Assafou Project Confirmed as Cornerstone Asset for Endeavour
Endeavour Mining (LSE: EDV, TSX: EDV) has announced positive Definitive Feasibility Study (DFS) results for the Assafou-Dibibango project on the Tanda-Iguela property in Côte d'Ivoire, confirming its potential as a cornerstone asset with the lowest AISC and longest mine life in the Endeavour portfolio.
DFS Key Highlights
- Production: 320,000 oz/year at AISC of US$1,026/oz over the first 8 years
- Mine life: 16 years based on Probable & Possible reserves of 4.4 Moz (77.4 Mt at 1.76 g/t)
- M&I resources: 5.0 Moz (80.1 Mt at 1.93 g/t) — a 470% increase since discovery in 2022
- Upfront capital: US$1,061 million based on scalable 5 Mtpa gravity/CIL processing plant
- After-tax NPV(5%): US$2.1 billion at US$2,500/oz gold, rising to US$5.1 billion at US$4,000/oz
- IRR: 28% at US$2,500/oz, rising to 55% at US$4,000/oz
Processing Plant Design
The DFS is based on a scalable 5 Mtpa nameplate capacity gravity and CIL processing plant. The increased upfront capital compared to the 2024 PFS reflects site infrastructure scope changes, plant optimizations to de-risk ramp-up, and scalability enabling seamless future expansion.
Exploration Upside
Over 20 highly prospective targets have been identified in the region. The Pala Trend 3 satellite, located 1 km from Assafou, has a maiden Indicated resource of 0.2 Moz (4.7 Mt at 1.55 g/t) and Inferred resource of 53 koz (1.0 Mt at 1.68 g/t). The deposit is open along strike and at depth.
Timeline
Early works have been launched including long-lead orders, detailed engineering and design, and key tenders. A final investment decision is targeted before end-2026, followed by a 24–30 month construction period. Endeavour's 2026–2030 strategy targets production growth to 1.5 Moz at first-quartile AISC by 2030.
CEO Ian Cockerill commented: "Assafou was discovered for US$13 million in 2022 and only four years later has a value of US$5.1 billion at a US$4,000/oz gold price. This demonstrates our ability to rapidly generate value through the drill bit."
