THE WEST AFRICAN GOLD CHAMPION - EDV: TSX FACT SHEET FEBRUARY 2021 - Endeavour Mining
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THE WEST AFRICAN
GOLD CHAMPION
FOLLOW US
EDV: TSX
FACT SHEET FEBRUARY 2021 endeavourmining.com
ABOUT US
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
Dakar Senegal
Niger
KARMA
Mali
SABADOLA-MASSAWA Burkina Faso
Bamako Ouagadougou
BOUNGOU
MANA
HOUNDÉ
GOLDEN HILL NABANGA
KALANA
Guinea BANTOU
WAHGNION
Benin
Sierra Togo Nig
Leone FETEKRO
Ghana
Côte d’ivoire
Liberia ITY
AFEMA
Abidjan
Regional
Office
Mines Projects 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 La
the world’s top ten senior gold Mancha who became a 30%
2015
producers and the largest in 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 (Sabadola-Massawa
and Wahgnion mines)
Non-core Agbaou mine divested
2021
Paid first dividend
2
WEST AFRICA:
ENDEAVOUR MINING | FACT SHEET FEBRUARY 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 FEBRUARY 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 FEBRUARY 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 $800-850/oz
Ore processed (kt) 1,194 1,307 3,693 5,353 AISC
2021 Target
Grade (g/t) 1.85 2.49 1.88 1.57
Recovery (%) 83 81 86 79
Production (oz) 59,026 84,832 193,140 213,000
Cash costs per ounce of gold sold 3.1Moz
Cash cost 733 646 557 ~625 P&P Reserves
As at December 31, 2019
AISC ($/oz) 906 719 616 ~760
4.1Moz
M&I Resources
Current as at December 31, 2019
7
KARMA
OUAGADOUGOU
HOUNDÉ
MINE BOUNGOU
MANA NABANGA
GOLDEN HILL
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
$855-905/oz
AISC
Processing 2021 Target
Ore processed (kt) 813 3,948 4,144 4,228
Grade (g/t) 2.75 2.29 1.83 2.21
Recovery (%) 95 94 93 93
Production (oz) 68,754 277,218 223,304 277,000 2.2Moz
Cash costs per ounce of gold sold P&P Reserves
As at December 31, 2019
Cash cost 194 459 666 ~580
AISC ($/oz) 335 564 862 ~850
4.4Moz
M&I Resources
Current as at December 31, 2019
8
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
DAKAR
SABADOLA
MINE
SENEGAL
Ownership:
SABADOLA- 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 $671/oz
Ore mined – Open Pit (kt) 2,101 1,921 2,909 5,286
AISC
Annual Average 2021–2025*
Processing
Ore processed (kt) 4,221 4,069 4,161 4,122
Grade (g/t) 1.87 2.03 1.98 1.94
Recovery (%) 92.1 92.3 90.9 89.4 4.8Moz
Production (oz) 233,267 245,230 241,276 229,000 P&P Reserves
As at December 31, 2019
Cash costs per ounce of gold sold
Cash cost 721 660 690 765
AISC ($/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
GOLDEN HILL
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 $690-740/oz
Processing AISC
2021 Target
Ore processed (kt) 368 1,000 1,111
Grade (g/t) 5.75 6.65 4.79
Recovery (%) 94 96 95
Production (oz) 63,600 205,200 155,000
1.1Moz
Cash costs per ounce of gold sold P&P Reserves
Cash cost (US$/oz) 403 380 ~495 As at December 31, 2019
AISC (US$/oz) 596 497 ~625
1.7Moz
M&I Resources
As at December 31, 201910
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
KARMA
MANA OUAGADOUGOU
MINE
BOUNGOU
NABANGA
HOUNDÉ
GOLDEN HILL
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
$975-1,050/oz
Processing
AISC
2021 Target
Ore processed (kt) 2,740 2,574 2,061 2,433
Grade (g/t) 2.46 2.36 2.28 3.02
Recovery (%) 95 93 90 93
Production (oz) 206,400 181,000 135,700 219,000 1.4Moz
Cash costs per ounce of gold sold P&P Reserves
As at December 31, 2019
Cash cost (US$/oz) 655 796 762 ~705
AISC (US$/oz) 942 1,056 1,095 ~980
4.1Moz
M&I Resources
As at December 31, 201911
KARMA
OUAGADOUGOU
BOUNGOU
WAHGNION MANA NABANGA
MINE
HOUNDÉ
GOLDEN HILL
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 have the 149koz
potential to become resources and are within trucking distance of Wahgnion’s Production
plant. Annual Average 2021–2025*
OPERATING PERFORMANCE
2019* 2020
Mining
Waste (kt) 10,249 22,646 $920/oz
Ore mined – Open Pit (kt) 1,532 3,812
AISC
Annual Average 2021–2025*
Processing
Ore processed (kt) 958 3,606
Grade (g/t) 1.63 1.59
Recovery (%) 94.7 94.9
1.6Moz
Production (oz) 47,492 175,000 P&P Reserves
Cash costs per ounce of gold sold As at December 31, 2019
Cash cost (US$/oz) 861 731
AISC (US$/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 FEBRUARY 2021
OUAGADOUGOU
BOUNGOU
MANA NABANGA
HOUNDÉ
GOLDEN HILL
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 $1,220-1,300/oz
Production (oz) 97,982 108,773 96,534 98,000 AISC
2021 Target
Cash costs per ounce of gold sold
