ENDEAVOUR REPORTS RECORD
Q4-2020 PRELIMINARY RESULTS AND 2021
GUIDANCE
Achieved top end of production
guidance l Net Debt reduction of ∼$600m in
2020 l Net Cash position of ~$70m at year-end
HIGHLIGHTS
- Record Q4-2020 production of 344koz, a 41% increase
over Q3-2020 while AISC decreased by 15% to ~$770/oz
- Record consolidated FY-2020 production of 908koz, a 39%
increase over FY-2019, while AISC increased by 5% to
~$860/oz
- Eighth consecutive year of achieving annual guidance,
reaching the top end of production and low end of AISC guidance, in
spite of the global COVID-19 pandemic
- Net Cash position of ~$70m achieved at year-end,
marking a Net Debt reduction of ~$245m during Q4-2020 and ~$600m
during FY-2020
- First dividend announced, payment on February 5, 2021,
with shareholder return program expected to be augmented once a Net
Cash position of $250m is reached
- 2021 annual production guidance of 915-1,010koz at AISC
of $900-950/oz, which factors in the recently announced Agbaou sale
and will be updated following the completion of the Teranga
transaction
- Strong focus in 2021 on free cash flow generation and
on building optionality by progressing our organic growth pipeline
with PFS on Fetekro and Kalana due in Q1-2021 and targeting DFS for
the Sabodala-Massawa plant expansion in Q4-2021
- Continued strong focus on exploration with 2021
exploration budget of $55-60m
|
George Town, January 25, 2021 – Endeavour
Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its
preliminary financial and operating results for the fourth quarter
and full year 2020, with highlights provided in the table
below.
Table 1: Preliminary Consolidated
Highlights
in US$ million unless otherwise specified. |
THREE MONTHS ENDED |
TWELVE MONTHS ENDED |
|
|
December 31, 2020 |
September 30, 2020 |
December 31, 2019 |
December 31, 2020 |
December
31, 2019 |
Δ
FY-2020 vs. FY-2019 |
|
|
PRODUCTION AND AISC
HIGHLIGHTS |
|
|
|
|
|
|
|
Gold Production,
koz |
344 |
244 |
178 |
908 |
651 |
+39% |
|
Gold Sold,
koz |
328 |
262 |
172 |
914 |
649 |
+41% |
|
All-in Sustaining
Cost1, $/oz |
~770 |
906 |
819 |
~860 |
818 |
+5% |
|
FINANCIAL
POSITION HIGHLIGHT1 |
|
|
|
|
|
|
|
Net Cash (Net Debt) |
~70 |
(175) |
(528) |
~70 |
(528) |
n.a. |
|
1This is a non-GAAP measure. All Q4-2020 and FY-2020 numbers are
preliminary and reflect Endeavour's expected results as of the date
of this press release.
Sebastien de Montessus, President and CEO,
commented: “2020 was a transformational year for Endeavour as we
consolidated our position in West Africa and this is reflected in
the strong operational and financial performance across our
portfolio, particularly in the record fourth quarter which saw the
full benefits from the integration of the SEMAFO assets and the
ramp-up of the high grade Kari Pump deposit at Houndé.
In spite of the challenges presented by the
global pandemic, we are proud to have achieved our annual
production and AISC guidance for the eighth consecutive year.
Looking ahead to 2021, our focus will be the integration of the
Teranga assets and progressing our organic growth
pipeline.
Having reached a Net Cash position by year-end,
marking a reduction in net debt by nearly $600 million over the
course of 2020, we are pleased to be paying our first dividend in
the coming days. As our balance sheet strengthens further, we will
be reviewing our capital return program with a view to augmenting
shareholder returns. We are also excited to continue working
towards obtaining a premium listing on the Premium London Stock
Exchange as we seek to broaden our appeal to a wider group of
potential investors.”
UPCOMING CATALYSTS
The key upcoming expected catalysts are
summarized in the table below.
Table 2: Key Upcoming
Catalysts
TIMING |
CATALYST |
|
February 5 |
Corporate |
Payment of first dividend |
Mid February |
Corporate |
Closing of Teranga acquisition |
March 1 |
Corporate |
Closing of Agbaou sale transaction |
Mid March |
Houndé |
Maiden reserve estimates for Kari Center and Kari Gap |
Late Q1 |
Fetekro |
Pre-Feasibility Study |
Late Q1 |
Kalana |
Pre-Feasibility Study |
Late Q2 |
Corporate |
Premium LSE Listing |
Q4-2020 AND FULL YEAR 2020 SUMMARY
- Continued strong safety record for the Group, with a low Lost
Time Injury Frequency Rate (“LTIFR”) of 0.12 for FY-2020.
- As announced on August 19, 2020, Joanna Pearson assumed the
role of Executive Vice President and Chief Financial Officer
effective January 4, 2021.
- Q4-2020 consolidated production amounted to a record 344koz, an
increase of 100koz or 41% over Q3-2020, as a result of stronger
performance across all mine sites, specifically at Houndé (due to
ramp-up of higher grade Kari Pump deposit), Ity (higher throughput
and grades) and Boungou (ramp-up of mining activities).
All-in Sustaining Costs ("AISC") decreased by $136/oz or 15% to
~$770/oz as lower costs at Houndé, Agbaou and Boungou more than
offset increased costs at Ity, Mana and Karma.
- FY-2020 consolidated production amounted to a record 908koz, an
increase of 258koz or 40% over FY-2019 as the addition of Mana and
Boungou in the second half of the year, the ramp-up of Kari Pump at
Houndé, and the benefit of a full year's production from Ity more
than offset the expected decline in production at Agbaou. Over the
same period, consolidated AISC increased by only 5% or $42/oz due
primarily to the higher gold prices, which increased royalties by
∼$40/oz, which was offset by lower aggregate mine-level costs. The
increased production at lower costs mines (Houndé and Ity) and the
addition of the low cost profile of the Boungou mine more than
offset the higher costs at Agbaou, Karma and Mana.
- The Group’s realized gold price was $1,843/oz and $1,760/oz for
Q4-2020 and FY-2020 respectively, inclusive of the Karma
stream.
