Endeavour Mining plc (LON:EDV, TSX:EDV, OTCQX:EDVMF) has announced its unaudited preliminary financial and operating results for the fourth quarter and full year 2023, with highlights provided in Table 1 below
1All Q4-2023 and FY-2023 numbers are preliminary and reflect Endeavour’s expected results as at the date of this press release. 2Production and AISC highlights from continuing operations 3This is a non-GAAP measure.
Ian Cockerill, CEO of Endeavour Mining, commented: “I am honoured to assume the role of CEO at a pivotal time for Endeavour as strong foundations are in place to unlock significant value as we deliver on our organic growth pipeline. I look forward to continuing to implement the strategy approved by the Board and lead the Company forward for the benefit of all our stakeholders.
2023 was another successful year for Endeavour during which we continued to focus on improving the quality of our portfolio through asset optimisation initiatives, the divestment of non-core Boungou and Wahgnion mines, construction of our two high-margin, long life growth projects, and continue to deliver significant exploration success.
On the operational front, we are pleased to have met production guidance for the eleventh consecutive year and to remain one of the lowest all-in sustaining cost producers within the sector, allowing us to generate robust cash flow to fund both our organic growth and shareholder returns programmes. Moreover, we achieved record production at both Ity and Houndé in 2023 where production exceeded 300koz. As we look forward to continuing to optimise and explore these two mines with the goal of sustaining such levels of production over the long-term, Endeavour’s other flagship asset, Sabodala-Massawa, is well positioned to produce up to 400koz in 2024.
Regarding our near-term growth plans, we are very pleased to report that both the Sabodala-Massawa expansion and the Lafigué development project are progressing well, with both projects on budget and on, or ahead of, schedule for first production in the second quarter of 2024. Our longer-term organic growth pipeline is equally attractive, following the delineation of a 4.5 million ounce Indicated resource at our Tanda-Iguela greenfield property in Côte d’Ivoire. This represents one of the most significant discoveries in West Africa over the past decade and we have launched a preliminary feasibility study that we expect to finalise by year end, as we continue to focus on increasing its size.
Throughout last year, we continued to execute on our commitment to deliver attractive shareholder returns, returning $200 million of dividends for the year and having repurchased $66 million worth of shares, which combined is equivalent to $226 for every ounce of gold produced from all operations. Importantly, since we began the shareholder returns programme in 2021, we have returned over $900 million to shareholders representing 77% more than the minimum commitment for the period. Looking ahead, our goal is to increase returns further once our two ongoing organic growth projects are complete.
I would like to thank our team for their continued hard work. I look forward with excitement to 2024 and beyond as we will benefit from the efforts undertaken over recent years to improve the quality of our portfolio and strengthen the resilience of our business.”
Table 2: Actual Shareholder Returns vs. Minimum Commitment
1H2-2023 dividend declared on 22 January 2024, to be paid on or about 25 March 2024.
