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Endeavour Mining rallies as Edison reaffirms US$33.63 per share valuation at end of fiscal year 2022, citing Burkina Faso progress

Edison estimates that the Kari Pump gold discovery will have a value of US$117 million, or US$1.09 per share

Gold bars and US$100 bills
Edison estimates the Kari Pump’s resource would have a value of US$1.09 per share attributable to Endeavour

Endeavour Mining Corp (TSE:EDV) (OTCMKTS: EDVMF) rose Wednesday as Edison Research reaffirmed its US$33.63 per share valuation of the company at the end of the 2022 fiscal year.

The Somerville, New Jersey-based research firm noted in a report Wednesday that 98% of the 1-million-ounce maiden resource at the flagship Houndé mine’s Kari Pump discovery in Burkina Faso has been classified in the higher-confidence indicated category.

Shares of London-based Endeavour climbed 2.3% to C$20.39 in Wednesday’s Canadian trading. They advanced 2.7% to C$15.20 on the OTC Markets.

READ: Endeavour Mining hails maiden resource for Kari Pump discovery at Houndé mine, which confirms its world-class status

Edison estimated Kari Pump’s resource would have a value of US$117 million, or US$1.09 per share, attributable to Endeavour.

The research firm said its valuation of the company at the end of fiscal year 2022 remained at US$33.63 per share.

Endeavour operates mines in Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Houndé and Karma) and Mali (Tabakoto). It also has two major development projects in the highly prospective West African Birimian greenstone belt.

Edison Research noted that the average grade of the maiden Kari Pump resource is at a 31.8% premium to the average of the pre-existing Houndé resource.

Contact Dennis Fitzgerald and [email protected]

Quick facts: Endeavour Mining Corp

Price: 33.18 CAD

Market: TSX
Market Cap: $3.68 billion

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