THE WEST AFRICAN GOLD CHAMPION - EDV: TSX FACT SHEET MARCH 2021 - Endeavour Mining
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THE WEST AFRICAN
GOLD CHAMPION
FOLLOW US
EDV: TSX
FACT SHEET MARCH 2021 endeavourmining.com
ABOUT US
ENDEAVOUR MINING | FACT SHEET MARCH 2021
Dakar Senegal
Niger
KARMA
Kofi Mali
SABODALA-MASSAWA Burkina Faso Liptako
Bamako Ouagadougou
BOUNGOU
MANA
Liguidi
HOUNDÉ
NABANGA
Siguiri KALANA
Guinea BANTOU
WAHGNION
Benin
JV with Barrick
Sierra Togo Nig
Leone FETEKRO
Miminvest Ghana
Bondoukou
Miminvest Côte d’Ivoire
ITY Daoukro
Liberia
Miminvest
AFEMA
Abidjan
Regional
Office
Mines Projects Exploration Birimian Greenstone Belt
2021 TARGET
Top 10 7 17Moz
Global Gold Operational P&P Reserves
Producer Mines
~1.5Moz
1 Production at
No. 1 < $900/oz
Producer in
6 33Moz AISC
Development M&I Resources
West Africa Projects
ABOUT US 1
Endeavour Mining is one of Acquired Ity and formed
a strategic partnership with
the world’s top ten senior gold La Mancha who became
2015
producers and the largest in a 30% shareholder
West Africa, with operating
assets across Senegal, Côte Sebastien de Montessus
d’Ivoire and Burkina Faso and appointed President and CEO
a strong portfolio of advanced 2016 Non-core Youga mine
development projects and divested and True Gold
exploration assets in the highly (Karma mine) acquired
prospective Birimian Greenstone
Belt across West Africa. Houndé construction began
Five-year exploration strategy 2016
A member of the World Gold Council, was launched
Endeavour is committed to the
principles of responsible mining
and delivering sustainable value Acquired Avnel (Kalana project)
to its employees, stakeholders 2017 Houndé completed ahead of
and the communities where it schedule and below budget
operates. Endeavour is listed on
geria the Toronto Stock Exchange, under
the symbol EDV and will be seeking Ity CIL plant construction began
a secondary listing as a Premium 2017
Non-core Nzema mine divested
issuer on the London Stock
Exchange during Q2-2021.
1Moz indicated resource at
2018 Kari Pump (Houndé mine)
Non-core Tabakoto
mine divested 2018
Ity CIL plant completed ahead
of schedule and below budget
2019
Upsize of Ity CIL plant to 5Mtpa
1Moz Indicated resource at Kari West
& Kari Center (Houndé mine)
2019
Joined the World Gold Council
Acquired SEMAFO
2020 (Mana and Boungou mines)
Acquired Teranga (Sabodala-Massawa
and Wahgnion mines)
Non-core Agbaou mine divested
2021
Paid first dividend
2
WEST AFRICA:
ENDEAVOUR MINING | FACT SHEET MARCH 2021
A GOLDEN OPPORTUNITY
West Africa is one of the most attractive mining jurisdictions
globally with many of the world’s leading gold producers operating
there and investing in the region.
UNDEREXPLORED AND HIGHLY PROSPECTIVE
BIRIMIAN GREENSTONE BELT
2nd
LARGEST GOLD
78%
GROWTH IN
No.1
REGION GLOBALLY
PRODUCING PRODUCTION OVER FOR RECENT
REGION GLOBALLY PAST 10 YEARS DISCOVERIES
+80Moz No.4
REGION FOR ANNUAL
3
ATTRACTIVE MINING- MOVING FROM DEVELOPING
FRIENDLY JURISDICTION TO EMERGING MARKET STATUS
esponsible approach to mining development
R GDP growth rate amongst the highest in the world
with modern environmental standards with controlled inflation of below 2%
Swift permitting process which means timings Democratic elections held across most West African
from discovery to production can be under countries in past decade
three years Strong support from the IMF and World Bank
Modern mining codes consistent with Local governments are investing heavily in improved
international principles regional security with additional support from
international partners
Great human potential; significant improvement in
MALI literacy and education over the past 10 years
NIGER
Political and economic stability thanks to the
SENEGAL creation of a regional economic zone called the West
BURKINA
GUINEA FASO African Economic and Monetary Union (UEMOA)
BISSAU
BENIN which is similar to the European Union:
CÔTE TOGO
D’IVOIRE •C
ommon central bank for the eight francophone
nations
•C
ommon currency (CFA Franc) which is pegged to
UEMOA Member States the Euro
• F iscal and monetary policies tend to be aligned
with guidance from IMF
SENEGAL
Population: 15.7m 2018 GDP: $23bn
Unemployment rate: 6.7% 2018 GDP growth: 6.4%
Literacy: 51.9% Corporate tax: up to 30%
Internet users: 29.6% Mining royalties: up to 5%
CÔTE D’IVOIRE
Population: 27.5m 2018 GDP: $43bn
Unemployment rate: 2.5% 2018 GDP growth: 7.4%
Literacy: 47.2% Corporate tax: up to 25%
Internet users: 46.8% Mining royalties: up to 6%
BURKINA FASO
Population: 20.8m 2018 GDP: $14.1bn
Unemployment rate: 6.2% 2018 GDP growth: 6.8%
Literacy: 41.2% Corporate tax: up to 27.5%
Internet users: 16% Mining royalties: up to 5%
MALI
Population: 19.5m 2018 GDP: $17.2bn
Unemployment rate: 7.9% 2018 GDP growth: 4.9%
Literacy: 35.5% Corporate tax: up to 25%
Internet users: 13% Mining royalties: up to 6%
Sources: World Bank & CIA Factbook
4
STRATEGIC POSITIONING
ENDEAVOUR MINING | FACT SHEET MARCH 2021
ON TWO OF WEST AFRICA’S
GAL MOST PROLIFIC BELTS NIGER
Cavally River
ITY BELT
BURKINA
FASO
MALI
Endeavour controls the full 125km
stretch along the Ity Birimian Belt BENIN
GHANA
GUINEA Toulepleu-Ity NIGERIA
Greenstone
CÔTE
D’IVOIRE
LIBERIA Ity Mine
CÔTE
D’IVOIRE
LIBERIA
Birimian Greenstone Belts
Mining Permits
Exploration permits
Deposits
Cavally River Targets
0 Km 25
Toulepleu-Ity
Greenstone
STRONG TRACK RECORD OF UNLOCKING
EXPLORATION VALUE ACROSS THE GROUP
Screening
and ranking +200
EXPLORATION 5
HOUNDÉ BELT
Endeavour has one of the largest footholds on the
Hounde Belt, with two mines, two projects and significant
exploration tenements, along with the Wahgnion Mine
NIGER
located on the adjacent Banfora Greenstone Belt.