Table 3: Consolidated Group Production
|
THREE MONTHS ENDED |
TWELVE MONTHS ENDED |
|
December
31, 2020 |
September 30, 2020 |
December
31, 2019 |
December
31, 2020 |
December
31, 2019 |
(All amounts in koz, on a 100% basis) |
Houndé |
101 |
62 |
55 |
277 |
223 |
Ity CIL |
61 |
44 |
60 |
213 |
190 |
Mana |
61 |
60 |
— |
121 |
— |
Agbaou |
28 |
25 |
35 |
105 |
138 |
Karma |
28 |
22 |
27 |
98 |
97 |
Boungou |
64 |
30 |
— |
94 |
— |
Ity Heap Leach |
— |
— |
— |
— |
3 |
GROUP PRODUCTION |
344 |
244 |
178 |
908 |
651 |
Table 4: Consolidated All-In Sustaining
Costs1
(All
amounts in US$/oz) |
THREE MONTHS ENDED |
TWELVE MONTHS ENDED |
|
December
31, 2020 |
September 30, 2020 |
December
31, 2019 |
December
31, 2020 |
December
31, 2019 |
|
|
Houndé |
~640 |
865 |
878 |
~850 |
862 |
|
Ity CIL |
~860 |
774 |
697 |
~760 |
616 |
|
Mana |
~815 |
896 |
— |
~980 |
— |
|
Agbaou |
~1,070 |
1,139 |
846 |
~1,030 |
796 |
|
Karma |
~1,135 |
1,073 |
755 |
~1,010 |
903 |
|
Boungou |
~550 |
752 |
— |
~620 |
— |
|
Ity Heap
Leach |
— |
— |
— |
— |
1,086 |
|
Corporate
G&A |
~25 |
20 |
19 |
~28 |
32 |
|
GROUP AISC |
~770 |
906 |
819 |
~860 |
818 |
|
1This is a non-GAAP measure. All Q4-2020 and
FY-2020 numbers are preliminary and reflect our expected results as
of the date of this press release.
2020 PRO FORMA GUIDANCE
ACHIEVED
-
Production and AISC guidance was achieved for the eighth
consecutive year, in spite of the challenges presented by the
global COVID-19 pandemic. The FY-2020 Pro Forma production
(inclusive of SEMAFO for the full year) amounted to 1,066koz,
achieving the higher end of the guidance range due to the
out-performance at Houndé, Boungou and Mana. The FY-2020 Pro Forma
AISC amounted to ~$871/oz, achieving the lower end of the Pro Forma
guidance range despite the impact of higher royalties.
Table 5: Preliminary Pro Forma Group
Production and AISC1
|
FY-2020 |
FULL YEAR GUIDANCE |
Gold Production, koz |
1,066 |
995 |
— |
1,095 |
All-in
Sustaining Cost1, $/oz |
~871 |
865 |
— |
915 |
1This is a non-GAAP measure. Refer to the
non-GAAP measure section of the latest available MD&A.
Endeavour believes that operating and financial figures for SEMAFO
are representative of the period ended June 30, 2020 as the
Transaction closed on July 1, 2020. Figures presented and disclosed
relating to SEMAFO operations represent classifications and
calculations performed using consistent historical SEMAFO
methodologies. Potential differences may include, but not limited
to, classification of corporate costs and operating expenses,
classification of mining, processing, and site G&A costs,
classification of capitalized waste as sustaining and
non-sustaining, valuation of stockpiles and gold in circuit. Pro
forma information has not been adjusted and is comprised of the
simple sum of information provided for each of Endeavour and
SEMAFO. All Q4-2020 and FY-2020 numbers are preliminary and reflect
Endeavour's expected results as at the date of this press
release.
2021 OUTLOOK
-
2021 production is expected to amount to 915-1,010koz at AISC of
$900-950/oz, as presented in the tables below. Production is
expected to be higher and AISC lower during the second half of the
year, due to higher grades anticipated in the second half of the
year and capex weighted towards the first half of the year. More
details on individual mine guidance have been provided in the above
sections.
Table 6: Production Guidance1
(All amounts in koz, on a 100% basis) |
2020 PRO FORMA ACTUALS |
2021 FULL-YEAR GUIDANCE |
Ity |
213 |
230 |
— |
250 |
Karma |
98 |
80 |
— |
90 |
Houndé |
277 |
240 |
— |
260 |
Mana |
219 |
170 |
— |
190 |
Boungou |
155 |
180 |
— |
200 |
PRODUCTION FROM CONTINUING OPERATIONS |
962 |
900 |
— |
990 |
Agbaou |
105 |
15 |
— |
20 |
TOTAL PRODUCTION |
1,066 |
915 |
— |
1,010 |
1 Pro Forma FY-2020 production for Mana and Boungou
Table 7: AISC Guidance1
(All amounts in US$/oz) |
2020 PRO FORMA ACTUALS (PRELIMINARY) |
2021 FULL-YEAR GUIDANCE |
Ity CIL |
~760 |
800 |
— |
850 |
Karma |
~1,010 |
1,220 |
— |
1,300 |
Houndé |
~850 |
855 |
— |
905 |
Mana |
~980 |
975 |
— |
1,050 |
Boungou |
~625 |
690 |
— |
740 |
Corporate G&A |
~33 |
|
30 |
|
Sustaining exploration |
— |
|
5 |
|
AISC FROM CONTINUING OPERATIONS |
~840 |
880 |
— |
930 |
Agbaou |
~1,030 |
1,050 |
— |
1,125 |
TOTAL AISC |
871 |
900 |
|
950 |
1This is a non-GAAP measure. Refer to the
non-GAAP measure section of the most recent MD&A for
Endeavour and refer to the non-IFRS measures note in this press
release for SEMAFO. 2Endeavour believes that operating and
financial figures for SEMAFO are representative of the period ended
June 30, 2020 as the Transaction closed on July 1, 2020. Figures
presented and disclosed relating to SEMAFO operations represent
classifications and calculations performed using consistent
historical SEMAFO methodologies. Potential variances to existing
Endeavour classifications and calculation methodologies may result
in adjustments affecting results. Potential differences may
include, but not limited to, classification of corporate costs and
operating expenses, classification of mining, processing, and site
G&A costs, classification of capitalized waste as sustaining
and non-sustaining, valuation of stockpiles and gold in circuit.
Accounting treatments and classifications will be aligned with
Endeavour methodologies and policies. Pro forma information has not
been adjusted and is comprised of the simple weighted average of
information provided for each of Endeavour and SEMAFO.
- As
detailed in the table below, sustaining and non-sustaining capital
allocations for 2021 amount to $125 million and $129 million
respectively. More details on individual mine capital expenditures
have been provided in the above sections.
