Endeavour Mining Gold Mines: Output, Reserves, Costs

Endeavour Mining gold mines at a glance

Endeavour Mining operates five producing gold mines in three West African countries: Ity and Lafigué in Côte d’Ivoire, Houndé and Mana in Burkina Faso, and Sabodala-Massawa in Senegal. Together they produced 1,209,000 ounces in 2025 at an all-in sustaining cost (AISC) of US$1,433 per ounce, according to the company’s full-year 2025 results.

Many people search for the company as “Endeavour Mining Corp”. It reports today as Endeavour Mining plc, with its head office in London and shares listed on the London Stock Exchange and the Toronto Stock Exchange under the ticker EDV (Q2-2026 results release, 30 July 2026). This page is a mine-by-mine guide: output, ownership, reserves and costs. It does not cover the share price.

For scale, 1,209,000 troy ounces is about 37.6 tonnes of gold. The US Geological Survey estimates world mine output at 3,300 tonnes for 2025 and Ghana’s at 150 tonnes (USGS Mineral Commodity Summaries, 2026). Endeavour’s mines therefore make roughly 1.1% of the world’s mined gold and about a quarter of what Ghana alone produces.

Half-year figures show how the picture is moving. In the first half of 2026 the group produced 564,000 ounces at an AISC of US$1,871 per ounce and sold gold at a realised price of US$4,579 per ounce. Management expects output to be weighted to the fourth quarter and guides to 1,090,000 to 1,265,000 ounces for the full year (Q2-2026 release).

Endeavour Mining’s gold mines ranked by annual output

How we ranked them: by gold produced in calendar 2025 on a 100% basis (before Endeavour’s partners and host governments take their share), taken from the company’s full-year 2025 release. The list includes every mine the group operated in 2025. Reserves are proven and probable reserves at 31 December 2025, which means gold that is economic to mine under the stated price and cost assumptions.

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Gold produced by each Endeavour mine in 2025

Thousand troy ounces, 100% basis

Source: Endeavour Mining results releases for full-year 2025 (5 March 2026) and the second quarter of 2026 (30 July 2026). “koz” means thousand troy ounces; “Moz” means million ounces; “g/t” is grams of gold per tonne of ore, called the grade. Output is on a 100% basis. Ity’s 2025 output is the highest of the five and Lafigué’s nearly doubled because 2025 was its first full year of commercial production.

Two readings are worth keeping apart. Output tells you what a mine delivers this year; reserves tell you how long it can keep going. Mana makes 173,000 ounces a year from only 0.6 million ounces of reserves, while Ity carries more than five times that reserve. Grade matters too: Mana’s reserve grade of 2.49 g/t is the highest of the five, which is why underground mining there can pay even though costs are high.

Ity, Houndé, Sabodala-Massawa, Lafigué and Mana: what each mine does

Ity, Côte d’Ivoire

Ity is the group’s largest producer by 2025 output, at 319,000 ounces. In the second quarter of 2026 it produced 79,000 ounces as higher grades came from the Le Plaque and Bakatouo pits. Its AISC for the first half of 2026 was US$1,438 per ounce, the lowest of the five and the only one under US$1,500 (Q2-2026 release).

Sabodala-Massawa, Senegal

The company describes Sabodala-Massawa as the largest producing gold mine in Senegal and says it came with the acquisition of Teranga in February 2021. A new BIOX plant, which uses bacteria to break down sulphide minerals that lock up gold, poured its first gold on 18 April 2024 and is designed to add 1.35 million ounces over the mine life (Endeavour Mining, Sabodala-Massawa page). In 2025 the BIOX circuit milled 1.08 million tonnes at 3.77 g/t, against 1.9 g/t across the whole mill feed (FY-2025 release). An underground expansion targeting the Kerekounda and Golouma deposits is due to launch in the second half of 2026.

Houndé, Burkina Faso

Houndé produced 257,000 ounces in 2025, down from 288,000 because the mine sequence moved through lower grades. Production in the first half of 2026 was 110,000 ounces against 161,000 a year earlier. The company is stripping waste rock from the Vindaloo Main pit (phase 3) so that higher grades reach the mill in the fourth quarter, and it raised Houndé’s 2026 sustaining capital guidance from US$50 million to US$90 million to do so. A resource update for the Vindaloo Deeps discovery is expected in the second half of 2026 (Q2-2026 release).

