Endeavour Targets 12–15Moz in New Gold Discoveries by 2030

Endeavour Mining has outlined an ambitious five year exploration vision that seeks to secure long term production growth through major new gold discoveries across Africa and several globally prospective mineral belts. The company aims to uncover between 12 and 15 million ounces of new resources during the 2026 to 2030 period, positioning exploration as the central pillar of its organic growth strategy. By setting discovery costs below 40 dollars per ounce, Endeavour signals its commitment to disciplined capital deployment while pursuing high value geological opportunities.

A key feature of the strategy is the balanced approach between brownfield and greenfield exploration. Brownfield work, designed to extend mine life and enhance existing operations, is expected to contribute 6 to 9 million ounces, enabling several flagship mines to maintain production visibility beyond 10 years. At the same time, Endeavour plans to generate approximately 6 million ounces from greenfield targets, including the discovery of two to three new tier 1 cornerstone projects that can support future development pipelines. This dual focus ensures that short, medium and long term resource growth horizons are simultaneously addressed.

Endeavour’s geographic focus spans both established and emerging gold provinces. While West Africa remains a central priority due to its prolific endowment and the company’s operational presence, exploration will also intensify in three additional regions, the Central Asian Orogenic Belt, the Guiana Shield and the West Tethyan Belt. These mineral belts have a strong track record of hosting world class gold deposits, offering the potential for transformative discoveries. The new outlook follows a highly successful 2016 to 2025 exploration cycle, during which Endeavour added 20.7 million ounces of measured and indicated resources at discovery costs of less than 25 dollars per ounce, reinforcing its credentials as one of the sector’s most efficient gold explorers.

Financially, the company is preparing for its most intensive exploration effort to date, with an annual budget exceeding 100 million dollars and a total planned expenditure of 540 million dollars from 2026 to 2030. Endeavour will prioritise high grade, long life deposits capable of supporting low cost, high output production profiles. This strategy is strengthened by its data driven Gold Mineral System Framework, which integrates geological expertise with artificial intelligence based targeting tools to enhance predictive accuracy and reduce exploration risk. The programme will concentrate heavily on extending mine life across key assets including Ity, Houndé, Sabodala Massawa, Lafigué, Mana and Assafou.

If successful, Endeavour’s discovery ambitions could significantly impact Africa’s mining industry by reaffirming the continent’s prominence as a global gold frontier. Large scale new resource additions would not only support the company’s long term growth but could also stimulate further investment, contribute to employment creation and strengthen local economies in host countries. Moreover, by leveraging advanced technology and disciplined spending, Endeavour sets a benchmark for sustainable exploration that could influence broader industry practices across Africa and other emerging gold provinces.

Mini Glossary

• Brownfield exploration: Drilling and geological work conducted near existing mines to extend resource life.
• Greenfield exploration: Early stage exploration in previously undeveloped areas with no established mines.
• Tier 1 project: A large, high grade, long life mining operation capable of generating strong returns.
• Measured and Indicated (M&I) resources: Higher confidence Mineral Resource categories used for mine planning.
• Orogenic belt: A geological region formed by tectonic plate collisions, often hosting significant mineral deposits.

Editor: Vural Burç ÇAKIR