MALI BURKINA
FASO
BENIN
Mana Mine
GHANA
GUINEA CÔTE D’IVOIRE
NIGERIA
CÔTE BURKINA
Birimian Greenstone Belts
D’IVOIRE Houndé Mine
BERIA Tarkwaian Type Sediments FASO
Exploration permits
JV Exploration Permits
Golden Hill Exploration
Mining Permits
Deposits
Targets
0 Km 100
GHANA
Bantou Exploration
Wahgnion Mine Houndé
Banfora Greenstone
Greenstone Boromo
Greenstone
CÔTE D’IVOIRE
100%
5-YEAR DISCOVERY TARGET
Excludes assets acquired in the SEMAFO transaction 80% 1.5Moz – 10Moz –
Cumulative Indicated resources against 5-year discovery target 2.5Moz 15Moz
63%
Indicated resources discovered
2.1Moz
Indicated resources targeted
42%
2.1Moz
23%
1.9Moz
10%
1.3Moz
1.0Moz
H2–2016A 2017A 2018A 2019A 2020E 2021E Total
6
ENDEAVOUR MINING | FACT SHEET MARCH 2021
FETEKRO
ITY
MINE
ABIDJAN
CÔTE
D’IVOIRE
Ownership:
ITY MINE 85% EDV, 10% Government,
5% SODEMI
Production start date:
2019 for Ity CIL plant
Mining method:
Open Pit/Owner Mining
The Ity mine is one of Endeavour’s cornerstone Processing technology:
assets, it has the longest operating history of any 5Mtpa CIL Plant
gold mine in Côte d’Ivoire, with more than 1.2Moz Expected mine life:
of gold produced in its 20-plus years of operation. +10 years
Workforce:
The recent success of Endeavour’s near-mine exploration program which 940
discovered approximately 3.5Moz provided the opportunity to upgrade the
small-scale, short life heap leach operation with a CIL plant. The CIL plant was
successfully built ahead of schedule and below budget, achieving commercial
production in Q2 2019. The mine has a production potential of 250koz/year
over a +10-year life of mine at an attractive AISC.
230-250koz
OPERATING PERFORMANCE Production
2021 Target
2017 2018 2019 2020
Mining
Waste (kt) 5,237 2,901 8,320 14,898
Ore mined – Open Pit (kt) 1,410 1,127 5,733 8,571
Processing $800-850/oz
Ore processed (kt) 1,194 1,307 3,693 5,353 AISC
2021 Target
Grade (g/t) 1.85 2.49 1.88 1.57
Recovery (%) 83 81 86 79
Production (oz) 59,026 84,832 193,140 213,000
Cash costs per ounce of gold sold 3.1Moz
Total cash cost ($/oz) 733 646 613 765 P&P Reserves
As at December 31, 2019
AISC ($/oz) 906 719 616 808
4.1Moz
M&I Resources
Current as at December 31, 2019
7
KARMA
OUAGADOUGOU
HOUNDÉ
MINE BOUNGOU
MANA NABANGA
BANTOU
WAHGNION
BURKINA
FASO
Ownership:
HOUNDÉ MINE 90% EDV, 10% Government
Production start date:
2017
Mining method:
Open Pit/Owner Mining
Processing technology:
The Houndé mine is one of Endeavour’s cornerstone 3Mtpa CIL Plant
assets. The mine was built ahead of schedule Expected mine life:
and below budget, with commercial production +10 years
commencing in Q4-2017. Since then, the CIL plant has Workforce:
consistently performed well and is able to operate 1,860
at more than 30% above nameplate capacity.
The goal is to delineate sufficient additional resources through near-mine
exploration to sustain production above 250koz/year over a +10-year life of
mine at an attractive AISC. In July 2020, a mining permit was granted and
mining commenced at the Kari Pump deposit, part of the Kari Area, which will
240-260koz
provide mill feed at significantly higher grades than the current active pits.
Production
2021 Target
OPERATING PERFORMANCE
2017 2018 2019 2020
Mining
Waste (kt)
Ore mined – Open Pit (kt)
14,827
1,222
35,659
5,822
35,225
2,969
38,171
5,324
$855-905/oz
AISC
Processing 2021 Target
Ore processed (kt) 813 3,948 4,144 4,228
Grade (g/t) 2.75 2.29 1.83 2.21
Recovery (%) 95 94 93 93
Production (oz) 68,754 277,218 223,304 277,000 2.2Moz
Cash costs per ounce of gold sold P&P Reserves
As at December 31, 2019
Total cash cost ($/oz) 194 459 761 703
AISC ($/oz) 335 564 862 836
4.4Moz
M&I Resources
Current as at December 31, 2019
8
ENDEAVOUR MINING | FACT SHEET MARCH 2021
DAKAR
SABODALA
MINE
SENEGAL
Ownership:
SABODALA- 90% EDV, 10% Government
Production start date:
MASSAWA MINE
2009
Mining method:
Open Pit/Owner Mining
Processing technology:
+4.0Mtpa CIL Plant with 1.2Mtpa
BIOX® extension planned
Expected mine life:
Sabodala-Massawa is the largest producing gold +16 years
mine in Senegal, West Africa. Since 2009, Sabodala Workforce:
has produced more than 2.6Moz of gold. 1,621
In March 2020, Sabodala acquired the Massawa gold project, the largest
undeveloped open-pit project in Africa to create the Sabodala-Masswa
complex. Massawa is located within trucking distance of Sabodala, creating
the opportunity for significant capital and operating synergies. Sabodala
is currently integrating the high-grade Massawa gold project, transforming 384koz
Sabodala into a top-tier gold asset with low costs, long-life reserves, and Production
strong cash flows. Annual Average 2021–2025*
OPERATING PERFORMANCE
2017 2018 2019 2020*
Mining
Waste (kt) 23,520 18,893 23,026 28,666 $671/oz
Ore mined – Open Pit (kt) 2,101 1,921 2,909 5,286
AISC
Annual Average 2021–2025*
Processing
Ore processed (kt) 4,221 4,069 4,161 4,122
Grade (g/t) 1.87 2.03 1.98 1.94
Recovery (%) 92.1 92.3 90.9 89.4 4.8Moz
Production (oz) 233,267 245,230 241,276 229,000 P&P Reserves
As at December 31, 2019
Cash costs per ounce of gold sold
Total cash cost ($/oz) 721 660 690 765
AISC ($/oz) 1,024 867* 857 885
omparative amounts have been restated to reflect all-in sustaining costs per ounce and all-in
C
sustaining costs (excluding cash/(non-cash) inventory movements and amortized advanced royalty
costs) per ounce of Sabodala on a standalone basis, exclusive of resettlement capital expenditures
6.9Moz
related to the Niakafiri deposit. M&I Resources
As at December 31, 2019
*As per 2020 PFS9
KARMA
BOUNGOU
OUAGADOUGOU MINE
MANA NABANGA
HOUNDÉ
BANTOU
WAHGNION
BURKINA
FASO
Ownership:
BOUNGOU MINE 90% EDV, 10% Government
Production start date:
2018
Mining method:
Open Pit/Contractor Mining
Processing technology:
The Boungou mine is a low cost, high grade CIP Plant 1.5Mtpa
operation with significant exploration potential. Expected mine life:
The mine was built on time and on budget by +7 years
the previous owners, SEMAFO, and achieved Workforce:
commercial production in Q3-2018. ~1,100
The mine was placed on temporary care and maintenance in November
2019 in order to address regional security issues and started processing
stockpiles in Q1-2020. Full mining operations restarted in Q4-2020. The area
around the mine is virtually unexplored and significant opportunity exists to
identify additional resources.
