ENDEAVOUR BEATS 2021 FULL YEAR GUIDANCE; ANNOUNCES H2-2021 DIVIDEND OF $70M Record FY-2021 production of 1.54Moz at AISC of ~$880/oz ⚫ FY-2021 dividend of $140m ⚫ FY-2021 share buyback of $138m
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR BEATS 2021 FULL YEAR GUIDANCE;
ANNOUNCES H2-2021 DIVIDEND OF $70M
Record FY-2021 production of 1.54Moz at AISC of ~$880/oz ⚫ FY-2021 dividend of $140m ⚫ FY-2021 share buyback of $138m
HIGHLIGHTS
• Strong Q4-2021 production of 398koz, up 4% over Q3-2021, while AISC remained stable at ~$900/oz
• Record FY-2021 production of 1,536koz, beating the annual guidance of 1,365-1,495koz, at an AISC of ~$880/oz, achieving
the annual guidance of $850-900/oz; marks ninth consecutive year of achieving or beating annual guidance
• FY-2022 production guidance of 1,400-1,500koz at AISC of $890-940/oz, in line with outlook provided during June 2021
investor day
• Net Cash position of $76m achieved at year-end, despite absorbing circa $330m of Teranga net debt and paying $268m in
shareholder returns during the year
• H2-2021 dividend of $70m declared, totalling $140m for FY-2021 which is above the minimum committed dividend of
$125m for the full year
• Share buybacks continue to supplement shareholder returns with a total of $138m of shares repurchased since April
2021, $44m of which were repurchased in Q4-2021
London, 24 January 2022 – Endeavour M ining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the
"Company") is pleased to announce its preliminary financial and operating results for the fourth quarter and full year 2021, with
highlights provided in the table below.
Table 1: Preliminary Consolidated Highlights1
In US$ million unless otherwise specified
THREE MONTHS ENDED TWELVE MONTHS ENDED
31 December
2021
30 September
2021
31 December
2020
31 December
2021
31 December
2020
Δ FY-2021
vs. FY-2020
PRODUCTION AND AISC HIGHLIGHTS
Gold Production, koz 398 382 344 1,536 908 +69%
Gold Sold, koz 390 392 328 1,581 914 +73%
All-in Sustaining Cost2, $/oz 900 904 803 880 873 +1%
FINANCIAL POSITION HIGHLIGHT1
Net Cash / (Net Debt) 76 (70) 75 76 75 +1%
SHAREHOLDER RETURNS
Shareholder dividends paid — 70 — 130 — n.a.
Share buyback (commenced in Q2-2021) 44 35 — 138 — n.a.
1All Q4 -2021 and FY -2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. These highlights inclu de the
production and AISC of the Agbaou mine up to the date of its disposal on 1 March 2021, and includes Teranga assets from their acquisition on 10 February 2021.
2This is a non-GAAP measure. All Q4-2021 and FY-2021 numbers are preliminary and reflect Endeavour's expected results as of the date of this press release.
Sebastien de Montessus, President and CEO, commented: “2021 was another successful year for Endeavour in which we
delivered against all our objectives. Our focus was on executing our capital allocation priorities to fully implement our
shareholder returns programme, while supporting our operations, continuin g to strengthen our balance sheet and investing in
exploration.
Operationally, after the rapid and successful integration of the Teranga and SEMAFO assets, we were able to achieve a record
year with production in excess of 1.5 million ounces, ensuring we h ave now met or exceeded guidance for the ninth consecutive
year.
This strong operational performance has generated significant cash flow which has allowed us to deliver robust shareholder
returns while improving our balance sheet position. Since commencin g our shareholder returns programme, marked by the first
dividend payment in early 2021, we have already returned $338 million by way of dividends and buybacks. On the balance sheet
front, we have re -established a strong net cash position after absorbing c irca $330 million of net debt following the Teranga
acquisition.
2
As a result, we enter 2022 with considerable momentum and we expect to deliver another strong year. We will continue to drive
value for shareholders through prudent balance sheet management, cash flow generation and shareholder returns while we
remain focussed on building long-term value through our key growth projects and exploration."
