ENDEAVOUR REPORTS STRONG FY-2024 RESULTS Record Q4-2024 free cash flow of $268m
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG FY-2024 RESULTS
Record Q4-2024 free cash flow of $268m • Improved leverage ratio of 0.55x • 32% increase in P&P reserves
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
• Q4-2024 production of 363koz at a class-leading AISC of $1,141/oz; totalling 1,103koz at an AISC of $1,218/oz for FY-2024
• Adj. EBITDA of $546m for Q4-2024, a 72% increase over Q3-2024; FY-2024 Adj. EBITDA of $1,325m
• Adj. Net Earnings of $110m ($0.45/sh) for Q4-2024, a 49% increase over Q3-2024; $227m ($0.93/sh) for FY-2024
• Record free cash flow of $268m ($1.10/sh) for Q4-2024, or $418m before the one-off pre-payment settlement
• Net debt of $732m; leverage of 0.55x Net Debt / Adj. EBITDA (LTM) on track to 0.50x leverage target in near-term
ROBUST SHAREHOLDER RETURNS
• Record FY-2024 dividend of $240m and share buybacks of $37m; total shareholder returns of $277m, or $251/oz
produced; 32% above the minimum commitment at an attractive 5.9% indicative yield
• Share buybacks of $22m completed YTD-2025, 69% higher than the prior year bringing total shareholder returns since
2021 to 1.2bn, 82% above minimum commitment
ATTRACTIVE ORGANIC GROWTH
• Tier 1 Assafou project DFS on track for late-2025 to early-2026; aggressive exploration ongoing around the project
• Group reserves increased by 32% or 4.5Moz, net of depletion, to 18.4Moz with additions at Assafou (+4.1Moz) and Ity
(+1.2Moz); Group M&I discovery target of 12-17Moz achieved with 12.2Moz discovered since 2021 for less than $25/oz
London, 6 March 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“ Endeavour”, the “Group” or the
“Company”) is pleased to announce its FY-2024 operating and financial results, with highlights provided in Table 1 below.
Table 1: Highlights from continuing operations1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED YEAR ENDED
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Δ Q4-2024 vs.
Q3-2024
OPERATING DATA
Gold Production, koz 363 270 280 1,103 1,072 +34%
Gold Sold, koz 356 280 285 1,099 1,084 +27%
Total Cash Cost2,3, $/oz 979 1,128 837 1,058 837 (13)%
All-in Sustaining Cost2,3, $/oz 1,141 1,287 947 1,218 967 (11)%
Realised Gold Price2,4, $/oz 2,590 2,342 1,945 2,349 1,919 +11%
CASH FLOW
Operating Cash Flow before changes in working capital 356 245 246 952 746 +45%
Operating Cash Flow before changes in working capital2, $/sh 1.46 1.00 1.00 3.89 3.02 +46%
Operating Cash Flow 381 255 167 950 619 +49%
Operating Cash Flow2, $/sh 1.56 1.04 0.68 3.88 2.51 +50%
Free Cash Flow2,5 268 97 (44) 313 (174) +176%
Free Cash Flow2,5, $/sh 1.10 0.40 (0.18) 1.28 (0.71) +178%
PROFITABILITY
Net Earnings Attributable to Shareholders (119) (95) (160) (294) (23) +25%
Net Earnings, $/sh (0.49) (0.39) (0.65) (1.20) (0.09) +26%
Adj. Net Earnings Attributable to Shareholders2 110 74 42 227 230 +49%
Adj. Net Earnings2, $/sh 0.45 0.30 0.17 0.93 0.93 +50%
EBITDA2 357 128 70 834 773 +179%
Adj. EBITDA2 546 317 292 1,325 1,047 +72%
SHAREHOLDER RETURNS2
Shareholder Dividends6 140 — 100 240 200 n.a.
