EDVMF - Endeavour Mining: Another Outstanding Year

• Endeavour Mining released its Q4 and FY2021 results last month, reporting record production of ~1.52 million ounces, a 69% increase year-over-year.
• This strong growth was helped by two timely acquisitions (Semafo & Teranga) and was achieved despite divestments of non-core assets like Agbaou.
• Most importantly, while many producers saw significant cost increases year-over-year and have guided for even higher costs in FY2022, Endeavour has grown while maintaining its industry-leading margins.
• Given Endeavour's high-quality business model with the potential for ~30% production growth (vs. FY2022) later this decade at ~50% AISC margins, I would view sharp pullbacks as buying opportunities.

For further details see: