Announcement • May 26

Endeavour Mining Plc Announces Positive Definitive Feasibility Study Results For The Assafou Project

Endeavour Mining plc announced the results of the Definitive Feasibility Study for the Assafou-Dibibango project on the Tanda-Iguela property in Côte d’Ivoire. Definitive Feasibility Study confirms Assafou's potential to become a cornerstone asset for Endeavour highlighting: 320kozpa production at all-in sustaining cost of $1,026/oz over first 8 years. 16-year mine life based on Proven and Probable reserves of 4.4Moz (77.4Mt at 1.76g/t); Measured and Indicated resources of 5.0Moz (80.1Mt at 1.93g/t). Robust project economics with after-tax NPV(5%) of $2,059 million and 28% IRR at a gold price of $2,500/oz, increasing to $5,113 million and 55% at a gold price of $4,000/oz. Upfront capital of $1,061 million based on a scalable 5Mtpa design nameplate capacity gravity /CIL processing plant; increased upfront capital reflects changes to site infrastructure, plant optimisations to de-risk ramp-up and to enable seamless plant expansion in the future. Significant exploration potential with over 20 highly prospective targets defined: Assafou deposit (5.0Moz Measured and Indicated resource) mineralisation is open along strike and at depth; Pala Trend 3 (0.2Moz maiden Measured and Indicated resource) satellite located 1km away is mineralised from surface. Assafou is the first discovery in a highly prospective and underexplored belt. Early works launched including long-lead orders, detailed engineering and design, and key tenders. Final investment decision targeted before end-2026, with subsequent 24 – 30 month construction. Assafou underpins the Group’s sector-leading organic growth outlook to 1.5Moz, at first quartile all-in sustaining cost, by 2030. The key operational and economic highlights of the Assafou Definitive Feasibility Study are summarised as follows: Mine type is open pit, plant type is 5.0Mtpa Gravity /CIL Plant. Proven and Probable reserves are 77.4Mt at 1.76g/t Au for 4.4Moz. Measured and Indicated resources (inclusive of reserves) are 80.1Mt at 1.93g/t Au for 5.0Moz. Inferred resources are 0.9Mt at 2.34g/t Au for 0.1Moz. Mine life is 16 years. Strip ratio is 6.3. Tonnes processed are 77.4Mt. Grade processed is 1.76g/t Au. Gold contained processed is 4.4Moz. Average recovery rate is 94%. Gold production is 4.1Moz. Average annual production is 257kozpa. Cash costs are $952/oz. All-in sustaining cost is $1,062/oz. Average for years 1 to 8: Production is 320kozpa, cash costs are $887/oz, all-in sustaining cost is $1,026/oz. Upfront capital cost is $1,061 million. GHG Emissions Intensity is 0.59 t CO2e/oz. Energy Intensity is 7.39 GJ/oz. Gold Price: $2,000/oz, $2,500/oz, $3,000/oz, $4,000/oz. Pre-tax NPV(5%) is $1,625 million, $2,909 million, $4,250 million, $6,934 million. IRR is 23%, 34%, 45%, 66%. Payback Period is 4.14, 3.01, 2.43, 1.81 years. After-tax NPV(5%) is $1,074 million, $2,059 million, $3,077 million, $5,113 million. IRR is 18%, 28%, 37%, 55%. Payback Period is 4.97, 3.52, 2.73, 1.95 years. The 100% owned Tanda and Iguela exploration permits are located in the eastern region of Côte d’Ivoire, approximately 280km northeast of Abidjan, adjacent to the Ghana border. A maiden Indicated resource of 1.1Moz (14.9 at 2.33 g/t Au) was published on 21 November 2022, based on 56,000 metres of drilling, and was subsequently increased to 4.5Moz (70.9 at 1.97 g/t Au) on 29 November 2023, based on an additional 123,000 metres of drilling. Further exploration and advanced grade control drilling at the Assafou deposit and exploration drilling at the Pala Trend 3 satellite deposit resulted in an increase in Measured and Indicated resources to 5.2Moz at 1.91g/t as of 31 December 2025. These resources are based on an additional 99,000 metres of drilling and include maiden Measured resources, reflecting increased resource confidence. The DFS demonstrates Assafou’s potential to deliver 320kozpa at all-in sustaining cost of $1,026/oz over the first eight years of operations, with average production of 257kozpa and all-in sustaining cost of $1,062/oz over the 16-year life of mine. The DFS production profile is based on the Assafou deposits’ mineral reserves only, with an effective date of 31 December 2025. The DFS production profile excludes mineral resources outside of reserves and excludes the maiden Measured and Indicated mineral resource of 4.7Mt at 1.55g/t for 0.2Moz at the Pala Trend 3 satellite deposit, that was defined following successful exploration drilling during 2025. Nearly 70,000 metres of exploration drilling has been completed at nearby satellite deposits, which is expected to contribute to further resource and reserve increases supporting higher levels of production, particularly in years 12 to 16 of the production profile. The Assafou Project’s 31 December 2025 reserve and resource estimate is as follows: Proven Reserves are 21.5Mt at 1.87g/t for 1,295koz, Probable Reserves are 55.9Mt at 1.72g/t for 3,085koz, Proven and Probable Reserves are 77.4Mt at 1.76g/t for 4,379koz, Measured Resource (incl. reserves) is 20.8Mt at 2.05g/t for 1,367koz, Indicated Resources (incl. reserves) are 59.4Mt at 1.89g/t for 3,606koz, Measured and Indicated Resources are 80.1Mt at 1.93g/t for 4,972koz, Inferred Resources are 0.9Mt at 2.34g/t for 69koz. Ore will be processed via a 5.0 Mtpa gravity /carbon-in-leach processing plant. Over the life of mine, the plant will be fed with approximately 88% fresh ore and 12% oxide and transitional ore. The comminution circuit is expected to comprise of two-stage crushing followed by a high-pressure grinding roll and a ball milling circuit. A primary gyratory crusher will crush ore to a coarse crush size, followed by dual secondary cone crushers. Ore will then be fed through the high-pressure grinding roll circuit that feeds the ball mill. The ball mill will mill the ore to 80% passing 106µm. The milled ore will pass through a gravity circuit comprising two Knelson concentrators for separation and recovery of coarse free gold, to produce a gravity concentrate for cyanidation and electrowinning that can be smelted to produce gold doré. High gravity recovery of approximately 70% is estimated. Coarse feed is returned to the ball mill while screened cyclone overflow is passed via the leach feed thickener to a carbon-in-leach circuit containing one pre-leach tank and six carbon-in-leach tanks, in series, for leaching and absorption. Leach residence time will be approximately 36 hours. Following leaching and absorption, gold will be recovered from activated carbon by elution, electrowinning, and gold smelting to produce gold doré. Extensive multiphase metallurgical test work has demonstrated that ore from the Assafou deposit contains free-milling gold, with a high proportion of gravity recoverable gold, that is amenable to cyanidation. The majority of the remaining gold has a high leach extraction potential resulting in an overall gold recovery rate of 94% over the life of mine.

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