ENDEAVOUR REPORTS Q3-2024 RESULTS Adjusted EBITDA of $317m
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS Q3-2024 RESULTS
Adjusted EBITDA of $317m • Free Cash Flow of $97m • Shareholder returns paid of $229m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• Strongest quarterly production this year of 270koz at AISC of $1,287/oz; YTD-2024 production of 741koz at AISC of
$1,256/oz with FY-2024 production expected at or around the low end of guidance with AISC above the top end
• YTD-2024 AISC impact of $149/oz by higher royalty costs driven by higher gold prices, low grid power availability in
H1-2024 and underperformance at the Sabodala-Massawa CIL
• Adj. EBITDA of $317m for Q3-2024, up 27% over Q2-2024, and Adj. Net Earnings of $74m (or $0.30/sh) for Q3-2024
• Operating cash flow before changes in working capital of $245m (or $1.00/sh), up 15% over Q2-2024
• Free Cash Flow of $97m (or $0.40/sh) for Q3-2024, up 20% over Q2-2024
• Healthy financial position with improved net debt of $834m and leverage of 0.77x tracking towards 0.5x target following
completion of growth phase
• Shareholder returns paid of $229m; H1-2024 dividend of $100m (or $0.41/sh) and $29m of share buybacks year to date
ORGANIC GROWTH
• Commercial production achieved on budget and on schedule at both Sabodala-Massawa BIOX® Expansion and Lafigué on
1 August 2024; both project ramp-ups tracking in line with expectations
• Strong exploration efforts with $74m spent YTD-2024; high priority Tanda-Iguela exploration programme has identified
continuous shallow mineralisation at the Pala Trend 3 target within close proximity to the Assafou project
London, 7 November 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the
“Company”) is pleased to announce its operating and financial results for Q3-2024 and YTD-2024, with highlights provided in
Table 1 below.
Table 1: Q3-2024 and YTD-2024 Highlights from continuing operations1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED NINE MONTHS ENDED
30
September
2024
30
June
2024
30
September
2023
30
September
2024
30
September
2023
Δ Q3-2024
vs. Q2-2024
OPERATING DATA
Gold Production, koz 270 251 281 741 792 +8%
Gold sold, koz 280 238 278 743 799 +18%
All-in Sustaining Cost2,3, $/oz 1,287 1,287 967 1,256 974 —%
Realised Gold Price4, $/oz 2,342 2,287 1,903 2,233 1,910 +2%
CASH FLOW
Operating Cash Flow before changes in working capital 245 213 121 595 500 +15%
Operating Cash Flow before changes in working capital2, $/sh 1.00 0.87 0.49 2.43 2.02 +15%
Operating Cash Flow 255 258 115 568 453 (1)%
Operating Cash Flow2, $/sh 1.04 1.05 0.47 2.32 1.83 (1)%
Free Cash Flow2,5 97 81 (80) 45 (130) +20%
Free Cash Flow2,5, $/sh 0.40 0.33 (0.32) 0.18 (0.53) +21%
PROFITABILITY
Net Earnings Attributable to Shareholders (95) (60) 60 (175) 137 n.a.
Net Earnings, $/sh (0.39) (0.24) 0.24 (0.71) 0.55 n.a.
Adj. Net Earnings Attributable to Shareholders2 74 3 70 117 188 +2367%
Adj. Net Earnings2, $/sh 0.30 0.01 0.28 0.48 0.76 +2900%
EBITDA2 128 193 262 477 704 (34)%
Adj. EBITDA2 317 249 263 779 755 +27%
SHAREHOLDER RETURNS2
Shareholder dividends paid — — 100 100 200 n.a.
Share buybacks 9 8 20 29 40 +13%
FINANCIAL POSITION HIGHLIGHTS2
Net Debt 834 835 445 834 445 —%
Net Debt / LTM Trailing adj. EBITDA6 0.77x 0.81x 0.40x 0.77x 0.40 x (5)%
1 Continuing Operations excludes the non-core Boungou and Wahgnion mines which were divested on 30 June 2023. 2This is a non-GAAP measure, refer to the
non-GAAP Measures section for further details. 3Excludes pre-commercial costs and ounces sold. 4Realised gold prices are inclusive of the Sabodala-Massawa
stream and the realised gains/losses from the Group’s revenue protection programme. 5From all operations; calculated as Operating Cash Flow less Cash used in
investing activities 6Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.
