ENDEAVOUR ANNOUNCES POSITIVE DFS RESULTS FOR THE ASSAFOU PROJECT THAT UNDERPINS THE NEXT PHASE OF ORGANIC GROWTH
Original announcement by tmx on
- Company
- Endeavour Mining plc
- Ticker
- EDV
- Exchange
- TSX
- Region
- Côte d’Ivoire
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-19 19:40:42 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Endeavour Mining announced positive Definitive Feasibility Study (DFS) results for its Assafou project in Côte d’Ivoire, confirming robust economics with a post-tax NPV (5%) of $2.1 billion and an IRR of 28% at a $2,500/oz gold price. The study outlines a 16-year mine life producing 320kozpa at a first quartile AISC of $1,026/oz over the first eight years. While the DFS shows a 6% increase in P&P reserves and an 8% increase in M&I resources, including maiden Proven and Measured categories, the upfront capital cost increased by 45% and the after-tax NPV and IRR decreased by 17% and 30% respectively compared to the prior PFS.
Reasoning: The DFS results for the Assafou project confirm strong economics with a post-tax NPV of $2.1 billion and an IRR of 28% at a $2,500/oz gold price, supporting a 16-year mine life with 320kozpa production over the first 8 years at a first quartile AISC. The resource update shows a 6% increase in P&P reserves and an 8% increase in M&I resources, including maiden Proven and Measured categories, indicating de-risking and increased confidence. However, the upfront capital cost increased by 45% and the after-tax NPV and IRR decreased by 17% and 30% respectively compared to the prior PFS, which are notable negative changes. The project benefits from high gold recovery and good infrastructure.
Positive factors
- DFS confirms robust economics with strong IRR and NPV
- Significant increase in P&P reserves and M&I resources, including maiden Proven and Measured categories
- High gold recovery rate demonstrated by metallurgical test work
- Project benefits from good existing infrastructure and planned upgrades
- Low AISC positions the project in the first quartile of the cost curve
Negative factors
- Upfront capital cost increased significantly (45%) compared to the prior PFS
- After-tax NPV and IRR decreased compared to the prior PFS, despite higher gold price assumption
- Inferred resources decreased significantly, indicating conversion to higher categories but also less exploration upside in that category
- Payback period increased compared to the prior PFS
- Operating costs (processing, G&A) increased compared to the prior PFS
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 38
Classification and evidence
DFS Bankablepositive
AACE Class 2-1 study complete and within the staleness window.
Why it applies: The document announces the results of a Definitive Feasibility Study (DFS), which is an AACE Class 2-1 study, indicating a high level of engineering maturity.
Evidence · text
“ENDEAVOUR ANNOUNCES POSITIVE DFS RESULTS FOR THE ASSAFOU PROJECT THAT UNDERPINS THE NEXT PHASE OF ORGANIC GROWTH”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The post-tax IRR of 28% at a $2,500/oz gold price is above the strong tier threshold for economic studies.
Evidence · table
“28”
Context: Post-tax IRR, %
Fast Paybackpositive
Payback in the strong tier or better, on the required basis.
Why it applies: The post-tax payback period of 3.52 years at a $2,500/oz gold price is within the strong tier for economic studies.
Evidence · table
“3.52”
Context: Payback Period, yr
Bottom Quartile Costpositive
P0-25 of the relevant commodity cost curve.
Why it applies: The project is expected to have a first quartile AISC of $1,026/oz over the first 8 years and $1,062/oz over the life of mine.
Evidence · table
“1st quartile”
Context: AISC, $/oz
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: P&P Reserves increased by 6% (from 4,115 koz to 4,379 koz) and M&I Resources increased by 8% (from 4,604 koz to 4,972 koz) compared to the prior estimate.
Evidence · table
“+6%”
Context: P&P Reserves, koz
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The updated estimate includes maiden Proven reserves of 1.3Moz and maiden Measured resources of 1.4Moz, reflecting increased resource confidence.
Evidence · text
“reflected by the addition of maiden Proven reserves of 21.5Mt at 1.87g/t for 1.3Moz alongside maiden Measured resources of 20.8Mt at 2.05g/t for 1.4Moz”
Long Reserve Lifepositive
Reserve life index in the top tier of the single ladder.
