CREATING
MEANINGFUL
VALUE
Annual Report and Accounts 2024
2024 WAS A PIVOTAL
YEAR FOR ENDEAVOUR
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
We delivered strong production
performance from our core assets,
commercial production at our two
organic growth projects, Lafigué and
Sabodala-Massawa BIOX®, and a
positive pre-feasibility study for our
tier-1 Assafou project. Additionally, we
generated sufficient cash flow to return
$277 million to shareholders, all while
maintaining our commitment to ESG
excellence.
Overview
01 Highlights
02 Our purpose-driven framework
03 Endeavour Mining at a glance
04
Our diversified portfolio
05 Why invest in Endeavour Mining
06 How we deliver long-term value
Strategic report
08
Chair’s statement
11 Chief Executive’s statement
14 Our business model
16 Market overview
19
Our strategy and key
performance indicators
23 Our ESG strategy
31 Stakeholder engagement
34 Operating review
44
Chief Financial Officer’s statement
46 Financial review
57 Risk Management and Principal risks
65 Viability statement
67 Task Force on Climate-related Financial
Disclosures Report 2024
87 Non-financial information statement
Governance
91 Chair’s introduction to governance
94 Our Board and Our Executive
Management Team
98 Our governance framework
102 Board leadership and Company purpose
105 s172 Statement
107 Stakeholder engagement
109
Corporate Governance and
Nomination Committee report
114 Audit and Risk Committee report
123 Technical, Health and Safety Committee
124
Environmental, Social and Governance
Committee report
125 Directors’ Remuneration Committee report
128 Annual report on remuneration
146 Remuneration at a glance
152 Directors report
157 Directors' Responsibility statement
Financial statements
159 Independent auditors’ report
169 Consolidated financial statements
173
Notes to the consolidated
financialstatements
224 Company financial statements
226 Notes to the financial statements
Additional information
230 Detailed reserves and resources
235
Cautionary note on forward-looking
statements
236 Glossary
237 Definitions
FIND OUT MORE
See the investors section of our website: endeavourmining.com/investors/
Contents
0.13
$2.2b
LTIFR
Continued world-class
safety performance.
Economic contribution
Includes $218 million in direct taxes,
$191 million in royalties and $78 million
other taxes paid.
1,103koz
$1,218
Gold produced
Strong production performance
underpinned by our core assets.
AISC/oz
Class-leading all-in sustaining cost (“AISC”).
$1,325m
$313m
Adjusted EBITDA
50% Adjusted EBITDA margin
in relation to revenue.
Free cash flow
Transitioned to a phase focused on free
cash flow generation.
0.55x
$277m
Leverage ratio, Net debt / Adjusted EBITDA
(LTM)
On track to achieve our 0.5x leverage target in
the near term.
Shareholder returns
$240 million in dividends and $37 million in
share buybacks returned to shareholders in
relation to FY-2024.
4.1Moz
+32%
Assafou maiden reserve
Nearly 90% resource to reserve conversion.
Group reserve increase
Proven and Probable reserves
increased 4.5Moz from 2023, driven
by Assafou and Ity.
OVERVIEW
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ADDITIONAL
INFORMATION
1 Endeavour Mining plc Annual Report 2024
2024 highlights
OUR YEAR IN REVIEW
OVERVIEW
XXX
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our purpose-driven framework
2 Endeavour Mining plc Annual Report 2024
OUR STRATEGY
How we are growing and sustaining a resilient
business through three strategic objectives:
1. Maintain a high-quality portfolio
– Investing in our people
– Delivering industry-leading operational excellence
– Unlocking exploration value
– Actively managing our portfolio
2. Work as a trusted partner
– Empowering communities
– Boosting local economies
– Protecting the environment
– Promoting ethical business practices
3. Reward shareholders
– Managing our balance sheet prudently
– Competing for capital on a returns basis
– Optimising free cash flow
– Maintaining attractive shareholder returns proposition
Our purpose,
mission and values
OUR PURPOSE
Producing gold that delivers meaningful value to people and society.
OUR MISSION
Build a resilient business and work as a trusted partner with the ability to
reward shareholders.
OUR VALUES - 4Ps
We work as partners
We believe partnership is about being considerate and actively listening to
others’ perspectives. By working together as true partners, we empower
our stakeholders and build trust. We are respectful, transparent, and
collaborative, always honouring local needs and customs.
We perform with passion
We set clear objectives, measure our progress, and work towards
achieving meaningful results. By optimising resources and continually
upskilling, we aim to perform at our best. We aspire to be efficient, agile,
and always striving for excellence.
We take a proactive approach
We learn from past experiences, analyse risks, and forecast future
opportunities. Empowered to make decisions, we proactively anticipate
change and take initiative.
We think like pioneers
We drive and encourage change by setting the standard as first movers in
our field. Through the implementation of new processes, expertise, and
technologies, we lead by example. As innovators and explorers, we
constantly push the boundaries of what’s possible.
STAKEHOLDER ENGAGEMENT
Cultural sensitivity and respect
Pages 31-33
PEOPLE
Launch of our 2024 Code of Conduct
Page 93
OUR ESG STRATEGY
Partners in creating a sustainable future
Pages 23-30
Drive our business
model and strategy
OUR BUSINESS MODEL
We work in partnership, helping to create resilient
and self-sustaining communities by equipping
people with the skills, knowledge and expertise
needed to prosper.
We are trusted to unlock the full benefits of the
material we mine, from discovery to production,
for all our stakeholders.
OUR APPROACH TO SUSTAINABILITY
We play an active role and have a lasting positive
impact on our host communities.
– Health and safety
– Our people
– Our communities
– Our environment
– Ethical conduct
BUSINESS MODEL
Creating meaningful value
Pages 14-15
OUR STRATEGY
Build a resilient business
Pages 19-22
OVERVIEW
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Endeavour Mining at a glance
3 Endeavour Mining plc Annual Report 2024
OPERATING REVIEW
Robust performance
Pages 34-43
WHY WE NEED GOLD
Trusted to unlock the full benefits
Page 10
OPERATIONAL REVIEW
See our operation review page 34
Endeavour is a
leading global
gold producer
We rank among the top 10, strategically
positioned in one of the largest and most
prospective gold producing regions, to develop its
high-quality portfolio of low-cost, long-life assets
while ensuring a strong social licence to operate.
STRATEGY
See our Strategy pages 19-22
OVERVIEW
STRATEGIC
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GOVERNANCE
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our diversified portfolio
4 Endeavour Mining plc Annual Report 2024
Overview
The Sabodala-Massawa mine,
acquired in February 2021, is one of
Endeavour’s cornerstone assets. The
mine was expanded during the year to
add a 1.2Mtpa BIOX®circuit to
process the large refractory ore
resource on site. The mine is now
capable of processing both refractory
and non-refractory ores from the
highly prospective Sabadola-Massawa
exploration property, at class-leading
all-in sustaining costs.
Overview
The Ity mine, acquired in 2015 and
now one of Endeavour’s cornerstone
assets, has produced more than
3.4Moz since first gold production in
1991. The mine is able to sustain
production above 250koz/year over a
+10-year life of mine (“LoM”) at a
class-leading AISC. Near-mine
exploration continues to delineate
high-grade resources to further
extend mine life.
Overview
The Lafigué mine is Endeavour’s
newest cornerstone mine, which
poured first gold at the end of Q2
2024. The mine was discovered and
built by Endeavour and is capable of
sustaining production of over
200koz/year at a class-leading all-in
sustaining cost for its initial 13-year
life of mine. With exploration on the
highly prospective Fetekro permit
expected to delineate additional
resources to support increased
endowment.
Overview
The Houndé mine was built by
Endeavour and is one of Endeavour’s
cornerstone assets. The mine is
targeting production above 250koz/
year over a +10-year LoM. Endeavour
is focused on delineating additional
high grade resources through near-
mine exploration both at the surface
and underground.
Overview
Mana was acquired by Endeavour in
July 2020 and has produced more
than 2.4Moz of gold since first gold
pour. Production at Mana improved in
2024 as mining operations
continued to focus predominantly on
the underground resource across
Wona and Siou. The focus since
acquisition has been on increasing
the mine life beyond 10 years,
through the expansion of the
underground deposits.
Ownership
90%
Owned by Endeavour
(10% Govt of Senegal)
Ownership
85%
Owned by Endeavour (10% Govt of
Côte d’Ivoire, 5% SODEMI)
Ownership
80%
Owned by Endeavour (10% Govt of
Côte d’Ivoire, 10% SODEMI)
Ownership
90%
Owned by Endeavour
(10% Govt of Burkina Faso)
Ownership
90%
Owned by Endeavour
(10% Govt of Burkina Faso)
2024 Production
229koz
2024 Production
343koz
2024 Production
96koz
From first gold pour in June 2024
2024 Production
288koz
2024 Production
148koz
2024 Reserves and resource
5.2Moz
2024 Reserves and resource
5.4Moz
2024 Reserves and resource
2.9Moz
2024 Reserves and resource
3.3Moz
2024 Reserves and resource
1.7Moz
Sabodala-Massawa
1
Ity
2
Lafigué
3
Houndé
4
Mana
5
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ADDITIONAL
INFORMATION
Why invest in Endeavour Mining
5 Endeavour Mining plc Annual Report 2024
We offer a
compelling
investment
proposition
built on a foundation of operational excellence
and robust financial performance that underpins
attractive returns for our shareholders.
We are committed to delivering long-term value,
prioritising operational excellence, investing in
our people, and building and maintaining a high-
quality portfolio by maintaining a strong
exploration and project pipeline for organic growth
that allows us to actively manage our portfolio.
We maintain a disciplined approach to balance
sheet management targeting low leverage and a
healthy financial position.
Finally, we aim to sustainably deliver attractive
returns for our shareholders.
CHIEF FINANCIAL OFFICER’S REVIEW
Transitioning to free cash flow generation
Pages 46-56
CHIEF EXECUTIVE’S STATEMENT
Extending our industry-leading track record
Pages 11-13
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
How we deliver long-term value
6 Endeavour Mining plc Annual Report 2024
Operational
excellence
Endeavour has a strong track record
of operational excellence, supported
by its high-quality portfolio, which
has enabled the Company to
maintain a class-leading AISC from a
growing portfolio of geographically
diversified mines.
Robust organic
growth pipeline
Endeavour continues to advance its
pipeline of near-term growth
opportunities, with the Assafou pre-
feasibility study (“PFS”) published in
December 2024. The Assafou DFS
is on-track for completion between
late 2025 and early 2026.
Unlocking
exploration value
Endeavour holds the largest
exploration portfolio in West Africa’s
under explored Birimian Greenstone
Belt. We remain on track to achieve
our five-year discovery target of
12-17Moz of Measured and
Indicated resources by 2025 for a
discovery cost of less than $25 per
Measured and Indicated ounce.
Attractive shareholder
returns value
Endeavour is dedicated to returning
capital to its shareholders through
an updated shareholder returns
programme. As the Company shifts
its focus to cash flow generation, it
plans to return at least $435 million
to shareholders over the 2024-2025
period, and more if the gold price
exceeds $1,850 per ounce and the
Company has a healthy financial
position.
0.13
LTIFR for FY-2024
329koz pa
Average Assafou production over first 10 years
12-17Moz
Our five-year discovery target
$277m
Shareholder returns for FY-2024
$1,218/oz
Class-leading AISC in FY-2024
$892/oz
Class-leading average annual AISC over first
10 years at $2,000/oz gold price
$25
Discovery cost of less than $25 per Measured
and Indicated ounce
$251/oz
Returned to shareholders for FY-2024
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ADDITIONAL
INFORMATION
7 Endeavour Mining plc Annual Report 2024
STRATEGIC
REPORT
IN THIS SECTION
08 Chair’s statement
11 Chief Executive’s statement
14 Our business model
16 Market overview
19 Our strategy and key
performance indicators
23 Our ESG strategy
31 Stakeholder engagement
34 Operating review
44 Chief Financial Officer’s statement
46 Financial review
57 Risk Management and Principle risks
65 Viability statement
67 Task Force on Climate-related Financial
Disclosures Report 2024
87 Non-financial information statement
As the leading global gold
producer in West Africa,
we make a significant
contribution to the
development of the national
economies of our host
countries.
Srinivasan Venkatakrishnan
Chair
Dear Shareholders,
I am delighted to be writing to you at the end of
another important year for Endeavour Mining;
one that has been marked by significant
strategic and operational achievements -
successfully completing our most recent growth
phase with the delivery of our two development
projects.
Having begun commercial production at the
Sabodala-Massawa BIOX®Expansion and
Lafigué mine during the second half of the year,
we now enter 2025 in a relatively strong
financial position as we seek to maximise cash
flow, further strengthen our balance sheet and
enhance returns for our shareholders.
This is all testament to the quality of our
people, and in particular our projects team,
which has now completed five builds over the
last decade on or ahead of time and on budget.
It is also a reminder of why we operate in West
Africa, where the prospectivity is second to
none and our long-standing, trusted
relationships ensure that we act as a partner to
the countries and communities in which we
operate.
I am deeply saddened by the loss of Mr
Siswantoro in a fatal accident at our Mana mine
in February 2024. Management is redoubling its
efforts to ensure that all work places in
Endeavour remain injury-free. Further details are
included in the CEO and ESG reports.
As we look ahead, we will shift our focus to
optimising our existing assets, whilst also
seeking additional value from our world-class
pipeline. We see the opportunity to add
reserves, from another tier-1 asset, to our
portfolio with the Assafou project in Côte d’Ivoire
where our studies have demonstrated the
potential for a new cornerstone mine for
Endeavour.
As ever, all our achievements would not have
been possible without the hard work and
dedication of our employees, the support of our
many partners, host governments and
communities, and you, our valued shareholders.
My thanks go to every one of you.
Outlook for gold
We have witnessed a sharp rally in the gold
price driven by high levels of Central Bank
Buying, geopolitical uncertainty, inflationary
fears and real-interest rate differentials. The
US$ gold price has risen 27% during 2024,
recording a high of US$2,778/oz on 30 October
2024. The three-year increase in US$ gold price
is 46%. Market reports and research published
by Analysts and World Gold Council indicate that
the gold price is likely to be well supported at
least for the year ahead, if not for longer.
New shareholder returns programme
Having returned a total of $903 million to
shareholders between 2020 and 2023, we
have now implemented a new programme for
2024-2025, with a minimum dividend
commitment of $435 million, bringing five-year
returns to $1.4 billion, a substantial percentage
of our market capitalisation.
Reinforcing corporate governance
Value creation, in order for it to be sustainable,
has to be within the framework of strong values.
Governance is of course fundamental to the
Board's role and it has been all the more vital
this year in light of the challenges we faced at
the start of the year.
As previously reported, 2024 began in difficult
circumstances for the Board and for everyone at
the Company, culminating with the change in
leadership of the Company.
In this context, I would like to thank our CEO Ian
Cockerill for the outstanding leadership he has
shown, not only in steering the Company
through a period of strategic transition, but also
in embodying the culture of respect, care and
integrity that our stakeholders rightly demand of
us.
In August, we signed an agreement with Lilium
Gold and the government of Burkina Faso to
resolve the arbitration process surrounding the
Boungou and Wahgnion mines. This was an
important milestone, which ends the divestment
process of these mines and allows the
Company to focus on maximising value from our
core assets, we have provided more detail on
page 186.
Board changes
We were pleased to welcome John Munro to
the Board as an independent Non-Executive
Director. John brings a wealth of experience to
the Board that adds significant technical
expertise to our collective skills. Meanwhile,
Tertius Zongo retired from the Board having
served for 12 years. We thank him for his
contribution and are pleased that we will
continue to be able to draw on his experience
as he remains available to support the
Company as a consultant on West African
matters. Further changes to the composition of
our Board Committees are discussed on
page 92.
OVERVIEW
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ADDITIONAL
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Chair’s statement
8 Endeavour Mining plc Annual Report 2024
Impactful socio-economic development
Our operations play a crucial role in the
prosperity of our host countries and local
communities, acting as a significant catalyst for
socio-economic development. We have a
comprehensive framework that sets out the
areas where we can have the most impact, and
where we are best placed as a Company to
drive progress, in collaboration with local and
international partners. Our projects relate to
education, health, biodiversity, water and
sanitation, renewable energy, and promoting
local businesses to name a few.
As a Board, we came together at Lafigué in
Côte d’Ivoire in November to witness for
ourselves the success of some of our
development initiatives and how they are used
and seen by the local community. While at the
mine, we had the privilege to learn from the
team on the ground about Endeavour’s
commitment to sustainable socio-economic
development through programmes such as the
rice farming Livelihood Restoration Plan. We
heard from a rice production cooperative which
has been successful in developing a thriving
business over the past few years, benefitting 75
farmers and their families. Developing income-
generating initiatives, especially for women, and
supporting local agricultural sectors to widen
their markets is critical to the growth of self-
sustaining communities. For the Board it was a
powerful demonstration of the Company’s
dedication to fostering sustainable development
in our countries of operation.
Driving diversity
Ensuring we have a diverse representation of
voices across the Group is critical to our
success and is a key priority across the
Company.
At the Board level, I am happy to report that
44% of our members are female and 44%
represent ethnic minorities. Three out of our five
Board Committees are chaired by my female
colleagues. Furthermore, we ended the year
with an Executive Committee composed of ten
members with 30% female representation,
underpinning a balanced mix of experience,
technical skills, operational expertise, thought
and gender.
Within the organisation, 12% of our employees
are female, 14% women are in technical roles
and 34% women report to an Executive
Committee member. I am pleased that the FTSE
Women Leaders’ Review published in February
2025 has recognised Endeavour’s efforts in the
area of gender diversity and inclusion. We were
recognised as the company achieving highest
progress year-on-year amongst the FTSE
companies and were ranked in the second
place in the Resources Sector.
A critical aspect of building a successful
diversity and inclusion strategy lies in identifying
the unique geographical and cultural challenges
and barriers relevant to our business and the
broader industry, and continuing to address
them. In 2024, we introduced a new ‘Women at
Endeavour’ programme which builds on previous
initiatives to give our women in mining the tools
and opportunities they need – such as the new
maternity policy developed this year – as well as
offering them empowerment to develop their
careers.
Economic contribution to host countries
As West Africa's leading gold producer, we
significantly contribute to host country
economies by paying taxes and royalties,
prioritising local and regional procurement, and
investing in community development.
In 2024 Endeavour’s total economic
contribution to our host countries was $2.2
billion, of which $739.1 million was paid to host
governments in the form of taxes, royalties, and
dividends, while $239.7 million was paid in
employee wages, salaries, and benefits,
including payroll taxes.
A further $1.4 billion (81% of the Group’s total
budget) was spent on in-country procurement,
supporting more than 1,200 businesses and
$7.7 million was dedicated to voluntary
community investments and donations for
continuing operations.
Reinforcing our commitment to transparency
As a further step to greater transparency across
the gold sector, in 2024 we became a member
of the World Gold Council’s gold bar integrity
programme with partner aXedras. This is a
digital platform through which users can see the
global ecosystem of the gold supply chain and
track gold bars from mine to end user. These
end users are now able to access audited data
from Endeavour mines that confirms their gold
bars originate from a responsible source. This
programme complements our membership of
the Single Mine Origin (“SMO”) initiative offers
consumers fully traceable, responsibly sourced
gold via a QR code. During the year, our
Sabodala-Massawa joined SMO, alongside our
Ity mine.
Well positioned for 2025
We ended 2024 with a sense of optimism for
the future. During the year we continued to
expand our operations, added new gold
reserves and remained one of the lowest cost
gold producers in the sector.
We have now successfully moved from a period
of growth and higher capex, to one focused on
free cash flow generation and underpinned by
incremental, low-cost production. We will ramp
up our exploration efforts to ensure that we
continue to add new resources and reserves.
Under Ian’s leadership and the wider Endeavour
team, your Board looks forward to 2025 and to
updating you on our progress throughout the
year.
Srinivasan Venkatakrishnan
Chair
6March 2025
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Chair’s statement
Continued
9 Endeavour Mining plc Annual Report 2024
PROMOTING ACADEMIC EXCELLENCE
Investing in education within host countries
Page 29
GOVERNANCE
Launch of our 2024 Code of Conduct.
Page 93
ENDEAVOUR VOICES
Creating a fulfilling and productive workplace.
Page 35
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ADDITIONAL
INFORMATION
Chair’s statement
Continued
10 Endeavour Mining plc Annual Report 2024
Why we need gold
Gold has been a highly-prized possession for
centuries and continues to be treasured today.
Gold’s enduring appeal stems from its
multifaceted value, driven by a combination of
cultural significance, market forces, and economic
conditions worldwide.
Gold provides a safe haven for wealth
preservation, protection against inflation, and a
means of diversifying investments. Beyond its
traditional uses, gold’s exceptional properties are
now being leveraged in cutting-edge technologies,
from life-saving medical treatments to lunar
missions and the development of clean energy
solutions.
Robust tracking systems ensure the traceability of
responsibly mined gold, reassuring investors and
consumers that their purchases support socio-
economic development in the countries of origin.
We are trusted to
unlock the full
benefits of the
material we mine
for all those invested in its discovery and production.
We do so while protecting and promoting the places
where we operate.
Completing the delivery of two
key projects on budget and on
schedule in under two years saw
us extend our industry-leading
track record of consistent project
delivery. We have now built five
large capital projects in West
Africa over the last ten years, all
on budget, on schedule, and
each in under two years.
Ian Cockerill
Chief Executive Officer
I am pleased to say that we met a number of key
strategic objectives in my first year as CEO. This
included successfully completing our growth
phase, achieving commercial production at our two
organic growth projects and transitioning away
from a period of capital intensive expansion
towards one focused on free cash flow generation.
We enter 2025 with an enviable portfolio that will
support a significant increase in production at
stable costs, and stronger free cash flow
generation. This is underpinned by a world-class
development pipeline that will allow organic
production to grow to 1.5 million ounces by the
end of the decade, whilst improving the quality and
diversification of our portfolio.
Robust operational performance
During 2024 we produced 1,103koz of gold, an
increase of 31koz over the 1,072koz produced from
continuing operations in 2023. The increase over
2023 was a result of record production at Ity,
increased production at Mana and the addition of
Lafigué and the Sabodala-Massawa BIOX®
Expansion. Performance was partially offset by lower
production at Houndé following record production in
FY-2023 and underperformance at Sabodala-
Massawa. The performance this year at Sabodala
Massawa was temporarily impacted by lower grades
and recoveries as mining activity focused on
accelerating depletion of the Sabodala pit, as well
as the effect of transitional ore from the Massawa
pit. Pleasingly we are seeing a reversal of this trend
now and a technical review is underway to develop
initiatives to boost production in the near-term.
Meanwhile AISC for the year increased by $251/oz,
from $967/oz in 2023 to approximately $1,218/oz
in 2024. This remains among the lowest in our peer
group, and comes despite challenges that we, and
the rest of the industry, faced over the course of the
year, such as the impacts of higher royalty costs
due to higher gold prices. At Endeavour, we also
faced lower power availability in the second quarter
which led to rising processing costs, as well as
lower than expected production at Sabodala-
Massawa, driving unit costs higher.
As we look ahead, we expect to significantly grow
production in 2025 to between 1,110-1,260koz,
an increase of 14% on 2024, while keeping all-in
sustaining costs stable. We anticipate higher
sustaining capital as a result of increased stripping
activity and grade control, to ensure we can
continue to grow our robust production profile with
a high level of confidence. The sustaining capital
increase will largely be offset by slightly lower total
cash costs due to lower power costs and
optimisations.
From a financial perspective, we delivered a strong
performance with adjusted EBITDA of $1,325m,
operating cash flow of $950m and we closed the
year with a healthy net debt/adjusted EBITDA
leverage ratio of 0.55x, all underpinned by a
average realised gold price of $2,349/oz for the
year.
Delivering our organic growth opportunities
Completing the delivery of two key projects on
budget and on schedule, each in under two years
saw us extend our industry-leading track record of
consistent project delivery. We have now built five
large capital projects in West Africa over the last
ten years, all on budget, on schedule, and each in
under two years. Both the Sabodala-Massawa
BIOX® Expansion and Lafigué achieved
commercial production in Q3-2024, supporting a
stronger second half performance that we
projected at the beginning of the year.
What is especially impressive is that Lafigué was a
greenfield discovery that we brought from discovery
to production in less than eight years - building the
mine in just 21 months. In its first five months of
operations, Lafigué delivered production and all-in
sustaining costs in line with its guidance. This
speaks volumes about the quality of our
exploration, in-house projects and operating teams
and the level of collaboration between them.
We have made it a priority to retain our
outstanding projects team, and we will continue to
draw upon the same best-in-class engineers,
contractors and suppliers who have supported our
project success over the last decade, as we look
towards our next growth project.
Exciting future growth outlined at Assafou
Even as we shift our focus towards cash
generation, we are not standing still with regards to
organic growth, and are encouraged by the results
of our PSF at the Assafou project on the Tanda-
Iguela property in Côte d’Ivoire, which we published
at the end of the year. This study confirmed
Assafou’s potential to be a tier-1 asset, defining a
large, low-cost and long-mine-life project
with annual gold production of 329koz at an
industry-leading AISC of $892/oz over the first ten
years of its 15-year initial mine life.
We are now advancing the Assafou Definitive
Feasibility Study (“DFS”) with the permitting
process well underway and the DFS on track for
completion by early 2026. This will position us to
potentially launch construction in the second half
of 2026, which in turn, will de-risk our production
growth to the end of this decade.
It is worth remembering the development timeline at
Lafigué, which has a similar configuration and is in
the same jurisdiction as Assafou, so we will
incorporate our learnings from the Lafigué
development into that of Assafou to expedite
timelines and incorporate efficiencies where possible.
Like Lafigué, Assafou is a discovery that our
exploration team made in 2021, and in less than
three years they successfully defined approximately
4.5 million ounces of high-grade Indicated resources
for an industry-leading discovery cost of $11 per
Indicated ounce. During 2024, we successfully
converted 90% of that Indicated resource into
reserves, adding 4.1 million ounces to Group
reserves, and we expect continued resource growth
at Assafou and at promising near-mine targets
within the Tanda-Iguela property.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Chief Executive’s statement
11 Endeavour Mining plc Annual Report 2024
Unlocking exploration value
Exploration continues to be one of the most
important drivers of value for the Group and 2024
did not disappoint as we prioritised resource to
reserve conversion.
In addition to our success at Assafou, we also
added resources and reserves at Ity, where 1.2
million ounces of reserves were added,
increasing the assets reserves endowment by
51%. We increased Group reserves by 4.5 million
ounces, or 32%, due to Assafou, Ity and the
increase in reserves price from $1,300/oz to
$1,500/oz.
Following a review of our exploration projects we
decided to write down several projects where we
have not received permit renewals or where
drilling results showed insufficient potential.
The Group remains on track to achieve its five-year
discovery target of 12-17Moz of Indicated resources
for the period ending 2025. Looking ahead we will
prioritise resource additions at the Tanda-Iguela
property, at near-term high-grade targets on
Sabodala-Massawa, at the Vindaloo Deeps deposit
on Houndé and at Ity’s Delta Southeast, Falaise,
and Goleu targets.
Well positioned to continue to deliver attractive
returns to shareholders
Having returned a total of $903 million to
shareholders through a combination of dividends
and share buybacks between 2020 and 2023,
we successfully completed our three-year
shareholder returns programme in 2024.
This return substantially exceeded our minimum
commitment of $450 million and equates to
$228 per ounce produced. As we transition to a
phase focused on free cash flow generation, we
implemented a new shareholder returns
programme for 2024-2025. This outlines a
minimum dividend commitment of $435 million,
with $210 million payable for 2024 and $225
million for 2025.
With our most recent dividend declaration, total
returns for 2024 were $277 million, including
$30 million of supplemental dividends and $37
million of supplemental share buybacks, 32%
above our minimum commitment and equivalent
to $251 per ounce produced. Subject to the gold
price, strong operational performance and
financial position, our goal is to further increase
returns this year through supplemental dividends
and a more aggressive approach to share
buybacks.
Prioritising our people
To reflect this new phase of cash flow generation
and ahead of our next phase of growth, we have
restructured our Executive Committee to further
strengthen our operational and technical
management, with the appointment of Djaria
Traore as EVP Operations and ESG and Martin
White as Chief Technical Officer. Together they
will lead our operations into the next phase,
optimising our assets to ensure our costs remain
in the lower quartile and our production targets
are met. I would like to thank our previous COO,
Mark Morcombe, and EVP Exploration Jono
Lawrence for their significant contributions to the
Company’s success to date.
We also welcomed Sonia Scarselli to the
executive team as our new EVP Exploration and
Geology, bringing with her considerable
experience from BHP. Sonia will not only focus on
understanding our ore bodies, she will also set
the Group’s exploration strategy beyond 2025
underpinning our future growth.
2024 has been a year of transition in several
respects. From my own perspective, I took on the
CEO role at a difficult time for our entire team,
who quite rightly demanded that the executive
team lead from the front in reinforcing our culture
and sharpening our focus on delivery. I am
pleased to say we have all risen to the challenge.
The executive team we have now assembled are
leading from the front in reinforcing our culture
and further sharpening our focus on delivery,
leaving us well positioned to capitalise on future
opportunities.
Safety is our top priority
Our safety performance was overshadowed by a fatal
accident we were saddened to report in February
2024 at our Mana mine, which resulted in the death
of our contractor colleague. The investigation
highlighted the need to improve our tyre management
processes, which we have subsequently done. We
have also re-evaluated our existing safety rules,
brainstorming new ideas to enhance our safety
performance. This feedback was instrumental in
developing our new 'Golden Rules', that have
been rolled out Group-wide.
Whilst our lost time injury frequency rate
increased from 0.08 to 0.13, our total recordable
injury frequency rate reduced by 18% year-on-year
to 0.73, both well below the industry average.
I am particularly encouraged by our strong
performance in the fight against malaria. This
year, we reported a 36% decrease in our malaria
incidence rate year-on-year, and a 60% decrease
since 2020.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Chief Executive’s statement
Continued
12 Endeavour Mining plc Annual Report 2024
MARKET OVERVIEW
Good progress in a challenging environment.
Pages 16-18
OPERATING REVIEW
Robust performance.
Pages 34-43
CHIEF FINANCIAL OFFICER'S REVIEW
Transitioning to free cash flow generation.
Pages 46-56
Making strides in ESG
We remain a purpose-led business and continued
our efforts last year to ensure that every ounce of
gold we produced provided meaningful value to
society.
Those efforts inevitably start with how we operate
our mines. In that regard, this year we were
pleased that our 37MW photovoltaic (“PV”) solar
facility reached the commissioning stage earlier
than planned towards the end of the year. This is
an important step in our decarbonisation journey
and will also optimise our operations; we expect
the facility will reduce carbon dioxide emissions
by 30% as well as lowering fuel consumption and
power costs by 25%.
But as we have always said, we are determined
that our ESG impact should stretch well beyond
the immediate proximity of our operations, and in
2024 we continued to push forward with existing
initiatives while introducing new ones.
Now in its third year, our partnership with the
Senegalese Agency for Reforestation and the
Great Green Wall reforested 427 hectares during
the year, bringing our total to date to 650
hectares, and this coming year, we hope to
increase that to a total of 1,000 hectares
reforested to tackle desertification.
We also launched the construction of an
arboretum, in partnership with the University of
Daloa in Côte d’Ivoire, which will support
academic research into biodiversity conservation
as well as provide a recreational space for
students and residents of Daloa.
Our fight against plastic pollution, a scourge in
our host communities, took a serious step
forward with a 97% reduction in the consumption
of single-use plastic water bottles on our sites
and a total ban in our offices. In 2025, we plan to
reinforce local waste management with a pilot
plastic recycling scheme in Zouan Hounien, near
our Ity mine.
Our Endeavour Foundation participated in SIAO,
a leading West African arts and crafts fair held in
Ouagadougou, to promote artisanal goods and
empower women economically. We sponsored a
stand showcasing locally made products from
several women's cooperatives we support,
helping them gain visibility and reach new
customers.
Another key highlight of the year was the impact
of the Foundation’s five education projects, which
benefitted 1,643 children and young adults. This
included sponsoring a young Burkinabe athlete
who attended the Olympic Games in Paris and
competed in the Taekwondo competition, and 60
young girls with academic potential who received
a four-year bursary to attend high school.
Turning to ESG Reporting, I am pleased that we
became early adopters of the Task Force on
Nature-related Financial Disclosures (“TNFD”),
demonstrating industry leadership on the
importance of nature, particularly biodiversity in
our case. We have published our first TNFD report
which I invite you to read as part of our 2024
Sustainability Report, which also provides
further information on our ESG performance,
initiatives and their impact. It is available on our
website.
Our commitment to ESG transparency continues
to earn external recognition. We have maintained
top-tier Sustainalytics and MSCI ratings, placing
us among the leading companies not only in our
sector, but across industries.
Future outlook
Our robust operating performance coupled with
the successful delivery of our growth projects
have positioned us well for 2025 and beyond. We
expect to continue the momentum we have built
over the next 12 months as we focus on
maximising value from our improved portfolio and
enhancing the cash we generate from every
ounce that we produce.
Given the strong performance in the second half
of 2024, our leverage is now close to our target
level. We therefore look forward to increasing our
shareholder returns to ensure our efforts to
unlock growth benefit all stakeholders.
I believe the partnership we have built between
our employees, shareholders, host governments
and communities positions Endeavour well for
future success and I am sure the full Board joins
me in extending our gratitude for their continued
trust and support.
Finally, I wish to thank all of the employees of
Endeavour, but in particular, my Executive
Committee group, for their initial welcome to me
and their continued support and my colleagues
on the Board, for their encouragement and
valuable contribution over the course of the year.
It has not been an easy 12 months, definitely one
in which the team have endured immense
pressures, but have emerged stronger and more
mature as a result. I look forward to a very
positive performance into 2025 from this talented
group of individuals.
Ian Cockerill
Chief Executive Officer
6March 2025
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Chief Executive’s statement
Continued
13 Endeavour Mining plc Annual Report 2024
OUR ESG STRATEGY
Partners in creating a sustainable future
Pages 23-30
BUSINESS MODEL
Creating meaningful value
Pages 46-56
Exploration
The exploration and discovery of
gold deposits underpin our long-
term growth. Our world-class
approach to exploration has
been fundamental to our
consistent success in
maintaining a high-quality
portfolio and building a strong
organic growth pipeline.
Design and development
Leveraging our strong in-
house project development
capabilities, we advance
projects through feasibility
studies, including the
eventual design of the
mining operation. We work
with various international
consultants to develop and
design our mines.
Construction
We have a strong
construction track record.
We leverage our in-house
construction expertise and
work with global technology
partners to build our mines
at industry-leading capital
intensity, on schedule and
on budget.
Production
We produce gold at industry-
leading costs at our high-
quality assets. The ore is
hauled, loaded, crushed, and
processed into gold doré,
which is sent to a refiner to
be refined into London Gold
Delivery Bars.
End-of-life asset
management
Once a mining operation
becomes non-core to our
portfolio, we have plans in
place to divest the asset or if it
is at the end of its life,
decommission the mine as
part of the Environmental and
Social Impact Assessment at
the Design and Develop phase.
$86.8m
Exploration spend in FY-2024
Assafou DFS
On track for Q1-2026
5 new projects
On budget and on time
completed in the last 10 years
1,103koz
FY-2024 Production
$119.5m
Asset Retirement Obligation
We take a multi-disciplinary approach to sustainability, integrating it into every facet of our business. Our ESG strategy, aligned with the UN Sustainable
Development Goals, guides our efforts. We produce fully traceable gold doré bars, refined by an approved LBMA refinery, for use in various sectors including
banking, jewellery, electronics, and medical equipment.
OVERVIEW
STRATEGIC
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STATEMENTS
ADDITIONAL
INFORMATION
Business model
14 Endeavour Mining plc Annual Report 2024
OUR STRATEGY
Build a resilient business
Pages 19-22
Our unique enablers drive
our value chain and
sustainability
Natural resources
We use energy, fuel, reagents, and
water to operate our mines. We try
to use these resources as
efficiently as possible to minimise
our environmental footprint.
Our insight and expertise
We are best-in-class operators
supported by leading technical
support and in-house project
constructions teams.
Our infrastructure
We rely on large fleets of heavy
mobile equipment, several different
processing technologies and plant
and site infrastructure.
Our people and culture
We invest in our workforce,
ensuring they have a safe work
environment, the right skills and
career prospects to match our
growth ambitions.
Our stakeholder partnerships
We have built strong partnerships
with our host countries and
communities, our suppliers, our
contractors, and other partners
with a unified ambition to extend
our positive impact.
Our financial strength
We have a robust balance sheet,
liquidity available through undrawn
credit facilities, and a track record
of disciplined financial
management and capital allocation,
which enable us to invest in our
business and deliver strong
shareholder returns.
OPERATING REVIEW
Robust performance.
Pages 34-43
OUR ESG STRATEGY
Partners in creating a sustainable future
Pages 23-30
Employees and unions
Creation of 5,126 direct jobs, 1,862 from host
communities, with training and career
development opportunities. 22.1 average hours
of training, and 13% in management positions.
Communities
36% of Endeavour’s workforce from host
communities. $22.1 million total spent on social
investment, including $7.7 million voluntary
spend.
Suppliers and contractors
83% of operations’ procurement budget was
spent on in-country suppliers, which included
36% of National Owned suppliers and 3%
suppliers from the mine-impacted regions.
Engagement and support on decarbonisation
initiatives through the Endeavour Supplier
Sustainability Programme.
Investors
Declaration of $240.0 million of dividends and
payment of $37.0 million in share buybacks
reiterated Endeavour’s commitment to delivering
sustained attractive returns to our investors.
Government and regulatory bodies
A major private sector business that contributes
significantly to the host governments’ Treasury.
$287.9 million contributions to Côte d’Ivoire,
$211.0 million to Senegal and $240.3 million to
Burkina Faso.
Industry associations
Contributing to the development and advocacy of
the West African mining industry, including the
World Gold Council (“WGC”).
Non-governmental organisations
Supporting the advocacy of a wide variety of
NGOs and civil society organisations dedicated to
positive change, the EITI and the Senegalese
Agency for Reforestation and the Great
Green Wall.
OVERVIEW
STRATEGIC
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STATEMENTS
ADDITIONAL
INFORMATION
Business model
Continued
15 Endeavour Mining plc Annual Report 2024
Through our strategy
1. Maintain a high-quality portfolio
– Investing in our people
– Delivering industry-leading operational excellence
– Unlocking exploration value
– Actively managing our portfolio
2. Work as a trusted partner
– Empowering communities
– Boosting local economies
– Protecting the environment
– Promoting ethical business practices
3. Reward shareholders
– Managing our balance sheet prudently
– Competing for capital on a returns basis
– Optimising free cash flow
– Maintaining attractive shareholder returns
proposition
STAKEHOLDER ENGAGEMENT
Cultural sensitivity and respect
Pages 31-34
WHY INVEST IN ENDEAVOUR MINING
A compelling investment proposition
Page 05
ENDEAVOUR VOICES
Creating a fulfilling and productive workplace.
Page 35
Employees and Unions
$239.7m
paid for salary, wages and incentives
to employees
Communities
$22.1m
Total Social Investment
Investors
$251/oz
Produced returned to shareholders
Government and regulatory bodies
5 mines
built on time and on budget in West Africa
over the last decade
Suppliers and contractors
83%
Total operational procurement budget
spent in West Africa
Non-governmental organisations
$2.2b
Total economic contribution to host
countries reported in line with EITI
Generating value for our
stakeholders
OVERVIEW
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Market overview
16 Endeavour Mining plc Annual Report 2024
Good progress in
a challenging
market
environment
2024 was another year characterised by significant
macroeconomic uncertainty with inflationary pressures
easing throughout the year as global central banks
began loosening their previously restrictive monetary
policy regimes.
Similarly to 2023, heightened geopolitical tensions
drove sentiment, with this dynamic expected to persist
over the near to medium term. Within the context of a
challenged geopolitical and macroeconomic backdrop,
Endeavour maintained operational resilience, recording
solid performance, bolstered by the gold price which
reached record highs as the safe-haven asset.
WHY WE NEED GOLD
Trusted to unlock the full benefits
Page 10
RISK MANAGEMENT AND PRINCIPAL RISKS
Effective Risk Management
Page 57-64
WHY INVEST IN ENDEAVOUR MINING
We offer a compelling investment proposition
Page 05
More than 80% of the
Group’s procurement is in-
country, and contracts are
generally long-dated with
delivered to site pricing
which limits the effect of
higher freight costs and
some inflationary impacts.
Broader recessionary concerns and persistent
inflationary pressures were the predominant
macroeconomic challenges faced in 2024 as
investors assessed the near-term outlook for
monetary policy. Global central banks remained
united in their aim of easing inflation in the first
half of 2024, with many commencing an interest
rate cut cycle in the second half of the year
following evidence of moderating pricing
pressures. While inflationary pressures showed
clear signs of abating, the detrimental impact of
the rate hiking cycle in 2023 continued to be felt
with an easing of business activity seen across
much of the West.
Growth in 2024 mirrored the moderate growth
seen in 2023 as the global economy experienced
the effects of 2023’s more restrictive monetary
policy regime. Real global gross domestic product
(“GDP”) grew by approximately 3.2% across the
year and, despite several intra-year revisions, the
International Monetary Fund currently expects this
pace of growth to be maintained through 2025.
Ultimately the consumer price index (“CPI”)
readings for the UK, US, and eurozone indicated
price rises of 2.5%, 2.9%, and 2.4% respectively
in 2024, a notable decrease from the 7.4%,
4.1%, and 5.5% levels seen in 2023.
Geopolitical tensions dominated 2024, driven by
the ongoing Russia-Ukraine and Middle East
conflicts, alongside uncertainty surrounding the
US election. Renewed tensions in the Middle
East early in the year disrupted sentiment and
raised supply chain concerns, with market
volatility peaking in April before gradually
subsiding. Although Donald Trump’s election
victory briefly boosted market optimism, worries
about higher tariffs and heightened geopolitical
risks tempered investor confidence, leaving many
cautious about the global economic outlook.
From a regional perspective, West Africa faced
moderate levels of single-digit inflation in 2024,
driven by global interest rate fluctuations and
reliance on imported goods. Localised
geopolitical instability and security challenges in
certain countries heightened risks and disrupted
trade and supply chains. See Endeavour’s Risk
Management mitigation on pages 60-64.
This backdrop of geopolitical and macroeconomic
volatility fuelled investment demand for gold
during the year, with the World Gold Council
noting that central banks continued to accelerate
their gold purchases in H2, with activity surging in
early October. Throughout much of Q3, Western
investors returned to gold, spurred by central
bank interest rate cuts. In this context, gold
solidified its position as one of the top-performing
assets of the year, reaching unprecedented highs
in 2024, with spot gold rising by 27% to
approximately $2,625 per ounce by year-end
1
,
marking the metal’s best performance since
2010. Looking ahead to 2025, central bankers
have made it clear that they will continue to weigh
inflation levels against the health of the broader
economy. It is widely expected that policymakers
will continue to loosen monetary policy
throughout 2025, albeit the pace of which is
contingent on continued support from broader
macroeconomic data. A less restrictive monetary
policy regime is expected to bolster sentiment
and fuel global economic growth. According to the
World Gold Council, gold is expected to achieve
more modest growth in 2025, with stronger than
expected central bank demand or a rapid
deterioration of financial conditions providing
potential upside but any reversal in monetary
policy bringing challenges.
Given Endeavour’s West Africa focus, country risk
remains inherent. However, we consider the
region as one of the most attractive mining
jurisdictions globally due to its high prospectivity
and mineral endowment. As the largest producer
in West Africa, we believe Endeavour has
unmatched competitive advantage in this regard.
We continue to be a trusted partner, maintaining
excellent relations with our local partners and
with the government authorities of the
jurisdictions in which we operate.
In management’s view, the most effective
method of capturing the full financial benefit from
the Group’s operations is to operate high-quality,
low-cost assets, safely and as efficiently as
possible. With AISC of $1,218/oz in 2024,
Endeavour remains one of the class-leading gold
producers in the industry. Underpinned by a
resilient business, disciplined capital allocation
and a strong competitive advantage in West
Africa we are able to reward our stakeholders
across cycles.
1. 31 December 2024 closing US$ gold price, sourced
from Bloomberg on 4 February 2025
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Market overview
Continued
17 Endeavour Mining plc Annual Report 2024
Market trend:
Inflationary pressure
Overview of trend
Inflationary pressures gradually eased
throughout the year, with lower CPI figures
across much of the West supporting the view
that peak inflation had passed. While initial
progress was swift, bringing inflation down to
Western central banks’ 2% target proved more
challenging than expected. Combined with weak
business activity, this raised broader
recessionary concerns, which dampened
sentiment.
In the final months of the year, inflation picked
up again, coinciding with a loosening of
monetary policy. These inflationary concerns
were further intensified after the US election,
with many anticipating that a potential Trump
administration could accelerate global reflation.
The higher-than-expected inflation data and the
election results reinforced the idea that central
banks still have more work to do to bring
inflation under control.
Endeavour’s response
Endeavour is able to moderate inflationary
impacts to the Group’s cost base by leveraging
the size and synergies of running a regionally
focused asset base. More than 80% of the
Group’s procurement is in-country, and
contracts are generally long-dated with delivered
to site pricing which limits the effect of higher
freight costs and some inflationary pressures.
Link to risk
– Principle Risk: Supply Chain
– See page 61
Market trend:
Geopolitical factors
Overview of trend
Escalating geopolitical tensions remained in
focus throughout 2024; namely an extension of
the Russia-Ukraine and Middle East conflicts
seen in 2023, whilst broader political
uncertainty stemmed from the US election.
Renewed tensions surrounding the Middle East
notably weighed on sentiment at the beginning
of the year, sparking supply chain concerns
around disruption in the Red Sea. Market
volatility eased thereafter, concerns around the
Middle East continued to linger, with investor
attention gradually shifting towards the
upcoming elections.
Market volatility increased heading into the US
election, and continued on the back of trade
restrictive rhetoric post the election. Within
West Africa political transitions in Senegal and
shifts in regional alliances across French West
Africa continue to create uncertainty and provide
ongoing security challenges to manage. Albeit
that dialogue from host nations with the
industry remains open.
Endeavour’s response
The impact of global geopolitical tensions on
Endeavour was somewhat limited, while local
geopolitics was at the forefront with elections in
Senegal early in the year, that passed smoothly
and the continued leadership of the interim
military government in Burkina Faso, who have
been constructively and proactively engaging
with the mining industry as a whole.
Link to risk
– Principle Risk: Geopolitical and Concentration
– See pages 60 and 63
Market trend:
Gold markets dynamics
Overview of trend
Spot gold traded between $1,985 and $2,778
per ounce on the London Bullion Market in
2024, hitting its high for the year at the end of
October following a broader rally seen
throughout most of the year due to ongoing
geopolitical tensions, moderating inflation, and
a loosening of monetary policy.
After a brief decline in January due to
adjustments in interest rate expectations, gold
prices steadily increased through to October,
hitting a series of record highs during this
period. The gains were supported by several
factors, including expectations of lower real
rates due to central bank interest rate cuts,
strong demand from central bank purchases
and an increase in gold ETFs, broader recession
concerns and continued geopolitical uncertainty.
Gold prices softened slightly after the US
election, as the Trump reflationary trade
boosted riskier assets. However, a moderate
recovery occurred in December, and spot gold
finished the year up approximately 27%.
Looking ahead, analysts predict that gold will
continue to benefit from ongoing elevated
geopolitical risks, historical central bank
demand, further reductions in real rates and a
subsequent weakening of the US dollar.
Endeavour’s response
Endeavour remains largely exposed to the spot
gold price, allowing the Company to benefit from
the recent strong gold price performance.
Approximately 450koz of gold was hedged during
2024 through a collar agreement to protect
revenues during the end of Endeavour’s growth
phase and the start of its de-levering phase.
Link to risk
– Principle Risk: Macroeconomic
– See page 61
Market trend:
Currency performance
Overview of trend
The strength of the dollar fluctuated against key
currencies throughout the year, rising steadily
throughout in the first half as investors adjusted
their expectations around the timing and the
extent of interest rate cuts from the Federal
Reserve. The dollar weakened thereafter due to
renewed expectations of a loosening in
monetary policy from the Federal Open Market
Committee. A more hawkish stance, marked by
a 50bps interest rate cut in September,
boosted the dollar as fewer rate cuts were
expected for 2025, partly due to anticipated
inflationary pressures under the Trump
administration. As a result, the Dollar Index
finished 2024 near its highs for the year.
Specifically relevant to Endeavour, the CFA franc
depreciated by some 5.2% versus the US dollar.
This led to foreign exchange tailwinds, which
helped offset some of the broader cost
pressures.
Endeavour’s response
Key currencies for Endeavour include the US
dollar, as we sell gold which is priced in dollars,
the CFA franc, which comprises around 69% of our
operating cost base, and the euro, which accounts
for most of the remaining currency costs. The CFA
franc is the common currency across the West
African Economic Union and is backed by the
French treasury, pegged to the euro.
Link to risk
– Principle Risk: Macroeconomic
– See page 61
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Market overview
Continued
18 Endeavour Mining plc Annual Report 2024
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our strategy
19 Endeavour Mining plc Annual Report 2024
BUSINESS MODEL
Creating meaningful value
Pages 14-15
RISK MANAGEMENT AND PRINCIPAL RISKS
Effective Risk Management
Pages 57-64
OUR ESG STRATEGY
Partners in creating a sustainable future
Pages 23-30
Build a resilient
business
Our mission is to build a resilient business and work
as a trusted partner with the ability to reward
shareholders.
We achieve this through three
strategic objectives:
1. Maintain a high-quality portfolio
Through our industry-leading operational excellence
and active approach to portfolio management,
combined with a proven ability to create exploration
value and successfully develop projects.
2. Work as a trusted partner
We are committed to doing business in a safe, ethical
and socially responsible manner, building strong and
lasting relationships with our stakeholders.
3. Reward shareholders
Ability to reward shareholders across cycles with an
attractive returns programme.
Investing in our people
Our goal is to ensure we have
people with the right skills to do the
right job across our portfolio, and as
such we prioritise local hiring and
training and development to ensure
these skills are located where the
assets are located, through training,
and internal mobility.
Delivering industry-leading
operational excellence
Through our commitment to safety,
excellence and synergies
underpinned by experienced
management and trusted
relationships, we have built five
projects in West Africa in the last
ten years, all of which have been
delivered on budget and on or ahead
of schedule.
Unlocking exploration value
By achieving long-term value
organically, we build a robust and
diversified pipeline of top-tier
projects driven by an expert
exploration team and proven
screening methodology. We have
discovered 18.6Moz over eight years
at a discovery cost of <$25/oz and
have the largest exploration
presence in West Africa.
Actively managing our portfolio
By optimising our portfolio to
comprise high-quality, large, low-cost
and long mine life assets, we
maintain a diversified asset base,
capable of generating strong cash
flow to reinvest in growth and deliver
shareholder returns.
Progress 2024
68% of those benefitting from
Endeavour’s internal mobility
programme were nationals. At year-
end, 40% of our General Managers
were nationals and 59% of our
senior management were West
African.
Progress 2024
We achieved a 0.13 LTIFR and
production of 1,103koz at AISC of
$1,218/oz. Two organic growth
projects were delivered on budget
and schedule, adding low-cost
production, extending mine life
visibility and increasing
diversification.
Progress 2024
Having discovered Assafou in Côte
d’Ivoire in late 2021, we published a
PFS in 2024, defining a large, low-
cost and long mine life with
projected annual production of
329koz - highlighting its potential to
become a tier-1 asset.
Progress 2024
Thanks to our strong project
construction track record and our
active portfolio management, we
now have over 10 years of
production visibility from operating
assets.
Priorities going forward
In response to positive feedback on
our management development
programmes, we are introducing a
new executive programme focused
on enhancing leadership
competencies. Additionally, we are
laying the groundwork for a
leadership programme specifically
for women, set to launch in 2025.
Priorities going forward
We have now transitioned to a
phase focused on operational
optimisation at our existing assets
which will allow us to maximise free
cash flow, strengthen our balance
sheet and deliver enhanced returns
for our shareholders. In 2025, the
Group will aim to achieve production
within the range of 1,110koz and
1,260koz of gold at an AISC of
$1,150 to $1,350/oz.
Priorities going forward
With a strong pipeline of organic
growth opportunities, we aim to
continue identifying high-value
greenfield and brownfield
opportunities to replenish our
pipeline and deliver long-term
production growth. We remain on
track to achieve our five-year
discovery target of 12-17Moz for the
period ending 2025.
Priorities going forward
Going forward, we will continue to
focus on large, low-cost, long-life
assets with high margin ounces. By
taking an active approach to
portfolio management and vigorously
screening projects, with specific
returns hurdle rates, we aim to
maintain a diversified, high-quality
group of assets.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our strategy
Continued
20 Endeavour Mining plc Annual Report 2024
Maintain a high-quality portfolio
Operational KPIs
Gold production
1,103koz
1,103
1,072
1,161
AISC
$1,218/oz
1,218
967
849
844
Reserves
18.4Moz
18.4
13.9
15.2
15.6
Resources
26.1Moz
26.1
26.7
25.3
24.2
2024
2023
2022
2021
2024
2023
2022
2021
2024
2023
2022
2021
2024
2023
2022
2021
1,115
Empowering communities
In partnership with our host
communities and expert
organisations, we invest heavily in
community development, impactful
social investment programmes and
environmental conservation to
provide community members with
the skills and resources required to
flourish and build resilient and self-
sustaining futures.
Boosting local economies
We recognise the importance of
being part of a responsible, ethical
and sustainable supply chain. By
prioritising in-country suppliers of
goods and services, and supporting
domestic manufacturing and supply
chains, we create indirect jobs and
strengthen the economies of our
host countries and communities.
Protecting the environment
We actively manage, mitigate, and
minimise the environmental
impacts of our operations. Our
priorities are focused on tackling
climate change, water stewardship,
biodiversity conservation and
reducing plastic waste, a material
issue in our host countries.
Promoting ethical business
practices
We conduct business with honesty
and integrity, complying with all
applicable laws and regulations, and
require the same from our suppliers
and contractors. We are committed
to ethical practices and advocate for
transparency in the extractive
industry, including reporting of
payments to host governments.
Progress 2024
In 2024, the Group voluntarily
invested a total of $7.7 million in a
wide variety of projects, including
$3.1 million on the Endeavour
Foundation.
Progress 2024
We were pleased to meet our 2024
local operational procurement
targets, with 83% of our total
procurement spend on in-country
suppliers, 36% on national-owned
suppliers, and 3% on local suppliers.
Progress 2024
The Group’s emissions intensity
increased to 0.63 tCO
2
e/oz.
We protected 632 hectares, versus
our target of 430 hectares and we
rehabilitated 26 hectares.
We surpassed our plastic waste
target and achieved a 97% reduction
in single use plastic water bottles.
Progress 2024
Endeavour contributed $2.2 billion to
the economies of its host countries
which included national procurement,
payments to governments and
employee salaries, an increase of 7%
over 2023 continuing operations, due
to an increase in employee salaries,
income taxes and royalties.
Priorities going forward
In 2025, we will launch a scrap
metal initiative at our Lafigué and
Sabodala-Massawa mines, creating
new income-generating
opportunities for local businesses.
We will also continue our focus on
community health by offering free
health screenings targeting child
and maternal health.
Priorities going forward
We will continue to execute our local
procurement strategy, targeting
100% compliance with local content
decrees in our host countries during
2025. We will enhance our risk
management practices to proactively
mitigate potential supply chain
disruptions and strengthen our
relationships with our contractors to
optimise their performance.
Priorities going forward
Our 2025 target is 0.60 tCO
2
-e/oz
as part of our 30% reduction target
in emissions intensity by 2030.
We have set an annual water target
to recycle an average of 70% for the
Group and our 2025 biodiversity
targets include the protection of 540
hectares and the rehabilitation of
150 hectares to support our
conservation efforts.
Priorities going forward
In 2025, we will publish our fourth
Tax and Economic Contribution
Report, continue with our alignment
to the Global Reporting Initiative
Disclosure 207 and our membership
of the Extractive Industries
Transparency Initiative (“EITI”).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our strategy
Continued
21 Endeavour Mining plc Annual Report 2024
Work as a trusted partner
Sustainability KPIs
LTIFR
0.13
GHG emissions
0.63tC0
2
e/oz
In-country procurement spend (ops)
83%
Community investments
$7.7m
7.7
4.0
7.1
4.1
2024
2023
2022
2021
2024
2023
2022
2021
2024
2023
2022
2021
2024
2023
2022
2021
0.13
0.08
0.50
0.20
0.63
0.59
0.54
0.59
83.0
81.0
81.0
82.0
Managing our balance sheet
prudently
We prioritise healthy liquidity by
managing the Group assets,
liabilities and equity to maintain
stability and minimise risks. This
includes well-considered decisions
around debt structure and the future
financial needs of the Group to
support long-term growth.
Competing for capital on a returns
basis
Endeavour’s resilient business
model supports prudent capital
allocation promoting competition for
capital internally on a return basis.
Optimising free cash flow
The Group seeks to maximise free
cash flow generation by optimising
operating cashflows driven through
the optimisation of production,
volumes, operating costs and
realised price while applying a
disciplined capital management
process in order to efficiently
manage investing cash flows.
Maintaining attractive shareholders
return proposition
The Group has a strategy to provide
compelling financial benefits to its
shareholders. This involves a
combination of dividend payouts
with minimum levels provided and
supplemental payouts where
appropriate, in addition to share
buybacks.
Progress 2024
During the year, the Group
maintained low leverage ending the
year with a net debt/adjusted
EBITDA of 0.55x and a healthy
liquidity of $0.6 billion, comprised of
$397.3 million in cash, and $230.0
million available through the RCF as
undrawn.
Progress 2024
During the year, the Sabodala-
Massawa expansion and the Lafigué
project became fully operational with
both completed on time and within
budget. The Group also successfully
concluded the PFS for the exciting
Assafou project was completed with
the DFS planned for late 2025.
Progress 2024
Following the successful completion
of the two organic growth projects,
the Group has transitioned from an
investment focused phase to a
phase focused on free cash flow
generation, as marked by the
$313.3 million generated in 2024
compared to the outflow of $174.3
million in 2023.
Progress 2024
We exceeded our minimum dividend
commitment for 2024,
supplemented by an additional
payout and share buybacks making
a total return of $277.0 million
including the H2-2024 interim
dividend. A total of $1.2 billion has
now been returned to shareholders
since 2021.
Priorities going forward
The Group targets a healthy balance
sheet position with a leverage ratio
at 0.50x net debt/adjusted EBITDA.
Net debt/adjusted EBITDA is an
Alternative Performance Measure
(non-GAAP measure) and see pages
52 to 55.
Priorities going forward
The Group will continue to work
towards a 20% Return on Capital
Employed (“ROCE”) target with
strong capital allocation discipline.
ROCE is an Alternative Performance
Measure (non-GAAP measure) and
see page 56.
Priorities going forward
The Group will focus on free cash
flow generation in 2025 by driving
an increase in production,
optimising the operating and capital
cost. Free cashflow is an Alternative
Performance Measure (non-GAAP
measure) and see page 56.
Priorities going forward
As per our shareholder returns policy
for 2024-2025, we are committed to
a minimum dividend of $225.0
million at a gold price environment
above $1,850 per ounce that will be
supplemented by additional
dividends and share buybacks
should the Group maintain a healthy
financial position.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our strategy
Continued
22 Endeavour Mining plc Annual Report 2024
Reward shareholders
Financial KPIs
Net debt
$731.6m
Return on capital employed
18%
Free cash flow
$313.3m
Shareholder returns
$277.0m
2024
2023
2022
2021
2024
2023
2022
2021
2024
2023
2022
2021
2024
2023
2022
2021
(121.1)
(76.2)
555.0
731.6
18%
15%
16%
26%
313.3
(174.3)
495.7
644.6
277.0
266.0
265.6
267.7
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
23 Endeavour Mining plc Annual Report 2024
SUSTAINABILITY REPORT
Our first TCFD report
endeavourmining.com/esg
STAKEHOLDER ENGAGEMENT
Cultural sensitivity and respect
Pages 31-33
BUSINESS MODEL
Creating meaningful value
Pages 14-15
Partners in creating
a sustainable future
Operating as guests in our host countries,
we understand the importance of partnership
and responsible business practices, which
are fundamental to our long-term success.
We build trust through respectful community
engagement, striving to provide shared
value by creating jobs, supporting local
businesses, developing local talent, and
contributing to socioeconomic progress.
We are committed to operating safely, ethically,
and sustainably, mitigating our impact on the
environment and communities, and creating
shared value for all stakeholders.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
24 Endeavour Mining plc Annual Report 2024
OUR SUSTAINABILITY TOPICS
SEE OUR FACTSHEETS
endeavourmining.com/esg/esg-
reporting/#esg-factsheets
Commitment to continuous
improvement:
Our ESG framework operates as a
dynamic feedback loop, continuously
evolving through stakeholder input,
performance tracking, and emerging
trends. This iterative approach
allows us to adapt our policies and
practices to meet evolving
standards and
expectations.
EXTERNAL REPORTING TO STAKEHOLDERS
– We follow globally recognised ESG reporting frameworks
and are members of a number of international
initiatives, including the UN Global Compact, EITI and
Voluntary Principles on Human Rights and Security.
– We engage regularly with internal and external
stakeholders through meetings, quarterly results,
conferences and presentations. See stakeholder
engagement on pages 31-33.
– Independent third-party assurance is provided on key
ESG data annually in our Sustainability Report
(endeavourmining.com/esg/esg-reporting).
MAINTAINING THE RIGHT GOVERNANCE STRUCTURE
– The Board is responsible for ESG strategy and
performance, and delegates ESG matters to the Board
ESG Committee. The Board Technical, Safety and Health
Committee and the Audit and Risk Committee assist on
specific topics.
– The Management ESG Steering Committee develops and
implements the ESG strategy, reporting to the Board ESG
Committee.
– Executives are responsible for operational
implementation and achieving ESG targets.
– See 98 for more information.
IDENTIFICATION OF MATERIAL TOPICS
– We regularly conduct sustainability-related materiality
assessments, in line with best practice and reporting standards.
– The materiality of topics is defined following an extensive
stakeholder engagement process.
– We publish the results of our materiality assessments in our
Sustainability Report.
METRICS AND TARGETS
– To ensure continuous improvement in our ESG
performance, we monitor and track progress using KPIs
and set ambitious targets across various timeframes,
which are aligned with the UN SDGs.
– ESG targets form part of our short-term and long-term
incentive plans, which are reported publicly annually.
– Linking ESG targets to incentive plans is fundamental to
achieving an integrated approach to ESG management
and governance to drive delivery of our ESG strategy.
– See further information in the Remuneration Report on
pages 128 to 133.
COMPREHENSIVE POLICIES
– Our ESG commitments are captured in a set of
globally applicable policies that are informed by
and aspire to meet international best practice.
– The Board reviews and approves our policies
annually.
ROBUST MANAGEMENT SYSTEMS AND APPROACH
– We have implemented robust management systems
that are aligned with international best practices.
– This approach is applied throughout the mine’s life
cycle from exploration to production and ultimately,
closure.
– Read about our management approach for key ESG
topics: endeavourmining.com/esg/our-approach.
– We undertake regular internal assessments and
external audits to ensure the effectiveness of our
approach and systems.
EFFECTIVE RISK MANAGEMENT
– We integrate sustainability risks and opportunities into
our overall risk management process, assessing them
alongside, and often as an integral part of, financial,
operational and strategic risks.
– This involves project-level, topic-specific and Group-
level assessments, scenario analysis and stakeholder
engagement, supported by senior management and
Board oversight.
Area of focus
Health and safety
Our people
Our communities
Our environment
Ethical business
Endeavour Foundation
Find out more
See the ESG section of our website:
endeavourmining.com/esg/
For over a decade, Endeavour
has made a real difference in
West Africa, exploring,
developing, building, and
operating assets in
partnership with a diverse
stakeholders.
Our enduring partnerships
with governments,
communities, suppliers and
employee stakeholder groups
have been instrumental in
establishing a strong social
licence to operate.
Djaria Traore
EVP Operations and ESG
We are a major employer in the region and the
safety of our employees is our first priority, above
all else. We believe that all occupational injuries
and illnesses are preventable. This belief drives
our goal of ‘Zero Harm’ and a worker-led
behaviour-based culture. Each member of our
workforce is responsible for their own safety, as
well as that of their colleagues, to ensure
everyone returns home to their families at the
end of each shift.
Our ‘Zero Harm’ philosophy extends to
environmental management. Central to this is
managing, mitigating and minimising the impacts
of gold mining on the environment. Our
environmental priorities are focused on
addressing climate change, water stewardship,
conserving biodiversity, safe and efficient tailings
management, as well as reducing plastic waste,
a material issue in our host countries.
We seek to be an employer of choice, offering
attractive terms of employment, competitive
remuneration and an inclusive workplace to
attract and retain talent. We invest in our
employees and provide them with the training and
career progression they need to succeed.
Together with our host countries and other
international and national partners, we invest
heavily in community development to deliver the
best outcomes for those living in proximity to our
operations. Through various vocational training
programmes and social initiatives, we aim to
provide community members with the skills and
resources required to flourish and build resilient
and self-sustaining futures.
We support local businesses, creating jobs and
opportunities through our supply chain,
multiplying our positive impact on the local,
regional and national economies of our host
countries. We prioritise in-country suppliers of
goods and the majority of our supply chain’s key
supplies are sourced from either in-country or
regional African countries.
At Endeavour, we believe responsible mining can
significantly contribute to the economic and
social progress of our host countries. We partner
with host governments to ensure our operations
align with and support their national sustainability
and development agendas.
A strong social licence to operate is fundamental
to achieving this and ensuring the success of our
business. This requires building and maintaining
trust through open and honest dialogue with our
stakeholders, proactive management of
environmental and social impacts, and
responsible mining practices.
We integrate Environmental, Social, and
Governance (“ESG”) considerations into our long-
term plans and operational processes to ensure
our actions align with our commitments and
goals. We empower our teams to take ownership
of our ESG initiatives, fostering a culture of
accountability across all levels of our business.
We acknowledge our shortcomings openly and
use these experiences as valuable learning
opportunities for continuous improvement.
Our approach is underpinned by a robust
governance framework that prioritises respect for
human rights, zero harm, diversity and inclusion,
and responsible sourcing.
Alongside the summary provided in our Annual
Report, we publish a Sustainability Report and
ESG data sheet every year. In addition to this, we
have ESG factsheets on our website which
provide insights into our management approach
for material topics.
Our commitment to ESG transparency continues
to earn external recognition. We have maintained
top-tier Sustainalytics and MSCI ratings, placing
us among the leading companies not only in our
sector, but across industries.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
25 Endeavour Mining plc Annual Report 2024
READ MORE ON PAGES 106-116 IN OUR
SUSTAINABILITY REPORT
READ MORE ON PAGES 64-105 IN OUR
SUSTAINABILITY REPORT
SEE OUR COMMUNITIES SECTION PAGES 48-63 IN
OUR SUSTAINABILITY REPORT
READ MORE ON PAGES 36-47 IN OUR
SUSTAINABILITY REPORT
READ MORE ON PAGES 24-35 IN OUR
SUSTAINABILITY REPORT
Our key focus areas
READ MORE ON PAGE 28
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
26 Endeavour Mining plc Annual Report 2024
High Medium-High Medium Low
Local Communities Corporate Governance Climate Resilience
Marginalised & Vulnerable
Groups
Tailings Management Ethics & Compliance Employee Attraction, Retention
Health & Safety Responsible Supply Chain & Development Air Quality & Pollution
Biodiversity, Nature & Artisanal & Small Scale Gold Mining Cultural Heritage
Land Use
Water Diversity, Equality & Inclusion
Socio-Economic Impacts Industry & Policy Engagement
Innovation & Technology Labour Practices
Energy & GHG Emissions
Human Rights
Information & Cybersecurity
Waste
Environment Social Governance
Our double materiality results
HIGHFinancial MaterialityL
OW
LOW Impact Materiality
HIGH
Our Material Issues
To ensure we understand the most important
sustainability issues for our stakeholders and
our business, and how they could impact our
ability to deliver value, we conduct externally
facilitated materiality assessments.
This year we conducted our second double
materiality assessment. An in-depth review of
relevant Group documents, policies, industry
standards, and peer reports initiated the
process and identified 23 material
sustainability topics, condensed from 47 topics
in 2023.
To assess the importance of these topics, we
conducted a comprehensive stakeholder
engagement process, including surveys in both
French and English and an Impacts, Risks &
Opportunities scoring tool.
In-depth interviews were also held with key
internal stakeholders, including country
managers and representatives from finance,
compliance, projects and operations, to gain a
more thorough insight into key topics.
The data was analysed to determine the
relative importance of each sustainability topic
to Endeavour and its stakeholders, resulting in
a materiality matrix incorporating thresholds to
prioritise the most significant issues. Following
validation, the final materiality matrix was
approved by the Group‘s Executive Committee
and the Board.
This rigorous process ensured that the
identified material sustainability topics
accurately reflect their significance to both the
Company and society. Many of our material
topics are interconnected and some overlap
with principal risks, as discussed on page 57.
Beyond the materiality assessment, we engage
regularly with all our stakeholder groups as
discussed on pages 31-33.
Safety Performance
Our 2024 safety performance was overshadowed
by a contractor colleague fatality, when Mr
Siswantoro sustained fatal injuries in a
maintenance-related incident in February at our
Mana Mine. Following an investigation, we
identified areas for improvement, particularly in
tyre management. Our updated Group tyre
management procedure emphasises supplier
adherence to our rigorous safety processes.
We also launched the “Safety at Work: Our
Responsibility, Your Vigilance” campaign to
reinforce the Company’s commitment to
workplace safety. This was supported by the
updated “10 Golden Rules”, developed through a
comprehensive review and workforce input.
Our LTIFR increased to 0.13 in 2024 (2023:
0.08) whilst our TRIFR reduced by 18% to 0.73
(2023: 0.89). Both our LTIFR and TRIFR are well
below the industry standard.
Making a difference in the fight against malaria
We were very pleased with the strong results
achieved by our Group-wide malaria prevention
initiatives this year. We reported a 36% reduction
in the malaria incidence rate of 184 per 1,000
employees, vs our target of 300/1,000 per
employee (2023: 286/1,000), with the disease
accounting for 3,197 workdays lost in absences
(2023: 5,629), a 43% decrease year-on-year.
Empowering talent, elevating performance
Several key initiatives were implemented to
enhance employee experience and support
organisational growth. These included a Group-
wide job grading project to ensure consistent role
evaluations across the business, a new HR
software to streamline employee appraisals,
career development tracking, and workforce
demographics. Employee well-being was further
supported with free lunchtime meals, new
personal development training opportunities, and
an employee referral scheme.
Endeavour Voices
In 2024, we conducted our first Group-wide
employee engagement survey to take the pulse of
our organisation. This initiative, designed to
foster a culture of open communication, included
innovative solutions like mobile booths across
our sites to ensure inclusivity. The valuable
insights gained will help guide our strategic
decisions and create a better workplace for all.
Nurturing local talent
Developing local talent is central to our approach in
West Africa. We develop our people internally
through initiatives such as leadership training and
mobility opportunities, while simultaneously fostering
skills transfer within our host communities. In 2024,
nationals comprised 95% of our employees, 40% of
our General Managers, 68% of our internal mobility
movers and 52% of our interns.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
27 Endeavour Mining plc Annual Report 2024
Prioritising health and safety
The safety of our workers is
of upmost importance to us.
Each year we strive for zero
fatalities, a continuous
improvement in our safety
performance and a reduction
in malaria cases.
Key achievements in 2024
0.73
Total recordable injury frequency rate
36%
Decrease in malaria incidence rate vs 2023
ISO 45001
We maintained our ISO 45001 certification for all
our sites.
Building success through our people
Our people are at the heart of
our success. We value fair
and respectful treatment for
all, understanding that
employee well-being, safety,
and productivity, underpinned
by our employment practice,
shape our Company's
performance.
Key achievements in 2024
33%
Increase in female representation (2022-2024)
59%
West African Senior Managers
Endeavour Voices Campaign
Achieved 72% employee participation across our
ten sites and offices.
Women at Endeavour
case study
Community engagement
During 2024, we held a total of 1,925 meetings
across all our mines with local stakeholders to
discuss a range of topics. These included
employment, local procurement, livelihood
restoration, community development projects
and grievance management.
Community development
We actively seek out local projects that can
create products for sale within the community.
This year at our Mana Mine, we piloted the
sale of scrap metal that is no longer required
for use in our operations. Under this scheme,
80% of the sale proceeds fund community
projects, the other 20% goes to projects chosen
by our employees. We plan to expand this
scheme to our Lafigué and Sabodala-Massawa
mines in 2025.
Prioritising local procurement
A key focus this year was to improve the
representation of women-owned businesses in
our local content programme.
We held a workshop in Abidjan bringing together
women entrepreneurs, government officials, and
financial institutions from our three countries of
operations. We discussed challenges, explored
investment opportunities, and shared best
practices. We are now implementing key
recommendations, which include increasing the
visibility of women-owned businesses and
strengthening the capacity of women
entrepreneurs to participate effectively in our
supply chain.
In 2024, the Foundation implemented 17
projects. Highlights include:
The Arboretum at the University of Daloa
The Foundation partnered with the University of
Daloa, near our Ity mine, to establish a 40-
hectare arboretum. This project is designed to
protect the environment and enhance education,
by providing a sanctuary for native plant species
and offering practical learning opportunities in
botany and environmental science.
‘I Choose My Future’ initiative
In Côte d’Ivoire, teenage pregnancy poses a
significant barrier to girls’ education. The
Foundation launched “Je Choisis Mon Avenir”
(I Choose My Future) to tackle this critical issue.
A series of workshops were held with teachers,
students and their parents to raise awareness
about the risks of early pregnancy and promote
responsible behaviour. By addressing early
pregnancy, we are reinforcing our commitment to
reducing gender inequality and expanding
opportunities for young women.
'1 Helmet, 1 Life’
To support the national campaign to improve
road safety and reduce motorbike accidents, the
Foundation partnered with TotalEnergies to raise
awareness in Côte d’Ivoire. Following the success
of this campaign, it will be rolled out in Burkina
Faso in 2025.
For more details, please refer to our
Sustainability Report endeavourmining.com/esg/
endeavour-foundation/
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
28 Endeavour Mining plc Annual Report 2024
Broadening Impact through the
Endeavour Foundation
The Endeavour Foundation
amplifies our ESG strategy
with transformational projects
at regional and national
levels. By partnering with
local and international
experts, the Foundation
maximises the impact of
these projects, ensuring they
create lasting positive
change.
Key achievements in 2024
1,642
Children benefitted from the Foundation’s
educational support
$3.1m
Invested in Foundation projects
Highlights
17 Projects implemented in the areas of
environment, plastic, education, community
health and economic development.
Partnering for stronger communities
We recognise that trust, built
through respectful community
engagement and shared
value creation, is essential to
our operations in host
countries. We contribute to
local prosperity by creating
jobs, supporting businesses,
developing talent, and
fostering socio-economic
growth.
Key achievements in 2024
$1.4b
Spent on in-country suppliers
$7.7m
Total voluntarily invested in community projects,
including the Endeavour Foundation
N’Goto Yè Tè Hè Initiative
Launched multi-faceted initiative to provide local
employment opportunities at the Lafigué mine
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
29 Endeavour Mining plc Annual Report 2024
Pépites d’Or: Promoting academic excellence
Pépites d'Or recognises and rewards the
academic excellence of our employees' children,
inspiring them to reach their full potential. In
2024, 577 children of employees were
celebrated for their academic achievements.
Jeunes Filles en Scolarité: Girls’ education, a
lever for the future
The Jeunes Filles en Scolarité programme helps
young girls in our host communities stay in
school. By providing them with 4-year bursaries
to cover their school fees, we support girls who
might otherwise be at risk of dropping out as
their families face major socio-economic
obstacles. In 2024, 60 girls from underprivileged
communities benefitted, giving them the chance
to pursue their education and unlock their full
potential.
Promoting
academic
excellence
By investing in education, Endeavour
is contributing to the sustainable development
of its host countries.
Environmental management
We were pleased to receive ISO 45001
certification for all our sites. For more details
on our 2024 performance, please refer to our
Sustainability Report, page 26.
Tackling climate change
We have reported on our performance in the
TCFD section of this Report on pages 67-86.
Water stewardship
Due to the commissioning of our growth projects,
the Lafigué process plant and the BIOX®plant,
combined with increased throughput at Ity and
increased water consumption at Ity associated
with the ReCYN plant, our annual water
withdrawal intensity increased to 0.012
megalitres per ounce of gold produced.
Biodiversity conservation
We have published our first TNFD report in our
2024 Sustainability Report, see page 78.
Reducing plastic waste
In 2024, we successfully reduced single-use
plastic water bottle consumption by 97% against
our 2022 baseline, exceeding our 70% target.
This achievement, driven by employee incentives
and an office-wide ban, demonstrates our
commitment to this initiative.
Respect for human rights
During the year, we rolled out a Group-wide
training on our Code of Business Conduct and
Ethics, which included a dedicated section on
human rights training, which achieved a 94%
completion rate of employees in sensitive
positions. We also trained over 940 local
stakeholders on human rights, emphasising their
importance, showcasing Endeavour's
commitment, and promoting our grievance
mechanism as a channel for reporting potential
violations. This was in addition to the specific
training we conducted on Voluntary Principles on
Security and Human Rights, which achieved a
81% selective employee compliance rate.
Combating modern slavery
In 2024, we published our first joint statement
for the purposes of UK and Canadian legislation,
demonstrating the significant evolution of our
approach to addressing modern slavery.
In 2025, we will enhance our strategies to
combat modern slavery, including site
observations at our mines to identify any
potential modern slavery. We will also implement
a Modern Slavery Supplier Self-Certification as
part of our modern slavery risk assessment
questionnaire, which we will require high-risk
suppliers to complete.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our ESG strategy
Continued
30 Endeavour Mining plc Annual Report 2024
Promoting ethical business
practices
Our ethical business
practices are founded on a
strong commitment to
responsible governance,
ensuring transparency and
accountability.
Key achievements in 2024
0
Substantiated reports of bribery or corruption,
human rights or modern slavery abuse
940
Community members received human rights
awareness training
RGMP Compliance
Achieved at the corporate level and for our four
established operating mines and Corporate
Protecting the environment
At Endeavour, we know that
being responsible stewards of
the environment is critical to
our long-term success.
Key achievements in 2024
632ha
Land protected Group-wide
97%
Reduction in single use plastic water bottles
Early Adopters of TNFD
Endeavour is proud to be an early adopter of the
Task Force on Nature-related Financial
Disclosures (“TNFD”)
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Stakeholder engagement
31 Endeavour Mining plc Annual Report 2024
ENDEAVOUR VOICES
Creating a fulfilling and productive workplace.
Page 35
BOARD ENGAGEMENT OUTCOMES
Decisions based on stakeholder insights
Page 103
Stakeholder
engagement
Building strong, respectful relationships with
our diverse group of stakeholders is crucial
to our business performance and success.
We have identified seven key stakeholder
groups based on their importance to
Endeavour and the influence they have on
our business.
Through our stakeholder engagement,
we proactively work to maintain our social
licence to operate.
Our tailored stakeholder
engagement programmes
address the specific needs
and expectations of each
group, fostering better
decision-making, mutually
beneficial outcomes, and
effective risk management.
