# Endeavour Reports Strong FY-2025 Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b Original source: https://money.tmx.com/en/quote/EDV/news/8629194080532473/endeavour-reports-strong-fy-2025-results Publisher: tmx Original announcement: 2026-03-05T07:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Endeavour Mining plc - Ticker: EDV - Exchange: TSX - Region: West Africa - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Production, Economic study - Extracted: 2026-09-19 20:00:52 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Endeavour Mining reported strong FY-2025 results, achieving record free cash flow of $1,156 million and shareholder returns of $435 million, while reducing net debt to $158 million. The company met its production guidance of 1,209 koz gold at an AISC of $1,433/oz. For FY-2026, guidance is set at 1,090-1,265 koz gold production at an AISC of $1,600-$1,800/oz. The Assafou project's DFS is nearing completion with environmental and exploitation permits approved, and exploration efforts added 1.5 Moz of M&I discoveries, despite an overall decrease in group P&P reserves and M&I resources due to depletion and model optimization. Reasoning: Endeavour Mining reported strong financial and operational results for FY-2025, including record free cash flow and shareholder returns, and achieved its production and cost guidance. The company significantly reduced its net debt. While overall group reserves and resources saw a slight decrease due to depletion and optimization, exploration success led to significant discoveries at Assafou, Sabodala-Massawa, and Ity, and the Assafou DFS is nearing completion with key permits approved. The company also provided positive FY-2026 guidance and an enhanced shareholder returns program. Negative factors include higher AISC and impairment charges on some exploration assets. - Positive factor: Record free cash flow and shareholder returns for FY-2025 - Positive factor: Achieved production and cost guidance for FY-2025 - Positive factor: Significant reduction in net debt and low leverage ratio - Positive factor: Assafou project DFS nearing completion with permits approved, de-risking timeline - Positive factor: Successful exploration adding 1.5Moz of M&I discoveries - Positive factor: Updated 2026-2028 shareholder returns program targeting $1.0bn minimum dividend - Positive factor: Increase in P&P Reserves and M&I Resources at Assafou project - Positive factor: Overall increase in Inferred Resources for the Group - Negative factor: Overall decrease in Group P&P Reserves and M&I Resources due to depletion and model optimization - Negative factor: Increase in AISC for FY-2025 compared to FY-2024, and higher guidance for FY-2026 - Negative factor: Impairment charges on several exploration properties and Kalana project Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 54 ## Classification and evidence **DFS Bankable** Polarity: positive Definition: AACE Class 2-1 study complete and within the staleness window. Why it applies: The Assafou Definitive Feasibility Study \(DFS\) is nearing completion in Q1-2026, and both the environmental and exploitation permits have been approved, significantly de-risking the project timeline. Evidence · text > Assafou's environmental and exploitation permits are approved and exploration success increased reserves +6% \(+0.3Moz\) and M&I resources +13% \(+0.6Moz\); DFS in Q1-2026, targeting first gold for H2-2028. **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: Group P&P reserves decreased by 1.8 Moz or 10% compared to the previous year. Evidence · text > P&P reserves of 16.6Moz, down 1.8 Moz or 10% due to depletion and model optimisation. **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Group M&I resources decreased by 1.1 Moz or 4% compared to the previous year. Evidence · text > Year-end M&I resources of 25.0Moz \(increased 0.4Moz before depletion\), down 1.1 Moz or 4% due to depletion, model optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity. **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Inferred Resources increased by 0.6 Moz or 11% compared to the previous year. Evidence · table > 6.3 Context: Inferred Resources **QP/CP Signed** Polarity: positive Definition: 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: The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the CIM Definition Standards adopted by CIM Council on 10 May 2014, as well as the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines as also adopted on 29 November 2019. The Qualified Persons responsible for the mineral Reserve and Resource estimated are detailed in the following tables. Evidence · text > The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and the CIM Definition Standards adopted by CIM Council on 10 May 2014, as well as the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines as also adopted on 29 November 2019. The Qualified Persons responsible for the mineral Reserve and Resource estimated are detailed in the following tables. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101. Evidence · text > The mineral resources and mineral reserves have been estimated and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' ## Extracted facts Stored fact records: 39. Some facts used in scoring do not have a stored record. ## Resource Estimates (39) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-14) gold #### Identity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:1821657bdf9b01e0461e #### Resource Data - Category: probable - Tonnes: 322200000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 16577 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 348100000 - Prior Grade: 1.65 - Prior Contained Metal: 18434 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Total P&P Reserves for Endeavour Mining decreased in tonnage, grade, and contained metal compared to the prior year, primarily due to depletion and model optimization, which is a negative signal for the overall reserve base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in P&P Reserves tonnage - Negative factor: Decrease in P&P Reserves grade - Negative factor: Decrease in P&P Reserves contained metal Evidence · table > 322.2 Context: P&P Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 322200000 against 348100000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 16577 against 18434 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-15) gold #### Identity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:b0895ddea2387bfd1679 #### Resource Data - Category: indicated - Tonnes: 454900000 - Grade: 1.71 - Grade Unit: g/t - Contained Metal: 25013 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 456800000 - Prior Grade: 1.78 - Prior Contained Metal: 26136 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Total M&I Resources