Endeavour Mining 预计2024年产量增长，Sabodala-Massawa扩建与Lafigué项目二季度投产

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2024年1月22日

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ENDEAVOUR预计2024年将实现显著增长，两个项目均计划于2024年第二季度投产

2023财年产量110万盎司，全维持成本（AISC）约964美元/盎司 | 2023财年股东回报2.66亿美元 | 2023财年增长投资5.42亿美元

OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)

• 2023年第四季度产量为28万盎司，与2023年第三季度持平，而尽管特许权使用费成本增加了24美元/盎司，AISC仍下降了31美元/盎司或3.2%，至约936美元/盎司
• 2023财年产量为1,072koz，标志着连续第11年达到或超过产量指引，由于2024年第二季度项目投产，2024财年产量预计将增长高达18%，达到1,130-1,270koz
• 2023财年行业低位AISC约为964美元/盎司，达到指引区间接近上限的水平，与先前披露的展望一致，尽管因权益金成本高出18美元/盎司而较指引高出1.5%；2024财年AISC将维持在955-1,035美元/盎司的低位
• 财务状况稳健，可用流动性为7.57亿美元，其中包括5.17亿美元现金和2.4亿美元未提取信贷额度，同时年末净债务为健康的5.55亿美元，两个关键增长项目即将完工

强劲的股东回报

• 已宣派2023年下半年股息1亿美元，2023财年合计2亿美元，较最低承诺股息高出14%
• 2023年第四季度继续实施股份回购计划，回购金额达2600万美元，2023财年累计回购6600万美元
• 自2021年以来宣布的累计股东回报超过9亿美元，比最低承诺高出77%

ATTRACTIVE ORGANIC GROWTH

• Sabodala-Massawa扩建项目按预算、按计划推进，将于2024年第二季度投产，使其2024财年预期产量提高至40万盎司，全维持成本（AISC）低于850美元/盎司
• Lafigué项目建设按预算进行且进度提前，预计于2024年第二季度投产，而非2024年第三季度，预计在2024财年贡献高达110koz的产量，AISC低于975美元/盎司
• 2023财年取得重大勘探成功，Tanda-Iguela发现项目的指示资源量增至450万盎司，矿山周边勘探也取得成功；2024财年继续以勘探为重点，预算为6500万美元

伦敦，2024年1月22日——Endeavour Mining plc（伦敦证券交易所：EDV，多伦多证券交易所：EDV，OTCQX：EDVMF）（“Endeavour”或“集团”或“公司”）欣然公布其2023年第四季度及全年未经审计的初步财务和经营业绩，亮点见下表1。

表1：初步财务及经营业绩摘要^1,2

¹所有2023年第四季度和2023财年的数据均为初步数据，反映的是Endeavour截至本新闻稿发布之日预期取得的结果。²持续经营业务的生产和AISC亮点。³ 这是一项非GAAP指标。

在Endeavour的关键时刻，我很荣幸担任首席执行官一职，因为公司已具备坚实基础，能够在推进内生增长项目管线时释放重大价值。我期待继续执行董事会批准的战略，并带领公司向前发展，造福所有利益相关者。

Ian Cockerill
Endeavour首席执行官 

Endeavour首席执行官Ian Cockerill评论道：“2023年对Endeavour而言又是成功的一年，这一年我们继续通过资产优化举措提升资产组合质量，剥离非核心的Boungou和Wahgnion矿山，建设两个高利润率、长寿命的增长项目，并持续取得重大勘探成果。

在运营方面，我们很高兴连续第十一年达到产量指引，并保持为行业内全维持成本最低的生产商之一，这使我们能够产生强劲的现金流，为我们的有机增长和股东回报计划提供资金。此外，2023年我们在Ity和Houndé均实现了创纪录产量，产量超过300koz。在我们期待继续优化和勘探这两座矿山、以长期维持此类产量水平为目标的同时，Endeavour的另一旗舰资产Sabodala-Massawa已具备良好条件，有望在2024年生产高达400koz。

关于我们的近期增长计划，我们非常高兴地报告，Sabodala-Massawa扩建项目和Lafigué开发项目均进展顺利，两个项目都在预算之内，并按计划或提前于2024年第二季度首次投产。继我们在科特迪瓦的Tanda-Iguela绿地资产划定450万盎司的指示资源量之后，我们较长期的内生增长管线同样具有吸引力。这代表着过去十年西非最重要的发现之一，我们已启动一项初步可行性研究，预计将在年底前完成，同时我们继续专注于扩大其规模。

