Endeavour Announces Settlement Agreement With Lilium
27 August 2024 - 4:00PM
ENDEAVOUR ANNOUNCES SETTLEMENT AGREEMENT
WITH LILIUM
London, 27 August
2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV,
OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) and Lilium
Gold (“Lilium”) are pleased to announce that they have signed a
settlement agreement (the “Agreement”), involving the State of
Burkina Faso (“the State”), in respect of the divestment of the
Boungou and Wahgnion mines (the “Divestment”).
Pursuant to the Agreement, Lilium will transfer
the ownership of the Boungou and Wahgnion mines to the State and
Endeavour will receive:
-
A cash consideration of $60 million comprised of:
-
$15 million upfront cash payment
-
$15 million payable by the end of Q3-2024
-
$30 million payable by the end of Q4-2024
- A 3%
royalty on up to 400,000 ounces of gold sold from the Wahgnion
mine
On this basis, Endeavour and Lilium have agreed
to cease the current legal proceedings against each other. Both
parties would like to thank the Government of Burkina Faso for its
mediation efforts.
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 |
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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.sedar.com for
further information respecting the risks affecting Endeavour and
its business.
- 240827 - NR - Settlement Agreement
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