Endeavour Mining PLC's (LSE:EDV, TSX:EDV, OTCQX:EDVMF) pre-feasibility study for Assafou has justified some of the ballyhoo surrounding the Ivory Coast gold project, according to Stifel.
Results from the PFS come less than three years following the project’s discovery in late 2021 and were broadly in line with expectations for a “larger Lafigué”, said the US broker.
Stifel adds however that with an October 2023 drilling cutoff, the PFS does not yet incorporate the resource upside indicated from over 70,000m of subsequent programmes.
“Benchmarking against advanced-stage project studies released year-to-date highlights Assafou's attractive scale and economics, which should support its eventual emergence as a globally significant tier-one gold mine,” added Stifel.
A definitive feasibility study (DFS) is planned with completion expected in late 2025 or early 2026, potentially enabling construction activities to be launched in the second half of 2026.
'Buy' is the broker's investment view on FTSE 100 constituent Endeavour. Shares jumped 6.5% today to 1,598p.