Q1-2021 HIGHLIGHTS
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Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the first quarter of 2021, with highlights provided in Table 1 below.
Table 1: Consolidated Highlights1
In US$ million unless otherwise specified. | THREE MONTHS ENDED | ||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | Δ Q1-2021 vs. Q1-2020 | ||
PRODUCTION AND AISC | |||||
Gold Production, koz | 347 | 344 | 172 | +102% | |
All-in Sustaining Cost2, $/oz | 868 | 803 | 899 | (3)% | |
CASH FLOW FROM CONTINUING OPERATIONS3 | |||||
Operating Cash Flow Before Non-Cash Working Capital | 265 | 297 | 95 | +178% | |
Operating Cash Flow Before Non-Cash Working Capital2, $/share | 1.28 | 1.82 | 0.86 | +48% | |
Operating Cash Flow | 207 | 384 | 100 | +107% | |
Operating Cash Flow2, $/share | 0.99 | 2.36 | 0.90 | +10% | |
PROFITABILITY FROM CONTINUING OPERATIONS3 | |||||
EBITDA2 | 335 | 227 | 102 | +229% | |
Adjusted EBITDA2 | 311 | 297 | 107 | +191% | |
Net Earnings/(loss) Attributable to Shareholders2 | 95 | 66 | 19 | +389% | |
Net Earnings per Share2, $/share | 0.46 | 0.40 | 0.18 | +160% | |
Adjusted Net Earnings Attributable to Shareholders2 | 105 | 164 | 26 | +298% | |
Adjusted Net Earnings per Share2, $/share | 0.50 | 1.00 | 0.24 | +111% | |
SHAREHOLDER RETURNS | |||||
Dividends paid | 60 | — | — | n.a. | |
Share buyback (commenced in Q2-2021) | — | — | — | n.a. | |
FINANCIAL POSITION HIGHLIGHT | |||||
Net Debt/(Net Cash)2 | 162 | (75) | 473 | (66)% | |
Net (Cash)/Debt / Adjusted EBITDA (LTM) ratio2 | 0.16 | (0.09) | 1.06 | (85)% |
1All amounts include Teranga assets from February 10, 2021 2This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 3From Continuing Operations excludes the Agbaou mine which was divested on March 1, 2021.
Sebastien de Montessus, President and CEO, commented: “Over the past twelve months we have significantly transformed our company into a resilient business capable of rewarding our shareholders through the cycle. This quarter’s strong performance demonstrates the quality of our enhanced portfolio of operating mines, following the successful integration of the Teranga assets within our business. Moreover, we are pleased to report significant increases in our per share metrics.
The combined portfolio is on track to meet its FY-2021 guidance and deliver strong cash flows, bolstering our balance sheet and providing the flexibility to advance our exciting organic growth opportunities while continuing to reward shareholders through our dividend and share buyback programs.
From a capital markets perspective, we remain on track to obtain our premium listing on the London Stock Exchange in June, which we expect to broaden our appeal to a wider pool of investor capital, whilst benefiting from the projected increase in indexation demand.
We look forward to continuing to build on the progress we have made throughout the remainder of this year.”
UPCOMING CATALYSTS
The key upcoming expected catalysts are summarized in the table below.
Table 2: Key Upcoming Catalysts
TIMING | CATALYST | |
Q2-2021 | Corporate | Capital markets virtual teach-in event ahead of UK lisiting |
Q2-2021 | Corporate | Premium LSE Listing |
Q3-2021 | Afema | Initial resource estimate |
Q3-2021 | Sabodala-Massawa | Exploration update |
Q3-2021 | Exploration | 5-year exploration strategy |
Q4-2021 | Sabodala-Massawa | Completion of Phase 1 plant upgrades |
Q4-2021 | Sabodala-Massawa | Completion of Definitive Feasibility Study for Phase 2 |
Q4-2021 | Fetekro | Completion of Definitive Feasibility Study |
Q1-2021 SUMMARY
Table 3: Consolidated Group Production
THREE MONTHS ENDED | 2021 FULL YEAR GUIDANCE |
||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||
(All amounts in koz, on a 100% basis) | |||||||
Sabodala-Massawa1 | 39 | — | — | 310 | — | 330 | |
Houndé | 66 | 101 | 56 | 240 | — | 260 | |
Ity | 71 | 61 | 61 | 230 | — | 250 | |
Boungou | 60 | 64 | — | 180 | — | 200 | |
Mana | 52 | 61 | — | 170 | — | 190 | |
Wahgnion1 | 25 | — | — | 140 | — | 155 | |
Karma | 22 | 28 | 28 | 80 | — | 90 | |
PRODUCTION FROM CONTINUING OPERATIONS | 334 | 315 | 144 | 1,350 | — | 1,475 | |
Agbaou2 | 13 | 28 | 27 | 15 | — | 20 | |
GROUP PRODUCTION | 347 | 344 | 172 | 1,365 | — | 1,495 |
1Included for the post acquisition period commencing February 10, 2021. 2Divested on March 1, 2021.
Table 4: Consolidated All-In Sustaining Costs1
(All amounts in US$/oz) | THREE MONTHS ENDED | 2021 FULL YEAR GUIDANCE |
||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||
Sabodala-Massawa2 | 749 | — | — | 690 | — | 740 | ||
Houndé | 839 | 612 | 1,076 | 855 | — | 905 | ||
Ity | 786 | 1,054 | 651 | 800 | — | 850 | ||
Boungou | 690 | 532 | — | 690 | — | 740 | ||
Mana | 954 | 802 | — | 975 | — | 1,050 | ||
Wahgnion2 | 780 | — | — | 940 | — | 990 | ||
Karma | 1,179 | 1,132 | 866 | 1,220 | — | 1,300 | ||
Corporate G&A | 31 | 20 | 19 | 30 | ||||
Sustaining exploration | — | — | — | 5 | ||||
AISC FROM CONTINUING OPERATIONS | 858 | 779 | 890 | 840 | — | 890 | ||
Agbaou3 | 1,131 | 1,066 | 951 | 1,050 | — | 1,125 | ||
GROUP AISC | 868 | 803 | 899 | 850 | — | 900 |
1This is a non-GAAP measure. 2Included for the post acquisition period commencing February 10, 2021. 3Divested on March 1, 2021.
CASH FLOW BASED ON ALL-IN MARGIN APPROACH
The table below presents the cash flow for Endeavour for the three month period ending March 31, 2021, based on the All-In Margin, with accompanying notes below.
Table 5: Reconciliation of All-In Margin to Free Cash Flow1
THREE MONTHS ENDED | ||||
In US$ million unless otherwise specified. | Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
GOLD PRODUCTION, koz | 334 | 315 | 144 | |
GOLD SOLD, koz | (Note 1) | 364 | 301 | 147 |
Realized gold price, $/oz | (Note 2) | 1,749 | 1,841 | 1,538 |
REVENUE | 636 | 553 | 226 | |
Total cash costs1 | (Note 3) | (273) | (210) | (112) |
Corporate costs | (11) | (8) | (5) | |
Sustaining capital1 | (Note 4) | (28) | (16) | (14) |
ALL-IN SUSTAINING MARGIN FROM CONTINUING OPERATIONS | 324 | 319 | 95 | |
All-in Sustaining Margin from discontinued operations1 | 10 | 22 | 18 | |
ALL-IN SUSTAINING MARGIN1 | 333 | 341 | 113 | |
Less: Non-sustaining capital1 | (Note 5) | (57) | (39) | (18) |
Less: Non-sustaining exploration1 | (Note 6) | (6) | (23) | (15) |
ALL-IN MARGIN1 | 270 | 278 | 80 | |
Growth projects1 | (Note 7) | (23) | (4) | (2) |
Exploration expense2 | (10) | (1) | (1) | |
Changes in working capital, other non-cash changes | (Note 8) | (86) | 35 | 10 |
Interest paid | (Note 9) | (9) | (6) | (11) |
Taxes paid | (Note 10) | (43) | (47) | (9) |
Other operating cash flow changes | (Note 11) | (12) | 4 | (1) |
FREE CASH FLOW1 | 87 | 261 | 66 | |
Acquisition and restructuring costs | (Note 12) | (12) | (14) | (4) |
Cash flows generated from/(used in) investing activities, excluding expenditures on mining interests3 | (Note 13) | 9 | (13) | (3) |
Cash flows generated from/(used in) financing activities, excluding interest paid4 | (Note 14) | 119 | (39) | 111 |
Cash flows used in financing activities by discontinued operations | (Note 15) | (45) | (8) | 0 |
Effect of exchange rate changes on cash | (4) | 4 | (1) | |
CASH INFLOW (OUTFLOW) FOR THE PERIOD | 154 | 191 | 167 |
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A.
