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Endeavour Mining posts record Q1 gold output

Endeavour Mining Corp. said May 15 that it booked an adjusted first-quarter net profit of US$28 million, compared to US$10 million a year earlier, after posting record gold production as all mines met or exceeded guidance.

Gold output was up 39% year on year to 185,000 ounces, while all-in sustaining costs per ounce fell to US$774 from US$895 for continuing operations over the period. Revenue from continuing operations jumped 52% from the same quarter a year ago to US$240 million, with adjusted EBITDA jumping to US$98 million from US$38 million, as the average realized price per ounce rose to US$1,298 from US$1,185.

The company's Houndé project in Burkina Faso was a strong contributor to its results, with the Ity carbon-in-leach operations in Cote d'Ivoire on track for first gold pour in mid-2019. Net debt at the end of March rose to US$336 million from US$62 million a year ago due to the development work at Ity. Endeavour Mining said it expects an updated resource at the Kalana project in Mali by mid-2018.

It noted that output at Houndé is expected to slightly drop with all-in sustaining costs to rise amid lower grades and a higher strip ratio. The company is budgeting US$9 million for exploration at Houndé, with 125,000 meters of drilling planned.