ENDEAVOUR EXPECTS SIGNIFICANT GROWTH IN 2024 WITH BOTH PROJECTS SET TO START UP IN Q2-2024 FY-2023 production of 1.1Moz at AISC of ~$964/oz l FY-2023 shareholder returns of $266m l FY-2023 growth investment of $542m OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR EXPECTS SIGNIFICANT GROWTH IN 2024
WITH BOTH PROJECTS SET TO START UP IN Q2-2024
FY-2023 production of 1.1Moz at AISC of ~$964/oz l FY-2023 shareholder returns of $266m l FY-2023 growth investment of $542m
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
• Q4-2023 production of 280koz was flat over Q3-2023, while AISC decreased by $31/oz or 3.2% to ~$936/oz despite a
$24/oz increase in royalty costs
• FY-2023 production of 1,072koz, marking the 11th consecutive year of achieving or beating production guidance, with
production set to increase by up to 18% in FY-2024 to 1,130-1,270koz due to project start-ups in Q2-2024
• Industry low AISC of ~$ 964/oz for FY-2023, achieving near the top end of guidance which is in line with the previously
disclosed outlook, albeit 1.5% above as royalty costs were $18/oz higher; FY-2024 AISC to remain low at $955-1,035/oz
• Strong financial position with $757m of available liquidity, comprised of $517m in cash and $240m in undrawn credit
facilities, while Net Debt stood at a healthy $555m at year-end with two key growth projects approaching completion
ROBUST SHAREHOLDER RETURNS
• H2-2023 dividend of $100m declared, totalling $200m for FY-2023, which is 14% above the minimum committed dividend
• Share buyback programme continued with $26m worth of shares repurchased in Q4-2023, totalling $66m for FY-2023
• Cumulative shareholder returns declared of greater than $900m since 2021, 77% above the minimum commitment
ATTRACTIVE ORGANIC GROWTH
• Sabodala-Massawa expansion on budget and on schedule for start-up in Q2-2024, increasing its expected production up
to 400koz in FY-2024 at an AISC of less than $850/oz
• Lafigué project construction on budget and ahead of schedule with expected start-up in Q2-2024, rather than Q3-2024,
expecting to contribute up to 110koz of production in FY-2024 at an AISC of less than $975/oz
• Significant exploration success achieved in FY-2023 with Tanda-Iguela discovery increasing to 4.5Moz of Indicated
resources and near-mine exploration success; continued exploration focus in FY-2024 with $65m budget
London, 22 January 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the
"Company") is pleased to announce its unaudited preliminary financial and operating results for the fourth quarter and full year
2023, with highlights provided in Table 1 below.
Table 1: Preliminary Financial and Operating Results Highlights1,2
(In US$m unless otherwise specified)
THREE MONTHS ENDED YEAR ENDED
31 December
2023
30 September
2023
31 December
2022
31 December
2023
31 December
2022
Δ FY-2023
vs. FY-2022
PRODUCTION AND AISC HIGHLIGHTS
Gold Production, koz 280 281 294 1,072 1,161 (8)%
Gold Sold, koz 285 278 290 1,084 1,150 (6)%
All-in Sustaining Cost3, $/oz ~936 967 885 ~964 850 +13%
SHAREHOLDER RETURNS
Shareholder dividends paid — 100 — 200 170 +18%
Share buyback 26 20 24 66 99 (34)%
Total shareholder returns paid 26 120 24 266 269 (1)%
ORGANIC GROWTH
Growth capital spend3 155 116 55 447 127 +252%
Exploration spend3 16 27 14 95 82 +16%
Total investments in organic growth3 171 143 69 542 209 +159%
FINANCIAL POSITION HIGHLIGHT
(Net debt) / Net Cash3 (555) (445) 121 (555) 121 n.a
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.
1
Ian Cockerill, CEO of Endeavour, 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 continuing 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.”
2
SHAREHOLDER RETURNS PROGRAMME
• In line with Endeavour’s capital allocation framework, the Company is pleased to continue to deliver attractive shareholder
returns by declaring a H 2-2023 dividend of $100.0 million, or approximately $0.41 per share. As such, the FY-2023 dividend
amounts to $200.0 million, which represents $25.0 million or 14% more than the minimum dividend commitment of $175.0
million for the year, reiterating Endeavour's strong commitment to paying supplemental shareholder returns.