2021 SCORECARD
The key targets set for 2021, along with the results achieved, are summarised in the table below.
Table 2: 2021 Scorecard
2021 TARGET 2021 ACHIEVEMENT
Production, koz 1,365 - 1,495 1,536
AISC, $/oz 850 - 900 880
Leverage <0.5x Net Debt/adj. EBITDA LTM Net cash
Shareholder returns $125m minimum dividend $278m shareholder returns1
Indicated resource discoveries 2.5Moz >3Moz
1FY-2021 dividend of $140m + share buyback of $138m for FY-2021.
UPCOMING CATALYSTS
The key upcoming expected catalysts are summarised in the table below.
Table 3: Key Upcoming Catalysts
TIMING CATALYST
16 March Shareholder Returns Payment of H2-2021 dividend
Q1-2022 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2
Q1-2022 Lafigue deposit - Fetekro property Completion of Definitive Feasibility Study
Q4-2021 AND FY-2021 SUMMARY
• Continued strong safety record for the Group, with a low Lost Time Injury Frequency Rate (“LTIFR”) of 0.20 for FY-2021.
• FY-2021 production amounted to 1,536koz, beating the top end of the guided 1,365 -1,495koz range, due to out-performance
at the Houndé, Ity, Sabodala -Massawa and Mana mines. FY -2021 All -in sustaining costs ("AISC") amounted to $880/oz,
achieving the guided $850-900/oz range in spite of inflationary pressures.
Table 4: Preliminary Pro Forma Group Production and AISC1
FY-2021 FULL YEAR GUIDANCE
Gold Production, koz 1,536 1,365 — 1,495
All-in Sustaining Cost2, $/oz 880 850 — 900
1These highlights include the production and AISC of the Agbaou mine up to the date of its disposal on 1 March 2021, and inclu des Teranga assets from their
acquisition on 10 February 2021. All Q4 -2021 and FY-2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
2This is a non-GAAP measure. Refer to the non-GAAP measure section of the latest available MD&A.
• FY-2021 consolidated production from continuing operations amounted to a record 1,524koz, an increase of 721koz, or 90%
over FY-2020 due to the addition of Sabodala -Massawa and Wahgnion in the first quarter of the year, full year production
from Boungou and Mana (which were acquired in 2020), and stronger performances at Houndé and Ity. Over the s ame
period, consolidated AISC from continuing operations amounted to approximately $880/oz, an increase of $27/oz or 3% over
FY-2020 primarily due to increases at Boungou, Karma and Mana, which were partially offset by the addition of the low cost
Sabodala-Massawa mine and stronger production from the lower cost Houndé and Ity mines.
• Q4-2021 consolidated production from continuing operations amounted to 398koz, an increase of 16koz or 4% over Q3-2021,
as a result of stronger performance across Houndé, Mana and Wahgnion. AISC from continuing operations remained stable at
$900/oz as higher costs at Boungou, Karma and Mana were partially offset by lower costs at the flagship Sabodala -Massawa,
Ity and Houndé assets.
• The Group’s realised gold price from continu ing operations was $1,787/oz and $1,773/oz for Q4 -2021 and FY -2021
respectively, inclusive of the Sabodala-Massawa and Karma gold streams.