Why it applies: The project has a mine life of 16 years, which is in the long-life tier for reserve life.
Evidence · table
“16”
Context: Mine life, years
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Metallurgical test work demonstrated an overall gold recovery rate of 94% over the life of mine, which is in the exceptional band for gold CIL processing.
Evidence · table
“94”
Context: Average recovery rate, %
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: Extensive metallurgical test work demonstrated that the ore contains free-milling gold.
Evidence · text
“Extensive multiphase metallurgical test work has demonstrated that ore from the Assafou deposit contains free-milling gold”
NPV Cut vs Prior Studynegative
A restated study reduces NPV materially against its own predecessor on the same asset.
Why it applies: The after-tax NPV (5%) decreased by 17% from $2,485m in the PFS to $2,059m in the DFS at a $2,500/oz gold price.
Evidence · table
“(17)%”
Context: NPV 5%, $m
Low IRRnegative
IRR below the moderate tier.
Why it applies: The after-tax IRR decreased by 30% from 40% in the PFS to 28% in the DFS at a $2,500/oz gold price.
Evidence · table
“(30)%”
Context: IRR, %
High Capital Intensitynegative
Above the benchmark for its project type.
Why it applies: Upfront capital cost increased by 45% from $734m in the PFS to $1,061m in the DFS.
Evidence · table
“+45%”
Context: Upfront capital cost, $m
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Indicated Resources (incl. reserves) grade decreased from 1.95 g/t Au in the 2024 estimate to 1.89 g/t Au in the 2025 estimate.
Evidence · table
“1.89”
Context: Indicated Resources (incl. reserves)
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“increased resource”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Resource Estimates (35)
provenAssafou Deposit (DFS) · goldTonnes: 21500000Grade: 1.87Grade Unit: g/tContained Metal: 1295Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:e3fc69fb5b584699a8bf
- Deposit or zone
- Assafou Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 21500000
- Grade
- 1.87
- Grade Unit
- g/t
- Contained Metal
- 1295
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The establishment of maiden Proven Reserves is a significant de-risking event, demonstrating a high level of confidence in the economic viability and geological understanding of this portion of the deposit. The contained ounces are substantial.
Positive factors
- Maiden Proven Reserves established, indicating high confidence
- Significant contained gold ounces in the highest reserve category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,295”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableAssafou Deposit (DFS) · goldTonnes: 55900000Grade: 1.72Grade Unit: g/tContained Metal: 3085Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:3b2752252fde50dafdfd
- Deposit or zone
- Assafou Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 55900000
- Grade
- 1.72
- Grade Unit
- g/t
- Contained Metal
- 3085
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 72800000
- Prior Grade
- 1.76
- Prior Contained Metal
- 4115
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: While still a substantial reserve, the decrease in Probable Reserves compared to the prior estimate suggests either conversion to Proven or removal of material, which is a mixed signal. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Significant contained gold ounces in the Probable category
- NI 43-101 compliant and QP signed estimate
Negative factors
- Probable Reserves decreased in tonnage, grade, and contained metal compared to the prior estimate, indicating conversion to Proven or removal from reserves.
Evidence · table
“3,085”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 55900000 against 72800000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3085 against 4115 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
probableAssafou Deposit (DFS) · goldTonnes: 77400000Grade: 1.76Grade Unit: g/tContained Metal: 4379Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:24ba0d32b7941504a519
- Deposit or zone
- Assafou Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 77400000
- Grade
- 1.76
- Grade Unit
- g/t
- Contained Metal
- 4379
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 72800000
- Prior Grade
- 1.76
- Prior Contained Metal
- 4115
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The increase in P&P Reserves, driven by the addition of Proven Reserves, is a positive signal for the project's economic viability and confidence. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Overall increase in P&P Reserves (6%) compared to prior estimate
- Significant contained gold ounces in the P&P category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“4,379”
Context: P&P Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 4379 against 4115 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredAssafou Deposit (DFS) · goldTonnes: 20800000Grade: 2.05Grade Unit: g/tContained Metal: 1367Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:33268bed7b77d78a711c
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20800000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 1367
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The declaration of maiden Measured Resources is a strong positive, signifying a high degree of geological confidence and de-risking for the project. The contained ounces are substantial.
