Endeavour Achieves Industrial Manufacturing at BIOX Enlargement and Lafigué Development Initiatives

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ENDEAVOUR ACHIEVES COMMERCIAL PRODUCTION AT BIOX EXPANSION AND LAFIGUÉ GROWTH PROJECTS

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London, 13 September 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Firm”) is happy to announce that it has achieved industrial manufacturing at each its Sabodala-Massawa BIOX Enlargement in Senegal and at its Lafigué mine in Côte d’Ivoire, efficient as of 1 August 2024. Each tasks have been accomplished on funds and on schedule, with the total ramp as much as nameplate capability underway.

Ian Cockerill, CEO, commented: “We’re happy to have achieved industrial manufacturing at each of our natural development tasks, totally de-risking development and ramp-up actions. Each tasks will drive stronger working efficiency within the second half of the 12 months, underpinning our Group manufacturing steering, whereas including low-cost manufacturing, extending mine life visibility, and rising the geographic diversification of the portfolio.

I congratulate our whole in-house challenge’s crew for the profitable supply of those two tasks, and for his or her continued business main challenge supply over the past 10 years, efficiently finishing the development of 5 development tasks on funds and on schedule, all in below two years. We’ll now transition the crew to deal with our asset stage optimisation initiatives and technical research, forward of our subsequent development part, with the development of the potential tier one Assafou challenge from 2026.

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The completion of this part of development is a big milestone for Endeavour. With our larger high quality portfolio, we’ll transition to a part centered on free money movement technology that may assist enhanced shareholder returns, via further supplemental returns, whereas we concurrently scale back our leverage, as we proceed to execute on our technique.”

Sabodala-Massawa BIOX Enlargement

The BIOX Enlargement achieved its first gold pour from the gravity circuit on 18 April 2024 and its first gold pour from the BIOX circuit on 28 April 2024. Industrial manufacturing was achieved on 1 August 2024, lower than 4 months after the primary gold pour.

All circuits are working in-line with expectations and through July and August mixed, 160kt of ore was processed at a grade of two.8g/t gold. Processing charges exceeded 2,580 tonnes per day, equal to 80% of nameplate capability, and plant availability was above 94%. Common metallurgical recoveries had been above 72% as we processed decrease grade transitional ore through the ramp up, whereas mining actions have now superior into contemporary ore within the Massawa Central Zone, supporting larger grades and better restoration charges for the rest of the 12 months.

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Throughout July and August, throughput charges, plant availability and restoration charges persistently exceeded our industrial manufacturing standards for a interval of a minimum of 30 days and all main capital expenditure has been accomplished with the challenge’s development crew having now largely demobilised, finishing the profitable handover to the operation’s crew.

Figure 1: BIOX® processing plant overview

Lafigué Mine

The Lafigué processing plant achieved its first gold pour on 28 June 2024 and industrial manufacturing was achieved on 1 August 2024, roughly one month after the primary gold pour.

All circuits are working in-line with expectations and through August, 241kt of ore was processed at a grade of 1.8g/t gold. Processing charges exceeded 7,700 tonnes per day, equal to 72% of nameplate capability and general plant availability was above 87% with common gold restoration charges above 95%.

Throughout July and August, the throughput fee, plant availability and restoration charges exceeded our industrial manufacturing standards for a interval of a minimum of 30 days and the challenge’s development crew accomplished the handover to the operation’s crew.

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Figure 2: Lafigué processing plant overview

ABOUT THE SABODALA-MASSAWA MINE

The Sabodala-Massawa mine was acquired by Endeavour in February 2021, as a part of its acquisition of Teranga. Endeavour owns a 90% stake within the Sabodala-Massawa mine, with the remaining 10% owned by the Authorities of Senegal.

Positioned roughly 630km east-southeast of Dakar, the capital of Senegal, the Sabodala-Massawa mine consists of a number of open pit operations on the extremely potential Birimian Greenstone Belt. Non-refractory ore is handled at a 4.0Mtpa CIL plant that achieved industrial manufacturing in November 2009. In 2021, Endeavour expedited the completion of the preliminary upgrades on the current CIL plant and concurrently superior the definitive feasibility examine for the addition of a refractory ore processing plant to verify the financial viability of processing the high-grade refractory ores from the Massawa Central Zone and Massawa North Zone deposits.

In April 2022, Endeavour launched the development of the 1.2Mtpa BIOX circuit to course of the massive refractory ore useful resource with first gold achieved on 18 April 2024 and industrial manufacturing achieved on 1 August 2024. As at 31 December 2023, Confirmed and Possible reserves totalled 53.1Mt at 2.05 g/t containing 3.5Moz of gold and Measured and Indicated sources (inclusive of reserves) totalled 88.2Mt at 1.92 g/t containing 5.4Moz of gold. For the total 12 months ended 31 December 2023, Sabodala-Massawa produced 294koz at an AISC of $767/oz. As beforehand guided, following the mining and processing of lower-than-expected grades with decrease related recoveries via the CIL plant in H1-2024, Sabodala-Massawa manufacturing is anticipated to be under the underside finish of its manufacturing steering of 360koz – 400koz at an all-in sustaining price (“AISC”) above the highest finish of its $750 – $850/ozguidance vary. Manufacturing is anticipated to be strongly H2-2024 weighted as a result of ramp-up of the BIOX enlargement challenge.

