Endeavour Reports Strong Q1-2025 Results

• Production increased from 41koz in Q4-2024 to 46koz in Q1-2025 due to higher grades processed, partially offset by lower tonnes milled, while recoveries remained consistent.
  • Total underground tonnes of ore mined decreased due to lower stoping tonnes at Siou and Wona underground deposits. Development rates across the Wona and Siou underground deposits amounted to 4,223 metres, slightly lower than the 4,254 meters completed in the prior quarter.
  • Tonnes milled decreased reflecting the availability of ore sourced from the Siou and Wona underground deposits
  • Average grades processed increased due to higher grade ore sourced from stopes in the Siou underground deposit.
  • Recovery rates remained consistent with the prior quarter.
• AISC increased from $1,698/oz in Q4-2024 to $1,887/oz in Q1-2025 due to an increase in sustaining capital development, higher royalties following higher realised gold prices, higher mining and processing unit costs driven by elected reliance on self-generated power in the underground mines and higher reagent and consumable costs, partially offset by the higher volume of gold sold.
• Sustaining capital expenditure increased from $15.4 million in Q4-2024 to $24.5 million in Q1-2025 and primarily related to capitalised underground development at the Siou and Wona underground deposits, as well as leasing payments for contractor mining equipment.
• Non-sustaining capital expenditure decreased from $14.4 million in Q4-2024 to $0.9 million in Q1-2025, reflecting the classification of development in the Wona underground to sustaining capital expenditure upon achieving commercial stoping rates.

• Production increased from 42koz in Q1-2024 to 46koz in Q1-2025 due to the higher average grades processed, reflecting a higher proportion of high grade underground ore sourced from the Siou and Wona underground deposits, which was partially offset by lower tonnes milled reflecting the absence of the lower grade open pit ore sourced from the Maoula open pit.
• AISC increased from $1,453/oz in Q1-2024 to $1,887/oz in Q1-2025 due to increased expensed and capitalised underground development activity, higher royalties due to the higher gold price and increased processing costs due to the elected reliance on increased self-generated power in the Siou and Wona underground mines, partially offset by higher volumes of gold sold.

• Mana is on track to achieve its FY-2025 production guidance of 160koz – 180koz at an AISC within the guided $1,550/oz – $1,750/oz range.
• In Q2-2025, average processed grades are expected to decrease slightly across the Wona and Siou undergrounds, in-line with the mine sequence as stope production will decrease at the Siou underground deposit to prioritise development activities, while volumes of ore and recovery rates are expected to remain broadly consistent. In H2-2025, tonnage, average grades and recoveries are all expected to remain broadly consistent with a higher proportion of mill feed expected to be sourced from the Wona underground, offsetting ore sourced from the Siou underground.
• Sustaining capital expenditure outlook for FY-2025 remains unchanged at $60.0 million, of which $24.5 million has been incurred in Q1-2025. During FY-2025, sustaining capital expenditure is expected to primarily relate to waste development in the Wona underground deposit in addition to processing plant and infrastructure upgrades.
• Non-sustaining capital expenditure outlook for FY-2025 remains unchanged at $10.0 million, of which $0.9 million has been incurred in Q1-2025. During FY-2025, non-sustaining capital expenditure is expected to primarily relate to the stage 6 TSF lift and infrastructure upgrades.

