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Endeavour Reports Strong Q1-2021 Results

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ENDEAVOUR REPORTS STRONG Q1-2021 RESULTS
Production up 102% l AISC down 3% l CFPS pre-WC up 48% l Adjusted EPS up 111%

Q1-2021 HIGHLIGHTS
  • Strong Q1-2021 performance with production up +102% over Q1-2020 to 347koz, while AISC decreased by 3% to $868/oz
  • Well positioned to meet FY-2021 guidance of 1,365-1,495koz at AISC of $850-900/oz following successful integration of Teranga assets
  • Adjusted Net Earnings up $78m over Q1-2020 to $105m; up 111% on a per share basis to $0.50/sh  
  • Operating Cash Flow before working capital up $170m over Q1-2020 to $265m; up 47% on a per share basis to $1.28/sh
  • Healthy balance sheet at quarter-end with a net debt to adjusted LTM EBITDA ratio of 0.16x, reflecting the consolidation of Teranga debt
  • Strong focus on shareholder returns with first dividend of $60m paid on February 5, 2021, and $13m of shares repurchased post the quarter-end
  • Organic growth on track with construction of Sabodala-Massawa Phase 1 expansion on schedule for completion by year-end; DFS underway for Sabodala-Massawa Phase 2 expansion, Fetekro, and Kalana projects

George Town, May 13, 2021 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) ('Endeavour' or the 'Group' or the 'Company') is pleased to announce its financial and operating results for the first quarter of 2021, with highlights provided in Table 1 below.

Management will host a conference call and webcast on Thursday May 13, at 8:30am Toronto time (ET) to discuss the Company's Q1-2021 financial and operating results. For instructions on how to participate please refer to page 17.

Table 1: Consolidated Highlights1

In US$ million unless otherwise specified. THREE MONTHS ENDED    
March 31, 2021 December 31, 2020 March 31, 2020 Δ Q1-2021 vs. Q1-2020  
 
PRODUCTION AND AISC          
Gold Production, koz 347 344 172 +102%  
All-in Sustaining Cost2, $/oz 868 803 899 (3)%  
CASH FLOW FROM CONTINUING OPERATIONS3          
Operating Cash Flow Before Non-Cash Working Capital 265 297 95 +178%  
Operating Cash Flow Before Non-Cash Working Capital2, $/share 1.28 1.82 0.86 +48%  
Operating Cash Flow 207 384 100 +107%  
Operating Cash Flow2, $/share 0.99 2.36 0.90 +10%  
PROFITABILITY FROM CONTINUING OPERATIONS3          
EBITDA2 335 227 102 +229%  
Adjusted EBITDA2 311 297 107 +191%  
Net Earnings/(loss) Attributable to Shareholders2 95 66 19 +389%  
Net Earnings per Share2, $/share 0.46 0.40 0.18 +160%  
Adjusted Net Earnings Attributable to Shareholders2 105 164 26 +298%  
Adjusted Net Earnings per Share2, $/share 0.50 1.00 0.24 +111%  
SHAREHOLDER RETURNS          
Dividends paid 60 — — n.a.  
Share buyback (commenced  in Q2-2021) — — — n.a.  
FINANCIAL POSITION HIGHLIGHT          
Net Debt/(Net Cash)2 162 (75) 473 (66)%  
Net (Cash)/Debt / Adjusted EBITDA (LTM) ratio2 0.16 (0.09) 1.06 (85)%  

1All amounts include Teranga assets from February 10, 2021 2This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 3From Continuing Operations excludes the Agbaou mine which was divested on March 1, 2021.

Sebastien de Montessus, President and CEO, commented: “Over the past twelve months we have significantly transformed our company into a resilient business capable of rewarding our shareholders through the cycle. This quarter's strong performance demonstrates the quality of our enhanced portfolio of operating mines, following the successful integration of the Teranga assets within our business. Moreover, we are pleased to report significant increases in our per share metrics.

The combined portfolio is on track to meet its FY-2021 guidance and deliver strong cash flows, bolstering our balance sheet and providing the flexibility to advance our exciting organic growth opportunities while continuing to reward shareholders through our dividend and share buyback programs.

From a capital markets perspective, we remain on track to obtain our premium listing on the London Stock Exchange in June, which we expect to broaden our appeal to a wider pool of investor capital, whilst benefiting from the projected increase in indexation demand.

We look forward to continuing to build on the progress we have made throughout the remainder of this year.” 

UPCOMING CATALYSTS

The key upcoming expected catalysts are summarized in the table below.

Table 2: Key Upcoming Catalysts 

TIMING CATALYST  
Q2-2021 Corporate Capital markets virtual teach-in event ahead of UK lisiting
Q2-2021 Corporate Premium LSE Listing
Q3-2021 Afema Initial resource estimate
Q3-2021 Sabodala-Massawa Exploration update
Q3-2021 Exploration 5-year exploration strategy
Q4-2021 Sabodala-Massawa Completion of Phase 1 plant upgrades
Q4-2021 Sabodala-Massawa Completion of Definitive Feasibility Study for Phase 2
Q4-2021
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