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(Kitco News) - Endeavour Mining (TSX: EDV) today reported Q1 2023 production from continuing operations of 300,838 ounces of gold, a decrease of 16% compared to Q1 2022, as FY 2023 production is weighted towards H2 2023.
The company said that the decrease in gold production was primarily due to lower production at Boungou, Houndé and Sabodala-Massawa, partially offset by higher production at Ity and Wahgnion.
According to a press release, all-in sustaining costs (AISC) from continuing operations amounted to $1,022/oz in Q1 2023, up 21% compared to Q1 2022, primarily due to a combination of lower production volumes and higher operating costs partially due to increased cost of fuel and consumables.
The company noted it remains on track to achieve its FY 2023 production guidance of 1,325 - 1,425koz at an AISC of $940 - 995/oz, with performance weighted towards H2 2023 as previously guided.
Endeavour also reported that its Q1 2023 revenue amounted to $590.6 million, a decrease of 14% compared to $688.9 million in Q1 2022 which was predominantly driven by lower sales volumes.
Earnings from mine operations were $189.0 million for Q1 2023, down by $86.7 million compared to Q1 2022, primarily due to lower revenues and higher operating costs due to fuel and some consumable cost increases.
Adjusted EBITDA amounted to $279.1 million for Q1 2023, a decrease of $111.6 million compared to Q1 2022, which was primarily driven by lower revenue and increased operating expenses, exploration costs, and share based compensation.
Adjusted net earnings attributable to shareholders amounted to $69.9 million (or $0.28 per share) in Q1 2023, a decrease compared to $126.3 million (or $0.51 per share) in Q1 2022, primarily driven by lower revenues and increased operating costs, in part offset by lower depreciation and income tax expenses.
The company also said that the Sabodala-Massawa expansion and the Lafigué greenfield build are progressing well, with both projects on time and on budget with first production expected in Q2 and Q3 2024 respectively.
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Côte 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.
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