• Endeavour’s H2-2023 dividend will be paid on 25 March 2024, with an ex-dividend date of 22 February 2024, to
shareholders of record on 23 February 2024. 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 4 March 2024. 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 6 March 2024. 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 program me. A total of $65.7 million, or
3.0 million shares were repurchased during FY-2023, of which $25.7 million or 1.3 million shares were repurchased in
Q4-2023.
• As shown in Table 2 below, Endeavour has returned $266.0 million to shareholders for FY-2023 through dividends and share
buybacks, 52% above the $175.0 million minimum dividend commitment for the year, and equivalent to $226 per ounce
produced from all operations. Since the shareholder returns programme began to be paid in 2021, Endeavour has returned
$903.0 million to shareholders in the form of dividends and buybacks, inclusive of the H2-2023 dividend, which represents
$393.0 million or 77% more than its minimum commitment over the period.
Table 2: Actual Shareholder Returns vs. Minimum Commitment
MINIMUM ACTUAL SHAREHOLDER RETURNS SUPPLEMENTAL
(All amounts in US$m)
DIVIDEND
COMMITMENT DIVIDENDS BUYBACKS
COMPLETED
TOTAL
RETURNS
SHAREHOLDER
RETURNS
FY-2020 60 60 — 60 —
FY-2021 125 140 138 278 +153
FY-2022 150 200 99 299 +149
FY-20231 175 200 66 266 +91
TOTAL 510 600 303 903 +393
1H2-2023 dividend declared on 22 January 2024, to be paid on or about 25 March 2024.
• As previously stated, Endeavour implemented a dividend policy in 2021, with the goal of supplementing its minimum
dividend commitment with additional dividends and share buybacks provided that the prevailing higher gold prices
remained above $1,500/oz and its leverage remained below 0.5x Net Debt / adj EBITDA. Endeavour's goal is to increase its
shareholder returns programme once its organic growth projects are completed, along with the strengthening of its balance
sheet, thereby ensuring that its efforts to unlock growth immediately benefit all its stakeholders. Endeavour's next semi-
annual dividend is expected to be announced in early August, along with its Q2 and H1-2024 financial results.
3
FY-2023 OPERATIONAL PERFORMANCE OVERVIEW
• Q4-2023 production from continuing operations amounted to 280koz and was flat over Q3-2023 as the anticipated decrease
at Houndé was offset by increases at Sabodala-Massawa (albeit by less than anticipated due to the lower grades
encountered in the Sabodala pit as it enters its final phase of mining) and Mana, while Ity remained flat. The all-in sustaining
costs ("AISC") decreased by $31/oz or 3.2% over Q3-2023 to approximately $936/oz despite a $24/oz increase in royalty costs
linked to the higher realised gold price and the impact of the change in the sliding scale royalty rates in Burkina Faso, which
came into effect in November 2023. The AISC benefitted from reductions at Sabodala-Massawa and Mana, which was offset
by the increase at Houndé (following record Q3-2023 performance) while Ity remained flat.
• As shown in Table 3 below, the FY-2023 production from continuing operations amounted to 1,072koz, achieving the guided
1,060-1,135koz range and marking the 11th consecutive year of achieving or beating production guidance. The AISC from
continuing operations amounted to an industry-leading ~ $964/oz for FY-2023. In line with the previously disclosed outlook,
Endeavour achieved near the top-end of guided $895-950/oz AISC range, albeit 1.5% (representing $14/oz) above due to
royalties being $18/oz higher than anticipated due to a higher realised gold price ($1,952/oz compared to guidance of
$1,750/oz) and the aforementioned increase in the Burkina Faso royalty rate which came into effect in November 2023.
