Endeavour well positioned to achieve top-end production guidance
LONDON – Endeavour Mining plc has announced its operating and financial results for Q3-2022 and year to date, with highlights provided below.
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
- Q3-2022 production of 343koz of gold at an AISC of $960/oz; year-to-date production of 1,045koz at an AISC of $920/oz
- Group is well positioned to achieve top-end of FY-2022 production guidance of 1,315-1,400koz at an AISC within the guided $880-930/oz range
- Net Earnings of $58m (or $0.23/sh) for Q3-2022 and $190m (or $0.77/sh) year-to-date.
- Operating Cash Flow before changes in WC of $195m (or $0.79/sh) for Q3-2022 and $828m (or $3.34/sh) year-to-date
- Strong financial position with $833m cash position at quarter-end, well positioned to reimburse the $330m convertible bond, due Feb 2023, in cash to limit shareholder dilution, in addition to $500m in available sources of financing
ORGANIC GROWTH
- Sabodala-Massawa expansion on track; 46% of the capital committed with pricing inline with expectations and construction of the Lafigué greenfield project launched with 12% of the capital committed
- Strong exploration effort with $23m spent in Q3-2022, totalling $68m year to date; maiden resource for Tanda-Iguela greenfield discovery expected to be published in Q4-2022