We approach all our
engagements with cultural
sensitivity and respect.
Stakeholder assessments
at all our sites confirm no
indigenous groups are
present in our operating
areas, according to the IFC
Performance Standard
7 definition.
Employees and unions
Why we engage
Effective employee engagement drives
collaboration, enhances culture, boosts
satisfaction, promotes safer practices, and
improves productivity and performance.
What matters to them
Safe work environment, competitive
remuneration, job satisfaction, internal mobility,
career development, positive and inclusive
culture, channels for employee feedback.
How we engage
Safety briefings, employee well-being
programmes, collective bargaining and/or
contract negotiations, performance reviews,
training and development programmes, CEO and
senior leadership town hall meetings, employee
communication channels, grievance and whistle-
blowing mechanisms, policies and standards.
Examples of engagement
– Conducted Group-wide employee survey
‘Endeavour Voices’
– Launched new campaign: ‘Safety at Work:
Our Responsibility, your vigilance’
– Launched ESG Week providing opportunity for
employees to discuss sustainability issues
– Appointed ESG and Compliance Champions
at each site to support our initiatives
– Board visit to our newest mine, Lafigué
OUR PEOPLE
See pages 36-47 in our Sustainability Report
Priorities for 2025
– Address feedback from employee survey
– Develop female leadership development
programme
– Publish a paternity leave policy
Communities
Why we engage
Our host communities are key partners whose
broad-based support is essential for the long-
term success and sustainability of our
business.
What matters to them
Local employment, local procurement,
community development - infrastructure, social
and environmental programmes.
How we engage
Meetings with community stakeholders, public
hearings and consultations, participation in
ESIAs, grievance mechanisms, resettlement
committees, cultural and sporting events,
community health campaigns, mine visits, local
media, and the annual sustainability reports.
Examples of engagement
– Participation in our grievance mechanism
audit
– Human rights awareness campaign
– Participated in the double materiality survey
– Piloted sale of scrap metal to local
businesses to support economic
development
COMMUNITIES
See pages 48-63 in our Sustainability Report
Priorities for 2025
– Community awareness programme on
cyanide management
– Enhance community understanding of our
grievance mechanism
– Free ‘Mother and child’ health screening
across our host communities
Suppliers and contractors
Why we engage
Our suppliers and contractors are critical
partners who provide essential inputs,
contribute to operational efficiency, and support
safety and sustainability in the mining industry.
What matters to them
Payment terms and practices, clear and
transparent tender processes, training
opportunities.
How we engage
Communication of policies and standards,
supplier appraisal process, supply contracts
process, meetings, grievance mechanisms,
relationship building by Group and site-level
procurement teams, safety meetings and
participation in local content events.
Examples of engagement
– Presentation of five-year local content
strategy
– Hosted workshop to discuss the integration
of gender into our local content policy
– Launched inaugural Annual Supplier Awards
– Launched Scope 3 sustainable supplier
programme
– Enrolled 140 suppliers for training on our
Supplier Code of Conduct
SUPPLIERS AND CONTRACTORS
See pages 62-63 in our Sustainability Report
Priorities for 2025
– Continue supplier engagement on Scope 3
– Implement Modern Slavery Supplier Self-
Certification
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Stakeholder engagement
Continued
32 Endeavour Mining plc Annual Report 2024
Investors
Why we engage
We engage with investors to enhance
shareholder value through transparent
communication and disclosure.
What matters to them
Investors are focused on Endeavour's ability to
generate sustainable returns on their
investment by continuing to deliver operational
excellence and organic growth.
How we engage
Regulatory filings, press releases, annual and
quarterly reports, AGM, investor meetings,
conferences, site visits, website, annual
sustainability reports, and communications by
email and telephone.
Examples of Engagement
– Engaged with over 64% of our active
institutional shareholder register in 2024 to
provide updates on Endeavour
– Attended over 20 investor conferences and
held over 550 investor meetings, which
included presentations, panel discussions,
individual and group meetings
Priorities for 2025
– Engagement with investors globally through
conferences and roadshows
– Deliver minimum annual dividend of $225.0
million that is expected to be supplemented
with additional dividends and share buybacks
Government and regulatory bodies
Why we engage
Respectful engagement with the authorities and
host governments, which are also shareholders
in our operations, assists with timely issuance
of permits and approvals.
What matters to them
Compliance with regulations, payment of taxes,
royalties and dividends, investment in local
communities, regular updates on the business,
shared value from the benefits of mining.
How we engage
Meetings, local subsidiaries’ Board meetings,
site visits and inspections, conferences and
roundtables.
Examples of Engagement
– Visit by Senegal’s Minister of Mines to see
our new BIOX® Plant at Sabodala-Massawa
– Engagement with the regulators and the
ministries in charge of mines and the
environment regarding the environmental
incident at our Ity mine
– Sponsorship of National Culture Week, one of
the most important events in Burkina Faso
Priorities for 2025
– Continue progressing development of
Assafou with delivery of DFS between
late-2025 to early-2026
– Continue engagement on the new Mining
Code in Côte d’Ivoire
Industry associations
Why we engage
To advocate for our interests, promote the
mining sector, network with peers, and
collaborate on industry-wide initiatives.
What matters to them
National regulations, industry representation
and advocacy, competitiveness and promotion
of the industry, provide accurate information to
improve public perception of the mining industry.
How we engage
Formal meetings, correspondence and events.
Representation on boards and committees.
Examples of Engagement
– Ambassador of Women in Mining Senegal
advocating for diversity and inclusion
– Active participation in the revision of the
Mining Code via the Ivorian Chamber of
Mines
– Hosted roundtable with the Burkina Faso
Chamber of Mines to discuss the Voluntary
Principles of Security and Human Rights
(“VPSHR”)
Priorities for 2025
– Proactively engage with Chamber of Mines
on key industry topics, such as the new
Mining Code in Côte d’Ivoire
Non-governmental organisations
Why we engage
Effective engagement with NGOs allows
Endeavour to communicate our perspective and
ensure our interests are represented in key
industry discussions.
What matters to them
Ethical business practices, support for civil
society, community programmes, protection of
human rights, protection of the environment,
shared value from the benefits of mining.
How we engage
Meetings, correspondence, conferences,
forums, roundtables and strategic partnerships.
Examples of Engagement
– Formal membership of the EITI to support
transparency in the extractive industry
– Partnered with PLAFOMINE, a local suppliers’
platform in Senegal to enhance local content
initiatives and compliance
– Collaborated with the World Bank and the
WGC on an ASGM formalisation initiative
– Invited civil society organisations to the
VPSHR roundtables in Burkina Faso
Priorities for 2025
– Engage Civil Society to promote a regulated
and responsible artisanal and small-scale
gold mining (“AGSM”) sector
– Advocate for effective and impactful use of
local development fund resources to benefit
impacted communities
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Stakeholder engagement
Continued
33 Endeavour Mining plc Annual Report 2024
Overview
Our performance in 2024, whilst slightly below
our guidance range due to lower than expected
production at Sabodala-Massawa, was
characterised by continued strong operational
performance at our Ity and Houndé mines,
alongside the introduction of two growth projects,
at Sabodala-Massawa and Lafigué, as we
delivered production of 1,103koz at an AISC of
$1,218/oz.
Our AISC performance was above the top end of
our 2024 guidance due to underperformance at
Sabodala-Massawa, higher power costs and
higher royalty costs due to high gold prices.
Health, safety and environmental
Our safety performance for the year was
overshadowed by a contractor fatality at our Mana
mine, which was the result of injuries sustained
in a maintenance incident. Following a thorough
investigation, we reviewed and improved our
operational procedures, contractor management
and front-line supervision.
The Group reported an increased LTIFR of 0.13,
inclusive of exploration and projects. However, at
operations this decreased to a LTIFR of 0.07,
compared to 0.10 in 2023. The Group’s TRIFR
deceased by 18% year-on-year to 0.73. Both
statistics are well below the industry average.
Our malaria initiatives were very successful during
the year, resulting in a 36% decrease in our
malaria incidence rate, which is very encouraging,
although we need to continue to reinforce our
prevention measures as we play our part to
eradicate malaria in West Africa.
We also reported a strong performance on plastic
pollution, achieving a 97% reduction in the
consumption of single-use water bottles on our
sites versus our target of 70%, as well as a total
ban in our offices.
Organic growth
We prioritised organic growth in 2024, completing
the construction of our Lafigué mine and the BIOX
processing plant at Sabodala which achieved
commercial production in Q3-2024 and will have
a full year benefit in 2025.
Organic growth remains a priority as we advance
the definitive feasibility study on the Assafou
project in addition to underground expansion
studies at Houndé and Sabodala-Massawa.
Exploration
Our exploration goal is to discover 12 to 17
million ounces of Measured and Indicated
(“M&I”) resources between 2021 to 2025 at a
low discovery cost of less than $25/oz. We
prioritised resource conversion to reserves in
2024 and we increased group reserves by 32%
with additions at Assafou and Ity.
Cost optimisation
We continue to prioritise operating efficiency and
productivity improvements as a key lever to
maintain our class-leading AISC.
The commissioning and ramp up of the Sabodala-
Massawa solar plant in Q1-2025 is expected to
lower power costs by 25% and carbon dioxide
emissions at the site by 30%, helping us to meet
our 2030 emission targets.
Additional initiatives across the Group include drill
and blast optimisations at all sites, expected
rehandle reductions at Ity following the
commissioning of the mineral sizer, reduced
dilution and ore loss as we enhance orebody
understanding with greater advanced grade
control activities.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
34 Endeavour Mining plc Annual Report 2024
CHIEF FINANCIAL OFFICER'S REVIEW
Transitioning to free cash flow generation
Pages 46-56
OUR STRATEGY
Build a resilient business
Pages 19-22
CHIEF EXECUTIVE'S STATEMENT
Extending our industry-leading track record
Pages 11-12
Operating review
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
35 Endeavour Mining plc Annual Report 2024
Endeavour
Voices
Endeavour recognises that employee
engagement is crucial for success.
To foster a culture of open communication
and continuous improvement, in 2024 we
conducted our first Group-wide employee
engagement survey, Endeavour Voices.
This survey aimed to gather employee
feedback across the organisation, identify
areas for improvement, and ultimately
create a more fulfilling and productive
workplace.
Given the context of our operations in
West Africa, we had to find innovative and
proactive ways of reaching all our people –
many of whom do not have access to
email. This involved setting up mobile
booths around our mine sites to ensure a
practical way of seeking feedback.
The survey achieved a 72% employee
participation rate, providing valuable
insights into our strengths and areas for
improvement.
Sabodala-Massawa
The Sabodala-Massawa mine is the largest producing gold
mine in Senegal and recently underwent an expansion which
will elevate it to top-tier status.
Facts
– Acquired by Endeavour in 2021 from Teranga
Gold
– Located approximately 800km from Dakar
– Increased operational flexibility due to a
+4.3Mtpa CIL processing plant and a newly
commissioned 1.2Mtpa BIOX® plant,
designed to process high-grade refractory ore
Figures
2024 Production
229koz
2024 AISC
1
$1,158/oz
2025 Production guidance
250 – 280koz
2025 AISC
1
guidance
$1,100 – $1,250/oz
2024 insights
2024 production totalled 229koz, below the
bottom end of the guided 360 - 400koz range
and representing a decrease from 294koz in
2023 as a result of lower grade and recoveries.
2024 AISC amounted to $1,158/oz, above the
guided $760 - $810/oz range due to lower
volumes of gold sold in addition to increased
mining costs; increased processing costs
associated with the ramp-up of the BIOX® plant,
and higher sustaining waste volumes capitalised.
In response to the lower than expected
performance, Endeavour launched a technical
review in Q3-2024, focused on initiatives to
increase near-term production, including:
– Increasing BIOX®plant throughput via
productivity initiatives and plant optimisations.
– Prioritising exploration efforts to identify and
delineate near mine, high-grade non-refractory
resources on Endeavour's existing exploitation
permits, that could provide additional near-term
feed for the CIL plant.
– Accelerating the feasibility stage underground
mining plans at the high-grade Kerekounda and
Golouma non-refractory underground deposits
into the mine plan from 2026, providing a
higher grade source of feed for the CIL plant.
CIL processing plant performance in 2024 has
been weaker than 2023 due to lower tonnes
milled at lower average grade and recoveries. The
BIOX® plant poured first gold on 28 April 2024
and continued to ramp-up, reaching commercial
production on 1 August 2024.
Sustaining capital expenditure of $25.3 million
related to mining equipment upgrades and waste
capitalisation. Non-sustaining capital expenditure
of $74.0 million primarily related to waste
development at Massawa Central and North
Zone, the solar project and establishment costs
at new mining areas (Kiesta). Growth capital
amounted to $66.4million and related to the
BIOX®plant expansion.
2025 outlook
Sabodala-Massawa is expected to produce
between 250 - 280koz in 2025 at an AISC of
$1,100 - $1250/oz. Non-refractory ore for the CIL
plant is expected to mined from Sabodala, Kiesta
C, Delya and Niakafiri West pits, supplemented
by lower-grade stockpile ore sources. Tonnes
milled is expected to increase due to a softer
blend profile, whilst grades are expected to
decline compared to 2024 due to increased
stockpile feed. Throughput at the BIOX®plant is
expected to maintain nameplate capacity of
1.2mt in 2025, with higher grades and recovery
expected from fresh ore sources at the Massawa
Central and North Zone pits.
2025 guidance for Sabodala-Massawa does not
incorporate the impact of potential levers to
increase near-term production that are currently
being assessed as part of the ongoing technical
review.
Sustaining capital expenditure of approximately
$60.0million is expected in 2025, primarily
related to capitalised waste stripping. Non-
sustaining capital expenditure of approximately
$25.0million is expected in 2025, primarily
related to capitalised waste stripping,
infrastructure for tailings deposition in the
Sabodala pit, establishment of new mining areas
and advanced grade control drilling.
Exploration
An exploration programme of $33.7million was
undertaken in 2024 consisting of 83,960 metres
of drilling across 3,655 drill holes. The
exploration programme focused on expanding
near-mine resources at the Niakafiri, Kerekounda
Underground and Kiesta deposits, as well as
testing several near-mine satellite targets along
the Main Transcurrent Shear Zone.
An exploration programme of $15.0million is
planned for 2025, focused on expanding near-
mine oxide and refractory resources across the
Niakafiri, Sabodala, Kerekounda-Golouma and
Massawa deposits, while testing new targets at
the Kanoumba complex located south of the
Massawa permit.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
36 Endeavour Mining plc Annual Report 2024
See the Sabodala-Massawa Documentary here
Unit
31
December
2024
31
December
2023
Operating data
Tonnes ore mined
kt
5,692
6,205
Tonnes milled
kt
5,061
4,755
Average gold grade milled
g/t
1.89
2.15
Recovery rate
%
76.2
89.4
Gold produced
oz
229,114
293,747
Gold sold
oz
229,881
299,343
Financial data
Realised gold price
1,2
$/oz
2,339
1,907
TCC per ounce sold
1
$/oz
1,044
688
AISC per ounce sold
1
$/oz
1,158
767
Sustaining capital
1
$m
25.3
23.8
Non-sustaining capital
1
$m
74.0
46.2
1. This is an alternative performance measure (non-GAAP
measure). Please refer to the Alternative Performance
Measures sections in the Financial Review for definitions and
reconciliation of alternative performance measures to IFRS.
2. Realised gold price is inclusive of the Sabodala-Massawa
stream.
$15
Drilling Cost per metre
Drilling costs reduced by up to 70% through
utilisation of new equipment
3
New rigs committed
Targeting 100% grade coverage for next
twelve months on a rolling basis.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
37 Endeavour Mining plc Annual Report 2024
Sabodala-Massawa
Improving our ore-body knowledge
Having successfully expanded our
Sabodala-Massawa mine with the
construction of the BIOX® plant, we are
now focusing on optimisation.
An important initiative to allow for efficient
ore extraction is increasing optionality and
precision through additional grade control
drilling.
In order to enhance operational efficiency
and reduce costs, we are transitioning from
contractor grade-control drilling to owner
operated. THOR 5000 drill rigs were
selected due to their safety and productivity
benefits as well as potential to significantly
improve drilling costs from approximately
$50 per metre to $15 per metre.
This strategic move will facilitate a more
accurate determination of ore location,
quantity, and quality.
With increased certainty in ore reserves,
the mine can optimise extraction
processes, minimise waste and enhance
overall productivity.
Ity
With the longest operating history of any gold mine in Côte
d’Ivoire, our goal at Ity is to sustain production above
250koz/year over a +10-year life of mine at an industry-
leading AISC.
Facts
– Initially a heap leach operation, Endeavour
commissioned the CIL plant, ahead of
schedule and below budget, in 2019
– Located approximately 480km west-northwest
of Abidjan
– Achieved record production of 343koz during
2024
Figures
2024 Production
343koz
2024 AISC
1
$919/oz
2025 Production guidance
290 – 330koz
2025 AISC
1
guidance
$975 – $1,100/oz
2024 insights
Production totalled a record 343koz, above the
guided 270 - 300koz range mainly due to
improved processing plant throughput and higher
than expected grades from greater volumes of Le
Plaque ore. This represented an increase on
2024 production of 324koz thanks to
commissioning of the mineral sizer in late 2024
which lead to increased throughput rates. AISC
amounted to $919/oz, within the $850 - $925/
oz guided range but higher than $809/oz in
2023, primarily due to the increased gold sales
offsetting the higher processing unit costs driven
by lower grid availability and higher than expected
royalty costs.
Ore mining was focused on Ity, Bakatouo, Walter,
Verse Ouest and Le Plaque pits. Tonnes milled
increased due to a high proportion of soft oxide
ore mined during the year, largely from the Le
Plaque pit, while average grades fed to the plant
were consistent with 2023. Recovery rates were
slightly lower due to decrease in CIL residence
time resulting from the increased mill throughput.
Sustaining capital expenditure of $9.8million
related primarily to major critical and strategic
spares, pit dewatering boreholes and equipment
related to the processing plant. Non-sustaining
capital expenditure of $64.6million mainly
related to the development of the mineral sizer,
the tailings storage facility (“TSF”) 2 stage 1
construction and capitalised pre-stripping activity
associated with the Walter cut back.
2025 outlook
Ity is expected to produce between 290 - 330koz
in 2025 at an AISC between $975 - $1,100/oz.
Ore mining continues to focus on the Ity,
Bakatouo, Walter and Le Plaque pits, along with
the introduction of the Flotouo pit. Throughput is
expected to be slightly higher in 2025 than in
2024, due to the full year benefit of the mineral
sizer. Milled grades are expected to decrease
slightly compared to 2024, due to lower volumes
of higher grade ore from the Ity and Le Plaque
pits.
AISC is expected to increase in 2025 due to the
guided lower levels of production and gold sales
and higher expected sustaining capital.
Sustaining capital expenditure is expected to
increase to approximately $20.0million in 2025
and is primarily related to borehole drilling for
dewatering, processing plant and laboratory
upgrades and haul road construction.
Non-sustaining capital expenditure is expected to
decrease from $64.6 million in 2024 to
approximately $35.0million in 2025, and is
primarily related to pre-stripping activity at the Le
Plaque and Daapleu pits and TSF 2 raise.
Exploration
An exploration programme of $11.4million was
undertaken in 2024, consisting of 84,474 metres
of drilling across 893 drill holes. The exploration
programme focused on adding near-mine
resources within the Grand Ity complex, in
addition to reconnaissance and delineation
drilling on several potential satellite targets.
An exploration programme of $10.0million is
planned for 2025 and will focus on extending
near-mine resources around Grand Ity to test the
continuity of mineralisation at depth and in
between the Walter, Bakatouo, Zia and Ity pits.
Drilling will also focus on extending the West
Flotouo and Flotouo Extensions deposits at
depth. Reconnaissance and delineation work is
expected to continue at several targets on the Ity
belt, including the Gbampleu and Goleu targets.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
38 Endeavour Mining plc Annual Report 2024
Unit
31
December
2024
31
December
2023
Operating data
Tonnes ore mined
kt
7,954
6,790
Tonnes milled
kt
7,122
6,714
Average gold grade milled
g/t
1.64
1.63
Recovery rate
%
91.0
92.0
Gold produced
oz
342,864
323,811
Gold sold
oz
343,809
325,155
Financial data
Realised gold price
1
$/oz
2,398
1,947
TCC per ounce sold
1
$/oz
890
777
AISC per ounce sold
1
$/oz
919
809
Sustaining capital
1
$m
9.8
10.4
Non-sustaining capital
1
$m
64.6
102.8
1. This is an alternative performance measure (non-GAAP
measure). Please refer to the Alternative Performance
Measures sections in the Financial Review for definitions and
reconciliation of alternative performance measures to IFRS.
20%
Increase in M&I resources -
FY-2024 vs FY-2023
51%
Increase in P&P reserves -
FY-2024 vs FY-2023
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
39 Endeavour Mining plc Annual Report 2024
Ity
Expanding the Ity Doughnut
Following the successful $11.4 million
exploration programme at Ity during 2024,
near mine resources at the Flotou West,
Verse Ouest, Zia, Bakatouo and Walter
pits were expanded and extended resulting
in these previously standalone deposits
coalescing into larger deposits in close
proximity to the Ity processing plant.
M&I resources increased by 20% from
89.5Mt at 1.57g/t for 4,522Moz to
109.1Mt at 1.55g/t for 5,423Moz and
Probable reserves increased by 51% from
47.2Mt at 1.55g/t for 2,349Moz to
78.6Mt at 1.41g/t for 3,553Moz which
resulted from exploration success, model
updates and increased gold price
assumptions from $1,300/oz and
$1,500/oz for reserves and resources to
$1,500/oz and $1,900/oz.
The significant increases in reserves and
resources and the larger, continuous Ity
Doughnut will allow Endeavour to review its
mining practices at Ity and employ a larger
and more economic fleet to mine greater
tonnage and support the higher throughput
levels that the processing plant has
achieved in recent years.
Lafigué
Having poured first gold in Q2-2024, the Lafigué project
demonstrates Endeavour’s capabilities to unlock value
through exploration by sourcing projects organically.
Facts
– Located approximately 330km north of
Abidjan
– Uses high-pressure grinding rolls within the
crushing circuit to efficiently crush fresh ore
with lower power consumption than a
traditional SAG and ball mill
Figures
2024 Production
96koz
2024 AISC
$844/oz
2025 Production guidance
180 – 210koz
2025 AISC
1
guidance
$950 – $1,075/oz
@ 2024 insights
Production totalled 96koz, within the guided 90 -
110koz range and 2024 AISC amounted to
$844/oz which was below the guided $950 -
$1,050/oz range due to lower than expected
waste stripping.
Mining activities were focused on the Eastern
flank of the Main pit which was the primary ore
source throughout 2024 while waste stripping
activities were undertaken at the Western flank of
the Main pit and supplementary ore was sourced
from the West pit.
Sustaining capital of $6.0 million related to waste
striping activities. Non-sustaining capital of
$12.4million and was related to commencement
of the TSF lift and ongoing pre-stripping of the
main pit which will be conducted in stages.
2025 outlook
Lafigué is expected to produce between 180 -
210 koz in 2025 at an AISC of $950 - 1,075/oz.
In the first half of 2025 ore will predominantly be
sourced from the Western flank of the Main pit
whilst waste stripping is undertaken in the
Eastern flank of the main pit ahead of H2-2025.
Mining activities in 2025 will be ore focused as
the Eastern flank of the Main pit becomes the
primary ore source. Supplementary ore will be
sourced from the West pit throughout 2025.
The processing plant is expected to maintain
nameplate capacity throughout 2025 with a
consistent feed of predominantly fresh ore.
Average grade processed is expected to decrease
from 2024 with feed consisting of primarily fresh
ore from the Main pit. Recovery rates are
expected to decrease slightly as a higher
proportion of fresh ore is processed.
AISC is expected to increase slightly due largely
to an increase in sustaining capital associated
with increased waste stripping activities and the
lower grade material.
Sustaining capital expenditure is expected to
amount to $35.0 million in 2025 and is primarily
related to capitalised waste stripping activities,
advanced grade control drilling and spare parts
purchases. Non-sustaining capital expenditure is
expected to amount to $50.0 million in 2025 and
is primarily related to the completion of the TSF
lift, purchase of power generators which will
provide greater power optionality and waste
stripping activity in the Western flank of the Main
pit.
Exploration
An exploration programme of $2.5million was
undertaken in 2024 focused on WA05, Central
Area 11, and Central Area 12 targets which are
allocated within 5km of the Lafigué deposit.
An exploration programme of $5.0million is
planned for 2025 which will focus on the near-
mine Target 1 and Corridor T4-12 targets.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
40 Endeavour Mining plc Annual Report 2024
See the Lafigué Documentary here
Unit
31
December
2024
31
December
2023
Operating data
Tonnes ore mined
kt
4,801
—
Tonnes milled
kt
1,779
—
Average gold grade milled
g/t
1.83
—
Recovery rate
%
93.8
—
Gold produced
oz
95,660
—
Gold sold
oz
90,118
—
Financial data
Realised gold price
1
$/oz
2,607
—
TCC per ounce sold
1
$/oz
774
—
AISC per ounce sold
1
$/oz
844
—
Sustaining capital
1
$m
6.0
—
Non-sustaining capital
1
$m
12.4
—
1. This is an alternative performance measure (non-GAAP
measure). Please refer to the Alternative Performance
Measures sections in the Financial Review for definitions and
reconciliation of alternative performance measures to IFRS.
34%
Less power
compared to conventional SAG and ball mill
circuits.
2.4MW
Power consumption for HPGR
Total power consumption of 10.1MW between
HPGR (2.4MW) and ball mill (7.7MW) compares
with 15.4MW required for a similar circuit
capacity with traditional circuits.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
41 Endeavour Mining plc Annual Report 2024
Lafigué
Cost effective ore crushing using High-
Pressure Grinding Rolls
To address the harder nature of the fresh
ore at Lafigué, we supplemented the
crushing circuit with High Pressure
Grinding Rolls (“HPGR”) that use two
counter-rotating lined and studded rolls to
grind the harder ores.
This pressure-controlled technology uses
inter-particle grinding to reduce particle
size and increase efficiency thereby
optimising throughput capacity whilst
significantly reducing operating costs,
energy, materials (steel balls) and water
consumption.
With a life-of-mine feed composition of
93% fresh ore, the HPGR technology was
chosen as a more efficient and
sustainable choice, consuming
approximately 34% less power than
conventional SAG and ball mill circuits,
and subsequently saving CO2 emissions.
Total power consumption of 10.1MW
between HPGR (2.4MW) and ball mill
(7.7MW) compares with 15.4MW required
for a similar circuit capacity with traditional
circuits. In addition, the technology can
reduce maintenance requirements and
result in lower ownership costs, supporting
enhanced productivity.
Houndé
Ambition to sustain production above 250koz/year over a
+10-year life of mine.
Facts
– Built by Endeavour and commissioned in 2017
– Increased throughput at CIL from nameplate of
3.8mtpa to over 5mtpa of mainly fresh ore
– Consistent increases in mine life through
organic brownfield exploration programme
Figures
2024 Production
288koz
2024 AISC
1
$1,294/oz
2025 Production guidance
230 – 260koz
2025 AISC
1
guidance
$1,225 – $1,375/oz
2024 insights
2024 production totalled 288koz, near the top
end of the guided 260 - 290koz range, driven by
high grade ore sourced from the Kari Pump pit.
2024 AISC amounted to $1,294/oz, which is
above the guided $1,000 - $1,100/oz range due
to higher than expected processing costs
following an increased reliance on self-generated
power in H1-2024, higher than expected
sustaining capital and higher royalties due to a
higher realised gold price. 2024 production
decreased compared to 2023 due to lower
tonnes milled with increased fresh rock milled.
Recovery rates decreased with a greater
proportion of fresh Kari pump material processed
which has lower associated recoveries, although
is higher-grade.
Ore mining was focused on the Kari Pump,
Vindaloo Main and Kari West pits. The major
waste development undertaken in the year
related to the Kari Pump pit in the first half of
2024. Tonnes milled decreased from 2023 due
to the higher proportion of fresh and transitional
ore in the mill feed.
AISC increased to $1,294/oz in 2024, due to
higher royalty costs compounded by the increase
to the sliding scale royalty rates in Burkina Faso
effective from November 2023, and higher
processing costs due to the increased reliance on
self-generated power.
Sustaining capital expenditures of $49.5 million
related primarily to purchases of heavy mining
equipment and spare parts and processing plant
upgrades.
Non-sustaining capital expenditures of $9.6
million predominantly related to the TSF raise.
2025 outlook
Houndé is expected to produce between 230 -
260koz in 2025 at AISC of $1,225 - $1,375/oz.
Mining activities expected to continue at the
Vindaloo Main, Kari Pump, and Kari West pits, in
addition to the commencement of mining at
Vindaloo North. Ore milled and grades are
expected to decrease in 2025 as a lower
proportion of soft oxide ore from the higher-grade
Kari Pump pit is anticipated with mining activites
completing in H1-2025, while the Kari West pit is
expected to advance into harder transitional and
fresh ore.
AISC is expected to remain stable in 2025 with
higher mining and processing costs, due to the
expected increase in fresh ore in the feed being
offset by lower sustaining capital. Sustaining
capital expenditure is expected to decrease from
$49.5 million in 2024 to approximately
$40.0million in 2025, and primarily relates to
mining fleet component rebuilds and
replacements, processing plant equipment
upgrades and waste capitalisation in the Kari
West area.
Non-sustaining capital expenditure is expected to
increase from $9.6 million in 2024 to
approximately $90.0million in 2025, and
primarily relates to the Phase 3 pushback at the
Vindaloo Main pit, the TSF 1 stage 10 raise and
land compensation for the third TSF cell.
Exploration
An exploration programme of $9.9million was
undertaken in 2024 consisting of 1,784 metres
of drilling across 3 drill holes. The exploration
programme was focused on identifying additional
resources below the Kari West deposit,evaluating
the underground potential of the Vindaloo
deposit, and testing new near-mine targets
including the Kari Bridge target.
An exploration programme of $7.0million is
planned for 2025, focused mainly on infill drilling
at the Vindaloo Deeps deposit and scout drilling
to test underground potential at the Kari Deeps
target.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
42 Endeavour Mining plc Annual Report 2024
See the Houndé Documentary here
Unit
31
December
2024
31
December
2023
Operating data
Tonnes ore mined
kt
4,662
5,420
Tonnes milled
kt
5,148
5,549
Average gold grade milled
g/t
2.10
1.92
Recovery rate
%
84.0
91.0
Gold produced
oz
287,726
311,876
Gold sold
oz
287,220
313,698
Financial data
Realised gold price
1
$/oz
2,462
1,954
TCC per ounce sold
1
$/oz
1,121
835
AISC per ounce sold
1
$/oz
1,294
943
Sustaining capital
1
$m
49.5
33.9
Non-sustaining capital
1
$m
9.6
38.3
1. This is an alternative performance measure (non-GAAP
measure). Please refer to the Alternative Performance
Measures sections in the Financial Review for definitions
and reconciliation of alternative performance measures to
IFRS.
Mana
Our focus at Mana is to increase the mine life beyond 10
years, through the expansion of the underground deposits
and evaluating open pit targets.
Facts
– Acquired as part of the Semafo transaction in
2020
– Transitioned in 2024 to a solely underground
operation with focus on the Siou and Wona
deposits
Figures
2024 Production
148koz
2024 AISC
1
$1,740/oz
2025 production guidance
160 – 180koz
2025 AISC
1
guidance
$1,550 – $1,750/oz
2024 insights
Production totalled 148koz, below the guided
150 - 170koz range due to a slower than
expected ramp up of a new underground mining
contractor at the Wona underground deposit
resulting in lower than expected ore tonnes
mined and consequently lower processed grades
and throughput. However it represented an
increase from 2023 production of 142koz largely
due to higher average grades processed
offsetting the slightly lower mill throughput.
Underground operations continued throughout the
year at Siou which contributed 542k tonnes of
ore, largely from stope production with mined
grades falling slightly as focus moved to
secondary stoping. 2024 AISC amounted to
$1,740/oz which was above the guided $1,200 -
$1,300/oz range and represented an increase
from $1,427/oz in 2023 primarily due to an
increase in self-generated power, higher than
expected royalty costs and higher sustaining
capital due to increased development at the
Wona underground deposit. Development at the
Wona underground continued throughout 2024
with 1,434k ore tonnes mined and 13,071
development metres achieved.
Ore tonnes milled decreased with lower available
mine feed as the operations moved to increased
reliance on underground sources with open pit
mining operations ceasing in the first half of
2024. Processed grades increased compared to
2023 due to the higher grade material available
from the Wona underground, albeit at lower
recoveries.
Sustaining capital expenditures of $33.5 million
related primarily to capitalised development
costs, mining equipment, plant strategic spares
and infrastructure.
Non-sustaining capital expenditures of $58.7
million related to pre-production capitalised
development costs and infrastructure associated
with the Wona underground and the TSF stage 5 lift.
2025 outlook
Mana is expected to produce between 160 -
180koz in 2025 at AISC of $1,550 - $1,750/oz.
Ore is expected to be primarily sourced from the
Siou and Wona underground deposits.
Throughput is expected to be slightly lower than
2024 as the mine transitions to a sole reliance
on underground ore for the feed.
AISC is expected to decrease in 2025 due to the
guided higher levels of production compensating
for the higher expected sustaining capital.
Sustaining capital expenditure is expected to
increase from $33.5 million in 2024 to
approximately $60.0 million in 2025, and is
primarily related to waste development in the
Wona underground deposit
Non-sustaining capital expenditure is expected to
decrease from $58.7 million in 2024 to
approximately $10.0 million in 2025, and is
primarily related to the stage 6 TSF lift and
infrastructure upgrades.
Exploration
An exploration programme of $2.8 million was
undertaken in 2024 consisting of 2,039 metres
of drilling across 59 drill holes. The exploration
programme was focused on delineating near
mine high grade oxide targets near the Nyafé
deposit and the non-refractory open pit targets
Siou Nord, Bara, and Momina.
An exploration programme of $3.0million is
planned for 2025, focused on following
underground mineralisation at the Wona Deeps
and Siou Nord UG in addition to developing
shallow oxide mineralisation within the mine
lease at the Bana Camp targets. Drilling is also
planned to test new open pit resources at the
Momina and Bara prospects within the Momina
exploration permit.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Operating review
Continued
43 Endeavour Mining plc Annual Report 2024
See the Mana Documentary here
Unit
31
December
2024
31
December
2023
Operating data
Tonnes ore mined - OP
kt
185
1,298
Tonnes ore mined - UG
kt
1,975
1,314
Tonnes milled
kt
2,294
2,443
Average gold grade milled
g/t
2.27
2.01
Recovery rate
%
87.0
91.0
Gold produced
oz
147,806
142,241
Gold sold
oz
147,924
145,323
Financial data
Realised gold price
1
$/oz
2,388
1,953
TCC per ounce sold
1
$/oz
1,514
1,284
AISC per ounce sold
1
$/oz
1,740
1,427
Sustaining capital
1
$m
33.5
20.8
Non-sustaining capital
1
$m
58.7
53.6
1. This is an alternative performance measure (non-GAAP
measure). Please refer to the Alternative Performance
Measures sections in the Financial Review for definitions
and reconciliation of alternative performance measures to
IFRS.
2024 has been defined
bythe successful delivery
ofour two organic projects,
enabling a shift away from
our capital intensive growth
phase towards a focus on
free cash flow generation.
Assisted by rising
goldprices, free cash flow
generated amounted to
$313million in 2024.
Endeavour performed strongly during 2024
thanks to a robust operational performance and
the improvement in gold prices as the safe-haven
asset increased its allure. Driven by the
successful finalisation of our two organic growth
projects, the second half of 2024 was
characterised by a shift away from investment to
free cash flow generation. This supported our
continued delivery of attractive shareholder
returns underpinned by our effective risk
management approach, disciplined capital
allocation and strong competitive advantage in
West Africa.
2024 was another year characterised by
significant macroeconomic uncertainty, with
inflationary pressures subsiding throughout the
year driving an easing of the economically-
restrictive rate environment imposed by central
banks. Akin to 2023, intensifying geopolitical
risks continued to be a driver of sentiment, with
this dynamic expected to persist over the near to
medium term.
We were pleased to return $277 million in 2024
through a combination of dividends and share
buybacks. This brings total shareholder returns to
to $1.2 billion since we launched the programme
and made our first payments in Q1-2021. As we
move our focus from a phase focused on
investment to a phase focused on free cash flow
generation, we have announced a new
2024-2025 shareholder returns programme, with
a minimum dividend commitment of $225 million
in 2025.
We remain committed to a disciplined capital
allocation approach and our principal capital
expenditure priorities this year focused on the
continued growth investment into our Sabodala-
Massawa BIOX®Expansion and Lafigué
development projects, which both achieved
commercial production in Q3 2024. Furthermore,
the Group increased its focus on exploration and
evaluation spend, marked by the announcement
of a PFS at our Assafou exploration project in
Côte d’Ivoire and increased exploration
investment in Senegal.
We continued to optimise our capital structure as
evidenced by the refinancing and upsizing of our
New RCF in Q4-2024 on the same favourable
terms as the previous RCF. With increased
capacity of up to $700 million maturing in
November 2028, the RCF continues to provide
flexibility in the short to medium term while with
its sustainability-linked features, integrates with
some of the core elements of Endeavour’s
sustainability strategy.
In 2024, we delivered production from continuing
operations of 1,103koz, slightly below our
guidance, primarily due to the under performance
of Sabodala-Massawa. AISC amounted to a class
leading $1,218/oz that was above initial
guidance, primarily due to elevated royalties
driven by higher realised gold prices, under
performance of Sabodala-Massawa and
unavailability of grid electricity power challenges.
Our financial performance benefitted from record
gold prices during 2024. This resulted in an
average realised gold price for the year of
$2,349/oz in 2024, representing an increase of
22% from $1,919/oz in 2023. Realised prices
were negatively impacted by our revenue
protection programme that realised losses of $76
million or $69/oz.
Our realised gold price prior to the hedging
program but inclusive of our LBMA averaging
programme amounted to $2,407/oz. As at the
end of 2024, the Group had 200,000 ounces of
open gold collar positions in relation to 2025 at
an average floor and ceiling price of $1,992/oz
and $2,400/oz respectively.
Operating cash flows benefited from higher gold
prices, increased production volumes and
improved working capital flows leading to a 53%
increase year-on-year. Free cash flow increased
by $488 million following a decrease in growth
capital following the completion of the two
organic projects at Sabodala-Massawa BIOX®
and Lafigué.
We continued to deliver
exceptional shareholder
returns underlined by the
$277 million returned in the
form of dividends and share
buybacks inclusive of the
second interim dividend of
$140 million declared in
relation to H2-2024. This is
a 32% increase on our
minimum commitment of
$210 million.
Guy Young
Chief Financial Officer
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Chief Financial Officer’s statement
44 Endeavour Mining plc Annual Report 2024
MARKET OVERVIEW
Good progress in a challenging environment
Pages 16-18
CHIEF EXECUTIVE'S STATEMENT
Extending our industry-leading track record
Pages 11-13
OUR STRATEGY
Build a resilient business
Pages 19-22
Key metrics
YEAR ENDED
($’millions) Unit
31 December
2024
31 December
2023
Operating data from continuing operations
Gold produced
oz
1,103,170
1,071,675
Gold sold
oz
1,098,952
1,083,519
Realised gold price
1,2
$/oz
2,349
1,919
AISC per ounce sold
2
$/oz
1,218
967
Earnings data from continuing operations
Revenue
3
$
2,675.9
2,114.6
Earnings from mine operations
$
868.7
745.3
Adjusted EBITDA
2,4
$
1,324.6
1,047.3
Adjusted net earnings attributable to shareholders
2
$
227.3
230.2
Adjusted net earnings per share attributable to
shareholders
2
$/share
0.93
0.93
Cash flow data from continuing operations
Operating cash flows
$
949.6
619.3
Operating cash flows per share
2
$/share
3.88
2.51
Free cash flow
2,5
$
313.3
(174.3)
Free cash flow per share
2,5
$/share
1.28
(0.71)
Balance sheet data
Net debt
2
$
731.6
555.0
Net debt / Adjusted EBITDA (LTM) ratio
2,4
$
0.55
0.50
1. Realised price is inclusive of the Sabodala-Massawa stream and realised losses/gains from the Group’s revenue
protection programme.
2. This is a non-GAAP measure that is discussed in our Alternative Performance Measures section on pages 51 to 56.
3. Revenue includes gold, silver and other by-product revenues for all periods presented.
4. EBITDA is defined as earnings before interest, taxes and depreciation and depletion; LTM is defined as last 12
months.
5. Free cash flow and free cash flow per share are calculated on an all operations basis.
Free cash flow improved significantly to
$313.3million generated in 2024, compared to
$174.3million used in 2023, mainly due to
higher revenues and lower growth capital incurred
following the completion of Lafigué and Sabodala-
Massawa partly offset by increased operating
costs.
We ended 2024 with a net debt position of
$731.6million and a leverage ratio of 0.55x, an
increase of $176.6million over 2023, due to our
investment in our growth projects partly offset by
strong free cash flow generation in the second
half of 2024. Our liquidity position remained
strong at year-end, with a cash position of
$397.3million, alongside our undrawn RCF of
$230.0million.
In addition to a programme of functional
improvement projects, we continued to review and
further strengthen our control environment while
preparing for the impact of the introduction of the
new 2024 UK Corporate Governance Code and the
‘Failure to Prevent Fraud’ Offence, marked by a
comprehensive review and update of our risk
management process and internal control
framework. I would like to thank the Finance team
for their unwavering commitment and efforts to
upholding our standards in what was a difficult year.
During the year, we signed a settlement
agreement with Lilium and the State of Burkina
Faso in respect of the outstanding consideration
relating to the divestment of our two non-core
assets, Boungou and Wahgnion at the end of the
second quarter in 2023 to Lilium. This also
concluded the Lilium arbitration process entered
into during the first quarter of 2024. At the point
of settlement in the third quarter of 2024, we
recognised a loss of $112million and we have
subsequently received $40million from the
revised consideration agreed with the State of
Burkina Faso since settlement, with a further
$20 million receivable at 31 December 2024.
During the year we impaired a number of
exploration and development assets totalling
$199.5 million following an extensive review of
our exploration licences under renewal including
Golden Hill and production changes and risk
assumptions per our latest valuation of our
Kalana development project.
Looking ahead, we believe that the fundamentals
for the gold price environment remain robust
while macroeconomic uncertainty is set to
continue, which in our view will continue to
provide an important tailwind for gold assets into
2025. Combined with the expected increase in
our production, we expect to generate significant
cash flow in 2025 to support our de-leveraging
and shareholder returns programme.
Guy Young
Chief Financial Officer
6March 2025
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
45 Endeavour Mining plc Annual Report 2024
Statement of comprehensive loss
YEAR ENDED
$’millions
31 December
2024
31 December
2023 Change
Revenue
2,675.9
2,114.6 27 %
Cost of sales
Operating expenses
(1,007.4)
(787.2) 28 %
Depreciation and depletion
(609.3)
(448.4) 36 %
Royalties
(190.5)
(133.7) 42 %
Earnings from mine operations 868.7
745.3 17 %
Corporate costs
(47.3)
(49.0) (3) %
Other expenses
(62.5)
(22.7) 175 %
Derecognition and impairment of financial assets
(151.0)
(32.1) 370 %
Impairment of mining interests
(199.5)
(122.6) 63 %
Share-based compensation
(21.4)
(28.7) (25) %
Exploration costs
(19.2)
(47.5) (60) %
Earnings from operations 367.8
442.7 (17) %
Loss on financial instruments
(142.7)
(118.0) 21 %
Finance costs - net
(111.2)
(71.2) 56 %
Earnings before taxes 113.9
253.5 (55) %
Income tax expense
(348.5)
(210.8) 65 %
Net (loss)/earnings from continuing operations (234.6)
42.7 (649) %
Net loss from discontinued operations
(6.3)
(186.3) (97) %
Total loss and total comprehensive loss (240.9)
(143.6) 68 %
Earnings from mine operations
Earnings from mine operations of $868.7 million
in 2024, increased by 17% from $745.3 million
in 2023 due to increased revenues in part offset
by increased operating costs, depreciation and
royalties.
– Revenue primarily comprises of gold sales, and
for 2024 increased by $561.3 million or 27%
to $2,675.9 million. The increase was driven
by higher realised gold prices underpinned by
record spot prices achieved during 2024, an
impact of $526.4 million and increased sales
volumes of 15,433 ounces, an impact of
$29.9 million primarily due to increased
production volumes at Ity and Lafigué following
commercial production in the third quarter of
2024.
These increases were partly offset by lower
production at Sabodala-Massawa. Refer to the
realised price non-GAAP measurement included
in the Alternative Performance Measurements
section on page 52.
– Royalties increased by 42% from $133.7
million in 2023 to $190.5 million in 2024 due
to higher revenues driven by higher realised
spot gold prices in combination with higher
rates in Burkina Faso, which became effective
in November2023, and higher rates applied per
legislative gold price adjusted sliding scales.
$2,676m
Revenue by mine 2023
$2,115m
Operating costs by mine 2024
$1,007m
Operating costs by mine 2023
$787m
Revenue by mine 2024
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
46 Endeavour Mining plc Annual Report 2024
l
Sabodala-Massawa (SEN)
l
Ity (CIV)
l
Lafigué (CIV)
l
Houndé (BF)
l
Mana (BF)
l
Sabodala-Massawa (SEN)
l
Ity (CIV)
l
Lafigué (CIV)
l
Houndé (BF)
l
Mana (BF)
9%
26%
20%
31%
13%
6%
27%
21%
26%
20%
29%
27%
30%
14%
28%
22%
28%
22%
l
Sabodala-Massawa (SEN)
l
Ity (CIV)
l
Lafigué (CIV)
l
Houndé (BF)
l
Mana (BF)
l
Sabodala-Massawa (SEN)
l
Ity (CIV)
l
Lafigué (CIV)
l
Houndé (BF)
l
Mana (BF)
– Operating expenses for 2024 amounted to
$1,007.4 million, which represents an increase
of 28% compared to $787.2 million in 2023.
The increase is primarily due to the ramp up in
mining and processing operations at Lafigué
and Sabodala-Massawa BIOX®; increased
processing costs related to power generation
costs in Burkina Faso and Côte d’Ivoire; higher
mining costs at Houndé due to longer haulage
distances; and a volume driven increase in
underground mining costs at Mana. Refer to
the TCC and AISC non-GAAP measurements
included in the Alternative Performance
Measurements section on page 53.
– Depreciation increased from $448.4 million in
2023 to $609.3 million in 2024 primarily due
to higher production volumes, additional
depreciation associated with completed growth
projects and the impact of the depreciable
base change following the 2023 Reserves and
Resource update.
Earnings from operations
Earnings from operations of $367.8 million in
2024, decreased by 17% from $442.7 million in
2023 primarily due to impact of the derecognition
and impairment loss of financial assets following
the Lilium settlement, higher impairment charges
and increased other expenses, in part offset by
higher earnings from mine operations and lower
exploration costs incurred. Significant expense
elements which had an impact on earnings from
operations include:
– Corporate costs decreased to $47.3million in
2024 compared to $49.0million in 2023 due
primarily to lower employee compensation and
professional service costs incurred in 2024.
– Other expenses for the year increased to
$62.5 million in 2024 from $22.7 million
incurred in 2023. Other expenses in 2024
includes acquisition and restructuring costs of
$21.4 million primarily relating to the Sabodala-
Massawa employee settlement, costs incurred
relating to the closure of the Maoula pit at
Mana, executive restructuring and corporate
development activities; legal settlements and
other costs and provisions of $21.6 million in
relation to the settlement with a former service
provider, legislative exposure and litigation
costs incurred as part Lilium settlement and
class action; indirect tax related claims of
$8.3million; and investigation costs of
$9.4million. Other expenses in 2023 were
mainly made up of $24.9 million in settlement
of indirect tax claims primarily at Sabodala-
Massawa and loss on disposal of assets of
$4.3 million, partially offset by $9.1 million
proceeds received in relation to an insurance
claim for disturbance incident that occurred at
Houndé.
– Derecognition and impairment of financial
assets increased to $151.0 million in 2024
from $32.1 million in 2023. The majority of
this follows the settlement agreement finalised
during the third quarter of 2024 involving the
Group and Lilium whereby Lilium transferred
ownership of the Boungou and Wahgnion
mines to the State of Burkina Faso and all
consideration receivables and financial assets
outstanding to the Group were absolved. In
exchange, the Group was due to receive cash
consideration of $60.0 million and a 3% royalty
on up to 400,000 ounces of gold sold from the
Wahgnion mine valued at $22.0 million on the
settlement date. As a result, a derecognition
and impairment of financial assets of
$112.2million was recognised which reflects
the difference in the carrying value of
consideration related components from Lilium
and the fair value of the consideration related
components from the State of Burkina Faso.
The remaining balance consists largely of
expected credit loss charges on the
consideration receivable from Lilium prior to
the settlement and outstanding VAT of
$27.0million (2023 - $22.8 million related to
Lilium), and a write-off of indirect taxes and
other receivables of $11.8million (2023 -
$9.3 million including $5.9 million in relation to
Allied) primarily recognising current challenges
in Burkina Faso where VAT receivables have
increased significantly during the year.
– Share-based compensation in 2024 decreased
to $21.4million from $28.7 million incurred in
2023 primarily due to the lower PSU expenses
as a result of the weaker share price
performance in combination with the lower
amount of granted share units under valuation
compared to 2023.
– Exploration costs for the year decreased to
$19.2 million in 2024 from $47.5million in
2023 primarily driven by a decrease in
greenfield drilling and the subsequent
capitalisation of Assafou related drilling costs
since the fourth quarter of 2023.
– The impairment expense in 2024 of
$199.5million compares to an impairment of
$122.6million in 2023. The impairment
charge in 2024 is primarily comprised of a
$133.1million charge on the Kalana
development project due to changes in the
conversion factor applied against resources
and in-situ multiples; $62.9 million at primarily
Golden Hill and Fobiri related exploration
properties where the Group has deemed it
unlikely that the expired permits will be
renewed; and a $3.5 million charge relating to
exploration properties and licenses with no
planned near-term activities and with no
intention to renew the licenses. The
impairment charge in 2023 primarily comprised
Kalana development project of $56.9 million
following changes primarily to the capital
assumptions, the Kamsongo permit on the
Nabanga property of $32.5 million, Afema
properties of $16.9 million and a number of
smaller properties in Burkina of $16.3 million
where we had no intention to renew the
licence.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
47 Endeavour Mining plc Annual Report 2024
– Due to allocated goodwill, the Sabodala-
Massawa and Mana CGUs were tested for
impairment at 31 December 2024. There were
no indicators of impairment identified at the
Group's other mine site CGUs in the year. The
projected cash flows used in impairment
testing are significantly affected by changes in
assumptions for gold prices, changes in the
amount of recoverable reserves, resources,
and exploration potential expected to be
converted into reserves, production costs
estimates, and discount rates. Following our
assessment, the two CGUs were not impaired
primarily due to the impact of increased gold
price assumptions that more than offset the
impacts of increased cost assumptions,
resource adjustments and increased discount
rates primarily driven by increased geopolitical
risk factors.
The Group’s impairment testing incorporated the
following key assumptions:
Assumption Mana
Sabodala-
Massawa
Gold price - 2025 $2,598 $2,598
Gold price - 2026 $2,551 $2,551
Gold price - 2027 $2,479 $2,479
Gold price - 2028 $2,402 $2,402
Long-term gold
price $2,169 $2,169
Mine life 9 years 15 years
Life of mine
production (koz) 1,432 4,427
Discount rate 11.0% 7.5%
Net (loss)/earnings from continuing operations
Net comprehensive (loss)/earnings from
continuing operations decreased to a loss of
$234.6million in 2024 from an earnings position
of $42.7million in 2023 due to the impact of
losses from the revenue protection programme, an
increase in tax expense, increased finance costs,
and lower earnings from operations.
– The loss on financial instruments amounted to
$142.7 million in 2024 compared to a loss in
2023 of $118.0million. The loss in 2024
primarily comprised unrealised losses of
$37.0million on the outstanding gold collar
contracts, realised losses of $75.9million on
the gold forward and collar contracts settled
during the year, unrealised fair value losses on
NSRs and deferred consideration of
$9.1million following remeasurement and
foreign exchange losses of $23.9million. The
loss in 2023 primarily comprised foreign
exchange losses of $13.3 million, loss on
revenue protection programme of $42.5
million, unrealised fair value losses on NSRs
and deferred consideration of $24.1 million
following remeasurement, unrealised losses on
marketable securities of $20.5 million primarily
related to the Allied investment and a fair value
loss on the conversion option on Convertible
Notes of $14.9 million.
– Finance costs increased to $111.2 million from
$71.2 million in 2023 primarily due to the
increase interest associated with the higher
average debt outstanding primarily in relation
to the RCF and Lafigué project financing with
$470.0 million and $134.9 million drawn
respectively as at year-end in addition to fees
associated with refinancing the New RCF
in 2024.
– Total tax expense amounted to $348.5 million
in 2024 compared to the expense incurred of
$210.8 million in 2023. The increase is
primarily due to higher taxable earnings at
operating site level resulting in an an increase
in the income tax expense, increased
withholding taxes recognised in relation to 2024
profits planned to be remitted in 2025, the
foreign exchange loss recognised upon the
revaluation of deferred taxes carried forward
from 2023 and Burkina Faso patriotic taxes
incurred since the start of 2024 and recognised
in income taxes.
Net loss from discontinued operations
The Group had a net comprehensive loss for the
year of $6.3 million compared to a loss of
$186.3 million in 2023 which primarily reflects
the net losses from Boungou and Wahgnion
which were reclassified as discontinued
operations following the sale to Lilium during the
second quarter of 2023. The loss in 2024
includes the resolution of uncertainties and
contingencies that were settled under terms of
sale of assets. The loss in 2023 includes the
loss on disposal of $177.8 million.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
48 Endeavour Mining plc Annual Report 2024
Cash flows
$’millions
2024
2023 Change
Operating cash flows before changes in working capital and
tax
1,247.7
1,087.1 15 %
Taxes paid
(296.0)
(340.9) (13) %
Operating cash flows before changes in working capital
951.7
746.2 28 %
Changes in working capital
(2.1)
(126.9) (98) %
Cash (used in)/generated from discontinued operations
(6.3)
27.2 (123) %
Cash generated from operating activities
943.3
646.5 46 %
Cash used in investing activities
(630.0)
(820.8) (23) %
Cash used in financing activities
(439.1)
(276.6) 59 %
Effect of exchange rate changes on cash and cash
equivalents
(7.2)
17.0 (142) %
Decrease in cash (133.0)
(433.9) (69) %
Operating activities
Cash generated from operating activities
increased by $296.8 million to $943.3 million in
2024 compared to the prior year of
$646.5million primarily due to higher revenues
driven by both higher spot prices and production
volumes, improved working capital flows and lower
taxes paid, in part offset by higher operating costs
and realised losses on gold hedges.
– The operating cash flows before changes in
working capital and taxes of $1,247.7 million
were 15% higher than 2023 primarily due to
increased revenue driven by higher spot prices
and production volumes in part offset by
increased operating costs, royalties, and
realised gold hedge losses incurred in relation
to gold forwards and collars.
– Taxes paid by the Group decreased to $296.0
million in 2024 from $340.9 million in 2023
primarily due to lower estimated taxable profits at
Sabodala-Massawa and Mana driving lower
provisional payments in combination with the
timing of provisional and final payments at
Sabodala-Massawa, partly offset by increased
provisional and final payments at Ity.
– Working capital reflected an outflow of $2.1
million in 2024 compared to the outflow of
$126.9 million in 2023. The factors contributing
to the working capital outflow in 2024 were the
$31.7 million outflow in trade and other
receivables due to increased VAT; $73.7 million
outflow due to the increase in stockpiles and
supplies at Sabodala-Massawa and Lafigué in
support of the ramp up of operations post-
completion of the two growth projects in
combination with increased stockpiles at Ity;
and the outflow in prepaid expenses of $22.7
million due to the timing of supply related
payments. This was partly offset by an inflow of
$126.0 million in relation to trade and other
payables due to the build up in operating
payables at Lafigué following commercial
production, general higher cost base, timing of
fourth quarter sales driving higher royalty
accruals and timing of year-end payments.
– The current year included operating cash flows
used in discontinued operations of $6.3 million
which was lower than the prior year amount
generated of $27.2 million following the sale of
Boungou and Wahgnion to Lilium in the second
quarter of 2023.
Investing activities
Cash flows used by investing activities were
$630.0 million in 2024 compared to outflows of
$820.8 million in 2023, and the decrease was
primarily driven by reduced capital expense
incurred in relation to our two organic growth
projects.
– Expenditures on mining interests of
$685.7million in 2024 were lower than the
$762.6 million incurred in 2023 driven primarily
by growth capital incurred at Lafigué construction
and Sabodala-Massawa, lower non-sustaining
capital at Ity and Houndé partially offset by the
solar project at Sabadola-Massawa and increased
sustaining capital.
– Investing activities included proceeds from the
sale of marketable securities of $42.8 million and
$40.2 million in relation to proceeds for
outstanding consideration compared to $16.5
million in 2023. The outflow in relation to other
assets was primarily in relation to the Ity land
claim restriction on cash of $15.2 million.
– Cash used by discontinued operations in 2023
amounted to $46.6 million.
Financing activities
Cash flows used in financing activities
amounted to $439.1 million in 2024 compared
to $276.6 million in 2023. The outflows in
2024 primarily reflect the dividends paid for
the Group’s shareholder returns programme,
including dividends paid and share buybacks of
$200.0 million and $39.2 million respectively;
payments of minority shareholder dividends of
$123.5million in support of the upstreaming
of cash; the payment of financing and other
fees of $101.4 million related primarily to
interest and fees on debt arrangements. In
2023, the Convertible Notes were settled in
cash for $330.0 million with the conversion
feature settled in shares in part offset by net
proceeds on debt drawn of $242.2 million.
2023 also included the settlement of the
contingent consideration liability to Barrick of
$50.0 million, settlement of call rights of
$28.5 million, shareholder dividends of
$200.4 million and dividends to minority
shareholders of $74.7 million and interest and
other financing payments of $68.6 million.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
49 Endeavour Mining plc Annual Report 2024
Free cash flow (“FCF”) bridge
-174.3
160.6
44.9
124.8
144.2
13.1
313.3
FCF-23
Operating
cash flow
Taxes paid
Working
capital
Investing
cash flow
Discontinued
operations
FCF-24
-250.0
0.0
250.0
Summarised balance sheet
$’millions
As at
31 December
2024
As at
31 December
2023
Change
Assets
Cash and cash equivalents
397.3
517.2 (23) %
Other current assets
567.5
603.0 (6) %
Total current assets 964.8
1,120.2 (14) %
Mining interests
3,980.8
4,157.1 (4) %
Other long-term assets
567.8
581.2 (2) %
Total assets 5,513.4
5,858.5 (6) %
Liabilities
Other current liabilities
543.8
438.7 24 %
Current portion of debt
51.2
8.5 502 %
Overdraft facility
13.1
— —
Income taxes payable
213.6
166.2 29 %
Total current liabilities 821.7
613.4 34 %
Non-current portion of debt
1,060.0
1,059.9 —
Environmental rehabilitation provision
119.5
115.1 4 %
Other long-term liabilities
59.6
57.7 3 %
Deferred income taxes
459.7
464.1 (1) %
Total liabilities 2,520.5
2,310.2 9 %
Total equity 2,992.9
3,548.3 (16) %
Total equity and liabilities 5,513.4
5,858.5 (6) %
Assets
– Other current assets decreased on the prior
year, primarily due to a decrease in trade and
other receivables to $150.6 million at 31
December 2024, compared to $269.2 million
at 31 December 2023 due to the impairment of
consideration-related receivables following the
settlement with Lilium and the State of Burkina
Faso, subsequent receipts from the State and
the reclassification of a portion of the Burkina
Faso VAT receivable to non-current in
combination with the expected credit loss
charge. Other financial assets decreased to
$21.3 million at 31 December 2024 from
$69.7 million at 31 December 2023 in relation
to impairment of the deferred and contingent
consideration elements from Lilium and the
Boungou net smelter royalty portion.
This was in part offset by the increase in
inventories from $224.9 million at 31
December 2023 to $339.2 million at 31
December 2024 primarily due to increased
supplies required in support of operating
activities at Lafigué and Sabodala-Massawa
and the increased stockpiles at these sites in
addition to Ity.
– Mining interests decreased by 4% to $3,980.8
million as at 31 December 2024 due to the
impairment charge of $199.5 million
recognised on the development and exploration
and evaluation projects as capital additions
were offset by depreciation.
– Other long-term assets remained relatively flat
year-on-year primarily as the derecognition and
impairment of financial assets were offset by
reclassification of VAT and increased
stockpiles. The balance at 31 December 2024
was primarily made up of $316.9 million of long-
term stockpiles not expected to be processed
within the next 12 months, goodwill of $134.4
million in relation to Sabodala-Massawa and
Mana mines, $80.2 million of other financial
assets primarily related to the Wahgnion NSR
consideration and restricted cash, and $36.3
million relating to non-current portion of VAT
receivables reflecting the change in expected
timing of VAT receipts in Burkina Faso.
Liabilities
– Other current liabilities increased as at 31
December 2024 compared to 31 December
2023 due to the increase of operational
payables and derivative liabilities. The balance
at year-end consisted of $462.5 million trade
and other payables, $63.1 million of other
financial liabilities which included gold collar
derivative contracts, PSU and DSU liabilities
and $18.2 million of lease liabilities.
– The current portion of debt increased from $8.5
million at 31 December 2023 to $51.2 million
at 31 December 2024 due to the current
payable principal elements on the Lafigué and
Sabodala-Massawa term facilities.
–
– Income taxes payable increased at 31
December 2024 to $213.6 million
compared to 31 December 2023 of $166.2
million, due primarily to the increased
income tax payable estimated at year-end.
Net debt
At 31 December 2024, Endeavour held
$397.3 million in cash and cash equivalents
compared to $517.2 million at 31 December
2023. The net debt position of $731.6million
at 31 December 2024 compares to net debt
position of $555.0 million as at 31 December
2023 and the increase has been primarily
driven by the funding requirement of the
Sabadola-Massawa and Lafigué organic
growth projects, shareholder returns and
minority dividend payments, in part offset by
free cash flow generated from operations. The
Groups balance sheet remains robust at a net
debt/adjusted EBITDA ratio of 0.55x when
considering the timing of project delivery
towards the second half of 2024. The Net
debt/adjusted EBITDA LTM ratio for year end
31 December 2023 was 0.50x.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
50 Endeavour Mining plc Annual Report 2024
-555.0
943.3
-630.0
-120.0
-123.5
-239.2
-7.2
-731.6
Net debt-
23
Operating
cash
flows
Investing
cash
flows
Other
financing
cash
flows
Minority
dividends
Shareholder
returns
Other
Net debt-
24
-1000.0
0.0
1000.0
Net Debt bridge
IN THIS SECTION
Realised gold price
EBITDA and adjusted EBITDA
Total cash costs and AISC
Capital expenditure
Net earning and adjusted
net earnings
Net debt and net debt/ adjusted
EBITDA
Operating cash flow and operating
cash flow per share
Free cash flow and free cash flow
per share
Return on capital employed
Reconciliation of alternative performance
measures
This Annual Report as well as the Company’s
other disclosures contain multiple non-GAAP
measures, which the Company believes that, in
addition to conventional measures prepared in
accordance with GAAP, certain investors use to
assess the performance of the Company. These
do not have a standard meaning and are intended
to provide additional information which is not
necessarily comparable with similar measures
used by other companies and should not be
considered in isolation or as a substitute for
measures of performance prepared in accordance
with GAAP. The definitions of these measures,
and the reconciliation to the amounts presented
in the consolidated financial statements, and the
reasons for these measures, are included below.
The non-GAAP measures are consistent with those
presented previously and there have been no
changes to the basis of calculation, except as
otherwise disclosed below.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
51 Endeavour Mining plc Annual Report 2024
READ MORE ON PAGE 52
READ MORE ON PAGE 52
READ MORE ON PAGE 53
READ MORE ON PAGE 54
READ MORE ON PAGE 55
READ MORE ON PAGE 55
READ MORE ON PAGE 56
READ MORE ON PAGE 56
READ MORE ON PAGE 56
Realised gold price
The Company believes that, in addition to
conventional measures prepared in accordance
with GAAP, certain investors use the realised gold
price taking into account the impact of the
Company’s revenue protection programme,
whereby the Group has entered into gold forward
contracts and gold collars to protect against
volatility of the gold price, particularly in, 2023
and 2024, a period of significant capital
investment.
Management believes that reflecting the impact of
the revenue protection programmes on the
Group’s realised gold price is a relevant measure
as the programme is determined based on
estimated production and sales, and increases
the consistency of this calculation with our peer
companies. Management have further adjusted
the revenues as disclosed in the consolidated
financial statements to exclude by-product
revenue and has reflected the by-product revenue
as a credit to operating expenses in the
determination of AISC.
$’millions unless otherwise indicated
2024
2023
Revenue
2,675.9
2,114.6
By-product revenue
(18.6)
(13.7)
Gold revenue 2,657.3
2,100.9
Realised losses on LBMA averaging programme
(12.0)
(5.8)
Adjusted gold revenue after LBMA averaging A3 2,645.3
2,095.1
Realised losses on forward and collar contracts
(63.9)
(15.5)
Adjusted gold revenue after revenue protection programme A1 2,581.4
2,079.6
Gold stream revenue
(4.5)
(3.6)
Stream adjusted realised gold price after revenue protection A2 2,576.9
2,076.0
Ounces sold in the period
B1 1,098,952
1,083,519
Ounces sold under the gold stream
(9,400)
(9,400)
Stream adjusted ounces sold B2 1,089,552
1,074,119
Realised gold price on adjusted gold revenue, per ounce sold A1/B1 2,349
1,919
Stream adjusted realised gold price on adjusted gold revenue,
per ounce sold A2/B2 2,365
1,933
Realised gold price reflecting adjustment for LBMA averaging
programme, per ounce sold A3/B1 2,407
1,934
LBMA average gold price 2,386
1,941
The realised gold price increased from $1,919
/oz in 2023 to $2,349/oz in 2024, which
included realised losses from gold hedges of
$75.9 million compared to losses of $21.3
million in 2023 and can be attributed to record
spot prices realised during 2024.
During the year, $63.9 million was realised in
relation to 70,000 gold forwards and 450,000
gold collars settled during the year and a further
$12.0 million in relation to the Group’s inter-
quarter LBMA averaging hedging programme. As
at 31 December 2024, the Group had a total of
200,000 ounces in collars outstanding in relation
to 2025 at an average floor price of $1,992/oz
and a ceiling price of $2,400/oz.
EBITDA and adjusted EBITDA
The Group believes that, in addition to
conventional measures prepared in accordance
with GAAP, certain investors use EBITDA and
adjusted EBITDA to evaluate the Group’s
performance and ability to generate cash flows
and service debt.
The increase in adjusted EBITDA from continuing
operations from $1,047.3 million in 2023 to
$1,324.6 million in 2024 has been driven by
increased revenues in part offset by the increased
operating cost base, royalties and realised hedge
losses.
The following tables provide the illustration of the
calculation of this measure, for the year ended 31
December 2024 and 31 December 2023.
$’millions
2024
2023
Earnings before taxes
113.9
253.5
Add back: Depreciation and depletion
609.3
448.4
Add back: Finance costs, net
111.2
71.2
EBITDA from continuing operations 834.4
773.1
Add back: Impairment charge of mineral interests
199.5
122.6
Add back: Other expense
62.5
22.7
Add back: Derecognition and impairment of financial assets
151.0
32.1
Add back: Non-cash and other adjustments
1
10.4
0.1
Add back: Net loss on financial instruments
2
66.8
96.7
Adjusted EBITDA from continuing operations 1,324.6
1,047.3
Add back: Discontinued operations
—
53.2
Adjusted EBITDA from all operations 1,324.6
1,100.5
1. Non-cash and other adjustments mainly relate to non-cash fair value adjustments to inventory associated with the
purchase price allocation of SEMAFO and Teranga, abnormal operating costs and net realisable value adjustments. Non-
cash and other adjustments have been excluded in the adjusted EBITDA as they are non-recurring items which are not
reflective of the Company’s ongoing operations, as well as to be consistent with calculation of adjusted earnings.
2. Net loss on financial instruments is the loss/(gain) on financial instruments excluding the realised gain/loss on forward
contracts, gold collars and inter-quarter LBMA averaging arrangement.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
52 Endeavour Mining plc Annual Report 2024
Total cash costs and All-In Sustaining Cost
The Company reports Total Cash Costs (‘TCC’)
and All-In Sustaining Costs (‘AISC’) per ounce
sold. The Group believes that, in addition to
conventional measures prepared in
accordance with GAAP, these non-GAAP
measures provide investors with transparency
regarding the cost of producing an ounce of
gold in each period, and the AISC including
those capital expenditures that are required
for sustaining the operation of the mines.
Growth capital, non-sustaining capital,
exploration, abnormal operating costs,
$’millions unless otherwise indicated Sabodala-Massawa Ity Houndé Mana Lafigué Other
Continuing
Operations
Discontinued
Operations
Total
2024
Operating expenses 215.5 266.0 267.8 202.5 55.6 —
1,007.4
—
1,007.4
Royalties 31.1 53.8 61.6 28.6 15.4 —
190.5
—
190.5
Pre-commercial production costs
2
(15.5) — — — (4.1) —
(19.6)
—
(19.6)
Non-cash and other adjustments
1
(0.2) (13.8) (7.3) (7.2) (0.5) —
(29.0)
—
(29.0)
Total Cash costs 230.9 306.0 322.1 223.9 66.4 — 1,149.3 — 1,149.3
Corporate costs — — — — — 47.3
47.3
—
47.3
Sustaining capital 25.3 9.8 49.5 33.5 6.0 1.9
126.0
—
126.0
All-in sustaining costs 256.2 315.8 371.6 257.4 72.4 49.2 1,322.6 — 1,322.6
Gold ounces sold 229,881 343,809 287,220 147,924 90,118 —
1,098,952
—
1,098,952
Gold ounces sold from pre-commercial operations (8,687) — — — (4,377) —
(13,064)
—
(13,064)
Gold ounces sold - adjusted 221,194 343,809 287,220 147,924 85,741 — 1,085,888 — 1,085,888
All-in sustaining costs per ounce sold 1,158 919 1,294 1,740 844 — 1,218 — 1,218
Total Cash costs per ounce sold 1,044 890 1,121 1,514 774 — 1,058 — 1,058
2023
Operating expenses 171.8 222.4 216.8 176.2 — —
787.2
134.1
921.3
Royalties 32.7 36.5 45.7 18.7 — —
133.6
13.5
147.1
Non-cash operating expenses
1
1.3 (6.2) (0.6) (8.3) — —
(13.8)
(0.6)
(14.4)
Total Cash costs 205.8 252.7 261.9 186.6 — 907.0 147.0 1,054.0
Corporate costs — — — — — 49.0
49.0
—
49.0
Sustaining capital 23.8 10.4 33.9 20.8 — 2.9
91.8
17.1
108.9
All-in sustaining costs 229.6 263.1 295.8 207.4 — 51.9 1,047.8 164.1 1,211.9
Gold ounces sold 299,343 325,155 313,698 145,323 — —
1,083,519
103,242
1,186,761
All-in sustaining costs per ounce sold 767 809 943 1,427 — — 967 1,589 1,021
Total Cash costs per ounce sold 688 777 835 1,284 — — 837 1,424 888
1. Non-cash and other adjustments relate primarily to non-cash fair value adjustments to inventory associated with the purchase price allocation of SEMAFO and Teranga, net realisable value adjustments and adjustment for revenue from silver sales
and by-product revenues.
2. Relates to pre-commercial production at Sabodala-Massawa BIOX® Expansion and Lafigué mine.
other expenses, finance costs and changes to
rehabilitation provision are all specifically
excluded.
By-product revenues are included as a credit to
operating expenses, and are also included in
non-cash and other adjustments below.
Depreciation and costs related to pre-commercial
production at the development projects are
excluded from TCC and AISC, through an add-
back in the calculation of TCC.
Likewise, ounces sold during pre-commercial
production at development projects are excluded
from the calculation of TCC and AISC costs per
ounce.
For the purposes of the Group AISC, corporate
costs are included to provide a Group-wide AISC
per ounce sold while share-based expenses are
specifically excluded.
The increase in the Group AISC from continuing
operations to $1,218/oz in 2024 from
$967/oz in 2023 reflects primarily the increased
operating cost base in combination
with the lower production base from Sabadola-
Massawa, increased power costs and increased
royalties due to higher revenues driven by rising
gold spot price environment. The following is a
reconciliation of the Group TCC and AISC for
2024 and 2023, while the Operating Review on
pages 34 to 43 discusses the AISC on a
mine-by-mine basis.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
53 Endeavour Mining plc Annual Report 2024
Capital expenditure
The Company’s all-in-sustaining costs include
sustaining capital expenditures which
management has defined as those capital
expenditures related to producing and selling gold
from its ongoing mine operations. Non-sustaining
capital is capital expenditure related to major
projects or expansions at existing operations
where management believes that these projects
will materially benefit the operations.
Capital expenditures at growth projects are those
capital expenditures incurred at new projects.
The distinction between sustaining and non-
sustaining capital is based on the Company’s
capitalisation policies and considers guidelines
set out by the World Gold Council.
This non-GAAP measure provides investors with
transparency regarding the capital costs required
to support the ongoing operations at its mines,
relative to its total capital expenditures.
Readers should be aware that these measures
do not have a standardised meaning and other
companies may classify expenditures in a
different manner.
It is intended to provide additional information and
should not be considered in isolation, or as a
substitute for measures of performance prepared
in accordance with IFRS.
Total capital additions incurred by the Group
decreased from $884.9million in 2023 to
$676.2million in 2024. This has primarily been
driven by lower growth capital incurred following the
completion of our two organic growth projects at
Lafigué and Sabodala-Massawa BIOX® Expansion
which both announced commercial production in
the third quarter of 2024.
Lower non-sustaining capital, at particularly Ity
and Houndé in combination with the impact of
discontinued operations further contributed
towards the decrease. This was in part offset by
increased sustaining capital at Mana and
Houndé and capitalised exploration in relation to
the Assafou project and at Sabodala-Massawa.
See below a reconciliation by mine site of total
capital additions incurred for 2024 and 2023.
$’millions
Sabodala-
Massawa Ity Houndé Mana Lafigué Other
Continuing
Operations
Discontinued
Operations
Total
2024
Sustaining capital 25.3 9.8 49.5 33.5 6.0 1.9
126.0
—
126.0
Non-sustaining capital 74.0 64.6 9.6 58.7 12.4 5.6
224.9
—
224.9
Non-cash additions to leased assets — 4.7 — 21.1 2.5 0.9
29.2
—
29.2
Payments for sustaining leases — (4.4) (0.6) (15.4) (0.7) (1.9)
(23.0)
—
(23.0)
Non-sustaining exploration 20.8 5.3 5.6 1.0 0.1 34.8
67.6
—
67.6
Growth projects 66.4 — — — 170.4 14.7
251.5
—
251.5
Total capital additions 186.5 80.0 64.1 98.9 190.7 56.0 676.2
—
676.2
2023
Sustaining capital 23.8 10.4 33.9 20.8 — 2.9
91.8
17.1
108.9
Non-sustaining capital 46.2 102.8 38.3 53.6 — 4.4
245.3
26.4
271.7
Non-cash additions to leased assets — 2.6 — 20.2 — —
22.8
—
22.8
Payments for sustaining leases — (6.0) (0.7) (11.1) — (2.9)
(20.7)
(1.6)
(22.3)
Non-sustaining exploration 17.7 7.8 3.8 2.1 — 23.7
55.1
1.2
56.3
Growth projects 186.4 — — — 242.1 19.0
447.5
—
447.5
Total capital additions 274.1 117.6 75.3 85.6 242.1 47.1 841.8 43.1 884.9
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
54 Endeavour Mining plc Annual Report 2024
Adjusted net earnings and adjusted earnings
per share
Net losses have been adjusted for items
considered exceptional or unusual in nature and
not related to Endeavour’s core operation of
mining assets or reflective of current operations.
The presentation of adjusted net earnings may
assist investors and analysts to understand the
underlying operating performance of our core
mining business. However, adjusted net earnings
and adjusted net earnings per share do not have
a standard meaning under IFRS. They should not
be considered in isolation, or as a substitute for
measures of performance prepared in accordance
with IFRS and are not necessarily indicative of
earnings from mine operations, earnings, or cash
flow from operations as determined under IFRS.
$’millions unless otherwise indicated
31 December
2024
31 December
2023
Total net and comprehensive loss
(240.9)
(143.6)
Net loss from discontinued operations
6.3
186.3
Net loss on financial instruments
1
66.8
96.7
Other expenses
62.5
22.7
Derecognition and impairment of financial assets
151.0
32.1
Non-cash, tax and other adjustments
2
55.2
(11.8)
Impairment charge on mineral interests
199.5
122.6
Adjusted net earnings 300.4
305.0
Attributable to non-controlling interests
3
73.1
74.8
Attributable to shareholders of the Company 227.3
230.2
Weighted average number of shares issued and outstanding
244.8
246.9
Adjusted net earnings from continuing operations per basic share 0.93
0.93
1. Net loss/(gain) on financial instruments excludes the realised gain/(loss) on forward contracts, gold collars and inter-
quarter LBMA averaging arrangement.
2. Non-cash, tax and other adjustments mainly relate to the impact of the foreign exchange remeasurement of deferred tax
balances and non-cash fair value adjustments to inventory associated with the purchase price allocation of Teranga.
3. Adjusted net earnings attributable to non-controlling interests is equal to adjusted net earnings from continuing
operations attributable to non-controlling interests, which on average is approximately 11% for the Company’s operating
mines (2023: 11%).
Adjusted net earnings attributable to shareholders
for 2024 amounted to $227.3 million (or $0.93
per share) compared to 2023 of $230.2 million
(or $0.93 per share) as higher revenues were
offset by the higher operating cost base, royalties,
realised hedge losses and tax expense.
The following table reconciles these non-GAAP
measures to the most directly comparable IFRS
measure.
Net debt and net debt/adjusted EBITDA
The Group is reporting net debt and net debt/
adjusted EBITDA for the trailing 12 months
(“LTM”) ratio. This non-GAAP measure provides
investors with transparency regarding the liquidity
position of the Group. It is intended to provide
additional information and should not be
considered in isolation or as a substitute for
measures of performance prepared in accordance
with GAAP.
$’millions unless otherwise indicated
31 December
2024
31 December
2023
Cash and cash equivalents
(397.3)
(517.2)
Less: Drawn portion of Lafigué financing
133.2
107.2
Less: Principal amount of Senior Notes
500.0
500.0
Less: Drawn portion of Sabodala loan
12.6
—
Less: Drawn portion of overdraft facilities
13.1
—
Less: Drawn portion of corporate loan facilities
470.0
465.0
Net debt 731.6
555.0
Trailing twelve month adjusted EBITDA
1
1,324.6
1,100.5
Net debt / adjusted EBITDA LTM ratio 0.55
0.50
1. Trailing 12-month adjusted EBITDA is calculated using adjusted EBITDA as reported in prior periods for each quarter
prior to the fourth quarter of 2024.
