Endeavour Reports Strong Q1-2021 Results

 

ENDEAVOUR REPORTS STRONG Q1-2021 RESULTS
Production up 102% l AISC down 3% l CFPS pre-WC up 48% l Adjusted EPS up 111%

Q1-2021 HIGHLIGHTS Strong Q1-2021 performance with production up +102% over Q1-2020 to 347koz, while AISC decreased by 3% to $868/oz Well positioned to meet FY-2021 guidance of 1,365-1,495koz at AISC of $850-900/oz following successful integration of Teranga assets Adjusted Net Earnings up $78m over Q1-2020 to $105m; up 111% on a per share basis to $0.50/sh   Operating Cash Flow before working capital up $170m over Q1-2020 to $265m; up 47% on a per share basis to $1.28/sh Healthy balance sheet at quarter-end with a net debt to adjusted LTM EBITDA ratio of 0.16x, reflecting the consolidation of Teranga debt Strong focus on shareholder returns with first dividend of $60m paid on February 5, 2021, and $13m of shares repurchased post the quarter-end Organic growth on track with construction of Sabodala-Massawa Phase 1 expansion on schedule for completion by year-end; DFS underway for Sabodala-Massawa Phase 2 expansion, Fetekro, and Kalana projects

George Town, May 13, 2021 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) ('Endeavour' or the 'Group' or the 'Company') is pleased to announce its financial and operating results for the first quarter of 2021, with highlights provided in Table 1 below.

Management will host a conference call and webcast on Thursday May 13, at 8:30am Toronto time (ET) to discuss the Company's Q1-2021 financial and operating results. For instructions on how to participate please refer to page 17.

Table 1: Consolidated Highlights¹

In US$ million unless otherwise specified.	THREE MONTHS ENDED
	March 31, 2021	December 31, 2020	March 31, 2020	Δ Q1-2021 vs. Q1-2020
PRODUCTION AND AISC
Gold Production, koz	347	344	172	+102%
All-in Sustaining Cost2, $/oz	868	803	899	(3)%
CASH FLOW FROM CONTINUING OPERATIONS3
Operating Cash Flow Before Non-Cash Working Capital	265	297	95	+178%
Operating Cash Flow Before Non-Cash Working Capital2, $/share	1.28	1.82	0.86	+48%
Operating Cash Flow	207	384	100	+107%
Operating Cash Flow2, $/share	0.99	2.36	0.90	+10%
PROFITABILITY FROM CONTINUING OPERATIONS3
EBITDA2	335	227	102	+229%
Adjusted EBITDA2	311	297	107	+191%
Net Earnings/(loss) Attributable to Shareholders2	95	66	19	+389%
Net Earnings per Share2, $/share	0.46	0.40	0.18	+160%
Adjusted Net Earnings Attributable to Shareholders2	105	164	26	+298%
Adjusted Net Earnings per Share2, $/share	0.50	1.00	0.24	+111%
SHAREHOLDER RETURNS
Dividends paid	60	—	—	n.a.
Share buyback (commenced  in Q2-2021)	—	—	—	n.a.
FINANCIAL POSITION HIGHLIGHT
Net Debt/(Net Cash)2	162	(75)	473	(66)%
Net (Cash)/Debt / Adjusted EBITDA (LTM) ratio2	0.16	(0.09)	1.06	(85)%

¹All amounts include Teranga assets from February 10, 2021 ²This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. ³From Continuing Operations excludes the Agbaou mine which was divested on March 1, 2021.

Sebastien de Montessus, President and CEO, commented: “Over the past twelve months we have significantly transformed our company into a resilient business capable of rewarding our shareholders through the cycle. This quarter's strong performance demonstrates the quality of our enhanced portfolio of operating mines, following the successful integration of the Teranga assets within our business. Moreover, we are pleased to report significant increases in our per share metrics.

The combined portfolio is on track to meet its FY-2021 guidance and deliver strong cash flows, bolstering our balance sheet and providing the flexibility to advance our exciting organic growth opportunities while continuing to reward shareholders through our dividend and share buyback programs.

From a capital markets perspective, we remain on track to obtain our premium listing on the London Stock Exchange in June, which we expect to broaden our appeal to a wider pool of investor capital, whilst benefiting from the projected increase in indexation demand.

We look forward to continuing to build on the progress we have made throughout the remainder of this year.” 

UPCOMING CATALYSTS

The key upcoming expected catalysts are summarized in the table below.

Table 2: Key Upcoming Catalysts 

TIMING	CATALYST
Q2-2021	Corporate	Capital markets virtual teach-in event ahead of UK lisiting
Q2-2021	Corporate	Premium LSE Listing
Q3-2021	Afema	Initial resource estimate
Q3-2021	Sabodala-Massawa	Exploration update
Q3-2021	Exploration	5-year exploration strategy
Q4-2021	Sabodala-Massawa	Completion of Phase 1 plant upgrades
Q4-2021	Sabodala-Massawa	Completion of Definitive Feasibility Study for Phase 2
Q4-2021	Fetekro	Completion of Definitive Feasibility Study

Q1-2021 SUMMARY

• Continued strong safety record for the Group, with a significantly below average Lost Time Injury Frequency Rate (“LTIFR”) of 0.14 for the rolling twelve months ending March 31, 2021.
• The acquisition of Teranga Gold was completed on February 10, 2021 and as such the Wahgnion and Sabodala-Massawa assets have been consolidated into the financial statements from this date. The sale of Endeavour's non-core Agbaou mine closed on March 1, 2021, and as such it has been classified as a discontinued operation.
• As shown in the tables below, the Group is well positioned to meet its full year 2021 production guidance of 1,365-1,495koz at an AISC of $850-900/oz, following the strong performance in Q1-2021 and the successful integration of the Teranga assets, which will be fully reflected in Q2-2021.
  
  

Table 3: Consolidated Group Production

	THREE MONTHS ENDED				2021 FULL YEAR GUIDANCE
	March 31, 2021	December 31, 2020	March 31, 2020
(All amounts in koz, on a 100% basis)
Sabodala-Massawa1	39	—	—		310	—	330
Houndé	66	101	56		240	—	260
Ity	71	61	61		230	—	250
Boungou	60	64	—		180	—	200
Mana	52	61	—		170	—	190
Wahgnion1	25	—	—		140	—	155
Karma	22	28	28		80	—	90
PRODUCTION FROM CONTINUING OPERATIONS	334	315	144		1,350	—	1,475
Agbaou2	13	28	27		15	—	20
GROUP PRODUCTION	347	344	172		1,365	—	1,495

¹Included for the post acquisition period commencing February 10, 2021. ²Divested on March 1, 2021.