2Exploration expense per the statement of comprehensive (loss)/earnings. This cash outflow relates to expenditure on greenfield exploration activity.
3Investing activities excluding expenditures on mining interests consists of the investing cash flows from continuing operations less expenditures on mining interests, as disclosed in the consolidated statement of cash flows.
4Financing activities excluding interest paid consists of the financing cash flows from continuing operations less interest paid, as disclosed in the consolidated statement of cash flows.
NOTES:
1) Gold sales increased by 63koz in Q1-2021 compared to Q4-2020 due to the addition of the newly acquired Sabodala-Massawa and Wahgnion mines and by 190koz compared to Q1-2020 as a result of the SEMAFO and Teranga acquisitions.
2) The realized gold price for Q1-2021 was $1,749/oz compared to $1,841/oz for Q4-2020 and $1,538/oz for Q1-2020, inclusive of the Sabodala-Massawa and Karma streams. The Sabodala-Massawa stream amounted to 1,567 ounces on a consolidated basis in Q1-2021. The Karma stream amounted to 3,333 ounces in Q1-2021. The Company completed the delivery of 100,000 ounces of gold from the Karma mine as at March 31, 2021. Going forward, the Karma stream will be reduced to 6.5% of gold production. Both streams result in the Company being paid at 20% of the spot gold price for gold subject to the stream.
3) Total cash costs increased in Q1-2021 compared to Q4-2020 due to increased production, while cash costs increased compared to Q1-2020 due to both increased production and higher royalty costs.
4) As shown in the table below, sustaining capital expenditure from continuing operations increased by $23/oz in Q1-2021 compared to Q4-2020, amounting to $28 million which represents 16% of the FY-2021 guided amount of $172 million. The increase, on a per ounce basis compared to Q4-2020, is attributable to the consolidation of the Sabodala-Massawa mine (which incurred high unit sustaining capital costs related to waste capitalization and heavy mining equipment purchases), while increases at Ity and Boungou were partially offset by a decrease at Houndé. Further details by asset are provided in the mine sections below.
Table 6: Consolidated Sustaining Capital
In US$ million unless otherwise specified. | THREE MONTHS ENDED | ||
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Ity | 5 | 3 | 1 |
Karma | 0 | 1 | 1 |
Houndé | 5 | 7 | 12 |
Mana | 3 | 3 | n.a. |
Boungou | 4 | 1 | n.a. |
Sabodala-Massawa | 10 | n.a. | n.a. |
Wahgnion | 1 | n.a. | n.a. |
Sustaining capital from continuing operations | 28 | 16 | 14 |
5) As shown in the table below, the total non-sustaining capital expenditure from continuing operations increased in Q1-2021 over Q4-2020 mainly due to the addition of the Teranga assets and the expected increase at Houndé, Mana and Boungou. The $57 million spent in Q1-2021 represents 28% of the FY-2021 guided amount of $201 million, with expenditures expected to be more weighted towards H1-2021. Further details by asset are provided in the mine sections below.
