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Mineral Reserves and Resources (as at 31 December, 2023)
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | 2.5 | 1.15 | 91 | 2.2 | 1.15 | 82 |
| Probable Reserves | 49.6 | 1.59 | 2,542 | 44.7 | 1.59 | 2,288 |
| P&P Reserves | 52.1 | 1.57 | 2,633 | 46.9 | 1.57 | 2,369 |
| Measured Resource (incl. reserves) | 2.5 | 1.16 | 92 | 2.2 | 1.16 | 83 |
| Indicated Resources (incl. reserves) | 70.6 | 1.64 | 3,730 | 62.8 | 1.64 | 3,307 |
| M&I Resources (incl. reserves) | 73.1 | 1.63 | 3,821 | 65.0 | 1.62 | 3,390 |
| Inferred Resources | 11.9 | 1.73 | 662 | 11.3 | 1.74 | 632 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | 10.8 | 0.81 | 282 | 9.2 | 0.81 | 240 |
| Probable Reserves | 36.3 | 1.77 | 2,067 | 31.1 | 1.77 | 1,773 |
| P&P Reserves | 47.2 | 1.55 | 2,349 | 40.3 | 1.55 | 2,013 |
| Measured Resource (incl. reserves) | 11.3 | 0.80 | 291 | 9.6 | 0.80 | 247 |
| Indicated Resources (incl. reserves) | 78.2 | 1.68 | 4,231 | 66.7 | 1.68 | 3,619 |
| M&I Resources (incl. reserves) | 89.5 | 1.57 | 4,522 | 76.3 | 1.57 | 3,866 |
| Inferred Resources | 16.4 | 1.60 | 844 | 14.0 | 1.60 | 718 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | 2.1 | 2.81 | 191 | 1.9 | 2.81 | 172 |
| Probable Reserves | 7.6 | 2.96 | 719 | 6.8 | 2.96 | 647 |
| P&P Reserves | 9.7 | 2.93 | 910 | 8.7 | 2.93 | 819 |
| Measured Resource (incl. reserves) | 7.1 | 1.40 | 321 | 6.4 | 1.40 | 289 |
| Indicated Resources (incl. reserves) | 28.8 | 2.18 | 2,022 | 25.9 | 2.18 | 1,820 |
| M&I Resources (incl. reserves) | 35.9 | 2.03 | 2,342 | 32.3 | 2.03 | 2,108 |
| Inferred Resources | 7.6 | 3.47 | 851 | 6.9 | 3.47 | 766 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | 17.6 | 1.04 | 589 | 15.8 | 1.04 | 530 |
| Probable Reserves | 35.5 | 2.55 | 2,904 | 31.9 | 2.55 | 2,613 |
| P&P Reserves | 53.1 | 2.05 | 3,492 | 47.8 | 2.05 | 3,143 |
| Measured Resource (incl. reserves) | 20.9 | 1.15 | 775 | 18.8 | 1.15 | 698 |
| Indicated Resources (incl. reserves) | 67.2 | 2.16 | 4,660 | 60.5 | 2.16 | 4,194 |
| M&I Resources (incl. reserves) | 88.2 | 1.92 | 5,436 | 79.4 | 1.92 | 4,892 |
| Inferred Resources | 9.1 | 1.87 | 545 | 8.2 | 1.87 | 491 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | – | – | – | – | – | – |
| Probable Reserves | 49.8 | 1.69 | 2,714 | 39.9 | 1.69 | 2,171 |
| P&P Reserves | 49.8 | 1.69 | 2,714 | 39.9 | 1.69 | 2,171 |
| Measured Resource (incl. reserves) | – | – | – | – | – | – |
| Indicated Resources (incl. reserves) | 46.2 | 2.04 | 3,026 | 37.0 | 2.04 | 2,421 |