Table 4: Consolidated All-In Sustaining Costs¹

(All amounts in US$/oz)	THREE MONTHS ENDED				2021 FULL YEAR GUIDANCE
	March 31, 2021	December 31, 2020	March 31, 2020
Sabodala-Massawa2	749	—	—		690	—	740
Houndé	839	612	1,076		855	—	905
Ity	786	1,054	651		800	—	850
Boungou	690	532	—		690	—	740
Mana	954	802	—		975	—	1,050
Wahgnion2	780	—	—		940	—	990
Karma	1,179	1,132	866		1,220	—	1,300
Corporate  G&A	31	20	19			30
Sustaining exploration	—	—	—			5
AISC FROM CONTINUING OPERATIONS	858	779	890		840	—	890
Agbaou3	1,131	1,066	951		1,050	—	1,125
GROUP AISC	868	803	899		850	—	900

¹This is a non-GAAP measure. ²Included for the post acquisition period commencing February 10, 2021. ³Divested on March 1, 2021.
 

CASH FLOW BASED ON ALL-IN MARGIN APPROACH

The table below presents the cash flow for Endeavour for the three month period ending March 31, 2021, based on the All-In Margin, with accompanying notes below.

Table 5: Reconciliation of All-In Margin to Free Cash Flow¹

		THREE MONTHS ENDED
In US$ million unless otherwise specified.		Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
GOLD PRODUCTION, koz		334	315	144
GOLD SOLD, koz	(Note 1)	364	301	147
Realized gold price, $/oz	(Note 2)	1,749	1,841	1,538
REVENUE		636	553	226
Total cash costs1	(Note 3)	(273)	(210)	(112)
Corporate costs		(11)	(8)	(5)
Sustaining capital1	(Note 4)	(28)	(16)	(14)
ALL-IN SUSTAINING MARGIN FROM CONTINUING OPERATIONS		324	319	95
All-in Sustaining Margin from discontinued operations1		10	22	18
ALL-IN SUSTAINING MARGIN1		333	341	113
Less: Non-sustaining capital1	(Note 5)	(57)	(39)	(18)
Less: Non-sustaining exploration1	(Note 6)	(6)	(23)	(15)
ALL-IN MARGIN1		270	278	80
Growth projects1	(Note 7)	(23)	(4)	(2)
Exploration expense2		(10)	(1)	(1)
Changes in working capital, other non-cash changes	(Note 8)	(86)	35	10
Interest paid	(Note 9)	(9)	(6)	(11)
Taxes paid	(Note 10)	(43)	(47)	(9)
Other operating cash flow changes	(Note 11)	(12)	4	(1)
FREE CASH FLOW1		87	261	66
Acquisition and restructuring costs	(Note 12)	(12)	(14)	(4)
Cash flows generated from/(used in) investing activities, excluding expenditures on mining interests3	(Note 13)	9	(13)	(3)
Cash flows generated from/(used in) financing activities, excluding interest paid4	(Note 14)	119	(39)	111
Cash flows used in financing activities by discontinued operations	(Note 15)	(45)	(8)	0
Effect of exchange rate changes on cash		(4)	4	(1)
CASH INFLOW (OUTFLOW) FOR THE PERIOD		154	191	167

¹This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A.
²Exploration expense per the statement of comprehensive (loss)/earnings. This cash outflow relates to expenditure on greenfield exploration activity.
³Investing activities excluding expenditures on mining interests consists of the investing cash flows from continuing operations less expenditures on mining interests, as disclosed in the consolidated statement of cash flows.
⁴Financing activities excluding interest paid consists of the financing cash flows from continuing operations less interest paid, as disclosed in the consolidated statement of cash flows.

NOTES:

1) Gold sales increased by 63koz in Q1-2021 compared to Q4-2020 due to the addition of the newly acquired Sabodala-Massawa and Wahgnion mines and by 190koz compared to Q1-2020 as a result of the SEMAFO and Teranga acquisitions.

2) The realized gold price for Q1-2021 was $1,749/oz compared to $1,841/oz for Q4-2020 and $1,538/oz for Q1-2020, inclusive of the Sabodala-Massawa and Karma streams. The Sabodala-Massawa stream amounted to 1,567 ounces on a consolidated basis in Q1-2021. The Karma stream amounted to 3,333 ounces in Q1-2021. The Company completed the delivery of 100,000 ounces of gold from the Karma mine as at March 31, 2021. Going forward, the Karma stream will be reduced to 6.5% of gold production. Both streams result in the Company being paid at 20% of the spot gold price for gold subject to the stream.

3) Total cash costs increased in Q1-2021 compared to Q4-2020 due to increased production, while cash costs increased compared to Q1-2020 due to both increased production and higher royalty costs.

4) As shown in the table below, sustaining capital expenditure from continuing operations increased by $23/oz in Q1-2021 compared to Q4-2020, amounting to $28 million which represents 16% of the FY-2021 guided amount of $172 million. The increase, on a per ounce basis compared to Q4-2020, is attributable to the consolidation of the Sabodala-Massawa mine (which incurred high unit sustaining capital costs related to waste capitalization and heavy mining equipment purchases), while increases at Ity and Boungou were partially offset by a decrease at Houndé. Further details by asset are provided in the mine sections below. 

Table 6: Consolidated Sustaining Capital

In US$ million unless otherwise specified.	THREE MONTHS ENDED
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Ity	5	3	1
Karma	0	1	1
Houndé	5	7	12
Mana	3	3	n.a.
Boungou	4	1	n.a.
Sabodala-Massawa	10	n.a.	n.a.
Wahgnion	1	n.a.	n.a.
Sustaining capital from continuing operations	28	16	14

5) As shown in the table below, the total non-sustaining capital expenditure from continuing operations increased in Q1-2021 over Q4-2020 mainly due to the addition of the Teranga assets and the expected increase at Houndé, Mana and Boungou. The $57 million spent in Q1-2021 represents 28% of the FY-2021 guided amount of $201 million, with expenditures expected to be more weighted towards H1-2021. Further details by asset are provided in the mine sections below.

Table 7: Non-Sustaining Capital

In US$ million unless otherwise specified.	THREE MONTHS ENDED
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Ity	12	12	11
Karma	1	3	2
Houndé	7	5	2
Mana	24	18	n.a.
Boungou	4	1	n.a.
Sabodala-Massawa	5	n.a.	n.a.
Wahgnion	4	n.a.	n.a.
Non-mining	0	1	3
Consolidated non-sustaining capital	57	39	18
Agbaou	0	0	0
Total non-sustaining capital from all operations	57	39	18

6) The non-sustaining exploration capital spend decreased by $17 million over Q4-2020 and by $9 million over Q1-2020 to $6 million, as a greater portion of the spend was classified as expensed. Exploration drilling is expected to ramp-up in Q2-2021 to take advantage of the dry season.
7) Q1-2021 includes $19.6 million for the purchase of an additional stake in the Fetekro property as announced on December 21, 2020, $0.5 million for the Sabodala-Massawa expansion project and $2.8 million on Kalana.
8) The tables below summarize the Q1-2021 working capital movements.

