Endeavour Mining Targets 15Moz in Five-Year Exploration Drive

Ity mine’s CIL plant. (Image courtesy of Endeavour Mining.)

Endeavour Mining (TSX: EDV, LON: EDV) has announced an ambitious exploration program that aims to deliver between 12 and 15 million ounces of new mineral resources over the next five years. The initiative, scheduled to run from 2026 to 2030, is backed by a budget of approximately $540 million and is designed to sustain the company’s growth trajectory while reinforcing its position as one of West Africa’s leading gold producers.

The company said the program will focus on both near-mine and greenfield exploration. Around 6 million ounces are expected to come from new prospects, with two to three projects identified as having the potential to become cornerstone assets. At the same time, Endeavour is advancing a brownfield program across 7,000 square kilometres in Côte d’Ivoire, Senegal, and Burkina Faso, where about 50 targets are currently being tested. This near-mine strategy is intended to replace mined ounces, maintain grade quality, and strengthen long-term mine planning by ensuring a steady pipeline of drill-ready prospects.

Chief executive officer Ian Cockerill highlighted the success of Endeavour’s previous exploration campaigns, which between 2016 and 2025 delivered 20.7 million ounces of measured and indicated resources at a discovery cost below $25 per ounce. He noted that the company has replaced more than double its production depletion since 2016, adding that the discovery of high-quality ounces has extended mine lives and enhanced the resilience of its portfolio. Under the new plan, Endeavour expects to spend more than $100 million annually on exploration through 2030, maintaining its focus on organic growth.

The company’s strategy reflects a deliberate balance between immediate resource replacement and long-term growth. By investing heavily in brownfield exploration, Endeavour aims to secure continuity at its existing operations, while greenfield projects provide the potential for transformational discoveries that could underpin future expansion.

In a related development, Endeavour has also announced a £1.8 million strategic investment in East Star Resources (LON: EST). The funding, which includes a convertible loan note, will support East Star’s gold and copper exploration in Kazakhstan. Both companies described the partnership as a step toward unlocking the region’s mineral potential, while also diversifying Endeavour’s exploration footprint beyond Africa.

With this dual-track approach, Endeavour is positioning itself to sustain production, extend mine lives, and secure new growth opportunities. The scale of the program and its disciplined cost structure underline the company’s confidence in West Africa’s geology and its ability to deliver discoveries at industry-leading costs.