ENDEAVOUR REPORTS FY-2024 PRELIMINARY RESULTS; ANNOUNCES RECORD H2-2024 DIVIDEND FY-2024 production of 1.1Moz at AISC of ~$1,220/oz ⚫ 2024 year-end leverage of <0.60x ⚫ FY-2024 shareholder returns of $277m OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS FY-2024 PRELIMINARY RESULTS;
ANNOUNCES RECORD H2-2024 DIVIDEND
FY-2024 production of 1.1Moz at AISC of ~$1,220/oz ⚫ 2024 year-end leverage of <0.60x ⚫ FY-2024 shareholder returns of $277m
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
• Q4-2024 production of 363koz increased by 92koz or 34% over Q3-2024, while AISC decreased by approximately
~$147/oz or 11% to ~$1,140/oz.
• FY-2024 production of 1,103koz at an AISC of ~$ 1,220/oz, which was above the AISC guidance range due to lower
production and higher costs at Sabodala-Massawa, higher power costs and higher royalty costs due to high gold prices.
• Up to ~15% production growth expected in FY -2025 with production guidance of 1,110 - 1,260koz at a class-leading total
cash cost of $950-1,090/oz and AISC of $1,150-1,350/oz.
• Strong financial position at year-end with net debt of $732m, leverage less than 0.60x Net Debt to Adjusted EBITDA (LTM)
and $614m of available liquidity.
ROBUST SHAREHOLDER RETURNS
• H2-2024 record dividend of $140m or $0.57/sh announced, brings FY-2024 dividends to $240m or $0.98/sh;
supplemented with $37m of share buybacks for total returns of $277m, equivalent to $251/oz produced.
• Following the successful completion of its growth phase, Endeavour's shareholder returns programme aims to continue
to deliver attractive supplemental dividends with an increasing commitment to share buybacks.
ATTRACTIVE ORGANIC GROWTH
• Assafou PFS highlights a potential tier-1 asset with projected 329kozpa production at AISC of $892/oz over the first 10
years of its 15 year mine life; DFS is underway with expected completion in late 2025 to early 2026.
• Solar Power Plant construction at Sabodala-Massawa was completed on schedule with first power injected into the site
grid in Q4-2024; commissioning and ramp-up to nameplate power generation underway in Q1-2025.
• Significant exploration success achieved in FY-2024 with ~90% conversion of Assafou M&I resources into a 4.1Moz
maiden reserve; strong exploration focus maintained in FY-2025 with $75m guidance.
London, 30 January 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the
"Company") is pleased to announce its unaudited preliminary financial and operating results for the fourth quarter and full y ear
2024, with highlights provided in Table 1 below.
Table 1: Preliminary Financial and Operating Results Highlights1,2
(In US$m unless otherwise specified)
THREE MONTHS ENDED YEAR ENDED
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Δ FY-2024
vs. FY-2023
PRODUCTION AND AISC HIGHLIGHTS
Gold Production, koz 363 270 280 1,103 1,072 +3%
Gold Sold, koz 356 280 285 1,099 1,084 +1%
Total Cash Cost4, $/oz ~980 1,128 837 ~1,060 837 +27%
All-in Sustaining Cost3, $/oz ~1,140 1,287 947 ~1,220 967 +26%
SHAREHOLDER RETURNS
Shareholder dividends paid 100 — — 200 200 —%
Share buyback 8 9 26 37 66 (44)%
Total shareholder returns paid 108 9 24 237 266 (11)%
ORGANIC GROWTH
Growth capital spend3 24 35 155 252 448 (44)%
Exploration spend3 12 19 23 87 101 (14)%
FINANCIAL POSITION HIGHLIGHT
Net debt3 732 834 555 732 555 +32%
1All Q4-2024 and FY-2024 numbers are preliminary and unaudited, 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, for details please refer to the most recent MD&A available on Endeavour Mining's
website. 4Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-cash adjustments divided by gold ounces sold.
