ENDEAVOUR REPORTS STRONG Q1-2022 RESULTS Production of 357koz at AISC of $848/oz l Operating cash flow of $299m l Net cash position increased by $90m OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG Q1-2022 RESULTS
Production of 357koz at AISC of $848/oz l Operating cash flow of $299m l Net cash position increased by $90m
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
• Q1-2022 production of 357koz, up +14% over Q1-2021, while AISC remained relatively flat at $848/oz
• Well positioned to meet FY-2022 guidance of 1,315-1,400koz at an AISC of $880-930/oz
• Adjusted Net Earnings up $22m over Q1-2021 to $122m; up +2% on a per share basis to $0.49/sh
• Operating Cash Flow up $96m over Q1-2021 to $299m; up +23% on a per share basis to $1.21/sh
• Net cash position increased by $90m during the quarter to $167m despite $101m paid in capital returns to shareholders
ea SHAREHOLDER RETURNS PROGRAMME
• H2-2021 dividend of $70m paid during the quarter, totalling $200m of dividends paid out since early 2021
• Share buybacks continue to supplement shareholder returns with $ 31m worth of shares repurchased in Q1-2022,
totalling $169m since the buyback programme began in April 2021
ORGANIC GROWTH
• Sabodala-Massawa Expansion Project launched in Q2-2022 and DFS underway for Lafigué greenfield project
• Continued strong focus on exploration with $18m spent in Q1-2022, out of the annual budget of $80m
London, 5 May 2022 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”)
is pleased to announce its operating and financial results for Q1-2022, with highlights provided in Table 1 below.
Table 1: Highlights for Continuing Operations1
All amounts in US$ million, unless otherwise stated
THREE MONTHS ENDED
31 March
2022
31 December
2021
31 March
2021
Δ Q1-2022 vs.
Q1-2021
OPERATING DATA
Gold Production, koz 357 378 313 +14%
All-in Sustaining Cost2, $/oz 848 894 837 +1%
Realised Gold Price, $/oz 1,911 1,792 1,762 +8%
CASH FLOW
Operating Cash Flow before Changes in WC 370 303 233 +59%
Operating Cash Flow before Changes in WC2, $/sh 1.49 1.22 1.12 +33%
Operating Cash Flow 299 345 204 +47%
Operating Cash Flow2, $/sh 1.21 1.38 0.98 +23%
PROFITABILITY
Net (Loss)/Earnings Attributable to Shareholders (57) (87) 85 (167)%
Net (Loss)/Earnings per Share, $/sh (0.23) (0.35) 0.41 (156)%
Adjusted Net Earnings Attributable to Shareholders2 122 148 101 +21%
Adjusted Net Earnings per Share2, $/sh 0.49 0.59 0.48 +2%
EBITDA2 218 128 302 (28)%
Adjusted EBITDA2 398 363 325 +22%
SHAREHOLDER RETURNS
Shareholder dividends paid 70 — 60 +17%
Share buyback (commenced in Q2-2021) 31 44 — n.a.
FINANCIAL POSITION HIGHLIGHTS
(Net Cash)/Net Debt2 (167) (76) 162 +203%
(Net Cash), Net Debt / Adjusted EBITDA (LTM) ratio2 (0.11) (0.05) 0.16 +169%
1From Continuing Operations excludes the Karma mine which was divested on 10 March 2022 and the Agbaou mine which was divested on 1 March 2021.
2This is a non-GAAP measure. Refer to the non-GAAP measure section in this press release and in the Management Report.
Management will host a conference call and webcast today, on Thursday 5 May at 8:30 am EDT / 1:30 pm BST. For instructions
on how to participate, please refer to the conference call and webcast section at the end of the news release.
Sebastien de Montessus, President and CEO, commented: “We are pleased to have started the year on a strong footing with
both production and all-in sustaining costs well positioned to meet full year guidance.
This performance has resulted in robust cash flow generation during the quarter which, in line with our capital allocation
framework, was used to further strengthen our balance sheet, to continue our attractive shareholder returns programme, and to
1
reinvest back into our business. Our net cash position has improved by $90 million to reach $167 million by the end of the
quarter, and we also returned more than $100 million to shareholders over the period through dividends and buybacks.