Lafigué, Côte d’Ivoire

Lafigué is 80% owned and produced 187,000 ounces in 2025, its first full year of commercial production. It produced 107,000 ounces in the first half of 2026 and the company expects it to land in the top half of its 170,000 to 195,000 ounce guidance range. Its reserve of 1.93 million ounces grades 1.49 g/t. One contractor died in an equipment incident at Lafigué on 29 May 2026, and the company reported a comprehensive investigation and a wider site safety review (Q2-2026 release).

Mana, Burkina Faso

Mana is an underground operation. It produced 173,000 ounces in 2025, helped by high grades from the Wona underground deposit, but only 68,000 in the first half of 2026 after the high-grade Siou deposit was mined out faster than planned. The company now expects Mana to finish below its 155,000 to 180,000 ounce guidance range, with an AISC above US$2,250 per ounce. Mining at the Aviera zone was paused in July 2026 so geotechnical staff could monitor a surface fracture (the release expected it to resume in mid-Q3), and a new open pit at Bana Camp is expected to start late in the second half (Q2-2026 release). Endeavour owns 85% of Mana and the Burkina Faso government holds the other 15%, according to Endeavour’s Mana mine page.

▶ How gold is mined and refined, from rock to bar: drilling, crushing, leaching, carbon, melting and refining. · 5:27

If this topic matters to you, read B2Gold Mines: Output, Costs and Environmental Record next.

Related reading on this site: Newmont Mining Corporation: Mines, Output and Costs.

Reserves and resources by mine

A reserve is the part of a deposit that a company has shown can be mined at a profit under stated assumptions. A resource is mineralisation with reasonable prospects of eventual extraction, and it is split into measured, indicated and inferred by how well drilling defines it. Endeavour reports resources inclusive of reserves.

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Proven and probable gold reserves, 31 December 2025

Million troy ounces, 100% basis

At 31 December 2025 the group held 16.6 million ounces of proven and probable reserves (down 1.8 million ounces, or 10%, from a year earlier), 25.0 million ounces of measured and indicated resources and 6.3 million ounces of inferred resources. The company ties the reserve fall to mining depletion (1.4 million ounces) and to cost-model changes at Lafigué, Houndé and Sabodala-Massawa (FY-2025 release). Reserve cash flows used a gold price of US$1,900 per ounce (pits were optimised at US$1,500 per ounce at some mines) and resources used US$2,100 per ounce, far below recent market prices. The company says a full re-optimisation at the higher price is expected in its next reserve statement.

The largest single block of reserves sits in the Assafou development project in Côte d’Ivoire, at 4.38 million ounces, followed by Ity at 3.18 million. Kalana, a Mali project that is 80% owned, holds 1.83 million ounces of reserves, but the company recorded impairments on it in 2024 and 2025 because of the operating environment in Mali and study work pointing to a smaller operation.

All-in sustaining cost: what each Endeavour mine costs to run

All-in sustaining cost (AISC) is the World Gold Council’s standard way to report what it costs to produce an ounce, including mining, processing, site overheads, royalties and the capital needed to keep the mine running (World Gold Council guidance note). It does not include income tax or the cost of building new mines.

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All-in sustaining cost by mine, first half 2025 and 2026

US$ per troy ounce sold

Costs rose sharply in 2026. Group AISC in the first half was US$1,871 per ounce, up 46% from US$1,281 a year earlier. Part of that comes from royalties, which are charged as a share of sales and therefore climb with the gold price: the company calculates that the higher realised price added US$184 per ounce in the half. Taking that out, AISC would have been about US$1,687 per ounce, inside the US$1,600 to US$1,800 guidance range. Royalty cost moves by US$6 to US$10 per ounce for every US$100 change in the gold price (Q2-2026 release).

The spread between mines is wide. Ity’s AISC was US$1,438 per ounce in the first half of 2026 and Mana’s was US$2,841. At the realised price of US$4,579 per ounce every mine still earned a margin over AISC, but the gap was about US$3,100 at Ity and about US$1,700 at Mana. Mana’s guidance was set at US$2,000 to US$2,250 per ounce and the company says it will finish above the top of that range.