for Endeavour Mining decreased in tonnage, grade, and contained metal compared to the prior year, primarily due to depletion and model optimization, which is a negative signal for the overall resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in M&I Resources tonnage - Negative factor: Decrease in M&I Resources grade - Negative factor: Decrease in M&I Resources contained metal Evidence · table > 454.9 Context: M&I Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 454900000 against 456800000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 25013 against 26136 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-16) gold #### Identity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:39c6c34497b86d393c1c #### Resource Data - Category: inferred - Tonnes: 86200000 - Grade: 2.27 - Grade Unit: g/t - Contained Metal: 6295 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 76800000 - Prior Grade: 2.33 - Prior Contained Metal: 5740 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Total Inferred Resources for Endeavour Mining increased in tonnage and contained metal compared to the prior year, indicating successful exploration and potential for future resource conversion. - Positive factor: Increase in Inferred Resources tonnage - Positive factor: Increase in Inferred Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 86.2 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 6295 against 5740 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-17) Houndé · gold #### Identity - Project: Houndé - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:8980df74d274ee46e0f2 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 2400000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 85 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2600000 - Prior Grade: 1.06 - Prior Contained Metal: 90 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Houndé's Proven Reserves decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence reserve category. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Proven Reserves tonnage - Negative factor: Decrease in Proven Reserves contained metal Evidence · table > 2.4 Context: Proven Reserves #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2400000 against 2600000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 85 against 90 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-18) Houndé · gold #### Identity - Project: Houndé - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:8f9961276660b4e65a26 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 39500000 - Grade: 1.43 - Grade Unit: g/t - Contained Metal: 1811 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 55900000 - Prior Grade: 1.42 - Prior Contained Metal: 2554 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Houndé's Probable Reserves saw a substantial decrease in tonnage and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Probable Reserves tonnage - Negative factor: Significant decrease in Probable Reserves contained metal Evidence · table > 39.5 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39500000 against 55900000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1811 against 2554 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-19) Houndé · gold #### Identity - Project: Houndé - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:986655084ddc4768aee8 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 2400000 - Grade: 1.11 - Grade Unit: g/t - Contained Metal: 85 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2600000 - Prior Grade: 1.07 - Prior Contained Metal: 91 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Houndé's Measured Resources decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence resource category. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Measured Resources tonnage - Negative factor: Decrease in Measured Resources contained metal Evidence · table > 2.4 Context: Measured Resources #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2400000 against 2600000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 85 against 91 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-20) Houndé · gold #### Identity - Project: Houndé - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:29733a44c233c8795851 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 54600000 - Grade: 1.45 - Grade Unit: g/t - Contained Metal: 2553 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 64800000 - Prior Grade: 1.53 - Prior Contained Metal: 3182 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Houndé's Indicated Resources saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the confidence level of the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Indicated Resources tonnage - Negative factor: Decrease in Indicated Resources grade - Negative factor: Significant decrease in Indicated Resources contained metal Evidence · table > 54.6 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 54600000 against 64800000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.45 against 1.53 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2553 against 3182 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-21) Houndé · gold #### Identity - Project: Houndé - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:8b241762b159f5826818 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 9200000 - Grade: 1.54 - Grade Unit: g/t - Contained Metal: 453 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 6800000 - Prior Grade: 1.5 - Prior Contained Metal: 327 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Houndé's Inferred Resources increased in tonnage, grade, and contained metal, indicating successful exploration and potential for future resource conversion. - Positive factor: Increase in Inferred Resources tonnage - Positive factor: Increase in Inferred Resources grade - Positive factor: Increase in Inferred Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 9.2 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 9200000 against 6800000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 453 against 327 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-22) Ity · gold #### Identity - Project: Ity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:0e191c77939fe4ff021e - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 12300000 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 374 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 11300000 - Prior Grade: 0.91 - Prior Contained Metal: 331 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Ity's Proven Reserves increased in tonnage, grade, and contained metal, indicating a positive development in the highest confidence reserve category. - Positive factor: Increase in Proven Reserves tonnage - Positive factor: Increase in Proven Reserves grade - Positive factor: Increase in Proven