Cash cost (US$/oz) 716 704 783 ~820
AISC (US$/oz) 834 813 903 ~1,010
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 FEBRUARY 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 Q1-2021 is expected to be published in the coming months.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 (2019):
Endeavour expects to take advantage of its construction expertise, 3.0Moz M+I Resources
operating synergies and exploration experience to redesign and as at December 31, 2019*
optimize the current feasibility study, which is expected to increase Reserve (2019):
the annual production profile and improve already attractive project 1.96Moz P+P Reserves
economics. Endeavour has also identified additional resources that will as at December 31, 2019*
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 FEBRUARY 2021
KEY FACTS
Ownership:
100% EDV (Bantou area)
80.09% EDV/19.91% Sarama
(Karankasso area)
Mining method:
Open pittable
Resource (2019):
2.2Moz Inferred Resources
as at December 31, 2019
BANTOU PROJECT
The Bantou Project was acquired by Endeavour in July 2020 as part of the SEMAFO acquisition.
Located approximately 300km southwest of Ouagadougou, the capital city of Burkina Faso, Bantou
is part of the Dynikongolo permit which is located along the prolific Houndé Greenstone Belt that
hosts both the Mana and Houndé mines.
Bantou currently consists of eight mineralized zones with diverse mineralization styles and grades.
The project is host to an Inferred Resource comprised of three main areas with the majority of the
tonnes 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.
KEY FACTS
Ownership:
100% EDV
Mining method:
Open pittable and underground
Resource (2019):
0.8Moz Inferred Resources
as at December 31, 2019
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.PROJECTS 17
KEY FACTS
Ownership:
100% EDV
Resource (2020):
752koz Indicated resources
as at April 27, 2020
669koz Inferred resources
as at April 27, 2020
GOLDEN HILL PROJECT
Golden Hill is an advanced exploration project situated on the central part of the highly
mineralized Houndé Greenstone Belt in Burkina Faso. It is within trucking distance of the Houndé
Mine, offering significant capital and operating synergies through its potential development as
a satellite operation.
In just three years, Golden Hill has reported numerous high-grade, near-surface and deeper gold
discoveries indicating district-scale potential.
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 FEBRUARY 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
ESG HIGHLIGHTS
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
HEALTH & SAFETY OUR EMPLOYEES
At Endeavour, our approach to health We aim to be an employer of choice. We are
and safety is simple – we believe that all committed to attracting and retaining top
occupational injuries and work-related illnesses talent by providing a dynamic workplace that
are preventable and our aim is ‘Zero Harm’. offers a range of experiences and career
This is a collective responsibility involving all development opportunities and is respectful
our employees, subcontractors and our host and inclusive and protects worker rights.
communities and we require our contractors to Endeavour is a major employer in Côte d’Ivoire
comply with our health and safety principles. and Burkina Faso.
To support the development of our host
FY-2019 PERFORMANCE countries, our long-term goal is to hire close
to 100% of our workforce directly from the
0
country in which the mine is located.
FATALITIES FY-2019 PERFORMANCE
30%
REDUCTION IN GROUP AIFR 95%
44%
OF OUR WORKFORCE
ARE NATIONALS
REDUCTION IN GROUP LTIFR 35% are from host communities
T wo West Africans promoted to
.5% reduction in on-site malaria
5
General Manager positions
cases vs 10% target
8% female workforce
lmost 50% reduction of malaria
A
cases at our Houndé mine 8% women in management
Malaria Incidence Rate 216.2 11% women in technical rolesESG HIGHLIGHTS 21
OUR ENVIRONMENT FY-2019 PERFORMANCE
77%
We recognize that the long-term success
of our business is dependent upon good
stewardship of the environment across the
life cycle of our operations. OF PURCHASED ELECTRICITY
We closely monitor and seek to continuously FROM THE GRID IS FROM
improve our performance in energy RENEWABLE ENERGY SOURCES
22%
consumption, efficiency and emissions,
water usage, biodiversity and waste
management.