180-200koz
Production
OPERATING PERFORMANCE 2021 Target
2018 2019 2020
Mining
Waste (kt) 8,178 21,220 2,075
Ore mined – Open Pit (kt) 568 1,628 459 $690-740/oz
Processing AISC
2021 Target
Ore processed (kt) 368 1,000 1,111
Grade (g/t) 5.75 6.65 4.79
Recovery (%) 94 96 95
Production (oz) 63,600 205,200 155,000
1.1Moz
Cash costs per ounce of gold sold P&P Reserves
Total cash cost ($/oz) 403 380 602 As at December 31, 2019
AISC ($/oz) 596 497 618
1.7Moz
M&I Resources
As at December 31, 201910
ENDEAVOUR MINING | FACT SHEET MARCH 2021
KARMA
MANA OUAGADOUGOU
MINE
BOUNGOU
NABANGA
HOUNDÉ
BANTOU
WAHGNION
BURKINA
FASO
Ownership:
MANA MINE 90% EDV, 10% Government
Production start date:
2008
Mining method:
Open Pit/Owner Operator
and Underground/
The Mana mine is located in the northern part Contractor Mining
of the highly prospective Houndé Greenstone Processing technology:
Belt, approximately 60km north of Endeavour’s CIL Plant
Houndé mine. Expected mine life:
+8 years
The mine has been in operation for over a decade, producing over 2.1Moz Workforce:
gold. Recent discoveries resulted in the development of the Siou underground 670
mine, using the long-hole method, which was completed in Q1-2020.
OPERATING PERFORMANCE
170-190koz
2017 2018 2019 2020
Mining
Production
Waste – Open Pit (kt) 38,710 33,646 28,082 23,000 2021 Target
Ore mined – Open Pit (kt) 2,268 2,110 1,338 1,502
Total mined – – – 100 1,107
Underground (kt)
Ore mined –
Underground (kt)
– – 100 714
$975-1,050/oz
Processing
AISC
2021 Target
Ore processed (kt) 2,740 2,574 2,061 2,433
Grade (g/t) 2.46 2.36 2.28 3.02
Recovery (%) 95 93 90 93
Production (oz) 206,400 181,000 135,700 219,000 1.4Moz
Cash costs per ounce of gold sold P&P Reserves
As at December 31, 2019
Total cash cost ($/oz) 655 796 762 801
AISC ($/oz) 942 1,056 1,095 973
4.1Moz
M&I Resources
As at December 31, 201911
KARMA
OUAGADOUGOU
BOUNGOU
WAHGNION MANA NABANGA
MINE
HOUNDÉ
BANTOU
BURKINA
FASO
Ownership:
WAHGNION MINE 90% EDV, 10% Government
Production start date:
November 1, 2019
Mining method:
Open pit/ Owner-operated
Processing technology:
Wahgnion is located in the southwest corner of 2.9Mtpa – 3.0Mtpa CIL Plant
Burkina Faso near the border of Côte d’Ivoire. Expected mine life:
10 years
Since achieving commercial production in November 2019, the plant has been
performing at ~25% above designed capacity for gold recovery and throughput. Workforce:
1,101
The mine plan for Wahgnion focuses on open-pit mining of four initial
gold deposits within the mine lease. The Nogbele, Fourkoura and Stinger
deposits fall into the Nogbele land tenement while the Samavogo deposit
is in the Dierisso tenement. A multi-year drill program is underway at these
four deposits with a goal of extending the mine life. Additionally, there are
more than one dozen drill-ready targets on the regional land package, which 149koz
have the potential to become resources and are within trucking distance of Production
Wahgnion’s plant. Annual Average 2021–2025*
OPERATING PERFORMANCE
2019† 2020
Mining
Waste (kt) 10,249 22,646 $920/oz
Ore mined – Open Pit (kt) 1,532 3,812
AISC
Annual Average 2021–2025*
Processing
Ore processed (kt) 958 3,606
Grade (g/t) 1.63 1.59
Recovery (%) 94.7 94.9
1.6Moz
Production (oz) 47,492 175,000 P&P Reserves
Cash costs per ounce of gold sold As at December 31, 2019
Total cash cost ($/oz) 861 731
AISC ($/oz) 950 898
† Commercial production declared November 1, 2019.