去年全年，我们继续履行对提供有吸引力股东回报的承诺，年内派发股息2亿美元，并回购了价值6600万美元的股份，两者合计相当于所有运营每生产一盎司黄金对应226美元。重要的是，自2021年启动股东回报计划以来，我们已向股东返还超过9亿美元，比该期间最低承诺高出77%。展望未来，我们的目标是，一旦两个正在进行的有机增长项目完成，就进一步增加回报。

我要感谢我们团队的持续辛勤工作。我满怀期待地展望2024年及以后，因为我们将受益于近年来为提高资产组合质量和增强业务韧性所做的努力。”

股东回报计划

• 根据Endeavour的资本配置框架，公司欣然宣布派发2023年下半年股息1.00亿美元，即每股约0.41美元，以持续为股东带来有吸引力的回报。因此，2023财年股息总额为2.00亿美元，比该年度1.75亿美元的最低股息承诺高出2,500万美元，即14%，再次彰显Endeavour支付补充股东回报的坚定承诺。
• Endeavour 2023年下半年股息将于2024年3月25日支付，除息日为2024年2月22日，股权登记日为2024年2月23日。在多伦多证券交易所交易的股份持有人将获得加元（“CAD”）股息，但可以选择以美元（“USD”）收取。在伦敦证券交易所交易的股份持有人将获得美元股息，但可以选择以英镑（“GBP”）收取。货币选择和公司股息再投资计划（“DRIP”）下的选择必须由股东在2024年3月4日格林尼治标准时间17:00之前作出。股息将在支付日以默认或所选货币支付，汇率按2024年3月6日适用的USD:CAD和USD:GBP汇率计算。该股息不符合加拿大所得税目的下的“合格股息”资格。股息的税务后果将取决于股东的具体情况。
• 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。
• 如下表2所示，Endeavour在2023财年通过股息和股份回购向股东返还了2.66亿美元，比该年度1.75亿美元的最低股息承诺高出52%，相当于所有运营每盎司产量226美元。自2021年开始支付股东回报计划以来，Endeavour已通过股息和回购向股东返还了9.03亿美元（包括2023年下半年股息），比该期间的最低承诺多出3.93亿美元，即高出77%。

表2：实际股东回报与最低承诺对比 如下表2所示，Endeavour在2023财年通过股息和股份回购向股东返还了2.66亿美元，比该年度1.75亿美元的最低股息承诺高出52%，相当于所有运营每盎司产量226美元。自2021年开始支付股东回报计划以来，Endeavour已通过股息和回购形式向股东返还了9.03亿美元（包括2023年下半年股息），比该期间的最低承诺多出3.93亿美元，即高出77%。

¹2023年下半年股息于2024年1月22日宣派，将于2024年3月25日或前后支付。

• 如前所述，Endeavour于2021年实施了股息政策，目标是在现行较高金价保持在1,500美元/盎司以上且其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以及资产负债表增强后，扩大其股东回报计划，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于8月初与其2024年第二季度和上半年财务业绩一同公布。

2023财年运营业绩概览

• 2023年第四季度持续经营业务产量为28万盎司，与2023年第三季度持平，原因是Houndé的预期减产被Sabodala-Massawa（尽管增幅低于预期，因Sabodala露天矿进入开采最后阶段而遇到品位下降）和Mana的增产所抵消，而Ity则保持持平。全维持成本（“AISC”）较2023年第三季度下降31美元/盎司或3.2%，至约936美元/盎司，尽管与金价上涨相关的权利金成本增加了24美元/盎司，以及布基纳法索滑动比例权利金税率变化（于2023年11月生效）的影响。AISC受益于Sabodala-Massawa和Mana的下降，但被Houndé的上升（在2023年第三季度创纪录业绩之后）所抵消，而Ity则保持持平。
• 如下表3所示，2023财年持续经营业务产量为1,072koz，达到1,060-1,135koz的指导区间，并标志着连续第11年达到或超过产量指导。2023财年持续经营业务的全维持成本（AISC）约为964美元/盎司，处于行业领先水平。与此前披露的展望一致，Endeavour达到895-950美元/盎司AISC指导区间的接近上限，尽管高出1.5%（即14美元/盎司），原因是特许权使用费因实际金价较高（1,952美元/盎司，而指导价为1,750美元/盎司）而比预期高出18美元/盎司，以及前述布基纳法索特许权使用费率上调于2023年11月生效。