REDUCTION IN GHG EMISSION
INTENSITY CO2-E/OZ GOLD
PRODUCED
Energy intensity of 1.61kWh
per ounce of gold produced
Augmented disclosure with
Scope 3 emissions
Emissions Scope 1 & 2
(tonnes CO2-e) 2017 2018 2019
Scope 1 315,209 326,405 216,345
2019
EMISSIONS
Scope 2 9,137 34,850 35,955
SCOPE 1 & 2
Total 324,346 361,255 252,300
Emissions Scope 3
Calculated as 7,264 tCO2e22 ESG HIGHLIGHTS
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
ETHICAL BUSINESS OUR COMMUNITIES
Endeavour is committed to high standards of Our local communities are at the heart of our
ethical business practices. operations’ livelihoods and fundamental to our
day-to-day work. We are committed to building
We have put in place a framework that
and maintaining strong relationships in a
fosters good governance, is practical for a
transparent manner. These relationships are
company of our size and satisfies our current
underpinned by open and constructive dialogue
listing and regulatory requirements.
with our communities, host governments,
NGOs and other local and national stakeholders
FY-2019 PERFORMANCE across all stages of our mines’ life cycle.
REPORTED FY-2019 PERFORMANCE
CASES OF
$627m
BRIBERY
33%
FEMALE BOARD
OF ECONOMIC VALUE
DISTRIBUTED
$100m
REPRESENTATION
Implemented ESG targets
that are linked to both the PAID IN TAXES AND ROYALTIES
short and long-term incentive TO HOST COUNTRIES
compensation schemes
Adopted the World Gold
Council’s Responsible Gold
Mining Principles (RGMPs)
$376m
67% OF TOTAL BUDGET,
as the primary ESG-reporting SPENT ON IN-COUNTRY
SUPPLIERS
framework
8/9 Directors are independent
3,394 indirect jobs created
by our operations supporting
1,144 businessesESG HIGHLIGHTS 23
CASE STUDY
ECODEV
ECODEV is an economic development fund established by Endeavour to support local economic growth by
promoting and investing in the creation of local long-term, sustainable, small and medium enterprises.
Similar to a traditional investment fund, the aim is During 2019, ECODEV also evaluated the opportunity
to co-invest with other partners to create successful to invest in the ‘Ranch du Tuy’ project, a cattle
and sustainable businesses, which over time will feedlot with integrated slaughterhouse and meat
allow Endeavour to exit its investments and redeploy production near the Houndé mine in Tuy Province,
its capital into new ventures. Management of each Burkina Faso. Local co-investors have been identified
project is led by ClassM, specialists in economic and negotiations are underway to finalize their
development projects in Africa. investment in the project. In addition, land for
the project was purchased and the Environmental
In May 2019, ECODEV made its first investment
and Social Impact Studies have started and are
of $1 million in Mali Shi, a shea butter processing
expected to be completed in 2020. This will then
factory near Bamako, Mali. This project was
enable construction of the Ranch du Tuy facilities to
chosen as it will support approximately 120,000
start. This project is attractive because it will have
female shea nut growers in Mali, including our
a meaningful and positive impact for thousands of
Kalana development project area and create the
herders in the region surrounding the Houndé mine,
first industrial shea butter factory in Mali. Mali Shi
as well as benefiting local farmers who will supply
has structured 32 formal cooperatives comprising
the feedlot with maize and fodder.
