RE:RE:Permits Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) and Lilium Gold (“Lilium”) are pleased to announce that they have signed a settlement agreement (the “Agreement”), involving the State of Burkina Faso (“the State”), in respect of the divestment of the Boungou and Wahgnion mines (the “Divestment”).
Pursuant to the Agreement, Lilium will transfer the ownership of the Boungou and Wahgnion mines to the State and Endeavour will receive:
- A cash consideration of $60 million comprised of:
- $15 million upfront cash payment
- $15 million payable by the end of Q3-2024
- $30 million payable by the end of Q4-2024
- A 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine
On this basis, Endeavour and Lilium have agreed to cease the current legal proceedings against each other. Both parties would like to thank the Government of Burkina Faso for its mediation efforts.