Mr. Ian Cockerill reports

ENDEAVOUR ACHIEVES FIRST GOLD POUR AT SABODALA-MASSAWA EXPANSION

Endeavour Mining PLC's first gold pour from the Sabodala-Massawa Biox expansion project in Senegal took place on April 18, 2024, marking the successful delivery of the Biox expansion project on schedule and on budget with no lost-time injuries.

Ian Cockerill, chief executive officer, commented: "We are proud to have achieved our first gold pour at the Sabodala-Massawa Biox expansion with over 3.5 million man hours worked with no lost time injuries.

"We have commissioned the project and delivered first gold in only two years, marking the fourth capital project that we have completed in the last 10 years. All of these have been completed in two years or less, and have been delivered on schedule, on budget and with no lost-time injuries. This is a testament to the quality of our projects team and the competitive advantage we have in West Africa.

"At the Sabodala-Massawa Biox expansion we expect to achieve nameplate capacity in Q3 2024 driving stronger production at lower all-in sustaining costs through the year, sustaining the Sabodala-Massawa complex's industry-leading cost profile.

"With the Sabodala-Massawa expansion successfully commissioned, we are now focused on delivering the Lafigue project in the coming weeks, a full quarter ahead of schedule. The successful launch of both the Sabodala-Massawa expansion and the Lafigue project will further improve the quality of the portfolio, adding low-cost production and extending mine life visibility. The completion of the two projects underpins our transition to a more cash flow generative phase, from the second half of the year, when we will focus on enhancing shareholder returns and delevering our balance sheet, as we continue to execute on our strategy."

Since the start of wet commissioning on Feb. 27, 2024, approximately 50,000 tonnes of ore have been processed through the Biox expansion, with the processing plant operating in line with expectations. The first gold pour from the gravity circuit was completed on April 18, 2024, and yielded approximately 112 ounces of gold, the first gold pour from the Biox circuit was completed on April 28, 2024, and yielded approximately 612 ounces. The Biox expansion is expected to achieve commercial production in late Q2 2024 and ramp up to its stable nameplate capacity of 1.2 million tonnes per annum, in Q3 2024.

Sabodala-Massawa exploration program

At Sabodala-Massawa, 2.3 million to 2.7 million ounces of indicated resources discoveries are being targeted over the 2021 to 2025 period, of which one Moz has already been discovered. This year an aggressive $21-million exploration program, totalling approximately 126,000 metres of drilling, has been planned with the aim of converting existing resources into reserves and delineating additional refractory and non-refractory resources across the Sabodala and Massawa mining permits, in addition to the recently acquired Niamaya exploration permit to the northeast of Sabodala-Massawa complex. The Niamaya permit is located within close proximity to the processing plant and increases the size of the Sabodala-Massawa exploration package by 43 square kilometres to 1,272 square km.

The exploration program will focus on converting existing resources to reserves, principally at the Delya, Samina, Tina, Kerekounda and Golouma deposits that are in close proximity to the Sabodala-Massawa processing plant.

The exploration program will also target additional non-refractory oxide resources at the Niakafiri, Kerekounda, Golouma, Kiesta and Delya deposits. At the Niakafiri, Kerekounda and Golouma deposits, within 10 kilometres of the Sabodala-Massawa processing plant, drilling will focus will on extending mineralization along the Niakafiri and Kerekounda mineralized trends. At the Kiesta and Delya deposits, drilling will focus on expanding the existing resources along strike and at depth.

Refractory resources will be targeted at the Massawa complex, where the exploration program is focused on extending resources at depth in the Massawa Central zone pits and along the main transcurrent zone structural corridor toward the Kanoumba complex and the Kwasara target.

About the Sabodala-Massawa mine

The Sabodala-Massawa mine was acquired by Endeavour in February, 2021, as part of its acquisition of Teranga. Endeavour owns a 90-per-cent stake in the Sabodala-Massawa mine, with the remaining 10 per cent owned by the government of Senegal.

Located approximately 630 km east-southeast of Dakar, the capital of Senegal, the Sabodala-Massawa mine consists of several open-pit operations on the highly prospective Birimian greenstone belt. Non-refractory ore is treated at a four Mtpa carbon-in-leach plant that achieved commercial production in November, 2009. In 2021, Endeavour expedited the completion of the initial upgrades at the existing CIL plant and simultaneously advanced the definitive feasibility study for the addition of a refractory ore processing plant to confirm the economic viability of processing the high-grade refractory ores from the Massawa Central zone and Massawa North zone deposits. In April, 2022, Endeavour launched the construction of the 1.2 Mtpa Biox circuit to process the large refractory ore resource with first gold achieved on April 18, 2024. As at Dec. 31, 2023, proven and probable reserves totalled 53.1 million tonnes at 2.05 grams per tonne containing 3.5 Moz of gold and measured and indicated resources (inclusive of reserves) totalled 88.2 Mt at 1.92 g/t containing 5.4 Moz of gold. For the full year ended Dec. 31, 2023, Sabodala-Massawa produced 294,000 oz at an AISC of $767/oz. For fiscal year 2024, Sabodala-Massawa is expected to produce between 360,000 and 400,000 oz at an AISC of between $750 and 850/oz.

Sabodala-Massawa is Endeavour's largest exploration focus in 2024 with a guided spend of $21-million, or 31 per cent of total group exploration expenditure for the year. The exploration program is focused on converting existing resources to reserves and expanding non-refractory and refractory resources for the existing CIL processing plant and the new Biox expansion respectively. The exploration program remains on track to achieve its five-year target of discovering an additional 2.3 Moz to 2.7 Moz of indicated resources by the end of 2025.

Qualified person

Mark Morcombe, chief operating officer of Endeavour Mining, a fellow of the Australasian Institute of Mining and Metallurgy, is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and has reviewed and approved the technical information in this news release.

About Endeavour Mining Corp.

Endeavour Mining is one of the world's senior gold producers and the largest in West Africa, with operating assets across Senegal, Ivory Coast and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian greenstone belt across West Africa.

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