Table 8: Mine Capital Expenditure
Guidance
(All amounts in US$m) |
SUSTAINING CAPITAL |
NON-SUSTAINING CAPITAL |
Ity |
28 |
27 |
Karma |
11 |
5 |
Houndé |
39 |
13 |
Mana |
27 |
62 |
Boungou |
19 |
22 |
MINE CAPITAL EXPENDITURES FROM CONTINUING
OPERATIONS |
124 |
129 |
Agbaou |
1 |
0 |
TOTAL MINE CAPITAL EXPENDITURES |
125 |
129 |
- Growth capital spend is expected to amount to approximately $13
million, mainly for studies and holding costs at Kalana and
Fetekro, while corporate non-sustaining capital is expected to
amount to approximately $5 million, mainly for IT and integration
projects.
- As detailed in the table below, exploration will continue to be
a strong focus in 2021 with a company-wide exploration budget of
$55-60 million, with approximately 25% expected to be classified as
expensed, 10% as sustaining capital and 65% as non-sustaining
capital.
Table 9: Exploration Guidance
|
2021 GUIDANCE |
2021 ALLOCATION |
Other
greenfield |
11 |
19% |
Ity mine |
9 |
16% |
Mana mine |
8 |
14% |
Hounde mine |
7 |
13% |
Fetekro
project |
7 |
13% |
Bantou
project |
7 |
13% |
Boungou mine |
7 |
12% |
Karma mine |
0 |
—% |
Agbaou mine |
0 |
—% |
Total |
$55-60 million |
100% |
FINANCIAL POSITION &
LIQUIDITY
- A Net Cash position of ~$70 million was achieved at year-end,
marking a Net Debt reduction of ~$245 million during Q4-2020 and
~$600 million during FY-2020, reflecting the completion of the
Company's construction phase in 2019 and a strong operating
performance in 2020.
- At year-end, Endeavour’s available sources of financing and
liquidity remained strong at circa $838 million, which included
circa $718 million from its current cash position and circa $120
million in undrawn funds from its revolving credit facility.
Endeavour anticipates to utilize its lower cost financing to retire
Teranga's higher cost debt instruments following the Transaction
close.
Table 10: Net Debt Position
In US$ million unless otherwise specified. |
December 31, 2020 (PRELIMINARY) |
September 30, 2020 |
December 31, 2019 |
Cash and cash equivalents |
~718 |
523 |
190 |
Equipment financing |
~(8) |
(58) |
(78) |
Convertible senior bond |
~(330) |
(330) |
(330) |
Drawn portion of
revolving credit facility |
~(310) |
(310) |
(310) |
NET CASH /
(NET DEBT) POSITION |
~70 |
(175) |
(528) |
SHAREHOLDER RETURNS PROGRAM
- On November 12, 2020, Endeavour announced its first dividend of
$60 million for the 2020 fiscal year, which equates to $0.37 per
ordinary share, payable to shareholders of record at the close of
business on January 22, 2021.
- The dividend will be paid to holders of ordinary shares in
Canadian Dollars based on the prevailing USD:CAD exchange rate at
the time of payment. This dividend does not qualify as an 'eligible
dividend' for Canadian income tax purposes. The tax consequences of
the dividend will be dependent on the particular circumstances of a
shareholder. Shareholders are encouraged to consult with their own
tax advisors in this regard.
- Endeavour’s first dividend sets the path to a sustainable
dividend policy, based on its capital allocation framework and its
strategy of maximizing long term shareholder value. Following the
payment of this first dividend, the Board of Directors expects to
declare future dividends on a semi-annual basis. The Company will
be well positioned to re-assess its capital allocation priorities,
which may include augmenting its shareholder return program via a
higher dividend and/or a buyback once it has reached a targeted net
cash position of $250 million.
OPERATIONAL DETAILS BY MINE
HOUNDÉ MINE
Q4 2020 vs Q3 2020 Insights
- Production increased significantly due to the higher processed
grades and recovery rates as well as the increased throughput rate.
- Tonnes of ore mined significantly increased following the end
of the rainy season with ore mainly sourced from the high grade
Kari Pump deposit, supplemented with ore from the Vindaloo Main and
Vindaloo Centre pits as well as the Bouéré pit.
- The strip ratio decreased due to the planned mining sequence
during the quarter in Vindaloo Main and Centre and the lower strip
ratio starter pit at Kari Pump.
- Tonnes milled increased slightly due to the oxide ore from Kari
Pump offsetting the impact of greater volumes of fresh ore from
Vindaloo.
- Average processed grades increased due to the benefit of higher
grade oxide ore from Kari Pump which was supplemented by fresh ore
from Vindaloo Main and Vindaloo Centre.
- Recovery rates increased due to the higher throughput of oxide
ore from Kari Pump.
- AISC decreased due to a reduction in the strip ratio, an
increase in the processed grade, which offset higher unit costs and
sustaining capital.
FY-2020 vs FY-2019
Insights
-
Production increased due to 20% higher grades and slightly higher
processed tonnes while recovery rates remaining flat. AISC
decreased following an increase in gold sold and lower G&A unit
costs, which more than offset the higher royalties, mining and
processing unit costs and increased sustaining capital spend.
2020 Performance vs Guidance
- Production totaled 277koz, beating the upper end of the guided
230-250koz range due to better than expected grade, which was the
result of the quick ramp up of mining at Kari Pump.
- The AISC amounted to circa $850/oz, well below the guided
$865—$895/oz, as the benefit of higher production offset higher
royalty costs driven by a higher gold price.
Table 11: Houndé Quarterly Performance
Indicators
For The Quarter Ended |
Q4-2020 |
Q3-2020 |
Q4-2019 |
Tonnes ore mined, kt |
2,120 |
1,231 |
622 |
Total tonnes mined, kt |
10,741 |
9,933 |
9,298 |
Strip ratio (incl. waste cap) |
4.07 |
7.07 |
13.94 |
Tonnes milled, kt |
1,117 |
1,010 |
1,052 |
Grade, g/t |
3.06 |
2.06 |
1.78 |
Recovery rate, % |
94 |
92 |
92 |
PRODUCTION, KOZ |
101 |
62 |
55 |
Cash cost/oz (preliminary) |
~445 |
600 |
719 |
AISC/OZ (preliminary) |
~640 |
865 |
878 |
Table 12: Houndé Yearly Performance
Indicator
For The Year |
FY-2020 |
FY-2019 |
Tonnes ore mined, kt |
5,324 |
2,969 |
Total tonnes mined, kt |
43,495 |
38,194 |
Strip ratio (incl. waste cap) |
7.17 |
11.87 |
Tonnes milled, kt |
4,228 |
4,144 |
Grade, g/t |
2.21 |
1.83 |
Recovery rate, % |
93 |
93 |
PRODUCTION, KOZ |
277 |
223 |
Cash cost/oz (preliminary) |
~580 |
666 |
AISC/OZ (preliminary) |
~850 |
862 |
2021 Outlook
- Houndé is expected to produce between 240-260koz in 2021 at
AISC of $855-905/oz.
- In line with Endeavour’s strategic objective of maintaining the
Houndé production profile of 250koz/yr over at least 10 years, as
outlined in the mine plan published in late 2020. Ore from the
higher grade Kari Pump pit will be blended with ore from
predominantly Bouere and Vindaloo Centre in the first half of the
year until mining in these pits is completed. During this
period, mining at Vindaloo Main will focus on waste stripping,
whilst waste stripping will also commence at Kari West. This will
then switch over to blending with ore from Vindaloo Main and Kari
West in the second half of the year. As a result, process grades
are expected to be higher in the latter portion of the year once
stripping is complete.
- Plant throughput and the gold recovery rate are expected to
remain similar to the prior year as greater volumes of oxide ore
from Kari Pump are expected to be blended with more fresh ore from
other pits.
- Sustaining capital expenditures are expected to remain fairly
flat from $37 million in 2020 to $39 million in 2021, mainly
related to waste extraction, fleet re-builds, and borehole drilling
on the Kari area.
- Following the commissioning of the Kari Pump deposit in 2020,
the non-sustaining capital expenditures are expected to decrease
from $19 million in 2020 to approximately $13 million in 2021,
which are mainly related to the Kari West compensation,
resettlement and associated mine infrastructure.
ITY MINE
Q4 2020 vs Q3 2020 Insights
- Production significantly increased due to the higher processed
grades and throughput rate, which was offset by the lower plant
recovery rate.
- Tonnes of ore mined increased due to the opening up of the
Bakatouo Pit stage 2 following the waste stripping activities
conducted in prior periods. Ore was mainly mined from the Daapleu
and Bakatouo pits and the old heap leach pads.
- Tonnes milled increased due to the supplemental processing of
oxide ore through the surge bin despite the higher proportion of
high grade fresh sulfide ore from the Daapleu pit.
- Processed grades increased as guided due to the benefit of the
higher grade sulfide ore from the Daapleu pit, which was
supplemented with ore from the Bakatouo pit and the heap leach
pads.
- The gold recovery rate decreased as expected due to the lower
recovery rates associated with the higher grade fresh sulfide ore
from the Daapleu pit.
- Despite the increase in production, AISC increased, primarily
due to mining and processing an increased proportion of fresh
material from Daapleu, resulting in higher mining and processing
costs together with the guided increase in sustaining capital.
FY-2020 vs FY-2019
Insights
-
Production increased as the Ity CIL plant operated for the full
twelve month period ended December 31, 2020 compared to only three
quarters in 2019 with commercial production declared on April 8,
2019. AISC increased due to lower processed grades and recovery
rates, increased sustaining capital related to the component
change-out associated with heavy mining equipment and plant
upgrades, and the higher royalties associated with the higher gold
price.
2020 Performance vs Guidance
- FY-2020 production totaled 213koz at AISC of circa
$760/oz.
- This performance is in line with the revised outlook provided
in Q3-2020, which stated that production was expected below the
lower end of the 235-255koz guided range while AISC was expected to
finish above the AISC guidance of $630-675/oz. This discrepancy is
a result of the decision in Q2-2020 to prioritize operational
flexibility ahead of the wet season through cut-backs in the higher
grade Ity and Bakatouo deposits in order to further improve
operational flexibility. The AISC includes higher than
budgeted royalty costs and greater sustaining capital as previously
announced.
Table 13: Ity CIL Quarterly Performance
Indicators
For The Quarter Ended |
Q4-2020 |
Q3-2020 |
Q4-2019 |
Tonnes ore mined, kt |
2,660 |
2,352 |
1,571 |
Total tonnes mined, kt |
6,546 |
6,322 |
3,606 |
Strip ratio (incl. waste cap) |
1.46 |
1.69 |
1.30 |
Tonnes milled, kt |
1,456 |
1,307 |
1,318 |
Grade, g/t |
1.72 |
1.34 |
1.69 |
Recovery rate, % |
76 |
81 |
80 |
PRODUCTION, KOZ |
61 |
44 |
60 |
Cash cost/oz (preliminary) |
~690 |
616 |
637 |
AISC/OZ (preliminary) |
~860 |
774 |
697 |
Table 14: Ity CIL Yearly Performance
Indicators
For The Year |
FY-2020 |
FY-2019 |
Tonnes ore mined, kt |
8,571 |
5,733 |
Total tonnes mined, kt |
23,469 |
14,053 |
Strip ratio (incl. waste cap) |
1.74 |
1.45 |
Tonnes milled, kt |
5,353 |
3,693 |
Grade, g/t |
1.57 |
1.88 |
Recovery rate, % |
79 |
86 |
PRODUCTION, KOZ |
213 |
190 |
Cash cost/oz (preliminary) |
~625 |
557 |
AISC/OZ (preliminary) |
~760 |
616 |
2021 Outlook
- Ity is expected to produce between 230-250koz in 2021 at AISC
of $800-850/oz.
- Around 70% of the plant feed is expected to be sourced from
pits, slightly higher than 2020, with the remainder coming from
historic dumps or stockpiles. The main pit sources are Daapleu and
Bakatouo, supplemented by ore from the Ity, Walter and Colline Sud
pits following waste stripping activities. Mining is expected to
commence at the Le Plaque deposit during the fourth quarter.
- Total tonnes processed and recovery are expected to remain
similar to the prior year. Recovery rates are expected to steadily
increase throughout the year as some Daapleu fresh ore is displaced
with greater quantities of oxide ore from the Ity and Le Plaque
pits. Higher process grades are expected in the latter part of the
year, following the completion of stripping activities at the Ity
pit.
- Sustaining capital expenditures are expected to increase from
$9 million in 2020 to approximately $28 million in 2021, mainly
related to the Ity and Bakatouo pit cut backs.
- Non-sustaining capital is expected to decrease from $37 million
in 2020 to approximately $27 million in 2021, mainly related to
operating enhancements to the processing plant, TSF raise, and
infrastructure projects (including the Le Plaque haul road and
Cavally river diversion).