| M&I Resources (incl. reserves) | 46.2 | 2.04 | 3,026 | 37.0 | 2.04 | 2,421 |
| Inferred Resources | 1.6 | 1.98 | 102 | 1.3 | 1.98 | 82 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | – | – | – | – | – | – |
| Probable Reserves | – | – | – | – | – | – |
| P&P Reserves | – | – | – | – | – | – |
| Measured Resource (incl. reserves) | – | – | – | – | – | – |
| Indicated Resources (incl. reserves) | 18.1 | 1.22 | 707 | 16.3 | 1.22 | 637 |
| M&I Resources (incl. reserves) | 18.1 | 1.22 | 707 | 16.3 | 1.22 | 637 |
| Inferred Resources | 16.2 | 2.24 | 1,167 | 13.4 | 2.28 | 986 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | – | – | – | – | – | – |
| Probable Reserves | 35.6 | 1.60 | 1,829 | 28.5 | 1.60 | 1,463 |
| P&P Reserves | 35.6 | 1.60 | 1,829 | 28.5 | 1.60 | 1,463 |
| Measured Resource (incl. reserves) | – | – | – | – | – | – |
| Indicated Resources (incl. reserves) | 46.0 | 1.57 | 2,318 | 36.8 | 1.57 | 1,854 |
| M&I Resources (incl. reserves) | 46.0 | 1.57 | 2,318 | 36.8 | 1.57 | 1,854 |
| Inferred Resources | 4.6 | 1.67 | 245 | 3.6 | 1.67 | 196 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| 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 | 3.1 | 7.69 | 757 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | – | – | – | – | – | – |
| Probable Reserves | – | – | – | – | – | – |
| P&P Reserves | – | – | – | – | – | – |
| Measured Resource (incl. reserves) | – | – | – | – | – | – |
| Indicated Resources (incl. reserves) | 70.9 | 1.97 | 4,494 | 70.9 | 1.97 | 4,494 |
| M&I Resources (incl. reserves) | 70.9 | 1.97 | 4,494 | 70.9 | 1.97 | 4,494 |
| Inferred Resources | 2.9 | 1.91 | 176 | 2.9 | 1.91 | 176 |
| Current as at 31 December, 2023 | On a 100% basis | On an attributable basis | ||||
|---|---|---|---|---|---|---|
| Resources shown inclusive of Reserves | Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Content (Au koz) |
| Proven Reserves | 33.0 | 1.09 | 1,152 | 29.1 | 1.09 | 1,022 |
| Probable Reserves | 214.4 | 1.85 | 12,775 | 182.9 | 1.86 | 10,956 |
| P&P Reserves | 247.4 | 1.75 | 13,927 | 212.0 | 1.76 | 11,978 |
| Measured Resource | 41.8 | 1.10 | 1,479 | 37.0 | 1.11 | 1,316 |
| Indicated Resources | 426.0 | 1.84 | 25,188 | 376.9 | 1.84 | 22,346 |
| M&I Resources | 467.8 | 1.77 | 26,667 | 413.9 | 1.78 | 23,662 |
| Inferred Resources | 73.7 | 2.29 | 5,433 | 64.6 | 2.31 | 4,804 |
The mineral Reserves and Resources were estimated as at 31 December 2023 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.
