EDVMF - Endeavour Mining beats Q1 top and bottom line estimates; reaffirms FY23 and initiates FY24 outlook

2023-05-04 02:42:53 ET

• Endeavour Mining press release ( OTCQX:EDVMF ): Q1 Non-GAAP EPS of $0.28 beats by $0.10 .
• Revenue of $591M (-14.2% Y/Y) beats by $58.1M .
• Q1-2023 production of 301koz at an AISC of $1,022/oz; On track to achieve full year 2023 guidance with performance weighted towards H2-2023.
• EBITDA of $206m for Q1-2023; Adjusted EBITDA of $279m for Q1-2023, down 3% over Q4-2022.
• FY-2023 production and AISC guidance on track. Growth projects on budget and on schedule for 2024. For the remainder of FY-2023, approximately 225koz (75koz per quarter) are expected to be delivered into a collar with a call price of $2,100/oz and a put price of $1,750/oz. In addition, approximately 90koz (30koz per quarter) are scheduled to be settled in forward sales contracts at an average gold price of $1,828/oz.
• The Group remains on track to achieve its FY-2023 production guidance of 1,325 - 1,425koz at an AISC of $940 - 995/oz, with performance weighted towards H2-2023 as previously guided.
• Sustaining capital expenditure outlook for FY-2023 remains unchanged at $165.0 million, of which $33.3 million has been incurred in Q1-2023. Likewise, non-sustaining capital expenditure outlook for FY-2023 remains unchanged at $205.0 million, of which $94.5 million has been incurred in Q1-2023.
• Growth capital expenditure outlook for FY-2023 remains unchanged at $400.0 million. In Q1-2023, $72.2 million was incurred, of which $26.4 million was incurred at Sabodala-Massawa, $43.0 million was incurred at Lafigué and $2.8 million was incurred at the Kalana project.
• For FY-2024, approximately 450koz are expected to be delivered into a collar with a call price of $2,400/oz and a put price of $1,807/oz. In addition, during H1-2024, a total of approximately 70koz (approximately 35koz per quarter) are expected to be settled in forward sales contracts with an average gold price of $2,033/oz.

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