2
Ian Cockerill, Chief Executive Officer, commented: “2024 was a pivotal year for Endeavour. We successfully commissioned two
high-margin growth projects, delivered the preliminary feasibility study for the tier -1 Assafou project, and significantly increased
our free cash flow generation through the year, supporting record dividends for our shareholders.
Our robust operational performance resulted in 1.1 million ounces of production at a class -leading all -in sustaining cost of
~$1,220 per ounce. As expected, our operating performance was weighted toward the second half, driving improvements in free
cash flow generation through the year, accelerating balance sheet improvement, and we ended the year on track to achieve our
0.5x leverage target in the near term.
Given our low leverage and the recent cash flow inflection, we have declared a record dividend of $140 million for H2 -2024,
bringing total returns for FY-2024 to $277 million, or $251 for every ounce produced. Since we began our returns programme in
2021, we have now returned over $1.1 billion, 79% more than the minimum commitment for the period, reiterating our
commitment to paying supplemental shareholder returns.
We successfully delivered both the Sabodala -Massawa BIOX expansion and the Lafigué project on budget and on schedule in
under two years, declaring commercial production at both mines in August last year. After completing this phase of organic
growth, we outlined our next phase, with the completion of the pre -feasibility study for the Assafou project defining a potential
tier 1 cornerstone asset for Endeavour. Assafou is expected to support our organic production growth up to 1.5 million ounces by
the end of the decade, while improving the quality and diversification of our portfolio.
During the year, our exploration programme delivered significant resource to reserve conversion at Assafou and at Ity, as wel l as
resource additions at Ity and Sabodala -Massawa, in line with our long -term discovery targets. During 2025, we will focus on
adding resources at our cornerstone assets while we continue to delineate further opportunities for resource expansion at our
Assafou project.
I would like to thank our team for their continued hard work during 2024 that has created the foundation for further success in
2025. As we increase production by up to 15%, maintain stable costs and significantly reduce capex, driving higher free -cash flow
generation, our goal is to further increase returns to shareholders this year, through supplemental dividends and an increase d
commitment to share buybacks."
3
SHAREHOLDER RETURNS PROGRAMME
• Endeavour is pleased to continue to deliver attractive shareholder returns by announcing a record H2 -2024 dividend of
$140.0 million, or approximately $0.57 per share. As such, the FY-2024 dividend amounts to a annual record of $240.0 million
or approximately $0.98 per share, which includes $30.0 million of supplemental dividends, in excess of the $210.0 million
annual minimum commitment.
• Shareholder returns continue to be supplemented through the Company’s share buyback programme. A total of $37.0
million, or 1.8 million shares were repurchased during FY -2024, of which $8.0 million or 0.4 million shares were repurchased
in Q4-2024.
• For FY-2024, Endeavour returned $277.0 million to shareholders through dividends and share buybacks, 32% above the
$210.0 million minimum commitment for the year, and equivalent to $251/oz produced, reiterating Endeavour's strong
commitment to paying supplemental shareholder returns.
• Under Endeavour's new shareholder returns programme, that was announced in Q3 -2024 for the FY -2024 and FY -2025
period, the minimum dividend for FY -2025 is $225.0 million and this may be supplemented with both additional dividends
and increased opportunistic share buybacks.
• Dividends are expected to be paid semi-annually, provided that the prevailing gold price for the dividend period is at or above
$1,850/oz and the Company has a healthy financial position. Supplemental returns are expected to be paid in the form of
dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a healthy financial
position.