Table 7: Non-Sustaining Capital
In US$ million unless otherwise specified. | THREE MONTHS ENDED | ||
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Ity | 12 | 12 | 11 |
Karma | 1 | 3 | 2 |
Houndé | 7 | 5 | 2 |
Mana | 24 | 18 | n.a. |
Boungou | 4 | 1 | n.a. |
Sabodala-Massawa | 5 | n.a. | n.a. |
Wahgnion | 4 | n.a. | n.a. |
Non-mining | 0 | 1 | 3 |
Consolidated non-sustaining capital | 57 | 39 | 18 |
Agbaou | 0 | 0 | 0 |
Total non-sustaining capital from all operations | 57 | 39 | 18 |
6) The non-sustaining exploration capital spend decreased by $17 million over Q4-2020 and by $9 million over Q1-2020 to $6 million, as a greater portion of the spend was classified as expensed. Exploration drilling is expected to ramp-up in Q2-2021 to take advantage of the dry season.
7) Q1-2021 includes $19.6 million for the purchase of an additional stake in the Fetekro property as announced on December 21, 2020, $0.5 million for the Sabodala-Massawa expansion project and $2.8 million on Kalana.
8) The tables below summarize the Q1-2021 working capital movements.
Table 8: Working Capital Movement
THREE MONTHS ENDED | ||||
In US$ million unless otherwise specified. | Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Q1-2021 comments |
Trade and other receivables | (16) | +35 | (8) | Outflow mainly due to an increase in VAT receivables at Karma, Houndé, Wahgnion and Mana. VAT received during Q1-2021 was $11 million made up of Wahgnion mine $3 million, Houndé mine $7 million and Karma mine $1 million. |
Trade and other payables | (48) | +48 | +2 | Outflow mainly related to payments made at Ity, as well as acquisition related costs paid in relation to the Teranga acquisition. |
Inventories | +19 | +4 | +12 | Inflow primarily due to the decrease in inventory stockpiles, GIC and finished gold balances at Boungou, Karma, Ity, Mana and Wahgnion which were largely offset by increase in stockpile balance at Houndé and Sabodala-Massawa. |
Prepaid expenses and other | (13) | — | (1) | Outflow mainly due to an increase in prepayments at Boungou of $3 million, Mana of $8 million and Wahgnion and Sabodala-Massawa of $2 million offset by reduction in prepaid expenses at Houndé by $1 million. |
Other non-cash adjustments | (27) | (51) | +5 | Non-cash adjustments relate to the amortization of the PPA fair value bump on inventories. |
Total | (86) | +35 | +10 |
9) Interest paid increased by $3 million in Q1-2021 compared to Q4-2020, as the convertible bond semi-annual coupon is paid in the first and third quarter of each year.
10) Taxes paid from all operations decreased by $3 million in Q1-2021 compared to Q4-2020 and increased by $35 million compared to Q1-2020, with details shown in the table below. Notably, taxes paid from the discontinued Agbaou mine increased by $19 million due to the withholding tax payable on the dividend which was declared in Q4-2020.
Table 9: Tax Payments
THREE MONTHS ENDED | |||
In US$ million unless otherwise specified. | Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Karma | 0 | 0 | 0 |
Ity | 6 | 0 | 0 |
Houndé | 4 | 3 | 6 |
Mana | 0 | 1 | n.a. |
Boungou | 1 | 0 | n.a. |
Sabodala-Massawa | 6 | n.a. | n.a. |
Wahgnion | 0 | n.a. | n.a. |
Exploration | 0 | 0 | 0 |
Corporate | 6 | 4 | 1 |
Taxes from continuing operations | 23 | 8 | 7 |
Agbaou | 20 | 39 | 2 |
Consolidated taxes paid | 43 | 47 | 9 |
11) Other operating cash flow changes is the sum of cash paid on settlement of DSUs and PSUs, cash paid on settlement of other financial assets and liabilities, and foreign exchange gain/loss as disclosed in the consolidated statement of cash flows.