1
Management will host a conference call and webcast today, 7 November 2024, at 8:30 am EST / 1:30 pm GMT . For instructions
on how to participate, please refer to the conference call and webcast section at the end of the news release. A copy of the
Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on
SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/
nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: “During Q3-2024 we continued to deliver against our strategic objectives as
we successfully completed our growth phase, achieving commercial production at our two organic growth projects, which
supported our strongest quarter of production this year and underpinned our transition to a phase focused on free cash flow
generation.
On the operational front, we expect full-year production to be at or around the low end of the guidance range, while our all-in
sustaining cost is expected to be above the top end of the range, due to higher royalty and power costs as well as lower
production at the Sabodala-Massawa CIL operation. Despite above average rainfall early in the Q4, our performance is expected
to be significantly stronger than Q3, supported by the ramp ups of our growth projects as well as increased production at the
Houndé and Mana mines, in line with their mine sequences.
During the quarter, we completed construction and achieved commercial production at the Sabodala-Massawa BIOX Expansion
and the Lafigué mine, with both projects ramping up in line with expectations and achieving nameplate throughput capacity
during the quarter. At the top tier Assafou project, where the preliminary feasibility study is on track for completion in Q4, we
continue to see significant exploration upside, both at the Assafou project, and on the wider Tanda-Iguela property.
We achieved a significant free cash inflection during the quarter, generating approximately $100 million of free cash flow, and
given our strong outlook, we are now focused on shareholder returns and our balance sheet. We repaid $160 million of our
revolving credit facility during the quarter, while our stronger earnings supported an improvement in our leverage, as we
advanced towards our 0.5x leverage target. On shareholder returns, we paid our H1-2024 dividend of $100 million and we have
now returned $229 million to shareholders this year through dividends and share buybacks. We will increase our focus on
supplemental shareholder returns over the coming quarters.
Looking forward, we have visibility to organically grow the production profile to our 1.5 million ounce portfolio objective by the
end of the decade, while maintaining best in class margins. We expect to outline our new outlook next year, which will underpin
our continued commitments to disciplined capital allocation and delivering attractive shareholder returns.”
2
SHAREHOLDER RETURNS PROGRAMME
• Endeavour implemented a shareholder returns programme for the 2021 - 2023 period that was comprised of three annual
minimum dividends totalling $450.0 million, supplemented by additional dividends and share buybacks. Over the
shareholder returns programme period, Endeavour returned $903.0 million to shar eholders comprised of $600.0 million of
dividends and $303.0 million of share buybacks; more than double the minimum commitment and equivalent to $211
returned for every ounce produced over the 2021-2023 period.
• During Q3-2024, Endeavour implemented a new shareholder returns programme to reflect its transition from a phase
focused on investment to one focused on free cash flow generation. The new programme is comprised of minimum
dividends of $435.0 million over the 2024-2025 period, that are expected to be supplemented with additional dividends and
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.
• Since the beginning of the year, Endeavour has paid $200.0 million in dividends including the H2-2023 dividend of $100.0
million ($0.41/sh) paid on 25 March 2024 (within the 2021 - 2023 programme) and the H1-2024 dividend of $100.0 million
($0.41/sh) paid on 10 October 2024 and returned an additional $28.9 million or 1.46 million shares through opportunistic
share buybacks, of which $8.8 million or 0.42 million shares were repurchased during Q3-2024.
• Since payment of the first dividend in FY-2021, Endeavour has returned more than $1,032.0 million to shareholders,
including $700.0 million of dividends and $332.0 million of share buybacks.
Table 2: Cumulative Shareholder Returns
(All amounts in
US$m)
MINIMUM
DIVIDEND
COMMITMENT
SUPPLEMENTAL
DIVIDENDS
BUYBACKS
COMPLETED
TOTAL
RETURN
△ A B O V E
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)
H1-2024 100 — 20 120 +20
H2-2024 (Minimum) 110 — 9 119 +9
FY-2025 (Minimum) 225 — — 225 —
TOTAL TOTAL 885 150 332 1,367 +482
OPERATING SUMMARY
• Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) from continuing operations of
0.12 for the trailing twelve months ended 30 September 2024.