of over 4,500 women living in the Kalana area
around Endeavour’s project, which supplied 450
tonnes of nuts during the 2019 harvest. The factory
is expected to be commissioned during 2020,
depending on COVID-19, and is targeting an annual
commercial production of 10,000 tonnes
of shea butter by 2025.24
RESERVES AND
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
RESOURCES
Current as at December 31, 2019
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)
GROUP PRO FORMA TOTAL
Proven Reserves 43.2 1.72 2,391 37.8 1.71 2,085
Probable Reserves 219.0 2.04 14,380 193.5 2.04 12,705
P&P Reserves 262.2 1.99 16,771 231.3 1.99 14,791
Measured Resource (incl. reserves) 57.4 2.07 3,819 50.7 2.03 3,309
Indicated Resources (incl. reserves) 454.5 1.97 28,818 399.2 1.96 25,128
M&I Resources (incl. reserves) 511.9 1.98 32,647 450.0 1.97 28,446
Inferred Resources 152.9 1.84 9,038 140.9 1.84 8,315
ENDEAVOUR MINING STANDALONE TOTAL
Proven Reserves 26.2 2.05 1,731 22.5 2.06 1,491
Probable Reserves 129.9 2.08 8,670 113.3 2.08 7,566
P&P Reserves 156.1 2.07 10,401 135.8 2.07 9,058
Measured Resource (incl. reserves) 37.3 2.47 2,962 32.6 2.42 2,538
Indicated Resources (incl. reserves) 307.6 1.99 19,656 265.7 1.97 16,807
M&I Resources (incl. reserves) 344.8 2.04 22,628 298.4 2.02 19,354
Inferred Resources 110.1 1.78 6,289 101.2 1.77 5,774
ITY MINE (85% owned except 100% owned Le Plaque area)
Proven Reserves 9.4 1.05 318 8.0 1.05 271
Probable Reserves 52.7 1.67 2,825 45.6 1.67 2,464
P&P Reserves 62.1 1.57 3,144 53.6 1.57 2,734
Measured Resource (incl. reserves) 10.3 1.02 337 8.7 1.02 286
Indicated Resources (incl. reserves) 71.4 1.62 3,727 61.9 1.62 3,272
M&I Resources (incl. reserves) 81.7 1.55 4,064 70.6 1.55 3,558
Inferred Resources 18.3 1.33 782 15.7 1.33 673
HOUNDÉ MINE (90% owned)
Proven Reserves 1.8 1.57 89 1.6 1.57 80
Probable Reserves 30.9 2.09 2,075 27.8 2.09 1,867
P&P Reserves 32.6 2.06 2,164 29.4 2.06 1,948
Measured Resource (incl. reserves) 1.7 1.75 96 1.5 1.75 87
Indicated Resources (incl. reserves) 72.7 1.86 4,343 65.4 1.86 3,908
M&I Resources (incl. reserves) 74.4 1.85 4,439 67.0 1.85 3,995
Inferred Resources 7.9 1.89 480 7.1 1.89 432RESERVES AND RESOURCES 25
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)
KARMA MINE (90% owned)
Proven Reserves 3.1 0.85 84 2.8 0.85 75
Probable Reserves 6.1 1.06 209 5.5 1.06 188
P&P Reserves 9.2 0.99 293 8.3 0.99 264
Measured Resource (incl. reserves) 0.3 0.38 4 0.3 0.38 3
Indicated Resources (incl. reserves) 52.3 1.21 2,038 47.0 1.21 1,834
M&I Resources (incl. reserves) 52.6 1.21 2,042 47.3 1.21 1,838
Inferred Resources 15.7 1.35 681 14.1 1.35 613
MANA MINE (90% owned)
Proven Reserves 3.3 3.56 374 2.9 3.56 336
Probable Reserves 11.8 2.73 1,034 10.7 2.72 934
P&P Reserves 15.0 2.91 1,407 13.6 2.90 1,270
Measured Resource (incl. reserves) 11.9 2.11 806 11.3 2.05 745
Indicated Resources (incl. reserves) 45.9 2.26 3,334 42.5 2.22 3,038
M&I Resources (incl. reserves) 57.7 2.23 4,139 53.8 2.19 3,783
Inferred Resources 8.9 2.66 766 8.4 2.62 706
BOUNGOU MINE (90% owned)
Proven Reserves 2.1 5.04 340 1.9 5.04 306
Probable Reserves 7.1 3.38 769 6.4 3.38 692
P&P Reserves 9.2 3.76 1,109 8.3 3.76 998
Measured Resource (incl. reserves) 2.1 6.05 401 1.9 6.05 361
Indicated Resources (incl. reserves) 11.0 3.68 1,298 9.9 3.68 1,168
M&I Resources (incl. reserves) 13.0 4.06 1,699 11.7 4.06 1,529
