Endeavour Mining Corporation (TSX: EDV) (OTCQX: EDVMF) is pleased to announce the successful completion of the previously announced La Mancha Holding S.à.r.l. investment.

Endeavour issued a total of 8,910,592 ordinary shares to La Mancha for aggregate net proceeds of US$200 million at a price of approximately US$22.45 (C$29.36¹) per Share. The investment, which was announced as part of the acquisition of Teranga Gold Corporation on November 16, 2020, is being made by La Mancha under its pre-existing anti-dilution right. As previously disclosed, upon completion of the investment, La Mancha’s future anti-dilution rights have now been extinguished. Following completion of the investment, Endeavour now has 252,519,830 shares outstanding with La Mancha holding an interest of approximately 19%.

The investment is considered to be a “related party transaction” for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Endeavour is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, respectively, in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the investment is not more than 25% of Endeavour’s market capitalization. In accordance with TSX policies, the investment was subject to Endeavour shareholder approval, which was obtained on January 21, 2021. Endeavour intends to use the proceeds of the investment for debt reduction and general corporate purposes.

Further details regarding the Investment can be found in the joint management information circular of Endeavour and Teranga dated December 17, 2020 which is available on SEDAR under Endeavour’s profile at www.sedar.com.

¹Based on the USD:CAD exchange rate as detailed in the Subscription Agreement on November 23, 2020

ABOUT ENDEAVOUR MINING CORPORATION

Endeavour Mining is one of the world’s top ten 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 Toronto Stock Exchange, under the symbol EDV and will be seeking a secondary listing as a Premium issuer on the London Stock Exchange during Q2-2021.