Endeavour Mining (TSE:EDV)

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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Oct 15, 2014 7:24 am » Safari 7.0.6 Safari 7.0.6  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Endeavour Mining Reports Nine-month Gold Production of 346,000 Ozs

Endeavour has achieved ~83% of our full year 2014 production guidance of 400,000 to 440,000 ounces after nine months of operations. Gold production results by mine are provided in Table 1. On a year-to-date basis, the Agbaou, Nzema and Youga mines are all ahead of the mid-point of the production guidance ranges for each mine. The Tabakoto Mine is behind its full year production target and is the focus of our operations team during the on-going ramp up of the new Segala underground mine. During September, Segala exceeded its ore production target and achieved 1,490 tpd. The Tabakoto operations will further benefit from the new Kofi C open pit mine in 2015, as a third source of ore, and construction of the Kofi access road commenced during Q3 2014...

Neil Woodyer, CEO, stated

"With the above-guidance production performance for the Group so far this year, we expect to exceed the upper end of our 400,000 to 440,000 ounce gold production guidance range for 2014. Cash cost and all-in sustaining cost per ounce will be reported in the third quarter 2014 financial results to be released in mid-November, however, it is expected that the group all-in sustaining cost per ounce for the third quarter of 2014 will be similar to the second quarter which was $1,021 per ounce. The cash balance at the end of the third quarter was approximately $55 million."
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Nov 03, 2014 11:39 pm » Safari 8.0 Safari 8.0  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Endeavour Mining Reports Strong Gold Production in Q3 2014 at AISC of $991/oz

Q3 2014 Financial and Operating Highlights
  • Gold production of 117,612 ounces
  • Gold sold of 114,082 ounces at realized gold price of $1,273 per ounce
  • Cash cost per ounce sold of $814
  • Adjusted EBITDA of $37.6 million
  • All-in sustaining cost ("AISC") per ounce sold of $991
  • Achieved stated goal of group-level AISC per ounce below $1,000
  • AISC margin of $32.1 million
  • Agbaou continues to perform strongly and has now exceeded the original guidance of 85,000 to 95,000 ounces for the year. Plant throughput of 2.2 Mtpa of softer oxide ore is 37% higher than the original design of 1.6 Mtpa
  • Investments in Tabakoto's optimization and development of lower cost sources of ore are nearing completion and set to generate improved operating margins in Q4 2014 and beyond:
    • Ramp up of the new Segala underground mine is progressing well and achieved the 1,500 tonnes per day milestone in September
    • Good progress was made on the road construction towards the Kofi C deposit with pre-stripping to begin in December and production in January 2015
  • Endeavour ended the quarter in a strong financial position with $55.4 million in cash

9 Months Ended September 30, 2014 Financial and Operating Highlights
  • Record gold production of 346,041 ounces
  • Gold sold of 344,533 ounces at realized gold price of $1,288 per ounce
  • Cash cost per ounce sold of $848
  • Adjusted EBITDA of $112.9 million
  • AISC per ounce sold of $1,023
  • AISC margin of $89.7 million

Neil Woodyer, CEO, stated
"During 2013, our AISC was $1,146 per ounce. In July 2013, we set an AISC target of less than $1,000 per ounce as we implemented a targeted optimization and investment program to achieve this result. With an AISC of $991 per ounce this quarter, we are extremely pleased to have achieved our target. Looking forward, we are now transitioning out of the capital investment programs and into free cash flow generation. Endeavour anticipates using a portion of its free cashflow to reduce outstanding debt balances.

Agbaou continues to exceed our expectations from the mine feasibility study and is a significant cash flow generator for the company. Results from the ongoing Agbaou drilling program, some of which were announced in October, give us confidence of being able to replace and expand our reserve base and extend the mine life at Agbaou.

The Youga mine continues to operate without interruption following the civil unrest and ensuing events in Burkina Faso. The Youga mine is located approximately 180 kilometres from Ouagadougou and is near the border with Ghana."
Q3 2014 Operational Results by Mine

Agbaou Gold Mine, Côte d'Ivoire
Gold production of 43,428 ounces in Q3 2014
Cash cost of $467/oz sold
Mine-level AISC of $590/oz sold (references to mine-level AISC includes cash costs, royalties, and sustaining capital)
Agbaou maintained its strong performance and has already exceeded the original guidance of 85,000 to 95,000 ounces for the year with gold production of 99,392 ounces for the 9 months ended September 30, 2014
Results to date from exploration to extend mine life (highlights of results in October 9, 2014 news release) have demonstrated a continuity of grades and widths, with several mineralized zones remaining open on strike and at depth

