London- and Toronto-listed Endeavour Mining has announced that its 2026 to 2030 exploration programme is targeting the discovery of between 12-million and 15-million ounces of mineral resources, at a discovery cost of less than $40/oz, for a total exploration expenditure of about $540-million over the period.

This discovery target includes six-million to nine-million ounces through near-mine discoveries and a further six-million ounces through greenfield discoveries, including between two to three new greenfield discoveries that could become cornerstone projects for Endeavour.

The company notes that its targets are defined based on its proprietary gold mineral system framework, a robust and proven methodology that the company believes provides a consistent approach to targeting Tier 1 gold deposits.

The gold mineral system framework analyses the genetic elements required to create a Tier 1 gold deposit at various scales and is incorporated into the AI data analytics tool that the company uses to quickly evaluate targets against these key genetic elements.

Endeavour says this systematic approach supports disciplined prioritisation across all of the company’s exploration activities.

“Since 2016, we have consistently generated significant value through the drill bit.

“We have replaced more than double our production depletion with high-quality, high-grade ounces, allowing us to extend mine lives and improve our asset quality. In doing so, we have discovered two top-tier greenfield projects that have been quickly advanced to become cornerstone projects in our portfolio.

“Our strong record, highly prospective land packages and high-calibre team give us the confidence to set a new, ambitious exploration target; the discovery of between 12-million and 15-million ounces of resources over the next five years at a discovery cost of less than $40/oz,” says CEO Ian Cockerill.

He adds that Endeavour’s exploration programme seeks to replace production depletion and extend mine lives at the company’s core assets, while also discovering new greenfield projects both within its current land packages and in new, highly fertile, immature gold provinces, where the company can leverage local partnerships to support the discovery of Tier 1 gold deposits.

BROWNFIELD EXPLORATION

Endeavour notes that its brownfield exploration programme is targeting between six-million and nine-million ounces of mineral resources at a discovery cost of less than $40/oz, screening about 50 targets across 7 000 km² of exploration tenure in Côte d’Ivoire, Senegal and Burkina Faso.

Focused on areas surrounding existing operations, the programme is designed to replace ounces depleted through production, extend the lives of current mines, and maintain or improve reserve and resource grades to ensure consistently high ore quality.

Of the six-million-to-nine-million-ounce target across the 50 targets within the brownfield portfolio, five-million to 7.5-million ounces are expected to be discovered in close proximity to its existing mines, while one-million to 1.5-million ounces are expected to be discovered at, or in close proximity to, the Assafou development project, in Côte d’Ivoire.

Endeavour says it employs a sophisticated ranking methodology that initially evaluates prospective resources based on their quality, proximity to the processing plant and timeline to development.

Resource quality examines the potential grade, size and metallurgical recovery rates to ensure brownfield targets are accretive to the proximal mine and amenable to the process plant.

Proximity to the processing facility and to existing infrastructure is considered in conjunction with resource quality. Timing is also considered to ensure targets are complementary to the current mine plans.

GREENFIELD EXPLORATION

Meanwhile, Endeavour notes that its greenfield programme's ambitious goal is to discover six-million ounces of mineral resources and two or three new Tier 1 greenfield deposits over the 2026 to 2030 period, replacing the Tier 1 Assafou deposit in the company's pipeline, using two complementary approaches.

Firstly, the company says greenfield exploration will be accelerated within West Africa, focussed on seeking to identify the next large, low-cost and long mine life asset that can be added to the group’s attractive organic growth pipeline.

Secondly, greenfield exploration will focus on identifying targets within highly prospective and relatively immature geological terrains outside of West Africa, across three Tier 1 gold provinces; the Central Asian Orogenic Belt (CAOB), the Guiana Shield and the West Tethyan Metallogenic Belt.

Unlike brownfield resource discovery targets, which are supported by existing geological data and prior exploration data, the greenfield mineral resource discovery targets are more conceptual in nature and contain an elevated degree of uncertainty, the company notes.

From a jurisdictional standpoint, Endeavour says it prioritises regions with transparent legal frameworks, established mining sectors and existing infrastructure that enable quick project development.

Beyond the technical criteria, potential paths to entry, including whether to form partnerships with local companies or acquire properties directly, are also considered.

The company notes that targets within these provinces must demonstrate the potential to host deposits of significant scale, high technical likelihood of a mineral system and low exploration maturity.

Scale potential is critical for identifying future Tier 1 deposits, which are defined as major discoveries with at least three-million ounces of resource potential, low production costs and mine lives exceeding ten years.

The company assesses the potential mineable size of mineralised systems, the expected ore grade and whether multiple deposits might cluster in one area, which can dramatically improve project economics.

