Endeavour Mining 公布 2023 年全年业绩：产金 1,072koz、AISC 967 美元/盎司

已发布

2024年3月27日

标签

产量110万盎司，AISC为967美元/盎司 • 调整后EBITDA为10亿美元 • 股东回报2.66亿美元

运营与财务亮点（持续经营业务）

• 2023年第四季度产量为28万盎司，全维持成本（AISC）为每盎司947美元，处于行业低位；2023财年总产量为107.2万盎司，全维持成本为每盎司967美元
• 连续第11年达到或超过产量指引，且全维持成本（AISC）处于行业领先水平
• 2023年第四季度调整后EBITDA为2.92亿美元，2023财年为10.47亿美元
• 2023年第四季度调整后净收益为4200万美元（或每股0.17美元），2023财年为2.30亿美元（或每股0.93美元）
• 2023年第四季度营运资金变动前经营现金流为2.46亿美元（或每股1.00美元），2023财年为7.46亿美元（或每股3.02美元）
• 财务状况稳健，净债务为5.55亿美元，净债务/调整后EBITDA（LTM）杠杆率为0.50倍，尽管年内投入5.48亿美元用于内生增长和勘探，并向股东返还2.66亿美元

强劲的股东回报

• 2023财年股息2亿美元及股份回购6600万美元；比最低承诺高出52%
• 自2021年第一季度首次派付以来，股东回报总额达9.03亿美元，比最低承诺高出77%

有吸引力的有机增长

• Sabodala-Massawa扩建项目和Lafigué项目均未超预算，并按计划于2024年第二季度首次产金
• 集团M&I资源量同比增长140万盎司（6%）至2670万盎司，因勘探优先聚焦Tanda-Iguela项目，使其M&I资源量增长303%至450万盎司；而P&P储量同比下降130万盎司（9%）至1390万盎司，主要由于开采消耗，2024年的关键重点是将资源量转化为储量

伦敦，2024年3月27日 – Endeavour Mining plc（伦敦证券交易所：EDV，多伦多证券交易所：EDV，OTCQX：EDVMF）（“Endeavour”、“集团”或“公司”）欣然宣布其2023财年运营和财务业绩，亮点见下表1。

表1：持续经营业务亮点¹

¹ 持续经营业务不包括已于2023年6月30日剥离的Boungou和Wahgnion矿山，以及已于2022年3月10日剥离的Karma矿山。² 这是一项非GAAP指标，详情请参阅“非GAAP指标”部分。³ 已实现黄金价格包含Sabodala-Massawa流式交易以及集团收入保护计划产生的已实现收益/亏损。⁴ 过去十二个月（“LTM”）滚动调整后EBITDA包括已终止经营业务产生的EBITDA。

管理层将于今天，即2024年3月27日，美国东部时间上午9:30 / 格林尼治标准时间下午1:30举行电话会议和网络直播。有关如何参与的说明，请参阅新闻稿末尾的电话会议和网络直播部分。今天，截至2023年12月31日止年度的管理层讨论与分析、经审计财务报表和年度报告已提交至国家存储机制，并在SEDAR上备案。这些文件将很快可在公司网站及以下网址查阅：https://data.fca.org.uk/#/nsm/nationalstoragemechanism。此外，公司已发布2023年可持续发展报告，该报告将很快在公司网站上提供。

首席执行官Ian Cockerill评论道：“我很高兴能在这样一个关键时刻被任命为Endeavour的首席执行官。从我们的2023年业绩可以看出，Endeavour凭借高质量的资产组合和稳健的商业模式处于有利地位，这得益于严谨的资本配置方式。年内，我们实现了关键目标，生产了110万盎司黄金，连续第十一年达到产量指引，同时实现了每盎司967美元的全维持成本，保持了我们在行业内最低成本生产商之一的地位。

随着我们推进两个高利润率开发项目——Sabodala-Massawa扩建项目和Lafigué开发项目，我们持续提升了资产组合的质量。这两个项目均符合预算且略超前于计划，目前都已进入调试阶段。年内我们还剥离了非核心的Boungou和Wahgnion矿山，进一步增强了资产组合的质量并提升了其地域多元化程度。

我们的勘探计划持续支撑我们稳健的项目储备，我们在科特迪瓦的Tanda-Iguela发现新增了340万盎司的指示资源量。这一450万盎司的发现不仅是过去十年西非最重要的发现之一，而且有望成为Endeavour的一级矿床，而我们以每盎司11美元的行业低成本发现了它。

年内，除了在有机增长和勘探方面投入超过5.48亿美元外，我们还通过股息和股票回购向股东返还了2.66亿美元。我们每生产一盎司黄金就向股东返还227美元，重申了我们致力于提供有吸引力的股东回报的承诺。

2024年成为转型交付之年的基础已经就绪。我专注于完成我们的增长项目，并过渡到更具现金生成能力的阶段，该阶段将优先降低资产负债表杠杆并实现更高的股东回报，确保我们所释放的增长立即惠及所有利益相关者。”

首席执行官不当行为调查已完成

• 正如2024年1月4日先前公告所述，因董事会就其发出的与公司处置Agbaou资产有关的不合规付款指令展开调查，认定前总裁兼首席执行官Sébastien de Montessus存在严重不当行为，故终止与其签订的合同。鉴于其严重不当行为，董事会薪酬委员会决定追回总额2910万美元的薪酬，该决定于2024年1月18日公告。
• Endeavour 董事会于今日（2024年3月27日）宣布，调查现已完成，主要结果如下：
  • 无需重述历史财务报表，对今日发布的2023年度财务业绩无重大影响，该业绩获得无保留审计意见。
  • 调查发现，de Montessus 先生与某些非本集团员工的其他人共同行事：
    • 于2021年3月将一笔590万美元的付款转移至一家第三方公司，并通过反复向管理层、董事会和审计师作出虚假陈述来隐瞒其行为；
    • 致使 Endeavour 于2020年8月和11月向同一家第三方公司支付了两笔合计1500万美元的款项，并通过反复向管理层作出虚假陈述，故意将其伪装成向承包商的预付款。
  • 无证据表明存在贿赂，或任何款项被支付给受制裁人员或恐怖组织。
  • 尽管进行了广泛调查，这些款项的最终受益人尚未查明，因为收款实体在资金转移后立即被清算。
  • de Montessus 先生在调查过程中对其行为提供了不可信且不真实的解释。
  • 调查现已完成。
• 已采取及拟采取行动的摘要：
  • de Montessus先生于1月4日被解除首席执行官兼总裁职务。
  • 1月18日宣布追回薪酬共计2910万美元。
  • 董事会注意到这些付款涉及故意规避我们现有的控制框架，但仍根据新的英国公司治理准则加快了内部控制的审查，并对与并购活动相关的某些控制措施作出了即时调整。
• 如需了解更多信息，请参阅以下链接中的2023年年度报告。
• 董事会于1月4日任命原董事会副主席Ian Cockerill为正式首席执行官兼执行董事。Ian在全球自然资源领域拥有逾四十年经验，曾在多家大型矿业公司担任高级运营、项目和行政职务，包括Gold Fields和Anglo Coal的首席执行官。

股东回报计划

• Endeavour欣然宣布，依据其资本配置框架，公司持续为股东带来具有吸引力的回报。如先前公告，2023财年股息总额为2.00亿美元，即每股0.81美元，较本年度1.75亿美元的最低股息承诺高出2500万美元，再次彰显Endeavour支付补充性股东回报的坚定承诺。Endeavour 2023年下半年股息为1亿美元，即每股0.41美元，已于2024年3月25日向2024年2月23日登记在册的股东支付。
• 股东回报正通过公司的股份回购计划得到补充。2023财年共回购6570万美元，即300万股，其中2023年第四季度回购2570万美元，即130万股。此外，截至2024年3月22日，2024财年已回购1260万美元，即70万股。
• 如下表所示，Endeavour在2023财年通过股息和股份回购向股东返还了2.664亿美元，比该年度1.750亿美元的最低股息承诺高出52%，相当于所有运营每盎司产出227美元。自2021年第一季度开始支付股东回报计划以来，Endeavour已通过股息和回购的形式向股东返还了超过9.030亿美元，比该期间的最低承诺多出3.930亿美元，即高出77%。

表2：实际股东回报与最低承诺对比

• 如前所述，Endeavour于2021年实施了股息政策，目标是在黄金价格保持在1500美元/盎司以上且Endeavour的杠杆率保持在净债务/调整后EBITDA的0.5倍以下的情况下，通过额外股息和股份回购来补充其最低股息承诺。Endeavour的目标是在其内生增长项目完成后增加股东回报计划，同时加强其资产负债表，从而确保其释放增长的努力立即惠及所有利益相关者。Endeavour的下一次半年度股息预计将在2024年第三季度与其2024年第二季度和上半年财务业绩一同公布。
• 如2024年3月20日所公告，Endeavour已获得多伦多证券交易所（“TSX”）的批准，续期其用于股份回购计划的正常发行人收购要约（“NCIB”）。根据NCIB，Endeavour有权在NCIB的12个月期间内回购截至2024年3月13日其已发行及流通股份总数的至多5%，即12,259,943股，以及在截至2024年2月29日的六个月期间内，根据TSX规则为NCIB目的计算的平均每日交易量（“ADTV”）的至多25%，即每个交易日至多96,878股，不包括根据适用TSX政策下的批量购买豁免所进行的购买。股份回购计划下回购的所有普通股将被注销。续期后的NCIB自2024年3月22日开始，至2025年3月21日结束，或Endeavour根据向TSX提交的意向通知可能完成其购买之较早日期。
• Endeavour 此前宣布的与 Stifel Nicolaus Europe Limited（“Stifel”）的自动股份购买协议将继续允许在 Endeavour 因监管禁售期、其自身内部交易封锁期、内幕交易规则或其他原因而无法活跃于市场时，按照特定交易参数购买普通股。在这些期间之外，可根据管理层的酌情决定并遵守适用法律回购普通股。
• 股份购买将由 Stifel（或通过其代理 Stifel Nicolaus Canada, Inc.）在 TSX 和伦敦证券交易所，以及通过其他指定交易所和替代交易系统按照适用监管要求进行。回购普通股所支付的价格将为该等普通股在收购时的市场价格，或按照适用监管要求及 Endeavour 现有股东授权进行股份回购所允许的其他价格。Endeavour 打算在其 2024 年年度股东大会上请求股东续延该授权。

