Endeavour Mining

Endeavour Mining is a leading West African gold producer, operating five high-quality mines across Côte d’Ivoire, Burkina Faso, and Senegal. As the largest gold producer in the region, Endeavour is committed to delivering long-term value through responsible and efficient mining operations.

With an annual production guidance of 1,110 to 1,260 thousand ounces (koz) for 2025 and an all-in sustaining cost (AISC) range of $1,150 to $1,350 per ounce, the company maintains a strong financial position supported by disciplined capital management. Endeavour also boasts a competitive cost profile compared to its global peers, ensuring robust profitability and sustainable growth.

Beyond its operational excellence, Endeavour Mining prioritizes environmental, social, and governance (ESG) leadership. The company actively integrates sustainability into its strategy by investing in renewable energy projects, fostering local employment, and maintaining transparent relationships with stakeholders. With a long-term production outlook and a commitment to exploration, Endeavour continues to strengthen its position as a premier gold producer while upholding the highest standards of environmental and social responsibility.

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Endeavour Mining presents a compelling investment opportunity as the leading gold producer in West Africa, operating in one of the world’s most resource-rich regions. The company’s portfolio consists of five high-quality, low-cost mines, with a 2025 production target of up to 1,260koz at a competitive all-in sustaining cost (AISC) of $1,150–$1,350 per ounce. This strong production profile, combined with Endeavour’s disciplined capital management and operational efficiency, positions it as a top-tier gold mining company with significant growth potential.

Endeavour is actively expanding its mineral reserves through a robust exploration program, targeting 12–17Moz of new discoveries over five years. This strategic focus on organic growth ensures long-term production stability while enhancing shareholder value. Additionally, the company’s infrastructure investments, including the Sabodala-Massawa BIOX® expansion and the Assafou Project, are set to drive future output and lower operating costs.

Beyond financial performance, Endeavour's commitment to sustainability and responsible mining strengthens its long-term investment appeal. The company integrates environmental, social, and governance (ESG) principles across operations, including the development of renewable energy projects and community initiatives that foster economic resilience in host countries.

With a strong balance sheet, significant free cash flow generation, and a track record of returning value to shareholders through dividends and buybacks, Endeavour Mining is well-positioned for sustained growth. Investors seeking exposure to a high-quality, low-cost gold producer with a clear path to long-term success will find Endeavour Mining an attractive opportunity in the global mining sector.

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Endeavour Mining is led by a seasoned team of executives who bring decades of global mining expertise, operational excellence, and robust financial acumen to the organization.

Ian Cockerill, CEO
Joining as CEO in 2024 after serving as a Director since 2022, Ian Cockerill brings over 40 years of experience in the mining industry. His extensive background includes executive roles at major international companies such as Gold Fields and Anglo Coal. Under his leadership, Endeavour Mining is poised to leverage its strong operational foundation and drive growth through strategic initiatives and innovation.

Guy Young, CFO
Appointed in 2023, Guy Young offers more than 25 years of senior financial experience in the mining and materials sectors. With a proven track record from previous roles as CFO of Vesuvius plc, Lafarge Tarmac, and Scaw Metals, along with senior positions at Anglo American plc, Guy is well-equipped to steer Endeavour's financial strategy and ensure disciplined capital management in a competitive market.

Djaria Traore, EVP Operations & ESG
Since joining Endeavour in 2019, Djaria Traore has leveraged over 22 years of industry experience, with deep expertise in procurement and logistics management. Having held senior positions at Nordgold and Connell Company, Djaria plays a pivotal role in optimizing operations and championing the company’s commitment to environmental, social, and governance (ESG) principles, ensuring that sustainability remains at the core of Endeavour’s growth strategy.

Together, this dynamic leadership team is dedicated to advancing Endeavour Mining's mission, driving operational excellence, and delivering long-term value to shareholders.

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Endeavour Mining is executing an ambitious growth strategy centered on expanding production, enhancing operational efficiency, and deepening its exploration pipeline across West Africa. The company is investing strategically in key projects—including the Sabodala-Massawa BIOX® expansion and the Assafou Project—to drive output improvements and further reduce operating costs. These initiatives are designed to solidify Endeavour’s position as the region’s leading gold producer while unlocking significant long-term value.

A core element of the strategy is a robust exploration program, targeting 12–17Moz of new discoveries over the next five years. By aggressively advancing exploration efforts, Endeavour is poised to expand its resource base and extend mine life, ensuring sustained production growth. Operational excellence remains paramount, with continuous investments in cutting-edge mining technologies and process optimization that bolster production efficiency and cost control.

Environmental stewardship and community engagement are integral to Endeavour’s growth blueprint. The company is committed to integrating renewable energy solutions—such as solar projects—into its operations and actively collaborates with local stakeholders to support sustainable development. In addition, Endeavour maintains a disciplined capital allocation approach, balancing investment in growth initiatives with the generation of robust free cash flow and shareholder returns.

Together, these strategic pillars—expansion projects, proactive exploration, operational innovation, and sustainable practices—position Endeavour Mining for enduring success in the competitive global mining landscape.

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Endeavour Mining maintains a strong financial position, underpinned by disciplined capital management, robust cash flow generation, and industry-leading cost efficiency. With a 2025 production guidance of 1,110–1,260koz at an all-in sustaining cost (AISC) of $1,150–$1,350 per ounce, the company remains one of the most cost-competitive gold producers in the industry.

As of December 31, 2024, Endeavour reported a market capitalization of $4.38 billion, with net debt of $732 million. The company has successfully deleveraged its balance sheet, with a target net debt-to-EBITDA ratio of below 0.6x, allowing for continued financial flexibility. Free cash flow generation has significantly improved, with a notable inflection point reached in Q3 2024, setting the stage for increased returns to shareholders.

Endeavour follows a disciplined capital allocation strategy, balancing investment in growth projects with shareholder returns. In FY-2024, the company returned $277 million to shareholders, exceeding its minimum commitment by 32%. The company has committed to a minimum dividend of $225 million for FY-2025, with additional supplemental returns possible if gold prices remain above $1,850/oz and financial conditions remain strong.

On the investment front, capital expenditure for FY-2025 is projected at $440 million, a 26% decrease from the previous year, following the completion of key expansion projects. This includes $215 million in sustaining capital, $215 million in non-sustaining capital, and $10 million in growth capital. Exploration investment remains a priority, with a $75 million budget allocated for both brownfield and greenfield projects.

Endeavour Mining stands as a premier gold producer in West Africa, leveraging its high-quality asset base, low-cost operations, and disciplined growth strategy to create long-term value. With five operating mines and a strong pipeline of development and exploration projects, the company is well-positioned to sustain and expand its production profile while maintaining financial strength and shareholder returns.

A commitment to operational excellence, cost efficiency, and sustainability differentiates Endeavour from its peers. The company’s industry-leading AISC, strong free cash flow generation, and robust balance sheet enable it to pursue strategic investments while delivering consistent dividends and share buybacks to investors.

Endeavour also prioritizes responsible mining, integrating ESG principles into every aspect of its business. Through renewable energy projects, local employment initiatives, and strong stakeholder engagement, the company ensures that its operations contribute positively to local communities and environmental sustainability.

As global gold demand remains strong, Endeavour Mining is well-positioned to capitalize on market opportunities, expand its production base, and unlock additional value through exploration and innovation. For investors seeking exposure to a high-performing, low-risk gold producer with a clear path to long-term growth, Endeavour represents a compelling opportunity in the global mining sector.

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