BOUNGOU MINE
Q4 2020 vs Q3 2020 Insights
- Production increased due to a significant increase in processed
grade following the restart of mining operations as well as an
increase in recovery and throughput.
- Total tonnes mined increased following the restart and ramp up
of mining activities by the newly appointed contractor. Ore was
sourced from the high grade West pit.
- Tonnes milled increased due to a number of debottlenecking
enhancements between the SAG mill, pebble crusher and vertical
tower mill and focus on blast fragmentation following the restart
of mining.
- Processed grade increased as a result of access to higher grade
ore mined from the West Pit.
- Gold recovery rate slightly increased to
96%.
- AISC decreased to circa $550/oz due to the higher grade and
recovery associated with the ore sourced from the West pit, and the
doubling of volumes sold, which offset the increased G&A unit
costs and higher sustaining capital and royalties.
2020 Performance vs Guidance
- Consolidated 2020 production (which represents the period
commencing on July 1, 2020) amounted to 94koz at AISC of
circa $620/oz.
- FY-2020 Pro Forma production totaled 155koz, beating the upper
end of the guided 130-150koz as a result of the better than
expected performance in Q4-2020 due to the faster than scheduled
restart and ramp-up of mining activities.
- FY-2020 Pro Forma AISC amounted to circa $625/oz, below the
lower end of the guided $680-725/oz range as a result of the strong
production described above.
Table 15: Boungou Quarterly Performance
Indicators
For The Quarter Ended |
Q4-2020 |
Q3-2020 |
Tonnes ore mined, kt |
335 |
124 |
Total tonnes mined, kt |
2,240 |
294 |
Strip ratio (incl. waste cap) |
5.69 |
1.38 |
Tonnes milled, kt |
333 |
308 |
Grade, g/t |
6.92 |
3.15 |
Recovery rate, % |
96 |
95 |
PRODUCTION, KOZ |
64 |
30 |
Cash cost/oz (preliminary) |
~410 |
622 |
AISC/OZ (preliminary) |
~550 |
752 |
Table 16: Boungou Pro Forma Yearly
Performance Indicators
For The Year |
FY-2020 |
Tonnes ore mined, kt |
459 |
Total tonnes mined, kt |
2,534 |
Strip ratio (incl. waste cap) |
4.53 |
Tonnes milled, kt |
1,111 |
Grade, g/t |
4.79 |
Recovery rate, % |
95 |
PRODUCTION, KOZ |
155 |
Cash cost/oz (preliminary) |
~495 |
AISC/OZ (preliminary) |
~625 |
2021 Outlook
- Boungou is expected to produce between 180 - 200koz in 2021 at
AISC of $690-740/oz.
- Mining activity is expected to focus on the West pit with the
strip ratio increasing significantly to around the LOM average for
the deposit, as production ramps up following the commissioning of
two large excavators and additional production drills early in the
year resulting in a higher strip ratio during the first half of the
year.
- Mill throughput is expected to be similar to the 2020 run-rate
while recovery rates are expected to be slight lower; both are
expected to be relatively stable throughout the year. The process
grade is expected to vary over the course of the year in line with
the waste stripping sequence.
- Sustaining capital expenditure is expected to increase from $3
million in 2020 to approximately $19 million in 2021 due to
increased mining activities.
- Non-sustaining capital expenditure is expected to increase from
$3 million in 2020 to approximately $22 million in 2021, which
relates mainly to waste stripping and infrastructure upgrades.
MANA MINE
Q4 2020 vs Q3 2020 Insights
- Production slightly increased due to increased plant
throughput, which was offset by marginal decreases in plant
recovery rates and processed grade.
- Total open pit tonnes mined increased as mining activities at
the Wona South stage 2 & 3 focused on waste stripping in order
to provide access to ore in 2021. Open pit ore was mainly sourced
from the Wona North stage 3 pit.
- The underground operations continued to deliver a strong
performance with a higher proportion of ore mined from stopes.
- Tonnes milled increased due to increased availability following
planned relines in Q3.
- The average processed grade decreased slightly following the
completion of the Siou Pit mining with lower average open pit
grades mined from Wona.
- Recovery rates decreased due to lower recovery rates associated
with ore from the Wona North stage 3 pit.
- The AISC decreased due to lower open pit mining unit costs and
lower sustaining capital spend which were partially offset by
higher processing, G&A and underground mining unit costs.
2020 Performance vs Guidance
- Consolidated 2020 production (which represents the period
commencing on July 1, 2020) amounted to 121koz at AISC of circa
$815/oz.
- FY-2020 Pro Forma production totaled 219koz, beating the upper
end of the guided 185-205koz, due to the strong performance from
the underground operation.
- FY-2020 Pro Forma AISC amounted to circa $980/oz, well below
the guided $1,050-1,120/oz range, despite higher royalty costs, as
a result of a higher proportion of production from the underground
operation and lower than guided sustaining capex.
Table 17: Mana Quarterly Performance
Indicators
For The Quarter Ended |
Q4-2020 |
Q3-2020 |
OP tonnes ore mined, kt |
435 |
465 |
OP total tonnes mined, kt |
9,227 |
6,416 |
OP strip ratio (incl. waste cap) |
20.21 |
12.80 |
UG tonnes ore mined, kt |
215 |
197 |
Tonnes milled, kt |
629 |
593 |
Grade, g/t |
3.33 |
3.43 |
Recovery rate, % |
90 |
95 |
PRODUCTION, KOZ |
61 |
60 |
Cash cost/oz (preliminary) |
~630 |
711 |
AISC/OZ (preliminary) |
~815 |
896 |
Table 18: Mana Pro Forma Yearly
Performance Indicators
For The Year |
FY-2020 |
OP tonnes ore mined, kt |
1,502 |
OP total tonnes mined, kt |
24,502 |
OP strip ratio (incl. waste cap) |
15.32 |
UG tonnes ore mined, kt |
714 |
Tonnes milled, kt |
2,433 |
Grade, g/t |
3.02 |
Recovery rate, % |
93 |
PRODUCTION, KOZ |
219 |
Cash cost/oz (preliminary) |
~705 |
AISC/OZ (preliminary) |
~980 |
2021 Outlook
- Mana is expected to produce between 170-190koz in 2021 at AISC
of $975-1,050/oz.
- Open pit mining activity is expected to focus on the waste
development of the Wona pit following the completion of mining at
Siou pit in 2020, resulting in a higher strip ratio compared to the
prior year. Underground ore extraction is expected to remain fairly
constant throughout the year while grades are expected to steadily
increase.
