Endeavour produces 1.4Moz of gold achieving top end of production guidance
2022 was another successful year for Endeavour during which it delivered on all its objectives and met guidance for a tenth consecutive year. Endeavour produced 1.4Moz of gold at AISC of $928/oz, achieving the top end of our production guidance range.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Q4-2022 production of 355koz at an AISC of $954/oz; totalling 1,400koz at an AISC of $928/oz for FY-2022
- 10th consecutive year of achieving or beating production and AISC guidance
- Adjusted Net Earnings of $65m, or $0.26/sh in Q4-2022; totalling $405m, or $1.63/sh for FY-2022
- Net loss attributable to shareholders of $256m, or $1.04/sh, in Q4-2022 (including impairment of $360m); totalling $66m, or $0.27/sh, for FY-2022
- Operating Cash Flow of $311m, or $1.26/sh, in Q4-2022; totalling $1,017m, or $4.10/sh, for FY-2022
- Strong financial position at year-end with $121m of net cash, up $45m over the previous year
Sabodala-Massawa expansion and Lafigué greenfield project construction are both on budget and on schedule for production in Q2 and Q3-2024, respectively. Continued strong exploration focus in 2023 with $70m Group budget; key focus area is the new Tanda-Iguela discovery.
Sebastien de Montessus, President and CEO, commented: “2022 was another successful year for Endeavour during which we delivered on all our objectives and met guidance for a tenth consecutive year.
We produced 1.4Moz of gold, achieving the top end of our production guidance range and we are particularly pleased to have achieved our all-in sustaining cost guidance of below $930/oz as a result of our strong production performance and optimisation initiatives, despite the inflationary pressures impacting the industry. This strong operating performance generated over $1.0 billion in operating cash flow which has allowed us to deliver significant value to all stakeholders while continuing to fund our organic growth and improving our balance sheet strength with more than $120 million of net cash at year end.
As a trusted partner, we were pleased to contribute approximately $400 million to our host countries through tax, royalty and minority interest dividend payments, in addition to continuing our focus on local procurement. Through our commitment to reward shareholders, we returned approximately $300 million in the form of dividends and share buybacks to shareholders, equivalent to $212/oz of gold produced, which represents double our minimum target for the year.
We are also pleased to report that the Sabodala-Massawa expansion and the Lafigué greenfield build are progressing well with both projects on track for first production in 2024, with costs in line with expectations. Moreover, our exploration programme continues to provide a platform for future growth with the discovery of the promising Tanda-Iguela deposit in Cote d’Ivoire, which has the potential to become another cornerstone asset for the Company. We have entered 2023 with considerable momentum and we look forward to continuing to deliver against our strategic objectives for the benefit of all our stakeholders.”