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Table 5: Consolidated Group Production1
THREE MONTHS ENDED TWELVE MONTHS ENDED
31 December
2021
30 September
2021
31 December
2020
31 December
2021
31 December
2020 (All amounts in koz, on a 100% basis)
Boungou 35 41 64 174 94
Hounde 77 70 101 293 277
Ity 60 61 61 272 213
Karma 20 21 28 88 98
Mana 54 49 61 205 121
Sabodala-Massawa 105 106 — 345 —
Wahgnion 47 34 — 147 —
PRODUCTION FROM CONTINUING OPERATIONS 398 382 315 1,524 803
Agbaou — — 28 13 105
GROUP PRODUCTION 398 382 344 1,536 908
Table 6: Consolidated All-In Sustaining Costs1
(All amounts in US$/oz)
THREE MONTHS ENDED TWELVE MONTHS ENDED
31 December
2021
30 September
2021
31 December
2020
31 December
2021
31 December
2020
Boungou 825 800 532 800 609
Hounde 875 921 612 845 836
Ity 855 915 1,054 835 808
Karma 1,300 1,259 1,132 1,195 1,007
Mana 1,120 1,029 802 1,025 854
Sabodala-Massawa 590 655 — 645 —
Wahgnion 1,065 1,097 — 995 —
Corporate G&A 30 23 28 25 29
AISC FROM CONTINUING OPERATIONS 900 904 779 880 853
Agbaou — — 1,066 1,130 1,027
GROUP AISC 900 904 803 880 873
1This is a non-GAAP measure. All Q4-2021 and FY-2021 numbers are preliminary and reflect our expected results as of the date of this press release.
SHAREHOLDER RETURNS PROGRAMME
• Endeavour has implemented a shareholder returns programme that is composed of a minimum progressive dividend of
$125 million, $150 million and $175 million for FY -2021, FY-2022, and FY-2023 respectively, that may be supplemented with
additional dividends a nd buybacks, providing the prevailing gold price remains above $1,500/oz and that Endeavour’s
leverage remains below 0.5x Net Debt / adjusted EBITDA.
• Endeavour is pleased to announce its H2 -2021 interim dividend of $70 million or $0.28 per share based on its current issued
share capital, totaling $140 million or $0.57 per share for FY -2021, which represents $15 million more than the minimum
dividend commitment, reiterating Endeavour's strong focus on paying supplemental shareholder returns.
• The ex-dividend date for the interim dividend will be 10 February 2022 and the record date will be 11 February 2022. The
dividend will be paid on or about 16 March 2022 (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”). Certificated shareholders will receive dividends in USD but can elect to receive dividends in GBP or CAD.
Currency elections must be made by shareholders prior to 17:00 GMT on 25 February 2022. Dividends will be paid in the
default or elected currency on the Payment Da te, at the prevailing USD:CAD and USD:GBP exchange rates on 1 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 $138 million, or
6.0 million shares have been repurchased from the start of the buyback programme on 9 April 2021 until year -end 2021, of
which $44 million or 1.9 million shares were repurchased in Q4-2021.
• As shown in the table below, since the launch of the Company’s shareholder returns programme in early 2021, a cumulative
$338 million (including the upcoming H2 -2021 dividend) has been delivered to shareholders in the form of dividends and
share buybacks.
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Table 7: Cumulative Shareholder Returns Delivered
TOTAL SHAREHOLDER
RETURNS, $m
FY-2020 dividend (paid in Q1-2021) 60
H1-2021 dividend (paid in Q3-2021) 70
H2-2021 dividend (payable in Q1-2022) 70
TOTAL DIVIDENDS 200
Share Buyback (bought in FY-2021) 138
TOTAL SHAREHOLDER RETURNS 338
FINANCIAL POSITION & LIQUIDITY
• A net cash position of $76 million was achieved at year end, despite absorbing approximately $332 million of net debt from
Teranga in Q1-2021 and paying $130 million in dividends and $138 million in share buybacks during the year. During Q4 -
2021, net debt improved by $146 million compared to the prior quarter, despite completing $44 million of share buybacks
during the quarter.
Table 8: Net Debt Position1
In US$ million unless otherwise specified.
31 December 2021 30 September 2021 31 December 2020
Cash and cash equivalents 906 760 645
Cash included in assets held for sale — — 70
Corporate bond (500) — —
Convertible senior bond (330) (330) (330)
Drawn portion of revolving credit facility — (500) (310)
NET CASH / (NET DEBT) POSITION 76 (70) 75
1 All Q4-2021 and FY-2021 numbers are preliminary and reflect our expected results as of the date of this press release.
• During Q4-2021, the Company completed an offering of $500 million in fixed rate senior notes with an interest rate of 5%
due in 2026. The proceeds were used to repay its existing loan facilities. The Company also entered into a new $500 million
revolving credit facility which remained undrawn on 31 December 2021.