The increase in net debt during 2024 has
primarily been driven by increased growth
capital incurred at our two organic projects and
increased shareholder returns, which in part
was offset by free cash generations from
mining operations. The following table explains
the calculation of net debt/adjusted EBITDA
LTM ratio using the last 12 months of adjusted
EBITDA.
The following table reconciles these non-GAAP
measures to the most directly comparable
IFRS measure.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
55 Endeavour Mining plc Annual Report 2024
Operating cash flow and operating cash flow per
share
The Company uses operating cash flow and
operating cash flow per share as a measure of its
ability to both generate cash and manage liquid
resources. The calculation of operating cash flow
per share, divides operating cash flows by the
weighted average number of outstanding shares.
$’millions unless otherwise indicated
31 December
2024
31 December
2023
Operating cash flow
Cash generated from operating activities by continuing operations
949.6
619.3
Changes in working capital from continuing operations
2.1
126.9
Operating cash flows before working capital from continuing operations
951.7
746.2
Divided by weighted average number of outstanding shares, in millions
244.8
246.9
Operating cash flow per share from continuing operations
$3.88
$2.51
Operating cash flow per share before working capital from continuing
operations
$3.89
$3.02
Free cash flow and free cash flow per share
The Company believes that, in addition to
conventional measures prepared in accordance
with GAAP, certain investors use free cash flow
and free cash flow per share to evaluate the
Company’s ability to generate cash flows and
operate without reliance on additional borrowing
or usage of existing cash. It is also an indication
of the cash that can be used for shareholder
returns, reducing debt and other investing/
financing activities.
$’millions unless otherwise indicated
31 December
2024
31 December
2023
Cash generated from operating activities
943.3
646.5
Cash used in investing activities
(630.0)
(820.8)
Free cash flow
313.3
(174.3)
Free cash flow per share
$1.28
($0.71)
The increase in operating cash flow per share
from continuing operations in 2024 has been
primarily driven by increased revenues, improved
working capital flows and lower taxes paid, in part
offset by increased operating costs, royalties and
realised gold hedge losses.
The Company calculates free cash flow as cash
generated from operating activities, minus cash
used in investing activities. Free cash flow does not
have a standardised meaning as prescribed under
IFRS and should not be considered in isolation or as
a substitute for measures of performance prepared
in accordance with IFRS. Other companies may
calculate free cash flow differently. The following
table reconciles these non-GAAP measures to the
most directly comparable IFRS measure.
Return on capital employed
The Company uses return on capital employed
(“ROCE”) as a measure of long-term operating
performance to measure how effectively
management utilises the capital it has been
provided. The calculation of ROCE, expressed as a
percentage, is adjusted EBIT (based on adjusted
EBITDA calculated above adjusted to include
adjusted EBITDA from discontinued operations)
divided by the average of the opening and closing
capital employed for the 12 months preceding the
period end. Capital employed is calculated as
total equity of the Group adjusted by net debt as
determined above. Previously, management
determined capital employed as total assets less
current liabilities.
$’millions unless otherwise indicated
31 December
2024
31 December
2023
Trailing twelve month adjusted EBITDA
1
1,324.6
1,100.5
Depreciation and amortisation
(609.3)
(501.5)
Adjusted EBIT (A)
715.3
599.0
Opening capital employed (B)
4,103.3
3,966.2
Total equity
2,992.9
3,548.3
Net debt
731.6
555.0
Closing capital employed (C)
3,724.5
4,103.3
Average capital employed (D)=(B+C)/2
3,913.9
4,034.8
ROCE (A)/(D)
18%
15%
1. Trailing 12-month adjusted EBITDA is calculated using adjusted EBITDA as reported in prior periods for each quarter
prior to the fourth quarter of 2024.
Management believes that including long-term
liabilities anddetermining capital employed
based on total equity is more reflective of the
long-term management of capital of the Group
and is also more consistent with the similar
calculation of our peer companies. The
calculation has been restated for all
periodspresented.
The increase in ROCE for the trailing 12 months
(“LTM”) to 31 December 2024 reflects the
higher adjusted EBIT in 2024 compared to
2023 due to increased revenues partly offset by
the higher cost base and increased
depreciation charge. Average capital employed
was lower than the prior year primarily due to
dividends paid to shareholders and minority
shareholders in part offset by the increase in
net debt.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Financial review
Continued
56 Endeavour Mining plc Annual Report 2024
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
57 Endeavour Mining plc Annual Report 2024
BUSINESS MODEL
Creating meaningful value
Pages 46-56
MARKET OVERVIEW
Good progress in a challenging environment
Pages 16-18
OUR STRATEGY
Creating meaningful value
Pages 19-22
Effective Risk
Management
Effective risk management helps drive our strategy,
inform our decision-making and improve our
performance by identifying and managing risks,
while taking into account our appetite for risk.
Byimplementing a robust risk management
framework, we aim to define responsibilities and
ensure transparency and accountability in relation
to identified risks.
Our approach
The introduction of the 2024 UK Corporate
Governance Code and the Failure to Prevent
Fraud Offence has prompted us to reassess how
financial, operational, reporting and compliance
risks and controls are identified and assessed
across the business and to further enhance our
existing Enterprise Wide Risk Management
Framework. This includes our identification of
Principal, Fraud and Corporate Risks and their
mitigations. Risk is inherent to our business and
our enhanced risk management process allows
us to better identify, mitigate and monitor our
risks, while enabling us to deliver our strategic
objectives and create value for all our
stakeholders.
Emerging Risks
In addition to reassessing our Principal Risks, we
conducted a review of our Emerging Risks. We
define an Emerging Risk as a new or unforeseen
risk that has not been considered before. It has
the potential for significant harm or loss to an
organisation, industry or society, but its full
impact is not yet known or understood. In some
cases it may not be likely to materialise for
several years but it may have significant
implications on our business model and our
ability to achieve our strategic goals. Due to the
high degree of uncertainty related to Emerging
Risks, they require ongoing monitoring.
Emerging Risks that are currently being
monitored are:
Artisanal and Small-Scale Gold Mining
Artisanal and Small-Scale Gold Mining (“ASGM”)
refers to mining activities conducted within the
vicinity of our operations by individuals who are
not affiliated with Endeavour. Historically, ASGM
has served as a source of subsistence income
for local communities.
These miners operate using their own resources,
the majority of which typically employ labour-
intensive methods to extract gold. Criminal
elements may be involved. In times of high gold
prices, there is an increase in ASGM activity,
including semi-mechanised operations.
Challenges related to health and safety practices,
as well as environmental and human rights
impacts, persist without proper control. As a
business, we face potential risks stemming from
the operational or environmental effects of
ASGM.
For instance, there is a risk of depletion of our
reserves or restricted access to our exploration or
operational sites. Consequently, Endeavour may
be exposed toenvironmental, human rights and
societal challenges associated with ASGM, both
in proximity to our operations and through
regulatory or reputational consequences.
Climate change
Endeavour continuously monitors its
environmental impact, ensuring that we work
towards the objectives listed within our ESG
strategy to deliver wider societal benefits. Whilst
we have outlined our decarbonisation strategy,
there are risks associated with achieving our
decarbonisation goals, as we face challenges in
transitioning to cleaner energy sources. Evolving
regulatory landscapes, heightened investor
scrutiny, and increasing expectations for low-
carbon operations may require significant
adaption of our business strategies, including
new decarbonisation technologies and increased
investment in renewable energy.
Risk management process
Making informed decisions
Our risk management process for identifying,
assessing, understanding and managing
principal and corporate risks in a systematic
way allows us to make informed decisions and
respond to risks and opportunities as they arise
in accordance with our appetite for risk. Our six-
step process is described in more detail below.
1. Establish context and objectives
We define the external, internal and risk
management context in which the rest of the
process will take place, establishing timelines
and criteria for analysing, evaluation, treatment
and reporting key risks in line with our risk
appetite and risk tolerance thresholds.
2. Identify
Risk events, along with primary causes, that have
the potential to influence our ability to achieve our
strategic objectives are identified. The preliminary
list is subject to further qualification and
refinement as part of the Analyse step.
3. Analyse
We estimate the potential magnitude of each risk
event applying our criteria for understanding the
likelihood, consequence and velocity of the
relevant risk and plotting it on the heat map. Risks
above the defined criticality threshold will be
deemed principal risks and will be reported to the
Board. Risks below a defined criticality threshold
will be deemed Corporate Risks and will continue to
be monitored and managed within the business.
4. Evaluate
Using the results from our analysis, in conjunction
with available data, we initiate evaluation,
prioritisation and allocation of resources.
5. Respond
The relevant Committee(s) are assigned to
proactively manage all Principal Risks. This
requires applying a combination of risk
treatment options to change the risk exposure
and bring it within the risk tolerance.
6. Monitor and report
Ongoing review and validation of (i) the risk
thresholds against the business objectives (and
any change to the risk appetite), (ii) changes in
the risk exposure, and (iii) the effectiveness and
appropriateness of the controls to treat risks.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
58 Endeavour Mining plc Annual Report 2024
For more information on Our approach to
managing risks associated with ASGM, refer to
the fact sheet here endeavourmining.com/
esg/esg-reporting/#esg-factsheets
Our approach
Change of legislation
There has been a trend of governments issuing
new mining codes in West Africa, such as in Mali
and Burkina Faso which is aimed at increasing
the economic share of governments.
Implementing decrees in Burkina Faso are yet to
be officially published. Côte d’Ivoire and Senegal
are also considering amending the legislative
and fiscal framework applicable to the mining
sector. In addition, regulations relating to local
content are continuously evolving in the region to
increase the share of goods and services
provided by local suppliers. Endeavour is closely
monitoring the application of amended and new
legislation and legislative and fiscal proposals
for change through local industry bodies, such
as Chamber of Mines, to constructively engage
with the local authorities on potential impacts on
current and future investments.
Risk appetite
To ensure we manage risk appropriately, we have
defined our risk appetite levels across each of our
Principal Risks. Endeavour defines risk appetite
as the nature and extent of risks that the
Company is willing to accept in the execution of
its strategic and business objectives, in line with
its values and applicable law. Depending on the
type of risk, Endeavour’s policies, standards and
procedures also inform decision makers of the
Company’s risk appetite. Endeavour’s appetite for
risk is dynamic and can evolve over time in
response to both internal and external factors.
When a Principal Risk exceeds our defined risk
appetite, it may necessitate a reassessment of
our approach. In such cases, management
actions will need to be accelerated or
strengthened to mitigate the risk and bring it back
within acceptable levels. This proactive approach
ensures that we remain aligned with our risk
tolerance, maintaining stability and safeguarding
the long-term interests of Endeavour.
Fraud risk assessment
Following the publication of the UK Economic
Crime and Transparency Act and its associated
guidance on the offence of failure to prevent
fraud, we have conducted a fraud risk
assessment gap analysis to align with the new
requirements. Our prevention procedures, fraud
register and controls are currently being revised
to reflect these changes.
Roles and responsibilities
The Board oversees the Group’s Enterprise
Wide Risk Management activities, approves the
risk appetite, and monitors exposure to
Principal Risks. It ensures that Management
has implemented appropriate strategies for
mitigating these risks. Each Principal Risk is
assigned to the relevant Board Committee
which is responsible for managing and ensuring
the presence of effective mitigating internal
controls. In addition to its ongoing
responsibilities, the Board with support from the
Audit and Risk Committee conducts a thorough
annual review of the Group’s Principal and
Emerging Risks. Endeavour’s Executives,
including Senior Management, continually
assess risks and controls as part of their regular
review process.
The Corporate Risk Management (CRM) team is
responsible of maintaining the Corporate Risk
Management programme, including but not limited
to conducting Principal, Corporate and Emerging
Risk assessments as well as conducting evidence
review to ensure the effectiveness of mitigating
actions.
The Risk and Assurance team is responsible for
testing the operating effectiveness of material
controls and for facilitating the operation of the
broader Enterprise Wide Risk Management
framework.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
59 Endeavour Mining plc Annual Report 2024
Updates to the Group’s Principal Risks are co-
ordinated by our Risk and Assurance team in
conjunction with the Legal Compliance team. The
results are presented to the Audit and Risk
Committee at least twice a year. We define a
Principal Risk as a risk or combination of risks that
could seriously affect the performance, future
prospects or reputation of Endeavour.
These include those risks that would threaten
the business model, future performance,
solvency or liquidity of the Group. Each risk is
evaluated based on the potential likelihood of
occurrence, and the potential consequence.
The Group analyses risks holistically, seeking to
understand the potential consequences of a
risk event across a range of potential outcomes
such as legal implications and financial costs.
Risk heatmap
To help visualise our Principal Risks, we have plotted the residual risk rating on the heat map
below (i.e. after mitigating actions have been taken). The individual risks are described in more
detail on the following pages.
Security Risk
Geopolitical Risk
Environmental Risk
Macroeconomic Risk
Supply Chain Risk
Licence to Operate Risk
Operational Performance Risk
Capital Projects Risk
Concentration Risk
Human Capital Risk
Legal and Regulatory Risk
Cybersecurity Risk
Tailings Management Risk*
*In the interests of greater clarity and given its potential significance, Tailings Management has been separated from
the Environmental Risk and has been designated as a standalone Principal Risk.
Principal Risks
Principal Risk:
1. Security Risk
Residual risk level: High
Trend: No change
Appetite: Low
Accountability: Technical committee
Description and impact
In certain locations, terrorism, kidnapping,
extortion, and harm to our people. These
factors could result in the loss of life,
casualties and injury, theft or destruction of
assets, loss of access to sites, operational
disruptions, transportation challenges for
essential supplies to mine sites, staff
recruitment and retention difficulties and/or
limitations on exploration activities. This in turn
could have a material adverse impact on the
underlying value of our assets.
Mitigations
– Robust security protocols and measures at sites,
supported by an experienced internal security team.
– Collaboration with local governments to meet
national requirements, airstrips at or near all of our
mine sites, and use of private security contractors
adhering to human rights standards.
– Internal training provided by the security
department to security forces, defence personnel,
and private contractors, including on human rights
and VPSHR.
– Third party human rights audit of the security
department.
– Investment in social, community, infrastructure and
government programmes.
Priorities for next year
– Development of security standards and policies.
– Security sessions to implement action item plans
on the security audit results.
– Continuous improvement of security infrastructure
and site security information system.
Principal Risk:
2. Geopolitical Risk
Residual risk level: High
Trend: No change
Appetite: Low
Accountability: Technical and
Audit and Risk
Committees
Description and impact
Unpredictable political, economic, regulatory, social
and tax environments. Shifts in regional alliances
among West African states. Terrorism, civil disorder,
and war. Regulatory changes and other government-
led initiatives (including audits and assessments)
aimed at increasing economic shares of governments
or local suppliers.
These factors could adversely impact our ability to
meet our strategic objectives hindering our ability to
explore, operate and develop and challenging the long-
term viability of our business.
Mitigations
– Active and effective engagement strategy with local
and national government authorities, regulators and
other stakeholders within country in conjunction
with our external counsel where required.
– Active participation in the National Chambers of
Mines supported by weekly engagement with in-
country management.
– Regional crisis management organisation and
supporting emergency procedures.
– Active approach to contributing to and promoting
socio-economic development in our countries of
operation.
Priorities for next year
– External audit of our procedures.
– Enhanced engagement with the authorities at all
levels.
– CEO visits to the country presidents.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
60 Endeavour Mining plc Annual Report 2024
Principal Risk:
3. Environmental Risk
Residual risk level: Medium
Trend: No change
Appetite: Low
Accountability: Technical and ESG
Committees
Description and impact
There is an inherent risk that our operations could
cause environmental impacts such as damage to
ecosystems, contamination of water sources,
potential illness, injury or disruption to local
communities. This may result in non-compliance
with environmental regulations and our own
targets, affecting our ability to meet external
stakeholder expectations, including governments
and regulatory bodies. Such outcomes could
jeopardise our licence to operate, access to
capital, reputation, and lead to operational
disruptions and financial penalties.
Mitigations
– Implementation of ESG policies, standards and
procedures.
– Group-wide ESG monitoring with remediation plans
for any non-conformance.
– Maintenance and management of environmental,
legal and compliance registers.
– Adoption of best practice and internationally-
recognised standards and frameworks to guide our
approach to environmental management and
reporting such as TNFD and GISTM.
– Numerous other mitigations including implementing
effective governance frameworks, the integration of
environmental targets in management’s incentive
plans.
Priorities for next year
– Numerous initiatives including focusing on
continued compliance with environmental
regulations, environmental compliance registers
and Code of Conduct training, Task Force on
Nature-related Disclosures.
Principal Risk:
4. Macroeconomic Risk
Residual risk level: Medium
Trend: No change
Appetite: Medium
Accountability: Audit and Risk
Committee
Description and impact
Gold and oil price volatility, along with financial market
fluctuations due to conflicts in Ukraine and the Middle East,
affect commodity prices, interest rates, and foreign exchange
rates. These factors can impact the cost of capital for
development projects, increase operating costs, revenue risks,
and Group AISC, affecting the risk-reward profile for investors.
Strict currency controls in the region limit the ability to transfer
funds offshore, relying on hard currency liquidity in the WAMEO
zone for converting West African CFA francs (XOF) into euros or
U.S. dollars. This liquidity shortage can cause delays in
payments to suppliers, dividend distributions, and loan
repayments, requiring financial planning to manage
transactions.
Mitigations
– Active management of forward contracts and gold
collars.
– Evaluation of foreign-denominated cash flows and
implementation of foreign exchange contracts.
– Ongoing management of cash balances at each of
our entities.
– Implementation of a Treasury Management System.
– Implementation of LBMA price strategy.
– Ongoing reviews of cost efficiency and cash
optimisation programmes.
Priorities for next year
– Additional enhancement of our Treasury
Management System.
– Deleverage Balance Sheet.
Principal Risk:
5. Supply Chain Risk
Residual risk level: Medium
Trend: No change
Appetite: Medium
Accountability: Technical Committee
Description and impact
Disruption due to micro and macroeconomic
factors including the local security environment,
price volatility, the withdrawal of Burkina Faso
from ECOWAS, the ongoing conflicts in Ukraine
and the Middle East, the safe transport of
goods to mine sites and reliable shipping lines
for international transport. Other factors include
disruption related to modern slavery and
supplier capabilities. These issues could result
in disruptions, impact our ability to source
essential materials, meet local content
requirements and ultimately impact cash flow.
Mitigations
– Actively partnering with in-country key suppliers.
– Ongoing monitoring of the political environments
and maintaining a proactive dialogue with host
governments and key stakeholders. Negotiation of
longer- term and Group-wide supply chain contracts.
– Numerous other mitigation examples including
business resilience planning, Maintenance Repair
and Operation system implementation, engagement
with our internal clients and local partners, ISO
28000 compliance preparation, supplier evaluation
and increased local sourcing.
Priorities for next year
– Implement an ecosystem in order to collaborate
with our peers on developing the local companies
(technical and financial capability) as part of the
short-term strategy.
– ISO 28000 compliance.
– Supplier Code of Conduct and training.
Principal Risk:
6. Licence to Operate Risk
Residual risk level: Medium
Trend: No Change
Appetite: Low
Accountability: ESG Committee
Description and impact
Licence to operate risk may arise from
perceptions that Endeavour is not delivering
sustainable benefits to local communities or
complying with human rights and environmental
regulations. This could impact workforce safety,
asset security or facing disputes with
governments and other stakeholders. These
issues can have reputational, financial, and
relational impacts, potentially jeopardising our
licence to operate. Additionally, artisanal and
illegal mining activities could lead to property
damage, theft, resource depletion and reputational
harm, if injuries occur while on our property.
Mitigations
– Implementation of a Group Stakeholder
Engagement procedure.
– Management of an established community
grievance mechanism and whistleblowing process.
– Other mitigation examples including investment in
the development of local communities, monitoring
and publication of our Tax and Economic
Contribution Report, implement global initiatives
and principles, local sourcing, ESIA Resettlement
Committees, Social Performance management
systems, plans to address illegal mining and
providing alternative economic activities.
– Human rights and Code of Conduct training, and
Supplier Code of Conduct training.
Priorities for next year
– Numerous initiatives relating to external audit of our
community grievance mechanism, Economic
Contribution Report presentation to external local
stakeholders, the support programme of the
relocated people, illegal miner engagement.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
61 Endeavour Mining plc Annual Report 2024
Focus on Asset Retirement
Obligations Environmental Risk
Process
Endeavour’s sites have mine closure plans in
place as part of our regulatory compliance
obligations. The Asset Retirement Obligation
(“ARO”) is the legal financial obligation of the
sites to decommission and restore
environmental impacts after mining has ceased.
To ensure that the AROs are current and reflect
the state of the site, the ARO model is reviewed
in collaboration with the site teams. Accountable
and qualified personnel provide updates which
are incorporated into the ARO model and takes
into consideration:
– Rehabilitation work completed
– New infrastructure and land disturbances
– Demolition works carried out
– Changes in rehabilitation plan such as change
in methodology, potential regulatory directives
– Studies conducted and trials done
– New legislation and/or agreements
– Updates to unit rates based on current
economic assumptions
In 2024, to further improve our management of
ARO, we moved from an annual review to a
quarterly review and update process for ARO.
This proactive approach ensures the ARO model
is continuously updated to reflect the current
environmental conditions and decommissioning
needs on an ongoing basis. This enhances our
ability to forecast and respond to any
adjustments in real time. The quarterly reviews
provide notably:
– Early warning for financial provision: By
reviewing and updating the ARO model every
quarter, management can proactively assess
changes in decommissioning and restoration
liabilities.
– Improved accuracy: Frequent updates reduce
the likelihood of underestimating
environmental liabilities.
– Enhanced confidence: Quarterly updates of
disturbance and rehabilitation data will lead
to increased confidence that the Company is
adequately managing its environmental
obligations and preparing for site closure.
Each quarter, the site teams through their
accountable and qualified persons, validate
and provide updates on:
– Disturbance data
– New or demolished infrastructure
– Completed rehabilitation works
This is then validated and compiled by the Mine
Closure Manager and presented to the Finance
Department.
These updates help to ensure that the ARO
model is continuously aligned with the current
state of the asset, reflecting actual
environmental impacts for decommissioning
and restoration. These updates ensure that
financial impact of ARO cost estimates is
spread across the year instead of unexpected
adjustments at year end.
A Responsible, Accountable, Consulted, and
Informed (“RACI”) Matrix has been developed to
clearly define the roles, accountabilities and
responsibilities of all internal stakeholders
regarding Closure and Rehabilitation. Training on
this RACI framework has been successfully
conducted at the Houndé, Mana, Ity, and
Sabodala mine sites. The training has had a
positive impact on the quarterly ARO reporting
process, significantly improving both the
timeliness and quality of the data provided.
Training for Lafigué will be performed in 2025.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
62 Endeavour Mining plc Annual Report 2024
Principal Risk:
7. Operational Performance Risk
Residual risk level: Medium
Trend: No Change
Appetite: Medium
Accountability: Technical Committee
Description and impact
Existing operations and development projects
fail to deliver planned production rates and
AISC levels. We are exposed to a number of
external risks including extreme weather,
natural disasters, geotechnical challenges or
loss or interruption to key supplies such as
electricity and water. Internal risks include the
failure of critical equipment and exposing our
workforce to a range of occupational health and
safety risks and a failure to estimate resources
and reserves accurately. These factors could
impact production and our ability to meet
operational performance targets.
Mitigations
– Risk assessment and mitigation process for each
mining asset.
– Maintenance schedule for equipment and facilities,
subject to parallel inspection.
– Numerous other mitigations including fixed plant
and heavy mining equipment asset management
strategy, monitoring critical spare parts, grade
control reconciliation, review of the resources and
reserves estimates and methodology, use of
qualified staff for resource and reserve estimates,
compliance with the Health and Safety
requirements set out in ISO 45001, regular safety
management training.
Priorities for next year
– Strengthen Geology and Mining policies
enforcement with internal and external reviews over
areas including grade control estimates,
Resources, Reserves and ground water models.
– Formalise geometallurgical practices.
Principal Risk:
8. Capital Projects Risk
Residual risk level: Medium
Trend: No Change
Appetite: Medium
Accountability: Technical Committee
Description and impact
Failure to achieve the desired economic returns
or to manage new projects effectively - from the
evaluation of the expected returns on the
project relative to the Group’s capital allocation
strategy, accurate estimation of the capital
costs to complete the project and accurate
estimates related to the life of mine of the
project from both a resource recovery and
operating cost perspective. These factors may
result in Endeavour not meeting its longer-term
strategic goals and realising shareholder value.
Mitigations
– Rigorous assessments prior to approval.
– Project charters for all new capital projects.
– Implementation of a project risk register and risk
mitigation plan.
– Numerous other mitigations including monthly
project steering committee meetings with progress
reports to the Board, more detailed quarterly
project updates to the Technical, Health & Safety
Committee, advanced grade control and
metallurgical recovery test programmes, mine
construction under an EPCM contract using a
proven contractor, review of capital costs prior to
final financial modelling.
Priorities for next year
– Numerous priorities focusing on strengthening even
further all aspects of governance over Capital
Projects.
Principal Risk:
9. Concentration Risk
Residual risk level: Medium
Trend: No Change
Appetite: Medium
Accountability: Audit and Risk and
Technical Committees
Description and impact
Political or security events resulting from
potential instability in our host countries. This
can take the form of political or security
disruptions which hinder our operations and
threaten performance targets and strategic
objectives, or the perception of inadequate
diversification and excessive exposure to high-
risk countries. Failure to perform active portfolio
management and or consider wider
opportunities for development outside of our
existing region increases the risk of reduced
commercial performance and negatively impact
the Group’s capital markets profile.
Mitigations
– Review of our current operating mines and projects
to ensure these remain viable and in line with our
capital allocation strategy and strategic objectives.
– Ongoing assessment of our existing portfolio.
– The expansion of Sabadola-Massawa in Senegal
and the construction of Lafigué in Côte d’Ivoire.
– Assessment of transformational acquisition
opportunities in new countries.
Priorities for next year
– Annual strategy update to the Board.
– Assessment of transformational acquisition
opportunities in new countries.
Principal Risk:
10. Human Capital Risk
Residual risk level: Low
Trend: Decrease
Appetite: Medium
Accountability: Corporate Governance
and Remuneration
Committees
Description and impact
As labour costs rise, the organisation faces an
underlying risk that it may be unable to retain or
attract employees with the requisite skills and
experience. This could lead to short-term
disruption in operations and production, with
the longer-term impact being the inability to
effectively execute the organisational strategy.
Additionally, non-compliance with legislative
requirements and regulations related to fair and
competitive remuneration, could damage the
reputation of the Group and have adverse
financial implications.
Mitigations
– Focus on employee retention strategies driven
through training and development and the
formalisation of development opportunities.
– Regular benchmarking of compensation and
benefits against the wider market.
– Implementation of an annual People Review and
developing succession and career development
plans for critical employees.
– Merit review process.
– People Review of all key high risk positions
presented to the Remuneration Committee.
Priorities for next year
– Numerous initiatives including a new job grading
system, Career Path Appreciation assessment,
employee climate survey, annual people review,
succession planning, roster management
monitoring, and Diversity and Inclusion trainings.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
63 Endeavour Mining plc Annual Report 2024
Principal Risk:
11. Legal and Regulatory Risk
Residual risk level: Medium
Trend: No Change
Appetite: Medium
Accountability: Audit and Risk
Committee
Description and impact
The geographical spread of Endeavour’s
operations and assets creates a complex
regulatory environment. Endeavour must
continue to manage its legal and regulatory
obligations, including within the areas of human
rights, anti-bribery and corruption (ABC), privacy
and international sanctions. In some countries
in which we operate there is risk that uncertain
legal systems may prevent us from enforcing
our rights. Failure to effectively manage and
comply could result in regulatory fines,
reputational damage and potential litigation.
Mitigations
– Our local legal, tax and public affairs teams actively
monitor local regulatory requirements and any
changes, including with local counsel.
– A Group Compliance Programme has been
established that includes policies, procedures,
compliance certificates, training, third-party due
diligence, monitoring and investigations covering
ABC, human rights and sanctions elements.
– Investment in compliance assessments and
systems to ensure implementation of policies and
procedures, including human rights & anti-bribery
and anti-corruption baseline risk assessments and
due diligence software.
Priorities for next year
– Numerous initiatives including further
enhancements of training modules, including on
fraud prevention, adaptation of reporting software,
human rights road map implementation and local
regulatory requirements monitoring.
Principal Risk:
12. Cyber Security Risk
Residual risk level: Medium
Trend: No Change
Appetite: Low
Accountability: Audit and Risk
Committee
Description and impact
Network and systems interference or
disruptions from a number of sources, including
security breaches, cyber attacks and system
defects which could negatively impact its
business processes. IT systems become
inaccurate and insecure resulting in a failure to
meet regulatory, legal and tax obligations.
Mitigations
– Security measures and recovery plans for all major
sites, critical IT systems and business processes.
– Annual independent audit by certified experts.
– A cyber security roadmap continues to be
implemented covering device, identity, data,
application, offensive and operations security.
– Regular employee cyber security awareness
campaigns on a variety of topics, including a strong
focus on phishing scams.
Priorities for next year
– Penetration/attack simulations, employee training,
regular DRP back up and testing, further enhanced
security restrictions and email security.
Principal risk:
13. Tailings Management Risk
Residual risk level: Medium
Trend: No Change
Appetite: Low
Accountability: Technical Committee
and ESG Committee
Description and impact
Failure of a Tailings Storage Facility (TSF) used
to store the residual materials from the
processing of mined ore could have
catastrophic impacts on the environment and
destroy, lives and livelihoods.
A “breach” defined as an uncontrolled release
of stored materials can cause severe
environmental damage and risk the safety of
nearby populations.
Mitigations
– Regular update of our Tailings Management Policy
and standards.
– Regular internal and external audits, with findings
reported to the Board on regular basis.
– A third-party Engineer of Record (“EoR”) used to oversee
ongoing TSF construction and for annual audits.
– Mitigation examples such as on site inspection of
the TSF by Operational teams multiple times day and
night, alignment with relevant conventions and
industry standards (“GISTM”), implementation of an
Independent Tailings Review Board (“ITRB”), robust
Trigger Action Response Plans (“TARP”), TSF
deposition plan implementation including
management of supernatant water levels.
Priorities for next year
– Initiatives including group TSF Standard updates,
site water balances update to probabilistic models,
routine TSF inspection by group level staff, update
water balance model assumptions based on
climate change assessment.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Risk Management and Principal Risks
Continued
64 Endeavour Mining plc Annual Report 2024
Going concern
The Directors have performed an assessment of
whether the Group would be able to continue as a
going concern until at least March 2026. In their
assessment, the Group has taken into account
its financial position, expected future trading
performance, its debt and other available credit
facilities, future debt servicing requirements, its
working capital and capital expenditure
commitments and forecasts.
At 31 December 2024, the Group’s net debt was
$731.6 million with cash and cash equivalents of
$397.3 million, and debt with a principal
outstanding of $1,128.9million. The Group had
an undrawn portion of it’s RCF of $230.0 million.
Subsequent to 31 December 2024 and up to 5
March 2025, the Group repaid $70.0 million on
the New RCF, leaving an outstanding balance of
$400.0 million and an undrawn balance of
$300.0 million.
Based on a detailed cash flow forecast prepared
by management, in which it included any
reasonably possible changes in the key
assumptions on which the cash flow forecast is
based, the Directors have a reasonable
expectation that the Group will have adequate
resources to continue in operational existence
until at least the end of March 2026 and that at
this point in time there are no material
uncertainties regarding going concern. Key
assumptions underpinning this forecast include
consensus analyst gold prices and production
volumes in line with annual guidance. It is noted
that the Senior Notes are due to mature in
October 2026, as noted in the viability section,
the baseline assumption and expectation is that
the Senior notes will be renewed ahead of the
maturity date.
The Board is satisfied that the going concern
basis of accounting is an appropriate assumption
to adopt in the preparation of the consolidated
financial statements for the year ended
31 December 2024.
Viability statement
In accordance with Provision 31 of the UK
Corporate Governance Code 2018 issued in July
2018 (“UK Code”), management has prepared a
viability statement which considers the Group’s
current financial position, the appropriate
assessment period, as well as the principal risks
and sensitivities of the Company which was
evaluated by the Board for approval.
Period of assessment
The UK Code states that the Directors should
assess the ability of the Group to continue
operations and meet its liabilities over an
appropriate period. The Board has determined
that the most appropriate timeframe for this
assessment is the five-year period ending 31
December 2029. This period covers the strategic,
operational and exploration targets of the Group,
the capital investment period associated with the
Assafou project, the period over which Senior
notes and credit facilities are available,
anticipated shareholder returns, as well as the
period over which the primary and emerging risks
identified have the potential to impact the Group.
Risks and stress tests
To evaluate the Group’s viability, the Board
considered Group-wide principal and emerging
operational risks that could impair the liquidity of
the Company. The risks were established through
discussion with senior management and other
personnel across the operations. Through this
process, the principal and emerging risks of the
Group were identified and considered for the
purposes of analysing the viability of the Group
over the assessment period.
For the purposes of analysing the Group’s
viability, the Directors have determined that the
following risks are fundamental in assessing the
Company’s liquidity and solvency.
Macroeconomic factors
The price of gold is central to the Group’s
revenue projections and can fluctuate significantly
as it is dependent on several macroeconomic
factors. A significant fall in the gold price would
impact the Group’s revenues, operating cash
flows and net debt position and is considered to
be a principal risk for the Group. The overall
viability was prepared using the median analyst
consensus gold price for the duration of the
viability period.
The prices of critical materials and services,
changes in inflation rates, and exposure to
foreign exchange rates can have a significant
impact on the profitability of the Company’s
operations and the ability for the various mine
sites to generate cash flows. Management has
evaluated the impact on operating costs in
scenarios where operating costs across all sites
increased 30% due to the factors mentioned
above.
Security threat or geopolitical event
Due to the nature of the gold mining business
and the geographic locations of our operating
mines, there are potential direct or indirect
security threats or geopolitical risks to the
operating mine sites, the assets within, as well
as to our employees. These security or
geopolitical risks can be the result of a major
security incident, social or civil disruption, or
changes in government expectations affecting the
agreed mining authorisation, licences, or
conventions with the government. The Directors
consider these to be primary risks for the Group
and management has evaluated scenarios which
include a complete shutdown of two mines, or
approximately 33% of total production, in Burkina
Faso over the assessment period.
Operational performance risk
The Company’s existing operations may fail to
achieve or maintain planned production levels at
the expected operating cost profiles over the
viability period, due to issues such as lower than
expected grades or recoveries, and/or higher
costs of mining and processing due to operating
challenges or increase in supply chain costs. To
consider the impact of these risks, we considered
a scenario whereby there was a 15% reduction in
production, while operating costs remain
unchanged across all mines for the assessment
period.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Viability statement
65 Endeavour Mining plc Annual Report 2024
Capital projects
The Company has completed a major capital
investment phase with regards to the
construction of the Sabodala-Massawa BIOX®
plant expansion and the Lafigué project, both
commissioned during the first half of 2024. The
next major capital investment project outside of
normal course of business capital investment is
the Assafou project which has been included in
the working capital model with significant
expected cash outflows in 2026 and 2027. Given
the project is not yet fully committed and subject
to the feasibility study outcome, Management do
not consider that a specific risk around this is
appropriate at this stage and the deferral of
Assafou remains an effective Management action
in response to a negative scenario.
Environmental risk
The Company is exposed to climate-related risks
and subject to environmental compliance
obligations which are continually developing. The
occurrence of a climate-related event or failure to
comply with environmental obligations could lead
to operational interruptions, reputational damage,
the imposition of financial penalties or the
suspension of operating licences. As
environmental practices continue to face further
scrutiny, this could affect the Company’s
operations or access to capital. The factors noted
are considered emerging risks to the Group and
have been stress tested as part of the scenario
of increase in operating cost of 30% over the
assessment period.
The stability of tailings storage facilities represent
a potentially significant operational risk for mining
operations globally. The Group’s tailings storage
facilities are designed to international standards,
constructed using primarily downstream methods,
subject to rigorous monitoring and reporting, and
reviewed regularly by independent experts. Given
these standard of design, development,
operations and review, the impact of a potential
tailings dam failure has not been included in the
sensitivity analysis.
Analysis
Management conducted the viability assessment
using the risks above which are considered to be
severe but reasonably possible scenarios for the
Group. The viability assessment prepared by
management assumes the payment of dividends
as part of the Company’s shareholder return
programme and the refinancing of the Senior
Notes, which mature in October 2026, in addition
to maintaining the current RCF facility for the
entire viability period (currently matures in 2028).
Under management’s base case the
assumption is that, whilst uncommitted, Tanda-
Iguela is built as a major capital project. The
Group is constantly monitoring the possibility of
the risks identified above and has multiple
control measures in place to prevent or mitigate
the impact of any of the above scenarios. Were
any of the above scenarios to occur, the
Company has several options available to
mitigate the impact of these scenarios, and
ensure sufficient liquidity to continue operations,
which include, but are not limited to, the
reduction of the dividends paid to shareholders
and corresponding reduction in local dividend
payments to bring cash offshore, deferral or
reduction of capital including a 12-month deferral
of the Tanda-Igeula project and/or exploration
expenditures, reduction in corporate costs.
All scenarios were initially assessed using the
consensus analyst gold prices. The results of this
analysis concluded that the scenario of macro-
economic factors (increase in operating expenses
by 30%) identified above produced a negative
cash balance during the assessment period,
however the impact of this downside scenario
could be managed in the normal course of
business, through the mitigating factors noted
above. Further to this, the scenarios were re-run
using a reduced gold price of 80% of consensus
prices over the assessment period.
At these lower gold price levels used over the
entire assessment period, the scenarios
identified above of macroeconomic factors
(increase in operating expenses by 30%), security
threat or geopolitical event (decrease in Burkina
Faso production by 35%), and operational
performance risk (decrease in production by 15%)
produced a negative cash balance during the
assessment period. However, the impact of this
downside scenario could be managed in the
normal course of business, through the mitigating
factors noted above.
In addition, management reverse stress tested
the gold price in the viability analysis to
determine at what price during the viability period
the Group would have a $nil cash balance and all
available revolving credit facility drawn. The result
of the reverse stress test determined the gold
price would need to drop below 87.4% of
consensus pricing or an average of $2,303/oz
over the entirety of the viability period for this to
occur, prior to the consideration of any mitigating
factors that could be taken under this scenario.
Further to management’s analysis, under the
scenarios considered above, Endeavour is a
viable business supported by its strong financial
position at 31 December 2024, with cash and
cash equivalents of $397.3 million, a net debt
position of $731.6 million and $230.0 million
available on the RCF.
Conclusion
Taking into consideration the Group’s current
financial position, the robust assessment of the
principal risks, as well as the mitigating factors
available to the Group, the Directors confirm that
they have a reasonable expectation that the
Group will be able to meet its liabilities and
continue operations over the period ending 31
December 2029. This longer-term assessment
process supports the Directors’ statements on
both viability and going concern.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Viability statement
Continued
66 Endeavour Mining plc Annual Report 2024
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
67 Endeavour Mining plc Annual Report 2024
Addressing
climate change
In line with the UK Listing Rules, and the
Companies (Strategic Report) (Climate-related
Financial Disclosure) Regulations 2022 (SI
2022/31), the Company confirms that its 2024
Annual Report includes climate-related financial
disclosures consistent with the Task Force on
Climate-related Financial Disclosures (“TCFD”)
recommendations and Recommended
Disclosures. The following index navigates
between our disclosures and the TCFD’s
recommendations and contains all the relevant
disclosures:
1. Governance PAGE 69
2. Strategy PAGES 70-79
3. Risk Management PAGES 80-82
4. Metrics and Targets PAGES 83-86
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
68 Endeavour Mining plc Annual Report 2024
RISK
METRICS AND TARGETS
We constantly monitor our
impact on, and exposure to,
climate to ensure our
business’ resilience
We use key metrics and
targets to drive continuous
improvement
Key risks:
Scope 1 & 2
– Environmental risk
– Supply Chain risk
– Operational performance risk
– Capital projects risk
Climate risk assessments are
integrated into Endeavour’s
overall risk management process via:
– Standards
– Project-level risk management
– Management and Board reviews
– Annual climate change risk
assessment
– Internal audits
– Annual external assurance
Target 2024
<0.601 tCO
2
e/oz
emissions intensity
Commission Sabodala-
Massawa solar farm
Target 2025
<0.600 tCO
2
e/oz
emissions intensity
Target 2030
30% reduction in
emissions intensity
from 2022 baseline
Scope 3
Target 2025
30% engagement or
12% integration with
Tier-1 Suppliers
(compensation target)
See metrics and targets pages 83-86
GOVERNANCE
We deliver our
decarbonisation vision
through our business.
BOARD
ESG Committee
Technical, Safety and Health
Committee
Audit and Risk Committee
EXECUTIVE MANAGEMENT
COMMITTEE
ESG Steering Committee
Decarbonisation Steering
Committee
STRATEGY
We strive to reduce our emissions through
a range of abatement opportunities.
Scope 1 Scope 2 Scope 3
– Renewable energy
– Grid connections
– Energy efficiency
– Fleet optimisation
– Alternative fuels
– Hybrid and/or
electric fleet
– Renewable
energy
– Energy efficiency
– Sustainability in
supply
– Supplier
engagement
Our decarbonisation journey
See governance page 69
See strategy pages 70-79
See risk pages 80-82
GOAL
Net zero
by 2050
Governance
Disclose the organisation’s governance around
climate related risks and opportunities:
a)
Describe the Board’s oversight of climate-
related risks and opportunities.
b)
Describe management’s role in assessing and
managing climate-related risks and opportunities.
Climate resilience is a material topic for
Endeavour. We have a robust governance
structure to assist with the management of
climate resilience and to ensure we are well
equipped to address climate-related risks and
opportunities.
Board oversight
The Board is accountable for ensuring that
climate-related risks and opportunities are
appropriately considered in the Group's business
plans and decision-making.
Climate-related governance activities include:
– Review the Group’s decarbonisation strategy
– Oversee performance and set targets, including
those linked to executive compensation
– Ensure compliance with adopted ESG frameworks
– Review and approve the Group’s public climate-
related disclosures
– Approve large-scale decarbonisation projects
– Approve the Group’s climate-related policies
Board committees
The following committees assist the Board in the
review of the Group’s climate-related issues:
– The ESG Committee sets the Group’s ESG
strategy, including decarbonisation, and
oversees the delivery of its ESG commitments.
– The Technical, Health & Safety (THS)
Committee monitors the technical aspects and
capital projects related to the Group’s ESG
strategy, including renewable energy initiatives
and electrification projects. The Audit and Risk
Committee is responsible for oversight of the
Group’s corporate risk management, including
ESG-related risks, and reviews financial
climate-related disclosures.
Management roles
The CEO is responsible for the strategic oversight
of Endeavour’s climate strategy and performance,
as well as cultural leadership.
The EVP Operations and ESG is responsible for
implementation and execution of the Group’s
decarbonisation strategy, including setting targets
and ensuring adequate financial, technical and
human resources dedicated to decarbonisation
efforts.
Reporting to the Board ESG Committee quarterly,
the ESG Steering Committee provides internal
oversight of our decarbonisation strategy,
progress on its implementation and performance.
It includes our CEO, EVP Operations and ESG,
CFO, CTO and EVP for Public Affairs, Security and
Social Performance, as well as management from
Technical Services, Operations, ESG, Social
Performance and Investor Relations.
Supporting the Executive ESG Steering
Committee, the Decarbonisation Steering
Committee drives the practical implementation of
the Group’s decarbonisation strategy.
The weekly Decarbonisation Working Group is a
multi-disciplinary group comprising key functions
who are responsible for the delivery of our
decarbonisation strategy, tracking and forecasting
the Group’s emissions, methodology and
compilation of the Group’s climate-related data
and public disclosures, and internal training.
Reporting to the EVP Operations and ESG, the
mine General Managers, supported by their
teams, are responsible for ensuring climate risk
is embedded into day-to-day operations.
Each mine has a site-specific climate risk
assessment, with corresponding mitigation actions.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
69 Endeavour Mining plc Annual Report 2024
GOVERNANCE REPORT
Our governance framework.
Pages 23-30
Governance entities
Roles
Board
– ESG Committee
– THS Committee
– Accountable for integrating climate-related risks and
opportunities into the Group's business plans, risk
management, and decision-making.
– Reviews performance, approves targets, and ensures
compliance with public reporting standard.
Executive Committee
– ESG Steering Committee
– EVP Operations & ESG
– Chief Technical Officer
– EVP Public Affairs, Security & Social Performance
– Provides strategic and cultural leadership on
decarbonisation initiatives.
– Aligns the vision and strategy with the Board's direction.
– Monitors progress, ensures adequate resource
allocation, and achieves decarbonisation targets.
Decarb Steering Committee
– Operations & ESG, Technical Services
– Investor Relations, Public Affairs
– Projects, Supply Chain, Business Development
– Ensures that the Group's decarbonisation goals are
met in a systematic, efficient, and integrated way.
Decarb Working Group
– Technical Services
– ESG
– Supply Chain
– Develops decarbonisation roadmap.
– Tracks emissions and abatement projects.
– Responsible for reporting and external assurance.
Dedicated Workstreams Task-specific workstreams to ensure timely progress
– Power.
– IFRS S2.
DEDICATED WORKSTREAMS
DECARB WORKING GROUP
DECARB STEERING
COMMITTEE
EXECUTIVE
COMMITTEE
BOARD
WEEKLY MONTHLY QUARTERLY
Our climate governance framework
Integrating decarbonisation & energy efficiency actions across our key functions to meet our ultimate goal of Net Zero by 2050.
Strategy
Disclose the actual and potential impacts of
climate-related risks and opportunities on the
organisation’s businesses, strategy and financial
planning where such information is material:
a)
Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium and long term.
b)
Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy, and financial planning.
c)
Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario.
We have identified a range of climate-related
risks and opportunities across the short,
medium, and long term that influence our
operations and strategy.
In alignment with the TCFD guidelines, we have
identified acute and chronic physical climate risks
that can impact on our operations, as well as
transition risks and opportunities associated with
the transition to a low-carbon economy.
Physical climate risks have been assessed against
three carbon emission scenarios, which are a
combination of Shared Socioeconomic Pathways
(SSPs) and Representative Concentration
Pathways (RCPs), see page 81, whilst transition
climate risks have been assessed against two
carbon emission scenarios derived from the
International Energy Agency’s Global Energy and
Climate Model (IEA GEC Model).
Each scenario-based risk assessment has been
made over three distinct time periods that
represent the short, medium, and long term
within the context of the current lifespan of our
asset base and our decarbonisation targets.
In the short term (2025), the primary risks are
associated with physical climate impacts, such
as the potential increased frequency of extreme
weather events, including heavy rainfall, droughts,
and heatwaves. These events can disrupt mining
operations, processing activities, and
transportation networks, potentially leading to
increased downtime and higher operational costs.
In the medium term (2030), transitional risks
become more pronounced. Shifts in market
preferences toward low-carbon products and
materials, alongside expectations for heightened
environmental performance, present challenges
but also create opportunities for Endeavour to
differentiate itself as a leader in sustainable gold
production.
Energy transition trends may also increase energy
costs in jurisdictions with a heavy reliance on
fossil fuels, while presenting an opportunity to
expand renewable energy adoption and improve
energy efficiency. In parallel, regulatory
developments, such as evolving climate policies
and carbon pricing mechanisms, may require
compliance investments and adjustments to our
operational footprint. Furthermore, reputational
risks and stakeholder expectations for robust
environmental practices could impact access to
financing or business partnerships without a clear
decarbonisation strategy and proactive action.
Looking further into the long term (2040), climate-
related risks extend to the broader ecosystem of
our operations. Physical risks, such as chronic
climate changes impacting water availability and
biodiversity, may affect the feasibility of mining
projects and necessitate adaptive measures.
However, the increasing global focus on
decarbonisation and sustainable development
provides a significant opportunity for us to adopt
low-carbon technologies that have lower operating
costs compared to fossil-fuel based alternatives.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
70 Endeavour Mining plc Annual Report 2024
OUR ESG STRATEGY
Partners in creating a sustainable future
Pages 23-30
Physical Climate Risk Scenario-Based Assessment
Using advanced climate analytics, we have assessed our physical climate risks against three carbon emissions scenarios and over our three defined time periods that have been selected based on the current
lifespan of our asset base.
Time Period
Optimistic Scenario (<2°C) Intermediate Scenario (<3°C) Pessimistic Scenario (>4°C)
Projected socioeconomic global changes towards sustainability
(SSP1). Carbon dioxide emissions to start declining in 2020 and
go to zero by 2100 (RCP2.6).
Projected socioeconomic global changes do not shift markedly
from historical patterns (SSP2). Emissions reach the peak around
2040, then decline (RCP4.5).
Projected socioeconomic global changes towards deeper fossil-
fueled development (SSP5). Emissions continue to rise
throughout the entire 21st century (RCP8.5).
Short Term (2025)
We identify appropriate
resources for mitigating
and adapting to
climate change in
our annual budgets.
In the short term, climate risks are anticipated to remain
moderate under an optimistic scenario, where global mitigation
efforts are effective. Drought is projected to have moderate
impacts at most sites, except for our Ity mine, where the risk is
low. Extreme heat is expected to have a low impact across all
sites, although extreme precipitation poses significant
challenges, with very high risks at our Sabodala-Massawa, Ity and
Lafigué mines. Flooding risks are very low across all sites,
supported by existing control measures. High winds present a
moderate risk at our Sabodala-Massawa and Mana mines but are
low at other sites. Severe storms are a moderate risk across all
sites, reflecting the potential for operational disruptions, but
adaptation efforts help to manage these impacts. Wildfire risks
are moderate to high, requiring ongoing vegetation monitoring to
address any emerging vulnerabilities.
With moderate emissions and a more gradual global transition to
low-carbon systems, drought risks remain moderate across all
sites, with the exception of our Ity mine. Extreme heat continues
to exhibit low risk but extreme precipitation risks persist as a
significant concern, with very high impacts at our Sabodala-
Massawa, Ity and Lafigué mines. Flooding risks remain very low
across all sites. High winds are a low to moderate risk, with our
Sabodala-Massawa and Mana mines facing the most significant
impacts due to regional wind patterns. Severe storms are a
moderate risk across all sites, requiring periodic review of
protective measures. Wildfire risks are moderate at Sabodala-
Massawa and high at all other sites, necessitating control
measures such as effective vegetation management.
Under a high-emissions pathway, short-term risks escalate.
Drought becomes a high risk at our Houndé mine due to
increasing water scarcity, while other sites experience moderate
impacts. Extreme heat risks increase to moderate at our Ity
mine, reflecting rising temperatures that challenge operations
and worker safety. Extreme precipitation presents high risks
overall and very high risks at our Sabodala-Massawa, Ity and
Lafigué mines. Flooding risks remain very low overall, though
localised flooding could emerge at poorly adapted sites. High
winds pose low to moderate risks, with our Sabodala-Massawa
and Mana mines most affected by intensifying wind events. The
risk of severe storm events remains moderate at our Lafigué
mine, but rises to high at all other sites. Wildfire risks are high
at all sites where dry conditions and vegetation changes create
higher vulnerability.
Medium Term
(2030)
We are taking action
now until 2030 to meet
our medium-term carbon
reduction target.
Effective climate mitigation by 2030 ensures that risks remain
relatively stable. Drought risks remain moderate across most
sites and low at our Ity mine. Extreme heat continues to be a low
risk overall with the risk rising to moderate at our Ity mine.
Extreme precipitation continues to pose high risks, with very high
risks at our Sabodala-Massawa, Ity and Lafigué mines,
highlighting the need for sustained investment in drainage and
infrastructure resilience. Flooding risks remain very low at all
sites. High winds stay moderate at our Sabodala-Massawa and
Mana mines and remain low at other sites. The risk of severe
storms remains moderate at most sites, rising to high at our Ity
mine. Wildfire risks are high at all sites, necessitating strategies
to reduce exposure to fire-prone areas.
In a moderate-emissions scenario, medium-term risks become
more variable. Drought impacts are projected to remain moderate
across most sites, with low risks persisting at our Ity mine.
Extreme heat remains a low risk at most sites but rises to
moderate at our Ity mine. Extreme precipitation remains a very
high risk at our Sabodala-Massawa, Ity and Lafigué mines, with
ongoing infrastructure challenges requiring additional investment.
Flooding risks stay low but necessitate continuous monitoring.
High winds remain a moderate risk at our Sabodala-Massawa
and Mana mines, whilst severe storms remain a moderate risk at
all sites, reflecting the potential for occasional operational
challenges. Wildfire risks are high at all sites, due to projected
local vegetation and dryness levels.
In a high-emissions scenario, medium-term risks worsen
significantly. Drought is a high risk at our Houndé mine and
remains a moderate risk at our other sites. Extreme heat
becomes a moderate risk at our Ity and Lafigué mines,
increasing energy demands and worker safety concerns.
Extreme precipitation remains very high at our Sabodala-
Massawa, Ity and Lafigué mines, potentially leading to recurring
disruptions and substantial adaptation costs. Flooding risks
remain low but could rise at inadequately adapted locations.
High winds remain a moderate risk at our Sabodala-Massawa
and Mana mines, whilst severe storms present a high risk at all
sites with the exception of Lafigué. Wildfire risks remain high at
all sites as prolonged dryness and vegetation changes
exacerbate fire hazards.
Long Term (2040)
Identifying long-term
risks is important for
our investment and
development decisions
and to ensure our
portfolio remains
resilient in the long
term.
In the long term, strong global climate action ensures relative
stability in risks, though some challenges persist. Drought risks
remain moderate across all sites with the exception of our Ity
mine, supported by enhanced water management practices.
Extreme heat continues to be at a low risk at most sites but rising
to a moderate risk at our Ity and Lafigué mines. Extreme
precipitation continues to pose very high risks at our Sabodala-
Massawa, Ity and Lafigué mines, requiring sustained investment
in drainage and other resilience measures. Flooding risks remain
very low, whilst the risk of high winds stays low at most sites, and
moderate at our Sabodala-Massawa and Mana mines. Severe
storm risks stay moderate at most sites, but rise to high at our Ity
mine. Wildfire risks remain high requiring successful vegetation
management and fire prevention strategies.
Under moderate-emissions pathways, long-term climate variability
increases. Drought risks continue to remain moderate at all sites
except for our Ity mine. Extreme heat becomes a moderate risk at
our Ity mine as temperature extremes increase, but continue to
remain low at all other sites. Extreme precipitation remains a very
high risk, particularly at our Sabodala-Massawa, Ity and Lafigué
mines, requiring sustained investments in adaptation. Flooding
risks stay low but could rise in specific areas without adequate
defences. The risk of high winds remains low to moderate across
our sites, whilst the risk of severe storms becomes high at our Ity
mine, increasing the potential for operational disruptions. Wildfire
risks are high at all sites, necessitating additional focus in fire
prevention and response.
In a high-emissions scenario, long-term climate impacts are
severe. Drought remains a high risk at our Houndé mine and a
moderate risk across our other sites, severely affecting water
availability and operational resilience. Extreme heat risks rise to
high at our Ity mine and rise to moderate at all other sites,
putting worker safety, energy systems, and equipment
performance under pressure. Extreme precipitation remains a
very high risk at our Sabodala-Massawa, Ity and Lafigué mines,
with potential persistent disruptions and high adaptation costs.
Flooding risks remain low but may become localised challenges.
High winds remain at a low to moderate risk but severe storms
present high risks at most sites, causing frequent operational
challenges. Wildfire risks remain high, particularly in regions with
compounded heat and dryness, creating significant hazards for
infrastructure and operations.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
71 Endeavour Mining plc Annual Report 2024
Physical Climate Risk Assessment of the Intermediate Scenario
We have evaluated the progression of acute and chronic risks over our defined time frames using an
intermediate scenario that represents a “middle-of-the-road” scenario, where global socio-economic
trends follow historical patterns, with moderate efforts to mitigate emissions, resulting in a
stabilisation pathway that limits global warming to approximately 2.7–3°C by the end of the century.
Whilst Endeavour has set an emissions reduction target that aligns with a <2°C scenario, we consider the
intermediate scenario to be the most likely outcome in the context of current global socio-political policies.
Our assessment indicates that our sites do not experience significant or rapid changes in weather
patterns arising from future predicted climate change. Acute and chronic physical climate impacts already
present a risk at our operations, for which we have mitigation and adaptation strategies in place.
Climate Risk
Site
Short Term
(2025)
Medium Term
(2030)
Long Term
(2040)
Trend
Acute Climate Risks
Drought
Sabodala
Moderate Moderate Moderate Constant
Houndé
Moderate Moderate Moderate Constant
Ity
Low Low Low Increasing
Mana
Moderate Moderate Moderate Constant
Lafigué
Moderate Moderate Moderate Increasing
Extreme Heat
Sabodala
Low Low Low Increasing
Houndé
Low Low Low Increasing
Ity
Low Moderate Moderate Increasing
Mana
Low Low Low Increasing
Lafigué
Low Low Low Increasing
Extreme
Precipitation
Sabodala
Very High Very High Very High Constant
Houndé
High High High Increasing
Ity
Very High Very High Very High Increasing
Mana
High High High Constant
Lafigué
Very High Very High Very High Constant
Flooding
Sabodala
Very Low Very Low Very Low Constant
Houndé
Very Low Very Low Very Low Constant
Ity
Very Low Very Low Very Low Constant
Mana
Very Low Very Low Very Low Constant
Lafigué
Very Low Very Low Very Low Constant
Climate Risk Site Short Term
(2025)
Medium Term
(2030)
Long Term
(2040)
Trend
Acute Climate Risks
High Winds
Sabodala
Moderate Moderate Moderate Constant
Houndé
Low Low Low Constant
Ity
Low Low Low Constant
Mana
Moderate Moderate Moderate Constant
Lafigué
Low Low Low Constant
Severe Storms
Sabodala
Moderate Moderate Moderate Increasing
Houndé
Moderate Moderate Moderate Increasing
Ity
Moderate Moderate High Increasing
Mana
Moderate Moderate Moderate Increasing
Lafigué
Moderate Moderate Moderate Increasing
Wildfires
Sabodala
Moderate High High Increasing
Houndé
High High High Increasing
Ity
High High High Increasing
Mana
High High High Increasing
Lafigué
High High High Increasing
Chronic Climate Risks
Average
Temperature
Increase
Sabodala
Low Low Moderate Increasing
Houndé
Low Low Moderate Increasing
Ity
Low Low Low Increasing
Mana
Low Low Moderate Increasing
Lafigué
Low Low Moderate Increasing
Average
Precipitation
Increase
Sabodala
Low Low Low Increasing
Houndé
Moderate Moderate Moderate Increasing
Ity
Very Low Very Low Very Low Decreasing
Mana
Moderate Moderate Moderate Increasing
Lafigué
Low Low Moderate Increasing
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
72 Endeavour Mining plc Annual Report 2024
Acute climate risks refer to sudden, extreme events that cause immediate damage or disruption. Chronic climate risks refer to long-term, ongoing changes in climate patterns that gradually affect systems over time.
Transition Risk Scenario-Based Assessment
We have assessed the likelihood, consequence and significance of our transition risks against two carbon emission scenarios that represent both a ‘soft transition’, which is an extension of current and planned
policies and technological trends, and is consistent with an implied global temperature rise of +3˚C (IEA – Stated Energy Policies Scenario), and a ‘hard transition’, which is an ambitious scenario consistent with
limiting global temperature rise to 2˚C or less (IEA – Net Zero Emissions by 2050 scenario).
Type Risk /
opportunity
Description Sensitivity Time Period Scenario
>3°C
Scenario
<2°C
Response
Likelihood Consequence Significance Likelihood Consequence Significance
Policy &
Legal
Risk Increases in fuel excise taxes, an
implicit form of carbon pricing,
could increase the cost of fuel and
thus increase costs of production.
Moderate Short Unlikely Low Low Low
Moderate
Low We are taking action to significantly
reduce our usage of fossil-fuel
based products to minimise
potential impacts.
Medium Unlikely
Low
Low
Moderate Moderate
Medium
Long Unlikely Low Low High High Medium
Climate change-related litigation
brought against the Company
and/or government.
Low
Short Unlikely Minor Low Low Minor Low
We comply with all climate-related
disclosure frameworks and have
implemented policies that align
with global commitments, such as
the Paris Agreement.
Medium Unlikely Minor Low Low Low Low
Long Unlikely Minor Low Moderate Moderate Medium
Policy misalignment where
international and/or national
policies are not aligned with the
goals and requirements of
Endeavour or the wider mining
industry.
Moderate Short Low Low Low Low
Moderate
Low We comply with all climate-related
disclosure frameworks and have
implemented policies that align
with global commitments like the
Paris Agreement.
Medium Low Low Low
Moderate Moderate
Medium
Long Low Low Low High High Medium
Technology Risk Unsuccessful investment in new
technologies.
Low Short Unlikely Minor Low Low
Moderate
Low We regularly conduct cost-benefit
analyses and align our investments
with clear and measurable
sustainability targets. We assess and
validate the performance, scalability
and cost-effectiveness of new
technologies before full-scale
implementation.
Medium Unlikely Minor Low Low
Moderate
Low
Long Unlikely Minor Low Moderate Moderate Medium
Substitution of existing
products and services with lower
emission options resulting in
write-offs and early
decommissioning of existing
assets and/or higher supply
chain costs.
Low Short Low Minor Low Low
Moderate
Low
We are integrating low-carbon
solutions across our operations to
reduce our reliance on fossil fuel-
based products. We are
collaborating with our supply chain
partners to reduce emissions and
secure cost-effective sustainable
inputs.
Medium Low Minor Low Low
Moderate
Low
Long Low Minor Low Low Moderate Low
Opp Substitution of existing products
and services with lower emission
options resulting in lower costs
of production.
High
Short Low Minor Low Moderate Moderate Medium
Technology with lower emissions
has the potential to lower
operating costs and increase
overall profitability. Fuel
displacement technologies and
self-generation of renewable energy
at our operations can be cheaper
than using hydrocarbon energy.
Medium Moderate Minor Low Moderate High Medium
Long Moderate Minor Low High High Medium
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
73 Endeavour Mining plc Annual Report 2024
Type Risk /
opportunity
Description
Sensitivity Time Period Scenario
>3°C
Scenario
<2°C
Response
Likelihood Consequence Significance Likelihood Consequence Significance
Technology
Opp
Gold can play a vital role in
technologies that may help
facilitate the transition to a
low-carbon future.
High
Short Low Minor Low Moderate Moderate Medium
Increased demand for gold in
future technologies could increase
the value of the commodity.
Medium Low Minor Low Moderate Moderate Medium
Long Low Minor Low High High Medium
Markets
Risk
Decreased availability of financial
products and investment in high
emitting industries and
organisations could result in
challenges attracting investment
and higher costs of funding.
Low
Short Unlikely Minor Low Low Moderate Low
We have aligned our strategy with
global sustainability frameworks
such as the Paris Agreement and
Net Zero commitments. We have
set clear emissions reduction
targets and transparently report on
progress towards achieving a low-
carbon operation.
Medium Unlikely Minor Low Low Moderate Low
Long Unlikely Minor Low Moderate Moderate Medium
Competition from lower carbon
options.
Low
Short Unlikely Minor Low Low Low Low
Cultural history supports the
continued demand for gold, both for
personal jewellery as well as for
investment as a risk hedge and
market insurance asset during times
of heightened market volatility.
Medium Unlikely Minor Low Low Low Low
Long Unlikely Minor Low Low Low Low
Failure of domestic and
international policymaking to
deliver effective carbon markets
resulting in increased cost and
reduced availability of carbon
credits.
Moderate
Short Low Minor Low Low Moderate Low
Our focus is on primary initiatives to
decarbonise our operations rather
than rely on secondary carbon
markets. We have developed an
internal carbon pricing mechanism to
integrate the cost of carbon into our
decision-making processes,
incentivise emissions reductions
across our operations, and prepare
for potential future regulatory
requirements.
Medium Low Minor Low Low Moderate Low
Long Low Minor Low Moderate Moderate Medium
Opp
Gold’s risk-return profile and its
sensitivity to climate related
physical and transition risks
looks relatively robust,
particularly
in comparison to many other
mainstream assets. Gold may
have a role as a climate risk
mitigation asset in long-term
investment strategies.
High
Short Low Minor Low Moderate Moderate Medium
Increased demand for gold in
future technologies could increase
the value of the commodity.
Heightened market volatility and
uncertainty from climate-related
risks are likely to be supportive of
further investment demand for
gold, as its roles as a risk hedge,
portfolio diversifier and market
insurance asset are well
established.
Medium Low Minor Low Moderate
High
Medium
Long Low Minor Low Moderate High Medium
OVERVIEW
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74 Endeavour Mining plc Annual Report 2024
Type Risk /
opportunity
Description
Sensitivity Time Period Scenario
>3°C
Scenario
<2°C
Response
Likelihood Consequence Significance Likelihood Consequence Significance
Reputation Risk Company economics may be
negatively impacted by
capital providers that assign a
capital cost carbon premium.
Moderate Short Unlikely Minor Low Low Low Low We are actively implementing
solutions to transition to low-
carbon operations by investing in
energy efficiency, renewable energy
solutions, and emissions reduction
technologies, supported by
emissions reduction targets.
Medium Unlikely Minor Low Low Low Low
Long Unlikely Minor Low Low Moderate Low
Risk of not meeting the
company’s ESG and
decarbonisation commitments
due to a lack of investment in
measures to reduce emissions.
Low Short Low Minor Low Low
Moderate
Low We remain committed to reducing
our emissions and have
incorporated emissions reduction
performance into executive
performance incentives to drive
accountability and ensure
leadership commitment to
delivering on ESG goals.
Medium Low Minor Low
Moderate Moderate
Medium
Long Low Minor Low Moderate Moderate Medium
A shift in investment towards
low-carbon and climate resilient
businesses as well
as increased scrutiny from
investors for businesses not
having and/or meeting a
science-based Net Zero target.
Low Short Unlikely Minor Low Low
Moderate
Low We maintain clear and transparent
communication of our progress
against our decarbonisation
roadmap and targets through our
public annual sustainability
reporting, which is aligned with
TCFD and other ESG frameworks.
Medium Unlikely Minor Low
Moderate Moderate
Medium
Long Unlikely Minor Low Moderate Moderate Medium
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
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Continued
75 Endeavour Mining plc Annual Report 2024
Assessing the Impact of Climate-Related Risks and Opportunities on Our Strategy
and Financial Planning
The climate-related risks and opportunities identified have a direct and significant impact on our
business, strategy, and financial planning. Short-term physical risks have prompted us to invest in
infrastructure and systems designed to withstand extreme weather, such as enhanced water
management systems, wet season preparation strategies, and supply chain contingency planning. The
potential financial impacts of regulatory changes, including carbon taxes, have been integrated into our
forecasting models to ensure resilience and agility in decision-making.
Medium-term opportunities are enabling us to integrate sustainability into our operational strategy.
This includes investing in renewable energy projects at our sites, increasing energy efficiency through
technology upgrades, and collaborating with industry partners to allow us to adopt innovative low-
carbon mining solutions. These measures not only mitigate transitional risks but also enhance cost-
efficiency and contribute to achieving our carbon reduction targets. Financially, these efforts are
expected to reduce operating expenses over time, thereby strengthening Endeavour’s financial
position.
In the long-term, our strategic planning incorporates potential physical and market shifts, ensuring that
our operations remain resilient under varying climate scenarios. Climate considerations are embedded
in our exploration and project development decisions, including incorporating design decisions that
prioritise low-carbon technologies into our development projects and integrating nature-based solutions
into site restoration plans. Our commitment to decarbonisation is also a core pillar of our business
strategy, including our commitment to achieving Net Zero carbon emissions across our operations by
2050 in alignment with global climate goals.
Financial Impact of Physical Climate Risks
Understanding the financial implications of climate-related risks and opportunities on our business is
critical to helping us manage and mitigate these risks and take advantage of the opportunities. Our
climate change risk analysis includes an assessment of the possible financial impacts on the Group,
which are outlined in the following table. The aim is to describe the effects of climate change on our
financial performance, providing stakeholders with a comprehensive view of the organisation's
resilience and adaptability in the face of climate change.
Following our assessment of the intermediate scenario, we have concluded that currently the overall
financial impact of climate change on our business is low.
Social Performance
Community demands are expected to increase in case of
drought or extreme precipitationssince this could affect
agriculturalproduction and communityinfrastructures.
All sites Low $3.9 million: Cost of supplementary pumps
and pipelines for water tocommunity.
Engaging with the community on the phenomenon ofclimate change, discussing
its causes, consequences, and future prospects.
Implementation of sustainable projects and the promotion of training programmes
in the most effective and profitable farming techniques.
Ensuring provision has been established in financial mechanisms available for
economic, social and environmental development projects.
Establishing and monitoring boreholes for potable water in our host communities.
Droughtcould also impact economic development projects
such asaviculture and marketgardening.
All sites Low $0.5 million: Increase in community project
budget.
Developing innovative alternatives to current projects.
Wildfirescould cause loss of cultivable lands. All sites Low $0.5 million: Community support costs for
damage caused by wildfires.
Wildfire preventionmeasures.
Use of land reclamation techniques.
Production – Mining
Droughtcould cause more dust and potential haulage
interruptiondue to poor visibility.
All sites Low to Moderate $13.5 million: Additional equipment costs.
Impact on production.
Additional dust suppression equipment.
Drivingregulations adapted to conditions (lowerspeed, lights).
Extreme precipitations andsevere stormscould resultin
temporary suspension of mining operations due to
production blasting delays, poor visibility and poorroad
conditions.
All sites Low to Moderate $11.1 million: Additional dewatering equipment
costs andproduction losses due to temporary
short-term suspension of operations.
Wet season plan.
Upgraded perimeter drainage.
Increased pumping capacity and reserve equipment on standby.
Risks and Impacts Region and Site Risk Category Potential Financial Impact (total for all sites) Mitigations and Adaptation Actions
OVERVIEW
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76 Endeavour Mining plc Annual Report 2024
Extreme precipitations andsevere stormscould cause pit
wallfailure causing unavailabilityof the pits. Flooding of the
pits could cause significant production interruptions.
All sites Moderate to High $52.3 million: Major remedial earthworkand
pit unavailability. Open Pit up to one week of
production loss in the case of
flooding;Underground up to 3 weeks
ofproduction loss in the case of flooding.
Dewatering plan for mine during wet season.
Pit slope monitoring (radar).
Flood Emergency Plan with specific actions for engineering and dewatering teams.
Extreme precipitations and severe stormscould lead to
enhanced maintenance of haul roads.
All sites Low to Moderate $18.8 million: Enhanced civil works for
roadrepair.
Road maintenance plan.
Setting of hydraulic infrastructures and drainage systems.
Production flexibility between different productionareas.
Production – Processing
Droughtscould result in lack of water for the processing
plant.
All sites Low $5.8 million: Cost for additionalwater
infrastructure. Cost for supplementary potable
water
Ensuring sufficient dam capacity and identification of alternative water supplies.
Maximising water recycle from TSF.
Regular reviews of the water management strategy.
Extreme precipitationscould cause TSF capacity to be
reduced, necessitating additional capacity to be
constructed.
All sites Low to Moderate $19.5 million: Construction cost for additional
TSF capacity.
TSF water recycling strategy to maximise solids deposition volume.
TSF monitoring, inspection and measurements.
TSF engineer on record and forecast models.
Wildfirescould cause damages to piping (water, tailings,
etc.).
All sites Moderate $1.3 million: Cost for replacement piping. Wildfire prevention measures.
Maintaining fire-breaks and minimising dry vegetation around infrastructure.
Established fire procedures and trained fire-fighting team on-site.
Extreme heatcould impact equipment performance
andreliability.
All sites Low $1.7 million: Additional cooling systems,
increased maintenance costs.
Regular inspection and maintenance regimes for material degradation due to high
temperature or UV exposure. Installation of additional cooling systems where feasible.
Infrastructure
Severe storms/high winds could damage mine infrastructure
(buildings & IT/electrical equipment).
All sites Low $5.3 million: Cost of repair for damaged
infrastructure.
Integration of high wind speed parameter in the design of infrastructure.
Installation of lightning rods and surge protection.
Wildfires could damage mine infrastructure such as
buildings and equipment.
All sites Low $5.0 million: Cost of repair for the damaged
infrastructure.
Wildfire prevention measures.
Maintaining fire-breaks and minimising dry vegetation around infrastructure.
Established fire procedures and trained fire-fighting team on-site.
Health, Safety & Environment
Droughts and wildfires could cause loss ofbiodiversity. Burkina Faso &
Senegal
Low $0.4 million: Cost estimate for additional
environmental projects.
Biodiversity monitoring and audits. Reforestation and land protection. Wildfire
prevention measures.
Droughts and wildfires could cause rehabilitation failure
considering tree planting success and desertification.
All sites Low $0.2 million: Cost for additional reforestation
measures.
Adaptation of reforestation and land protection plans. Wildfire prevention
measures.
Extreme precipitations could cause increased soil erosion
and/or increased acid mine drainage.
All sites Low to Moderate $11.7 million: Cost for earthworks and
prevention plan implementation.
Soil run-off and erosion management plan. Implementation of a sediments
management system and the creation of sediment catchment basins. AMD
studies to characterise the acid-forming potential of stockpiles. Stockpiles
designed to limit oxygen ingress to reduce acid generation.
Extreme heat and extreme precipitations could result in
increased health issues related to heat and malaria.
All sites Low $2.0 million: Additional labour costs to cover
absenteeism due to health related issues.
Awareness programme for employees (heatandhydration). Malaria prevention
strategy.
Risks and Impacts Region and Site Risk Category Potential Financial Impact (total for all sites) Mitigations and Adaptation Actions
OVERVIEW
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77 Endeavour Mining plc Annual Report 2024
Regulation
Increased government regulation could result in increased
operational costs (water tax).
All sites Low $0.5 million: Increased tax. Maintaining communication with government, staying informed on new
regulations.
Enhanced water recycle management strategy.
Energy
Extreme heat could result in increased energy consumption. All sites Low $0.4 million: Costs for purchasing and
operating additional cooling equipment.
Maintaining high-efficiency cooling equipment.
Increasing adoption of renewable energy.
Supply Chain
Severe storm events could interrupt supply chains, resulting
in production loss.
All sites Moderate $21.6 million: Production delay of one week
due to interruption of critical supplies.
Increased stock holdings of critical supplies in accordance with climate risks.
Risks and Impacts Region and Site Risk Category Potential Financial Impact (total for all sites) Mitigations and Adaptation Actions
The Resilience of Our Strategy
Our climate risk strategy is designed to remain
resilient under a range of climate scenarios,
including a 2°C or lower scenario, which aligns with
the goals of the Paris Agreement. We conduct
scenario analyses to assess the potential impacts
of varying temperature pathways on our
operations, including scenarios where stringent
carbon regulations and significant physical climate
changes occur. These analyses guide our adaptive
measures, such as diversifying energy sources,
fortifying operational infrastructure, and ensuring
long-term access to critical resources like water.
Our 2°C aligned planning includes accelerating
renewable energy integration at our sites,
fostering innovative partnerships to advance low-
carbon technologies, and maintaining robust risk
management frameworks to address acute and
chronic physical risks. Furthermore, we evaluate
how low carbon technologies offer us the
opportunity to lower our operating costs and
strengthen our financial position.
Furthermore, we have developed an internal carbon
pricing mechanism to guide decision-making and
align with global decarbonisation goals. This
mechanism assigns a monetary value to
greenhouse gas emissions generated by our
operations, integrating the cost of carbon into
capital allocation and project evaluation
processes. By doing so, we incentivise emissions
reduction initiatives across our asset portfolio.
The internal carbon price also allows us to
proactively account for potential future regulatory
carbon pricing schemes, reducing financial
exposure to policy changes while ensuring long-
term operational viability. This tool not only
enhances the robustness of our climate risk
management but also enables us to identify and
prioritise projects that deliver both environmental
benefits and economic value, ensuring our
strategy remains resilient in an evolving regulatory
and market landscape.
Endeavour remains committed to leveraging
climate-related opportunities while addressing
risks with proactive measures. By embedding
climate resilience into our strategy, we aim to
notonly secure our operations against future
uncertainties but also strengthen our position as
a sustainable and responsible gold producer in
the gold mining industry.
OVERVIEW
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STATEMENTS
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78 Endeavour Mining plc Annual Report 2024
Our Decarbonisation Progress
Reducing our greenhouse gas emissions by
enhancing the efficiency of our operations,
reducing energy use and adopting renewable
energy technologies are key drivers for the long-
term sustainability of the Group’s business and
are in line with our commitment to tackle climate
change, a key priority of our ESG strategy.
The following chart shows our progress since
2022 in reducing our Scope 1 and 2 emissions
and provides an indication of how we currently
expect to achieve our target in 2030.
In 2024, we continued to make progress in
decarbonising our assets, in line with our
commitment to achieving a low-carbon
operational footprint and contributing to global
climate goals.
A key milestone was completing construction of a
37MWp solar PV plant at our Sabodala-Massawa
operation in Q4-2024. This facility is now one of the
largest solar installations supporting mining
operations in the region and is expected to provide a
reliable, renewable energy source that significantly
reduces the site’s reliance on fossil fuels.
Our Houndé and Mana projects in Burkina Faso
have taken meaningful steps to support the
country’s renewable energy transition by
purchasing International Renewable Energy
Certificates (“I-REC”s) from the Zagtouli solar
power plant. Additionally, our power purchasing
agreement with SONABEL, the national electricity
provider, ensures the supply of renewable energy
from the Pa solar power plant to these
operations. These initiatives not only reduce our
carbon footprint but also contribute to the
development of renewable energy infrastructure in
our host country.
We have also strengthened our long-term
decarbonisation efforts through a strategic
Memorandum of Understanding (“MoU”) with
SENELEC, Senegal’s national electricity company,
to construct a high-voltage power line to the
Sabodala-Massawa operation. This infrastructure
will facilitate the sourcing of renewable energy
from the Kedougou hydroelectric power project,
providing a reliable and sustainable energy
solution to power future operations. This
collaboration reflects our commitment to fostering
partnerships that align with our sustainability
objectives and the energy transition in our host
communities.
At our Ity operation, we installed a static
synchronous compensator (“STATCOM”) to
regulate power inconsistencies from the incoming
grid in an effort to improve our grid share
percentage. We also successfully commissioned
a primary sizer project, which replaced a fleet of
diesel-operated equipment - including mobile
crushers, power screens, and associated mobile
fleet - previously used to provide supplementary
feed to the process plant. This transition has
resulted in significant emissions reductions,
improved operational efficiency, and decreased
reliance on diesel fuel, as we continue to
implement innovative solutions for decarbonising
our operations.
We also made meaningful progress towards
Scope 3 decarbonisation with the
commencement of our Sustainable Suppliers
Programme, a key initiative aimed at reducing
emissions across our value chain. We are
engaging with our suppliers to encourage the
adoption of more sustainable technologies and
providing support for those willing to transition to
low-carbon practices.
Decarbonisation in Design
Further to our efforts to decarbonise our existing
operations, we also consider energy efficiency
and low-carbon alternatives during the design
phase of our growth projects.
At our Lafigué operation, rather than constructing
an on-site diesel-fired power station, which would
have resulted in a reliance on fossil fuels and
higher emissions, the operation was strategically
designed to source power from the grid.
