EDVMF - Endeavour Mining: Set Up For A Beat Vs. FY2021 Production Guidance

• Endeavour Mining released its Q3 results this week, reporting quarterly gold production of ~382,000 ounces at industry-leading all-in sustaining costs of $904/oz.
• The company is on track to beat the high end of its FY2021 guidance, with ~1.14 million ounces produced year-to-date vs. a guided range of 1.4 to 1.5 million ounces.
• Endeavour continues to return significant capital to shareholders, buying back ~$94 million in shares year-to-date, helping to reduce the share count following two major acquisitions in 2020.
• Given Endeavour's track record of under-promising and over-delivering and its enviable development pipeline, I continue to see the stock as a top-5 gold producer.

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