Endeavour Achieves Commercial Production at BIOX Expansion and Lafigué Growth Projects

Core Viewpoint - Endeavour Mining has successfully achieved commercial production at both the Sabodala-Massawa BIOX Expansion and Lafigué mine, marking a significant milestone in its growth strategy and positioning the company for enhanced free cash flow generation and shareholder returns [1][4][2]. Group 1: Production Achievements - Commercial production was achieved on budget and on schedule at the Sabodala-Massawa BIOX Expansion and Lafigué mine on 1 August 2024 [1]. - The BIOX Expansion operated with 94% plant availability at 80% of nameplate capacity, achieving average recoveries above 72% during July and August [1][5]. - The Lafigué mine reached commercial production only one month after the first gold pour, operating with 87% plant availability at 72% of nameplate capacity, with average recoveries above 95% during August [1][8]. Group 2: Operational Performance - During July and August, a total of 160,000 tonnes of ore was processed at the Sabodala-Massawa mine at a grade of 2.8 g/t gold, with processing rates exceeding 2,580 tonnes per day [5]. - The Lafigué processing plant processed 241,000 tonnes of ore at a grade of 1.8 g/t gold in August, with processing rates exceeding 7,700 tonnes per day [8]. - Both projects consistently exceeded commercial production criteria for at least 30 days, with all major capital expenditures completed [6][9]. Group 3: Future Outlook - The company is transitioning to a phase focused on free cash flow generation, which will support enhanced shareholder returns and reduce leverage [4]. - Endeavour plans to focus on asset-level optimization initiatives and technical studies ahead of the next growth phase, including the potential construction of the Assafou project starting in 2026 [3]. - The Sabodala-Massawa mine is expected to produce 294,000 ounces at an all-in sustaining cost (AISC) of $767 per ounce for the full year ended 31 December 2023, with production expected to be strongly weighted towards the second half of 2024 due to the ramp-up of the BIOX expansion project [11].