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