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2020-08-05

Endeavour Reports Q2-2020 Results

ENDEAVOUR REPORTS Q2-2020 RESULTS
On track to meet FY-2020 guidance  · Significant improvement in leverage ratio  · Dividend initiation approaching 

HIGHLIGHTS 

  • Production of 149koz at an AISC of $939/oz in Q2-2020; Production of 321koz at an AISC of $918/oz in H1-2020
  • Integration process is largely complete with the SEMAFO assets slotted into Endeavour's well-established West African operating model
  • On track to achieve full year production and AISC guidance for both Endeavour and SEMAFO assets despite COVID-19, resulting in a Pro Forma guidance of 995—1,095koz at an AISC of $865—915/oz
  • Operating Cash Flow before Working Capital of $85m or $0.77/share for Q2-2020; $205m or $1.85/share for H1-2020
  • Adjusted Net Earnings of $53m or $0.48/share in Q2-2020; $86m or $0.78/share in H1-2020
  • Strong deleveraging as Net Debt / Adjusted EBITDA ratio stands at below 0.5x following the SEMAFO transaction close, compared to 2.75x for the same period last year
  • Endeavour expects to reach a net cash position in the coming quarters, at which point it intends to pay an initial dividend  

George Town, August 5, 2020 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the second quarter and half year 2020, with highlights provided in table 1 and 2 below. 

Table 1: Endeavour Operational and Financial Highlights

in US$ million unless otherwise specified. THREE MONTHS
ENDED
SIX MONTHS ENDED   
June 30, 2020 March 31, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Δ YTD 
 
PRODUCTION AND AISC HIGHLIGHTS             
Gold Production, koz 149 172 171 321 292 +10% 
Gold Sold, koz 150 175 171 324 292 +11% 
Realized Gold Price2, $/oz 1,689 1,546 1,285 1,612 1,271 +27% 
All-in Sustaining Cost1, $/oz 939 899 790 918 826 +11% 
All-in Sustaining Margin1,3, $/oz 750 647 494 694 445 +56% 
CASH FLOW HIGHLIGHTS 1             
All-in Sustaining Margin4, $m 112 113 84 225 130 +74% 
All-in Margin5, $m 73 80 46 153 68 +124% 
Operating Cash Flow Before Non-Cash Working Capital, $m  85 119 57 205 105 +94% 
Operating Cash Flow Before Non-Cash Working Capital, $/share 0.77 1.08 0.52 1.85 0.96 +92% 
Operating Cash Flow, $m  57 126 62 183 85 +115% 
Operating Cash Flow, $/share 0.52 1.14 0.57 1.66 0.78 +113% 
PROFITABILITY HIGHLIGHTS             
Revenues, $m 253 270 219 523 371 +41% 
Adjusted EBITDA1, $m 120 130

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