06:17 AM EDT, 08/27/2024 (MT Newswires) -- Endeavour Mining ( EDVMF ) on Tuesday said it has signed a settlement agreement with Lilium Gold involving Burkina Faso and related to the divestment of the Boungou and Wahgnion mines.

Under the agreement, Lilium will transfer the ownership of the Boungou and Wahgnion mines to Burkina Faso. Endeavour will receive $60 million in cash and a 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine.

The cash consideration is composed of a $15 million upfront cash payment, $15 million payable by the end of the third quarter and $30 million payable by the end of the fourth quarter.

Endeavour and Lilium have agreed to cease legal proceedings against each other.

Endeavour's share price at last look lost 0.8% to 1,637 British pounds in London trading on Tuesday.