Inferred Resources 1.3 2.98 126 1.2 2.98 114
AGBAOU MINE (85% owned)
Proven Reserves 1.5 0.71 34 1.3 0.71 29
Probable Reserves 4.8 1.86 286 4.1 1.86 243
P&P Reserves 6.3 1.58 321 5.4 1.58 273
Measured Resource (incl. reserves) 1.5 0.76 38 1.3 0.76 32
Indicated Resources (incl. reserves) 6.0 2.49 481 5.1 2.49 409
M&I Resources (incl. reserves) 7.6 2.14 519 6.4 2.14 441
Inferred Resources 0.7 1.59 37 0.6 1.59 31
FETEKRO (65% owned)
Proven Reserves – – – – – –
Probable Reserves – – – – – –
P&P Reserves – – – – – –
Measured Resource (incl. reserves) – – – – – –
Indicated Resources (incl. reserves) 32.0 2.40 2,471 20.8 2.40 1,606
M&I Resources (incl. reserves) 32.0 2.40 2,471 20.8 2.40 1,606
Inferred Resources 0.8 2.52 66 0.5 2.52 4326 RESERVES AND RESOURCES
ENDEAVOUR MINING | FACT SHEET FEBRUARY 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)
KALANA PROJECT (80% owned)
Proven Reserves 5.1 3.00 492 4.1 3.00 394
Probable Reserves 16.6 2.76 1,472 13.3 2.76 1,177
P&P Reserves 21.7 2.81 1,964 17.4 2.81 1,571
Measured Resource (incl. reserves) 9.5 4.19 1,280 7.6 4.19 1,024
Indicated Resources (incl. reserves) 16.3 3.74 1,964 13.1 3.74 1,571
M&I Resources (incl. reserves) 25.8 3.92 3,244 20.7 3.92 2,595
Inferred Resources 1.9 4.41 265 1.5 4.41 212
BANTOU (100% owned)
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 48.7 1.35 2,110
NABANGA (100% 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 3.4 7.69 841
TERANGA GOLD TOTAL
Proven Reserves 17.0 1.21 660 15.3 1.21 594
Probable Reserves 89.1 1.99 5,710 80.2 1.99 5,139
P&P Reserves 106.1 1.87 6,370 95.5 1.87 5,733
Measured Resource (incl. reserves) 20.1 1.32 857 18.1 1.32 771
Indicated Resources (incl. reserves) 146.9 1.94 9,162 133.5 1.94 8,321
M&I Resources (incl. reserves) 167.1 1.87 10,019 151.6 1.87 9,092
Inferred Resources 42.8 2.00 2,749 39.7 1.99 2,541
SABADOLA-MASSAWA (90% owned)
Proven Reserves 14.1 1.17 530 12.7 1.17 477
Probable Reserves 61.7 2.16 4,290 55.5 2.16 3,861
P&P Reserves 75.8 1.98 4,820 68.2 1.98 4,338
Measured Resource (incl. reserves) 16.9 1.32 717 15.2 1.32 645
Indicated Resources (incl. reserves) 88.0 2.19 6,180 79.2 2.19 5,562
M&I Resources (incl. reserves) 104.8 2.05 6,897 94.3 2.05 6,207
Inferred Resources 26.1 2.19 1,840 23.5 2.19 1,656RESERVES AND RESOURCES 27
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 (90% owned)
Proven Reserves 2.9 1.37 130 2.6 1.40 117
Probable Reserves 27.4 1.61 1,420 24.7 1.61 1,278
P&P Reserves 30.3 1.59 1,550 27.3 1.59 1,395
Measured Resource (incl. reserves) 3.3 1.36 140 2.9 1.33 126
Indicated Resources (incl. reserves) 46.4 1.50 2,230 41.7 1.50 2,007
M&I Resources (incl. reserves) 49.6 1.49 2,370 44.7 1.49 2,133
Inferred Resources 5.2 1.41 240 4.7 1.42 216
GOLDEN HILL (100% owned)
Proven Reserves – – – – – –
Probable Reserves – – – – – –
P&P Reserves – – – – – –
Measured Resource (incl. reserves) – – – – – –
Indicated Resources (incl. reserves) 12.6 1.85 752 12.6 1.85 752
M&I Resources (incl. reserves) 12.6 1.85 752 12.6 1.85 752
Inferred Resources 11.5 1.81 669 11.5 1.81 669
NOTES TO THE RESERVES AND RESOURCES STATEMENT FOR ENDEAVOUR MINING
The mineral reserves and resources (“MRE”) were estimated as at December 31, 2019 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.
The Qualified Persons listed below are independent of Endeavour, except Salih Ramazan, François Thibert and Kevin Harris.
