Endeavour Achieves First Gold Pour at Sabodala-Massawa Expansion

Endeavour planning "aggressive" exploration campaign

The Sabodala-Massawa expansion, which began in early 2022, is anticipated to yield incremental production of 1.35 million ounces of gold at an all-in sustaining cost (AISC) of US$576 per ounce over the life of the project.

When it was announced, the company said the work would elevate Sabodala-Massawa to expected average annual production of 373,000 ounces over the next five years at an average AISC of US$745 per ounce.

With an upfront capital requirement of US$290 million, the expansion project was also expected to be self-funded by the existing Sabodala-Massawa operation. Endeavour acquired Sabodala-Massawa from Teranga Gold in February 2021. The asset was formed through Teranga's acquisition of the Massawa project from Barrick Gold (TSX:ABX,NYSE:GOLD) in early 2020, which combined the Sabodala mill and deposits with the nearby Massawa deposits.

The mine is comprised of two mining licenses, with Endeavour holding a 90 percent stake in each license, and the government of Senegal holding the remaining interest.

Looking ahead, Endeavour plans to focus on an aggressive exploration program at Sabodala-Massawa, targeting resource-to-reserve conversion and adding near-mine refractory and non-refractory resources.

Proven and probable reserves currently amount to 3.5 million ounces of gold, with measured and indicated resources reaching a figure of 5.4 million ounces.