We are focused on continuing to enhance our business resilience by improving the quality of our portfolio through our attractive
organic growth opportunities and optimisation initiatives. As such, we have recently begun the expansion of Sabodala-Massawa
and the DFS for our Lafigué project is nearing completion. In addition, we are continuously working on improving the efficiency of
our operations by identifying and pursuing high priority optimisation initiatives, in an effort to remain a low-cost producer
despite the industry-wide inflationary pressures.
Endeavour’s robust operational and financial performance this quarter demonstrates the strong momentum across our business
and we look forward to the remainder of the year.”
UPCOMING CATALYSTS
The key upcoming expected catalysts are summarised in the table below.
Table 2: Key Upcoming Catalysts
TIMING CATALYST
Q2-2022 ESG Sustainability report publication
Mid-2022 Lafigué deposit - Fetekro property Completion of Definitive Feasibility Study
Q3-2022 Shareholder returns Declaration and payment of H1-2022 dividend
Q3-2022 Mana Wona underground first stope production
H2-2022 Exploration Exploration programme results and resource updates
OPERATING SUMMARY
• Continued strong safety record for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.15 for the trailing twelve
months ending 31 March 2022.
• Q1-2022 production from continuing operations amounted to 357koz, an increase of 44koz or 14% over Q1-2021, as a result
of stronger performances at Houndé, Ity and a full quarter of production from the Sabodala-Massawa and Wahgnion mines
that were integrated after the acquisition of Teranga on 10 February 2021. Q1-2022 all-in sustaining costs (“AISC”) from
continuing operations increased by $11 per ounce or 1% to $ 848 per ounce over Q1-2021 due to higher costs at Boungou,
Mana and Wahgnion. Inflationary pressures have been partially offset by favourable exchange rate variations, long-term
supply contracts, production and cost optimisation initiatives, a nd the benefit of regulated in-country fuel pricing
mechanisms where prices are revised on a monthly or quarterly basis, which shelters Endeavour from paying peak spot
international fuel prices.
• Q1-2022 production from continuing operations of 357koz was a decrease of 21koz or 5% over Q4-2021, following a strong
Q4-2021 after the rainy season, mainly due to lower production at Sabodala-Massawa and Wahgnion. Q1-2022 AISC from
continuing operations decreased by $46 per ounce or 5% over Q4-2021 due to lower AISC at Houndé, Ity, Mana and
Sabodala-Massawa as well as lower corporate G&A.
• On 10 March 2022, Endeavour closed the sale of its 90% interest in its no n-core Karma mine in Burkina Faso to Néré Mining
SA, for consideration of up to $25.0 million plus a 2.5% Net Smelter Return royalty, applicable on production in excess of
approximately 160koz of recovered gold from 1 January 2022.
Table 3: Group Production and FY-2022 Guidance
THREE MONTHS ENDED
(All amounts in koz, on a 100% basis)
31 March
2022
31 December
2021
31 March
2021 2022 FULL-YEAR GUIDANCE
Boungou 34 35 60 130 — 140
Houndé 73 77 66 260 — 275
Ity 72 60 71 255 — 270
Mana 53 54 52 170 — 190
Sabodala-Massawa1 96 105 39 360 — 375
Wahgnion1 29 47 25 140 — 150
PRODUCTION FROM CONTINUING OPERATIONS 357 378 313 1,315 — 1,400
Karma2 10 20 22
Agbaou3 — — 13
GROUP PRODUCTION 367 398 347
1Included for the post acquisition period commencing 10 February 2021. 2Divested on 10 March 2022. 3Divested on 1 March 2021.
2
Table 4: Group All-In Sustaining Costs and FY-2022 Guidance
(All amounts in US$/oz)
THREE MONTHS ENDED
31 March
2022
31 December
2021
31 March
2021 2022 FULL-YEAR GUIDANCE
Boungou 901 825 690 900 — 1,000
Houndé 771 874 839 875 — 925
Ity 728 854 786 850 — 900
Mana 1,000 1,116 954 1,000 — 1,100
Sabodala-Massawa1 578 592 749 675 — 725
Wahgnion1 1,351 1,066 780 1,050 — 1,150
Corporate G&A 39 51 33 30
AISC FROM CONTINUING OPERATIONS 848 894 837 880 — 930
Karma2 1,504 1,300 1,179
Agbaou3 — — 1,132
GROUP AISC 866 915 868
1Included for the post acquisition period commencing 10 February 2021. 2Divested on 10 March 2022. 3Divested on 1 March 2021.