Positive factors
- Maiden Measured Resources established, indicating very high confidence
- Significant contained gold ounces in the highest resource category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,367”
Context: Measured Resource (incl. reserves)
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit (DFS) · goldTonnes: 59400000Grade: 1.89Grade Unit: g/tContained Metal: 3606Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:c9ec271f850f80dcf871
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 59400000
- Grade
- 1.89
- Grade Unit
- g/t
- Contained Metal
- 3606
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 73600000
- Prior Grade
- 1.95
- Prior Contained Metal
- 4604
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The decrease in Indicated Resources, particularly in contained metal, is a mixed signal, likely due to conversion to the Measured category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Significant contained gold ounces in the Indicated category
- NI 43-101 compliant and QP signed estimate
Negative factors
- Indicated Resources decreased in tonnage, grade, and contained metal compared to the prior estimate, indicating conversion to Measured or removal of material.
Evidence · table
“3,606”
Context: Indicated Resources (incl. reserves)
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 59400000 against 73600000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3606 against 4604 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.4 against 0.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedAssafou Deposit (DFS) · goldTonnes: 80100000Grade: 1.93Grade Unit: g/tContained Metal: 4972Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:7b0edb4d66853e210bb2
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 80100000
- Grade
- 1.93
- Grade Unit
- g/t
- Contained Metal
- 4972
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 73600000
- Prior Grade
- 1.95
- Prior Contained Metal
- 4604
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The increase in M&I Resources, including the new Measured category, is a strong positive for the project's confidence and scale. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Overall increase in M&I Resources (8%) compared to prior estimate
- Significant contained gold ounces in the M&I category
- NI 43-101 compliant and QP signed estimate
Negative factors
- Slight decrease in average grade for M&I resources compared to prior estimate.
Evidence · table
“4,972”
Context: M&I Resources
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 4972 against 4604 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.4 against 0.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredAssafou Deposit (DFS) · goldTonnes: 900000Grade: 2.34Grade Unit: g/tContained Metal: 69Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit (DFS)
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:274c50e8602331a2eca7
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 900000
- Grade
- 2.34
- Grade Unit
- g/t
- Contained Metal
- 69
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3300000
- Prior Grade
- 1.97
- Prior Contained Metal
- 208
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The substantial decrease in Inferred Resources suggests successful conversion to higher confidence categories, which is positive for project de-risking. However, it also means less immediate exploration upside in the Inferred category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Higher grade in the remaining Inferred resource compared to prior estimate
- NI 43-101 compliant and QP signed estimate
Negative factors
- Significant decrease in Inferred Resources (67%) compared to prior estimate, indicating conversion to higher categories but also reduced exploration upside in this category.
Evidence · table
“69”
Context: Inferred Resources
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 900000 against 3300000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 2.34 against 1.97 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 69 against 208 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.4 against 0.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedPala Trend 3 · goldTonnes: 4700000Grade: 1.55Grade Unit: g/tContained Metal: 231Contained Unit: kozView all detailsHide details
Identity
- Project
- Pala Trend 3
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:269b779423a2236309ad
- Deposit or zone
- Pala Trend 3
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 1.55
- Grade Unit
- g/t
- Contained Metal
- 231
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The declaration of a maiden Indicated Resource at Pala Trend 3 is a significant positive, adding new ounces to the project's overall resource base and demonstrating exploration success. Its proximity to Assafou offers potential for future integration.
Positive factors
- Maiden Indicated Resource for a satellite deposit, adding new ounces
- Located close to the main Assafou deposit, offering potential synergies
- Mineralization starts from surface, potentially supporting early production
- NI 43-101 compliant and QP signed estimate
Evidence · table
“231”
Context: Indicated Resources (incl. reserves)
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedPala Trend 3 · goldTonnes: 4700000Grade: 1.55Grade Unit: g/tContained Metal: 231Contained Unit: kozView all detailsHide details
Identity
- Project
- Pala Trend 3
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:269b779423a2236309ad
- Deposit or zone
- Pala Trend 3
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 1.55
- Grade Unit
- g/t
- Contained Metal
- 231
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The declaration of a maiden M&I Resource at Pala Trend 3 is a significant positive, adding new ounces to the project's overall resource base and demonstrating exploration success. Its proximity to Assafou offers potential for future integration.
