ENDEAVOUR ACHIEVES TOP END OF FY-2022 GUIDANCE; ANNOUNCES H2-2022 DIVIDEND OF $100M FY-2022 production of 1.4Moz at AISC of ~$928/oz ⚫ FY-2022 dividend of $200m ⚫ FY-2022 share buyback of $99m OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR ACHIEVES TOP END OF FY-2022 GUIDANCE;
ANNOUNCES H2-2022 DIVIDEND OF $100M
FY-2022 production of 1.4Moz at AISC of ~$928/oz ⚫ FY-2022 dividend of $200m ⚫ FY-2022 share buyback of $99m
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
• Strong Q4-2022 production of 355koz, up 4% over Q3-2022, while AISC remained stable at ~$954/oz
• FY-2022 production of 1,400koz at an AISC of ~$928/oz, marking 10th consecutive year of achieving or beating guidance
• FY-2023 production guidance of 1,325-1,425koz at an industry leading AISC of $940-995/oz
• Strong financial position at year end with $121m of net cash, up $119m over Q3-2022
SHAREHOLDER RETURNS
• H2-2022 dividend of $100m declared, totaling $200m for FY-2022 which is 33% above the minimum committed dividend
• Share buyback programme continued with $24m worth of shares repurchased in Q4-2022, totaling $99m for FY-2022
ORGANIC GROWTH
• Sabodala-Massawa expansion and Lafigué greenfield project construction are both on track with 53% and 30% of the
capital committed respectively, with pricing in line with expectations
• Continued strong exploration focus in 2023 with $70m Group budget; key focus area is the new Tanda-Iguela discovery
London, 23 January 2023 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the
"Company") is pleased to announce its preliminary financial and operating results for the fourth quarter and full year 2022, with
highlights provided in the table below.
Table 1: Preliminary Financial and Operating Results Highlights1
In US$ million unless otherwise specified
THREE MONTHS ENDED YEAR ENDED
31 December
2022
30 September
2022
31 December
2021
31 December
2022
31 December
2021
Δ FY-2022
vs. FY-2021
PRODUCTION AND AISC HIGHLIGHTS2
Gold Production, koz 355 343 378 1,400 1,436 (3)%
Gold Sold, koz 352 338 370 1,393 1,478 (6)%
All-in Sustaining Cost3, $/oz ~954 959 823 ~928 882 +5%
SHAREHOLDER RETURNS
Shareholder dividends paid — 100 — 170 130 +31%
Share buyback 24 37 44 99 138 (28)%
Total shareholder returns paid 24 137 44 269 268 —%
ORGANIC GROWTH
Growth capital spend (56) (30) (12) (128) (63) +103%
FINANCIAL POSITION HIGHLIGHT1
Cash 951 833 906 951 906 +5%
Principal debt (830) (830) (830) (830) (830) n.a.
Net cash 121 3 76 121 76 +59%
1All Q4-2022 and FY-2022 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.
Sebastien de Montessus, President and CEO, commented: “2022 was another successful year for Endeavour in which we
delivered against all our objectives and met guidance for the 10th consecutive year.
We produced 1.4Moz of gold over the year, reaching the to p end of our guidance. We are particularly pleased to have achieved
our all-in sustaining cost guidance of below $930/oz, despite the inflationary pressures impacting the industry, as a result of our
strong production performance and optimisation initiatives.
This operational performance resulted in robust cash flow generation which has allowed us to fund both our growth and
shareholder returns programme while also improving our financial position. We are excited by our growth prospects given
2
construction activities for the Sabodala-Massawa expansion and the Lafigué greenfield project are progressing well, with both on
budget and on track for first production in 2024. Moreover, our exploration programme was very successful with the discovery of
the promising Tanda-Iguela deposit, which has the potential to be another cornerstone asset for the Company.
During 2022, we continued to deliver on our commitment to generate attractive shareholder returns with approximately $100
million of share buybacks completed and $200 million of dividends announced for the year, which is well above our $150 million
minimum commitment. This represents a return to shareholders of $212/oz of gold produced in the form of dividends and
buybacks.
With a strengthened management team, we look forward to further success in 2023, with our guidance demonstrating
confidence in our continued ability to deliver against our strategic objectives for the benefit of all our stakeholders.”