- Ore tonnes processed and recovery rates are expected to remain
fairly constant throughout the year, albeit at slightly lower
levels than the prior year due to the ore blend. The average
processed grade is also expected to be lower than the previous
year, due to lower open pit grades, with grades expected to be
higher in Q4-2021 due to higher underground grades.
- Sustaining capital expenditure is expected to decrease from $36
million in 2020 to approximately $27 million in 2021, mainly
related to underground development and equipment
re-builds.
- Non-sustaining capital expenditure is expected to increase from
$29 million in 2020 to approximately $62 million in 2021, related
mainly to open pit waste development at Wona, TSF wall raise and
other infrastructure projects.
AGBAOU MINE
Q4 2020 vs Q3 2020 Insights
- Production increased due to higher throughput rate and higher
processed grade despite a slight decrease in recovery rates.
- Tonnes of ore mined decreased as mining focused on the deeper
elevation of the North Pit and South Pit with greater volumes of
fresh material mined.
- Tonnes milled increased due to increased mill throughput rate
following the end of the rainy season.
- Processed grades increased as a result of higher grade ore from
North Pit and West Pit which were partially offset by lower grade
stockpiles used to supplement the plant feed.
- Recovery rates decreased slightly as a result of the higher
proportion of fresh ore.
- The AISC decreased due to the lower sustaining capital and
higher volume of gold sales which more than offset higher mining,
processing and G&A unit costs.
FY-2020 vs FY-2019
Insights
- As guided, production decreased due to lower grades and a
slightly lower gold recovery rate.
- AISC increased as a result of mining and processing an
increased proportion of fresh material (which resulted in higher
unit costs), higher royalties and lower ounces sold, which were
partially offset by lower sustaining capital spend.
2020 Performance vs Guidance
- Production totaled 105koz at AISC of circa $1,030/oz.
- Production finished below the 2020 production guidance of
115-125koz due to lower than expected higher grade material mined
and processed in Q4-2020 due to lower excavator
availabilities.
- AISC finished above the guidance range of $940—$990/oz due to
greater volumes of fresh ore mined and processed in Q4-2020 as well
as higher royalties associated with the increased realized gold
price.
Table 19: Agbaou Quarterly Performance
Indicators
For The Quarter Ended |
Q4-2020 |
Q3-2020 |
Q4-2019 |
Tonnes ore mined, kt |
433 |
527 |
580 |
Total tonnes mined, kt |
4,383 |
6,095 |
6,341 |
Strip ratio (incl. waste cap) |
9.13 |
10.56 |
9.94 |
Tonnes milled, kt |
691 |
641 |
662 |
Grade, g/t |
1.37 |
1.29 |
1.55 |
Recovery rate, % |
93 |
94 |
96 |
PRODUCTION, KOZ |
28 |
25 |
35 |
Cash cost/oz (preliminary) |
~900 |
879 |
699 |
AISC/OZ (preliminary) |
~1,070 |
1,139 |
846 |
Table 20: Agbaou Yearly Performance
Indicators
For The Year |
FY-2020 |
FY-2019 |
Tonnes ore mined, kt |
2,376 |
2,183 |
Total tonnes mined, kt |
22,159 |
25,349 |
Strip ratio (incl. waste cap) |
8.33 |
10.60 |
Tonnes milled, kt |
2,739 |
2,699 |
Grade, g/t |
1.28 |
1.62 |
Recovery rate, % |
94 |
95 |
PRODUCTION, KOZ |
105 |
138 |
Cash cost/oz (preliminary) |
~810 |
622 |
AISC/OZ (preliminary) |
~1,030 |
796 |
2021 Outlook
- As announced on January 22, 2021, Endeavour entered into an
agreement to sell its 85% interest in the non-core Agbaou mine in
Côte d’Ivoire to Allied Gold Corp for a consideration of up to $80
million with further upside through its equity exposure and a Net
Smelter Return royalty.
- The transaction is expected to close on March 1, 2021. During
January-February, Agbaou is expected to produce between 15-20koz at
AISC of $1,050-1,125/oz.
KARMA MINE
Q4 2020 vs Q3 2020 Insights
- Production increased as a result of increased stacking
following the end of the rainy season, with stacked grades and
recovery rates remaining flat.
- Total tonnes mined increased with the onset of the dry season.
Ore tonnes mined increased following the stripping campaign
in Q3-2020, which provided access to higher grades at both the Kao
North and GG1 pits.
- Ore tonnes stacked increased slightly following the end of the
rainy season.
- The stacked grade remained flat as higher grade ore from the
Kao North pit was offset by a higher proportion of ore stacked from
the lower grade GG1 pit and supplemented by low grade
stockpiles. .
- Gold recovery rate remained flat.
- AISC increased due to higher royalties, mining unit costs and
inventory adjustments which were partially offset by the increased
volume of sales, and lower processing and G&A unit costs.
FY-2020 vs FY-2019
Insights
- Production remained flat as higher stacked tonnage, associated
with the upgrades to the stacking system, was offset by lower
grades and gold recovery rate.
- AISC decreased as a result of lower unit processing and G&A
costs, a lower strip ratio which were slightly offset by higher
sustaining capital and royalties.
2020 Performance vs Guidance
- FY-2020 production totaled 98koz at AISC of circa
$1,010/oz.
- This performance is in line with the revised outlook provided
in Q3-2020, which stated that production was expected to finish
slightly below the lower end of the 100-110koz guided range while
AISC were expected to achieve the mid-range of the FY-2020 guidance
of $980-1,050/oz, despite higher royalty costs.
Table 21: Karma Quarterly Performance
Indicators
For The Quarter Ended |
Q4-2020 |
Q3-2020 |
Q4-2019 |
Tonnes ore mined, kt |
1,253 |
1,011 |
907 |
Total tonnes mined, kt |
5,012 |
4,392 |
4,648 |
Strip ratio (incl. waste cap) |
3.00 |
3.35 |
4.13 |
Tonnes stacked, kt |
1,327 |
1,192 |
1,134 |
Grade, g/t |
0.78 |
0.76 |
0.96 |
Recovery rate, % |
72 |
72 |
84 |
PRODUCTION, KOZ |
28 |
22 |
27 |
Cash cost/oz (preliminary) |
~960 |
861 |
657 |
AISC/OZ (preliminary) |
~1,135 |
1,073 |
755 |
Table 22: Karma Yearly Performance
Indicators
For The Year |
FY-2020 |
FY-2019 |
Tonnes ore mined, kt |
4,781 |
3,745 |
Total tonnes mined, kt |
19,158 |
19,435 |
Strip ratio (incl. waste cap) |
3.01 |
4.19 |
Tonnes milled, kt |
4,871 |
4,196 |
Grade, g/t |
0.84 |
0.91 |
Recovery rate, % |
77 |
82 |
PRODUCTION, KOZ |
98 |
97 |
Cash cost/oz (preliminary) |
~820 |
783 |
AISC/OZ (preliminary) |
~1,010 |
903 |
2021 Outlook
- Karma is expected to produce between 80-90koz in 2021 at AISC
of $1,220-1,300/oz.
