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ForexTV

11.12.2024

Endeavour Announces Positive PFS Results for Assafou Project in Côte d’Ivoire - ForexTV

ENDEAVOUR ANNOUNCES POSITIVE PFS RESULTS FOR ASSAFOU PROJECT IN CÔTE D’IVOIRE $1,526m NPV(5%) and IRR of 28% at $2,000/oz • 329kozpa at AISC of $892/oz over first 10 years HIGHLIGHTS: PFS confirms Assafou's potential to become a tier 1 asset for EndeavourPFS highlights 329kozpa production at AISC of $892/oz over first 10 years: 15-year mine life based on maiden reserve of 4.1Moz Robust project economics with after-tax NPV(5%) of $1,526m and IRR of 28%, at a $2,000/oz gold priceInitial capital of $734m based on a 5Mtpa design nameplate capacity with a similar processing plant configuration as the nearby Lafigué mine 90% resource to reserve conversion with defined maiden reserves of 72.8Mt at 1.76g/t for 4.1Moz Indicated resources of 73.6Mt at 1.95g/t for 4.6Moz based on a drilling cutoff in October 2023, with over 70,000 metres of drilling completed subsequentlyFurther resource expansion and definition at Assafou, and satellite deposits in close proximity to Assafou, is expected to be incorporated into the DFS Given the high-quality project and attractive economics, the DFS will now commence with completion expected between late 2025 and early 2026   Abidjan, 11 December 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce that it has recently completed a positive Pre-Feasibility Study (“PFS”) for the Assafou-Dibibango (“Assafou”) project on the Tanda-Iguela property in Côte d’Ivoire. The PFS results meet Endeavour’s strategic targets and confirm Assafou’s potential to be a tier 1 asset, which justifies advancing the project to the Definitive Feasibility Study (“DFS”) stage. Ian Cockerill, CEO, commented: “I am delighted with the results of this pre-feasibility study that highlight the potential for Assafou to become a tier 1 asset for Endeavour. We have defined a large, low-cost and long mine life project, capable of producing 330koz a year over the first ten years, while remaining firmly in the lowest cost quartile. The attractive returns profile ensures this project will remain a capital allocation priority for us and it demonstrates our ability to generate highly value accretive projects, organically, through our pipeline. Our exploration team discovered Assafou in late 2021, and in less than three years we have defined a high-quality project with close to 5 million ounces of high-grade Indicated resource endowment. We expect that we will continue to grow the Assafou deposit’s resource, and delineate several exciting near-mine targets across the wider Tanda-Iguela property. Given the excellent project economics, we will now launch the Definitive Feasibility Study and simultaneously advance the permitting process so that we are well positioned to potentially launch construction, with our best-in-class projects team, in the second half of 2026. With a robust pipeline of organic growth opportunities, we expect to continue to unlock value and deliver long-term production growth towards our 1.5 million ounce target, from a diversified portfolio of assets, by the end of the decade, while maintaining best-in-class margins. This underpins our capital allocation framework, and we expect to continue to deliver supplemental shareholder returns in line with our existing policy, and maintain attractive shareholder returns through this next growth phase.” Table 1: Assafou Project Highlights     ASSAFOU STRATEGIC TARGETS P&P Reserve, Moz1 4.1 >2.0 Mine life, years 14.5 >10 Average annual production, kozpa   First 10 years 329 >200 Life of mine 265 AISC, $/oz2   First 10 years 892 Best-in-class   Life of mine 936 Post-tax NPV5%, $m2 1,526 n.a. Post-tax IRR, %2 28 >20 1Based on a $1,500/oz reserve price. 2Based on a gold price of $2,000/oz The key operational and economic highlights of the Assafou PFS are summarised in Tables 2 and 3 below. Table 2: Assafou PFS Summary     OPERATION TYPE   Mine type Open Pit Plant type 5.0Mtpa Gravity / CIL Plant RESERVES & RESOURCES1   P&P reserves 72.8Mt at 1.76g/t Au for 4.1Moz M&I resources (inclusive of reserves) 73.6Mt at 1.95g/t Au for 4.6Moz Inferred resources 3.3Mt at 1.97g/t Au for 0.2Moz LIFE OF MINE PRODUCTION   Mine life, years 14.5 Strip ratio, W:O 5.9 Tonnes processed, Mt 72.8 Grade processed, Au g/t 1.76 Gold contained processed, Moz 4.1 Average recovery rate, % 94 Gold production, Moz 3.9 Average annual production, kozpa 265 Cash costs, $/oz 863 AISC, $/oz2 936 AVERAGE FOR YEARS 1 TO 10   Production, kozpa 329 Cash costs, $/oz 812 AISC, $/oz2 892 CAPITAL COST   Upfront capital cost, $m 734 ENVIRONMENTAL DATA   GHG Emissions Intensity3, t CO2e/oz 0.55 Energy Intensity, GJ/oz 7.23 1Based on a reserves gold price of $1,500/oz and a resource gold price of $1,900/oz 2Based on a gold price of $2,000/oz3GHG Emissions Intensity considers only Scope 1 and 2 emissions Table 3: Assafou PFS Project Economics       Gold Price $1,500/oz $1,900/oz $2,000/oz $2,500/oz   PRE-TAX           NPV5%, $m 860 1,882 2,148 3,408   IRR, % 18 31 34 48   Payback Period, yr1 5.6 3.6 3.3 2.4   AFTER-TAX           NPV5%, $m 536 1,322 1,526 2,485   IRR, % 14 25 28 40   Payback Period, yr1 6.4 4.2 3.8 2.7                      1Payback period calculated from the start of commercial production Endeavour expects to file a Technical Report pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“the NI 43-101”) in respect of the Assafou PFS within 45 days of this news release. Overview The 100% owned Tanda and Iguela permits (“Tanda-Iguela”) are located in the eastern region of Côte d’Ivoire, approximately 600km northeast of Abidjan, adjacent to the Ghana border. The northern permit, Tanda, was added to Endeavour’s portfolio in late 2015 following Endeavour’s transaction with La Mancha. Endeavour conducted an initial drilling campaign in early 2016 that yielded positive results and quickly identified the southern permit, Iguela, as having a high degree of geological prospectivity. The Iguela permit was awarded to Endeavour in May 2017, through Côte d’Ivoire’s permitting application process. Figure 1 : Tanda-Iguela Map Please refer to Figure 1 in the attached release. A maiden Indicated resource of 1.1Moz at 2.33 g/t Au was published on 21 November 2022 and was subsequently increased to 4.5Moz at 1.97 g/t Au on 29 November 2023, based on a $1,500/oz gold price. As shown in Figure 2 below, the PFS demonstrates Assafou’s ability to deliver 329kozpa at AISC of $892/oz over the first ten years of operations, with average production exceeding 350kozpa over an 8-year period once the operation is ramped up, and average production of 265kozpa and AISC of $936/oz over life of mine. Figure 2: Assafou PFS Production and AISC Profile1,2 Please refer to Figure 2 in the attached release. The PFS production profile is based on the mineral reserves only with an effective date of 31 August 2024, which are constrained by a resource with a drilling cutoff of 31 October 2023. Significant exploration drilling has been completed since this cutoff, which is expected to contribute to resource and reserve upside supporting higher levels of production, particularly in years 10 to 15 of the production profile. Reserves and Resources As shown in Table 4 below, the PFS mineral resource is based on the 2023 Mineral Resource Estimate (“MRE”), as published on 29 November 2023, which has been restated using a $1,900/oz gold price, compared to the $1,500/oz gold price used when it was published. The drilling cut-off for the 2023 MRE was 31 October 2023, with the MRE constituting 183,000 metres of drilling at the Assafou deposit. Subsequently, a further 70,000 metres of drilling has been completed during late 2023 and year-to-date 2024 at the Assafou deposit and satellite targets in close proximity to Assafou, which are expected to be incorporated into a future mineral resource update that will underpin the DFS. Table 4: Assafou Reserves and Resources On a 100% basis     Tonnage Grade Content (Mt) (Au g/t) (Au koz) Proven Reserves   - - - Probable Reserves   72.8 1.76 4,115 P&P Reserves   