Reserves contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 12.3 Context: Proven Reserves #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 374 against 331 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-23) Ity · gold #### Identity - Project: Ity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:63fa99a063b11569725f - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 64600000 - Grade: 1.35 - Grade Unit: g/t - Contained Metal: 2803 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 67300000 - Prior Grade: 1.49 - Prior Contained Metal: 3222 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Ity's Probable Reserves decreased in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Probable Reserves tonnage - Negative factor: Decrease in Probable Reserves grade - Negative factor: Decrease in Probable Reserves contained metal Evidence · table > 64.6 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 64600000 against 67300000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.35 against 1.49 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2803 against 3222 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-24) Ity · gold #### Identity - Project: Ity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:3c244eaf6434471dbf86 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 12200000 - Grade: 0.94 - Grade Unit: g/t - Contained Metal: 369 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 11400000 - Prior Grade: 0.91 - Prior Contained Metal: 331 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Ity's Measured Resources increased in tonnage, grade, and contained metal, indicating a positive development in the highest confidence resource category. - Positive factor: Increase in Measured Resources tonnage - Positive factor: Increase in Measured Resources grade - Positive factor: Increase in Measured Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 12.2 Context: Measured Resources #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 369 against 331 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-25) Ity · gold #### Identity - Project: Ity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:860627bd9307596f3a0a - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 107200000 - Grade: 1.48 - Grade Unit: g/t - Contained Metal: 5114 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 97800000 - Prior Grade: 1.62 - Prior Contained Metal: 5093 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Ity's Indicated Resources increased in tonnage and contained metal, indicating growth in the resource base, though the grade slightly decreased. - Positive factor: Increase in Indicated Resources tonnage - Positive factor: Increase in Indicated Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Indicated Resources grade Evidence · table > 107.2 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.48 against 1.62 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 5114 from 5093 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-26) Ity · gold #### Identity - Project: Ity - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:71be9f7b7d0728e4553e - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 11200000 - Grade: 1.56 - Grade Unit: g/t - Contained Metal: 560 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 9100000 - Prior Grade: 1.59 - Prior Contained Metal: 467 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Ity's Inferred Resources increased in tonnage and contained metal, indicating successful exploration and potential for future resource conversion. - Positive factor: Increase in Inferred Resources tonnage - Positive factor: Increase in Inferred Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 11.2 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 11200000 against 9100000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 560 against 467 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-27) Sabodala-Massawa Complex · gold #### Identity - Project: Sabodala-Massawa Complex - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:b1bbec8c6f7c5781155a - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 14800000 - Grade: 1.12 - Grade Unit: g/t - Contained Metal: 531 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16700000 - Prior Grade: 1.02 - Prior Contained Metal: 549 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Sabodala-Massawa's Proven Reserves decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence reserve category. - Positive factor: Increase in Proven Reserves grade - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Proven Reserves tonnage - Negative factor: Decrease in Proven Reserves contained metal Evidence · table > 14.8 Context: Proven Reserves #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 14800000 against 16700000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.12 against 1.02 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 531 against 549 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-28) Sabodala-Massawa Complex · gold #### Identity - Project: Sabodala-Massawa Complex - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:1b5c4cc9db445b960609 - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 28000000 - Grade: 2.48 - Grade Unit: g/t - Contained Metal: 2237 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 33900000 - Prior Grade: 2.49 - Prior Contained Metal: 2711 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Sabodala-Massawa's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Probable Reserves tonnage - Negative factor: Decrease in Probable Reserves grade - Negative factor: Significant decrease in Probable Reserves contained metal Evidence · table > 28.0 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 28000000 against 33900000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2237 against 2711 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-29) Sabodala-Massawa Complex · gold #### Identity - Project: Sabodala-Massawa Complex - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:deac3655f8a6b21358da - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 16900000 - Grade: 1.21 - Grade Unit: g/t - Contained Metal: 661 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 19900000 - Prior Grade: 1.13 - Prior Contained Metal: 724 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Sabodala-Massawa's Measured Resources decreased in tonnage and contained metal, though the grade slightly improved. This indicates a minor reduction in the highest confidence resource category. - Positive factor: Increase in Measured Resources grade - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Measured Resources tonnage - Negative factor: Decrease in Measured Resources contained metal Evidence · table > 16.9 Context: Measured Resources #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 