Endeavour’s Milestone Achievements
ENDEAVOUR ACHIEVES FIRST GOLD POUR AT SABODALA-MASSAWA EXPANSION
First gold delivered in only 2 years · On budget and on schedule · 0 LTIs with over 3.5m man hours worked
Project Highlights
- Significant Milestone: The Sabodala-Massawa BIOX® Expansion achieved its first gold pour only 24 months after construction began, solidifying its presence as a tier 1 mine.
- Commercial Production: Expected in late Q2-2024, with ramp-up to nameplate capacity of 1.2Mtpa in Q3-2024.
- Safety Record: Over 3.5 million man hours completed without any lost-time injuries.
- Exploration Programme: Largest group exploration program planned for 2024 with a budget of $21m, focusing on resource conversion and adding near-mine resources.
- Guidance: The Group remains on track to meet its full-year guidance with an industry-leading AISC of $955 – 1,035/oz.
Dakar, 29 April 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) announced the successful first gold pour from the Sabodala-Massawa BIOX® Expansion project in Senegal, demonstrating flawless project delivery on schedule and within budget, with a stellar safety record of no lost time injuries.
CEO Ian Cockerill expressed pride in the achievement, emphasizing the completion of the project in just 2 years. This marks the fourth capital project successfully executed by Endeavour within a decade, highlighting the company’s efficiency and competence in West Africa.
Production Expectations
With the BIOX® Expansion, the company anticipates reaching nameplate capacity in Q3-2024, leading to increased production at reduced all-in sustaining costs, maintaining the complex’s leading cost profile.
Focus on Exploration
Endeavour’s exploration program aims to discover 2.3 – 2.7Moz of Indicated resources at Sabodala-Massawa by 2025. A $21.0 million exploration initiative, spanning 126,000 meters of drilling, is planned for 2024 to convert existing resources, adding refractory and non-refractory resources near the mining permits.
Strategic Expansion and Development
Eagerly focusing on delivering the Lafigué project, Endeavour anticipates completing it ahead of schedule to enhance its portfolio, introduce low-cost production, and prolong mine life visibility. This bodes well for the company’s transition to a more profitable phase with a strong emphasis on shareholder returns and balance sheet de-leveraging.
Mapping Future Growth
The Sabodala-Massawa mine, part of Endeavour’s portfolio, holds significant potential for resource expansion and sustained production. With a strong exploration focus in 2024, Endeavour aims to bolster its reserves and resources, solidifying its position in the gold mining industry.
About Sabodala-Massawa Mine
The Sabodala-Massawa mine, integral to Endeavour’s holdings, boasts a rich history and robust operational framework. The successful integration of the mine into Endeavour’s portfolio has contributed significantly to its achievements and growth projections.
Forward-Looking Strategy
The successful outcome of the BIOX® Expansion project signifies a promising future for Endeavour, aligning with its strategic goals and commitment to sustainable value creation. As the company advances, its focus on responsible mining and long-term viability remains a cornerstone of its operations.
QUALIFIED PERSONS
Mark Morcombe, COO of Endeavour Mining PLC., serves as a “Qualified Person” per NI 43-101, affirming the technical integrity of the project.
CONTACT INFORMATION
For more information about Endeavour Mining, please contact:
Jack Garman, Vice President, Investor Relations
+442030112723
jackgarman@endeavourmining.com
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining, a key player in the gold market, demonstrates aptitude in gold production across West Africa. The company’s commitment to responsible mining and sustainable value creation signifies its long-term commitment to stakeholders and operating communities.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
The forward-looking statements made by Endeavour embody its strategic vision and operational goals. While based on sound principles and estimations, these statements underscore the company’s growth trajectory and focus on responsible resource management.