• The Group is well positioned to achieve its FY-2022 production and AISC guidance for continuing operations of
1,315-1,400koz at an AISC of $880-930 per ounce.
• Sustaining capital expenditure for FY-2022 is expected to amount to $169.0 million, of which $30.8 million has been incurred
in Q1-2022.
• Non-sustaining capital expenditure for FY-2022 is expected to amount to $204.0 million, of which $41.9 million has been
incurred in Q1-2022. Given the excess cash flow being generated by the Company due to the strong operational performance
and higher gold price environment and the cautious approach taken in staggering the growth projects, Endeavour has
accelerated the launch of the construction of a recyanidation circuit at the Ity mine, one of its optimisation initiatives,
thereby increasing the FY-2022 non-sustaining capital expenditure from the original guidance of $173.0 million. The
additional circuit aims to optimise costs by reducing leaching and detox reagent consumption, improving the quality of the
discharge water, and increasing production through higher recovery rates. Given that the recyanidation circuit is expected to
result in 87koz of additional gold production and $63.0 million in cost savings over Ity’s current reserve life, the $41.4 million
upfront investment, spread over 2022-2023, has screened very well within Endeavour’s capital allocation framework based
on both its financial returns and positive ESG impact. Further information is provided in the Ity section below.
• Growth capital expenditure guidance for FY-2022 is expected to amount to $121.0 million, of which $ 7.9 million has been
incurred in Q1-2022, mainly related to the Sabodala-Massawa expansion project.
3
SHAREHOLDER RETURNS PROGRAMME
• In FY-2021, Endeavour implemented a shareholder returns programme that is composed of a minimum progressive dividend
of $125.0 million, $150.0 million and $175.0 million for FY-2021, FY-2022, and FY-2023 respectively, that may be
supplemented with additional dividends and share buybacks, provided that the prevailing gold price remains above $1,500
per ounce and that Endeavour’s leverage remains below 0.5x Net Debt/adjusted EBITDA.
• During Q1-2021, Endeavour paid its H2-2021 dividend of $ 70.0 million or $0.28 per share bringing the FY-2021 dividend to
$140.0 million or $0.56 per share, which represents $15.0 million more than the minimum dividend commitment.
• Shareholder returns are being supplemented through the Company’s share buyback programme. A total of $ 169.0 million, or
7.4 million shares have been repurchased from the start of the buyback programme on 9 April 2021, of which 1.3 million
shares were repurchased in Q1-2022 for $31.1 million.
• Endeavour renewed its share buyback programme on 22 March 2022, and is entitled to repurchase up to 5% of its total
issued and outstanding shares or 12,458,989 shares, during the 12 month period of the programme, and up to 25% of the
average daily trading volume or 195,081 shares during each trading day, excluding purchases made in accordance with the
block purchase exemptions under applicable TSX policies. All ordinary shares repurchased under the share repurchase
programme will be cancelled.
• As shown in the table below, since the launch of the Company’s shareholder returns programme in early 2021, a cumulative
$369.0 million has been delivered to shareholders in the form of dividends and share buybacks.
Table 5: Cumulative Shareholder Returns Delivered
TOTAL SHAREHOLDER
RETURNS, $m
FY-2020 dividend (paid in Q1-2021) 60
H1-2021 dividend (paid in Q3-2021) 70
H2-2021 dividend (paid in Q1-2022) 70
TOTAL DIVIDENDS 200
Share buyback (bought in FY-2021) 138
Share buyback (bought in Q1-2022) 31
TOTAL SHAREHOLDER RETURNS 369
4
CASH FLOW AND LIQUIDITY SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three month period ending 31 March 2022,
with accompanying notes below.