- Mining activity is expected to occur at the Kao North and GG1
pits throughout the year. The overall strip ratio is expected to
increase slightly over the prior year.
- Ore tonnes stacked and gold recovery rate are expected to
decrease slightly over the previous year due to the variability of
the ore from GG1 pit, whilst grades are expected to remain constant
year on year. Production is expected to be higher in the second
half of the year due to higher grades and gold recovery rate.
- Sustaining capital expenditure is expected to increase from $5
million in 2020 to approximately $11 million in 2021, comprised
almost entirely of waste extraction.
- Non-sustaining capital expenditure is expected decrease from
$10 million in 2020 to approximately $5 million in 2021, mainly for
the construction of a heap leach pad.
CONFERENCE CALL AND LIVE
WEBCAST
The full year 2020 financial results will be
published on March 18, 2021. Management will host a conference call
and webcast on the same day to discuss the results. Dial-in details
and the webcast link will be released at a later date.
QUALIFIED PERSONS
Clinton Bennett, Endeavour's VP Metallurgy and
Process Improvement - a Fellow of the Australasian Institute of
Mining and Metallurgy, is a "Qualified Person" as defined by
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") and has reviewed and approved the technical
information in this news release.
CONTACT INFORMATION
Martino De
CiccioVP – Strategy & Investor Relations+44 203 640
8665mdeciccio@endeavourmining.com |
Brunswick
Group LLP in LondonCarole Cable, Partner+44 7974 982
458ccable@brunswickgroup.com |
Vincic
Advisors in TorontoJohn Vincic, Principal+1 (647) 402
6375john@vincicadvisors.com |
ABOUT ENDEAVOUR MINING
CORPORATION
Endeavour Mining is a multi-asset gold producer
focused on West Africa, with two mines (Ity and Agbaou) in Côte
d’Ivoire, four mines (Houndé, Mana, Karma and Boungou) in Burkina
Faso, four potential development projects (Fetekro, Kalana, Bantou
and Nabanga) and a strong portfolio of exploration assets on the
highly prospective Birimian Greenstone Belt across Burkina Faso,
Côte d’Ivoire, Mali and Guinea.
As a leading gold producer, Endeavour Mining is
committed to principles of responsible mining and delivering
sustainable value to its employees, stakeholders and the
communities where it operates. Endeavour is listed on the Toronto
Stock Exchange, under the symbol EDV.
For more information, please visit
www.endeavourmining.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
This news release contains "forward-looking
statements" including but not limited to, statements with respect
to Endeavour's plans and operating performance, the estimation of
mineral reserves and resources, the timing and amount of estimated
future production, costs of future production, future capital
expenditures, and the success of exploration activities. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "expected",
"budgeted", "forecasts", and "anticipates". Forward-looking
statements, while based on management's best estimates and
assumptions, are subject to risks and uncertainties that may cause
actual results to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to: risks related to the successful integration of
acquisitions; risks related to international operations; risks
related to general economic conditions and credit availability,
actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans
continue to be refined; fluctuations in prices of metals including
gold; fluctuations in foreign currency exchange rates, increases in
market prices of mining consumables, possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; delays in the completion of
development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which Endeavour operates. Although Endeavour has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour's
most recent Annual Information Form filed under its profile
at www.sedar.com for further information respecting the risks
affecting Endeavour and its business. AISC, all-in sustaining costs
at the mine level, cash costs, operating EBITDA, all-in sustaining
margin, free cash flow, net free cash flow, free cash flow per
share, net debt, and adjusted earnings are non-GAAP financial
performance measures with no standard meaning under IFRS, further
discussed in the section Non-GAAP Measures in the most recently
filed Management Discussion and Analysis.
The declaration and payment of future dividends and
the amount of any such dividends will be subject to the
determination of the Board of Directors, in its sole and absolute
discretion, taking into account, among other things, economic
conditions, business performance, financial condition, growth
plans, expected capital requirements, compliance with the Company's
constating documents, all applicable laws, including the rules and
policies of any applicable stock exchange, as well as any
contractual restrictions on such dividends, including any
agreements entered into with lenders to the Company, and any other
factors that the Board of Directors deems appropriate at the
relevant time. There can be no assurance that any dividends will be
paid at the intended rate or at all in the future.
CAUTIONARY STATEMENTS REGARDING 2020
PRODUCTION AND AISC
Whether or not expressly stated, all figures
contained in this press release including production and AISC
levels are preliminary and reflect our expected 2020 results as of
the date of this press release. Actual reported fourth quarter and
2020 results are subject to management’s final review, as well as
audit by the company’s independent accounting firm, and may vary
significantly from those expectations because of a number of
factors, including, without limitation, additional or revised
information, and changes in accounting standards or policies, or in
how those standards are applied. The fourth quarter and 2020 AISC
include expected amounts for year-end accrual and working capital
adjustments. Endeavour will provide additional discussion and
analysis and other important information about its 2020 production
and AISC levels when it reports actual results.
NON-IFRS MEASURES
Some of the indicators used by Endeavour in this
press release represent non-IFRS financial measures. These measures
are presented as they can provide useful information to assist
investors with their evaluation of the pro forma performance. Since
the non-IFRS performance measures presented in the below sections
do not have any standardized definition prescribed by IFRS, they
may not be comparable to similar measures presented by other
companies. Accordingly, they are intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. The non-IFRS financial performance measures are defined below
and reconciled to reported IFRS measures.
Endeavour believes that, in addition to
conventional measures prepared in accordance with IFRS, certain
investors may find that the total cash cost per ounce sold provided
useful information to assist investors with their evaluation of
performance and ability to generate cash flow from its
operations.
