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Meeting Guidance for 10th Consecutive Year

In preparation for FY22 results on 9 March, Endeavour Mining has released preliminary operational results. Q422 saw a 4% increase in gold production, totaling 355koz, showing a strong close to the year, whereas all-in sustaining costs (AISC) remained stable at c US$954/oz. As such, FY22 marks the 10th year in which Endeavour has either achieved or beaten both its production and AISC cost guidance Looking to FY23, production guidance is broadly comparable at 1,325–1,425koz and AISC of US$940–995/oz. Endeavour also announced an H222 dividend of US$100m confirming a FY22 total dividend of $200m, 33% above its minimum committed level of US$150m. Edison Group broadly maintains valuation methodology ahead of the FY22 results, whereby they discount back five years of cash flows then apply an ex-growth, ad infinitum multiple to steady-state terminal cash flows in FY26.

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