• Q3-2024 production amounted to 270koz, an increase of 19koz over Q2-2024, due to the ramp up of the Sabodala-Massawa
BIOX and Lafigué operations to commercial production, both of which were achieved on 1 August 2024, as well as higher
production at Houndé, which was partially offset by lower production at Ity, Mana and the Sabodala-Massawa CIL operation.
Production increased at Houndé due to higher average grades processed and at Lafigué due to the ramp-up of the mine
towards nameplate capacity, which was achieved late in Q3. Production decreased at Ity due to lower average grades
processed in line with the mine sequence, at Mana due to lower tonnes milled following the depletion of the Maoula open
pit, and at Sabodala-Massawa CIL due to the continued lower grade mill feed as well as strike action, maintenance activity
and significantly above average rainfall lowering throughput levels.
• Q3-2024 AISC was stable quarter on quarter at $1,287/oz as commercial production commenced at the low cost Lafigué mine
coupled with lower AISC at Houndé, which was offset by higher AISC at Ity, Sabodala-Massawa and Mana. Lower AISC at
Houndé was due to higher grades processed and lower power costs as grid power availability improved significantly
compared to Q2-2024. Higher AISC at Ity, Sabodala-Massawa and Mana were largely due to lower volumes of gold sold and
higher royalty costs due to higher gold prices, as well as higher sustaining capital at Ity and Sabodala-Massawa.
3
Table 3: Group Production
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in koz, on a 100% basis
30 September
2024
30 June
2024
30 September
2023
30 September
2024
30 September
2023
Houndé 74 64 109 179 228
Ity 77 96 73 259 250
Mana 30 35 30 107 106
Sabodala-Massawa1 54 57 69 159 209
Lafigué1 36 — — 36 —
PRODUCTION FROM CONTINUING OPERATIONS 270 251 281 741 793
Boungou2 — — — — 33
Wahgnion2 — — — — 68
GROUP PRODUCTION 270 251 281 741 893
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
2The Boungou and Wahgnion mines were divested on 30 June 2023.
Table 4: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED NINE MONTHS ENDED
30 September
2024
30 June
2024
30 September
2023
30 September
2024
30 September
2023
Houndé 1,379 1,472 787 1,457 959
Ity 928 885 864 898 793
Mana 1,987 1,927 1,734 1,756 1,408
Sabodala-Massawa1 1,219 1,164 840 1,112 795
Lafigué1 938 — — 938 —
Corporate G&A 45 48 40 47 50
AISC FROM CONTINUING OPERATIONS 1,287 1,287 967 1,256 974
Boungou2 — — — — 1,639
Wahgnion2 — — — — 1,566
GROUP AISC3 1,287 1,287 967 1,256 1,045
1Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine. 2The Boungou and Wahgnion mines were divested
on 30 June 2023. 3This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.
FY-2024 OUTLOOK
• Group production is expected to be at or around the low end of the FY-2024 production guidance of 1,130 – 1,270koz as
outperformance at Ity coupled with strong performances at Houndé and Lafigué are expected to be partially offset by the
lower performance at the Sabodala-Massawa CIL operation
• Group AISC is expected to be above the top end of the $955 – 1,035/oz guided range, due to underperformance at the
Sabodala-Massawa CIL operation driving lower production and higher AISC, compounded by higher royalty costs associated
with the prevailing higher gold prices and low grid power availability during H1-2024 affecting assets in Burkina Faso and
Côte d’Ivoire.