72.8 1.76 4,115 Measured Resource (incl. reserves)   - - - Indicated Resources (incl. reserves)   73.6 1.95 4,604 M&I Resources   73.6 1.95 4,604 Inferred Resources   3.3 1.97 208 1Mineral Resource Estimate effective 30 June 2024. Mineral Reserve Estimate effective 31 August 2024. Mineral Resource and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell based on a cut-off grade of 0.5g/t at a $1,900/oz gold price. Reserves are based on a cut-off grade of 0.4g/t for oxide ore and 0.5g/t for fresh ore and $1,500/oz gold price. The updated mineral resource estimate for the Assafou deposit comprises an Indicated resource of 73.6Mt at 1.95g/t for 4.6Moz and an Inferred resource of 3.3Mt at 1.97g/t for 0.2Moz, based on a cut-off grade of 0.5 g/t Au and a $1,900/oz gold price. The mineral resource at the Assafou deposit is robust, as it is high-grade and hosted in thick, continuous lenses, as demonstrated by the sensitivity analysis presented in Table 5 below. Inferred material within the pit design was treated as waste in the PFS. Table 5: Assafou Mineral Resource Estimate Sensitivity1   TONNAGE GRADE CONTENT   (Mt) (Au g/t) (Au koz) INDICATED RESOURCE         Based on a gold price of $1,500/oz         70.9 1.97 4,493   Based on a gold price of $1,700/oz         72.7 1.95 4,560   Based on a gold price of $1,900/oz         73.6 1.95 4,604   Based on a gold price of $2,000/oz         74.1 1.94 4,620         INFERRED RESOURCE         Based on a gold price of $1,500/oz         2.9 1.91 176   Based on a gold price of $1,700/oz         3.2 1.98 203   Based on a gold price of $1,900/oz         3.3 1.97 208   Based on a gold price of $2,000/oz         3.4 2.01 220 1 Mineral Resource is estimated effective 30 June 2024. No Measured resources have been estimated. Mineral Resources estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions standards for mineral resources and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Resources are reported undiluted and were constrained by MII $1,900/oz Pit Shell and for sensitivity purpose by approximate MII at $1,500/oz and $1,700/oz and $2,000/oz pit shells and based on a cut-off of 0.5 g/t Au. For technical notes and drilling results from the Assafou drill programme, please see the Technical Notes section below. Mining Operations The Assafou deposit mineralisation extends from surface to depths in excess of 300 metres and is amenable to conventional open-pit mining. The mine planning, resource and cost estimation for the PFS is based on a contract mining operation with a maximum mining capacity of 62.5 Mt per year. Mining capacity is expected to exceed processing capacity in order to accumulate stockpiles to allow high grade material to be preferentially processed early in the mine life. During the pre-commercial production period approximately 36.5 Mt of pre-stripping is expected to support an accelerated ramp up of the production profile. The DFS will review opportunities to reduce the impact of pre-stripping at the Assafou deposit through supplementing the ore feed with near-surface ore from the Pala Trend 3 deposit, located 1km away from Assafou. Diesel excavators and trucks will be used for loading and haulage, with a contractor fleet expected to comprise of 300-tonne and 200-tonne class face excavators to load 140-tonne capacity dump trucks for waste mining, and 200-tonne class excavators to load 140-tonne capacity dump trucks for ore mining. Processing Operations Ore will be processed via a 5.0 Mtpa processing plant. Over the life of mine, the plant will be fed with approximately 89% fresh ore and 11% oxide and transitional ore. Two-stage crushing followed by a high-pressure grinding roll and a ball milling circuit is planned. A primary gyratory crusher will crush ore to a coarse crush size, followed by dual secondary cone crushers. This will feed a crushed ore stockpile that feeds into a high-pressure grinding roll circuit. Ore will then be passed through a conventional ball mill and milled to 80% passing 106µm (microns). The milled ore will pass through a gravity circuit comprising two Knelson concentrators for separation and recovery of coarse free gold, to produce a gravity concentrate for cyanidation and electrowinning that can be smelted to produce gold doré. High gravity recovery of approximately 60% is estimated for fresh and oxide/transitional ores at Assafou. The remaining milled gravity tail will be screened and passed to a carbon-in-leach (“CIL”) circuit containing one pre-leach tank and six CIL tanks in series for leaching and absorption. Leach residence time will be approximately 36 hours. Following leaching and absorption, gold will be recovered from activated carbon by elution, electrowinning, and gold smelting to produce gold doré. Extensive and representative metallurgical testwork has indicated that gold is free milling with very high gravity and leach extraction potential, with a projected gold recovery rate of 94% over the life of mine. Operating Cost Summary Mining operating cost estimates, prepared by Endeavour, are based on a contractor mining model. Process operating cost estimates were prepared by Lycopodium, who have successfully supported Endeavour through five engineering and construction projects in West Africa over the last ten years. General and Administration (“G&A”) cost estimates were also prepared by Lycopodium with input from Endeavour, as summarised in the table below. Table 6: Assafou Life of Mine Operating Unit Costs (-15/+20%)   UNIT COSTS (US$) Open Pit Mining & Rehandling $4.08/t mined Processing $12.25/t processed G&A $4.10/t processed       Based on estimates that exclude escalation Operating costs have been based on a delivered diesel price of $0.92 per litre and are in line with current local pricing. Power will be sourced from the grid supplying 90kV to site via a ring main system providing power from two different sources of transmission to increase reliability, with power costs estimated at $0.16/kWh. Capital Cost and Infrastructure Summary The project capital cost estimate was compiled by Lycopodium with input from Knight Piésold on the TSF, water infrastructure, site access roads and airstrip, from Digby Wells on relocation, and from ECG Engineering on the power infrastructure. Endeavour has provided project specific estimates for mine establishment, facilities and owner’s costs. The initial capital cost is summarized in the table below. Table 7: Assafou Upfront Capital Cost Estimate Summary (-20/+25%)   CAPITAL COSTS (US$M) Mining 156.3 Treatment Plant Costs 115.5 Reagents and Plant Services 34.9 Site Infrastructure 109.2 Offsite Infrastructure 79.7 Contractor Distributables 36.6 Indirect Costs 120.3 Subtotal 652.5 Contingency 79.0 Taxes and Duties 2.7 Total Upfront Capital Cost 734.2                                                                                                                                                                                                            Based on estimates that exclude escalation The Assafou project capital cost estimate assumes a contractor mining model, selected due to the lower upfront capital costs and the additional fleet flexibility that can accommodate the pre-production mining ramp-up. Within the subsequent DFS, a hybrid approach to contract and owner mining may be considered to ensure capital and operating costs are optimised, while the mining ramp-up is de-risked. The Assafou project benefits from good surrounding infrastructure, including access to the 90kV power supply within 14km of the project, and access to the A1 national road, which will be diverted around the operation and provide access to the operation. An airstrip will be built 3.5km from the permanent accommodation. Resettlement of two villages within close proximity to the project is required and is included in the capital cost estimate.  