现金流摘要

下表列示了Endeavour在截至2023年12月31日、2023年9月30日和2022年12月31日的三个月期间，以及截至2023年12月31日和2022年12月31日的十二个月期间的现金流量，并附有下方说明。

表3：现金流量摘要

¹持续经营业务不包括已于2023年6月30日剥离的Boungou和Wahgnion矿山，以及已于2022年3月10日剥离的Karma矿山。

注释：

1)  经营活动现金流从2023年第三季度的1.149亿美元（或每股0.47美元）增加5180万美元，至2023年第四季度的1.667亿美元（或每股0.68美元），原因是黄金实现价格上升、与Sabodala-Massawa预扣税支付和税款支付时间安排相关的已付税款减少，以及勘探成本下降，部分被营运资金流出增加所抵消。

经营活动现金流从2022财年的10.171亿美元（每股4.10美元）减少3.706亿美元至2023财年的6.465亿美元（每股2.62美元），原因是经营费用和勘探成本上升、税款缴纳时间安排的影响，以及2023年6月30日处置Boungou和Wahgnion矿山后终止经营业务产生的现金流减少，进一步加剧了这一下降。

主要差异概述如下：

• 2023年第四季度营运资金流出7950万美元，较2023年第三季度流出520万美元增加7430万美元。2023年第四季度的流出主要由于与增值税收入时点相关的贸易及其他应收款流出6360万美元、主要与Sabodala-Massawa和Ity库存增加相关的存货流出1530万美元，以及主要与Houndé和Ity供应商付款时点相关的贸易及其他应付款流出300万美元。2023年第四季度营运资金流出被与Houndé供应商预付款减少相关的预付费用及其他项目流入240万美元部分抵消。
  2023财年营运资金流出1.269亿美元，较2022财年流出7260万美元增加5430万美元，主要由于增值税收入时点导致贸易及其他应收款相关流出增加，以及Sabodala-Massawa和Ity库存增加导致相关流出增加。
• 持续经营业务的黄金销量从2023年第三季度的278koz增至2023年第四季度的285koz，主要原因是黄金销售的时间安排。持续经营业务实现的黄金价格从2023年第三季度的每盎司1,898美元上涨至2023年第四季度的每盎司2,007美元。计入集团收入保护计划后，实现的黄金价格从2023年第三季度的每盎司1,903美元上涨至2023年第四季度的每盎司1,945美元。
  持续经营业务的黄金销量从2022财年的1,150koz下降至2023财年的1,084koz，原因是2023财年集团持续经营业务的产量下降。持续经营业务实现的黄金价格从2022财年的每盎司1,791美元上涨至2023财年的每盎司1,939美元。计入集团收入保护计划后，实现的黄金价格从2022财年的每盎司1,808美元上涨至2023财年的每盎司1,919美元。
• 每盎司总现金成本从2023年第三季度的848美元/盎司降至2023年第四季度的837美元/盎司，原因是Mana的现金成本下降，这得益于露天采矿成本降低、副产品抵扣增加以及资本化废石增加；Sabodala-Massawa的现金成本下降，原因是黄金产量增加；但部分被Houndé现金成本上升所抵消，原因是特许权使用费和G&A成本上升。
  每盎司总现金成本从2022财年的723美元/盎司上升至2023财年的837美元/盎司，原因是Sabodala-Massawa和Mana的产量及黄金销量下降、集团范围内燃料和消耗品成本上升、已实现金价上涨导致特许权使用费成本上升，以及2023财年欧元兑美元汇率走强带来的不利影响。
• 如下表所示，已缴所得税从2023年第三季度的1.420亿美元减少7110万美元至2023年第四季度的7090万美元，主要原因是Sabodala-Massawa的已缴税款减少，因为与2022纳税年度相关的最终税款已于2023年第三季度缴纳，以及其他税款支付从2023年第三季度的5070万美元减少至2023年第四季度的3030万美元，原因是与从运营实体上缴的现金相关的预扣税款减少。
  已缴所得税从2022财年的1.583亿美元增加1.826亿美元至2023财年的3.409亿美元，原因是Sabodala-Massawa的暂定年末税款支付增加，上一年度受益于2021年Massawa许可证的免税期于2021年到期而导致的较低2021年税基。税款增加还由于对从运营实体上缴的现金支付的预扣税款、Ity因Floleu许可证税务处理变化而增加的已缴税款，以及Houndé和Mana 2023年暂定税款支付的时间安排（其税基较高）。

表4：持续经营业务的税款支付

¹“其他”类别包括公司和勘探实体缴纳的所得税和预扣税。

2)  投资活动所用现金增加1590万美元，从2023年第三季度的1.951亿美元增至2023年第四季度的2.110亿美元，原因是2023年第四季度Sabodala-Massawa扩建项目和Lafigué开发项目的增长资本支出加速。

投资活动所用现金增加了 2.994 亿美元，从 FY-2022 的 5.214 亿美元增至 FY-2023 的 8.208 亿美元，主要原因是 2022 年第二季度启动的 Sabodala-Massawa 扩建项目和 2022 年第四季度启动的 Lafigué 开发项目所产生的增长资本增加，以及 Ity 和 Mana 矿山的非持续性资本增加。这部分被 Sabodala-Massawa 持续性资本的减少所部分抵消。

• 持续经营业务的维持性资本从2023年第三季度的2250万美元下降至2023年第四季度的2000万美元，原因是上一季度购买重型采矿设备后，Houndé和Sabodala-Massawa的维持性资本支出减少。
  持续经营业务的维持性资本从2022财年的9750万美元下降至2023财年的9180万美元，原因是Sabodala-Massawa的维持性资本因废石开拓活动减少而下降，但部分被Mana的维持性资本因地下开拓和采场生产活动增加而上升所抵消。Ity和Houndé的维持性资本支出与上一年基本持平。
• 持续经营的非维持性资本从2023年第三季度的4950万美元增至2023年第四季度的5250万美元，主要原因是Houndé与Kari Pump采坑的剥离前活动相关的非维持性资本支出增加，以及Ity与Walter采坑的扩帮活动增加及Mineral Sizer优化计划支出增加相关的非维持性资本支出增加。这部分被Sabodala-Massawa和Mana因非维持性废石开发减少而降低的非维持性资本部分抵消。
  持续经营的非维持性资本从2022财年的1.926亿美元增至2023财年的2.453亿美元，原因是Ity与Recyn和Mineral Sizer优化计划建设、TSF 1的坝体加高及TSF 2建设相关的非维持性资本支出增加，以及Sabodala-Massawa因新采坑开启导致剥离前活动增加而增加的非维持性资本支出。这部分被Mana的非维持性资本支出减少部分抵消，原因是地下矿山开发推进至采场生产，产生的非维持性地下废石开发减少。Houndé的非维持性资本支出与上一年度基本持平。
• 增长资本从2023年第三季度的1.162亿美元增至2023年第四季度的1.550亿美元，原因是Sabodala-Massawa扩建项目和Lafigué开发项目的建设活动加速推进，两个项目均预计于2024年第二季度首次产金。本季度的增长资本支出还包括150万美元用于与Kalana项目相关的技术研究工作。
  增长资本从2022财年的1.265亿美元增至2023财年的4.475亿美元，主要原因是2022年第二季度启动的Sabodala-Massawa扩建项目和2022年第四季度启动的Lafigué开发项目的建设活动加速。

3)  融资活动所用现金流量较2023年第三季度的流出1.246亿美元减少4560万美元，至2023年第四季度的流出7900万美元，主要由于向股东派发股息的时间安排以及与上期相比向少数股东派发的股息减少。2023年第四季度融资活动所用现金流量包括本季度偿还循环信贷额度（RCF）7000万美元、与优先票据和RCF息票支付相关的融资及其他费用支付3670万美元、通过股份回购计划收购公司自有股份的支付2470万美元、向少数股东派发股息1270万美元，以及偿还融资和租赁义务700万美元。融资现金流出被Lafigué定期贷款的7210万美元提款部分抵消。

融资活动所用现金流量从2022财年的流出3.801亿美元减少1.035亿美元，至2023财年的流出2.766亿美元，主要由于年内公司提取循环信贷额度（RCF），抵消了公司可转换债券结算产生的融资现金流出。2023财年融资活动所用现金流量包括：公司可转换债券结算3.30亿美元、向股东支付股息2.004亿美元、向少数股东支付股息7,470万美元、偿还公司RCF已提取部分7,000万美元、支付融资及其他费用6,860万美元（主要与优先票据和RCF的息票支付相关）、通过股份回购计划收购公司自有股份支付6,150万美元、结算或有对价5,000万美元（作为Massawa收购的一部分支付给Barrick Gold）、与Teranga未行使认购权相关的认购权现金结算2,850万美元、偿还融资和租赁义务2,050万美元以及结算追踪股份支付1,840万美元。融资现金流出被以下项目部分抵消：长期债务融资提取6.422亿美元（包括从公司RCF提取的5.35亿美元和从Lafigué定期贷款提取的1.072亿美元）以及行使期权和认股权证所得款项590万美元。

持续经营业务收益

下表列示了Endeavour在截至2023年12月31日、2023年9月30日和2022年12月31日的三个月期间，以及截至2023年12月31日和2022年12月31日的十二个月期间的收益和调整后收益，并附有下方说明。

表5：持续经营业务收益¹

¹ 持续经营业务不包括已于2023年6月30日剥离的Boungou和Wahgnion矿山，以及已于2022年3月10日剥离的Karma矿山。

注：

4)  收入从2023年第三季度的5.300亿美元增加4930万美元至2023年第四季度的5.793亿美元，原因是黄金实现价格从2023年第三季度的每盎司1,898美元上涨109美元至2023年第四季度的每盎司2,007美元（不包括公司的收入保护计划），并进一步受到持续经营业务黄金销量因黄金销售时点安排从2023年第三季度的278千盎司增至2023年第四季度的285千盎司的叠加影响。

收入从2022财年的20.690亿美元增加4560万美元，至2023财年的21.146亿美元，原因是公司收入保护计划之外的已实现金价从2022财年的每盎司1,791美元上涨148美元至2023财年的每盎司1,939美元，但部分被持续经营业务黄金销量从2022财年的1,150koz下降至2023财年的1,084koz所抵消，原因是Sabodala-Massawa和Mana矿产量下降。

5)  运营费用从2023年第三季度的2.053亿美元增加340万美元，至2023年第四季度的2.087亿美元，主要原因是2023年第三季度与当季生产、随后于2023年第四季度售出的盎司相关的应计费用进行了匹配，尤其是在Sabodala-Massawa，该矿售出的盎司超过了季度产量。