Share Buybacks 8 9 26 37 66 (11)%
FINANCIAL POSITION HIGHLIGHTS2
Net Debt 732 834 555 732 555 (12)%
Net Debt / LTM Trailing adj. EBITDA7 0.55x 0.77x 0.50x 0.55x 0.50x (29)%
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. 6Shareholder Dividends includes H2-2024 declared dividend which are due to be paid on 15 April 2025. 7Last Twelve Months (“LTM”) Trailing
EBITDA adj includes EBITDA generated by discontinued operations.
1
Management will host a conference call and webcast today, 6 March 2025, 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. Today the
Management Discussion & Analysis, audited Financial Statements and Annual Report for the year ended 31 December 2024
have been submitted to the National Storage Mechanism and 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. In addition, the
Company has published its 2024 Sustainability Report and associated ESG Reporting Centre, which is also available on the
Company’s website.
Ian Cockerill, Chief Executive Officer, commented: “2024 was another year of robust operational performance. We produced 1.1
million ounces of gold at an all-in sustaining cost of $1,218 per ounce, increasing our annual production and solidifying our
position as one of the sector’s lowest-cost producers.
We further strengthened our portfolio, adding two high-margin growth projects in Senegal and Côte d'Ivoire, both of which were
delivered on budget and on time. These will help to grow our production profile, improve costs and extend mine-life visibility,
increasing both the quality and diversification of our portfolio.
Following the startup of these projects, we delivered a strong end to the year, generating a record $268 million of free cash flow
in Q4 – or over $400 million when adjusted for the one-off pre-payment settlement – demonstrating the improved capacity of our
higher quality portfolio, to generate cash. As a result, our financial position also improved significantly and we ended the year
with a leverage ratio of 0.55x, placing us firmly on track to achieve our near-term target of 0.50x.
Given our strong financial position and robust operational performance, we declared a record $240 million dividend, which was
supplemented with $37 million of share buybacks, bringing total returns to shareholders to $277 million for FY-2024, equivalent
to more than $250 for every ounce produced. This year we will prioritise maximising free cash flow generation to support our
increased commitment to shareholder returns.
Whilst we remain focused on free cash flow in the near-term, we retain a strong platform for further growth, with the pre-
feasibility study for the Assafou project, that was completed in December, confirming the project’s potential to be a tier-1 asset
and underpinning the Groups production growth to 1.5 million ounces by the end of the decade. As we advance the definitive
feasibility study towards completion before early 2026, we are advancing exploration at the highly prospective, 20-kilometre
long, Assafou corridor and at several nearby satellite targets.
Following the successes at Lafigué and Assafou, exploration continues to generate significant value and our programme has now
delivered 12.2 million ounces of M&I resource discoveries, at less than $25 per ounce, since 2021, achieving our five year target,
a year early. During FY-2024, we successfully increased group reserves by 32% or 4.5 million ounces, net of depletion, equivalent
to more than three times annual production depletion, underlining our ability to not only maintain production visibility, but to
extend mine lives as well.
Our commitment to ESG disclosure continues to earn external recognition. We have maintained top-tier Sustainalytics and MSCI
ratings, placing us among the leading companies not only in our sector, but across industries.
Looking ahead we will carry the strong momentum from the second half of 2024 into 2025, as we focus on operational delivery
to maximise cashflow and support enhanced returns for our shareholders."
2
SHAREHOLDER RETURNS PROGRAMME
• As previously announced, Endeavour’s H2-2024 dividend amounts to a record $140.0 million, or approximately $0.57 per
share and is expected to be paid on 15 April 2025 to shareholders of record on 14 March 2025. This brings the FY-2024
dividend to an annual record of $240.0 million or approximately $0.98 per share, which represents $30.0 million more than
the minimum dividend commitment of $210.0 million for the year, reiterating Endeavour's strong commitment to paying
supplemental shareholder returns.
• 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. Furthermore, a total of $ 21.8 million or 1.1 million shares have been repurchased year-to-date, equivalent to a
69% increase over the same period last year; the increased commitment to share buybacks is expected to continue subject
to gold price and operational performance.