Table 2: Cumulative Shareholder Returns
(All amounts in
US$m)
MINIMUM
DIVIDEND
COMMITMENT
SUPPLEMENTAL
DIVIDENDS
BUYBACKS
COMPLETED
TOTAL
RETURN
△ ABOVE
MINIMUM
COMMITMENT
FY-2020 — 60 — 60 +60
2021-2023
Shareholder
Returns
Programme
(completed)
FY-2021 125 15 138 278 +153
FY-2022 150 50 99 299 +149
FY-2023 175 25 66 266 +91
2024-2025
Shareholder
Returns
Programme
(ongoing)
FY-2024 210 30 37 277 +67
FY-2025 (Minimum) 225 n.a n.a 225 n.a
TOTAL 885 180 340 1,405 +520
• Endeavour’s H2-2024 dividend will be paid on 15 April 2025 (“Payment Date”), to shareholders of record on 14 March 2025,
with an ex-dividend date for holders of shares listed on the London Stock Exchange of 13 March 2025. For holders of shares
traded on the Toronto Stock Exchange, both the ex-dividend and record dates will be 14 March 2025. Holders of shares listed
on the Toronto Stock Exchange will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States
Dollars (“USD”). Holders 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 all shareholders prior to 17:00 GMT on 25 March 2025. Dividends will be paid in the default or elected currency on
the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 27 March 2025. 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.
• Endeavour is pleased to continue to offer a DRIP , to offer existing shareholders the opportunity, at their own election, to
increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company.
• Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the London Stoc k
Exchange or on the Toronto Stock Exchange. Participants may opt to reinvest all, or any portion of their dividends in the DRIP .
Custodians are reminded that as part of the terms and conditions of the DRIP , if you make a partial election on the DRIP , the
remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific
holding(s). The enrolment form is available on Endeavour’s website. The last election date for participation in the H2 -2024
DRIP will be 25 March 2025.
• In accordance with the DRIP , Endeavour’s Registrar, Computershare, will use cash dividends payable to participating
shareholders to purchase ordinary shares in the open market on the Toronto Stock Exchange and the London Stock Exchange
at the prevailing market price.
4
Q4-2024 AND FY-2024 OPERATIONAL PERFORMANCE OVERVIEW
• Q4-2024 production increased by 92koz or 34% over Q3 -2024, to 363koz following increased production at all mines.
Production increased due to higher grades processed in line with the mine sequences, as previously guided, and higher
throughput following the end of the regional wet season, as well as the ramp up of the Sabodala-Massawa Expansion and the
Lafigué growth projects.
• Q4-2024 total cash costs ("TCC") decreased by $148/oz or 13% over Q3-2024 to approximately ~$980/oz due to lower costs at
Houndé, Mana and Lafigué largely due to higher gold sales as well as lower underground mining costs at Mana. This was
partially offset by slightly higher costs at Ity due to increased mining unit costs as haulage distances increased.
• Q4-2024 all-in sustaining costs ("AISC") decreased by $147/oz or 11% over Q3 -2024 to approximately $1,140/oz due to lower
costs at Houndé, Mana and Lafigué. This was partially offset by slightly higher costs at Ity due to increased sustaining capi tal
associated with plant upgrades, and at Sabodala -Massawa due to increased sustaining capital associated with fleet
replacements.
• FY-2024 production amounted to 1,103koz, in line with the previously disclosed outlook and slightly below the guided 1,130 -
1,270koz range, due to lower than guided production from Sabodala -Massawa. FY-2024 AISC amounted to approximately
$1,220/oz, in line with the previously disclosed outlook, and above the top end of the guided $955 - $1,035/oz range, due to
underperformance at Sabodala-Massawa (+$137/oz), higher royalty costs (+$51/oz) associated with the prevailing higher gold
price ($2,418/oz realised gold price vs $1,850/oz guided gold price) and low grid power availability during H1-2024 (+$27/oz),
which was partially offset by lower than expected costs at Lafigué due to lower stripping costs.
Table 3: 2024 All-In Sustaining Costs1
2024 ACTUALS 2024 GUIDANCE
Comparative AISC at $1,850/oz gold price before impacts of: ~1,005 955 — 1,035
Royalties at $2,418/oz realised gold price2 +51 +51
Low grid power availability in H1-20243 +27 —
Sabodala-Massawa under performance +137 —
AISC at $2,418/oz realised gold price ~1,220 1,006 — 1,086
1All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2 2024
AISC guidance was based on a gold price of $1,850/oz compared to the realised gold price of $2,418/oz 3As previously disclosed, grid availability issues
increased self-generated power costs across Burkina Faso and Côte d'Ivoire assets during the FY-2024.