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Sabodala-Massawa is Endeavour’s largest exploration focus in 2024 with a guided spend of $25 million. The exploration programme is focussed on changing current sources to reserves and increasing non-refractory and refractory sources for the present CIL processing plant and the brand new BIOX® Enlargement respectively. The exploration programme stays on observe to attain its 5-year goal of discovering an extra 2.3 – 2.7Moz of Indicated sources by the tip of 2025.

ABOUT THE LAFIGUÉ MINE

The Lafigué mine is positioned in direction of the northern finish of the Birimian aged Oumé-Fetekro greenstone belt, in north-central Côte d’Ivoire, roughly 500km from Abidjan by highway. The Lafigué deposit is positioned within the northeast a part of the Fetekro exploration allow, adjoining to current infrastructure, together with sealed paved roads and excessive voltage grid energy. Endeavour has an 80% possession stake within the Lafigué mine (with 10% owned by the Ivorian Authorities and 10% owned by SODEMI, a state-owned mining firm) and a 100% possession stake within the the rest of the Fetekro exploration licence.

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Endeavour started exploration on the Fetekro property in March 2017, following a strategic evaluation of its exploration tenements which recognized the challenge as a prime precedence goal. To this point, solely a restricted portion of the Fetekro property has been explored, because the precedence has been the delineation of the Lafigué deposit. A maiden Mineral Useful resource Estimate for the Lafigué deposit was revealed on 29 October 2018 and subsequently up to date on 3 September 2019, 18 August 2020 and 15 Could 2022. A Preliminary Financial Evaluation (“PEA”) was revealed on 18 August 2020 and a Preliminary Feasibility Examine (“PFS”) was accomplished with the efficient date of 31 December 2020.

Building of the Lafigué challenge in Côte d’Ivoire was launched in This fall-2022, following the completion of a Definitive Feasibility Examine (“DFS”) which confirmed Lafigué’s potential to be a cornerstone asset for Endeavour. The 2022 DFS contemplates a 12.8 12 months LOM with common annual manufacturing of 203koz at a low AISC of $871/oz, with an preliminary capital price of $448 million. The challenge DFS displayed strong economics at an $1,800/ozgold worth assumption together with an after-tax NPV_5% of $870m and an after-tax IRR of 33%. First gold was poured on 28 June 2024 and industrial manufacturing was achieved on 1 August 2024. The Lafigué mine is anticipated to provide 90-110koz of gold at a sector main AISC of $900-975/ozin H2-2024, inline with its preliminary steering, with manufacturing rising to roughly 200koz in FY-2025.

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As at 31 December 2023, Confirmed and Possible reserves totalled 49.8Mt at 1.69 g/t containing 2.7Moz of gold and Measured and Indicated sources (inclusive of reserves) totalled 46.2Mt at 2.04 g/t containing 3.0Moz of gold.

Given the robust exploration potential, Endeavour is concentrating on the invention of 1.2 – 1.8Moz of Indicated sources throughout the Lafigué mining allow and the broader Fetekro exploration allow space over the 2021 to 2025 interval at a discovery price of $14/oz. To this point 0.6Moz, or 50% of the decrease finish of the goal, has been found.

QUALIFIED PERSONS

Ross McMillan, SVP Technical Providers of Endeavour Mining plc., a Fellow of the Australasian Institute of Mining and Metallurgy, is a “Certified Individual” as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) and has reviewed and accredited the technical data on this information launch.

CONTACT INFORMATION

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ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is likely one of the world’s senior gold producers and the biggest in West Africa, with working belongings throughout Senegal, Cote d’Ivoire and Burkina Faso and a powerful portfolio of superior improvement tasks and exploration belongings within the extremely potential Birimian Greenstone Belt throughout West Africa.

A member of the World Gold Council, Endeavour is dedicated to the ideas of accountable mining and delivering sustainable worth to its staff, stakeholders and the communities the place it operates. Endeavour is listed on the London and Toronto Inventory Exchanges, below the image EDV.

For extra data, please go to www.endeavourmining.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This information launch accommodates “forward-looking statements” throughout the which means of relevant securities legal guidelines.  All statements, aside from statements of historic truth, are “forward-looking statements”. Typically, these forward-looking statements could be recognized by way of forward-looking terminology resembling “expects”, “anticipated”, “budgeted”, “forecasts”, and “anticipates”.

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Ahead-looking statements, whereas primarily based on administration’s finest estimates and assumptions, are topic to dangers and uncertainties which will trigger precise outcomes to be materially completely different from these expressed or implied by such forward-looking statements, together with however not restricted to: dangers associated to the profitable integration of acquisitions; dangers associated to worldwide operations; dangers associated to basic financial situations and credit score availability, precise outcomes of present exploration actions, unanticipated reclamation bills; modifications in challenge parameters as plans proceed to be refined; fluctuations in costs of metals together with gold; fluctuations in overseas forex trade charges, will increase in market costs of mining consumables, doable variations in ore reserves, grade or restoration charges; failure of plant, gear or processes to function as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage protection and different dangers of the mining business; delays within the completion of improvement or development actions, modifications in nationwide and native authorities regulation of mining operations, tax guidelines and rules, and political and financial developments in international locations during which Endeavour operates. Though Endeavour has tried to determine essential elements that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There could be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. Please check with Endeavour’s most up-to-date Annual Info Kind filed below its profile at www.sedarplus.ca for additional data respecting the dangers affecting Endeavour and its enterprise.

Attachment

• EDV – Industrial Manufacturing at Natural Development Initiatives

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