• Company invests $20.2 million for a 9.9% stake in Altair Minerals

• Partnership targets development of the Greater Oko gold project

• Move reflects strategy to diversify beyond West Africa

Endeavour Mining plans to partner with Australian junior Altair Minerals to develop the Greater Oko gold project in Guyana, marking a new step in its expansion outside West Africa, where it has historically concentrated all its gold production. The move was announced on April 27.

The agreement includes a A$28.2 million ($20.2 million) investment by Endeavour Mining in Altair Minerals, giving it a 9.9% equity stake. The two companies also plan to set up a joint technical committee to leverage operational and geological expertise as exploration activities continue at Greater Oko. The structure mirrors a previous move by Endeavour outside Africa.

In November 2025, the company acquired a 14.3% stake in East Star Resources as part of an exploration push in Kazakhstan. That deal also included a joint venture agreement and an option for Endeavour to take a controlling interest later. The initiative was part of a broader strategy to build a pipeline of new assets and support long-term growth beyond its core markets.

Endeavour has described this approach as a low-cost, phased investment strategy carried out through local partners, allowing entry into new jurisdictions with geological profiles similar to West Africa.

Expansion beyond West Africa, not a shift away

These investments do not signal a retreat from West Africa. Instead, they reflect an effort to replicate the company’s regional success in other emerging mining jurisdictions with comparable conditions.

At the same time, Endeavour continues to deepen its presence in West Africa. The group is advancing the Assafou gold project in Côte d’Ivoire, a future mine with an estimated cost of about $1 billion. Once operational, it is expected to become the company’s third mine in the country, alongside Ity and Lafigué.

The company’s portfolio also includes the Mana and Houndé mines in Burkina Faso and Sabodala-Massawa in Senegal. Additional projects include the development of the Kalana gold mine in Mali and targeted equity investments in junior miners such as Koulou Gold, which is active in Côte d’Ivoire.

Endeavour aims to raise its gold production to 1.5 million ounces by 2030, up from 1.21 million ounces in 2025. Its growing focus on exploration assets, both in Africa and internationally, reflects a long-term strategy with uncertain outcomes. Success will depend on the ability of these projects to generate value through exploration and eventually integrate into the company’s core portfolio.

Aurel Sèdjro Houenou