The tailings storage facility (“TSF”) is expected to be a cross-valley storage facility, utilising the natural topography of the project area, that will be formed by multi-zoned earth fill embankments, with a total footprint area (including the basin area) of approximately 252ha for the stage 1 TSF to 278ha for the final TSF. TSF construction will benefit from the high availability of fresh waste rock from the mining pre-stripping activities. The TSF is designed to a life-of-mine capacity accommodating a total of 73Mt of tailings, with the potential to be expanded to 110Mt. The Stage 1 TSF is designed for 7.5Mt, approximately 18 months storage capacity, and subsequently, downstream raise construction will be used to progressively increase capacity. The recommendations from the Environmental Social Impact Assessment (“ESIA”) which is underway, will be used to compile an Environmental and Social Management Plan (“ESMP”) which will guide Endeavour’s local community engagement as well as ensuring it fulfils its environment obligations, minimising the mine’s impacts where possible. The ESMP will be used to monitor and ensure compliance with environmental specifications, monitoring and management measures and will be implemented from site preparation through to decommissioning and closure.  Figure 3 below highlights the proposed site and infrastructure layout. Figure 3: Assafou Schematic Site Layout  Please refer to Figure 3 in the attached release. Ownership, Permitting, Taxes and Royalties Endeavour acquired the Tanda exploration permit in 2015, subsequently acquiring the Iguela permit, which contains the Assafou project, in 2017. Endeavour will retain full ownership of the Tanda-Iguela permits until the permits are converted into an exploitation permit. Based on the current 2014 Mining Convention, once the exploitation permit is granted, Endeavour will be entitled to an 80% stake in the Assafou project, while SODEMI (the Ivorian state-owned mining company) and the Government of Côte d’Ivoire will each have a 10% stake. A corporate tax rate of 25% of gross profit has been applied in the PFS. A royalty of 5.0% and a community levy royalty of 0.5% was applied to all sales. Gold royalties in Côte d’Ivoire are based on a sliding scale with the gold price, and vary between 3.0% and 6.0%. A transport and refining charge of $4/oz Au was also applied. The mining code is currently under review and if the proposed new mining code is passed into law before the Assafou exploration permit is converted into an exploitation permit, then the fiscal terms applicable to the Assafou project are expected to reflect those of the new mining code. If the new mining code is passed into law in its current draft state, it is expected to include an increase in the Governments free-carried interest from 10% to 15%. This would result in Endeavour’s potential stake in the Assafou project, once the exploration permit has been converted into an exploitation permit, decreasing from 80% to 75%. Geology Mineralisation at the Assafou deposit is both disseminated and hosted in quartz veins within the Tarkwaian Sandstones. The deposit appears to be monometallic containing no potentially penalising elements associated with the gold. Mineralisation starts at surface, extending down to more than 300 metres in depth, and is continuous along strike, along the prominent northwest trending structure that separates the Tarkwaian Sandstones from the mafic Birimian Basement rocks. The deposit comprises a thick main (up to 60 metres) continuous lens, appearing to be dipping at a low angle to the southwest, overlaid by a series of stacked lenses. High grade mineralisation and the thickest mineralised intercepts are located adjacent to the structural contact between the mafic Birimian Basement rocks and the Tarkwaian Sandstones along the northeast boundary of the Assafou deposit. Mineralisation at Assafou remains open along strike towards the northwest and towards the southeast, as well as at depth, where deep drilling below 250 metres intercepted mineralisation below the existing resource pit shell and within the Birimian Basement rocks below the sedimentary basin. Assafou Exploration The Assafou deposit was discovered in late 2021 and the maiden Indicated resource of 14.9Mt at 2.33g/t containing 1.1Moz and an Inferred resource of 32.9Mt at 1.80g/t containing 1.9Moz was defined on 31 October 2022, less than one year after the initial discovery, based on 58,000 metres of drilling. Subsequently, an updated Indicated resource of 70.9Mt at 1.97g/t containing 4.5Moz and an Inferred resource of 2.9Mt at 1.91g/t containing 0.2Moz was defined on 14 November 2023, based on 183,000 metres of drilling. Since the 14 November 2023 resource was defined, a further 44,000 metres of drilling has been completed at the Assafou deposit, extending the mineralised trend by over 0.4km or 12%, to 3.7km, and 26,000 metres of drilling has been completed at near-mine targets, within less than 5km of the Assafou deposit. Mineralisation at Assafou remains open along strike along the 20km long structural corridor extending from Koume Nangare in the northwest to Kongojdan in the southeast, as well as at depth where mineralisation has been identified below the current resource pit shell, and within the basement mafic Birimian volcanic rocks. During the first nine months of 2024, 67,000 metres of drilling has been completed for a total spend of $13.4 million, consisting of resource expansion and resource infill drilling at the Assafou deposit, resource definition drilling at the Pala Trend 3 target and reconnaissance drilling at other satellite targets in close proximity to Assafou. Figure 4: Assafou Deposit Map  Please refer to Figure 4 in the attached release. Figure 5 below highlights that 2024 drilling, that has not been included in the PFS reserves and resources estimate, has identified mineralisation that extends towards the northwest of Assafou, outside of the existing pit shell. Mineralisation starts at surface within the Tarkwaian Sandstones but extends into the Birimian Basement and it remains open, with further drilling planned for FY-2025. Figure 5: Assafou Cross Section A3600 Please refer to Figure 5 in the attached release. Figure 6 below highlights the occurrence of high-grade, stacked lenses of mineralisation in the southeast of the Assafou deposit, where additional drilling was completed in 2023 and 2024. Figure 6: Assafou Cross Section A0533 Please refer to Figure 6 in the attached release. Figure 7 below highlights that 2024 drilling towards the southeast of the Assafou deposit has identified high-grade mineralisation below the current Assafou pit shell. Figure 7: Assafou Cross Section A0300 Please refer to Figure 7 in the attached release. Figure 8 below highlights that drilling completed in 2023 and 2024 towards the southeast of the Assafou deposit, that was not included in the reserves and resources estimate for the PFS, has identified multiple lenses of mineralisation below the current Assafou pit shell, with follow-up drilling planned for 2025. Figure 8: Assafou Cross Section A0200  Please refer to Figure 8 in the attached release. Regional Exploration Regional exploration continues to advance at nine targets within 6km of the Assafou deposit. The regional exploration programme is targeting both Tarkwaian and Birimian style deposits within close proximity to Assafou that could potentially form satellite pits to the Assafou project. Figure 9 below, highlights some of the high-grade mineralised intercepts identified at these potential satellite targets, of which the Pala trend 3 target is the most advanced, while further delineation drilling will continue at the other high priority Koume Nangare and Pala Trend 1 and 2 targets. Figure 9: Iguela Regional Map Please refer to Figure 9 in the attached release. Figure 10 below highlights the drilling completed at the Pala Trend 3 target in 2024. Pala Trend 3 is located approximately 1km west of the Assafou deposit, within the same sedimentary basin. Drilling has identified continuous, stacked lenses of shallow mineralisation that are dipping towards the northeast, towards the Assafou deposit. While mineralisation at Assafou is largely hosted within the Tarkwaian Sandstones, at Pala Trend 3 mineralisation is largely hosted within the Birimian greenstone rocks, similar to other Birimian greenstone deposits