Nzema Gold Mine, Ghana
Gold production of 24,886 ounces in Q3 2014
Cash cost of $917/oz sold
Mine-level AISC of $1,043/oz sold
Mine production declined compared to Q2 2014 as hardness of some of the ore feed from the Adamus Pits decreased mill throughput and heavy rainfall also impacted mining in the Aliva pit during Q3

Tabakoto Gold Mine, Mali
Gold production of 30,866 ounces in Q3 2014
Cash cost of $1,277/oz sold
Mine-level AISC of $1,451/oz sold
Underground mining costs per tonne of ore were $57 with owner-mining during Q3, which compares favourably to $96 during Q1 with contract-mining
The new Segala underground mine ramped up to 1,500 ore tonnes per day in September and development has increased from 386 metres in April to 508 metres achieved in September
While total underground and open pit ore production of 394,000 tonnes compares favourably to 332,000 tonnes in Q2 and 227,000 tonnes in Q1, the average grade milled in Q3 of 2.55 g/t declined from 3.21 g/t in Q2 and 3.25 g/t in Q1 resulting in the high cash cost per ounce
Cash costs and AISC are expected to improve in Q4 as Segala moves toward full production and milled grades return to scheduled levels
Good progress was made on the road construction towards the Kofi C deposit and site preparation is underway for pre-stripping to start in December

Youga Gold Mine, Burkina Faso
Gold production of 18,432 ounces in Q3 2014
Cash cost of $729/oz sold
Mine-level AISC of $794/oz sold
Continues to generate positive cash flow with low sustaining capital expenditure
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Nov 05, 2014 8:31 am » Safari 8.0 Safari 8.0  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

It seems they are back on the acquisition trail...

Endeavour Mining Files Early Warning Report Related to Shareholding in Savary Gold

Vancouver, November 4, 2014 -- Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) has filed an Early Warning Report, as required by National Instrument 62-103, in relation to its shareholding in Savary Gold Corp. ("Savary") (TSXV:SCA).

The Early Warning Report was filed following the issuance to Endeavour of 13,338,729 common shares in the capital of Savary, which represents 19.99% of Savary's issued and outstanding common shares, pursuant to the terms of a property option agreement dated May 17, 2012 between the parties. The shares are held in escrow pending the formal transfer of certain mineral permits in Burkina Faso. Savary's closing price on the TSXV on the date of issuance was $0.02/share. Endeavour did not hold any securities of Savary prior to this acquisition.

Endeavour's acquisition of these securities is for investment purposes and it has no present intention of acquiring further securities of Savary, although it may in the future acquire or dispose of securities of Savary, through the market, privately or otherwise, as circumstances or market conditions warrant. The securities were acquired in reliance upon the accredited investor exemption of National Instrument 45-106 -- Prospectus and Registration Exemptions. A copy of the full report required to be filed under securities legislation in respect of this acquisition of securities has been filed on www.sedar.com.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Thu Dec 11, 2014 3:29 pm » Safari 8.0.1 Safari 8.0.1  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Frank Giustra is a director on the board of Endeavour Mining, one of the reasons I like EDV. I also agree heavily that the right miners will go up by x10 or more over the coming years. I saw that happen after the crash of '08 and we will see the same happen over the coming years IMO.

Billionaire Frank Giustra’s Massive Bet On Gold & Silver

Greyerz added: “At the Mines & Money Conference I had a fireside chat with Frank Giustra, who is a billionaire in the mining sector and a master of timing. He is absolutely convinced that this is the time to buy the mining shares of well-financed and well-managed companies. He has now invested a major amount of his capital in that sector and I agree with that.

Gold and silver look extremely good now both technically and fundamentally. And when you look at how quickly the entire global financial system can implode because of the immense derivatives nightmare, I understand Giustra’s massive bet on gold and silver prices going significantly higher. I also believe, like Giustra, that high quality mining companies can go up 10-times in price or even more in the years to come.”
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Wed Jul 08, 2015 9:20 pm » Safari 8.0.6 Safari 8.0.6  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Still outperforming expectations. :)

Neil Woodyer, CEO, stated

"With great performance from our mines so far this year, we expect to achieve the upper end of our 475,000 to 500,000 ounce gold production guidance range for 2015. AISC per ounce will be reported in the Q2 2015 financial results to be released in late July, however, it is expected that our savings trend will continue and Q2 2015 will be below our Q1 2015 cost of $946 and below our full-year $930 to $980 guidance range as we benefit from favourable foreign exchange rates and fuel cost savings. These savings have contributed to the Tabakoto Mine achieving less than $1,000 AISC/oz in Q2 2015."