Positive factors
- Maiden M&I Resource for a satellite deposit, adding new ounces
- Located close to the main Assafou deposit, offering potential synergies
- Mineralization starts from surface, potentially supporting early production
- NI 43-101 compliant and QP signed estimate
Evidence · table
“231”
Context: M&I Resources
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredPala Trend 3 · goldTonnes: 1000000Grade: 1.68Grade Unit: g/tContained Metal: 53Contained Unit: kozView all detailsHide details
Identity
- Project
- Pala Trend 3
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:989b4fbb6d4a0160dc7a
- Deposit or zone
- Pala Trend 3
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 1.68
- Grade Unit
- g/t
- Contained Metal
- 53
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The declaration of a maiden Inferred Resource at Pala Trend 3 is a positive, indicating further exploration potential. While Inferred, it adds to the overall resource base and is NI 43-101 compliant.
Positive factors
- Maiden Inferred Resource for a satellite deposit, adding new ounces
- NI 43-101 compliant and QP signed estimate
Evidence · table
“53”
Context: Inferred Resources
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provenAssafou Project · goldTonnes: 21500000Grade: 1.87Grade Unit: g/tContained Metal: 1295Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:be5c2b7e3de22b474337
- Deposit or zone
- Total Assafou Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 21500000
- Grade
- 1.87
- Grade Unit
- g/t
- Contained Metal
- 1295
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The establishment of maiden Proven Reserves for the total project is a significant de-risking event, demonstrating a high level of confidence in the economic viability and geological understanding of this portion of the deposit. The contained ounces are substantial.
Positive factors
- Maiden Proven Reserves established for the overall project, indicating high confidence
- Significant contained gold ounces in the highest reserve category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,295”
Context: Proven Reserves
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableAssafou Project · goldTonnes: 55900000Grade: 1.72Grade Unit: g/tContained Metal: 3085Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:96cd191813d6f8b44573
- Deposit or zone
- Total Assafou Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 55900000
- Grade
- 1.72
- Grade Unit
- g/t
- Contained Metal
- 3085
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 72800000
- Prior Grade
- 1.76
- Prior Contained Metal
- 4115
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: While still a substantial reserve, the decrease in Probable Reserves compared to the prior estimate suggests either conversion to Proven or removal of material, which is a mixed signal. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Significant contained gold ounces in the Probable category
- NI 43-101 compliant and QP signed estimate
Negative factors
- Probable Reserves decreased in tonnage, grade, and contained metal compared to the prior estimate, indicating conversion to Proven or removal from reserves.
Evidence · table
“3,085”
Context: Probable Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 55900000 against 72800000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3085 against 4115 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
probableAssafou Project · goldTonnes: 77400000Grade: 1.76Grade Unit: g/tContained Metal: 4379Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:187922a8f9051fd74ecf
- Deposit or zone
- Total Assafou Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 77400000
- Grade
- 1.76
- Grade Unit
- g/t
- Contained Metal
- 4379
- Contained Unit
- koz
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 72800000
- Prior Grade
- 1.76
- Prior Contained Metal
- 4115
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The increase in P&P Reserves, driven by the addition of Proven Reserves, is a positive signal for the project's economic viability and confidence. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Overall increase in P&P Reserves (6%) compared to prior estimate
- Significant contained gold ounces in the P&P category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“4,379”
Context: P&P Reserves
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 4379 against 4115 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredAssafou Project · goldTonnes: 20800000Grade: 2.05Grade Unit: g/tContained Metal: 1367Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:dd66bb39c1079f98c6bc
- Deposit or zone
- Total Assafou Project
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20800000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 1367
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The declaration of maiden Measured Resources for the total project is a strong positive, signifying a high degree of geological confidence and de-risking for the project. The contained ounces are substantial.