运营费用从2022财年的7.20亿美元增加6720万美元至2023财年的7.872亿美元，原因是Houndé和Mana的采矿量增加，Houndé、Sabodala-Massawa和Ity的加工量增加，燃料和消耗品成本上升，以及2023财年相比2022财年欧元兑美元汇率走强导致成本增加的影响。

6)  折旧与折耗从2023年第三季度的1.144亿美元增加1820万美元至2023年第四季度的1.326亿美元，主要原因是Sabodala-Massawa的产量增加，因为Sabodala矿坑的开采已接近矿山寿命末期，纳入了更高的相关折旧率。

折旧与折耗从2022财年的4.760亿美元下降2760万美元至2023财年的4.484亿美元，原因是产量下降，以及2022年储量与资源更新后应折旧基数降低。

7)  特许权使用费从2023年第三季度的3190万美元增加840万美元至2023年第四季度的4030万美元，原因是上文所述已实现黄金价格上涨、黄金销售量增加，以及此前披露的布基纳法索滑动比例特许权使用费率变化的影响，该变化于2023年11月生效。

特许权使用费从2022财年的1.245亿美元增加920万美元至2023财年的1.337亿美元，原因是上文所述已实现黄金价格上涨，以及此前披露的布基纳法索滑动比例特许权使用费率变化的影响（该变化于2023年11月生效），但被黄金销售量下降部分抵消。

8)  公司成本从2023年第三季度的1040万美元小幅增至2023年第四季度的1110万美元，原因是与奖金计提相关的公司一般成本上升，但部分被员工薪酬减少所抵消，后者源于与公司前首席执行官被没收薪酬相关的薪酬贷记。

公司成本从2022财年的4770万美元小幅增至2023财年的4900万美元，原因是员工成本和专业服务成本上升，但部分被一般公司管理费用的减少所抵消。

9)  本集团在2023财年确认了1.226亿美元的采矿权益和商誉非现金减值，其中包括针对无近期计划活动的勘探资产确认的6570万美元，以及基于正在进行的技术研究的最新假设对Kalana项目确认的5690万美元。勘探资产减值的确认主要涉及：2023年第四季度对布基纳法索Nabanga矿区Kamsongo许可证确认的3250万美元减值；对正在出售过程中的科特迪瓦Afema勘探资产确认的1690万美元（其中1480万美元于2023年第二季度确认，另有210万美元于2023年第四季度确认）；以及与无意续期的其他勘探资产相关的1630万美元。此外，2023年第四季度就Kalana项目确认了5690万美元减值，涉及正在进行的技研究中资本支出假设的预期变化。

10)  本集团在2023财年确认了5480万美元的其他费用，其中包括2490万美元的税务和解费用（主要与Sabodala-Massawa的间接税相关）、1870万美元的预期信用损失（来自与Boungou和Wahgnion剥离相关的现金应收款，详见下文非核心资产剥离部分的更多细节）、930万美元的其他应收款减值（来自Allied Gold的590万美元和增值税的340万美元）、430万美元的资产处置损失、410万美元的其他应收款预期信用损失、180万美元的收购和重组成本，以及80万美元的社区捐赠，上述费用被与社区骚乱相关的910万美元保险赔款部分抵消。

11)  勘探成本从2023年第三季度的1490万美元下降930万美元至2023年第四季度的560万美元，原因是本季度早些时候年度钻探计划结束后，集团的勘探计划主要集中于钻探结果的分析和解释。

勘探成本从2022财年的3390万美元增加1360万美元至2023财年的4750万美元，主要由于Tanda-Iguela绿地资产的费用增加；如2023年11月29日所公布，该资产一项由167,436米钻探组成的大规模钻探计划圈定出450万盎司的指示资源量，品位为1.97克/吨金，较2022年末公布的首次指示资源量估算增长303%，从而确认其成为一级资产的潜力。

12)  金融工具损失减少9150万美元，从2023年第三季度的收益720万美元转为2023年第四季度的损失8430万美元，主要由于黄金领口和远期销售未实现损失增加，以及与资产出售相关的净冶炼厂回报（“NSR”）特许权使用费公允价值变动，部分被外汇变动收益所抵消。2023年第四季度的金融工具损失包括黄金领口和远期销售的未实现损失3890万美元、与Boungou和Wahgnion剥离相关的NSR未实现损失2430万美元、黄金领口和远期合约的已实现损失1780万美元，以及与对Allied Gold股票5000万美元投资相关的有价证券未实现损失1170万美元。金融工具损失部分被800万美元的未实现外汇收益、70万美元的外币合约未实现收益和40万美元的外币合约已实现收益所抵消。

金融工具损失从2022财年的1910万美元损失增加9890万美元，至2023财年的1.18亿美元损失，其中包括与资产出售相关的NSR和递延对价的未实现损失2410万美元、黄金领口和远期合约的已实现损失2130万美元、黄金领口和远期合约的未实现损失2120万美元、有价证券的未实现损失2050万美元、可转换票据转换期权的公允价值损失1490万美元、未实现汇兑损失1330万美元、认购权公允价值损失900万美元、外币合约的未实现损失420万美元，以及与Teranga收购Massawa矿产相关的或有对价公允价值变动损失60万美元。金融工具损失被部分抵消，包括与Allied Shares上市相关的金融资产转换未实现收益660万美元、外币合约已实现收益400万美元以及其他金融工具收益50万美元。

如先前披露，为在其建设与去杠杆阶段提高现金流可见度，Endeavour 制定了收入保护计划，采用零成本黄金领口与远期销售合约相结合的方式，覆盖其 2023、2024 和 2025 年的部分产量。

• 2023年第四季度，30koz 以平均每盎司1,828美元的价格结算为远期销售合同。
• 2024财年，预计约有450koz（每季度约113koz）将通过领口期权交割，平均看涨价格为2,400美元/盎司，平均看跌价格为1,807美元/盎司。此外，2024年上半年，预计共有约70koz（每季度约35koz）将通过远期销售合同结算，平均黄金价格为2,033美元/盎司。
• 2025财年，预计约有200koz（每季度约50koz）将交付至一个领口期权中，平均看涨价格为2,400美元/oz，平均看跌价格为1,992美元/oz。

如先前披露，Endeavour 签订了增长资本保护计划，旨在为其 Sabodala-Massawa 扩建项目和 Lafigué 增长项目的部分增长资本支出提高成本确定性。本集团在 2023 年和 2024 年期间签订了涉及欧元和澳元的多项外汇远期合约。

• 2023年第四季度，1360万欧元按1.03欧元兑美元的混合汇率交割至远期合约，650万澳元按0.69澳元兑美元的混合汇率交割至远期合约。
• 2024年，未平仓远期合约名义总额约为1300万欧元，混合汇率为1.04欧元兑美元；以及约为570万澳元，混合汇率为0.69澳元兑美元。

13)  当期所得税费用从2023年第三季度的5350万美元增加2130万美元至2023年第四季度的7480万美元，主要由于Ity当地董事会批准现金上拨后确认了3010万美元的预提税费用，以及本季度应税收益增加导致企业所得税增加。

当期所得税费用从2022财年的2.578亿美元增加1010万美元至2023财年的2.679亿美元，原因是今年上缴现金金额增加导致预提税费用上升，但被2023财年应纳税所得额下降部分抵消。

14)  递延所得税从2023年第三季度的递延所得税费用160万美元增加1130万美元，至2023年第四季度的递延所得税回收970万美元，主要由于Kalana项目减值的递延税影响，部分被递延税余额的外汇重新计量影响所抵消。

递延所得税回收增加4960万美元，从2022财年的750万美元增至2023财年的5710万美元，主要由于此前就采矿权益确认的递延所得税负债转回。这些负债源于Sabodala-Massawa的计税基础与会计基础之间的差异，其中包括初始收购时的公允价值调整。此外，Kalana项目的减值降低了其账面价值及相关的递延所得税负债，该负债也是在收购该项目时产生的。

15)  持续经营业务的净综合收益减少了2.211亿美元，从2023年第三季度的净综合收益7360万美元降至2023年第四季度的净综合亏损1.475亿美元。收益下降的主要原因是黄金领口期权、远期合约按市值计价以及汇率变动导致的金融工具损失，此外还有NSR和有价证券公允价值变动、矿权非现金减值费用、其他费用增加（反映资产处置递延现金对价的减值以及与Sabodala-Massawa相关的税务索赔）、当季确认预扣税导致的税费增加以及特许权使用费增加。

持续经营净综合收益从2022财年的2.568亿美元减少2.141亿美元，至2023财年的4270万美元。收益减少的主要原因是黄金领口期权、远期合约按市值计价及汇率变动导致的金融工具损失、矿产权益的非现金减值费用、税费支出增加、勘探费用增加，以及因运营费用和权利金增加导致矿山运营收益下降。

16)  2023年第四季度，调整项包括上文所述107.8百万美元的非现金减值费用、与远期销售和领口期权的未实现损失以及NSR和有价证券公允价值变动相关的66.5百万美元金融工具净损失、主要与上述递延现金对价减值相关的45.1百万美元其他费用，以及与已处置Karma矿税款相关的2.4百万美元终止经营净损失，部分被14.8百万美元的非现金、税务及其他调整收益所抵消，该收益主要与递延税项余额的外汇重新计量影响相关。

2023财年，调整项包括与本集团勘探许可证组合及Kalana项目相关的1.226亿美元减值费用、与远期销售和领口期权的未实现损失以及NSR和有价证券的公允价值变动相关的9670万美元金融工具净损失，以及可转换债券的可转换期权公允价值损失和其他费用5480万美元，部分被1180万美元的非现金、税务及其他调整收益所抵消，该收益主要与递延税项余额的外汇重新计量影响相关。

17)  持续经营业务中归属于股东的调整后净收益从2023年第三季度的6950万美元（或每股0.28美元）下降2740万美元，至2023年第四季度的4210万美元（或每股0.17美元），原因是税费支出增加、折旧增加、黄金远期已实现亏损增加以及特许权使用费增加。

持续经营业务应占股东调整后净收益从2022财年的2.927亿美元（每股1.18美元）减少6240万美元至2023财年的2.302亿美元（每股0.93美元），原因是经营利润率下降、勘探成本上升、税费增加以及黄金远期合约已实现亏损增加。

财务状况摘要表

下表列示本集团于2023年12月31日及2022年12月31日的简明财务状况表及流动性，并附相关说明如下。

表6：财务状况表摘要

注释：

18)  截至2023年12月31日的其他流动资产包括2.249亿美元的存货、2.692亿美元的贸易及其他应收款、3920万美元的预付费用及其他，以及6970万美元的其他金融资产。