Table 5: FY-2024 Production Outlook
YTD-2024
ACTUALS
FY-2024
GUIDANCE
FY-2024
OUTLOOK(All amounts in koz, on a 100% basis)
Houndé 179 260 - 290 ON TRACK
Ity 259 270 - 300 ABOVE TOP END
Mana 107 150 - 170 ON TRACK
Sabodala-Massawa1 159 360 - 400 BELOW LOWER END
Lafigué1 36 90 - 110 ON TRACK
Group Production 741 1,130 - 1,270 NEAR LOW END
1Includes pre-commercial production ounces
• As previously guided, FY-2024 operational performance is weighted towards Q4-2024, which is expected to be the strongest
quarter year to date. Q4-2024 production is predicated on expected improvements at the Houndé, Mana, Sabodala-Massawa
and Lafigué mines in Q4-2024. Houndé is expected to benefit from higher grade ore from the Kari Pump pit in the mill feed,
which historically has had slightly lower recoveries. At Mana, improved access to higher grade underground stopes should
4
support higher grade and volumes of throughput, if the above average rainfall seen in Q3-2024 decreases. The Sabodala-
Massawa CIL operation will be supported by new non-refractory higher-grade ore sources, where pre-stripping activity is
largely complete. The Sabodala-Massawa BIOX and Lafigué operations are expected to continue to improve as they complete
a full quarter at nameplate production. Conversely at Ity average grades processed are expected to decrease as a lower
proportion of Ity and Bakatouo ore will be in the mill feed.
• At Sabodala-Massawa, FY-2024 production is expected to be below the guided range due to lower availability of high-grade
non-refractory ore, particularly from the Sabodala pit as mining activities focused on depleting the pit ahead of the potential
commencement of in-pit tailings deposition in 2025. To supplement the mill feed at the Sabodala-Massawa CIL plant, the
Kiesta C and Niakafiri East deposits have been accelerated into the mine plan, adding higher-grade non-refractory oxide ores
into the FY-2024 mine plan, that were previously in the plan for FY-2025, resulting in a decrease in availability of higher-grade
non-refractory oxide ores in the FY-2025 mine plan. The Sabodala-Massawa exploration programme is prioritising the
delineation of potential high-grade non-refractory oxide targets Sekoto, Mamassato and Koulouqwinde, that could be
incorporated into the near term mine plan.
Table 6: FY-2024 All-In Sustaining Cost Outlook
YTD-2024
ACTUALS
FY-2024
GUIDANCE
FY-2024
OUTLOOK(All amounts in US$/oz)
Houndé 1,457 1,000 - 1,100 ABOVE TOP END
Ity 898 850 - 925 ON TRACK
Mana 1,756 1,200 - 1,300 ABOVE TOP END
Sabodala-Massawa1 1,112 750 - 850 ABOVE TOP END
Lafigué1 938 900 - 975 ON TRACK
Corporate G&A 47 40 ON TRACK
Group AISC 1,256 955 - 1,035 ABOVE TOP END
1Excludes pre-commercial production costs and ounces
• Group AISC guidance is expected to be above the top end of the guided range due to higher gold prices increasing royalty
costs (realised gold price exclusive of hedges of $2,321/oz in YTD-2024 above guidance gold price of $1,850/oz, resulting in a
+$34/oz impact on YTD-2024 AISC), lower grid power availability in H1-2024 (+$35/oz impact on group AISC YTD-2024)
impacting Houndé (approximately $58/oz YTD-2024 impact) and Mana (approximately +$117/oz YTD-2024 impact) and lower
levels of production at higher costs at Sabodala-Massawa (+$80/oz impact on YTD-2024) due to lower availability of high
grade non-refractory ore as mining activities focussed on depleting the Sabodala pit.
Table 7: YTD-2024 All-In Sustaining Cost Impacts
YTD-2024
ACTUALS
FY-2024
OUTLOOK(All amounts in US$/oz)
Group AISC at $1,850/oz1 955 - 1,035
Royalties at $2,321/oz2 realised gold price +34 (+) Increase expected in Q4-2024 given high gold price
Low grid power availability in H1-20243 +35 (-) Availability largely improved in early Q3-2024
Sabodala-Massawa CIL performance +80 (-) Significantly stronger performance expected in Q4-2024
Group AISC at $2,321/oz2 (actual) 1,256 (-) Stronger production at lower AISC improving FY-2024 AISC
1FY-2024 group AISC guidance was issued at a $1,850/oz gold price 2The realised YTD-2024 gold price, exclusive of the Sabodala-Massawa stream and the
realised gains/losses from the Group’s revenue protection programme, amounted to $2,321/oz. 3As previously disclosed, grid availability issues increased
self-generated power costs across Burkina Faso and Côte d’Ivoire assets during the YTD-2024 period.