Positive factors
- Maiden Measured Resources established for the overall project, indicating very high confidence
- Significant contained gold ounces in the highest resource category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,367”
Context: Measured Resource (incl. reserves)
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Project · goldTonnes: 64000000Grade: 1.86Grade Unit: g/tContained Metal: 3837Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:28c6ec869a8ef578b880
- Deposit or zone
- Total Assafou Project
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 64000000
- Grade
- 1.86
- Grade Unit
- g/t
- Contained Metal
- 3837
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 73600000
- Prior Grade
- 1.95
- Prior Contained Metal
- 4604
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The decrease in Indicated Resources, particularly in contained metal, is a mixed signal, likely due to conversion to the Measured category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Significant contained gold ounces in the Indicated category
- NI 43-101 compliant and QP signed estimate
Negative factors
- Indicated Resources decreased in tonnage, grade, and contained metal compared to the prior estimate, indicating conversion to Measured or removal of material.
Evidence · table
“3,837”
Context: Indicated Resources (incl. reserves)
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 64000000 against 73600000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3837 against 4604 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.4 against 0.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedAssafou Project · goldTonnes: 84800000Grade: 1.91Grade Unit: g/tContained Metal: 5203Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:73b3bb98e6ef8ba4dbaa
- Deposit or zone
- Total Assafou Project
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 84800000
- Grade
- 1.91
- Grade Unit
- g/t
- Contained Metal
- 5203
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 73600000
- Prior Grade
- 1.95
- Prior Contained Metal
- 4604
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The increase in M&I Resources, including the new Measured category, is a strong positive for the project's confidence and scale. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Overall increase in M&I Resources (8%) compared to prior estimate
- Significant contained gold ounces in the M&I category
- NI 43-101 compliant and QP signed estimate
Negative factors
- Slight decrease in average grade for M&I resources compared to prior estimate.
Evidence · table
“5,203”
Context: M&I Resources
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 84800000 against 73600000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 5203 against 4604 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.4 against 0.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredAssafou Project · goldTonnes: 1900000Grade: 2Grade Unit: g/tContained Metal: 122Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Project
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Francois Taljaard, Kevin Harris, Lucette Hugo
- Resource group id
- resource:d58b46732f3dcbbdc97e
- Deposit or zone
- Total Assafou Project
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1900000
- Grade
- 2
- Grade Unit
- g/t
- Contained Metal
- 122
- Contained Unit
- koz
- Cutoff Grade
- 0.4
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3300000
- Prior Grade
- 1.97
- Prior Contained Metal
- 208
- Prior Cutoff Grade
- 0.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The substantial decrease in Inferred Resources suggests successful conversion to higher confidence categories, which is positive for project de-risking. However, it also means less immediate exploration upside in the Inferred category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Higher grade in the remaining Inferred resource compared to prior estimate
- NI 43-101 compliant and QP signed estimate
Negative factors
- Significant decrease in Inferred Resources (67%) compared to prior estimate, indicating conversion to higher categories but also reduced exploration upside in this category.
Evidence · table
“122”
Context: Inferred Resources
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1900000 against 3300000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 122 against 208 previously
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: 0.4 against 0.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
measuredAssafou Deposit · goldTonnes: 20200000Grade: 2.05Grade Unit: g/tContained Metal: 1334Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:06cce15d48e9bbe68062
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20200000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 1334
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Measured Resource remains substantial and high-grade even at a lower gold price, demonstrating the robustness of this high-confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Robust Measured Resource even at a lower gold price sensitivity
- High confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,334”
Context: Based on a gold price of $1500/oz
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredAssafou Deposit · goldTonnes: 20800000Grade: 2.05Grade Unit: g/tContained Metal: 1367Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:2afa70eceaa315a164f3
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20800000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 1367
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Measured Resource remains substantial and high-grade at the resource estimation gold price, demonstrating the robustness of this high-confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Robust Measured Resource at the base gold price for resource estimation
- High confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,367”
Context: Based on a gold price of $1900/oz
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredAssafou Deposit · goldTonnes: 20800000Grade: 2.05Grade Unit: g/tContained Metal: 1370Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:2afa70eceaa315a164f3
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20800000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 1370
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Measured Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this high-confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Robust Measured Resource at a higher gold price sensitivity
- High confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,370”
Context: Based on a gold price of $2000/oz
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredAssafou Deposit · goldTonnes: 20900000Grade: 2.04Grade Unit: g/tContained Metal: 1372Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:7790b9a6cadc7114ac3a