MINERAL RESOURCES
Qualified Person Position Property/Deposit
Kevin Harris CPG Vice President, Resources, Endeavour Colline Sud, Le Plaque (Ity); Bouéré Dohoun, Kari Pump,
Kari West, Kari Center (Houndé)
Mark Zammit MAIG Principal, Cube Consulting Pty Ltd Ity (except Colline Sud and Le Plaque);
Vindaloo-Madras (Houndé)
François Thibert M.Sc., P.Geo. Director, Group Reserve and Boungou, Mana, Bantou, Nabanga
Resource Estimation
MINERAL RESERVES
Qualified Person Position Property/Deposit
Salih Ramazan MAusIMM Vice President – Mine Planning, Colline Sud, Le Plaque (Ity); Bouéré Dohoun, Kari Pump,
Endeavour Mining Kari West, Kari Center (Houndé)
Allan Earl FAusIMM Executive Consultant, Snowden Ity (except Colline Sud and Le Plaque);
Mining Industry Consultants (Pty) Ltd Vindaloo-Madras (Houndé)
François Thibert M.Sc., P.Geo. Director, Group Reserve and Boungou, Mana, Bantou, Nabanga
Resource Estimation
1. T he 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 have demonstrated economic viability.
3. All Mineral Resources are reported inclusive of Mineral Reserves.
4. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to two decimal places; ounces are rounded to the
nearest 1,000oz. 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. Errors may occur due to rounding of numbers.28 RESERVES AND RESOURCES
7. P rocessing recoveries vary at each pit by many factors including material types, mineralogy and chemistry of the ore. The overall
ENDEAVOUR MINING | FACT SHEET FEBRUARY 2021
average recoveries are around 81% at Ity and Karma, 90% at Hounde and Agbaou. Gold recoveries are those of the reserves for the
saprolite/oxide and the saprock/transition horizons for all deposits. For the bedrock/sulphide portion, gold recovery has been set
at 81% for Wona-Kona, 96% for Siou, 91% for Yama and 48% for Yaho and Maoula. Recoveries are set to 19% to 29% for Nyafé,
Fofina, F67, Fobiri with the assumption that sulphide mineralization is considered refractory and cannot be recovered economically
with the current CIL process.
8. T he reporting of mineral reserves and resources are based on a gold price as detailed below:
Project Agbaou1 Kalana1 Ity1 Karma2 Houndé1
Reserves Au price $/oz 1,300 1,200 1,300 1,350 1,300
Resources Au price $/oz 1,500 1,400 1,500 1,500 1,500
Project Fetekro1 Boungou3 Mana4 Bantou5 Nabanga6
Reserves Au price $/oz n/a 1,200 1,200 n/a n/a
Resources Au price $/oz 1,500 1,400 1,400 1,500 1,300
1. Cut-off grades for all resources open pits are 0.5g/t Au, except at Kalana where the cut-off grade is at 0.9g/t Au and at Karma where the cut-off
grade is defined by material type: Oxide = 0.2, Transition = 0.22 and Sulfide = 0 .5. Cut-off grades for reserves except for Kalana vary between
0.3-0.5g/t for Oxide ore, 0.3-0.8g/t for Transition ore & 0.3-0.7g/t for Sulfide ore.
2. Kao, GG2, and Rambo have a gold price of $1,557/oz. Gold price for Kao Main and Rambo West reserves is $1,350/oz.
3. Cut-off grades for Boungou resources are defined by material type: Oxide = 0.92, Transition and Sulfide = 0.96. Cut-off reserves are defined by
material type: Oxide = 0.91, Transition and Sulfide = 1.05.
4. Cut-off grades for Mana resources differ by pit and are defined by material type. Wona: Oxide = 0.35, Transition = 0.47 and Sulfide = 0.54;
Siou OP: Oxide = 0.44, Transition = 0.51 and Sulfide = 0.54; Siou UG: 2g/t Au. Mana cut-off reserves differ by pit and are defined by material type.
Wona: Oxide = 0.51, Transition = 0.68 and Sulfide = 0.78; Siou OP: Oxide = 0.64, Transition = 0.75 and Sulfide = 0.78; Siou UG: 2.6g/t Au.
5. Cut-off grade for Bantou pit shell resource ranges from 0.43g/t to 0.86g/t and cut-off for resource below pit shell is 2.0g/t.
6. Nabanga resource is reported above a cut-off grade of 3.0 g/t Au.
9. T he Kalana Main deposit Mineral Resource is stated as per that published by Avnel, which forms the basis on which the stated
Mineral Reserves were estimated.
In March 2019, Endeavour published an updated MRE for the Kalana Main deposit. The comparison between the Avnel MRE and the
Endeavour MRE is demonstrated in the table below:
(on a 100% basis) Previous 2016 M&I Resource Updated 2019 M&I Resource
Cut-off grade (g/t Au) 0.9 0.9 (For comparative purpose) 0.5
Tonnage (Mt) 23 18 27
Grade (g/t Au) 4.14 3.7 2.69
Content (Au koz) 3,060 2,092 2,290
The 2019 Kalana Main geological model was prepared by Helen Oliver. Ms Oliver FGS, CGeol is Endeavour Mining’s Group Resource
Geologist and a Qualified Person as defined by NI 43-101. The 2019 Kalana Main Resource Estimate was prepared by Geoff Booth,
FAusIMM, Mining Consulting Manager for Snowden Mining Industry Consultants Pty Ltd and a Qualified Person as defined by NI 43-101.
