Endeavor More Than Doubles Third Quarter Net Profit, Plans To Exceed 2021 Gold Production Forecast

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(Kitco News) – Endeavor Mining (LSE, TSX: EDV) announced Thursday that the company produced 382 koz of gold in the third quarter of 2021, a 57% increase from the third quarter of 2020 (244 koz), in due to the full benefit of the consolidated production of Sabodala-Massawa and Wahgnion and the good operational performances in particular in Ity, Houndé and Boungou, while the AISC group has remained fairly stable.

The company said net income from continuing operations attributable to shareholders was $ 114 million in the third quarter of 2021, up 119% from $ 52 million in the third quarter of 2020, while adjusted net income attributable to shareholders was $ 153 million in the third quarter of 2021, an 89% increase from $ 81 million in the third quarter of 2020.

According to the company statement, strong year-to-date production of 1,138 koz at an AISC of $ 875 / oz positions the group well to beat the peak of its FY2021 production forecast of 1,365. at 1495 koz to an AISC within its forecast limits of $ 850. -900 / oz.

The company added that this outperformance is led by the Houndé, Ity, Sabodala-Massawa and Mana mines, where annual production is expected to be near or above the upper limit of their respective forecasts, while the other mines are in the forecast limits.

In addition, the company indicated that it benefited from the rapid and successful integration of the assets of Teranga Gold and the associated synergies.

President and CEO Sébastien de Montessus said: “After a strong performance in the third quarter, we are on track to achieve a record year. We are now well positioned to beat the top of our annual production target of 1.5 Moz at an AISC within the guided range. “

“Based on this strong performance, we expect to generate well over $ 1 billion in operating cash flow for the full year, which has already significantly improved the strength of our balance sheet and strengthened our ability to reward shareholders, ”he said.

Importantly, the company stressed that construction of Phase 1 of the Sabodala-Massawa expansion is scheduled to be completed by the end of the year, and that DFS is underway for the expansion. phase 2 of Sabodala-Massawa, the Fetekro and Kalana projects.

The company added that it is on track to discover more than 2.5 Moz of Indicated Resources in 2021 with resource updates expected to be released in Q4 2021, and that it aims to discover 15 to 20 Moz of indicated resources over the next 5 years.

Endeavor Mining is one of the world’s leading gold producers and the largest in West Africa, with operating assets in Senegal, Côte d’Ivoire and Burkina Faso and a portfolio of projects of advanced development and exploration assets in the very promising Birimian greenstone belt in West Africa. .

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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