The following is a summary of the Endeavour Mining Plc (EDVMF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Endeavour Mining reported strong Q3 2024 results, with a record quarter of gold production contributing to significant financial metrics improvements.

• Quarterly free cash flow reached $100 million, a quarter-on-quarter increase of $166 million, excluding prior prepayment impact, showcasing a strong operational performance and effective cost management.

• Repaid $160 million of revolving credit facility, decreasing gross debt and advancing towards a leverage target of 0.5 times, reflecting an improved balance sheet.

• Adjusted net earnings increased significantly to $92 million, or $0.30 per share, driven by higher production and higher gold prices.

• The company expects a stronger Q4 performance with contributions from growth projects reaching full production, driving both earnings and cash flow enhancements.

Business Progress:

• Both growth projects reached commercial production during Q3, ramping up to meet nameplate capacity, and are expected to maintain this into Q4 and 2025.

• Enhanced exploration efforts are on track to meet a 5-year target to discover between 12 to 17 million ounces of M&I resources.

• New investments in solar plant constructions at Sabodala-Massawa align with the company's decarbonization strategy, anticipated to reduce emissions by over 30% and costs by 20%.

Opportunities:

• Endeavour's long-term growth is supported by the Assafou project and a robust exploration program, aiming to organically grow its production towards a 1.5 million ounces portfolio by the end of the decade while maintaining best-in-class margins.

• The company plans to fully utilize the growth capacity of Assafou, which is enhanced by promising mineral findings in near-by locations, translating into potential increment in reserves and production capabilities.

Risks:

• Projected all-in sustaining cost for the year is expected to exceed the upper guidance range due to factors such as high gold prices increasing royalties, decreased power availability, and underperformance at the Sabodala-Massawa CIL operation. However, a strong Q4 performance is anticipated to mitigate some of these overruns.

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