Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Lilium Gold have agreed a settlement agreement brokered by the government of Burkina Faso for the divestment of the Boungou and Wahgnion mines.
The deal will see Lilium transfer the ownership of the Boungou and Wahgnion mines to the Burkina Faso state with Endeavour to receive US$60 million cash in the three tranches made up of US$15 million upfront, US$15 million by the end of the third quarter and US$30 million by the end of 2024.
FTSE 100 member Endeavour will also receive a 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine
On the basis of this settlement, Endeavour and Lilium have agreed to cease the current legal proceedings against each other.
Both parties thanked the government of Burkina Faso for its mediation efforts.