表3：持续经营业务的集团产量与全维持成本与指引对比¹

¹所有2023年第四季度和2023财年的数据均为初步数据，反映的是Endeavour截至本新闻稿发布之日预期取得的结果。² 2023年AISC指导价基于每盎司1,750美元的金价，而实际实现的金价为每盎司1,952美元

• 2023财年持续经营业务产量为1,072koz，较2022财年的1,161koz减少89koz，降幅8%，原因是Mana（因Wona矿床从露天开采转为地下开采）和Sabodala-Massawa（因开采和加工品位较低的矿石）产量下降，而Houndé和Ity均实现了创纪录的年度产量。2023财年持续经营业务AISC上升114美元/盎司，从2022财年的850美元/盎司升至2023财年约964美元/盎司，原因是Houndé、Mana、Sabodala-Massawa和公司层面的AISC上升，此外特许权使用费成本增加15美元/盎司（从2022财年的108美元/盎司增至2023财年的123美元/盎司），但被Ity的AISC下降部分抵消。
• 集团持续经营业务实现的黄金价格（不包括黄金对冲已实现收益的影响，但包括 Sabodala-Massawa 黄金流）在 2023 年第四季度和 2023 财年分别为 2,034 美元/盎司和 1,952 美元/盎司。计入黄金对冲的影响后，集团持续经营业务实现的黄金价格在 2023 年第四季度和 2023 财年分别为 1,945 美元/盎司和 1,919 美元/盎司。

表4：合并集团产量¹

¹所有2023年第四季度和2023财年的数据均为初步数据，反映的是Endeavour截至本新闻稿发布之日预期取得的结果。²于2023年6月30日剥离。³于2022年3月10日剥离。

表5：合并全维持成本^1,2

¹所有2023年第四季度和2023财年的数据均为初步数据，反映的是Endeavour截至本新闻稿发布之日的预期业绩。² 这是一项非GAAP指标。³ 已于2023年6月30日剥离。⁴ 已于2022年3月10日剥离。

2024 OUTLOOK

• 如下文表6和表7所示，2024财年的产量指引为1,130-1,270koz，较2023财年持续经营业务产量1,072koz增长最多近200koz，即18.5%，这主要归因于Sabodala-Massawa扩建项目和Lafigué项目于2024年第二季度投产。AISC预计将与近几个季度实现的水平保持一致，处于行业低位的955-1,035美元/盎司。
• 集团产量预计将更多地集中在2024年下半年，同时2024年下半年全维持成本（AISC）预计也将下降，因为集团的有机增长项目预计将显著提升Endeavour资产组合的质量。
• 有关各矿山指引的更多详情已在以下章节中提供。

表6：持续经营业务2024年产量指引¹

¹所有2023财年数据均为初步数据，反映的是Endeavour截至本新闻稿发布之日预期取得的结果。²Lafigué的产量以及Sabodala-Massawa扩建项目的产量贡献包含商业生产前阶段。

表7：2024年持续经营业务AISC指引^1,2

¹这是一项非GAAP指标。请参阅Endeavour最新MD&A中的非GAAP指标部分。所有2023财年数据均为初步数据，反映Endeavour截至本新闻稿发布之日预期结果。² 2024财年AISC指引基于假设的平均金价1,850美元/盎司和美元兑欧元汇率1.10。³Lafigué和Sabodala-Massawa扩建项目的AISC为商业化生产后期间的数据。

• 2024财年矿山总资本支出（包括维持性和非维持性资本支出）预计约为3.15亿美元，与2023财年支出相比减少3270万美元，降幅为9%，详见下表。有关各矿山资本支出的更多详细信息，请参见下文各矿山章节。

表8：持续经营业务的矿山资本支出2024年指引¹

¹所有2023财年数据均为初步数据，反映的是Endeavour在本新闻稿发布之日预期的结果。

• 2024财年的增长资本支出预计约为2.45亿美元，与2023财年的4.471亿美元支出相比，减少了2.021亿美元，降幅为45%。2024财年的支出预计包括Sabodala-Massawa BIOX®扩建项目剩余增长资本约7500万美元，以及Lafigué项目剩余增长资本约1.7亿美元。更多详情见下文各节。
• 如下文表9所详述，勘探仍将是2024财年的重点，全公司勘探预算为6500万美元。2024财年，约1500万美元将用于科特迪瓦极具前景的Tanda-Iguela矿区，该矿区已跻身过去十年西非最重要的发现之一。

