Sabodala-Massawa mine

The Sabodala-Massawa mine is one of Endeavour’s cornerstone assets and recently underwent an expansion which will elevate it to top-tier status with a targeted production of above 400koz/year at an industry leading AISC.

Key stats

294 koz

2023 Production

$767/oz

2023 AISC¹

360 koz – 400 koz

2024 Production guidance

$750/oz – $850/oz

2024 AISC¹ guidance

Notes

1. This is an alternative performance measure (non-GAAP measure). Please refer to the Alternative Performance Measures sections in the Annual Report 2023 Financial Review for definitions and reconciliations of alternative performance measures to IFRS.

Sabodala-Massawa mine

Sabodala-Massawa is the largest producing gold mine in Senegal and has been in operation for over a decade. The mine was acquired as part of Endeavour’s acquisition of Teranga in February 2021.

Endeavour has expanded the Sabodala-Massawa mine with the addition of a new BIOX processing facility. The new processing facility adds incremental production of 1.35Moz at a low AISC of $576/oz over its mine life. First gold was poured at the BIOX processing facility on 18 April 2024.

Gallery

CIL plant

First gold from the BIOX expansion with VP Operations Lawrence Manjengwa

Power station expansion to meet demand from two plants

Solar plant in construction

Providing access to electricity for 10 local villages

Supporting female agricultural cooperatives

Sabodala-Massawa mine

Key facts

Ownership

90% EDV, 10% Government of Senegal

Mining method

Open Pit/Owner Mining Processing

Production start date

2009

Processing technology

CIL Plant and BIOX

Expected mine life

+16 years

Workforce

~1,620

Location

Ity mine

Houndé mine

Mana mine

Sabodala-Massawa mine

Lafigué mine

Tanda Iguela project

Kalana project

Houndé exploration

Ity exploration

Mana exploration

Sabodala-Massawa exploration

Lafigué exploration

Siguiri exploration

Regional office

Côte d'Ivoire

Ity mine

The Ity mine is one of Endeavour’s cornerstone assets, where the goal is to sustain production above 250koz/year over a +10-year life of mine at an industry-leading AISC.

Ity mine

Burkina Faso

Houndé mine

The Houndé mine is one of Endeavour’s cornerstone assets, where the goal is to sustain production above 250koz/year over a +10-year life of mine at an industry leading AISC.

Houndé mine

Burkina Faso

Mana mine

The focus at Mana is to increase the mine life to more than 10 years, through the expansion of the underground deposits and evaluating local open pit targets.

Mana mine

Senegal

Sabodala-Massawa mine

The Sabodala-Massawa Gold Project is located in south-eastern Senegal, approximately 650 km from Dakar.

Côte d'Ivoire

Lafigué mine

The Lafigué mine poured first gold at the end of Q2 2024 and is Endeavour’s newest cornerstone mine. The goal at Lafigué is to produce over 200koz per year at an industry leading all-in sustaining cost of approximately $900/oz for at least 13 years.

Lafigué mine

Côte d'Ivoire

Tanda Iguela project

At the Tanda-Iguela greenfield property Endeavour has delineated a 4.5Moz Indicated resource at 2 g/t Au for the Assafou deposit, demonstrating its Tier 1 asset potential and ranking as one of the most significant discoveries made in West Africa over the last decade.

Tanda Iguela

Mali

Kalana project

The Kalana project, acquired in 2017, is located approximately 250 km south of Bamako, the capital city of Mali. A positive pre-feasibility study (“PFS”) was published in February 2021.

Kalana

Burkina Faso

Houndé exploration

The Houndé Mine looks to meet the target of discovering 3.0 to 4.0 million ounces of Indicated resources over the next five years at a discovery cost of less than $19/oz.

Houndé mine

Côte d'Ivoire

Ity exploration

Endeavour has established a five year discovery target of 3.5 – 4.5 million ounces of Indicated resources at a discovery cost of less than $17/oz at Ity.

Ity mine

Burkina Faso

Mana exploration

The primary objective is to increase the mine life to 10 years, and Endeavour sees considerable additional opportunity remaining with the five year discovery target for Mana now set for 1.0 to 1.5 million ounces of Indicated resources at a discovery cost of less than US$30/oz.

Mana mine

Senegal

Sabodala-Massawa exploration

Endeavour has established a target to discover between 2.3 and 2.7 million ounces of Indicated resources at a discovery cost of less than $26/oz over the next five years.

Côte d'Ivoire

Lafigué exploration

Lafigué is a greenfield discovery where over 3Moz of M&I resources have been discovered since Endeavour commenced drilling on the asset in 2018. Given the strong exploration potential, Endeavour is targeting the discovery of 1.2 – 1.8Moz of Indicated resources over the 2021 and 2025 period.

Lafigué mine

Guinea

Siguiri exploration

The Siguiri exploration licenses are located in northwest Guinea, located next door to AngloGold’s Siguiri Mine.