All-in sustaining cost represents the total cash
cost plus sustainable capital expenditures and stripping costs
presented per ounce sold. Endeavour believes that, in addition to
conventional measures prepared in accordance with IFRS, certain
investors may find that the all-in sustaining cost per ounce sold
better meets their needs by assessing its operating performance and
its ability to generate free cash flow.
Corporate Office: 5 Young St, Kensington,
London W8 5EH, UKAPPENDIX 1: PRODUCTION AND AISC
BY MINE2
ON A QUARTERLY BASIS
(on a 100%
basis) |
|
AGBAOU |
ITY
CIL |
KARMA |
HOUNDÉ |
MANA |
BOUNGOU |
|
Q4-20 |
Q3-20 |
Q4-19 |
Q4-20 |
Q3-20 |
Q4-19 |
Q4-20 |
Q3-20 |
Q4-19 |
Q4-20 |
Q3-20 |
Q4-19 |
Q4-20 |
Q3-20 |
Q4-20 |
Q3-20 |
Physicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tonnes mined – OP1 |
000t |
4,383 |
6,095 |
6,341 |
6,546 |
6,322 |
3,606 |
5,012 |
4,392 |
4,648 |
10,741 |
9,933 |
9,298 |
9,227 |
6,416 |
2,240 |
294 |
Total ore tonnes – OP |
000t |
433 |
527 |
580 |
2,660 |
2,352 |
1,571 |
1,253 |
1,011 |
907 |
2,120 |
1,231 |
622 |
435 |
465 |
335 |
124 |
Open pit strip ratio1 |
W:t
ore |
9.13 |
10.56 |
9.94 |
1.46 |
1.69 |
1.30 |
3.00 |
3.35 |
4.13 |
4.07 |
7.07 |
13.94 |
20.21 |
12.80 |
5.69 |
1.38 |
Total ore tonnes – UG |
000t |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
215 |
197 |
— |
— |
Total tonnes milled |
000t |
691 |
641 |
662 |
1,456 |
1,307 |
1,318 |
1,327 |
1,192 |
1,134 |
1,117 |
1,010 |
1,052 |
629 |
593 |
333 |
308 |
Average gold grade milled |
g/t |
1.37 |
1.29 |
1.55 |
1.72 |
1.34 |
1.69 |
0.78 |
0.76 |
0.96 |
3.06 |
2.06 |
1.78 |
3.33 |
3.43 |
6.92 |
3.15 |
Recovery rate |
% |
93% |
94% |
96% |
76% |
81% |
80% |
72% |
72% |
84% |
94% |
92% |
92% |
90% |
95% |
96% |
95% |
Gold ounces produced |
oz |
28,379 |
24,816 |
35,017 |
60,547 |
44,470 |
60,387 |
27,901 |
22,389 |
27,247 |
101,367 |
62,038 |
55,005 |
61,422 |
59,678 |
63,939 |
30,226 |
Gold sold |
oz |
27,152 |
25,279 |
32,804 |
50,983 |
47,478 |
56,287 |
26,859 |
23,324 |
27,705 |
101,512 |
62,273 |
55,067 |
55,897 |
67,806 |
65,371 |
35,411 |
Cash Cost Details |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash cost per ounce sold |
$/oz |
~900 |
879 |
699 |
~690 |
616 |
637 |
~960 |
861 |
657 |
~445 |
600 |
719 |
~630 |
711 |
~410 |
622 |
Mine-level AISC Per Ounce Sold |
$/oz |
~1,070 |
1,139 |
846 |
~860 |
774 |
697 |
~1,135 |
1,073 |
755 |
~640 |
865 |
878 |
~815 |
896 |
~550 |
752 |
All Q4-2020 and FY-2020 numbers are
preliminary and reflect our expected results as of the date of this
press release.
ON A FULL YEAR BASIS2
(on a 100%
basis) |
|
AGBAOU |
ITY
CIL |
KARMA |
HOUNDÉ |
MANA |
BOUNGOU |
|
FY-20 |
FY-19 |
FY-20 |
FY-19 |
FY-20 |
FY-19 |
FY-20 |
FY-19 |
FY-20 |
FY-20 |
Physicals |
|
|
|
|
|
|
|
|
|
|
|
Total tonnes mined – OP1 |
000t |
22,159 |
25,349 |
23,469 |
14,053 |
19,158 |
19,435 |
43,495 |
38,194 |
24,502 |
2,534 |
Total ore tonnes – OP |
000t |
2,376 |
2,183 |
8,571 |
5,733 |
4,781 |
3,745 |
5,324 |
2,969 |
1,502 |
459 |
Open pit strip ratio1 |
W:t
ore |
8.33 |
10.60 |
1.74 |
1.45 |
3.01 |
4.19 |
7.17 |
11.87 |
15.32 |
4.53 |
Total ore tonnes – UG |
000t |
— |
— |
— |
— |
— |
— |
— |
— |
714 |
— |
Total tonnes milled |
000t |
2,739 |
2,699 |
5,353 |
3,693 |
4,871 |
4,196 |
4,228 |
4,144 |
2,433 |
1,111 |
Average gold grade milled |
g/t |
1.28 |
1.62 |
1.57 |
1.88 |
0.84 |
0.91 |
2.21 |
1.83 |
3.02 |
4.79 |
Recovery rate |
% |
94% |
95% |
79% |
86% |
77% |
82% |
93% |
93% |
93% |
95% |
Gold ounces produced |
oz |
105,092 |
137,537 |
212,812 |
190,438 |
98,185 |
96,534 |
276,709 |
223,304 |
218,500 |
154,726 |
Gold sold |
oz |
104,921 |
137,006 |
208,121 |
183,630 |
98,313 |
96,615 |
277,887 |
227,290 |
214,403 |
154,725 |
Cash Cost Details |
|
|
|
|
|
|
|
|
|
|
|
Cash cost per ounce sold |
$/oz |
~810 |
622 |
~625 |
557 |
~820 |
783 |
~580 |
666 |
~705 |
~495 |
Mine-level AISC Per Ounce Sold |
$/oz |
~1,030 |
796 |
~760 |
616 |
~1,010 |
903 |
~850 |
862 |
~980 |
~625 |
1) Includes waste capitalized. 2) This is a
non-GAAP measure. Refer to the non-GAAP measure section of the
MD&A. Mana and Boungou shown on a Pro Forma basis. All
Q4-2020 and FY-2020 numbers are preliminary and reflect our
expected results as of the date of this press release.
- 210125 - EDV NR - Q4 2020 Results and Guidance - VDEF