Table 8: Working Capital Movement

	THREE MONTHS  ENDED
In US$ million unless otherwise specified.	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Q1-2021 comments
Trade and other receivables	(16)	+35	(8)	Outflow  mainly due to an increase in VAT receivables at Karma, Houndé, Wahgnion and Mana. VAT received during Q1-2021 was $11 million made up of Wahgnion mine $3 million, Houndé mine $7 million and Karma mine $1 million.
Trade and other payables	(48)	+48	+2	Outflow mainly related to payments made at Ity, as well as acquisition related costs paid in relation to the Teranga acquisition.
Inventories	+19	+4	+12	Inflow primarily due to the decrease in inventory stockpiles, GIC and finished gold balances at Boungou, Karma, Ity, Mana and Wahgnion which were largely offset by increase in stockpile balance at Houndé and Sabodala-Massawa.
Prepaid expenses and other	(13)	—	(1)	Outflow mainly due to an increase in prepayments at Boungou of $3 million, Mana of $8 million and Wahgnion and Sabodala-Massawa of $2 million offset by reduction in prepaid expenses at Houndé by $1 million.
Other non-cash adjustments	(27)	(51)	+5	Non-cash adjustments relate to the amortization of the PPA fair value bump on inventories.
Total	(86)	+35	+10

9) Interest paid increased by $3 million in Q1-2021 compared to Q4-2020, as the convertible bond semi-annual coupon is paid in the first and third quarter of each year.

10) Taxes paid from all operations decreased by $3 million in Q1-2021 compared to Q4-2020 and increased by $35 million compared to Q1-2020, with details shown in the table below. Notably, taxes paid from the discontinued Agbaou mine increased by $19 million due to the withholding tax payable on the dividend which was declared in Q4-2020.

Table 9: Tax Payments

	THREE MONTHS ENDED
In US$ million unless otherwise specified.	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Karma	0	0	0
Ity	6	0	0
Houndé	4	3	6
Mana	0	1	n.a.
Boungou	1	0	n.a.
Sabodala-Massawa	6	n.a.	n.a.
Wahgnion	0	n.a.	n.a.
Exploration	0	0	0
Corporate	6	4	1
Taxes from continuing operations	23	8	7
Agbaou	20	39	2
Consolidated taxes paid	43	47	9

11) Other operating cash flow changes is the sum of cash paid on settlement of DSUs and PSUs, cash paid on settlement of other financial assets and liabilities, and foreign exchange gain/loss as disclosed in the consolidated statement of cash flows.
12) Amounts relate mainly to M&A and advisory fees for the SEMAFO and Teranga acquisitions. In addition, $40 million of acquisition costs were incurred by Teranga prior to the closing of the transaction.
13) Other cash flows from investing activities in Q1-2021 comprised of $27 million of cash acquired upon acquisition of Teranga, $14 million of outflows related to an increase in long term inventory, and the net cash consideration received relating to the disposal of the Agbaou mine of $5 million at the closing of the sale
14) Other financing cash flows include the proceeds from the private placement of $200 million, dividends paid in the quarter of $60 million, and the net draw down of the corporate loan facilities of $47 million after the repayment of the debt facilities acquired from Teranga. Further notes are provided in Note 21 below.
15) Cash flows from discontinued operations relate to the Agbaou mine which was sold on March 1, 2021. The cash outflows in Q1-2021 relate to the payment of a dividend to the minority shareholder which was declared in December 2020.
 

NET CASH FLOW AND LIQUIDITY SOURCES

• Endeavour's balance sheet remains healthy with Net Debt / Adjusted EBITDA (LTM) of 0.16x at quarter-end, with a Net Debt balance of $162 million despite absorbing approximately $332 million of Net Debt from Teranga.
• Along with the completion of the Teranga acquisition on February 10, 2021, Endeavour closed a $800 million corporate loan facility refinancing. The refinancing proceeds were used to retire Teranga’s various higher cost debt facilities amounting to $359 million and to settle Teranga’s gold off-take agreement for an amount of $50 million.
• The table below summarizes operating, investing, and financing activities, key balance sheet items and the resulting impact on the Company’s Net Debt position, with notes provided below.
  

Table 10: Cash Flow and Net Debt Position for Endeavour

		THREE MONTHS ENDED
In US$ million unless otherwise specified		Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Net cash from (used in), as per cash flow statement:
Operating activities	(Note 19)	198	364	126
Investing activities	(Note 20)	(105)	(97)	(57)
Financing activities	(Note 21)	65	(80)	100
Effect of exchange rate changes on cash		(4)	4	(1)
INCREASE/(DECREASE) IN CASH		154	191	167
Cash position at beginning of period		715	523	190
CASH POSITION AT END OF PERIOD	(Note 22)	868	645	357
Cash included in assets held for sale		0	70	0
Equipment financing	(Note 23)	0	0	(70)
Convertible senior bond	(Note 24)	(330)	(330)	(330)
Drawn portion of corporate loan facility	(Note 25)	(700)	(310)	(430)
NET DEBT/ (CASH) POSITION	(Note 26)	162	(75)	473
Net Debt / Adjusted EBITDA (LTM) ratio1	(Note 27)	0.16x	(0.09)x	1.06x

¹Net Debt and Adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section of the MD&A.

NOTES:

19) Operating cash flows after changes in working capital were $198 million in Q1-2021 compared to $364 million and $126 million in the comparative periods of Q4-2020 and Q1-2020 respectively. Q1-2021 decreased by $166 million compared to Q4-2020 mainly due to a lower realized gold price and the outflow in working capital as significant payments were made to suppliers of the Wahgnion and Sabodala-Massawa mines. Q1-2021 has increased by $72 million relative to Q1-2020 due to increased production for the year from the Company’s existing mines, as well as from the Wahgnion, Sabodala-Massawa, Mana and Boungou mines, at higher realized gold prices.

20) Cash flows used by investing activities were $105 million in Q1-2021 compared to $97 million and $57 million in Q4-2020 and Q1-2020 respectively. The Q1-2021 amount has increased relative to Q4-2020 mainly due to expenditure on mining interests of $114 million, and an increase in long term inventory of $14 million. The increase was offset by cash acquired on acquisition of Teranga of $27 million and cash outflows on the disposal of the Agbaou mine net of proceeds received, of $5 million.