What an Endeavour-style mine earns: margin calculator

The calculator below turns one mine’s output, a gold price and an AISC into a margin before income tax and before growth capital. Enter your own numbers. The defaults are round examples, not any mine’s actual figures; to test a real case, use the output and AISC from the table above and today’s gold price. For reference, Kitco’s afternoon report on 15 October 2026 put spot gold near US$4,169 per ounce (Kitco, 15 October 2026).

Assafou and the growth pipeline

The group’s stated plan is production growth to 1.5 million ounces by 2030, built on two projects and on exploration (Q2-2026 release).

• Assafou (Côte d’Ivoire, 100% owned today). The definitive feasibility study published on 23 April 2026 describes a 5.0 million tonne per year gravity and carbon-in-leach plant. Upfront capital is US$1,061 million, output is 320,000 ounces a year at an AISC of US$1,026 per ounce over the first eight years, and the mine life is 16 years. The study shows an after-tax net present value (NPV, at a 5% discount rate) of US$5.1 billion and an internal rate of return of 55% at a gold price of US$4,000 per ounce. A final investment decision is expected by the end of 2026 and mining convention talks with the government were on track to finish by late Q3-2026, according to the 30 July release. The company’s earlier target for first gold is the second half of 2028 (FY-2025 release). Ownership will change when the Ivorian government takes its minority interest in the project company.
• Sabodala-Massawa underground. Phase one is due to launch in the second half of 2026, with first ore targeted by year-end.
• Exploration. The 2026-2030 strategy aims to add 12 to 15 million ounces of resources at a discovery cost below US$40 per ounce, and US$100 million is budgeted for 2026. Resource updates are expected in the second half of 2026 for Vindaloo Deeps (near Houndé) and Kawsara (near Sabodala-Massawa).

A feasibility study is a company engineering estimate, not a guarantee. The numbers above depend on the US$4,000 price assumption, on the mining convention being agreed and on the investment decision.

What happened to Karma, Boungou and Wahgnion

Karma and other Burkina Faso mines are sometimes listed as Endeavour assets. They are not. Endeavour closed the sale of its 90% interest in Karma to Néré Mining on 10 March 2022 for up to US$25 million plus a 2.5% net smelter return royalty (Endeavour Mining, 11 March 2022).

Boungou and Wahgnion followed a different path. A sale of the two Burkina Faso mines to Lilium Mining stalled, and in June 2025 Burkina Faso transferred five gold assets held by Endeavour and Lilium subsidiaries to its state miner SOPAMIB, according to a decree reported by Reuters through Kitco. Under the settlement announced in August 2024 the state paid Endeavour US$60 million and agreed a 3% royalty on up to 400,000 ounces from Wahgnion. Both mines are back in production under SOPAMIB, with Wahgnion expected to produce about 92,000 ounces in 2026 (Ecofin Agency). Neither counts in Endeavour’s output. For wider context on the country, see our summary of Burkina Faso mining company news.

Country rules and risks that affect output

Output at these mines depends on more than ore grade. Three factors show up in the company’s own reporting.

• Royalty and tax rates. A September 2023 decree in Burkina Faso set gold royalties from 3% when gold is under US$1,000 per ounce to 7% above US$2,000 per ounce, according to the Extractive Industries Transparency Initiative. Endeavour attributes US$14 per ounce of its 2025 AISC increase to higher Burkina Faso royalty rates, and says it paid incremental royalty rates in Côte d’Ivoire for 2025 in the first quarter of 2026. Cash taxes for 2026 are guided at US$660 million to US$770 million, of which US$511 million was paid in the first half.
• Mine sequence and weather. The company expects lower throughput in the third quarter because of the wet season, and lower grades at four of its mines, before a stronger fourth quarter. A half-year result is therefore not a run rate.
• Depletion. Mana lost its highest-grade deposit faster than planned, and Houndé’s output fell as the mine moved to lower-grade ore. Reserves fell 10% in 2025 for the same reasons.

Readers comparing the three host countries can use our West African gold output guide and our pages on gold exploration in Ghana for how licences and national statistics differ.

