Endeavour Mining - Ready to finish strong
In the wake of Endeavour’s Q323 results we have updated our FY23 estimates. Endeavour remains on track to achieve its production guidance of 1,060–1,135koz at an AISC of US$895–950/oz (792koz produced year-to-date at an AISC of US$974/oz). Endeavour has reaffirmed its performance is still set to be weighted towards H223 as previously guided, with Q323 recording the strongest performance this year (production of 280.8koz) and Q423 on track to beat this (estimated at 324.4koz). Q323 results were driven by impressive production at Houndé, reporting 109koz (cf estimates of 84koz). Following the overperformance at Houndé, Q423 is set to be driven by increasing production at its other assets, namely Sabodala-Massawa and Mana.
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