In This Article:
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Gold Production: 341,000 ounces in Q1 2025.
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All-In Sustaining Cost (AISC): $1,129 per ounce.
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Free Cash Flow: $409 million in Q1 2025.
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Net Debt Reduction: Reduced by $354 million to $378 million.
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Leverage Ratio: 0.22 times net debt to adjusted EBITDA.
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Dividends Paid: $240 million for 2024.
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Share Buybacks: $52 million year-to-date in 2025.
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Adjusted EBITDA: $613 million in Q1 2025.
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Free Cash Flow Margin: 39% in Q1 2025.
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Realized Gold Price: $2,783 per ounce in Q1 2025.
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Earnings Per Share (EPS): Increased from $0.45 to $0.90.
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Operating Cash Flow: $494 million in Q1 2025.
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Safety Performance: Group LTIFR of 0.05%.
Release Date: May 01, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Endeavour Mining PLC (EDVMF) delivered a strong operational and financial performance in Q1 2025, producing 341,000 ounces of gold at an all-in sustaining cost of $1,129 per ounce.
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The company generated record free cash flow of $409 million during the quarter, translating to $1,199 for every ounce of gold produced.
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Endeavour Mining PLC (EDVMF) significantly reduced its net debt by $354 million, bringing leverage down to 0.22 times net debt to adjusted EBITDA, well below the long-term target of 0.5 times.
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The company paid record dividends for 2024 of $240 million and has already supplemented returns with $52 million of share buybacks in 2025, indicating a strong commitment to shareholder returns.
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The Asa project is on track to underpin a 35% production growth to 1.5 million ounces by 2030, with a resource update expected in the second half of the year.
Negative Points
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Endeavour Mining PLC (EDVMF) anticipates slightly lower production in the second half of 2025, which may impact overall annual output.
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The company expects to pay significantly higher cash taxes in Q2 and Q3, which will impact cash flow during these quarters.
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There are ongoing challenges with VAT receivables in Burkina Faso, which have led to a small impairment and may continue to affect working capital.
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The company faces potential regulatory changes in Burkina Faso, including an accelerated implementation of a 5% free carry, which could impact financials.
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Endeavour Mining PLC (EDVMF) is operating in a high-risk geopolitical environment in West Africa, which may affect investor sentiment and share valuation.
Q & A Highlights
Q: Could the ongoing technical review impact Sabodala-Massawa's 2025 guidance? A: Ian Cockerill, Senior Non-Executive Independent Director, stated that the technical review is ongoing, and it's too early to determine if it will increase output. However, Sabodala is on track to achieve the upper end of its current guidance.