EDVMF - Endeavour Mining slips to Q2 net loss on lower production higher costs

2023-08-02 11:57:44 ET

Endeavour Mining ( OTCQX:EDVMF ) -6.2% in Wednesday's trading after swinging to a Q2 net loss , citing lower volumes of gold sold at lower margins and higher costs.

Q2 adjusted earnings fell to $78M, or $0.32/share, from a $1M loss in Q2 and $191M, or $0.77/share, in the-year earlier quarter, and below a company compiled analyst consensus of $0.36.

Endeavour ( OTCQX:EDVMF ) said it remains on track to meet full-year production and cost guidance of 1.06M-1.135M oz and $895-$950/oz, respectively, adding that performance is weighted to H2.

Berenberg analyst Richard Hatch said Q2 results had more negatives than positives but are moving in the right direction, and the company conveyed confidence in the Ivorian Tanda-Iguela exploration asset.

However, "a weak quarter from the Mana mine, a steer to a guidance miss, and higher net debt are all likely to overshadow the positive operational news, as well as a large interim dividend," Hatch said.

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