21) Cash flows generated from financing activities were $65 million in Q1-2021 compared to cash outflows of $80 million in Q4-2020 and cash generated from financing activities of $100 million in Q1-2020. During the quarter ended March 31, 2021, the Company received additional funds of $200 million following the completion of the La Mancha investment. The Company drew down $490 million on the corporate loan facilities and repaid $443 million of the debt acquired upon the acquisition of Teranga during the same period. The Company also paid out dividends amounting to $60 million. Other significant payments during the period were the settlement of the gold offtake agreement which was acquired from Teranga amounting to $50 million as well as repayment of lease obligations of $11 million.
22) At quarter-end, Endeavour’s liquidity remained strong with $868 million of cash on hand and $100 million undrawn of the RCF.

23) The equipment finance lease obligations were repaid in full during FY-2020.

24) In 2018, Endeavour issued a $330 million convertible note, maturing in February 2023.
25) Endeavour's corporate loan facility was increased from $430 million to $800 million in Q1-2021 to retire Teranga’s various higher cost debt facilities. At quarter-end $700 million was drawn on the facility.
26) Net Debt amounted to $162 million at quarter-end, marking a Net Debt increase of $236 million compared to the beginning of the year due to the increase in gross debt as a result of acquiring Teranga.
27) The Net Debt / Adjusted EBITDA (LTM) ratio ended the quarter at a healthy 0.16x. Despite the increase in gross debt as a result of the Teranga acquisition, the ratio has improved by 85% from the corresponding period last year when the ratio stood at 1.06x times.

OPERATING CASH FLOW PER SHARE

• Operating cash flow before non-cash working capital from continuing operations amounted to $1.28 per share in Q1-2021, marking an increase of $0.41 per share compared to Q1-2020, due primarily to the increase in production and the higher realized gold price. It also represents a decrease of $0.55 per share over Q4-2020, despite higher production due to a lower realized gold price, higher total cash costs per ounce and income taxes paid.
  

Table 11: Operating Cash Flow Before and After Non-Cash Working Capital Per Share¹

	THREE MONTHS ENDED
In US$ million unless otherwise specified.	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
INCLUDING DISCONTINUED OPERATIONS
Cash flows generated from operating activities	198	364	126
Changes in working capital1	58	(98)	(7)
Taxes on additional dividend declared at Agbaou	—	45	—
Adjusted operating cash flows before working capital	256	311	119
Divided by weighted average number of outstanding shares, in thousands	208	163	111
Adjusted operating cash flow per share from all operations	0.95	2.23	1.14
Adjusted operating cash flow before working capital per share from all operations	1.23	1.91	1.08
EXCLUDING DISCONTINUED OPERATIONS
Cash used by operating activities by discontinued operations	(9)	(20)	26
Cash generated from operating activities by continuing operations	207	384	100
Changes in working capital from continuing operations	59	(87)	(5)
Operating cash flows before working capital from continuing operations	265	297	95
Divided by weighted average number of outstanding shares, in thousands	208	163	111
Operating cash flow per share from continuing operations	0.99	2.36	0.90
Operating cash flow per share before working capital from continuing operations	1.28	1.82	0.86

¹Operating Cash Flow Per Share is a Non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 

ADJUSTED NET EARNINGS PER SHARE

• Total Net Earnings from continuing operations amounted to $0.50 per share in Q1-2021, marking an increase of $0.26 per share compared to Q1-2020, due primarily to the increase in production and the higher realized gold price. It also represents a decrease of $0.50 per share over Q4-2020, despite higher production due to a lower realized gold price, higher total cash costs per ounce, higher income taxes paid and a larger portion of earnings attributable to NCI.
• Adjustments made in Q1-2021 relate mainly to gain on financial instruments, adjustments related to non-cash depreciation of inventory associated with the fair value adjustment on the purchase price allocation of SEMAFO and Teranga, loss on discontinued operations, deferred income tax, share based compensation, non-recurring items and acquisition and restructuring costs.

Table 12: Net Earnings and Adjusted Net Earnings¹

In US$ million unless otherwise specified.	QUARTER ENDED
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
TOTAL NET EARNINGS FOR CONTINUING OPERATIONS	115	30	35
Adjustments1,2	19	149	(1)
ADJUSTED NET EARNINGS FOR CONTINUING OPERATIONS	135	179	34
Less portion attributable to non-controlling interests	30	15	8
ATTRIBUTABLE TO SHAREHOLDERS FOR CONTINUING OPERATIONS	105	164	26
Divided by weighted average number of O/S shares, in millions	208	163	111
ADJUSTED NET EARNINGS PER SHARE (BASIC) FROM CONTINUING OPERATIONS	0.50	1.00	0.24
Add back adjusted net earnings attributable to shareholders from discontinued operations	(5)	3	7
Add back adjusted net earnings per share from discontinued operations	(0.03)	0.02	0.06
ADJUSTED NET EARNINGS PER SHARE FROM ALL OPERATIONS ATTRIBUTABLE TO SHAREHOLDERS	0.48	1.02	0.30

¹Adjusted Net Earnings is a Non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. ²For further details please refer to the MD&A. 

OPERATIONAL DETAILS BY MINE

SABODALA-MASSAWA MINE

Q1-2021 vs Q4-2020 Insights

• Production slightly decreased, despite a slight increase in the gold recovery rate, due to a reduction in the throughput rate and lower average processed grades.
  • Tonnes of ore mined decreased due to a slightly higher strip ratio and an increase in the proportion of fresh ore mined, as mining primarily focused on the Sofia Main and Sofia North deposits on the Massawa permit, with contributions from the Golouma West and Kourouloulou pits.
  • Tonnes milled slightly decreased due to the increased scheduled maintenance which affected mill availability and the increase in the proportion of fresh rock sourced from the Sofia North pit.
  • Processed grades slightly decreased as higher grade ore was prioritized from the Sofia Main and North pits during the ramp-up in the previous quarter during Q4-2020.
  • Recovery rates slightly increased due to the ore blend.
• AISC increased due to the higher sustaining capital and higher mining costs due a higher proportion of fresh ore being processed.
• Sustaining capital expenditure of $9.5 million was related to waste capitalization and purchases of additional mining equipment.
• Non-sustaining capital expenditure of $4.6 million mostly related to the relocation activities of the Sabodala village, the new haul road and infrastructure developments at the Massawa permit mining areas. 

Q1-2021 vs Q1-2020 Insights

• The Sabodala-Massawa mine was consolidated from February 10, 2021.
  