• 存货从2022年12月31日的3.263亿美元减少9580万美元至2023年12月31日的2.249亿美元，主要原因是Boungou和Wahgnion矿山剥离导致备件和供应品减少，以及Sabodala-Massawa的某些矿石库存因预计未来十二个月内不会加工而被重分类为长期。
• 贸易及其他应收款从2022年12月31日的1.184亿美元增加1.623亿美元至2023年12月31日的2.692亿美元，主要原因是Boungou和Wahgnion矿山剥离后产生的对价相关应收款1.114亿美元、因发货时间安排导致的黄金销售应收款增加2450万美元、增值税应收款增加3060万美元，以及其他应收款增加950万美元（主要与Boungou和Wahgnion矿山出售相关的剩余营运资金付款有关）。这些因素被Boungou和Wahgnion剥离后预付款减少1370万美元部分抵消。
• 预付款项及其他从2022年12月31日的5890万美元减少1190万美元至2023年12月31日的3920万美元，主要由于Allied股份在公开上市后从有价证券重新分类为金融资产的投资，以及Boungou和Wahgnion相关预付款的移除。这部分被持续经营集团内保险和安全预付款的增加所抵消。
• 其他金融资产从2022年12月31日的370万美元增加5,310万美元至2023年12月31日的6,970万美元，主要由于新增了净冶炼厂权利金（“NSR”）的流动部分以及出售Boungou和Wahgnion对价的递延部分。

19)  矿业权益从2022年12月31日的45.170亿美元减少3.599亿美元至2023年12月31日的41.571亿美元，原因是2023年6月30日剥离Boungou和Wahgnion资产、Kalana项目减值以及勘探资产减值，但被年内矿业权益7.626亿美元的资本支出部分抵消。

20)  其他长期资产从2022年12月31日的451.3百万美元增加129.9百万美元至2023年12月31日的581.2百万美元，其中包括Houndé、Ity和Sabodala-Massawa矿山预计未来十二个月内不会处理的323.6百万美元长期矿石堆存，分配给Sabodala-Massawa和Mana矿山的134.4百万美元商誉，主要为出售Boungou、Wahgnion和Karma矿山所涉递延现金及NSR对价部分的123.2百万美元其他金融资产，以及主要与复垦保证金相关的41.1百万美元受限现金。

21)  其他流动负债从2022年12月31日的4.619亿美元减少2320万美元至2023年12月31日的4.387亿美元，其中包括4.069亿美元的贸易及其他应付款项、1750万美元的其他金融负债（由外币、黄金远期衍生品合约、PSU和DSU负债构成）以及1430万美元的租赁负债。贸易及其他应付款项增加5230万美元，原因是应付Ity少数股东的股利以及BIOX®和Lafigué增长项目相关应付款项增加，部分被Boungou和Wahgnion在处置后相关应付款项的终止确认所抵消。其他金融负债减少，主要原因是结清了Barrick或有负债5000万美元和认购权负债2850万美元，部分被衍生金融负债增加所抵消。

22)  流动部分债务从2022年12月31日的3.366亿美元减少3.281亿美元至2023年12月31日的850万美元，原因是2023年第一季度结算了可转换债券及相关转换期权，其中本金3.300亿美元经公司选择以现金偿还，并向可转换债券持有人发行835,254股股份以结算1,920万美元的价内期权，因为到期时股价高于行权价。

23)  应交所得税从2022年12月31日的2.471亿美元减少8090万美元至2023年12月31日的1.662亿美元，主要原因是终止确认Wahgnion和Boungou的相关应付款项、缴纳税款评估款，以及2023财年内2023年暂缴税款和2022年汇算清缴税款的支付时间安排，部分被2023财年计提的额外所得税费用所抵消。

24)  The non-current portion of long-term debt increased by $571.8 million from $488.1 million as at 31 December 2022 to $1,059.9 million as at 31 December 2023 due to the additional draw down on the RCF and the Lafigué Term Loan facility.

Table 7: Summarised Statement of Financial Position

¹Net debt, Adjusted EBITDA, and cash flow per share are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2Last Twelve Months (“LTM”) Trailing EBITDA adj. includes EBITDA generated by discontinued operations.

25)  At quarter end, Endeavour’s liquidity remained strong at $757.1 million, consisting of $517.2 million of cash and cash equivalents, $180.0 million available through the Company’s revolving credit facility and $59.9 million available through the Lafigué term loan.

26)  Endeavour’s net debt position has increased by $109.9 million, from $445.0 million at the end of Q3-2023 to $555.0 million at the end of Q4-2023. The net debt / Adjusted EBITDA (LTM) leverage ratio increased from 0.40x at the end of Q3-2023 to 0.50x at the end of Q4-2023. 

NON-CORE ASSET DIVESTMENT

• On 30 June 2023, Endeavour closed the divestment of its 90% interests in its non-core Boungou and Wahgnion mines in Burkina Faso to Lilium Mining ("Lilium"), a subsidiary of Lilium Capital which is an African and frontier markets focused strategic investment vehicle led by West African entrepreneurs.
• The total consideration is comprised of:
  • $130.0 million in the form of a reimbursement of historical shareholder loans, of which a total of $33.0 million has been received to date. The remaining $97.0 million is outstanding.
  • $25.0 million in deferred cash consideration payable in two instalments of $10.0 million, which became payable in Q1-2024 and has not been received, and $15.0 million, which will become payable in Q2-2024.
  • A deferred cash consideration comprised of 50% of the net free cashflow generated by the Boungou mine until $55.0 million has been paid. No payments have thus far been received for this deferred cash consideration as Lilium has not had any commercial production from Boungou since their acquisition given their election to place the mine on care and maintenance due to supply chain and security challenges.
  • An NSR on Wahgnion commencing at closing of the transaction for 4.0% of gold sold, of which a total of approximately $2.6 million has been received as at 31 December 2023.
  • An NSR on Boungou commencing at closing of the transaction for 4.0% of gold sold, of which a total of approximately $0.5 million has been received as at 31 December 2023.
• Endeavour recorded an $18.7 million expected credit loss on the outstanding upfront and deferred cash considerations expected to be received from the divestment of the Boungou and Wahgnion mines in Q4-2023. The expected credit loss was calculated using an International Financial Reporting Standard (“IFRS”) provision based on a probability of default (25%) and expected loss on default (60%) applied against the outstanding cash consideration.
• In Q4-2023, Endeavour also recorded a $24.3 million unrealised loss on financial instruments related to the fair value change of the Boungou and Wahgnion NSRs, based on the performance of the assets since the divestment to reflect reduced resource upside assumptions within the expected NSRs proceeds. The updated life-of-mine scenario assumes production is limited to Proven and Probable reserves only.
• Following the completion of the divestment on 30 June 2023, and owing to the significant delay in receipt of payment for the overdue proceeds of the total consideration, Endeavour has filed certain claims against Lilium and its financial institutions as detailed below:
  • Endeavour Canada Holdings Corporation (“ECH”) and Endeavour Gold Corporation (“EGC”), wholly owned subsidiaries of the Company, have certain claims (“Claims”) under the terms of (i) a sale and purchase agreement between ECH and Lilium Gold (“LG”) and Lilium Holdings Ltd (“LH”, together with LG, “Lilium”) (the “SPA”) relating to the non-core asset divestment; and (ii) two stand-by letters of credit between related financial institutions in Burkina Faso (the “Financial Institutions”) and each of EGC and ECH (the “SBLCs”), which were established to reimburse historical shareholder loans to the Endeavour group.
  • The SPA Claim concerns the failure of Lilium to fulfil certain payment obligations under the SPA in relation to the shareholder loans as well as deferred consideration. The SBLC Claim concerns the failure of the Financial Institutions to honour their parallel payment obligations in relation to the shareholder loans under the SBLCs. The Company has filed for arbitration proceedings against both Lilium (with the London Court of International Arbitration in London) and the Financial Institutions (with the International Chamber of Commerce in Paris) on 1 March, 2024 and 29 February, 2024, respectively. Claims against Lilium are approximately $125.0 million, and claims against the Financial Institutions are approximately $99.0 million (in each case excluding interests and costs).

OPERATING SUMMARY

• As previously disclosed, on 28 February 2024, we were saddened to report that a contractor colleague passed away on 27 February 2024, as a result of injuries sustained in an incident that occurred during maintenance activities at the Mana mine in Burkina Faso. The health, safety and welfare of our colleagues are our top priority and we extend our sincere sympathies and support to his family, colleagues and friends. Endeavour has conducted a comprehensive internal investigation into the incident and is focussed on improvements to training, front-line supervision and reviewing operational procedures.
• The Group demonstrated strong safety performance in FY-2023, with a Lost Time Injury Frequency Rate (“LTIFR”) from continuing operations of 0.05. Endeavour will continue to prioritise safety in accordance with its zero-harm target.
• Q4-2023 production from continuing operations amounted to 280koz and was flat over Q3-2023 as the anticipated decrease at Houndé was offset by increases at Sabodala-Massawa (albeit by less than anticipated due to the lower grades encountered in the Sabodala pit as it enters its final phase of mining) and Mana, while Ity remained flat. The all-in sustaining costs ("AISC") decreased by $20/oz or 2.1% over Q3-2023 to approximately $947/oz despite a $24/oz increase in royalty costs linked to the higher realised gold price and the impact of the change in the sliding scale royalty rates in Burkina Faso, which came into effect in November 2023. The AISC benefitted from reductions at Sabodala-Massawa and Mana, which was offset by the increase at Houndé while Ity remained flat.
• FY-2023 production from continuing operations amounted to 1,072koz, achieving the guided 1,060-1,135koz range and marking the 11th consecutive year of achieving or beating production guidance. The AISC from continuing operations amounted to an industry-leading $967/oz for FY-2023. As shown in the table below, Endeavour achieved near the top-end of the guided $895-950/oz AISC range, albeit 1.8% (representing $17/oz) above due to royalties being $18/oz higher than anticipated due to a higher realised gold price ($1,939/oz compared to the guidance gold price of $1,750/oz) and the increase in the Burkina Faso royalty rate which came into effect in November 2023.

