London, 11 March 2022 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Group” or the “Company”) is pleased to announce that it has closed the sale of its 90% interest in its non-core Karma mine (the “Agreement”) in Burkina Faso to Néré Mining for a total consideration of up to $25 million plus a 2.5% Net Smelter Return (“NSR”) royalty.

Sébastien de Montessus, President and CEO of Endeavour, commented: “The sale of our non-core Karma mine to Néré Mining is in line with our strategy of actively managing our portfolio to focus management efforts on high margin, long-life and low all-in sustaining cost, core assets.

A key consideration in the sale process, was the selection of a party that will maintain our trusted partnerships in Burkina Faso, by committing to operate the mine in the best interest's of our employees and local stakeholders. We are very pleased to sell Karma to Néré Mining as we have confidence that they can leverage their experience and knowledge gained from their local investments to maximise Karma’s future prospects.

We are very proud of what we have accomplished at Karma, in particular the growth and development of our local employees, who we wish to thank for their commitment, professionalism and contribution to Endeavour’s success over the past several years.”

TERMS OF THE AGREEMENT
Under the terms of the Agreement, the total consideration consists of the following:

$10 million was received prior to closing, in the form of a reimbursement of historical shareholder loans
A deferred cash payment of $5 million to be paid 6 months after closing
A contingent payment of up to $10 million, payable 12 months after closing, based on a sliding scale, linked to the average spot gold price as follows:
Less than $1,700/oz - No Payment
$1,701 - $1,950/oz - US$5 million payment
$1,951 - $2,049/oz - US$8 million payment
Greater than $2,050/oz - US$10 million payment
A 2.5% NSR royalty on all ounces produced in excess of 160koz of recovered gold from 1 January 2022
The transaction has been closed, with an effective date of 10 March 2022.

UPDATED GROUP GUIDANCE
Following the sale of the Karma mine, Endeavour has updated its production and all-in sustaining cost (“AISC”) guidance for continuing operations to account for the removal of Karma’s guided production of 85 – 100koz at a AISC of $1,200 – 1,250/oz for 2022, with guidance for the other operations remaining unchanged. As shown in Table 1, 2022 production guidance for continuing operations has decreased from 1,400 – 1,500koz to 1,315 – 1,400koz, while AISC guidance from continuing operations has decreased by $10/oz to $880 – 930/oz.

Table 1: Consolidated Production Guidance for Continuing Operations

PREVIOUS GUIDANCE UPDATED GUIDANCE VARIANCE
Gold Production, koz 1,400 - 1,500 1,315 - 1,400 (85) - (100)
AISC, $/oz 890 - 940 880 - 930 (10) - (10)
ABOUT NEREMINING
Néré Mining is a Burkina Faso based consortium led by
Elie Ouedraogo (a board member of both Karma & Mana and a prominent Burkinabé business figure). Mr. Ouedraogo owns 29% of the share capital of Néré Mining, is the chairman of Riverstone Karma (the company that has the mining license for the Karma mine) and is a director of Semafo Burkina Faso (a subsidiary of Endeavour Mining plc and the company that has the mining license for the Endeavour Group’s Mana mine).

ABOUT KARMA
Located approximately 185 km northwest of Ouagadougou, the capital of Burkina Faso, the Karma mine is a low-grade heap leach operation consisting of several shallow, low strip ratio, free-dig open pit gold deposits. In 2017, an optimization project was completed to lift the stacking capacity. Ore is treated at a 5Mtpa heap leach facility. The first gold pour took place in April 2016 and commercial production was achieved in October 2016. Karma produced approximately 88,000 ounces of gold at an all-in sustaining cost of $1,195/oz in 2021. Endeavour owned a 90% stake in the Karma mine, with the remaining 10% owned by the State of Burkina Faso.

ADVISORS
Endeavour’s legal advisors for the transaction were Norton Rose Fulbright and Linklaters LLP. Raymond James Ltd acted as financial advisor.

QUALIFIED PERSONS

Clinton Bennett, Endeavour's VP Metallurgy and Process Improvement - a Fellow of the Australasian Institute of Mining and Metallurgy, is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.

FY-2021 RESULTS CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Thursday 17 March, at 9:30 am EST / 1:30 pm GMT to discuss the Company's financial results.

The conference call and webcast are scheduled at:
6:30am in Vancouver
9:30am in Toronto and New York
1:30pm in London
9:30pm in Hong Kong and Perth

The webcast can be accessed through the following link:
https://edge.media-server.com/mmc/p/qiyvu222