The Kalana Main MRE is constrained within a $1,500/oz gold Whittle pit shell as a limit of economic extraction, defined using the
following parameters (all costs are in US dollars):
• Slope angles – Oxide 32°, Transition 45°, Fresh 54°
• Au recovery – Oxide 96.2%, Transition – 88.5%, Fresh – 89%
• Gold price = $1,500/oz
• Mining cost (Oxide base cost at 380 mRL) = Bulk $1.97/t, semi-selective $2.06/t, selective $2.34/t
• Mining cost (Transition base cost at 380 mRL) = Bulk $1.79/t, semi-selective $1.98/t, selective $2.18/t
• Mining cost (Fresh base cost at 380 mRL) = Bulk $2.41/t, semi-selective $3.08/t, selective $3.37/t
• Mining cost (depth cost below 380 mRL) = 0.005/t/m
• Processing cost – Oxide $16.64/t, Transition $20.37/t, Fresh $21.40/t
• Selling cost – $58/oz
The scientific and technical information relating to the mines and projects contained in this document has been derived from or based
on the following technical reports. Copies of the reports are available electronically on SEDAR at sedar.com under the Corporation’s
profile. The Kalana report is available under the Avnel Gold Mining profile on SEDAR. The Mana, Boungou, Bantou and Nabanga
reports are available under the SEMAFO profile on SEDAR.
• Agbaou mine: ‘Technical Report, Mineral Resource and Reserve Update for the Agbaou Gold Mine, Côte d’Ivoire, West Africa’,
dated effective December 31, 2014.
• Ity mine: ‘Technical Report on the Ity Gold Mine, Republic of Côte d’Ivoire’, dated June 15, 2020 and effective December 31, 2019.
• Ity mine: Resources were updated in July 2020 with results published in the July 7, 2020 press release available on the
Company’s website.
• Karma mine: ‘Technical Report on an updated Feasibility Study and a Preliminary Economic Assessment for the Karma Gold Project,
Burkina Faso, West Africa’, dated effective August 10, 2014.
• Houndé mine: ‘Houndé Gold Mine Technical Report’, dated June 15, 2020 and effective December 31, 2019.RESERVES AND RESOURCES 29
• Houndé mine: Resources were updated in July 2020 with results published in the July 22, 2020 press release available on the
Company’s website.
• Kalana Project: ‘NI 43-101 Technical Report on Kalana Main Project’, dated effective March 30, 2016.
• Mana Mine: ‘Mana Property, Burkina Faso, NI 43-101 Technical Report Disclosing the Results of the Siou Underground
Prefeasibility Study’, dated effective December 31, 2017.
• Boungou Mine: ‘Natougou Gold Deposit Project, Burkina Faso, NI 43-101 Technical Report – Feasibility Study’, dated effective
March 23, 2016.
• Bantou Project: ‘Bantou Project, NI 43-101 Technical Report – Mineral Resource Estimate’, dated effective December 31, 2019.
• Nabanga Project: ‘Nabanga Project, NI 43-101 Technical Report – Preliminary Economic Assessment’, dated effective
September 30, 2019.
NOTES TO THE RESERVES AND RESOURCES STATEMENT FOR TERANGA GOLD
MINERAL RESOURCES
Qualified Person Position Property/Deposit
Patti Nakai-Lajoie, P. Geo Director, Mineral Resources Sabodala-Massawa, Wahgnion, Golden Hill
MINERAL RESERVES
Qualified Person Position Property/Deposit
Stephen Ling, P. Eng Mine Technical Services Sabodala-Massawa, Wahgnion
CIM definitions were followed for Mineral Reserves and i. M easured Resources at Golouma include stockpiles,
Resources which total 0.4 Mt at 0.75 g/t Au for 9,000 oz.
j. High grade assays were capped at grades ranging from
RESERVE NOTES
1.5 g/t Au to 340 g/t Au.
1. M ineral Reserves account for mining dilution and mining ore
loss. Wahgnion
2. Proven Mineral Reserves are based on Measured Mineral a. Mineral Resource are reported at cut-of grades ranging
Resources only. from 0.320 g/t Au to 0.403 g/t Au in oxide, and at cut-
3. Probable Mineral Reserves are based on Indicated Mineral off grades ranging from 0.388 g/t Au to 0.541 g/t Au in
Resources only. transition and primary rock.
