karma Gold Project, Burkina Faso, West Africa” dated effective August 10, 2014.
  • Houndé mine: "Houndé Gold Project, Burkina Faso, Feasibility Study NI 43-101 Technical Report", dated effective October 31, 2013.
  • Houndé mine: Reserves were updated in 2015 by Orelogy "Cost review and Reserve update study", dated February 2015. Endeavour News Release February 19, 2015.
  • Kalana Project: "NI 43-101 Technical Report on Kalana Main Project", dated effective March 30, 2016.
  • Mana Mine: "Mana Property, Burkina Faso, NI 43-101 Technical Report Disclosing the Results of the Siou Underground Prefeasibility Study", dated effective December 31, 2017.
  • Boungou Mine: "Natougou Gold Deposit Project, Burkina Faso, NI 43-101 Technical Report - Feasibility Study", dated effective March 23, 2016.
  • Bantou Project: "Bantou Project, NI 43-101 Technical Report - Mineral Resource Estimate", dated effective December 31, 2019.
  • Nabanga Project: "Nabanga Project, NI 43-101 Technical Report - Preliminary Economic Assessment", dated effective September 30, 2019.