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On Track to Hit Top End of Production Guidance

Endeavour Mining’s Q322 results released Thursday morning put it solidly on track to meet the top end of its guidance for the year of 1,315–1,400koz of production at an all-in sustaining cost (AISC) of US$880–930/oz. Production in the quarter was 9.2% above our prior expectation, at 342.7koz (1,370.8koz annualised), while AISC was 8.5% below it, at US$960/oz (US$920/oz year to date), driven by continued strong performances at Endeavour’s Ity and Houndé flagships, in particular, and despite the typical impact of the rainy season. Cash costs (including royalties) amounted to US$839/oz (cf our estimate of US$836/oz). Edison Group calculated a present valuation for Endeavour of US$35.46/share with current price of US$16.53/share.

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