表9：2024年持续经营勘探指引

¹所有2023财年数据均为初步数据，反映的是Endeavour在本新闻稿发布之日预期的结果。

• 公司此前实施的收入保护计划预计将在公司两个开发项目的建设阶段以及随后的减债阶段继续提供现金流可见性。2024财年的未平仓合约包括一份零成本领口期权，看跌价格为每盎司1,807美元，看涨价格为每盎司2,400美元，总计450,000盎司，即每季度112,500盎司；以及2024年上半年70,000盎司产量的远期销售合约，即每季度35,000盎司，平均金价为每盎司2,033美元。2025财年的未平仓合约包括一份零成本领口期权，看跌价格为每盎司1,992美元，看涨价格为每盎司2,400美元，总计200,000盎司，即每季度50,000盎司。

OPERATIONAL DETAILS BY ASSET

布基纳法索，洪德（Houndé）矿

表10：Houndé绩效指标¹

¹所有2023年第四季度和2023年全年数据均为初步数据，反映的是Endeavour在本新闻稿发布之日预期的结果。

2023年第四季度与2023年第三季度对比洞察

• 产量下降，原因是处理品位降低以及处理量和回收率略有下降。
  • 由于雨季结束后采矿车队的利用率提高，总采矿量增加。由于2023年第三季度完成剥离作业后Vindaloo Main坑采出的矿石量增加，矿石开采量增加，但Kari Pump和Kari West坑的矿石开采量减少部分抵消了这一增长，这与矿山开采顺序一致。
  • 由于磨矿给料中较硬的过渡矿和原生矿比例提高，磨矿量略有下降。
  • 由于来自Kari Pump坑的氧化矿品位较低以及低品位矿石比例提高，处理品位下降。
  • 由于过渡矿和原生矿比例提高，且磨矿给料中相关回收率较低，回收率略有下降。
  • AISC上升，主要由于矿石混合料平均品位下降导致产量和销量减少。

2023财年业绩

• 2023财年产量总计达到创纪录的312koz，超出270-285koz的指导范围，原因是Kari Pump矿坑的品位高于预期，以及加工厂优化措施完成后磨机表现好于预期，这些措施提高了磨机可用率并减少了堵塞。2023财年AISC约为943美元/盎司，高于850-925美元/盎司的指导范围，原因是特许权使用费支付增加，以及年内消耗品成本上升和废石运输距离延长。
• 2023财年产量从2022财年的295koz增至2023财年的312koz，原因是优化举措推动选矿处理量增加，但矿石配比变化导致回收率略有下降，部分抵消了上述增幅。2023财年AISC从2022财年的809美元/盎司升至约943美元/盎司，原因是权益金成本上升、维持性资本支出增加，以及燃料和耗材成本上涨带动采矿与选矿成本上升。

2024 年展望

• Houndé 预计在 2024 财年产量为 260-290koz，AISC 为 1,000-1,100 美元/盎司。
• 预计采矿活动将继续集中在 Vindaloo Main、
  Kari Pump 和 Kari West 三个采坑。2024 年上半年，矿石预计主要来自 Kari West 采坑，而剥离活动则集中在 Kari Pump 和 Vindaloo Main 采坑；2024 年下半年，预计将从品位更高的
  Kari Pump 采坑开采更多矿石。产量预计将偏向 2024 年下半年，因为预计 2024 年下半年将从 Kari Pump 采坑开采更多更高品位的矿石。2024 财年磨矿矿石吨数预计将下降，原因是随着 Kari West 采坑推进至更坚硬的过渡矿和原生矿，预计矿石配矿中来自 Kari West 采坑的软氧化矿比例将降低。矿石配矿中更坚硬的过渡矿和原生矿物料比例上升，预计将导致品位和处理回收率略有下降，此外采矿和处理单位成本也将略有上升，从而推动 AISC 较 2023 财年上升。此外，由于当前金价处于较高水平，以及布基纳法索自 2023 年 11 月起生效的滑动比例权利金费率发生变化（在金价为 1,850 美元/盎司时，新费率导致每盎司增加 28 美元），权利金成本预计将上升。
• 维持性资本支出预计将从2023财年的3390万美元增至2024财年约4000万美元，主要用于Kari Pump和 Kari West采坑的剥离、采矿车队部件翻新与更换、选矿厂设备升级以及降水钻孔钻探。
• 非维持性资本支出预计将从2023财年的3830万美元降至2024财年的约2000万美元，主要涉及Vindaloo Main采坑推进相关的剥离活动、8/9期TSF加高以及第三个TSF单元的征地补偿。