• FY-2024 production of 1,103koz increased by 31koz over the 1,072koz produced in FY-2023 from continuing operations due to
record production at Ity, increased production at Mana and the addition of Lafigué, partially offset by lower production at
Houndé following record production in FY -2023 and underperformance at Sabodala -Massawa. FY-2024 TCC increased by
$223/oz, from $837/oz in FY -2023 to approximately $1,060/oz in FY -2024 as TCC increased at Houndé, Ity, Mana and
Sabodala-Massawa due to higher royalty costs, the impact of low grid power availability in H1 -2024, as well as significantly
lower production at Sabodala-Massawa, partially offset by the H2 -2024 impact of the lower -cost Lafigué mine. FY-2024 AISC
increased by $251/oz, from $967/oz in FY-2023 to approximately $1,220/oz in FY-2024.
• The Group’s realised gold price, excluding the impact of realised gains and losses on gold hedges and inclusive of the
Sabodala-Massawa gold stream, was $2,620/oz and $2,418/oz for Q4-2024 and FY-2024 respectively. Including the impact of
the gold hedges, the Group's realised gold price from continuing operations was $2,590/oz and $2,349/oz for Q4 -2024 and
FY-2024 respectively.
Table 4: Consolidated Group Production1
THREE MONTHS ENDED YEAR ENDED
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023 (All amounts in koz, on a 100% basis)
Houndé 109 74 84 288 312
Ity 84 77 74 343 324
Mana 41 30 37 148 142
Sabodala-Massawa2 70 54 85 229 294
Lafigué2 60 36 — 96 —
PRODUCTION FROM CONTINUING OPERATIONS 363 270 280 1,103 1,072
Boungou3 — — — — 33
Wahgnion3 — — — — 68
GROUP PRODUCTION 363 270 280 1,103 1,173
1All Q4-2024 and FY-2024 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Includes pre-commercial ounces
that are not included in the calculation of All-In Sustaining Costs. 3The Boungou and Wahgnion mines were divested on 30 June 2023.
5
Table 5: Consolidated Total Cash Costs1,2,5
(All amounts in US$/oz)
THREE MONTHS ENDED YEAR ENDED
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Houndé ~920 1,233 837 ~1,120 835
Ity ~930 899 829 ~885 777
Mana ~1,320 1,766 1,207 ~1,515 1,284
Sabodala-Massawa3 ~1,105 1,096 686 ~1,045 688
Lafigué3 ~755 831 — ~780 —
TCC FROM CONTINUING OPERATIONS ~980 1,128 837 ~1,060 837
Boungou4 — — — — 1,578
Wahgnion4 — — — — 1,347
GROUP TCC ~980 1,128 837 ~1,060 888
1All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2This is a non-
GAAP measure. 3Excludes pre-commercial costs associated with ounces from the Sabodala-Massawa BIOX Expansion project and the Lafigué mine. 4The Boungou
and Wahgnion mines were divested on 30 June 2023. 5Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-
cash adjustments divided by gold ounces sold.
Table 6: Consolidated All-In Sustaining Costs1,2
(All amounts in US$/oz)
THREE MONTHS ENDED YEAR ENDED
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Houndé ~1,025 1,379 901 ~1,295 943
Ity ~975 928 865 ~915 809
Mana ~1,700 1,987 1,482 ~1,740 1,427
Sabodala-Massawa3 ~1,260 1,219 700 ~1,160 767
Lafigué3 ~810 938 — ~850 —
Corporate G&A ~40 45 41 ~45 48
AISC FROM CONTINUING OPERATIONS ~1,140 1,287 947 ~1,220 967
Boungou4 — — — — 1,639
Wahgnion4 — — — — 1,566
GROUP AISC ~1,140 1,287 947 ~1,220 1,021
1All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2This is a non-
GAAP measure. 3Excludes pre-commercial costs associated with ounces from the Sabodala-Massawa BIOX Expansion project and the Lafigué mine. 4The Boungou
and Wahgnion mines were divested on 30 June 2023.