Table 3: Group Production and All-In Sustaining Cost from Continuing Operations Compared to Guidance1
2023 ACTUALS 2023 GUIDANCE
PRODUCTION FROM CONTINUING OPERATIONS 1,072 1,060 — 1,135
AISC FROM CONTINING OPERATIONS BEFORE ROYALTY COSTS, $/oz 841 790 — 845
Royalty cost, $/oz2 123 105
AISC FROM CONTINUING OPERATIONS, $/oz ~964 895 — 950
1All Q4-2023 and FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2 2023 AISC guidance
was based on a gold price of $1,750/oz compared to the realised gold price of $1,952/oz
• FY-2023 production from continuing operations amounted to 1,072koz, which represents a decrease of 89koz or 8% over the
1,161koz produced in FY-2022 due to lower production at Mana (due to the transition from an open-pit to an underground
operation at the Wona deposit) and at Sabodala-Massawa (due to mining and processing of lower grade ore), while both
Houndé and Ity achieved record annual production. FY-2023 AISC from continuing operations increased by $114/oz, from
$850/oz in FY-2022 to approximately $964/oz in FY-2023, as AISC increased at Houndé, Mana, Sabodala-Massawa and at
Corporate, in addition to a $15/oz increase in royalty costs (from $108/oz in FY-2022 to $123/oz in FY-2023), which was
partially offset by decreased AISC at Ity.
• 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 $2,034/oz and $1,952/oz for Q4-2023 and FY-2023 respectively.
Including the impact of the gold hedges, the Group's realised gold price from continuing operations was $1,945/oz and
$1,919/oz for Q4-2023 and FY-2023 respectively.
Table 4: Consolidated Group Production1
THREE MONTHS ENDED YEAR ENDED
31 December
2023
30 September
2023
31 December
2022
31 December
2023
31 December
2022(All amounts in koz, on a 100% basis)
Houndé 84 109 63 312 295
Ity 74 73 82 324 313
Mana 37 30 46 142 195
Sabodala-Massawa 85 69 103 294 358
PRODUCTION FROM CONTINUING OPERATIONS 280 281 294 1,072 1,161
Boungou2 — — 26 33 116
Wahgnion2 — — 36 68 124
Karma3 — — — — 10
GROUP PRODUCTION 280 281 355 1,173 1,410
1All Q4-2023 and FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Divested on 30 June 2023.
3Divested on 10 March 2022.
4
Table 5: Consolidated All-In Sustaining Costs1,2
(All amounts in US$/oz)
THREE MONTHS ENDED YEAR ENDED
31 December
2023
30 September
2023
31 December
2022
31 December
2023
31 December
2022
Hounde ~901 787 969 ~943 809
Ity ~865 864 847 ~809 812
Mana ~1,301 1,734 999 ~1,380 994
Sabodala-Massawa ~700 840 661 ~767 691
Corporate G&A ~54 40 52 ~51 43
AISC FROM CONTINUING OPERATIONS ~936 967 885 ~964 850
Boungou3 — — 1,118 ~1,639 1,065
Wahgnion3 — — 1,376 ~1,566 1,525
Karma4 — — — — 1,504
GROUP AISC ~936 967 954 ~1,019 933
1All Q4-2023 and FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2This is a non-GAAP
measure.3Divested on 30 June 2023. 4Divested on 10 March 2022.
2024 OUTLOOK
• As shown in Tables 6 and 7 below, the production guidance for FY-2024 amounts to 1,130-1,270koz which marks an
increase of up to nearly 200koz or 18.5% over the FY-2023 production from continuing operations of 1,072koz, which is
largely due to the commissioning of the Sabodala-Massawa expansion and the Lafigué projects in Q2-2024. The AISC is
expected to remain consistent with that achieved over recent quarters at an industry-low $955-1,035/oz.
• Group production is expected to be more heavily weighted towards H2-2024 while AISC is also expected to be lower in
H2-2024 as the Group's organic growth projects are expected to significantly increase the quality of Endeavour's portfolio.
• More details on individual mine guidance have been provided in the below sections.
Table 6: 2024 Production Guidance for Continuing Operations1
(All amounts in koz, on a 100% basis) 2023 ACTUALS 2024 FULL-YEAR GUIDANCE
Houndé 312 260 — 290
Ity 324 270 — 300
Lafigué2 — 90 — 110
Mana 142 150 — 170
Sabodala-Massawa2 294 360 — 400
GROUP PRODUCTION 1,072 1,130 — 1,270
1All FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Production for Lafigué and production
contributions from the Sabodala-Massawa Expansion include pre-commercial production period.