科特迪瓦Ity矿

表11：Ity绩效指标¹

¹所有2023年第四季度和2023年全年数据均为初步数据，反映的是Endeavour在本新闻稿发布之日预期的结果。

2023年第四季度与2023年第三季度对比洞察

• 产量持平，因磨矿量增加和入选品位提高被回收率下降所抵消。
  • 正如预期，总采矿量增加，原因是上一季度雨季结束后采矿率提高，以及Walter矿坑扩帮的剥离活动增加。同样，雨季结束后矿石开采量增加，因矿石开采集中在Ity、Walter、Bakatouo和Le Plaque矿坑，Verse Ouest矿坑和矿石堆场提供了补充贡献。
  • 磨矿量增加，因上一季度受雨季影响后破碎机可用率提高。
  • 入选品位略有提高，因磨机给矿中来自Ity和Bakatouo矿坑的高品位矿石量增加，但部分被本季度来自Walter和Le Plaque矿坑的低品位矿石所抵消。
  • 回收率下降，因磨机给矿中新鲜矿石（其相关回收率较低）占比提高。
• 全维持成本（AISC）持平，原因是与金价上涨相关的更高权益金费率被雨季结束后加工量增加带来的加工单位成本下降所抵消。

2023财年业绩

• 2023财年产量总计达到创纪录的324koz，超过了285-300koz的指导范围，原因是开采的软质氧化矿石比例高于预期（主要来自Le Plaque采坑），这得益于缓冲料仓的持续使用，以及回收率高于预期。2023财年AISC约为809美元/盎司，低于840-915美元/盎司的指导范围，主要原因是黄金销售量高于预期，以及由于矿石开采量和处理量高于预期而带来的采矿和加工单位成本低于预期。
• 2023财年产量从2022财年的313koz增至2023财年的324koz，原因是处理了更高比例的较软氧化矿石，使处理量提高，同时2023年初Daapleu露天矿停止开采使回收率上升，但部分被平均处理品位下降所抵消。2023财年AISC从2022财年的812美元/盎司小幅降至约809美元/盎司，原因是黄金销量增加和维持性资本支出降低。

2024 Outlook

• 预计Ity在2024财年将生产27万至30万盎司，全维持成本（AISC）在每盎司850至925美元之间。
• 矿石开采活动预计将集中在Ity、Bakatouo、Walter、Le Plaque和Daapleu露天矿坑，并将以Verse Ouest矿坑和矿石堆场的矿石作为补充。由于矿山计划中Ity和Bakatouo矿坑的高品位矿石供应增加，以及2023年下半年雨季对采矿和磨矿速率的影响，预计上半年产量将略高。由于2024年下半年矿物破碎机（Mineral Sizer）的投产，预计处理量将略高于2023财年，该设备预计将在雨季提高处理速率。由于引入来自Daapleu矿坑的低品位半难处理矿石，预计磨矿品位和回收率将较2023财年略有下降。由于指导产量和黄金销量水平较低，预计2024财年AISC将上升。
• 维持性资本支出预计与上一年度持平，在2024财年约为1000万美元，主要涉及多个采坑的剥离活动、排水钻孔以及加工厂的升级和更换。
• 非维持性资本支出预计将从2023财年的1.028亿美元降至2024财年的约4500万美元，主要涉及Daapleu采坑的预剥离活动、TSF 2土方工程和场地基础设施，以及正在进行的Mineral Sizer和其他较小的优化举措。Mineral Sizer于2023年启动，总资本支出为1900万美元，预计将于2024年第四季度末投产，并将为氧化矿石增加一台额外的初级破碎机，以在无论矿石配比如何的情况下维持更高的选厂处理量。