2025 OUTLOOK
• As shown in Table 7 below, the production guidance for FY -2025 amounts to between 1,110 - 1,260koz, which marks an
increase of up to 157koz or ~15% over the FY -2024 production of 1,103koz. The increased production is due to the full year
contribution from the Lafigué mine, increased production at the Mana mine following the expansion of the Wona
underground deposit, and increased production at Sabodala -Massawa due to higher throughput, grades and recoveries
largely due to the full year contribution from the BIOX Expansion. Furthermore, the production guidance at Sabodala -
Massawa does not incorporate the impact of potential levers to increase near -term production that are currently being
assessed as part of a technical review, with further details in the Sabodala-Massawa section below. These increases in Group
production are expected to be partially offset by a decrease at Houndé due to lower grades in the mine sequence.
• As shown in Table 8 below total cash costs are expected to remain consistent with that achieved in FY -2024, within a class
leading $950-$1,090/oz guidance range. FY-2025 Total Cash Costs are expected to decrease at Mana and Sabodala-Massawa
due to higher production, to remain stable at Houndé and Lafigué, and to increase slightly at Ity due to lower production
relative to FY-2024 record production.
• As shown in Table 9 below the AISC is expected to remain consistent with that achieved in FY -2024 within a class -leading
$1,150-1,350/oz guidance range. FY -2025 AISC are expected to decrease at Mana largely due to underground mining
productivity initiatives, which is expected to be offset by an increase at Ity, due to slightly lower production and higher
sustaining capital, and an increase at Lafigué due to higher sustaining capital related to increased waste stripping
requirements. AISC are expected to remain stable at Houndé and Sabodala-Massawa.
• Group production and AISC are expected to be evenly distributed through FY -2025 and more details on individual mine
guidance have been provided in the below sections.
6
Table 7: 2025 Production Guidance1
(All amounts in koz, on a 100% basis) 2024 ACTUALS 2025 FULL-YEAR GUIDANCE
Houndé 288 230 — 260
Ity 343 290 — 330
Mana 148 160 — 180
Sabodala-Massawa2,3 229 250 — 280
Lafigué2 96 180 — 210
GROUP PRODUCTION 1,103 1,110 — 1,260
1All FY -2024 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Production for Lafigué and production
contributions from the Sabodala -Massawa BIOX expansion project include pre -commercial production. 3FY-2025 Production Guidance excludes the impact of the
initiatives from the Sabodala-Massawa technical review.
Table 8: 2025 Total Cash Cost Guidance1,2,4
(All amounts in US$/oz) 2024 ACTUALS 2025 FULL-YEAR GUIDANCE
Houndé ~1,120 1,070 — 1,200
Ity ~885 900 — 1,030
Mana ~1,515 1,220 — 1,375
Sabodala-Massawa3 ~1,045 890 — 1,000
Lafigué3 ~780 800 — 900
GROUP TOTAL CASH COSTS ~1,060 950 — 1,090
1All FY-2024 numbers are preliminary and unaudited,and reflect Endeavour's expected results as at the date of this press release. 2FY-2025 Total Cash Costs
guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. 3Total Cash Costs for Lafigué and the Sabodala-
Massawa expansion project are for the post-commercial production period. 4Total Cash Cost per ounce is calculated as operating expenses from mine operations,
royalties, and non-cash adjustments divided by gold ounces sold.