• At 31 December 2021, Endeavour’s available sources of financing and liquidity remained strong at approximately $1.4
billion, which included approximately $906 million from its current cash position and $500 million in undrawn funds from its
revolving credit facility.
• The Company's significant cas h position and other sources of liquidity provide the financial flexibility should it consider to
settle the outstanding convertible bond in cash.
• Given the Company's significant cash flow generation capacity and liquidity available, it has headroom to continue its
attractive shareholder return programme while being able to fund its growth. In order to protect Endeavour against gold
price volatility during its upcoming construction phase, the Company entered into a revenue protection programme for a
portion of its production for 2022 and 2023. This is structured as a low premium collar with a put price of $1,750 per ounce
and a call price of $2,100 pe r ounce for a total of approximately 600,000 ounces, or 75,000 ounces of production per
quarter, from Q1 -2022 until Q4 -2023. The premium for the collar of $10 million was paid in Q4 -2021. In addition, the
Company entered into a forward sales contract for approximately 520,000 ounces of production in 2022 and 120,000 ounces
of production in 2023 at average gold price of $1,831 per ounce and $1,828 per ounce respectively. 2022 forward sales are
weighted towards Q1-2022 with 44% of froward sales, and the remainder equally weighted through the rest of the year.
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2022 OUTLOOK
• Following the strong 2021 performance which resulted in beating the guidance of 1,365-1,495koz at an AISC of $850-900/oz,
2022 production is expected to amount to 1,400 -1,500koz at an AISC of $890 -940/oz. Guidance is in line with the outlook
provided during the June 2021 investor day despite global inflationary pressures which were partially offset by cost,
procurement, and operational optimisation programmes, as well as realised benefits from larger p roduction at the lower
cost flagship mines. More details on individual mine guidance have been provided in the below sections.
Table 9: Production 2022 Guidance1
(All amounts in koz, on a 100% basis)
2021 ACTUALS 2022 FULL-YEAR GUIDANCE
Boungou 174 130 — 140
Houndé 293 260 — 275
Ity 272 255 — 270
Karma 88 85 — 100
Mana 205 170 — 190
Sabodala-Massawa 345 360 — 375
Wahgnion 147 140 — 150
GROUP PRODUCTION2 1,524 1,400 — 1,500
1All FY-2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 22021 actuals exclude production from the
Agbaou mine, which was divested on 1 March 2021.
Table 10: AISC 2022 Guidance1
(All amounts in US$/oz)
2021 ACTUALS 2022 FULL-YEAR GUIDANCE
Boungou 800 900 — 1,000
Houndé 845 875 — 925
Ity 835 850 — 900
Karma 1,195 1,200 — 1,250
Mana 1,025 1,000 — 1,100
Sabodala-Massawa 645 675 — 725
Wahgnion 995 1,050 — 1,150
Corporate G&A 25 30
GROUP AISC2 880 890 — 940
1This is a non -GAAP measure. Refer to the non -GAAP measure section of the most recent MD&A for Endeavour. All FY-2021 numbers are preliminary and reflect
Endeavour's expected results as at the date of this press release. 2 2021 actuals exclude production from the Agbaou mine, which was divested on 1 March 2021.
• Sustaining and non -sustaining capital spend is expected to decrease by approximately $40 million in 2022 compared to
2021. As detailed in the table below, sustaining capital for 2022 is expected to amount to $170 million, compared to a spend
of $167 million in 2021. Non-sustaining capital for 2022 is expected to amount to $179 million compared to a spend of $214
million in 2021. More details on individual mine capital expenditures have been provided in the mine sections below.