• As shown in the table below, Endeavour has 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 . Since Endeavour’s
first dividend payment in 2021, Endeavour has returned $1,202 million to shareholders in the form of dividends and
buybacks which represents $542.0 million or 82% more than its minimum commitment over the 2020-2024 period.
Table 2: Cumulative Shareholder Returns
(All amounts in US$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)
FY-2024 210 30 37 277 +67
FY-2025 (minimum) 225 n.a 22 247 +22
TOTAL 885 180 362 1,427 +542
• As previously stated, Endeavour implemented a renewed shareholder returns programme in 2024 covering the FY-2024 and
FY-2025 period. The minimum dividend for FY-2025 is $225.0 million and this is expected to 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. As such, Endeavour targets a minimum
return of $1,427.0 million to shareholders by the end of 2025, to be further supplemented with additional dividends and
opportunistic share buybacks.
• 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 Stock
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.
3
CASH FLOW SUMMARY
The table below presents the cash flow for Endeavour for the three month period ended 31 December 2024, 30 September
2024, and 31 December 2023 , and the twelve month period ended 31 December 2024 and 31 December 2023 with
accompanying explanations below.
Table 3: Cash Flow Summary
THREE MONTHS ENDED YEAR ENDED
All amounts in US$ million unless otherwise specified Notes
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital1 356 245 246 952 746
Changes in working capital1 25 10 (80) (2) (127)
Cash generated from operating activities from continuing
operations [1] 381 255 167 950 619
Cash generated from discontinued operations — — — (6) 27
Cash generated from operating activities [1] 381 255 167 943 647
Cash used in investing activities [2] (113) (158) (211) (630) (821)
Free Cash Flow2,3 268 97 (44) 313 (174)
Cash used in financing activities [3] (136) (241) (79) (439) (277)
Effect of exchange rate changes on cash 0 9 15 (7) 17
(DECREASE)/INCREASE IN CASH 132 (135) (108) (133) (434)
Cash and cash equivalent position at beginning of period4 252 387 625 517 951
CASH AND CASH EQUIVALENT POSITION AT END OF
PERIOD4 [4] 384 252 517 384 517
Gross debt5 1,116 1,085 1,072 1,116 1,072
NET DEBT2 [5] 732 834 555 732 555
Trailing twelve month adjusted EBITDA2,6 1,325 1,082 1,101 1,325 1,101
Net Debt / Adjusted EBITDA (LTM) ratio2,6 0.55x 0.77x 0.50x 0.55x 0.50x
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 ($13.1 million at 31 December 2024, $62.2 million 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). 5Gross debt includes the principal
amount of the $500 million Senior Notes and the drawn portions of the $700 million Revolving Credit Facility, $167 million Lafigué term loan, and $28 million
Sabodala-Massawa term loan. Gross debt excludes $13.1 million overdraft facility. 6Trailing twelve month adjusted EBITDA includes EBITDA generated by
discontinued operations.
NOTES:
1) Operating cash flows increased by $126.6 million from $254.8 million ($1.04 per share) in Q3-2024 to $381.4 million
($1.56 per share) in Q4-2024 due to higher gold sales volumes, a higher realised gold price, lower taxes paid related to
the timing of tax payments, and a higher working capital inflow partially offset by the non-cash adjustments for deferred
revenue of $150.0 million recognised in relation to the settlement of the gold prepayment agreements entered in
Q2-2024, higher royalties and higher operating costs.
Operating cash flows increased by $296.8 million from $646.5 million ($2.62 per share) in FY-2023 to $943.3 million
($3.85 per share) in FY-2024 due to a higher realised gold price, a lower working capital outflow and lower taxes paid at
Sabodala-Massawa and Mana, partially offset by higher operating costs and royalties.