12) Amounts relate mainly to M&A and advisory fees for the SEMAFO and Teranga acquisitions. In addition, $40 million of acquisition costs were incurred by Teranga prior to the closing of the transaction.
13) Other cash flows from investing activities in Q1-2021 comprised of $27 million of cash acquired upon acquisition of Teranga, $14 million of outflows related to an increase in long term inventory, and the net cash consideration received relating to the disposal of the Agbaou mine of $5 million at the closing of the sale
14) Other financing cash flows include the proceeds from the private placement of $200 million, dividends paid in the quarter of $60 million, and the net draw down of the corporate loan facilities of $47 million after the repayment of the debt facilities acquired from Teranga. Further notes are provided in Note 21 below.
15) Cash flows from discontinued operations relate to the Agbaou mine which was sold on March 1, 2021. The cash outflows in Q1-2021 relate to the payment of a dividend to the minority shareholder which was declared in December 2020.
NET CASH FLOW AND LIQUIDITY SOURCES
Table 10: Cash Flow and Net Debt Position for Endeavour
THREE MONTHS ENDED |
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In US$ million unless otherwise specified | Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Net cash from (used in), as per cash flow statement: | ||||
Operating activities | (Note 19) | 198 | 364 | 126 |
Investing activities | (Note 20) | (105) | (97) | (57) |
Financing activities | (Note 21) | 65 | (80) | 100 |
Effect of exchange rate changes on cash | (4) | 4 | (1) | |
INCREASE/(DECREASE) IN CASH | 154 | 191 | 167 | |
Cash position at beginning of period | 715 | 523 | 190 | |
CASH POSITION AT END OF PERIOD | (Note 22) | 868 | 645 | 357 |
Cash included in assets held for sale | 0 | 70 | 0 | |
Equipment financing | (Note 23) | 0 | 0 | (70) |
Convertible senior bond | (Note 24) | (330) | (330) | (330) |
Drawn portion of corporate loan facility | (Note 25) | (700) | (310) | (430) |
NET DEBT/ (CASH) POSITION | (Note 26) | 162 | (75) | 473 |
Net Debt / Adjusted EBITDA (LTM) ratio1 | (Note 27) | 0.16x | (0.09)x | 1.06x |
1Net Debt and Adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section of the MD&A.
NOTES:
19) Operating cash flows after changes in working capital were $198 million in Q1-2021 compared to $364 million and $126 million in the comparative periods of Q4-2020 and Q1-2020 respectively. Q1-2021 decreased by $166 million compared to Q4-2020 mainly due to a lower realized gold price and the outflow in working capital as significant payments were made to suppliers of the Wahgnion and Sabodala-Massawa mines. Q1-2021 has increased by $72 million relative to Q1-2020 due to increased production for the year from the Company’s existing mines, as well as from the Wahgnion, Sabodala-Massawa, Mana and Boungou mines, at higher realized gold prices.
20) Cash flows used by investing activities were $105 million in Q1-2021 compared to $97 million and $57 million in Q4-2020 and Q1-2020 respectively. The Q1-2021 amount has increased relative to Q4-2020 mainly due to expenditure on mining interests of $114 million, and an increase in long term inventory of $14 million. The increase was offset by cash acquired on acquisition of Teranga of $27 million and cash outflows on the disposal of the Agbaou mine net of proceeds received, of $5 million.
21) Cash flows generated from financing activities were $65 million in Q1-2021 compared to cash outflows of $80 million in Q4-2020 and cash generated from financing activities of $100 million in Q1-2020. During the quarter ended March 31, 2021, the Company received additional funds of $200 million following the completion of the La Mancha investment. The Company drew down $490 million on the corporate loan facilities and repaid $443 million of the debt acquired upon the acquisition of Teranga during the same period. The Company also paid out dividends amounting to $60 million. Other significant payments during the period were the settlement of the gold offtake agreement which was acquired from Teranga amounting to $50 million as well as repayment of lease obligations of $11 million.