2022 SCORECARD
The key targets set for 2022, along with the results achieved, are summarised in Table 2 below.
Table 2: 2022 Scorecard
2022 TARGET 2022 ACHIEVEMENT
Production, koz 1,315 - 1,400 1,400
AISC, $/oz 880 - 930 ~928
Leverage <0.5x Net Debt/adj. EBITDA LTM $121m net cash
Total shareholder capital returns $150m minimum dividend $299m shareholder returns
MANAGEMENT CHANGES
As part of its continuous efforts to optimise the business and deliver Endeavour's next growth phase, the Company is pleased to
announce several changes to its senior management team.
In March 2023, Joanna Pearson will be stepping down as EVP and Chief Fi nancial Officer ("CFO") and will be replaced by Guy
Young. Mr. Young will join Endeavour from Vesuvius plc, the FTSE250 molten metal engineering and technology group, where he
has been Chief Financial Officer since 2015. Prior to this, he served as Chief F inancial Officer of Tarmac and subsequently Lafarge
Tarmac, the British building materials company. He previously held a number of senior financial and business development
positions at Anglo -American plc. In addition, Martino De Ciccio, currently Vice Pre sident of Strategy and Investor Relations, will
assume the newly created role of Deputy CFO, maintaining his focus on investor relations.
Further changes have also been made to the Company's senior team to reflect the company's evolution over the past year s. The
Executive Committee will now be composed of ten members comprised of Sebastien de Montessus as CEO, Mark Morcombe as
Chief Operating Officer, Guy Young as CFO, Morgan Carroll as EVP Corporate Finance and General Counsel, Pascal Bernasconi as
EVP Public Affairs and Security, David Dragone as EVP HR and Communications who recently joined the Group, Martin White as
EVP Projects (previously General Manager at Endeavour's Mana mine), Jono Lawrence as EVP Exploration (previously SVP
Exploration), Guenole P ichevin as EVP Strategy and Business Development (previously VP Strategy and Business Development),
and Djaria Traore as EVP ESG and Supply Chain (previously VP Supply Chain).
In accordance with Endeavour’s succession planning strategy, Jono Lawrence repla ces Patrick Bouisset who retired on 31
December 2022. Subject to shareholders approval at the next Annual General Meeting in May 2023, Mr. Bouisset is expected to
be appointed to the Endeavour Board as a Non-Executive Director and a La Mancha representative, replacing Jim Askew who has
decided to retire and will not therefore stand for re -election. The Company confirms that there is no further information to be
disclosed in respect of Mr. Bouisset’s appointment under the FCA’s Listing Rule 9.6.13.
3
SHAREHOLDER RETURNS PROGRAMME
• Endeavour is pleased to announce its H2 -2022 interim dividend of $100 million or approximately $ 0.41 per share based on
its current issued share capital. As such, the total dividend amounts to $200 million or approximately $ 0.81 per share for FY-
2022, which represents $50 million or 33% more than the minimum dividend commitment for the year, reiterating
Endeavour's strong commitment to paying supplemental shareholder returns.
• The ex-dividend date for the H2 -2022 interim dividend will be 23 February 2023 and the record date will be 24 Feb ruary
2023. The dividend will be paid on or about 28 March 2023 (the “Payment Date”). Shareholders of shares traded on the
Toronto Stock Exchange will receive dividends in Canadian Dollars (“CAD”), but can elect to receive United States Dollars
(“USD”). Shareholders of shares traded on the London Stock Exchange will receive dividends in USD, but can elect to receive
Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must
be made by shareholders prior to 17:00 GMT on 7 March 2023. Dividends will be paid in the default or elected currency on
the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates on 13 March 2022. This dividend does not qualify
as an “eligible dividend” for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the
particular circumstances of a shareholder.
• Shareholder returns are being supplemented through the Company’s share buyback programme. A total of $98.7 million, or
4.6 million shares were repurchased during FY -2022, of which $24.2 million or 1.2 million shares were repurchased in Q4 -
2022.
• As shown in Table 3 below, Endeavour returned $299 million to shareholders for FY -2022 through dividends and share
buybacks, equivalent to $212 per ounce produced. Since the launch of the Company’s shareholder returns programme in
early 2021, a cumulative $637 million (including the upcoming H2 -2022 dividend) has been delivered to shareholders in the
form of dividends and share buybacks.
