Production of 1.1Moz at AISC of $967/oz • Adj. EBITDA of $1.0bn • Shareholder returns of $266m
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
Q4-2023 production of 280koz at an industry-low AISC of $947/oz; totalling 1,072koz at an AISC of $967/oz for FY-2023
11th consecutive year of achieving or beating production guidance at an industry-leading AISC
Adjusted EBITDA of $292m for Q4-2023 and $1,047m for FY-2023
Adjusted Net Earnings of $42m (or $0.17/sh) for Q4-2023 and $230m (or $0.93/sh) for FY-2023
Operating Cash Flow before changes in WC of $246m (or $1.00/sh) for Q4-2023 and $746m (or $3.02/sh) for FY-2023
Healthy financial position with net debt of $555m and leverage of 0.50x Net Debt / Adj. EBITDA (LTM) despite investing $548m in organic growth and exploration and delivering $266m in shareholder returns during the year
ROBUST SHAREHOLDER RETURNS
FY-2023 dividend of $200m and share buybacks of $66m; 52% more than the minimum commitment
Shareholder returns total $903m since first payment in Q1-2021, 77% more than the minimum commitment
ATTRACTIVE ORGANIC GROWTH
Sabodala-Massawa expansion and Lafigué project both on budget and on track for first gold in Q2-2024
Group M&I resources increased by 1.4Moz or 6% year-on-year to 26.7Moz as exploration prioritised the Tanda-Iguela project increasing its M&I resources by 303% to 4.5Moz, while P&P reserves decreased by 1.3Moz or 9% year-on-year to 13.9Moz, largely due to depletion, with resource to reserve conversion a key focus in 2024
London, 27 March 2024– Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its FY-2023 operating and financial results, with highlights provided in Table 1 below.
Table 1: Highlights from continuing operations1
see & read more on
https://www.endeavourmining.com/media/news/endeavour-reports-strong-fy-2023-results
and
ENDEAVOUR ANNOUNCES COMPLETION OF INVESTIGATION AND
KEY FINDINGS
London, 27 March 2024– The Board of Directors of Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Company” and, together with its subsidiaries, the “Group”) announces that the investigation commissioned following the termination of
Sébastien de Montessus as President and Chief Executive Officer of the Company (the “Investigation”) is now complete.
Summary of Key Outcomes
No restatement of historic financial statements and no material impact on 2023 annual financial results issued today, which are the subject of an unmodified audit opinion.
Investigation found that
Mr de Montessus, acting with certain others who are not employees of the Group:
diverted a US$5.9 million payment to a third-party company, and concealed his actions with repeated false representations to management, the Board and auditors;
caused Endeavour to make two payments totalling US$15.0 million to the same third-party company, deliberately disguising them as advance payments to a contractor through repeated false representations to management.
No evidence of bribery, or of any payments being made to sanctioned persons or to terrorist groups.
Ultimate beneficiaries of these payments have not been discovered, despite extensive investigation.
Mr de Montessus provided implausible and untrue explanations of his conduct during the course of the Investigation.
The Investigation is now complete.
Summary of Actions Taken and Proposed
Mr de Montessus was terminated as CEO and President on 4 January.
see & read more on
https://www.endeavourmining.com/media/news/endeavour-announces-completion-investigation-and-key-findings |
