Dakar, 29 April 2024 ­ Endeavour Mining plc announced that the first gold pour from the Sabodala-Massawa BIOX® Expansion project in Senegal took place on 18 April 2024, marking the successful delivery of the BIOX® Expansion project on schedule and on budget with no lost time injuries. Since the start of wet commissioning on 27 February 2024, approximately 50,000 tonnes of ore have been processed through the BIOX® Expansion, with the processing plant operating in line with expectations. The first gold pour from the gravity circuit was completed on 18 April 2024 and yielded approximately 112 ounces of gold, the first gold pour from the BIOX® circuit was completed on 28 April 2024 and yielded approximately 612 ounces.

The BIOX® Expansion is expected to achieve commercial production in late second quarter-2024 and ramp up to its stable nameplate capacity of 1.2Mtpa, in third quarter-2024. At Sabodala-Massawa, 2.3 - 2.7Moz of Indicated resources discoveries are being targeted over the 2021 to 2025 period, of which 1.0Moz has already been discovered. This year an aggressive $21.0 million exploration program, totalling approximately 126,000 meters of drilling, has been planned with the aim of converting existing resources into reserves and delineating additional refractory and non-refractory resources across the Sabodala and Massawa mining permits, in addition to the recently acquired Niamaya exploration permit to the northeast of Sabodala-Massawa complex.

The Niamaya permit is located within close proximity to the processing plant and increases the size of the Sabodala-Massawa exploration package by 43km2 to 1,272 km2. The exploration program will focus on converting existing resources to reserves, principally at the Delya, Samina, Tina, Kerekounda and Golouma deposits that are in close proximity to the Sabodala-Massawa processing plant. The exploration program will also target additional non-refractory oxide resources at the Niakafiri, Kerekounda, Golouma, Kiesta and Delya deposits.

At the Niakafiri, Kerekounda and Golouma deposits, within 10 kilometres of the Sabodala-Massawa processing plant, drilling will focus will on extending mineralisation along the Niakafiri and Kerekounda mineralised trends. At the Kiesta and Delya deposits, drilling will focus on expanding the existing resources along strike and at depth. Refractory resources will be targeted at the Massawa Complex, where the exploration programme is focussed on extending resources at depth in the Massawa Central Zone pits and along the Main Transcurrent Zone structural corridor towards the Kanoumba complex and the Kwasara target.

The Sabodala-Massawa mine was acquired by Endeavour in February 2021, as part of its acquisition of Teranga. Endeavour owns a 90% stake in the Sabodala-Massawa mine, with the remaining 10% owned by the Government of Senegal. Located approximately 630 km east-southeast of Dakar, the capital of Senegal, the Sabodala-Massawa mine consists of several open pit operations on the highly prospective Birimian Greenstone Belt.

Non-refractory ore is treated at a 4.0Mtpa CIL plant that achieved commercial production in November 2009. In 2021, Endeavour expedited the completion of the initial upgrades at the existing CIL plant and simultaneously advanced the definitive feasibility study for the addition of a refractory ore processing plant to confirm the economic viability of processing the high-grade refractory ores from the Massawa Central Zone and Massawa North Zone deposits. In April 2022, Endeavour launched the construction of the 1.2Mtpa BIOX® circuit to process the large refractory ore resource with first gold achieved on 18 April 2024.

As at 31 December 2023, Proven and Probable reserves totalled 53.1Mt at 2.05 g/t containing 3.5Moz of gold and Measured and Indicated resources (inclusive of reserves) totalled 88.2Mt at 1.92 g/t containing 5.4Moz of gold. For the full year ended 31 December 2023, Sabodala-Massawa produced 294koz at an AISC of $767/oz. For FY-2024, Sabodala-Massawa is expected to produce between 360-400koz at an AISC of between $750-850/oz.

Sabodala-Massawa is Endeavour's largest exploration focus in 2024 with a guided spend of $21 million, or 31% of total Group exploration expenditure for the year. The exploration programme is focussed on converting existing resources to reserves and expanding non-refractory and refractory resources for the existing CIL processing plant and the new BIOX® Expansion respectively. The exploration programme remains on track to achieve its 5-year target of discovering an additional 2.3 - 2.7Moz of Indicated resources by the end of 2025.