Endeavour Mining to Acquire Avnel for $122M (U.S.)

ENDEAVOUR MINING TO ACQUIRE AVNEL TO FURTHER STRENGTHEN ITS HIGH-QUALITY PROJECT PIPELINE

TRANSACTION HIGHLIGHTS
•Endeavour to acquire Avnel, which owns the Kalana Gold project in Mali, in an all-share transaction ?Transaction values Avnel at US$ 122m (C$ 159m), representing a premium of 48% to the closing price of Avnel’s ordinary shares on the Toronto Stock Exchange (“TSX”) on 28th June 2017, and a premium of 52% to Avnel’s 20-day trailing VWAP on the same date
?With robust project economics, the transaction will be value accretive on a Net Asset Value basis to Endeavour shareholders
?The Boards of Directors of both Endeavour and Avnel have unanimously approved the transaction
?Transaction is expected to close in September 2017

•Adding the Kalana Gold project strengthens Endeavour’s construction pipeline following the completion of the Hounde and Ity CIL projects and leverages its operational synergies in the region