Table 8: Group Production and All-In Sustaining Cost from Continuing Operations Compared to Guidance

¹2023 AISC guidance was based on a gold price of $1,750/oz compared to the realised gold price of $1,952/oz

• FY-2023 production from continuing operations of 1,072koz, decreased by 89koz or 8% over the 1,161koz produced in FY-2022 due to lower production at Mana (due to the transition from an open-pit to an underground operation at the Wona deposit) and at Sabodala-Massawa (due to mining and processing of lower grade ore), while both Houndé and Ity achieved record annual production.
• FY-2023 AISC from continuing operations increased by $118/oz, from $849/oz in FY-2022 to approximately $967/oz in FY-2023, as AISC increased at Houndé, Mana, Sabodala-Massawa and at Corporate, in addition to a $15/oz increase in royalty costs (from $108/oz in FY-2022 to $123/oz in FY-2023), which was partially offset by a decrease in AISC at Ity. The FY-2023 AISC from continuing operations increased by $3/oz from the preliminary $964/oz published on 22 January 2024 due to a reclassification of underground development costs at Mana, which was partially offset by a reduction in corporate costs tied to the former Chief Executive Officer’s forfeited compensation.

Table 9: Group Production

¹The Boungou and Wahgnion mines were divested on 30 June 2023. 2The Karma mine was divested on 10 March 2022.

Table 10: Group All-In Sustaining Costs

¹The Boungou and Wahgnion mines were divested on 30 June 2023.
²The Karma mine was divested on 10 March 2022.
³This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.

2024 OUTLOOK

• As published on 22 January 2023, the production guidance for FY-2024 amounts to 1,130-1,270koz, which marks an increase of up to nearly 200koz or 18.5% over the FY-2023 production from continuing operations of 1,072koz. This is largely due to the start-up of the Sabodala-Massawa BIOX® Expansion project, expected in early May and the Lafigué project, expected in Q2-2024. The AISC is expected to remain consistent with that achieved over recent quarters at an industry-low $955-1,035/oz.
• Group production is expected to be more heavily weighted towards H2-2024 while AISC is also expected to be lower in H2-2024 as the Group's organic growth projects are expected to significantly increase the quality of Endeavour's portfolio and performance at the Houndé mine is expected to be weighted towards H2-2024, due to the mine sequence and a temporary disruption to mining and processing activities due to a strike that occurred during Q1-2024. On 23 January 2024 a strike, led by a sub-contractor, at the Houndé mine resulted in a temporary stoppage of mining and processing activities that lasted for 11 days. The disruption is not expected to impact full year production and AISC guidance for the Houndé mine or the Group. More details on individual mine guidances have been provided in the below sections.
• Total mine capital expenditure for FY-2024, consisting of both sustaining and non-sustaining capital spend, is expected to be approximately $315.0 million, which marks a decrease of $19.2 million or 6% compared to the FY-2023 expenditure.
• Growth capital spend for FY-2024 is expected to amount to approximately $245.0 million, which marks a decrease of $202.5 million or 45% compared to the FY-2023 expenditure of $447.5 million. The FY-2024 expenditure is expected to consist of approximately $75.0 million of remaining growth capital for the Sabodala-Massawa BIOX® Expansion project and approximately $170.0 million of remaining growth capital for the Lafigué project.
• Exploration will continue to be a strong focus in FY-2024 with a company-wide exploration budget of $65.0 million. For FY-2024, approximately $15.0 million will be spent on the highly prospective Tanda-Iguela property in Côte d'Ivoire, which already ranks as one of the most significant discoveries made in West Africa over the last decade. Details on individual asset exploration programmes are provided in the operations section below.

OPERATING ACTIVITIES BY MINE

Houndé Gold Mine, Burkina Faso

Table 11: Houndé Performance Indicators

Q4-2023 vs Q3-2023 Insights

• Production decreased from 109koz in Q3-2023 to 84koz in Q4-2023, due to lower processed grades and slightly lower throughput and recoveries.
  • Total tonnes mined increased due to higher utilisation of the mining fleet following the end of the wet season. Tonnes of ore mined increased as a higher volume of ore was mined in the Vindaloo Main pit, following waste stripping activity that completed in Q3-2023, which was partially offset by the lower volumes of ore mined from the Kari Pump and Kari West pits, which was in-line with mine sequencing.
  • Tonnes milled decreased slightly due to a higher proportion of harder transitional and fresh ore in the mill feed.
  • Processed grades decreased due to lower grade oxide ore sourced from the Kari Pump pit as well as a greater proportion of lower grade Kari West and Vindaloo Main ore.
  • Recovery rates decreased slightly due to a higher proportion of transitional and fresh ore, with lower associated recoveries in the mill feed.
• AISC increased from $787/oz in Q3-2023 to $901/oz in Q4-2023 due to lower production and sales, driven by the lower average grade in the ore blend, this was partially offset by a decrease in mining unit costs with the increase in volumes in Q4-2023 and a reduction in sustaining capital.
• Sustaining capital expenditure decreased from $9.0 million in Q3-2023 to $5.4 million in Q4-2023 and primarily related to waste development at the Kari West pit, plant equipment upgrades and heavy mining equipment maintenance.
• Non-sustaining capital expenditure increased from $3.3 million in Q3-2023 to $7.6 million in Q4-2023, and primarily related to the ongoing waste development at the Kari Pump pit and the stage 8 and 9 tailings storage facility (“TSF”) raises.

FY-2023 vs FY-2022 Insights

• FY-2023 production totalled a record 312koz, exceeding the guided 270-285koz range, due to higher than expected grades from the Kari Pump pit as well as better than expected mill performance following the completion of processing plant optimisation initiatives that improved mill availability and reduced blockages. FY-2023 AISC amounted to approximately $943/oz, which was above the $850-925/oz guided range due to higher royalty payments, in addition to increases in consumable costs and longer waste hauling distances during the year.
• Production increased from 295koz in FY-2022 to 312koz in FY-2023 due to increased mill throughput, driven by optimisation initiatives, which was partially offset by slightly lower recoveries due to changes in the ore blend. AISC increased from $809/oz in FY-2022 to $943/oz in FY-2023 due to higher royalty costs, higher sustaining capital expenditure and higher mining and processing costs following fuel and consumable cost increases.

2024 Outlook

• Houndé is expected to produce between 260-290koz in FY-2024 at AISC of $1,000-1,100/oz.
• On 23 January 2024 a strike led by a sub-contractor at the Houndé mine resulted in a temporary stoppage of mining and processing activities lasting 11 days. The stoppage is expected to impact Q1-2024 production and AISC, but at this stage it is not expected to impact full year production and AISC guidance, with mine plan optimisation strategies underway in order to catch up lost production through the remainder of the year.
• Mining activities are expected to continue to focus on the Vindaloo Main, Kari Pump, and Kari West pits. In H1-2024, ore is expected to be primarily sourced from the Kari West pit while stripping activities focus on the Kari Pump and Vindaloo Main pits, while in H2-2024, a greater volume of ore is expected to be mined from the higher grade Kari Pump pit. Production is expected to be weighted towards H2-2024 with greater volumes of higher grade ore from the Kari Pump pit expected to be mined in H2-2024. Tonnes of ore milled are expected to decrease in FY-2024 as a lower proportion of soft oxide ore from the Kari West pit is anticipated in the ore blend as the Kari West pit advances into harder transitional and fresh ore. The increase in the proportion of harder transitional and fresh material in the ore blend is expected to result in a slight decrease in grades and processing recoveries in addition to slightly higher mining and processing unit costs, driving higher AISC compared to FY-2023. In addition, royalty costs are expected to be higher due to the higher prevailing current gold price and the change in the sliding scale royalty rates that became effective in November 2023 in Burkina Faso (with the new rate resulting in a $28/oz increase at a gold price of $1,850/oz).
• Sustaining capital expenditure is expected to increase from $33.9 million in FY-2023 to approximately $40.0 million in FY-2024, and primarily relates to waste stripping at the Kari Pump and Kari West pits, mining fleet component rebuilds and replacements, processing plant equipment upgrades and dewatering borehole drilling.
• Non-sustaining capital expenditure is expected to decrease from $38.3 million in FY-2023 to approximately $20.0 million in FY-2024, and primarily relates to stripping activity associated with a push back at the Vindaloo Main pit, the stage 8/9 TSF raise and land compensation for the third TSF cell.

Ity Gold Mine, Côte d’Ivoire

Table 12: Ity Performance Indicators

Q4-2023 vs Q3-2023 Insights

• Production remained flat at 74koz in Q4-2023 as higher tonnes milled and higher processing grades were offset by lower recoveries.
  • Total tonnes mined increased, as anticipated, due to increased mining rates following the wet season in the prior quarter and increased stripping activities at the Walter pit cutback. Similarly, tonnes of ore mined increased following the end of the wet season as ore mining focussed on the Ity, Walter, Bakatouo and Le Plaque pits, with supplemental contributions from the Verse Ouest pit and stockpiles.
  • Tonnes milled increased due to higher crusher availability following the wet season impact in the prior quarter.
  • Processed grades increased slightly due to higher volumes of higher grade ore sourced from the Ity and Bakatouo pits in the mill feed, which was partially offset by lower grade ore sourced from the Walter and Le Plaque pits during the quarter.
  • Recovery rates decreased slightly due to a higher proportion of fresh ore, with lower associated recoveries, in the mill feed.
• AISC remained flat at $865/oz in Q4-2023 as higher royalty rates associated with higher gold prices were offset by lower processing unit costs associated with increased processing volumes following the end of the wet season.
• Sustaining capital expenditure remained flat at $2.7 million in Q4-2023 and primarily related to dewatering borehole drilling and plant equipment upgrades.
• Non-sustaining capital expenditure slightly increased from $23.3 million in Q3-2023 to $26.0 million in Q4-2023 and primarily related to cut back activities at the Walter pit, TSF 2 construction, development of the Mineral Sizer and Recyn optimisation initiatives.

FY-2023 vs FY-2022 Insights

• FY-2023 production totalled a record 324koz, exceeding the guided 285-300koz range, due to higher than expected throughput as a high proportion of soft oxide ore was mined, largely from the Le Plaque pit, which was supported by the continued use of the surge bin, and higher than expected recoveries. FY-2023 AISC amounted to approximately $809/oz, which was below the guided $840-915/oz range, largely due to higher than expected gold sales volumes in addition to lower than expected mining and processing unit costs as a result of higher than expected volumes of ore mined and processed.
• Production increased from 313koz in FY-2022 to 324koz in FY-2023 following an increase in throughput rates due to the processing of a greater proportion of softer oxide ore and an increase in recovery rates related to the cessation of mining at the Daapleu pit in 2023, which was partially offset by lower average processed grades. FY-2023 AISC decreased slightly from $812/oz in FY-2022 to $809/oz in FY-2023 due to the increase in gold sales volume and lower sustaining capital expenditure.