Table 3: Actual Shareholder Returns vs. Minimum Commitment
MINIMUM ACTUAL SHAREHOLDER RETURNS SUPPLEMENTAL
All amounts in US$ million
DIVIDEND
COMMITMENT DIVIDENDS BUYBACKS
COMPLETED TOTAL RETURNS SHAREHOLDER
RETURNS
FY-2020 60 60 — 60 —
FY-2021 125 140 138 278 +153
FY-20221 150 200 99 299 +149
TOTAL 335 400 237 637 +302
1H2-2022 dividend declared on 23 January 2023, to be paid on or about 28 March 2023.
FINANCIAL POSITION & LIQUIDITY
• As shown in Table 4 below, a net cash position of $121.1 million was achieved at year end, which represents an
improvement of $118.6 million compared to the prior quarter and $44.9 million over the previous year. In addition to
improving the balance sheet, the Company paid $ 170.0 million in dividends and $98.7 million in share buybacks during the
year and incurred $127.7 million of growth capital spend.
Table 4: Net Debt Position1
In US$ million unless otherwise specified.
31 December 2022 30 September 2022 31 December 2021
Cash and cash equivalents 951 833 906
Principal amount of Senior Notes (500) (500) (500)
Convertible senior bond (330) (330) (330)
NET CASH / (NET DEBT) POSITION 121 3 76
1All Q4-2022 and FY-2022 numbers are preliminary and reflect our expected results as of the date of this press release.
• At 31 December 2022, Endeavour’s available sources of financing and liquidity remained strong at approximately $1.53
billion, which included approximately $951 million from its current cash position and $575 million in undrawn funds from its
revolving credit facility, which has been upsized from $500 million to $575 million to provide additional liquidity headroom
during the Company's ongoing construction phase. As a result, the Company has significant financial flexibility to settle the
principal amount of its outstanding convertible bond in cash at its maturity on 15 February 2023.
4
2022 OPERATIONAL PERFORMANCE OVERVIEW
• FY-2022 production from continuing operations amounted to 1,400koz, achieving the top end of the guided 1,315 -1,400koz
range while all -in sustaining costs ("AISC") amounted to ~$928/oz, achieving the guided $880 -930/oz range in spite of
industry-wide inflationary pressures. The production out -performance is mainly due to the Houndé and Ity mines which
benefitted from higher than planned throughput, and the Mana mine where higher than expected open pit mining tonnages
were ext racted from the Wona open pit prior to its depletion. Inflationary pressures on costs were partially offset by
favourable foreign exchange movements as the Euro declined against the Dollar as well as group -wide optimisation
initiatives.
• FY-2022 production from continuing operations decreased by 36koz or 3% from 1,436koz in FY -2021 to 1,400koz in FY -2022
due to lower production at Boungou, Mana and Wahgnion as a result of mining and processing of lower grade ore. AISC from
continuing operations increased, in line with guidance, from $882/oz in FY-2021 to $928/oz in FY-2022.
• The Group’s realised gold price from continuing operations, excluding the impact of realised gains on gold hedges and
inclusive of the Sabodala -Massawa gold stream, was $1,742/oz and $1, 792/oz for Q4 -2022 and FY -2022 respectively.
Including the impact of the gold hedges, the Group's realised gold price from continuing operations was $1,758/oz and
$1,807/oz for Q4-2022 and FY-2022 respectively.
Table 5: Consolidated Group Production1
THREE MONTHS ENDED YEAR ENDED
31 December
2022
30 September
2022
31 December
2021
31 December
2022
31 December
2021 (All amounts in koz, on a 100% basis)
Boungou 26 29 35 116 174
Hounde 63 72 77 295 293
Ity 82 81 60 313 272
Mana 46 42 54 195 205
Sabodala-Massawa2 103 86 105 358 345
Wahgnion2 36 32 47 124 147
PRODUCTION FROM CONTINUING OPERATIONS 355 343 378 1,400 1,436
Karma3 — — 21 10 67
Agbaou4 — — — — 13
GROUP PRODUCTION 355 343 398 1,410 1,516
1All Q4-2022 and FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Included for the post acquisition
period commencing 10 February 2021. 3Divested on 10 March 2022. 4Divested on 1 March 2021.