in the region. The Tanda-Iguela property remains highly prospective for both types of mineralisation. The exploration programme will continue to advance the Pala Trend 3 target and a maiden resource is expected to be defined in 2025 and incorporated into the DFS. Figure 10: Pala Trend 3 P1300  Please refer to Figure 10 in the attached release. Next Steps The DFS is expected to commence immediately and is due to be completed between late 2025 and early 2026Updated mineral reserves and resources will be defined during 2025, which will include additional drilling at the Assafou deposits and the Pala Trend 3 satellite target, and will be incorporated into the DFSThe exploitation permit application process and the ESIA submission are expected to commence in early 2025Further exploration is planned during 2025 on the Assafou deposit and on near-mine satellite targets within close proximity to Assafou ASSAFOU TECHNICAL NOTES All figures are expressed in United States dollars unless otherwise stated. Assafou Geology Mineralisation at Assafou is mainly hosted in Tarkwaian Sandstone, at/or immediately in the vicinity of the structural contact with Birimian Basement rocks (mainly mafic rocks). Gold mineralisation occurs both as disseminated occurrences within pervasively altered sandstone and within, or at the edges of, quartz (±carbonate) veins and breccias that crosscut the altered sandstones. Alteration is reflected by an induration (silicification) and by the presence of sulphides (pyrite), disseminated within the matrix and distributed along the sandstone bedding. The more intense the silicification (and presence of pyrite), the more mineralised the sandstones tend to be. The structural contact likely controlled the initial sandstone deposition (normal fault in extensional regime). It was then reactivated under an SSW-NNE compressive regime at the brittle-ductile transition, associated with strong mylonitisation and alteration (quartz, carbonate, pyrite, ± sericite, ± chlorite) of the Birimian Basement rocks, and to mafic and felsic intrusions as dykes and sills. Gold mineralisation is likely to have occurred during this reversal, in the post-Tarkwaian reactivation event. Mineralising hydrothermal fluids are believed to have preferentially invaded the Tarkwaian Sandstones rather than the Birimian Basement rocks, due to their higher initial porosity, permeability and competency. Assafou Resource Modelling The statistical analysis, geological modelling and resource estimation were prepared by a resource team of Endeavour. The Qualified Person as defined by NI 43-101 is Kevin Harris, Vice President of Resources with Endeavour Mining. The Assafou mineral resource model was developed in Seequent’s Leapfrog Geo, Snowden’s Supervisor and Geovia’s Surpac software. The database used to generate the mineral resources comprised some 868 drill holes, totalling 183,081 metres. The drill hole data was supported by industry-standard quality assurance and quality control systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. Endeavour’s resource team has reviewed the QAQC data available and considers the assay data to be suitable for use in the subsequent mineral resource estimate. Mineralisation domains were modelled with the Vein System tool in Leapfrog Geo using the interval selection for each vein. The gold assays from the drill holes were composited to 1.0 metre intervals. Grade capping values were applied depending on the mineralised domain, between no cap and 45 g/t. Spatial analysis of the gold distribution within the mineralised zone indicated good continuity of the grades along strike and down dip within the mineralised zones. Variography has been applied using Snowden’s Supervisor for the largest mineralised zones (101, 102, 103, 104, 105, 106, 110 and 112) and variogram models were produced for these domains. These largest domains represent almost half of the entire population and have a good geological and grade continuity. Density measurements from 401 drill holes and covering each of the lithologies, were averaged based on the material type (and lithology, in the case of fresh material). Average density values were applied to the associated portions of the block model as outlined below: Laterite 1.79 g/cm3Saprolite: 1.96 g/cm3Saprock: 2.36 g/cm3Fresh: 2.76 g/cm3 Gold grades were estimated in Geovia’s Surpac using Inverse Distance Squared (‘’IDW2’’) for most of the modelled mineralisation. Ordinary Kriging was only used for the largest domains which include sufficient data for variogram models. The Ordinary Kriging estimation represents almost half of the mineralised volume.  The grade was estimated in multiple passes to define the higher confidence areas and extend the grade to the interpreted mineralised zone extents. The grade estimation was validated with visual and statistical analysis, and comparison with the drilling data on sections with swath plots comparing the block grades with the composites. The majority of the resource is within the fresh rock, approximately 0.5% of the ounces is oxide, 5.7% is transition and 93.8% is fresh rock. Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for the Assafou deposit are sufficient for the reporting of Indicated and Inferred mineral resources, in accordance with the CIM Definition Standards. Indicated mineral resources have typically been defined in areas with a drill hole spacing of 30-40 metres along sections, and 30-40 metres between sections, where there is a reasonable level of confidence in geological and grade continuity. Inferred mineral resources have typically been defined in areas with a drillhole spacing of 50 to 75 metres, and where the controls on mineralisation are less well understood, or the continuity is reduced. Mineral resources are reported within an optimised pit shell using a cut-off grade of 0.5 g/t Au and a gold price of $1,900 per ounce. Technical and economic assumptions were agreed for mining factors (mining and selling costs, mining recovery and dilution, pit slope angles) and processing factors (gold recovery, processing costs), which were used for optimisation. The optimised factors are summarised below: Mining cost: $3.75/t ore and $2.72/t wasteProcessing cost: Oxide/Transitional: $1.08/t ore; Fresh: $11.66/t oreG&A cost: $4.68/t oreSustaining Capital cost: $1.45/t/oreOther ore related costs (including grade control): $0.78/t oreSelling cost: $89.5/oz AuMining recovery: 95%; Dilution 0%Processing recovery: 95.7% for Oxide/Transition and 93.1% for Fresh at the average gradeAverage slope angles: 28-43°, dependent on geotechnical domain Drilling, Assay, Quality Assurance and Quality Control Procedures Reverse Circulation (“RC”) and Air Core (“AC”) drilling uses high pressure compressed air to deliver rock materials to the surface. The compressed air is delivered via a dual tube drill rod system, with an outer tube for air going down-hole, and an inner-tube for return going back to surface. In RC drilling, compressed air drives a percussion hammer. In both RC and AC drilling, compressed air carries rock particles back to surface via the inner tube, minimizing potential contamination affects. The samples are collected from the cyclone at surface at 1 metre intervals. The cyclone is cleaned after every 6-metre rod by flushing the hole and physical opening of the cyclone and blowing out with compressed air at the end of each hole. Additional manual cleaning is required in saprolitic or wet ground, closely monitored by the site geologist / geo-technician to ensure no sample-to-sample contamination occurs. Samples are manually split at the drill site using several different riffle splitters, based on bulk sample weight. 