Notable variances are summarised below:
• Working capital was an inflow of $25.1 million in Q4-2024, an increase of $15.0 million over the Q3-2024 inflow of
$10.1 million. The inflow in Q4-2024 was largely driven by a trade and other payables inflow of $46.7 million primarily
related to the timing of supplier payments at Lafigué, Mana and Sabodala-Massawa, timing of royalty payments and
year-end payroll related liabilities, partially offset by an outflow in trade and other receivables of $11.8 million related
to the timing of gold sales, an outflow of inventories of $7.4 million primarily related to additions to stockpiles and
consumables at Sabodala-Massawa, Ity and Lafigué, and an outflow in prepaid expenses and other items of $2.4
million.
Working capital was an outflow of $2.1 million in FY-2024, a decrease of $124.8 million over the FY-2023 outflow of
$126.9 million, driven by an outflow of inventories at Sabodala-Massawa and Lafigué in line with operational
readiness of the assets and stockpiling ahead of processing, an outflow of prepaid expenses and other items at
Sabodala-Massawa and Ity and an outflow in trade and other receivables related to the timing of gold sales which
were partially offset by an inflow of trade and other payables related to an overall higher operating cost base with the
addition of Lafigué and Sabodala-Massawa BIOX projects and higher royalties.
4
• Gold sales increased from 280koz in Q3-2024 to 356koz in Q4-2024 following increased production a cross the
portfolio primarily driven by access to higher-grade ore at Houndé’s Kari Pump pit, a full quarter of production at
Lafigué, and increased production at Mana due to increased stoping rates at Wona. The realised gold price increased
from $2,506/oz for Q3-2024 to $2,620/oz for Q4-2024. Inclusive of the Group’s Revenue Protection Programme, the
realised gold price increased from $2,342/oz for Q3-2024 to $2,590/oz for Q4-2024.
Gold sales from continuing operations increased from 1,084koz in FY-2023 to 1,099koz in FY-2024, due to higher
Group production from continuing operatio ns in FY-2024, driven by 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. The realised gold price from continuing operations increased
from $1,939/oz for FY-2023 to $2,418/oz for FY-2024. Inclusive of the Group’s Revenue Protection Programme, the
realised gold price increased from $1,919/oz for FY-2023 to $2,349/oz for FY-2024.
• Total cash cost per ounce decreased from $1,128/oz in Q3-2024 to $979/oz in Q4-2024, due to higher gold sales at
Houndé, Mana and Lafigué driving per ounce cash costs lower as well as lower underground mining costs at Mana,
partially offset by higher costs at Ity due to increased mining unit costs as average haulage distance increased.
Total cash cost per ounce increased from $837/oz in FY-2023 to $1,058/oz in FY-2024 due to increased cash costs 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.
• As shown in the table below, taxes paid decreased by $47.6 million from $64.5 million in Q3-2024 to $16.9 million in
Q4-2024 due largely to a decrease in taxes paid at Ity as well as a decrease in other tax payments from $25.0 million in
Q3-2024 to $0.8 million in Q4-2024 due to lower withholding tax payments linked to cash that was upstreamed from
operating entities.
Taxes paid decreased by $44.9 million from $340.9 million in FY-2023 to $296.0 million in FY-2024 due to a decrease
in tax payments at Mana and Sabodala-Massawa following lower taxable earnings.
Table 4: Tax Payments from continuing operations
THREE MONTHS ENDED YEAR ENDED
All amounts in US$ million
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Houndé 11 12 17 51 52
Ity 2 25 19 78 62
Mana 2 2 6 11 27
Sabodala-Massawa — — — 76 116
Lafigué — — 1 1 1
Other1 1 25 30 80 84
Taxes paid by continuing operations 17 65 71 296 341
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 settlement of approximately 76koz that were successfully settled
during Q4-2024. The gold prepayments secured $150.0 million of financing for a low cost of capital of 5.35% and
supported the Company’s offshore cash position during its investment and deleveraging phase. The prepayments were
structured as follows:
• A $100.0 million prepayment agreement with the Bank of Montreal based on a floating arrangement for the
settlement of approximately 54koz in reference to prevailing spot prices for the settlement of $105.1 million in
Q4-2024 locking in a low cost of capital of 5.05%.
