Name of the Project
Sabodala-Massawa gold mine expansion.

Location
Senegal.

Project Owner/s
Endeavour Mining.

Project Description
The Sabodala-Massawa mine comprises two mining licences, the Sabodala and Massawa exploitation permits, and two other exploration permits. The project has proven and probable reserves of 66.4-million tonnes grading 2.08 g/t gold for 4.44-million ounces of gold. Measured and indicated resources, including reserves, are estimated at 110.1-million tonnes grading 1.94 g/t
gold for 6.88-million ounces of gold. Indicated resources are estimated at 24.3-million tonnes grading 2.16 g/t of gold for 1.68-million ounces of gold.

A definitive feasibility study (DFS) has recommended the expansion of the Sabodala-Massawa complex by supplementing the current 4.2-million-tonne-a-year carbon-in-leach plant with a 1.2-million-tonne-a-year BIOX plant to process the high-grade refractory ores from the Massawa Central Zone and Massawa North Zone deposits. Total production over the project’s estimated 14-year mine life is estimated at 3.95-million ounces, with average production estimated at 282 000 oz/y.

The project presents significant upside potential as the DFS does not include the conversion of the previously announced discovery of 709 000 oz
of measured and indicated resources.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate and $1 700/oz gold price, of $1.13-million and an internal rate of return of 83%, with a payback of 1.3 years.

Capital Expenditure
The project is estimated at $290-million.

Planned Start/End Date
Construction will start in the second quarter of 2022, with first gold pour from the BIOX plant expected in early 2024.

Latest Developments
A $15-million exploration programme is planned for 2022, with ongoing work on the Massawa permit at Sofia North, Delya, Samina and Tina focused on expanding pit resources and converting them to reserves.

Key Contracts, Suppliers and Consultants
Lycopodium Minerals (DFS); Minescope Services (consulting on the process plant); Metso-Outotec(BIOX and milling technology); Land and Marine Geological Services (design and execution of the tailings storage facility); QGE (power station expansion engineering services and management of the delivery of the power station expansion by an original-equipment manufacturer on a lump-sum turnkey basis).

Contact Details for Project Information
Endeavour Mining, tel +44 203 011 2723 or email info@endeavourmining.com.