• The impact of higher gold prices on royalty costs, low grid power availability in H1-2024 and Sabodala-Massawa CIL
underperformance on YTD-2024 AISC has been approximately $149/oz, while Q4-2024 AISC is expected to be significantly
lower than YTD-2024 AISC due to higher levels of production and gold sales, which is expected to be partially offset by higher
royalty costs due to the higher prevailing gold prices quarter to date.
• Group sustaining capital expenditure outlook for FY-2024 has been lowered by $5.0 million to $120.0 million, with $80.5
million incurred in YTD-2024 (net of YTD-2024 corporate sustaining capital of $2.1 million), and $30.2 million incurred in
Q3-2024 (net of Q3-2024 corporate sustaining capital of $1.1 million). The decrease is due to the lower sustaining capital
outlook expected at Sabodala-Massawa due to lower levels of production and a decrease in planned waste development,
and at Lafigué due to the redesign of the main pit pushback, which was partially offset by higher sustaining capital at Mana
due to increased underground development and leasing payments to contractors.
• Group non-sustaining capital expenditure outlook for FY-2024 has been increased by $35.0 million to $225.0 million, with
$162.0 million incurred in YTD-2024, and $68.9 million incurred in Q3-2024. The increase is due to increased non-sustaining
capital at Ity due to accelerated waste stripping and TSF 2 construction resulting from higher than guided levels of
production, at Mana due to increased underground development to gain more access to underground stopes, and at Lafigué
due to the main pit pushback redesign.
• Growth capital expenditure outlook for FY-2024 remains unchanged at $245.0 million, with $227.4 million incurred in
YTD-2024, primarily related to construction activities at the Sabodala-Massawa BIOX® expansion project ( $62.4 million
5
incurred in YTD-2024 compared to FY-2024 guidance of $75.0 million), the Lafigué mine ($157.2 million incurred in YTD-2024
compared to guidance of $170.0 million) and additional spend related to the Kalana project.
• Exploration expenditure outlook for FY-2024 is expected to be slightly above the $77.0 million guidance, of which $74.4
million was incurred in YTD-2024, due to the accelerated exploration activity at Sabodala-Massawa focused on delineating
near-term non-refractory targets. Exploration expenditure is expected to decrease into Q4-2024 as the programmes focus on
compilation and desktop work for reserve and resource updates as well as targeting for next year and beyond. More details
on the allocation of the Group’s increased exploration budget are provided in the sections below.
Table 8: FY-2024 Sustaining & Non-Sustaining Capital Expenditure
YTD-2024
SPEND
FY-2024
GUIDANCE
REVISED FY-2024
GUIDANCE(All amounts in US$m)
Houndé 39 40 40
Ity 6 10 10
Mana 18 15 25
Sabodala-Massawa 15 35 30
Lafigué 3 25 15
Total Sustaining Capital Expenditure 81 125 120
Houndé 5 10 10
Ity 52 45 60
Mana 44 40 50
Sabodala-Massawa 22 40 40
Sabodala-Massawa Solar Plant 31 45 45
Lafigué 4 5 15
Corporate G&A 4 5 5
Total Non-Sustaining Capital Expenditure 162 190 225
Total Mine Capital Expenditure 243 315 345
6
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 30 September
2024, 30 June 2024 , and 30 September 2023 , and the nine month periods ended 30 September 2024 and 30 September 2023
with accompanying explanations below.
