Endeavour targets discovery of 12-15 million ounces of resources
London – Endeavour Mining has announced its exploration outlook for the next five years, which targets the discovery of 12 – 15 million ounces (Moz) of mineral resources at a cost of less than $40 per ounce. The new outlook is also targeting the discovery of between two to three greenfield projects to support the expansion and diversification of Endeavour’s organic growth pipeline.
Ian Cockerill, Chief Executive Officer said: “Since 2016 we have consistently generated significant value through the drill bit. We have replaced more than double our production depletion with high-quality, high-grade ounces allowing us to extend mine lives and improve our asset quality. In doing so, we have discovered two top-tier greenfield projects that have been quickly advanced, to become cornerstone projects in our portfolio.
Our strong track record, highly prospective land packages and high-calibre team give us the confidence to set a new, ambitious exploration target; the discovery of between 12 and 15 million ounces of resources over the next five years at a discovery cost of less than $40 per ounce.
Our exploration programme seeks to replace production depletion and extend mine lives at our core assets, while also discovering new greenfield projects both within our current land packages and in new, highly fertile, immature gold provinces, where we can leverage local partnerships to support the discovery of tier 1 gold deposits.
While we see significant opportunities across our brownfield portfolio, we are encouraged by the potential to add additional standalone cornerstone greenfield deposits to our pipeline. We are targeting assets with over 3Moz of high grade resources that are capable of producing at least 300koz of annual production at sector leading all-in sustaining costs, with mine-life visibility of more than 10 years.
Our exploration outlook re-iterates our commitment to organic growth, which underpins our high-quality portfolio and the resilience of our business. We expect that this targeted level of sustainable growth will ensure that we can maintain our competitive advantage and continue to deliver sector leading returns to our shareholders.”
DETAILS BY ASSET
Ity mine
At Ity, the discovery of between 1.0 and 1.5Moz of mineral resources over the 2026 to 2030 period is targeted. Following the successful 50% increase in Ity’s mine reserves in 2024, near-term exploration efforts will focus on targets along the Ity trend including Gbampleu, Guimapleu, Guya and Monta-Bâ within the Toulepleu permit, in addition to the Mahapleu and Goleu targets. The Toulepleu permit presents an opportunity for Ity to vastly expand its resource in the long-term, while the deposits within the Ity mining permit retain the potential to improve operational efficiency through the Ity donut expansion, where a scoping study is ongoing.
Houndé mine
At Houndé, the discovery of between 1.5 and 2.0Moz of mineral resources over the 2026 to 2030 period is targeted. Exploration efforts are currently focused on the large and high grade Vindaloo Deeps deposit, adjacent to the Houndé processing plant, where a maiden resource is expected in Q1-2026 and which the Company believes has the potential to continue expanding. Further exploration along the Kari Fault and at the Karba and Kari Deeps targets is also being prioritised to identify potential extensions to the existing Kari deposits’ mineralisation.
Sabodala-Massawa mine
Within the vast Sabodala-Massawa property, the discovery of between 1.5 and 2.0Moz of mineral resources over the 2026 to 2030 period is targeted, prioritising targets that can support the mine plan. Current exploration efforts are focused on the Makana and Kawsara targets, which are expected to provide non-refractory resources to support the mine plan, while the Goulouma and Kerekounda underground deposits are expected to provide high grade non-refractory ore in the medium term to bolster the grade profile in the mine plan. The Makana target, located approximately 20km from the Sabodala-Massawa processing plant, is a near-surface deposit with high grade lenses, and mineralisation that remains open to the north of the deposit. Further drilling is expected in FY-2026 to further delineate the Makana target. The Kawsara target, located approximately 35km south of the Sabodala-Massawa processing plant, has a mineralised strike length of over 1,300m with step-out drilling indicating that mineralisation extends further towards the Massawa deposits.
Lafigué mine
At Lafigué, the discovery of between 1.0 and 1.5Moz of mineral resources over the 2026 to 2030 period is targeted. Exploration activities were limited during the project development phase at Lafigué, but have been accelerated. Current exploration efforts are focussed on several targets surrounding the Lafigué deposit, primarily at the Central Area target and Corridor Target T4-12, along with Corridor Target 01 and 9-11, Corridor WA 01-03, WA 02-06, and WA08.
Mana mine
At Mana, the discovery of up to 0.5Moz of mineral resources over the 2026 to 2030 period is targeted. Exploration efforts are focussed on extending resources at the Wona underground deposit, where 12 deep holes drilled for a total of 7,600m in FY-2025, have confirmed mineralisation beneath the existing underground mine. The Company believes that additional open pit opportunities exist at the Bara and Momina deposits.
Assafou project
At the Assafou project, the discovery of between 1.0 and 1.5Moz of mineral resources over the 2026 to 2030 period is targeted. Exploration has identified 10 targets in close proximity to the Assafou deposit and has advanced at the nearby Pala Trend 2 and Pala Trend 3 satellite deposits, located within 1km west of the Assafou deposit. The Pala Trend targets are expected to provide near-surface ore to supplement production at the Assafou deposit. Additional potential exists at the Assufrey deposit, owned and operated by Koulou Gold, in which Endeavour has a 19% stake, and which is located approximately 30km East of Assafou.