22) At quarter-end, Endeavour’s liquidity remained strong with $868 million of cash on hand and $100 million undrawn of the RCF.
23) The equipment finance lease obligations were repaid in full during FY-2020.
24) In 2018, Endeavour issued a $330 million convertible note, maturing in February 2023.
25) Endeavour’s corporate loan facility was increased from $430 million to $800 million in Q1-2021 to retire Teranga’s various higher cost debt facilities. At quarter-end $700 million was drawn on the facility.
26) Net Debt amounted to $162 million at quarter-end, marking a Net Debt increase of $236 million compared to the beginning of the year due to the increase in gross debt as a result of acquiring Teranga.
27) The Net Debt / Adjusted EBITDA (LTM) ratio ended the quarter at a healthy 0.16x. Despite the increase in gross debt as a result of the Teranga acquisition, the ratio has improved by 85% from the corresponding period last year when the ratio stood at 1.06x times.
OPERATING CASH FLOW PER SHARE
Table 11: Operating Cash Flow Before and After Non-Cash Working Capital Per Share1
THREE MONTHS ENDED | |||
In US$ million unless otherwise specified. | Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
INCLUDING DISCONTINUED OPERATIONS | |||
Cash flows generated from operating activities | 198 | 364 | 126 |
Changes in working capital1 | 58 | (98) | (7) |
Taxes on additional dividend declared at Agbaou | — | 45 | — |
Adjusted operating cash flows before working capital | 256 | 311 | 119 |
Divided by weighted average number of outstanding shares, in thousands | 208 | 163 | 111 |
Adjusted operating cash flow per share from all operations | 0.95 | 2.23 | 1.14 |
Adjusted operating cash flow before working capital per share from all operations | 1.23 | 1.91 | 1.08 |
EXCLUDING DISCONTINUED OPERATIONS | |||
Cash used by operating activities by discontinued operations | (9) | (20) | 26 |
Cash generated from operating activities by continuing operations | 207 | 384 | 100 |
Changes in working capital from continuing operations | 59 | (87) | (5) |
Operating cash flows before working capital from continuing operations | 265 | 297 | 95 |
Divided by weighted average number of outstanding shares, in thousands | 208 | 163 | 111 |
Operating cash flow per share from continuing operations | 0.99 | 2.36 | 0.90 |
Operating cash flow per share before working capital from continuing operations | 1.28 | 1.82 | 0.86 |
1Operating Cash Flow Per Share is a Non-GAAP measure. Refer to the non-GAAP measure section of the MD&A.
ADJUSTED NET EARNINGS PER SHARE
Table 12: Net Earnings and Adjusted Net Earnings1
In US$ million unless otherwise specified. | QUARTER ENDED | ||
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
TOTAL NET EARNINGS FOR CONTINUING OPERATIONS | 115 | 30 | 35 |
Adjustments1,2 | 19 | 149 | (1) |
ADJUSTED NET EARNINGS FOR CONTINUING OPERATIONS | 135 | 179 | 34 |
Less portion attributable to non-controlling interests | 30 | 15 | 8 |
ATTRIBUTABLE TO SHAREHOLDERS FOR CONTINUING OPERATIONS | 105 | 164 | 26 |
Divided by weighted average number of O/S shares, in millions | 208 | 163 | 111 |
ADJUSTED NET EARNINGS PER SHARE (BASIC) FROM CONTINUING OPERATIONS | 0.50 | 1.00 | 0.24 |
Add back adjusted net earnings attributable to shareholders from discontinued operations | (5) | 3 | 7 |
Add back adjusted net earnings per share from discontinued operations | (0.03) | 0.02 | 0.06 |
ADJUSTED NET EARNINGS PER SHARE FROM ALL OPERATIONS ATTRIBUTABLE TO SHAREHOLDERS | 0.48 | 1.02 | 0.30 |
1Adjusted Net Earnings is a Non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 2For further details please refer to the MD&A.