Table 9: 2025 All-In Sustaining Cost Guidance1,2
(All amounts in US$/oz) 2024 ACTUALS 2025 FULL-YEAR GUIDANCE
Houndé ~1,295 1,225 — 1,375
Ity ~915 975 — 1,100
Mana ~1,740 1,550 — 1,750
Sabodala-Massawa3 ~1,160 1,100 — 1,250
Lafigué3 ~850 950 — 1,075
Corporate G&A ~45 40
GROUP AISC ~1,220 1,150 — 1,350
1This is a non -GAAP measure. Refer to the non -GAAP measure section of the most recent MD&A. All FY -2024 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release. 2FY-2025 AISC guidance is based on an assumed average gold price of $2,000/oz and USD:EUR
foreign exchange rate of 0.90. 3AISC for Lafigué and the Sabodala-Massawa BIOX expansion project are for the post-commercial production period.
• Total mine capital expenditure for FY-2025 is expected to be approximately $440.0 million, which marks a decrease of $160.0
million or 27% compared to FY -2024, as detailed in Table 10 below. Increases in sustaining capital are largely driven by the
addition of capitalised waste stripping at the expanded Sabodala -Massawa and new Lafigué mines, increased capitalised
underground development costs at Mana, and mining equipment replacements at Houndé. Non -sustaining capital
expenditure is expected to be largely flat year over year as increased waste development at Houndé and the newly
commissioned Lafigué is expected to be largely offset by decreased waste development at Mana and Ity, in addition to the
cessation of capital expenditure related to the Sabodala -Massawa Solar Plant. More details on individual mine capital
expenditures have been provided in the mine sections below.
• Growth capital spend for FY -2025 is expected to amount to approximately $10.0 million, which marks a decrease of $241.5
million compared to the FY -2024 expenditure of $251.5 million following the commissioning of the Lafigué mine and
Sabodala-Massawa BIOX expansion project. The FY -2025 expenditure is related to the Assafou project's definitive feasibility
study ("DFS") costs.
7
Table 10: 2025 Capital Expenditure Guidance1
(All amounts in US$m) 2024 ACTUALS 2025 FULL-YEAR GUIDANCE
Houndé 50 40
Ity 10 20
Mana 34 60
Sabodala-Massawa 25 60
Lafigué 6 35
Non-mining 2 0
TOTAL SUSTAINING MINE CAPITAL EXPENDITURES 127 215
Houndé 6 90
Ity 65 35
Mana 58 10
Sabodala-Massawa 34 25
Sabodala-Massawa Solar Plant 40 —
Lafigué 12 50
Non-mining 6 5
TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES 221 215
Sabodala-Massawa BIOX® 66 —
Lafigué 170 —
Kalana 11 —
Assafou 4 10
TOTAL GROWTH CAPITAL EXPENDITURE 252 10
TOTAL MINE CAPITAL EXPENDITURES 600 440
1All FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
• As detailed in Table 11 below, exploration will continue to be a strong focus in FY -2025 with Group exploration guidance of
$75.0 million that will prioritise resource additions at the cornerstone assets and the Assafou project, one of the most
significant discoveries made in West Africa over the last decade.
Table 11: 2025 Exploration Guidance1
(All amounts in US$m) 2024 ACTUALS1 2025 GUIDANCE 2025 ALLOCATION
Houndé mine 10 7 9%
Ity mine 11 10 13%
Mana mine 3 3 4%
Sabodala-Massawa mine 34 15 20%
Lafigué mine 3 5 7%
Assafou project 16 10 13%
Other greenfield projects 10 25 33%
TOTAL 87 75 100%
1All FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
8
OPERATIONAL DETAILS BY ASSET
Houndé Mine, Burkina Faso
Table 12: Houndé Performance Indicators1
For The Period Ended Q4-2024 Q3-2024 Q4-2023 FY-2024 FY-2023
Tonnes ore mined, kt 1,526 1,111 1,499 4,662 5,420
Total tonnes mined, kt 10,833 9,567 11,993 43,116 47,680
Strip ratio (incl. waste cap) 6.10 7.61 7.00 8.25 7.80
Tonnes milled, kt 1,405 1,348 1,360 5,148 5,549
Grade, g/t 3.13 2.00 2.15 2.10 1.92
Recovery rate, % 79 86 90 84 91
Production, koz 109 74 84 288 312
Total Cash Cost/oz ~920 1,233 837 ~1,120 835
AISC/oz ~1,025 1,379 901 ~1,295 943
1All Q4-2024 and FY-2024 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
Q4-2024 vs Q3-2024 Insights
• Production increased from 74koz in Q3 -2024 to 109koz in Q4 -2024 due to higher -grade ore processed and increased tonnes
milled, partially offset by lower recovery rates.