2 to 5 kilograms laboratory samples and a second 2 to 5 kilograms reference sample are collected. Bulk and laboratory sample weights, in addition to moisture levels are recorded. Representative samples for each interval were collected with a spear, sieved into chip trays and retained for reference. Drill core (PQ, HQ and NQ size) samples are selected by Endeavour geologists and cut in half with a diamond blade at the project site. Half of the core is retained at the site for reference purposes. Sample intervals are generally 1 metre in length, adjusted with geologic and/or structural contacts. All samples are transported by road to Bureau Veritas in Abidjan. Each laboratory sample is secured in poly-woven bags ensuring that there is a clear record of the chain of custody. On arrival samples are weighed. Complete samples are crushed to 2 mm (70% passing) with 1 kilogram split out for pulverization. The entire 1 kilogram is pulverized to 75 μm (85% passing). A 50-gram sample is extracted and analysed for gold using standard fire assay technique. An Atomic Absorption (“AA”) finish provides the final gold value. Blanks, field duplicates and certified reference material (“CRM’s”) are inserted into the sample sequence by Endeavour geologists at a rate of one of each samples type per 20 samples. This ensures that there is a 5% Quality Assurance / Quality Control (“QA/QC”) sample insertion rate applied to each fire assay batch. The sampling and assaying are monitored through analysis of these QA/QC samples. This QA/QC program was audited by a consultant, independent from Endeavour Mining and has been verified to follow industry best practices. In 2021 and 2022, 1,757 samples were sent to ALS Ouagadougou for umpire (referee) analysis. Comparison of the Original analysis against the umpire analysis revealed a very strong Correlation Coefficient of 95.90% suggesting that the original assays provided by Bureau Veritas in Abidjan are accurate. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Assafou Mineral Reserve estimate This maiden Mineral Reserve Estimate (as at 30 August 2024) for the Project is supported by engineering designs and modifying factors in accordance with CIM Definition Standards. The open pit is designed with two starter phases, an interim stage, a final phase, and a southern extension. The life of mine plan (LoMp) for the Project includes modification to the Resource model to generate the mining block through re-blocking, which introduces a degree of dilution, the pre-mining topographic surface and the Open Pit optimisation analysis. The same economic parameters were used to generate the pit shells for the Mineral Resource and the Mineral Reserve, with the exception of gold price and sales costs, which were $1900/oz and $1500/oz respectively. A marginal gold cut-off grade of 0.4 g/t was used in the calculation of the open pit quantities for the production schedule and the Mineral Reserve estimate. The economic cut-off grade is calculated based on the processing cost parameters including cost of; grade control and RoM re-handling; ore premium; processing the ore, plant/infrastructure maintenance, general and administration charges, and sustaining capital costs. Mineral Reserve cut-off grades are 0.4 g/t Au for Laterite/, Saprolite/ and Saprock, and 0.5 g/t Au for Fresh rock. The Mineral Reserve is reported from an engineered pit design, as a scheduled mining and processing estimate, that includes stockpiling. The scheduled Mineral Reserve is reported based on aggregating all Measured and Indicated Mineral Resource blocks incorporated within the LoMp, and reported inclusive of all appropriate dilution, diluted grade and losses; and all inferred material treated as waste. The Qualified Person as defined by NI 43-101 for the Mineral Reserve estimate is Dr Salih Ramazan FAusIMM. Dr Ramazan is a full-time employee of Endeavour Mining Corporation is not considered to be independent from the company. QUALIFIED PERSONS Kevin Harris, Vice President of Resources with Endeavour, a “Qualified Person” as defined by NI 43-101, has reviewed and approved the statistical analysis, geological modelling, and resource estimation disclosed herein in respect of Assafou. Dr Salih Ramazan FAusIMM, Vice President of Mine Planning with Endeavour, a “Qualified Person” as defined by NI 43-101, has reviewed and approve the mineral reserve estimate disclosed herein in respect of Assafou. Ross McMillan, SVP Technical Services of Endeavour Mining plc., a Fellow of the Australian Institute of Mining and Metallurgy, a “Qualified Person” as defined by NI 43-101, has reviewed and approved the technical information other than in respect of the statistical analysis, geological modelling, and resource estimation and mineral reserve estimate in respect of Assafou disclosed in this release. CONTACT INFORMATION Jack GarmanVice President, Investor Relations+44 203 011 2723jack.garman@endeavourmining.com Brunswick Group LLP in LondonCarole Cable, Partner+44 207 404 5959ccable@brunswickgroup.com ABOUT ENDEAVOUR MINING PLC Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa. A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London and Toronto Stock Exchanges, under the symbol EDV. For more information, please visit www.endeavourmining.com. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This news release contains "forward-looking statements" within the meaning of applicable securities laws.  All statements, other than statements of historical fact, are "forward-looking statements". Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business. Attachments 241211 - NR - Assafou PFS 241211 - Assafou PFS - NR Appendix

ForexTV

14.12.2024

Asante Files Financial and Operating Results for the Quarter Ended October 31, 2024 - ForexTV

VANCOUVER, British Columbia, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) announces the filing of its financial statements and management’s discussion and analysis (“MD&A”) for the three month and nine months ended October 31, 2024 (“Q3 2025”). Dave Anthony, President and CEO stated, “We are pleased to report another solid quarter with significant growth in adjusted EBITDA, reflecting the positive impact of ongoing business improvement initiatives at Bibiani and Chirano, combined with the substitutional leverage our operations have to higher gold prices. The relocation of the Bibiani-Goaso highway was a critical milestone for unlocking further growth at Bibiani, and development of the Russel Starter Pit underlines the district-scale opportunities we have in front of us. Both of these developments justify accelerated stripping in the near term, with a corresponding increase in all-in-sustaining costs to unlock their potential. Execution of the sulphide treatment plant project at Bibiani, which is expected to increase gold recovery to 92%, remains on track with commissioning planned for March 2025. And at Chirano, metallurgical and throughput projects are starting to pay off. We were also pleased to update the market on a comprehensive package of non-dilutive finance initiatives to fund the organic growth embedded in our operations, and we look forward to providing further updates on our progress in the near term.” All dollar figures are in United States dollars unless otherwise indicated. A summary of the financial and operating results for fiscal Q3 2025 are presented in this news release. For a detailed discussion of results for the third quarter please refer to the MD&A filed on SEDAR+ at www.sedarplus.ca and Asante’s website at www.asantegold.com. Quarter ended October 31, 2024 Summary Financial Results ($000s USD) except as notedThree months ended October 31, Nine months ended October 31, 2024202320242023Financial Results    Revenue111,14096,497338,948295,496Total comprehensive loss1(15,514)(28,255)(51,642)(126,921)Adjusted EBITDA217,5531,96850,423(19,457)     Operations Results    Gold equivalent produced (oz)45,27346,535145,632155,532Gold sold (oz)43,55150,573145,778154,995Consolidated average gold price realized per ounce2 ($/oz)2,5521,9082,3251,906AISC2 (USD)2,3471,8592,0322,131Notes:(1) Total comprehensive loss attributable to shareholders of the Company.