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Algemeen advies 07/11/2018 15:35
On-track to achieve upper-end of production guidance and bottom-end of AISC guidance
• Production from continuing operations of 139koz in Q3 and 438koz for YTD-2018, on-track to meet the upper-end of the FY-2018 guidance of 555-590koz
• AISC from continuing operations of $820/oz in Q3 and $759/oz for YTD-2018, on-track to meet the bottom-end of the FY-2018 guidance of $760-810/oz
• All-In Sustaining Margin of $40m for Q3 totalling $207m for YTD-2018, up 43% over YTD-2017
• Operating Cash Flow per share (before non-cash working capital) of $0.42 for Q3 totalling $1.94 for YTD-2018, up 30% over YTD-2017
• EPS from continuing operations of $0.14 in Q3 and $0.29 for YTD-2018, up from $(0.13) for YTD-2017
• Net Debt of $535m at quarter-end, up from $410m at end of Q2 due to Ity CIL construction progressing ahead of schedule
• Well positioned to finance the remaining Ity CIL construction cash outflow of ~$122m with $213m in available sources of financing and liquidity in addition to cash flow being generated from operations
• Q4 production expected to increase over Q3 following end of rainy season
• Maiden resource for Kari Pump discovery at Houndé expected to be released in the coming weeks
• Ity CIL construction progressing on-budget and two months ahead of schedule with first gold pour expected in early-Q2 George Town, November 7, 2018 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the third quarter of 2018, with highlights provided in the table below.

Table 1: Key Operational and Financial Highlights
Sep. 30 2018 Jun. 30, 2018 Sep. 30, 2017 Sep. 30, 2018 Sep. 30, 2017 ? YTD-18
vs. YTD-17
PRODUCTION AND AISC HIGHLIGHTS (from continuing operations only)
Gold Production, koz 139 147 79 438 252 +74%
Realized Gold Price2
, $/oz 1,161 1,257 1,198 1,240 1,183 +5%
All-in Sustaining Cost1
, $/oz 820 780 854 759 834 (9%)
All-in Sustaining Margin1,3, $/oz 341 478 344 482 349 +38%
CASH FLOW HIGHLIGHTS (includes discontinued operations) 1
All-in Sustaining Margin4
, $m 40 69 49 207 144 +43%
All-in Margin5
, $m 18 48 34 134 100 +35%
Operating Cash Flow Before Non-Cash Working Capital, $m 45 69 39 208 145 +43%
Operating Cash Flow Before Non-Cash Working Capital, $/share 0.42 0.64 0.41 1.94 1.49 +30%
PROFITABILITY HIGHLIGHTS (from continuing operations only)
Revenues, $m 156 190 95 544 299 +82%
Adjusted EBITDA1
, $m 49 68 24 208 88 +138%
Net Earnings Attr. to Shareholders, $m 15 4 (15) 31 (13) n.a.
Net Earnings Attr. to Shareholders, $/share 0.14 0.04 (0.15) 0.29 (0.13) n.a.
Adjusted Net Earnings Attr. to Shareholders1
, $m (1) 9 2 33 5 n.a.
Adjusted Net Earnings1
, $/share (0.01) 0.09 0.03 0.31 0.05 n.a.
Net Debt, $m 535 410 221 535 221 +142%
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the MD&A. 2Realized Gold Price inclusive of Karma stream; 3Realized Gold Price less
AISC per ounce; 4Net revenue less All-in Sustaining Cost; 5Net revenue less All-in Sustaining Costs and Non-Sustaining capital.

Sébastien de Montessus, President & CEO, stated: "Our operations have performed well through the third quarter and we are now well positioned to meet all of our key guidance metrics for 2018. Production across our portfolio is expected to increase in Q4-2018 due to the end of the rainy season in West Africa. Group production is therefore on track to meet the top end of our guidance of between 555-590koz, while we expect All-In Sustaining Costs to achieve the lower end of guidance of $760-810/oz.
We continue to make significant progress against a number of key strategic initiatives which leave us well positioned to finish the year successfully and enter 2019 with momentum from the commissioning of the Ity CIL project, which is expected to be our next flagship mine. The first gold pour is now anticipated to occur in early Q2 as the project is tracking two months ahead of schedule. As a result of the pace of construction, we accelerated the Ity CIL capital spend, which has been possibledue to financial flexibility provided by our strong balance sheet. With Ity CIL’s low projected production costs, we expected to quickly deleverage from current levels once the project goes into commercial production.
Lastly, in Q3 we continued to achieve positive results from our exploration programme. We recently announced a maiden resource at our greenfield Fetekro property in Côte D’Ivoire, and we expect to follow this with a maiden resource at the Kari Pump discovery at Houndé in Burkina Faso in the coming weeks.”

Q4-2018 Outlook
› Houndé is comfortably on track to meet the top of end its full-year 2018 production guidance of 250,000 – 260,000 ounces and the low end of its AISC guidance of $580-630 per ounce.
› Relocation activities at the Bouere deposit are continuing as planned and pre-stripping is expected to occur in early 2019.

Exploration Activities
› Houndé has been the strongest exploration focus for Endeavour in 2018 with 44,000 meters drilled in Q3- 2018 totalling more than 165,000 meters since the
start of the year, mainly focused on the Kari anomaly.
› In May, initial drill results were published for the Kari Pump and in addition to announcing the discovery of the nearby Kari Centre and Kari West.
› In Q3-2018, significant focus was placed on delineating an initial resource at Kari Pump with the result expected to be published in the coming weeks.

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