2024 Outlook 

• Ity is expected to produce between 270 - 300koz at an AISC of $850 - $925/oz.
• Ore mining activities are expected to focus on the Ity, Bakatouo, Walter, Le Plaque and Daapleu pits, which will be supplemented with ore from the Verse Ouest pit and stockpiles. Production is expected to be slightly higher in the first half of the year due to greater availability of high grade ore from the Ity and Bakatouo pits in the mine plan and the wet season impact in H2-2024 on mining and milling rates. Throughput is expected to be slightly higher than in FY-2023, due to the commissioning of the Mineral Sizer in H2-2024, which is expected to increase throughput rates during the wet season. Milled grades and recoveries are expected to decrease slightly compared to FY-2023, due to the introduction of lower grade semi-refractory ore from the Daapleu pit. AISC is expected to increase in FY-2024 due to the guided lower levels of production and gold sales.
• Sustaining capital expenditure is expected to be consistent with FY-2023 at approximately $10.0 million in FY-2024 and is primarily related to waste stripping activities across several pits, de-watering borehole drilling and processing plant upgrades and replacements.
• Non-sustaining capital expenditure is expected to decrease from $102.8 million in FY-2023 to approximately $45.0 million in FY-2024, and is primarily related to pre-stripping activity at the Daapleu pit, TSF 2 earthworks and site infrastructure, in addition to the ongoing Mineral Sizer development and other smaller optimisation initiatives. The Mineral Sizer, which was launched in 2023 for a total capex of $19.0 million, is expected to be commissioned in H2-2024, and will add an additional primary crusher for the oxide ores in order to sustain higher plant throughput rates regardless of the ore blend.

Mana Gold Mine, Burkina Faso

Table 13: Mana Performance Indicators

Q4-2023 vs Q3-2023 Insights

• Production increased from 30koz in Q3-2023 to 37koz in Q4-2023 due to a higher processed grade, partially offset by lower tonnes milled.
  • Total open pit tonnes mined decreased as mining rates at the Maoula open pit decreased as the pit approaches the end of its economic mine life.
  • Total underground tonnes of ore mined increased as stope production accelerated at the Wona and Siou Underground deposits. Underground development continued to ramp-up with 3,059 metres of development completed across both Siou and Wona compared to 2,685 metres of development completed in the prior quarter.
  • Tonnes milled decreased as tonnes of ore mined from the Maoula open pit decreased and the plant was limited to available ore from underground sources.
  • Average grades processed increased due to a higher proportion of higher-grade ore from stope production at the Wona and Siou underground deposits in the mill feed replacing lower grade ore from the Maoula open pit.
  • Recovery rates increased slightly due to changes in the ore blend.
• AISC decreased from $1,734/oz in Q3-2023 to $1,482/oz in Q4-2023 due to higher volumes of gold sold associated with the continued ramp-up of the Wona underground mine. The Q4-2023 AISC increased from preliminary AISC of $1,301/oz published on 22 January 2024 due to a reclassification of lateral underground waste development from non-sustaining capital into operating expense, partly offset by a reclassification of underground contractor mobilisation costs from sustaining capital to non-sustaining capital.
• Sustaining capital expenditure increased from $4.2 million in Q3-2023 to $10.3 million in Q4-2023 and primarily related to infrastructure improvements.
• Non-sustaining capital expenditure decreased from $11.6 million in Q3-2023 to $8.8 million in Q4-2023 and primarily related to underground development, underground infrastructure and the stage 5 TSF embankment raise.

FY-2023 vs FY-2022 Insights

• FY-2023 production totalled 142koz which, as previously disclosed, was below the guided 190-210koz range and FY-2023 AISC amounted to approximately $1,427/oz, which as previously disclosed, was above the guided $950-$1,050/oz guided range, due to a slower than expected ramp up by a new underground mining contractor at the Wona underground deposit resulting in lower than expected ore tonnes mined and consequently processed grades and throughput.
• Production decreased from 195koz in FY-2022 to 142koz in FY-2023 largely due to lower grades milled as lower grade ore sourced from the Maoula open pit supplemented the mill feed and due to lower underground grades as the Wona underground deposit continues to ramp up, partially offset by higher underground mined tonnes. AISC increased from $994/oz in FY-2022 to $1,427/oz in FY-2023 due to lower volumes of gold sold, higher open pit strip ratio, higher underground mining unit costs and higher fuel and consumable costs.

2024 Outlook

• Mana is expected to produce within the 150 - 170koz range at an AISC above the guided $1,200 - $1,300/oz range.
• Production is expected primarily from the Siou and Wona underground mines, with open pit activities tailing off during Q1-2024. A further step-up in stoping is expected at Wona, which will be the primary contributor in 2024, with production weighted toward H2-2024. Throughput is expected to be higher than FY-2023 due to the availability of ore from Siou and Wona. AISC is expected to decrease in FY-2024 due to guided increase in production and gold sales. As previously disclosed, on 28 February 2024, and detailed above in the Operating Summary section, a contractor colleague passed away on 27 February 2024 at the Mana mine. The underground mining contractor ceased its mining operations in the Wona underground mine while the investigation was undertaken, and they resumed operations within two days. The stoppage is not expected to impact Q1-2024 performance or FY-2024 performance as processing activities were not impacted.
• Sustaining capital expenditure outlook for FY-2024 is $15.0 million, which relates primarily to underground development activities at Wona.
• Non-Sustaining capital expenditure outlook for FY-2024 is expected to be $45.0 million, a decrease from $53.6 million incurred in FY-2023. Non-sustaining spend in FY-2024 primarily consists of continued underground development at Wona as the mine reaches its stoping rate and TSF construction.

Sabodala-Massawa Gold Mine, Senegal

Table 14: Sabodala-Massawa Performance Indicators

Q4-2023 vs Q3-2023 Insights

• Production increased from 69koz in Q3-2023 to 85koz in Q4-2023 due to an increase in processed grades and throughput, which was partially offset by a slight decrease in recovery rates.
  • Total tonnes mined decreased due to a decrease in mining activities at the Bambaraya pits in-line with the mine plan, and lower waste stripping at the Sabodala pit following stripping activities earlier in the year. The decrease was partially offset by increased stripping activities at the Massawa Central Zone pits to access higher-grade refractory ore zones ahead of the expected start-up of the BIOX® Expansion project in Q2-2024, and higher mining volumes from the Niakafiri East and Sofia North Extension pits. Tonnes of ore mined increased as stripping activities earlier in the year provided greater access to ore zones at the Sabodala pit.
  • Tonnes milled increased as the ore blend contained a higher proportion of softer oxide ore from the Niakafiri East pit and stockpiles.
  • Average processed grades increased due to higher grade ore sourced from the Sabodala, Massawa Central Zone and Sofia North Extension pits, displacing the comparatively lower grade ore from the Bambaraya pits
  • Recovery rates decreased slightly due to an increased proportion of transitional ore from the Massawa Central Zone pits in the mill feed impacting recoveries.
• AISC decreased from $840/oz in Q3-2023 to $700/oz in Q4-2023 due to increased gold sales driven by higher average grades and throughput, in addition to lower sustaining capital incurred during the period.
• Sustaining capital expenditure decreased from $5.5 million in Q3-2023 to $1.3 million in Q4-2023 and primarily related to waste capitalisation at the Niakafiri East pit and mining equipment rebuilds.
• Non-sustaining capital expenditure decreased from $10.9 million in Q3-2023 to $8.3 million in Q4-2023 and primarily related to ongoing development activities in the Massawa area, Samina grade control activities, purchase of mining equipment and early phase solar power plant construction costs.

FY-2023 vs FY-2022 Insights

• FY-2023 production totalled 294koz, which was below the 315-340koz guidance range due to lower production than expected in Q4-2023. This was due to lower than anticipated tonnage of high-grade ore extracted from the Sabodala pit as mining rates decreased with the deeper elevations in the pit ahead of its final phase of mining and lower grade ore mined from the Massawa Central zone. FY-2023 AISC amounted to $767/oz, near the lower end of the $760-$810/oz guided range, due to lower than planned sustaining capital incurred in the year.
• Production decreased from 358koz in FY-2022 to 294koz in FY-2023 due to lower average grades milled, partially offset by increased throughput due to an increased proportion of oxide ore in the mill feed. AISC increased from $691/oz in FY-2022 to $767/oz in FY-2023 due largely to lower volumes of gold sold and higher mining unit costs due to increased fuel and consumable costs, partially offset by lower processing unit costs.

2024 Outlook

• Sabodala-Massawa is expected to produce between 360 - 400koz in FY-2024 at a post BIOX® Expansion commercial production AISC of $750 - $850/oz.
• Ore for the existing CIL plant is expected to be primarily sourced from the Sabodala, Sofia North Extension and Niakafiri East pits, with supplementary ore expected to be sourced from the Kiesta pit in H2-2024. Throughput in the CIL plant is expected to decrease slightly compared to the prior year due to a higher proportion of fresh ore from the Sabodala and Sofia North Extension pits expected in the mill feed. Average processed grades in the CIL plant are expected to decrease slightly compared to the prior year, in-line with mine sequencing, with an increased proportion of the mill feed sourced from the lower grade Niakafiri East pit and stockpiles. Recovery rates in the CIL plant are expected to be largely consistent with the prior year.
• Refractory ore for the BIOX® plant is expected to be primarily sourced from the Massawa Central and Massawa North Zone pits. Refractory ore mined in H1-2024 is expected to be stockpiled ahead of the startup of the BIOX® Expansion project, expected in early May, and will result in H2-2024 weighted production for Sabodala-Massawa.
• Sustaining capital expenditure is expected to increase from $23.8 million in FY-2023 to $35.0 million in FY-2024 and is primarily related to capitalised waste stripping as well as mining fleet upgrades and re-builds and process plant upgrades.
• Non-sustaining capital expenditure is expected to decrease from $46.2 million in FY-2023 to $40.0 million in FY-2024 and is primarily related to infrastructure for the deposition of tailings in the Sabodala pit which is expected to commence in FY-2025, advanced grade control activities at Kiesta, the TSF 1 embankment raise, purchases of new mining equipment, mine infrastructure and haul roads for the Kiesta mining area.
• As announced on 2 August 2023, in order to significantly reduce fuel consumption and greenhouse gas emissions, and lower power costs at Sabodala-Massawa, the construction of a 37MWp photovoltaic (“PV”) solar facility and a 16MW battery system at the Sabodala-Massawa mine, is expected to amount to non-sustaining capital of $45.0 million for FY-2024. The initial capital cost for the solar project is expected to amount to $55.0 million, of which $5.5 million was incurred in FY-2023 mainly related to detailed engineering and design. and down payments for the procurement of long-lead items. The solar plant construction is expected to be completed by Q1-2025.
• Growth capital expenditure is expected to be approximately $75.0 million and is related to the BIOX® Expansion project as detailed below.