Table 9: Cash Flow and Net Debt
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
30
September
2024
30 June
2024
30
September
2023
30
September
2024
30
September
2023
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital1 245 213 121 595 500
Changes in working capital1 10 45 (5) (27) (47)
Cash generated from operating activities from continuing
operations [1] 255 258 115 568 453
Cash generated from discontinued operations — (6) — (6) 27
Cash generated from operating activities [1] 255 252 115 562 480
Cash used in investing activities [2] (158) (171) (195) (517) (610)
Free Cash Flow2,3 97 81 (80) 45 (130)
Cash generated/(used) in financing activities [3] (241) (150) (125) (303) (198)
Effect of exchange rate changes on cash 9 (5) (15) (7) 2
DECREASE IN CASH (135) (74) (219) (265) (326)
Cash and cash equivalent position at beginning of period4 387 461 845 517 951
CASH AND EQUIVALENT POSITION AT END OF PERIOD4 [4] 252 387 625 252 625
Principal amount of $500m Senior Notes 500 500 500 500 500
Drawn portion of Lafigué Term Loan 147 147 35 147 35
Drawn portion of Sabodala Term Loan 23 — — 23 —
Drawn portion of $645m Revolving Credit Facility 415 575 535 415 535
NET DEBT2 [5] 834 835 445 834 445
Trailing twelve month adjusted EBITDA2,5 1,082 1,028 1,113 1,082 1,113
Net Debt / Adjusted EBITDA (LTM) ratio2,5 0.77x 0.81x 0.40x 0.77x 0.40x
1 Continuing operations excludes the Boungou and Wahgnion mines which were divested on 30 June 2023.
2 Free cash flow, net debt, and adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management
Report.
3Calculated as Operating Cash Flow less Cash used in investing activities.
4Cash and cash equivalents are net of bank overdrafts ($62.2 at 30 September 2024; $21.1 million at 30 June 2024; Nil at 31 December 2023; Nil at 30 September
2023; Nil at 30 June 2023; Nil at 31 December 2022).
5Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations.
NOTES:
1) Operating cash flows remained stable with $254.8 million (or $1.04 per share) in Q3-2024 due to higher revenues and
lower income tax payments which were largely offset by higher operating costs, royalties, gold collar and inter-quarter
forward settlement outflows and a decrease in working capital inflows as well as the inclusion of a $150.0 million
operating cash inflow related to the pre-payment agreement as detailed further below.
Operating cash flows increased by $82.1 million from $479.8 million (or $1.94 per share) in YTD-2023 to $561.9 million (or
$2.29 per share) in YTD-2024 due to higher revenues, higher working capital inflows, lower exploration costs and the
proceeds from the $150.0 million gold prepayment, partially offset by higher operating costs, increased royalties and cash
settlements for gold hedges.
Notable variances are summarised below:
• Working capital was an inflow of $10.1 million in Q3-2024, a decrease of $34.9 million over the Q2-2024 inflow of
$45.0 million. The inflow in Q3-2024 consisted of (i) a trade and other payables inflow of $49.6 million related to
increases in supplier payables, royalties payable and payroll-related liabilities, partially offset by (ii) a receivables
outflow of $31.5 million due to a build-up of VAT receivables, (iii) an inventory outflow of $4.8 million due to an
increase in operational consumables at Lafigué and stockpile inventory at Sabodala-Massawa and (iv) a prepaid
expenses and other outflow of $3.2 million related to the timing of payments.
Working capital was an outflow of $27.2 million in YTD-2024, a decrease of $20.2 million over the YTD-2023 outflow
of $47.4 million, largely driven by an increase in inflows in trade and other payables, partially offset by an increase in
inventory outflows related to a build-up of stockpiles and consumables at growth projects and an increase in trade
and other receivables due to a build-up of VAT receivables.
7
• Gold sales from continuing operatio ns increased from 238koz in Q2-2024 to 280koz in Q3-2024 due to higher group
production in Q3-2024 and the timing of gold shipments at Sabodala-Massawa. The realised gold price from
continuing operations for Q3-2024 was $2,506 per ounce compared to $2,322 per ounce for Q2-2024. Inclusive of the
Group’s Revenue Protection Programme (-$106/oz Q3-2024 impact) and London Bullion Market Association (“LBMA”)
gold price averaging strategy (-$57/oz Q3-2024 impact), the realised gold price for Q3-2024 was $2,342 per ounce
compared to $2,287 per ounce for Q2-2024.
Gold sales from continuing operations decreased from 799koz in YTD-2023 to 743koz in YTD-2024, following lower
Group production in YTD-2024. The realised gold price from continuing operations for YTD-2024 was $2,321 per
ounce compared to $1,915 per ounce for YTD-2023. Inclusive of the Group’s Revenue Protection Programme ( -$60/oz
YTD-2024 impact) and LBMA gold price averaging strategy (-$28/oz YTD-2024 impact), the realised gold price for
YTD-2024 was $2,233 per ounce compared to $1,910 per ounce for YTD-2023.
