The following is a summary of the Endeavour Mining Plc (EDVMF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Endeavour reported a Q1 2024 production decrease to 219,000 ounces, a 22% drop from the previous quarter.

• Increase in all-in sustaining cost to $1,186 per ounce mainly due to lower production.

• Net debt rose to around $831 million as a result of over $235 million investment.

• Lower production at higher costs led to a dip in adjusted EBITDA and operating cash flow.

• Adjusted net earnings remained steady due to lower income tax expenses.

• An outstanding payment of $125 million is yet to be received.

• Cash Capital Expenditure was $179 million in the first quarter, and is expected to be $150 million - $160 million in the second quarter.

Business Progress:

• The company is on track to meet its full-year 2024 guidance, with expectations weighted towards H2.

• First gold delivery at the Sabodala-Massawa BIOX section was successful.

• The Lafigué development project is running well, anticipated to deliver first gold in late Q2.

• An exploration program focused on converting resources to reserves was launched.

• The Sabodala-Massawa expansion project has started delivering gold, set to strengthen portfolio quality and economic sustainability.

• $100 million invested in dividends and $30 million in share buybacks in Q1.

• Debt reduction is expected to be a major focus in the second half of 2024, enhancing Endeavour's financial stability.

• Continued focus on mining high grade ore from multiple pits and advancing its $21 million exploration program.

• A 37 Megawatt solar project at Sabadola-Massawa to reduce fuel consumption, lower costs and minimize greenhouse gas emissions is underway.

• Ity is on track to meet its production and cost guidance for the full year.

• Construction project delivered on time with no lost time injuries over more 3.5 million work hours.

• Efforts to convert existing resources into reserves increasing, promising for near-term mining plans.

• Commissioning of the solar project at Sabodala-Massawa scheduled for later this year.

More details: ENDEAVOUR MINING PLC IR

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