Endeavour adds that they must also exhibit technical likelihood following a rigorous geological evaluation, including the presence of favourable mineral systems, proven gold deposits and evidence that gold exists in economic quantities.

The company says a favourable mineral system must demonstrate proof of regional fertility and metallogenic fertility with proven gold deposits.

Critically, Endeavour notes that it seeks areas with limited exploration maturity where prior exploration using modern, subsurface exploration techniques has been minimal.

The maturity assessment examines what exploration stage each target has reached and considers the typical development timeline to production.

“While we see significant opportunities across our brownfield portfolio, we are encouraged by the potential to add additional standalone cornerstone greenfield deposits to our pipeline," says Cockerill.

He explains that the company is targeting assets with over three-million ounces of high-grade resources that are capable of producing at least 300 000 oz/y of production at “sector leading” all-in sustaining costs, with mine-life visibility of more than ten years.

“Our exploration outlook reiterates our commitment to organic growth, which underpins our high-quality portfolio and the resilience of our business.

“We expect that this targeted level of sustainable growth will ensure that we can maintain our competitive advantage and continue to deliver sector leading returns to our shareholders,” says Cockerill.

ASSETS

At Endeavour’s Ity operation, in Côte d’Ivoire, the company notes that the discovery of between one-million and 1.5-million ounces of mineral resources over the 2026 to 2030 period is targeted.

Following the successful 50% increase in Ity’s mine reserves in 2024, near-term exploration efforts will focus on targets along the Ity trend including Gbampleu, Guimapleu, Guya and Monta-Bâ within the Toulepleu permit, in addition to the Mahapleu and Goleu targets.

Endeavour says the Toulepleu permit presents an opportunity for Ity to vastly expand its resource in the long term, while the deposits within the Ity mining permit retain the potential to improve operational efficiency through the Ity donut expansion, where a scoping study is ongoing.

At the company’s Houndé operation, in Burkina Faso, the discovery of between 1.5-million and two-million ounces of mineral resources over the 2026 to 2030 period is targeted.

Exploration efforts are currently focused on the large and high-grade Vindaloo Deeps deposit, adjacent to the Houndé processing plant, where a maiden resource is expected in the first quarter of 2026 and which the company believes has the potential to continue expanding.

Further exploration along the Kari Fault and at the Karba and Kari Deeps targets is also being prioritised to identify potential extensions to the existing Kari deposits’ mineralisation.

Additionally, within the vast Sabodala-Massawa property, in Senegal, the discovery of between 1.5-million and two-million ounces of mineral resources over the 2026 to 2030 period is targeted, prioritising targets that can support the mine plan.

Current exploration efforts are focused on the Makana and Kawsara targets, which are expected to provide non-refractory resources to support the mine plan, while the Goulouma and Kerekounda underground deposits are expected to provide high grade non-refractory ore in the medium term to bolster the grade profile in the mine plan.

The Makana target, located about 20 km from the Sabodala-Massawa processing plant, is a near-surface deposit with high-grade lenses and mineralisation that remains open to the north of the deposit.

Further drilling is expected in financial year 2026 to further delineate the Makana target.

The Kawsara target, located about 35 km south of the Sabodala-Massawa processing plant, has a mineralised strike length of over 1 300 m with step-out drilling indicating that mineralisation extends further towards the Massawa deposits.

Meanwhile, at the Lafigué mine, in Côte d’Ivoire, the discovery of between one-million and 1.5-million ounces of mineral resources over the 2026 to 2030 period is targeted.

Endeavour says exploration activities were limited during the project development phase at Lafigué but have been accelerated.

Current exploration efforts are focussed on several targets surrounding the Lafigué deposit, primarily at the Central Area target and Corridor Target T4-12, along with Corridor Target 01 and 9-11, Corridor WA 01-03, WA 02-06, and WA08.

At Mana, in Burkina Faso, the discovery of up to 500 000 oz of mineral resources over the 2026 to 2030 period is targeted.

Exploration efforts are focussed on extending resources at the Wona underground deposit, where 12 deep holes drilled for a total of 7 600 m in financial year 2025, have confirmed mineralisation beneath the existing underground mine.

The company says it believes additional openpit opportunities exist at the Bara and Momina deposits.

At the Assafou project, the discovery of between one-million and 1.5-million ounces of mineral resources over the 2026 to 2030 period is targeted.

Exploration has identified ten targets in close proximity to the Assafou deposit and has advanced at the nearby Pala Trend 2 and Pala Trend 3 satellite deposits, located within 1 km west of the Assafou deposit.

The Pala Trend targets are expected to provide near-surface ore to supplement production at the Assafou deposit.

Additional potential exists at the Assufrey deposit, owned and operated by Koulou Gold, in which Endeavour has a 19% stake, and which is located about 30 km east of Assafou.