• A $50.0 million prepayment agreement with ING Bank N.V. is based on a fixed arrangement for the settlement 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 settlement of ounces under the fixed prepayment agreement, Endeavour 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
5.95%.
2) Cashflows used in investing activities decreased by $44.7 million from $157.9 million in Q3-2024 to $113.2 million in
Q4-2024 due to decreased growth capital spend following the completion of growth projects during the year and
decreased non-sustaining capital spend associated with a reduction in expenditure at the Sabodala-Massawa Solar Power
Plant, which entered commissioning during the period.
Cashflows used in investing activities decreased by $190.8 million from $820.8 million in FY-2023 to $630.0 million in
FY-2024 due primarily to decreased growth capital spend following the completion of growth projects during the year.
• Sustaining capital increased from $31.3 million in Q3-2024 to $43.4 million in Q4-2024 due to increased sustaining
capital expenditure at Ity associated with plant upgrades and at Sabodala-Massawa due to increased expenditure on
fleet replacements.
5
Sustaining capital from continuing operations increased from $91.8 million in FY-2023 to $126.0 million in FY-2024
due to the overall increase in group size with Lafigué and Sabodala-Massawa BIOX expansion entering into operations,
increased expenditure at Houndé associated with purchases of heavy mining equipment and spare parts, and higher
sustaining waste stripping and at Mana due to increased underground development across the Siou and Wona
underground deposits.
• Non-sustaining capital decreased from $68.9 million in Q3-2024 to $62.9 million in Q4-2024 due to decreased non-
sustaining capital expenditure at Sabodala-Massawa associated with decreased spending on the Solar Power Plant
and at Ity due to the completion of the Mineral Sizer optimisation initiative and reduced spending on stage 1 of TSF 2,
partially offset by increased non-sustaining capital expenditure at Lafigué associated with pre-stripping activities at
the Main pit pushback 2.
Non-sustaining capital from continuing operations decreased from $245.3 million in FY-2023 to $224.9 million in
FY-2024 due to decreased expenditure at Ity as pre-stripping activities at Le Plaque was completed in the prior year,
and expenditure related to the Recyn optimisation initiative in the prior year as well as decreased expenditure at
Houndé due to reduced pre-stripping activities at the Kari Pump pit, partially offset by increased expenditure at
Sabodala-Massawa related to the solar power plant and at Lafigué in line with the classification of pre-stripping
activities in the Eastern Flank of the main pit following the declaration of commercial production.
• Growth capital decreased from $35.3 million in Q3-2024 to $24.1 million in Q4-2024, following the completion of the
Sabodala-Massawa BIOX Expansion and Lafigué growth projects during the prior quarter. Growth capital expenditure
during the quarter also included $2.7 million for technical study work related to the Kalana project.
Growth capital decreased from $447.5 million in FY-2023 to $251.5 million in FY-2024 following the completion of
construction activities at the Lafigué development project and the Sabodala-Massawa BIOX Expansion during the
year.
3) Cash flows used in financing activities decreased by $105.0 million from an outflow of $241.0 million in Q3-2024 to an
outflow of $136.0 million in Q4-2024 largely due to the timing of shareholder dividend payments and reduced minority
dividend payments, partially offset by a net drawing on debt instruments. Cash flows used in financing activities in
Q4-2024 in cluded, shareholder dividend payments of $100.0 million , payments of financing and other fe es of
$52.2 million related to the coupon payment for the senior notes, (including financing fees of $8.0 million associated with
the gold pre-payment agreement), minority dividend payments of $6.9 million, payments for the acquisition of the
Company’s own shares through its share buyback programme of $6.6 million and repayment of finance and lease
obligations of $6.5 million. Q4-2024 financing activities cash outflows were partially offset by net proceeds of $36.2
million from the RCF and Term Loan facilities.
