11:55 AM EST, 12/11/2024 (MT Newswires) -- (Updates shares.)

Endeavour Mining ( EDVMF ) on Wednesday said it completed a positive pre-feasibility study for the Assafou-Dibibango project in Cote d'Ivoire, confirming the project's potential to be a tier 1 gold asset and justifying advancing it to the definitive feasibility study stage.

The study showed 329,000 ounces per year of production at an all-in sustaining cost of US$892 per ounce over the first 10 years.

Assafou-Dibibango has a 15-year mine life based on a maiden reserve of 4.1-million ounces and an after-tax net present value based on a 5% discount of $1.53 billion and internal rate of return of 28%.

The initial capital is $734 million based on a design nameplate capacity of 5 million tonnes per annum.

The definitive feasibility study will now begin, with completion expected between late 2025 and early 2026.

Endeavour share were last seen up $1.73 to $28.74 on the Toronto Stock Exchange.

Price: 28.70, Change: +1.69, Percent Change: +6.26