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May 13, 2020

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@EndeavourMining $EDV Reports Record Q1-2020: +42% #Gold Production, 5X Operating Cash Flow YOY

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ENDEAVOUR REPORTS RECORD 
OPERATING CASH FLOW IN Q1-2020 
Net Debt down $55m in Q1-2020 · Well positioned to meet FY-2020 production and AISC guidance  

Highlights

  • Strong Q1-2020 performance with production of 172koz at an AISC of $899/oz; well positioned to meet 
    FY- 2020 guidance 
  • Q1-2020 production increased by 42% over Q1-2019, driven by the start-up of the Ity CIL operation, while AISC increased by 3% to $899/oz
  • Record Operating Cash Flow of $126m in Q1-2020, a fivefold increase over Q1-2019 
  • Net debt was reduced by $55m in Q1-2020 to $473m, marking a reduction of $187m over the past three quarters, following nearly four years of intensive growth-capital investment
  • Healthy Net Debt / Adjusted EBITDA (LTM) of 1.06x at quarter-end, a reduction of 64% from 2.96x at the end of Q1-2019
  • Cash reserves of $357m at quarter-end, providing significant headroom to operate within the COVID-19 environment 
  • Adjusted Net Earnings of $34m or $0.30/share in Q1-2020, a $39m increase compared to Q1-2019
  • Continued exploration focus with $17m spent in Q1-2020, representing nearly 40% of the full-year budget
  • SEMAFO transaction Extraordinary General Shareholder Meeting on May 28 and AGM now scheduled for the first half of Q3-2020

Sébastien de Montessus, President & CEO, commented: "We have started 2020 well with continued momentum across the business, as production and costs from all our mines track in line with our full-year guidance. 

To date, our operations have not been significantly impacted by COVID-19. We have implemented a business continuity plan and are working very closely with host governments to support a coordinated response in the communities where we operate. In the few instances where we had positive cases, those individuals are fully recovered and have returned to work.

This quarter we are particularly pleased to have achieved a record in operating cash flow, which has enabled us to further reduce our net debt by $55 million. The additional cash will help to ensure the resilience of our balance sheet as we respond to the current operating environment and will provide us with capital allocation flexibility going forward as we place an increased focus on return on capital employed.

Exploration remains a core strategic pillar and during the quarter we invested nearly 40% of our annual budget across the portfolio. Over the coming months, we expect to see the fruits of this activity as we announce resource increases for the Kari area at Houndé, the Le Plaque area at Ity, and at Fetekro. In addition, we aim to demonstrate the value created by publishing increased reserves and updated mine plans at both Houndé and Ity along with a PEA for Fetekro. 

As we look ahead, we are well advanced in our planning to integrate our operations with SEMAFO. We remain excited about this combination and the value that it will create for all our stakeholders."
 

George Town, May 13, 2020 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the first quarter of 2020, with highlights provided in the table below.

 

Table 1: Key Operational and Financial Highlights

 
(in US$ million)
QUARTER ENDED
 
Mar. 31,
Dec. 31,
Mar. 31,
Q1-2020 vs.
2020
2019
2019
Q1-2019
PRODUCTION AND AISC HIGHLIGHTS 

 

  

 

Gold Production, koz
172
178
121
+42%
Gold Sold, koz
175
172
121
+44%
Realized Gold Price2, $/oz
1,546
1,445
1,252
+24%
All-in Sustaining Cost1, $/oz
899
819
877
+3%
All-in Sustaining Margin1,3, $/oz
647
627
375
+73%
CASH FLOW HIGHLIGHTS 1

 

 

 

 

All-in Sustaining Margin4, $m
113
108
45
+149%
All-in Margin5, $m
80
85
22
+258%
Operating Cash Flow Before Non-Cash Working Capital, $m  
119
73
48
+149%
Operating Cash Flow Before Non-Cash Working Capital, $/share
1.08
0.67
0.44
+146%
Operating Cash Flow, $m  
126
120
23
+450%
Operating Cash Flow, $/share
1.14
1.10
0.21
+444%
PROFITABILITY HIGHLIGHTS 

 

 

 

 

Revenues, $m
270
248
151
+78%
Adjusted EBITDA1, $m
130
98
41
+217%
Net Earnings Attr. to Shareholders, $m 
26
(113)
(15)
n.a.
Net Earnings, $/share
0.24
(1.03)
(0.13)
n.a.
Adjusted Net Earnings Attr. to Shareholders1, $m 
34
37
(5)
n.a.
Adjusted Net Earnings per Share1, $/share
0.30
0.34
(0.04)
n.a.
BALANCE SHEET HIGHLIGHTS1

 

  

 

Net Debt, $m
473
528
635
(26%)
Net Debt / Adjusted EBITDA (LTM) ratio
1.06
1.48
2.96
(64%)
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 2Realized Gold Price inclusive of Karma stream; 3Realized Gold Price less AISC per ounce; 4Net revenue less All-in Sustaining Costs; 5Net revenue less All-in Sustaining Costs and Non-Sustaining capital.  


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May 7, 2020

Inflows into #Gold #ETF’s for a sixth straight month in April boosting holdings to new all-time high of 3,355t $GLD

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Globally, gold-backed ETFs (gold ETFs) added 170 tonnes(t) – net inflows of US$9.3bn (+5.1%) – in April, boosting holdings to a new all-time high of 3,355t.1 Assets under management (AUM) also reached a new record high of US$184bn as gold in US dollars moved higher by 5.8%. Inflows have been strong and consistent in recent months, but not unprecedented. Rolling twelve-month inflows of 879t just surpassed those of 2009 and 2016, while rolling six-month inflows are less than two-thirds of the 457t of inflows in the comparable time periods of 2009 and 2016.


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