HomeGoldEndeavour well positioned to achieve top-half of full year guidance

Endeavour well positioned to achieve top-half of full year guidance

“Our strong Q2 performance positions us well to achieve the top half of our production guidance for the full year, as all our mines are continuing to perform well and we have quickly integrated the Teranga assets within our business,” says Sebastien de Montessus, President and CEO

“Our strong free cash flow generation has significantly improved our balance sheet strength and bolstered our ability to reward shareholders. We paid our first dividend of $60 million in Q1 for the 2020 fiscal year, and we are declaring an interim dividend of $70 million for H1-2021, placing us on track to deliver more than the guided minimum dividend of $125 million for the full year.

“Given our near zero Net Debt to adjusted EBITDA leverage ratio, we have been supplementing our shareholder return programme with share buybacks, having repurchased $70 million of shares since April.

“Our growth pipeline continues to develop with the Sabodala-Massawa phase 1 expansion on track to be completed in Q4-2021 while DFS are progressing well for the Sabodala-Massawa Phase 2 expansion, Fetekro, and Kalana projects.

“We have enjoyed further exploration success, with significant discoveries made at Ity, Houndé, Sabodala-Massawa and Fetekro, where updated resources are expected to be published later this year. Overall, the group is on track to delineate over 2.5 Moz of Indicated resources in 2021, which represents significantly more than the expected annual depletion and contributes to our portfolio’s longevity.

“We are also very pleased to have successfully completed our listing on the premium-segment of the London Stock Exchange in June and remain on track to be included into the UK and European indexes. These achievements leave Endeavour well positioned for the remainder of the year and beyond.”