布基纳法索Mana矿

表12：Mana绩效指标¹

¹所有2023年第四季度和2023财年的数据均为初步数据，反映的是Endeavour截至本新闻稿发布之日预期取得的结果。

2023年第四季度与2023年第三季度对比洞察

• 产量因处理矿石的平均品位和回收率提高而增加，但部分被磨机处理量下降所抵消。
  • 露天矿开采总吨数下降，符合采矿计划，因为Maoula露天矿的采矿活动开始逐步减少。
  • 地下矿石开采总吨数增加，Wona的矿石总吨数增加了36%，采场开采吨数增加了40%。Wona Underground和Siou Underground的地下开发总进尺较上一季度增加，达到3,017米，较2023年第三季度增长16%。
  • 磨矿吨数下降，原因是Maoula露天矿开采的矿石吨数减少，且工厂受限于地下来源的可用矿石。
  • 平均处理品位提高，原因是采场开采吨数增加后，磨机给矿中来自Wona地下矿床的高品位矿石比例上升。
  • 回收率因矿石配比变化而略有提高。
• AISC下降，原因是黄金销售量增加，以及与地下采矿量持续提升相关的地下采矿单位成本降低。

2023财年业绩

• 2023财年产量总计142koz，正如先前披露的那样，低于190-210koz的指导区间；2023财年AISC约为1,380美元/oz，正如先前披露的那样，高于950-1,050美元/oz的指导区间，原因是Wona地下矿床的新地下采矿承包商增产速度慢于预期，导致矿石开采量低于预期，进而使入选品位和处理量下降。
• 2023财年产量从2022财年的195koz下降至2023财年的142koz，主要原因是入选矿石中Maoula矿石品位较低导致处理平均品位下降，以及Wona地下矿床新采矿承包商产能爬坡慢于预期。2023财年AISC从2022财年的994美元/盎司上升至约1,380美元/盎司，主要原因是黄金销售量减少，以及随着Wona地下作业扩建并新增两个井口，地下采矿单位成本上升。

2024 年展望

• Mana预计在2024财年生产150-170koz，AISC为1,200-1,300美元/盎司。
• 预计矿石将主要来自Siou和Wona地下矿床，因为Maoula露天矿预计将在2024年第一季度末完全枯竭。由于矿山将过渡为完全依赖地下矿石作为给料，处理量预计将略低于2023财年。由于Wona地下矿床采场生产的高品位矿石预计将取代品位较低的Maoula露天矿石，平均品位预计将较2023财年上升。由于Wona地下矿石的回收率较低，回收率预计将较2023财年下降。Mana的AISC预计将在2024财年下降，原因是地下采矿量预计增加将推动地下采矿成本降低，但这预计将被更高的权益金成本部分抵消，原因是当前金价较高以及布基纳法索自2023年11月起生效的滑动比例权益金费率变化（在金价为1,850美元/盎司时，新费率导致每盎司增加28美元）。
• 维持性资本支出预计将从2023财年的2360万美元降至2024财年的约1500万美元，主要与Wona地下矿床的废石开拓以及选矿厂和基础设施的维护与升级有关。
• 非维持性资本支出预计将从2023财年的 6040万美元 降至2024财年的约 3000万美元 ，主要与Wona地下开发有关，因为该矿正逐步提升至满采场产能、第5阶段TSF加高以及场地基础设施。

塞内加尔Sabodala-Massawa矿

表13：Sabodala-Massawa绩效指标¹

¹所有2023年第四季度和2023年全年数据均为初步数据，反映的是Endeavour在本新闻稿发布之日预期的结果。

2023年第四季度与2023年第三季度对比洞察

• 产量增加是由于处理品位和处理量增加，但被回收率略有下降部分抵消。
  • 总采矿量下降，原因是Bambaraya矿坑的采矿活动按矿山计划减少，以及Sabodala矿坑在年初进行剥离活动后废石剥离量降低。这一下降被以下因素部分抵消：Massawa Central Zone矿坑为在2024年第二季度BIOX®扩建项目预期投产前进入高品位难处理矿石区而增加的剥离活动，以及Niakafiri East和Sofia North Extension矿坑更高的采矿量。矿石开采量增加，因为年初的剥离活动使Sabodala矿坑的矿石区更易进入。
  • 磨矿量增加，因为矿石混合料中来自Niakafiri East矿坑和矿堆的较软氧化矿石比例更高。
  • 平均处理品位上升，原因是来自Sabodala、Massawa Central Zone和Sofia North Extension矿坑的矿石品位更高，取代了Bambaraya矿坑相对较低品位的矿石。
  • 回收率略有下降，原因是磨机给料中来自Massawa Central Zone矿坑的过渡型矿石比例增加，影响了回收率。
• AISC大幅下降，主要原因是平均品位和吞吐量提高带动黄金销量增加，此外本期维持性资本支出减少。