4. Sum of individual amounts may not equal due to rounding. b. Measured Resources at Nogbele North and Nangolo
5. Sabadola Massawa Mineral Reserve cut-off grades range include stockpiles, which total 0.65 Mt @ 0.85 g/t Au for
from 0.41 g/t to 0.61 g/t Au for oxide, 0.47 g/t to 0.79 g/t 18,000 oz.
Au for fresh rock and 1.39 g/t to 1.41 g/t Au for refractory c. High grade assays were capped at grades ranging from
ore, based on a $1,250/oz gold price. 2.5 to 48 g/t Au.
6. Sabadola Massawa Underground Mineral Reserve cut-off d. Mineral Resources are constrained by resource pit shells.
grades range from 2.3 g/t to 2.6 g/t Au based on a $1,200/ e. Mineral Resources are estimated using a long-term gold
oz gold price. price of US$1,500 per ounce.
7. Wahgnion Mineral Reserve cut-off grades range from 0.38 g/t
Golden Hill
to 0.48 g/t Au for oxide and 0.53 g/t to 0.64 g/t Au for
a. Mineral Resources are reported at cut-off grades ranging
fresh rock.
from 0.49 g/t Au to 0.55 g/t Au.
8. Wahnion Mineral Reserve is based on a $1,250/oz gold price.
b. The effective date for all deposits is April 27, 2020.
RESOURCE NOTES c. High grade assays were capped at grades ranging from
1. Mineral Resources are inclusive of Mineral Reserves. 2 g/t Au to 30 g/t Au.
2. Sum of individual amounts may not equal due to rounding. d. Mineral Resources are estimated using a long-term gold
price of US$1,800 per ounce.
Sabadola-Massawa
e. A minimum thickness of two metres was applied.
a. O pen pit shells were used to constrain open pit resources.
f. Mineral Resources are constrained by preliminary pit
b. Mineral Resources are estimated using a gold price of
shells.
$1,450 per ounce.
c. O pen pit oxide Mineral Resources are estimated at cut-off
grades ranging from 0.35 g/t Au to 0.50 g/t Au.
d. Open pit transition and primary rock Mineral Resources are
estimated at cut-off grades ranging from 0.40 g/t Au to
1.20 g/t Au.
e. Underground Mineral Resources are estimated at a cut-off
grade of 2.00 g/t Au at Sabodala, and at 2.84 g/t Au at
Massawa.
f. M
easured Resources at Sabodala include stockpiles, which
total 4.3 Mt at 0.75 g/t Au for 104,000 oz.
g. M easured Resources at Masato include stockpiles, which
total 2.5 Mt at 0.69 g/t Au for 55,000 oz.
h. Measured Resources at Maki Medina include stockpiles,
which total 0.1 Mt at 0.78 g/t Au for 3,000 oz.CAUTIONARY NOTE ON FORWARD-LOOKING
STATEMENTS
This Fact Sheet contains “forward-looking statements” including but not limited
to, statements with respect to Endeavour’s plans and operating performance,
the estimation of mineral reserves and resources, the timing and amount
of estimated future production, costs of future production, future capital
expenditures and the success of exploration activities. Generally, these forward-
looking statements can be identified by the use of forward-looking terminology
such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”.
Forward-looking statements, while based on management’s best estimates
and assumptions, are subject to risks and uncertainties that may cause actual
results to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks related to the
successful integration of acquisitions; risks related to international operations;
risks related to general economic conditions and credit availability, actual
results of current exploration activities, unanticipated reclamation expenses;
changes in project parameters as plans continue to be refined; fluctuations in
prices of metals including gold; fluctuations in foreign currency exchange rates,
increases in market prices of mining consumables, possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining industry; delays
in the completion of development or construction activities, changes in national
and local government regulation of mining operations, tax rules and regulations
and political and economic developments in countries in which Endeavour
operates. Although Endeavour has attempted to identify important factors that
could cause actual results to differ materially from those contained in forward-
looking statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. Please refer
to Endeavour’s most recent Annual Information Form filed under its profile at
sedar.com for further information respecting the risks affecting Endeavour and
its business.
This Fact Sheet may include certain terms or performance measures commonly
used in the mining industry that are not defined under International Financial
Reporting Standards (“IFRS”), including “cash operating costs”, “all-in sustaining
costs” (or “AISC”) and “adjusted cash operating costs”. Non-IFRS measures do
not have any standardized meaning prescribed under IFRS and therefore they
may not be comparable to similar measures employed by other companies.
The data presented is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS and should be read in conjunction with
Endeavour’s consolidated financial statements, available on our website.
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