OPERATIONAL DETAILS BY MINE
SABODALA-MASSAWA MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Plant Expansion Update
Table 13: Sabodala-Massawa Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q1-20211 (Consolidated) |
Q4-2020 |
Tonnes ore mined, kt | 1,622 | 1,056 | 2,131 |
Total tonnes mined, kt | 10,713 | 5,831 | 11,628 |
Strip ratio (incl. waste cap) | 5.62 | 4.52 | 4.46 |
Tonnes milled, kt | 1,027 | 550 | 1,100 |
Grade, g/t | 2.48 | 2.53 | 2.51 |
Recovery rate, % | 90 | 90 | 89 |
PRODUCTION, KOZ | 75 | 39 | 79 |
Total cash cost/oz | n.a. | 564 | n.a. |
AISC/OZ | n.a. | 749 | n.a. |
1For the post acquisition period commencing February 10, 2021.
2021 Outlook
2021 Exploration Program
HOUNDÉ MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 14: Houndé Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q4-2020 | Q1-2020 |
Tonnes ore mined, kt | 1,625 | 2,120 | 900 |
Total tonnes mined, kt | 13,937 | 10,741 | 11,311 |
Strip ratio (incl. waste cap) | 7.58 | 4.07 | 11.57 |
Tonnes milled, kt | 1,147 | 1,117 | 1,066 |
Grade, g/t | 1.89 | 3.06 | 1.76 |
Recovery rate, % | 91 | 94 | 91 |
PRODUCTION, KOZ | 66 | 101 | 56 |
Total cash cost/oz | 768 | 541 | 868 |
AISC/OZ | 839 | 612 | 1,076 |
2021 Outlook
2021 Exploration Program
ITY MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 15: Ity Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q4-2020 | Q1-2020 |
Tonnes ore mined, kt | 2,105 | 2,660 | 1,909 |
Total tonnes mined, kt | 6,816 | 6,546 | 5,226 |
Strip ratio (incl. waste cap) | 2.24 | 1.46 | 1.74 |
Tonnes milled, kt | 1,550 | 1,456 | 1,410 |
Grade, g/t | 1.76 | 1.72 | 1.63 |
Recovery rate, % | 79 | 76 | 84 |
PRODUCTION, KOZ | 71 | 61 | 61 |
Total cash cost/oz | 715 | 989 | 633 |
AISC/OZ | 786 | 1,054 | 651 |
2021 Outlook
2021 Exploration Program
BOUNGOU MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 16: Boungou Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q4-2020 |
Tonnes ore mined, kt | 246 | 335 |
Total tonnes mined, kt | 6,672 | 2,240 |
Strip ratio (incl. waste cap) | 26.11 | 5.69 |
Tonnes milled, kt | 315 | 333 |
Grade, g/t | 5.52 | 6.92 |
Recovery rate, % | 96 | 96 |
PRODUCTION, KOZ | 60 | 64 |
Total cash cost/oz | 619 | 513 |
AISC/OZ | 690 | 532 |
2021 Outlook
2021 Exploration Program
MANA MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 17: Mana Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q4-2020 |
OP tonnes ore mined, kt | 355 | 435 |
OP total tonnes mined, kt | 8,533 | 9,227 |
OP strip ratio (incl. waste cap) | 23.01 | 20.21 |
UG tonnes ore mined, kt | 245 | 215 |
Tonnes milled, kt | 604 | 629 |
Grade, g/t | 2.90 | 3.33 |
Recovery rate, % | 90 | 90 |
PRODUCTION, KOZ | 52 | 61 |
Total cash cost/oz | 907 | 740 |
AISC/OZ | 954 | 802 |
2021 Outlook
2021 Exploration Program
WAHGNION MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 18: Wahgnion Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q1-20211 (Consolidated) |
Q4-2020 |
Tonnes ore mined, kt | 1,183 | 649 | 1,247 |
Total tonnes mined, kt | 7,751 | 4,451 | 7,977 |
Strip ratio (incl. waste cap) | 5.55 | 5.86 | 5.40 |
Tonnes milled, kt | 962 | 538 | 967 |
Grade, g/t | 1.46 | 1.35 | 1.36 |
Recovery rate, % | 95 | 94 | 95 |
PRODUCTION, KOZ | 43 | 25 | 41 |
Total cash cost/oz | n.a. | 746 | n.a. |
AISC/OZ | n.a. | 780 | n.a. |
1For the post acquisition period commencing February 10, 2021.
2021 Outlook
2021 Exploration Program
KARMA MINE
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 19: Karma Quarterly Performance Indicators
For The Quarter Ended | Q1-2021 | Q4-2020 | Q1-2020 |
Tonnes ore mined, kt | 1,242 | 1,253 | 1,229 |
Total tonnes mined, kt | 5,146 | 5,012 | 4,953 |
Strip ratio (incl. waste cap) | 3.14 | 3.00 | 3.03 |
Tonnes stacked, kt | 1,380 | 1,327 | 1,114 |
Grade, g/t | 0.71 | 0.78 | 1.02 |
Recovery rate, % | 66 | 72 | 82 |
PRODUCTION, KOZ | 22 | 28 | 28 |
Total cash cost/oz | 1,169 | 1,103 | 843 |
AISC/OZ | 1,179 | 1,132 | 866 |
2021 Outlook
2021 Exploration Program
AGBAOU MINE (SOLD 1 MARCH 2021)
Agbaou Sale Insights
Q1-2021 vs Q4-2020 Insights
Q1-2021 vs Q1-2020 Insights
Table 20: Agbaou Quarterly Performance Indicators
For The Quarter Ended | Q1-20211 | Q4-2020 | Q1-2020 |
Tonnes ore mined, kt | 353 | 433 | 757 |
Total tonnes mined, kt | 2,456 | 4,383 | 6,433 |
Strip ratio (incl. waste cap) | 5.95 | 9.13 | 7.50 |
Tonnes milled, kt | 348 | 691 | 732 |
Grade, g/t | 1.09 | 1.37 | 1.31 |
Recovery rate, % | 95 | 93 | 94 |
PRODUCTION, KOZ | 13 | 28 | 27 |
Total cash cost/oz | 1,116 | 1,001 | 753 |
AISC/OZ | 1,131 | 1,066 | 951 |
1For the pre acquisition period ending March 1, 2021.
EXPLORATION AND DEVELOPMENT ACTIVITIES
Table 21: Consolidated Exploration Expenditures1
(All amounts in US$m) | Q1-2021 | 2021 GUIDANCE |
Sabodala-Massawa | 2 | ~13 |
Wahgnion | 1 | ~12 |
Ity | 4 | ~9 |
Mana | 3 | ~8 |
Houndé | 2 | ~7 |
Boungou | 0 | ~7 |
Karma | 0 | ~0 |
MINE SUBTOTAL | 12 | ~56 |
Greenfield and development projects | 4 | ~14 – 34 |
TOTAL | $16 | $70 – 90 |
1Consolidated exploration expenditures include expensed, sustaining, and non-sustaining exploration expenditures. Amounts may differ from MD&A due to rounding.
QUALIFIED PERSONS
Clinton Bennett, Endeavour’s VP Metallurgy and Process Improvement – a Fellow of the Australasian Institute of Mining and Metallurgy, is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the technical information in this news release.
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.
A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the Toronto Stock Exchange, under the symbol EDV and will be seeking a secondary listing as a Premium issuer on the London Stock Exchange during Q2-2021.
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