Plant Expansion Update

• The Massawa deposit is being integrated into the Sabodala mine through a two-phased approach, as outlined in the 2020 PFS.
• Phase 1 of the plant expansion will facilitate processing of an increased proportion of high grade, free-milling Massawa ore through the Sabodala processing plant. The installation of an additional electrowinning cell, a carbon regeneration kiln, an acid wash and elution circuit and an additional leach tank has commenced and the project is on schedule for completion in Q4-2021. In Q1-2021 a total of $6 million was incurred for the Phase 1 plant expansion, of which $5 million was incurred by Teranga prior to February 10, 2021, the remainder has been incurred by Endeavour.
• Phase 2 of the expansion will add an additional processing circuit to process the high grade refractory ore from the Massawa deposit, through the addition of a new refractory ore plant. A DFS for Phase 2 is underway and is on track for completion in Q4-2021.
  

Table 13: Sabodala-Massawa Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q1-20211 (Consolidated)	Q4-2020
Tonnes ore mined, kt	1,622	1,056	2,131
Total tonnes mined, kt	10,713	5,831	11,628
Strip ratio (incl. waste cap)	5.62	4.52	4.46
Tonnes milled, kt	1,027	550	1,100
Grade, g/t	2.48	2.53	2.51
Recovery rate, %	90	90	89
PRODUCTION, KOZ	75	39	79
Total cash cost/oz	n.a.	564	n.a.
AISC/OZ	n.a.	749	n.a.

¹For the post acquisition period commencing February 10, 2021.

2021 Outlook

• Sabodala-Massawa is expected to meet guidance and is on track to produce between 310—330koz at AISC of $690—740 per ounce for the period February 10, 2021 to December 31, 2021.
• The Sofia Main and Sofia North pits, on the Massawa mining permit, will continue to contribute the majority of the ore mined for the remainder of 2021. A higher head grade is expected in the latter portion of the year with higher grade feed from the Sofia pits. 

2021 Exploration Program

• A $13.0 million exploration program has been planned for 2021 to define new resources on near-mine targets at Sabodala-Massawa, including CZ, Sofia, Samina, Tina and Niakafiri, and to evaluate the potential of other near-mine and regional exploration targets.
• In Q1-2021, approximately $2.0 million was spent, comprised of over 20,000 meters of drilling. The majority of the drilling activity was focused on the Samina, Tina, Delya and other targets within the Massawa project area.
• During the remainder of 2021, drilling will be focussed on extending the non-refractory ore resources at the Sofia North deposit and following up on positive reconnaissance drilling results at the satellite deposits Samina, Tina and Delya. 

HOUNDÉ MINE

Q1-2021 vs Q4-2020 Insights

• Production decreased due to the scheduled increase in waste stripping, mining lower grade ore, as well as lower recovery rates associated with the reduction in oxide ore processed as ore from Kari Pump was blended with increased amounts of fresh ore from other pits.
  • Tonnes of ore mined decreased due to the focus on waste stripping at the Kari Pump and Vindaloo Main pits as mining was confined to low-grade areas and supplemented with ore mined from the Bouéré and Vindaloo Center pits.
  • Tonnes milled increased slightly due to the increased milling rate that resulted from improved rock fragmentation.
  • Average gold grade milled decreased as mining was constrained to low grade areas of the Kari Pump and Vindaloo Center pits.
  • Recovery rate decreased to 91% due to the decrease in the proportion of oxide material milled as Kari Pump ore was blended with fresh ore from other pits.
• AISC increased due to an increase in the strip ratio and the decrease in grade milled and recovery rates, which was partially offset by lower fleet maintenance costs, as well as lower reagent and power cost associated with improved rock fragmentation.
• Sustaining capital of $4.7 million is related to waste capitalization at the Kari Pump and Vindaloo Main pit.
• Non-sustaining capital of $6.7 million is related to the costs associated with the development of the Kari West mining area. 

Q1-2021 vs Q1-2020 Insights

• Production increased due to higher processed tonnes and higher grades.
• AISC decreased due the lower mining unit costs, lower strip ratio as well as the expected decrease in sustaining capital, which was slightly offset by higher royalties associated with the higher gold price realised. 

Table 14: Houndé Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q4-2020	Q1-2020
Tonnes ore mined, kt	1,625	2,120	900
Total tonnes mined, kt	13,937	10,741	11,311
Strip ratio (incl. waste cap)	7.58	4.07	11.57
Tonnes milled, kt	1,147	1,117	1,066
Grade, g/t	1.89	3.06	1.76
Recovery rate, %	91	94	91
PRODUCTION, KOZ	66	101	56
Total cash cost/oz	768	541	868
AISC/OZ	839	612	1,076

2021 Outlook

• Houndé is on track to meet its full year guidance and produce between 240—260koz in 2021 at AISC of $855—905 per ounce. Q1-2021 performance was better than initially scheduled as the improved mining fragmentation resulted in temporarily higher mill throughput.
• In the upcoming quarters, mining will continue to focus on the Kari Pump pit with contributions from the Bouéré and Vindaloo Centre pits, while stripping activities are expected to increase at the Vindaloo Main pit. Grades are expected to be higher in the latter portion of the year due to stronger contributions from Vindaloo Main and the Kari area. 

2021 Exploration Program

• An exploration program of up to $7.0 million has been planned for 2021, comprised of approximately 47,000 meters of drilling.
• In Q1-2021, approximately $2.0 million was spent, comprised of 25,000 meters of drilling focused on Vindaloo South, Mambo and the intersection of Kari Gap and Kari Center.
• For the remainder of the year, the exploration program will focus on following up on initial results at Vindaloo South, Mambo and the intersection of Kari Gap and Kari Center as well as reconnaissance drilling at Dafra T3, Marzipan, Kari Deep and Vindaloo Deep targets.
  
  

ITY MINE

Q1-2021 vs Q4-2020 Insights

• Production significantly increased due to higher throughput, higher processed grades, as well as higher plant recovery rate.
  • Total tonnes mined increased due to a decrease in the proportion of fresh ore mined, higher mining fleet availability and less rainfall, which resulted in better road conditions improving the performance of the mining fleet.
  • Tonnes of ore mined decreased due to a higher strip ratio as ore was mainly sourced from the Bakatouo, Walter and Daapleu pits in Q1-2021.
  • Tonnes milled increased due to a decrease in the proportion of fresh ore milled, as well as increased plant operating time.
  • Processed grades increased due to the benefit of the higher grade ore from the Bakatouo pit, which was supplemented with ore from the Daapleu pit and the Walter pit.
  • Recovery rate increased due to the benefit of a higher proportion of oxide ore from the Bakatouo and Walter pits in place of the fresh sulfide ore from the Daapleu pit which has lower recovery rates.
• AISC per ounce decreased due to lower mining and processing unit costs as a result of lower fleet maintenance and reagent costs respectively. Fleet maintenance costs were reduced due to improved road conditions and reagent consumption was improved through a reduction in the proportion of Daapleu ore processed. The cost reductions were slightly offset by higher royalties and sustaining capital expenditure
• Sustaining capital expenditure of $5.2 million related to waste stripping at the Ity pit.
• Non-sustaining capital expenditure of $12.0 million mainly related to the construction of the Stage 3 raise of the Tailings Storage Facility (“TSF”), the Le Plaque haul road construction, and the Cavally river diversion.
  