Table 6: Cash Flow and Net Debt Position
THREE MONTHS ENDED
In US$ million unless otherwise specified
31 March
2022
31 December
2021
31 March
2021
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital
from continuing operations 370 303 233
Changes in working capital (70) 42 (30)
Cash generated from/(used by) discontinued operations 5 11 (6)
Cash generated from operating activities [1] 304 356 198
Cash used in investing activities [2] (94) (132) (105)
Cash (used in)/generated by financing activities [3] (50) (71) 65
Effect of exchange rate changes on cash (20) (7) (4)
INCREASE IN CASH 140 146 154
Cash position at beginning of period 906 760 715
CASH POSITION AT END OF PERIOD [4] 1,047 906 868
Principal amount of Senior Notes (500) (500) —
Principal amount of Convertible Notes (330) (330) (330)
Drawn portion of corporate loan facilities [5] (50) — (700)
NET CASH / (NET DEBT) [6] 167 76 (162)
(Net cash), Net debt / Adjusted EBITDA (LTM) ratio1 [7] (0.11) x (0.05) x 0.16 x
1Net debt and Adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and
in the Management Report.
NOTES:
1) Operating cash flows decreased by $51.6 million from $355.9 million (or $1.43 per share) in Q4-2021 to $304.3 million (or
$1.23 per share) in Q1-2022 mainly due to a working capital outflow and a decrease in gold sales. Operating cash flow
before working capital increased by $66.5 million from $303.1 million (or $1.22 per share) in Q4-2021 to $369.6 million (or
$1.49 per share) in Q1-2022 largely due to the higher realised gold price. Notable variances are summarised below:
• Working capital was an outflow of $70.2 million in Q1-2022, a decrease of $111.8 million over Q4-2021 mainly due to
an increase in stockpiles, a decrease in trade and other payables and an increase in trade and other receivables.
Inventories were an outflow of $34.6 million due primarily to an increase in the value of stockpiles at Houndé, Ity,
Sabodala-Massawa and Wahgnion which was partially offset by a decrease in finished goods at Boungou and Mana.
Trade and other payables was an outflow of $15.7 million which mainly related to a decrease in trade payables at
corporate, offset by an increase in trade payables at Wahgnion mine due to the timing of payments. Trade and other
receivables were an outflow of $11.9 million mainly due to an increase in VAT receivable at Boungou and Mana and an
increase in advanced royalty payments at Houndé. Prepaid expenses and other was an outflow of $8.0 million for
Q1-2022 mainly due to an increase in prepayments of $1.6 million at Ity, $2.3 million at Mana and $3.7 million at
Wahgnion.
• Gold sales from continuing operations decreased from 370koz in Q4-2021 to 359koz in Q1-2022 due primarily to
decreases in production and gold sales at the Sabodala-Massawa and Wahgnion mines. The realised gold price from
continuing operations for Q1-2022 was $1,911 per ounce compared to $1,787 per ounce for Q4-2021. Total cash cost
per ounce decreased slightly from $727 per ounce in Q4-2021 to $723 per ounce in Q1-2022.
• Income taxes paid decreased by $13.4 million from $42.1 million in Q4-2021 to $28.7 million in Q1-2022, due to the one
time payment of $12.1 million related to the settlement of a tax assessment for the Massawa project in Q4-2021. This
decrease was partially offset by an increase in taxes paid at Sabodala-Massawa by $5.3 million from $0.7 million in
Q4-2021 to $6.0 million in Q1-2022 due to the commencement of mining at the Massawa pits and the timing of tax
payments.
2) Cashflows used in investing activities decreased by $38.5 million from $132.3 million in Q4-2021 to $93.8 million in Q1-2022
due to decreased expenditure on mining interests at Houndé, Ity and Sabodala-Massawa which was partially offset by an
increase at Mana:
5
• Sustaining capital from continuing operations decreased from $43.1 million in Q4-2021 to $30.8 million in Q1-2022
primarily due to lower capital spends at Ity due to less waste stripping at the Ity, Bakatouo and Walter pits and at
Houndé due to less waste capitalisation at Kari Pump and Kari West.
• Non-sustaining capital from continuing operations decreased from $60.5 million in Q4-2021 to $41.9 million in
Q1-2022, due to lower spending at Houndé, Ity, Sabodala-Massawa and Wahgnion, and primarily related to the winding
down of development activities at Le Plaque and Massawa among other items. This was slightly offset by increased
spending at Mana due to the development of the Wona underground declines and the ongoing TSF raise.
• Growth capital spend decreased from $11.8 million in Q4-2021 to $7.9 million in Q1-2022 and primarily relates to work
on the definitive feasibility studies (“DFS”) at the Sabodala-Massawa Expansion, Lafigué and Kalana projects.
