$EDV @EndeavourMining: Q3 Results Digest

Consensus	No. of	CFPS pre-WC	Adj. EPS	Production	AISC
	Estimates	($/sh)	($/sh)	(koz)	($/oz)
Bloomberg	11	1.06	0.41	344	n.a.
Company Surveyed	17	1.05	0.42	343	969
Actual		1.30	0.61	382	904
Beat / Miss		Strong Beat	Strong Beat	Strong Beat	Strong Beat

·     Q3 Broker consensus vs. actuals

Endeavour Mining just published Q3-2021 results. The press release is quite lengthy, below is a quick digest.

›         Positioned to beat full-year production guidance of 1,365-1,495koz within the guided AISC range of $850-900/oz; which would mark the ninth consecutive year of meeting guidance. 

·     Healthy balance sheet with Net Debt reduced to $70m despite having returned $105m to shareholders during Q3-2021; Net Debt to EBITDA leverage ratio stands as near zero

·     Continued strong focus on shareholder returns with $224m paid year to date

›         As a reminder, dividend strategy is to distribute at least $500m over the next three years, with supplemental returns by way of additional dividends and buybacks if the gold price prevails above US$1,500/oz and leverage remains below 0.5x Net Debt to adjusted EBITDA

›         Paid H1-2021 interim dividend of $70m during the quarter, which is over half the FY-2021 minimum dividend, demonstrating commitment to paying supplemental returns over the fixed minimum

›         Completed $35m of buybacks during the quarter; a total of $94m of buybacks have now been completed since the start of the program in April 

Click the link to view short video with our CEO, Sébastien de Montessus, presenting a summary of our Q3 Results: 
https://youtu.be/-e3ubUmUCKg

·     Organic growth remains on track

›         Construction of Sabodala-Massawa Phase 1 on track for completion by year-end

›         DFS for Sabodala-Massawa Phase 2 expansion, Fetekro and Kalana expected in Q1-2021 to allow for new resources at Sabodala-Massawa and Fetekro to be incorporated into studies

›         Group on track to discover more than 2.5Moz of Indicated resources in 2021 with significant recent discoveries at Ity, Houndé, Sabodala-Massawa and Fetekro

·     LSE listing, indexation and liquidity have performed well

›         Subsequent to Endeavour's premium listing on the London Stock Exchange ("LSE"), Endeavour was included in the FTSE All Share, FTSE 250, FTSE 350 and FTSE 350 Lower Yield indexes as part of the FTSE Q3-2021 rebalancing, which became effective on 20 September 2021

›         Strong liquidity in the UK (LSE, CBOE, CXE, BXE, OTC) since listing, equivalent to 25% of total trading

›         Upcoming FTSE 100 inclusion potential as our current market capitalisation positions us within the top 100 companies (FTSE market cap review date is 30^th November)

·     Upcoming catalysts:

TIMING	CATALYST
Q4-2021	Exploration	Resource updates at Sabodala-Massawa, Houndé, Ity and Fetekro
Q4-2021	Sabodala-Massawa	Completion of Phase 1 plant upgrades
Q1-2022	Sabodala-Massawa	Completion of Definitive Feasibility Study for Phase 2
Q1-2022	Fetekro	Completion of Definitive Feasibility Study
Q1-2022	Shareholder Returns	H2-2021 dividend
Q1-2022	Kalana	Completion of Definitive Feasibility Study

 www.endeavourmining.com/