2023财年业绩

• 2023财年产量总计29.4万盎司，低于31.5万至34万盎司的指导区间，原因是2023年第四季度产量低于预期，随着Sabodala露天矿进入最终开采阶段前开采深度增加导致开采率下降，从该矿采出的高品位矿石吨位低于预期。2023财年全维持成本（AISC）约为767美元/盎司，接近760至810美元/盎司指导区间的下限，原因是当年发生的维持性资本低于计划。
• 2023财年产量从2022财年的358koz下降至2023财年的294koz，原因是磨矿平均品位降低，但部分被磨矿处理量增加所抵消，因磨矿给料中氧化矿比例上升。2023财年AISC从691美元/盎司上升至约767美元/盎司，主要原因是黄金销售量减少以及燃料和消耗品成本上升导致采矿单位成本增加，但部分被加工单位成本下降所抵消。

2024年展望

• Sabodala-Massawa 预计在 2024 财年产量为 360-400koz，BIOX® 扩建后商业化生产的 AISC 为 750-850 美元/盎司。
• 现有CIL厂的矿石预计主要来自Sabodala、Sofia North Extension和Niakafiri East采坑，补充矿石预计于2024年下半年来自Kiesta采坑。由于预计进入磨机的矿石中来自Sabodala和Sofia North Extension采坑的新鲜矿石比例较高，CIL厂的处理量预计将较上一年略有下降。与矿山开采顺序一致，CIL厂的平均处理品位预计将较上一年略有下降，原因是来自品位较低的Niakafiri East采坑和矿石堆的磨机给矿比例增加。CIL厂的回收率预计将与上一年基本保持一致。
• BIOX® 工厂的难处理矿石预计将主要来自 Massawa Central 和 Massawa North Zone 采坑。2024 年上半年开采的难处理矿石预计将在 BIOX® 扩建项目投产前进行堆存，该项目预计于 2024 年第二季度投产，这将使 Sabodala-Massawa 在 2024 年下半年的产量占比提高。
• 维持性资本支出预计将从2023财年的约2380万美元增至2024财年的3500万美元，主要与资本化剥离废石以及采矿车队升级和重建、选矿厂升级有关。
• 非维持性资本支出预计将从2023财年的约4620万美元降至2024财年的4000万美元，主要涉及萨博达拉（Sabodala）露天坑尾矿沉积基础设施（预计于2025财年开始）、Kiesta的进阶品位控制活动、TSF 1 坝体加高、新采矿设备采购、Kiesta 采区的矿山基础设施和运输道路。
• 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 for completion in Q2-2024.
• Growth capital expenditure for the expansion project is approximately $290.0 million with $218.3 million, or 75%, of the growth capex incurred to date, of which, $166.1 million was incurred in FY-2023 and approximately $75.0 million is expected to be incurred in FY-2024.
• Approximately $259.8 million or 90% of the total growth capital has now been committed, with pricing in line with expectations.
• The construction progress regarding critical path items is detailed below:
  • Processing plant construction is well advanced and remains on schedule. All civil works have been completed with structural concrete completed and civil contractors are currently demobilising from site. Dry commissioning of the primary crusher was successfully completed during Q4-2023. Structural, mechanical and piping works are progressing well to connect the grinding, BIOX®, flotation and CIL circuits on schedule.
  • Over 50 cubic metres of BIOX® inoculum has been produced on site, with a population transferred from the pilot plant to the BIOX® reactors within the processing plant, where it will continue to grow.
  • The 18MW power plant expansion is now complete and has been handed over to the operating team after being successfully energised during Q4-2023.
  • Construction of TSF-1B cell one is complete, and earthworks on cell two are completed with HDPE lining underway.

Lafigué Mine, Côte d’Ivoire

Project Construction 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, with $278.6 million, or 62%, of the growth capex incurred to date, of which $241.7 million was incurred in FY-2023 and approximately $170.0 million is expected to be incurred in FY-2024 mainly related to construction activities across the process plant, site infrastructure and commissioning activities.
• Approximately $377.2 million or 84% of the total growth capital has now been committed, with pricing in line with expectations.
• The construction progress regarding critical path items is detailed below:
  • Construction activities are well advanced with the crushing area, ball mills, HPGR installation, CIL tanks the elution area all nearing completion.
  • Process plant engineering and drafting is now completed and delivery of all the project shipments is over 95% complete with all key items on site.
  • Site infrastructure including the gold room, dry screening building and conveyor truss have been pre-assembled ahead of concrete pouring, to reduce erection time, and will be erected in H1-2024. The site camp facility is nearly completed, with the completed buildings in use since December 2023.
  • The 225kV power substation is complete with the Dabakala Switchyard and overhead power lines successfully energised during December 2023. Electrical works on site are also progressing to plan with underground high-voltage cable installation advancing on schedule.
  • TSF earthworks is complete and HDPE lining of the TSF is well advanced.
  • Mining equipment mobilisation has advanced well with mining activities commencing during the quarter with approximately 2,906kt of material moved.