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20900000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 1372
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Measured Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this high-confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Robust Measured Resource at a higher gold price sensitivity
- High confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,372”
Context: Based on a gold price of $2100/oz
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredAssafou Deposit · goldTonnes: 20900000Grade: 2.04Grade Unit: g/tContained Metal: 1375Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:7790b9a6cadc7114ac3a
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 20900000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 1375
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Measured Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this high-confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Robust Measured Resource at a higher gold price sensitivity
- High confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,375”
Context: Based on a gold price of $2500/oz
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredAssafou Deposit · goldTonnes: 21000000Grade: 2.04Grade Unit: g/tContained Metal: 1382Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:bb8bd1a6e6102a6ed25a
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 21000000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 1382
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Measured Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this high-confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Robust Measured Resource at a higher gold price sensitivity
- High confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“1,382”
Context: Based on a gold price of $3000/oz
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit · goldTonnes: 54000000Grade: 1.92Grade Unit: g/tContained Metal: 3328Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:f74986918db5ab88802c
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 54000000
- Grade
- 1.92
- Grade Unit
- g/t
- Contained Metal
- 3328
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Indicated Resource remains substantial and high-grade even at a lower gold price, demonstrating the robustness of this confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Substantial Indicated Resource even at a lower gold price sensitivity
- Good confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“3,328”
Context: Based on a gold price of $1500/oz
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit · goldTonnes: 59400000Grade: 1.89Grade Unit: g/tContained Metal: 3606Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:14e227aef35c00eeb38c
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 59400000
- Grade
- 1.89
- Grade Unit
- g/t
- Contained Metal
- 3606
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Indicated Resource remains substantial and high-grade at the resource estimation gold price, demonstrating the robustness of this confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Substantial Indicated Resource at the base gold price for resource estimation
- Good confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“3,606”
Context: Based on a gold price of $1900/oz
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit · goldTonnes: 60100000Grade: 1.88Grade Unit: g/tContained Metal: 3635Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:1731e99296bf86113edd
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 60100000
- Grade
- 1.88
- Grade Unit
- g/t
- Contained Metal
- 3635
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Indicated Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Substantial Indicated Resource at a higher gold price sensitivity
- Good confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“3,635”
Context: Based on a gold price of $2000/oz
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit · goldTonnes: 60300000Grade: 1.88Grade Unit: g/tContained Metal: 3645Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:2d7ebc933246bca64cec
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 60300000
- Grade
- 1.88
- Grade Unit
- g/t
- Contained Metal
- 3645
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Indicated Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Substantial Indicated Resource at a higher gold price sensitivity
- Good confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“3,645”
Context: Based on a gold price of $2100/oz
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit · goldTonnes: 62300000Grade: 1.87Grade Unit: g/tContained Metal: 3738Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:ba25e83ccdc3f136a711
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 62300000
- Grade
- 1.87
- Grade Unit
- g/t
- Contained Metal
- 3738
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Indicated Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Substantial Indicated Resource at a higher gold price sensitivity
- Good confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“3,738”
Context: Based on a gold price of $2500/oz
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedAssafou Deposit · goldTonnes: 63300000Grade: 1.86Grade Unit: g/tContained Metal: 3777Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:ccb0e35c84e4643a9963
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 63300000
- Grade
- 1.86
- Grade Unit
- g/t
- Contained Metal
- 3777
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Indicated Resource remains substantial and high-grade even at a higher gold price, demonstrating the robustness of this confidence category. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Substantial Indicated Resource at a higher gold price sensitivity
- Good confidence category
- NI 43-101 compliant and QP signed estimate
Evidence · table
“3,777”
Context: Based on a gold price of $3000/oz
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredAssafou Deposit · goldTonnes: 600000Grade: 2.46Grade Unit: g/tContained Metal: 46Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:667b6570ece9cf85a88b
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 600000
- Grade
- 2.46
- Grade Unit
- g/t
- Contained Metal
- 46
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Inferred Resource, while small, maintains a good grade even at a lower gold price, indicating some robustness. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Inferred Resource shows good grade even at lower gold price sensitivity
- NI 43-101 compliant and QP signed estimate
Negative factors
- Small contained ounces in the Inferred category at this price point.
