2nd Dec 2025 09:32
(Alliance News) - Endeavour Mining PLC on Tuesday outlined goals for the next five years, noting the potential to expand operations beyond its current West African targets.
From 2026 to 2030, the London-based gold producer targeting West Africa aims to discover between 12 million to 15 million ounces of mineral resources, at an average cost below USD40 per ounce. This amounts to total exploration costs in the region of USD540 million over five years.
Between 2016 and 2025, which included two exploration campaigns, Endeavour reported discovery of 20.7 million ounces of resources, at an average cost below USD25 an ounce.
Average annual exploration costs through to 2030 are expected to rise above USD100 million.
Endeavour Mining shares fell 1.6% to 3,555.36 pence on Tuesday morning in London. The stock's value has more than doubled over the past 12 months.
"Our strong track record, highly prospective land packages and high-calibre team give us the confidence to set a new, ambitious exploration target," commented Chief Executive Ian Cockerill.
"We expect that this targeted level of sustainable growth will ensure that we can maintain our competitive advantage and continue to deliver sector leading returns to our shareholders."
Organic growth remains a priority, Cockerill added. To that end, Endeavour hopes to discover two to three new greenfield projects in the next five years, representing about 6 million ounces of its total target. It sees near-mine discoveries ranging from 6 million to 9 million ounces of the total.
The plan is to expand its search area beyond West Africa to the Central Asian Orogenic Belt, South America's Guiana Shield and the West Tethyan Metallogenic Belt in the Balkans.
Endeavour also called attention to "significant opportunities" for exploitation in the brownfield sector, where the guide range is also 6 million to 9 million ounces, across 50 target zones.
The company will focus on areas where it is already operating in Cote d'Ivoire, Senegal and Burkina Faso, aiming to find 5.0 million to 7.5 million ounces near existing mines.
About 1.0 million to 1.5 million ounces are targeted "in close proximity" to Ivory Coast's Assafou gold deposit, which the company estimated to contain 4.6 million ounces of gold at the end of 2024. New greenfield sites are hoped to replace Assafou in the firm's "tier 1" project pipeline.
By Holly Munks, Alliance News reporter
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