Endeavour Mining plc
Endeavour Mining plc is a London/Toronto-listed, West Africa-focused senior gold producer, with mines at Houndé and Mana (Burkina Faso), Ity (Côte d'Ivoire), the newly-commercial Lafigué (Côte d'Ivoire, reached commercial production alongside Sabodala-Massawa in 2025) and Sabodala-Massawa (Senegal). Ian Cockerill has been CEO since Jan 2024, appointed after the company's prior CEO was terminated for serious misconduct; Guy Young is CFO. H1 2026 production was 564,000 oz at an AISC of $1,871/oz, generating record free cash flow of $761 million (+19% vs H2 2025). Lafigué was the standout H1 2026 performer (107,000 oz, tracking toward the top of its 170,000-195,000 oz guidance range). FY2026 guidance is 1,090,000-1,265,000 oz at $1,600-1,800/oz AISC. The first phase of the Sabodala-Massawa underground expansion is expected to deliver first ore by year-end 2026.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jan 2023 · Source
- Jan 2025 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)5/10
Endeavour's mines are all in West Africa: Côte d'Ivoire (Ity and Lafigué, the flagship jurisdiction), Burkina Faso (Houndé, Mana) and Senegal (Sabodala-Massawa). The region has established mining codes but periodic political instability, with Côte d'Ivoire materially lower-risk than Burkina Faso or Mali.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Ity Gold Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Simandou Mine (Simfer SA), 203 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Simandou Mine (Simfer SA), 203 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Côte d'Ivoire: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Endeavour Mining plc since Jan 2024 (joined the board as Senior Independent Director in 2022, Deputy Chair from Sep 2023). Nearly 50 years in the global natural resources industry: CEO of Anglo American Coal (2008-2009); President & CEO of Gold Fields Limited (2002-2008, MD & COO 1999-2002); Executive Director/Executive Officer of AngloGold Limited (1996-1999, the corporate predecessor of today's AngloGold Ashanti); and earlier operational roles across the Anglo American Group since 1979, including Manager of Elandsrand and Western Deep Levels West Mine (1992-1996).
Group Chief Financial Officer of Endeavour Mining plc since Mar 2023. Before Endeavour, CFO of Vesuvius plc (2015-2023); CFO of Tarmac/Lafarge Tarmac (2011-2015); and senior financial/business-development roles at Anglo American plc (1997-2010), including CFO of Scaw Metals Group. B Comm Finance, University of Cape Town; qualified with SAICA.
Non-Executive Chairman of Endeavour Mining plc since 2022. Chartered accountant (University of Madras); Chief Executive Officer of AngloGold Ashanti Limited 2013-2018 (CFO from 2005), and Chief Executive Officer of Vedanta Resources plc 2018-2020.
Independent Non-Executive Director of Endeavour Mining plc since 13 January 2026. Finance professional from the global extractive industry, with a career focused on the energy sector at Shell Group.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Endeavour Mining operates Hounde and Mana in Burkina Faso, Ity and Lafigue in Cote d'Ivoire and Sabodala-Massawa in Senegal. No single study covers the whole company; the Sabodala-Massawa expansion feasibility study (April 2022) showed an after-tax NPV5% of US$861M and a 72% IRR at US$1,700/oz gold. Its company-wide attributable measured and indicated resource at 31 Dec 2025 is 22.1 Moz (3.21 Moz measured, 18.92 Moz indicated), with 5.47 Moz inferred.