Table 7: 2024 AISC Guidance for Continuing Operations1,2
(All amounts in US$/oz) 2023 ACTUALS 2024 FULL-YEAR GUIDANCE
Houndé ~943 1,000 — 1,100
Ity ~809 850 — 925
Lafigué3 — 900 — 975
Mana ~1,380 1,200 — 1,300
Sabodala-Massawa3 ~767 750 — 850
Corporate G&A ~51 40
GROUP AISC ~964 955 — 1,035
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the most recent MD&A for Endeavour. All FY-2023 numbers are preliminary and reflect
Endeavour's expected results as at the date of this press release. 2FY-2024 AISC guidance is based on an assumed average gold price of $1,850/oz and USD:EUR
foreign exchange rate of 1.10. 3AISC for Lafigué and the Sabodala-Massawa Expansion are for the post-commercial production period.
5
• Total mine capital expenditure for FY-2024, consisting of both sustaining and non-sustaining capital spend, is expected to be
approximately $315.0 million, which marks a decrease of $32.7 million or 9% compared to the FY-2023 expenditure, as
detailed in the tables below. More details on individual mine capital expenditures have been provided in the mine sections
below.
Table 8: Mine Capital Expenditure for Continuing Operations 2024 Guidance1
(All amounts in US$m) 2023 ACTUALS 2024 FULL-YEAR GUIDANCE
Houndé 34 40
Ity 10 10
Lafigué — 25
Mana 24 15
Sabodala-Massawa 24 35
TOTAL SUSTAINING MINE CAPITAL EXPENDITURES 92 125
Houndé 38 20
Ity 103 45
Lafigué — 5
Mana 60 30
Sabodala-Massawa 41 40
Sabodala-Massawa Solar Plant 6 45
Non-mining 8 5
TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES 256 190
TOTAL MINE CAPITAL EXPENDITURES 348 315
1All FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
• Growth capital spend for FY-2024 is expected to amount to approximately $245.0 million, which marks a decrease of $202.1
million or 45% compared to the FY-2023 expenditure of $ 447.1 million. The FY-2024 expenditure is expected to consist of
approximately $ 75.0 million of remaining growth capital for the Sabodala-Massawa BIOX® Expansion project and
approximately $170.0 million of remaining growth capital for the Lafigué project. Further details are provided in the
sections below.
• As detailed in Table 9 below, exploration will continue to be a strong focus in FY-2024 with a company-wide exploration
budget of $65.0 million. For FY-2024, approximately $15.0 million will be spent on the highly prospective Tanda-Iguela
property in Côte d'Ivoire, which already ranks as one of the most significant discoveries made in West Africa over the last
decade.
Table 9: Exploration 2024 Guidance for continuing operations
(All amounts in US$m) 2023 ACTUALS1 2024 GUIDANCE 2024 ALLOCATION
Houndé mine 8 7 11%
Ity mine 16 10 15%
Mana mine 7 2 3%
Lafigué mine 2 4 6%
Sabodala-Massawa mine 19 21 32%
Tanda-Iguela project 37 15 23%
Other greenfield projects 6 6 9%
Total 95 65 100%
1All FY-2023 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 construction phase of the Company's two development projects and during the subsequent debt
reduction phase. Outstanding contracts for FY-2024 include a zero cost collar with a put price of $1,807 per ounce and a call
price of $2,400 per ounce for a total of 450,000 ounces, or 112,500 ounces per quarter and forward sales contracts for
70,000 ounces of production in H1-2024, or 35,000 ounces per quarter, at an average gold price of $2,033 per ounce.
Outstanding contracts for FY-2025 include a zero cost collar with a put price of $1,992 per ounce and a call price of $2,400
per ounce for a total of 200,000 ounces, or 50,000 ounces per quarter.
6
OPERATIONAL DETAILS BY ASSET
Houndé Mine, Burkina Faso
Table 10: Houndé Performance Indicators1
For The Period Ended Q4-2023 Q3-2023 Q4-2022 FY-2023 FY-2022
Tonnes ore mined, kt 1,499 1,209 1,912 5,420 5,754
Total tonnes mined, kt 11,993 10,603 12,901 47,680 45,490
Strip ratio (incl. waste cap) 7.00 7.77 5.75 7.80 6.91
Tonnes milled, kt 1,360 1,400 1,359 5,549 5,043
Grade, g/t 2.15 2.68 1.55 1.92 1.92
Recovery rate, % 90 91 92 91 93
Production, koz 84 109 63 312 295
Total cash cost/oz ~837 704 793 ~835 701
AISC/oz ~901 787 969 ~943 809
1All Q4-2023 and FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Q4-2023 vs Q3-2023 Insights
• Production decreased due to lower processed grades and slightly lower throughput and recoveries.