We also reviewed the processing flow sheet and
identified the opportunity to use a High-Pressure
Grinding Roll (“HPGR”) and ball mill in the
comminution circuit, instead of a conventional
SAG and ball mill (“SABC”) circuit. The HPGR
reduces energy consumption by using
interparticle crushing, which requires significantly
less energy than traditional grinding methods,
and has been modelled to have a 30% lower
gross power draw than the base case SABC
circuit for the Lafigué ore.
----
OVERVIEW
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79 Endeavour Mining plc Annual Report 2024
Our Scope 1 & 2 energy transition strategy
Working to reduce our Scope 1 & 2 Absolute Emissions
2022 2023
2024 Grid
Connections
Renewable
Energy
Energy
Efficiency
Alternative
Fuels
Hybrid &
Electric
Fleet
2030
0
250,000
500,000
750,000
– Based on our current operational portfolio.
– 2022 baseline year has been recalculated following the divestment of Boungou & Wahgnion.
– Core Assets include Sabodala-Massawa Whole Ore Leach Operation, Houndé, Ity & Mana Gold Operations.
– Growth Projects include Sabodala-Massawa BIOX® Expansion & Lafigué Gold Operation.
¢
Core assets from 2022
¢
Growth projects & exploration
¢
Emissions abatement
(30)%
(tCO
2
e)
Risk
Management
a)
Describe the organisation’s processes for
identifying and assessing climate-related risks
b)
Describe the organisation’s processes for
managing climate-related risks
c)
Describe how processes for identifying,
assessing, and managing climate-related risks
are integrated into the organisation’s overall
risk management
How We Identify and Assess Our Climate
Related Risks
Endeavour has established a robust framework
for identifying and assessing climate-related
risks, leveraging both quantitative and qualitative
methodologies. These risks are evaluated
annually through a combination of site-specific
assessments and enterprise-wide scenario
analyses, which consider physical, transitional,
and regulatory factors across short, medium, and
long-term horizons.
Climate risk identification begins with a detailed
assessment of climate trends, including extreme
weather events, changing precipitation patterns,
and long-term shifts in temperature that may affect
operational efficiency and resource availability.
Additionally, transitional risks, such as evolving
carbon regulations, shifts in investor preferences,
and evolving technologies, are regularly evaluated.
These assessments are conducted in alignment
with global standards, such as the TCFD and the
International Council on Mining and Metals
(“ICMM”) frameworks, ensuring consistency and
comparability across our operations.
Our risk assessment process incorporates
scenario analyses, including a 2°C or lower
pathway, to understand the potential impacts of
varying climate futures. These scenarios guide the
evaluation of financial and operational
vulnerabilities, such as the increased costs
associated with regulatory compliance or
disruptions caused by extreme weather. Site-level
climate risk assessments are integrated into
operational planning to ensure localised risks are
identified early and managed effectively. This
comprehensive approach enables us to proactively
address climate-related risks and identify
opportunities for innovation and value creation.
We use the temporal scope 2020-2050 for
characterising the future climate-related hazards
potentially affecting our operational sites, and the
short (2025), medium (2030) and long-term
(2040) time periods have been selected to
describe the different stages of the operations’
lifespans within the context of the current
lifespan of our complete asset base.
Risk Metric
Drought Months per year where the rolling six-month average Standardised
Precipitation Evapotranspiration Index is below -2.
Extreme Heat Days per year with temperature exceeding the local historical 99th
percentile temperature.
Extreme Precipitation Maximum daily total water equivalent precipitation (in mm) experienced at
the 100-year return period
Flooding Depth of the water (in meters) at the 100-year return period.
High Winds Maximum one-minute sustained wind speed (in km/hr) experienced at the
100-year return period.
Severe Storms Number of days per year where environmental conditions are conducive to
severe thunderstorm formation.
Wildfires Mean annual probability of a major wildfire (i.e., a wildfire with the potential
to cause structure loss) either originating or propagating into the 90m cell
the asset is located within.
Our acute physical climate risks are assessed
using Climate Score Global 2.0, from Jupiter
Intelligence, to quantify climate-related risks at
any given location globally, predicting how future
climate conditions will influence the intensity or
the frequency of extreme meteorological events
or natural disasters such as future floods,
extreme heat events, droughts, and wildfires. The
tool employs dozens of respected climate models
coupled with machine learning, land use and
elevation data, as well as models for hydrology,
wildfire, and severe weather.
The following table shows the list of relevant climate
risks that are considered in our assessment,
together with the metric selected to characterise
each risk among all possible metrics available.
To assess our chronic risks, a climatic
characterisation and analysis of possible future
climate trends is carried out at the regional level.
For the historical climatic trends, data from the
ERA5 (European ReAnalysis version 5) reanalysis
system is used, which provides hourly estimates
of numerous atmospheric, terrestrial and oceanic
climatic variables. Finally, data relating to climate
projections for the period 2014-2100 is obtained
from the Coupled Model Intercomparison Project
Phase 6 (“CMIP6”), a project of the Working
Group on Coupled Modelling (“WGCM”) of the
World Climate Research Program (“WCRP”),
which since 1995 has coordinated the global
climate modelling experiments carried out by
various working groups through the definition of
common protocols and drivers for all models.
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80 Endeavour Mining plc Annual Report 2024
RISK MANAGEMENT AND PRINCIPAL RISKS
Effective Risk Management
Pages 57-65
Physical climate risks, both acute and chronic, are
assessed against three carbon emission scenarios
made by a combination of SSPs and RCPs as follows:
SSP1 – RCP 2.6: An optimistic scenario in which
global CO
2
emissions are drastically reduced
reaching Net Zero after 2050 thanks to an
evolution of societies towards environmental and
social sustainability and temperatures stabilise
around 1.8°C more by the end of the century.
SSP2 – RCP 4.5: An intermediate scenario in
which CO
2
emissions hover around current levels
before starting to decline mid-century but fail to
reach Net Zero by 2100. Socio-economic factors
follow their historical trends without significant
changes. Progress towards sustainability is slow,
with development and income growing unevenly.
In this scenario, temperatures rise by 2.7°C by
the end of the century.
SSP5 – RCP 8.5: A high-emissions scenario
where current CO
2
emission levels roughly double
by 2050. The global economy is growing rapidly,
but this growth is fuelled by fossil fuel
exploitation and high-intensive lifestyles energy.
By 2100, the global average temperature will be
as much as 4.4°C higher.
Finally a comprehensive site specific physical
climate-related risk register is compiled that
includes the likelihood of each climate hazard, as
well as the sensitivity of the site to be affected by
the hazard, the potential impact of the climate
hazard upon the operation, and the adaptive
capacity of the operation to adjust to climate
hazard-related events, mitigate potential
damages, and to take advantage of opportunities
or to cope with the consequences.
Overall, having knowledge of how physical climate
hazards are projected to change over time, how
sensitive our operations and communities are to
those climate hazards, and the effectiveness of
current adaptive capacities will ensure that we
can identify potential areas of improvement at
each stage of our projects. With effective
incorporation and management of climate risk
within our overall management systems, we can
better plan for future risks and build resilience
into short, medium and long-term operations.
Transition risks that have a potential wider impact
on our business are assessed in accordance with
the Equator Principles 4 (“EP4”), which refers to
the recommendations of TCFD as the framework
to guide the conduct of a climate transition risk
assessment.
In accordance with TCFD recommendations and
guidance, scenario analysis is also used to
conduct the transition risk assessment. The
scenarios analysed in this assessment were
derived from the IEA GEC Model and were
selected for the assessment as they include both
global and national level policy considerations
within the scenarios, which is relevant for our
multi-national footprint.
The scenarios selected for the high-level transitional
risk assessment are further outlined below.
Net Zero Emissions by 2050 Scenario: The
International Energy Agency’s (“IEA”) Net Zero
Emissions (“NZE”) by 2050 Scenario is a
pathway whereby global CO
2
emissions across
the energy sector achieve Net Zero by 2050,
whilst simultaneously achieving drastic
improvements in air quality and universal energy
access by 2030. The NZE scenario is aligned to
an RCP2.6 projection. This means that under this
scenario, there are drastic and swift changes
across all sectors to decrease warming to a Paris
Aligned trajectory or limited to 2°C of warming.
Stated Energy Policies Scenario: The IEA’s
Stated Energy Policies Scenario (“STEPS”) is
based on a combination of both policies currently
in place, and those which have been announced.
Current manufacturing capacity to produce clean
energy technologies is also factored in. The
STEPS scenario provides a sense of direction for
a current business-as usual scenario, which does
not require vigorous changes in policy and or
legislation. It could serve as a benchmark to
assess political achievement in achieving Net
Zero pledges. The STEPS scenario does not
account for the introduction of any policy that
would drastically steer towards a slower rate of
global warming. The STEPS scenario represents a
conservative pathway to Net Zero in 2050. It
does not assume any uptake of increased
intensity moving towards Net Zero. As such
STEPS is a far more relaxed scenario with a lower
transitional risk associated with it.
Transition risks and opportunities identified are
then qualitatively assessed utilising the two
climate scenarios in terms of our vulnerability to
the risk, the likelihood of the risk occurring, and
the magnitude of the potential impact to
Endeavour across three time horizons. Likelihood
and consequence ratings are then combined to
assign significance for an overall risk rating.
Our method for assessing climate risks has
remained consistent since the previous
reporting period.
How We Manage Our Climate Related Risks
We employ a structured and proactive approach
to managing climate-related risks, integrating
both qualitative and quantitative assessments to
evaluate their materiality and impact over the
short, medium, and long term. These processes
ensure that climate risks and opportunities are
identified, analysed, and incorporated into
operational and strategic decision-making across
our mines and development-stage projects.
Physical risks, such as the potential for flooding,
drought, or heatwaves, are addressed through
adaptive measures, including the implementation
of advanced water management systems,
infrastructure upgrades, and contingency plans
for extreme weather events.
OVERVIEW
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REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
81 Endeavour Mining plc Annual Report 2024
Physical Climate Risk Assessment Process
Hazard Assessment
Vulnerability Assessment
Impact Chain Analysis
Identify climate
variables &
parameters
(scenarios)
Identify climate
trends & effects
(hazards)
Identify and
assess
receptors
(sensitivity &
adaptive
Assign
Vulnerability
Rating
Identify potential
impacts
Assess
likelihood &
consequence of
impacts
Assign
significance
rating for Risk
Risk Assessment Maturity
Quantitative
Q
ualitative
For example, all of our operational sites have wet
season preparation strategies and sediment
control plans in place to address risks associated
with heavy rainfall and flooding. Additionally, we
recognise the social risks posed by rising
temperatures, such as the increased prevalence
of vector-borne diseases like malaria, which can
affect workforce health and productivity. To
address these risks, we implement community
health initiatives with a strong focus on malaria
prevention and management.
Transitional risks are mitigated through proactive
engagement with regulatory bodies and the
integration of decarbonisation initiatives, such as
the adoption of renewable energy systems and
energy-efficient technologies, across our
operations. To address regulatory and policy
risks, we actively monitor climate-related
regulatory and policy changes in our host
countries - Côte d'Ivoire, Burkina Faso, and
Senegal. We receive notifications of legislative
updates through official government gazette
subscription services, which are then
disseminated across the business. This process
allows us to stay informed and adapt to evolving
regulations, particularly those that could impact
the cost of energy and water supplies.
Furthermore, we engage with industry peers,
stakeholders, and global initiatives to ensure
alignment with best practices, emerging trends, and
innovative solutions for addressing climate
challenges. By exchanging insights and experiences
with peers, we remain informed about cutting-edge
technologies, climate risk management
approaches, and sector-specific innovations that
can enhance our adaptive capacity.
Our climate-related risk management also
extends to our supply chain, where we collaborate
with suppliers to ensure the resilience of our
procurement processes and encourage the
adoption of low-carbon solutions. Through these
actions, we aim to minimise the potential
disruptions posed by climate-related risks while
positioning the Company for long-term success in
a rapidly changing environmental landscape.
How We Integrate Our Climate Related Risks
Climate-related risks are integrated into
Endeavour’s overall risk management framework,
ensuring that they are assessed and managed
alongside financial, operational, and strategic
risks. The Company’s corporate risk management
(“CRM”) process includes climate risks as a key
pillar, with oversight from the Board of Directors
and senior management. This integration ensures
that climate considerations are embedded into
decision-making processes at all levels of the
organisation.
Climate-related risks are assessed during regular
risk management reviews, where they are
evaluated for their likelihood, potential impact, and
interconnection with other risks, such as
geopolitical or market volatility. Scenario analysis
outputs and site-specific assessments are
incorporated into these reviews, enabling a holistic
understanding of the Company’s risk profile.
The results are used to prioritise mitigation
measures, allocate resources effectively, and
inform strategic initiatives, including our
decarbonisation and adaptation strategies.
Climate-related opportunities include improving
energy efficiency, adopting renewable energy
solutions, reducing operational costs, and
enhancing resilience to climate risks. We regularly
engage with key stakeholders, such as employees,
technology providers, and industry peers, to explore
emerging trends, innovative technologies, and low-
carbon products. Opportunities are prioritised based
on their alignment with strategic objectives, financial
viability, and potential to achieve sustainability
goals, such as emissions reduction targets and
improved ESG performance.
A cost-benefit analysis is conducted to evaluate the
economic, operational, and environmental benefits
of proposed opportunities, considering factors like
return on investment, long-term cost savings, and
alignment with stakeholder expectations.
Initiatives that address both short-term operational
efficiencies and long-term strategic benefits, such
as improved resilience and market competitiveness,
are prioritised for implementation.
By embedding climate risk management into our
broader risk framework, Endeavour ensures that
climate considerations are not treated in isolation
but are fully integrated into the Company’s
operational resilience, sustainability performance,
and long-term strategic planning. This approach
supports our commitment to creating enduring value
for stakeholders while addressing the challenges
and opportunities presented by climate change.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
82 Endeavour Mining plc Annual Report 2024
Metrics and
targets
a)
Disclose the metrics used by the organisation
to assess climate-related risks and
opportunities in line with its strategy and risk
management process
b)
Disclose Scope 1, Scope 2, and, if appropriate,
Scope 3 GHG emissions, and the related risks
c)
Describe the targets used by the organisation
to manage climate-related risks and
opportunities and performance against targets
Climate-related Metrics
Endeavour measures and reports Scope 1
1
, 2,
and 3 GHG emissions to assess and monitor our
climate-related performance against our
sustainability strategy and decarbonisation
targets. Our Scope 1, 2 and 3 emissions are
measured and calculated in accordance with the
framework and guidelines set by the GHG
Protocol, developed by the WRI and the WBCSD.
We also report our Scope 1 and 2 emissions
intensity, measured as GHG emissions per ounce
of gold produced, as a standardised metric to
provide insight into the efficiency of our
operations and decarbonisation efforts.
Our Scope 1 and 2 GHG emissions inventory is
calculated for our operations in West Africa and
includes the Scope 1 and 2 emissions from
contractors working at these facilities.
Endeavour’s corporate office, regional offices,
exploration sites and legacy sites contribute to
less than 1% of our total emissions and are
excluded from our emissions inventory on the
basis of materiality.
Additionally, we measure total energy use across
our operations, as well as energy intensity, to
identify opportunities for reducing energy demand
and improving operational efficiency.
In alignment with the GHG Protocol, in 2024 we
have recalculated our GHG emissions for our
base year and each subsequent year to reflect
the divestment of our Boungou and Wahgnion
operations. This recalibration ensures that our
emissions reporting remains consistent and
transparent against our current asset portfolio.
Climate-related Targets and Progress
Endeavour has established ambitious targets,
with our ultimate aim being to achieve Net Zero
carbon emissions for Scope 1 and Scope 2 by
2050. We have also set a medium-term target of
reducing our Scope 1 and Scope 2 emissions
intensity by 30% by 2030 (from a 2022
baseline
2
). These targets are aligned with the
Paris Agreement, which aims to limit global
warming to below 2°C.
In 2024, progress toward our targets was
challenged by both external and internal factors,
including the regional power challenges and the
energy demands of new growth projects coming
online. The unavailability of grid electricity during
a significant portion of the year necessitated
prolonged diesel generator usage, impacting our
emissions and energy intensity metrics. Despite
these setbacks, we remained focused on our
decarbonisation strategy, advancing renewable
energy projects and implementing energy
efficiency measures to mitigate the impact of
these temporary disruptions.
The completion of the 37MWp solar PV plant at
Sabodala-Massawa and the commissioning of
energy-efficient infrastructure at Ity demonstrate
our continued progress toward achieving long-
term sustainability goals while navigating complex
operational challenges.
As part of our commitment to addressing Scope
3 emissions, we have also set targets focused on
supplier engagement to drive emissions
reductions across our value chain. Recognising
that purchased goods and services represent a
significant portion of our Scope 3 footprint, we
aim to engage 30% of our key suppliers in 2025
through our Sustainable Suppliers Programme.
Our emissions targets and decarbonisation
efforts form part of our executive short-term and
long-term incentive plans with our annual
emissions intensity targets used as a key
performance indicator to embed this commitment
across all our operating sites and promote our
transition to Net Zero and a sustainable future.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
83 Endeavour Mining plc Annual Report 2024
OUR STRATEGY
Build a resilient business.
Pages 19-22
1. Endeavour’s Scope 1 emissions originate from the
combustion of fossil fuels and include the gases CO2,
CH4 and N2O.
2. Endeavour considers 2022 as the baseline year for its
GHG emissions and client-related targets as it
represents a stable and representative year for our
operations, following a period of significant portfolio
changes in prior years, including acquisitions and
divestment.
The Group uses the reporting of GHG emissions
(Scope 1 and Scope 2) as a KPI to monitor its
alignment with strategic goals and performance
against its decarbonisation targets. Additionally,
the Group discloses its Scope 3 emissions for
categories 1-4, 6, 7, 9, and 10 (see page 86 for
category definitions).
Over 99% of our emissions are from our
operations in West Africa. Our Scope 1 and 2
GHG emissions originating from the UK are
immaterial compared to the Group as a whole
and contribute less than 1% to our total.
Scope 1 and 2 Emissions
In 2024, our total Scope 1 and Scope 2 absolute
emissions increased to 695,654 tCO₂e, up 11%
from 627,627 tCO₂e in 2023. Our growth projects
and exploration contributed 130,988 tCO₂e in
2024 compared to 17,205 tCO₂e in 2023, as our
Lafigué operation and Massawa BIOX®
expansion project came online during the year.
However, the absolute emissions of our core
assets decreased to 564,666 tCO₂e in 2024,
compared to 610,423 tCO₂e in the prior year, as
our ongoing decarbonisation efforts continued to
have a positive impact despite such operational
challenges as the regional power challenges that
occurred during the year.
Our Scope 1 emissions increased to 646,163
tCO₂e in 2024, compared to 498,134 tCO₂e in
2023. This rise was primarily driven by the ramp-
up of our growth projects, where Scope 1
emissions rose from 17,205 tCO₂e in 2023 to
116,429 tCO₂e in 2024, reflecting the energy-
intensive nature of new developments. Scope 1
emissions from our core assets also increased,
from 480,929 tCO₂e in 2023 to 529,734 tCO₂e
in 2024. These increases were the result of a
regional power challenges in Côte d’Ivoire and
Burkina Faso during the year which limited the
availability of grid electricity. As a result,
prolonged reliance on diesel-fired generators to
maintain operations contributed to higher
Scope 1 emissions across the portfolio.
For Scope 2 GHG emissions, Endeavour recorded
a 62% decrease, with total emissions falling to
49,491 tCO₂e in 2024 from 129,494 tCO₂e in
2023. This reduction is partly attributable to our
reduced energy consumption from the grid during
the regional power crisis, but also reflects the
growing integration of renewable energy sources
into our grid electricity mix. Scope 2 emissions
for our core assets decreased from 129,494
tCO₂e in 2023 to 34,932 tCO₂e in 2024, whilst
Scope 2 emissions from our Lafigué operation
were recorded at 14,559 tCO₂e in 2024, as this
operation was commissioned on grid electricity
during the year.
Emissions intensity for 2024 was 0.631 tCO₂e
per ounce of gold produced, representing an 8%
increase from 0.586 tCO₂e/oz Au in 2023.
Unit 2024 2023 2022
Scope 1 emissions tCO
2
e 646,163 498,134 534,918
Scope 2 emissions (market-based
1
) tCO
2
e 49,491 129,494 135,590
Scope 2 emissions (location-based
2
) tCO
2
e 110,861 129,494 135,590
Total Scope 1 and 2 emissions (market-
based
1
) tCO
2
e 695,654 627,628 670,508
Group emissions intensity (market-based
1
) tCO
2
e/oz Au 0.631 0.586 0.585
1. Scope 2 market-based emissions are calculated using a combination of the IEA 2024 Emissions Factors dataset and
renewable energy credits obtained in the markets where Energy Attribution Certificates are available. The residual
energy mix emission factor within these markets are not made available by the energy provider.
2. Scope 2 location-based emissions are calculated using solely the IEA 2024 Emissions Factors dataset.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
84 Endeavour Mining plc Annual Report 2024
Scope 1 & 2 Emissions by Site 2024 (ktCO
2
e)
l
Sabodala-Massawa (SEN) 238.7
l
Ity (CIV) 161.9
l
Lafigué (CIV) 83.9
l
Houndé (BF) 126.2
l
Mana (BF) 75.4
l
Exploration 9.6
585
586
631
2022
2023
2024
l
Core Assets from 2022 585
l
Core Assets from 2023 586
l
Core Assets from 2024 587
l
Growth Projects 44
Endeavour Scope 1 & 2 Emissions Intensity
(kgCO
2
e/oz Au)
G
HG Emissions Intensity (kgCO2-e/oz Au)
11%
2%
18%
12%
34%
695.6 ktCO
2
e
23%
Energy Usage
In 2024, our total energy use increased to
9,972,008 GJ, compared to 8,027,870 GJ in
2023 as the additional energy demands from our
new Lafigué project and expanded Sabodala-
Massawa operation were added to the portfolio.
Energy intensity, measured as GJ per ounce of
gold produced, also increased to 9.0 GJ/oz in
2024, up from 7.5 GJ/oz Au in the previous year.
This rise in energy intensity was predominantly
due to the energy use of the pre-production
activities prior to gold production at our growth
projects. The measure of energy intensity of our
existing core assets remained at 7.4 GJ/oz Au, a
similar level as 2023.
Our total electricity consumption for 2024 was
602.4 GWh, up from 482.9 GWh in 2023, driven
by the higher energy demands of our growth
projects. Purchased grid electricity accounted for
251.7 GWh in 2024, a reduction from 279.4
GWh in 2023, as the regional power crisis limited
the availability of grid-supplied electricity. Despite
this, the share of renewable energy within our
electricity consumption increased substantially,
rising from 52.3 GWh in 2023 to 147.6 GWh in
2024, as we incorporated more renewable energy
into our purchased electricity mix and
commenced self-generation of renewable energy
at the solar farm at our Sabodala-Massawa
operation.
Unit 2024 2023 2022
Energy Use GJ 9,972,008 8,027,870 7,748,082
Energy Intensity GJ/oz Au 9.0 7.5 6.8
Electricity Consumed GWh 602.4 482.9 447.4
Purchased Electricity GWh 251.7 279.4 240.1
Renewable Energy GWh 147.6 52.3 40.1
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
85 Endeavour Mining plc Annual Report 2024
6.8
7.5
9.0
2022
2023
2024
l
Core Assets from 2022 6.8
l
Core Assets from 2023 7.5
l
Core Assets from 2022 8.4
l
Growth Projects 0.6
Endeavour Group Energy Intensity
(GJ/oz Au)
2022
2023
2024
Endeavour Group Energy Consumption (GJ)
l
Sabodala-Massawa (SEN) 3,340,441
l
Ity (CIV) 2,183,767
l
Lafigué (CIV) 1,119,546
l
Houndé (BF) 1,997,110
l
Mana (BF) 1,197,191
l
Exploration 133,954
E
nergy Intensity (GJ/oz Au)
E
nergy Use (GJ)
7.7 8.0
10.0
Scope 3 Emissions
Scope 3 emissions are all indirect emissions (not
included in Scope 1 or 2) that occur in the value
chain of the reporting company, including both
upstream and downstream emissions. Endeavour
captures eight of the fifteen Scope 3 categories
that have been assessed as being relevant to our
business activities, and it is these relevant
categories that form our Scope 3 emissions
inventory. Our Scope 3 emissions calculations
align with the methodologies and frameworks
developed by the Greenhouse Gas Protocol and
other globally recognised standards such as the
Global Logistic Emissions Councils (“GLEC”)
Framework v3.0.
We have recalculated our Scope 3 emissions for
past years to account for the divestment of our
Boungou and Wahgnion operations. Additionally,
during the year we completed a comprehensive
review of our Scope 3 calculation methods to
improve the accuracy and transparency of our
secondary data and to ensure the full extent of
our indirect emissions are captured and our
reporting is aligned with the globally recognised
standards mentioned above. We plan to integrate
more primary data into our Scope 3 emissions
calculations in future years as we engage our
suppliers on their emissions reporting and
decarbonisation efforts.
In 2024, our overall Scope 3 emissions rose
significantly to 621,310 tCO₂e, compared to
446,552 tCO₂e in 2023. This increase was
predominantly driven by emissions associated
with our recent growth projects, including the
Lafigué project, the Massawa BIOX® expansion,
and the Ity ReCYN expansion that came online in
late 2023, which collectively contributed to higher
emissions across several categories.
Category 1 emissions, associated with purchased
goods and services, increased by 40%, rising
from 217,311 tCO₂e to 304,369 tCO₂e, as our
growth projects were added to our portfolio.
Similarly, Category 2 emissions, related to capital
goods, experienced a sharp increase from
50,860 tCO₂e in 2023 to 112,347 tCO₂e in
2024, reflecting the material requirements of our
construction projects. Category 3 emissions,
related to fuel and energy-related activities, also
increased by 24%, from 140,337 tCO₂e in 2023
to 173,602 tCO₂e in 2024, largely due to the
regional power crisis and increased reliance on
diesel-fired generators during the year. All other
categories remained at similar levels to 2023.
Our Scope 3 emissions from our operations
totalled 534,971 tCO₂e in 2024, a 32% increase
from 404,504 tCO₂e in 2023, whilst our Scope 3
emissions from our construction projects
contributed 86,339 tCO₂e in 2024, primarily in
Category 2 (capital goods) and Category 4
(upstream transportation and distribution). While
these increases are significant, they were
planned as part of our growth trajectory and are
being managed with a focus on long-term
sustainability.
Scope 3 Emissions Category
Scope 3 Emissions Category Unit 2024 2023 2022
Category 1 - purchased goods and services tCO
2
e 304,369 217,311 194,123
Category 2 - capital goods tCO
2
e 112,347 50,860 16,529
Category 3 - fuel and energy-related activities tCO
2
e 173,602 140,337 128,029
Category 4 - upstream transportation and tCO
2
e 21,362 26,689 9,273
Category 6 - business travel tCO
2
e 5,950 7,125 5,246
Category 7 - employee commuting tCO
2
e 3,267 3,867 3,664
Category 9 - downstream transportation and tCO
2
e 343 293 320
Category 10 - processing of sold goods tCO
2
e 70 69 74
Total Scope 3 Emissions tCO
2
e 621,310 446,552 357,259
Scope 3 Emissions from Operations tCO
2
e 534,971 404,504 357,259
Scope 3 Emissions from Construction Projects tCO
2
e 86,339 42,047 —
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Task Force on Climate-related Financial Disclosures Report 2024
Continued
86 Endeavour Mining plc Annual Report 2024
Endeavour Group Scope 3 Emissions 2024
l
Category 1 304,369 tCO
2
e
l
Category 2 112,347 tCO
2
e
l
Category 3 173,602 tCO
2
e
l
Category 4 21,362 tCO
2
e
l
Category 6 5,950 tCO
2
e
l
Category 7 3,267 tCO
2
e
l
Category 9 343 tCO
2
e
l
Category 10 70 tCO
2
e
Endeavour Group Scope 3 Emissions 2024
l
Sabodala-Massawa (SEN) 193,829 tCO
2
e
l
Ity (CIV) 131,106 tCO
2
e
l
Lafigué (CIV) 93,309 tCO
2
e
l
Houndé (BF) 107,876 tCO
2
e
l
Mana (BF) 89,982 tCO
2
e
l
Corporate, Regional & Exploration 5,208 tCO
2
e
49%
18%
28%
3%
1%
31%
1%
21%
15%
17%
15%
621.3 ktCO
2
e621.3 ktCO
2
e
Produced to comply with sections 414CA and 414CB of the Companies Act 2006. The information listed is incorporated by cross-reference.
Reporting requirement Relevant policies and standards Relevant information
Anti-bribery and anti-corruption Anti-Bribery and Anti-Corruption Policy
Code of Business Conduct & Ethics
Supplier Code of Conduct
Whistleblower Policy
RGMP 1
UN Global Compact Principle 10
Information related to policies and standards, pages 88 to 89
Governance, pages 90 to 157
UN Global Compact COP, https://unglobalcompact.org/
Business model Business model, pages 14 to 15
Climate-related financial disclosures Environmental Policy
Biodiversity Policy
TCFD
Information related to policies, pages 88 to 89
TCFD disclosure, pages 67 to 86
Sustainability Report https://www.endeavourmining.com/esg/esg-
reporting/
Employees Environmental Policy
Sustainability Policy
Harassment Prevention Policy
Diversity Policy
TCFD
RGMPs 4, 6
UN Global Compact Principles 3-6
Information related to policies, pages 88 to 89
Social (or employees), pages 31 to 33
RGMPs, https://www.endeavourmining.com/esg/esg-reporting
Environmental matters Environmental Policy
Social Responsibility Policy
TCFD
RGMPs 8-10
Tailings Management Policy
Energy and GHG Policy
UN Global Compact Principles 7-9
Information related to policies, pages 88 to 89
TCFD disclosure, pages 67 to 86
RCMPs, https://www.endeavourmining.com/esg/esg-reporting
UN Global Compact COP, https://unglobalcompact.org/
Human rights Human Rights Policy
Modern Slavery Statement
Supplier Code of Conduct
Code of Business Conduct & Ethics
RGMP 5
UN Global Compact Principles 1-2
Information related to policies and standards, pages 88 to 89
RGMPs, https://www.endeavourmining.com/esg/esg-reporting
UN Global Compact COP, https://unglobalcompact.org/
Non-financial KPIs Strategic progress, pages 19 to 22
Reconciliation of non-GAAP measures to IFRS in Financial review,
pages 46 to 56
Principal risks and impact on business activity Risk management, pages 57 to 64
TCFD disclosures, pages 67 to 86
Social matters Social Responsibility Policy
RGMPs 2, 3, 7
Local Procurement Reporting Mechanism
Information related to policies, pages 107 to 109
RGMPs, https://www.endeavourmining.com/esg/esg-reporting
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Non-financial information statement
87 Endeavour Mining plc Annual Report 2024
Anti-Bribery and Anti-Corruption Policy
1
The policy confirms our zero-tolerance approach to bribery and corruption and sets out the commitment of the Company and its representatives to conducting business in an honest and
ethical manner, reflecting the highest standards of integrity and compliance with applicable laws. The policy is posted on our website and includes guidance on identifying and avoiding
improper payments. Our employees are made aware of all the Group policies, including this policy through the onboarding process, and training on an annual basis. Third-party compliance
with this policy is mandated in our contracts.
Biodiversity Policy
1
The policy underscores the Company’s dedication to responsible mining, ensuring sustainable value for shareholders, host countries and communities. It has been developed as a
component of the Environmental Policy to support the Company in its efforts to comply with its commitment to integrate biodiversity into land use planning, mine planning, and
rehabilitation. The Group commits to transparently communicating biodiversity impacts, management approach, and progress to external stakeholders.
Code of Business Conduct & Ethics
1
This Code of Business Conduct and Ethics represents our commitment to act in accordance with our values and policies, going above and beyond legal requirements in all aspects of our
business. It requires our Directors, employees, and representatives to maintain the highest level of integrity in their dealings with each other and with the public. The Code promotes
honest and ethical conduct in the way we do business, outlining our commitments to our people, HSE, anti-briberry and anti-corruption, the environment, social engagement with our
communities and data management. All our directors and employees are required to provide an annual compliance certificate of the Code and all the Group policies.
Diversity Policy
1
This policy recognises that a diverse and talented workforce is a competitive advantage and states that we consider highly qualified individuals at all stages of employment, while aiming to
promote diversity including of race, gender, religion, ethnic origin and disability. A separate Board diversity policy highlights our commitment to the representation of women and ethnic
minorities at senior levels. We have increased our reporting on diversity throughout the organisation to identify opportunities to increase diversity in the workplace.
Energy Management Policy
1
The purpose of this policy is to set out the Group’s commitment to achieving a reduction in its carbon emissions, with the aim of achieving Net Zero by 2050 and a 30% reduction in
emissions intensity by 2030. Under this policy the Group commits, to procuring energy in compliance with the Responsible Gold Mining Principles and complying with all applicable legal
and other requirements related to energy management and improving energy efficiency.
Environmental Policy
1
This policy sets out our objectives for sustainable development, with a focus on protecting the environment, efficient management of the exploration and extraction of mineral resources,
and the sustainable use of resources for the benefit of all stakeholders. Our values are based on "zero harm" environmental management and we are required to comply with relevant
laws and regulations or the relevant industry standards. We consider environmental issues in our decision-making and our longer-term business strategies. We ensure that internal and
external stakeholders are aware of this policy and the applicable responsibilities.
Harassment Prevention Policy
1
This policy highlights our commitment to maintaining a work environment that respects all individuals, regardless of their age, race, gender, religion or any other characteristic. The Group
is dedicated to fostering a culture of non-discrimination, where all individuals are treated with fairness and dignity. Harassment or discrimination of any nature is unacceptable and will not
be tolerated.
Human Rights Policy
1
This policy sets out our commitment to respecting human rights in the broadest sense, which is an essential part of our ethos. We identify and prioritise the most salient human rights
issues that are at most risk of adverse impact through our operations and keep them under review. We respect the values, religious beliefs, traditions and cultures of the communities in
which we operate, as well as their entitlement to sanitation and clean drinking water, and their rights to land ownership. We also comply with all applicable labour, child labour, modern
slavery, and employment laws and international standards. Furthermore, we uphold the right to freedom of expression, and ensure safe and non-discriminatory working conditions for our
people. Our commitment to conducting regular assessments and audits of this policy underscores our commitment to these principles.
Modern Slavery Statement
1
This statement, made annually in response to section 54(1) of the UK Modern Slavery Act 2015 and and the Canadian Fighting Against Forced Labour and Child Labour in Supply Chains
Act, outlines the steps taken by Endeavour to identify and mitigate the risk of modern slavery in our business and supply chain. Our commitment is highlighted in our other policies and the
due diligence completed on our suppliers, including the incorporation of a modern slavery clause in all new contracts.
Safety and Health Policy
1
This policy supports Endeavour’s highest priority on safety and health our in work practices and systems. We are committed to complying with all occupational health and safety laws, or in
the absence of such standards, leading industry practices. Appropriate training and protective equipment are provided to ensure safe work environment. Safety is a shared responsibility at
all levels of the Group, through participation in safety inspections, training, reporting and grievance mechanisms. Safety discussions are held at every level of the Group - daily pre-start
safety meetings within each department, weekly HSE meetings with management and monthly safety toolbox meetings. Safety is a central focus during our monthly operational reviews.
Relevant policies and standards Information related to policies, any due diligence progress and the outcome
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Non-financial information statement
Continued
88 Endeavour Mining plc Annual Report 2024
Sanctions Policy
1
This policy outlines the Company's commitment to complying with all applicable economic sanctions and trade control laws, rules, and regulations, as well as identifying and managing the
risks of any breaches. We will not conduct business in, or engage with governments of countries subject to comprehensive sanctions, or with any individuals or businesses that are subject to
economic sanctions. A screening process has been implemented to ensure compliance with this policy.
Social Responsibility Policy
1
This policy highlights our commitment to making a meaningful contribution to the people in the countries in which we operate and to fostering resilient and self-sustaining communities. We
aim to equip people with the skills and knowledge they need to prosper. Through our operations, and interactions with all stakeholders, we demonstrate our respect for individuals,
customs and beliefs.
Supplier Code of Conduct
1
This Code outlines the conduct expected of our suppliers, including their subcontractors and sets out the ethical standards that they must adhere to and be assessed against. These are
consistent with Endeavour's own Code of Business Conduct and Ethics and policies as described herein. We conduct due diligence on all third parties we engage with to ensure they are
aware of and comply with our policies.
Tailings Management Policy
1
The Group commits under this policy to comply with all applicable national or local governmental statutes, laws and regulations in the jurisdictions in which it operates concerning tailings
facilities. It outlines the Group’s effort to align with relevant international conventions and industry standards, such as the Global Industry Standard on Tailings Management (“GISTM”) and
the World Gold Council. The policy further states that the Group designs its TSFs in line with industry best practices and in accordance with relevant industry guidelines such as the
International Commission on Large Dams (“ICOLD”), the Australian National Committee on Large Dams (“ANCOLD”) and the Canadian Dam Association (“CDA”). The Group also
acknowledges the sensitivity around water management and aims to return water to the tailings facilities. Additionally, it develops emergency preparedness, management and response
plans.
Water Management Policy
1
This policy outlines the Group’s commitment to water stewardship, recognising water as a vital shared resource and a fundamental human right. The policy aims to minimise the impact of
water management activities, mitigate long-term adverse effects, and ensure sustainable water resources for local communities even after operations cease. Additionally, the Group is
committed to ensuring that all communities affected by its projects and relevant stakeholders are aware of this policy and the responsibilities it entails.
Whistleblower Policy
1
This policy describes the confidential and anonymous process available for individuals to report violations of Group policies and / or the Code of Business Conduct and Ethics. It is
communicated to all Directors and employees, through multiple channels, including electronically on our website, on social media and on posters at all of our sites. All whistleblower
complaints are received by the Audit Committee Chair directly who, in collaboration with the Legal Compliance Team, determines the appropriate action to be taken. There are no adverse
consequences for anyone who makes a whistleblower complaint in good faith. A summary of the whistleblower complaints made, the actions taken and outcomes are reviewed by the
Audit and Risk Committee at least quarterly.
1. Complete policy is available on the Endeavour website (www.endeavourmining.com).
2. Additional disclosures included in our 2024 Sustainability Report.
Relevant policies and standards Information related to policies, any due diligence progress and the outcome
This Strategic Report has been prepared in accordance with the requirements of the Companies Act 2006, has been approved and signed on behalf of the Board.
Srinivasan Venkatakrishnan
Chair
6March 2025
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Non-financial information statement
Continued
89 Endeavour Mining plc Annual Report 2024
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
90 Endeavour Mining plc Annual Report 2024
GOVERNANCE
REPORT
IN THIS SECTION
91 Chair’s introduction to Governance
94
Our Board and Our Executive
Management Team
98
Our governance framework
102
Board leadership and Company purpose
105
s172 Statement
107
Stakeholder engagement
109
Corporate Governance and Nomination
Committee report
114
Audit and Risk Committee report
123
Technical, Health and Safety Committee
124
Environmental, Social and Governance
125
Directors’ Remuneration report
128
Annual report on remuneration
146
Remuneration at a glance
152
Directors report
157
Directors’ Responsibility statement
Since Ian Cockerill’s
appointment in January 2024,
we have continued to make
great strides, with the
completion of two projects
and the positive conclusion of
the Assafou PFS. We have
also undertaken a number of
initiatives in governance,
environmental and social
matters, all areas of the
utmost importance to us.
Srinivasan Venkatakrishnan
Chair
Dear Shareholders,
I have pleasure in introducing our Governance
Report for the year ended 31 December 2024.
2024 was Ian Cockerill’s first year as CEO and
since his appointment in January 2024, we have
continued to make great strides, with the
successful completion of our two organic growth
projects and the positive conclusion of the study
on Assafou, which will in due course deliver the
next cornerstone asset for the Company. We
have also undertaken a number of initiatives in
terms of governance, environmental and social
matters, which are all areas of the utmost
importance to us. More information on these
areas can be found in the pages that follow and
also in our 2024 Sustainability Report.
Having provided our feedback as part of the
Corporate Governance Code consultation
embarked upon by the FRC, we were pleased to
see that some of the suggestions we provided,
were reflected in the publication of the UK
Corporate Governance Code, 2024 (“2024
Code”). Since listing on the London Stock
Exchange, Endeavour has been working towards
compliance with the UK Corporate Governance
Code 2018 (“UK Code”) and thanks to our efforts
to date, we now meet all of its requirements.
Culture, values and employees
As a key part of our continued focus on
reinforcing an ethical and transparent culture and
good compliance processes, we launched an
updated Code of Business Conduct and Ethics
(“New Code of Conduct”) under the sponsorship
of Ian. The aim of the New Code of Conduct is to
clarify and provide a fresh way of conveying, what
we expect from our people. The New Code of
Conduct encompasses all of the key policies and
procedures which we have in place to mitigate
risk in the business. The aim is to future-proof
the organisation with an empowering culture and
to ensure that Endeavour remains an attractive
place to work and to do business with.
Upon the launch of the New Code of Conduct, a
training programme including an online test was
put in place, accompanied by a video from the
CEO, underlining his personal commitment to it.
Since the lanch of the New Code of Conduct in
April 2024, we have trained and tested 90% of
our workforce.
Our employees are at the heart of our business and
key to its success and accordingly, we continue to
work hard on unlocking their potential by developing
local talent, upskilling our West African senior
management, increasing internal mobility and
ensuring Endeavour is an inclusive workplace, to
achieve a workforce tailored to the needs of our
business. We aim to ensure equality, diversity and
employee retention, through these means and also
by putting in place initiatives to improve the mental
and physical wellbeing of our people and to
enhance their overall experience in the workplace.
This year our focus on employee wellbeing
included a number of campaigns on health issues
during certain months of the year, such as breast
cancer awareness, “Pink October” followed by
“Blue November”, which focused on awareness
of prostate and other male cancers and carrying
out health checks for these diseases. We also
provided screening for hypertension, hepatitis B,
tuberculosis and HIV.
We successfully launched a pilot malaria
community health programme during the year
through the Endeavour Foundation at our Ity mine,
in partnership with the Ivorian Ministry of Health.
We have worked vigorously on malaria prevention
initiatives throughout the year and were very
pleased to see a significant improvement in the
Group’s malaria incidence rate, with a 36%
decrease across our sites in 2024 compared with
2023. Since 2020 the incidence rate has
decreased by 60% due to our initiatives.
On the safety front, we are pleased that due to
our drive to improve safety, Group TRIFR has
decreased from 0.89 in 2023 to 0.73 in 2024.
Safety workshops have been organised in all our
countries of operation including our suppliers and
contractors and the Ten Golden Rules have been
revised and communicated. Proactive Leading
Indicator training has been conducted on all sites
and we held a mine rescue competition at Ity,
following the success of our pilot competition at
Mana in 2023.
As a Board, we need to fully understand employee
sentiment in order to monitor culture across the
Group. It is vital therefore, that we receive feedback
from our people at all levels of seniority within the
organisation.
Following two surveys in 2023, (an internal
worldwide female employee engagement survey and
an external pilot employee engagement survey of
the top 100 employees), in 2024 we carried out our
first externally facilitated all-employee engagement
survey, “Endeavour Voices”. This survey, like the
pilot survey in 2023, was conducted for us by an
independent third party, Retensa. We are delighted
that 78% of employees stated that they would be
likely to recommend Endeavour as a good place to
work and over 86% stated that they felt committed
to the Company. The detailed results of the survey
were reported to the Employee Engagement
Director, Cathia Lawson-Hall, to a joint sitting of the
Corporate Governance and Nominating and
Remuneration Committees and to the full Board.
There was a detailed discussion and question and
answer session with consultants from Retensa and
actions arising from the survey will be taken forward
during 2025. More information on this can be found
in the Corporate Governance and Nominating
Committee report on pages 109 to 113.
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Chair’s introduction to governance
91 Endeavour Mining plc Annual Report 2024
To support our diversity and inclusion strategy
and to attract more women to the mining
industry, we launched our ‘Women at Endeavour’
programme, on the occasion of International
Women’s Day in 2024. The launch included
speeches from senior women employees at the
Company, as well as Directors, Cathia Lawson-
Hall and Alison Baker, who shared their personal
journeys. The Women at Endeavour programme
was built, based on the results and
recommendations of the female employee
engagement survey conducted in 2023 and is
structured around two pillars: Care and Empower.
More details on these can be found in the
stakeholder engagement section on page 107.
Compliance with the UK Corporate Governance
Code
Endeavour is currently required to comply with the
UK Corporate Governance Code 2018, which is
available to view on the FRC’s website at
www.frc.org.uk. The Board is committed to
maintaining and continually improving, our
corporate governance processes and we have
worked hard during the year to progress our
compliance in readiness for the 2024 Code.
As at 31 December 2024, the Board confirms that
the Company has applied the principles and
complied with the provisions outlined in the UK
Code.
Board changes
In January 2024, with Ian Cockerill’s new
executive role, we conducted a further review of
the Board and Committee composition and
identified that it would be beneficial to add an
independent Non-Executive Director to the Board,
with an operational mining background. Following
an independent search process, we were
delighted to welcome John Munro to the Board in
May 2024. Bringing the benefit of his technical
mining, strategy and finance expertise, he is a
great addition to the Board. He became Chair of
the Technical Committee on his appointment,
replacing Patrick Bouisset in this role and he is a
member of the Remuneration Committee.
In April 2024, Tertius Zongo expressed his
intention to retire and not to stand for re-election
at the May 2024 AGM. Tertius was a highly
valued Director, firstly as Director of Semafo and
subsequently on the Board of Endeavour, for a
combined period of twelve years. Although we
were sorry to see him go, we are fortunate, in
that we have retained Tertius’ valued counsel on
a consultancy basis and he is available to advise
us on West African matters as required.
The Board meets the board diversity targets
under UK Listing Rule 6.6.6R(9). We are also
pleased to report that 30% of the members of the
Executive Committee are women. More detailed
information on the recent Board and Committee
changes and further detail on Board and
Executive Committee diversity, can be found in
the Board and Executive Committee biographies
on pages 94 to 97 and in the Corporate
Governance and Nominating Committee section
on pages 109 to 133.
Board evaluation
In 2024, together with the Company Secretary, I
conducted an internal Board evaluation by way of
an internally developed questionnaire. The
responses arising from the questionnaire were
condensed into a report. This was then
considered and discussed at the Corporate
Governance and Nominating Committee and the
Board and the outcomes were positive overall.
We have some actions to take forward from the
report, which are set out in the Corporate
Governance and Nominating Committee section
of this report on page 113.
The Governance Report which follows, sets out
our approach to governance and the areas of
focus for the Board and the Committees during
the year, together with the decisions we have
made, while taking into consideration our duties
to all our stakeholders under s172 of the
Companies Act 2006.
Srinivasan Venkatakrishnan
Chair
6March 2025
Compliance with the UK Corporate
Governance Code 2018
Further details of the way the UK Code has
been applied can be found in the following
pages:
Board Leadership and Company Purpose
Pages 102 to 104
Division of Responsibilities
Pages 98 to 101
Composition, Succession and Evaluation
(including the Corporate Governance and
Nominating Committee Report)
Pages 109 to 113
Audit, Risk and Internal Control
(including the Audit & Risk Committee Report)
Pages 114 to 122
Remuneration
(the Directors’ Remuneration Report)
Pages 125 to 151
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Chair’s introduction to governance
Continued
92 Endeavour Mining plc Annual Report 2024
ENDEAVOUR VOICES
Creating a fulfilling and productive workplace.
Page 35
BOARD ENGAGEMENT OUTCOMES
Decisions based on stakeholder insights
Page 103
CULTURE
Launch of our 2024 Code of Conduct
Page 93
Launch of our 2024 Code of
Conduct
Following Ian Cockerill’s appointment as CEO in
January 2025, as part of our focus on culture
within the Company and to demonstrate our
expectations of the highest ethical standards
that we set for our people in the conduct of our
business, wherever they are based, we launched
a new Code of Business Conduct and Ethics
(“Code of Conduct”). The Code of Conduct sets
the tone from the top and serves as the
compass for us all. It explains the parameters
within which we are expected to operate in our
day-to-day roles and sets out in summary the
essence of all our key policies and the way in
which we should treat each other and interact
with third parties, in line with our values and our
corporate purpose.
It highlights the importance of our strong social
licence to operate, mining responsibly,
complying with all local laws and regulations
and aligning ourselves with best practice where
possible, to enhance the positive impacts of
our business and mitigate or remediate our
negative ones.
We target our efforts on social uplift, and
economic development, investing in our host
nations and addressing environmental and
health issues. We follow a number of globally
recognised ESG reporting standards and
frameworks, including the GRI Standards, the
Sustainability Accounting Standards Board
requirements and the TCFD recommendations.
We carry out responsible sourcing with
thorough due diligence on our prospective
business partners, we respect human rights,
support employee wellbeing and promote
diversity and inclusion. We do not give or
receive bribes, commit fraud or use confidential
or inside information to our advantage and we
ensure that we interact with third parties
including government bodies, in an honest and
transparent manner.
The Code of Conduct provides guidelines on
how our people can raise a concern if they
wish. We encourage them to do so if they see
anything that they believe is not right. All
reports are escalated directly to Board level via
Alison Baker, our Audit and Risk Committee
Chair. All employees are required to undergo
training on the Code of Conduct and to sign an
annual compliance certificate, confirming that
they have read and familiarised themselves
with the Code of Conduct and with Endeavour’s
policies. For more information on our
compliance policies and procedures see page
87 or go to our website at
www.endeavourmining.com.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Chair’s introduction to governance
Continued
93 Endeavour Mining plc Annual Report 2024
Srinivasan Venkatakrishnan (“Venkat”)
Chair
Ian Cockerill
Chief Executive Officer
Alison Baker
Senior Independent Director
Cathia Lawson-Hall
Independent Non-Executive Director
Appointment 05/2022
Appointment 05/2022
Appointment 03/2020
Appointment 09/2023
British/Indian
British
British
French/Togolese
Qualifications
Chartered Accountant (ICAI), BCOM
Qualifications
MSc Mineral Production Management Royal
School of Mines, BSc (Hons) Geology London
University, AMP Templeton College Oxford.
Qualifications
Chartered Accountants of England and
Wales, B.Sc Mathematical Sciences
Qualifications
Master’s degree postgraduate degree (DEA)
in Finance from Paris Dauphine University
Committees key
¡ Audit & Risk Committee
¡ ESG Committee
¡ Technical, Health & Safety
Committee
¡ Corporate Governance &
Nominating Committee
¡ Remuneration Committee
ò Committee Chair
External appointments
External appointments relate to
directorships held by the Director in
another publicly quoted company.
Committees
ò¡¡
Committees
¡¡
Committees
ò¡¡
Committees
ò¡
Venkat is a Corporate Director who brings
a wealth of mining and financial
experience gained through his experience
of leading global mining businesses in a
career that has spanned 17 countries
and six continents. He has a proven track
record of leading multinational listed
organisations through periods of
challenging and transformative change.
He served as CEO of Vedanta Resources
from 2018 to 2020 and was CEO of
AngloGold Ashanti between 2013 to 2018,
having been CFO of the business from
2005 and of Ashanti Goldfields from 2000.
In his early career, he was a director with
Deloitte in London, leading corporate
restructurings on behalf of both corporates
and financiers. Venkat has served on the
boards of the WGC, ICMM, the Investigation
Panel of theJSE and Weir Group Plc.
Skills and expertise
Strategy & Leadership, Metals & Mining,
Finance, Accounting, International
Business, Operation & Exploration,
Corporate Governance, Sustainability
External appointments
BlackRock World Mining Trust plc
Wheaton Precious Metals Corp.
Ian Cockerill was appointed as Chief
Executive Officer of Endeavour in January
2024, having joined the Board as Senior
Independent Director in 2022 and having
held the role of Deputy Chair since
September 2023. He has nearly 50 years
of experience in the global natural
resources industry and was previously
CEO at Gold Fields and CEO at AngloCoal,
a subsidiary of the Anglo American group.
Ian was the former chair of the BlackRock
World Mining Trust and also of Polymetal
Plc. He was the former lead independent
director of Ivanhoe Mines Ltd, a non-
executive director of Orica Ltd and non-
executive director of BHP Group Limited.
He is associated with two private
businesses as a non-executive director of
IPulse Ltd and non-executive chair of Argo
Natural Resources.
Skills and expertise
Strategy & Leadership, Metals & Mining,
International Business, Finance, Public
Policy, Human Resources, Corporate
Governance, Operations and Exploration,
Sustainability
Alison Baker has over 25 years’
experience in providing audit, capital
markets, advisory and assurance services
to the mining and energy sectors,
particularly in emerging markets, having
previously been a partner at both PwC
and EY.
She is a member of Chapter Zero, the
Directors’ Climate Forum for UK non-
executive directors. She is currently a
non-executive director and audit
committee chair at TSX listed Capstone
Copper Corp. and senior independent
director and audit committee chair at
London listed Helios Towers plc and at
Rockhopper Explorationplc.
Skills and expertise
Strategy & Leadership, Metals & Mining,
Finance, Accounting, International
Business, Corporate Governance,
Sustainability
External appointments
Helios Towers plc
Rockhopper Exploration plc
Capstone Copper Corp.
Cathia Lawson-Hall has over 25 years of
experience in finance. She was head of
coverage and investment banking for Africa
at Société Générale, in charge of the
overall relationship and strategic advisory
with governments, large corporates and
financial institutions in Africa. Previously,
she served as managing director, co-head
of debt capital markets for corporates in
France, Belgium and Luxembourg. Cathia
was one of six recipients, alongside the
Mayor of London, Sadiq Khan, of a
diversity award in 2017, awarded by think
tank Club XXle Siecle. She was also an
independent member of the board of
directors of the Agence Française de
Développement for four years.
Skills and expertise
Finance, Public Policy, Strategy &
Leadership, International Business,
Corporate Governance, ESG
External appointments
Universal Music Group N.V
Vivendi S.A.
Eurazeo
Havas N.V.
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Our Board
94 Endeavour Mining plc Annual Report 2024
The Board provides
leadership to the Group
and the Directors are
the stewards of its
governance and long-
term success.
Livia Mahler
Independent Non-Executive Director
Sakhila Mirza
Independent Non-Executive Director
John Munro
Independent Non-Executive Director
Patrick Bouisset
Non-Executive Director
Naguib Sawiris
Non-Executive Director
Appointment 10/2016
Appointment 09/2022
Appointment 05/2024
Appointment 05/2023
Appointment 11/2015
Canadian
British/Pakistani
British/South African
French
Egyptian
Qualifications
MBA, B.Sc.
Qualifications
LLB Law, London School of Economics
Qualifications
BSc Chemical Engineering University of
Cape Town; AMP Harvard Business School
Qualifications
MGeoSci, M.S.E
Qualifications
Diploma of Mechanical Engineering with a
Master’s in Technical Administration
Committees
ò¡¡¡
Committees
¡¡¡
Committees
¡¡
Committees
ò¡
Committees
Livia Mahler’s background includes 14
years in developing exploration
technologies in natural resources and 20
years of experience in venture capital. She
has been a member of a number of
boards, audit committees and
remuneration committees.
Ms Mahler is currently president and chief
executive officer of Earth Dynamics.ai, a
company that is developing foundation
models and generative AI for earth
sciences. She also was a founder and
chief executive officer for 15 years at
Computational Geosciences Inc., a
company that provides geophysical data
processing services to the mining and oil &
gas industries. Ms Mahler currently serves
as an executive chair of Go2Lithium Inc, a
private company delivering DLE technology
to extract lithium from aqueous sources.
Ms. Mahler has previously served on the
boards of Ivanhoe Mines, Diversified
Royalty Corp., Turquoise Hill Resources
Ltd. and DuSolo FertilizersInc.
Skills and expertise
Strategy & Leadership, Metals & Mining,
Finance, Public Policy, Human Resources,
Accounting, International Business,
Operations & Exploration
Sakhila Mirza has over 15 years’
experience in the energy and commodities
industry. She is currently deputy CEO and
general counsel of the LBMA, working
closely with the directors and the CEO on
the strategic direction of the LBMA. Sakhila
leads on sustainability and responsible
sourcing and also provides guidance on the
governance, legal and compliance risks.
Sakhila was previously a trustee of the
Recruitment Employment Confederation. On
behalf of the LBMA members she is heavily
involved in discussions with governments
and regulators on issues affecting the
market, refiners, and bullion banks. She is
a trustee of Speakers for School, a social
mobility charity. Ms Mirza is a qualified
solicitor.
Skills and expertise
Strategy & Leadership, Metals & Mining,
International Business, Finance
John Munro brings over 30 years of global
experience in mining, having held a number
of senior executive roles in the mining
industry, leading mining operations and
businesses in Africa and around the world,
in a range of commodities. In the early
2000s John was an executive of Gold
Fields Limited, variously leading its
international operations, project
development and strategy. In 2008 he was
appointed CEO of Rand Uranium, a private
equity sponsored uranium and gold start
up. Thereafter, John moved to London
working initially in First Reserve
Corporation’s mining buy out team before
joining Cupric Canyon Capital in 2014. John
held various executive roles at Cupric,
including two years as CEO, leading
financing and development, culminating in
its sale to MMG Limited in 2024.
John was previously a non-executive
director of Nordgold SE and is currently a
non-executive director of Manuli Ryco, a
private company.
Skills and expertise
Strategy & Leadership, Operations &
Exploration, Metals & Mining, International
Business, Corporate Finance
Patrick Bouisset joined Endeavour as the
Executive Vice President of Exploration and
Growth in November 2015. He hasover 30
years of experience in mining and oil and
gas exploration. Patrick retired from his
executive role at Endeavour in
December2022.
Prior to joining Endeavour, Mr Bouisset was
executive vice president exploration and
new ventures of La Mancha and before
that, vice president of geoscience for
Areva’s mining business group. For six
years, as a member of Areva’s executive
committee, he led worldwide uranium
exploration activities and managed all of its
pre-production subsidiaries. Before joining
Areva in 2007, he spent more than 20
years with Total in various exploration and
production roles and led the company’s oil
and gasexploration activities in Africa.
Skills and expertise
Metals & Mining, Operations and
Exploration, Strategy & Leadership,
International Business, Human
Resources, Public Policy, Sustainability
Naguib Sawiris founded Orascom Telecom
Holding which subsequently merged with
VimpelCom Ltd. creating the world’s sixth
largest mobile telecommunications provider
in April 2011. After divesting the family’s
telecom empire, his main focus has shifted to
mining and real estate development. Mr.
Sawiris is a recipient of numerous honorary
degrees, awards, and honours including an
Honorary Doctorate of Law by Handong Global
University of South Korea, the Honour of
Commander of the “Legion d’Honneur”, the
Honour of Commander of the “Stella della
Solidarieta Italiana” and the “Sitara-eQuaid-e-
Azam” of Pakistan among others. Mr. Sawiris
is the chairman of Orascom Investment
Holding and chairman of Ora Developers, a
company undertaking high-end real estate
developments and hospitality projects in
various prime locations around the world. Mr.
Sawiris sits on the following boards: La
Mancha Holding, Nile City for Investments
SAE, Nile Sugar SAE, Chairman and Orascom
TMT Investments S.à r.l., Manager A.
Skills and expertise
Strategy & Leadership, Metals & Mining,
Finance, Public Policy, International
Business
External appointments
Orascom Investment Holding SAE
OVERVIEW
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ADDITIONAL
INFORMATION
Our Board
Continued
95 Endeavour Mining plc Annual Report 2024
Ian Cockerill
Chief Executive Officer
Guy Young
Executive VP and Chief Financial Officer
Pascal Bernasconi
Executive VP Public Affairs, Security and
Social Performance
Samantha Campbell
Executive VP and Group General Counsel
David Dragone
Executive VP HR and Communication
Appointment 05/2022
Appointment 03/2023
Appointment 06/2016
Appointment 02/2023
Appointment 01/2023
British
South African/British
French
British/French
French/Italian
Qualifications
MSc Mineral Production Management Royal
School of Mines, BSc (Hons) Geology, London
University AMP Templeton College Oxford.
Qualifications
South African Institute of Chartered
Accountants
Qualifications
PhD Chemistry
Qualifications
M.A. (Hons), Solicitor (England & Wales)
Qualifications
MSc in Economics and Human Resources
Ian Cockerill was appointed as Chief
Executive Officer of Endeavour in January
2024, having joined the Board as Senior
Independent Director in 2022 and having
held the role of Deputy Chair since
September 2023. He has nearly 50 years of
experience in the global natural resources
industry and was previously CEO at Gold
Fields and CEO at AngloCoal, a subsidiary of
the Anglo American group.
Mr Cockerill was the former chair of the
BlackRock World Mining Trust and also of
Polymetal Plc. He was the former lead
independent director of Ivanhoe Mines Ltd,
a non-executive director of Orica Ltd and
non-executive director of BHP Group
Limited. He is associated with two private
businesses as a non-executive director of
IPulse Ltd and non-executive chair of Argo
Natural Resources.
Guy Young joined Endeavour in March 2023
as Chief Financial Officer. Prior to joining
Endeavour, Guy served as director and
chief financial officer of Vesuvius plc, the
FTSE 250 molten metal engineering and
technology group, where he had been chief
financial officer since 2015. From January
2011 to October 2015, he served as chief
financial officer of Tarmac and latterly
Lafarge Tarmac, the British building
materials company. Guy held a number of
senior financial and business development
positions at Anglo American plc from 1997
to 2010, including the position of CFO of
Scaw Metals Group, the South African steel
products manufacturer.
Pascal Bernasconi joined Endeavour in
2016 from the La Mancha Group, where he
was general manager of the Société des
Mines d’Ity, bringing with him significant
experience managing complex operating
environments. He began his career in the
nuclear industry at COGEMA, where he
managed a large nuclear site in France for
five years, before moving to Areva’s mining
operations in Kazakhstan and in Niger.
Samantha Campbell joined Endeavour in
February 2023 as Deputy General Counsel
and was appointed General Counsel with
effect from September 2024. Samantha is
qualified in England and has practiced law
for over 25 years, with a focus on natural
resources and energy projects across
Africa, Asia and the CIS, supporting clients
on complex matters across the mining,
energy, and banking and financial services
sectors. She has wide ranging experience
advising on all legal aspects of finance,
corporate and commercial transactions,
including corporate and project finance,
debt and equity capital markets, M&A, joint
ventures and strategic commercial
contracts, as well as compliance and
corporate governance. Samantha joined
from global law firm Hogan Lovells where
she had been a partner in Asia since 2015.
Prior to that she served for five years as
partner with a French international law firm
and practiced at a US law firm in London for
almost ten years.
David Dragone joined Endeavour in January
2023 as EVP Human Resources and
Communications. David has over 25 years’
experience in human resources, with
expertise in organisational design, culture,
people development and talent
management, industrial relations,
integration processes and change
management. Prior to joining Endeavour,
David held senior positions in large,
multinational organisations operating in a
variety of sectors, including Schlumberger,
the world’s leading international
geosciences company CGG, multinational
nuclear fuel cycle company Orano and most
recently at Nexans, a leading international
cable company, as chief human resources
officer.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our Executive Management Team
96 Endeavour Mining plc Annual Report 2024
Guénolé Pichevin
Executive VP Strategy and Business
Development
Sonia Scarselli
Executive VP Exploration
Djaria Traore
Executive VP Operations and ESG
Martin White
Executive VP and Chief Technical Officer
Appointment 01/2023
Appointment 01/2025
Appointment 01/2023
Appointment 06/2022
French
US/Italian
US/Mali
British
Qualifications
Graduate of EDHEC Business School
Qualifications
MSc Geological Sciences from Università
degli Studi di Perugia, PhD Geology from
ETH Zürich, MBA London Business School
Qualifications
B.Sc. Business Administration from Tours,
France, B.Sc International Business from New
Jersey, USA and Executive MBA at the School
of Business Darden, University of Virginia, USA
Qualifications
B.Sc (Hons) Mining Engineering, PhD
Mining Engineering (Rock Mechanics)
Guénolé Pichevin joined Endeavour in 2016
and as Executive VP Strategy & Business
Development is responsible for the
Company’s M&A, strategic planning and
business development functions. Since
2016, he has been closely involved in a
number of transformational initiatives for
Endeavour including the acquisitions of
SEMAFO and Teranga, asset disposals,
strategic plans and long-term financings.
Prior to joining Endeavour, Guénolé held
several roles in Europe and Asia with
European banks in natural resources
financing and advisory.
Sonia Scarselli joined Endeavour in January
2025 as Executive VP Exploration.
Prior to joining Endeavour, Sonia led BHP’s
Metals Exploration division, BHP’s
Innovative accelerator programmme, BHP
Xplor, with a focus on creating
transformative and collaborative
approaches to further expand the
company’s future growth options. She was
appointed VP of BHP Xplor in June 2022
and her remit was expanded through this
new role to include leadership of the
exploration organisation in September
2023. After joining BHP in 2012, Sonia
held several leadership positions through
her tenure within BHP Petroleum, including:
VP of exploration and appraisal, head of
Algeria, and exploration manager for
Trinidad and Tobago. As part of the BHP
Xplor Team, Sonia was recognised with the
2024 AME Murray Pezim Award for their
success through the BHP Xplor program for
initiating an innovative way to finance and
support mineral exploration. Sonia was
recognised as one of the 100 Global
Inspirational Women in Mining for 2024.
Sonia started her career at ExxonMobil UK.
Sonia serves as an advisor to Deep Energy
Capital LLP, CEOs Against Cancer Chapter,
and the AAPG Advisory Council.
Djariatou (Djaria) Traore joined Endeavour
in January 2019 as VP Supply Chain and
was promoted to EVP ESG and Supply
Chain in January 2023. She has over 24
years of experience in the oil & gas and
mining industries with extensive expertise
in procurement and logistics management.
Prior to joining Endeavour, Djaria held
several senior management positions
including procurement director for Nordgold
in Russia and supply chain director at its
Lefa mine in Guinea until 2018. She began
her career at Connell Mining, a subsidiary
of Connell Company, one of the largest
privately held corporations in the US, where
she held successively the positions of
sales director and global sales director for
Africa from 2005 until 2014. In 2020,
Djaria was recognised as one of the ‘100
Global Inspirational Women in Mining’.
Martin White joined Endeavour in
September 2020 as the General Manager
of the Mana mine in Burkina Faso, before
being appointed EVP Projects in mid-2022.
Martin has 35 years of experience in the
mining industry with expertise in mine
production management, safety and
environmental controls, mine feasibility and
environmental studies and project
development. Prior to joining Endeavour,
Martin held several senior management
positions including technical director for
Nordgold and general manager at its Lefa
mine, as well as chief operating officer of
Aureus Mining and general manager for
Arcon Mines.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our Executive Management Team
Continued
97 Endeavour Mining plc Annual Report 2024
The Board
The Board
– Defines the Company’s purpose, values and
standards, oversees its culture and ensures
that its obligations to stakeholders are
understood and met. It sets the Company’s
strategic aims and monitors their delivery,
ensuring appropriate financial and human
resource is in place for the Company to meet
its objectives;
– Provides leadership within a framework of
effective controls, which enables risk and
opportunities to be assessed and managed. It
ensures the maintenance of a system of
internal controls and risk management
(including financial, operational and compliance
controls) and reviews the overall effectiveness
of these systems;
– Promotes the long-term success of the
Company, generating sustainable value for
shareholders and other stakeholders and
contributing to the lives of wider society,
particularly the near-mine and regional
stakeholders. The Company’s business model
and strategy are set out on pages 14 to 15 of
the Strategic Report which describes how the
Company generates and preserves value over
the long term. The Board has overall authority
for the management and conduct of the
Group’s business and its development;
– Responsibility for the delivery of Group strategy
and the day-to-day management of the
business has been delegated to the CEO, who
leads the Executive Management Team to
deliver that strategy. The Board has in place a
Board of Directors’ Charter and Corporate
Governance Guidelines which sets out
principles and policies that assist the Board in
exercising its responsibilities.
Matters reserved for the Board
There is a schedule of matters reserved for the
Board’s decision which forms part of the
delegated authority framework. Matters for the
Board’s approval include the Group’s strategy
and objectives, setting the purpose and values of
the Group, approving annual budgets, financial
reports, material agreements and major capital
expenditure, oversight of the Group’s operations,
ensuring maintenance of a sound system of risk
management and internal controls, approving and
amending corporate policies and determining the
remuneration policy for Directors and senior
executives.
The schedule of matters reserved for the Board is
reviewed regularly to ensure that it is kept up to
date with any regulatory obligations or changes to
the way in which the Company operates so that it
remains fit for purpose.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our governance framework
98 Endeavour Mining plc Annual Report 2024
The Board
The Board delegates certain matters to its Committees, which are responsible for:
AUDIT AND RISK COMMITTEE
Reviewing the Group’s accounting
and financial policies, periodic
financial statements and
disclosures related to the
Company’s financial performance,
its disclosure practices, internal
controls, internal audit and risk
management processes and
overseeing all matters associated
with appointment, terms,
remuneration and performance of
the external auditor.
The Committee has overarching
responsibility for risk but some of the
specific risks over which it has
oversight are:
– assurance on metrics;
– tax risk;
– macroeconomic risk;
– cyber security risk;
– financial implications related to
concentration;
– regulatory and compliance risk; and
– financial crime such as fraud.
REMUNERATION COMMITTEE
Reviewing and recommending the
framework and policy for
remuneration of the Executive
Directors and senior executives, as
well as setting appropriate
performance-based targets for
incentive programmes, and
monitoring the remuneration
philosophy applicable to the wider
workforce.
The specific risks overseen by the
Committee include:
– monitoring succession planning
and talent risk;
– ensuring alignment between
remuneration schemes and long-
term shareholder interests; and
– monitoring any risks posed by
remuneration policies, including
conduct risk and risks relating to
remuneration practices.
CORPORATE GOVERNANCE AND
NOMINATING COMMITTEE
Ensuring that the structure, size
and composition of the Board and
the senior leadership team are best
suited to delivering the Company’s
strategy. Monitoring best practice
trends and particular areas of
governance which are of interest to
our stakeholders. Oversight of
Board succession and
appointments and annual Board
performance reviews.
The specific risks overseen by the
Committee include:
– succession planning and talent
risk:
– risks to compliance with corporate
governance; and
– risk to diversity and inclusion in
the workforce.
ENVIRONMENT SOCIAL AND
GOVERNANCE COMMITTEE
Oversight of the ESG strategy and
supporting the Company in fulfilling
its responsibilities in respect of
ESG targets and commitments and
ensuring its governance is aligned
with market practice and
stakeholder expectations.
The specific risks overseen by the
Committee, include:
– community relations, ESG and
sustainability risks in relation to
financing and other opportunities;
– climate change risk; and
– the Company’s social licence to
operate.
TECHNICAL, HEALTH AND SAFETY
COMMITTEE
Assisting and advising the Board and
senior management and discharging
the Board’s oversight responsibilities,
in the areas of projects, exploration,
security, technical and health and
safety matters.
The specific risks overseen by the
Committee include:
– macro risk;
– licence to operate risk;
– security risk;
– geopolitical risk;
– environmental risk (site specific risks
activities such as tailings
management and environmental
management plans);
– concentration risk (asset performance
and growth projects);
– health and safety risks;
– supply chain risk;
– operational performance risk; and
– project risk.
See pages 114 to 122 See pages 125 to 127 See pages 109 to 113 See page 124 See page 123
Endeavour’s Executive Management Team
The Board has delegated the responsibility for the delivery of the Group strategy and the day-to-day executive management of the business to the CEO, who leads the Executive Management Team to deliver
this strategy. Endeavour’s Executive Management team has a proven track record of value creation, an ability to operate consistently, to optimise mining operations, to build mining projects and has
significant exploration knowledge and capabilities.
Disclosure Committee
The Disclosure Committee is a management committee comprising the CEO, Chief Financial Officer, Group General Counsel, Chief Technical Officer, EVP Operations and ESG, Company Secretary and VP
Investor Relations. It is responsible for implementing the disclosure procedures of the Company, as governed by the Disclosure Committee Terms of Reference and in particular for identifying inside
information and material information and the circumstances in which information should be disclosed, having regard to the UK Market Abuse Regulation obligations. The Disclosure Committee meets on an
as-needed basis.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our governance framework
Continued
99 Endeavour Mining plc Annual Report 2024
Balance of independence
The Board currently comprises the Chair, five independent Non-Executive Directors, two non-
independent Non-Executive Directors and one Executive Director. The Board has concluded that the
Chair and the Non-Executive Directors declared as independent remain independent, in line with the
definition set out in the UK Code and are free from any relationship or circumstances that could affect,
or appear to affect, their independent judgement. Following an assessment of the Independent Non-
Executive Directors by the Corporate Governance and Nominating Committee, it was concluded that
each of them continued to make an important contribution to the Board and to demonstrate
independence of character and mind and provide constructive challenge to the Board and management
on many topics.
Relationship agreement with La Mancha
The Company is party to a relationship agreement with La Mancha, the terms of which became
effective upon the Company’s listing in London in 2021 (the “Relationship Agreement”). The
Relationship Agreement replaces the 2015 Investor Rights Agreement and provides that for so long as
La Mancha and its associates hold an interest that in aggregate: (a) is equal to or greater than 15% of
the issued ordinary share capital of the Company, La Mancha shall have the right to appoint two
Directors to the Board; or (b) is equal to or greater than 10% but less than 15% of the issued ordinary
share capital of the Company, La Mancha shall have the right to appoint one Director to the Board.
As La Mancha has a stake of circa 17% in the Company, both Patrick Bouisset and Naguib Sawiris
have been nominated to the Board by La Mancha under the terms of the Relationship Agreement and
accordingly, they are notconsidered independent. For moreinformation on the Relationship Agreement
please see page 155 of theDirectors’ Report.
Chair Independent Directors Non-independent
Srinivasan Venkatakrishnan
(considered independent on
appointment and continues to
be assessed as independent)
Alison Baker Patrick Bouisset
Cathia Lawson-Hall Ian Cockerill
Livia Mahler Naguib Sawiris
Sakhila Mirza
John Munro
Attendance
Each of the Directors has committed to attend all scheduled Board meetings and all meetings of each
Board Committee on which they serve and to be reasonably available to Senior Management and the
other Directors for consultation between meetings.
The Board held seven scheduled meetings during the year. A rolling agenda and forward calendar are
agreed annually and the agenda for each meeting is agreed with the Chair and CEO, with input from
the Chairs of the Committees. Board papers are circulated to Directors in advance of the meetings. If a
Director on occasion is unable to attend a meeting, he or she is able to consider the papers in
advance of the meeting and will have the opportunity to discuss them with the Chair or CEO and to
provide comments or ask any questions.
All Directors have an open invitation to attend all Committee meetings of the Board and are granted
access to all papers. The Chair of the Board attends all meetings of the Committees (where he is not a
member, as an invitee). The Non-Executive Directors have the opportunity to meet one another without
the CEO and the Chair present, on a regular basis.
Table of attendance at scheduled meetings
Board
Attendance
Audit & Risk
Committee
Attendance
Remuneration
Committee
Attendance
CG and
Nominating
Committee
Attendance
Environmental
Social and
Governance
Committee
Attendance
Technical,
H&S
Committee
Attendance
Venkat 7/7 – – 3/3 4/4 4/4
Ian Cockerill
1
7/7 – 0/0 0/0 4/4 4/4
Alison Baker
2
7/7 5/5 6/6 3/3 1/1 –
Patrick Bouisset 7/7 – – – 4/4 4/4
Cathia Lawson-Hall 7/7 – 6/6 – 4/4 –
Livia Mahler 7/7 5/5 6/6 3/3 – 4/4
Sakhila Mirza
3
7/7 4/4 – 2/2 4/4 –
Sébastien de Montessus
4
0/0 – – – – –
John Munro
5
4/4 – 3/3 – – 2/2
Naguib Sawiris
6
6/7 – – – – –
Tertius Zongo
7
3/3 3/3 3/3 – 2/2 –
1. Mr Cockerill was a member of the Remuneration and the Corporate Governance and Nominating Committees during
2023 and at the time he became CEO on 4 January 2024, at which point he immediately stepped down from these
two Committees but he remains a member of the ESG and Technical, Health and Safety Committees.
2. Ms Baker stepped down as a member of the ESG Committee on 18 January 2024 to free up time due to her
appointment as a member of the Remuneration Committee. She attended every meeting of the ESG Committee up
to that date.
3. Ms Mirza was appointed a member of the Audit & Risk and the Corporate Governance and Nominating Committees
on 18 January 2024 and has attended every meeting since her appointment.
4. Mr de Montessus left the Board on 4 January 2024.
5. Mr Munro has attended every Board meeting and every Technical, Health and Safety and Remuneration Committee
meeting since his appointment as a Director on 30 May 2024.
6. Mr Sawiris missed one Board meeting due to an unforeseen schedule conflict.
7. Mr Zongo stepped down from the Board on 30 May 2024 but he attended every Board meeting and every meeting of
the Audit & Risk, Remuneration and ESG Committees up to that date.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our governance framework
Continued
100 Endeavour Mining plc Annual Report 2024
Roles and responsibilities
The Board is comprised of Directors who bring a wide range of relevant professional experience and
who put at the disposal of the Company a deep knowledge of the mining sector and of the issues that
affect the Company, specifically as a West African gold miner. The roles of the Chair and the CEO are
clearly segregated, with each role having a distinctly defined perimeter of responsibility. Beyond those
two roles, each of the Directors contributes individual skills and experience, which respond to the
Company’s needs as a senior global gold producer. The responsibilities of the Chair, CEO, Senior
Independent Director, Independent Non-Executive Directors and Non-Independent Non-Executive
Directors are clearly defined and are set out in writing below.