On 5 November 2024, the Group closed a new $700.0 million sustainability-linked Revolving Credit Facility (“RCF”) at the
same favourable terms as the 2021 $645.0 million RCF. The new RCF bears interest at a rate equal to SOFR plus between
2.40% to 3.40% per annum based on leverage, in line with the 2021 RCF, and has a 4-year term with the potential for a 1-
year extension. The new facility was coordinated by Citibank and comprises a syndicate of eight banks including Citibank,
Bank of Montreal who acted as the Sustainability Co-ordinator, HSBC Bank, ING Bank, Macquarie Bank, Nedbank,
Standard Bank of South Africa, and Standard Chartered Bank. The new sustainability-linked RCF integrates the core
elements of Endeavour’s sustainability strategy into its financing strategy, specifically climate change, biodiversity and
malaria, with clear sustainability-linked performance metrics that will be measured on an annual basis and reviewed by
an independent external verifier. For more details on the sustainability-linked RCF, please refer to the MD&A.
Cash flows used in financing activities increased by $162.5 million from an outflow of $276.6 million in FY-2023 to an
outflow of $439.1 million in FY-2024 due to increased financing fees associated with a larger total quantum of drawing
and higher minority dividends paid due to a higher quantum of cash upstreamed during FY-2024. Cash flows used in
financing activities in FY-2024 included shareholder dividends paid of $200.0 million, minority dividends of $123.5 million,
payments of financing and other fees of $101.4 million largely related to the coupon payments for the senior notes and
the RCF (including financing fees of $8.0 million associated with the gold pre-payment agreement), payments for the
acquisition of the Company’s own shares through its share buyback programme of $39.2 million, repayment of finance
and lease obligations of $23.3 million and payments for the settlement of tracker shares of $1.1 million. FY-2024
financing activities cash outflows were partially offset by net proceeds of $49.4 million from the RCF and Term Loan
facilities.
4) At year end, Endeavour’s cash and cash equivalents, net of $13.1 million in drawn cash on in-country overdraft facilities,
stood at $384.2 million.
5) Endeavour’s net debt position improved by $102.0 million, from $833.6 million at the end of Q3-2024 to $731.6 million at
the end of Q4-2024. The net debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.77x at the end of Q3-2024 to
0.55x at the end of Q4-2024, reflecting the deleveraging of the balance sheet following completion of the Company’s
organic growth phase.
6
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three month periods ended 31 December
2024, 30 September 2024 , and 31 December 2023 and the twelve month periods ended 31 December 2024 and 31 December
2023 with accompanying explanations below.
Table 5: Earnings from Continuing Operations
THREE MONTHS ENDED YEAR ENDED
All amounts in US$ million unless otherwise specified Notes
31 December
2024
30 September
2024
31 December
2023
31 December
2024
31 December
2023
Revenue [6] 941 706 579 2,676 2,115
Operating expenses [7] (294) (272) (209) (1,007) (787)
Depreciation and depletion [7] (226) (147) (133) (609) (448)
Royalties [8] (64) (52) (40) (191) (134)
Earnings from mine operations 357 234 198 869 745
Corporate costs [9] (14) (12) (11) (47) (49)
Impairment of mining interests [10] (200) — (108) (200) (123)
Share-based compensation (9) (4) (7) (21) (29)
Other expense [11] (9) (23) (19) (62) (23)
Derecognition and impairment of financial assets [12] (22) (112) (26) (151) (32)
Exploration costs [13] (5) (4) (6) (19) (48)
Earnings from operations 98 79 21 368 443
(Loss)/gain on financial instruments [14] 34 (98) (84) (143) (118)
Finance costs (33) (29) (19) (111) (71)
Earnings before taxes 99 (49) (82) 114 254
Current income tax expense [15] (109) (68) (75) (353) (268)
Deferred income tax (expense)/recovery [15] (93) 40 10 4 57
Net comprehensive earnings from continuing operations [16] (103) (77) (148) (235) 43
Add-back adjustments [17] 235 169 205 535 262
Adjusted net earnings from continuing operations 132 91 57 300 305
Portion attributable to non-controlling interests 22 18 15 73 75
Adjusted net earnings from continuing operations attributable to
shareholders of the Company [18] 110 74 42 227 230
Adjusted net earnings per share from continuing operations 0.45 0.30 0.17 0.93 0.93
NOTES:
6) Revenue increased by $234.6 million from $705.9 million in Q3-2024 to $940.5 million in Q4-2024 due to an increase in
the realised gold price from $2,506/oz in Q3-2024 to $2,620/oz in Q4-2024 exclusive of the Company’s Revenue
Protection Programme, further compounded by an increase in gold sales from 280koz in Q3-2024 to 356koz in Q4-2024
due to increased production at Houndé, Lafigué, Sabodala-Massawa and Mana.
