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    Endeavour 15Moz exploration push: discovery cost and resource upside for mine planners

    December 3, 2025|

    Reviewed by Joe Ashwell

    Endeavour 15Moz exploration push: discovery cost and resource upside for mine planners

    First reported on MINING.com

    30 Second Briefing

    Endeavour Mining plans to discover 12–15Moz of new resources between 2026 and 2030 on a $540 million budget, targeting a discovery cost below $40/oz after delivering 20.7Moz at under $25/oz from 2016–2025. The company will test about 50 near-mine targets across 7,000km² in Côte d’Ivoire, Senegal, and Burkina Faso, with Houndé and Sabodala-Massawa each aiming for 1.5–2Moz and Ity, Lafigué, Assafou and Mana together adding up to 4.5–5Moz. Endeavour also invested £1.8 million in East Star Resources to back gold-copper exploration in Kazakhstan.

    Technical Brief

    • Annual exploration outlay is expected to exceed $100 million through to at least 2030.
    • Greenfield work is planned to deliver ~6Moz, including 2–3 prospects capable of becoming cornerstone assets.
    • Houndé (Burkina Faso) previously added 2.8Moz in 2016–2025; Sabodala-Massawa (Senegal) added 1.7Moz.
    • Ity, Lafigué and Assafou (Côte d’Ivoire) collectively delivered 13.2Moz in 2016–2025, now targeting lower incremental additions.
    • Mana (Burkina Faso) increased its contribution target to 0.5Moz, up from 0.3Moz in the prior campaign.
    • Around 50 brownfield targets are being drilled across 7,000km² in Côte d’Ivoire, Senegal and Burkina Faso.
    • Brownfield focus is explicitly to replace mined ounces, maintain head grades and tighten drill-ready project pipelines.
    • £1.8 million strategic investment in East Star Resources includes a convertible loan note for Kazakhstan gold–copper exploration.
    • Analysts frame Endeavour’s low-cost Tier 1 discovery track record as differentiated in a market short of new deposits.

    Our Take

    Endeavour Mining’s 12–15Moz gold discovery target to 2030 sits at the upper end of what our database shows for single-operator exploration pipelines in Africa, signalling that Houndé, Sabodala-Massawa, Ity, Lafigué and Assafou are being positioned as a long-life cluster rather than a sequence of standalone mines.

    The planned lift in exploration spend to at least USD 100 million per year in Burkina Faso, Senegal and Côte d’Ivoire contrasts with several other Africa-tagged gold stories in our coverage where operators are trimming budgets in higher-risk jurisdictions, suggesting Endeavour is doubling down on districts where it already has infrastructure and social licence.

    With 50 near-mine targets being tested and a stated focus on gold alongside copper and rare earths, this programme could also underpin future by-product credits at existing West African plants, which in our database has been a key lever for keeping all-in sustaining costs competitive at mature gold operations.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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