2.4Moz
M&I Resources
As at December 31, 2019
*As per updated 2020 mine plan12
KARMA
MINE
ENDEAVOUR MINING | FACT SHEET MARCH 2021
OUAGADOUGOU
BOUNGOU
MANA NABANGA
HOUNDÉ
BANTOU
WAHGNION
BURKINA
FASO
Ownership:
KARMA MINE 90% EDV, 10% Government
Production start date:
2016
Mining method:
Shallow Open Pit/
Contractor Mining
The Karma mine is a low-grade heap leach operation Processing technology:
and consists of several gold deposits which are Heap Leach
shallow, open pittable with little blasting required Expected mine life:
and a low strip ratio. 2-3 years
Workforce:
In 2017, an optimization project was completed to lift the stacking capacity. 1,660
OPERATING PERFORMANCE
2017 2018 2019 2020
Mining
80-90koz
Waste (kt) 11,451 12,217 15,690 Production
Ore mined (kt) 3,862 4,715 3,745 4,781 2021 Target
Processing
Ore processed (kt) 3,552 4,097 4,196 4,871
Grade milled (g/t) 1.07 0.95 0.91 0.84
Recovery (%) 83 82 82 77 $1,220-1,300/oz
Production (oz) 97,982 108,773 96,534 98,000 AISC
2021 Target
Cash costs per ounce of gold sold
Total cash cost ($/oz) 716 704 872 956
AISC ($/oz) 834 813 903 1,007
0.3Moz
P&P Reserves
As at December 31, 2019
2.0Moz
M&I Resources
As at December 31, 201913
PROVEN AND EXPERIENCED
MINE BUILDERS
Endeavour has successfully built four mines in West Africa over the past decade
and established a strong construction track record for high quality projects.
Synergies in plant design have been leveraged at the Agbaou, Houndé and
Ity mines, with all plants currently operating above nameplate capacity.
Nzema* | Ghana Agbaou | Côte d’Ivoire
DFS, DESIGN, CONSTRUCT, COMMISSION AND OPERATE DFS, DESIGN, CONSTRUCT, COMMISSION AND OPERATE
Construction time: 14 months (2008–2010) Construction time: 14 months (2012–2014)
On Ahead of 0 Below Ahead of 0
budget schedule LTIs budget schedule LTIs
*divested in 2017
Houndé | Burkina Faso Ity CIL Project | Côte d’Ivoire
DESIGN, CONSTRUCT, COMMISSION AND OPERATE DESIGN, CONSTRUCT, COMMISSION AND OPERATE
Construction time: 17 months (2016–2017) Construction time: 18 months (2018–2019)
Below Ahead of 0 Below Ahead of 0
budget schedule LTIs budget schedule LTIs14
ORGANIC GROWTH
ENDEAVOUR MINING | FACT SHEET MARCH 2021
Endeavour has an industry-leading development pipeline.
Daoukro Cluster
Siguiri
Côte d’Ivoire
Guinea
Bondoukou Cluster Nabanga
Côte d’Ivoire Burkina Faso Fetekro Wahgnion Houndé
Kofi Trend Côte d’Ivoire
Mali
Mt. Ba/Gueya
Côte d’Ivoire Afema Karma
Fougadian
Sia/Sianikoui Ity
Mali Côte d’Ivoire
Houndé Trend Golden Hill Mana
Barrick JV Burkina Faso
Côte d’Ivoire
Mininvest Karma Boungou
Côte d’Ivoire Bantou
Liguidi
Burkina Faso Burkina Faso Kalana
Liptako Tiepleu Mali
Niger Ity Trend IMMEDIATE CASH FLOW
FROM PRODUCTION
NEAR-TERM GROWTH
FROM PROJECTS
LONG-TERM UPSIDE
FROM GREENFIELD EXPLORATION
KEY FACTS
Ownership:
80% EDV
Mining Method:
Open pittable
Resource (2020):
2.5Moz Indicated and
0.1Moz Inferred
FETEKRO PROJECT
Located in north-central Côte d’Ivoire, approximately 500km from Abidjan, within the northern-end of the Oumé-Fetekro
Greenstone Belt, Fetekro was ranked as a top greenfield target, following our strategic exploration review in late 2016.
A maiden resource for the Lafigué target was published in October 2018, with an updated indicated resource of 1.2Moz
published in September 2019, on which an initial PEA was based, already demonstrating robust project economics
including a pre-tax NPV5% of $372m and an IRR of 37% at a $1,500/oz gold price.
In 2020, the Indicated resource for the Lafigué deposit grew by 108% to 2.5Moz at 2.40g/t Au and the Lafigué resource
estimate now encompasses a mineralized area extending over 2km long by 1km with the deposit remaining open at
depth and along strike. The 2.5Moz Fetekro resource has been found at a very low discovery cost of $7.50 per Indicated
resource ounce.
The Lafigué resource is of high quality, with metallurgical testwork indicating gold recovery of over 95%, with a
significant portion recoverable by gravity. There is no large relocation required and the property is located close to
existing infrastructure, including sealed roads and grid power.
A PFS based on the larger 2.5Moz Indicated resource is expected to be published in Q1-2021.PROJECTS 15
KALANA PROJECT KEY FACTS
Located approximately 270km South of Bamako, the capital city of Ownership:
Mali, the Kalana Project was acquired in 2017. A feasibility study was 80% EDV, 20% Government
completed on the project in 2016 by the prior owner which confirmed Mining method:
the opportunity for a long life, low cost gold operation. Open pittable
Resource (2020):
Endeavour expects to take advantage of its construction expertise, 2.3Moz M+I Resources
operating synergies and exploration experience to redesign and as at December 31, 2020*
optimize the current feasibility study, which is expected to increase Reserve (2020):
the annual production profile and improve already attractive project 1.8Moz P+P Reserves
economics. Endeavour has also identified additional resources that will as at December 31, 2020*
be incorporated in the updated feasibility study, which is expected to be
published in Q1-2021.