Chair
Venkat
The Chair of the Board is responsible for ensuring overall Board and individual Director
effectiveness. Specific responsibilities include:
– Effective running of the Board including setting a forward-looking agenda with an emphasis on
strategy, performance, value creation, culture, stakeholders and accountability
– Ensuring members of the Board receive accurate, timely and clear information
– Reviewing and agreeing training and development for the Board
– Ensuring there is effective communication with the Group’s shareholders and other
stakeholders
– Ensuring that the performance of the Board as a whole, its Committees and individual
Directors are formally evaluated
– Promoting high standards of integrity and corporate governance throughout the Group,
particularly at Board level
– Ensuring that both appointments and succession plans are based on merit and objective
criteria
– Ensuring clear and timely Board and Committee succession plans are in place
– Promoting a culture of openness and debate and fostering relationships based on trust, mutual
respect and open communication between the Non-Executive Directors
– Ensuring the Board determines the nature and extent of significant risks the Company is willing
to embrace in the implementation of its strategy
– Ensuring the Board as a whole has a clear understanding of the views of shareholders
– Representing the Company to its key stakeholders and ensuring that the Board listens and
understands the views of the workforce, customers and other key stakeholders
– Overseeing the development of the Group’s business culture and standards
Role Responsibilities
CEO
Ian Cockerill
The CEO reports to the Chair and to the Board directly and is responsible for all Executive
Management matters of the Group. In addition the CEO is responsible for:
– Managing the Group on a day-to-day basis within the authority delegated by the Board
– Developing and proposing the Group’s strategy, annual budget and business plans and
commercial objectives with regard for the Group’s shareholders, customers, employees and
other stakeholders and the environment
– Being the primary relationship with institutional shareholders and ensuring effective
communication with shareholders
– Being the primary contact with the Group’s regulators and fostering an open and honest
relationship with them and ensuring compliance with their regulations
– Promoting a Group culture that fosters a prudent, safe and sound business, that has long-term
sustainability
– Advising and making recommendations in respect of management succession planning and
making recommendations on the terms of employment and remuneration of the executive
leadership team
– Setting an example to the Company’s workforce, communicating to the workforce the Board’s
expectations in terms of culture and ensuring that operational policies and practices drive
appropriatebehaviours
– Ensuring that the Board is made aware of the views gathered via workforce engagement
– Managing the Group’s risk profile in line with the risk appetite approved by the Board and
ensuring that appropriate internal controls are in place
Senior
Independent
Director
Alison Baker
The Senior Independent Director is to be available to shareholders if they have concerns and if
contact through the normal channels of the Chair or CEO has not resolved those concerns or is
not appropriate. Other responsibilities include:
– Acting as a sounding board for the Chair and serving as an intermediary for the other Directors
when necessary
– Being available for confidential discussions with other Non-Executive Directors
– Evaluating the Chair’s performance as part of the Board evaluation process
– Chairing meetings of the Non-Executive Directors or other meetings where appropriate
– Being available to shareholders should there be a need to convey concerns to the Board other
than through the Chair or the CEO
Independent
Non-Executive
Directors
– Monitor and evaluate the Company’s performance against its strategic goals and financial plans
– Bring objective perspective to the Board’s deliberations and decision-making, drawing on their
collective broad experience and individual expertise and insights
– Challenge and help develop proposals on strategy and bring independent judgement on areas
such as compliance and risk
– Play a lead role in the functioning of the various Board Committees
– Monitor and assess the Company’s culture and use appropriate and effective means to engage
with the workforce and acquire an understanding of the views of the various stakeholders
– Monitor and assess the effectiveness of the Executive Directors
Non-Executive
Directors (non-
independent)
– Similar to the responsibilities of the Independent Non-Executive Directors set out above, with
extensive experience in senior roles in the gold mining industry but without the independence
aspect and with the additional role of representing La Mancha’s shareholding in the Company
Role Responsibilities
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Our governance framework
Continued
101 Endeavour Mining plc Annual Report 2024
Time commitment
Implementation of the Company’s strategy has
involved significant Board level commitment from
Directors in recent years. Committee obligations
can be demanding, owing to the need for regular
support of the many strategic initiatives that have
taken place and bearing in mind the delegations
of authority to Committees over specific
specialist topics.
The Non-Executive Directors are required, by their
letters of appointment, to devote sufficient time
to meet the expectations of their roles as
required by the Board from time to time. Their
letters of appointment further acknowledge, that
the Company’s growth strategy, means that
demands on Directors’ time may be
unpredictable and may be greater than at other
comparable companies. We need to be satisfied
that they meet their obligations and have
sufficient time to commit to the Company. In
assessing their time commitments, we took
account of their contributions to Endeavour, their
external appointments, (both the nature and
number of such roles), the expected time
commitment overall and likely spare capacity
available for extra meetings. Having performed
this assessment, we are satisfied that none of
our Non-Executive Directors are overboarded and
that they all fall within the recommended limits
set by Glass Lewis and ISS. This is further
supported by the unblemished attendance record
we have seen at all Committee, Board and ad
hoc meetings.
Directors are required to advise the Chair of the
Board and the CEO in the first instance, (followed
by obtaining Board approval), prior to accepting a
directorship of any other company. During the
year, Cathia Lawson-Hall was invited to join the
board as a non-executive director of Havas N.V.,
which was being spun out of Vivendi S.A (a
company of which she is a director) and listed on
the Amsterdam Stock Exchange. As a result of
accepting this appointment, she would have been
a director of five listed companies. This was
however expected to revert to four listed
companies in April 2026 when Ms Lawson-Hall
was due to retire from the Vivendi S.A board. The
Committee considered the requirements of the
UK Code and Ms Lawson-Hall’s time
commitments and ability to effectively discharge
her duties across all her directorships. Having
considered the rationale for the appointment and
the circumstances around it, the Committee
expressed its support for Ms Lawson-Hall’s
appointment to the new role, given the limited
time period during which she was expected to
hold five mandates and made a recommendation
to the Board to approve this appointment.
Conflicts of interest
Directors have a statutory duty to avoid situations
in which they have or could have, a direct or
indirect interest that conflicts or may conflict with,
the interests of the Company. A Director has a
duty to disclose to the Board any transaction or
arrangement under consideration by the
Company, in which he or she has a personal
interest. Directors are also expected to report
changes in their business and professional
affiliations or responsibilities, including
retirement, to the Company Secretary and to the
Chair of the Corporate Governance and
Nominating Committee. Where any conflicts do
arise or may reasonably be expected to arise,
Directors must report any such matters to the
Company Secretary and to the Chair of the
Corporate Governance and Nominating
Committee. The Company’s Articles of
Association give the Directors authority to
approve such situations, subject to such
conditions or limitations as the Directors may
resolve and there is no breach of duty by a
Director if the relevant situation has been
authorised in advance by the Board.
Director concerns
All Directors have access to the advice and
support of the Company Secretary, have the right
to raise any concerns at Board meetings and can
ask for any such concerns to be recorded in the
Board minutes. The Board has also adopted a
procedure in accordance with the UK FRC’s
Guidance on Board Effectiveness, which enables
Directors, in relevant circumstances, to obtain
independent professional advice at the
Company’s expense.
The appointment of the Company Secretary is a
matter reserved for the Board and the Company
Secretary is Susanna Freeman.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Board leadership and Company purpose
102 Endeavour Mining plc Annual Report 2024
Performance against 2024 Board objectives
Some of the objectives achieved by the Board
over the course of the year include:
– approved the appointment of the new CEO, Ian
Cockerill;
– focused on succession planning for senior
executive roles, with three new appointments
to Executive Management level (including the
new CEO);
– improved gender diversity on the Executive
Committee from 10% women to 30%;
– continued to progress the implementation of
the Phase 1 (2021-2025) ESG strategy;
– oversaw the advancement of a number of
important ESG projects including the Sabodala-
Massawa solar plant in Senegal;
– focused on liquidity management including
introducing a new shareholder returns policy;
– increased Board visibility of initiatives on
culture with the completion of the externally
facilitated all employee survey during the year;
– oversaw shareholder returns of $237 million
comprised of $200 million in dividends paid
and $37 million in share buybacks;
– oversaw the commissioning of two major
capital projects, the BIOX®plant at Sabodala-
Massawa and the Lafigué mine;
– approved the agreement with Lilium Gold and
the government of Burkina Faso to resolve
the arbitration process surrounding the
Boungou and Wahgnion mines;
– approved the refinancing of the RCF; and
– approved the PFS for the Assafou project and
authorised management to proceed to the
DFS.
2025 Board objectives
The Board has set the following objectives for the
2025 financial year:
– increase focus on succession planning for the
CEO and senior executive roles;
– embed the changes coming in under the 2024
Code;
– support the CEO in his operational and
business efficiency programmes;
– continue to consider portfolio optimisation and
strategic growth;
– continue to progress implementation of the
2021 - 2025 ESG strategy;
– monitor the Assafou DFS;
– monitor delivery of the new shareholder returns
programme;
– focus on liquidity management;
– monitor evolution of workplace diversity;
– oversees initiatives on progression for our
people including management development,
upskilling our workforce and internal mobility
initiatives; and
– increase Board visibility of Company initiatives
on culture.
Board activity during the year
The past year has witnessed some important
changes to the Board including the appointment of
a new CEO, Ian Cockerill, who is leading us
through the next phase of our strategy. There have
also been some changes to the structure of the
Board Committees. Major areas of focus during
the year have been: managing our portfolio of
assets, completing our high growth projects,
monitoring regional security, investing in
exploration, reviewing the Group’s strategy and
corporate governance processes, internal controls,
risk management, monitoring progress of our
Phase 1 ESG strategy and overseeing shareholder
returns.
2024 was a successful year, being a year during
which we completed two major projects and
approved the PFS for Assafou, in preparation for
our next major project. We also delivered
attractive shareholder returns which we will
continue to build upon, on the back of an
expected growth in production 14% and a well-
supported gold price environment in 2025.
As a trusted partner to all stakeholders, we
conducted a double materiality assessment
during 2024, incorporating the views of both
internal and external stakeholders, to identify
those sustainability topics most relevant to our
business. Continued top-tier ESG ratings from
Sustainalytics and MSCI solidified our position as
an ESG leader in our sector and across
industries. This recognition underscores our
commitment to transparent reporting and
meaningful on-the-ground sustainability initiatives.
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Board leadership and Company purpose
Continued
103 Endeavour Mining plc Annual Report 2024
WHY INVEST IN ENDEAVOUR MINING
We offer a compelling investment proposition
Page 05
OUR ESG STRATEGY
Partners in creating a sustainable future.
Pages 23-30
OUR STRATEGY
Build a resilient business.
Pages 19-22
Create a resilient business Approving the Group’s strategy and
objectives, setting the purpose and values of
the Group, reviewing and approving material
agreements and overseeing the Group’s
operations and risk appetite statements
– Considered and approved the 2024 key strategic priorities for theGroup.
– Received presentations from the CEO on progress against the Group’s key strategic priorities at every scheduled Board
meeting and suggested different considerations.
– Considered and challenged the 2024 exploration budget and programme.
– Reviewed the progress on Sabodala-Massawa BIOX®, Ity ReCYN and Lafigué projects.
– Considered, challenged and approved the Assafou PFS and approved the budget for and the launch of the DFS.
– Reviewed the full portfolio of Group assets to consider the Company’s strategic direction.
Overseeing the Group’s corporate policies
and procedures, receiving regular reports
from the Board Committees, reviewing and
approving the overall corporate organisational
structure and monitoring compliance with the
UK Code and Canadian National Policy
58-201 – Corporate Governance Guidelines
– Approved the new Remuneration Policy to be put to the approval of the shareholders at the 2025 AGM.
– Approved the 2024 TCFD Disclosures including the Climate Change Scenario Planning Assessment.
– Reviewed and approved changes to the Group Policies, Matters Reserved for the Board and Committee Terms of Reference
– Received regular updates from the Committees.
Be a trusted partner Successful engagement with our workforce
and with local communities
– Held the November 2024 Board meeting in Abidjan Côte d’Ivoire, which gave the Directors the opportunity to carry out a site
visit to the Lafigué mine and engage with local employees to gain an understanding of the operations and local social
initiatives put in place by Endeavour.
– Received regular updates from the ESG Committee concerning the work carried out for local communities including the
reduction of malaria rates and progress against all Group ESG targets.
– Considered and approved executive and employee performance share plan metrics.
– Invited members of the Executive Management Team and senior management to attend and present at Committee and Board
meetings.
– Reviewed workforce remuneration across all our corporate offices and countries of operation.
– Discussed the results of the externally facilitated all-employee engagement survey.
– Members of the Board carried out meetings with employees in person in West Africa and via videoconference to discuss any
concerns, opportunities and suggestions our employees might have in the workplace.
– Approved the agreement with Lilium Gold and the government of Burkina Faso to resolve the arbitration process
surrounding the Boungou and Wahgnion mines.
Reward shareholders Effective communication with shareholders
and engaging directly and regularly with major
shareholders to understand their views on
governance, remuneration and performance
against the Company’s strategy
– Discussed shareholder considerations related to shareholder returns programmes, including dividends and share buybacks
following engagement by management with the largest shareholders on their views on this area.
– Conducted an investor outreach programme on the appointment of Ian Cockerill as CEO and on his remuneration in 2024.
– Approved the payment of two dividends in 2024 (second interim 2023 and first interim 2024) and the second interim
dividend for 2024 was approved in January 2025.
– Solicited investor feedback in relation to the 2024 RemunerationReport and the new 2025 Remuneration Policy.
– Approved the renewal of the share buyback programme for a further 12 months.
Reviewing and approving annual budgets,
major capital expenditure and financial
statements
– Challenged and approved the annual budget and reviewed and approved the Annual Report and Financial Statements.
– Considered and approved the condensed interim consolidated financial statements and the related Management Reports and
press releases for each of the quarters in 2024.
– Discussed and approved the capital expenditure for the Sabodala-Massawa BIOX®, Ity ReCYN and Lafigué projects and for
the Assafou DFS.
– Reviewed the performance and recommended the reappointment of BDO LLP (“BDO”) as external auditor which was approved
by shareholders at the 2024 AGM.
Strategic pillar Responsibilities Activities during 2024
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ADDITIONAL
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Board leadership and Company purpose
Continued
104 Endeavour Mining plc Annual Report 2024
The Board engages regularly
with its stakeholders and this
engagement informs our
understanding of our
stakeholder interests and our
decision-making.
Each year, members of the Board visit our
Regional Office in Abidjan and also travel to one
of our sites to see how one of our projects is
progressing or assets are running. In 2023, they
visited Lafigué whilst it was still at project stage
and in 2024 there was a second Board visit to
Lafigué but as an operating mine. The visit
enabled the Directors to meet with the local
corporate office employees as well as site
management and members of the mining
workforce. They were able to see how the mine is
operating with visits to the pit and process plants
and they received presentations on the mine
operations as well as on local livelihood
restoration projects which the Company has put
in place.
The Board meets regularly with the Executive
Management Team throughout the year and with
their direct reports, both formally and informally,
to gain an understanding of the status of
operations, projects and strategic priorities, an
awareness of risk and a better feel for the culture
of the Company.
The Chair has meetings throughout the year on
an ad hoc basis as required with our
shareholders, to update them on the Company’s
governance processes and Board-related matters
and to garner their views.
Section 172 statement
In accordance with the requirements of
Section 172 of the Companies Act 2006 (“the
Act”), the Board takes into account the interests
of all of its stakeholders when determining the
Group’s strategy and objectives and uses the
feedback it gathers in making decisions.
A good understanding of our stakeholders
enables the Board to factor the potential long-
term impact of strategic decisions on our various
stakeholders. The following disclosure comprises
our Section 172(1) statement, setting out how
the Board has, in performing its duties over the
course of the year, had regard to the matters set
out in Section 172(1) (a) to (f) of the Act when
performing its duties and forms the Directors’
statement required under Section 414CZA of the
Act.
Additional details regarding the Board's strategic
decision-making can be found in the Stakeholder
Engagement section on pages 31 to 33, as well
as in pages 107 to 108 of the Corporate
Governance Report.
Set out on this page and the page that follows
are some key examples of the impact of Section
172 on our decisions during the year:
Approval of the Assafou Project PFS
Assafou was discovered by our Exploration team
in late 2021, from which point, management has
worked hard on obtaining detailed data and
delivering a pre-feasibility study. In less than
three years, management put together and
completed the PFS. The Board was deeply
involved in the process of finalisation of the PFS,
as it wanted to ensure that it had a clear and
detailed understanding of the work carried out
and the conclusions drawn by management
before approving it and agreeing the budget for
the DFS. This was due to its being a key strategic
decision for the long-term future of the Group.
The Technical, Health and Safety Committee,
which comprises five Directors, all with strong
operational mining and exploration expertise,
convened on a number of occasions to consider
in detail the initial findings of the PFS and to
report to the Board on their conclusions and
recommendations. They received presentations
from, and were able to ask questions of, the
metallurgists, geologists and projects, mining,
processing and social performance teams, who
were working directly on the study and provided
their own input, gained from their experience in
the industry. They gained a clear understanding of
the risks and opportunities of the project and of
the timeline and budget required, to ensure that
the project had the potential to be value accretive
for our shareholders and that the local
communities and environment would be
protected at the same time.
The other key stakeholder to consider was the
government of the Côte d’Ivoire, to understand its
perspectives, the areas which were most
important to it and whether it believed the
success of the project to be beneficial to the
state, taking into account the interests of the
local communities and the environment. The CEO
and the Public Affairs team engaged extensively
with the government of the Côte d’Ivoire, to
ensure that consideration of these interests are
at the forefront of the project, as the Group’s
success on this project is dependent on the
approval of the project’s local stakeholders.
Outcome
The PFS confirmed Assafou’s potential to become
a tier-1 asset with a 15-year mine life and robust
project economics with an after-tax IRR of 28% at
a $2,000/oz gold price.
The Board provided their insights on the PFS and
suggested some ideas and considerations, a
number of which were incorporated into the study
to mitigate project risk. The Board concluded that
the project had the potential to be highly
beneficial to our shareholders, our investors, our
employees, the government and the local
communities and accordingly it approved the PFS
and the budget for the DFS and agreed that
management should proceed to the DFS stage of
this exciting project. The DFS is expected to
complete between late 2025 and early 2026. The
Board believes that Assafou has the potential to
improve the quality of the Group’s portfolio
through increased production at a lower cost.
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ADDITIONAL
INFORMATION
S172 statement
105 Endeavour Mining plc Annual Report 2024
ENDEAVOUR VOICES
Creating a fulfilling and productive workplace.
Pages 35
STAKEHOLDER ENGAGEMENT
Engaging with cultural sensitivity and respect
Pages 31-33
Updated shareholder returns policy
In July 2024 the Company published its updated
shareholder returns policy. The previous
shareholder returns policy was implemented in
June 2021 and we returned over $900 million to
shareholders under this policy.
This was a policy where it was key to get
stakeholder engagement in order to get the right
balance. The CEO together with the VP Investor
Relations wanted to understand the importance
to investors of receiving dividends and their view
on share buybacks.
The results of this engagement were discussed with
the Board and it was clear that there was a
divergence of opinion amongst our investors with a
split between which was the preferred method of
receiving returns, however, overall there was strong
support for the continuation of similar dividend
cover.
The Board considered the Company’s strategy
and future capital requirements for its operations,
growth projects and exploration and developed
the new policy which supports continued growth,
while delivering attractive returns to shareholders.
Outcome
The new shareholder returns policy comprises
higher dividend payouts for the next two years,
with minimum dividends totalling $435 million for
2024 and 2025 inclusive, which are expected to
be supplemented with additional dividends and
with share buybacks. During 2024 dividends of
$240 million were declared, equivalent to $0.98
per share which were supplemented with $37
million of share buybacks, equivalent to a total
return of $251/oz gold produced.
RCF refinancing
In November 2024, the Board approved a new
$700.0 million sustainability-linked Revolving
Credit Facility (“New RCF”), on similar terms to
the 2021 $645 million RCF, to be applied
towards the general corporate purposes of the
Group.
The New RCF integrates the core elements of the
Group’s sustainability strategy, specifically
climate change (GHG emissions), biodiversity and
malaria incidence reduction and sets clear
sustainability-linked performance targets
(“SPTs”). The SPTs will be measured on an
annual basis between 2024 and 2027 and
reviewed by an independent external verifier. The
New RCF has a cumulative pricing sustainability
margin adjustment, up to +/- 5 basis points per
annum, on the applicable margin and the SPTs
that have been certified to have been met.
The RCF:
– has a 4-year term with the potential for a 1-year
extension;
– bears interest quarterly in arrears at a rate
equal to SOFR plus between 2.40% to 3.40%
per annum based on the Company’s leverage
ratio and sustainability margin ratchet;
– has an accordion option whereby an increase
in available commitments of up to a maximum
of $150 million may be requested, subject
however to further bank credit commitments
(total available commitments may reach $850
million); and
– requires payment of a commitment fee
calculated daily and computed at the rate of 35
per cent. per annum of the applicable margin
(which shall include the effect of any
sustainability margin adjustment) on lender's
available commitment for the availability
period.
The New RCF has been established to enhance
our liquidity position, whilst aligning our financial
strategy with our sustainability goals. The New
RCF will improve our cash flow management,
strengthen our operational resilience and position
the Company for sustainable growth, while also
providing us with the financial flexibility to invest
in initiatives that promote environmental and
social sustainability.
Linking the loan terms to our performance against
specific SPTs, incentivises us to achieve
measurable environmental outcomes that
ultimately benefit both the Company and the
environment.
Our employees are vital to the success of the
Company and by ensuring robust financial
management, we can attract and retain a
motivated workforce, aligned with our strategic
goals. The connection between our financial
performance and sustainability initiatives, fosters
a culture of responsibility and engagement among
our workforce, aligning their efforts with our
strategic goals. It also strengthens our
relationships with our stakeholders, including
suppliers, customers and investors. The New RCF
will enable us to meet our commitments
promptly, enhancing our reputation and trust with
all our stakeholders.
Outcome
With a total capacity of $700 million, the New
RCF will significantly enhance our financial
flexibility and operational resilience and support
our working capital needs, facilitate timely
investments in key projects and ensure that we
maintain liquidity during fluctuating market
conditions. Furthermore, we are committed to
operating responsibly within our communities and
minimising our environmental footprint with the
specific sustainability targets guiding our efforts
and holding us accountable for our commitments.
As a result, we have strengthened our
competitive position, improved our cash flow
management, and positioned ourselves for
sustainable growth in the coming years. We
remain dedicated to fulfilling our responsibilities
under Section 172 and ensuring that our actions
promote the overall success of the Company for
all our stakeholders. Overall, the New RCF is a
vital tool in our financial and sustainability
strategy.
OVERVIEW
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
S172 statement
Continued
106 Endeavour Mining plc Annual Report 2024
Workforce engagement meetings
The Board recognises that employee engagement
is the responsibility of the whole Board, however
to increase the direct engagement of the Board
with the workforce, we have elected to appoint an
Employee Engagement Director as our conduit for
more direct engagement. This role is held by
Cathia Lawson-Hall, a dual French/Togolese
national and native French speaker, with many
years of experience of working with West African
countries in finance roles. These qualities have
enabled her to have a good ability to understand
the types of concerns and interests of our
operational workforce, including those areas most
pertinent to our women employees.
In 2024 we launched our ‘Women at Endeavour’
strategy. The launch was accompanied by a
webinar with our Senior Independent Director,
Alison Baker, our Employee Engagement Director,
Cathia Lawson-Hall, our EVP HR David Dragone
and our EVP Operations and ESG, Djaria Traore.
Beamed to all our sites, the webinar was an
opportunity to discuss some of the challenges
facing women trying to balance a career and their
personal lives, as well as to gain insights and
advice on how women could best progress in the
workplace.
Following this engagement, we put in place our
pillars for women at Endeavour. The Care pillar
aims to better address the realities faced by
women workers, particularly at site, by offering
concrete initiatives to improve their health and
wellbeing at work. We introduced specialised
healthcare for pregnant women at site, extended
the period of paid maternity leave above the
statutory requirement for women working on
roster at our operations and put in place career
development plans for women, with free training
in technical fields, such as metallurgy, mining,
mine engineering and geology. Mentoring and
coaching are also being introduced and a
campaign on unconscious bias is being launched.
The Empowerment pillar focuses on the career
development of our female colleagues and
promoting female leadership within the Group,
with initiatives such as monthly training
programmes on transformational leadership and
mentoring.
In July 2024, we launched another new initiative,
ESG Week, which is designed to promote and
further embed the Group’s ESG strategy across
all our sites. This provided an opportunity for our
Employee Engagement Director, Cathia Lawson-
Hall, to host roundtables with our Compliance
and ESG Champions in West Africa, on the
importance of these two topics. Employees in
attendance were encouraged to ask questions
and share their views on these areas. There was
also a tree planting activity to celebrate the
biodiversity programme ‘1 worker 1 tree’ with
employees from the regional office in Abidjan.
During the Board visit to West Africa in November
2024, the Chair, CEO and each Director, met with
and addressed the teams at the regional office
and covered matters including strategy, growth
and future and the discussion was followed by a
good question and answer session.
The Board will continue to shape and monitor the
evolution of Endeavour’s culture under Ian’s
leadership and has had the opportunity to engage
directly at our corporate offices in both London
and West Africa and at our mine sites, including
staying overnight at the on-site camp.
More initiatives are planned for 2025, including
International Women in Mining Day 2025 at which
Ms Lawson-Hall intends to participate again.
Surveys
Following the two surveys we conducted in 2023
which were reported on last year, In the second
half of 2024, we engaged the consultancy firm
Retensa, to carry out a full all-employee survey by
way of an online questionnaire. It was the first
such survey carried out by the Company and all
responses submitted were anonymous. The
response rate was 72%.
A final report produced by Retensa was presented
to a joint sitting of the Corporate Governance and
Nominating and Remuneration Committees and
to other members of the Board. The report stated
that 86% of employees felt engaged, 99% found
their work to be meaningful and 78% would
recommend Endeavour as a good place to work.
There were some areas identified as needing
improvement which included career progression,
appreciation and recognition. The findings and
proposed actions were discussed and the Board
asked questions of Retensa representatives to
better understand the outcomes. Management
explained to the Board, the initiatives which are
being put in place to make improvements in the
weaker areas and the Board will continue to be
updated throughout the year.
Other
The Board also receives presentations at Board
meetings from key employees who present on
their areas of expertise at the Board meetings
and at the ESG, Technical, Health and Safety and
Remuneration Committee meetings.
Employees can raise any concerns they have with
their line manager or HR manager, or they can
escalate them to their relevant mine General
Manager or to any Executive Committee member.
If they have any serious concerns they can use
the Company’s independent whistleblower
service, which is confidential and anonymous;
their report will go directly to the Chair of the
Audit and Risk Committee and an investigation
will follow.
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ADDITIONAL
INFORMATION
Stakeholder engagement
107 Endeavour Mining plc Annual Report 2024
Shareholder engagement
The Chair or another appropriate Independent
Non-Executive Director, is responsible for
effective communication by the Group with our
shareholders and engaging directly and regularly
with major shareholders to understand their
views on governance, remuneration and any
other relevant matters. The CEO and the Investor
Relations team are the Company’s principal
contacts for investors, analysts, press and other
interested stakeholders. The Board receives
investor feedback reports as part of the CEO’s
report at Board meetings, outlining recent
dialogue with investors and the feedback
received. The Company reports quarterly on its
financial results (owing to TSX obligations), which
includes the financial statements and a
management report, highlighting the Group’s
financial performance for the quarter. There is an
active investor relations programme, which, in
2024, included attendance at over 20
conferences and at over 550 meetings, by the
Investor Relations team and senior management.
Following the appointment of Ian Cockerill as
CEO in January 2024, the Company conducted a
formal outreach with a number of shareholders,
to discuss this change in management and to
answer any questions. Under this formal
outreach, the Chair met with shareholders
representing over 60% of the institutional
shareholder register, to discuss the appointment.
The Chair of the Remuneration Committee has
engaged further with shareholders in the first part
of 2025, in anticipation of the proposed new
Remuneration Policy which will be put to the
shareholder vote at the 2025 AGM.
Annual General Meeting
The AGM is the annual opportunity for
shareholders to meet with the Directors and to
discuss with them, the Company’s business and
strategy. For 2025, the AGM will take place on 22
May 2025 at 2:00pm (London time) at Linklaters
LLP in London. Shareholders who are unable to
attend in person, will be able to follow the
meeting, to view and listen to the proceedings via
the electronic platform, through which theycan
also submit questions during the meeting.
The Notice of AGM will be posted to all
shareholders at least 20 working days before the
meeting. Separate resolutions will be proposed
on all substantive issues and voting will be
conducted by way of a poll. The Board believes
that this method of voting is more democratic
than voting via a show of hands, since all shares
voted at the meeting, including proxy votes
submitted in advance of the meeting, are
counted.
For each resolution, shareholders will have the
opportunity to vote for or against, or to withhold
their vote. Following the meeting, the results of
votes lodged will be announced to the London
Stock Exchange and the Toronto Stock Exchange
and displayed on the Company’s website.
Other stakeholders
For further information on the Group’s
stakeholders (employees, communities,
investors, suppliers and contractors, government
and regulatory bodies, unions, industry
associations and NGOs) and on the ways in which
their interests have been considered in Board
discussions and decisions, please see our
Section 172 Statement on pages 105 to 106
and the Engaging with our Stakeholders section
in the Strategic Report on pages 31 to 33.
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Stakeholder engagement
Continued
108 Endeavour Mining plc Annual Report 2024
On behalf of the Board, and
as Chair of the Corporate
Governance and Nominating
Committee, I am pleased to
present the Corporate
Governance and Nominating
Committee Report for the year
ended 31 December 2024.
Srinivasan Venkatakrishnan
Chair of the Corporate Governance and
Nominating Committee
Corporate Governance and Nominating
Committee membership
The current members of the Committee are
Venkat (Chair), Alison Baker, Livia Mahler and
Sakhila Mirza.
In addition to the three scheduled meetings
during 2024, the Committee held two additional
meetings in January 2024, to consider the Board
changes, including the appointment of Ian
Cockerill as the new CEO. The EVP, Human
Resources was invited to attend all scheduled
Committee meetings for the year. The Directors
who served as members of the Committee over
the course of the year are set out below:
Committee Members Attendance
Venkat: Chair 3/3
Alison Baker 3/3
Ian Cockerill
1
0/0
Livia Mahler 3/3
Sakhila Mirza 2/2
1. Ian Cockerill stepped down from the Committee on 4
January 2024 following his appointment as CEO and
Sakhila Mirza was appointed in hisplace on 18 January
2024.
The purpose of the Corporate Governance and
Nominating Committee, is to ensure that the
Company’s corporate governance arrangements
are fit for purpose and that effective succession
planning is maintained, in order that the Board,
its Committees and the senior management
team, have the right combination of skills,
experience and knowledge. It also reviews and
oversees the Board evaluation process annually
and monitors the actions arising from the
evaluation process.
Board changes
Board and Committee composition, succession
planning, employee sentiment and Board
effectiveness were key areas of focus for the
Corporate Governance and Nominating
Committee this year.
We appointed Ian Cockerill as CEO in January
2024 on the departure of the former CEO. Under
the Group’s CEO succession plan, Ian had
already been identified by the Committee as a
potential successor for the role. In selecting Ian
as CEO, the Committee took into account the
desired balance of key skills, knowledge and
experience required for the role. Given Ian’s
depth of experience in mining, including in Africa
and his long association with the industry and
with the Company, he was assessed to be well-
qualified for the role and was able to provide a
seamless transition. As a matter of good
governance, Ian was recused from the Committee
and Board deliberations in relation to this
appointment.
Ian was already a highly valued colleague on the
Board, with nearly 50years of experience in the
global natural resources industry, in particular in
gold. He has extensive operational, projects and
leadership experience in the sector, having held
executive and non-executive roles at major
international mining companies. We are delighted
to have him as our CEO and the Company has
made great progress over the year under his
leadership.
Other changes to the Board this year, included
the retirement of Tertius Zongo from the Board as
an Independent Non-Executive Director, after a
combined 12 years on the boards of Semafo and
Endeavour. We were fortunate to benefit from his
significant contribution to the business during his
time on the Board and he continues to assist the
business on West African matters in a
consultancy capacity, given his depth of
experience in the region.
John Munro joined us as an additional
Independent Non-Executive Director in May 2024,
following Ian Cockerill moving to his executive
role. We conducted a further review of the Board
composition, including a skills gap analysis and it
was concluded that we would benefit from further
technical and strategic mining experience
amongst the Independent Non-Executive
Directors, given our two ongoing projects and
strong strategic focus on exploration growth.
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ADDITIONAL
INFORMATION
Corporate Governance and Nominating Committee report
109 Endeavour Mining plc Annual Report 2024
We conducted a search using Swann Global, an
external search consultancy, which has no
connection to the Company or to any of its
individual Directors. Interviews were conducted by
the members of the Corporate Governance and
Nominating Committee and as a result of the
search and interview process, we identified John
Munro as the preferred candidate. All other
Directors who were not members of the
Committee were invited to meet him before a
decision to appoint him was made. He has over
30 years’ experience in senior roles in the mining
industry, extensive operational and project
development experience in Africa, in addition to
strategy and mining finance expertise globally.
Following the Board changes this year, Iam
pleased to confirm that the Board continues to
meet the gender diversity targets under both the
Listing Rules and the FTSE Women Leaders, with
44% of the members of the Board being women
and 44% being ethnically diverse. The Audit and
Risk, Remuneration and ESG Committees, are all
chaired by women.
Changes to membership of the Committees
In January 2024, following the appointment of Ian
Cockerill to the Board, some changes were made
to the constitution of the Committees, to reflect
that Ian was no longer an Independent Non-
Executive Director. He no longer chairs any of the
Committees and he has stepped down from
membership of the Remuneration and Corporate
Governance and Nominating Committees. He
remains a member of both the Technical, Health
and Safety and the ESG Committees, given his
executive sponsorship of these areas critical to
the business and strong interest and knowledge
in them.
Alison Baker was appointed as a member of the
Remuneration Committee due to her experience
in executive remuneration, as a member of
remuneration committees in other listed
companies. She stepped down from the ESG
Committee, to free up time for this. Sakhila Mirza
was appointed as a member of both the
Corporate Governance and Nominating and the
Audit and Risk Committees, due to her being a
UK qualified lawyer with experience in risk,
governance and compliance, including in the gold
industry. Cathia Lawson-Hall was appointed Chair
of the ESG Committee and also as the Employee
Engagement Director, due to the success of her
visits to our operations in 2023, where she took
part in discussions with our employees and
especially with our women employees, to help
gain an understanding of their views and to share
her own professional experience. On his
appointment to the Board, in May 2024 John
Munro was appointed Chair of the Technical,
Health and Safety Committee (a role previously
filled by Patrick Bouisset) and a member of the
Remuneration Committee.
Board performance review
During 2024, the Board undertook aninternal
performance review of its own performance and
effectiveness and more details can be found in
this Corporate Governance and Nominating
Committee report on page 133. For 2025 we will
be conducting an externally facilitated Board
performance review using an independent
consultant and will provide details of this in next
year’s Annual Report.
Further details on the activities of the Committee
can be found in the pages that follow.
I would like to thank you our shareholders, for
your support during the year and I look forward to
your participation at our AGM on 22 May 2025.
Please feel free to make contact if you have any
questions.
Srinivasan Venkatakrishnan
Chair of the Corporate Governance and
Nominating Committee
6March 2025
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ADDITIONAL
INFORMATION
Corporate Governance and Nominating Committee report
Continued
110 Endeavour Mining plc Annual Report 2024
Corporate Governance and Nominating
Committee key responsibilities
– Regularly reviewing the structure, size and
composition of the Board and its Committees
(including skills, knowledge, experience and
diversity)
– In conjunction with the Remuneration
Committee, ensuring plans are in place for an
orderly succession to Board and Senior
Management positions and overseeing the
development of a diverse pipeline for
succession
– Selecting and appointing external search
consultants to identify potential candidates for
Directors when required
– Recommending the re-election by shareholders
of Directors at the AGM, in accordance with the
provisions of the UK Code, having given due
regard to their other time commitments,
performance and ability to continue to
contribute to the Board in the light of the
knowledge, skills and experience required and
taking into account the length of service of the
individual Directors and assessing their
independence where relevant
– Identifying and nominating for approval,
candidates to fill Board vacancies
–
– Evaluating the Board’s balance of diversity and
skills
– Developing and implementing an orientation
and education programme for new appointees
to the Board
– Managing and reviewing the results of the
Board performance review process and
monitoring the implementation of any actions
arising therefrom
– Reviewing the time needed to fulfil the role of
Non-Executive Director
– Overseeing matters relating to corporate
governance, including bringing any issues in
relation thereto to the attention of the Board
– Any matters relating to the continuation in
office of any Director at any time including the
suspension or termination of service of an
Executive Director as an employee of the
Company, subject to the provisions of the law
and their service agreement
– Maintaining the Board Charter and Corporate
Governance Guidelines, reviewing them
annually and recommending any modifications
to the Board.
How the Corporate Governance and Nominating
Committee operates
The Corporate Governance and Nominating
Committee meets a minimum of twice a year and
then ad hoc, as and when required. During the
year, the Corporate Governance and Nominating
Committee met five times, owing to the various
changes at Board level.
Only members of the Corporate Governance and
Nominating Committee are entitled to attend the
meetings, however other individuals such as the
Directors, employees or external advisers, may
be invited to attend for all or parts of any
meeting, as and when appropriate. The Company
Secretary acts as secretary to the Corporate
Governance and Nominating Committee.
The Terms of Reference were reviewed and
updated during the year, to ensure that they were
compatible with the UK Code and best practice
and they are available to view on the Company’s
website.
Board induction and Director training
Once a search process has concluded, onboarding
of new Directors involves the initial step of
providing them with a draft appointment letter for
review, prior to the terms being finalised. The
Corporate Governance and Nominating
Committee, through the Company Secretary,
oversees the tailored orientation and educational
programme of all new Directors.
The purpose of the programme is to ensure that all
Directors have an appropriate understanding of the
business of the Company, its operations and
facilities, its management and professional
advisers, the duties of the Board and its members
and the legal and regulatory environment in which
the Company operates.
The next phase of induction involves the
distribution, (usually by email), of a
comprehensive compendium of governance
materials for review by the new Director. A
session is then held with the Company Secretary,
to allow the new Director full opportunity to ask
any questions or express any concerns.
New Directors are offered the opportunity to meet
one-on-one with other executives to ensure
familiarity of the Director with the portfolio of each
of the members of the Executive Management
Team and of the other relevant executives and to
help develop initial relations with them.
Feedback is sought from Directors undertaking
the induction to ensure that the programme
meets their requirements and is adapted to
reflect the particular Director’s areas of expertise
and the Committees that they are joining.
Directors are also introduced, if they wish, to our
professional advisers such as our corporate
brokers, our lead external legal counsel and our
external auditor. In addition, they are encouraged
to visit our operational sites in West Africa in the
first few months of their appointment.
The above process was followed for the induction
of John Munro, who joined the Board during
2024.
OVERVIEW
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ADDITIONAL
INFORMATION
Corporate Governance and Nominating Committee report
Continued
111 Endeavour Mining plc Annual Report 2024
l
Male 56%
l
Female 44%
l
Ethnic minority 44%
l
White 56%
Gender balance of the Board
Board ethnicity
Board nationalities
British
French
Canadian
Egyptian
Indian
Pakistani
Togolese
South African
Talent and succession planning
The Company considers succession planning for
critical positions such as the CEO and other
senior management, to be of paramount
importance to risk mitigation and the continuity of
the business strategy. The Company conducts
annual appraisals in search of high- potential
individuals to prepare them for broader, more
complex roles in line with ongoing business
needs, whilst also taking into consideration the
requirement to build long-term leadership
capabilities.
Each Vice President level employee reviews the
development potential and performance of each
team member annually and reports on the
outcome to the Executive Committee so that an
appropriate successor for each management
position, can be identified. This enables the
Executive Committee to have reliable intelligence
on the pool of potential successors and the time
horizon within which those individuals might be
appointed. Since 2016, the Company has
maintained a programme known as ‘growing local
talents’ which aims to identify key individuals in
the Company who can be promoted to positions
of greater responsibility. The approach has
yielded impressive results, with at least four West
African nationals being appointed to General
Manager positions and numerous others being
appointed to management positions across the
organisation.
Diversity Policy
The Company recognises that a diverse and
talented workforce is a competitive advantage
and that the Company’s success is the result of
the quality and skills of its people. Diversity
contributes to the achievement of the Company’s
corporate objectives, by extracting the best
potential from the available pool of candidates
for any one position. To this end, a Board
approved all employee Diversity Policy, designed
to assist in achieving various diversity objectives
is in place. These objectives include the
following:
– Recruiting, managing, and promoting, based on
an individual’s competence, qualification,
experience, and performance;
– Considering criteria that promote diversity for
all positions, such as gender, age, race,
nationality, religious beliefs, cultural
background or sexual orientation;
– Creating and fostering a workplace
characterised by inclusive practices and
behaviours, for the benefit of all staff and
stakeholders, which is free from discriminatory
behaviours and business practices;
– Identifying relevant factors to be taken into
account in the employee selection process;
– Developing practices to limit potential
unconscious bias;
– Attracting and retaining a diverse range of
talented individuals to further the Company’s
strategic goals;
– Establishing procedures for monitoring,
encouraging and assessing diversity within the
Company;
– Taking action to discourage discrimination,
bullying and harassment in the workplace.
We are proud to report that 34% of direct reports
to the Executive Committee are women and 38%
are African nationals.
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Corporate Governance and Nominating Committee report
Continued
112 Endeavour Mining plc Annual Report 2024
Board Diversity Policy
In addition to the all employee Diversity Policy,
we have in place a Board Diversity Policy, which
guides our process for Board appointments. It
demonstrates our requirement for Directors with
the appropriate skills for an international gold
mining business such as the Company and
commits to a good balance of diversity in its
broadest sense on the Board, including but not
limited to diversity of gender, age, ethnicity,
educational and professional background and
diversity of knowledge and thought.
Activities of the Corporate Governance and
Nominating Committee during the year
Succession planning and Board composition
During the year the Corporate Governance and
Nominating Committee devoted a significant
amount of its resources to succession planning
and the composition of the Board and Board
Committees. The key appointments were that of
the CEO, Ian Cockerill, formerly Deputy Chair, in
January 2024 and then in May 2024, the
appointment of John Munro, an Independent Non-
Executive Director. We now have a stable Board
that is fit for purpose as we enter 2025. We will
continue however to evaluate Board and
Committee composition in the light of any
retirement from the Board in the future, adding
such additional skills or expertise that we may
consider advantageous. Further details of these
appointments can be found on page 109 to 110.
Board performance review
As noted in the Committee Chair’s letter, the
Company conducted an internal Board
performance review during 2024.
The performance review was led by the Chair,
Venkat, and facilitated by the Company Secretary
by way of an internal questionnaire sent to all
members of the Board. All Directors provided
responses to the questionnaire and a report was
compiled from the responses, setting out the
findings. The report was circulated to all Board
members in January 2025 for discussion at the
Corporate Governance and Nominating
Committee. The Board report contained a review
of the Board composition, dynamics, stakeholder
oversight, meeting management, strategy, risk,
succession planning and culture. The Committee
considered the report, discussed the
recommendations with the Board and put in place
an action plan.
Key findings included:
– The Board was assessed to be operating well,
and feedback was very positive overall;
– The Non-Executive Directors were supportive of
management and felt able to provide
challenge, with management being receptive to
open and positive discussions;
– The Board’s understanding of the Company’s
culture scored more highly than in the previous
year but further insights were requested;
– Risk management processes were improving
and the Board appreciated the work
management had put into designing enhanced
processes in preparation for the 2024 Code
although there was still further work to be done;
– The Board composition was deemed to be
appropriately balanced, with strong diversity
and with good expertise in the key areas for the
Company; and
– The Chair received positive feedback in all
areas and was deemed to promote a
constructive atmosphere and provide a good
balance to discussions.
Recommendations from the 2024 Board
Evaluation included:
– Ongoing work to be carried out on succession
planning for all key Board and senior
management positions;
– The focus on the Company’s core values to be
maintained, with more regular insights to the
Board on the Company’s culture;
– Continue progress on risk management and
internal controls in preparation for reporting
under the 2024 Code;
– Offer further briefings and training sessions to
the Board on regulatory changes and emerging
issues;
– Explore options to advance the Group's
strategy and to foster growth through portfolio
optimisation and other initiatives.
We have already started to work on these actions
and will continue to do so over the course of
2025.
OVERVIEW
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REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Corporate Governance and Nominating Committee report
Continued
113 Endeavour Mining plc Annual Report 2024
Reporting on gender and ethnicity representation at 31 December 2024
Board
Senior
Board
positions
Executive
management
Number % Number Number %
Men 5 56% 2 7 70%
Women 4 44% 1 3 30%
White 5 56% 2 9 90%
Mixed/multiple ethnic groups: — — — — —
Asian/Asian British 2 22% 1 — —
Black/African/Black British 1 11% — 1 10%
Other ethnic group 1 11% — — —
Total percentage ethnic minority 44% 10%
On behalf of the Board, I am
pleased to present our Audit
and Risk Committee report for
the financial year ended
31December 2024.
Alison Baker
Chair of the Audit and Risk Committee
Audit and Risk Committee membership
The current members of the Committee are Alison
Baker (Chair), Livia Mahler and Sakhila Mirza.
Tertius Zongo was a member of the Committee
until he stepped down from the Board at the
Annual General Meeting on 30 May 2024.
There were five scheduled meetings of the
Committee and there were a number of
unscheduled meetings held in early 2024 to
consider matters related to the termination of the
appointment of the former CEO, details can be
found in the 2023 Audit and Risk Committee
report.
The Directors who served as members of the
Committee over the course of the year, are set
out below:
Audit and Risk Committee Members Attendance
Alison Baker: Chair 5/5
Livia Mahler 5/5
Sakhila Mirza
1
4/4
Tertius Zongo
2
3/3
1. Ms Mirza was appointed as a member of the
Committee on 18 January 2024 and has attended every
meeting of the Committee since her appointment.
2. Mr Zongo was a member of the Committee until he
stepped down from the Board with effect from the AGM
on 30 May 2024. He attended every Committee
meeting up to that date.
This report provides an overview of how the Audit
and Risk Committee has operated during the
year. It also provides insight into the Audit and
Risk Committee’s activities and its role in
ensuring the integrity of the published financial
information, the effectiveness of risk
management and internal control processes and
its oversight of the assurance provided by the
internal and external audit functions.
The meetings of the Committee over the course
of the year, focused primarily on the external
audit and approval of the consolidated financial
statements for the year ended 31 December
2024, the 2024 Annual Report and the
condensed interim consolidated financial
statements for each of the quarters in 2024.
It monitored the effectiveness of internal controls
and those key areas of judgements and
estimates, such as potential impairments and
uncertain tax positions, which can have a
significant impact on the financial position and
results from operations of the Company.
I meet regularly with the CEO, Chief Financial
Officer, VP Risk & Assurance (responsible for
Internal Audit) and the external audit lead partner,
in my role as Chair of the Audit and Risk
Committee. After each Committee meeting, I
report to the Board on the business undertaken
and on any recommendations given by the
Committee.
Audit quality is of paramount importance to the
Committee. The FRC selected for review the
2023 BDO audit file and I participated in their
initial meetings. Further details are on page 116.
During the year, we have applied the FRC’s
Minimum Standard for Audit Committees and the
External Audit (“the Minimum Standard”) and are
compliant with our responsibilities under the
Standard. Further information on how we have
complied can be found in the detailed report that
follows.
Significant work has been carried out this year in
readiness for both the Failure to Prevent Fraud
Offence and the upcoming application of the
internal controls declaration requirement under
the UK Corporate Governance Code 2024 (“2024
Code”). We engaged an external consultant who
conducted interviews with our employees to
confirm our material risks and to map controls.
We are continuing to strengthen the control
environment. For more information on the work
undertaken, please see the case study on page
122.
We promote high standards of business conduct
and ethics within the organisation in line with the
Institute of Business Ethics (“IBE”) Board
Guidance. We also relaunched our Code of
Conduct this year, which sets out the standards
we expect from our people and we have rolled out
an accompanying training programme to ensure it
is well understood. Our Code of Conduct
specifically refers to our anonymous
whistleblower facility and empowers all our
stakeholders to raise concerns or any questions
without fear. By our actions taken last year in
relation to the former CEO, we demonstrated the
rigorous approach we take to ethical lapses.
The Board has focused on cyber security risk this
year and the Committee took part in an in depth
session on the Company’s exposure to and
mitigation of this risk, which was reported back to
the Board. The whole Board also took part in an
externally facilitated training session on cyber
security, whereby we were able to increase our
knowledge in this area and ask any questions.
For 2025, in addition to our routine agenda,
specific areas of focus will include:
– Monitoring and reviewing the impact of new
accounting standards and specifically IFRS 18
and IFRS S1 & S2;
– Following progress already made during 2024,
monitoring the effectiveness of the Company’s
updated risk management process and internal
controls framework in preparation for
compliance with the 2024 Code;
– Oversight of ongoing finance systems
improvement projects;
– Focusing on improving our processes further to
mitigate fraud risk, to ensure compliance with
the Failure to Prevent Fraud Offence; and
– Ongoing monitoring of cyber risks.
I am available to engage with shareholders and I
look forward to answering any questions that
shareholders may have at the 2025 AGM.
Alison Baker
Chair of the Audit and Risk Committee
6March 2025
OVERVIEW
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ADDITIONAL
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Audit and Risk Committee report
114 Endeavour Mining plc Annual Report 2024
Audit and Risk Committee key responsibilities
The Audit and Risk Committee’s key objectives
include:
– the provision of effective governance over the
appropriateness of financial reporting of the
Group, including the adequacy of related
disclosures;
– the performance of both the Internal Audit
function and the external auditor; and
– the oversight of the Group’s internal control
systems, business risks and related
compliance activities.
Detailed responsibilities are set out in the Audit
and Risk Committee’s terms of reference which
can be found on the Company’s website.
The Audit and Risk Committee reports to the
Board with its assessment of effective
governance in financial reporting, internal control
and assurance processes and the procedures in
place to identify and manage risk.
Alison Baker, the Committee Chair, is a chartered
accountant with over 25 years’ experience in
providing audit, capital markets, advisory and
assurance services and serves, or has served, on
the boards of several other LSE and TSX listed
resource and Africa-focused companies. The
experience of the other Audit and Risk Committee
members is summarised on pages 94 and 95.
The Board considers that each Audit and Risk
Committee member is independent and has a
broad and diverse spread of commercial and
relevant industry experience. This provides the
Board with assurance that the Audit and Risk
Committee has the appropriate skills and
experience to be fully effective and meets the UK
Code requirement that at least one member has
significant, recent and relevant financial
experience.
How the Audit and Risk Committee operates
In accordance with the Audit and Risk
Committee’s terms of reference, the Committee
is required to meet at least four times a year.
During the year, the Audit and Risk Committee
met five times.
Only members of the Audit and Risk Committee
have the right to attend the meetings, however,
the CEO, CFO, VP Group Controller, VP Risk &
Assurance, General Counsel and external audit
lead partner, may be invited to attend for all or
parts of any meeting, as and when appropriate.
The CFO, VP Risk & Assurance, General Counsel
and the external audit lead partner, are invited to
attend meetings of the Audit and Risk Committee
on a regular basis. The Company Secretary acts
as secretary to the Audit and Risk Committee.
The Committee also holds regular private
sessions with the external auditor and the VP
Risk & Assurance without management present.
Audit and Risk Committee effectiveness
We undertake an annual review of the Committee
in conjunction with the Board evaluation. The
effectiveness of the Audit and Risk Committee
was reviewed this year and its performance was
rated highly.
Activities during the year
In planning its own agenda to discharge its
responsibilities, the Audit and Risk Committee
takes account of significant issues and risks,
both operational and financial, that may have an
impact on the Group’s consolidated financial
statements and/or on the execution and delivery
of its strategy. This year, key risks were allocated
across the Committees so that risks could be
better managed and focused on. The Audit and
Risk Committee also requested management to
provide a number of in-depth reviews as part of
the meeting agendas and these reviews and
other Audit and Risk Committee activities in
2024, are summarised on the pages that follow.
As a result of these reviews, action items were
agreed, and progress against each item is being
tracked and reviewed by the Audit and Risk
Committee.
Area of focus Responsibilities Activities during 2024
Integrity of
financial reporting
and financial
information
provided to
stakeholders
Reviewing the financial
statements, including
ensuring the
appropriateness of the
Group’s significant
accounting policies, the
accounting treatment for
significant transactions,
the reasonableness of
significant estimates and
judgements and the
completeness and clarity of
disclosures
– Reviewed the condensed interim consolidated financial
statements, the related Management Reports and press
releases for each of the quarters in 2024, alongside
management papers on key judgements and accounting
matters.
– Reviewed alternative performance measures.
– Considered updates to the Company’s accounting policies.
– Reviewed the preparation of and significant assumptions in,
the viability statement for the 2024 year-end.
– Reviewed the going concern analysis by management on a
quarterly basis.
– Considered quarterly reports on material tax and treasury
matters (including hedging and FX exposure) and quarterly
reports on whistleblower cases and material legal matters.
– Reviewed financial and stakeholder considerations related to
shareholder returns programmes, including the declaration of
dividends and sharebuybacks.
Internal controls
and risk
management
Reviewing the
effectiveness of the
Group’s Internal Controls
over Financial Reporting
(“ICFR”), and the Group’s
risk management
programme
– Reviewed the Corporate Risk Management (“CRM”) roadmap
and plan for the Group for 2024, as well as Principal and
Emerging risks (See pages 60 & 64) identified as part of the
2024 CRM programme.
– Deep dive on cyber security risks and network security actions
and progress against the internal roadmap to mitigate the
risks over the course of 2025. Reviewed the 2025 cyber and
information security plan.
– Deep dive on the Group’s P2P process.
– Deep dive on rehabilitation accounting and provisions.
– Monitored the Company’s ICFR assessment for the year
ended 31December 2024 and Management’s quarterly
statement on internal controls under NI52-109.
– Monitored ongoing financial reporting and treasury systems
improvement projects.
– Reviewed the Finance function’s annual strategic objectives
including finance team competencies and depth.
– Reviewed proposals for an insurance captive.
– Reviewed the potential implications of the proposed new
mining code in Côte d’Ivoire.
Internal Audit Overseeing the work and
findings of Internal Audit
– Monitored the effectiveness of the Internal Audit function.
– Reviewed the Internal Audit external quality assessment.
– Reviewed reports from the Internal Audit function on projects
undertaken during the year and approved the Internal Audit
plan.
– Reviewed the findings of ad hoc projects undertaken by the
Internal Audit function during the year arising from
whistleblower reports or other internal findings.
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FINANCIAL
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ADDITIONAL
INFORMATION
Audit and Risk Committee report
Continued
115 Endeavour Mining plc Annual Report 2024
External auditor Reviewing the
effectiveness of the
external audit process.
Overseeing the Company’s
relationship with the
external auditor.
Reviewing the
independence and
objectivity of the external
auditor and the
appropriateness of any
non-audit services provided
in line with the Minimum
Standard
– Approved the external audit plan and the terms of engagement
for the 2024 year-end audit and the 2024 interim reviews.
– Reviewed and approved the external audit and interim review
fees for 2024, as well as the final audit fee for the 2023
audit, with the agreed upon cost overruns.
– Reviewed the independence and effectiveness of the external
auditor and recommended its reappointment.
– Discussed findings from the quarterly reviews and annual
audit with the external auditor, both with and without
management present.
– Pre-approved all non-audit services provided during the year
and reviewed audit and non-audit services for the year, in
particular as they related to the independence of the external
auditor.
– Reviewed the credentials of, interviewed and selected, the
new proposed BDO audit partner who will rotate on for the
2025 audit.
– Reviewed the quality and effectiveness of the external audit.
See pages 118 and 119 for more information on how this
review is structured.
Policies and
procedures
Reviewing the Group’s
compliance policies and
procedures for preventing
and detecting bribery and
fraud and the systems and
controls in place to ensure
that the Group complies
with relevant regulatory and
legal requirements
– Reviewed the updates to the Company’s Anti-Bribery and
Corruption, Whistleblowing, Treasury, Sanctions and other
policies and procedures.
– Reviewed approach to and disclosures of related party
transactions in the year.
– Reviewed the Company’s approach to the new Failure to
Prevent Fraud Offence.
– Reviewed updates to the Delegation of Financial Authority
procedures.
Area of focus Responsibilities Activities during 2024
Financial reporting
As noted above, the Audit and Risk Committee
provides governance and oversight of our
financial reporting through its review of quarterly
financial statements. Details of our oversight of
the key judgements and estimates is set out
below, along with our review of critical disclosures
including:
– Viability statement and going concern;
– Fair, balanced, and understandable; and
– Alternative performance measures (“APMs”).
Viability statement and going concern
The Audit and Risk Committee has reviewed and
challenged the basis for the Company’s Viability
Statement and advised the Board on the process
which has been undertaken in the year to support
the Viability Statement required under the UK
Code. In reviewing and challenging the
assumptions on near and medium term cash
flows, the Committee has had close scrutiny of
cash balances both on and offshore, counter-
party risk and the level of committed shareholder
returns. The Viability Statement and the Board’s
assessment of the Company as a going concern
are set outin the Strategic Report on pages 65
to 66.
Fair, balanced and understandable
The Directors are required to confirm that they
consider, taken as a whole, that the Annual
Report is fair, balanced and understandable and
that it provides the information necessary for
shareholders to assess the Company’s position
and performance, business model and strategy.
The Audit and Risk Committee has satisfied itself
that the controls over the accuracy and
consistency of information presented in the
Annual Report are robust, that the information is
presented fairly (including the calculations and
use of alternative performance measures) and
has confirmed to the Board that the processes
and controls around the preparation of the Annual
Report are appropriate, allowing the Board to
make the “fair, balanced and understandable
statement” in the Directors’ Responsibility
Statement.
Alternative Performance Measures (“APM”s)
Historically, the mining industry has used a wide
range of APMs to compare and assess business
performance. As noted below, the Audit and Risk
Committee has reviewed in detail the use of
APMs within the Annual Report and throughout
the year as well as the consistency of the
calculation of certain APMs for all periods
presented.
We ensured that the APMs were disclosed with
equal prominence to the IFRS measures and that
the disclosures related to the adjusting items
were transparent and agreed to the underlying
consolidated financial statements. Given the
relevance of the APMs in our investor information,
the Audit and Risk Committee ensured that the
APM reconciliation and explanations were
included in the Financial Review section of the
Annual Report.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Audit and Risk Committee report
Continued
116 Endeavour Mining plc Annual Report 2024
Key judgements and estimates
In assessing the Annual Report, the Audit and Risk Committee considers the key judgements and estimates, along with detailed reports from management and the external auditor. The Audit Committee
considered the wider context of our operating environment and the key audit risks set out on pages 160 to 169 when reviewing those judgements throughout the year and prior to finalisation of the financial
statements. The significant issues considered in respect of the year ended 31 December 2024 are set out in the table below:
Impairment of mining interests and
goodwill
Under IAS 36, the Group is only required to
perform a detailed impairment test if there
are indicators of potential impairment,
however for the two mines to which
goodwill has been previously been
recorded and not previously impaired
(Mana and Sabodala-Massawa), a full
impairment review needs to be performed
annually, as a result of the goodwill
attached to each of these CGUs.
The preparation of the LoM models that
are used in the impairment reviews,
requires management to make critical
judgements and estimates regarding gold
prices, reserves and resources, production
rates, operating costs and capital
expenditure, as well as economic variables
such as inflation and discount rates.
See Note 6 of the consolidated financial
statements.
The Audit and Risk Committee reviewed the impairment indicator
assessment documentation prepared by management, which included
a review of operating performance against budget of each of the
individual operating mines and against previous comparative periods,
to identify any indication that the assets were not performing in line
with expectations. Management also completed an impairment test
for those mines to which goodwill is allocated, being the Sabodala-
Massawa and Mana mines.
The Audit and Risk Committee evaluated the significant assumptions
and judgements used in the determination of the recoverable
amounts for the two mines for which impairment assessments were
completed at 31 December 2024, in particular as they relate to the
gold prices, discount rates and the sensitivities of management’s
conclusions to changes in those assumptions. It evaluated the
reserves and resources (“R&R”) incorporated into the impairment
models and the consistency with the latest R&R estimates as publicly
disclosed and previously used by management. Following the result of
this analysis, the Company did not recognise any impairments in
relation to any of the operatingassets. R&R were reviewed in detail
alongside the Technical Committee.
The Audit and Risk Committee noted that management had retained a
third-party expert to assist in the determination of the recoverable
values. It also received a report from the external auditor and
reviewed management’s disclosures in the 2024 consolidated
financial statements.
The Audit and Risk Committee reviewed and challenged
management’s conclusion that as a result of the above assessment,
no impairments were recognised for the Mana and Sabodala-
Massawa mines. The Audit and Risk Committee is satisfied that the
appropriate sensitivity analysis has been provided in the consolidated
financial statements for the year ended 31 December 2024.
Significant issues and judgements
addressed by the Committee
How the Committee addressed the issues during 2024
Impairment of exploration and
developmentassets
The Group has material exploration and
development assets of which most were
recognised as part of historical
acquisitions. Under IFRS 6 the Group is
required to assess impairment triggers and
perform an impairment under IAS 36 where
triggers are identified.
See Note 6 of the consolidated financial
statements.
The Audit and Risk Committee reviewed the impairment indicator
assessment documentation which considered specific factors in
relation to each exploration property including current drilling results,
future plans, likelihood of permit renewals and impact of security
challenges at certain properties. The Committee evaluated the
significant assumptions and judgements used in the determination of
the recoverable amount for the Kalana development assets for which
an impairment assessment was completed at 31 December 2024, in
particular as they relate to the in-situ multiple and conversion factor
applied against the R&R.
The Audit and Risk Committee reviewed management’s conclusion for
those exploration (and development) properties where an impairment
assessment were required and reviewed and challenged the
assumptions per the impairment assessments which resulted in a
total impairment charge of $199.5 million and is satisfied that the
appropriate impairment of mining interest to recoverable value has
been recognised and disclosed.
Net Realisable Value of Stockpiles
The Group has material stockpiles across
the group in particularly at Sabodala-
Massawa. Measurement of inventory and
the determination of net realisable value
(“NRV”) involves the use of estimates.
There is a risk that the stockpiles are not
appropriately valued and that management
has not recorded adequate NRV
adjustments for higher risk stockpiles.
Management is required to carry stockpiles
at the lower of cost or NRV with reference
to IAS 2.
See Note 11 of the consolidated financial
statements.
The Audit and Risk Committee reviewed the year-end stockpile report
prepared by management summarising all significant risk areas, key
judgements and estimates made in relation to the NRV assumptions.
The Committee also considered third party surveys performed at
Sabodala-Massawa and Ity mines alongside some technical grade
sample analysis provided in respect of higher risk stockpiles at
Sabodala-Massawa.
The Audit and Risk Committee reviewed the accounting principle
applied in relation to the NRV of long-term stockpiles including the
research provided by an independent third party and are satisfied that
the use of a long term consensus gold price appropriately negates the
requirement for discounting. The Committee also received a report
from the external auditor and reviewed management’s disclosures
related to stockpiles in the 2024 consolidated financial statements
and is satisfied that the appropriate amounts are recognised at 31
December 2024.
Significant issues and judgements
addressed by the Committee
How the Committee addressed the issues during 2024
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117 Endeavour Mining plc Annual Report 2024
Each of the areas set out in the previous table
also represent key audit matters (“KAM”) or
otherwise areas of audit focus for BDO and
accordingly, the Committee was provided with
detailed written and oral presentations by the
engagement team, on each of these matters. The
BDO team reporting to the Audit and Risk
Committee, also covered other matters of
judgement and estimates included in Note 3 to
the consolidated financial statements. On the
basis of their work, BDO reported to the
Committee no inconsistencies or misstatements
that were material in the context of the Financial
Statements as a whole. In addition to the key
audit matters, the Audit Committee also
considered in detail the judgements around VAT
receivables, Lilium consideration receivables and
financial assets and tax assessment. A summary
of the work undertaken by BDO on key matters is
set out in their Audit Report on page 159 to 169.
Relationship with the external auditor
The Audit and Risk Committee has primary
responsibility for managing the relationship with
the external auditor, including assessing its
performance, effectiveness, independence and
objectivity annually and recommending to the
Board their reappointment or removal.
The Committee noted the Minimum Standard in
May 2023 and continues to comply with these
recommended standards. The paragraphs below
set out how the Audit and Risk Committee has
discharged its responsibilities with respect to the
external auditor.
Scope of work and professional scepticism
During the year, the Audit and Risk Committee has
considered the nature, scope and results of the
external auditor’s work. It has also received and
reviewed reports from the Group’s external auditor
relating to the Group’s Annual Report and Accounts,
interim reviews and the external audit process.
The quality of the audit is of paramount
importance to the Committee and the agenda
and accounting matters presented to the
Committee, are often the outcome of many
weeks or months of work undertaken by BDO and
management. The regular discussions held
outside the Committee meeting, allow the Chair
of the Audit and Risk Committee to assess the
level of professional scepticism and challenge,
that our external auditor applies to management.
After each Committee meeting, the Committee
also holds a private session with the external
auditor, without management present, where
BDO is challenged on whether they have
maintained their independence and objectivity
from management in considering key matters and
whether there are areas of concern that they wish
to bring to the Committee’s attention.
In respect of the audit for the financial year ended
31 December 2024, BDO presented their audit
plan to the Audit and Risk Committee. The audit
plan included the audit strategy, scope, timeline
and an assessment of audit risks and robust
testing procedures. The Audit and Risk
Committee approved the plan following
discussions with both BDO and management.
The Committee received a detailed report from
BDO in advance of the March 2025 meeting and I
can report that all key matters and areas of
challenge were satisfactorily resolved with no
disagreements between the external auditor and
management. Some immaterial audit differences
were noted and reported to the Committee.
Audit tendering
BDO was first appointed as external auditor of
the Group in August 2020, when a formal tender
was conducted to appoint the new external
auditor. Matt Crane has been the BDO lead
partner since August 2020, before the Company
listed in London in June 2021. He will finish his
five-year tenure and will be replaced by Mark
Cardiff as part of the rotation policy, effective for
the year ending 31 December 2025. An audit
tender must be concluded on or before the 2030
audit and the Audit and Risk Committee will
continue to review the appropriate timing of any
such tender.
Audit and non-audit fees
The Company incurred $2.2million in audit fees
to BDO, the external auditor of Endeavour Mining
plc, for the financial year ended 31 December
2024 and a further $1.2 million as an agreed
overrun in relation to the prior year. The Company
has adopted a non-audit services policy in
compliance with the FRC’s Revised Ethical
Standard which limits BDO to working on the
audit or such other matters where their expertise
as the Company’s external auditor makes them
the logical choice for the work and/or it is
required by law or regulation.
All of the services to be provided, require pre-
approval by the Chair of the Audit and Risk
Committee. This is to preserve BDO’s
independence and objectivity.
The Company paid $0.4 million in audit related
fees which related to the quarterly and interim
reviews and $nil in non-audit fees to BDO for the
financial year ended 31 December 2024.
The non-audit fee to audit fee ratio for the current
year is 12%. The nature of the non-audit services
in the current year fees related to quarterly
reviews. The non-audit fees to audit fees ratio
over a three-year period, for the the year ended
31 December 2024 was 30%. Included in the
three year period non-audit services are fees
related to quarterly reviews and fees for public
reporting services associated with M&A where it
would be expected to appoint the statutory
auditor. Further details can be found in Note 5 to
the consolidated financial statements.
Audit Quality effectiveness and independence
In accordance with the guidance set out in the
FRC’s ‘Practice Aid for Audit Committees’ the
assessment of the external audit has not been a
separate compliance exercise, or an annual one-
off exercise, but rather it has formed an integral
part of the Audit and Risk Committee’s activities.
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118 Endeavour Mining plc Annual Report 2024
This has allowed the Audit and Risk Committee to
form its own view on audit quality and on the
effectiveness of the external audit process, based
on the evidence it has obtained during the year.
The 2023 audit is currently subject to
independent review by the FRC Audit Quality
Review Team ("AQRT”).
As is customary in such reviews, the Audit
Committee Chair met with the AQRT team at the
commencement of their review but the review
process is otherwise confidential as between the
AQRT and the auditor. However, we understand
that the conclusions from the review are awaited.
From our enquiries BDO have confirmed that for
the 2024 audit, they have already incorporated
recommended changes into their audit approach
and enhanced certain of their documentation.
The Audit and Risk Committee has recommended
to the Board that BDO be reappointed as the
Group’s external auditor. Accordingly, a resolution
proposing the reappointment of BDO will be put
to shareholders at the 2025 AGM.
Sources of evidence obtained and observations during the year:
By referring to the FRC’s ‘Practice Aid
on Audit Quality’.
The Audit and Risk Committee has looked to this practice aid for guidance and has ensured that assessment of the audit is a continuing and integral part of the Audit
and Risk Committee’s activities. The Audit and Risk Committee has reviewed the FRC 2023/24 Audit Quality Inspection Report on BDO along with a qualitative
assessment against key criteria for a high-quality audit such as lead partner engagement, effective project management, and issues resolution including appropriate
evidence of challenge to management.
The 2023 audit was subject to independent review by the FRC AQRT team in 2024 and the 2021 audit was subject to review in 2022 with no major findings. As noted
above, we are awaiting the findings of the 2023 audit file review.
Observations of, and interactions with,
the external auditor including
demonstration of professional
scepticism and challenge.
The Audit and Risk Committee has met with the external audit lead partner without management present throughout the year and has considered the effectiveness,
objectivity, skills, capacity and independence of BDO considering all current ethical guidelines and was satisfied that all these criteria were met. Areas where the
external auditor challenged management included the key assumptions related to the calculations of impairment and the implications of ongoing security challenges
in certain parts of Burkina Faso which have limited access to exploration permits.
The audit plan, the audit findings and
the external auditor’s report.
The Audit and Risk Committee examines these documents and reviews them carefully at meetings and by doing so it has been able to assess the external auditor’s
ability to explain in clear terms what work they performed in key areas and also assess whether the description used is consistent with the information communicated
to the Audit and Risk Committee at the audit planning stage. The Audit and Risk Committee has also regularly challenged these reports in the meetings and reviewed
the content of the long-form audit report, that describes for shareholders the key audit matters and other significant information. This is particularly helpful in
understanding how and where the auditor has challenged management on the application of our accounting policies and key judgements and estimates. Examples
include: Accounting for long-term stockpiles where BDO provided details of the testing undertaken at each mine site, discussions with mine managers and technical
team members on the quality of stockpiles but also the detailed NRV testing undertaken.
Input from those subject to the audit. The Audit and Risk Committee has requested insights from the Chief Financial Officer, VP Group Controller and the VP Risk and Assurance during the audit process
on the performance of BDO. We expect to review this detailed feedback at our meeting in April 2025.
Independence considerations. As noted previously, the Audit and Risk Committee reviews the level of non-audit work undertaken, which is limited to services where it would be expected that the
external auditor would be appointed, such as quarterly reviews and reporting accountants’ work where similar independence considerations apply. BDO shares its
ongoing assessment of independence and where safeguards are required, these are disclosed to the Audit and Risk Committee.
OVERVIEW
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119 Endeavour Mining plc Annual Report 2024
Risk management and internal controls
Enterprise wide risk management framework
Internal control structure
The Board oversees the Group’s risk
management and internal controls and
determines the Group’s risk appetite. The Board
has, however, delegated responsibility for review
of the risk management process and the
monitoring of the effectiveness of internal
controls to the Audit and Risk Committee. This
monitoring includes oversight of all material
controls including but not limited to financial,
operational, regulatory and compliance controls.
The oversight and control framework for individual
risks has been allocated to the Committee whose
function and subject-matter discipline is most
closely aligned with that risk.
Executive Management's reporting content oversight
Self Certification
Group Wide Risk
assessment and control
failures
Quarterly
Principal and Emerging
Risks
Fraud Risk assessment
Year End Comfort letter
Annually
Control failures on risks
falling in the 2024 Code
scope
Director's oversight - Reporting content shared in AC
Principal Risk
assessment
Bi-Annually
Fraud Risk assessment
Control failures on risks
falling in the 2024 Code
scope
Year End Comfort letter Annually
Management’s response to the publication of the
2024 Code was to initiate a project which ran
throughout 2024, aimed at ensuring compliance
with the new regulations, building on the existing
robust control and Enterprise-Wide Risk
Management frameworks. This Code applies from
the year ending 31 December 2025, with the
Board required to make a disclosure on any
material control failures from 31 December
2026. The Audit and Risk Committee has been
kept informed of progress throughout the year.
Further details are provided in the case study on
page 122.
The Board and the Audit and Risk Committee
provide oversight through:
– Holding regular Board and Audit and Risk
Committee meetings to consider the matters
reserved for their consideration.
– Receiving monthly management accounts: site
level and consolidated financial metrics are
provided to management and the Board on a
timely basis.
– Scheduling regular Board reviews of strategy,
including reviews of the material risks and
uncertainties (including emerging risks), facing
the business.
– Ensuring there is a clear organisational structure
with defined responsibilities, including an
established delegation of authority matrix, that
sets out authorisation limits for expenditures.
– Ensuring there are documented policies and
procedures in place.
– The Group’s Risk and Assurance team
providing assurance on the overall control
environment and reporting to the Audit and
Risk Committee on a quarterly basis.
– Reviewing reports from Internal Audit and
Group Finance which highlight any control
deficiencies which have been identified and
which have been or are in the process of being
remediated. No single item identified was
considered material.
OVERVIEW
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INFORMATION
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120 Endeavour Mining plc Annual Report 2024
– The Chief Financial Officer presenting to the
Audit and Risk Committee quarterly, a
summary of the financial results of the Group
in preparation for the release of quarterly
interim results as required pursuant to our TSX
listing. This includes the year-on-year
movement in earnings, cash flows as well as
the statement of financial position, overview of
relevant KPIs (production and all-in sustaining
costs), impairment assessments, updates on
accounting, results of recent acquisitions or
disposals, internal control deficiencies, going
concern assessments, related parties,
changes in accounting policies and critical
areas involving judgements and estimates.
Effectiveness of internal control and risk
management
The Audit and Risk Committee is satisfied that an
effective review of the system of risk
management and ICFR was undertaken during the
year. The Committee reviewed and recommended
to the Board, the principal risk disclosures for
approval, including emerging risk considerations,
for inclusion in the 2024 Annual Report. Further
details of the Corporate Risk Management
process, together with the Principal Risks, can be
found in the Risk Management and Principal Risk
section on pages 60 to 64.
Fraud risk assessment
In light of the published UK Economic Crime and
Transparency Act and the associated guidance to
organisations on the offence of failure to prevent
fraud, a fraud risk assessment gap analysis
against the requirements of this new legislation
has been performed. Our prevention procedures
as well as our fraud register and controls are
currently being revised in readiness for the
application of the offence later this year.
Internal audit function
A key source of internal assurance is the delivery
of an Internal Audit plan, which is designed to
help the organisation achieve its strategic
priorities.
The Company has an established in-house
Internal Audit function led by the VP Risk and
Assurance who is supported by one Internal Audit
manager and three additional Internal Audit
analysts.
The Internal Audit function covers operational and
financial risks across key processes within the
Group. Internal Audit reports are circulated once
completed and updates are presented at each
quarterly Audit and Risk Committee meeting.
The scope of work of the Internal Audit function is
to assess whether the Company's risk
management control and governance processes,
as designed and adopted by management, are
adequate and functioning to provide reasonable
assurance that:
– Risks are appropriately identified and
managed.
– Operations and programmes of the Company
are transacted in accordance with established
objectives and high ethical standards.
– Control processes emphasise quality,
efficiency and continuous improvement.
– The integrity of significant financial and
operating information is accurate, complete
and timely.
– Employee actions are in compliance with
policies, procedures and applicable laws and
regulations.
– Significant legislative or regulatory issues
impacting the Company are recognised and
properly addressed.
The VP Risk and Assurance presents to the Audit
and Risk Committee at each meeting an update
on key audit findings and recommendations. This
includes a summary of the observations, issue
rating and expected remediation date and
management response to findings.
We undertake a regular review of the
effectiveness of the Internal Audit function in line
with the CIIA Internal Audit Code of Practice and
the FRC Guidance on Audit Committees. The last
External Quality Assessment of the effectiveness
of the Internal Audit function was undertaken in
November 2023 by PwC.
The Audit and Risk Committee received regular
updates on the improvement plan arising from
the assessment during the course of the year,
with particular efforts being placed on the
development of a combined approach to internal
audit and risk management, the implementation
of a Governance, Risk and Compliance system,
mapping the various risks and alignment with the
new regulations.
Whistleblower policy
The Company is required to maintain, subject to
oversight by the Audit and Risk Committee, a
mechanism for the confidential reporting of
suspected fraud, breach of policies and other
wrongdoing. The Company has retained the
services of an independent, bilingual, 24/7
service provider to receive both telephone and
web-based reports. Persons wishing to make
complaints, or report concerns on a confidential
basis, can do so via a worldwide call collect/
reverse charge/toll free number, or via an
anonymous email portal. Details of the policy and
how to report concerns is on our website, notified
to employees and posted in corporate offices and
at the mine sites. All issues raised, are reported
to a group of primary reviewers which includes
the Chair of the Audit and Risk Committee.
Significant matters are elevated to the Group
General Counsel and where appropriate, reported
to the Internal Audit function. The Chair of the
Audit and Risk Committee has oversight of the
confidential whistleblower system, including
access to all reports from and correspondence,
with whistleblowers. A summary of whistleblower
activity is provided to the Audit and Risk
Committee on a quarterly basis. Whistleblower
matters are confidential in nature (for the benefit
of the whistleblower) but matters of concern
raised, are reported by the Audit and Risk
Committee to the Board.
Statement of compliance
The Company confirms that it has complied with
the terms of The Statutory Audit Services for
Large Companies Market Investigation
(Mandatory User of Competitive Tender
Processes and Audit Committee Responsibilities)
Order 2014 (“the Order”) throughout the year. In
addition to requiring mandatory audit re-tendering
at least every ten years for FTSE350 companies,
the Order provides that only the Audit and Risk
Committee, acting collectively or through its Chair
and for and on behalf of the Board is permitted:
– To the extent permissible in law and regulation,
to negotiate and agree the statutory audit fee
and the scope of the statutory audit.
– To initiate and supervise a competitive tender
process for the external audit.
– To make recommendations to the Directors as
to the auditor appointment pursuant to a
competitive tender process.
– To influence the appointment of the audit
engagement partner.
– To authorise an external auditor to provide any
non-audit services to the Group, prior to the
commencement of such services.
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ADDITIONAL
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Audit and Risk Committee report
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121 Endeavour Mining plc Annual Report 2024
Internal Controls project in
preparation for the 2024 UK
Corporate Governance Code
(“2024 Code”)
Management considered the changes to the risk
management and internal control requirements
introduced by the 2024 Code, (effective from 1
January 2026), to be an opportunity to refresh
and enhance Endeavour’s existing Enterprise-
wide Risk management process and controls.
With support from an external consultancy firm,
we have created a risk and control matrix, which
identifies the material financial, operational,
reporting, compliance and other risks and
controls across all our main business
processes. This outcome was achieved by
undertaking an extensive series of risk and
control workshops, involving a mix of financial,
operational, reporting and compliance staff from
across the business and from all levels of
seniority. We also performed a “deep dive” on
the more complex processes, to ensure all risks
were fully covered.
The material risks identified represent a
consensus view, based on input from the
relevant staff across the business including all
functions and departments of the Company. In
order to comply with the 2024 Code, material
risks and controls will be tested in 2025.
Throughout this process a small number of gaps
were also addressed with compensating controls
and in each case, remediation tasks were
agreed with the relevant control operators and
target completion dates set. As at the year-end
we had completed design effectiveness testing
for all our material controls.
In parallel, we developed a Governance, Risk
and Compliance (“GRC”) tool, to automate the
entire Enterprise-wide Risk Management
process. All material controls have been loaded
into the tool, which will be used to retain
evidence of the operation of the controls and
subsequently record operating effectiveness
testing (from early 2025 onwards). The
opportunity was also taken to enhance and
formally document our Enterprise-Wide Risk
Management processes covering: Principal Risk
Assessment; Corporate Risk Assessment; Fraud
Risk Assessment; and Self-certification. As at
the year-end these enhanced processes were
being finalised with management and will be
rolled out in the first half of 2025. The GRC tool
will support the day-to-day operation of these
processes. The new oversight and reporting
model is set out in the diagram on page 120.
OVERVIEW
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INFORMATION
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122 Endeavour Mining plc Annual Report 2024
Committee purpose
The Technical, Health and Safety Committee
(“Tech Committee”) assists the Board in fulfilling
its oversight responsibilities in respect of specific
technical and health and safety matters.