What the group pays to its host countries

Endeavour says it contributed US$2.8 billion to its host economies in 2025, of which US$919 million went directly to governments as income tax, withholding tax, royalties, dividends and other payments. It also says 86% of procurement, including major projects, was spent in-country with more than 1,200 national and local businesses (FY-2025 release). These are company-reported figures, not audited government revenue, and they use the company’s own definition of contribution.

Mining also brings costs for neighbours, such as land take, water use and resettlement. Assafou’s plan includes a relocation action plan for affected villages, and the company reports completing most of the household surveys (Q2-2026 release). The video below follows the money from a mine to the wider economy.

▶ What mining contributes to an economy: exports, jobs and government revenue. · 5:03

Endeavour Mining or Endeavour Silver: which company is which

Search results mix several similarly named companies. Endeavour Mining plc is the West African gold producer described on this page. Endeavour Silver Corp. is a separate Vancouver-based company that reports a silver-equivalent output from mines in Mexico; its second-quarter 2026 production was 1,943,955 ounces of silver and 10,474 ounces of gold, and it trades as EXK on the NYSE and EDR on the TSX (Endeavour Silver release via Finviz, 8 July 2026). Check the company name and ticker before using any figure from a search snippet.

How satellite data helps screen a licence in West Africa

A satellite cannot see gold. It maps the rock around it: iron stains, clay minerals and fault lines left by hot fluids. For a consultant weighing licence blocks near operating mines like these, that screening step comes before field sampling and drilling. Farmonaut’s satellite mineral detection takes a licence boundary as a KML, KMZ or polygon file and returns exploration targets in 5 to 20 business days. The results are exploration targets, not a resource estimate.

▶ What satellites can and cannot show about gold: the altered rock around it, not the metal. · 4:25

Frequently asked questions

Where does Endeavour Mining operate gold mines?

Endeavour operates five mines: Ity and Lafigué in Côte d’Ivoire, Houndé and Mana in Burkina Faso, and Sabodala-Massawa in Senegal. It also holds development projects, including Assafou in Côte d’Ivoire and Kalana in Mali (FY-2025 release).

How much gold does Endeavour Mining produce?

It produced 1,209,000 ounces in 2025, about 37.6 tonnes, and guides to 1,090,000 to 1,265,000 ounces for 2026.

Which is Endeavour’s biggest gold mine?

By 2025 output, Ity, with 319,000 ounces. By reserves among operating mines it is also first, at 3.18 million ounces. Assafou, which is not yet built, holds more reserves at 4.38 million ounces.

Who owns Endeavour’s mines?

Endeavour holds 85% of Houndé, Ity and Mana, 90% of Sabodala-Massawa and 80% of Lafigué. The balance belongs to host governments and local partners; the company’s Mana page lists the Burkina Faso government with the other 15% of Mana.

Does Endeavour still own Karma, Boungou or Wahgnion?

No. Karma was sold to Néré Mining in March 2022. Boungou and Wahgnion were transferred to Burkina Faso’s state miner SOPAMIB in 2025 after a stalled sale to Lilium Mining.

What is all-in sustaining cost?

It is the cost of producing an ounce including mining, processing, overheads, royalties and sustaining capital, using the World Gold Council definition. Endeavour’s first-half 2026 figure was US$1,871 per ounce, or about US$1,687 when adjusted to a US$3,000 gold price.

What is the Assafou project?

Assafou is a planned gold mine in Côte d’Ivoire. Its April 2026 feasibility study shows 320,000 ounces a year, US$1,061 million of upfront capital and a 16-year life. A final investment decision is expected by the end of 2026.

Is Endeavour Mining the same company as Endeavour Silver?

No. Endeavour Silver Corp. is a separate company with silver-focused mines in Mexico and different tickers (NYSE: EXK, TSX: EDR).

Does Endeavour have a gold mine in Mali?

No operating mine. It owns 80% of the Kalana project in Mali, which has 1.83 million ounces of reserves but was written down in 2024 and 2025 because of the operating environment and a smaller planned operation.

Where can I find the company’s official numbers?

Endeavour publishes quarterly results releases, a management report and mine-by-mine statistics on its website, and files them in the UK’s National Storage Mechanism and on SEDAR+. This page is for information only and is not investment advice.