• Production increased from 70koz in Q4-2024 to 72koz in Q1-2025 due to higher tonnes milled and recovery rates through both the CIL and the BIOX processing plants, partially offset by lower average grades across both plants.
  • Total tonnes and tonnes of ore mined decreased due to increased dewatering activities at the Kiesta, Niakafiri East and Sabodala pits impacting mining activities. Ore was primarily sourced from the Kiesta, Massawa Central Zone, Sabodala, Niakafiri East and Maki Medina pits.
  • Total tonnes milled increased across both the CIL and BIOX processing plants. Tonnes milled through the CIL plant increased due to a higher proportion of softer oxide ore in the mill feed. Tonnes milled through the BIOX plant increased as a result of higher mill utilisation due to the timing of planned maintenance in Q1-2025.
  • Average processed grades decreased across both the CIL and BIOX processing plants. Average processed grades in the CIL plant decreased due to a lower proportion of ore sourced from the Sabodala and Massawa North Zone pits, which was replaced by lower grade stockpiles. Average processed grades at the BIOX plant decreased due to lower average grades sourced from the Massawa Central Zone pit.
  • Recovery rates increased across both the CIL and BIOX processing plants. The increase in recoveries at the CIL plant is due to the reduced proportion of transitional ore from the Massawa Central Zone pit in the mill feed, with over 80% fresh ore fed through the circuit, which was displaced by lower grade stockpiles and the optimisation of reagents through the flotation circuit. The increase in recoveries at the BIOX plant was due to higher proportion of fresh ore feed and gravity gold recoveries in the flotation circuit, which is expected to be a sustained increase in the overall recoveries of the plant.
• AISC decreased from $1,261/oz in Q4-2024 to $1,173/oz in Q1-2025 due to lower haulage costs driven by pit sequencing resulting in shorter haulage distances and higher gold sales, partially offset by higher sustaining capital.
• Sustaining capital expenditure increased from $10.6 million in Q4-2024 to $15.3 million in Q1-2025 and was primarily related to waste development at the Massawa North and Central Zone pits, the delivery of a new drill rig for owner-operated grade control drilling and major component rebuilds.
• Non-sustaining capital expenditure, excluding expenditure on the solar power plant, decreased from $12.1 million in Q4-2024 to $2.6 million in Q1-2025 and was primarily related to grade control activities at Niakafiri West.
• Non-sustaining capital expenditure for the solar power plant decreased from $8.5 million in Q4-2024 to $1.6 million in Q1-2025 and was related to final payments for the construction as the plant was successfully commissioned during the quarter.

• Production increased from 49koz in Q1-2024 to 72koz in Q1-2025 primarily due to the successful commissioning of the BIOX plant during Q3-2024, while production from the CIL plant was broadly consistent.
• AISC increased from $947/oz in Q1-2024 to $1,173/oz in Q1-2025 due to higher processing costs and higher royalty costs due to a higher realised gold price and higher sustaining capital, partially offset by higher gold sales.

• Sabodala-Massawa is on track to achieve its FY-2025 production guidance of 250koz – 280koz at an AISC within the guided $1,100/oz – $1,250/oz range.
• In Q2-2025, production from the CIL plant is expected to be largely consistent with Q1-2025 with slightly lower grades expected to be offset by slightly higher recoveries, while throughputs are expected to remain largely consistent. Ore will continue to be sourced from the Sabodala, Kiesta C, Niakafiri East and Massawa Central Zone pits with supplemental feed from stockpiles. In H2-2025, mined tonnes are expected to remain in-line with Q1-2025, while ore will be sourced from the Delya, Niakafiri East and West pits while the Sabodala pit is decommissioned and prepared for in-pit tailings. The ore blend is expected to produce slightly higher recovery rates.
• In Q2-2025, production from the BIOX plant is expected to be largely consistent with Q1-2025 as recoveries and throughput are expected to continue to improve, partially offset by lower grades due to the pit sequencing of the Massawa Central Zone. In H2-2025, refractory ore for the BIOX plant is expected to be primarily sourced from the Massawa Central Zone as greater access is opened up to high grade fresh ores. Grades and recoveries are expected to improve as the blend of fresh ore in the mill feed is expected to increase, while throughputs are expected to remain at or around nameplate capacity.
• Sustaining capital expenditure outlook for FY-2025 remains unchanged at $60.0 million of which $15.3 million has been incurred in Q1-2025. During FY-2025 sustaining capital expenditure is expected to primarily relate to capitalised waste stripping, mining fleet upgrades and re-builds and process plant maintenance.
• Non-sustaining capital expenditure for FY-2025 remains unchanged at $25.0 million, of which $1.8 million has been incurred in Q1-2025. During FY-2025 non-sustaining capital expenditure is expected to primarily relate to capitalised waste stripping, Sabodala in-pit tailings infrastructure, haul road construction and advanced grade control activities.