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.

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 for the divestment is expected to exceed $300.0 million and is comprised of:
  • $130.0 million in the form of a reimbursement of historical shareholder loans, of which a total of $33.0 million was received to date. The remaining $97.0 million is outstanding as Lilium was delayed in closing its debt refinancing due to delays in its lending syndicate completing their credit approval process. Lilium is expected to obtain credit approval, close the refinancing and make the payments imminently.
  • $25.0 million in deferred cash consideration payable in two instalments of $10.0 million, which became payable in January 2024, and $15.0 million, which will become payable in April 2024. Both payments are expected to be received in the coming months.
  • 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 challenges and security.
  • An NSR on Wahgnion commencing at closing for 4.0% of gold sold, of which a total of approximately $2.6 million has been received as at December 31, 2023.
  • An NSR on Boungou commencing at closing for 4.0% of gold sold, of which a total of approximately $0.5 million has been received as at December 31, 2023.

FINANCIAL POSITION & LIQUIDITY

• As shown in Table 14 below, Endeavour ended FY-2023 with a net debt position of $555.3 million, which represents a $110.2 million increase compared to the prior quarter and $676.4 million increase over the previous year. The increase in the Company's net debt position is due to the ongoing investment in the Sabodala-Massawa Expansion and the Lafigué Development project, with $447.1 million of growth capital spent during the year, in addition the Company paid $200.0 million in shareholder dividends and $65.7 million in share buybacks during the year. Furthermore, following the divestment of the non-core Boungou and Wahgnion mines to Lilium on 30 June 2023, the details of the outstanding upfront proceeds of $97.0m and the deferred payment of $10.0m that were expected to be received in Q4-2023, are included in the "Non-Core Asset Divestment" section above.

Table 14: Net Debt Position¹

¹All Q4-2023 and FY-2023 numbers are preliminary and reflect our expected results as of the date of this press release.

• At 31 December 2023, Endeavour’s available sources of liquidity remained strong at approximately $756.5 million, which included approximately $517.2 million of cash and cash equivalents, $180.0 million in undrawn funds from its revolving credit facility and $59.5 million in undrawn funds from the Lafigué Term Loan.

MANAGEMENT CHANGES

On 4 January, the Board of Directors announced the termination of the President and Chief Executive Officer,
Sébastien de Montessus, for serious misconduct with effect from that date.
Mr. de Montessus was also removed from the Board of Directors. This followed an investigation by the Board into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the Company. The investigation arose from a review of acquisitions and disposals. The investigation is ongoing and will be progressed as quickly as possible, with further updates to be provided as appropriate.

As part of the Board’s succession planning processes, the directors appointed
Ian Cockerill as Chief Executive Officer and Executive Director. As a director and Chair of the Technical Committee since May 2022 and Deputy Chair of the Board since September 2023, Ian has extensive knowledge of the company and its strategy. Ian was also a director of Endeavour between Q3-2013 and Q1-2019. Ian has over four decades of experience in the global natural resources industry. During his career he has held senior roles covering operational, project and executive positions around the world, including in Africa, having held executive roles at major international mining companies, including Chief Executive Officer of Gold Fields and
Anglo Coal, a subsidiary of Anglo American, as well as non-executive positions.

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 STATEMENT ON 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 completion of studies, 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 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.sedarplus.ca 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.

CAUTIONARY STATEMENTS REGARDING 2023 PRODUCTION AND AISC

Whether or not expressly stated, all figures contained in this press release including production and AISC levels are preliminary and reflect our expected 2023 results as of the date of this press release. Actual reported fourth quarter and 2023 results are subject to management’s final review, as well as audit by the company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. The fourth quarter and 2023 AISC include expected amounts for year-end accrual and working capital adjustments. Endeavour will provide additional discussion and analysis and other important information about its 2023 production and AISC levels when it reports actual results.

NON-GAAP MEASURES

Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including “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”. 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 this press release and in the Company’s most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release.

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