Business
Endeavour Mining Announces Q1 2017 Results
George Town, May 9, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the quarter ended March 31, 2
About this update from Endeavour Mining Plc
[{"type":"text","content":"George Town, May 9, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the quarter ended March 31, 2017, with highlights provided in the table below. Table 1: Key Operational and Financial Highlights QUARTER ENDED1 Mar. 31, 2017 Dec. 31,2016 Mar. 31, 2016 Change Q1-17 vs. Q1-16 Gold Production From Continuing Operations, oz 158,640 175,411 123,388 +29% Realized Gold Price, $/oz 1,190 1,177 1,192 0% AISC, $/oz 905 855 889 +2% All-in Sustaining Margin, $/oz 285 322 302 (6%) All-in Sustaining Margin, $m 46 55 37 +24% Operating EBITDA, $m 47 68 45 +4% Free Cash Flow Before Growth Projects2, $m 32 45 32 0% Net Debt At Period End, $m 62 26 136 (54%) Earnings From Mine Operations, $m 27 45 27 0% Basic Net Earnings (Loss), $/share (0.08) (0.57) 0.02 n.a. Adjusted Net Earnings, $/share3 0.10 0.33 0.10 0% All financials exclude discontinued Youga operation Free Cash Flow before Growth Projects stated before WC, tax & financing costs, Houndé and Karma) Adjusted net earnings per share has been modified for Q4-2016 from 0.44 to 0.33 as the NCI portion of earnings has been adjusted Sébastien de Montessus, President & CEO, stated: \"Our strong performance in the first quarter leaves us on track to meet our guidance for 2017. Each of our operating mines contributed in line with our expectations as we benefitted from the portfolio improvement and the asset optimizations carried out last year, resulting in increased and more diversified cash generation. During the quarter we also continued to deliver on our growth strategy. Construction at Houndé is progressing on time and on budget, with the first gold pour on track for the fourth quarter of this year. At Ity, we reached an in-principle agreement to increase our ownership position from 55% to 80% and we now look forward to moving to a formal investment decision in the coming weeks which would allow our experienced in-house construction team to smoothly transition from Houndé to building the Ity CIL project in the second half of 2017. We continued to strengthen our balance sheet. The post-period $47.5 million private placement by La Mancha, will, in conjunction with our internal cash flow generation capabilities, give us additional flexibility to pursue our growth strategy. As a result...