MINERAL RESOURCES
| QUALIFIED PERSON | POSITION | PROPERTY/DEPOSIT |
|---|---|---|
| Kevin Harris, CPG | VP Resources, Endeavour Mining plc | Ity (Collin Sud, Le Plaque, Mont Ity/Walter, Bakatouo, ZiaNE, Verse Ouest-Teckraie, Aires, West Flotouo, Yopleu; Bakatouo NW, Verse East); Hounde (Dohoun, Kari Pump), Sabodala/Massawa; Bantou, Assafou, Mana (Fofina, Yaho, Filon 67, Fobiri, Yama), Nabanga |
| Helen Oliver, FGS, CGeol | Group Resource Geologist, Endeavour Mining plc | Hounde (Kari West, Kari Center-South, Vindaloo South, Dafra, Vindaloo SE); Kalana (Kalanko); Mana (Maoula); Massawa (Bambaraya, Kiesta, Niakafiri East) |
| Joseph Hirst, FGS, CGeol. | Resource Geologist, Endeavour Mining plc | Mana (Wona-Kona UG, Siou UG |
| Janine Fleming, SACNASP, GSSA | Senior Mineral Resource Manager, Endeavour Mining plc | Houndé (Golden Hill) |
| Mark Zammit, MAIG | Principal, Cube Consulting Pty Ltd | Ity (Daapleu, Gbeitouo) |
| Dr. Lucy Roberts, AusIMM (CP) | Principal Consultant, SRK Consulting (UK) Ltd | Fetekro (Lafigué) |
| Paul Blackney, MAusIMM, MAIG | Executive Consultant, Datamine Australia Pty. Ltd. (Snowden Optiro) |
Kalana |
MINERAL RESERVES
| QUALIFIED PERSON | POSITION | PROPERTY/DEPOSIT |
|---|---|---|
| Salih Ramazan, FAusIMM | Vice President, Mine Planning, Endeavour Mining plc | Ity, Houndé, Sabodala-Massawa (OP) |
| Bryan Pullman, P.Eng | Principal Mining Engineer – Mining Advisory, SLR (UK) | Sabodala UG |
| John R. Walker, FGS, FIMMM, FIQ | Technical Director, Mining Advisory, Mining Advisory SLR (UK) | Mana (UG) |
| Francois Taljaard | Principal Consultant, Mining Engineering, SRK Consulting (UK) Ltd | Fetekro (Lafigué) |
| Allan Earl, FAusIMM | Executive Consultant, Snowden Mining Industry Consultants (Pty) Ltd | Kalana |
- The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the CIM Definition Standards adopted by CIM Council on 10 May 2014, as well as the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines as also adopted on 29 November 2019.
- Mineral resources that are not mineral reserves do not have demonstrated economic viability.
- All mineral resources are reported inclusive of mineral reserves.
- 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 differences between tonnes, grade and contained metal.
- Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
- Processing recoveries vary at each pit by many factors including material types, mineralogy and chemistry of the ore. The overall average recoveries are around 89% at Sabodala, 90% at Houndé, 85% at Ity, and 88% at Mana. The average processing recoveries at the development projects is Lafigué at 95%, Kalana at 90% and Assafou at 90%.
- The three Golden Hill exploration permits held by Boss Minerals SARL, expired on 2 March 2021 and are non-renewable. The Company has applied for the granting of two of the three historical exploration permits under Birimian Resources SARL. As of 31 December 2023, both of the applications are still pending.
- The Assafou project is currently 100% owned. Ownership (and attributable Mineral Resource and Mineral Reserves) will change to 90% once an exploitation permit is granted.
- The reporting of mineral reserves and resources are based on a gold price as detailed below:
| Au Price $/oz | Houndé | Ity | Mana | Sabodala- Massawa |
Lafigué | Assafou | Kalana |
|---|---|---|---|---|---|---|---|
| 2023 Reserves | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | - | 1,500 |
| 2022 Reserves | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | - | 1,500 |
| 2023 Resources | 1,500 1,8001 |
1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 |
| 2023 Resources | 1,500 1,8001 |
1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 |
1 Golden Hill resources, within the Houndé mine resources are at a Gold Price of $1,500 - $1,800 per ounce. Cut-off grades for the resources are as follows:
a. Hounde: at 0.50g/t Au
b. Ity at 0.50g/t Au
c. Sabodala-Massawa: open pit from 0.31g/t to 1.00g/t Au. Underground from 2.00g/t to 2.84g/t Au
d. Mana OP: open pit for oxide at 0.41g/t Au to 0.56g/t Au, for transitional 0.44g/t Au to 0.69 g/t Au, and sulphide at 0.72g/t Au to 2.54g/t Au
e. Mana UG: Mineral Resources for Siou and Wona underground mines (72% of Mineral Resource) are reported within the constrained underground mineable shapes, generated at a cut-off grade of 2.0 g/t Au and reported above a cut-off of 1.8g/t Au for Siou and 2.0 g/t Au at Wona; the differential between the reported grade of 1.8 g/t Au and the constrained shape grade of 2.0 g/t Au contributes a non-material (2%) of additional ounces at Siou.