Table 11: Sustaining Mine Capital Expenditure 2022 Guidance1
(All amounts in US$m) 2021 ACTUALS 2022 FULL-YEAR
GUIDANCE
Boungou 18 15
Houndé 49 44
Ity 24 20
Karma 1 1
Mana 13 7
Sabodala-Massawa 50 63
Wahgnion 12 20
TOTAL SUSTAINING MINE CAPITAL EXPENDITURES 167 170
1All FY-2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
6
Table 12: Non-sustaining Mine Capital Expenditure 2022 Guidance1
(All amounts in US$m)
2021 ACTUALS 2022 FULL-YEAR
GUIDANCE
Boungou 23 19
Houndé 17 18
Ity 35 29
Karma 5 6
Mana 63 40
Sabodala-Massawa 34 34
Wahgnion 28 23
Non-mining 10 10
TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES 214 179
1All FY -2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release
• An initial growth capital spend of $6 million has been approved for 2022, relating to the addition of a leach tank at Sabodala-
Massawa and various study work across other assets. The Company expects to provide an update for its growth capital
spend in the coming months, following the completion of the upcoming Definitive Feasibility Studies.
• As detailed in the table below, exploration will continue to be a strong focus in 2022 with a company -wide exploration
budget of $80 million.
Table 13: Exploration 2022 Guidance1
2022 GUIDANCE 2022 ALLOCATION
Sabodala-Massawa mine 15 19%
Hounde mine 14 18%
Other greenfield projects 15 19%
Ity mine 10 13%
Wahgnion mine 9 11%
Lafigue project 7 9%
Mana mine 6 8%
Boungou mine 4 4%
Karma mine 0 —%
Total $80 million 100%
1Approximately 50% is expected to be classified as expensed and 50% as non-sustaining capital
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OPERATIONAL DETAILS BY MINE
Boungou Mine, Burkina Faso
Table 14: Boungou Performance Indicators1
For The Period Ended Q4-2021 Q3-2021 Q4-2020 FY-2021 FY-2020
Tonnes ore mined, kt 301 539 335 1,437 459
Total tonnes mined, kt 4,294 7,126 2,240 26,439 2,534
Strip ratio (incl. waste cap) 13.27 12.22 5.69 17.40 4.53
Tonnes milled, kt 352 349 333 1,352 641
Grade, g/t 3.36 3.76 6.92 4.07 5.10
Recovery rate, % 95 95 96 95 95
PRODUCTION, KOZ 35 41 64 174 94
Total cash cost/oz 777 717 513 695 592
AISC/OZ 825 800 532 800 609
1All Q4-2021 and FY-2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Q4-2021 vs Q3-2021 Insights
• Production decreased due to a lower mined and processed grade while throughput and recovery rate remained fairly flat.
– Total ore tonnes mined decreased due to a focus on the planned pre-stripping activities at the East Pit in order to open up
access to ore in 2022.
– Tonnes milled remained at high level due to enhancements made to the SAG mill, pebble crusher and the vertical tower
mill earlier in the year.
– Processed grade decreased in line with the mining sequence as a result of mining in low grade areas of the West Pit.
• AISC increased due to lower ounces sold which was offset by lower sustaining capital and lower operating costs.
FY-2021 Performance
• FY-2021 production of 174koz was slightly below the guided 180 -200koz range as a result of lower processed grades. AISC of
$800/oz was in line with the outlook provided in Q3 -2021, which stated that AISC are expected to continue to trend above the
guided $690 - 740/oz range as a result of higher fuel prices and increased security costs.
• FY-2021 production was significantly above FY-2020 due to the benefit of consolidating a full year of op erations and the restart
of mining at Boungou in Q4 -2020. AISC of $800/oz was higher than FY -2020, as the prior year period benefitted from the
processing of higher grade stockpiled ore after the re-start of mining operations.
2022 Outlook
• Boungou is expected to produce between 130-140koz in 2022 at an AISC of between $900-1,000/oz.
• Mining activities in H1 -2022 will focus on waste stripping and ore extraction from the East pit in addition to waste stripping in
the West pit. In H2-2022, stripping activities will continue in both pits, while ore will be sourced mainly from the West pit.
• Mill throughput is expected to remain broadly consistent with the 2021 performance while grades are expected to decline in
line with the life of mine schedule.