Côte d'Ivoire

Regional office

Our regional hub for the company is located in the port city of Abidjan. Route du Lycée Technique, Abidjan, Côte d'Ivoire, 08 BP 872

Timeline

2010

Teranga acquired Sabodala gold mine and completed corporate IPO

2011

Commenced first mill expansion to double milling capacity

2012

Completed first mill expansion

2013

Acquired 43.5% of Oromin Joint Venture Group

2014

Acquired remaining stake in Oromin Joint Venture Group

2015

Initiated mill expansion project to add secondary crusher

2016

Completed second mill expansion, increasing capacity to 4.3-4.5Mt

2017

Received approvals required to commence drilling at Niakafiri deposit

2020

Acquisition of the high-grade Massawa gold project, doubling reserves and creating the Sabodala-Massawa complex

2021

Sabodala-Massawa acquired by Endeavour

2022

BIOX® expansion project construction launched

Our history

Exploration potential

Sabodala-Massawa is a tremendous asset with the potential to get even better. The main prolific structure on site has been woefully underexplored. During an exploration review, Endeavour identified and delineated more than 15 potential targets within 30 kilometers of the Sabodala plant. Endeavour has established a target to discover between 2.3 and 2.7 million ounces of Indicated resources at a discovery cost of less than $26/oz over the next five years. Endeavour is particularly excited because these targets only cover half of our 1,240 square kilometre land package. As the Company continues to broaden its exploration area, the number of potential targets on site is expected to grow.

Endeavour's goal is to add high-grade ounces that will help ensure the plant is operating at its maximum capability for as long as possible. While Endeavour sees additional upside within the combined Sabodala-Massawa envelope for both refractory and non-refractory resources, the short-term focus is on the non-refractory resources. Endeavour's exploration efforts this year are mainly focused on Samina, Tina, Sofia North Extension and Bambaraya targets.

Exploration

Operating performance

*Operational data	FY-17	FY-18	FY-19	FY-20	FY-21	FY-22	FY-23
Mining
Waste - open pit (kt)	35,385	35,347	30,977	28,666	38,647	42,810	39,738
Ore mined - open pit (kt)	2,101	1,921	2,909	5,286	7,169	6,449	6,205
Processing
Ore processed (kt)	4,221	4,069	4,161	4,122	4,254	4,289	4,755
Grade (g/t)	1.87	2.03	1.98	1.94	3.11	2.88	2.15
Recovery (%)	92.1	92.3	90.9	89.4	90	89	89.4
Production (oz)	233,267	245,230	241,276	229,199	381,000	358,339	293,747
Cash cost details
Cash cost per ounce sold (US$/oz)	721	660	690	765	506	577	688
All-in sustaining costs (US$/oz)	1,024	887	857	885	672	691	767

*Asset was acquired on 10 February 2021 as part of the Teranga transaction. Mining and processing data shown on a 100% basis for FY-2021, while cash cost data is shown on a consolidated basis for the post-acquisition period.

ESG performance

Key metrics	FY-17	FY-18	FY-19	FY-20	FY-21	FY-22	FY-23
Safety and health
Fatalities	1	0	0	0	0	0	0
Lost Time Injuries	4	2	2	0	3	1	2
Energy*
Energy consumption (GJ)	—	—	—	—	2,615,759	2,903,614	2,701,543
Energy intensity (GJ/oz of production)	—	—	—	—	6.9	8.3	9.1
Emissions*
GHG emissions (tCO₂e)	—	—	—	—	192,761	226,141	324,939
GHG emissions intensity (tCO₂e/oz of production)	—	—	—	—	0.5	0.6	1.1
Water*
Water withdrawal (ML)	—	—	—	—	1,668	3,089	4,072
Water withdrawal Intensity (ML/oz of production)	—	—	—	—	0.004	0.009	0.013
Water consumption (ML)	—	—	—	—	638	1,060	550

*Asset acquired on 10 February 2021, data not reported by Endeavour before this date.

ESG performance

Our approach (to ESG)

Presentations and technical reports

Title	Document
2024 Sabodala-Massawa Site Visit Presentation	View
2022 Sabodala-Massawa Site Visit	View
2022 Sabodala-Massawa Technical Report	View
2020 Sabodala-Massawa Technical Report	View
2019 Sabodala-Massawa Technical Report	View
2017 Sabodala-Massawa Technical Report	View
2016 Sabodala-Massawa Technical Report	View
2014 Sabodala-Massawa Technical Report	View
2013 Sabodala-Massawa Technical Report	View
2012 Sabodala-Massawa Technical Report	View
2010 Sabodala-Massawa Technical Report	View

Title	Document
2024 Sabodala-Massawa Site Visit Presentation	View
2022 Sabodala-Massawa Site Visit	View
2022 Sabodala-Massawa Technical Report	View
2020 Sabodala-Massawa Technical Report	View
2019 Sabodala-Massawa Technical Report	View
2017 Sabodala-Massawa Technical Report	View
2016 Sabodala-Massawa Technical Report	View
2014 Sabodala-Massawa Technical Report	View
2013 Sabodala-Massawa Technical Report	View
2012 Sabodala-Massawa Technical Report	View
2010 Sabodala-Massawa Technical Report	View

Reserves and resources

On a 100% basis. Resources shown inclusive of reserves	Tonnage (Mt)	Grade (Au g/t)	Content (Au koz)
Proven reserves	17.6	1.04	589
Probable reserves	35.5	2.55	2,904
P&P reserves	53.1	2.05	3,492
Measured resource (incl of reserves)	20.9	1.15	775
Indicated resources (incl of reserves)	67.2	2.16	4,660
M&I resources (incl of reserves)	88.2	1.92	5,436
Inferred resources	9.1	1.87	545