The Tech Committee reviews and advises the
Board and senior management in relation to the
development and advancement of the Company’s
mining assets and the adoption of mining
industry best practices for operations and health
and safety, including operational risk
management and the design, construction,
monitoring and audit, of tailings facilities and
compliance with the industry standards required.
The Tech Committee’s activities and sphere of
responsibilities, reflect the fact that the
Company’s overriding concerns are the
robustness of its assets and the well-being of
people, whether they are employees, contractors,
near-mine affected persons, communities or
other stakeholders. The health and safety of its
stakeholders and good stewardship of the
Company’s assets to generate value, are critical
factors for the Board, in ensuring the long-term
success of the business.
Tech Committee key responsibilities
– Conducting analysis and diligence to validate
and test the technical aspects of the
Company’s exploration opportunities, project
development and mining operations
– Considering project economic analysis,
appraisal of technical risk factors, appropriate
longer-range, as well as early stage,
preparations for project development and
construction
– Reviewing the technical aspects of the
Company’s exploration programmes, project
development lifecycle and construction,
permitting and mining operations, including
reviewing project milestones and proposals for
project construction and making
recommendations to the Board
– Considering the design, construction,
operation, monitoring and audit, of tailings
storage facilities and adherence to related
industry standards
– Advising senior management on implementing,
maintaining and improving the technical, health
and safety aspects of the Company’s business
– Considering reports on risks facing mining
operations, with a view to providing senior
management with advice about solutions,
actions and risk mitigants
– Annually reviewing the reserve and resource
estimates of the Company’s mineral properties
and the methodology behind those estimates
– Considering periodic benchmarking by senior
management of the technical policies, systems
and monitoring processes of the Company,
compared with industry best practice
– Reviewing and reporting to the Board on the
sufficiency of financial, technical and human
resources, to ensure advancement of the
Company’s exploration, project and mining
activities
– Receiving and reviewing updates from senior
management, regarding the technical, health
and safety performance of the Company and
each of its assets
Tech Committee membership
Current members of the Committee are John
Munro (Chair), Venkat, Livia Mahler, Patrick
Bouisset and Ian Cockerill. The members of the
Committee over the course of the year are set
outbelow, together with their attendance at the
scheduled meetings:
Committee Members Attendance
John Munro: Chair
1
2/2
Venkat 4/4
Ian Cockerill
2
4/4
Livia Mahler 4/4
Patrick Bouisset 4/4
1. Mr Munro was appointed Chair of the Committee,
replacing Patrick Bouisset in the role in May 2024,
when he joined the Board following the AGM. He has
attended every meeting of the Committee since his
appointment.
2. On Mr Cockerill’s appointment as CEO in January 2024,
he handed over the Chair role to Mr Bouisset but Mr
Cockerill remains a member of the Committee.
How the Tech Committee operates
In accordance with the Tech Committee’s terms
of reference, it aims to meet at least quarterly.
During 2024, there were four scheduled meetings
of the Tech Committee and two additional
meetings to conduct deep dives on some of our
assets. The Tech Committee comprises a
minimum of three members.
In May 2024, we appointed John Munro as Chair
of the Committee, due to his depth of technical
mining and projects expertise, including in the
gold mining industry. We also thereby increased
the balance of Independent Non-Executive
Directors on the Committee. The Tech Committee
Chair may invite members of management and
advisers to attend the meetings and the
Company Secretary acts as secretary to the
Committee.
Tech Committee activities
During the year the Tech Committee has focused
upon the following activities:
– Review of ongoing HSE performance and
incidents, practices, statistics and areas for
improvement
– Reviewing safety incidents and in particular this
year, the Committee received presentations at
a number of the Committee meetings regarding
the contractor fatality early in the year, with an
in person meeting in London from senior
management from the contractor firm, where
the Committee was able to ask questions
directly, about the circumstances of the
incident
– Review of status and condition of the Group’s
tailings facilities and related activities
– Review of the performance of the Group’s
mines, including outlook and key performance
initiatives and priorities
– Oversight of the findings of the Assafou PFS
and analysis of the scope and budget of the
Assafou DFS
– Deep dives on the Sabodala-Massawa asset
– Review of the 2024 exploration results and
2025 exploration strategic plan and
programme
– Review of capital projects including Lafigué, the
Sabodala-Massawa BIOX® and solar plant, the
Ity Mineral Sizer and Ity ReCYN
– Consideration of the 2024 Reserves &
Resources statements
– Received updates on security in the countries
of the Group’s operations and maintained
oversight of the Security team’s preparedness
for, and responses to, regional security issues
– Consideration of the management of artisanal
mining issues
– Approval of the Company’s Annual Information
Form
– Consideration and review of updates to Group
policies relevant to the Committee’s remit.
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Technical, Health and Safety Committee report
123 Endeavour Mining plc Annual Report 2024
ESG Committee purpose
The Committee supports the Board in its drive to
achieve the Company’s ESG strategy. The Board
recognises that the long-term success and
viability of the business requires vigilance of the
Company’s environmental impact, ensuring a
strong licence to operate and strict adherence to
ethical business practices within the Company.
The Company’s focus on ESG matters is part of
its corporate purpose, which is in place to benefit
host communities and countries, NGOs, suppliers
and investors and ensure an engaged workforce.
The ESG Committee oversees and advises the
Board and senior management, in relation to the
development and implementation of the
Company’s ESG initiatives, including policies,
compliance systems, targets and monitoring
processes, to ensure the Company is performing
and reporting, in a manner consistent with mining
industry best practice and with due regard to the
Company’s commitments as a member of the
World Gold Council.
During the year an additional Committee meeting
was convened so that the Committee members
could receive training on the Taskforce on Nature-
related Financial Disclosures (“TNFD”). A
presentation was given by an external
consultancy on the importance of biodiversity and
an explanation of the TNFD framework. This was
one of the initial steps in the Company’s journey
to compliance with the TNFD and served to drive
a strong awareness amongst the Directors of
their duty to focus on nature-related issues and
to reduce the Company’s impact on biodiversity.
We are continuing to work with the same external
agency to close any gaps related to our TNFD
reporting. For more information please see our
first TNFD Report, contained within the
Sustainability Report at endeavourmining.com/
esg/esg-reporting.
ESG Committee key responsibilities
– Advising senior management in connection with
the development and implementation of ESG
strategies to preserve and enhance long-term
shareholder value and to promote stakeholder
interests
– Establishing ESG targets for senior
management thereby supporting the
Company’s efforts to implement its ESG
strategies and evaluating progress against
those targets and reporting regularly on target
performance to the Board
– Considering and advising senior management
on emerging ESG issues and requirements
– Annually reviewing the Company’s policies,
processes and systems regarding ESG matters
and recommending updates
– Annually reviewing the Sustainability Report
– Reviewing the Company’s performance on the
environment and community relationships and
recommended actions based on that
performance
– Reviewing and reporting to the Board on the
sufficiency of the financial and human
resources allocated to ensuring the proper
development, training, education and
management of our people, to advance the
Company’s ESG strategies
ESG Committee membership
The Environmental, Social and Governance
Committee (“ESG Committee”) is chaired by
Cathia Lawson-Hall, who took the Chair role
following the appointment of Ian Cockerill as CEO
in January 2024. The members of the ESG
Committee during the year are set out below:
Committee Members Attendance
Cathia Lawson-Hall: Chair
1
4/4
Ian Cockerill
2
4/4
Patrick Bouisset 4/4
Venkat 4/4
Alison Baker
3
1/1
Sakhila Mirza 4/4
Tertius Zongo
4
2/2
1. Ms Lawson-Hall took the role of Chair of the Committee
on 18 January 2024 following the appointment of Mr
Cockerill as CEO. She has attended all meetings of the
Committee since her appointment.
2. Mr Cockerill handed over the role of Chair of the
Committee to Ms Lawson-Hall, following his
appointment as CEO but he remains on the Committee.
3. Ms Baker stepped down as a member of the Committee
in January 2024 to free up time for her appointment as
a member of the Remuneration Committee. She
attended all meetings of the ESG Committee up to that
date.
4. Mr Zongo was a member of the Committee until he
stepped down from the Board with effect from the AGM
in May 2024 and he attended all meetings until that
date.
How the ESG Committee operates
In accordance with the ESG Committee’s Terms
of Reference, the Committee aims to meet at
least four times a year. There were four
scheduled meetings in 2024 and one additional
meeting.
The ESG Committee comprises a minimum of
three members and in accordance with the ESG
Committee Charter, at least two members must
be Independent Non-Executive Directors. The ESG
Committee Chair may invite members of
management and advisers to attend the
meetings. The Company Secretary acts as
secretary to the ESG Committee.
ESG Committee activities
During the year the ESG Committee focused upon
the following activities:
– Received an update on the Company’s
hydrocarbon management including its
decarbonisation strategy, abatement projects
and opportunities, annual performance,
tracking against public targets and its climate
risk assessment
– Received training on the TNFD and a
presentation on the Company’s biodiversity
strategy, actions and the Company’s TNFD gap
assessment
– Received a presentation on the Company’s
Double Materiality assessment
– Received an update on human rights, including
the Voluntary Principles on Security and Human
Rights (“VPSHR”) and the Company’s journey
to membership of the VPSHR
– Reviewed and approved the Company’s 2024
Annual Report ESG-related disclosures,
including TCFD
– Reviewed and approved the Company’s annual
Sustainability Report
– Approved the Company’s 2025 public ESG
targets and monitored performance against
these targets
– Considered the Company’s 2024 and 2025
ESG initiatives and work programme
– Reviewed significant community social projects
– Oversaw the reporting frameworks that the
Company adheres to, including TCFD, SASB
and CDP
– Considered the ISSB Standards with further
more detailed sessions to be held in 2025
– Monitored the Company’s ESG rating agency
rankings.
OVERVIEW
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ADDITIONAL
INFORMATION
Environmental, Social and Governance Committee report
124 Endeavour Mining plc Annual Report 2024
I am pleased to present the
Directors’ Remuneration
report for the financial year
ended 31 December 2024.
Livia Mahler
Chair of the Remuneration Committee
Dear Shareholders,
On behalf of the Remuneration Committee, I am
pleased to present the Directors’ Remuneration
Report for the financial year ended 31 December
2024. This Report includes our Annual Report on
Remuneration, detailing how our current
Remuneration Policy was implemented during
2024. It also includes our proposed 2025
Remuneration Policy, which we intend to apply
from the date of our May 2025 Annual General
Meeting, when our current Policy comes to the
end of its three-year term.
New Remuneration Policy
In preparing the new Remuneration Policy, the
Committee reviewed the current Policy against
the needs of the business, taking into account
current UK corporate governance and
benchmarked it against our London listed mining
peers
1
to check that it was aligned. We
determined that the current Remuneration Policy
is fit for purpose and will continue to support
Endeavour’s strategy over the next three years.
We have however made some important changes
to remove legacy North American practices, to
incorporate investor feedback and better align
ourselves with our peers.
I engaged with our investors and proxy advisory
agents at the start of this year to present and
seek feedback on the new Policy and the
feedback received was positive.
Key changes are:
– we are increasing the minimum shareholding
requirement policy from 300% of base salary to
450% of base salary
– in the event of recruitment, the Committee will
be able to utilise the exemption in the UK
Listing Rules to allow for the grant of awards to
facilitate the recruitment of Executive Directors
in unusual circumstances
– all legacy arrangements pertaining to the
former CEO which were aligned with North
American practices, such as long notice period
payments for loss of office, have been
removed.
Details of the new Remuneration Policy are set
out in full on pages 134 to 145.
Remuneration Committee membership
The table below shows the members of the
Committee during 2024 and their attendance.
Committee member Attendance
Livia Mahler: Chair 6/6
Alison Baker 6/6
Cathia Lawson-Hall 6/6
John Munro
1
3/3
Tertius Zongo
2
3/3
1. Mr Munro was appointed as a member of the
Committee on 30 May 2024 and he has attended every
meeting of the Committee since that date.
2. Mr Zongo was a member of the Committee until he
stepped down from the Board with effect from the AGM
in May 2024 but he attended all meetings up to that
date.
Remuneration Committee activities during 2024
– At the start of the year addressed the terms of
the departure of the former CEO. On 4 January
2024, Sébastien de Montessus’ position as
President and Chief Executive Officer and
Executive Director of Endeavour Mining plc was
terminated with immediate effect following an
investigation into an irregular payment. Mr. de
Montessus forfeited a combination of annual
bonuses in relation to 2023 and 2024 and
unvested share awards in relation to the 2022
and 2023 LTIP plans. Furthermore, the
Remuneration Committee exercised its
discretion to apply clawback in full to
$11.5 million for the former one-off award
granted in 2021 and the cash portion of the
bonus received for 2022 which were offset
against remaining outstanding vested 2020
and 2021 LTIP awards. Total amounts forfeited
and clawed back, before a separate agreement
was signed, amounted to $26.4 million. During
the year, the Company signed a settlement
agreement with Mr de Montessus for an
amount of $1.4 million with the equivalent
forgiven per the arrangement and $0.6 million
remaining as a receivable as at 31 December
2024.
– Reviewed market data on quantum of executive
and non-executive director pay.
– Determined the remuneration package on the
appointment of Ian Cockerill as CEO.
– Reviewed the pay positioning for 2024 and the
outcomes from incentive awards for 2023 and
2024.
– Engaged with key institutional shareholders
and proxy agencies on the 2023 Remuneration
Report.
– Determined the vesting of the 2024 STIP KPIs
and the 2022 LTIP KPIs for the Executive
Management team including bonus targets and
vesting of incentive payments based on the
achievement of performance conditions.
– Debated and approved all target KPIs to be
included in the 2025 incentive awards, both for
the STIP and LTIP.
– Approved the annual fee levels for the CEO and
the Chair for 2025.
– Reviewed and approved the content of the
Company’s 2024 Management Information
Circular to ensure that it included:
• the broad structure and the objectives of the
Remuneration Policy and its links to
performance;
• the quantum of remuneration; and
• all monetary and non-monetary components
of the Policy.
2024 Company performance context
This year has been an important one for
Endeavour, despite the challenges it has brought,
as we have successfully transitioned from our
current growth phase, with the completion of our
two organic growth projects, Lafigué and the
BIOX® Expansion. This has resulted in our adding
another important operational gold mine to our
portfolio, with first gold poured at the end of the
first half of 2024. Both Lafigué and the BIOX®
plant have reached nameplate capacity, and this
is expected to be sustained throughout 2025.
Lafigué is expected to produce up to 210koz of
gold during 2025 at a class-leading AISC of
around $950-1,075/oz.
OVERVIEW
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ADDITIONAL
INFORMATION
Directors’ Remuneration Committee report
125 Endeavour Mining plc Annual Report 2024
1. Rio Tinto Group, Glencore plc, Anglo American plc, Antofagasta plc, Fresnillo plc, Centamin plc (listed at the time of
benchmarking) and Ferrexpo plc.
Our new projects pipeline is progressing, with the
Board approved outcomes from the Assafou PFS
which we completed at the end of the year,
confirming Assafou’s potential to become a tier-1
asset.
Shareholder returns have been strong and we
returned $277 million to our shareholders during
the year by way of dividends and share buybacks
(dividends declared of $140 million to be paid in
April 2025 relating to the H2-24 declaration and
share buybacks of $37 million).
I am delighted to report that our ESG, projects
and exploration targets, have achieved the
maximum potential this year under the STIP,
giving us a strong pathway to continued
sustainability as we go forward. Unfortunately
however, production did not reach the anticipated
levels, due mostly to lower than guided
production for Sabodala-Massawa and this factor,
together with the inflationary impacts in the
market, have led to us missing our AISC and Net
Free cash flow targets. Accordingly, pay outs
under the plans have reflected the disappointing
outcomes of these KPIs and are proportionately
lower than last year’s.
The outcome of the LTIP 2022 award which
vested at the end of 2024, was also impacted by
some of its financial metrics, although exploration
achieved the maximum score. More detailed
information is set out in the pages that follow.
Our “Strategic Progress” report on pages 19 to
22 provides some key perspectives on the
business outcomes from 2024 for Endeavour.
Annual bonus (STIP) 2024
The Remuneration Committee reviewed
performance against the core KPIs during 2024
across the STIP scorecard (further detailed on
page 128). The STIP scorecard for 2024 was
comprised of seven factors: net free cash flow,
production levels, cost management, ESG (made
up of two individual metrics), Health, Safety and
Environment, key capital projects and exploration
success.
Based on the overall calculated scorecard
outcome, the Remuneration Committee
determined that the 2024 KPIs under the STIP,
derived a performance score of 53%, resulting in
a STIP payment of 80% of base salary
($1,200,000) or 40% of the maximum STIP
outcome for the CEO. The 2024 STIP outcome for
our CEO was therefore calculated at $960,000.
Long-term incentive
The LTIP award is an equity-based award, settled
in shares upon measurement of performance
conditions set at the time of the grant of the
award. These conditions are measured over a
minimum vesting period of three years.
Under the 2022 award, the vesting outcome was
80%. The award was calculable against financial
metrics, including total shareholder returns
(“TSR”), absolute shareholder returns, Net Debt,
ESG (split into two metrics), projects and
exploration success, (as further detailed in the
LTIP Scorecard).
Full details of the targets set and performance
against them can be found on pages 129 to 131.
Remuneration in 2025 for the CEO
The primary objective of Endeavour’s executive
compensation programme, is to incentivise
management appropriately to successfully
execute the Group’s high-growth business
strategy, for the benefit of all our stakeholders.
Our people are key to our success so it is
important for us to attract and retain highly
talented executives, with a depth of experience in
the mining and specifically the gold mining
industry. We aim to ensure that remuneration is
fairly balanced, so that our people are properly
remunerated and that the remuneration is
deemed reasonable by our shareholders. The
structure of compensation is heavily focused on
pay for performance and the delivery of core
objectives.
Our current Remuneration Policy and structure,
considers both our positioning as a listed
commercial company on the London Stock
Exchange and our Global Gold Mining peer group.
Since our listing on the London Stock Exchange,
we have adapted our pay policy and practices so
that they are aligned with UK listed company
governance. Our new proposed Remuneration
Policy aligns our position further.
When we set the remuneration package for Ian
Cockerill in January 2024, we took the
opportunity to adapt our CEO remuneration
package to better reflect UK market practice. We
benchmarked his base salary and performance
related pay potential, against relevant FTSE and
Global Gold Mining peers and given the calibre
and experience of Ian Cockerill as a leading
mining executive with a strong track record, we
positioned the base salary and total
compensation close to the upper quartile of our
Global Gold Mining peers. The resultant
remuneration package, strikes the right balance
between incentivising Ian Cockerill in achieving
successful outcomes for stakeholders in this key
role for the Company, correlated with the
achievement of our corporate purpose of
“producing gold that delivers meaningful value to
people and society".
OVERVIEW
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GOVERNANCE
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ Remuneration Committee report
Continued
126 Endeavour Mining plc Annual Report 2024
Salary and package for the CEO
The salary of Ian Cockerill as CEO is set at
$1,200,000 per annum and will remain at the
same level for 2025. His cash pension
contribution from the Company is set at a
maximum of 10% of base salary, which is in line
with the percentage contribution paid to the UK
workforce. In addition, he has a living allowance
of $200,000 per annum.
His 2024 and 2025 STIP target is set at 150% of
salary, with a maximum opportunity of 200%. For
2024 his LTIP target was set at 300% of salary
with a maximum opportunity of 450%, reflecting a
potential 1.5x vesting multiplier in accordance
with the current Remuneration Policy. For 2025,
in order to ensure his retention and to incentivise
Ian, we have increased his 2025 target LTIP
award from 300% to 400% of base salary, which
is the maximum (with the 1.5x multiplier this can
achieve 600% of base salary) permitted under the
current Remuneration Policy. The proposed
increased is deemed to be appropriate by the
Committee and the Board, as it is 100%
performance based and will only be realised if
significant value is delivered to shareholders. Ian
did not receive any recruitment payment or buyout
awards, which would have been likely to be
payable had Endeavour recruited an external
candidate. Details of the 2025 STIP and the
2025 LTIP award metrics are set out in the table
on page 138.
Non-Executive Director and Chair Fees
This year the CEO and the Chair reviewed the
Non-Executive Directors’ fees. As the Non-
Executive Directors’ fees had not been increased
since the London listing in 2021, they concluded
that it would be appropriate to increase their
retainer fee by 10% per annum, to reflect the
workload, number of meetings they need to
prepare for and attend and the fact that their pay
had not been increased in four years, despite
inflation.
The Committee reviewed the Chair’s fees which
were set on his appointment in 2022. Following
the review, it was concluded that the Chair’s fees
would remain the same for the time being but
they would continue to be reviewed annually.
Linking remuneration to ESG
We are conscious of both the positive and
potentially negative impacts of our operations on
our employees, local communities and the
environment and as discussed on page 21, we
have a clear ESG strategy in place to manage our
impacts and maximise the benefits we bring to
our stakeholders. We believe it is crucial that our
remuneration practices are aligned with this
strategy and therefore we integrate relevant
metrics into our incentive plans, with health and
safety and ESG targets constituting 30% of the
award under our STIP incentives for 2025.
We ensure that our people are rewarded
appropriately and we strive to continually improve our
reward offering. Our annual bonus plan or STIP, is
available to the majority of employees of Endeavour,
allowing them the opportunity to benefit from the
Company’s success as part of their remuneration,
based on common Group-level targets.
As a mining company, safety is a core component
of our operational philosophy and we are aware
that a strong licence to operate is underpinned by
healthy relations with communities, and with local
employees and labour unions.
Throughout the year, our leadership team has
been interacting with local communities on the
ground to identify any issues and seek solutions.
They have been overseeing physical safety at our
mine sites and proactively working to gain
an understanding of the mental well-being of our
people. This has involved listening to their
feedback and concerns in order to understand
and continuously improve their experience at
Endeavour.
Information can be found on how the Board
engages with all our stakeholders including the
wider workforce, on pages 105 to 106.
The Remuneration Committee remains cognisant
of executive pay in the broader context of mining
industry trends and the Remuneration Policy aims
to ensure our approach to remuneration is
aligned to our strategy and supports the delivery
of long-term sustainable success, for the benefit
of all our stakeholders.
Shareholder engagement on the 2025
Remuneration Report and new Remuneration
Policy 2025
I have engaged with shareholders in preparation
for the 2025 AGM season to discuss the
proposed 2025 Remuneration Policy and to seek
feedback and answer any questions.
AGM
The new Remuneration Policy will be put to a
binding shareholder vote at the 2025 AGM and
this statement and the Annual Report on
Remuneration will be subject to an advisory vote
at the meeting. The Company has operated
successfully over the course of the year,
strengthening our asset base and our pipeline,
despite the significant challenges we were faced
with at the beginning of 2024. We look forward to
updating you over the coming year and to
continued success under the leadership of Ian
Cockerill.
The Committee and I welcome any questions
shareholders may have in relation to
remuneration and I will be available to answer
them either at or before the 2025 AGM.
Livia Mahler
Chair of the Remuneration Committee
6March 2025
OVERVIEW
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ADDITIONAL
INFORMATION
Directors’ Remuneration Committee report
Continued
127 Endeavour Mining plc Annual Report 2024
Remuneration paid in respect of 2024
2024 Annual bonus outcomes
The assessment of the STIP (annual bonus) for 2024, was determined by the outcome of metrics on a
performance scorecard, which werepre-defined at the beginning of the year. For the CEO, the
performance scorecard delivered an award of 80% of base salary, against a maximum that could be
achieved of 200% of base salary.
2024 bonus performance against the STIP scorecard
Our annual performance scorecard is based on core KPIs vital for the advancement of the business,
which are measured against financial, operational, HSE and ESG objectives as well as specific
projects. This has the benefit of clear objectives being set in advance and has been effective in
delivering the performance required from the executive team.
There were strong scores against the ESG, projects and exploration metrics, with the maximum score
achieved for each. Management however missed the net free cash flow, production and AISC
thresholds, mainly due to underperformance at our Sabodala-Massawa asset.
Due to a fatality at the start of 2024, the safety KPIs were also missed. Accordingly, there was zero
award for these four portions of the scorecard. The Remuneration Committee did not apply discretion
to the calculable performance outcomes of the 2024 scorecard because the final outcome was
deemed to be a fair reflection of Group performance over the year. More detail on the level of
achievement of the targets is set out in the table below.
Measure
1,2
Weighting % Threshold
2
STIP target
2
Maximum
2
Actual % Achievement
1
Net free cash flow
3
20.0%
At the low end of guidance at $1,500/oz At target, based on $1,500/oz At the high end of guidance at $1,500/oz Below Threshold —
Production 12.5%
Meet the low end of guidance 1,260koz Beat high end of guidance 1103Koz —
AISC
4
12.5%
Within guidance $995/oz
7
Beat low end of guidance $1,133/oz —
ESG: Malaria infections 7.5%
Infection ratio of (325/1000) per
employee across our mine sites
Infection ratio of (300/1000) per
employee across our mine site
Infection ratio of (275/1000) per
employee across the group
Infection rate of
184/1000
achieved
20%
ESG: Reduce plastic
consumption
7.5% Reduce by 60%
Reduce by 65% + Complete a Feasibility
study on one recycling project
Reduce by 70% + Complete a Feasibility
study on one recycling project
Health, Safety and
Environment
(fatality = zero)
8
15.0% Zero Major Environmental, fatality or
FY2024 LTIFR below mid-point of peer
group
Threshold and all sites Emergency
Response Team qualify and compete
Target + Complete six Visible Felt
Leadership Inspection per Executive in
FY2024
Below Threshold
due to fatal
accident at the
Mana site
—
Projects 15.0%
BIOX® and Lafigué first gold pour in line
with market guidance
Threshold + Tanda Iguela PFS completed
during FY2024
Target + Ity Primary Sizer commissioned
before 31 December 2024
Achieved Max 20%
Exploration:
Replacement of
average depletion over
2022, 2023 and 2024
7
10.0% Miss target by <10% Meet target Exceed target by >10% Exceeded target
by 55%
13%
Total 100% 53%
1. The annual bonus assesses individual performance by way of a multiplier of 0 - 1.33 applied to the target bonus opportunity. The CEO had a target bonus of 150% of salary and based on calculated performance during the course of 2024, the
Committee validated the multiplier of 0.53x to his scorecard outcome.
2. At Threshold is paid out at 50%, at Target at 100% and at Maximum at 133% of the objectives weighting.
3. Net free cash flow is before shareholder returns (dividends and buybacks), growth capital expenditure and other adjustments in line with the calculation methodology approved by the Remuneration Committee.
4. Adjusted for $1,500/oz royalties and contributions linked to gold price.
5. Achievement outcomes are interpolated on a straight-line basis from Threshold (50%) to Target (100%) to Maximum (133%) where applicable.
6. Quantitative elements of the measures were updated for M&A activity during the course of the year, in line with the methodology approved by the Committee. No adjustment where made during the year.
7. Per the budget set by the Board at a realised gold price of $1,500/oz.
8. No straight line interpolation on scoring, Threshold at 50%, Target at 100% and Maximum at 133% of weighting.
OVERVIEW
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Annual report on remuneration
128 Endeavour Mining plc Annual Report 2024
Calculable 2024 bonus outcome for the CEO
1
Bonus Scorecard (0-133%) 53%
Final calculable outcome ($) 960,000
as % of salary 80%
as % of maximum 40%
Final outcome paid ($)
2
960,000
1. The overall performance of the Company is assessed against a scorecard of seven KPIs; safety of personnel, ESG, production levels, net cash flow, cost management, exploration success and key projects as detailed on the table above.
2. 50% of the 2024 CEO STIP payment was deferred into shares in line with the Remuneration Policy.
Long-Term Incentive Award
The 2022 LTIP award was granted under the Performance Share Plan, part of the Endeavour Rewards programme, which runs annually and benefits senior executives as well as high potential employees. The
Performance Share Plan reflects similar plans of comparable peers and aims to incentivise senior management to achieve mid to longer-term targets, rather than taking decisions based on short-term planning
or results.
Awards were made subject to performance targets, to which (for certain performance targets) a multiplier that is interpolated (where applicable) from Threshold-to-Target and Target-to-Maximum could be
applied, depending on the achievement of the objectives.
OVERVIEW
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ADDITIONAL
INFORMATION
Annual report on remuneration
Continued
129 Endeavour Mining plc Annual Report 2024
2022 LTIP award vesting
The vesting outcome for the 2022 LTIP award which vested on 31 December 2024, was 80% of the original target award amount. The current CEO did not benefit from this award as he had not joined the
Company as an employee when the award was granted on 1 January 2022.
Measure
1
Weighting % Threshold Target Maximum Actual % Achievement
4
Discretion or
adjustment to
targets
3
Total Shareholder Return (TSR)
2
25.0% Median (10th) Interpolated Upper Quartile 11th place, below
threshold
— N
Absolute Shareholder Returns 25.0% $450m $500m $600m Above Target at
$540m
30% N
Net Debt Ratio
3
10.0% Equal to or below 0.5 x Equal to or below 0.3x Equal to or below 0.2x Below Threshold at
0.55x
3% Y
3
ESG: Replace diesel generators with
equivalent renewable power
7.5% 25% of utilised capacity
replaced
50% of utilised capacity
replaced
75% of utilised capacity
replaced
Achieved 52% 8% N
ESG: All tailings storage facilities
compliant with the Board defined
Standard at existing operations
5
7.5% Meets standard Meets standard Meets standard Achieved Max 11% N
Projects
6
12.5% Sabodala BIOX® & Lafigué
within 2024 production
guidance
2024 Sabodala BIOX®
production >185koz 2024
Lafigué LoM >200koz @
AISC <$900/oz
2024 Sabodala BIOX®
production >210koz 2024
Lafigué LoM >250koz @
AISC <$900/oz
Threshold for BIOX® &
Target for Lafigué
9% N
Exploration 12.5% Miss target by < 10%
(10Moz)
Meet Target Exceeds target by > 10% Achieved 13Moz 19% N
Total 100% 80% out of a max
of 150%
1. Quantitative elements of the measures were updated for M&A activity during the course of the vesting period, in line with the methodology approved by the Committee. No adjustments were made during the vesting period.
2. Overall, the Group was ranked 11th out of 20 mining companies, its Relative TSR was measured from 1 January 2022 to 31 December 2024 against the Company’s peer group. As of 31 December 2024, the Group had achieved a -7% total
shareholder return during the three-year vesting period. Mining Companies include Harmony Gold, IAMGold, Agnico Eagle, Northern Star Resources, Zhongjin Gold, Goldfields, Anglogold Ashanti, Shandong Gold Mining, Evolution Mining. Barrick
Gold, Venterra Gold, B2Gold, Newmont, China National Gold, Newcrest Mining, Polyus, Yamana Gold and Polymetal.
3. The Committee exercised its discretion awarding 3% to the scorecard related to the net debt ratio. As of 31 December 2024, the ratio was 0.55x, which was slightly below the Threshold. The shortfall was primarily driven by transactions outside
management's control. The Committee believed that awarding a score of 0% would not accurately reflect management's hard work in deleveraging the balance sheet, especially given the challenges faced by the Company throughout the year.
4. Achievement outcomes are interpolated on a straight-line basis from Threshold (50%) to Target (100%) to Maximum (150%). Measures are interpolated where applicable.
5. Objective weighting is scored at 150% if the outcome is met.
6. No straight line interpolation on scoring, Threshold at 50%, Target at 100% and Maximum at 150% of weighting.
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Annual report on remuneration
Continued
130 Endeavour Mining plc Annual Report 2024
Long-term incentives awarded during the financial year 2024 (audited information)
Share awards granted to the CEO during the year are set out below:
Executive Date of award Award Type
Face Value
(% basic salary) Face Value ($m)
1
Number of Awards
granted
3
Fair Value
(% basic salary) Fair Value ($m)
Threshold
performance
(% face value)
Maximum
performance
(% face value)
End of performance
period
End of vesting/
holding period
Ian Cockerill 11 April 2024 PSUs
2
300% 3.6 171,959 186% 2.23 50% 150% 31 Dec 26 31 Dec 26
1. Face value represents the value granted on award at 300% of salary based on the price used to determine the grant of CAD $28.66, being the TSX 10-Day volume Weighted Average share price as at 11 April 2024. Performance measures are
subject to a multiplier of 150% if maximum is exceeded. The award is subject to a holding period subsequent to vesting in accordance with the Remuneration Policy.
2. Awarded under the Non-UK Performance share plan.
3. The maximum number of Endeavour Mining plc shares associated with this grant, not factoring the holder’s dividend right under the plan, would be 257,939.
Three-year targets are set annually considering the Company’s overall strategic plan. The 2024 targets for the LTIP awards in the table above are set out below, which will vest over 2024, 2025 and 2026.
Measure
1
Weighting
2
Threshold Target Maximum
Vesting at
threshold
Vesting at
Target
Vesting at
maximum
rTSR
3,4
25.0%
Ranked 10 Ranks 6 to 10 Top 5 12.5% 25.0% 37.5%
Dividend
5
25.0%
$500m $600m $700m 12.5% 25.0% 37.5%
Net debt 10.0%
<0.5x <0.5x ≤0.2x 10.0% 10.0% 15.0%
Projects
6,8
12.5%
SGO Solar Project Completed on time and
on budget
Threshold + Tanda Iguela DFS
completed
Target + Grid Connection at Sabodala
6.3% 12.5% 18.8%
Exploration
7
12.5%
2.0Moz Measured & Indicated resource 3.0Moz Measured & Indicated resource 4.0Moz Measured & Indicated resource 6.3% 12.5% 18.8%
ESG: Biodiversity 15.0% Close 50% of the GAP assessment with
regards to Taskforce on Nature-related
Financial Disclosures (“TNFD”)
Close 55% of the GAP assessment with
regards to TNFD + Protect & Preserve
1800ha for the Group (In-situ + Ex-Situ)
Close 60% of the GAP assessment with
regards to TNFD + Protect & Preserve
1800ha for the Group (In situ + Ex Situ)
+ Progressive Reclaim 300ha for the
Group
7.5% 15.0% 22.5%
Total
100.0% 50.0% 100.0% 150.0%
1. Objectives based on portfolio and status quo as at 1 January 2024.
2. Achievement outcomes are interpolated on a straight-line bases from Threshold (50%) to Target (100%) to where maximum (150%). Measures are interpolated where applicable.
3. Measured against grant price over the vesting period. Subject to average three-month pricing mechanism and backward looking average, in line with UK best practice.
4. Peer group as defined by the Remuneration Committee. This includes Agnico Eagle Mines, AngloGold Ashanti, B2Gold, Barrick Gold, Centamin, Centerra, Eldorado Gold, Equinox, Evolution Mining, GoldFields, Harmony Gold, IAM Gold, Kinross Gold,
Newmont, Northern Star Resources, Perseus, Sibanye Stillwater, SSR Mining and Torex Gold Resources.
5. Delivers Shareholder Returns Strategy (dividends only) for the 2023-2025 period. Excludes any special dividends associated with M&A.
6. Connection at Sabodala or alternative carbon reduction project at a Group site, approved by the Board.
7. A new greenfield project added to the portfolio through M&A or discovered through the Group’s exploration permit portfolio.
8. No straight line interpolation on scoring. Threshold at 50%, Target at 100% and Maximum at 150% of weighting.
9. Awarded under the Non-UK Performance Share Plan.
OVERVIEW
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Annual report on remuneration
Continued
131 Endeavour Mining plc Annual Report 2024
Single-figure remuneration for the 2024 financial year (audited information)
The table below shows payments for the current CEO for the 2024 financial year and the former CEO for the 2023 and 2024 financial years.
Director / Year
Salary/Fees
1
$’000
Benefits
2
$’000
Pension/cash
in lieu of
pension
3
$’000
Other
4
$’000
Bonus
$’000
Performance
Awards at Face
Value
5
$’000
Clawback
8
$’000
Total
remuneration
$’000
Total fixed
remuneration
6
$’000
Total variable
remuneration
7
$’000
Ian Cockerill/Year to December 2024 1,192 356 119 — 960 — — 2,627 1,667 960
Sebastien de Montessus/Year to December 2024 — — — — — — (10,954) (10,954) — (10,954)
Sebastien de Montessus/Year to December 2023 1,600 10 160 — — 9,005 — 10,776 1,771 9,005
1. This is the base salary payable for the year.
2. Benefits disclosure includes tax assistance, housing, financial advice, private medical, flights for spouse, travel and life insurance.
3. Pension contributions consist of employer contributions equivalent to 10% of base salary and bonus in line with the UK workforce. The figure excludes any salary sacrifice payments made by the executive director.
4. No other payments were made outside of the remuneration policy to the CEO.
5. Value of performance awards for 2023 relates to the 2021 LTIP which had a three-year performance period ending 31 December 2023. The share price at vesting (31 December 2023) was CAD 29.77 converted to USD at an exchange rate of
0.76.The share price appreciation associated with the vested performance aware in the financial year ending 31 December 2023 was $0.04 million.
6. Total fixed remuneration includes salary, benefits and pension contributions based on salary.
7. Total variable remuneration includes bonus, performance awards and pension contributions based on bonus. In 2024 and 2023 pension awards were based on percentage of salary only.
8. In line with regulatory requirements for reporting single figure outcomes, this column sets out the value of the malus and clawback applied to the former CEO’s variable remuneration which has previously been reported in prior single figure tables.
– The sum of the following has determined the clawback value disclosed in the single-figure remuneration table.
– $8.8 million, the fair value of the 2021 and 2020 previously vested LTIP awards recovered by the company in 2024 upon the CEO’s termination.
– The former CEO paid the Company $1.4 million in July 2024 as part of a settlement agreement.
– $817,227 being the fair value of the forfeited Endeavour Mining Plc Shares associated with his 2022 deferred bonus award. The 37,585 shares were valued according to the share price on 3 January 2024, which was £17.16,
converted to US dollars at a rate of 1.2671.
– Furthermore, as stated in the 2023 Annual Report, the former CEO did not receive any annual bonus or Short-Term Incentive Plan for the financial years 2023 or 2024. His remaining unvested share awards, along with the 37,585 deferred
bonus shares from 2022, totalling 679,812 shares all lapsed completely. The total value of these awards and annual bonus was US $16.8 million, as reported on 18 January 2024. This amount is not included in the clawback figure set out in
the table above because it relates to awards not previously reported in the single figure table, as their performance periods were still active, or the 2023 annual bonus, which lapsed upon termination. Thus, the total clawback associated with
the CEO termination was approximately $27.8 million.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Annual report on remuneration
Continued
132 Endeavour Mining plc Annual Report 2024
Single-figure of total 2024 remuneration for Non-Executive Directors (audited information)
The remuneration of the Non-Executive Directors for 2024 is set out below:
Fees taken in
Other fees TotalCash DSUs
1
Non-Executive Directors
2024
$000
2023
$000
2024
$000
2023
$00
2024
$000
2023
$000
2024
$000
2023
$000
Venkat
2
530.0 530.0 — — — — 530.0 530.0
Alison Baker
240.0 188.0 80.0 80.0 — — 320.0 268.0
Livia Mahler
119.0 119.0 151.0 151.0 — — 270.0 270.0
Naguib Sawiris
170.0 170.0 — — — — 170.0 170.0
Tertius Zongo
3
62.0 151.0 31.0 94.0 — — 93.0 245.0
Sakhila Mirza
170.0 170.0 60.0 20.0 — — 230.0 190.0
Patrick Bouisset
170.0 108.0 44.0 26.0 — — 214.0 134.0
Cathia Lawson-Hall
185.0 45.0 50.0 5.0 — — 235.0 50.0
John Munro
4
90.0 — 39.0 — — — 129.0 —
Total Board
1,736.0 1,481.0 455.0 376.0 — — 2,191.0 1,857.0
1. Deferred Share Units or (“DSUs”), are in respect of the value of fees which were taken in the form of DSUs during the year and are determined quarterly. The number of units are determined by the election of a percentage of fees to be made by
way of DSUs by each Director, divided by the higher of the 5 day V-WAP or the closing share price at the end of each quarter.
2. The Chair of the Board gets a fixed inclusive retainer but does not receive any Committee fees.
3. Tertius Zongo stepped down from the Board on 30 May 2024.
4. John Munro was appointed to the Board on 30 May 2024.
Payments for loss of office
No payments for loss of office were made during the year.
TSR Performance
Given that we have only completed three full financial years as a listed company on the London Stock Exchange, we have presented Toronto Stock Exchange performance to illustrate growth and performance over
the past 10 years. This will be built on in future to eventually present a view of total shareholder return over a trailing ten years. This graph shows the total return on investment for Endeavour Mining plc shares as
at 31 December 2024 benchmarked against other relevant indexes. Since 2015, the total shareholder return over that period (using the CAD$26.05 price at the end of December 2024) is approximately 241%.
1. The FTSE all share is shown as a comparison, being a relevant LSE reference, in addition to the S&P/TSX Global Gold Index, being the most appropriate industry comparison.
OVERVIEW
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Annual report on remuneration
Continued
133 Endeavour Mining plc Annual Report 2024
Proposed Directors' Remuneration Policy (“2025 Policy”)
The Company’s first Directors’ Remuneration Policy as a London Stock Exchange (“LSE”) listed
company (the “2022 Policy”) was approved by shareholders at the 2022 AGM with votes in favour of
90.5% and with 878,031 or 0.35% of votes withheld. A minor amendment to the Policy to change the
pension contribution was approved by shareholders at the 2023 AGM. In line with the normal triennial
cycle, a new Remuneration Policy (the “2025 Policy”) will be voted on by shareholders at the
Company’s AGM on 22 May 2025.
During 2024, the Committee reviewed the 2022 Policy to ensure that it was aligned with the latest
corporate governance developments and that it continued to promote the delivery of long-term
shareholder value. It was determined by the Remuneration Committee that the 2022 Policy in its
current form, was broadly fit for purpose and would continue to support Endeavour’s strategy over the
next three years but some changes were required, to remove legacy North American features that were
grandfathered for the previous CEO and to take into consideration developments amongst our LSE
listed peers. Endeavour is committed to maintaining high standards of corporate governance and to
making consistent annual improvements in its corporate governance practices, in order to reflect
evolving legal requirements, critical ESG themes, investor expectations and wider stakeholder
considerations. Therefore, the principles of the UK Code above were taken into account when
developing the 2025 Policy.
It is crucial for us to attract and retain top-tier mining executives who can deliver successful results for
the Company whilst balancing the competing interests of our stakeholders in the developing countries
where we operate. We also recognise the inherent challenges that can arise in the mining industry. The
Committee has decided on a balance between short-term and long-term remuneration, designed to
drive optimal performance and ensure retention of executives. This approach ultimately benefits all our
stakeholders, including employees and shareholders. We have developed a policy which includes a
higher proportion of the package based on variable pay, to drive long-term sustainable performance,
which aligns with industry practice amongst our peers.
Short-term performance is rewarded with a salary that is benchmarked against our listed mining peers,
along with certain benefits and a short-term incentive. The short-term incentive is based on achieving
key strategic priorities and can reach a maximum potential of 2.5x salary if outstanding results are
achieved within the year. To earn the maximum short-term bonus, executives must meet stretching
financial and production targets while also demonstrating responsible stewardship of employee health
and safety and the environment. We also generally utilise metrics related to exploration and project
development within the short-term incentive framework to ensure a robust future for the business.
Over the longer term, which spans a three-year period, we offer a higher potential maximum
compensation for Executive Directors of up to 6x salary for exceptional performance over that duration,
reflecting the long-term sustainability of the Company.
The Committee concluded that the proposed new Remuneration Policy, including the maximum
opportunities, aligns with what is appropriate for a FTSE 100 listed miner. This determination was
made after benchmarking the Company’s remuneration structure against that of our peers, with whom
we compete for executive talent.
The views of shareholders are very important to the Committee and accordingly the Chair of the
Remuneration Committee consulted with those stakeholders to understand their views during the
development of the Policy and its implementation. Our outreach exercise targeted all major
shareholders, and we engaged directly with all those who requested engagement. The outcomes from
this engagement were wholly positive and no issues were expressed with the proposed Policy.
This section sets out the Company’s 2025 Policy, which has been prepared in accordance with the
Large and Medium-sized Companies and Groups Accounts and Reports Regulations. The 2025 Policy
is intended to remain in effect for three years from the date of the 2025 AGM.
OVERVIEW
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Directors’ remuneration policy
134 Endeavour Mining plc Annual Report 2024
Proposed changes to the 2022 Policy which have been incorporated into the 2025 Policy are set out below.
OVERVIEW
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Directors’ remuneration policy
Continued
135 Endeavour Mining plc Annual Report 2024
Policy element Proposed changes
Shareholding
policy
Recruitment
Legacy
arrangement
for previous
CEO
– In order to further demonstrate our focus on the delivery of long-term shareholder value, we are proposing
to increase our shareholding policies from 300% to 450% of base salary. This will apply to both our in
employment and post-cessation shareholding policies.
– The 2022 Policy did not give the Committee the ability in the event of recruitment, to utilise the exception in
the UK Listing Rules, which allows for the grant of awards to facilitate, in unusual circumstances, the
recruitment of an Executive Director, without seeking prior shareholder approval or under any other appropriate
Company incentive plan. It is market typical practice for LSE listed companies to have this provision in their
recruitment policies in order to attract top calibre candidates and we are proposing to introduce this as part of
the 2025 Policy changes.
– There were various legacy arrangements pertaining to our previous CEO in our 2022 Policy. These
included payments for loss of office that were aligned with North American practices and grandfathered on
moving to the LSE. All legacy arrangements have been removed from the proposed 2025 Policy.
How the 2025 Policy addresses UK Code Provision 40 Principles
The 2025 Policy has been designed taking into consideration the principles of provision 40 of the UK Code.
The table below outlines how the 2025 Policy addresses each of those principles:
Clarity Remuneration arrangements should be
transparent and promote effective
engagement with shareholders and the
workforce.
– Remuneration is divided into three high-
level components: annual salary, STIP
and LTIP.
– Benefits on top of annual salary include
pension at 10% of annual base salary
which is in common with all UK
employees and participation in car
schemes, limited personal taxation and
financial advice and other ancillary
benefits, including attendance at
relevant public events. Where
appropriate, other benefits may be
offered including, but not limited to,
allowances for relocation.
– LTIP contains clear shareholder
experience targets and strategic
objectives.
– Policies are in place for international
medical, life, disability and travel
insurance, as well as Directors’ and
Officers’ insurance.
– Remuneration arrangements are
transparent and fully disclosed.
Simplicity Remuneration structures should avoid
complexity and their rationale and
operation should be easy to understand.
– The three tiers of remuneration now
reduce complexity by removing pre-
existing benefits and allowances.
– STIP and LTIP contain measurable and
quantifiable targets, with a minimum of
discretion or judgement required.
Requirement How has this been addressed
Risk Remuneration arrangements should
ensure reputational and other risks from
excessive rewards and behavioural risks
that can arise from target-based incentive
plans, are identified and mitigated.
– Remuneration quantum and structure
is heavily slanted towards pay for
performance and ‘at risk’
compensation. STIP and LTIP deferrals,
minimum share ownership guidelines,
malus and clawback, and post-
cessation ownership, promote
alignment of long-term interests with
shareholders and reduce the likelihood
of excessive risk-taking and short-term
behaviours.
– Discretion is retained to adjust any
formulaic outcomes under the STIP and
LTIP plans.
Predictability The range of possible values of rewards
to individual Directors and any other limits
or discretions should be identified and
explained at the time of approving the
Policy.
– Remuneration policy envisages
transparent disclosure of awards and
of realised pay and data to indicate
ranges of possible award values. Areas
of discretion are defined in the
Remuneration Committee Terms of
Reference and in the LTIP plans.
Proportionality The link between individual awards, the
delivery of strategy and the long-term
performance of the company should be
clear. Outcomes should not reward poor
performance.
– Structure is designed around the
Company’s strategy, to align realised
pay with Company performance and
long-term success and risk. Refer to
pages 20 to 22 for further details from
the Strategic Report. Performance that
is below annual or long-term threshold
targets for a particular factor, would
result in no award being made for that
factor.
Alignment to
culture
Incentive schemes should drive
behaviours consistent with company
purpose, values and strategy.
– Structure reflects the entrepreneurial
and dynamic nature of the business
and its strategy.
– Performance conditions are set which
reflect the core values and strategy,
thus aimed at shaping successful but
responsible behaviour.
Requirement How has this been addressed
OVERVIEW
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INFORMATION
Directors’ remuneration policy
Continued
136 Endeavour Mining plc Annual Report 2024
The Remuneration Committee takes its duty to shareholders seriously and will seek to maintain an
open and constructive dialogue on the approach it takes to Director remuneration. In the event that
any material changes to the Policy or its implementation are proposed, the Remuneration Committee
will consult with shareholders as appropriate.
Any commitment made before the effective date of this Policy or before the individual became a
Director (but not in anticipation of their becoming a Director), will be honoured, even if such
arrangement might conflict, or result in inconsistency, with this Policy or any subsequent policy.
Remuneration policy table for Executive Directors
Fixed remuneration
Base salary
To attract and retain
executives of the right
calibre to successfully
develop and execute
on an intensive and
ambitious emerging
markets business
strategy aimed at
driving shareholder
returns over time.
Base salaries will typically be reviewed annually, with any
increases normally effective from 1 January. Base salary levels take account
of:
– The individual’s role, performance and experience.
– Business performance, individual track record and the external
environment.
– Salary increases for Senior Management and other employees.
– Salary levels for comparable roles at relevant global comparators.
No recovery or withholding applies.
Salary increases will be made in the context of the broader
pay environment and will normally be made taking into
account those made to other employees. Increases may be
made above the levels of general increases across the
workforce where the Remuneration Committee considers it
appropriate including (but not limited to) a significant
increase in the scale, scope, market comparability or
responsibilities of the role, bearing in mind potential growth
and increased complexity of the business.
Where an individual has been appointed on a salary lower
than market levels, increases above the wider workforce may
be made to recognise experience gained and performance in
the role.
Such increases will be explained in the relevant year’s
Annual Report on Remuneration.
Both Company and individual performance, and relevant track record
or experience, are considered when setting Executive Directors’
base salaries.
Benefits
To provide market
competitive benefits.
Benefits may include participation in car schemes, private health insurance,
Directors’ liability, travel and life insurance, limited personal taxation and
financial advice and other ancillary benefits, including attendance at relevant
public events. Where appropriate, other benefits may be offered including,
but not limited to, allowances for relocation.
No recovery or withholding applies.
Benefits provided may vary by role and individual
circumstance and are reviewed periodically.
There is no overall maximum.
None
Pension (or cash allowance)
To provide market
competitive retirement
benefits in line with
the UK workforce.
Executive Directors may participate in a defined contribution scheme.
Individuals may receive a cash allowance in lieu of some or all of their
pension contribution.
No recovery or withholding applies.
A maximum of 10% of salary. STIP will no longer be eligible
for pension. This is in line with the maximum pension
contribution available to all UK employees.
None
Purpose and link to
strategy Operation Maximum opportunity Performance measures
OVERVIEW
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ADDITIONAL
INFORMATION
Directors’ remuneration policy
Continued
137 Endeavour Mining plc Annual Report 2024
Performance related variable remuneration
Short-Term Incentive Plan
To provide alignment
between the
successful delivery of
the short-term annual
strategic business
priorities and reward.
The bonus is earned based on the achievement of one year performance
targets and is delivered in a combination of cash and deferred shares.
Half of any bonus, net of tax, is used to acquire shares at the average share
price over the relevant financial year, with such shares being held for a period
of two years. Dividend equivalents may be accrued on deferred shares.
Malus and clawback provisions may be applied in exceptional circumstances
as detailed in the notes to this table.
Maximum of 250% of salary. The bonus will be based on a combination of financial, operational,
strategic and individual measures.
Performance measures and weightings are reviewed annually to
ensure they continue to support the achievement of the Company’s
key strategic priorities. It is intended that at least 30% of the bonus
KPIs will be based on financial measures.
The bonus pays out for each KPI on a scale. Typically, the scale is
from threshold at no more than 30% of the available bonus, to a
maximum of 100%. If appropriate, the KPIs may include stepped
levels or milestone achievements and will be disclosed
retrospectively in the Annual Report. The Committee retains
discretion to adjust the bonus outcomes to ensure they are
reflective of underlying business performance and any other relevant
factors. The Committee will consult with major shareholders where
appropriate, before the use of any material discretion to increase
the formulaic outcome.
Long-Term Incentive Plan
To incentivise and
reward participants
over the long- term for
sustained delivery of
the business strategy
and shareholder value.
Provides longer term
alignment with the
shareholder
experience.
LTIP awards will typically be made annually and awards may be in the form of
performance share units or such other structure as the Remuneration
Committee determines is most effective.
Vested shares will be subject to a holding period of two years (except shares
may be sold at vesting to satisfy any tax-related liabilities).
Dividend equivalents may be accrued on shares.
Malus and clawback provisions may be applied in exceptional circumstances
as detailed in the notes to this table.
Annual awards at 400% of base salary, with a potential 1.5x
vesting multiplier to take the maximum vested opportunity to
600% in the event that all performance conditions are
exceeded.
LTIP awards will be based on a combination of financial, shareholder
return and strategic performance measures aligned with the
business priorities, usually measured over a minimum three-year
period. The targets, measures and weightings will be determined
annually by the Remuneration Committee prior to award.
For threshold performance, typically payment starts no higher than
33% of the maximum award and depending on the metric, may
either have a set target or interpolation to the maximum. If
appropriate the KPIs may include stepped levels, interpolation, or
milestone achievements. Generally, these KPIs and targets will be
disclosed prospectively in the Annual Report. The Committee retains
discretion to adjust the vesting level based on a review of underlying
performance of the Company. The Committee will consult with major
shareholders where appropriate before the use of any material
discretion to increase the formulaic outcome.
Purpose and link to
strategy Operation Maximum opportunity Performance measures
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INFORMATION
Directors’ remuneration policy
Continued
138 Endeavour Mining plc Annual Report 2024
Shareholding policy
To provide alignment
between the interests
of Executive Directors
and shareholders over
the longer term.
Shareholding guidelines for Executive Directors will be at least 450% of
salary. Executive Directors are expected to build up to their shareholding
guideline within a five-year period from their date of appointment as an
Executive Director of the Board. Post-cessation shareholding policy All
Executive Directors will be required to hold the lower of (i) their shareholding
at the date of termination of employment; or (ii) shares equivalent to the
minimum share ownership guideline at that date. In each case, at the level of
100% of the shareholding guideline for a period of one year post
employment, and thereafter at the level of 50% until two years post-
employment. Unvested shares, that are still subject to performance
conditions, do not count towards the shareholding guideline. Appropriate
enforcement mechanisms exist, whereby shares awarded can be locked in
the vested share account of former Executive Directors until the post-
cessation period has ended. During any holding period, clearance to deal
should be sought from the Company Secretary. The Committee reviews
compliance with the shareholding requirement, taking into account
shareholder expectations and has full discretion in determining any penalties
for non-compliance.
Not applicable. Not applicable.
Purpose and link to
strategy Operation Maximum opportunity Performance measures
Notes to the Remuneration Policy table
Operation of incentive plans
The incentive plans for Executive Directors will be operated within the Policy at all times and in
accordance with the relevant plan rules and the UK Listing Rules. There are a number of areas over
which the Remuneration Committee retains flexibility as detailed below:
– Who participates in each plan.
– The timing and size of an award and/or payment (subject to any maximums indicated in the table
above).
– The performance measures, weightings and targets that will apply each year and any intra-period
adjustments thereof or adjustments to formulaic outcomes as described.
– Treatment of leavers.
– Amendments of plan rules in accordance with their terms.
Where appropriate, any use of discretion by the Remuneration Committee will be disclosed in the
relevant Annual Report on Remuneration and may be subject to consultation with the Company’s
shareholders.
The Committee may adjust the number or type of shares subject to LTIP awards (or number of DSUs if
applicable) if there is a variation in the share capital (e.g. a rights issue or similar transaction), a
demerger, a special dividend or distribution or any other corporate event which might affect the current
or future value of the award.
Performance measures and targets
Pay for performance and rewarding sustainable success delivered over the longer term have been
central to Endeavour’s remuneration philosophy since its 2016 strategic launch, and this will continue
to be the case. Annually, the Remuneration Committee gives careful consideration to performance
measures and targets for the incentive plans to ensure that they are aligned with the Company’s
strategy, performance and the shareholder experience.
The STIP measures are selected to provide a balance between rewarding consistent short-term
operational excellence, annual financial metrics, ESG progress and successful incremental execution
of the strategy, all of which are fundamental to the Company’s stability, performance and
attractiveness as an investment proposition. For the LTIP, the performance conditions align
participants with shareholders, by measuring the successful delivery of the long-term business plan
and strategy, with an overall aim of driving long-term shareholder returns over time.
Targets for the incentive plans are set taking into account a number of reference points including
target future performance, forward-looking business forecasts and external context such as market
forecasts and consensus ranges, to ensure the level of performance required is appropriately
challenging.
In exceptional circumstances conditions applying to the LTIP may be adjusted if the Remuneration
Committee considers this appropriate having regard to the evolution of the business and its priorities.
If they are adjusted, they must, in the opinion of the Remuneration Committee (having regard to the
evolution of the business and its priorities), be fair, reasonable and materially no less or more
challenging than the original conditions.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ remuneration policy
Continued
139 Endeavour Mining plc Annual Report 2024
Malus and clawback provisions
Consistent with best practice, malus and clawback provisions will be operated at the discretion of the
Remuneration Committee in respect of both the annual bonus and LTIP where it considers that there
are exceptional circumstances. Such exceptional circumstances may include material misstatement of
accounts, behaviour during employment resulting in material reputational damage to the Company and
errors in available financial information which led to the award being greater than it would otherwise
have been or corporate failure. Clawback may be applied for a period of up to three years from
payment of any bonus or vesting of any LTIP awards.
Discretion
The Remuneration Committee recognises the importance of ensuring that pay reflects performance
aligned with the Company’s strategy, ambitions and risk appetite. Consequently, the Company expects
to review formulaic outcomes to ensure alignment with Endeavour’s performance, shareholder and
employee and stakeholder experience, and may apply appropriate judgement and adjustments,
upwards or downwards. In addition, the Company may amend formulae, performance metrics and
targets to reflect changes in Company strategy, acquisitions or disposals or other exceptional
circumstances. Such exercise of judgement or discretion shall be disclosed in the relevant
Remuneration Report.
Legacy arrangements
Payments may be made to satisfy commitments made prior to the approval of this Remuneration
Policy. This may include, for example, but without limitation, payments made to satisfy legacy
arrangements agreed prior to an employee (and not in contemplation of) being promoted to the Board
of Directors. All such outstanding obligations may be honoured, and payment will be permitted under
this Remuneration Policy.
Minor amendments
The Remuneration Committee may make minor amendments to the Policy (for example for tax,
regulatory, exchange control or administrative purposes) without obtaining shareholder approval
Purpose and link to strategy Operation Maximum opportunity Performance measures
Non-Executive Directors
Fees
The Company offers competitive
fee arrangements to attract and
retain high calibre and
experienced individuals to serve
on the Board.
The Chair and Non-Executive Directors receive an annual base fee. They may receive further fees for additional responsibilities
such as being the Senior Independent Director or chairing a Board Committee and also for membership of a Board Committee.
Fees are subject to review taking into account time commitment, responsibilities and market practice.
Annual base retainer fees for the Chair and Non-Executive Directors may be taken in any combination of cash and “deferred share
units”, whereas fees for any Board Committee membership may only be taken in deferred share units.
The value of deferred share units is tied to the share price of the Company at any point in time. These units accumulate during the
period of a Non-Executive Director’s service and may only be liquidated upon retirement, resignation or other events upon which a
Non-Executive Director steps down, the value of which may only be settled in cash.
Total fees paid will be within the
limit stated in the Articles of
Association.
None
Benefits
Non-Executive Directors do not participate in incentive schemes or receive a pension provision.
The Company reimburses travel expenditure and provides travel insurance when they are on Company business and provides
professional advice in respect of Company business. Generally, there are no other benefits but the Company may offer other
benefits reflecting the requirements of the role or changing market.
Non-Executive Directors are entitled to be reimbursed for reasonable expenses incurred during the performance of their duties,
including any tax due on these benefits. The Non-Executive Directors are also entitled to costs, expenses or contributions for such
reasonable and proportionate secretarial support as may be necessary in relation to their functions.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ remuneration policy
Continued
140 Endeavour Mining plc Annual Report 2024
Illustrations of application of remuneration policy
The graphs below provide estimates of the theoretical potential reward opportunity for the sole current Executive Director in the first year of the 2025 Policy, and the split between the three different elements of
remuneration under three different performance scenarios: ‘Minimum’, ‘Target’ and ‘Maximum’. A scenario assuming 50% share price growth above the Maximum scenario is also shown below. The
assumptions used for these charts are set out in the footnotes to the table below.
Fixed remuneration
Annual Bonus
LTIP
Assumed share price growth of 50% above maximum
Notes
1. Minimum level of pay includes the Chief Executive Officer’s base pay and 10% pension contribution.
2. Target level of base pay assumes 150% of annual bonus and a 300% long-term incentive target value.
3. Maximum level of pay assumes all pay is earned at the maximum amounts in the policy table.
4. All scenarios assume no dividend equivalents and the minimum, target and maximum scenarios assume no movement in share price.
Service agreements
The Executive Director has a service contract with a notice period of 18 months within the first six months of employment and a notice period of 12 months after the first six months of employment to be given
by either the Company or the Executive Director. Other Executive Directors appointed in future would be employed with a notice period of six months to be given by either the Company or the Executive Director.
The Chair and Non-Executive Directors have letters of appointment. The notice period for the Chair and the Non-Executive Directors is 30 days. The appointment of the Chair and each Non-Executive Director
may be terminated immediately in certain circumstances such as committing a material breach of duties.
The appointment of the non-independent Non-Executive Directors nominated by our major shareholder, La Mancha, may additionally be terminated in accordance with the Relationship Agreement, or they may
alternately be ineligible for re-nomination. The Company may also terminate their appointment if the Relationship Agreement is terminated.
The service contracts and letters of appointment are kept for inspection at the Company’s registered office.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ remuneration policy
Continued
141 Endeavour Mining plc Annual Report 2024
CEO
Total remuneration ($m)
Minimum
Target
Maximum
Maximum + 50% share
price growth
$0.0
$2.5
$5.0
$7.5
$10.0
$12.5
$15.0
$17.5
$20.0
100%
20%
14%
16%
22%
64%
65%
$1.5m
$7.5m
$11.1m
10% 16% 49%
24% $14.7m
Policy on payments for loss of office
The Company may require the Executive Director to work their notice period or may choose to place the individual on ‘garden leave’ if this is the most commercially sensible approach. In the event of
termination certain restrictions may apply for a period of up to 12 months to protect the business interests of Endeavour.
Payment in lieu of notice may be made for the unexpired portion of the notice period which is limited to the Executive Director’s base salary (and benefits, but not pension contributions in the case of the Chief
Executive Officer) and is subject to mitigation. The Company may make such payments in monthly instalments. The employment of the Executive Director is terminable with immediate effect and without
payment in lieu of notice in certain circumstances including gross misconduct.
The treatment of any outstanding incentive awards will be determined based on the relevant plan rules as summarised in the table below:
Annual bonus
There is no automatic entitlement to a bonus payment in the event of termination. An annual bonus (or portion thereof) may be payable depending on the circumstances of departure. Generally, leavers
will lose entitlement to a bonus unless the individual is considered a ‘good leaver’. Good leavers are eligible to be paid a bonus depending on whether performance conditions have been met and any
payment will usually be pro-rated for the period of employment, with Remuneration Committee discretion to treat otherwise.
Deferred bonus
Deferred bonus shares earned under the STIP programme will be forfeited on leaving in the case of summary dismissal by the Company or voluntary resignation, with Committee discretion to treat
otherwise. In other circumstances, awards will normally be released at the usual time, although the Remuneration Committee can apply discretion to allow earlier release. On death, awards are typically
released immediately.
LTIP
The default treatment is that any outstanding awards lapse on leaving. But if the Director leaves with more than two years’ service for one of the designated ‘good leaver’
1
reasons set out in the plan
rules, the awards will usually vest on the normal vesting date subject to the satisfaction of the relevant performance criteria and, unless the Committee decides otherwise, reduced on a time pro-rated
basis to reflect early leaving.
Alternatively, the Committee may decide that the awards will vest on leaving as a good leaver, with the extent of vesting determined having regard to the extent to which performance criteria have then
been met or are likely to be met and, unless the Committee decides otherwise, reduced on a pro-rata basis. The balance of the awards will lapse.
Unless the Committee decides otherwise, any holding period will continue to apply after leaving (except on death).
Outstanding shares subject to a holding period will not generally lapse and the holding period will normally continue.
Corporate event/
change in control
In the event of a change of control of the Company (other than an internal reorganisation), LTIP and deferred bonus awards and DSUs will vest in full and any holding period will come to an end. Awards
and DSUs may be exchanged for equivalent awards over shares in any new holding company of the Company.
1. For the purpose of the table above, a good leaver is generally defined as a participant that ceases employment due to ill-health, injury, disability (in each case evidenced to the satisfaction of the Remuneration Committee), retirement with the
agreement of the Company, the participant’s employing Company ceasing to be a Group company, the business or part of the business to which the participant’s employment related being transferred to a person who is not a Group company or
any other reason at the Remuneration Committee’s discretion. It is the Committee’s intention to use this discretion only in circumstances where there is an appropriate business case which will be explained in full to shareholders.
To the extent that any individual promoted to an Executive Director from inside Endeavour has any legacy contractual arrangements, these will continue and be deemed to be incorporated within the Policy but
will be fully disclosed in the Directors’ Remuneration Report.
The Remuneration Committee reserves the right to make other non-material payments in connection with an Executive Director’s cessation of employment. Any such payment may include paying accrued but
untaken holiday pay, a reasonable level of fees for outplacement assistance and/or the Director’s legal or professional advice fees in connection with his cessation of employment.
The Remuneration Committee may agree exit payments with a Director in good faith to discharge an existing legal obligation, or as damages for breach of such obligation, or in settlement or compromise of any
claim or potential claim arising on termination of a Director’s office or employment. No other payments are made on termination to any Non-Executive Director of the Company, except that DSUs of that Non-
Executive Director accumulated in their capital account would be settled, as well as the payment of any outstanding amounts in respect of their annual retainer or Committee fees to the end of the financial
year in which the termination occurs (as has been the convention of Endeavour, subject to Board discretion), eligible unreimbursed expenses and reasonable legal or professional advice fees in connection with
the Director’s termination. However, they will lapse if the Non-Executive Director is terminated (other than on death) before the DSU vests. However, this does not apply if the Non-Executive Director is not
re-elected.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ remuneration policy
Continued
142 Endeavour Mining plc Annual Report 2024
Policy on recruitment
Talent is key to the success of Endeavour and the remuneration framework needs to be such that the Company is able to attract talent of the right calibre to successfully execute the Company’s business
strategy. When determining remuneration for a newly appointed Executive Director, the Remuneration Committee will take into account an individual’s role, experience, track record and relevant data points
such as market data and internal relativities. The approach on recruitment is summarised below:
Annual bonus
Base salary will be determined with reference to the individual’s role and responsibilities, experience and skills, track record, relevant market data, internal relativities, and their current base salary.
Salaries may be set at a level lower than the prevailing market rate with increases made at a higher than usual rate as the individual gains experience in the role.
Pension
Participation in the Company’s defined contribution pension plan or cash alternative in line with the Policy.
Benefits
Benefits in line with the Policy, including relocation benefits if appropriate.
Annual bonus
The structure described in the Policy table will normally apply for new appointees with the relevant maximum typically pro-rated to reflect service during the year. For the first year of appointment, the
Remuneration Committee may determine that the annual bonus may be subject to terms considered appropriate.
LTIP
LTIP awards will normally be on the same terms as other Executive Directors as described in the Policy table.
Buyout awards
The Remuneration Committee recognises that it may be necessary, in certain circumstances, to provide compensation for amounts forfeited from a previous employer. Generally, any buyout awards will
be made on a like-for-like basis in terms of commercial value, form, application of performance conditions and timing of receipt to ensure that they reflect the incentives they are replacing.
To facilitate any buy-out awards outlined above, in the event of recruitment the Committee may grant awards to a new Executive Director relying on the exemption in the UK Listing Rules, which allows for the
grant of awards to facilitate, in unusual circumstances, the recruitment of an Executive Director, without seeking prior shareholder approval or under any other appropriate Company incentive plan.
Element
Policy and operation
The approach for an internal promotion will be consistent with that outlined above, having regard to that individual’s existing compensation terms. Where an individual has contractual commitments or
outstanding awards made prior to their promotion, the Company will honour these legacy arrangements.
For interim positions a cash supplement may be paid rather than salary (for example a Non-Executive Director taking on an executive function on a short-term basis).
On appointment of a new Non-Executive Director or Chair, the information set out in the Policy table will apply.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ remuneration policy
Continued
143 Endeavour Mining plc Annual Report 2024
Application of policy for 2025
The key points to note in respect of Executive Director remuneration in 2025 are as follows:
– The CEO’s salary is unchanged from 2024 at $1,200,000;
– The maximum bonus opportunity for the CEO is 200% of base salary, calculated on the achievement
of the metrics set out below;
– The quantum of LTIP awards for 2025 is 400% of base salary (at Target) assessed on the outturn of
a strategic scorecard; and
– Non-Executive Director base fees for 2025 (excluding the Chair) have been increased by 10% with
effect from 1 January 2025. This is the first increase in Non-Executive Directors’ remuneration since
the London listing in 2021.
Annual Bonus
The 2025 STIP replicates many of the key performance indicators which we believe are important for
the Company to achieve every year, in order to deliver stable business results, although certain
elements and annual targets for each element will vary year to year. The following has been agreed for
the 2025 STIP award:
– 15% of the award scorecard is weighted to ESG linked measures, with a focus on Climate and
Procurement Scope 3 (Engagement);
– 15% for safety based on TRIFR measures and no major tailings or environmental incident in the
year;
– 45% for business and financial performance metrics (mine free cashflow, cost base and production);
– 15% against capital projects development metrics; and
– the final 10% is based on metrics relating to exploration reserves replacement.
The Committee believes that these KPIs are appropriate to reflect robust Company performance,
balanced with maintaining important ESG and HSE standards and that they provide a suitable range of
stretch targets from threshold through to maximum. Concept studies are market sensitive but will be
disclosed retrospectively in the 2025 Annual Report and are summarized below.
Please refer to the 2025 STIP table on page 146 for further detail.
Long-Term Incentive
The 2025 LTIP award is designed to align the CEO’s reward with the shareholder experience.
The first 50% of the award employs two distinct but related performance conditions: relative returns
versus a group of the top global gold mining peers, and absolute returns versus our public
commitments for shareholder returns (through dividends, but excluding share buybacks). Each of these
‘relative’ and ‘absolute’ factors has a 25% weighting, and we believe that this combined 50%
shareholder-experience weighting, adequately aligns with the primary investment interests of our
shareholders, while still leaving room for relevant incentives on other important stakeholder metrics.
The additional metrics relating to the remaining 50% of the award, include a Net Debt/EBITDA target in
respect of 10% of the award, which is aimed at incentivising financial prudence and discipline around
the balance sheet, and a combined capital projects and exploration target of 25%, which focuses on
the requirement for management to deliver on the critical pathway steps towards a construction
decision for the Assafou project as approved by the Board. The ESG target of 15%, relates to land
restoration and protection.
Please refer to the LTIP 2025 award matrix on page 147 which provides full details of the metrics.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
144 Endeavour Mining plc Annual Report 2024
STIP matrix for 2025 award
2025 Measures
1
Weighting
2,7
(%) Threshold Target Maximum
Mine free cash flow
3,5
15% Better than the low end of guidance at $2,200/
oz
Mid-Point of Guidance at $2,200/oz Above the high end of guidance at $2,200/oz
Production
5
15% Above bottom end guidance Mid-Point of Guidance Beat high end of guidance
AISC
4,5
15% Within guidance at $2,200/oz $1,275/oz at $2,200/oz Below/at low end of guidance at $2,200/oz
ESG: Climate & Procurement Scope 3
(Engagement)
8% 20% Engagement or Integration 6% of total
Supplier Spend as defined per the Green
House Gas (“GHG”) protocol
30% Engagement or Integration 12% of total
Supplier Spend as defined per the Green
House Gas (“GHG”) protocol
35% Engagement and Integration 12% of total
Supplier Spend as defined per the Green
House Gas (“GHG”) protocol
ESG: People Strategy
8
8% Completion of Group-wide enhanced grading
project
Threshold + Succession plan implemented for
all roles from head of department level and
above across the organisation, identifying at
least one internal candidate for each role or
determining the need to source potential
successors externally.
Target + Development plans created for all
identified successors for critical positions in
the company.
HSE
3,8
8% TRIFR group average for FY2024 and FY2025
below mid-point of Peer Group and no fatality in
the period.
2
Threshold and all sites Emergency Response
Team qualify and compete in FY2025
Company Mine Rescue Competition.
Target + Complete six Visible Felt Leadership
Inspection at our operating sites per EVP
during FY2025 visits.
HSE
9
8% No Major TSF or Environmental incident
(Level 5) in the period.
Projects
8
15% One Concept Study to be completed in 2025 Two Concept studies to be completed in
2025
Three Concepts studies to be completed in
2025
Exploration
6
: Replacement of average
depletion over 2022, 2023 and 2024
10% Miss target by less than 10% Meets target (100%) Exceeds target by more than 10%
1. Objectives based on portfolio and status quo as at 1 January 2025, adjusted for any subsequent M&A activity during the vesting period.
2. Same peer group as the LTIP 2025 TSR calculation, Top 20 defined Global gold producers, at 12 months cumulative as at 30 Sept 2025.
3. Work-related, does not include the transportation of employees outside of our operations.
4. Excludes disposals in the vesting period.
5. External guidance presented at $2,000/oz.
6. On a contained ounce basis.
7. Achievement outcomes are interpolated on a straight-line basis from Threshold (50%) to Target (100%) and from Target (100%) to where maximum (133%). Measures are interpolated where applicable.
8. No straight line interpolation on scoring, Threshold at 50%, Target at 100% and Maximum at 150% of weighting.
9. Objective weighting is scored at 150% if the outcome is meet.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
Continued
145 Endeavour Mining plc Annual Report 2024
LTIP matrix for 2025 award
2025 Measures
1
Weighting
2,7
(%) Threshold Target Maximum
TSR - Performance
(Rank 1-20)
3,4
25% Ranked 10th to 6th place. Ranked 10th to 6th place. Top 5 performers.
Dividends
5,6
25% $600m $648m $700 million
Net debt
6
10% ≤0.5x ≤0.5x ≤0.3x
Projects & Exploration
8
25% A drill programme executed to confirm the
Reserve & Resources for DFS and two new
exploration satellite deposits discovered at the
Assafou Project with a defined resource, during
the vesting period.
Threshold + A ESIA completed to a FIS
standard during the vesting period.
Target + Assafou Resettlement Action Plan
(“RAP”), community road and overhead power
line early works design completed (Excludes
construction works and/or any physical
resettlement).
ESG 15% Cumulative land restoration and protection
100ha for the Group during the vesting period.
Cumulative land restoration and protection
125ha for the group during the vesting period.
Cumulative land restoration and protection
150ha for the group during the vesting period.
1. Objectives based on portfolio and status quo as at 1 January 2025, adjusted for any subsequent M&A activity during the vesting period.
2. Weightings are interpolated where applicable.
3. Measured against grant price over the vesting period. Subject to average three month pricing mechanism and backward looking average, in line with UK best practice.
4. Peer group as defined by Remuneration Committee. Peer group includes Newmont, Agnico Eagle, Barrick, Northern Star Resources, Gold Fields, Kinross, AngloGold Ashanti, Alamos Gold, Evolution Mining , Harmony, Lundin Gold, B2 Gold, Eldorado
Gold, Sibanye Stillwater, IAM Gold , Equinox Gold, Perseus Mining, New Gold and Oceana Gold.
5. Delivers Shareholder Returns Strategy as defined by the plan (dividends only) for the 2024-2026 period. Excludes any special dividends associated with M&A, and adjusted for any strategic decision taken by the Board during the vesting period
concerning the construction of Assafou.
6. Adjusted for any strategic decision taken by the Board during the vesting period concerning the construction of the Assafou Project.
7. Achievement outcomes are interpolated on a straight-line basis from Threshold (50%) to Target (100%) and from Target (100%) to where maximum (150%) measures are interpolated where applicable.
8. No straight line interpolation on scoring, Threshold at 50%, Target at 100% and Maximum at 150% of weighting.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
Continued
146 Endeavour Mining plc Annual Report 2024
Historical Group CEO remuneration outcomes
Given that we have only completed three complete financial years as a listed company on the London
Stock Exchange, only four years of data is shown below. This will be built on over the years to come, to
eventually present a view of total remuneration for the Chief Executive Officer over 10 years.
Single figure of remuneration for
the CEO $000 2024 2023 2022 2021
CEO – Ian Cockerill 2,565 — — —
Annual bonus pay-out (% of maximum) 40% — — —
LTIP pay-out (% of maximum) — — — —
Former CEO – Sébastien de Montessus
1
(10,954) 10,776 10,844 22,745
Annual bonus pay-out (% of maximum) — — 76% 100%
LTIP pay-out (% of maximum) — 83% 100% 81%
1. As set out in the single figure of remuneration section on page 148 above, the former CEO also forfeited unvested
share awards over a total of 679,812 shares (valued at US $16.8 million). This amount has not been included in the
clawback amount above as it relates to awards which were not previously reported in the single figure table as the
relevant performance periods were still in flight.
Relative importance of spend on pay
The table below shows the total expenditure on employee remuneration and the distributions
to shareholders in 2024.
2024 2023
Employee remuneration
1
$240m $213m
Distributions to shareholders
2
$277m $266m
1. Employee remuneration includes amounts capitalised to payroll of $18 million in 2024 and $21 million in 2023
primarily related to delivery of the Lafigué Project.
2. Includes dividends declared and share buybacks carried out, during the 2024 and 2023 financial years.
Directors’ interests in the shares of the Company (audited)
Alignment to shareholder interests (audited)
At 31 December 2024, current levels of ownership by the CEO are shown below.
Director
Requirement as
a % of salary
Current %
of salary
held
1
% of
requirement
achieved
Number of
shares
owned
Value of
shareholding
2
Date of
requirement to be
achieved
Ian Cockerill 300% 48% 16% 31,900 577,708 January 2029
1. Shareholding percentage calculated using closing price on 31 December 2024 of CAD$26.05 and USD:CAD FX rate of
0.6952.
2. The value of shares shown in this table includes shares held but excludes unvested PSUs.
A summary of interests in shares and scheme interests of the Directors who served during the year is
given below. No shares were held by any connected persons of the Directors.
No shares were purchased or disposed of between 31 December 2024 and 5 March 2025.