• Sustaining capital expenditure is expected to decrease from approximately $18 million in 2021 to $15 million in 2022 mainly
due to reduced stripping at the West pit in 2022.
• Non-sustaining capital expenditure is expected to decrease to approximately $19 million in 2022 compared to $23 million in
2021, with 2022 relating primarily to a significant cut back at the East pit.
8
Houndé Mine, Burkina Faso
Table 15: Houndé Performance Indicators1
For The Period Ended Q4-2021 Q3-2021 Q4-2020 FY-2021 FY-2020
Tonnes ore mined, kt 777 596 2,120 4,397 5,324
Total tonnes mined, kt 12,297 11,966 10,741 49,917 43,495
Strip ratio (incl. waste cap) 14.83 19.07 4.07 10.35 7.17
Tonnes milled, kt 1,226 1,142 1,117 4,622 4,228
Grade, g/t 2.05 2.11 3.06 2.13 2.21
Recovery rate, % 94 92 94 92 93
PRODUCTION, KOZ 77 70 101 293 277
Total cash cost/oz 684 631 541 675 703
AISC/OZ 875 921 612 845 836
1All Q4-2021 and FY-2021 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Q4-2021 vs Q3-2021 Insights
• Production increased due to the higher recovery rates as well as the increased mill tonnage despite the lower grade milled.
– Tonnes of ore mined significantly increased due to increased oxide ore mined in the Kari area, as ore mining commenced
in the Kari West pit, which allowed for greater machine efficiency. In H2 -2021, ore tonnes mined were significantly lower
than tonnes mil led as a greater focus was placed on waste extraction activities at Kari Pump, Vindaloo Main and Kari
West, taking advantage of the flexibility provided by the available ore stockpiles.
– Tonnes milled increased as the plant feed was made up of predominantly oxide ore from the Kari Pump and Kari West pits,
supplemented by fresh materials from the Vindaloo deposit and stockpiles.
– Average processed grades slightly decreased despite higher grades mined at Kari Pump mainly due to supplemental feed
being sourced from lower grade stockpiles.
– Recovery rates increased due to the higher proportion of oxide ore processed from Kari Pump and Kari West.
• AISC decreased primarily due to lower sustaining capital expenditure as well as lower unit processing cost on account o f
increased oxide material milled, which lowered grinding media costs and reagent consumption. This overall decrease was
partially offset by higher mining costs associated with longer hauling cycle times from the Kari Pump and Kari West pits.
FY-2021 Performance
• Production for 2021 totalled 293koz, beating the guided 230 -250koz range driven by mining efficiencies at the Kari area pits
enabling access to greater volumes of high grade oxide ore. AISC amounted to approximately $845/oz, well below the guided
$865-895/oz range due to the benefit of higher production.
• Production increased compared to the prior year due to higher throughput as a greater proportion of oxide ore from Kari
Pump was milled. This was partially offset by slightly lower grades and recover ies. AISC of $845/oz remained broadly in line
with the prior year.
2022 Outlook
• Following a record 2021 performance, Houndé is expected to produce between 260-275koz in 2022 at AISC of $875-925/oz.
• Mining activities in 2022 will focus on Vindaloo Main, Kari Pump and Kari West. In H1 -2022, ore will primarily be mined from
Kari Pump, supplemented by Vindaloo Main, while stripping is underway at Kari West. In H2 -2022, ore will be mined from Kari
Pump an d Kari West, once stripping has been completed. Mill throughput and recoveries are expected to decline slightly in
2022 due to changes in the ore blend.
• Sustaining capital expenditure is expected to decrease from $49 million in 2021 to approximately $44 million in 2022, with 2022
expenditure relating mainly to waste extraction and fleet re-builds.
• Non-sustaining capital expenditure is expected to remain broadly consistent with the $17 million in 2021 at approximately $18
million in 2022. The 2022 expenditur es are mainly related to stripping, compensation, resettlement and associated mine
infrastructure in the Kari area.