– Total tonnes mined increased due to higher utilisation of the mining fleet following the end of the wet season. Tonnes of
ore mined increased as a higher volume of ore was mined in the Vindaloo Main pit, following waste stripping activity that
was completed in Q3-2023 , which was partially offset by the lower volumes of ore mined from the Kari Pump and Kari
West pits, which was in-line with mine sequencing.
– Tonnes milled decreased slightly due to a higher proportion of harder transitional and fresh ore in the mill feed.
– Processed grades decreased due to lower grade oxide ore sourced from the Kari Pump pit as well as a greater proportion
of lower grade Kari West and Vindaloo Main ore.
– Recovery rates decreased slightly due to a higher proportion of transitional and fresh ore, with lower associated
recoveries in the mill feed.
• AISC increased mainly due to lower production and sales, driven by the lower average grade in the ore blend.
FY-2023 Performance
• FY-2023 production totalled a record 312koz, exceeding the guided 270-285koz range, due to higher than expected grades
from the Kari Pump pit as well as better than expected mill performance following the completion of processing plant
optimisation initiatives that improved mill availability and reduced blockages. FY-2023 AISC amounted to approximately $943/
oz, which was above the $850-925/oz guided range due to higher royalty payments, in addition to increases in consumable
costs and longer waste hauling distances during the year.
• FY-2023 production increased from 295koz in FY-2022 to 312koz in FY-2023 due to increased mill throughput, driven by
optimisation initiatives, which was partially offset by slightly lower recoveries due to changes in the ore blend. FY-2023 AISC
increased from $809/oz in FY-2022 to approximately $943/oz in FY-2023 due to higher royalty costs, higher sustaining capital
expenditure and higher mining and processing costs following fuel and consumable cost increases.
2024 Outlook
• Houndé is expected to produce between 260-290koz in FY-2024 at AISC of $1,000-1,100/oz.
• Mining activities are expected to continue to focus on the Vindaloo Main, Kari Pump, and Kari West pits. In H1-2024, ore is
expected to be primarily sourced from the Kari West pit while stripping activities focus on the Kari Pump and Vindaloo Main
pits, while in H2-2024, a greater volume of ore is expected to be mined from the higher grade Kari Pump pit. Production is
expected to be weighted towards H2-2024 with greater volumes of higher grade ore from the Kari Pump pit expected to be
mined in H2-2024. Tonnes of ore milled a re expected to decrease in FY-2024 as a lower proportion of soft oxide ore from t he
Kari West pit is a nticipated in the ore blend as the Kari West pit advances into harder transitional and fresh ore . The increase
in the proportion of harder transitional and fresh material in the ore blend is expected to result in a slight decrease in grades
and processing recoveries in addition to slightly higher mining and processing unit costs, driving higher AISC compared to
FY-2023. In addition, royalty costs are expected to be higher due to the higher prevailing current gold price and the change in
the sliding scale royalty rates that became effective in November 2023 in Burkina Faso (with the new rate resulting in a $28/oz
increase at a gold price of $1,850/oz).
• Sustaining capital expenditure is expected to increase from $33.9 million in FY-2023 to approximately $40.0 million in FY-2024,
and primarily relates to waste stripping at the Kari Pump and Kari West pits, mining fleet component rebuilds and
replacements, processing plant equipment upgrades and dewatering borehole drilling.
• Non-sustaining capital expenditure is expected to decrease from $38.3 million in FY-2023 to approximately $20.0 million in
FY-2024, and primarily relates to stripping activity associated with a push back at the Vindaloo Main pit, the stage 8/9 TSF
raise and land compensation for the third TSF cell.