*As per Avnel study dated March 30, 201616 PROJECTS
ENDEAVOUR MINING | FACT SHEET MARCH 2021
BANTOU PROJECT KEY FACTS
The Bantou Project was acquired by Endeavour in July 2020 as part Ownership:
of the SEMAFO acquisition. Located approximately 300km southwest 100% EDV (Bantou area)
of Ouagadougou, the capital city of Burkina Faso, Bantou is part of 80.09% EDV/19.91% Sarama
the Dynikongolo permit which is located along the prolific Houndé (Karankasso area)
Greenstone Belt that hosts both the Mana and Houndé mines. Mining method:
Open pittable
Bantou currently consists of eight mineralized zones with diverse
Resource (2020):
mineralization styles and grades. The project is host to an Inferred
2.2Moz Inferred Resources
Resource comprised of three main areas with the majority of the tonnes
as at December 31, 2020
and ounces centred on the Bantou and Bantou Nord Zones. The Bantou
Nord Zone was discovered in 2019 and totals 1.1Moz of pit-constrained
Inferred resources with a pit shell strip ratio of 1:1 and is located 1.5km
north of the Bantou Zone.PROJECTS 17
KEY FACTS
Ownership:
100% EDV
Mining method:
Open pittable and underground
Resource (2020):
0.8Moz Inferred Resources
as at December 31, 2020
NABANGA PROJECT
The Nabanga Project was acquired by Endeavour in July 2020 as part of the SEMAFO transaction.
Located approximately 250km southeast of Ouagadougou, the capital city of Burkina Faso,
Nabanga is an early stage project which consists of three exploration permits covering 178.5km²:
Kamsongo, Napadé and Nabanga.
The previous owners completed a Preliminary Economic Study on the project in September 2019 which
indicated the potential for an economic project with an after-tax NPV (5%) of $100m based on an
Inferred resource of 841koz. Endeavour is currently evaluating this project in the context of its overall
exploration portfolio and will determine next steps during the year.
KEY FACTS
Ownership:
51% EDV, earning 70%
Joint venture partner:
Sodim Limited
Joint venture
agreement terms:
• 51% joint venture interest
through the completion of a
three-year $11m exploration
and community development
work program
AFEMA JV PROJECT • Earning 70% interest through
delivery of positive study
The Afema Joint Venture Project was acquired by Endeavour in February 2021
as part of the Teranga acquisition. Located in southeast Côte d’Ivoire at the • Endeavour to sole fund and
intersection of two gold-enriched Ghanaian greenstone belts, the greenfields manage exploration programs
project covers more than 1,400 km2 including the Afema mine license and and feasibility studies
three exploration permits.
Afema includes a historical near-surface oxide and sulphide resource and lies
within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana. The Woulo
Woulo prospect is the most recent discovery at Afema. Currently, multi-drill exploration campaign is underway at the
Woulo Woulo prospect, the Niamienlessa structural trend and the Afema Shear and an initial resource estimation is
targeted for completion in the first half of this year.
As of January 2021, more than 550 holes have been drilled, totaling nearly 51,000 metres. Next steps include expanding
trenching and drilling to new areas of interest within the Afema mining license and outward onto the three regional
exploration permits. As well, early-stage metallurgical test work as well as environmental and social assessments are
expected to be initiated in the near-term.18
ENDEAVOUR MINING | FACT SHEET MARCH 2021
A RESPONSIBLE GOLD MINER
Our operations have a significant positive
impact on the economies of our local
communities and host countries.
As a leading global gold producer and the largest gold miner in West Africa,
we are committed to the principles of responsible mining and delivering
sustainable value to all stakeholders, including our employees, contractors,
suppliers and local communities.
We are trusted to unlock the full benefits of the material we mine for all those
invested in its discovery and production. We are conscious of this responsibility
and are proud to support over 1,000 West African businesses and to source
95% of our site workforce nationally, with a target of continuing the training and
development of local talent into management roles.
As members of the World Gold Council, we have pledged to implement the
Responsible Gold Mining Principles (RGMPs).
The RGMPs reflect the commitment of the world’s leading gold producers to
responsible mining. The Principles provide an over-arching framework that sets
out clear expectations as to what constitutes responsible gold mining to provide
confidence to investors, supply chain participants and ultimately, consumers.
Link to The Responsible
Gold Mining PrinciplesA RESPONSIBLE GOLD MINER 19
GOVERNANCE
PRINCIPLE 1 PRINCIPLE 2 PRINCIPLE 3
Ethical conduct: we will Understanding our Supply chain: we will
conduct our businesses impacts: we will engage require that our suppliers
with integrity including with our stakeholders and conduct their businesses
absolute opposition to implement management ethically and responsibly
corruption. systems so as to as a condition of doing
ensure that we assess, business with us.
understand and manage
our impacts, realize
opportunities and provide
remedy where needed.
SOCIAL
PRINCIPLE 4 PRINCIPLE 5 PRINCIPLE 6 PRINCIPLE 7
Safety and health: Human rights and conflict: Labour rights: we Working with communities:
we will protect and we will respect the human will ensure that our we will contribute to
promote the safety and rights of our workforce, operations are places the socio-economic
occupational health of affected communities where employees and advancement of
our workforce (employees and all those people with contractors are treated communities associated
and contractors) above whom we interact. with respect and are free with our operations and
all other priorities and will from discrimination or treat them with dignity
empower them to speak abusive labour practices. and respect.
up if they encounter
unsafe working conditions.