Evidence · table
“46”
Context: Based on a gold price of $1500/oz
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredAssafou Deposit · goldTonnes: 900000Grade: 2.34Grade Unit: g/tContained Metal: 69Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:8abaa1367ca9e4f82eb7
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 900000
- Grade
- 2.34
- Grade Unit
- g/t
- Contained Metal
- 69
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Inferred Resource, while small, maintains a good grade at the resource estimation gold price. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Inferred Resource shows good grade at the base gold price for resource estimation
- NI 43-101 compliant and QP signed estimate
Negative factors
- Small contained ounces in the Inferred category.
Evidence · table
“69”
Context: Based on a gold price of $1900/oz
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredAssafou Deposit · goldTonnes: 1000000Grade: 2.28Grade Unit: g/tContained Metal: 72Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:992509538e636be6af63
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 2.28
- Grade Unit
- g/t
- Contained Metal
- 72
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Inferred Resource, while small, maintains a good grade even at a higher gold price. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Inferred Resource shows good grade at a higher gold price sensitivity
- NI 43-101 compliant and QP signed estimate
Negative factors
- Small contained ounces in the Inferred category.
Evidence · table
“72”
Context: Based on a gold price of $2000/oz
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredAssafou Deposit · goldTonnes: 1000000Grade: 2.25Grade Unit: g/tContained Metal: 74Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:992509538e636be6af63
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 2.25
- Grade Unit
- g/t
- Contained Metal
- 74
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Inferred Resource, while small, maintains a good grade even at a higher gold price. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Inferred Resource shows good grade at a higher gold price sensitivity
- NI 43-101 compliant and QP signed estimate
Negative factors
- Small contained ounces in the Inferred category.
Evidence · table
“74”
Context: Based on a gold price of $2100/oz
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredAssafou Deposit · goldTonnes: 1400000Grade: 2.2Grade Unit: g/tContained Metal: 97Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:899f1b5b3430dc1958c6
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1400000
- Grade
- 2.2
- Grade Unit
- g/t
- Contained Metal
- 97
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Inferred Resource, while small, maintains a good grade even at a higher gold price. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Inferred Resource shows good grade at a higher gold price sensitivity
- NI 43-101 compliant and QP signed estimate
Negative factors
- Small contained ounces in the Inferred category.
Evidence · table
“97”
Context: Based on a gold price of $2500/oz
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredAssafou Deposit · goldTonnes: 1700000Grade: 2.14Grade Unit: g/tContained Metal: 115Contained Unit: kozView all detailsHide details
Identity
- Project
- Assafou Deposit
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Kevin Harris
- Resource group id
- resource:bb629008a57c59084e64
- Deposit or zone
- Assafou Deposit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1700000
- Grade
- 2.14
- Grade Unit
- g/t
- Contained Metal
- 115
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Inferred Resource, while small, maintains a good grade even at a higher gold price. The estimate is NI 43-101 compliant and QP signed.
Positive factors
- Inferred Resource shows good grade at a higher gold price sensitivity
- NI 43-101 compliant and QP signed estimate
Negative factors
- Small contained ounces in the Inferred category.
Evidence · table
“115”
Context: Based on a gold price of $3000/oz
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Metallurgical Results (1)
gravity, CILAssafou · goldRecovery: 94 %View all detailsHide details
Identity
- Project
- Assafou
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- EDV
Test Work
- Program Status
- detailed
- Test Type
- gravity, CIL
- Processing Route
- gravity / carbon-in-leach
- Sample
- Assafou deposit ore
- Grind P80
- 106 µm
- Leach Time
- 36 hours
Recovery
- Recovery
- 94 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The reported 94% gold recovery is exceptional for a CIL plant, indicating very favorable metallurgical characteristics for the Assafou ore, which is described as free-milling with high gravity recoverable gold. This significantly de-risks the processing aspect of the project.
Positive factors
- High gold recovery rate (94%) is exceptional for a CIL plant
- Ore is free-milling with high gravity recoverable gold, indicating simple metallurgy
- Extensive multiphase metallurgical test work supports the recovery rate
- Optimized flowsheet with secondary crushers and HPGR, and a stockpile after HPGR to ensure continuous feed
Evidence · text
“an overall gold recovery rate of 94% over the life of mine.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.