3) Cash flows used in financing decreased by $21.1 million from $71.2 million in Q4-2021 to $50.1 million in Q1-2022.
Financing activities for Q1-2022 primarily consisted of a shareholder dividend payment of $69.3 million (net of shares
cancelled), payments for the acquisition of the Company’s own shares of $31.1 million, payments of financing and other
fees of $6.1 million which includes interest of $5.0 million. Cash flows used by financing activities was partially offset by a
drawdown on the revolving credit facility (“RCF”) of $50.0 million and proceeds received from the exercise of warrants of
$13.9 million.
4) A t quarter-end, Endeavour’s liquidity remained strong with $ 1,046.6 million of cash on hand and $450.0 million undrawn
under the RCF.
5) In Q4-2021, Endeavour restructured its debt replacing its corporate loan facility with $500.0 million fixed rate senior notes
and a $500.0 million unsecured RCF, which was undrawn at the end of Q4-2021. At the end of Q1-2022, Endeavour had
$50.0 million drawn on the RCF.
6) Endeavour ended Q1-2022 with a net cash financial position of $166.6 million. Net cash increased by $90.4 million during
Q1-2022 despite completing $31.1 million of shares buyback and payment of $69.3 million in shareholder dividends.
7) Given the net cash position, the Net Debt / Adjusted EBITDA (LTM) leverage ratio stood at (0.11)x at year-end, down from
(0.05)x in Q4-2021, and well below the Company’s target of less than 0.50x. The net cash position provides the flexibility to
continue to supplement shareholder returns while maintaining headroom to fund organic growth.
6
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three month period ending 31 March 2022,
with accompanying notes below.
Table 7: Earnings from Continuing Operations
THREE MONTHS ENDED
31 March
2022
31 December
2021
31 March
2021
Revenue [8] 686 663 601
Operating expenses [9] (218) (227) (252)
Depreciation and depletion [9] (152) (191) (117)
Royalties [10] (41) (42) (41)
Earnings from mine operations 276 203 191
Corporate costs [11] (14) (20) (14)
Acquisition and restructuring costs — (1) (12)
Impairment charge of mining interests — (248) —
Share-based compensation (8) (7) (8)
Exploration costs (7) (5) (10)
Earnings/(loss) from mine operations 247 (78) 147
(Loss)/gain on financial instruments [12] (179) 19 42
Finance costs (15) (25) (12)
Other expense (2) (3) (3)
Earnings/(loss) before taxes 51 (88) 173
Current income tax expense [13] (75) (38) (72)
Deferred income tax (expense)/recovery [14] (11) 34 7
Net comprehensive (loss)/earnings from continuing operations [15] (35) (92) 108
Add-back adjustments [16] 180 235 23
Adjusted net earnings from continuing operations [17] 145 142 131
Portion attributable to non-controlling interests 22 (6) 31
Adjusted net earnings from continuing operations attributable
to shareholders of the Company [17] 122 148 101
(Loss)/earnings per share from continuing operations (0.23) (0.35) 0.41
Adjusted net earnings per share from continuing operations 0.49 0.59 0.48
NOTES:
8) Revenue increased by $22.8 million from $663.4 million in Q4-2021 to $686.2 million in Q1-2022 mainly due to the higher
realised gold price in Q1-2022 of $1,911 per ounce compared to $1,787 per ounce for Q4-2021, which was offset slightly by
lower gold sales from the Sabodala-Massawa, Houndé, and Wahgnion mines.
9) Operating expenses decreased by $9.8 million from $227.3 million in Q4-2021 to $217.5 million in Q1-2022 due in part to
decreased levels of production at the Boungou, Houndé, Sabodala-Massawa and Wahgnion mines. Depreciation and
depletion decreased by $39.1 million from $191.1 million in Q1-2022 to $152.0 million mainly due to lower levels of
production at the Boungou, Houndé, Sabodala-Massawa and Wahgnion mines.
10) Royalties were in line with the prior quarter at $41.0 million in Q1-2022 compared to Q4-2021 with higher realised prices
offsetting lower gold sales.