Table 6: Consolidated All-In Sustaining Costs1,2
(All amounts in US$/oz)
THREE MONTHS ENDED YEAR ENDED
31 December
2022
30 September
2022
31 December
2021
31 December
2022
31 December
2021
Boungou ~1,118 1,219 825 ~1,064 801
Hounde ~970 716 874 ~809 843
Ity ~847 773 854 ~812 836
Mana ~1,000 1,098 1,116 ~994 1,026
Sabodala-Massawa3 ~661 779 591 ~691 645
Wahgnion3 ~1,376 1,647 1,066 ~1,525 994
Corporate G&A ~41 37 47 ~34 35
AISC FROM CONTINUING OPERATIONS ~954 959 823 ~928 882
Karma4 — — 1,256 1,504 1,162
Agbaou5 — — — — 1,131
GROUP AISC ~954 959 908 ~933 897
1All Q4-2022 and FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2This is a non-GAAP measure.
3Included for the post acquisition period commencing 10 February 2021. 4Divested on 10 March 2022. 5Divested on 1 March 2021.
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2023 OUTLOOK
• As shown in Tables 7 and 8 below, the production guidance for FY-2023 amounts to 1,325-1,425koz, which marks an increase
over the FY -2022 guidance of 1,315-1,400koz, while Group AISC is expected to remain consistent with that achieved over
recent quarters at $940-995/oz. Group production is expected to be more heavily weighted towards H2 -2023. More details
on individual mine guidances have been provided in the below sections.
Table 7: Production 2023 Guidance1
(All amounts in koz, on a 100% basis) 2022 ACTUALS 2023 FULL-YEAR GUIDANCE
Boungou 116 115 — 125
Houndé 295 270 — 285
Ity 313 285 — 300
Mana 195 190 — 210
Sabodala-Massawa 358 315 — 340
Wahgnion 124 150 — 165
GROUP PRODUCTION 1,400 1,325 — 1,425
1All FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Table 8: AISC 2023 Guidance1, 2
(All amounts in US$/oz) 2022 ACTUALS 2023 FULL-YEAR GUIDANCE
Boungou ~1,064 985 — 1,075
Houndé ~809 850 — 925
Ity ~812 840 — 915
Mana ~994 950 — 1,050
Sabodala-Massawa ~691 760 — 810
Wahgnion ~1,525 1,250 — 1,350
Corporate G&A ~34 35
GROUP AISC ~928 940 — 995
1This is a non -GAAP measure. Refer to the non-GAAP measure section of the most recent MD&A for Endeavour. All FY -2022 numbers are preliminary and reflect
Endeavour's expected results as at the date of this press release. 2FY-2023 AISC guidance is based on an assumed average gold price of $1,750/oz and USD:EUR
foreign exchange rate of 1.05.
• Total mine capital expenditure for FY -2023, consisting of both sustaining and non -sustaining capital spend, is expected to
remain consistent with that achieved in FY-2022 at approximately $370 million, as detailed in the tables below. More details
on individual mine capital expenditures have been provided in the mine sections below.
Table 9: Mine Capital Expenditure for Continuing Operations 2023 Guidance1
(All amounts in US$m) 2022 ACTUALS 2023 FULL-YEAR
GUIDANCE
Boungou 7 5
Houndé 27 40
Ity 13 25
Mana 10 25
Sabodala-Massawa 40 45
Wahgnion 23 25
TOTAL SUSTAINING MINE CAPITAL EXPENDITURES 120 165
Boungou 28 30
Houndé 39 35
Ity 49 40
Mana 61 45
Sabodala-Massawa 40 35
Wahgnion 32 15
Non-mining 3 5
TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES 252 205
TOTAL MINE CAPITAL EXPENDITURES 372 370
1All FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
6
• Growth capital spend for FY -2023 is expected to amount to $400 million , consisting of $170 million for the Sabodala -
Massawa BIOX® Expansion project and $230 million for the Lafigué project. Further details are provided in the sections
below.
