Deal #5699

The Agbaou exploitation permit, which covers an area of 334km2 , was granted to Etruscan Resources Cote d’Ivoire SARL (“ERCI”) by Decree no. 2012-766 on August 1, 2012. Between 2009 and 2010 Endeavour purchased Etruscan and Etruscan’s name was changed to Endeavour Resources Inc. F A transfer was then granted to the newly formed Agbaou Gold Operations SA (“AGO”), which is held 85% by Endeavour Resources Inc. (Cayman) and 15% by the Ivorian Government (10% directly and 5% through Société pour le Dévelopment Minier de la Côte d’Ivoire (“SODEMI”), the national mining agency). Endeavour sold its stake in the Agbaou mine to Allied Gold Corp in 2021.

Commercial production was achieved at Agbaou effective January 27, 2014.

Endeavour Mining has entered into an agreement to sell its 85% interest in its non-core Agbaou mine in Côte d’Ivoire to Allied Gold Corp for a consideration of up to $80 million with further upside through its equity exposure and a Net Smelter Return royalty. The price does not relate to the land, but rather the assets on the land and the mineral reserves under ground.