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Highlights
- Assafou project meets strategic targets and confirms potential to become a tier 1 asset.
- Project expected to produce 330,000 ounces annually over the first ten years.
- Nearly 5 million ounces of high-grade indicated resource identified in under three years.
- Company to launch Definitive Feasibility Study and continue permitting process for 2026 construction.
Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) is pleased to announce the completion of a positive Pre-Feasibility Study ("PFS") for the Assafou-Dibibango ("Assafou") project located on the Tanda-Iguela property in Côte d'Ivoire. The PFS results meet Endeavour’s strategic targets, confirming the potential of Assafou to become a tier 1 asset. This significant milestone justifies advancing the project to the next phase, the Definitive Feasibility Study ("DFS").
Project Highlights and Strategic Importance
Ian Cockerill, CEO of Endeavour Mining, expressed his satisfaction with the PFS results, stating, “I am delighted with the results of this pre-feasibility study that highlight the potential for Assafou to become a tier 1 asset for Endeavour. The results confirm that we have defined a large, low-cost, long-mine-life project capable of producing 330,000 ounces per year over the first ten years. Moreover, Assafou remains firmly in the lowest cost quartile, ensuring attractive returns.”
The PFS outlines a robust project with excellent economics, positioning Assafou as a priority in Endeavour’s capital allocation strategy. The project is expected to deliver solid production and high-quality returns, with a focus on creating sustainable long-term value.
Exploration and Resource Growth Potential
Discovered in late 2021, Assafou has progressed rapidly, with Endeavour’s exploration team defining nearly 5 million ounces of high-grade indicated resource endowment in under three years. This accomplishment underscores Endeavour’s ability to rapidly develop high-quality assets. The company expects further growth of the Assafou resource as exploration continues, with promising near-mine targets identified across the broader Tanda-Iguela property.
Next Steps: DFS and Permitting Process
Following the successful PFS results, Endeavour is advancing to the next stage with the launch of the Definitive Feasibility Study. Additionally, the company will simultaneously continue the permitting process to ensure it is well-positioned for construction in the second half of 2026. Endeavour’s best-in-class project team will be instrumental in driving the Assafou project forward as it transitions into development.
Future Growth and Shareholder Value
With a solid pipeline of organic growth opportunities, Endeavour is well-positioned to continue unlocking value and driving long-term production growth. The company aims to reach its target of 1.5 million ounces of annual production by the end of the decade, maintaining industry-leading margins. This growth is supported by a diversified portfolio of assets, ensuring consistent value creation for shareholders.
Endeavour remains committed to delivering supplemental shareholder returns in line with its existing policy, while maintaining strong shareholder returns through this next phase of growth. The company’s continued focus on high-quality projects like Assafou is a testament to its strategic approach to creating value and driving sustainable growth.
Endeavour Mining’s positive Pre-Feasibility Study for the Assafou project marks an exciting milestone in the company’s growth trajectory. With its large-scale, low-cost development potential, the Assafou project is set to become a key asset in Endeavour’s portfolio. As the company progresses with the DFS and permitting, it remains on track to deliver long-term production growth and attractive returns for its shareholders.