• As detailed in Table 10 below, exploration will continue to be a strong focus in FY -2023 with a company -wide exploration
budget of $70 million, of which approximately 50% is expected to be expensed and 50% as is expected to be capitalised. For
FY-2023, approximately $22 million will be spent on greenfield exploration with an increased focus on the Tanda -Iguela
property.
Table 10: Exploration 2023 Guidance
(All amounts in US$m) 2022 ACTUALS1 2023 GUIDANCE 2023 ALLOCATION
Other greenfield projects 24 22 31%
Sabodala-Massawa mine 15 15 21%
Ity mine 10 14 20%
Houndé mine 8 7 10%
Mana mine 7 5 7%
Wahgnion mine 9 4 6%
Lafigué mine 6 2 3%
Boungou mine 2 1 1%
Total 81 70 100%
1All FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
• The Company's previously implemented revenue protection programme is expected to continue to provide cash flow
visibility during the current construction phase. Outstanding contracts for FY-2023 include a collar with a put price of $1,750
per ounce and a call price of $2,100 per ounce for a total of approximately 300,000 ounces, or 75,000 ounces per quarter,
until Q4-2023. In addition, the Company has in place forward sales contracts for 120,000 ounces of production in FY -2023,
or approximately 30,000 ounces per quarter, at an average gold price of $1,828 per ounce.
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OPERATIONAL DETAILS BY ASSET
Boungou Mine, Burkina Faso
Table 11: Boungou Performance Indicators1
For The Period Ended Q4-2022 Q3-2022 Q4-2021 FY-2022 FY-2021
Tonnes ore mined, kt 256 210 301 990 1,437
Total tonnes mined, kt 3,497 3,559 4,294 18,505 26,439
Strip ratio (incl. waste cap) 12.66 15.95 13.27 17.69 17.40
Tonnes milled, kt 295 338 352 1,348 1,352
Grade, g/t 2.85 2.84 3.36 2.80 4.07
Recovery rate, % 93 94 95 94 95
PRODUCTION, KOZ 26 29 35 116 174
Total cash cost/oz ~1,054 1,172 778 ~1,008 695
AISC/OZ ~1,118 1,219 825 ~1,064 801
1All Q4-2022 and FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Q4-2022 vs Q3-2022 Insights
• Production decreased due to lower tonnes milled and a slightly lower recovery rate, while processed grades remained flat.
– Total ore tonnes mined increased due to greater ore availability and lower stripping in the West Pit compared to the prior
quarter.
– Tonnes milled decreased due to downtime experienc ed during the quarter due to the previously disclosed supply chain
challenges in the quarter.
– Average grade processed remained flat compared to the prior quarter as a decrease in the average grade of mined ore
was offset by reduced reliance on lower grade stockpiles in the mill feed.
– Recovery rates decreased slightly due in part to reduced volumes in the processing circuit.
• AISC decreased due to lower mining unit costs driven by reduced haulage and blasting, partially offset by lower ounces sold
during the quarter.
FY-2022 Performance
• FY-2022 production totalled 116koz, which inline with the previously disclosed outlook, stands below the guided 130 -140koz
range mainly due to lower than scheduled mining activities, which limited access to higher grade ore, as a result of supply
chain delays. FY-2022 AISC amounted to approximately $1,064/oz, which is above the guided $900 -1,000/oz range due to the
lower than expected production, higher fuel prices and increased security costs.
• FY-2022 production decreased from 174koz in FY -2021 to 116koz in FY -2022 due to the impact of lower grade material
available in FY-2022 due to supply chain delays. FY -2022 AISC increased from $ 801/oz in FY-2021 to $1,064/oz in FY-2022 due
to the lower grades processed, and fuel, consumable and security cost increases.
2023 Outlook
• Boungou is expected to produce between 115-125koz in FY-2023 at an AISC of between $985-1,075/oz.
• Mining activities in H1 -2023 are expected to focus on waste strippi ng at the West Flank pit and ore mining in the West pit
phase 3. In H2 -2023, greater ore volumes are expected to be sourced from the West Flank pit. Mill throughput is expected to
decrease slightly while grades are expected to improve year over year. Production is expected to be weighted towards H2-2023
as higher grades will be accessed from the West Flank pit in H2-2023 after waste stripping activities wind down.
