Endeavour Increases its Stake in the Fetekro Project; Pre-Feasibility Study On Track for Q1-2021 - Seite 3

A Preliminary Economic Assessment (“PEA”), based on the previous 1.2Moz Indicated resource, was published on August 18, 2020 and demonstrated robust project economics, as shown in Table 2 below.

Table 2: Initial PEA Highlights

	TOTAL LIFE OF MINE
Gold contained processed	1.0Moz
Average recovery rate	95%
Gold production	0.95Moz
Cash costs	$592/oz
AISC	$697/oz
Upfront capital cost	$268m
Pre-tax NPV5% based $1,500/oz	$372m
Pre-tax IRR based $1,500/oz	37%

For further information, please refer to Endeavour’s press release dated August 18, 2020, available on its website and on SEDAR under its profile.

A PFS is expected to be published in Q1-2021 and will be based on the updated 2.5Moz Indicated resource and will define a production scenario based on a 3.0Mtpa mill throughput (compared to 1.5Mtpa for the PEA). Given its strong exploration potential, Endeavour believes that Fetekro has the potential to become a cornerstone asset with a production target of +200koz per annum over 10 years at a low AISC.

The mining permitting process is well underway, with the environmental study completed and submitted. Receipt of the environmental permit is expected in early 2021, following which the exploitation license application will be submitted.

To date, only a small portion of the Fetekro property has been explored, as the priority has been the Lafigué deposit, which remains open at depth and along strike. Several additional exploration targets have been identified within 10km from Lafigué, which have had limited drilling of just 7,050 meters, as shown in Figure 1 below.

Figure 1: Fetekro Map with Exploration Targets

 

The current 15,000 meter drilling campaign is expected to be completed during Q4-2020, with the aim of further extending the Fetekro resource and testing nearby targets, including Lafigué Sud, as shown in Figure 2 below.

Figure 2: Q4-2020 Fetekro Drilling Campaign  

 

QUALIFIED PERSONS

The scientific and technical content of this news release has been reviewed, verified and compiled by Silvia Bottero, Professional Natural Scientist, VP Exploration Côte d’Ivoire for Endeavour. Silvia Bottero has more than 18 years of mineral exploration and mining experience and is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").