(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. Asante’s revenue for the three months ended October 31, 2024 was $111 million, a 15% increase from $96 million in the same period in 2023. The increase in revenue is attributable to an increase in average gold price realized per ounce of $2,347 for the three months ended October 31, 2024, compared to $1,859 in the same period in 2023. This was partially offset by a decrease in ounces sold of 43,273 for the three months ended October 31, 2024 compared to 50,573 ounces sold in the same period in 2023. Asante’s revenue for the nine months ended October 31, 2024, was $339 million, a 15% increase from $295 million for the same period in 2023. Adjusted EBITDA for the three and nine months ended October 31, 2024 was $17,552 and $50,423, respectively, compared to $1,968 and negative $19,457 in the same periods of the prior year. The positive adjusted EBITDA and increase in revenue reflect the rise in gold prices to near all-time highs. The Company produced 45,273 gold equivalent ounces for the three months ended October 31, 2024, compared to 46,525 gold equivalent ounces in the same period in 2023. The decrease in gold production was primarily the result of lower feed grades, and lower recovery at Bibiani. Asante produced 145,632 gold equivalent ounces for the nine months ended October 31, 2024 compared to 155,532 in the same period in 2023. Consolidated AISC increased by 26% for the three months ended October 31, 2024 compared to the same period in 2023 primarily due to additional costs at Bibiani resulting from the start of mining at the new Russell satellite pit, plus increased stripping in the Main Pit, lower grade ore and reduced recovery. Consolidated AISC decreased by 5% for the nine months ended October 31, 2024 compared to the same period in 2023. This decrease was mainly attributed to lower sustaining capital and reduced mining costs per ounce sold at Bibiani, as a result of decreased waste mining earlier in the year. Bibiani Mine – Summary of the quarter ended October 31, 2024 Results Bibiani Gold MineThree months ended October 31, Nine months ended October 31, 2024202320242023Waste mined (kt)3,8724,2919,55817,702Ore mined (kt)2405561,1531,578Total material mined (kt)4,1124,84710,71119,281Strip ratio (waste:ore)16.147.728.2911.22     Ore processed (kt)5465181,7661,638Grade (grams/tonne)1.081.461.331.48Gold recovery (%)61%68%63%69%Gold equivalent produced (oz)12,30916,45947,94553,811     Gold equivalent sold (oz)12,69516,57448,39953,124Revenue ($ in thousands)32,40132,068115,06899,442Average gold price realized per ounce1 (USD)2,5521,9352,3771,872     AISC1 (USD)3,1151,8842,2862,588Notes:(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. In the three and nine months ended October 31, 2024, ore mined decreased 57% and 27% compared to the same periods in 2023 primarily due to fleet availability issues caused by funding constraints. Gold equivalent ounces produced was 12,309 in the three months ended October 31, 2024, compared to 16,459 in the same period of 2023, and decreased to 47,945 in the nine months ended October 31, 2024, from 53,811 in the same period of 2023. This decrease was mainly due to the lower feed grade of plant feed, including the low-grade stockpile draw, and a higher proportion of sulphide ore processed without the benefit of a sulphide treatment plant, which continues to limit gold recovery. Construction of the Company’s sulphide treatment plant is underway, and is scheduled for completion in the first half of 2025, contingent on the availability of sufficient funding. AISC increased to $3,115 per ounce in the three months ended October 31, 2024, compared to $1,884 per ounce in the same period of 2023, primarily due to elevated stripping requirements and lower grade ore processed. AISC decreased to $2,286 per ounce in the nine months ended October 31, 2024, compared to $2,588 per ounce in the same period of 2023, driven by lower sustaining capital resulting from decreased waste mining requirements earlier in the year. Bibiani Outlook For the fiscal year ending January 31, 2025, the Company expects production of 52,500 to 57,500 gold equivalent ounces. For fiscal year ending January 31, 2026, the Company plans to execute on its growth strategy which includes: Expansion of the Bibiani main pit through acceleration of its waste stripping program, which is expected to significantly increase production through access to higher grade oreConstruction and commissioning of the sulphide treatment plant which is planned to significantly increase gold recoveryPlant throughput expansions including installation of a pebble crusher and secondary crusher during 2025 to achieve throughput increase from 3.0 Mt/y to 4.0 Mt/yPlant upgrades to the carbon-in-leach circuitCommunity relocation, to support main pit expansion through 2030Road construction connecting Bibiani to ChiranoEmergency generator installation during 2025 to function as a secondary power source, ensuring uninterrupted operation and reduced plant downtimeCommencement of underground mining. The Underground Mining Feasibility Study was completed in September 2024 and this development program is planned to start for the quarter ended January 31, 2026. Full production from the underground mine is planned for 2028, with delivery of up to 2.6Mt/y at 3.0 g/t Au, through 2038. External financing will be required in order to execute this growth strategy. Subject to the availability of sufficient financing in early calendar 2025, the Company expects to successfully complete the above initiatives and produce between 175,000 and 205,000 gold ounces at Bibiani in the fiscal year ending January 31, 2026, including a significant increase in monthly production in the second half of the fiscal year post advancement of the planned stripping program and completion of the sulphide treatment plant. There can be no certainty that the Company will be successful in securing sufficient financing on a timely basis. Chirano Mine – Summary of the quarter ended October 31, 2024 Results Chirano Gold MineThree months ended October 31, Nine months ended October 31, 2024202320242023Open Pit Mining:Waste mined (kt)2,4922,2677,7247,333 Ore mined (kt)4241701,5971,399 Total material mined (kt)2,9162,4379,3218,733 Strip ratio (waste:ore)5.8813.364.845.24Underground Mining:Waste mined (kt)220222624632 Ore mined (kt)4283931,3701,161 Total material mined (kt)6476151,9941,794     Ore processed (kt)8017822,5502,458Grade (grams/tonne)1.471.381.401.47Gold recovery (%)87%86%86%88%Gold equivalent produced (oz)32,96430,07697,687101,721     Gold equivalent sold (oz)30,85633,99997,379101,871Revenue ($ in thousands)78,73964,429223,880196,054Average gold price realized per ounce1 (USD)2,5521,8952,2991,925     AISC1 (USD)2,0311,8461,9051,892Notes:(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. Ore mined increased by 51% in the three months ended October 31, 2024, compared to the same period in 2023, and by 16% in the nine months ended October 31, 2024, compared to the corresponding period in 2023. Ore mined increased due to increased mining activity at the Obra, Mamnao North, Mamnao Central, Sariehu and Sariehu/Mamnao gap open pits, which were in the stripping stage during the three months ended October 31, 2023, as well as increased operations at the Suraw and Obra underground mines. Higher ore grades and increased ore processed contributed to increased gold equivalent ounces produced to 32,964 ounces in the three months ended October 31, 2024 from 30,076 ounces in the same period of 2023. Reduced grade during the nine months ended October 31, 2024 resulted in a decline in gold equivalent ounces produced to 97,687 ounces in the nine months ended October 31, 2024 from 101,721 ounces in the same period of 2023. AISC increased to $2,031 per ounce in the three months ended October 31, 2024, compared to $1,846 per ounce in the same period of 2023, and to $1,905 per ounce in the nine months ended October 31, 2024, compared to $1,892 per ounce in the same period of 2023. This increase was primarily driven by lower gold equivalent ounces sold, higher maintenance costs and higher sustaining capital expenditures in the current reporting period. Chirano Outlook For the fiscal year ending January 31, 2025, the Company expects production of 130,000 to 140,000 gold equivalent ounces. The Company plans to undertake the following initiatives beyond January 31, 2025, which are expected to enhance production and