Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has set a five-year exploration target of 12 to 15 million ounces of new resources between 2026 and 2030.
The company said it expects average discovery costs will remain below $40 per ounce.
Endeavour plans to find 6 to 9 million ounces through 'brownfield' work and a further 6 million ounces through 'greenfield exploration'.
It projects that annual exploration spending would exceed $100 million.
"Our strong track record, highly prospective land packages and high-calibre team give us the confidence to set a new, ambitious exploration target," said chief executive Ian Cockerill.
He added, "Since 2016 we have consistently generated significant value through the drill bit.
"We have replaced more than double our production depletion with high-quality, high-grade ounces, allowing us to extend mine lives and improve our asset quality.
"In doing so, we have discovered two top-tier greenfield projects that have been quickly advanced to become cornerstone projects in our portfolio."
Cockerill, meanwhile, highlighted that with targeted, sustainable growth, Endeavour will ensure it can maintain a competitive advantage and continue to deliver sector-leading returns to our shareholders.