– 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 at the high grade Kari Pump pit, which was partially offset by
the lower volumes of ore mined from the Vindaloo Main pit, in-line with the mine sequence.
– Tonnes milled increased due to higher mill utilisation as the mill feed contained less moisture following the end of the wet
season.
– Average processed grades increased due to a higher proportion of high grade ore sourced from the Kari Pump pit in the
mill feed.
– Recovery rates decreased due to the increased proportion of high grade, fresh ore from the Kari Pump pit in the mill feed,
with its lower associated recoveries.
• AISC decreased significantly from $1,379/oz in Q3 -2024 to ~$1,025/oz in Q4 -2024 due to the higher volume of gold sold,
partially offset by increased mining unit costs due to increased grade control drilling activities and increased haulage cost s
associated with the increase in ore tonnes mined from the Kari Pump pit.
FY-2024 Performance
• FY-2024 production totalled 288koz, near the top end of the guided 260 -290koz range, with strong H2 -2024 weighted
performance driven by high grade ore sourced from the Kari Pump pit. FY -2024 AISC amounted to approximately ~$1,295/oz,
which was above the guided $1,000 -1,100/oz range due to higher than expected processing unit costs following an increased
reliance on self -generated power in H1 -2024, higher than expected sustaining capital due to additional purchases of heavy
mining equipment and spare parts and higher royalties following a higher realised gold price.
• Production decreased from 312koz in FY-2023 to 288koz in FY-2024 in line with the mine sequence due to lower tonnes milled
and lower recovery rates, partially offset by an increase in average grades processed. FY -2024 AISC increased from $943/oz in
FY-2023 to approximately ~$1,295/oz in FY -2024 due to higher royalty costs compounded by the increase to the sliding scale
royalty rates in Burkina Faso effective from November 2023, higher sustaining waste stripping and HME additions, higher
mining costs due to increased fuel costs and higher processing costs due to the increased reliance on self-generated power.
2025 Outlook
• Houndé is expected to produce between 230-260koz in FY-2025 at AISC of $1,225-1,375/oz.
• Mining activities are expected to continue at the Vindaloo Main, Kari Pump, and Kari West pits, in addition to the re -
commencement of mining at the Vindaloo North pit. In H1 -2025, ore is expected to be primarily sourced from the Kari Pump,
Vindaloo Main and Vindaloo North pits with ongoing stripping activities focused on the Vindaloo North and Vindaloo Main
pits. In H2-2025, the majority of ore tonnes are expected to be sourced from the Kari West pit, supplemented with ore from
Vindaloo Main and Vindaloo North pits. Tonnes of ore milled is expected to decrease in FY -2025 as a lower proportion of soft
oxide ore from the Kari Pump pit is anticipated, while the Kari West pit is expected to advance into harder transitional and
fresh ore. Average grades are expected to decrease due to the lower proportion of higher -grade ore from the Kari Pump pit.
Recoveries are expected to improve due to a lower proportion of fresh Kari Pump ore in the mill feed, which has lower
associated recoveries. AISC is expected to remain stable in FY -2025, as higher mining and processing unit costs due to the
expected increase in fresh ore in the feed will be offset by lower sustaining capital expenditure.
• Sustaining capital expenditure is expected to decrease from $49.5 million in FY-2024 to approximately $40.0 million in FY-2025,
and primarily relates to mining fleet component rebuilds and replacements, processing plant equipment upgrades and waste
capitalisation in the Kari West area.