ENVIRONMENT
PRINCIPLE 8 PRINCIPLE 9 PRINCIPLE 10
Environmental Biodiversity, land use Water, energy and climate
stewardship: we will and mine closure: we will change: we will improve
ensure that environmental work to ensure that fragile the efficiency of our use
responsibility is at the ecosystems, habitats of water and energy,
core of how we work. and endangered species recognizing that the
are protected from impacts of climate change
damage, and will plan for and water constraints
responsible mine closure. may increasingly become
a threat to the locations
where we work and a risk
to our licence to operate.20
ENDEAVOUR MINING | FACT SHEET MARCH 2021
RESERVES AND
RESOURCES
Current as at December 31, 2020
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown Tonnage Grade Content Tonnage Grade Content
inclusive of Reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
TOTAL – ENDEAVOUR MINING
Proven Reserves 39.9 1.55 1,992 35.4 1.56 1,777
Probable Reserves 259.9 1.92 16,042 226.1 1.93 14,002
P&P Reserves 299.8 1.87 18,034 261.6 1.88 15,779
Measured Resource (incl. reserves) 49.2 1.54 2,431 43.7 1.54 2,170
Indicated Resources (incl. reserves) 441.9 1.83 25,937 387.8 1.83 22,796
M&I Resources (incl. reserves) 491.1 1.80 28,368 431.5 1.80 24,966
Inferred Resources 152.8 1.75 8,598 135.1 1.75 7,613
BOUNGOU MINE (90% owned)
Proven Reserves 1.7 3.83 213 1.6 3.83 191
Probable Reserves 6.8 3.60 791 6.1 3.60 712
P&P Reserves 8.6 3.65 1,004 7.7 3.65 904
Measured Resource (incl. reserves) 1.9 3.89 244 1.8 3.89 219
Indicated Resources (incl. reserves) 12.5 3.23 1,295 11.2 3.23 1,165
M&I Resources (incl. reserves) 14.4 3.32 1,538 13.0 3.32 1,385
Inferred Resources 0.8 3.03 82 0.8 3.03 74RESERVES AND RESOURCES 21
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown Tonnage Grade Content Tonnage Grade Content
inclusive of Reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
HOUNDÉ MINE (90% owned)
Proven Reserves 2.6 1.26 104 2.3 1.26 93
Probable Reserves 43.7 1.76 2,480 39.4 1.76 2,232
P&P Reserves 46.3 1.74 2,584 41.7 1.74 2,326
Measured Resource (incl. reserves) 2.8 1.26 112 2.5 1.26 101
Indicated Resources (incl. reserves) 79.2 1.75 4,469 71.3 1.75 4,022
M&I Resources (incl. reserves) 82.0 1.74 4,581 73.8 1.74 4,123
Inferred Resources 18.3 1.69 999 16.5 1.69 899
ITY MINE (85% Owned except 100% owned Le Plaque)
Proven Reserves 10.2 0.95 312 8.7 0.95 265
Probable Reserves 43.7 1.73 2,433 38.3 1.73 2,150
P&P Reserves 53.9 1.58 2,745 47.0 1.58 2,415
Measured Resource (incl. reserves) 11.6 0.95 354 9.8 0.95 301
Indicated Resources (incl. reserves) 65.6 1.62 3,407 56.9 1.62 2,998
M&I Resources (incl. reserves) 77.1 1.52 3,762 66.7 1.52 3,299
Inferred Resources 17.9 1.32 762 15.3 1.32 656
KARMA MINE (90% owned)
Proven Reserves 0.3 0.40 4 0.3 0.40 4
Probable Reserves 5.2 0.93 154 4.6 0.93 138
P&P Reserves 5.5 0.90 158 4.9 0.90 142
Measured Resource (incl. reserves) 0.3 0.40 4 0.3 0.40 4
Indicated Resources (incl. reserves) 47.7 1.24 1,894 42.9 1.24 1,705
M&I Resources (incl. reserves) 48.0 1.23 1,898 43.2 1.23 1,708
Inferred Resources 16.2 1.30 679 14.6 1.30 611
MANA MINE (90% owned)
Proven Reserves 5.7 3.18 578 5.1 3.18 520
Probable Reserves 8.6 3.05 839 7.7 3.05 755
P&P Reserves 14.2 3.10 1,418 12.8 3.10 1,276
Measured Resource (incl. reserves) 10.8 2.19 758 9.7 2.19 683
Indicated Resources (incl. reserves) 34.5 2.03 2,250 31.0 2.03 2,025
M&I Resources (incl. reserves) 45.2 2.07 3,009 40.7 2.07 2,708
Inferred Resources 10.2 2.14 701 9.2 2.14 630
SABODALA-MASSAWA COMPLEX (90% owned)
Proven Reserves 17.3 1.25 696 15.6 1.25 626
Probable Reserves 60.1 2.12 4,101 54.1 2.12 3,691
P&P Reserves 77.4 1.93 4,796 69.6 1.93 4,317
Measured Resource (incl. reserves) 19.4 1.38 862 17.5 1.38 775
Indicated Resources (incl. reserves) 82.7 2.17 5,778 74.4 2.17 5,201
M&I Resources (incl. reserves) 102.1 2.02 6,640 91.9 2.02 5,976
Inferred Resources 24.3 2.21 1,728 21.8 2.21 1,55522 RESERVES AND RESOURCES
ENDEAVOUR MINING | FACT SHEET MARCH 2021
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown Tonnage Grade Content Tonnage Grade Content
inclusive of Reserves (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
WAHGNION MINE (90% owned)
Proven Reserves 2.2 1.23 86 2.0 1.23 77
Probable Reserves 24.3 1.64 1,282 21.8 1.64 1,154
P&P Reserves 26.4 1.61 1,367 23.8 1.61 1,230
Measured Resource (incl. reserves) 2.4 1.23 97 2.2 1.23 87
Indicated Resources (incl. reserves) 41.8 1.53 2,055 37.6 1.53 1,850
M&I Resources (incl. reserves) 44.2 1.51 2,152 39.8 1.51 1,937
Inferred Resources 5.1 1.52 250 4.6 1.52 225
BANTOU (90% owned except 81% owned Karankasso)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resource (incl. reserves) — — — — — —
Indicated Resources (incl. reserves) — — — — — —
M&I Resources (incl. reserves) — — — — — —
Inferred Resources 51.1 1.37 2,245 44.9 1.36 1,956
FETEKRO (80% owned)
Proven Reserves — — — — — —
Probable Reserves 32.0 2.07 2,133 25.6 1.66 1,706
P&P Reserves 32.0 2.07 2,133 25.6 1.66 1,706
Measured Resource (incl. reserves) — — — — — —
Indicated Resources (incl. reserves) 32.0 2.40 2,470 25.6 1.92 1,976
M&I Resources (incl. reserves) 32.0 2.40 2,470 25.6 1.92 1,976
Inferred Resources 0.8 2.51 66 0.7 2.01 53
KALANA PROJECT (80% owned)
Proven Reserves — — — — — —
Probable Reserves 35.6 1.60 1,829 28.5 1.60 1,463
P&P Reserves 35.6 1.60 1,829 28.5 1.60 1,463
Measured Resource (incl. reserves) — — — — — —
Indicated Resources (incl. reserves) 46.0 1.57 2,318 36.8 1.57 1,854