Q1-2021 vs Q1-2020 Insights

• Production increased due to the higher throughput and higher processed grades which more than offset the lower recovery rate.
• AISC per ounce increased due to higher mining unit costs associated with mining at lower elevations, higher processing costs due to a higher proportion of fresh being processed and increased sustaining capital, related to waste capitalization and equipment component change-outs. 

Table 15: Ity Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q4-2020	Q1-2020
Tonnes ore mined, kt	2,105	2,660	1,909
Total tonnes mined, kt	6,816	6,546	5,226
Strip ratio (incl. waste cap)	2.24	1.46	1.74
Tonnes milled, kt	1,550	1,456	1,410
Grade, g/t	1.76	1.72	1.63
Recovery rate, %	79	76	84
PRODUCTION, KOZ	71	61	61
Total cash cost/oz	715	989	633
AISC/OZ	786	1,054	651

2021 Outlook

• Ity is on track to meet its full year guidance and produce between 230—250koz in 2021 at an AISC of $800—850 per ounce. Q1-2021 performance was better than initially scheduled as higher grade oxide ore was brought forward in the mine plan and the mill throughput out performed.
• Plant feed is expected to continue to be sourced from multiple areas, notably the Daapleu and Bakatouo pits, which will be supplemented with ore from the Ity, Walter and Colline Sud pits, as well as historical stockpiles. Greater volumes of fresh ore are expected to be processed in the upcoming quarters which is expected to reduce mill throughput and recovery rates. Mining at Le Plaque remains on schedule for Q4-2021, which is expected to result in a higher average mill grade. 

2021 Exploration Program

• An exploration program of $9.0 million is planned for 2021. Drilling will focus on adding resources at Le Plaque, West Flotouo (Verse Ouest), Daapleu SW, Walter, Bakatouo Deep and Greater Ity. Reconnaissance drilling will also test the South Floleu area and Daapleu deep targets.
• In Q1-2021, approximately $4.0 million was spent, comprising 29,000 meters of drilling focused on Flotouo, Yopleu-Legaleu, Le Plaque South (Delta Extension), Daapleu Deep and the intersection of Walter and Bakatou. 

BOUNGOU MINE

Q1-2021 vs Q4-2020 Insights

• Production decreased due to the lower plant throughput rate and lower average processed grade, while recovery rate remained flat.
  • Total tonnes mined increased as mining activities ramped up following the commissioning of two excavators and additional production drills early in the year.
  • Tonnes ore mined decreased due to the expected increase in strip ratio following the ramp up of mining activities and the commencement of pre-stripping activities at the East Pit.
  • Tonnes milled decreased due to lower mill availability as continued enhancements were made to the SAG mill, pebble crusher and vertical tower mill which started in Q4-2020 following the restart of mining.
  • Processed grade decreased as the the mill feed was mainly sourced from the West Pit, with reduced contributions from higher grade stockpiles, which were used to support the mill feed in Q4-2020 during the ramp-up of mining activities.
• AISC per ounce increased due to increased sustaining capital, which was partially offset by lower mining unit costs due to the ramp up of mining activities and the commissioning of new equipment.
• Sustaining capital expenditure was $4.1 million and related to waste capitalization at the West pit.
• Non-sustaining capital expenditure was $4.5 million and related to waste stripping at the East pit. 

Q1-2021 vs Q1-2020 Insights

• The Boungou mine was consolidated from July 1, 2020.
  
  

Table 16: Boungou Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q4-2020
Tonnes ore mined, kt	246	335
Total tonnes mined, kt	6,672	2,240
Strip ratio (incl. waste cap)	26.11	5.69
Tonnes milled, kt	315	333
Grade, g/t	5.52	6.92
Recovery rate, %	96	96
PRODUCTION, KOZ	60	64
Total cash cost/oz	619	513
AISC/OZ	690	532

2021 Outlook

• Boungou is on track to meet its full year guidance and produce between 180 - 200koz in 2021 at AISC of $690 -740 per ounce. Q1-2021 performance was better than initially scheduled as higher grade ore extraction at the West Pit was brought forward.
• Plant feed is expected to continue to be sourced from the West Pit with waste stripping activities continuing at the East Pit throughout the year. Mill throughput is expected to remain relatively stable throughout the remainder of the year while recovery rates are expected to slightly decline to a more normalized rate. The average processed grade is expected to slightly decline over the upcoming quarters, as mining focuses on waste extraction, with an improvement expected in the latter portion of the year.

2021 Exploration Program

• An exploration program of up to $7.0 million, totaling approximately 85,000 meters of drilling, has been planned for 2021, with the aim of identifying new near-mine resources.
• In Q1-2021, $0.4 million was spent, comprising 7,000 meters of drilling on several near mine targets. Exploration efforts will continue to ramp up in Q2-2021, focused on delineating these near mine targets.

MANA MINE

Q1-2021 vs Q4-2020 Insights

• Production decreased due to the lower average processed grades and decreased plant throughput rate.
  • Total open pit tonnes mined decreased due to the planned waste development at the Wona South pit in order to provide access to ore. Open pit ore was mainly sourced from the Wona Main pit following the completion of mining at the Siou pit in 2020.
  • Total underground tonnes mined increased, however the average grade was lower, due to the mine sequence.
  • Tonnes milled decreased due to a decrease in mill availability attributable to scheduled plant maintenance.
  • The average processed grade decreased due to the guided lower open pit grades mined from the Wona Main pit and lower grades from the Siou Underground.
• AISC increased due to higher open pit unit mining costs associated with the longer hauling distance to the Wona South pit, as well as higher underground unit mining cost due to the higher density of saprolite ore. The increase was partially offset by lower processing unit costs due to improved power supply from the newly installed generators.
• Sustaining capital of $2.8 million is related to the development of the additional underground decline and open pit equipment rebuilds.
• Non-sustaining capital expenditure was $24.1 million and mainly related to open pit waste development, the TSF raise and other infrastructure projects. 

Q1-2021 vs Q1-2020 Insights

• The Mana mine was consolidated from July 1, 2020.

