Endeavour reports Q3-2024 results

London, 7 November 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q3-2024 and YTD-2024, with highlights provided in Table 1 below.

Table 1: Q3-2024 and YTD-2024 Highlights from continuing operations¹

¹Continuing Operations excludes the non-core Boungou and Wahgnion mines which were divested on 30 June 2023. 2This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 3Excludes pre-commercial costs and ounces sold. 4Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme.5From all operations; calculated as Operating Cash Flow less Cash used in investing activities 6Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.

During Q3-2024 we continued to deliver against our strategic objectives as we successfully completed our growth phase, achieving commercial production at our two organic growth projects, which supported our strongest quarter of production this year and underpinned our transition to a phase focused on free cash flow generation.

On the operational front, we expect full-year production to be at or around the low end of the guidance range, while our all-in sustaining cost is expected to be above the top end of the range, due to higher royalty and power costs as well as lower production at the Sabodala-Massawa CIL operation. Despite above average rainfall early in the Q4, our performance is expected to be significantly stronger than Q3, supported by the ramp ups of our growth projects as well as increased production at the Houndé and Mana mines, in line with their mine sequences.

During the quarter, we completed construction and achieved commercial production at the Sabodala-Massawa BIOX Expansion and the Lafigué mine, with both projects ramping up in line with expectations and achieving nameplate throughput capacity during the quarter. At the top tier Assafou project, where the preliminary feasibility study is on track for completion in Q4, we continue to see significant exploration upside, both at the Assafou project, and on the wider Tanda-Iguela property.

We achieved a significant free cash inflection during the quarter, generating approximately $100 million of free cash flow, and given our strong outlook, we are now focused on shareholder returns and our balance sheet. We repaid $160 million of our revolving credit facility during the quarter, while our stronger earnings supported an improvement in our leverage, as we advanced towards our 0.5x leverage target. On shareholder returns, we paid our H1-2024 dividend of $100 million and we have now returned $229 million to shareholders this year through dividends and share buybacks. We will increase our focus on supplemental shareholder returns over the coming quarters.

Looking forward, we have visibility to organically grow the production profile to our 1.5 million ounce portfolio objective by the end of the decade, while maintaining best in class margins. We expect to outline our new outlook next year, which will underpin our continued commitments to disciplined capital allocation and delivering attractive shareholder returns.” 

Ian Cockerill
Chief Executive Officer

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CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Thursday 7 November, at 8:30 am EST / 1:30 pm GMT to discuss the Company's financial results.

The conference call and webcast are scheduled at:

5:30am in Vancouver

8:30am in Toronto and New York

1:30pm in London

9:30pm in Hong Kong and Perth

The video webcast can be accessed through the following link:

https://edge.media-server.com/mmc/p/8ooa7ouk

To download a calendar reminder for the webcast, visit the events page of our website here.

Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in via the following link:

https://register.vevent.com/register/BI1a60fc683b8345ecad064e684a533aa4

The conference call and webcast will be available for playback on Endeavour's website.

QUALIFIED PERSONS

Ross McMillan, SVP Technical Services of Endeavour Mining plc., a Fellow of the Australasian Institute of Mining and Metallurgy, is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Côte 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 admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “forward-looking statements”, including but not limited to, statements with respect to Endeavour's plans and operating performance, the ability of the Group to achieve its production guidance, AISC guidance, Group non-sustaining capital expenditure outlook, and growth capital expenditure outlook for FY-2024, the estimated exploration expenditures for FY-2024, the ability of Endeavour to meet its 5-year exploration target, the availability of additional dividends and share buybacks, the success of exploration activities, estimated costs incurred in connection with the construction of the Solar Power Plant and the timing for an updated resource for the Vindaloo Deeps deposit and Tanda-Iguela. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”, “plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”, “estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and similar expressions .

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions or completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics.

Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

NON-GAAP MEASURES

Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including “all-in margin”, “all-in sustaining cost”, “net cash / net debt”, “EBITDA”, “adjusted EBITDA”, “net cash / net debt to adjusted EBITDA ratio”, “cash flow from continuing operations”, “total cash cost per ounce”, “sustaining and non-sustaining capital”, “net earnings”, “adjusted net earnings”, “free cash flow”, “operating cash flow per share”, “free cash flow per share”, and “return on capital employed”. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section in this press release and in the Company’s most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release.  

Attachments

• EDV Q3-2024 Results News Release
• EDV_Q3-24 MD&A
• EDV_Q3-24 Financial Statements
• EDV_Q3-24 Results Presentation
• EDV_Q3-24 Results Mine Statistics