http://www.endeavourmining.com/i/pdf/20 ... NR_EDV.pdf
"Money is Gold, and nothing else"
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Thu Jul 30, 2015 9:21 pm » Safari 8.0.6 Safari 8.0.6  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

ENDEAVOUR MINING Q2 2015 AISC/OZ OF $898, PROFIT OF $33M AND $20M DEBT PAYMENT IN JULY

Vancouver, July 30, 2015 – Endeavour Mining Corporation (“Endeavour” or the “Corporation”) (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces Q2 2015 gold production of 131,165 ounces resulting in an all-in sustaining margin of $38.2 million. The AISC of $898/oz during Q2 2015 demonstrates the cost savings trend has continued (see Figure 1). Endeavour’s operations continue to perform well and the group is positioned to deliver at the upper- end of the 475,000 to 500,000 ounces gold production guidance and at the low-end of the $930 to $980 AISC/oz guidance. For the six-month period, Endeavour has generated $59 million of free cash flow (before tax and financing) to deliver 59% of the $100 million full year target based on guidance range mid-points.

Q2 2015 Financial and Operating Highlights
 Gold production of 131,165 ounces and sales of 129,614 ounces at a realized gold price of $1,193 per ounce
 Cash cost per ounce sold of $694
 Operating EBITDA of $53.0 million
 AISC per ounce sold of $898
 AISC margin of $38.2 million
 At the Tabakoto Mine, the AISC per ounce was reduced to $990 and the mine generated a positive AISC margin of $7.7 million in the current quarter
 Non-sustaining capital investments of $3.8 million
 After-tax net earnings of $33.0 million
 Ended Q2 2015 in a strong financial position with $52.7 million in cash
 Based on the strong results in Q2 2015, a $20 million advance principal payment was made in July to further reduce the drawn amount on the revolving credit facility to $260 million

Neil Woodyer, CEO, stated

“For 2015 we have five key objectives: 1) Produce 475,000 to 500,000 ounces; 2) Maintain AISC/oz in the mid-$900s; 3) To be profitable; 4) Use free cash flow to reduce debt; 5) Extend mine life through exploration success.
During the second quarter of 2015 we continued to make strong progress on all five objectives. For the six-months to June 30, 2015, we have produced 255,000 ounces at an AISC/oz of $922 and generated net income of $50.5 million.
We have made a total of $40 million in advance payments so far this year to reduce the drawn balance on the facility to $260 million. It remains our objective to continue reducing our outstanding debt from free cash flow during 2015.
Our exploration half-year results are in line with our objectives. Most notable is the success of our Phase 1 program at Agbaou which is showing net gains in new oxide mineralization that is now the focus of our Phase 2 program.”
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Sep 21, 2015 6:00 pm » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

ENDEAVOUR MINING ANNOUNCES STRATEGIC, LONG-TERM AFRICAN GOLD PARTNERSHIP WITH NAGUIB SAWIRIS AND LA MANCHA

Vancouver, September 21, 2015 – Endeavour Mining Corporation (“Endeavour” or the “Corporation”) (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) is pleased to announce that it has entered into a long term strategic partnership with La Mancha Holding S.àr.l., a privately-held gold investment company controlled by the Sawiris Family (“La Mancha”).

As part of the transaction, Endeavour will acquire La Mancha’s indirect 55% interest in Société des Mines d’Ity S.A. (“SMI”), which operates the Ity Gold Mine in Côte d’Ivoire, plus various regional exploration properties, and La Mancha will contribute US$63 million cash1 into the acquired businesses. La Mancha has also expressed an in-principle commitment to invest up to US$75 million in additional funds to support Endeavour’s growth. Upon completion of the transaction, La Mancha will be issued approximately 177.1 million Endeavour ordinary shares representing 30.0% of the enlarged share capital. On a pro forma basis, Endeavour will have an annual gold production rate of 580,000 ounces from five operations across West Africa, a strengthened balance sheet and further growth opportunities in Africa. Among other conditions, this transaction is subject to approval from Endeavour’s current shareholders.