• During Q3-2023, Endeavour launched the construction of a 37MWp photovoltaic (“PV”) solar facility and a 16MW battery system at the Sabodala-Massawa mine, in order to significantly reduce fuel consumption and greenhouse gas emissions, and lower power costs.
• Commissioning and ramp-up of photovoltaic power generation was completed on 1 March 2025, with full nameplate capacity achieved.

• Production decreased from 60koz in Q4-2024 to 48koz in Q1-2025 due to lower average grades processed during the quarter, partially offset by an increase in mill throughput.
  • Total tonnes mined increased due to the introduction of a second mining contractor during the quarter. Total ore tonnes mined decreased due to higher waste stripping at the Main pit, in line with the mine sequence.
  • Total tonnes milled increased due to a higher proportion of soft oxide ore in the mill feed.
  • Average processed grades decreased due to a higher proportion of fresh ore in the mill feed.
  • Recovery rates remained consistent with the prior quarter.
• AISC increased from $801/oz in Q4-2024 to $926/oz in Q1-2025 due to higher processing costs associated with planned maintenance during the quarter and a decrease in gold sales, partially offset by lower sustaining waste capital.
• Sustaining capital expenditure decreased from $3.1 million in Q4-2024 to $0.4 million in Q1-2025 and was primarily related to advanced grade control drilling activities across both the Main and West pit.
• Non-sustaining capital expenditure increased from $8.9 million in Q4-2024 to $27.4 million in Q1-2025 and was primarily related to waste stripping and the ongoing TSF embankment raise.

• Lafigué is on track to achieve its FY-2025 production guidance of 180koz – 210koz at a AISC within the guided $950/oz – $1,075/oz range.
• In Q2-2025, mining activities are expected to conclude in the Western flank of the Main pit whilst activities ramp-up in the Eastern flank, which becomes the main ore source in H2-2025. Total mined tonnes are expected to increase as the additional mining contractor ramps up in the West pit. Throughput rates are expected to remain consistent with slightly lower average processed grades due to a lower proportion of higher grade ore within the feed.
• Sustaining capital expenditure outlook for FY-2025 is unchanged at $35.0 million, of which $0.4 million has been incurred in Q1-2025, primarily related to advanced grade control drilling and spare parts purchases. During FY-2025 sustaining capital expenditure is expected to primarily relate to capitalised waste stripping activities, advanced grade control drilling and strategic spare purchases.
• Non-sustaining capital expenditure outlook for FY-2025 remains unchanged at $50.0 million, of which $27.4 million has been incurred in Q1-2025, primarily related to the stage 2 pushback in the Eastern flank of the Main pit and the TSF embankment raise. During FY-2025 non-sustaining capital expenditure is expected to primarily relate to capitalised waste stripping activities, completion of the TSF stage 2 lift and the purchase of generators.

• On 11 December 2024, Endeavour announced the positive pre-feasibility results (“PFS”) for the Assafou project. The PFS highlights 329kozpa production at AISC of $892/oz over the first 10 years. The PFS boasts robust economics with an after-tax NPV_5% of $1,526.0 million and IRR of 28%, at a $2,000/oz gold price, increasing to $2,485.0 million and 40% respectively at a $2,500/oz gold price.
• The Assafou PFS has initial capital of $734.0 million, which is based on a similar flow sheet to the nearby Lafigué project, with design throughput upscaled to 5.0Mtpa and the implementation of a gyratory crusher into the crushing circuit, while Lafigué operates a single jaw crusher.
• The Assafou PFS was based on the 2023 Mineral Resource Estimate, with a 31 October 2023 drilling cut-off. A further 70,000 metres of drilling has been completed at the Assafou deposit and nearby targets, including Pala Trend 3, which are expected to be incorporated into future reserve and resource updates.
• The progress regarding critical path items associated with the Definitive Feasibility Study (“DFS”) are detailed below:
  • Metallurgical, geotechnical and hydrogeological drilling are all underway with initial samples currently being analysed.
  • Sterilisation drilling and geotechnical modelling are underway to optimise the planned infrastructure layout.
  • The Environmental and Social Impact Assessment (“ESIA”) submission have both launched in Q1-2025, with the expectation that the environmental permit will be granted during H2-2025.
• The definitive feasibility study is expected to be completed between late 2025 and early 2026.