Revenue increased by $561.3 million from $2,114.6 million in FY-2023 to $2,675.9 million in FY-2024 due to an increase in
the realised gold price exclusive of the Company’s Revenue Protection Programme, from $1,939/oz in FY-2023 to $2,418/
oz in FY-2024, further compounded by an increase in gold sales from continuing operations from 1,084koz in FY-2023 to
1,099koz in FY-2024 due to higher production at Ity and the introduction of the Lafigué mine, partially offset by a
decrease at Sabodala-Massawa.
7) Operating expenses increased by $21.5 million from $272.4 million in Q3-2024 to $293.9 million in Q4-2024 due to the
increase in operating activities at Lafigué and increased mining costs at Ity due to an increase in average haulage
distance. Depreciation and depletion increased by $78.4 million from $147.2 million in Q3-2024 to $225.6 million in
Q4-2024 mainly due to increased production across the Group, the recognition of depreciation and depletion at the BIOX
plant and the Lafigué mine following a full quarter of commercial production and higher depletion at the Sabodala pit,
which is approaching the end of its mine life.
Operating expenses increased by $220.2 million from $787.2 million in FY-2023 to $1,007.4 million in FY-2024 due to the
introduction of Lafigué and the Sabodala-Massawa BIOX plant into the portfolio, further compounded by poor grid
reliability in H1-2024, which resulted in higher self-generated power costs. Depreciation and depletion increased by
$160.9 million from $448.4 million in FY-2023 to $609.3 million in FY-2024 due to depreciation associated with the
7
Lafigué and the Sabodala-Massawa BIOX plant, which were both commissioned in Q3-2024, coupled with increased
depletion of the Sabodala pit, which is approaching the end of its mine life.
8) Royalties increased by $12.2 million from $52.1 million in Q3-2024 to $64.3 million in Q4-2024 due to an increase in the
realised gold price as noted above and higher volumes of gold sold.
Royalties increased by $56.8 million from $133.7 million in FY-2023 to $190.5 million in FY-2024 due to an increase in the
realised gold price as noted above, the previously disclosed impact of the change in the sliding scale royalty rates in
Burkina Faso, which came into effect in November 2023 and an increase in volumes of gold sold.
9) Corporate costs increased from $11.9 million in Q3-2024 to $14.0 million in Q4-2024 due to higher general corporate
costs associated with bonus accruals.
Corporate costs decreased slightly from $49.0 million in FY-2023 to $47.3 million in FY-2024 due to decreased corporate
employee compensation and professional service costs, partially offset by an increase in administrative and other
overhead costs.
10) The Group recognised a non-cash impairment of $199.5 million in Q4-2024 consisting of $133.1 million and $66.4 million
in relation to the Kalana property and various exploration permits, respectively. The impairment of the Kalana property
reflects the operating environment in Mali and ongoing study work, which contemplates a smaller-scale operation. The
impairment of exploration permits primarily relates to the Golden Hill permit, located approximately 25 kilometres away
from Houndé, where the permit is in the process of being renewed.