M&I Resources (incl. reserves) 46.0 1.57 2,318 36.8 1.57 1,854
Inferred Resources 4.6 1.67 245 3.6 1.67 196
NABANGA (90% owned)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resource (incl. reserves) — — — — — —
Indicated Resources (incl. reserves) — — — — — —
M&I Resources (incl. reserves) — — — — — —
Inferred Resources 3.4 7.69 841 3.1 7.69 757RESERVES AND RESOURCES 23
The Mineral Reserves and Resources were estimated as at December 31, 2020 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
Qualified Person Position Property/Deposit
Kevin Harris, CPG V.P. Resources, Endeavour Ity (Colline Sud, La Plaque); Karma (North Kao, Yabonsgo, Rambo
Mining West); Hounde (Bouere, Dohoun, Kari Pump); Fetekro (Lafigué )
Helen Oliver, FGS, CGeol Group Resource Geologist, Hounde (Kari West, Kari Center, Kari South, Dafra); Karma (Nami);
Endeavour Mining Kalana (TSFs)
Patti Nakai-Lajoie, P.Geo. Senior Director, Mineral Sabodala-Massawa (Sabodala, Masato, Golouma, Kerekounda,
Resources, Teranga Gold Maki Medina, Niakafiri East, Niakafiri West, Goumbati West –
Kobokoto, Golouma North, Diadiako, Kinemba, Kourouloulou,
Kouroundi, Koutouniokolla, Mamasato, Marougou, Sekoto,
Soukhoto, Sofia, Massawa Central Zone, Massawa North Zone,
Delya, Tina, Bambaraya); Wahgnion (Nogbele North and South,
Fourkoura, Samavogo, Stinger); Golden Hill (Ma, Peksou – C-Zone,
A and B-Zones, Jackhammer Hill, Nahiri)
Michel Plasse, P.Geo Group Manager of OP Geology Bantou (Bantou, Bantou North, Diosso, Karangosso, Kien,
& Reconciliation Support, Kueredougou West, Serakoro); Boungou; Mana (Filon 67, Fobiri,
Endeavour Mining Fofina, Maoula, Siou, Wona-Kona, Yaho, Yama); Nabanga
Paul Blackney, MAusIMM, Optiro Consulting Pty Ltd Kalana (Kalana, Kalanako)
MAIG
Michael Millad, AIG Cube Consulting Pty Ltd Ity (Ity/Flat/Walter); Karma (GG1)
Mark Zammit, MAIG Principal Consultant Geologist, Ity (Mont Ity/Flat/Walter, ZiaNE, Verse Ouest – Teckraie,
Cube Consulting Pty Ltd Daapleu,Gbeitouo, Aires, Bakatouo); Hounde (Vindaloo)
Eugene Purich P. Eng. P&E Consulting Karma (Kao, Rambo, GG2)
MINERAL RESERVES
Qualified Person Position Property/Deposit
Salih Ramazan, FAusIMM Vice President – Mine Planning, Ity, Houndé, Mana (open pit), Boungou and Karma
Endeavour Mining
Stephen Ling, P.Eng. Director, Technical Services, Sabodala and Wahgnion
Teranga Gold
Allan Earl Executive Consultant - Snowden Fetekro and Kalana
Denis Fleury P. Eng Chief Engineer, QP Siou and Wona underground at Mana
Underground, Endeavour Mining
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 demonstrate economic viability.
3. Mineral Resources are reported inclusive of Mineral Reserves.
4. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to one decimal place; ounces are
rounded to the nearest 1,000 oz. 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.
6. Processing recoveries vary at each pit by many factors including material types, mineralogy and chemistry of the ore.
The overall average recoveries are around 92% at Boungou, 91% at Hounde, 83% at Ity, 87% at Mana, 82% Karma,
88% at Sabodala, 93% at Wahgnion, 94.7% at Fetekro and 90.5% at Kalana.
7. The reporting of Mineral Reserves and Resources are based on a gold price as detailed below:
Sabodala-
Mines1 Ity Karma Houndé Mana Boungou Massawa Wahgnion
Reserves Au price $/oz 1,300 1,300 1,300 1,500 OP 1,300 1,300 OP 1,300
1,300 UG 1,200 UG
Resources Au price $/oz 1,500 1,500 1,500 1,500 – 1,700 1,500 1,500 1,500
Projects1 Kalana Fetekro Bantou Nabanga Golden Hill
Reserves Au price $/oz 1,500 1,500 n.a n.a n.a
Resources Au price $/oz 1,500 1,500 1,500 1,500 1,80024 RESERVES AND RESOURCES
1
Gold cut-off grades for Mineral Reserves are as follows: The Technical Reports published so far are available electronically
ENDEAVOUR MINING | FACT SHEET MARCH 2021
Boungou is 1.2 g/t for Oxide and 1.3 g/t for transitional and on SEDAR at www.sedar.com under the Corporation’s profile.
fresh ore. New Technical Reports on the Fetekro and Kalana Projects are
Ity cut-off grades vary between 0.4 g/t to 0.6 g/t except the scheduled to be uploaded before April 9, 2021. The Sabodala-
Daapleu Transitional and Fresh, which is 0. 8g/t, and VSM part Massawa Mine, Wahgnion Mine and Golden Hill Project Technical
of Fresh cut-off grades is 0.9 g/t Reports are available under the Teranga Gold profile on SEDAR.
The Boungou Mine, Mana Mine, Bantou Project and Nabanga
Hounde cut-off grades vary between 0.4 g/t to 0.7 g/t
Project reports are available under the SEMAFO profile on SEDAR.
Karma cut-off grades vary between 0.3 g/t to 0.5 g/t
Mana open pit cut-off grades vary between 0.5 g/t to 0.9 g/t • Ity Mine: “ Technical Report on the Ity Gold Mine, Republic of
Mana Siou UG cut-off grade is 2.5 g/t Côte d’Ivoire”, dated June 15, 2020.
Mana Wona UG cut-off grade is 2.25 g/t •H oundé Mine: “ Houndé Gold Mine Technical Report, 2020”,
dated June 15, 2020.
Kalana cut-off grade varies between 0.4 g/t to 0.6 g/t
•K arma Mine: “Technical Report on an updated Feasibility Study
Fetekro cut-off grade is 0.3 g/t for Oxide ore and 0.4 g/t for
and a Preliminary Economic Assessment for the Karma Gold
Transitional and Fresh ore.
Project, Burkina Faso, West Africa” dated effective August 10,
Sabodala-Massawa open pit Mineral Reserve cut-off grades
2014.
range from 0.37Au g/t to 0.55 Au g/t for Oxide, 0.43 Au g/t to
•M ana Mine: “Mana Property, Burkina Faso NI 43-101 Technical
0.67 Au g/t for Sulfide ore and 1.24 Au g/t to 1.26 Au g/t for
Report “, dated December 31, 2017.