• Endeavour has achieved its five-year exploration target to discover 12 – 17Moz of Measured and Indicated resources over the 2021 to 2025 period for a discovery cost of less than $25/oz, discovering 12.2Moz at less than $25/oz by year-end 2024.
• Exploration continues to be a strong focus during FY-2025 with an extensive program of $75.0 million planned, focused on increasing endowment at the Group’s core assets, expanding resources at, and in close proximity to, the recent Assafou discovery and delineating new early stage greenfield opportunities to supplement the long-term organic growth pipeline through the New Ventures programme.
• During Q1-2025, the Group exploration spend amounted to $24.3 million, of which $14.4 million was spent at the core operations, $3.4 million was spent on the Assafou deposit and the wider Tanda-Iguela property and $6.5 million was spent on the evaluation of new greenfield opportunities. A total of 101,800 meters of drilling were completed during the quarter.

• An exploration programme of $7.0 million is planned for FY-2025, of which $0.6 million was spent in Q1-2025 consisting of over 1,700 meters of drilling across 8 holes. The FY-2025 programme remains focused on delineating near-mine resources at the Vindaloo Deeps, Kari Deeps and Marzipan targets.
• During Q1-2025, successful infill drilling at the Vindaloo Deeps deposit confirmed the potential for a large, high-grade underground resource. Further drilling at Vindaloo Deeps will be designed to step out up to 800 metres down dip to test the continuation of mineralisation towards the south.
• During the remainder of the year, the exploration programme will continue to focus on delineating the Vindaloo Deeps deposit and the possible extension of this deposit towards the south, with a target to define a large, high-grade maiden underground resource in H1-2026. Scout drilling is expected to commence at the Marzipan target, located 5 kilometres from the Houndé processing plant on the Kari North permit, and scout drilling is expected to start at the Kari Deeps target below the Kari Area, to delineate any potential extensions to mineralisation below the Kari deposits.

• An exploration programme of $10.0 million is planned for FY-2025, of which $5.3 million was spent in Q1-2025 consisting of over 38,800 metres of drilling across 350 drill holes. The brownfield exploration programme is focused on resource growth at the Ity and Floleu deposits, maiden resource estimations in several targets around the Goleu prospect and underground target delineation at the Ity deposit. In addition, several greenfield targets that could unlock future standalone options have been progressed in the Greater Ity area through auger drilling. Preliminary results have shown positive evidence for mineralisation and extension of Ity-style deposits in the region.
• During Q1-2025, drilling at the Floleu deposits confirmed the continuity of mineralisation beneath the existing pit shell, while drilling at the Goleu target, located approximately 15 kilometres south of the Ity processing plant, successfully extended high-grade mineralisation along strike and at depth.
• During the remainder of the year, the programme will continue to focus on resource growth, with an updated resource expected at the Floleu deposit in H2-2025 and maiden resources expected at the Goleu and Delta Southeast deposits, following the second phase of infill drilling in H2-2025.