• Sustaining capital expenditure is expected to decrease from approximately $6.6 million in FY -2022 to $5.0 million in FY-2023,
relating mainly to waste stripping, plant maintenance and fuel storage capacity increases.
• Non-sustaining capital expenditure is expected to increase from approximately $27.5 million in FY -2022 to $30.0 million in FY-
2023, relating primarily to significant waste stripping activity at the West Flank pit in H1-2023.
8
Houndé Mine, Burkina Faso
Table 12: Houndé Performance Indicators1
For The Period Ended Q4-2022 Q3-2022 Q4-2021 FY-2022 FY-2021
Tonnes ore mined, kt 1,912 1,174 777 5,754 4,397
Total tonnes mined, kt 12,901 9,178 12,297 45,490 49,917
Strip ratio (incl. waste cap) 5.75 6.82 14.83 6.91 10.35
Tonnes milled, kt 1,359 1,234 1,226 5,043 4,622
Grade, g/t 1.55 1.83 2.05 1.92 2.13
Recovery rate, % 92 92 94 93 92
PRODUCTION, KOZ 63 72 77 295 293
Total cash cost/oz ~869 631 684 ~717 675
AISC/OZ ~970 716 874 ~809 843
1All Q4-2022 and FY-2022 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Q4-2022 vs Q3-2022 Insights
• Production decreased due to lower processed grades, which was slightly offset by higher mill throughput, while recovery rates
remained flat.
– Tonnes of ore mined increased as higher volumes mined in the Kari West and Vindaloo Main pits offset lower volumes
from the Kari Pump pit, where stripping activities have continued. Total tonnes mined increased due to higher utilisation
of the mining fleet following the end of the wet season.
– Tonnes milled increased as there was a higher proportion of softer ore from Kari West in the mill feed enabling higher
throughput rates.
– Processed grades decreased, as p er the outlook previously disclosed, due to less high grade oxide ore sourced from the
Kari Pump pit given the increased focus on stripping activities.
• AISC increased mainly due to increased mining volumes and lower production due to lower average grade in the ore blend in
addition to higher unit milling costs.
FY-2022 Performance
• FY-2022 production totalled 295koz, which inline with the previously disclosed outlook, exceeded the guided 260 -275koz
range, due to higher than scheduled volumes of high grade or e sourced from the Kari area and better mill performance
following optimisation initiatives. FY-2022 AISC amounted to approximately $ 809/oz, which is below the guided $875 -925/oz
range due to the benefit of the higher than expected production.
• FY-2022 production remained consistent with FY -2021 as increased mill throughput, driven by efficiency improvements, and
improved recoveries associated with the high -grade ore sourced from the Kari Pump pit offset a lower average grade milled.
FY-2022 AISC decreased from $843/oz in FY-2021 to approximately $809/oz in FY-2022 due to lower waste mining volumes.
2023 Outlook
• Houndé is expected to produce between 270-285koz in FY-2023 at AISC of $850-925/oz.
• Mining activities during the year will focus on the Vindaloo Main, Kari Pump and Kari West pits. In H1-2023, ore is expected to
primarily be mined from the Kari West pit, while significant waste stripping is underway at the Kari Pump and Vindaloo Main
pits. In H2 -2023, greater ore volumes are expected to be mined from the Kari Pump and Vindaloo Main pits following the
waste stripping in H1-2023, with Kari West continuing to provide supplemental feed. Production for the year is expected to be
weighted towards H2 -2023 as the waste stripping activities in H1 -2023 are expected to provide access to higher grade ore
sources at both the Kari Pump and Vindaloo Main pits in the second half of the year. Throughput and recoveries are expected
to be slightly lower in FY-2023 compared to FY-2022 due to a greater proportion of harder fresh ore in the blend.
• Sustaining capital expenditure is expected to increase from $27.4 million in FY-2022 to approximately $40.0 million in FY-2023,
relating mainly to waste stripping, fleet re-builds and plant equipment replacements and upgrades.
• Non-sustaining capital expenditure is expected to decrease from $39.2 million in FY-2022 to approximately $35.0 million in FY-
2023, and primarily relates to waste stripping activities and stage 8 and 9 of the TSF1 embankment raise.