Refractory ore.
•B oungou Mine: “NI 43-101 Technical Report Natougou Gold
Sabodala – Massawa underground Mineral Reserve cut-off
Deposit Project Burkina Faso”, dated March 23, 2016.
grades range from 2.5 Au g/t to 2.6 Au g/t.
•B antou Project: “Bantou Project, NI 43-101 Technical Report –
Wahgnion Mineral Reserve cut-off grades range from 0.40 Au
Mineral Resource Estimate”, dated April 3, 2020.
g/t to 0.48 g/t Au for Oxide ore and 0.49 Au g/t to 0.69 Au g/t
for Sulfide ore. •N abanga Project: “Nabanga Project, NI 43-101 Report –
Preliminary Economic Assessment”, dated November 14, 2019.
Mana, Boungou and Bantou Mineral Resources are based on
a gold price of $1,500/oz except for Wona open pit which is at •S abodala-Massawa Mine: “Sabodala-Massawa Project Pre-
$1,700/oz. feasibility Study National Instrument 43-101 Technical Report”,
dated August 21, 2020.
Mana OP Mineral Resources are reported at a cut-off grade
as defined by deposit and material type, varying from Oxide •W ahgnion Mine: “Technical Report on the Wahgnion Gold
at 0.41 to 0.56 Au g/t, Transition at 0.44 to 0.69 Au g/t and Operations, Burkina Faso, NI 43-101 Report”, dated October 31,
Sulfide at 0.72 to 2.54 g/t Au. 2018.
Cut-off grades for open-pit Mineral Resources at Boungou are •W ahgnion Mine: Reserves and Resources were updated in 2020,
defined by material type: Oxide at 0.91 Au g/t, Transition at together with an updated Life of Mine plan. The results were
0.91 g/t Au and Sulfide 1.05 at Au g/t. published in the August 6, 2020 press release available on the
Teranga Gold profile on SEDAR.
Cut-off grades for Mineral Resources in the Bantou Project are
defined by deposit, varying from 0.43 Au g/t to 0.86 Au g/t. •G olden Hill Project (shown under Houndé): “Technical Report on
the Golden Hill Project, Burkina Faso, NI 43-101 Report”, dated
Cut-off grades for underground Mineral Resources at Boungou
December 17, 2020.
is 2.0 Au g/t
•F etekro Project: Reserves and Resources were updated in early
Cut-off grades for underground Mineral Resources at Siou
2021, as at December 31, 2020, together with PFS Results and
is 2.2 Au g/t
a Life of Mine plan. The results were published in the February
Cut-off grades for underground Mineral Resources at Wona
23, 2021 press release available on the company’s website.
is 1.8 Au g/t.
A Technical Report is scheduled to be uploaded on the
Cut-off grades for Mineral Resources of Nabanga is at Endeavour SEDAR profile before April 9, 2021.
3.0 Au g/t.
•K alana Project: Reserves and Resources were updated in early
Cut-off grades for open pit Mineral Resources at Sabodala- 2021, as at December 31, 2020, together with PFS Results and
Massawa range from 0.31 Au g/t to 1.09 Au g/t a Life of Mine plan. The results were published in the February
Cut-off grades for underground Mineral Resources at Sabodala- 23, 2021 press release available on the company’s website.
Massawa range from 2.0 Au g/t to 2.84 Au g/t A Technical Report is scheduled to be uploaded on the
Cut-off grades for Wahgnion open pit Mineral Resources range Endeavour SEDAR profile by April 9, 2021.
from 0.35 Au g/t to 0.60 Au g/t
Golden Hill project has been consolidated under the Houndé
Mine. Cut-off grades for Golden Hill open pit Mineral Resources
range from 0.49 Au g/t to 0.55 Au g/t
The reserve estimation study has been carried out internally for
Boungou, Ity, Hounde, Karma and Mana, Sabodala and Wahgnion.
Fetekro and Kalana studies were carried out by Snowden.CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
This Fact Sheet contains “forward-looking statements” including but not tax rules and regulations and political and economic developments
limited to, statements with respect to Endeavour’s plans and operating in countries in which Endeavour operates. Although Endeavour has
performance, the estimation of mineral reserves and resources, the attempted to identify important factors that could cause actual results
timing and amount of estimated future production, costs of future to differ materially from those contained in forward-looking statements,
production, future capital expenditures and the success of exploration there may be other factors that cause results not to be as anticipated,
activities. Generally, these forward-looking statements can be identified estimated or intended. There can be no assurance that such statements
by the use of forward-looking terminology such as “expects”, “expected”, will prove to be accurate, as actual results and future events could differ
“budgeted”, “forecasts” and “anticipates”. materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. Please
Forward-looking statements, while based on management’s best refer to Endeavour’s most recent Annual Information Form filed under its
estimates and assumptions, are subject to risks and uncertainties that profile at sedar.com for further information respecting the risks affecting
may cause actual results to be materially different from those expressed Endeavour and its business.
or implied by such forward-looking statements, including but not limited
to: risks related to the successful integration of acquisitions; risks related This Fact Sheet may include certain terms or performance measures
to international operations; risks related to general economic conditions commonly used in the mining industry that are not defined under
and credit availability, actual results of current exploration activities, International Financial Reporting Standards (“IFRS”), including “cash
unanticipated reclamation expenses; changes in project parameters as operating costs”, “all-in sustaining costs” (or “AISC”) and “adjusted
plans continue to be refined; fluctuations in prices of metals including cash operating costs”. Non-IFRS measures do not have any standardized
gold; fluctuations in foreign currency exchange rates, increases in market meaning prescribed under IFRS and therefore they may not be comparable
prices of mining consumables, possible variations in ore reserves, grade to similar measures employed by other companies. The data presented is
or recovery rates; failure of plant, equipment or processes to operate intended to provide additional information and should not be considered
as anticipated; accidents, labour disputes, title disputes, claims and in isolation or as a substitute for measures of performance prepared in
limitations on insurance coverage and other risks of the mining industry; accordance with IFRS and should be read in conjunction with Endeavour’s
delays in the completion of development or construction activities, consolidated financial statements, available on our website.
changes in national and local government regulation of mining operations,CORPORATE OFFICE
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T: +44 203 011 2723
CONTACT US
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