Endeavour plans exploration expenditure of $540 million over the next 5 years 

Endeavour’s 2026 – 2030 Exploration Programme is targeting the discovery of between 12 – 15Moz of mineral resources, at an industry leading discovery cost of less than $40/oz, for a total exploration expenditure of approximately $540 million over the period. This discovery target includes 6 – 9Moz through near-mine discoveries and a further 6Moz through greenfield discoveries, including between two to three new greenfield discoveries that could become cornerstone projects for Endeavour.

Endeavour’s targets are defined based on Endeavour’s proprietary Gold Mineral System Framework, a robust and proven methodology that the Company believes provides a consistent approach to targeting tier 1 gold deposits. The Gold Mineral System Framework analyses the genetic elements required to create a tier 1 gold deposit at various scales and is incorporated into the artificial intelligence data analytics tool that the Company uses to quickly evaluate targets against these key genetic elements. This systematic approach supports disciplined prioritisation across all of the Company’s exploration activities.

• Scale potential is critical for identifying future tier 1 deposits, which are defined as major discoveries with at least 3 million ounces of resource potential, low production costs, and mine lives exceeding 10 years. The Company assesses the potential mineable size of mineralised systems, the expected ore grade, and whether multiple deposits might cluster in one area, which can dramatically improve project economics.
• They must also exhibit technical likelihood following a rigorous geological evaluation, including the presence of favourable mineral systems, proven gold deposits, and evidence that gold exists in economic quantities. A favourable mineral system must demonstrate proof of regional fertility and metallogenic fertility with proven gold deposits.
• Critically, Endeavour seeks areas with limited exploration maturity where prior exploration using modern, sub-surface exploration techniques has been minimal. The maturity assessment examines what exploration stage each target has reached and considers the typical development timeline to production.