Endeavour Mining - Looking to FY24 and beyond

Endeavour released its customary operational and financial update to the market on 22 January, showing Q423 production of 280koz and FY23 production of 1,072koz (cf prior guidance of 1,060-1,135koz) - the 11th consecutive year in which it has achieved or exceeded guidance. Notwithstanding an increase in Burkinabe royalty rates in November, all-in sustaining costs (AISC) were very close to our previous expectations at an industry low of US$964/oz (cf a prior guidance range of US$895-950/oz). Simultaneously, Endeavour announced a net debt position as at end-December of US$555m (excluding leases) and a final dividend of US$100m, to take the total FY23 distribution to US$200m, which was 14% above the minimum committed level. This note updates our forecasts for both Q4/FY23 and FY24 in the light of Endeavour's announcement.

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