• Total cash cost per ounce decreased from $1,148 per ounce in Q2-2024 to $1,128 per ounce in Q3-2024 due to higher
volumes of gold sold and lower processing unit costs reflecting improved grid availability across sites in Burkina Faso
and Cote d’Ivoire partially offset by higher royalties due to higher revenue and higher unit processing costs at
Sabodala-Massawa reflecting lower plant availability and utilisation during the quarter.
Total cash cost per ounce increased from $837 per ounce in YTD-2023 to $1,097 per ounce in YTD-2024 due to higher
royalties, higher processing costs associated with an increased reliance on self-generated power, higher open-pit
mining costs due to increased drill & blast (Houndé), grade control drilling (Houndé and Sabodala-Massawa) and
longer haulage distances (Houndé, Ity and Sabodala-Massawa), lower volumes of gold sold, and a reduction in
capitalised stripping costs (Houndé, Sabodala-Massawa and Ity), partially offset by decreased underground mining
costs at Mana.
• Income taxes paid decreased by $98.8 million from $163.3 million in Q2-2024 to $64.5 million in Q3-2024 due largely
to the timing of tax payments in Senegal, Cote d’Ivoire and Burkina Faso from our Sabodala-Massawa, Ity and Houndé
mines, and a decrease in withholding tax payments related to the upstreaming of cash in the prior quarter.
Income taxes paid increased by $9.1 million from $270.0 million in YTD-2023 to $279.1 million in YTD-2024 due largely
to the increase in taxes paid at Ity as provisional tax payments made in YTD-2024 are calculated from a higher FY-2023
tax base when compared to the prior year and higher withholding taxes paid due to an increased quantum of cash
upstreamed compared to the prior year-to-date period, partially offset by decreased tax payments at Mana and
Sabodala-Massawa due to lower estimated taxable profit.
Table 10: Tax Payments from continuing operations
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$ million
30 September
2024
30 June
2024
30 September
2023
30 September
2024
30 September
2023
Houndé 12 17 11 40 35
Ity 25 50 9 75 43
Mana 2 3 5 9 21
Sabodala-Massawa — 45 65 76 116
Lafigué — — — 1 —
Other1 25 49 51 79 54
Taxes paid by continuing operations 65 163 142 279 270
1Included in the “Other” category is income and withholding taxes paid by Corporate and Exploration entities.
As previously disclosed, on 26 April 2024 the Company entered into two separate gold prepayment agreements for a
total consideration of $150.0 million in exchange for the delivery of approximately 76koz in Q4-2024. The gold
prepayments secured $150.0 million of financing for a low cost of capital of approximately 5.3% and supported the
Company’s offshore cash position during its investment and de-levering phase. The prepayments are structured as
follows:
• A $100.0 million prepayment agreement with the Bank of Montreal based on a floating arrangement for the delivery
of approximately 54koz in reference to prevailing spot prices for the settlement of $105.1 million (inclusive of $5.1
million in financing costs) in Q4-2024. The value of the 54koz above the contracted $105.1 million reimbursement at
the time of delivery will be returned to Endeavour as cash.
• A $50.0 million prepayment agreement with ING Bank N.V. is based on a fixed arrangement for the delivery of
approximately 22koz for the settlement of $50.0 million in Q4-2024. To mitigate the Group’s exposure to gold price
associated with the delivery of ounces under the fixed arrangement prepayment agreement, Endeavour has entered
into forward purchase contracts for 22koz at an average gold price of $2,408/oz due in Q4-2024, locking in a financing
cost of approximately $3.0 million.
2) Cash flows used in investing activities decreased by $13.5 million from $171.4 million in Q2-2024 to $157.9 million in
Q3-2024 due to proceeds of $29.8 million related to the sale of Allied Gold shares, the receipt of $25.1 million in
proceeds related to the settlement agreement for the disposal of Boungou and Wahgnion (subsequent to quarter-end
8