Table 17: Mana Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q4-2020
OP tonnes ore mined, kt	355	435
OP total tonnes mined, kt	8,533	9,227
OP strip ratio (incl. waste cap)	23.01	20.21
UG tonnes ore mined, kt	245	215
Tonnes milled, kt	604	629
Grade, g/t	2.90	3.33
Recovery rate, %	90	90
PRODUCTION, KOZ	52	61
Total cash cost/oz	907	740
AISC/OZ	954	802

2021 Outlook

• Mana is on track to meet guidance and produce between 170 - 190koz in 2021 at AISC of $975-1,050 per ounce given its strong Q1-2021 performance as a result of better than scheduled mill throughput and grades.
• The strip ratio will continue to remain high throughout the year as open pit mining activity continues to focus on waste development at the Wona pit. Tonnes of ore processed is expected to slightly decline in the upcoming quarters while recovery rates are expected to remain fairly constant. The average processed grade is expected to increase in the latter portion of the year due to higher underground grades. 

2021 Exploration Program

• An exploration program of up to $8.0 million has been planned for 2021, comprised of 44,000 meters of drilling, to focus on mine lease targets including Kona, Siou and Maoula and proximal mine lease targets including Fofina Sud.
• In Q1-2021, approximately $2.5 million was spent, comprising 35,000 meters of drilling focused on several targets, including Maoula and Deep Siou Underground, where drilling will continue during Q2 2021. 

WAHGNION MINE

Q1-2021 vs Q4-2020 Insights

• Production increased due to a higher average processed grade as recovery rates and throughput remained flat.
  • Tonnes of ore mined decreased slightly as mining focused on the deeper elevations with slightly greater volumes of fresh material mined. Mining continued to be supported by contractors and was primarily focussed on the Nogbele North and South pits and supplemented by the Nangolo pit, where mining activities finished in February.
  • Tonnes milled remained flat, but began to decrease toward the end of the quarter as the proportion of fresh ore mill feed increased.
  • Processed grades increased as a result of higher grade stockpiles supplementing the mill feed.
  • Recovery rates remained in line with the Q4-2020 but began to decrease towards the back-end of the quarter as increased volumes of fresh ore were fed into the plant.
• The AISC decreased due to the lower sustaining capital, strip ratio and G&A unit costs which more than offset higher mining and processing unit costs.
• Sustaining capital expenditure of $1.0 million was related to waste capitalization and Fourkoura pit infrastructure.
• Non-sustaining capital expenditure of $3.7 million related to TSF stage 2 raise and acquisition of six dump trucks. 

Q1-2021 vs Q1-2020 Insights

• The Wahgnion mine was consolidated from February 10, 2021. 

Table 18: Wahgnion Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q1-20211 (Consolidated)	Q4-2020
Tonnes ore mined, kt	1,183	649	1,247
Total tonnes mined, kt	7,751	4,451	7,977
Strip ratio (incl. waste cap)	5.55	5.86	5.40
Tonnes milled, kt	962	538	967
Grade, g/t	1.46	1.35	1.36
Recovery rate, %	95	94	95
PRODUCTION, KOZ	43	25	41
Total cash cost/oz	n.a.	746	n.a.
AISC/OZ	n.a.	780	n.a.

¹For the post acquisition period commencing February 10, 2021.

2021 Outlook

• Wahgnion is on track to meet guidance and is expected to produce between 140—155koz in 2021 at AISC of $940—990 per ounce for the period February 10, 2021 to December 31, 2021
• Waste extraction is expected to increase, resulting in a higher strip ratio over the upcoming quarters which is expected to grant access to higher grade oxide ore from the Fourkoura and Nogbele South pits in the latter portion of the year. Plant throughput and recoveries are anticipated to decrease marginally during the wet season with a higher proportion of fresh ore being processed. 

2021 Exploration Program

• The 2021 exploration program, with a planned expenditure of approximately $12.0 million, will focus on Nogbele North and Nogbele South deposits, targeting the continuation of mineralized structures between the Nogbele pits. Additionally, the north-northeast continuation of the Fourkoura deposit and the Hillside target will be tested for extensions. On the exploration permits, efforts will be focused on various attractive targets such as Kafina West and Korindougou.
• In Q1-2021, approximately $1.0 million was spent, comprising approximately 4,000 meters of drilling focused on Nogbele and Fourkoura deposits. The exploration program will ramp up in Q2-2021 focusing on Nogbele North and South deposits and the Fourkoura target. 

KARMA MINE

Q1-2021 vs Q4-2020 Insights

• Production decreased due to lower stacked grade and lower recovery rates on account of longer than normal leach periods for the GG1 ore, which led to a temporary build up of gold in circuit. Decreased production was partially offset by increased stacking due to increased feed from the GG1 pit.
  • Total ore tonnes mined decreased slightly due to the increase in strip ratio. Ore continued to be sourced from the GG1 and Kao North pits.
  • Ore tonnes stacked slightly increased compared to the previous quarter as a higher proportion of coarse material from the GG1 pit was available, with stacker availability and utilisation remaining consistent. Ore tonnes from the GG1 and Kao North pit were mostly oxide with a blend of transitional materials. The proportion of transitional material increased with stacked tonnes being supplemented by stockpiles.
  • The stacked ore grade decreased due to a greater proportion of the lower grade GG1 ore being stacked with ore from the Kao North pit and stockpiles supplementing the feed.
  • Recovery rate decreased due to the increased proportion of ore from the GG1 pit and an increased proportion of transitional ore, which has a lower associated recovery rate.
• AISC per ounce increased due to increased mining strip ratio, which was partially offset by lower mining, processing and G&A unit costs on account of lower production drilling, blasting, rehandling and reagent and crushing costs.
• Sustaining capital expenditure was $0.2 million and related to capitalized waste at the Kao North pit.
• Non-sustaining capital expenditure was $0.8 million, which was related to construction of new cells within the heap leach pad. 

Q1-2021 vs Q1-2020 Insights

• Production decreased due to lower grade material being processed and lower recovery rates due to longer leach times. The production decrease was partially offset by increased volumes of ore stacked.
• AISC per ounce increased due to increased sustaining capital and lower grade ore being stacked, which had lower associated recoveries. The cost increase was partially offset by lower mining and processing unit costs. 