f. Lafigué: oxide at 0.40g/t Au, transitional and fresh at 0.50g/t Au
g. Kalana: all 0.50g/t Au
h.Bantou: from 0.43g/t Au to 0.86g/t Au
i. Nabanga: at 3.00g/t Au
j. Golden Hill: from 0.49g/t to 0.55g/t Au
k. Assafou: at 0.50g/t Au
Cut-off grades for the reserves are as follows:
a. Houndé: oxide: 0.50g/t Au to 0.70g/t Au; transitional: 0.50g/t Au to 0.08g/t Au; fresh: 0.50g/t Au to 0.60g/ except Mambo fresh 0.90g/t Au
b. Ity: oxide: 0.50g/t Au to 0.60g/t Au; transitional: 0.40g/t Au to 0.90g/t Au; fresh: 0.40g/t Au to 0.90g/t Au
c. Sabodala Open Pit WOLP: oxide: 0.60/t Au to 0.70g/t Au; transitional: 0.60g/t Au to 0.80g/t Au; fresh: 0.60g/t Au to 0.80g/t Au
d. Sabodala Open Pit SLP: Oxide: NA; Transitional NA; RedTran: 1.10g/t Au to 1.40g/t Au; fresh 1.30g/t Au to 1.40g/t Au
e. Sabodala UG: 2.82g/t Au
f. Mana OP: Not Applicable
g. Mana UG: Mineral Reserve estimation for both Wona and Siou, was based on the constrained underground shapes generated at a gold cut-off grade of 2.4 g/t, a gold price of USD 1300/oz, and the mine and mill production schedules
h.
i. Wahgnion: oxide: 0.40g/t Au to 0.50g/t Au; transitional: 0.50g/t Au to 0.60g/t Au; fresh: 0.50g/t Au to 0.60g/t Au
j. Lafigué: 0.40g/t Au
k. Kalana and Kalanako pits: oxide: 0.40g/t Au; transitional: 0.50g/t Au; fresh: 0.60g/t Au, 0.5g/t Au for TSF
The reserve estimation study has been carried out internally for Ity, Hounde, and Mana, and Sabodala. The most recent Lafigué study was carried out by SRK Consulting and Lycopodium and the Kalana study was carried out by Snowden.
The Technical Reports published so far are available electronically on SEDAR at www.sedar.com under the Corporation's profile. The Sabodala-Massawa Mine, and Golden Hill Project Technical Reports are available under the Teranga Gold profile on SEDAR. The Mana Mine, Bantou Project and Nabanga Project reports are available under the SEMAFO profile on SEDAR.
- Ity mine: "Technical Report on the Ity Gold Mine, Republic of Cote d'Ivoire", dated 15 June, 2020.
- Houndé mine: "Houndé Gold Mine Technical Report, 2020", dated 15 June, 2020.
- Mana Mine: "Mana Property, Burkina Faso NI 43-101 Technical Report “, dated 31 December, 2017.
- Bantou Project: "Bantou Project, NI 43-101 Technical Report – Mineral Resource Estimate”, dated 3 April, 2020.
- Nabanga Project: "Nabanga Project, NI 43-101 Report – Preliminary Economic Assessment”, dated 14 November, 2019.
- Sabodala-Massawa Mine: "Sabodala-Massawa Project Technical Report Update National Instrument 43-101 Technical Report”, dated 9 May, 2022.
- Golden Hill Project (shown under Houndé): "Technical Report on the Golden Hill Project, Burkina Faso, NI 43-101 Report”, dated 17 December, 2020.
- Lafigué Project: Reserves and Resources were updated in June 2022 and published in "Lafigué Project, Côte d’Ivoire NI 43-101 Technical Report Definitive Feasibility Study (DFS)", on 30 November, 2022.
- Kalana Project: Reserves and Resources were updated in early 2021 and published in "Kalana Gold Project, Republic of Mali Pre-Feasibility Study National Instrument 43-101 Technical Report" on 9 April, 2021.