Plant Expansion

• Construction of the Sabodala-Massawa expansion project was launched in April 2022 and remains on budget and on schedule with wet commissioning underway and first gold expected in early May.
• Growth capital expenditure for the expansion project is $290.0 million of which approximately $259.8 million or 90% of the total growth capital has now been committed, with pricing in line with expectations. $218.3 million, or 75%, of the growth capex incurred as at the end of FY-2023, of which $186.4 million was incurred in FY-2023 and $75.0 million is expected to be incurred in FY-2024.
• The progress regarding the critical path items is detailed below:
  • The crushing, grinding and flotation circuits has been completed and successfully wet commissioned during February with crushing, grinding and flotation of ore now underway.
  • BIOX® reactors have been completed and the first two of six 1,220m3 reactors has been filled with inoculum, with flotation concentrate from the Massawa ore now being fed through the BIOX® circuit.
  • Construction of the neutralisation and CCD areas were completed in February.
  • The 18MW power plant expansion was completed and handed over to the operating team during the quarter.
  • TSF construction is largely complete with final lining activities ramping-down.
  • Final electrical, piping, and cable pulling is on-going on all work fronts.

Lafigué Project, Côte d’Ivoire

Project Update

• Construction of the Lafigué project in Côte d'Ivoire was launched in early Q4-2022, following the completion of a DFS which confirmed Lafigué’s potential to be a cornerstone asset for Endeavour. First gold production is expected ahead of schedule in Q2-2024, rather than Q3-2024.
• Growth capital expenditure for the project is approximately $448.0 million, of which approximately $410.9 million or 92% has now been committed to date, with pricing in line with expectations. $320.6 million, or 72%, of the growth capex incurred to date, of which $242.1 million was incurred in FY-2023 and approximately $170.0 million is expected to be incurred in FY-2024 mainly related to construction activities at the process plant, site infrastructure and commissioning activities.
• The construction progress regarding critical path items is detailed below:
  • Construction activities are well advanced with the crushing area, milling, CIL, and elution circuits completed.
  • Delivery of all the project shipments is over 99% complete with all key items on site.
  • The 225kV power substation is complete with the Dabakala Switchyard and overhead power lines successfully energised during December 2023.
  • HDPE lining of the tailings storage facility is completed.
  • Mining equipment mobilisation has advanced and mining activities commenced during Q4-2023, with approximately 2,906 kt of material moved during Q4-2023 and 8,250 kt of material moved to date.
  • Ancillary infrastructure including admin buildings, accommodation and offices are now largely complete.

2024 Outlook

• First gold production at Lafigué is expected ahead of schedule in Q2-2024. Lafigué is expected to produce between 90-110koz in FY-2024 at a post commercial production AISC of $900-975/oz, which is in line with the Definitive Feasibility Study ("DFS") assumptions.
• Mining activities are expected in the western and eastern flanks of the Lafigué pit, as well as the West pit. Total mined tonnes are expected to ramp-up through the year as the fleet is progressively mobilised. Ramp-up of the processing plant is expected to be completed in H2-2024 and average processed grades are expected to increase through the ramp-up period as mining advances into the Lafigué pit through the year. Recovery rates are expected to be above 90%, while processing costs are expected to decrease through the ramp-up period.
• As per the DFS, sustaining capital expenditure is expected to amount to $25.0 million in FY-2024 and is primarily related to capitalised waste stripping activities, advanced grade control drilling and spare parts purchases.
• As per the DFS, non-sustaining capital expenditure is expected to amount to $5.0 million in FY-2024 and is primarily related to the commencement of a TSF lift in H2-2024, once there is sufficient waste rock available from mining operations, and waste stripping activity in the eastern flank of the Lafigué pit.

Tanda-Iguela Project, Côte d’Ivoire

Project Update

• A Preliminary Feasibility Study (“PFS”) was launched in Q4-2023, based on the November 2023 resource update, which is expected to be finalised in late 2024.
  • Long lead items within the PFS have been started, including metallurgical sampling, geotechnical, hydrogeological and sterilisation drilling as well as environmental permitting.
  • Metallurgical sampling and testing is underway to follow up on the preliminary phase of testwork, which demonstrated that Assafou was amenable to conventional CIL processing with the potential for high gravity recoverable gold and overall recoveries above 94%.
  • Geotechnical and hydrogeological drilling are underway across the Assafou deposit.
  • Sterilisation drilling is underway to the northeast of the Assafou deposit to identify and sterilise the probable location for mine and processing infrastructure.
  • The environmental permitting process has been launched with study work underway that will form the basis of the environmental reporting.
• For FY-2024 a $15.0 million exploration programme is planned at Tanda-Iguela, focused on converting resources to reserves, continuing to expand the existing Assafou resources and adding new resources at Assafou and at the prospective surrounding targets within the Tanda-Iguela permits, within 5 kilometres of the Assafou deposit. Further details on the ongoing exploration programme can be found in the Exploration section below.

EXPLORATION ACTIVITIES

• Endeavour’s FY-2023 exploration programme comprised $100.9 million of spend, with over 395,000 metres of drilling completed, of which $22.6 million was spent in Q4-2023, including over 33,000 metres of drilling.
• During the year, exploration activities were mainly focussed on identifying near mine opportunities to delineate new reserves and resources over the coming years and expanding resources at the Tanda-Iguela property in Côte d'Ivoire, which now hosts an Indicated resource of 4.5Moz at 1.97 g/t Au, up 303% over the maiden Indicated resource declared in Q4-2022.
• Endeavour remains on track to achieve its 5-year exploration target to discover 12 - 17Moz of Indicated resources over the 2021 to 2025 period, at the low discovery cost of less than $25 per ounce.

Table 15: Q4-2023 and FY-2023 Exploration Expenditure and FY-2024 Guidance¹

¹Exploration expenditures include expensed, sustaining, and non-sustaining exploration expenditures.

Houndé mine

• An exploration programme of $8.0 million was undertaken in FY-2023 with $1.4 million spent in Q4-2023 consisting of 27,723 metres of drilling across 155 drill holes. The exploration programme was focused on identifying additional resources below the Kari West deposit, evaluating the underground potential of the Vindaloo deposit and testing new near-mine targets including the Kari Bridge target.
• During Q4-2023, drilling continued to follow the continuity of mineralisation at depth below the Vindaloo deposit where thick mineralised lenses have been identified with the potential to delineate a high-grade underground resource. Following drilling earlier in the year, resource modelling of the Kari Bridge target, in between Kari Pump and Kari West, continued to determine the economics of mineralisation identified at this new target.
• An exploration programme of $7.0 million is planned for FY-2024, focused on delineating targets at depth within the Kari Area and at the Vindaloo Deeps target, as well as adding resources at the existing deposits.

Ity mine

• An exploration programme of $16.0 million was undertaken in FY-2023, of which $1.8 million was spent in Q4-2023 consisting of 84,474 metres of drilling across 893 drill holes. The exploration programme focused on adding near-mine resources within the Grand Ity complex, in addition to reconnaissance and delineation drilling on several potential satellite targets.
• During Q4-2023, drilling focused on the northwest side of the Bakatouo deposit confirming the continuity of mineralisation up and down-dip. At the Mont-Ity deposit drilling identified down-dip extensions of mineralisation within skarns on the margins of the granodiorite intrusion that is beneath the current pitshell. At the Bakatouo Northeast target, drilling followed the continuity of mineralisation from the Bakatouo pit towards the other side of the Cavally river.
• An exploration programme of $10.0 million is planned for FY-2024 and will focus on extending near-mine resources around Grand Ity in order to test the continuity of mineralisation at depth and in between the Walter, Bakatouo, Zia and Ity pits. Drilling will also focus on extending the West Flotouo and Flotouo Extensions deposits at depth. Reconnaissance and delineation work is expected to continue at several targets on the Ity belt, including the Gbampleu and Goleu targets.

Mana mine

• An exploration programme of $7.1 million was undertaken in FY-2023, of which $0.8 million was spent in Q4-2023 consisting of 20,728 metres of drilling across 378 drill holes. The exploration programme focused on testing high grade targets within the Wona underground deposit, expanding resources at the Maoula deposit and delineating new targets at the Nyafe target, as well as delineating regional open-pit targets within a 20 kilometre radius of the Mana processing plant.
• During Q4-2023, drilling at Nyafé South focused on evaluating the 500 metre long mineralised trend showing encouraging results. At the Momina target, follow-up drilling was completed on several high grade mineralised intercepts hosted within a sequence of altered and veined mafic rocks over a 250 metre long mineralised trend. Drilling successfully identified a continuation of mineralisation, which remains open along strike and at depth.
• An exploration programme of $2.0 million is planned for FY-2024, focused on following up on near-mine oxide mineralisation at the Kanan and Siou Nord targets, while additional target generation continues incorporating a combination of field mapping and historic data.

Sabodala-Massawa mine

• An exploration programme of $19.3 million was undertaken in FY-2023, of which $4.0 million was spent in Q4-2023 consisting of 83,960 metres of drilling across 3,655 drill holes. The exploration programme focused on expanding near-mine resources at the Niakafiri, Kerekounda Underground and Kiesta deposits, as well as testing several near mine satellite targets along the Main Transcurrent Shear Zone.
• During Q4-2023, drilling focused on expanding near-mine resources at the Niakafiri West deposit delineating high-grade veins to the north. Infill drilling was undertaken at the Kerekounda East deposit to focus on resource conversion. At the Massawa North Zone deposit drilling focused on delineating high-grade mineralisation at depth, below the current pitshell to assess the underground mining prospectivity. Early-stage drilling was conducted at the Niakafiri Bridge target, in between the Niakafiri East and West deposits, and at the Fatima target.
• An exploration programme of $21.0 million is planned for FY-2024, focused on expanding near-mine oxide and refractory resources across the Niakafiri, Sabodala, Kerekounda-Golouma and Massawa deposits, while testing new targets at the Kanoumba complex located south of the Massawa permit. Reconnaissance drilling will also be conducted across the recently acquired Madina and Miamaya permits located east of the Niakafiri-Sabodala complex.