• An exploration programme of $3.0 million is planned for FY-2025, of which $1.0 million was spent in Q1-2025, consisting of 1,800 metres of drilling across 2 deep drill holes. The exploration programme is focused on extending underground mineralisation at the Wona Deep underground deposit.
• During Q1-2025, deep drilling, 200 metres below the current resource was completed at the Wona underground deposit to test the potential for additional resources beneath the known resources at Wona underground. Mineralisation has been confirmed at depth, with follow up drilling planned to test the grade and continuity of this mineralisation.
• During the remainder of the year, the exploration programme will continue to focus on extending mineralisation at the Wona underground deposit.

• An exploration programme of $15.0 million is planned for FY-2025, of which $7.3 million was spent in Q1-2025 consisting of 39,100 meters of drilling across 317 drill holes. The exploration programme is focused on near-term, non-refractory oxide resources to support the mine plan and continued definition of medium to longer-term targets.
• During Q1-2025, drilling activities focused on the Golouma West underground deposit, confirming the extent and continuity of mineralisation at depth with follow up drilling planned to identify any potential extensions of mineralisation down dip. Drilling at the Kawasara, Sira and Tamo-Toya deposits, southwest along the Massawa structure, around 35 kilometres southeast of the Sabodala-Massawa processing plant, has extended mineralisation and potential for standalone options toward the southwest where the deposit remains open.
• During the remainder of the year, drilling will focus on the Golouma West underground and infill targets between the Sabodala area and the Massawa area to provide near-term resources to support the mine plan, with an update expected in H2-2025. Concurrently mid-to-long-term exploration drilling is planned at the Massawa North complex and at Kawasara, Sira and Tamo-Toya.

• An exploration programme of $5.0 million is planned for FY-2025, of which $0.2 million was spent in Q1-2025 in preparation for the drilling programme that will start in Q2-2025, designed to test high-priority near mine targets less than 5 kilometres away from the Lafigué processing plant.
• During the remainder of the year, the exploration programme will focus on drilling the near-mine Target 1 and advancing IP geophysics over Target 1, Corridor T4-12 and Central Area target to delineate drilling targets within close proximity to Lafigué.

• An exploration programme of $10.0 million is planned for FY-2025, of which $3.4 million was spent in Q1-2025 consisting of 20,300 meters of drilling across 158 drill holes. The exploration programme is focussed on increasing resource size and definition at the Assafou deposit and defining maiden resources at satellite targets in close proximity to Assafou.
• During Q1-2025, infill drilling on the Assafou resource confirmed the existing model and the continuity of high-grade mineralisation at depth. Resource definition drilling also advanced at the Pala Trend 3 target, located approximately 1 kilometre west of the Assafou deposit.
• During the remainder of the year, infill drilling will continue across the Assafou deposit and resource delineation drilling will continue at the Pala Trend 3 target with updated and maiden mineral resources estimates respectively, expected to be defined in H2-2025.

• The exploration programme is continuing to focus on building out a long-term organic growth pipeline through its operated greenfield exploration programmes, and by leveraging early stage exploration companies operating in highly prospective greenstone belts.
• During Q2-2024 Endeavour completed a $2.7 million strategic investment into Koulou Gold Corp. (“Koulou”), a private exploration company focused on early stage exploration projects in Côte d’Ivoire. Subsequently, in Q1-2025 Endeavour exercised its warrants for $2.7 million and participated in Koulou’s financing for a further $2.3 million, and now holds 19.1% ownership of Koulou.
• Koulou’s projects include:
  • The Assuéfry project, which Koulou Gold holds an option to earn up to 90% interest in, located on the east side of the Tanda-Iguela property (Assafou project). Assuéfry is in a similar structural setting to Assafou and underlain by the same Tarkwaian-like sediments and Birimian volcanic rocks, as Assafou.
  • The highly prospective Sakassou project in central Côte d’Ivoire on the north east trending Bouaflé greenstone belt approximately 30 kilometres northwest of Perseus Mining’s Yaouré mine.
  • The Kouto project in northwestern Côte d’Ivoire on the north-north east trending Syama greenstone belt along strike from Aurum Resources’ Boundiali project.

For more information, please visit www.endeavourmining.com.