Neil Woodyer, CEO of Endeavour, stated

“We are pleased to welcome La Mancha and Naguib Sawiris as our long term strategic partner with the shared vision of building a leading, Africa-focused gold producer. This transaction will immediately add to Endeavour’s operating cash flow, increase our attributable Mineral reserve and resource base by 22% and 23%, respectively, while also strengthening our balance sheet and funding position to pursue further growth.

The Ity Mine and resource base has grown significantly under the leadership of La Mancha. An aggressive exploration program at Ity has increased M&I resources since 2011 from 0.2Moz to 2.9Moz. With our successful track record in building and operating mines, together we will have the expertise and the funding to grow across Africa. By adding the brownfield Ity CIL development project alongside our Houndé project, we will have strengthened our pipeline for near term growth. With the additional exploration properties, we will become the mining company with the largest exploration package in Côte d’Ivoire, which is one of the most prospective greenstone belts in the world. I am delighted to announce that Sebastien de Montessus will be joining Endeavour as President where he adds his proven management skills as former CEO of Areva Mining and current CEO of La Mancha, and experience in African mining operations.

Most importantly, the transaction is value accretive to shareholders and the in-principle commitment of up to US$75 million in additional funding puts Endeavour in a stronger positon to continue its growth strategy at a low point in this gold price cycle. The industry has seen the successful role La Mancha has played in the growth of Evolution Mining Limited in Australia, including the A$112 million equity capital support for the Cowal acquisition – in excess of the A$100 million in-principle commitment made, and we see similar opportunities across Africa.”

...
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Sat Apr 23, 2016 9:03 pm » Safari 9.1 Safari 9.1  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Image
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Sat Aug 27, 2016 8:23 am » Safari 9.1.2 Safari 9.1.2  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Still my favourite junior which should get a major revaluation as they move up in size. Current AISC $895 and production of 575 - 610koz, expected to drop/grow to ASIC <$800 and +900koz over the next few years.

Image

Although we have had a nice run so far this year this recent brutal correction is providing an opportunity to add IMO.

Image
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Mon Oct 31, 2016 11:39 am » Safari 10.0 Safari 10.0  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Endeavour accelerates cash flow generation in Q3 and significantly improves liquidity sources

Q3 Highlights:

  • Produced 146koz in Q3-2016, up 6% over Q2-2016 with increases expected across all mines in Q4-2016, remaining on track to meet full year guidance
  • All-in Sustaining Cost ("AISC") continued to trend lower, achieving $898/oz in Q3-2016
  • All-in sustaining margin increased to $55m in Q3-2016, lifted by increased production, lower costs, and higher gold prices
  • Free Cash Flow (before WC, tax & financing costs, Houndé and Karma) of $41m for Q3-2016, up 41% over Q2-2016 and a three-fold increase over Q3-2015
  • Well positioned to finance growth projects with $397m in available sources of financing and liquidity, as Net Debt was decreased from $242m to $14m over the last 12-months
  • Adjusted net earnings from continuing operations increased by 19% over the previous quarter to $33m and 39% on a per share basis
  • Declared commercial production at Karma mine on October 1, 2016
  • Houndé construction progressing on-time and on-budget, with 60% of capital committed
  • Two new discoveries near Ity mine demonstrate potential of underexplored land package in Birimian Greenstone Belt
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Endeavour Mining (TSE:EDV)

Postby Pixel8r » Tue Mar 07, 2017 1:17 pm » Safari 10.0.1 Safari 10.0.1  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

EDV still beating estimates. :D

ENDEAVOUR POSTS RECORD 2016 RESULTS

Production up 13% · AISC down to record low $884/oz · Cash flow generation up 55%

Q4 AND FY-2016 HIGHLIGHTS


  • Record Q4-2016 performance with production of 175koz, up 20% over previous quarter, and AISC of $855/oz, down 5%
  • FY-2016 guidance achieved with record production of 584koz, up 13% on prior year, and record low AISC of $884/oz, down 4%
  • FY-2016 Free Cash Flow Before Growth Projects (and before WC, tax and financing cost) increased by 55% to $142m, beating guidance
  • Year-end Net Debt decreased from $144m in 2015 to $26m in 2016
  • Well positioned to finance growth projects with $334m in available sources of financing and liquidity
  • Earnings from mine operations increased by 70% in FY-2016 to $168m
  • Adjusted net earnings increased by 145% in FY-2016 to $1.15 per share vs $0.47 in FY-2015
  • Houndé construction remains on-time and on-budget; first gold pour expected in Q4
  • Group reserves up 330koz over the previous year to 7.1 Moz on a 100% basis
"Money is Gold, and nothing else"
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