Table 19: Karma Quarterly Performance Indicators

For The Quarter Ended	Q1-2021	Q4-2020	Q1-2020
Tonnes ore mined, kt	1,242	1,253	1,229
Total tonnes mined, kt	5,146	5,012	4,953
Strip ratio (incl. waste cap)	3.14	3.00	3.03
Tonnes stacked, kt	1,380	1,327	1,114
Grade, g/t	0.71	0.78	1.02
Recovery rate, %	66	72	82
PRODUCTION, KOZ	22	28	28
Total cash cost/oz	1,169	1,103	843
AISC/OZ	1,179	1,132	866

2021 Outlook

• Karma is expected to meet its full year guidance and produce between 80—90koz in 2021 at AISC of $1,220—$1,300 per ounce.
• Mining activity is expected to continue at Kao North and GG1 pits throughout the year with the overall strip ratio expected to be higher in upcoming quarters. Production is expected to be higher in the second half of the year due to higher grades and gold recovery rate from Kao North. 

2021 Exploration Program

• No material drilling is planned for 2021  

AGBAOU MINE (SOLD 1 MARCH 2021)

Agbaou Sale Insights

• On March 1, 2021, Endeavour completed the sale of its interest in the non-core Agbaou mine in Côte d’Ivoire to Allied Gold Corp ("Allied Gold") for a consideration of up to $80 million with further upside through equity exposure in Allied Gold and a Net Smelter Return royalty.
  

Q1-2021 vs Q4-2020 Insights

• Production and associated costs presented are for the pre-disposition period ending on March 1, 2021.
  • Mining focused on the deeper elevation of the North, West and South Pits with greater volumes of fresh material mined.
  • Tonnes milled was below plant capacity due to lower mill throughput rate on account of a higher proportion of fresh material delivered to the plant.
  • Processed grades decreased as mining focused on lower grade ore from the North, West and South pits.
  • Recovery rate increased slightly due to lower milling rate leading to better residence time.
• The AISC increased due to higher mining and processing unit costs associated with mining at deeper elevation and processing a higher proportion of fresh ore. The increase was slightly offset by lower sustaining capital due to the decrease in waste capitalised.
• Non-sustaining capital remained low.
  

Q1-2021 vs Q1-2020 Insights

• Production decreased compared to same period in prior year due to operating the mine for a shorter period as the operations was discontinued through a sale. Average grade decreased due to lower grade at the deeper elevation of the North, West and South pits mined. Recovery rate remained flat.
• AISC increased in line with expectation as a result of lower ounces sold as well as higher mining cost and higher processing cost. This was partially offset by lower sustaining capital spend. 
  

Table 20: Agbaou Quarterly Performance Indicators

For The Quarter Ended	Q1-20211	Q4-2020	Q1-2020
Tonnes ore mined, kt	353	433	757
Total tonnes mined, kt	2,456	4,383	6,433
Strip ratio (incl. waste cap)	5.95	9.13	7.50
Tonnes milled, kt	348	691	732
Grade, g/t	1.09	1.37	1.31
Recovery rate, %	95	93	94
PRODUCTION, KOZ	13	28	27
Total cash cost/oz	1,116	1,001	753
AISC/OZ	1,131	1,066	951

¹For the pre acquisition period ending March 1, 2021.
 

EXPLORATION AND DEVELOPMENT ACTIVITIES

• As detailed in the table below, exploration will continue to be a strong focus in 2021 with a budget of $70 - $90 million, as previously announced. Efforts are expected to be focussed on the newly acquired mines with the aim of extending their lives. In addition, significant efforts will focus on greenfield and development properties such as Fetekro, Afema, Kalana, Bantou, Siguiri and other earlier stage exploration projects.
• In Q1-2021, the group exploration spend amounted to $16 million, of which $12 million was spent at mine operations as detailed in the project sections above and $4 million was spent on greenfield and development projects, where the focus was mainly on delineating maiden resources at Afema and expanding the resource at Fetekro. In total, 164,000 meters of drilling was completed during the quarter, of which 120,000 meters was drilled around mine operations and 44,000 meters was drilled at greenfield and development projects. Exploration efforts are expected to be accelerated in Q2-2021 ahead of the wet season.
• In Q1-2021 at the Fetekro development property, $2 million was spent on exploration work, comprised of 17,000 meters of drilling which was focused on expanding the Fetekro resource in the area between Lafigue Center and Lafigue North. Additional mineralization has been identified in the northwest of Lafigue Center for which we expect to update the resource estimate at Fetekro during H2-2021. The Definitive Feasibility Studies at Fetekro and Kalana are on track to be completed by year-end 2021 and Q1-2022 respectively. At Fetekro early geotechnical, hydrogeological and sterilization work is being completed, while at Kalana metallurgical testing is underway.
  
  

Table 21: Consolidated Exploration Expenditures¹

(All amounts in US$m)	Q1-2021	2021 GUIDANCE
Sabodala-Massawa	2	~13
Wahgnion	1	~12
Ity	4	~9
Mana	3	~8
Houndé	2	~7
Boungou	0	~7
Karma	0	~0
MINE SUBTOTAL	12	~56
Greenfield and development projects	4	~14 - 34
TOTAL	$16	$70 - 90

¹Consolidated exploration expenditures include expensed, sustaining, and non-sustaining exploration expenditures. Amounts may differ from MD&A due to rounding.

CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Thursday May 13, at 8:30am Toronto time (ET) to discuss the Company's financial results.

The conference call and webcast are scheduled at:
5:30am in Vancouver
8:30am in Toronto and New York
1:30pm in London
8:30pm in Hong Kong and Perth 

The webcast can be accessed through the following link:
https://edge.media-server.com/mmc/p/drgvvuhp

Analysts and investors are also invited to participate and ask questions using the dial-in numbers below:
International: +1 646-741-3167
North American toll-free: +1 877-870-9135
UK toll-free: +44 (0) 8002796619

Confirmation Code: 7972969

The conference call and webcast will be available for playback on Endeavour's website. 
 
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 Ciccio VP – Strategy & Investor Relations +44 203 640 8665 mdeciccio@endeavourmining.com	Brunswick Group LLP in London Carole Cable, Partner +44 7974 982 458 ccable@brunswickgroup.com
Vincic Advisors in Toronto   John Vincic, Principal +1 (647) 402 6375 john@vincicadvisors.com

  
ABOUT ENDEAVOUR MINING CORPORATION

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the 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 and will be seeking a secondary listing as a Premium issuer on the London Stock Exchange during Q2-2021.

For more information, please visit www.endeavourmining.com. 

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “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, the success of exploration activities, the declaration, payment and sustainability of Endeavour’s dividends, the completion of studies, mine life and any potential extensions, the future price of gold, the share buyback program, and the expected timing of a premium listing on the LSE. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”, “plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”, “estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and similar expressions .

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, 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 or completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; 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; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, 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 legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalization of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic.

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.
 

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, UK

Attachments

• EDV Q1-21 MDA
• EDV Q1-21 News Release
• EDV Q1-21 Presentation
• EDV Q1-21 Financial Statements