EDVMF - Endeavour Mining plc (EDVMF) Q1 2024 Earnings Call Transcript

2024-05-02 15:53:10 ET

Endeavour Mining plc (EDVMF)

Q1 2024 Earnings Conference Call

May 2, 2024 8:30 AM ET

Company Participants

Jack Garman – Vice President, Investor Relations

Ian Cockerill – Chief Executive Officer

Guy Young – Chief Financial Officer

Mark Morcombe – Chief Operating Officer

Jono Lawrence – Executive Vice President Exploration

Conference Call Participants

Amos Fletcher – Barclays

Andrew Breichmanas – Stifel

Carey MacRury – Canaccord Genuity

Anita Soni – CIBC World Markets

Will Dalby – Berenberg

Daniel Major – UBS

Don DeMarco – National Bank Financial

Sandeep Peety – Morgan Stanley

Presentation

Operator

Good day, and thank you for standing by. Welcome to Endeavour Mining’s First Quarter 2024 Results Webcast. At this time, all participants are in listen-only mode. After management presentation, there will be a question-and-answer session. [Operator Instructions] Please note that due to time constraints, we will be prioritizing questions from covering analysts. Today’s conference call is being recorded, and a transcript of the conference will be available on Endeavour’s website tomorrow.

I would now like to hand the conference over to Endeavour’s Vice President, Investor Relations, Jack Garman. Please go ahead, sir.

Jack Garman

Hello, everyone, and welcome to Endeavour’s Q1 results webcast. Before we start, please note our usual disclaimer. On the call today, I’m joined by Ian Cockerill, our CEO; Guy Young, our CFO; and Mark Morcombe, our COO. Today’s call will follow our usual format. Ian will first go through the highlights of our Q1 2024 results, Guy will present the financials, and Mark will walk you through our operating results by mine before handing back to Ian for his closing remarks. We will then open the lineup for questions.

I’ll now hand over to Ian.

Ian Cockerill

Thanks very much, Jack. Hello to everyone who’s on the call here today and thank you for joining us. Now, I’ve now been the Chief Executive Officer of Endeavour for just over a quarter and I’m actually pleased today to be able to report that whilst this has been a challenging operating quarter, we are still continuing to deliver against our key objectives.

On the operational side, we remain on track to achieve our full year 2024 guidance and whilst production was lower in Q1 as previously guided, which drove all-in sustaining costs higher, operating performance was always strongly weighted towards H2 due to stronger performances that we are anticipating from Houndé as well as the two organic growth projects coming online.

Now we’ve been focused on delivering these growth projects as they will continue to improve the quality of our portfolio and drive higher production at lower costs going forward. On Sunday, we successfully delivered first gold at the Sabodala-Massawa BIOX section, which is on budget and on schedule. That’s only two years after we launched construction.

Now, and we’re also making good progress at our Lafigué development project where we’ve already started dry commissioning and we’re on track to deliver first gold in late Q2, which is a full quarter ahead of the anticipated schedule.

In addition, our exploration program continues to provide us with strong platform for future growth and while we’re going to prioritize resource to reserve conversion at the moment, we’ve also delivered strong results at the Assafou deposit on the Tanda-Iguela property during Q1....

For further details see: