Endeavour Mining Reports Q2 Net Loss but Affirms Full-Year Outlook

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Endeavour Mining, a leading gold mining company focused on West Africa, announced a net loss of $109.3 million for the second quarter of 2022, compared to a profit of $189.4 million in the same period last year. This decline was primarily due to lower volumes of gold sold at lower margins and higher costs. Earnings per share stood at 32 cents, down from 76 cents a year ago, falling short of the market consensus of 36 cents based on three analysts’ estimates.

Despite the Q2 loss, Endeavour Mining remains confident in its full-year outlook. The company is projected to achieve a cost range of $895-$950 per ounce and produce between 1.06 million and 1.135 million ounces of gold. It expects performance to be stronger in the second half of the year.

Endeavour Mining recently conducted further drilling at its Tanda-Iguela discovery in Ivory Coast, which exceeded expectations. As a result, it plans to expand its full-year drill program to 180,000 meters. The company is also on track to release a resource update later this year.

In line with the prior year, Endeavour Mining has declared a dividend of $100 million, equivalent to 40 cents per share, for the first half of the year.

Overall, while Endeavour Mining faced challenges in the second quarter, it remains optimistic about its future performance and is committed to delivering value to shareholders.

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