Directors
Total number of shares
Unvested with performance
conditions(2024)
31 December
2024
1 January
2024 At target At maximum
Sébastien de Montessus
1
824,171
2
824,171 — —
Ian Cockerill 31,900 13,400 175,332 262,998
Venkat 11,000 6,000 — —
Naguib Sawiris 47,820 — n/a —
1. Mr de Montessus left the Company on 4 January 2024.
2. Number of shares held by Mr de Montessus on 4 January 2024, the date he left the Company.
No awards were made without performance conditions during the year. None of the Non-Executive
Directors have held any options or share awards, other than the DSUs noted above and below. DSUs
are not options or awards and are not subject to performance conditions.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
Continued
147 Endeavour Mining plc Annual Report 2024
Non-Executive Directors’ fees
Role
Vehicle
Fee from
1January 2025
Fee from
1January 2024
Fee from
1January 2023
Chair of the Company
1
Cash $530,000 $530,000 $530,000
Senior Independent Director
2
Cash n/a n/a $140,000
Senior Independent Director
3
Cash $70,000 $70,000 n/a
Board membership fee
4
Cash $187,000 $170,000 $170,000
Additional fees are paid as follows:
Committee Chair:
Audit DSUs $40,000 $40,000 $40,000
Remuneration DSUs $40,000 $40,000 $40,000
Other DSUs $30,000 $30,000 $30,000
Employee Engagement Director Cash $15,000 $15,000 $15,000
Committee membership:
Audit DSUs $20,000 $20,000 $20,000
Remuneration DSUs $20,000 $20,000 $20,000
Other DSUs $20,000 $20,000 $20,000
1. The fee for the Chair is a flat cash fee relating to all Board and Committee responsibilities with no DSU entitlement/
requirement.
2. The Senior Independent Director fee payable to Mr Cockerill in 2023 was paid in cash and it continued to be paid from
27 September 2023 until 4 January 2024 as the fee for his role as Deputy Chair.
3. The Senior Independent Director fee payable to Alison Baker who took over the role of Senior Independent Director
from Mr Cockerill, was pro-rated from her appointment on 27 September 2023.
4. Board membership fees may be taken in any combination of cash and/or DSUs. Committee fees may only be taken in
DSUs (except in the case of the Chair). The value of DSUs is tied to the share price of the Company at any point in
time. These units accumulate during the period of a Non-Executive Director’s service and may only be liquidated upon
retirement, resignation or other events upon which a Non-Executive Director steps down.
AGM shareholder voting
The voting outcomes for the resolution approving the 2023 Remuneration Report at the May 2024
AGM are shown below:
2024 AGM Voting Outcome
Resolution
For Against Withheld
Resolution 13 to Approve the Directors’ Remuneration
Report 96.10% 3.90% 0.006%
Directors’ service agreements
Ian Cockerill’s service contract contains a notice period of 18 months within the first six months and a
notice period of 12 months after the first six months. Non-Executive Directors have letters of
appointment which set out their duties and time commitment expected. All Non-Executive Directors
have a notice period of 30 days. They are appointed for an initial one-year term, subject to election and
annual re-election by shareholders. Details of their appointments are set out below:
Non-Executive Directors Date of appointment Years of service
Venkat May 2022 3
Ian Cockerill May 2022 3
Alison Baker March 2020 5
Cathia Lawson-Hall September 2023 1.5
Livia Mahler October 2016 8.5
Sakhila Mirza September 2022 2.5
John Munro 30 May 2024 1
Naguib Sawiris November 2015 9.5
Patrick Bouisset May 2023 2
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
Continued
148 Endeavour Mining plc Annual Report 2024
Annual percentage change in remuneration of Directors and employees
The table below shows the annual percentage change in each Director’s remuneration (Excluding LTIPS) between the year ended 31 December 2021 to the year ended 31 December 2024 and the average
percentage change in the same remuneration over the same period in respect of the employees of the Company on a full-time equivalent basis.
The average employee pay has been calculated by reference to the mean of employee pay basis. John Munro was appointed to the Board during the year ended 31 December 2024 and Sebastien de
Montessus and Tertius Zongo stepped down from the Board in January and May 2024 respectively and accordingly they have been excluded from the table below.
% change in remuneration
FY-2023-2024 FY-2022-2023 FY-2021-2022 FY-2020-2021
Director Cash DSU Other Cash DSU Other Cash DSU Other Cash DSU Other
Venkat
1
— — — 66% — — 100% — — — — —
Ian Cockerill
2
(100%) (100%) — 95% 50% — 100% 100% — — — —
Alison Baker 27% — — 11% 11% — — 20% — 21% 200% —
Cathia Lawson-Hall 317% 858% — 100% 100% — — — — — — —
Livia Mahler — — — — 23% — — (2%) — (10%) 34% —
Sakhila Mirza
1
— 200% — 295% 300% — 100% 100% — — — —
John Munro 100% 100% 100% — — — — — — — — —
Naguib Sawiris — — — — — — — — — — — —
Patrick Bouisset 57% 73% — 100% 100% — — — — — — —
Average employee (Group) 7% — (16%) 5% 61%
1. The percentages shown for these Directors are skewed due to their appointments commencing partway through the year.
2. Cash calculation includes salary, bonus, benefits and one-off award.
3. ‘Other’ calculation includes performance awards.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
Continued
149 Endeavour Mining plc Annual Report 2024
This Report has been prepared in accordance with the Companies Act 2006 and Schedule 8 to the
Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. It also
meets the requirements of the Financial Conduct Authority’s UK Listing Rules and describes how the
Board has applied the principles of good governance as set out in the UK Code. This Report sets out
how the Remuneration Policy was implemented in 2024, shows the remuneration paid to Directors in
respect of the 2024 financial year and how remuneration outcomes are linked to actual performance
as well as how we plan to implement the Remuneration Policy in 2025. It is presented to shareholders
for approval at our AGM.
Remuneration Governance
The Remuneration Committee’s responsibilities are set out in our terms of reference which we review
each year and are published in the corporate governance section of the Endeavour website.
Our responsibilities include:
– Determining the policy and structure for Directors’ remuneration and setting remuneration for the
Chair of theBoard.
– Designing remuneration policies and practices that support strategy and promote long-term
sustainable success, reflecting the Company’s culture, purpose and values, clearly linking
remuneration outcomes to successful delivery of strategy, with responsibility for the CEO
remuneration levels and structure.
– Consideration and review of appropriate market positioning of remuneration for the Executive
Management team so that it is fair and equitable.
– Ensuring an appropriate mix of fixed and variable pay and the use of short and long-term incentive
plans for executives, having regard to the Company’s strategic objectives, and setting appropriate
annual targets with a mix of financial, non-financial and strategic performance conditions.
– Determining the satisfaction or non-satisfaction of performance conditions that apply to the STIP and
LTIP during any annual period and confirming the vesting of anyawards.
– Considering and determining the circumstances in which malus and/or clawback should be used.
Please see the 2023 Annual Report for detailed information on how this was used during the year.
– Ensuring that the precepts of the UK Code are reflected in remuneration policies and practices,
including the need for clarity, simplicity, risk mitigation, predictability, proportionality and alignment
to culture.
– Entering into contractual arrangements with Executive Directors, ensuring appropriate termination
provisions and protecting the interests of Endeavour.
– Appointing remuneration consultants and commissioning reports, surveys or information deemed
necessary to the proper functioning of the Remuneration Committee.
– In determining remuneration policies for Executive Directors, reviewing and having regard to the
remuneration of the wider workforce, including considering pay gaps and disparities in the
Company’s broader approach to workforce remuneration, particularly considering gender and ethnic
diversity.
The Remuneration Committee is comprised solely of Independent Non-Executive Directors. To ensure it
is fully informed in making its decisions, the Remuneration Committee regularly invites the Chair of the
Board and certain members of management (as well as its independent remuneration adviser, Willis
Towers Watson), to attend meetings, to provide reports and updates. The Company Secretary attends
meetings as secretary to the Remuneration Committee. At the invitation of the Chair of the
Remuneration Committee, other members of the Board and management can attend including the
CEO, EVP Human Resources and SVP Finance, Treasury and Tax. Members of management are not
present when decisions are considered or taken concerning their own remuneration. When determining
Executive Director remuneration, the Remuneration Committee considers any decisions in the context
of the requirements of the business, its talent needs, competitive market practices, principles of the
UK Code and the Remuneration Policy.
Remuneration Committee performance and effectiveness
During the year the Committee met seven times. At the beginning of 2024 there were additional
meetings to discuss the remuneration of the departing CEO and to put together a remuneration
package for the new CEO.
In 2024 we undertook an internally facilitated evaluation of the Committee; the meetings of the
Committee were assessed as effective. The process undertaken for this review and the outcomes are
discussed on page 113.
Engagement of independent remuneration advisers
The Remuneration Committee seeks and considers advice from independent remuneration advisers
where appropriate. Remuneration advisers are engaged by, and report directly into, the Remuneration
Committee.
Willis Towers Watson was appointed by the Remuneration Committee in September 2020 as the
independent remuneration adviser in contemplation of the forthcoming London listing. The Willis
Towers Watson team that advises the Committee and Endeavour on remuneration and related HR
issues, does not provide any other services to the Group and Willis Towers Watson is currently the only
remuneration adviser appointed by the Remuneration Committee. Fees paid to the Willis Towers
Watson team on remuneration-related matters for 2024 were $0.3 million.
Willis Towers Watson is a member of the Remuneration Consultants’ Group, and operates under its
Code of Conduct in relation to executive remuneration consulting in the UK. The Code of Conduct is
based upon principles of transparency, integrity, objectivity, competence, due care and confidentiality
and the Code of Conduct is available online at www.remunerationconsultantsgroup.com.
The Remuneration Committee is satisfied that the advice provided by Willis Towers Watson is objective
and independent, as Willis Towers Watson provides limited consulting services to the Company and
only within the areas of UK remuneration practices and human resources. It has no other connection
with the Company or any of its Directors.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Remuneration at a glance
Continued
150 Endeavour Mining plc Annual Report 2024
The Directors present their
report for the year ended
31December 2024.
Principal activities and status
Endeavour Mining plc (the “Company”) is a
company with a commercial company listing on
the London Stock Exchange. The Company is a
multi-asset gold producer with a strategic focus
on West Africa. It was incorporated on 21 March
2021 as a public company limited by shares,
registered in England and Wales with registered
number 13280545. The Company was admitted
to the Official List of the Financial Conduct
Authority and to trading on the Main Market of the
London Stock Exchange on 14 June 2021 (the
“London listing”). The Company is also listed on
the Toronto Stock Exchange (“TSX”), where the
predecessor parent company, Endeavour Mining
Corporation (“EMC”), had previously been listed
since 2002, as well as quoted in the United
States on the OTCQX International (symbol
EDVMF).
Governance
The FRC’s UK Corporate Governance Code July
2018 version has applied to the Company since
it listed on the London Stock Exchange. The
Company was also subject to Canadian
continuous disclosure obligations and to National
Policy 58-201 – Corporate Governance Guidelines
throughout the financial period to 31 December
2024 by reason of its reporting issuer status
under Canadian securities laws and the
application of the TSX listing rules. The
Company’s statement on Governance
Compliance can be found on pages 91 to 92.
Additional Information
Additional information incorporated by reference
into this Directors’ Report, including information
required in accordance with the Companies Act
2006 and UK Listing Rule 6.6 of the UK Financial
Conduct Authority’s UK Listing Rules, can be
located asfollows:
Directors’ Responsibility Statement
Page 157
s.172 Statement
Pages 105 to 106
People, culture and employee involvement
Pages 91 to 93
Directors’ interests
Annual Report on Remuneration – Page 128
Stakeholder engagement
Strategic Report – Engaging with our
stakeholders – Pages 31 to 33
Governance Report – Stakeholder engagement
– Pages 107 to 108
Environmental Policy
Addressing climate change – Pages 67 to 86
Disclosures related to TCFD – Pages 67 to 86
Greenhouse gas emissions
Addressing climate change – Pages 67 to 86
Disclosures related to TCFD – Pages 67 to 86
Task Force on Climate-related Financial
Disclosures
Disclosures related to TCFD – Pages 67 to 86
SECR disclosure
Disclosures related to TCFD – Pages 67 to 86
Risk management objectives and policies
Pages 58 to 60
Going concern
Page 65
Governance Report
Pages 90 to 157
Long-term incentive plans
Remuneration at-a-glance – Page 145 to 147
Annual Report on Remuneration – Pages 128 to
132
Significant agreements with our shareholders
Directors’ report - Page 155
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ report
151 Endeavour Mining plc Annual Report 2024
Results and dividends
The results for the year are set out in the
consolidated financial statements for the year
ended 31 December 2024. As set out in the
Company’s Listing Prospectus, the Directors
outlined a minimum progressive dividend policy of
$125.0 million, $150.0 million and $175.0
million for 2021, 2022, and 2023 respectively,
that could be supplemented with additional
dividends and buybacks, providing the prevailing
gold price remained above $1,500/oz and that
Endeavour’s leverage remained below 0.5x Net
Debt/adjusted EBITDA. The Company's dividend
policy was based on its capital allocation and
framework and its focus on generating long-term
shareholder value.
The Company updated its dividend policy for
2024, following the completion of its phase of
organic growth. The new shareholder returns
policy announced in July 2024 is comprised of a
minimum dividend of $210.0 million and $225.0
million for 2024 and 2025 respectively, that is
expected to be supplemented with additional
dividends and share buybacks.
The minimum dividend is expected to be paid
semi-annually, provided that the prevailing gold
price for the dividend period is at, or above,
$1,850/oz and the Company has a healthy
financial position. Supplemental returns are
expected to be paid in the form of dividends and
opportunistic share buybacks if the gold price
exceeds $1,850/oz and if the Company has a
healthy financial position. Future dividends are
expected to be declared on a semi-annual basis.
The Company paid its H2-2023 dividend of $0.41
per ordinary share on 25 March 2024 and on 10
October 2024, the Company paid its H1-2024
dividend of $0.41 per ordinary share, amounting
to a total of $200.0 million paid in 2024.
On 30 January 2025 the Board declared a
second interim dividend for 2024 of $0.57 per
share, totalling $140 million which will be paid in
April 2025. Further details on the dividend
payments are set out in Note 7 to the
consolidated financialstatements.
Share capital structure
As at 31 December 2024, the Company’s issued
share capital consisted of 244,114,337 ordinary
shares of $0.01 each and there were 120,752
shares held in treasury pending cancellation and
therefore the total number of voting rights in the
Company was 243,993,585. Further details of
the share capital, including changes throughout
the year are summarised in Note 7 of the
consolidated financial statements.
At the Company’s 2024 AGM, authority was given
to the Directors pursuant to the relevant
provisions of the Companies Act 2006, to allot
shares and grant rights over securities in the
Company, up to a maximum amount equivalent to
approximately one-third of the issued ordinary
share capital as at 16 April 2024 (being the
latest practicable date prior to publication of the
notice of meeting) (the “Latest Practicable
Date”). In addition, the Directors were given
authority to allot shares and grant rights over
securities in the Company, up to a maximum of
approximately one third of the total ordinary share
capital in issue on the Latest Practicable Date in
connection with an offer by way of a rights issue.
The Directors were given authority at the 2024
AGM, to allot equity securities in the Company for
cash, without regard to the pre-emption
provisions of the Companies Act 2006 up to a
maximum of approximately 10% of the aggregate
nominal value of the shares in issue as at the
Latest Practicable Date.
The Directors were also given authority to allot
equity securities in the Company for cash, without
regard to the pre-emption provisions of the
Companies Act 2006 for an additional maximum
of approximately 10% of the aggregate nominal
value of the shares in issue as at the Latest
Practicable Date to be used only for the purposes
of financing (or refinancing, if the authority was to
be used within six months after the original
transaction) a transaction which the Board
determined to be an acquisition or other capital
investment of a kind contemplated by the
Statement of Principles on Disapplying Pre-
Emption Rights most recently published by the
Pre-Emption Group as at the Latest Practicable
Date (“the Principles”). In addition, the Directors
were authorised to allot up to an aggregate
nominal amount equal to 20% of any allotment
made from time to time in respect of the two 10%
authorities above, such authorities to be used
only for the purposes of making a follow-on offer
which the Directors determined to be of a kind
contemplated by paragraph 3 of Section 2B of
the Principles. These authorities will expire at the
conclusion of the AGM to be held in 2025.
Ordinary shareholders are entitled to receive
notice of, and to attend and speak at, any
general meeting of the Company. On a show of
hands, every shareholder present in person or by
proxy (or being a corporation represented by a
duly authorised representative) shall have one
vote, and on a poll every shareholder who is
present in person or by proxy shall have one vote
for every share of which he or she is the holder.
The Notice of AGM will specify deadlines for
exercising voting rights and appointing a proxy or
proxies.
There are no restrictions on the transfer of
shares. The Directors are not aware of any
agreements between holders of the Company’s
shares that may result in the restriction of the
transfer of securities or on voting rights.
Authority for the Company to purchase its
own shares
On 20 March 2024, the Company announced as
part of its shareholder returns programme, that it
would be continuing the share repurchase
programme announced by Endeavour Mining
Corporation (“EMC”) on 18 March 2021 for up to
5% of its total issued and outstanding shares
(the "Programme"). This is pursuant to the
authority given to the Company to purchase its
own shares at the 2022 AGM in accordance with
the Companies Act 2006. The Programme is a
continuation of the Canadian Normal Course
Issuer Bid (“NCIB”) programme of EMC. The
continuation of the Programme from 22 March
2024 was effected in accordance with the terms
of the authority granted at the 2023 AGM. During
2024 a total of 1.9 million shares were
repurchased under the Programme, with a total
nominal value of $19,000, constituting 0.8% of
the total issued share capital as at 1 January
2024, for a total consideration of $37.2 million.
The Programme will cease on 21 March 2025
unless renewed. Endeavour intends that shares
purchased under the Programme will
subsequently be cancelled. Any share
repurchases are effected in accordance with
UKLR 9.6 of the UK Listing Rules and the EU
Market Abuse Regulation 596/2014.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ report
Continued
152 Endeavour Mining plc Annual Report 2024
The market has been and will be notified in
accordance with these rules if and when
purchases are made. The Company has entered
into an agreement with Stifel Nicolaus Europe
Limited ("Stifel”), on terms which are varied from
time to time, to conduct purchases of shares
pursuant to the Programme. Stifel has instructed
Stifel Nicolaus Canada Inc. as its agent to
conduct purchases of shares on the Toronto
Stock Exchange. The Company may also
repurchase shares on the London Stock
Exchange under the terms of the Programme on
its own behalf, and Stifel may make trading
decisions concerning the timing of purchases
under the Programme, independently of the
Company, to allow for share repurchases at times
when the Company is subject to regulatory
restrictions or self-imposed trading blackouts. At
the 2025 AGM a special resolution will be put to
shareholders to renew the Company’s authority to
purchase its own shares. Approval is also being
sought from the TSX to renew the Company’s
NCIB for its share repurchase programme.
There are no securities of the Company in issue
carrying special rights with regards to the control
of the Company.
The Board
The Directors who held office during the year
unless stated otherwise, are detailed below:
Appointed Resigned
Sébastien de
Montessus
4 January 2024
Alison Baker
Ian Cockerill
Livia Mahler
Sakhila Mirza
John Munro 30 May 2024
Naguib Sawiris
Tertius Zongo 30 May 2024
Cathia Lawson-Hall
Patrick Bouisset
Srinivasan
Venkatakrishnan
The roles and biographies of the Directors in
office as at the date of this Directors’ Report are
set out on pages 94 to 97.
Powers of Directors
Subject to the Company’s Articles of Association,
UK legislation and any directions given by special
resolution, the business of the Company is
managed by the Board, which may exercise all
the powers of the Company.
Directors’ interests
Details of the Directors’ share interests can be
found in the Annual Report on Remuneration on
page 148.
All related party transactions are disclosed in
note 23 of the consolidated financial statements.
Directors’ indemnification and insurance
The Company’s Articles of Association provide for
the Directors and officers of the Company to be
appropriately indemnified, subject to the
provisions of the Companies Act 2006. The
Company purchases and maintains insurance for
the Directors and officers of the Company in
performing their duties, as permitted by section
233 of the Companies Act 2006.
Internal controls review
Taking into account the principal risks, emerging
risks and the ongoing work of the Audit and Risk
Committee in monitoring the risk management
and internal control systems on behalf of the
Board, the Directors:
– are satisfied that they have carried out a robust
assessment of the principal and emerging risks
facing the Group, including those that would
threaten its business model, future
performance, solvency or liquidity; and
– have reviewed the effectiveness of the risk
management and internal control systems and
are satisfied no significant failings were
identified.
Branches outside the UK
The Company has no branches outside the UK.
Financial instruments
The Group’s exposure to and management of
capital risk, market risk and liquidity risk is set
out in Note 8 to the consolidated financial
statements.
Articles of Association
The Articles of Association set out the internal
regulation of the Company and cover such
matters as the rights of the shareholders and the
appointment and replacement of Directors.
Changes to the Articles of Association must be
approved by shareholders in accordance with
legislation in force from time to time. A copy of
the Company’s Articles of Association can be
found on the Company’s website.
Significant interests
The table below shows the interests in shares
notified to the Company in accordance with
Chapter 5 of the Disclosure and Transparency
Rules issued by the Financial Conduct Authority,
as at 31 December 2024 and as at 31 January
2025, (being the latest practicable date prior to
publication of the Annual Report):
As at 31 December 2024
Shareholder
Number of
shares
% of issued
Share Capital
La Mancha 43,492,453 17.9%
BlackRock, Inc. 31,459,880 12.9%
Van Eck
Associates
18,323,289 7.5%
Tablo Corporation 15,578,307 6.4%
Between 31 December 2024 and 6 March 2025,
the Company was notified of the following
changes to the table above:
– TR-1 received from Van Eck Associates
Corporation on 7 February 2025. Number of
voting rights 16,9689,090, percentage of
voting rights 6.96%.
– TR-1 received from La Mancha Resources
Capital LLP on 24 February 2025. Number of
voting rights 41,298,970, percentage of voting
rights 16.98%.
– TR01 received from Blackrock, Inc. on 5 March
2025. Number of voting rights 31,257,796,
percentage of voting rights 12.85%.
The percentage of issued share capital may have
changed by a nominal amount due to a decrease
in the outstanding issued share capital as a
result of the Company’s share buyback
programme.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ report
Continued
153 Endeavour Mining plc Annual Report 2024
Change of control – significant agreements
Relationship agreement
In replacement of a pre-existing investor rights
agreement dated 18 September 2015, and
acknowledging the need for alignment with UK
expectations for such arrangements, the
Company entered into a relationship agreement
with La Mancha dated 8 June 2021, the terms of
which came into force on admission of teh
Company’s shares to trading on the London
Stock Exchange (the “Relationship Agreement”).
The Relationship Agreement provides that for so
long as La Mancha and its associates hold an
interest that in aggregate: (a) is equal to or
greater than 15% of the issued ordinary share
capital of the Company, La Mancha shall have
the right to appoint two Directors to the Board; or
(b) is equal to or greater than 10% but less than
15% of the issued ordinary share capital of the
Company, La Mancha shall have the right to
appoint one Director to the Board. Patrick
Bouisset and Naguib Sawiris have been
nominated to the Board by La Mancha under the
terms of the Relationship Agreement.
The Relationship Agreement also includes
provisions to ensure that the Group is able to do
business independently of La Mancha and its
associates. The Relationship Agreement provides
that La Mancha and its associates shall ensure
that all transactions and relationships between
La Mancha and/or any of its associates and the
Company or any member of the Group are
conducted on arm’s length terms and on normal
commercial terms.
La Mancha has also agreed in the Relationship
Agreement that, subject to customary exceptions:
(a) neither it nor any of its associates shall
exercise any of its voting or other rights and
powers to procure any amendment to the
Articles which would breach any provision of
the Relationship Agreement;
(b) it and its associates shall abstain from
voting, and shall procure that any
representative of it on the Board abstains
from voting, on any resolution to approve a
related party transaction involving it, or its
associates (or the related party); and
(c) it and its associates shall exercise their
voting rights at general meetings of the
Company to give effect to, and in a manner
that is compliant with, the terms of the
Relationship Agreement. La Mancha has
agreed that disposals of shares or securities
convertible into shares by it through the
facilities of a stock exchange shall take place
in a manner that does not disrupt orderly
trading in those securities. La Mancha has
also agreed to notify the Company at least
two business days in advance of any disposal
of an interest in shares or in securities
convertible into shares which at such time
(and in the case of the convertible securities
after giving effect to their conversion into
shares) would constitute an interest of 3% or
more of the issued share capital of the
Company. The Relationship Agreement will
remain in effect until the shares cease to be
admitted to listing on the premium segment
of the Official List and to trading on the Main
Market or La Mancha’s rights to nominate at
least one Director have been extinguished.
Senior Notes
On 1 October 2021, the Company announced an
offering of $500.0 million Senior Notes due 2026
under Rule 144A/Regulation S. The Company
announced that it had successfully priced the
Senior Notes at a rate equal to 5% per annum on
7 October 2021. The Senior Notes are senior
unsecured obligations of the Company, are
guaranteed by certain holding company
subsidiaries, pay interest semi-annually in
arrears, and will mature on 14 October 2026. The
terms of the Senior Notes include customary
provisions relating to call rights and redemption,
equity clawback, treatment of the Senior Notes
upon change of control, and other restrictions
associated with the Senior Notes as more
precisely detailed in the description of Senior
Notes. The Senior Notes are listed on the Global
Exchange Market of the Irish Stock Exchange. To
facilitate the offering of the Senior Notes the
Company obtained initial credit ratings from
Standard & Poor’s and Fitch Ratings.
Refinanced Revolving Credit Facility Agreement
On 5 November 2024, the Company signed a
new $700.0 million sustainability-linked Revolving
Credit Facility (“New RCF”), on similar terms to
the 2021 $500 million RCF (which was increased
under an accordion option to $645 million
availability), to be applied towards the general
corporate purposes of the Group. The New RCF
was entered into by Citibank NA, London Branch,
acting as co-ordinating mandated lead arranger,
Bank of Montreal, London Branch, HSBC Bank
Plc, ING Bank N.V., Macquarie Bank Limited,
Nedbank Limited, London Branch and Standard
Bank of South Africa (acting through its Isle of
Man Branch), as mandated lead arrangers, and
Standard Chartered Bank, lead arranger. BMO
Nesbitt Burns acted as sustainability co-ordinator
and ING Bank N.V. as facility agent.
In addition the RCF:
1. has an initial term of four years;
2. bears interest quarterly in arrears at a rate
equal to SOFR plus between 2.40% to 3.40%
per annum based on the Company’s leverage
ratio and sustainability margin ratchet;
3. has an accordion option, whereby an increase
in available commitments of up to a
maximum of $150 million may be requested,
subject however to further bank credit
commitments (total available commitments
may reach $850 million);
4. provides that, upon the occurrence of a
change of control, if a lender so requires, the
commitments of that lender can be cancelled
and amounts outstanding to that lender
become immediately due and payable;
5. contains a change of control provision such
that upon the occurrence of a change of
control, if a lender so requires, the
commitments of that lender can be cancelled
and amounts outstanding to that lender
become immediately due and payable; and
6. contains customary representations,
undertakings, negative pledge and events of
default, as well as certain financial
covenants.
As at 31 December 2024, $470.0million of the
facility was drawn.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ report
Continued
154 Endeavour Mining plc Annual Report 2024
Lafigué financing
On 28 July 2023, the Company entered into a
$167.1 million (CFA 100,500 million) syndicated
term loan ("term loan") with local banking
partners within the West African Economic Zone
("UEMOA"). To date the Group has drawn
down $133.2million (net of principal
repayments), which was used to support the now
commissioned Lafigué project. The term loan
bears interest at a fixed rate of 7.0% per annum,
payable quarterly, while the principal will amortise
in sixteen equal quarterly payments
commencing 28 October 2024. The local entity,
Société des Mines de Lafigué, is the borrower on
the facility, which is guaranteed by Endeavour
Mining plc.
Compensation for loss of office
Please refer to the Directors’ Remuneration Policy
on page 143.
Disclosure of information to Auditors
The Directors who held office at the date of
approval of this Directors’ Report confirm that, so
far as they are each aware, there is no relevant
audit information of which the Company’s auditor
is unaware and that each Director has taken all
the steps that they ought to have taken as a
Director to make themselves aware of any
relevant audit information and ensure that the
auditor is aware of such information.
The confirmation is given and should be
interpreted in accordance with the provisions of
section 418 of the Companies Act 2006.
Auditor
BDO has indicated its willingness to continue in
office and a resolution seeking to reappoint BDO
will be proposed at the forthcoming AGM.
Annual General Meeting
The AGM will be held on 22 May 2025. At the
meeting, resolutions will be proposed to receive
the Annual Report and financial statements,
approve the Directors’ Remuneration Report and
the new Remuneration Policy 2025, re-elect
Directors and appoint BDO as auditor and
determine its remuneration. In addition, it will be
proposed that expiring authorities to allot shares
and to repurchase shares are extended. An
explanation of the resolutions to be put to the
shareholders at the 2025 AGM and the
recommendations in relation to them, will be set
out in the 2025 AGM Notice.
Political and charitable donations
No political donations or charitable contributions
in the UK were made by the Company or its
subsidiaries during the year.
Post Balance Sheet events
Interim dividend
On 30 January 2025, the Board of Directors of
the Company announced its second interim
dividend for 2024 of $140.0 million or
approximately $0.57 per share, which will be paid
on 15 April 2025 to shareholders on the register
at close on 14 March 2025.
Share buyback programme
Subsequent to 31 December 2024 and up to 5
March 2025, the Group has repurchased a total
of 1,068,888 shares at an average price of
$20.38 for total cash outflows of $21.8 million.
Repayment on the New RCF
Subsequent to 31 December 2024 and up to 6
March 2025, the Group repaid $70.0 million on
the New RCF.
Receipt of cash consideration
Subsequent to 31 December 2024, the Group
received a further $10.0million from the State of
Burkina Faso in relation to the settlement
agreement with a further $9.8 million expected to
be received in the first half of 2025.
Land claim
In January 2024, Société des Mines d'Ity, a
subsidiary of the Group, received a written
summons for the pre-emptive seizure of
approximately $15.2 million as security for a land
compensation claim brought by a local family. The
Group successfully challenged this claim and in
February 2025 the restriction on the cash was
released. The cash will transfer from other
financial assets to cash and cash equivalents.
The Directors’ Report was approved by the Board
of Directors on 6March 2025.
By Order of the Board
Ian Cockerill
Chief Executive Officer
6March 2025
OVERVIEW
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ADDITIONAL
INFORMATION
Directors’ report
Continued
155 Endeavour Mining plc Annual Report 2024
The Directors are responsible for preparing the
Annual Report and the financial statements in
accordance with UK adopted international
accounting standards and applicable law and
regulations.
Company law requires the Directors to prepare
financial statements for each financial year.
Under that law the Directors are required to
prepare the Group financial statements and have
elected to prepare the Company financial
statements in accordance with UK adopted
international accounting standards and have
elected to prepare the Company financial
statements in accordance with Financial
Reporting Standard 101 Reduced Disclosure
Framework (“FRS 101”). Under company law the
Directors must not approve the financial
statements unless they are satisfied that they
give a true and fair viewof the state of affairs of
the Group and Company andof the profit or loss
for the Group and Company for that period.
In preparing these financial statements, the
Directors are required to:
– Select suitable accounting policies and then
apply them consistently.
– Make judgements and accounting estimates
that are reasonable and prudent.
– State whether they have been prepared in
accordance with UK adopted international
accounting standards, subject to any material
departures disclosed and explained in the
financial statements.
– Prepare the financial statements on the going
concern basis unless it is inappropriate to
presume that the Group and the Company will
continue in business.
– Prepare a Directors’ Report, a Strategic Report
and Directors’ Remuneration Report which
comply with the requirements of the
Companies Act 2006.
The Directors are responsible for keeping
adequate accounting records that are sufficient to
show and explain the Company’s transactions
and disclose with reasonable accuracy at any
time the financial position of the Company and
enable them to ensure that the financial
statements comply with the Companies Act
2006.
They are also responsible for safeguarding the
assets of the Company and hence for taking
reasonable steps for the prevention and
detection of fraud and other irregularities. The
Directors are responsible for ensuring that the
annual report and accounts, taken as a whole,
are fair, balanced, and understandable and
provides the information necessary for
shareholders to assess the Group’s performance,
business model and strategy.
Website publication
The Directors are responsible for ensuring the
Annual Report and the financial statements are
made available on a website. Financial
statements are published on the Company’s
website in accordance with legislation in the
United Kingdom governing the preparation and
dissemination of financial statements, which may
vary from legislation in other jurisdictions. The
maintenance and integrity of the Company's
website is the responsibility of the Directors. The
Directors' responsibility also extends to the
ongoing integrity of the financial statements
contained therein.
Directors’ responsibilities pursuant to DTR4
The Directors confirm to the best of their
knowledge:
– The financial statements have been prepared
in accordance with the applicable set of
accounting standards, and give a true and fair
view of the assets, liabilities, financial position
and profit and loss of the Group and Company.
– The Annual Report includes a fair review of the
development and performance of the business
and the financial position of the Group and
Company, together with a description of the
principal risks and uncertainties that they face.
This responsibility statement was approved by
the Board and signed on its behalf by:
Chief Executive Officer
6March 2025
OVERVIEW
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Directors’ Responsibility statement
156 Endeavour Mining plc Annual Report 2024
CONSOLIDATED
FINANCIAL
STATEMENTS
157 Endeavour Mining plc Annual Report 2024
159 INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ENDEAVOUR MINING PLC
169 CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
170 CONSOLIDATED STATEMENT OF CASH FLOWS
171 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
172 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
173 1 DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
173 2 BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES
181 3 CRITICAL JUDGEMENTS AND KEY ESTIMATES
185 4 DIVESTITURES
188 5 EARNINGS FROM OPERATIONS
190 6 IMPAIRMENT OF MINING INTERESTS
192 7 SHARE CAPITAL
195 8 FINANCIAL INSTRUMENTS AND RELATED RISKS
200 9 DEBT
202 10 TRADE AND OTHER RECEIVABLES
202 11 INVENTORIES
203 12 MINING INTERESTS
204 13 GOODWILL
204 14 OTHER FINANCIAL ASSETS
205 15 TRADE AND OTHER PAYABLES
205 16 DEFERRED REVENUE
206 17 LEASE LIABILITIES
207 18 OTHER FINANCIAL LIABILITIES
207 19
ENVIRONMENTAL REHABILITATION PROVISION
208 20 NON-CONTROLLING INTERESTS
209 21 SUPPLEMENTARY CASH FLOW INFORMATION
211 22 INCOME TAXES
214 23 RELATED PARTY TRANSACTIONS
220 24 SEGMENTED INFORMATION
222 25 CAPITAL MANAGEMENT
222 26 COMMITMENTS AND CONTINGENCIES
223 27 SUBSEQUENT EVENTS
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ADDITIONAL
INFORMATION
158 Endeavour Mining plc Annual Report 2024
In this section
159 INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ENDEAVOUR MINING PLC
169 CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
170 CONSOLIDATED STATEMENT OF CASH FLOWS
171 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
172 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
173 1 DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
173 2 BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES
181 3 CRITICAL JUDGEMENTS AND KEY ESTIMATES
185 4 DIVESTITURES
188 5 EARNINGS FROM OPERATIONS
190 6 IMPAIRMENT OF MINING INTERESTS
192 7 SHARE CAPITAL
195 8 FINANCIAL INSTRUMENTS AND RELATED RISKS
200 9 DEBT
202 10 TRADE AND OTHER RECEIVABLES
202 11 INVENTORIES
203 12 MINING INTERESTS
204 13 GOODWILL
204 14 OTHER FINANCIAL ASSETS
205 15 TRADE AND OTHER PAYABLES
205 16 DEFERRED REVENUE
206 17 LEASE LIABILITIES
207 18 OTHER FINANCIAL LIABILITIES
207 19
ENVIRONMENTAL REHABILITATION PROVISION
208 20 NON-CONTROLLING INTERESTS
209 21 SUPPLEMENTARY CASH FLOW INFORMATION
211 22 INCOME TAXES
214 23 RELATED PARTY TRANSACTIONS
220 24 SEGMENTED INFORMATION
222 25 CAPITAL MANAGEMENT
222 26 COMMITMENTS AND CONTINGENCIES
223 27 SUBSEQUENT EVENTS
Independent auditor’s report to the shareholders of Endeavour Mining plc
Opinion on the financial statements
In our opinion:
– the financial statements give a true and fair view of the state of the Group’s and of the Parent
Company’s affairs as at 31 December 2024, and of the Group’s loss for the year then ended;
– the Group financial statements have been properly prepared in accordance with UK adopted
international accounting standards;
– the Parent Company financial statements have been properly prepared in accordance with United
Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure
Framework (United Kingdom Generally Accepted Accounting Practice); and
– the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of Endeavour Mining plc (the ‘Parent Company’) and its
subsidiaries (the ‘Group’) for the year ended 31 December 2024, which comprise the consolidated
statement of comprehensive loss, consolidated statement of cash flows, consolidated statement of
financial position, consolidated statement of changes in equity and notes to the consolidated
financial statements as well as the company statement of financial position, statement of changes
in equity and notes to the parent company financial statements, including material accounting policy
information. The financial reporting framework that has been applied in their preparation is
applicable law and UK adopted international accounting standards. The financial reporting
framework that has been applied in the preparation of the Parent Company financial statements is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard
101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
Separate opinion in relation to IFRSs as issued by the IASB
As explained in note 2 to the Group financial statements, the Group, in addition to complying with
its legal obligation to apply UK adopted international accounting standards, has also applied IFRSs
as issued by the International Accounting Standards Board (IASB).
In our opinion the Group financial statements give a true and fair view of the consolidated financial
position of the Group as at 31 December 2024 and of its consolidated financial performance and
its consolidated cash flows for the year then ended in accordance with IFRSs as issued by the IASB.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our
audit opinion is consistent with the additional report to the audit committee.
Independence
Following the recommendation of the Audit Committee, we were appointed by the Directors on 20
November 2020 to audit the financial statements for the year ended 31 December 2020 and
subsequent financial periods. The period of total uninterrupted engagement including retenders and
reappointments is 5 years, covering the years ended 31 December 2020 to 31 December 2024.
We remain independent of the Group and the Parent Company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the
FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by that standard were not provided to the Group or the Parent
Company.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group and the Parent Company’s ability to
continue to adopt the going concern basis of accounting included:
– We used our understanding of the Group and the industry in which it operates to identify the
inherent risks most impacting its ability to continue operations through the going concern period.
We consider the risks most impactful on the Group and Parent Company’s liquidity position and
ability to continue as a going concern to be gold pricing, as well as cash repatriation to ensure
future debt servicing requirements are met.
– We obtained and reviewed the Directors’ base case cash flow forecast, evaluating the
assumptions in respect of gold prices, production, operating costs, foreign exchange rates and
capital expenditure. In doing so, we:
– Considered historical performance and trading to date in Q1-2025, as well as consensus
external market data forecasts;
– Performed a review and recalculation of forecast covenants;
– Verified the integrity of the mechanics of the cash flow forecast model prepared by
management and approved by the Directors;
– We obtained and critically assessed the downside scenarios prepared by management which
included the modelling of production disruptions, downturns in prevailing gold prices, increases in
operating costs, as well as reasonably plausible scenarios combining those downsides. As part of
this, we reviewed any appropriate mitigating actions, and confirmed that liquidity and covenant
compliance are maintained under such scenarios.
– We also assessed the adequacy of the going concern disclosures in note 2 based on our audit
work performed as detailed above.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the Group and
the Parent Company’s ability to continue as a going concern for a period of at least twelve months
from when the financial statements are authorised for issue.
In relation to the Parent Company’s reporting on how it has applied the UK Corporate Governance
Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in
the financial statements about whether the Directors considered it appropriate to adopt the going
concern basis of accounting.
OVERVIEW
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GOVERNANCE
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
159 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Our responsibilities and the responsibilities of the Directors with respect to going concern are
described in the relevant sections of this report.
Overview
Key audit matters
KAM 2024 2023
1 Evaluation of life of mine estimates and assessment
of impairment of mining interests and goodwill for the
Sabodala-Massawa cash generating unit (‘CGU’).
Yes Yes
2 Assessment of estimates used in the determination
of reserves and resources.
Yes Yes
3 Investigation into financial irregularities pertaining to
the CEO dismissal on the financial statements.
No Yes
4 Assessment of impairment of mining assets for the
Kalana cash generating unit (‘CGU’).
Yes No
5 Assessment of the net realisable value of stockpiles
in the Sabodala-Massawa cash generating unit
(‘CGU’).
Yes No
KAM 1 previously read “Risk that life of mine estimates are inappropriate
and that mining interests and goodwill are impaired” and has been updated
to reflect that the risk principally relates to the Sabodala-Massawa CGU for
the year ended 31 December 2024, rather than to both the aforementioned
and Mana in the year ended 31 December 2023.
KAM 3 is no longer considered to be a key audit matter given the CEO’s
dismissal occurred as part of the post balance sheet period pertaining to
the year ended 31 December 2023, and was concluded on as part of the
audit of the year then ended.
KAM 4 is now deemed to be a key audit matter due to the subjectivity of
the valuation methodology (based entirely on an extrinsic in-situ valuation)
as compared to the other material exploration and development assets
held by the Group.
KAM 5 is considered to be a key audit matter due to operational changes,
which have resulted in updates to the mine feed plan and timing of
stockpile consumption, at the Sabodala-Massawa mine.
Materiality Materiality for the Group financial statements a whole was set at $36m
(2023: $22m) based on 3% of adjusted EBITDA (2023: 5% of adjusted
profit before tax). Please refer to “our application of materiality” regarding
the change in materiality benchmark.
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, the
applicable financial reporting framework and the Group’s system of internal control. On the basis of
this, we identified and assessed the risks of material misstatement of the Group financial
statements including with respect to the consolidation process.
We then applied professional judgement to focus our audit procedures on the areas that posed the
greatest risks to the Group financial statements. We continually assessed risks throughout our
audit, revising the risks where necessary, with the aim of reducing the Group risk of material
misstatement to an acceptable level, in order to provide a basis for our opinion.
Components in scope
From the above risk assessment and planning procedures, we determined which of the Group’s
components were likely to include risks of material misstatement relevant to the Group’s financial
statements. We then determined the type of procedures to be performed at these components, and
the extent to which component auditors were required to be involved.
The total number of components within the scope of our work was as follows:
Number of components
FY2024 FY2023
Audit procedures on entire financial information
of the component (2023: Significant
components due to size) [1]
5 5
Audit procedures on one or more account
balances, classes of transactions or
disclosures (2023: Significant components due
to risk) [2]
1 2
Specified audit procedures (2023: Specified
audit procedures) [3]
2 2
8 9
As part of performing our Group audit, we have determined the components in scope as follows:
Scope [1]: Comprises the Sabodala-Massawa Mine, Ity Mine, Houndé Mine, Mana Mine and
Endeavour Mining plc (parent company) (2023: the Sabodala-Massawa Mine, Ity Mine, Houndé
Mine, Mana Mine and Endeavour Mining plc (parent company))
Scope [2]: Comprises the Lafigué Mine (2023: the Boungou Mine and Wahgnion Mine)
Scope [3]: Comprises the Exploration CGU and Kalana Development Project (2023: Exploration CGU
and Kalana Development Project)
OVERVIEW
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
160 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
In determining components, we have considered how components are organised within the Group,
and the commonality of control environments, legal and regulatory framework, and level of
aggregation associated with individual entities. Whilst there is relative commonality of controls
across the Group, differences in jurisdictional risk, and the legal and regulatory frameworks under
which the entities operate, prevent the further amalgamation of components.
For components in scope, we used a combination of risk assessment procedures and further audit
procedures to obtain sufficient appropriate evidence. These further audit procedures included:
– Procedures on the entire financial information of the components where identified aggregation
risk, including performing substantive procedures;
– Procedures on one or more classes of transactions, account balances or disclosures for
components where we identified low or no aggregation of risks; and
– Specified audit procedures.
Procedures performed at the component level
The Group engagement team has performed all procedures directly, and has not involved
component auditors in the Group audit.
Locations
Endeavour Mining plc’s operations are spread over a number of different geographical locations.
We visited all four of the Group’s operating mines that were in operation for the full year during the
2024 financial year. Our teams conducted procedures at the Group’s mines in Burkina Faso,
Senegal and Cote d’Ivoire, as well as at the Group’s offices in the United Kingdom, Cote d’Ivoire
and Burkina Faso.
Changes from the prior year
For the audit of the year ended 31 December 2023, Boungou and Wahgnion were considered to be
Scope [2]. In June 2023, the Group disposed of both mines to Lilium Mining, thus from that point
forward they ceased to be components of the Group. As such, they are excluded from our
assessment of components for the year ended 31 December 2024.
Lafigué has been considered to be Scope [2] for the year under audit. It previously was included
within the Exploration component, however was reclassified to its own component at the point of
reaching commercial production (when its assets were transferred to mining assets).
Climate change
Our work on the assessment of potential impacts on climate-related risks on the Group’s operations
and financial statements included:
– Enquiries and challenge of management to understand the actions they have taken to identify
climate-related risks and their potential impacts on the financial statements and adequately
disclose climate-related risks within the annual report;
– Our own qualitative risk assessment taking into consideration the sector in which the Group
operates and how climate change affects this particular sector, as well as how Endeavour Mining
may be impacted by climate change risks and opportunities;
– Involvement of climate-related specialists in evaluating managements risk assessment; and
– Review of the minutes of Board and Audit Committee meeting and other papers related to climate
change and performed a risk assessment as to how the impact of the Group’s commitment as
set out in the Strategic Report may affect the financial statements and our audit.
We challenged the extent to which climate-related considerations, including the expected cash flows
from the initiatives and commitments have been reflected, where appropriate, in management’s
going concern assessment and in management’s judgements and estimates in relation to
impairment assessments.
We also assessed the consistency of management’s disclosures included as ‘Other Information’ on
pages 166 with the financial statements and with our knowledge obtained from the audit.
Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters
materially impacted by climate-related risks. We highlight, however, that we considered the
applicability of this risk in relation to the Key Audit Matter pertaining to the evaluation of life of mine
estimates and assessment of impairment of mining interests and goodwill for the Sabodala-
Massawa cash generating unit.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the financial statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to fraud) that we identified, including
those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit, and directing the efforts of the engagement team. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
OVERVIEW
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
161 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Key audit matter
How the scope of our audit addressed the key audit matter
Evaluation of life of mine estimates
and assessment of impairment of
mining interests and goodwill for the
Sabodala-Massawa cash generating
unit (‘CGU’)
Accounting policy: Note 2E, 2F, 12
and 13.
As detailed in Notes 12 and 13, the
Group’s mining interests, including
property, plant and equipment and
goodwill, represent its most
significant assets and total $4.0bn
at 31 December 2024.
Cash generating units (‘CGUs’) to
which goodwill is allocated must be
tested annually for impairment. This
involves the use of significant
estimates and judgements to
determine the recoverable amount.
Management has performed an
impairment assessment of the
Sabodala-Massawa CGU given
goodwill has been allocated to this
CGU as part of the purchase price
allocation (‘PPA’) accounting in prior
periods.
The preparation of the life of mine
(‘LOM’) models used in the
impairment review requires
management to make critical
judgements and estimates regarding
gold prices, reserves and resources
(please refer to the key audit matter
pertaining to this input), production
rates operating costs and capital
expenditure, as well as economic
variables such as discount rates.
We agreed the impairment model prepared by management
to the approved LOM plans, and verified that these were
subject to appropriate internal review and approval.
In respect of the key estimates and assumptions used by
management, our testing included:
– A comparison of the forecast gold price used by
management to market consensus data;
– In conjunction with our internal valuations experts, a critical
review of the assumptions used in the calculation of the
discount rate used; and
– A critical review of the forecast cost, capital spend and
production profiles against the approved mine plans,
reserves and resources reports and historical performance.
In addition, we verified the integrity of formulae and the
mathematical accuracy of management’s valuation model.
We compared the trading performance against budget/plan
for 2024 in order to evaluate the quality of management’s
forecasting and, where under performance against budget/
plan was highlighted, evaluated the impact on the forecast.
We held meetings with management (including mine
managers, geologists, mining engineers) to understand and
challenge the production, operating cost and capex forecast.
We agreed the ounces in the impairment model to the latest
Reserves and Resources statement. Specifically, we
challenged the inclusion of unmodelled ounces in the
determination of the CGU’s recoverable amount and the value
at which they have been included.
We assessed the independence (external experts only),
objectivity and competency of management’s internal and
external experts, including the Competent Persons.
We challenged management on the impact of climate change
on the LOM model.
The value of the mining interests
and goodwill of the Sabodala-
Massawa CGU and the inherent
judgement involved in the LOM
estimates makes this a significant
audit risk and a key area of focus
for our audit.
We reviewed management’s sensitivity calculations in respect
of gold prices, production, discount rates, and operating
costs and performed additional sensitivity analysis on the
impairment models where considered necessary. We also
considered the appropriateness, with reference to IAS 36, of
related disclosures given in note 6.
Key observations:
We found the key judgements made by management and the
Board in assessing the LOM estimates and the carrying value
of the Sabodala-Massawa CGU to be appropriate.
Assessment of estimates used in
the determination of reserves and
resources.
Accounting policy: Note 2E and
2F
Material updates to the reserves
and resources assumptions used
in impairment and life of mine
modelling were made in the period.
Management is required to
exercise significant judgement and
estimation when preparing the
reserves and resource models.
The reserves estimates are a key
input into the life of mine models
as the driver of future economic
benefit from operations.
Furthermore, the reserve estimates
also drive the depletion
calculations for the underlying
assets that are depreciated on a
units of production basis.
We performed a detailed walkthrough of the Group reserves
and resource model process flow.
We performed an assessment of management’s internal
experts’ competence, capabilities and objectivity to ensure
that the individuals performing the sign offs are competent
and capable of detecting errors within the resource models
and the scope of their work is appropriate to be used as audit
evidence. Where management’s external experts were relied
on, we also assessed their independence.
Our assessment included confirmation that:
– The QP has an understanding of the requirements of NI
43-101, the CIM Definition Standards for Mineral Resource
and Mineral Reserves published by the Canadian Institute
of Mining, Metallurgy and Petroleum, and followed these
requirements in preparing the MRMR Statement;
– The Ore Reserve Statement was reviewed by the QP, who
inspected and approved:
– reconciliation between opening and closing balance of
ore reserves;
– breakdown of reserves by mine site and deposit; and
– the Final Ore Reserve Statement for disclosure purposes
was approved by the Technical Committee.
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
162 Endeavour Mining plc Annual Report 2024
Reserves and resources reports are
prepared prescriptively under the
provisions of National Instruments
43-101 - Standards of Disclosure
for Mineral Projects (“NI 43-101”),
signed off by a Qualified Person.
The inherent judgement involved in
the reserves and resource
estimates makes this a significant
audit risk and a key area of focus
for our audit.
We obtained the Qualified Person’s Report(s) (“QPR”) for the
mines and reviewed the report to assess the following:
– Whether the scope of the QPR was appropriate for its
purpose;
– Whether the report clearly confirms that the scope was
undertaken based on Canadian Institute of Mining - NI
43-101 requirements;
– Whether any restrictions were placed upon the Qualified
Person in completing the review; and
– Whether movements reconcile the mineral reserves from
the qualified persons report from 2023 to 2024.
We performed testing on the resources and reserves inputs
including:
– Assessment of changes to underlying key assumptions and
their appropriateness based on our understanding of the
business and the wider industry environment;
– Testing a sample of costs to actual costs incurred in the year;
– Testing a sample of assay results;
– Testing the reasonability of the capital and operating costs
included in the reserves model;
– Review of any changes in cut-off grade in the current year;
and
– Reviewing the sensitivity of mineral resource estimates as
part of the impairment assessments for Mana, Sabodala-
Massawa and Kalana and obtaining an understanding of the
plan for the mines in the following financial year and beyond
to ensure this is in line with management’s projections.
Key observations:
We found the key judgements in the determination of the
Group’s reserves and resources to be reasonable.
Assessment of impairment of
mining assets for the Kalana cash
generating unit (‘CGU’)
Accounting policy: Note 2E
and 2F
The risk over the impairment of
Kalana has been separated from
the wider risk over the impairment
of exploration and evaluation
assets, and increased to that of a
significant risk of material
misstatement.
The geopolitical situation in Mali
impacting the mining industry has
heightened the risk of Kalana
being taken through to
development and therefore
resulted in an increased risk of
impairment.
This is now deemed to be a key
audit matter due to the subjectivity
of the valuation methodology
(based entirely on an extrinsic in-
situ valuation) as compared to the
other material exploration and
development assets held by the
Group.
Management engaged a third-party to perform an extrinsic
valuation, by way of an in-situ multiple based approach, with a
risk factor applied to account for the heightened country and
project risk versus other mines and projects in the Group.
We performed testing on the impairment assessment
including:
– We challenged management on the appropriateness of the
methodology used to value the CGU, considering both
intrinsic and extrinsic models to calculate recoverable
amount.
– We assessed the competence, independence and
experience of management’s expert in relation to the
valuation of the Kalana CGU.
– To appropriately assess and challenge the in-situ multiple
applied, we engaged an auditor expert, who has experience
of such types of valuations (i.e taking an extrinsic versus
an intrinsic approach). We have assessed the auditor
expert, including their competence, relevant experience and
independence and have assessed the adequacy of their
work, and conclusions reached.
– We challenged management as to whether this would be
an appropriate basis for the reserves and resources, given
the age of the reserve and resources statement. In
response to this, we held a call with the QP as part of the
reserves and resources work performed to understand
whether any factors could have arisen that would result in
this not being an appropriate basis.
Key observations:
We found the key judgements made by management in
assessing the estimates and the carrying value of the Kalana
Project to be appropriate.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
163 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Assessment of the net realisable
value of stockpiles in the
Sabodala-Massawa cash
generating unit (‘CGU’)
Accounting policy: Note 2D
A heightened risk is present over
the net realisable value of the
Sabodala-Massawa CGU’s
stockpiles, arising as a result of a
change in the operational outlook of
management in the year which have
resulted in updates to the mine
feed plan and timing of stockpile
consumption.
The inherent judgement and
estimation involved in the
calculation of net realisable value
for long term stockpiles have
resulted in this being a key audit
matter for the year under audit.
In response to the key audit matter, we performed the
following procedures:
– We have assessed the adequacy of management’s
accounting policy in respect of the net realisable value of
stockpiles against the provisions of IAS 2 – Inventories.
– We obtained management’s calculation performed on a
stockpile-by-stockpile basis, calculating costs on a per ton
basis. We have assessed management’s calculation of the
stockpile costing and ensured it is in line with
management’s accounting policy, ensuring appropriate
allocation of “costs to complete”, including rehandling,
processing and selling costs.
– We verified the tonnes held on the stockpile to the year-end
third party volumetric surveys and considered the cost
rates based on historic average costs per ton mined and
the life of mine plans, considering any individual stockpiles
which may have a materially different cost profiles.
Furthermore, we assessed the independence, objectivity
and competency of management’s external expert.
– We obtained management’s feed plan to ascertain the
timing of feed of stockpiles, which has been compared to
the life of mine plan to ensure consistency with models
used for impairment testing.
– We compared management’s forward looking gold price,
used in the net realisable value calculation, to the real
consensus forward pricing information.
– We confirmed that the estimated grade is consistent with
our understanding of the mine and agreed to data from the
Mineral Resources department. To support the grade we
obtained a technical report from site mineral resource
managers (who are deemed to be internal management
experts) on marginal and low-grade stockpiles, which
detailed the drilling patterns used to confirm grade
actualisation, and compared drilling results to planned
grades.
– We obtained historic recovery curves, by pit, from the
processing manager. We checked that these recovery
curves consider any batch feeding of ore, and the
interaction between grade and recovery – incorporating
these into the aforementioned technical report.
– We assessed the competence, experience and objectivity
of the processing manager relied on by management as an
expert. We benchmarked recoveries against other available
information for comparable plants processing comparable
ore and grades.
– We performed sensitivity analysis on the grade and
recovery factors applied by management and consider the
relevance of reasonably plausible downside scenarios.
Key observations:
We found the key judgements made by management in
assessing the net realisable value of stockpiles at Sabodala-
Massawa to be appropriate.
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the
effect of misstatements. We consider materiality to be the magnitude by which misstatements,
including omissions, could influence the economic decisions of reasonable users that are taken on
the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed
materiality, we use a lower materiality level, performance materiality, to determine the extent of
testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as
immaterial as we also take account of the nature of identified misstatements, and the particular
circumstances of their occurrence, when evaluating their effect on the financial statements as a
whole.
Based on our professional judgement, we determined materiality for the financial statements as a
whole and performance materiality as follows:
Group financial statements Parent company financial statements
2024 2023 2024 2023
Materiality
$36.0m
$22.0m
$34.2m
$19.0m
Basis for
determining
materiality
3% of adjusted earnings
before interest, tax
depreciation and
amortisation (‘EBITDA’).
5% of adjusted
earnings before tax
(‘EBT’).
Capped at 95% (2023: 90%)
of Group materiality.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
164 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Group financial statements Parent company financial statements
2024 2023 2024 2023
Rationale for
the
benchmark
applied
As part of the audit of the year ended 31
December 2024, the audit team performed a
benchmarking exercise with respect to materiality
against other industry and sector comparatives.
The audit team reevaluated whether the use of
adjusted profit before tax, as a benchmark for
materiality, remained the most appropriate when
considering the aforementioned comparatives,
the focus of the users of the financial statements
and the volatility of those potential metrics.
We believe that Adjusted EBITDA provides an
earnings-based measure that is more closely
aligned to Key Performance Indicators used by
both the Company and other users of the
financial statements.
It is also a benchmark that is used widely by
other auditors of similar mining companies.
Endeavour Mining Plc is a
holding company with
investments in subsidiaries.
We considered a benchmark
based on total assets to be
most appropriate, however
have capped materiality to a
percentage of Group
materiality.
Performance
materiality
$27.0m
$16.0m
$25.7m
$14.0m
Basis for
determining
performance
materiality
75% of materiality
Rationale for
the
percentage
applied for
performance
materiality
Performance materiality consistent with previous year considering the nature of
activities including divestures, historical audit adjustments and management’s
attitude towards proposed adjustments.
Component performance materiality
For the purposes of our Group audit opinion, we set performance materiality for each component of
the Group, apart from the Parent Company whose materiality and performance materiality are set
out above, based on a percentage of between 25% and 50% (2023: 23% and 64%) of Group
materiality dependent on a number of factors including size of component and our assessment of
the risk of material misstatement of those components. Component performance materiality ranged
from $6.7m to $13.5m (2023: $3.8m to $10.5m).
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in
excess of $1.5m (2023: $1.1m). We also agreed to report differences below this threshold that, in
our view, warranted reporting on qualitative grounds.
Other information
The directors are responsible for the other information. The other information comprises the
information included in the annual report other than the financial statements and our auditor’s
report thereon. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon. Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Corporate governance statement
The UK Listing Rules require us to review the Directors’ statement in relation to going concern,
longer-term viability and that part of the Corporate Governance Statement relating to the parent
company’s compliance with the provisions of the UK Corporate Governance Code specified for our
review.
Based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the Corporate Governance Statement is materially consistent with the financial
statements or our knowledge obtained during the audit.
OVERVIEW
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
165 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Going concern and longer-term
viability
– The Directors’ statement with regards to the
appropriateness of adopting the going concern basis of
accounting and any material uncertainties identified set
out on page 65; and
– The Directors’ explanation as to their assessment of the
Group’s prospects, the period this assessment covers
and why the period is appropriate set out on page 66.
– The Directors’ statement on whether it has a reasonable
expectation that the Group will be able to continue in
operation and meets its liabilities as set out on page
65.
Other Code provisions – Directors’ statement on fair, balanced and
understandable set out on page 157;
– Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out
on page 58 to 64;
– The section of the annual report that describes the
review of effectiveness of risk management and internal
control systems set out on page 115 to 116; and
– The section describing the work of the Audit Committee
is set out on page 114.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the
audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and
matters as described below.
Strategic report and
Directors’report
In our opinion, based on the work undertaken in the course
of the audit:
– the information given in the Strategic report and the
Directors’ report for the financial year for which the
financial statements are prepared is consistent with the
financial statements; and
– the Strategic report and the Directors’ report have been
prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group
and Parent Company and its environment obtained in the
course of the audit, we have not identified material
misstatements in the Strategic report or the Directors’ report.
Directors’ remuneration In our opinion, the part of the Directors’ remuneration
report to be audited has been properly prepared in
accordance with the Companies Act 2006.
Matters on which we are requiredto
report by exception
We have nothing to report in respect of the following
matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
– adequate accounting records have not been kept by the
Parent Company, or returns adequate for our audit have
not been received from branches not visited by us; or
– the Parent Company financial statements and the part of
the Directors’ remuneration report to be audited are not
in agreement with the accounting records and returns; or
– certain disclosures of Directors’ remuneration specified
by law are not made; or
– we have not received all the information and
explanations we require for ouraudit.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as the Directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and
the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Directors either
intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic
alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
166 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
– Our understanding of the Group and the industry in which it operates;
– Discussion with management and those charged with governance including internal audit, legal
counsel and the Audit Committee; and
– Obtaining an understanding of the Group’s policies and procedures regarding compliance with
laws and regulations;
We considered the significant laws and regulations of Burkina Faso, Senegal, Cote d’Ivoire and the UK to
be those relating to the mining industry, applicable accounting framework, tax legislation and listing rules
of the London and Toronto Stock Exchanges.
The Group is also subject to laws and regulations where the consequence of non-compliance could
have a material effect on the amount or disclosures in the financial statements, for example
through the imposition of fines or litigations. We identified such laws and regulations to be the
general economic frameworks, health and safety and environmental legislation in the countries that
the Group operates.
Our procedures in respect of the above included:
– Review of minutes of meeting of those charged with governance for any instances of non-
compliance with laws and regulations;
– Review of correspondence with regulatory and tax authorities for any instances of non-compliance
with laws and regulations;
– Review of financial statement disclosures and agreeing to supporting documentation; and
– Involvement of tax specialists in the audit
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including
fraud. Our risk assessment procedures included:
– Enquiry with management and those charged with governance, Audit Committee and internal audit
regarding any known or suspected instances of fraud;
– Obtaining an understanding of the Group’s policies and procedures relating to:
– Detecting and responding to the risks of fraud; and
– Internal controls established to mitigate risks related to fraud.
– Review of minutes of meetings of those charged with governance for any known or suspected
instances of fraud;
– Discussion amongst the engagement team as to how and where fraud might occur in the financial
statements;
– Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud; and
– Considering remuneration incentive schemes and performance targets and the related financial
statement areas impacted by these.
Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue
recognition and management override of controls.
We addressed the fraud risk in relation to revenue recognition, by testing all revenue transactions to
supporting documentation, including testing a sample of revenue transactions in the period
preceding and subsequent to year end to check that revenue was recognised in the correct period.
In addition we obtained direct confirmations from the key customers for the sales made during the
year.
We addressed the risk of management override of controls by testing a risk based selection of
journals and evaluating whether there was evidence of bias in management’s estimates that
represented a material misstatement due to fraud. Our procedures in respect of the above included:
– Testing a sample of journal entries throughout the year, which met defined risk criteria, by
agreeing the sample to supporting documentation;
– Introducing an element of unpredictability into our audit work such that management do not
become over familiar with our audit approach. In addition, we selected all samples on a random
basis;
– Performing a detailed review of the Group’s year end adjusting entries and investigated any that
appeared unusual as to nature or amount and agreed these entries to supporting documentation;
– For significant and unusual transactions, particularly those occurring at or near year end, we
obtained evidence for the rationale of these transactions and evidence supporting the
transactions;
– Assessing whether the judgements made in accounting estimates were indicative of a potential
bias (Refer to’ key audit matters’ section above which covers some of these judgements);
– Extending inquiries to individuals outside of management and the accounting department to
corroborate management’s ability and intent to carry out plans that are relevant to developing the
estimates set out in the key audit matters section above; and
– Reviewing minutes from Board meetings of those charges with governance to identify any
instances of non-compliance with laws and regulations.
We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement team members who were all deemed to have appropriate competence and capabilities
and remained alert to any indications of fraud or non-compliance with laws and regulations
throughout the audit.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
167 Endeavour Mining plc Annual Report 2024
Independent Auditor’s Report to the Shareholders of Endeavour Mining plc
Continued
Our audit procedures were designed to respond to risks of material misstatement in the financial
statements, recognising that the risk of not detecting a material misstatement due to fraud is higher
than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in
the audit procedures performed and the further removed non-compliance with laws and regulations
is from the events and transactions reflected in the financial statements, the less likely we are to
become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website
at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we
might state to the Parent Company’s members those matters we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Parent Company and the Parent Company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
/s/
For and on behalf of BDO LLP , Statutory Auditor
London, United Kingdom
6 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number
OC305127).
OVERVIEW
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
168 Endeavour Mining plc Annual Report 2024
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
| Revenue | |||
Revenue | 5 | | |
| Cost of sales | |||
Operating expenses | 5 | ( | ( |
| Depreciation and depletion | ( | ( | |
| Royalties | ( | ( | |
| Earnings from mine operations | | | |
Corporate costs | 5 | ( | ( |
Other expenses | 5 | ( | ( |
Derecognition and impairment of financial assets | 5 | ( | ( |
Impairment of mining interests | 6 | ( | ( |
Share-based compensation | 7 | ( | ( |
| Exploration costs | ( | ( | |
Earnings from operations | | ||
| Other expense | |||
Loss on financial instruments | 8 | ( | ( |
Finance costs - net | 9 | ( | ( |
| Earnings before taxes | | | |
Income tax expense | 22 | ( | ( |
Net (loss)/earnings from continuing operations | ( | | |
Net loss from discontinued operations | 4 | ( | ( |
| Total loss and total comprehensive loss | ( | ( |
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
| Net (loss)/earnings from continuing operations attributable to: | |||
| Shareholders of Endeavour Mining plc | ( | ( | |
Non-controlling interests | 20 | | |
| ( | | ||
| Total (loss)/earnings attributable to: | |||
| Shareholders of Endeavour Mining plc | ( | ( | |
Non-controlling interests | 20 | | |
| ( | ( | ||
| Loss per share from continuing operations | |||
Basic loss per share, stated in US$ per share | 7 | ( | ( |
Diluted loss per share, stated in US$ per share | 7 | ( | ( |
| Loss per share | |||
Basic loss per share, stated in US$ per share | 7 | ( | ( |
Diluted loss per share, stated in US$ per share | 7 | ( | ( |
The accompanying notes are an integral part of these consolidated financial statements.
OVERVIEW
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REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
169 Endeavour Mining plc Annual Report 2024
Consolidated statement of comprehensive loss
(Expressed in Millions of United States Dollars, except per share amounts)
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
| Operating activities | |||
Earnings before taxes | | ||
Non-cash items | 21 | | |
| Cash paid on settlement of DSUs and PSUs | ( | ( | |
Cash paid on settlement of financial instruments | 8 | ( | ( |
Cash received from gold prepayments | 16 | | |
| Income taxes paid | ( | ( | |
| Operating cash flows before changes in working capital | | | |
Changes in working capital | 21 | ( | ( |
| Operating cash flows generated from continuing operations | | | |
| Operating cash flows (used by)/generated from discontinued | |||
operations | 4 | ( | |
| Cash generated from operating activities | | | |
| Investing activities | |||
Expenditures on mining interests | 21 | ( | ( |
Boungou loan advance | 14 | | ( |
| Changes in restricted cash | ( | ( | |
Proceeds from sale of financial assets | 14 | | |
Proceeds from sale of non-mining assets | 10 | | |
Purchase of financial assets | 14 | ( | ( |
Proceeds from settlement of consideration receivable | 5F | | |
Proceeds from sale of subsidiaries, net of cash disposed | 4 | | |
| Investing cash flows used by continuing operations | ( | ( | |
Investing cash flows used by discontinued operations | 4 | | ( |
| Cash used in investing activities | ( | ( |
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
| Financing activities | |||
Acquisition of shares in share buyback | 7 | ( | ( |
Payments from the settlement of tracker shares | 18 | ( | ( |
| Cash settlement of call-rights | | ( | |
| Receipts on exercise of options and warrants | | | |
Dividends paid to minority shareholders | 20 | ( | ( |
Dividends paid to shareholders | 7 | ( | ( |
Proceeds of debt | 21 | | |
Repayment of debt | 21 | ( | ( |
Payment of financing fees | 21 | ( | ( |
Repayment of lease liabilities | 21 | ( | ( |
| Settlement of contingent consideration | | ( | |
| Financing cash flows used by continuing operations | ( | ( | |
Financing cash flows used by discontinued operations | 4 | | ( |
| Cash used in financing activities | ( | ( | |
| Effect of exchange rate changes on cash and cash equivalents | ( | | |
| Decrease in cash and cash equivalents | ( | ( | |
| Cash and cash equivalents, beginning of year* | | | |
| Cash and cash equivalents, end of year* | | |
* Cash and cash equivalents are net of bank overdrafts ($13.1 million at 31 December 2024; nil at 31 December 2023; nil at
31 December 2022.)
The accompanying notes are an integral part of these consolidated financial statements.
OVERVIEW
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
170 Endeavour Mining plc Annual Report 2024
Consolidated statement of cash flows
(Expressed in Millions of United States Dollars)
| As at | As at | ||
| 31 December | |||
| Note | 2023 | ||
| ASSETS | |||
| Current | |||
| Cash and cash equivalents | | | |
Trade and other receivables | 10 | | |
Inventories | 11 | | |
Current portion of other financial assets | 14 | | |
| Prepaid expenses and other | | | |
| | | ||
| Non-current | |||
Mining interests | 12 | | |
Goodwill | 13 | | |
Non-current receivables | 10 | | |
Other financial assets | 14 | | |
Inventories | 11 | | |
Total assets | | ||
| LIABILITIES | |||
| Current | |||
Trade and other payables | 15 | | |
Lease liabilities | 17 | | |
Current portion of debt | 9 | | |
| Overdraft facility | | | |
Other financial liabilities | 18 | | |
Income taxes payable | 22 | | |
| | | ||
| Non-current | |||
Lease liabilities | 17 | | |
Non-current portion of debt | 9 | | |
Other financial liabilities | 18 | | |
Environmental rehabilitation provision | 19 | | |
Deferred tax liabilities | 22 | | |
Total liabilities | |
| As at | As at | ||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
| EQUITY | |||
Share capital | 7 | | |
| Share premium | | | |
Other reserves | 7 | | |
| Retained earnings | | | |
Equity attributable to shareholders of Endeavour Mining Plc | | ||
Non-controlling interests | 20 | | |
Total equity | | ||
Total equity and liabilities | |
Registered No. 13280545
COMMITMENTS AND CONTINGENCIES (NOTE 26)
SUBSEQUENT EVENTS (NOTE 27)
The accompanying notes are an integral part of these consolidated financial statements.
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INFORMATION
Consolidated Financial Statements
171 Endeavour Mining plc Annual Report 2024
Consolidated statement of financial position
(Expressed in Millions of United States Dollars)
| SHARE CAPITAL | ||||||||
| Total | Non-Controlling | |||||||
| Share | Share Premium | Other Reserves | Retained | Attributable to | Interests | |||
| Note | Capital 1 | Reserve | (Note 7) | Earnings | Shareholders | (Note 20) | Total | |
At 1 January 2023 | ||||||||
Purchase and cancellation of own shares | 7 | ( | ( | ( | ||||
Shares issued on exercise of options, warrants and PSUs | ( | |||||||
Share-based compensation | 7 | |||||||
Dividends paid | 7 | ( | ( | ( | ||||
Dividends to non-controlling interests | 20 | ( | ( | |||||
Settlement of Convertible Notes | 9 | |||||||
Disposal of the Boungou and Wahgnion mines | 4 | ( | ( | |||||
Total net and comprehensive (loss)/earnings | ( | ( | ( | |||||
| At 31 December 2023 | ||||||||
| At | ||||||||
Purchase and cancellation of own shares | 7 | ( | ( | ( | ||||
Net settlement and shares issued on exercise of PSUs | ( | ( | ( | |||||
Share-based compensation | 7 | |||||||
Dividends paid | 7 | ( | ( | ( | ||||
Dividends to non-controlling interests | 20 | ( | ( | |||||
Total net and comprehensive (loss)/earnings | ( | ( | ( | |||||
| At |
1. Changes to share capital occurred, however are presented as zero due to the nominal amount of the change and due to all USD amounts rounded to millions.
The accompanying notes are an integral part of these consolidated financial statements.
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FINANCIAL
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ADDITIONAL
INFORMATION
Consolidated Financial Statements
172 Endeavour Mining plc Annual Report 2024
Consolidated statement of changes in equity
(Expressed in Millions of United States Dollars)
Notes to the consolidated financial statements
_______________________________________________________________________________________
_______________________________________________________________________________________
2. BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES
| Registration | |
| Entity | Number |
Endeavour Management Services London Limited | 10342431 |
West African Mining Services LLP | OC425911 |
Lafigué Holdings UK Limited | 14490986 |
Ity Holdings UK Limited | 14490625 |
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
173 Endeavour Mining plc Annual Report 2024
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Continued
OVERVIEW
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REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
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Continued
OVERVIEW
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REPORT
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REPORT
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STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
175 Endeavour Mining plc Annual Report 2024
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Continued
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REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
176 Endeavour Mining plc Annual Report 2024
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Continued
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REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
177 Endeavour Mining plc Annual Report 2024
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Continued
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GOVERNANCE
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
178 Endeavour Mining plc Annual Report 2024
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Continued
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GOVERNANCE
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
179 Endeavour Mining plc Annual Report 2024
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Continued
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
180 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
3. CRITICAL JUDGEMENTS AND KEY ESTIMATES
The preparation of the Group’s consolidated financial statements in accordance with IFRS requires
management to make judgements, estimates and assumptions that affect the reported amounts of
assets, liabilities, income and expenses, and the accompanying disclosures. These assumptions,
judgements and estimates are based on management’s best knowledge of the relevant facts and
circumstances, having regard to previous experience, but actual results may differ materially from
the amounts included in the consolidated financial statements. Management reviews its estimates
and underlying assumptions on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period
of revision and future periods if the revision affects both current and future periods.
Critical judgements
The critical judgements that the Group’s management has made in the process of applying the
Group’s accounting policies, that have the most significant effect on the amounts recognised in the
Group’s consolidated financial statements are as follows:
Climate change
Management has considered the impact of climate change in preparing these consolidated financial
statements. These considerations, which are integral to the Group's strategy and operations, were
considered in the following areas:
– the judgements involved in the evaluation of indicators of impairment for the Group's mining
interests (note 6);
– the estimates used in the determination of the future cash flows used in the impairment
assessments of mining interests and goodwill (note 6 and 13);
– the judgements used in the evaluation of the Group's exploration and evaluation assets for
impairment (note 6);
– the estimates used in the determination of the environmental rehabilitation provision (note 19);
– the evaluation of the residual values and economic useful lives of property, plant, and equipment
(note 12); and
– the determination of targets for the Group's long-term incentive plan (note 7).
The effects of climate-related strategic decisions are incorporated into management's judgements
and estimates, in particular as it relates to the future cash flow projections underpinning the
recoverable amounts of mining interests, when the decisions have been approved by the Board, and
the implementation of these is likely to occur. The considerations with respect to climate change did
not have a material impact on the key accounting judgements and estimates noted above in the
current year, however, the emphasis on climate-related strategic decisions, such as a focus on
decarbonisation and alternative energy sources, including solar power, may have a significant
impact in future periods.
Expected credit losses
Significant judgement is required when determining the recoverability of receivables, which may
include trade receivables, other receivables, as well as receivables recognised for consideration due
from the sale of assets or CGUs (note 10).
The Group is required to estimate the expected credit loss (“ECL”) based on an assessment of the
probability of default and the loss given default specific to each receivable. Where the receivable
pertains to a trade receivable, a simplified approach is required. Where the receivable is not a trade
receivable, the Group applies the general approach as defined under IFRS 9 – Financial instruments.
When applying the general approach, the Group assesses the credit risk by taking into account
factors that are both specific to the receivable and the general economic environment in which the
relevant parties operate. A critical factor in applying the general approach is whether the credit risk
of a loan or receivable has increased significantly relative to the credit risk at the date of initial
recognition, as well as determining whether a counterparty is in default. The Group defines default
periods based on a period of 30 days to 12 months past due, dependent on the counterparty and
the commercial terms negotiated in relation to individual transactions.
Where the Group is exposed to receivables from governments, an assessment is made as to
whether these sovereign receivables, other than VAT receivables, should be subject to expected
credit loss. During times of increased uncertainty, the likelihood of a significant increase in credit
risk occurring may be elevated for sovereign receivables that are deemed to be at the lower end of
the investment grade range.
Where a significant increase in credit risk occurs since recognition, the financial asset is deemed to
be in stage 2. In these circumstances, the Group recognises a lifetime expected credit loss, with
any interest income continuing to be recognised on a gross basis.
Stage 3 is where the financial asset is credit impaired. For financial assets in stage 3, the Group
continues to recognise a lifetime expected credit loss, but any interest income is recognised on a
net basis. This means that interest income will be calculated based on the gross carrying amount of
the financial asset less ECL.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
181 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
Lilium expected credit losses
On 30 June 2023, the Group completed the sale of its 90% interest in the Boungou and Wahgnion
cash-generating units. In the period subsequent to the divestiture, but prior to 31 December 2023,
the Group assessed that there was a significant increase in credit risk associated with the
counterparty due to the continued delayed payment of consideration amounts.
As at 31 December 2023 a $22.7 million expected credit loss was recognised. This expected credit
loss took into account the combined probability of default and loss given default based on facts and
circumstances available at that date, as well as events occurring in the period subsequent to the
year end, but prior to the approval of the financial statements for the year then ended.
During the period from 1 January 2024 to 27 August 2024, the Group continued to assess the
credit risk associated with the receivables from Lilium Mining Group. Reflecting the lengthy
arbitration proceedings, and the increased default risk associated with the counterparty, the
expected credit loss on the receivables from the sale of the Boungou and Wahgnion mines was
increased by a further $10.8 million in the second quarter of the year.
As disclosed in note 5F, on 27 August 2024, following internal commercial and strategic review, the
Group and Lilium signed a settlement agreement, involving the State of Burkina Faso (“the State”),
in respect of the divestment of the disposal group.
A total derecognition and impairment loss of $112.2 million was recognised (in addition to the
$10.8 million expected credit loss movement in the year) comprising the write-down of financial
assets both held at amortised cost and at fair value through profit and loss (the latter which are not
subject to expected credit losses).
Expected timing of value added tax refunds (“VAT”)
Included in trade and other receivables are recoverable VAT balances owing mainly by the fiscal
authorities in Burkina Faso and Senegal. The Group is following the relevant process in each country
to recoup the VAT balances owing and continues to engage with authorities to accelerate the
repayment of the outstanding VAT balances. The VAT balances are not in dispute. Where the timing
of recovery is not expected to be within a year of the balance sheet date then the VAT balances are
recorded as a non-current receivable. The credit loss provision reflecting the significant increase in
risk associated to the recoverability of the balances due from the State of Burkina Faso has been
applied proportionally against the current and non-current VAT receivable balances.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
182 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
Determination of economic viability
Management has determined that exploratory drilling, evaluation and related costs incurred which
have been capitalised are economically viable. Management uses several criteria in its
assessments of economic viability and probability of future economic benefit including geologic and
metallurgic information, history of conversion of mineral deposits to proven and probable reserves,
scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.
Capitalisation and depreciation of waste stripping
Capitalisation of waste stripping requires the Group to make judgements and estimates in
determining the amounts to be capitalised. These judgements and estimates include, among
others, the expected life of mine stripping ratio for each separate open pit, the determination of
what defines separate pits, and the expected ounces to be extracted from each component of a pit
for which the stripping asset is depreciated.