11) Corporate costs were $14.0 million in Q1-2022 compared to $20.3 million in Q4-2021. The decrease in corporate costs is
primarily due to the cessation of costs associated with corporate integration and the LSE listing that were previously
incurred.
12) The loss on financial instruments was $178.8 million in Q1-2022 compared to a gain of $18.6 million in Q4-2021. The loss in
Q1-2022 was mainly due to an unrealised loss on gold forward sales of $79.2 million and an unrealised loss on gold collars of
$43.8 million, both of which are detailed below. In addition, the loss included a foreign exchange loss of $19.5 million, an
unrealised loss on the revaluation of the conversion option on convertible notes of $18.0 million, a realised loss on gold
forward sales of $7.0 million, a loss on change in fair value of the call rights of $4.4 million, a loss on change in the fair value
of the early redemption feature of senior notes of $4.0 million, a loss on change in fair value of warrant liabilities of $3.3
million and a loss on other financial instruments of $0.2 million. This was slightly offset by a gain on the fair value of
contingent considerations of $0.4 million and a gain in the fair value of receivables of $0.2 million.
7
As previously disclosed in Endeavour’s FY-2021 operating results announcement on 24 January 2022, Endeavour entered
into a revenue protection programme for a portion of its production across FY-2022 and FY-2023, to provide greater cash
flow visibility during its investment phase. This was structured as an upfront low premium collar with a put price of $1,750
per ounce and a call price of $2,100 per ounce for 75koz of production per quarter, from Q1-2022 until Q4-2023. In
Q1-2022, the realised gold price was was within the gold price range of the collar. In addition, the Company entered into a
forward sales contract for approximately 520koz of production in FY-2022 and 120koz of production in FY-2023 at an
average gold price of $1,831 per ounce and $1, 828 per ounce respectively. In Q1-2022, in order to benefit from the high
gold price environment, the forward sales contracts were restructured, whereby 165koz, previously expected to settle in
Q1-2022, were deferred to settle later in the year, with an overall higher average price of $1,840 per ounce for FY-2022. As
such, only 65koz ounces of forward contracts were settled in Q1-2022, resulting in a loss of $7.0 million in Q1-2022. At
quarter-end, the forward sales contracts outstanding for FY-2022 amounted to 574koz, with 99koz, 179koz, and 176koz
scheduled to be delivered in Q2-2022, Q3-2022, and Q4-2022, respectively, and the remainder in FY-2023.
13) Current income tax expense increased by $36.5 million from $38.2 million in Q4-2021 to $74.7 million in Q1-2022 due largely
to increased tax expenses at Mana and Sabodala-Massawa. Tax expenses at Mana were $8.0 million in Q1-2022 compared
to a $3.6 million tax recovery in Q4-2021, largely due to an increase in taxable income in Q1-2022, relative to a reduction in
tax provisions recognised in Q4-2021. At Sabodala-Massawa, tax expense was $30.8 million compared to $1.6 million
incurred in Q4-2021 with the difference largely attributed to the tax expense related to the start-up of mining at the
Massawa pits and the inclusion of a full quarter’s results in Q1-2022.
14) Deferred income tax recovery decreased by $45.3 million from $34.1 million in Q4-2021 to a deferred income tax expense of
$11.2 million in Q1-2022. The decrease is primarily due to decreased recoveries at Boungou and Sabodala-Massawa. The
deferred tax expense in Q1-2022 is mainly related to the impact of the changes in foreign exchange rates on the deferred
tax liabilities in the quarter.
15) A net comprehensive loss from continuing operations of $35.2 million was recorded for Q1-2022 compared to a net
comprehensive loss of $92.4 million in Q4-2021. The difference is largely attributed to the impairment recorded last quarter
at Boungou, partially offset by lower group operating costs in Q1-2022.
16) For Q1-2022, adjustments mainly included a loss on financial instruments of $178.8 million largely related to the realised loss
on forward sales and the unrealised loss on gold collars, other expenses of $2.0 million, positive non-cash adjustments of
$1.2 million, and acquisition and restructuring costs of $0.2 million.
17) Adjusted net earnings attributable to shareholders for continuing operations decreased by $25.6 million to $122.3 million
(or $0.49 per share) in Q1-2022 compared to $147.9 million (or $0.59 per share) in Q4-2021 due largely to higher margins
driven by lower operating expense and depreciation.
8