reduce costs in future years: Execution of process plant projects to improve performance and increase the annual mine production rate to 4Mt/annum. This includes CIL agitators and intertank screens upgrade, cyclone system upgrade to improve grinding size control, carbon regeneration system upgrade to improve carbon activity, mill discharge pumps upgrade, gold room electrowinning cells and rectifiers upgrade.Underground development of Obra to the north and at depth (wide orebody) and Suraw underground mines to ensure consistent ore delivery.Underground development of the Akwaaba, Tano and Akoti far south mines to supplement flexibility to ensure robust underground ore delivery.Development of the exploration drifts towards the north to explore and reclassify the resource at Sariehu and Mamnao underground mines as the future underground mines at Chirano.Finalization of the feasibility and bankable studies of the North mine with a conveyor system feeding directly to the process plant Run-of-Mine (“ROM”) pad.Start of Aboduabo open pit oxide mining.Ongoing underground exploration projects at the Suraw, Obra and open pit mine life extension projects at the Sariehu/Mamnao area are progressing as planned.3D litho-structural modelling at the Obra mine is ongoing to support mine life extension. Based on preliminary budgetary estimates, the Company expects to produce between 155,000 and 175,000 gold ounces at Chirano for the fiscal year ended January 31, 2026. The Company requires external financing to execute planned capital projects and production targets for fiscal 2026, and meet other short-term obligations. The Company continues to pursue a number of financing initiatives, including those outlined in the Company’s news release of October 30, 2024, which it is seeking to conclude by early calendar 2025. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. Qualified Person Statement The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, who is a "qualified person" under NI 43-101. Non-IFRS Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “all-in sustaining costs” (or “AISC”), average gold price realized, adjusted EBITDA and working capital. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Asante’s consolidated financial statements. Readers should refer to Asante's Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle. Additional information is available on the Company’s website at www.asantegold.com. About the Bibiani Gold Mine Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a refurbished 3 million tonne per annum process plant and existing mining infrastructure. Asante commenced mining at Bibiani in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022. For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to the 2024 Bibiani Technical Report filed on the Company’s SEDAR+ profile (www.sedarplus.ca). About the Chirano Gold Mine Chirano is an operating open pit and underground mine located in the Western Region of Ghana, immediately south of the Company’s Bibiani Gold Mine. Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine, please refer to the 2024 Chirano Technical Report filed on the Company’s SEDAR+ profile (www.sedarplus.ca). For further information please contact: Dave Anthony, President & CEOFrederick Attakumah, Executive Vice President and Country Directorinfo@asantegold.com+1 604 661 9400 or +233 303 972 147 Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements, including but not limited to, gold production and AISC forecasts for the Bibiani and Chirano Gold Mines, financing initiatives, estimated mineral resources, reserves, exploration results and potential, development programs, including construction of the Company's sulphide treatment plant, and the timing thereof, and increases in mine-life and gold recoveries, starter pit development and potential synergies between Chirano and Bibiani. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR+ (www.sedarplus.ca). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

ForexTV

16.12.2024

CEO Update to Shareholders - ForexTV

CEO UPDATE TO SHAREHOLDERS Vancouver, December 15, 2024 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) provides an update from the CEO to shareholders. Kurt Budge, Chief Executive Officer, writes: “When I joined the Company in May, the Norra Kärr Heavy Rare Earth (“HREE”) Project was the priority. In August this year, the Company submitted an application for Strategic Project status under the European Union’s Critical Raw Materials Act (“CRMA”) and, last week, we submitted a new application for an Exploitation Concession (“Bearbetningskoncession”) 25-year mining lease to the Mining Inspectorate of Sweden (“Bergsstaten”). The Norra Kärr journey started long ago, with its discovery by the Geological Survey of Sweden (“SGU”) in the early 1900s. In more recent times, July 2011, SGU designated Norra Kärr a mineral deposit of national interest linked to its potential for providing a supply of rare earth elements (“REE”) to Sweden and Europe. Norra Kärr is the only NI 43-101 compliant REE resource in mainland Europe. Norra Kärr represents the EU’s first step towards primary production and establishment of a secure, sustainable, and resilient supply chain for HREEs. With EU demand for rare earth metals expected to increase six-fold by 2030, wars, uncertainty around geopolitics and global trade policies mean that security of supply of critical raw materials is of paramount importance. The 2014 report by The European Rare Earths Competency Network (“ERECON”) titled Strengthening ‘The European Rare Earths Supply-Chain’, stated that ‘The development of new sources of heavy rare earths outside of China and greater recycling must [therefore] remain an urgent priority…’. In 2023, the EU imported 18,300 tonnes of rare earth elements, with imports split between China 39%, Malaysia 33%, and Russia 22%. Clearly, supply disruption from anyone of these sources would be damaging for the EU. The geopolitical risk is self-evident. In the current design, Norra Kärr is estimated to produce 5,341 tonnes of rare earth oxides over a production life of 26 years, with only a third of the defined resource being exploited. The critical importance of the deposit to the EU cannot be underestimated. The CRMA, adopted by the European Council on 18 March this year is at the forefront of the EU’s efforts to reduce dependency on China, and to build secure and sustainable regional supply chains for critical raw materials. The CRMA represents a potential game-changer for the Company’s portfolio. Looking ahead, 2025 is shaping up to be a transformational year for Norra Kärr, with a decision expected on Strategic Project status in the first quarter, and thereafter the Bearbetningskoncession. The Company is also planning for the start of Pre-feasibility in the second quarter. The Company believes that the decoupling of extraction and downstream processing, with a quarry at Norra Kärr producing two valuable products, a HREE magnetic concentrate and the industrial mineral nepheline syenite, and an industrial plant conceptually located at Luleå, could expedite permitting timelines. The scope of the downstream is being considered, with one option being to create a rare earths processing hub that could import concentrates as well as process Norra Kärr material. This would not only capture the value chain in Sweden, but also increase the significance of the overall project, as the Company is in effect creating two strategically important businesses instead of one. When the financials were modelled for the Preliminary Economic Assessment in 2021, the Project had a pre-tax NPV10   of over US$1B. While the numbers will be updated in PFS, we have a robust project, and the Company is already mapping the funding options that could be available as we progress. The urgency to back development and attract investment is not lost on President-elect Donald Trump who posted last week that “Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals. GET READY TO ROCK!!!”