16900000 against 19900000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.21 against 1.13 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 661 against 724 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-30) Sabodala-Massawa Complex · gold #### Identity - Project: Sabodala-Massawa Complex - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:6d835116b4af349f29a9 - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 63100000 - Grade: 2.23 - Grade Unit: g/t - Contained Metal: 4529 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 60500000 - Prior Grade: 2.29 - Prior Contained Metal: 4463 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Sabodala-Massawa's Indicated Resources increased in tonnage and contained metal, indicating growth in the resource base, though the grade slightly decreased. - Positive factor: Increase in Indicated Resources tonnage - Positive factor: Increase in Indicated Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Indicated Resources grade Evidence · table > 63.1 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 4529 from 4463 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-31) Sabodala-Massawa Complex · gold #### Identity - Project: Sabodala-Massawa Complex - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:b8c0354d024ee136ff24 - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 27200000 - Grade: 2.02 - Grade Unit: g/t - Contained Metal: 1766 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 20400000 - Prior Grade: 2.01 - Prior Contained Metal: 1322 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Sabodala-Massawa's Inferred Resources increased in tonnage, grade, and contained metal, indicating successful exploration and potential for future resource conversion. - Positive factor: Increase in Inferred Resources tonnage - Positive factor: Increase in Inferred Resources grade - Positive factor: Increase in Inferred Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 27.2 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 27200000 against 20400000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1766 against 1322 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-32) Mana Mine · gold #### Identity - Project: Mana Mine - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:75b3abe1b62c9bd3a3bf - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 2600000 - Grade: 2.73 - Grade Unit: g/t - Contained Metal: 224 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 1100000 - Prior Grade: 2.88 - Prior Contained Metal: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Mana's Proven Reserves increased significantly in tonnage and contained metal, indicating a positive development in the highest confidence reserve category. - Positive factor: Increase in Proven Reserves tonnage - Positive factor: Increase in Proven Reserves contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 2.6 Context: Proven Reserves #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 2600000 against 1100000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.73 against 2.88 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 224 against 100 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-33) Mana Mine · gold #### Identity - Project: Mana Mine - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:0c4a196513141ea1e424 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 5000000 - Grade: 2.36 - Grade Unit: g/t - Contained Metal: 378 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 6500000 - Prior Grade: 2.77 - Prior Contained Metal: 577 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Mana's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Probable Reserves tonnage - Negative factor: Significant decrease in Probable Reserves grade - Negative factor: Significant decrease in Probable Reserves contained metal Evidence · table > 5.0 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5000000 against 6500000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.36 against 2.77 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 378 against 577 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-34) Mana Mine · gold #### Identity - Project: Mana Mine - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:af3652759252ca7856c8 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 4500000 - Grade: 3.45 - Grade Unit: g/t - Contained Metal: 502 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3000000 - Prior Grade: 3.51 - Prior Contained Metal: 334 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Mana's Measured Resources increased significantly in tonnage and contained metal, indicating a positive development in the highest confidence resource category. - Positive factor: Increase in Measured Resources tonnage - Positive factor: Increase in Measured Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 4.5 Context: Measured Resources #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 4500000 against 3000000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 502 against 334 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-35) Mana Mine · gold #### Identity - Project: Mana Mine - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:07776413ef09a8b6fd59 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 7000000 - Grade: 3.11 - Grade Unit: g/t - Contained Metal: 695 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 13000000 - Prior Grade: 3.32 - Prior Contained Metal: 1388 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Mana's Indicated Resources saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the confidence level of the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Indicated Resources tonnage - Negative factor: Decrease in Indicated Resources grade - Negative factor: Significant decrease in Indicated Resources contained metal Evidence · table > 7.0 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7000000 against 13000000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.11 against 3.32 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 695 against 1388 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-36) Mana Mine · gold #### Identity - Project: Mana Mine - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:12bde9123ecfb76d20c1 - Ownership percent: 85 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 8700000 - Grade: 3.16 - Grade Unit: g/t - Contained Metal: 884 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 8500000 - Prior Grade: 3.51 - Prior Contained Metal: 959 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Mana's Inferred Resources saw a slight increase in tonnage but a decrease in grade and contained metal, indicating a mixed outcome for exploration. - Positive factor: Increase in Inferred Resources tonnage - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Inferred Resources grade - Negative factor: Decrease in Inferred Resources contained metal Evidence · table > 8.7 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.16 against 3.51 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 884 against 959 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 884 from 959 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-37) Lafigué · gold #### Identity - Project: Lafigué - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:127db0be0e3f7e5a5cce - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 12600000 - Grade: 1.19 - Grade Unit: g/t - Contained Metal: 479 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3000000 - Prior Grade: 0.94 - Prior Contained Metal: 90 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Lafigué's Proven Reserves saw a substantial increase in tonnage, grade, and contained metal, indicating a very positive development in the highest confidence reserve category. - Positive factor: Significant increase in Proven Reserves tonnage - Positive factor: Significant increase in Proven Reserves grade - Positive factor: Significant increase in Proven Reserves contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 12.6 Context: Proven Reserves #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 12600000 against 3000000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.19 against 0.94 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 479 against 90 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-38) Lafigué · gold #### Identity - Project: Lafigué - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:75df8c2b29c8b6ad997d - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 27500000 - Grade: 1.63 - Grade Unit: g/t - Contained Metal: 1446 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 41400000 - Prior Grade: 1.7 - Prior Contained Metal: 2267 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Lafigué's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Probable Reserves tonnage - Negative factor: Decrease in Probable Reserves grade - Negative factor: Significant decrease in Probable Reserves contained metal Evidence · table > 27.5 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 27500000 against 41400000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1446 against 2267 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-39) Lafigué · gold #### Identity - Project: Lafigué - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:020c47dbe7bbda5867ef - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 12200000 - Grade: 1.4 - Grade Unit: g/t - Contained Metal: 546 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3000000 - Prior Grade: 0.94 - Prior Contained Metal: 90 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Lafigué's Measured Resources saw a substantial increase in tonnage, grade, and contained metal, indicating a very positive development in the highest confidence resource category. - Positive factor: Significant increase in Measured Resources tonnage - Positive factor: Significant increase in Measured Resources grade - Positive factor: Significant increase in Measured Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 12.2 Context: Measured Resources #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 12200000 against 3000000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 1.4 against 0.94 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 546 against 90 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-40) Lafigué · gold #### Identity - Project: Lafigué - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:322046676af7f2b848a4 - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 26000000 - Grade: 2.07 - Grade Unit: g/t - Contained Metal: 1731 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 43200000 - Prior Grade: 2.03 - Prior Contained Metal: 2813 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Lafigué's Indicated Resources saw a substantial decrease in tonnage and contained metal, indicating a reduction in the confidence level of the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Indicated Resources tonnage - Negative factor: Significant decrease in Indicated Resources contained metal Evidence · table > 26.0 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 26000000 against 43200000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1731 against 2813 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-41) Lafigué · gold #### Identity - Project: Lafigué - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:582e9875ffb02a9e33f7 - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3400000 - Grade: 2.12 - Grade Unit: g/t - Contained Metal: 230 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 4000000 - Prior Grade: 1.38 - Prior Contained Metal: 177 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Lafigué's Inferred Resources saw an increase in grade and contained metal, despite a slight decrease in tonnage, indicating positive exploration results. - Positive factor: Increase in Inferred Resources grade - Positive factor: Increase in Inferred Resources contained metal - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Decrease in Inferred Resources tonnage Evidence · table > 3.4 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3400000 against 4000000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 2.12 against 1.38 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 230 against 177 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-42) Kalana Project · gold #### Identity - Project: Kalana Project - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:e11c2ec763ccccfcafc6 - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 35600000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 1829 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 35600000 - Prior Grade: 1.6 - Prior Contained Metal: 1829 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Kalana Project's Probable Reserves remained stable in tonnage, grade, and contained metal, indicating no significant change in the economically viable portion of the resource. