Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has laid out an ambitious five-year exploration plan aimed at adding 12 to 15 million ounces of gold at a discovery cost of under $40 an ounce, analysts at Jefferies highlighted on Tuesday.
Jefferies said the scale of the program distinguishes the company in a sector struggling to find high-quality new deposits.
“In our view, this goal stands out in a market starved of new quality discoveries and underscores EDV’s commitment to organic growth,” the analysts wrote. “(We) see this strategy as a strong long-term value driver for shareholders.”
The plan combines near-mine brownfield work, expected to uncover 6 to 9 million ounces, with greenfield exploration aimed at another 6 million ounces from two to three new cornerstone projects. While West Africa remains the core focus, Endeavour also plans to add three highly prospective Tier 1 gold provinces that could eventually shift its traditionally West Africa-centric portfolio.
Houndé and Sabodala-Massawa are expected to deliver the largest additions at 1.5 to 2 million ounces each. Ity, Lafigué and Assafou each target 1 to 1.5 million ounces, while Mana is projected to contribute up to 0.5 million ounces.
Endeavour delivered 20.7 million ounces of measured and indicated resources in its 2016–2025 campaign at a discovery cost of $25 an ounce, including Tier 1 greenfield discoveries at Lafigué and Assafou at $12 and $11 an ounce, respectively.
Annual exploration spending is expected to exceed $100 million from 2026 to 2030, compared with Jefferies’ modeled $169 million for the period.
The brokerage maintained its “Buy” rating on Endeavour, with a C$77 price target implying an 18% upside from Monday’s close.