. While the substance may be lacking for now, the intent is clear, and new policies could see an acceleration of investments already being made by the U.S. International Development Finance Corporation (“DFC”) in critical raw materials projects. The EU is mobilizing investment opportunities, with, on 3 December, the European Commission and the European Investment Bank (“EIB”) announcing a new partnership to support investments in the EU’s battery manufacturing sector, a further €1.8 billion committed to investments in the wider battery value chain, as part of €3 billion of public support in total for the development of a competitive and sustainable European battery industry. As the only built and permitted natural flake graphite mine in Europe, Woxna Graphite is well-positioned to play a significant role in the production of a ‘headline news’ critical raw material, natural graphite, as feedstock to the European anode value chain or industrial graphite markets. China’s influence on graphite is clear. In October 2023, China’s Ministry of Commerce and the General Administration of Customs announced that effective December 2023, export permits would be imposed on key lithium-ion battery anode raw materials. The affected products were high purity synthetic graphite and its products, and natural flake graphite and its products, including spherical and expanded graphite.   The export controls were imposed by China on the grounds of safeguarding domestic interests. When it comes to global trade, in June, the US announced 25% tariffs on imports of natural and synthetic graphite anodes from China, following the previous announcement of 25% tariffs on natural graphite imports beginning in 2026. Fastmarkets analyst Georgi Georgiev has said “graphite has emerged as Washington’s ‘Achilles Heel’ in its trade confrontation with Beijing”. The case for regional primary raw material supply is further strengthened when a major natural graphite producer Syrah Resources declares ‘force majeure’ for its Balama operations in Mozambique, caused by post-general election civil unrest and violent protests across the country's major cities.   Syrah is one of the few established graphite producers outside of China but has been unable to produce at Balama throughout October-December. Syrah reports it is working on restoring operations "as quick as possible" but has acknowledged that will be a lengthy process. While graphite may have been the forgotten part of the lithium-ion battery until now, it’s becoming harder to ignore, and if we are to have a successful energy transition, then e-mobility and renewables generation are key, and for those end-uses you need lots of graphite for manufacturing anodes. Stable jurisdictions, such as the Nordics, can contribute to delivering the essential raw materials needed to support the European battery industry. The EU currently imports approximately 100,000 tonnes per year of natural graphite. Woxna has had its challenges over the years, but the broader context is very different now, the adoption of the CRMA, uncertain geopolitics and trade flows, increasing the strategic importance of natural graphite to Sweden and the European Union, and by extension new opportunities to raise finance for exploration and development. The Company continues to review options for Woxna, which include the possibility of contracting with a long-term partner willing to pay for secure natural graphite produced to the highest ESG and sustainability standards. The Company believes that the market must value and pay for these attributes, and that transparency initiatives will create a barrier to entry for non-compliant raw materials and be a driver for their improved performance. The EU’s support for critical raw materials exploration and development has also seen, in July, the European Bank for Reconstruction and Development (“EBRD”) and the EU launched a joint facility aimed at providing equity investments of up to €100 million for the exploration of critical and strategic raw materials. The EBRD has committed €25 million to the facility, which will be matched by the EU’s Horizon Europe Programme under the InvestEU umbrella, with the goal of mobilizing an additional €50 million in investments.   This initiative could benefit the Company’s work at Bihor Sud, as countries like Romania are very much in consideration as investment destinations. Drilling at Bihor Sud was initially delayed over the summer, due to the late arrival of the rig and the need to implement robust health and safety protocols and finally started at the end of September. Since then, steady progress has been made as the team operating the Company’s rig has been training ‘on the job’ and is currently drilling in gallery G7. To accelerate the programme, the Company is hiring four new geologists and will be signing up a new drill contractor to start drilling gallery G2. The driller is expected to be on site at the end of January. Bihor Sud remains a very exciting brownfield exploration project. It’s a historic mining area with tens of kilometers of underground galleries, or tunnels, developed in the licence area. Between the 1960-90s the responsible division of the Romanian State only targeted what was then called ‘strategic metals’, principally uranium, and explored for nothing else. The Company’s objective at Bihor Sud, is to define a large-scale, mineable mineral resource. Initially, we are following-up on the work done in gallery G7 last year, and the extensive Cobalt-Nickel-Gold mineralized zone that was identified, and in the new year starting to drill in gallery G2 which has shown its potential for extensive Zinc-Lead-Copper-Silver mineralization. We are encouraged by the findings to date, which highlight the strong potential for discovering a significant polymetallic deposit. To wrap-up, the Company has made good progress this year, but with a fundraising under our belt, 2025 is shaping up to be even better, with key milestones to be passed on Norra Kärr as that project grows in recognition, a new plan for Woxna, and we hope exploration success at Bihor Sud. I and the Board of Directors of Leading Edge Materials send our thanks to the Company’s shareholders, our employees and stakeholders for their support in 2024 and we wish everyone a very Merry Christmas and a Happy New Year. Norra Kärr - Preliminary Economic Assessment 2021 (PEA) PEA 2021 news release: https://leadingedgematerials.com/leading-edge-materials-announces-positive-preliminary-economic-assessment-results-for-its-norra-karr-ree-project-with-us1026m-pre-tax-npv10-and-30-8-pre-tax-irr/ On behalf of the Board of Directors,Leading Edge Materials Corp. Kurt Budge, CEO For further information, please contact the Company at:1.778-373-6727info@leadingedgematerials.comwww.leadingedgematerials.com About Leading Edge Materials Leading Edge Materials is a Canadian public company focused on developing a portfolio of critical raw material projects located in the European Union. Critical raw materials are determined as such by the European Union based on their economic importance and supply risk. They are directly linked to high growth technologies such as lithium-ion batteries and permanent magnets for electric motors and wind power that underpin the sustainability transition of society. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Kärr Heavy Rare Earth Element project (Sweden), and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania). Additional Information The information was submitted for publication through the agency of the contact person set out above, on December 15, 2024, at 11:30 PM Vancouver time. Leading Edge Materials is listed on the TSXV under the symbol “LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North Stockholm under the symbol “LEMSE”. Mangold Fondkommission AB is the Company’s Certified Adviser on Nasdaq First North and may be contacted via email CA@mangold.se or by phone +46 (0) 8 5030 1550. Reader Advisory This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, changes in the Company’s intended use of proceeds from the Private Placement, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. Attachment 20241215LEMNR

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