7
Ity Mine, Côte d’Ivoire
Table 11: Ity Performance Indicators1
For The Period Ended Q4-2023 Q3-2023 Q4-2022 FY-2023 FY-2022
Tonnes ore mined, kt 1,721 1,246 1,662 6,790 7,044
Total tonnes mined, kt 7,349 6,020 6,043 27,891 23,946
Strip ratio (incl. waste cap) 3.27 3.83 2.64 3.11 2.40
Tonnes milled, kt 1,593 1,494 1,710 6,714 6,351
Grade, g/t 1.63 1.60 1.73 1.63 1.80
Recovery rate, % 91 93 87 92 85
Production, koz 74 73 82 324 313
Total cash cost/oz ~829 826 816 ~777 769
AISC/oz ~865 864 847 ~809 812
1All Q4-2023 and FY-2023 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Q4-2023 vs Q3-2023 Insights
• Production remained flat as higher tonnes milled and higher processed grades were offset by lower recoveries.
– Total tonnes mined increased, as anticipated, due to increased mining rates following the wet season in the prior quarter
and increased stripping activities at the Walter pit cutback. Similarly, tonnes of ore mined increased following the end of
the wet season as ore mining focussed on the Ity, Walter, Bakatouo and Le Plaque pits, with supplemental contributions
from the Verse Ouest pit and stockpiles.
– Tonnes milled increased due to higher crusher availability following the wet season impact in the prior quarter.
– Processed grades increased slightly due to higher volumes of higher grade ore sourced from the Ity and Bakatouo pits in
the mill feed, which was partially offset by lower grade ore sourced from the Walter and Le Plaque pits during the
quarter.
– Recoveries decreased due to a higher proportion of fresh ore, with lower associated recoveries, in the mill feed.
• AISC remained flat as higher royalty rates associated with higher gold prices were offset by lower processing unit costs
associated with increased processing volumes following the end of the wet season.
FY-2023 Performance
• FY-2023 production total led a record 324koz, exceeding the guided 285-300koz range, due to higher than expected
throughput as a high proportion of soft oxide ore was mined, largely from the Le Plaque pits, which was supported by the
continued use of the surge bin, and higher than expected recoveries. FY-2023 AISC amounted to approximately $809/oz,
which was below the guided $840-915/oz ran ge, largely due to higher than expected gold sales volumes in addition to lower
than expected mining and processing unit costs as a result of higher than expected volumes of ore mined and processed.
• FY-2023 production increased from 313koz in FY-2022 to 324koz in FY-2023 following an increase in throughput rates due to
the processing of a greater proportion of softer oxide ore and an increase in recovery rates related to the cessation of mining
at the Daapleu pit in early 2023, which was partially offset by lower average processed grades. FY-2023 AISC decreased slightly
from $812/oz in FY-2022 to approximately $ 809/oz in FY-2023 due to the increase in gold sales volumes and lower sustaining
capital expenditure.
2024 Outlook
• Ity is expected to produce between 270-300koz in FY-2024 at an AISC of between $850-925/oz.
• Ore mining activities are expected to focus on the Ity, Bakatouo, Walter, Le Plaque and Daapleu pits, which will be
supplemented with ore from the Verse Ouest pit and stockpiles. Production is expected to be slightly higher in the first half of
the year due to greater availability of high grade ore from the Ity and Bakatouo pits in the mine plan and the wet season
impact in H2-2023 on mining and milling rates. Throughput is expected to be slightly higher than in FY-2023, due to the
commissioning of the Mineral Sizer in H2-2024, which is expected to increase throughput rates during the wet season. Milled
grades and recoveries are expected to decrease slightly compared to FY-2023, due to the introduction of lower grade semi-
refractory ore from the Daapleu pit . AISC is expected to increase in FY-2024 due to the guided lower levels of production and
gold sales.
• Sustaining capital expenditure is expected to be consistent with the prior year at approximately $10.0 million in FY-2024 and is
primarily related to waste stripping activities across several pits, de-watering borehole drilling and processing plant upgrades
and replacements.
• Non-sustaining capital expenditure is expected to decrease from $102.8 million in FY-2023 to approximately $45.0 million in
FY-2024, and is primarily related to pre-stripping activity at the Daapleu pit, TSF 2 earthworks and site infrastructure, in
addition to the ongoing Mineral Sizer and other smaller optimisation initiatives. The Mineral Sizer, which was launched in
2023 for a total capex of $19.0 million, is expected to be commissioned in late Q4-2024, and will add an additional primary
crusher for the oxide ores in order to sustain higher plant throughput rates regardless of the ore blend.
8