11) Other expenses decreased from $22.8 million in Q3-2024 to $9.1 million in Q4-2024 due largely to $15.6 million in
restructuring and settlement costs at Sabodala-Massawa recognised in Q3-2024. For Q4-2024, other expenses included
$4.7 million in legal and other costs primarily relate d to provisions for local content, $2.7 million in tax claims at
Sabodala-Massawa and $1.1 million in acquisition and restructuring costs among other items.
The Group recognised other expenses of $62.5 million in FY-2024 consisting of $21.4 million in acquisition and
restructuring costs primarily related to settlement costs at Sabodala-Massawa, $21.6 million of legal fees primarily
related to the Lilium arbitration, $9.4 million of investigation costs associated with the CEO termination, $8.3 million in
tax claims at Mana and Sabodala-Massawa, $2.9 million in disturbance costs at Houndé and $2.6 million in community
contributions partially offset by a $3.7 million gain on the disposal of the Afema asset.
12) De-recognition and impairment of financial assets decreased by $89.9 million from $112.2 million in Q3-2024 to $22.3
million in Q4-2024 due largely to the write-down in Q3-2024 of expected proceeds from the disposal of the Boungou and
Wahgnion mines as a result of the previously announced settlement agreement between Endeavour, Lilium and the
Government of Burkina Faso, which comprises a lower consideration than the original divestment transaction
consideration with Lilium in Q2-2023. Pursuant to the settlement, Endeavour received $15.1 million during Q4-2024, with
a total of $40.2 million during FY-2024, in addition to a 3% royalty on up to 400,000 ounces of gold sold from the
Wahgnion mine. At year-end 2024 the outstanding receivable was approximately $19.8 million, of which $10.0 million
has been received subsequent to year-end, with the remaining proceeds expected to be received in the near-term.
De-recognition and impairment of financial assets increased by $118.9 million from $32.1 million in FY-2023 to $151.0
million in FY-2024 due largely to the above mentioned write-down of expected proceeds from the divestment of the
Boungou and Wahgnion mines.
13) Exploration costs increased by $0.9 million from $4.3 million in Q3-2024 to $5.2 million in Q4-2024 as the Group’s
exploration programme largely focused on analysis and interpretation of drilling results following the conclusion of the
year’s drilling programmes early in the quarter. In addition, drilling at Mana and Sabodala-Massawa continued, focused
on near-term exploration targets to support production.
Exploration costs decreased by $28.3 million from $47.5 million in FY-2023 to $19.2 million in FY-2024 largely due to the
capitalisation of costs associated with the Assafou project during the year and increased focus on resource to reserve
conversion during FY-2024.
14) The loss on financial instruments increased by $131.9 million from a loss of $98.3 million in Q3-2024 to a gain of $33.6
million in Q4-2024 largely due to an unrealised gain on gold collars and forward sales of $34.7 million and the unrealised
gain on NSRs and deferred consideration from the disposal of Boungou and Wahgnion of $3.8 million, partially offset by
the realised loss on gold collars and forward sales of $10.4 million.
The loss on financial instruments increased by $24.7 million from a loss of $118.0 million in FY-2023 to a loss of $142.7
million in FY-2024 and comprised of realised and unrealised losses on gold collars and forward sales of $75.9 million and
$37.0 million, respectively, further compounded by foreign exchange losses of $23.9 million.
Consistent with our financing approach during periods of high capital expenditure, as previously disclosed, in order to
increase cash flow visibility during its construction and de-leveraging phases, Endeavour entered into a Revenue
Protection Programme, using a combination of zero premium gold collars and forward sales contracts, to cover a portion
of its 2023, 2024 and 2025 production.
• During Q4-2024, approximately 113koz were settled into forward sales contracts for an average gold price of $2,400/
oz.
• For FY-2024, approximately 450koz (approximately 113koz per quarter), were delivered into a collar with an average
call price of $2,400/oz and an average put price of $1,807/oz. In addition, during H1-2024, a total of approximately
8