Contact information
Investor Relations
Jack Garman
Vice President, Investor Relations
Contact the IR team
FAQs
Yes. Endeavour paid its first dividend for the full year 2020 on 5 February 2021. The Board of Directors expects to pay future dividends on a semi-annual basis. Please visit our Dividends page for additional information.
Endeavour’s share price information and trading history can be found in our share price centre.
Computershare is Endeavour’s registrar and transfer agent. If you hold Endeavour shares in your own name, you are a registered shareholder. If you have enquiries regarding your shareholding, please contact our transfer agent.
Transfer agent contact information
In Canada: https://www.computershare.com/ca/en
In UK: https://www.computershare.com/uk
Endeavour Mining shareholder UK line: +44 (0370) 703 6179
Convertible notes
Endeavour’s Convertible Notes are listed and trade on the International Stock Exchange (formerly the “Channel Islands Securities Exchange”). The ISIN number is: USG30420AA41
Endeavour gave notice to Convertible Note holders on 11 August 2022 that it has elected to follow the Default Settlement Method with respect to all conversions of Notes, which is a Combination Settlement, with the principal settled in cash and any premium settled in shares.
Financial information
Endeavour’s historical financial information can be found on our Financials page and on SEDAR.
Endeavour’s independent auditor is BDO LLP.
Operations
Endeavour’s revenue is generated principally from the sale of gold doré.
At the Mana mine, Endeavour operates the Siou underground project, using conventional long-hole stoping, which commenced in Q1-2020.
Sales
Each of Endeavour’s operating subsidiaries has in place offtake and refining contracts which allow them to obtain best terms for gold sales depending on global gold market conditions. Offtake arrangements are provided primarily by INTL FC Stone ("INTL"), a NASDAQ-listed company with headquarters in New York which trades in commodities and in foreign exchange. Refining arrangements are provided by METALOR Technologies SA ("METALOR"), a Swiss-based refiner of precious metals; METALOR currently refines 100% of the corporation's gold doré. Endeavour has negotiated advantageous terms with both INTL and METALOR which allow the operating subsidiaries to pass risk for a shipment at the mine gate, with payment for the gold content of a shipment occurring same day or next day in most cases.
From time to time, Endeavour employs hedging tools for a portion of its gold production and commodity prices to protect a portion of its cash flows against decreases in the price of gold or increases in the price of the underlying commodities it uses. The main hedging tools available to protect against price risk are collar contracts which involve a combination of put and call options or forward sales.
Once refined, Endeavour sells its gold doré to one or more market participants on the basis of pricing that is at or close to Spot prices.
General enquiries
General investor enquiries should be submitted to Endeavour’s Investor Relations team at investor@endeavourmining.com.
On 16 November 2020, Endeavour entered into a definitive agreement to acquire all issued and outstanding securities of Teranga by way of a Plan of Arrangement under the Canada Business Corporation Act.
Teranga is a low-cost, mid-tier gold producer in West Africa with two producing gold mines and an attractive growth pipeline in Senegal, Burkina Faso and Côte d’Ivoire. Teranga is expected to produce 533,000 ounces of gold per year at average all-in sustaining costs of $785 per ounce over the next five years. Endeavour is a leading West African gold producer with six mines across Burkina Faso and Côte d’Ivoire with a production profile of over 1 million ounces at below $900 per ounce.
Existing Endeavour and Teranga shareholders own approximately 66% and 34%, respectively, of the combined company on a fully diluted in-the-money basis. Teranga common shares were exchanged at a ratio of approximately 0.470 Endeavour ordinary shares for each one Teranga common share (the “Exchange Ratio”). The Exchange Ratio represents a modest premium of 5.1% based on the closing price of Endeavour and Teranga’s shares on the TSX on 13 November 2020 and 9.4% based on the 20-day volume weighted average price of both companies for the period ended 13 November 2020.
On 23 March 2020, Endeavour entered into a definitive agreement to acquire all of the issued and outstanding securities of SEMAFO by way of a Plan of Arrangement under the Quebec Business Corporations Act.
For the past several years, Endeavour and SEMAFO have worked as industry partners to consider shared issues common to companies operating in West Africa. In early 2019, both companies engaged in a mutual dialogue in order to evaluate the merits of a business combination. The dialogue included extensive mutual due diligence as well as discussion of potential terms of a transaction, with a final proposal in May 2019. At that time, it was not possible to agree on terms which appropriately shared the risks and rewards of a combination.
In early 2020, discussions between Endeavour and SEMAFO recommenced. Endeavour’s management team completed on-site due diligence at SEMAFO’s operations in Burkina Faso during February 2020, including a comprehensive assessment of security, operations and exploration. Both companies also re-opened data rooms for mutual confirmatory due diligence, including visits and, following collaborative discussions, confirmed their shared strategic vision and desire to complete a combination subject to negotiation of agreeable terms. Negotiations proceeded, culminating in agreement on the terms of the transaction detailed in this announcement.
Pursuant to the Plan of Arrangement, SEMAFO common shares were exchanged at a ratio of approximately 0.1422 Endeavour ordinary shares for each one SEMAFO common share (the “Exchange Ratio”). The Exchange Ratio represents a premium of 27.2% based on the 20-day volume weighted average price of both companies for the period ended 20 March 2020 and a premium of 54.7% based on the closing price of Endeavour and SEMAFO’s shares on the TSX on 20 March 2020. The implied equity value for SEMAFO is equal to C$1.0 billion based on Endeavour’s closing price on 20 March 2020. Existing Endeavour and SEMAFO shareholders will own approximately 70% and 30%, respectively, of the combined company on a fully-diluted in-the-money basis.