Another successful year for Endeavour as it beats 2021 year guidance

LONDON – Endeavour Mining said 2021 was another successful year for Endeavour in which it delivered against all its objectives. Operationally, after the rapid and successful integration of the Teranga and SEMAFO assets, Endeavour was able to achieve a record year with production in excess of 1.5 million ounces, ensuring it has now met or exceeded guidance for the ninth consecutive year.

Sebastien de Montessus, President and CEO, commented: “This strong operational performance has generated significant cash flow which has allowed us to deliver robust shareholder returns while improving our balance sheet position. Since commencing our shareholder returns programme, marked by the first dividend payment in early 2021, we have already returned $338 million by way of dividends and buybacks. On the balance sheet front, we have re-established a strong net cash position after absorbing circa $330 million of net debt following the Teranga acquisition.

As a result, we enter 2022 with considerable momentum and we expect to deliver another strong year. We will continue to drive value for shareholders through prudent balance sheet management, cash flow generation and shareholder returns while we remain focussed on building long-term value through our key growth projects and exploration.”

FY-2021 consolidated production from continuing operations amounted to a record 1,524koz, an increase of 721koz, or 90% over FY-2020 due to the addition of Sabodala-Massawa and Wahgnion in the first quarter of the year, full year production from Boungou and Mana (which were acquired in 2020), and stronger performances at Houndé and Ity.

Over the same period, consolidated AISC from continuing operations amounted to approximately $880/oz, an increase of $27/oz or 3% over FY-2020 primarily due to increases at Boungou, Karma and Mana, which were partially offset by the addition of the low cost Sabodala-Massawa mine and stronger production from the lower cost Houndé and Ity mines.

Q4-2021 consolidated production from continuing operations amounted to 398koz, an increase of 16koz or 4% over Q3-2021, as a result of stronger performance across Houndé, Mana and Wahgnion.

AISC from continuing operations remained stable at $900/oz as higher costs at Boungou, Karma and Mana were partially offset by lower costs at the flagship Sabodala-Massawa, Ity and Houndé assets.

The Group’s realised gold price from continuing operations was $1,787/oz and $1,773/oz for Q4-2021 and FY-2021 respectively, inclusive of the Sabodala-Massawa and Karma gold streams.

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