Endeavour Mining delivers solid full-year performance

Endeavour Mining, the London-listed gold company operating in West Africa, has announced outstanding financial and operating results for the 2024 financial year. Buoyed by record free cash flow of $268 million in the fourth quarter, annual production of 1.1 million ounces and a 32% increase in proven and probable reserves, the company has strengthened its position as one of the leaders in the mining sector.

Fourth-quarter production reached 363,000 ounces at an all-in sustaining cost (AISC) of $1,141 per ounce, contributing to a solid full-year performance with an average AISC of $1,218 per ounce. These figures boosted adjusted Ebitda, which jumped 72% to $546 million over the last three months, for an annual total of $1.33 billion. Adjusted net profit was $110 million in Q4 (+49% on the previous quarter), bringing the full-year result to $227 million. The gearing ratio improved to 0.55x, reflecting rigorous financial management.

Endeavour marked 2024 with a record dividend of $240 million, supplemented by share buybacks of $37 million, giving a total return to shareholders of $277 million ($251 per ounce produced). This amount, 32% higher than the minimum commitment, offers an indicative return of 5.9%. Since January 2025, share buybacks have totalled $22 million, an increase of 69% on the same period last year, underlining the company's confidence in its trajectory.

The Group's reserves rose by 4.5 million ounces in 2024, net of depletion, to 18.4 million ounces, thanks in particular to additions at the Assafou project in Côte d'Ivoire. This site, classified as Tier 1, is progressing towards a definitive feasibility study expected in late 2025 or early 2026, while aggressive exploration continues in the area. Since 2021, Endeavour has discovered 12.2 million measured and indicated ounces, achieving its target of 12 to 17 million ounces at a cost of less than $25 per ounce.

CEO Ian Cockerill highlighted the addition of two high-margin projects in Senegal and Côte d'Ivoire, delivered on time and on budget. "These initiatives will increase our production, reduce our costs and extend the life of our mines, while diversifying our portfolio," he said. He also highlighted the positive momentum in the second half of 2024, which will be extended into 2025 with a focus on operational excellence to maximise cash flow and returns to shareholders.

With a strengthened portfolio and robust financial health, Endeavour Mining is positioned to capitalise on global gold demand while consolidating its presence in West Africa. Investors will be keeping a close eye on progress at Assafou and the company's ability to maintain profitability in a sometimes volatile gold market. Endeavour has clear ambitions for 2025: to combine growth, efficiency and shareholder value.