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 35.6 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-43) Kalana Project · gold #### Identity - Project: Kalana Project - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:e685d13a793bfcabe05f - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 46000000 - Grade: 1.57 - Grade Unit: g/t - Contained Metal: 2318 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 46000000 - Prior Grade: 1.57 - Prior Contained Metal: 2318 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Kalana Project's Indicated Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 46.0 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-44) Kalana Project · gold #### Identity - Project: Kalana Project - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:2f6d3e2d46c8bf576a59 - Ownership percent: 80 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 1.67 - Grade Unit: g/t - Contained Metal: 244 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 4600000 - Prior Grade: 1.67 - Prior Contained Metal: 245 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Kalana Project's Inferred Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 4.6 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 244 against 245 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-45) Nabanga · gold #### Identity - Project: Nabanga - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:c436901dd8049cd95807 - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3900000 - Grade: 6.91 - Grade Unit: g/t - Contained Metal: 868 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3900000 - Prior Grade: 6.91 - Prior Contained Metal: 868 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Nabanga's Inferred Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 3.9 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-46) Assafou · gold #### Identity - Project: Assafou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:0ca8352f9a23727003b1 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 21500000 - Grade: 1.87 - Grade Unit: g/t - Contained Metal: 1295 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Assafou established new Proven Reserves, indicating a significant positive development for the project's highest confidence reserve category. - Positive factor: New Proven Reserves established - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 21.5 Context: Proven Reserves #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-47) Assafou · gold #### Identity - Project: Assafou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:ce7feee9fe389c5461a6 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 55900000 - Grade: 1.72 - Grade Unit: g/t - Contained Metal: 3085 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 72800000 - Prior Grade: 1.76 - Prior Contained Metal: 4115 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Assafou's Probable Reserves saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the economically viable portion of the resource, which is a negative development. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Probable Reserves tonnage - Negative factor: Decrease in Probable Reserves grade - Negative factor: Significant decrease in Probable Reserves contained metal Evidence · table > 55.9 Context: Probable Reserves #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 3085 against 4115 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-48) Assafou · gold #### Identity - Project: Assafou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:af90a04124d118b53d3f - Ownership percent: 100 % - Resource basis: gross #### 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: 2026-03-05T00:00:00.000Z Reasoning: Assafou established new Measured Resources, indicating a significant positive development for the project's highest confidence resource category. - Positive factor: New Measured Resources established - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 20.8 Context: Measured Resources #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-49) Assafou · gold #### Identity - Project: Assafou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:2603c419ef702ff57740 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 64000000 - Grade: 1.86 - Grade Unit: g/t - Contained Metal: 3837 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 73600000 - Prior Grade: 1.95 - Prior Contained Metal: 4604 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Assafou's Indicated Resources saw a substantial decrease in tonnage, grade, and contained metal, indicating a reduction in the confidence level of the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Indicated Resources tonnage - Negative factor: Decrease in Indicated Resources grade - Negative factor: Significant decrease in Indicated Resources contained metal Evidence · table > 64.0 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 3837 against 4604 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-50) Assafou · gold #### Identity - Project: Assafou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:98e9eb99eafc168de027 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 1900000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 122 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3300000 - Prior Grade: 1.97 - Prior Contained Metal: 208 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Assafou's Inferred Resources saw a substantial decrease in tonnage and contained metal, indicating a reduction in the speculative portion of the resource. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards - Negative factor: Significant decrease in Inferred Resources tonnage - Negative factor: Significant decrease in Inferred Resources contained metal Evidence · table > 1.9 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 122 against 208 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-51) Bantou · gold #### Identity - Project: Bantou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:214b625e2bb5bc8f4f6e - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 18100000 - Grade: 1.22 - Grade Unit: g/t - Contained Metal: 707 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 18100000 - Prior Grade: 1.22 - Prior Contained Metal: 707 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Bantou's Indicated Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 18.1 Context: Indicated Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/endeavour-reports-strong-fy-2025-results--e037daaf-b30a-42c9-bc88-e770ffaf789b#fact-resource-facts-52) Bantou · gold #### Identity - Project: Bantou - Commodity: gold - 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: Brad Rathman, Kevin Harris, Helen Oliver, Joseph Hirst, Janine Fleming, Paul Blackney, Salih Ramazan, Petre Florea, Francois Taljaard, Cameron Rees, Allan Earl - Resource group id: resource:466ed51b66a1db3a1f91 - Ownership percent: 90 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 2.24 - Grade Unit: g/t - Contained Metal: 1167 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16200000 - Prior Grade: 2.24 - Prior Contained Metal: 1167 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-05T00:00:00.000Z Reasoning: Bantou's Inferred Resources remained stable in tonnage, grade, and contained metal, indicating no significant change in the resource base. - Positive factor: QP/CP signed off on the estimate - Positive factor: NI 43-101 compliant reporting standards Evidence · table > 16.2 Context: Inferred Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## 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.