Endeavour targets up to 15Moz in five-year exploration push

Endeavour Mining (TSX: EDV, LON: EDV) plans to discover 12–15 million ounces of new mineral resources between 2026 and 2030 at a projected cost of less than $40 per ounce, it said on Tuesday.

The company set a total exploration budget of about $540 million for the next five years, round existing operations while adding another 6Moz through greenfield work, including two to three prospects with the potential to become cornerstone assets. That increase marks a 57% rise in spending from the $69 million annual average spent for the 2016-2025 period. 

“While an aggressive target, we believe the company is well-positioned to deliver, given the prospectivity of its focus areas,” BMO Capital Markets analyst Raj Ray said in a note on Tuesday.

The plan also expands on the miner’s 2016–2025 campaigns, which delivered 20.7Moz of measured and indicated resources at a discovery cost below $25/oz. 

Chief executive officer Ian Cockerill said Endeavour has replaced more than double its production depletion since 2016, adding that high-quality ounces have extended mine lives and strengthened the portfolio. The company expects to spend more than $100 million a year on exploration through 2030, as it maintains a focus on organic growth.

At an asset by asset level, Endeavour expects the largest additions to its overall production to come from Burkina Faso’s Houndé and Senegal’s Sabodala-Massawa, each targeting 1.5–2 Moz compared with 2.8Moz and 1.7Moz in the 2016–2025 campaign.

Côte d’Ivoire’s Ity, Lafigué, and Assafou each aim for 1–1.5Moz, down from 5.4Moz, 3.2Moz, and 4.6Moz respectively. Burkina Faso’s Mana is forecast to contribute up to 0.5Moz, up from 0.3Moz.

Analysts at Jefferies said Endeavour Mining’s goal stands out in a market starved of new quality discoveries, underscoring the miner’s commitment to organic growth.

“With a proven track record of delivering Tier 1 discoveries at low cost, we see this strategy as a strong long-term value driver for shareholders,” they wrote.

Near-mine potential

As part of the new plan, Endeavour is testing about 50 targets across 7,000km² in Côte d’Ivoire, Senegal, and Burkina Faso. The company says the brownfield program is meant to replace mined ounces, keep grades strong, and support long-term mine planning by tightening the pipeline of drill-ready prospects near its operations.

In a separate announcement, East Star Resources (LON: EST) secured a £1.8 million strategic investment from Endeavour, including a convertible loan note.

The funding will support East Star’s gold and copper exploration in Kazakhstan and deepen its partnership with Endeavour, which the companies say underscores the region’s potential.