Lafigué mine

• An exploration programme of $1.7 million was undertaken in FY-2023, of which $0.6 million was spent in Q4-2023, focused on advanced grade control drilling as well as some early stage reconnaissance exploration at several near-mine satellite opportunities.
• During Q4-2023 the exploration programme largely focused on the evaluation of the early stage WA05 and the Central Area target, where 450 metres of trenching demonstrated continuous gold mineralisation that will be followed up with drilling in 2024.
• An exploration programme of $4.0 million is planned for FY-2024 to follow up on the WA05 and Central Area targets located within 5 kilometres of the Lafigué deposit and to investigate future underground potential by testing mineralisation below the current pitshell.

Tanda-Iguela Project

• An exploration programme of $36.6 million was undertaken in FY-2023, of which $5.1 million was spent in Q4-2023, consisting of 167,436 metres of drilling across 709 drill holes. The exploration programme was focused on extending mineralisation and delineating resources at the Assafou deposit and identifying potential satellite deposits within 5 kilometres of the Assafou deposit.
• During Q4-2023, exploration activities largely focused on finalising the 2023 drilling programme at the Assafou deposit targeting the conversion of Inferred resources to Indicated status, extension of the mineralised system at the Assafou deposit, and on delineating potential satellite targets within 5 kilometres of the Assafou deposit.
• As published on 29 November 2023, resources at the Assafou deposit were significantly increased during the year, confirming Tanda-Iguela’s status as the most significant gold discovery made in West Africa in the last decade. The Indicated resource now stands at 4.5Moz at 1.97 g/t Au, a 303% increase compared to the 2022 maiden Indicated resource of 1.1Moz at 2.33 g/t Au. The updated November 2023 resource is based on 183,000 metres of drilling and the Assafou deposit now spans 3.3 kilometres in length and remains open along strike and at depth. Additional drilling on identified targets has intersected mineralisation towards the northeast and the southwest, indicating that Assafou is hosted along a +20 kilometre mineralised strike length.
• An exploration programme of $15.0 million is planned for FY-2024, with at least 60,000 metres of drilling planned at Tanda-Iguela, of which 25,000 metres will focus on delineating further resources at Assafou and converting resources into reserves, while 35,000 metres will focus on delineating potential satellite deposits within 5 kilometres of the Assafou deposit.

Greenfield Exploration

• A greenfield exploration programme of $12.2 million (higher than the preliminary $6.0 million that was previously published due to the reallocation of corporate permit related costs to greenfields) was undertaken in FY-2023, of which $8.9 million was spent in Q4-2023 focussed on identifying early stage opportunities across the Birimian greenstone belts within West Africa and strengthening the Company’s project pipeline .
• In Guinea, activities focused on preliminary analysis and site visits to prospective targets along the Sabodala-Massawa Shear Zone, where it continues to the south into Guinea.
• In Senegal, activities focused on identification of prospective tenures along the Main Transcurrent Zone, following the structural trend away from Sabodala-Massawa.
• In Cote d’Ivoire, a review of prospective greenfield opportunities was undertaken identifying several high priority permits.
• In Mali, limited exploration activity was completed at the Kalana project during the year, while work is still ongoing to support the technical study that is underway
• An exploration programme of $6.0 million is planned for FY-2024 focussed on advancing greenfield opportunities in Guinea, Senegal and Cote d’Ivoire.

GROUP RESERVES AND RESOURCES

• Proven and Probable (“P&P”) reserves from continuing operations amounted to 13.9Moz at year-end 2023, a decrease of 1.3Moz or 9% compared to the previous year as exploration work prioritised the delineation of new resources and the upgrade of existing resources at the Tanda-Iguela discovery. Reserves decreased at the Sabodala-Massawa, Ity and Houndé mines due to depletion, as Ity and Houndé delivered record production, and due to model updates that incorporated higher long-term operating cost assumptions. The decreases were partially offset by an increase at Mana due to reserve additions in the Wona underground deposit that exceeded depletion during the year.
• Measured and Indicated (“M&I”) resources from continuing operations amounted to 26.7Moz at year-end 2023, an increase of 1.4Moz or 6% compared to the previous year largely due to a 3.38Moz increase in Indicated resources at the Tanda-Iguela project in Cote d’Ivoire, which was the Groups exploration priority during the year. This was partially offset by decreases in M&I resources at Houndé, Ity and Sabodala-Massawa due to depletion and resource model updates incorporating higher operating cost assumptions, while maintaining conservative gold price assumptions at $1,500/oz.

Table 16: Reserve and Resource Evolution from continuing operations¹

¹Excludes reserves and resources from the Boungou and Wahgnion mines, which were divested on 30 June 2023 and the Karma mine, which was divested on 10 March 2022.
²Notes available in Appendix A for the 2023 mineral reserves and resources.
³For 2022 reserves and resource notes, please read the press release dated 9 March 2023 available on the Company’s website.

• Mine reserve and resource estimates were updated to factor in mine depletion, exploration success, and updated unit costs, recovery rate, geological and geotechnical assumptions, while maintaining conservative gold price assumptions, as summarised in the below table.

Table 17: Reserve and Resource Gold Prices for Mines

¹Resources at the Golden Hill deposit were calculated at $1,800/oz

• Detailed year-over-year reserve and resource variances are available in Appendix A, with further insights below:
  • For Houndé, P&P reserves decreased from 54.0Mt at 1.57 g/t containing 2.73Moz to 52.1Mt at 1.57 g/t containing 2.63Moz mainly due to mining depletion, which was partially offset by the addition of reserves at the Kari Pump pit and a maiden reserve at the Vindaloo Southeast deposit. M&I resources decreased from 93.4Mt at 1.56 g/t containing 4.68Moz to 73.1Mt at 1.63 g/t containing 3.82Moz mainly due to depletion and model updates incorporating higher cost assumptions and lower recoveries at the Mambo and Golden Hill deposits following the completion of additional metallurgical testing.
  • For Ity, P&P reserves decreased from 57.9Mt at 1.62 g/t containing 3.02Moz to 47.2Mt at 1.55 g/t containing 2.35Moz due to depletion as well as model and cost assumption changes across the Le Plaque and Daapleau pits to reflect more conservative cost and recovery assumptions, partially offset by additions at the Ity and Walter pits due to improved grade reconciliation. M&I resources decreased from 97.0Mt at 1.59 g/t containing 4.97Moz to 89.5Mt at 1.57 g/t containing 4.52Moz due to depletion and an optimised model of the Le Plaque pit incorporating updated cost assumptions.
  • For Mana, P&P reserves increased from 8.3Mt at 3.20 g/t containing 0.85Moz to 9.7Mt at 2.9 g/t containing 0.91Moz, mainly due to the incorporation of additional drilling data into updated stope models in the Wona underground deposit, which was partially offset by mine depletion. M&I resources increased from 33.9Mt at 2.00 g/t containing 2.18Moz to 35.9Mt at 2.0 g/t containing 2.34Moz due to resource additions in the Wona underground deposit and optimisation of the underground mine model, partially offset by mining depletion.
  • For Sabodala-Massawa, P&P reserves decreased from 62.8Mt at 2.02 g/t containing 4.09Moz to 53.1Mt at 2.05 g/t containing 3.49Moz due largely to depletion as well as model updates across the Niakafiri East and Massawa Central Zone deposits to reflect updated cost assumptions and lower recovery assumptions resulting from the extensive grade control programme completed at Sabodala-Massawa. The decrease was partially offset by the conversion of resources into maiden reserves at the Kiesta deposit. M&I resources decreased from 106.1Mt at 1.86 g/t containing 6.33Moz to 88.2Mt at 1.92 g/t containing 5.44Moz due to depletion and model updates incorporating updated cost assumptions at the Sofia, Niakafiri, Massawa Central Zone and North Zone pits, as well as the removal of smaller underground resources that are not expected to be mined based on current assumptions.
  • For Lafigué, P&P reserves were flat at 49.8Mt at 1.69 g/t containing 2.71Moz and M&I resources were flat at 46.2Mt at 2.04 g/t containing 3.03Moz as production is expected to start in Q2-2024 and drilling activities through the year focused on advanced grade control and preliminary evaluation of satellite targets.
  • For Tanda-Iguela (Assafou), M&I resources increased from 14.9Mt at 2.33 g/t containing 1.11Moz to 70.9Mt at 1.97 g/t containing 4.49Moz as an extensive 2023 drill programme resulted in a 303% increase over the maiden Indicated resource estimate published in late 2022, as detailed in the press release dated 29 November 2023, that is available here.

CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Wednesday 27 March, at 9:30 am EDT / 1:30 pm GMT to discuss the Company's financial results.

The conference call and webcast are scheduled at:
6:30am in Vancouver
9:30am in Toronto and New York
1:30pm in London
9:30pm in Hong Kong and Perth

The webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/5sfuz85u

Click here to add a Webcast reminder to your Outlook Calendar.

Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in via the following link:
https://register.vevent.com/register/BId71a00d64eb241e89e189a879baa5331

The conference call and webcast will be available for playback on Endeavour's website.

QUALIFIED PERSONS

Mark Morcombe, COO of Endeavour Mining PLC., a Fellow of the Australasian Institute of Mining and Metallurgy, is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “forward-looking statements”, including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company’s shareholders, the expected timing for completion of technical studies, the potential for Tanda-Iguela to be a Tier 1 deposit, mine life and any potential extensions, the future price of gold and the share buyback programme. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”, “plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”, “estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and similar expressions .

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions or completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics.

Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

NON-GAAP MEASURES

Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including “all-in margin”, “all-in sustaining cost”, “net cash / net debt”, “EBITDA”, “adjusted EBITDA”, “net cash / net debt to adjusted EBITDA ratio”, “cash flow from continuing operations”, “total cash cost per ounce”, “sustaining and non-sustaining capital”, “net earnings”, “adjusted net earnings”, “operating cash flow per share”, and “return on capital employed”. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section in the Company’s most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release.

Corporate Office: 5 Young St, Kensington, London W8 5EH, UK

Attachment

• EDV_Q4 and FY-23 Results - MDA
• EDV_Q4 and FY-23 Results - Presentation
• EDV_Q4 and FY-23 Results - Mine Statistics
• EDV_Q4 and FY-23 Results - Reserves & Resources
• EDV_Q4 and FY-23 Results - NR
• EDV_Q4 and FY-23 Results - Financial Statements