Capitalisation and depreciation of underground development costs
Capitalisation of underground development requires the Group to make judgements and estimates
in determining the amounts to be capitalised. These judgements and estimates include, among
others, the determination of what defines separate underground operations, differentiation between
primary and secondary development, and the expected ounces to be extracted from each
underground zone(s) for which the development asset is depreciated.
Commercial production
The Group applies judgement in determining when a mine reaches commercial production. The
Group assesses a number of factors when making this judgement, as disclosed in note 2E. The
Group’s Lafigué and BIOX® projects both achieved commercial production on 1 August 2024, after
which borrowing costs were recognised within finance costs in the Consolidated income statement
and assets considered ready for use were reclassified from Assets Under Construction to
appropriate asset classes and subsequently depreciated.
Indicators of impairment
The Group considers both internal and external information in its process of determining whether
there are any indicators for impairment. Management considers the following external factors to be
relevant: Changes in the market capitalisation of the entity, changes in the long-term gold price
expectations, or changes in the technological, market, economic or legal environment in which the
entity operates, or in the market to which the asset is dedicated.
Management considers the following internal factors to be relevant: changes in the estimates of
recoverable ounces, significant movements in production costs and variances of actual production
costs when compared to budgeted production costs, production patterns and whether production is
meeting planned budget targets, changes in the level of capital expenditures required at the mine
site, changes in the expected cost of dismantling assets and restoring the site, particularly towards
the end of a mine's life. The Group also considers certain judgements on future events, specifically
if the Group will continue with development of certain exploration and evaluation assets, and the
likelihood of exploration permits currently in process of being renewed will be renewed by the
appropriate regulatory bodies. Refer to note 6 for details of impairment assessments performed
during the year.
Accounting for and classification of the settlement agreement
IFRS 5 requires that the resolution of uncertainties and contingencies that arise from the terms of
the divestment of a disposal group that are directly related to its disposal in a prior period are
included within discontinued operations. Adjustments that are not directly related to either the
disposal terms or the operations of the disposal group prior to its disposal are included within
continuing operations.
The Group has assessed that the expected credit loss provisions arising and reversals thereof and
losses related to the settlement agreement with Lilium and the State of Burkina Faso are not
directly related to the terms of the disposal of the Boungou and Wahgnion mines and are therefore
reported within continuing operations (note 5F).
In addition, notwithstanding the requirements in IAS 36 Impairment of Assets to show separately the
impact of impairment losses and losses on derecognition of financial assets carried at amortised
cost, the Group has presented the losses on the derecognition and impairment of financial assets
as one line item within the statement of comprehensive income. The Group considers this
presentation to reflect the terms of the settlement agreement most accurately as the terms of the
renegotiation were carried out as a single package. Any apportionment of the overall loss into
separate components would not be of any additional value to the users of these financial
statements.
Key estimates
The significant assumptions about the future and other major sources of estimation uncertainty as
at the end of the reporting period that have a significant risk of resulting in a material adjustment to
the carrying amounts of the Group’s assets and liabilities within the year following 31 December
2024 are as follows:
Impairment of mining interests and goodwill
In determining the recoverable amounts of the Group’s mining interests and goodwill, management
makes estimates of the discounted future cash flows expected to be derived from the Group’s
mining properties, costs to sell the mining properties and the appropriate discount rate. The
projected cash flows are significantly affected by changes in assumptions about gold’s selling price,
future capital expenditures, changes in the amount of recoverable reserves, resources, and
exploration potential, production cost estimates, discount rates and exchange rates.
Reductions in gold price forecasts, increases in estimated future costs of production, increases in
estimated future non-expansionary capital expenditures, reductions in the amount of recoverable
reserves, resources, and exploration potential, and/or adverse current economics can result in a
write-down of the carrying amounts of the Group’s mining interests and/or goodwill (note 6, 13).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
183 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
Estimated recoverable ounces
The carrying amounts of the Group’s mining interests are depleted based on the estimated
recoverable ounces for each mine. Changes to estimates of recoverable ounces due to revisions to
the Group’s mine plans and changes in gold price forecasts can result in a change to future
depletion rates.
Mineral reserves and resources
Mineral reserves and mineral resources are determined in accordance with Canadian Securities
Administrator’s National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mineral
reserve and resource estimates include numerous estimates. In order to calculate the gold mineral
reserves and resources, estimates and assumptions are required about a range of geological,
technical and economic factors and the accuracy of any mineral reserve or resource estimate is
dependent on the quantity and quality of available data. Changes to management’s assumptions
including economic assumptions such as gold prices and market conditions could have a material
effect in the future on the Group’s financial position and results of operations.
Environmental rehabilitation costs
The provisions for rehabilitation are based on the expected costs of environmental rehabilitation and
inputs used to determine the present value of such provisions and the related accretion expense
using the information available at the reporting date. To the extent the actual costs differ from these
estimates, adjustments will be recorded and the profit or loss and future cash flows may be
impacted.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
184 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
4. DIVESTITURES
The Group's net loss from discontinued operations comprised of the following divestitures:
| YEAR ENDED | |||
| 31 December | 31 December | ||
| 2024 | 2023 | ||
Boungou and Wahgnion 1 | 4a | (6.3) | (183.9) |
Karma | 4b | — | (2.4) |
| Net loss from discontinued operations | (6.3) | (186.3) |
1. Sold in June 2023. Included in the net loss from discontinued operations and operating cash flows from discontinued
operations for the year ended 31 December 2024 is $6.3 million related to the settlement of historical liabilities as
determined under the sale agreement of the Boungou mine.
A. Divestiture of Boungou and Wahgnion
On 30 June 2023, the Group completed the sale of its 90% interest in the Boungou and Wahgnion
cash-generating units (“the disposal group”) to Lilium Mining (“Lilium”). The total consideration upon
sale of the disposal group included (i) $133.1 million cash consideration which was to be received
by 31 July 2023; (ii) $25.0 million in deferred cash consideration payable in two instalments of
$10.0 million and $15.0 million by the end of Q4-2023 and the end of Q1-2024, respectively; (iii)
deferred cash consideration comprised of 50% of the net free cash flow generated by the Boungou
mine until $55.0 million has been paid, which was expected to occur by Q4-2024 based on the gold
price environment and mine plan at time of the divestiture; (iv) a net smelter royalty (“NSR”) on
Boungou commencing immediately for 4% of gold sold; and (v) a NSR on Wahgnion commencing
immediately for 4% of gold sold.
The fair value of the various aspects of the consideration at the transaction closing date were as
follows (all of which, except for the cash and the $25.0 million in deferred cash consideration, which
is not linked to the net free cash flow generated, are classified as Level 3 fair value
measurements):
– The fair value of the cash consideration receivable by 31 July 2023 was determined to be $133.1
million of which $33.6 million was received by 31 December 2023.
– The fair value of deferred cash consideration payable in two instalments by Q4-2023 and
Q1-2024, respectively, was determined to be $23.9 million.
– The fair value of the deferred cash consideration, payable on a quarterly basis, based on net free
cash flow generated at the Boungou mine, was determined using a discounted cash flow, which
resulted in a fair value of $50.8 million.
– The fair value of the NSR was estimated using probability-weighted scenarios with respect to
discounted cash flow models for future production that might exceed the Boungou and Wahgnion
reserves at 1 January 2023. Based on the various scenarios considered, the fair value of the
NSR was $77.4 million.
At 31 December 2024, as a result of the settlement agreement that was signed with Lilium and the
Government of Burkina Faso (note 5F), the carrying amounts of the cash consideration and deferred
cash consideration payable, which are included in consideration receivable (note 10), were
derecognised and therefore nil (31 December 2023 - $85.4 million and $21.0 million respectively),
and the carrying amounts of the deferred consideration and the NSR, which are included in other
financial assets (note 14), were derecognised and therefore nil (31 December 2023 - $47.9 million
and $49.3 million respectively). Cash consideration and deferred cash consideration balance as at
31 December 2023 were net of expected credit losses of $18.7 million.
As part of the settlement agreement, the Group will receive cash consideration ($60.0 million) and a
Wahgnion 3% NSR (up to 400,000 ounces) ($22.0 million) from the State of Burkina Faso. At 31
December 2024, the Group had received $40.2 million of the cash consideration from the State
and the carrying value of the outstanding balance was $19.8 million (note 10), and the fair value of
the NSR was $23.5 million (note 14). $10.0 million of cash consideration was received subsequent
to the balance sheet date, leaving an outstanding receivable of $9.8 million (note 27).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
185 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
During the year ended 31 December 2023 the Group recognised a loss on disposal of
$177.8 million, net of tax, calculated as follows:
| As at 30 June | |
| 2023 | |
| Cash consideration | 133.1 |
| Deferred cash consideration | 23.9 |
| Deferred consideration | 50.8 |
| Net smelter royalties | 77.4 |
| Transaction costs | (1.3) |
| Total proceeds | 283.9 |
| Cash and cash equivalents | 20.2 |
| Restricted cash | 12.3 |
| Trade and other receivables | 28.6 |
| Prepaid expenses and other | 18.9 |
| Inventories | 59.0 |
| Mining interests | 558.6 |
| Other long term assets | 15.0 |
| Total assets | 712.6 |
| Trade and other payables | (62.6) |
| Other liabilities | (122.0) |
| Total liabilities | (184.6) |
| Net assets | 528.0 |
| Non-controlling interests | (66.3) |
| Net assets attributable to Endeavour | 461.7 |
| Loss on disposal | (177.8) |
The earnings and loss for the disposal group was as follows:
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Revenue | — | 200.8 |
Operating costs 1 | — | (134.1) |
| Depreciation and depletion | — | (53.1) |
| Royalties | — | (13.5) |
| Other expense | (6.3) | (4.4) |
| Loss on disposition | — | (177.8) |
Loss before taxes | (6.3) | (182.1) |
| Deferred and current income tax expense | — | (1.8) |
Net comprehensive loss from discontinued operations | (6.3) | (183.9) |
| Attributable to: | ||
| Shareholders of Endeavour Mining plc | (6.3) | (183.3) |
| Non-controlling interest | — | (0.6) |
Total comprehensive loss from discontinued operations | (6.3) | (183.9) |
| Net loss per share from discontinued operations | ||
| Basic | — | — |
| Diluted | — | — |
1. Operating costs include employee compensation of nil (2023: $15.7 million).
The cash flows from the CGU were as follows:
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Operating cash flows | (6.3) | 27.2 |
| Investing cash flows | — | (44.2) |
| Financing cash flows | — | (2.1) |
Total cash flows from the disposal group included in cash flows from discontinued operations | (6.3) | (19.1) |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
186 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
B. Divestiture of Karma
On 10 March 2022, the Group completed the sale of its 90% interest in the Karma mine cash-
generating unit (“CGU”) to Néré Mining SA (“Néré”). The total consideration of $20.0 million upon
sale of the Karma mine included (i) a deferred cash payment of $5.0 million to be paid six months
after closing of the transaction subject to certain conditions being met; (ii) a contingent payment of
up to $10.0 million payable twelve months after closing, based on a sliding scale, linked to the
average gold price; and (iii) a 2.5% NSR on all ounces produced by the Karma mine in excess of
160,000 ounces of recovered gold from 1 January 2022.
At 31 December 2024, the carrying value of the contingent consideration was $3.0 million (31
December 2023 - $5.0 million) (note 10), the fair value of the NSR was $4.1 million (31 December
2023 - $6.6 million) (note 14B) and the carrying value of the deferred cash consideration, net of
expected credit losses, was nil (31 December 2023 - nil).
Included in the net loss from discontinued operations for the year ended 31 December 2023 is
$2.4 million related to the settlement of a historical tax liability under the sale agreement of the
Karma mine.
Refer to note 23A in relation to related party transaction disclosures concerning the former
President and Chief Executive Officer, Mr de Montessus and One Continent Investments Limited
(“OCI”), a 49% shareholder in Néré.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
187 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
Gold revenue | 2,657.3 | 2,100.9 | |
Silver revenue | 13.9 | 8.0 | |
Copper revenue | 2.7 | — | |
Other | 2.0 | 5.7 | |
Revenue | 24 | 2,675.9 | 2,114.6 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
Supplies and consumables | 460.2 | 411.3 |
Employee compensation | 172.3 | 136.7 |
Contractor costs | 434.9 | 274.8 |
Net change in inventories | (60.0) | (35.6) |
Operating expenses | 1,007.4 | 787.2 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
Wages and salaries | 204.6 | 173.2 |
Social security costs | 13.4 | 13.5 |
Other pension costs | 0.9 | 2.8 |
Other staff costs | 2.8 | 2.6 |
Employee compensation | 221.7 | 192.1 |
| Categorised as: | ||
Operating expenses | 172.3 | 136.7 |
Corporate costs | 26.0 | 27.0 |
Acquisition and restructuring costs | 5.8 | 5.1 |
Exploration costs | 17.6 | 23.3 |
Employee compensation | 221.7 | 192.1 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
Employee compensation 1 | 26.0 | 27.0 |
| Professional services | 9.1 | 12.5 |
| Other corporate expenses | 12.2 | 9.5 |
| Total corporate costs | 47.3 | 49.0 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
188 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
Disturbance costs and insurance proceeds | 2.9 | (9.1) |
Acquisition and restructuring costs 2 | 21.4 | 1.8 |
Community contributions | 2.6 | 0.8 |
(Gain)/loss on disposal of assets | (3.7) | 4.3 |
Legal and other | 21.6 | 3.3 |
Tax claims | 8.3 | 21.6 |
Investigation costs | 9.4 | — |
Other expenses 1 | 62.5 | 22.7 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Derecognition and impairment of financial assets - Lilium | 112.2 | — |
| Expected credit loss | 27.0 | 22.8 |
Impairment of VAT and other receivables 2 | 11.8 | 9.3 |
Total derecognition and impairment of financial assets 1 | 151.0 | |
| 32.1 |
| As at | |
| 27 August | |
| 2024 | |
| Trade and other receivables | |
| Cash consideration | 78.5 |
| Deferred cash consideration | 19.9 |
| Other receivables | 13.9 |
| Other financial assets | |
| Net smelter royalties | 44.3 |
| Deferred consideration | 37.6 |
Total financial assets due from Lilium - net (as at transaction date) | 194.2 |
Fair value of receivables due from the State | (82.0) |
Derecognition and impairment of financial assets | 112.2 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
189 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
Audit services 1 | 2.2 | 2.0 |
Agreed overrun in relation to prior year audit services | 1.2 | 0.1 |
Audit-related assurance services 2 | 0.4 | 0.4 |
Non-audit services 3 | — | 1.1 |
Total | 3.8 | 3.6 |
_______________________________________________________________________________________
not included in the life of mine plans, management has included a dollar per ounce value based
on observable market transactions for comparable assets.
Key assumptions used in the FVLCD calculations:
| Sabodala- | ||
| Assumption | Massawa | Mana |
Gold price - 2025 | $2,598 | $2,598 |
Gold price - 2026 | $2,551 | $2,551 |
Gold price - 2027 | $2,479 | $2,479 |
Gold price - 2028 | $2,402 | $2,402 |
Long-term gold price | $2,169 | $2,169 |
Mine life | 15 years | 9 years |
Life of mine production (thousands of ounces) | 4,427 | 1,432 |
Discount rate | 7.5 % | 11.0 % |
Following our assessment, the Mana and Sabodala-Massawa CGUs were not impaired, as the
recoverable amounts exceeded the carrying values of each of these CGUs by $317.5 million and
$170.1 million, respectively.
A sensitivity analysis was performed to identify the impact of changes in the key assumptions over the
life of mine to the impairment analysis, which include metal prices, discount rate, production and
operating expenses, as these are the most significant assumptions that impact the recoverable value
of the assets. The sensitivities selected represent management's estimate of the highest reasonably
possible change to each of these assumptions. The below table outlines the impact on the Mana and
Sabodala-Massawa impairment models by applying sensitivities to the key inputs noted below:
Sabodala-Massawa | Mana | |
Assumption | Change in fair value | Change in fair value |
Decrease in metal prices of 5% | $(282.1) | $(86.2) |
Increase in discount rate of 2% | $(176.4) | $(38.3) |
Decrease in production of 10% | $(484.9) | $(172.4) |
Increase in operating expenditures of 10% | $(169.4) | $(108.1) |
Based on the sensitivity analysis performed on the key assumptions above, a decrease in metal
prices, an increase in discount rate, a decrease in production or an increase in operating
expenditures, when other assumptions remain constant, would reduce the headroom. For Mana the
headroom reduction under each scenario would not result in the carrying value of the CGU to exceed
the recoverable value of the mining interest and therefore there would be no resulting impairment.
For Sabodala-Massawa the headroom reduction under each scenario does result in the carrying
value of the CGU to exceed the recoverable value of the mining interest and therefore there would
be a resulting impairment. However, these sensitivity analyses do not represent management's
best estimate of the recoverable amount of the assets, as they do not reflect any consequential
management actions that may be incorporated in the life of mine plans as a result from these
changes. These include, but are not limited to, mine plan sequencing adjustments and productivity
and cost optimisation programmes.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
190 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
For the year ended 31 December 2023
Following a process consistent with the year ended 31 December 2024, during the fourth quarter of
2023 the Group performed a review for indicators of impairment at each of the CGUs. As a result of
this process, the Sabodala-Massawa and Mana CGUs were tested for impairment as at 31
December 2023. There were no indicators of impairment identified at the Group's other mine site
CGUs (Ity, Houndé and Lafigué) in the year. As a result of this assessment management determined
that the Sabodala-Massawa and Mana mines were not impaired in the year ended 31 December
2023. The key assumptions used in the year ended 31 December 2023 FVLCD calculations:
| Sabodala- | ||
| Assumption | Massawa | Mana |
Gold price - 2024 | $1,939 | $1,939 |
Gold price - 2025 | $1,910 | $1,910 |
Gold price - 2026 | $1,843 | $1,843 |
Long-term gold price | $1,724 | $1,724 |
Mine life | 15 years | 7 years |
Life of mine production (thousands of ounces) | 5,981 | 1,553 |
Discount rate | 6.5 % | 9.0 % |
Management determined that the Sabodala-Massawa and Mana mines were not impaired in the
year ended 31 December 2023.
Impairment of exploration and development assets
In the fourth quarter of the year ended 31 December 2024, the Group reviewed all exploration and
evaluation assets for indicators of impairment, in line with the provisions of IFRS 6 – Exploration
and evaluation assets. The annual review of the Group’s exploration and evaluation assets forms
part of the Group’s accounting policy requirements.
In conjunction with this assessment, the Group considered the validity and tenure of exploration
permits, whether these were in good standing and if any further exploration activity was planned.
The Group also considers changes to reserves and resources, life of mine plans and management’s
forward-looking exploration strategy.
For permits in the renewal process, the Group evaluated the likelihood of approval based on past
licence renewals and the current status. As at 31 December 2024, the carrying value of permits
under renewal was $71.3 million (31 December 2023: $140.2 million).
Exploration assets
Following an assessment of impairment indicators during the fourth quarter of year ended 31
December 2024, the Group recognised an impairment loss of $66.4 million in relation to
exploration assets.
The Group recognised an impairment loss of $62.1 million in relation to Golden Hill where the Group
has deemed it unlikely that the expired permit will be renewed. The Group also recognised an
impairment of $0.8 million in relation to the Fobiri property in Burkina Faso, where the relevant
exploration licenses were allowed to expire due to their lower prospectivity. A further $3.5 million
impairment charge was recognised pertaining to other exploration properties and licenses with no
planned near-term activities and with no intention to renew the licenses.
For the year ending 31 December 2023, a similar review of exploration permits led to an impairment
of exploration assets totalling $65.8 million. This included $16.9 million for Afema, which was in
the process of being sold, $32.5 million for the Kamsongo permit within Greenfields exploration
projects, and $16.4 million for other properties with no planned near-term activities and no intention
to renew the licences.
Development assets - Kalana
The Group also recognised an impairment in relation to development assets for the year ended 31
December 2024 of $133.1 million (31 December 2023 - $56.9 million) for the Kalana project. The
impairment arose as a result of changes to management assumptions around the risk attributable
to the project, its resources, as well as to the risk-adjusted in-situ multiples.
The recoverable amount of the CGU was calculated as $71.0 million (31 December 2023: $59.6
million), based on an in-situ valuation model representing the FVLCD, a Level 3 fair value
measurement. This is a change from the discounted cash flow model used in the previous year in
determining the FVLCD. An in-situ valuation model was considered appropriate, rather than a
discounted cash flow, given the licence term is to 31 December 2025 and the change in geo-
political risk for Mali during the year.
The in-situ valuation model is significantly influenced by changes in the reserves and resources
base, associated conversion factors, and in-situ multiples. A 45% conversion factor and $60 per
ounce multiple were applied in deriving the FVLCD based on the best estimate of assumptions as at
31 December 2024. Adjusting the conversion factor to 40% and the multiple to $50 per ounce
results in a recoverable value of $51.0 million, while a 50% conversion factor and $70 per ounce
multiple result in a recoverable value of $90.0 million.
During the year ended 31 December 2024, the total impairment of exploration and development
assets was $199.5 million (31 December 2023 - $122.6 million).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
191 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| 2024 | 2023 | |||
Number | Amount | Number | Amount | |
| Ordinary share capital | ||||
As at 1 January | 245.2 | 2.5 | 246.2 | 2.5 |
Shares issued on exercise of options, warrants and PSUs | 0.8 | — | 1.1 | — |
Purchase and cancellation of own shares | (1.9) | — | (3.0) | — |
Settlement of convertible Notes | — | — | 0.9 | — |
As at 31 December | 244.1 | 2.5 | 245.2 | 2.5 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Charges and change in fair value of DSUs | 0.1 | 0.9 |
| Charges and change in fair value of PSUs | 21.3 | 27.8 |
Total share-based compensation 1,2 | 21.4 | |
| 28.7 |
DSUs Outstanding | PSUs Outstanding | |||
| 2024 | 2023 | 2024 | 2023 | |
| As at 1 January | 83,903 | 131,694 | 2,923,346 | 3,779,330 |
| Granted | 21,857 | 27,999 | 1,861,172 | 1,673,241 |
| Exercised | (16,828) | (79,657) | (975,354) | (1,301,647) |
| Forfeited | — | — | (493,111) | (1,375,357) |
| Reinvested | 3,270 | 3,867 | 121,003 | 147,779 |
| Added by performance factor | — | — | 186,511 | — |
As at 31 December | 92,202 | 83,903 | 3,623,567 | 2,923,346 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
192 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
193 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Basic weighted average number of shares outstanding | 244,768,907 | 246,859,569 |
Effect of dilutive securities 1 | ||
| Stock options and warrants | — | — |
| Diluted weighted average number of shares outstanding | 244,768,907 | 246,859,569 |
Total common shares outstanding | 244,114,337 | 245,229,422 |
Total potential diluted common shares | 247,286,555 | 247,466,040 |
| 31 December | 31 December | |
| 2024 | 2023 | |
| Dividends declared and paid | 200.0 | 200.4 |
| Dividend per share |
| Capital | Share-Based | |||
| Redemption | Payment | |||
| Reserve | Reserve | Merger Reserve | Total | |
As at 1 January 2023 | 0.3 | 95.4 | 496.7 | 592.4 |
Share-based compensation | — | 17.1 | — | 17.1 |
Shares issued on exercise of options, warrants and PSUs | — | (15.2) | — | (15.2) |
As at 31 December 2023 | 0.3 | 97.3 | 496.7 | 594.3 |
As at 1 January 2024 | 0.3 | 97.3 | 496.7 | 594.3 |
Purchase and cancellation of own shares | 0.1 | — | — | 0.1 |
Share-based compensation | — | 19.8 | — | 19.8 |
Shares issued on exercise of options, warrants and PSUs | — | (16.0) | — | (16.0) |
As at 31 December 2024 | 0.4 | 101.1 | 496.7 | 598.2 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
194 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
8. FINANCIAL INSTRUMENTS AND RELATED RISKS
| Financial | ||
| instruments at | ||
| Financial | fair value | |
| assets/ | through profit | |
| liabilities at | and loss | |
| amortised cost | ('FVTPL') | |
Cash and cash equivalents | X | |
Trade and other receivables | X | |
Restricted cash | X | |
Marketable securities | X | |
Consideration receivable | X | |
Other financial assets (including net smelter royalties) | X | |
Trade and other payables | X | |
Other financial liabilities | X | |
Call-rights | X | |
Contingent consideration | X | |
Overdraft facility | X | |
Senior Notes | X | |
Embedded derivative on Senior Notes | X | |
Revolving credit facilities | X | |
Lafigué Term Loan | X | |
Sabodala Massawa Term Loan | X | |
Derivative financial assets and liabilities | X | |
Convertible Notes | X |
| As at 31 December 2024 | |||||
| Level 1 | Level 2 | Level 3 | Aggregate | ||
| Note | Input | Input | Input | Fair Value | |
| Assets: | |||||
Cash and cash equivalents | 397.3 | — | — | 397.3 | |
Restricted cash | 14 | 62.1 | — | — | 62.1 |
Marketable securities | 14 | 8.9 | — | — | 8.9 |
Other financial assets | 14 | — | — | 30.5 | 30.5 |
Total | 468.3 | — | 30.5 | 498.8 | |
| Liabilities: | |||||
Derivative financial instruments | 18 | — | (61.7) | — | (61.7) |
Overdraft facility | (13.1) | — | — | (13.1) | |
Total | (13.1) | (61.7) | — | (74.8) |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
195 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| As at 31 December 2023 | |||||
| Level 1 | Level 2 | Level 3 | Aggregate | ||
| Note | Input | Input | Input | Fair Value | |
| Assets: | |||||
Cash and cash equivalents | 517.2 | — | — | 517.2 | |
Restricted cash | 14 | 41.1 | — | — | 41.1 |
Marketable securities | 14 | 42.6 | — | — | 42.6 |
Derivative financial assets | 14 | — | 0.9 | — | 0.9 |
Other financial assets | 14 | — | 47.9 | 56.6 | 104.5 |
| Total | 600.9 | 48.8 | 56.6 | 706.3 | |
| Liabilities: | |||||
Derivative financial instruments | 18 | — | (24.7) | — | (24.7) |
Total | — | (24.7) | — | (24.7) |
B. Loss on financial instruments
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
Loss on revenue protection programme | 8D | (112.9) | (42.5) |
Loss on foreign currency contracts | 8D | (0.6) | (0.2) |
| Loss on foreign exchange | (23.9) | (13.3) | |
Gain/(loss) on marketable securities | 14 | 0.7 | (20.5) |
Unrealised fair value loss on NSRs and deferred consideration | 14 | (9.1) | (24.1) |
| Gain on other financial instruments | 0.2 | 0.5 | |
| Unrealised gain on conversion of other financial asset | — | 6.6 | |
Fair value loss on conversion option on Convertible Notes | 9E | — | (14.9) |
Loss on early redemption feature on Senior Notes | 9A | (0.1) | — |
| Loss on change in fair value of call rights | — | (9.0) | |
| Loss on change in fair value of contingent consideration | — | (0.6) | |
Realised gain on sale of financial assets | 14 | 3.0 | — |
Total loss on financial instruments | (142.7) | (118.0) |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
196 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| Note | 31 December | 31 December | |
| 2024 | 2023 | ||
| Cash and cash equivalents | 397.3 | 517.2 | |
Trade and other receivables, excluding VAT receivables | 10 | 67.3 | 167.4 |
Boungou loan advance | 14 | — | 3.8 |
Other financial assets | 14 | 2.9 | 0.7 |
Derivative financial assets | 14 | — | 0.9 |
Net smelter royalties | 14 | 27.6 | 55.9 |
Deferred consideration | 14 | — | 47.9 |
Restricted cash | 14 | 62.1 | 41.1 |
Total | 557.2 | 834.9 |
Within 1 year | 1 to 2 years | 2 to 4 years | Over 4 years | Total | |
Trade and other payables | 462.5 | — | — | — | 462.5 |
Overdraft facility | 13.1 | — | — | — | 13.1 |
Lafigué term loan | 44.9 | 42.1 | 67.0 | — | 154.0 |
Sabodala-Massawa term loan | 12.8 | — | — | — | 12.8 |
Revolving credit facility 1 | 33.9 | 32.9 | 531.1 | — | 597.9 |
Senior Notes | 25.0 | 525.0 | — | 550.0 | |
Lease liabilities | 19.9 | 16.8 | 19.5 | 3.4 | 59.6 |
Derivatives - gold collars and forward contracts | 61.7 | — | — | — | 61.7 |
Total | 673.8 | 616.8 | 617.6 | 3.4 | 1,911.6 |
Within 1 year | 1 to 2 years | 2 to 4 years | Over 4 years | Total | |
Trade and other payables | 406.9 | — | — | — | 406.9 |
Lafigué term loan | 15.6 | 35.1 | 63.7 | 21.6 | 136.0 |
Revolving credit facility | 38.4 | 497.2 | — | — | 535.6 |
Senior Notes | 25.0 | 25.0 | 525.0 | — | 575.0 |
Lease liabilities | 15.7 | 10.0 | 17.8 | 3.8 | 47.3 |
Derivatives - gold collars and forward contracts | 16.2 | 8.5 | — | — | 24.7 |
Total 1 | 517.8 | 575.8 | 606.5 | 25.4 | 1,725.5 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
197 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| 31 December | 31 December | |
| 2024 | 2023 | |
| Canadian dollar | 0.4 | 0.4 |
| CFA Francs | 322.8 | 495.7 |
| Euro | 2.6 | 0.9 |
| Other currencies | 2.4 | 0.9 |
Total | 328.2 | 497.9 |
As at 31 December 2024 | 31 December 2023 | |||||||
| Forward | Forward | Forward | Forward | |||||
| Gold | Contracts | Contracts | Contracts - | Contracts - | ||||
| Collar | - Normal | - LBMA | Total | Gold Collar | Normal | LBMA | Total | |
| Unrealised (loss)/ | ||||||||
gain | (42.4) | 5.4 | — | (37.0) | (21.1) | (0.1) | — | (21.2) |
| Realised (loss)/ | ||||||||
gain | (54.0) | (9.9) | (12.0) | (75.9) | — | (27.1) | 5.8 | (21.3) |
| Total | (96.4) | (4.5) | (12.0) | (112.9) | (21.1) | (27.2) | 5.8 | (42.5) |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
198 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
199 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| 31 December | 31 December | |
| 2024 | 2023 | |
| Senior Notes (A) | 500.4 | 497.6 |
| Revolving credit facilities (B) | 470.0 | 465.0 |
| Lafigué term loan (C) | 134.9 | 111.3 |
| Sabodala-Massawa term loan (D) | 12.6 | — |
| Interest accrual | 1.4 | 1.5 |
| Deferred financing costs | (8.1) | (7.0) |
Total debt | 1,111.2 | 1,068.4 |
| Less: Long-term debt | (1,060.0) | (1,059.9) |
Current portion of long-term debt 1 | 51.2 | |
| 8.5 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Interest expense | 92.4 | 67.4 |
| Interest income | (3.8) | (6.0) |
| Accretion expense | 8.5 | 3.4 |
| Amortisation of deferred facility fees | 5.8 | 2.9 |
| Commitment, structuring and other fees | 14.3 | 5.4 |
| Less: Capitalised borrowing costs | (6.0) | (1.9) |
Total finance costs - net | 111.2 | 71.2 |
2.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
200 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| 31 December | 31 December | |
| 2024 | 2023 | |
| Liability component at beginning of the year | 497.6 | 495.0 |
| Interest expense in the year | 27.8 | 27.6 |
| Less: Interest payments in the year | (25.0) | (25.0) |
Liability component at the end of the year | 500.4 | 497.6 |
| 31 December | 31 December | |
| 2024 | 2023 | |
| Liability at beginning of the year | 111.3 | — |
| Drawdowns | 40.1 | 107.2 |
| Principal repayments | (9.3) | — |
| Interest paid | (10.9) | (0.6) |
| Interest expense capitalised | 10.9 | 1.9 |
| Foreign exchange (gain)/loss | (7.2) | 2.8 |
Liability at the end of the year | 134.9 | 111.3 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
201 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| 31 December | 31 December | |
| 2024 | 2023 | |
| VAT receivable (A) | 119.6 | 101.8 |
| Receivables for gold sales | 25.3 | 28.9 |
| Other receivables (B) | 18.5 | 27.1 |
| Consideration receivable (C) | 23.5 | 111.4 |
Total trade and other receivables | 186.9 | 269.2 |
| Less: Non-current receivables (A) | (36.3) | — |
Current portion of trade and other receivables | 150.6 | 269.2 |
_______________________________________________________________________________________
11. INVENTORIES
| 31 December | 31 December | |
| 2024 | 2023 | |
| Doré bars | 19.9 | 13.1 |
| Gold in circuit | 24.1 | 17.0 |
| Refined gold | 0.6 | 7.2 |
| Ore stockpiles | 498.1 | 410.7 |
| Spare parts and supplies | 113.4 | 100.5 |
Total inventories | 656.1 | 548.5 |
| Less: Non-current stockpiles | (316.9) | (323.6) |
Current portion of inventories | 339.2 | 224.9 |
As at 31 December 2024 a $2.9 million provision was recognised to adjust inventory to its net
realisable value (31 December 2023 - nil).
The cost of inventories recognised as expense in the year ended 31 December 2024 was $1,616.7
million and was included in cost of sales (year ended 31 December 2023 - $1,235.6 million).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
202 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
____________________________________________________________________________________________________________________________________________________________________________________
12. MINING INTERESTS
| MINING INTERESTS | ||||||
Note | Depletable | Non-Depletable 1 | Property, plant and equipment | Assets under construction | Total | |
| Cost | ||||||
As at 1 January 2023 | 3,788.8 | 1,082.6 | 1,774.7 | 164.1 | 6,810.2 | |
Additions | 218.0 | 35.8 | 153.4 | 477.7 | 884.9 | |
Transfers | 57.3 | (28.0) | 73.6 | (102.9) | — | |
Change in estimate of environmental rehabilitation provision | 19 | (20.7) | (0.5) | — | 3.3 | (17.9) |
Disposal of Boungou and Wahgnion | 4 | (1,058.8) | (133.1) | (530.1) | (11.4) | (1,733.4) |
Disposals 2 | — | — | (4.1) | — | (4.1) | |
As at 31 December 2023 | 2,984.6 | 956.8 | 1,467.5 | 530.8 | 5,939.7 | |
Additions | 154.9 | 77.5 | 111.9 | 331.9 | 676.2 | |
Transfers | 253.8 | (110.8) | 609.2 | (752.2) | — | |
Change in estimate of environmental rehabilitation provision | 19 | 0.7 | (0.7) | — | — | — |
Disposals | — | (3.1) | (4.4) | — | (7.5) | |
As at 31 December 2024 | 3,394.0 | 919.7 | 2,184.2 | 110.5 | 6,608.4 | |
| Accumulated Depreciation | ||||||
As at 1 January 2023 | 1,486.5 | 161.0 | 645.7 | — | 2,293.2 | |
Depreciation/depletion | 344.1 | — | 198.2 | — | 542.3 | |
Impairment | 6 | — | 121.4 | 1.2 | — | 122.6 |
Disposals 2 | — | — | (0.7) | — | (0.7) | |
Disposal of Boungou and Wahgnion | 4 | (815.2) | (133.1) | (226.5) | — | (1,174.8) |
As at 31 December 2023 | 1,015.4 | 149.3 | 617.9 | — | 1,782.6 | |
Depreciation/depletion | 436.4 | — | 212.7 | — | 649.1 | |
Impairment 3 | 6 | — | 199.5 | — | — | 199.5 |
Disposals | — | — | (3.6) | — | (3.6) | |
As at 31 December 2024 | 1,451.8 | 348.8 | 827.0 | — | 2,627.6 | |
| Carrying amounts | ||||||
As at 1 January 2023 | 2,302.3 | 921.6 | 1,129.0 | 164.1 | 4,517.0 | |
As at 31 December 2023 | 1,969.2 | 807.5 | 849.6 | 530.8 | 4,157.1 | |
As at 31 December 2024 | 1,942.2 | 570.9 | 1,357.2 | 110.5 | 3,980.8 |
1. Exploration costs for the year was $86.8 million of which $67.6 million is included in additions to non-depletable and depletable mining interests with the remaining $19.2 million expensed as exploration costs.
2. Disposals for the year ended 31 December 2024 relate to the disposal of mining equipment and the sale of an exploration asset. Disposals for the year ended 31 December 2023 relate primarily to a disposal of an aircraft of $1.8 million and disposal of office and
other equipment of $2.3 million.
3. Certain exploration and evaluation assets were impaired to their recoverable amount resulting in an impairment charge of $199.5 million.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
203 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
The Group's right-of-use assets consist of buildings, plant and equipment and its various segments
which are right-of-use assets under IFRS 16, Leases. These have been included within the property,
plant and equipment category above.
| Plant and | |||
equipment | Buildings | Total | |
| As at 1 January 2023 | 36.4 | 17.1 | 53.5 |
Additions | 25.6 | — | 25.6 |
Depreciation for the year | (22.9) | (1.8) | (24.7) |
Disposal of Wahgnion and Boungou | (6.1) | (2.4) | (8.5) |
| As at 31 December 2023 | 33.0 | 12.9 | 45.9 |
Additions | 28.3 | 0.9 | 29.2 |
Depreciation for the year | (21.8) | — | (21.8) |
As at 31 December 2024 | 39.5 | 13.8 | 53.3 |
_______________________________________________________________________________________
| Sabodala- | |||
| Mana | Massawa | Total | |
| Carrying amount | |||
As at 1 January 2023 | 39.6 | 94.8 | 134.4 |
Impairment losses for the year | — | — | — |
As at 31 December 2023 | 39.6 | 94.8 | 134.4 |
Impairment losses for the year | — | — | — |
As at 31 December 2024 | 39.6 | 94.8 | 134.4 |
_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
Restricted cash (A) | 19 | 62.1 | 41.1 |
Net smelter royalties (B) | 4 | 27.6 | 55.9 |
| Boungou loan advance (D) | — | 3.8 | |
Deferred consideration (C) | 4 | — | 47.9 |
Derivative financial assets | 8 | — | 0.9 |
| Marketable securities (E) | 8.9 | 42.6 | |
| Other financial assets | 2.9 | 0.7 | |
Total other financial assets | 101.5 | 192.9 | |
| Less: Non-current other financial assets | (80.2) | (123.2) | |
Current portion of other financial assets | 21.3 | 69.7 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
204 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
Note Karma | Boungou | Wahgnion | Total | ||
As at 1 January 2023 | 6.5 | — | — | 6.5 | |
Recognised on disposal of operation | 4 | — | 35.2 | 42.2 | 77.4 |
| Remeasurement recognised in profit | |||||
or loss | 0.1 | (7.7) | (14.9) | (22.5) | |
Transfer to trade and other receivables | — | (0.5) | (5.0) | (5.5) | |
As at 31 December 2023 | 6.6 | 27.0 | 22.3 | 55.9 | |
| Remeasurement recognised in profit | |||||
or loss | (2.5) | (6.0) | 5.9 | (2.6) | |
Impairment on derecognition | 5F | — | (21.0) | (23.2) | (44.2) |
Recognised on settlement agreement | 5F | — | — | 22.0 | 22.0 |
Transfer to trade and other receivables | — | — | (3.5) | (3.5) | |
As at 31 December 2024 | 4.1 | — | 23.5 | 27.6 |
_______________________________________________________________________________________
| 31 December | 31 December | |
| 2024 | 2023 | |
| Trade accounts payable | 330.0 | 280.9 |
| Minority dividends payable | — | 29.5 |
| Royalties payable | 69.1 | 40.0 |
| Payroll and social payables | 47.5 | 31.9 |
| Other payables | 15.9 | 24.6 |
Total trade and other payables | 462.5 | 406.9 |
_______________________________________________________________________________________
16. DEFERRED REVENUE
| Gold | Gold | ||
| Prepayment | Prepayment | ||
| Transactions - | Transactions - | ||
| Fixed | Floating | Total | |
As at 1 January 2024 | — | — | — |
Prepayments received | 50.0 | 100.0 | 150.0 |
Deferred revenue recognised upon delivery | (50.0) | (100.0) | (150.0) |
As at 31 December 2024 | — | — | — |
Gold prepayment transactions
During the three months ended 30 June 2024, the Group entered into two separate Gold
Prepayment Transactions for $150.0 million in exchange for the delivery of 75,875 ounces in
December 2024. These transactions were accounted for as contracts with customers under IFRS
15, rather than as a financial instrument under IFRS 9, based on the fact that while gold is a
commodity that is readily convertible to cash, the Group was able to satisfy the required gold
deliveries using its own gold production and thereby meeting the criteria of being held for the
purpose of delivery of the non-financial item in accordance with the Group’s expected sale
requirements. The gold deliveries could be settled by production from any of the Group’s operating
mines.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
205 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
The $100.0 million agreement with Bank of Montreal (“BMO”) was based on a floating arrangement
for the delivery of 53,876 ounces in reference to prevailing spot price for the settlement of $105.1
million, inclusive of the financing costs. The ounces were delivered in four equal deliveries of
13,469 ounces between 12 and 30 December 2024 and the revenue from the prepayment was
recognised in four equal parts on delivery of the gold within gold revenue (note 5A). The value of the
ounces above the contracted $105.1 million reimbursement at the time of delivery was returned to
Endeavour as cash, totalling $37.1 million.
The $50.0 million agreement, excluding financing fees of $3.0 million, with ING Bank N.V. (“ING”)
was based on a fixed arrangement for the single delivery of 21,999 ounces at $2,397 per ounce on
19 December 2024. The fixed price feature on this transaction was not considered to classify as an
embedded derivative due to the treatment of the ING contract as a commodity contract, with a fixed
delivery schedule. The ounces were delivered on 19 December 2024 and the revenue from the
prepayment was recognised on delivery of the gold within gold revenue (note 5A).
Concurrent with execution of the ING Gold Prepayment Transaction, the Group entered into a
financial swap agreement with a separate counterparty for the same number of ounces to mitigate
the Group’s exposure to gold price associated with the delivery of ounces under the fixed Gold
Prepayment Transaction. The financial swaps were accounted for as derivatives measured at fair
value at the end of each reporting period with changes in fair value recognised in loss/gain on
financial instruments (note 8).
_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
17. LEASE LIABILITIES
Leases relate principally to corporate offices, light vehicles and mining fleet at the various mine
sites. Leases for corporate offices typically range from three to ten years. The lease liabilities
included in the consolidated statement of financial position are as follows:
| 31 December | 31 December | |
| 2024 | 2023 | |
| Lease liabilities | 50.0 | 42.2 |
| Less: non-current lease liabilities | (31.8) | (27.9) |
Current lease liabilities | 18.2 | 14.3 |
Amounts recognised in the consolidated statement of comprehensive loss are as follows:
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Depreciation expense on right-of-use assets | 26.8 | 24.7 |
| Interest expense on lease liabilities | 3.1 | 2.3 |
| Recognised in net loss | 29.9 | 27.0 |
In the consolidated statement of cash flows for the year ended 31 December 2024, the total
amount of cash paid in respect of leases recognised on the consolidated balance sheet are split
between repayments of principal of $20.1 million (2023: $16.1 million), repayments of interest of
$3.2 million (2023: $2.6 million) and variable lease payments of nil (2023: $1.8 million), all
presented within cash flows from financing activities (note 21).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
206 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
DSU liabilities | 7 | 1.7 | 1.9 |
PSU liabilities (A) | 7 | 1.5 | 2.0 |
| Repurchased shares (A) | 0.1 | — | |
Derivative financial liabilities | 8 | 61.7 | 24.7 |
| Other long-term liabilities | 25.9 | 18.7 | |
Total other financial liabilities | 90.9 | 47.3 | |
| Less: Non-current other financial liabilities | (27.8) | (29.8) | |
Current portion of other financial liabilities | 63.1 | 17.5 |
_______________________________________________________________________________________
19. ENVIRONMENTAL REHABILITATION PROVISION
| Note | 2024 | 2023 | |
| As at 1 January | 115.1 | 165.0 | |
Derecognised on disposal of Boungou and Wahgnion | 4 | — | (35.4) |
| Revisions in estimates and obligations incurred | — | (17.9) | |
Accretion expense | 9 | 4.4 | 3.4 |
As at 31 December | 119.5 | 115.1 |
The Group recognises environmental rehabilitation provisions for all its operating mines.
Rehabilitation activities include backfilling, soil-shaping, re-vegetation, water treatment, plant and
building decommissioning, administration, closure and monitoring activities. The majority of
rehabilitation expenses are expected to occur between 2025 and 2047. The provisions of each
mine are accreted to the undiscounted cash flows over the projected life of each mine.
The Group measures the provision at the expected value of future cash flows including inflation
rates of approximately 2.06% (31 December 2023 - 2.50%), discounted to the present value using
average discount rates of 4.58% (31 December 2023 - 3.96%). Future cash flows are estimated
based on estimates of rehabilitation costs and current disturbance levels. The undiscounted real
cash flow related to the environmental rehabilitation obligation as of 31 December 2024 was
$160.5 million (31 December 2023 - $139.4 million)
Regulatory authorities in certain countries require security to be provided to cover the estimated
rehabilitation provisions. Total restricted cash held for this purpose as at 31 December 2024 was
$37.2 million (31 December 2023 - $34.6 million).
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
207 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
____________________________________________________________________________________________________________________________________________________________________________________
20. NON-CONTROLLING INTERESTS
The composition of the non-controlling interests (“NCI”) is as follows:
| Sabodala- | Total | |||||||||
| Ity Mine | Houndé Mine | Mana Mine | Massawa Mine | Lafigué Mine | (continuing | Boungou Mine | Wahgnion Mine | Total | ||
| (15%) | (10%) | (10%) | (10%) | (20%) | Other 1 | operations) | (10%) | (10%) | (all operations) | |
| As at 1 January 2023 | 73.6 | 33.5 | 44.7 | 195.5 | — | 7.1 | 354.4 | 32.7 | 39.3 | 426.4 |
Net earnings/(loss) | 25.5 | 28.0 | 1.9 | 10.5 | — | — | 65.9 | (1.0) | 0.4 | 65.3 |
Dividend distribution | (53.5) | (24.7) | (19.3) | — | — | — | (97.5) | (5.1) | — | (102.6) |
Disposal of the Boungou and Wahgnion mine 2 | — | — | — | — | — | — | — | (26.6) | (39.7) | (66.3) |
| As at 31 December 2023 | 45.6 | 36.8 | 27.3 | 206.0 | — | 7.1 | 322.8 | — | — | 322.8 |
Net earnings/(loss) | 31.8 | 19.4 | (0.9) | (1.8) | 11.1 | (0.3) | 59.3 | — | — | 59.3 |
Dividend distribution | (53.1) | (23.1) | (3.0) | (15.5) | — | — | (94.7) | — | — | (94.7) |
| As at 31 December 2024 | 24.3 | 33.1 | 23.4 | 188.7 | 11.1 | 6.8 | 287.4 | — | — | 287.4 |
1. Exploration, Corporate and Kalana segments are included in the “other” category.
2. For further details refer to note 4.
Dividends to minority shareholders for continuing operations for the year ended 31 December 2024 amounted to $94.7 million (31 December 2023 - $97.5 million), none of which is outstanding within trade
and other payables (31 December 2023 - $29.5 million). The cash outflow relating to dividends paid to minority shareholders for continuing operations for the year ended 31 December 2024 amounted to
$123.5 million (31 December 2023 - $74.7 million).
For summarised information related to these subsidiaries, refer to note 24, Segmented Information.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
208 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
21. SUPPLEMENTARY CASH FLOW INFORMATION
A. Non-cash items
Non-cash items adjusted for in operating cash flows in the consolidated statement of cash flows for
the year ended 31 December 2024 and 31 December 2023:
| YEAR ENDED | |||
| 31 December | 31 December | ||
| Note | 2024 | 2023 | |
Depreciation and depletion | 21D | 609.3 | 448.4 |
Impairment of mining interests | 6 | 199.5 | 122.6 |
Finance costs | 9 | 111.2 | 71.2 |
Share-based compensation | 7 | 21.4 | 28.7 |
Loss on financial instruments | 8 | 142.7 | 118.0 |
| Other (gains)/expenses | (7.3) | 51.6 | |
Derecognition and impairment of financial assets | 5F | 151.0 | — |
Fulfilment of deferred revenue | 16 | (150.0) | — |
| Loss on disposal of assets | (3.7) | 4.3 | |
Total non-cash items | 1,074.1 | 844.8 |
B. Changes in working capital
Changes in working capital included in operating cash flows in the consolidated statement of cash
flows for the year ended 31 December 2024 and 31 December 2023 comprised:
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Trade and other receivables | (31.7) | (80.4) |
| Inventories | (73.7) | (37.7) |
| Prepaid expenses and other | (22.7) | (2.5) |
| Trade and other payables | 126.0 | (6.3) |
Changes in working capital | (2.1) | (126.9) |
C. Expenditures on mining interests
Expenditures on mining interests per the consolidated statement of cash flows for the year ended
31 December 2024 and 31 December 2023 include:
| YEAR ENDED | |||
| Note | 31 December | 31 December | |
| 2024 | 2023 | ||
Additions/expenditures on mining interests | 12 | (676.2) | (884.9) |
Non-cash additions to right-of-use assets | 12 | 29.2 | 22.8 |
Change in working capital 1 | (38.7) | 56.9 | |
| (685.7) | (805.2) | ||
| Discontinued operations | — | 42.6 | |
Expenditures on mining interests | (685.7) | (762.6) |
1. The changes in working capital relate to the movement in accounts payable and prepayments related primarily to capital
expenditures incurred at the Lafigué and Sabodala-Massawa BIOX® projects.
D. Depreciation and depletion
Depreciation in operating cash flows in the consolidated statement of cash flows and in the
consolidated statement of comprehensive earnings/(loss) for the year ended 31 December 2024
and 31 December 2023 comprised:
| YEAR ENDED | |||
| Note | 31 December | 31 December | |
| 2024 | 2023 | ||
Depreciation and depletion per mining interests note | 12 | 649.1 | 542.3 |
Depreciation and depletion related to discontinued operations | 4 | — | (53.1) |
| Change in depreciation and depletion capitalised to inventory | (39.8) | (40.8) | |
Depreciation and depletion expense | 609.3 | 448.4 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
209 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| Lease | |||||||
| Debt | obligations | Other | |||||
| Sabodala- | Other | ||||||
| Lafigué | Senior | Massawa | Lease | financing | |||
RCF 1 | term loan | Notes | term loan 2 | liabilities | cash flows | Total | |
| As at 1 January 2024 | 461.1 | 109.7 | 497.6 | — | 42.2 | — | 1,110.6 |
Changes from financing cash flows | |||||||
| Proceeds of long-term | |||||||
debt | 1,066.0 | 40.1 | — | 39.7 | — | — | 1,145.8 |
Repayment of long- term debt | (1,061.0) | (9.3) | — | (26.1) | — | — | (1,096.4) |
| Repayment of lease | |||||||
liabilities | — | — | — | — | (23.3) | — | (23.3) |
| Payment of financing | |||||||
fees and other Other changes | (54.4) | (10.9) | (25.0) | (1.5) | — | (9.6) | (101.4) |
Interest expense | 46.8 | 10.9 | 27.8 | 1.5 | 3.1 | — | 90.1 |
New leases | — | — | — | — | 28.0 | — | 28.0 |
Amortisation of deferred financing | |||||||
costs and other fees | 5.8 | — | — | — | — | — | 5.8 |
Other As at 31 December | — | (6.6) | — | (1.0) | — | 9.6 | 2.0 |
2024 | 464.3 | 133.9 | 500.4 | 12.6 | 50.0 | — | 1,161.2 |
Current portion | 1.4 | 37.3 | — | 12.6 | 18.2 | — | 69.5 |
Long-term portion | 462.9 | 96.6 | 500.4 | — | 31.8 | — | 1,091.7 |
| Lease | ||||||
| Debt | obligations | |||||
| Convertible | ||||||
| Lafigué | Senior | Senior | Lease | |||
| RCF | term loan | Notes | Notes | liabilities | Total | |
| As at 1 January 2023 | (5.8) | — | 495.0 | 336.6 | 47.1 | 872.9 |
| Changes from financing cash | ||||||
| flows | ||||||
Proceeds of long-term debt | 535.0 | 107.2 | — | — | — | 642.2 |
Repayment of long-term debt | (70.0) | — | — | (330.0) | — | (400.0) |
Repayment of lease liabilities | — | — | — | — | (20.5) | (20.5) |
Payment of financing fees and other Other changes | (36.4) | (2.3) | (25.0) | (4.9) | — | (68.6) |
Interest expense | 35.5 | 1.9 | 27.6 | 2.6 | 2.3 | 69.9 |
New leases | — | — | — | — | 20.3 | 20.3 |
| Amortisation of deferred | ||||||
financing costs and other fees | 2.8 | 0.1 | — | — | — | 2.9 |
Sold as part of Boungou and Wahgnion | — | — | — | (8.8) | (8.8) | |
Settlement of conversion option | — | — | — | (19.2) | — | (19.2) |
Change in fair value of conversion option | — | — | — | 14.9 | — | 14.9 |
Discontinued operations and other | — | 2.8 | — | — | 1.8 | 4.6 |
As at 31 December 2023 | 461.1 | 109.7 | 497.6 | — | 42.2 | 1,110.6 |
Current portion | 1.5 | 7.0 | — | — | 14.3 | 22.8 |
Long-term portion | 459.6 | 102.7 | 497.6 | — | 27.9 | 1,087.8 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
210 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Current income and other tax expense | (352.9) | (267.9) |
| Deferred income tax recovery | 4.4 | 57.1 |
Total income tax expense | (348.5) | (210.8) |
In line with our published Group Tax Strategy, the Group actively monitors tax changes at a country
level, as well as international policy trends, on a continuous basis, and has active engagement with
governments, regulators and other stakeholders within the countries in which the Group operates as
well as at an international level. This includes global tax reforms such as those being agreed
through the OECD’s Digitalisation of the Economy Project, which notably seeks to implement a
minimum effective tax rate of 15% on profits of large multinational groups in each country in which
they operate (‘Pillar 2’). The UK introduced the Multinational Top-up Tax and Domestic Top-up Tax in
Finance (No.2) Act 2023. These taxes are the UK’s adoption of the Pillar 2 Global Anti-Base Erosion
rules.
The Group continues to monitor and assess the domestic implementation of the Pillar 2 rules in the
jurisdictions where it operates. Based on current legislation that has been enacted or substantively
enacted, the Group does not expect any exposure to Pillar 2 taxes for the year ended 31 December
2024. This is largely due to the application of the transitional safe harbour exemptions.
As at 31 December 2024, the Group had total tax exposures of $27.6 million for which a provision
of $5.2 million has been recognised as tax payable included in current liabilities. As at 31
December 2023, the Group had total tax exposures of $78.8 million for which a provision of $1.6
million was recognised as tax payable included in current liabilities.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
211 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| 31 December | 31 December | |
| 2024 | 2023 | |
| Earnings before taxes | 113.9 | 253.5 |
Average domestic tax rate 1 | 22 % | 21 % |
| Income tax expense based on average domestic tax rates | 25.1 | 53.2 |
| Reconciling items: | ||
Rate differential 2 | 113.2 | 51.7 |
Effect of foreign exchange rate changes on deferred taxes 3 | 39.6 | (11.9) |
Permanent differences 4 | 9.3 | 6.3 |
Mining convention benefits 5 | — | (0.6) |
| Effect of withholding taxes | 111.6 | 81.6 |
2% special contribution in Burkina Faso 6 | 10.9 | — |
| True up and tax amounts in respect of prior years | 13.5 | (7.9) |
| Effect of changes in deferred tax assets and losses not recognised/ | ||
| utilised | 33.2 | 34.9 |
| Other | (7.9) | 3.5 |
Income tax expense | 348.5 | 210.8 |
2.
1. The average domestic tax rate is calculated using the average statutory tax rate applicable in the jurisdictions in which the
Group has operating entities.
2. Rate differential reflects the difference between tax expense calculated at the average domestic tax rate of 22%, and the tax
expense/(recovery) calculated using the statutory tax rate applicable to each entity, of which some are in low tax rate
jurisdictions (see table below).
3. The effect of foreign exchange rate changes on deferred taxes reflects the adjustment to the deferred taxes for changes in the
foreign exchange rates in the opening balance and on the movements during the year.
4. Permanent differences relate primarily to amounts that are not deductible for tax purposes in the statutory financial
statements.
5. The Group benefits from a mining convention benefit at its Ity mine whereby earnings generated from certain permits are not
subject to tax in Côte d'Ivoire.
6. In January 2024, the government of Burkina Faso introduced a special contribution of 2% on after-tax profits effective for the
year ended 31 December 2023.
The following is a summary of the tax rates in the various taxable jurisdictions:
| 31 December | 31 December | |
| 2024 | 2023 | |
| Barbados | 2.5% | 2.5 % |
Burkina Faso 1 | 17.5/27.5% | 17.5/27.5% |
| Canada | 26.5% | 26.5 % |
| Cayman Islands | 0.0% | 0.0 % |
| Senegal | 25.0% | 25.0 % |
| Côte d’Ivoire | 25.0% | 25.0 % |
| Australia | 30.0% | 30.0 % |
| Mali | 30.0% | 30.0 % |
| Monaco | 28.0% | 28.0 % |
| France | 31.0% | 31.0 % |
| Mauritius | 15.0% | 15.0 % |
| United Kingdom | 25.0% | 25.0 % |
1. The tax rates in Burkina Faso vary for the different operating entities based on the mining convention or applicable tax laws for
the particular entity.
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Income taxes payable related to current year taxable profits | 208.4 | 164.6 |
| Provision for income taxes | 5.2 | 1.6 |
Income taxes payable | 213.6 | 166.2 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
212 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| 31 December | 31 December | |
| 2024 | 2023 | |
| Deferred income tax assets | ||
| Mining interests, and property, plant and equipment | 15.9 | 12.8 |
| Environmental provision | 0.9 | 0.9 |
| Other liabilities | 11.0 | — |
| 27.8 | 13.7 | |
| Deferred income tax liabilities | ||
| Inventory | (48.2) | (37.0) |
| Other assets | (4.3) | (0.3) |
| Withholding tax on dividends | (76.1) | (45.4) |
| Mining interests and other | (358.9) | (395.1) |
| (487.5) | (477.8) | |
Net deferred income tax liability | (459.7) | (464.1) |
| 31 December | 31 December | |
| 2024 | 2023 | |
Net deferred income tax liability as at 1 January | (464.1) | (574.6) |
| Deferred income tax recovery | 4.4 | 57.1 |
Deferred tax liability/(asset) derecognised on disposal 1 | — | 53.4 |
Net deferred income tax liability as at 31 December | (459.7) | (464.1) |
| 31 December | 31 December | |
| 2024 | 2023 | |
| Deferred income tax asset | 28.3 | 13.7 |
| Deferred income tax liability | (488.0) | (477.8) |
Net deferred income tax liability | (459.7) | (464.1) |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
213 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Short-term benefits | 13.3 | 12.5 |
| Share-based payments | 6.3 | 11.3 |
| Termination benefits | 2.0 | 0.8 |
Total | 21.6 | 24.6 |
| YEAR ENDED | ||
| 31 December | 31 December | |
| 2024 | 2023 | |
| Other receivables | ||
| Consideration receivable (Note 10C) | 3.0 | 5.0 |
| Other financial assets | ||
| NSR (Note 14B) | 4.1 | 6.6 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
214 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| Place of | Proportion of ownership | |||||||
| incorporation and | interest and voting | |||||||
Entity | Principal activity | operation | Held By | power held | Registered Address | |||
| Group % | % | |||||||
| Holding | Holding | |||||||
Endeavour Gold Corporation | Corporate | Cayman | Endeavour Mining plc | 100% | 100% | c/o Mourant Governance Services (Cayman) Limited, 94 Solaris | ||
| Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, | ||||||||
| Cayman Islands | ||||||||
Avnel Gold Mining Limited | Holding | Guernsey | Endeavour Gold Corporation | 100% | 100% | Les Echelons Court, Les Echelons, St. Peter Port, GY1 1AR, Guernsey, | ||
| United Kingdom | ||||||||
Kalana Holdings | Holding | Cayman | Avnel Gold Mining Limited | 100% | 100% | c/o Mourant Governance Services (Cayman) Limited, 94 Solaris | ||
| Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, | ||||||||
| Cayman Islands | ||||||||
Société des Mines d’Or de Kalana SA | Operations | Mali | Kalana Holdings | 80% | 44% | Badalabougou Est, rue 12, villa n°5, 03 BP 68 Bamako 03 République | ||
80% | du Mali | |||||||
| Avnel Gold Mining Limited | 36% | |||||||
Arion Construction S.àr.l | Corporate | Côte d’Ivoire | Endeavour Gold Corporation | 100% | 100% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | ||
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | ||||||||
Endeavour Aviation S.A.R.L | Corporate | Côte d’Ivoire | Endeavour Gold Corporation | 100% | 100% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | ||
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | ||||||||
Endeavour Canada Holdings Corporation | Corporate | Canada | Endeavour Gold Corporation | 100% | 100% | 66 Wellington Street West, Suite 53 | 00, TD Bank Tower, Toronto ON | |
| M5K 1E6, Canada | ||||||||
Boss Gold SARL | Exploration | Burkina Faso | Endeavour Canada Holdings | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, | 01 BP | |
| Corporation | 1334 | Ouagadougou 01, Burkina Faso | ||||||
Boss Minerals SARL | Exploration | Burkina Faso | Endeavour Canada Holdings | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, | 01 BP | |
| Corporation | 1334 | Ouagadougou 01, Burkina Faso | ||||||
Houndé Holdings Ltd | Holding | Barbados | Endeavour Canada Holdings | 100% | 100% | Radley Court, Upper Collymore Rock, St. Michael, Barbados BB14004 | ||
| Corporation | ||||||||
Avion Mali West Exploration S.A. | Exploration | Mali | Houndé Holdings Ltd | 100% | 100% | Badalabougou Est, rue 12, villa n°5, 03 BP 68 Bamako 03 République | ||
| du Mali | ||||||||
Bouéré-Dohoun Gold Operation SA | Operations | Burkina Faso | Houndé Holdings Ltd | 90% | 90% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 06 BP | ||
9214 | Ouagadougou 06, Burkina Faso | |||||||
Burkina Faso Exploration Limited | Holding | Jersey | Houndé Holdings Ltd | 100% | 100% | c/o Apex Group, IFC 5, St Helier, Jersey, JE1 1ST | ||
Avion Gold (Burkina Faso) S.àr.l. | Exploration | Burkina Faso | Burkina Faso Exploration Limited | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | ||
1324 | Ouagadougou 06, Burkina Faso | |||||||
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
215 Endeavour Mining plc Annual Report 2024
| Place of | Proportion of ownership | ||||||
| incorporation and | interest and voting | ||||||
Entity | Principal activity | operation | Held By | power held | Registered Address | ||
| Group % | % | ||||||
| Holding | Holding | ||||||
Burkina Faso Gold Exploration S.àr.l. | Exploration | Burkina Faso | Burkina Faso Exploration Limited | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
1324 | Ouagadougou 06, Burkina Faso | ||||||
Burkina Faso Gold S.àr.l. | Exploration | Burkina Faso | Burkina Faso Exploration Limited | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
1324 | Ouagadougou 06, Burkina Faso | ||||||
Houndé Gold Operation SA | Operations | Burkina Faso | Houndé Holdings Ltd | 90% | 90% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 06 BP | |
9214 | Ouagadougou 06, Burkina Faso | ||||||
Massawa (Jersey) Limited | Holding | Jersey | Endeavour Canada Holdings | 100% | 100% | c/o Apex Group, IFC 5, St Helier, Jersey, JE1 1ST | |
| Corporation | |||||||
Orbis Gold Pty Ltd | Holding | Australia | Endeavour Canada Holdings | 100% | 100% | SmallCap Corporate Pty. Ltd., Suite 1, 295 Rokeby Road, Subiaco, WA | |
| Corporation | 6008 | , Australia | |||||
MET BF Pty. Ltd | Holding | Australia | Orbis Gold Pty Ltd | 100% | 100% | SmallCap Corporate Pty. Ltd., Suite 1, 295 Rokeby Road, Subiaco, WA | |
6008 | , Australia | ||||||
Sabodala Gold (Mauritius) Limited | Corporate | Mauritius | Endeavour Canada Holdings | 100% | 100% | c/o Juristax Corporate Fiduciary & Fund Services, Level 3, Ebene | |
| House, Hotel Avenue, 33 Cybercity, Ebene, 72201, Mauritius | |||||||
Sabodala Gold Operations SA | Operations | Senegal | Sabodala Gold (Mauritius) Limited | 90% | 86% | 2 K Plaza, Route du Méridien Président, Almadies, Dakar, Sénégal | |
| Massawa (Jersey) Limited | 90% | 4% | |||||
Sabodala Mining Company SARL | Exploration | Senegal | Sabodala Gold (Mauritius) Limited | 100% | 100% | 2 K Plaza, Route du Méridien Président, Almadies, Dakar, Sénégal | |
Sabodala Holding Limited | Holding | British Virgin | Endeavour Canada Holdings | 100% | 100% | c/o Harneys Corporate Services Limited, Craigmuir Chambers, PO Box | |
| Islands | Corporation | 71, Road Town, Tortola VG1110 | |||||
Teranga Gold (B.V.I) Corporation | Holding | British Virgin | Endeavour Canada Holdings | 100% | 100% | c/o Harneys Corporate Services Limited, Craigmuir Chambers, PO Box | |
| Islands | Corporation | 71, Road Town, Tortola VG1110 | |||||
Oromin Joint Venture Group Ltd. | Holding | British Virgin | Sabodala Holding Limited | 100% | 44% | c/o Mourant Governance Services (Cayman) Limited, 94 Solaris | |
| Islands | Teranga Gold Burkina Faso (B.V.I.) | 100% | 57% | Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, | Cayman Islands | ||
| Corporation | |||||||
Savary A1 Inc | Holding | British Virgin | Endeavour Canada Holdings | 100% | 100% | c/o Maples and Calder, Ritter House, PO Box 173, Road Town, Tortola, | |
| Islands | Corporation | VG1110, | BVI | ||||
Joint Venture BF1 Inc | Holding | British Virgin | Savary A1 Inc | 75% | 75% | c/o Maples and Calder, Ritter House, PO Box 173, Road Town, | |
| Islands | Tortola, VG1110, BVI | ||||||
Houndé Exploration BF1 Inc | Holding | British Virgin | Joint Venture BF1 Inc | 75% | 100% | c/o Maples and Calder, Ritter House, PO Box 173, Road Town, Tortola, | |
| Islands | VG1110, | BVI | |||||
Houndé Exploration BF S.àr.l. | Exploration | Burkina Faso | Houndé Exploration BF1 Inc | 75% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 13 BP | |
| 60 Ouagadougou 13, Burkina Faso | |||||||
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
216 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| Place of | Proportion of ownership | ||||||
| incorporation and | interest and voting | ||||||
Entity | Principal activity | operation | Held By | power held | Registered Address | ||
| Group % | % | ||||||
| Holding | Holding | ||||||
Sarama JV Holdings Limited | Holding | British Virgin | Joint Venture BF1 Inc | 75% | 100% | c/o Maples and Calder, Ritter House, PO Box 173, Road Town, Tortola, | |
| Islands | VG1110, | BVI | |||||
Sarama JV Mining S.àr.l. | Exploration | Burkina Faso | Sarama JV Holdings Limited | 75% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 11 BP | |
818 | CMS Ouagadougou 11, Burkina Faso | ||||||
Mana Burkina Holdings Ltd | Holding | Barbados | Endeavour Canada Holdings | 100% | 100% | Radley Court, Upper Collymore Rock, St. Michael, Barbados BB14004 | |
| Corporation | |||||||
| African GeoMin Mining Development | Holding | Barbados | Mana Burkina Holdings Ltd | 100% | 100% | Radley Court, Upper Collymore Rock, St. Michael, Barbados BB14004 | |
| Corporation Ltd | |||||||
Birimian Discovery S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 11 BP | |
1196 | CMS Ouagadougou 11, Burkina Faso | ||||||
Birimian Exploration S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 11 BP 1196 | |
| CMS Ouagadougou 11, Burkina Faso | |||||||
Birimian Resources S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 11 BP | |
1196 | CMS Ouagadougou 11, Burkina Faso | ||||||
Burkina Geoservices S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 11 BP | |
1196 | CMS Ouagadougou 11, Burkina Faso | ||||||
Exploration Atacora S.àr.l. | Exploration | Benin | Mana Burkina Holdings Ltd | 100% | 100% | Ilot 6414 | A M, Quartier Agori Aledjo, Abomey, Calavin, Cotonou, Bénin |
Mana Minéral S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
390 | Ouagadougou 01, Burkina Faso | ||||||
MET CI S.àr.l. | Exploration | Côte d’Ivoire | Mana Burkina Holdings Ltd | 100% | 100% | Siège Endeavour Mining, rue du Lycée Technique, Cocody Danga, 06 | |
BP 1334 | Abidjan 06, Cote d’Ivoire | ||||||
Resources Burkinor S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
390 | Ouagadougou 01, Burkina Faso | ||||||
Resources Tangayen S.àr.l. | Exploration | Burkina Faso | Mana Burkina Holdings Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
390 | Ouagadougou 01, Burkina Faso | ||||||
Semafo Burkina Faso SA | Operations | Burkina Faso | Mana Burkina Holdings Ltd | 90% | 90% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
390 | Ouagadougou 01, Burkina Faso | ||||||
SGML (Capital) Limited | Holding | Mauritius | Endeavour Canada Holdings | 100% | 100% | c/o Juristax Corporate Fiduciary & Fund Services, Level 3, Ebene | |
| Corporation | House, Hotel Avenue, 33 Cybercity, Ebene, 72201, Mauritius | ||||||
Teranga Exploration (Ivory Coast) SARL | Exploration | Côte d’Ivoire | Endeavour Canada Holdings | 100% | 100% | Siège Endeavour Mining, Cocody Danga, rue du Lycée Technique, 28 | |
| Corporation | BP 1366, | Abidjan 28, République de Côte d’Ivoire | |||||
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
217 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| Place of | Proportion of ownership | ||||||
| incorporation and | interest and voting | ||||||
Entity | Principal activity | operation | Held By | power held | Registered Address | ||
| Group % | % | ||||||
| Holding | Holding | ||||||
| Teranga Gold Burkina Faso (B.V.I.) | Holding | British Virgin | Endeavour Canada Holdings | 100% | 100% | c/o Maples and Calder, Ritter House, PO Box 173, Road Town, Tortola, | |
| Corporation | Islands | Corporation | VG1110 | ||||
Endeavour Exploration Ltd | Holding | Cayman | Endeavour Gold Corporation | 100% | 100% | c/o Mourant Governance Services (Cayman) Limited, 94 Solaris | |
| Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, | |||||||
| Cayman Islands | |||||||
Bissa HoldCo S.àr.l. | Exploration | Burkina Faso | Endeavour Exploration Ltd | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 01 BP | |
1324 | Ouagadougou 06, Burkina Faso | ||||||
Endeavour Guinée S.àr.l. | Exploration | Guinée | Endeavour Exploration Ltd | 100% | 100% | 5ème étage n°502, Résidence Joulia, Conakry, Guinea | |
Endeavour Niger SA | Exploration | Niger | Endeavour Exploration Ltd | 70% | 70% | 457 boulevard de l’indépendance, plateau, Niamey, BP 10.014, Niger | |
Endeavour Siguiri. | Exploration | Guinée | Endeavour Exploration Ltd | 100% | 100% | 5ème étage n°502, Résidence Joulia, Conakry, Guinea | |
Etruscan Resources Côte d’Ivoire S.à.r.l. | Exploration | Côte d’Ivoire | Endeavour Exploration Ltd | 100% | 100% | Siège Endeavour Mining, Cocody Danga, rue du Lycée Technique, 25 | |
BP 603 | Abidjan 25, République de Côte d’Ivoire | ||||||
Etruscan Resources Ghana Limited | Exploration | Ghana | Endeavour Exploration Ltd | 100% | 100% | Y/B 15 Augusto Neto Road, Airport Residential Area, Accra, Ghana | |
| Endeavour Management Services Abidjan | Corporate | Côte d’Ivoire | Endeavour Gold Corporation | 100% | 100% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| S.àr.l | Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | ||||||
Endeavour Management Services France | Corporate | France | Endeavour Gold Corporation | 100% | 100% | 19 boulevard Malesherbes 75008 Paris, France | |
| Endeavour Management Services London | Corporate | United | Endeavour Gold Corporation | 100% | 100% | 5 Young Street, W8 5EH, London, United Kingdom | |
| Limited. | Kingdom | ||||||
| Endeavour Management Services Monaco | Corporate | Monaco | Endeavour Gold Corporation | 100% | 100% | 7 Boulevard des Moulins, Bureau 76, Monaco 98000 | |
| S.A.M. | |||||||
Hippocampus Mining Services S.àr.l | Operations | Côte d’Ivoire | Endeavour Gold Corporation | 100% | 100% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | |||||||
Ity Holdings UK Limited | Holding | United | Endeavour Gold Corporation | 100% | 100% | 5 Young Street, W8 5EH, London, United Kingdom | |
| Kingdom | |||||||
Keyman Investment S.A. | Holding | Côte d’Ivoire | Ity Holdings UK Limited | 100% | 100% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | |||||||
La Mancha Côte d’Ivoire S.àr.l. | Exploration | Côte d’Ivoire | Ity Holdings UK Limited | 100% | 100% | Abidjan, Cocody Danga, Siège Endeavour Mining, rue du Lycée | |
| Technique, 06 BP 2220 Abidjan 06, République de Côte d’Ivoire | |||||||
Société des Mines d’Ity SA | Operations | Côte d’Ivoire | Ity Holdings UK Limited | 85% | 85% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | |||||||
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
218 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
| Place of | Proportion of ownership | ||||||
| incorporation and | interest and voting | ||||||
Entity | Principal activity | operation | Held By | power held | Registered Address | ||
| Group % | % | ||||||
| Holding | Holding | ||||||
Société des Mines de Daapleu SA | Operations | Côte d’Ivoire | Ity Holdings UK Limited | 85% | 85% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | |||||||
Société des Mines de Floleu S.A | Operations | Côte d’Ivoire | Ity Holdings UK Limited | 90% | 90% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | |||||||
Lafigué Holdings UK Limited | Holding | United | Endeavour Gold Corporation | 100% | 100% | 5 Young Street, W8 5EH, London, United Kingdom | |
| Kingdom | |||||||
Société des Mines de Lafigué S.A | Operations | Côte d’Ivoire | Lafigué Holdings UK Limited | 80% | 80% | Abidjan, Cocody Danga, Siège Endeavour Mining, Rue du Lycée | |
| Technique, 08 BP 872 Abidjan 08, République de Côte d’Ivoire | |||||||
| Centre Commun de Fonctions Support | Corporate | Burkina Faso | Endeavour Gold Corporation | 100% | 100% | Ouaga 2000 (Zone A) Secteur 53 Section B Lot 35 Parcelle 9, 06 BP | |
| Endeavour (CCFSE) GIE | 9214 | Ouagadougou 06, Burkina Faso | |||||
| West African Mining Services LLP (formerly | Corporate | United | Endeavour Mining Plc | —% | 100% 1 | 5 Young Street, W8 5EH, London, United Kingdom | |
| Endeavour Mining Services LLP) | Kingdom |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
219 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
Notes to the consolidated financial statements
Continued
____________________________________________________________________________________________________________________________________________________________________________________
| YEAR ENDED 31 DECEMBER 2024 | |||||||
| Ity | Houndé | Mana | Sabodala- | Lafigué | |||
| Mine | Mine | Mine | Massawa Mine | Mine | Other | Total | |
| Revenue | |||||||
Revenue | 838.1 | 707.9 | 356.3 | 538.2 | 235.4 | — | 2,675.9 |
| Cost of sales | |||||||
Operating expenses | (266.0) | (267.8) | (202.5) | (215.5) | (55.6) | — | (1,007.4) |
Depreciation and depletion | (107.7) | (96.5) | (95.9) | (280.5) | (19.5) | (9.2) | (609.3) |
Royalties | (53.8) | (61.6) | (28.6) | (31.1) | (15.4) | — | (190.5) |
Earnings/(loss) from mine operations | 410.6 | 282.0 | 29.3 | 11.1 | 144.9 | (9.2) | 868.7 |
| YEAR ENDED 31 DECEMBER 2023 | ||||||
| Sabodala- | ||||||
| Ity | Houndé | Massawa | ||||
| Mine | Mine | Mana Mine | Mine | Other | Total | |
| Revenue | ||||||
Revenue | 639.4 | 613.6 | 290.2 | 571.4 | — | 2,114.6 |
| Cost of sales | ||||||
Operating expenses | (222.4) | (216.8) | (176.2) | (171.8) | — | (787.2) |
Depreciation and depletion | (83.2) | (88.6) | (80.8) | (185.5) | (10.3) | (448.4) |
Royalties | (36.5) | (45.8) | (18.7) | (32.7) | — | (133.7) |
Earnings/(loss) from mine operations | 297.3 | 262.4 | 14.5 | 181.4 | (10.3) | 745.3 |
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
220 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
The Group’s assets and liabilities, including geographic location of those assets and liabilities, are detailed below:
| Sabodala- | |||||||
| Massawa | |||||||
| Ity Mine | Houndé Mine | Mana Mine | Mine | Lafigué Mine | |||
| Côte d’Ivoire | Burkina Faso | Burkina Faso | Senegal | Côte d’Ivoire | Other | Total | |
| Balances as at 31 December 2024 | |||||||
Current assets | 197.4 | 187.0 | 85.7 | 257.9 | 82.2 | 154.6 | 964.8 |
Mining interests | 418.1 | 408.9 | 416.3 | 1,889.0 | 526.7 | 321.8 | 3,980.8 |
Goodwill | — | — | 39.6 | 94.8 | — | — | 134.4 |
Other long-term assets | 115.3 | 64.1 | 25.8 | 175.8 | 29.3 | 23.1 | 433.4 |
Total assets | 730.8 | 660.0 | 567.4 | 2,417.5 | 638.2 | 499.5 | 5,513.4 |
Current liabilities | 189.0 | 123.0 | 91.1 | 160.0 | 142.3 | 116.3 | 821.7 |
Other long-term liabilities | 66.5 | 56.7 | 71.5 | 366.1 | 123.6 | 1,014.4 | 1,698.8 |
Total liabilities | 255.5 | 179.7 | 162.6 | 526.1 | 265.9 | 1,130.7 | 2,520.5 |
| For the year ended 31 December 2024 | |||||||
| Additions/expenditures on mining interests | 80.0 | 64.1 | 98.9 | 186.5 | 190.7 | 55.9 | 676.1 |
| Sabodala- | |||||||
| Massawa | |||||||
| Ity Mine | Houndé Mine | Mana Mine | Mine | Lafigué Mine | |||
| Côte d’Ivoire | Burkina Faso | Burkina Faso | Senegal | Côte d’Ivoire | Other | Total | |
| Balances as at 31 December 2023 | |||||||
Current assets | 315.2 | 202.0 | 92.2 | 238.2 | 12.8 | 259.8 | 1,120.2 |
Mining interests | 461.7 | 444.9 | 417.1 | 2,003.5 | 295.7 | 534.2 | 4,157.1 |
Goodwill | — | — | 39.6 | 94.8 | — | — | 134.4 |
Other long-term assets | 71.7 | 52.7 | 10.9 | 227.0 | — | 84.5 | 446.8 |
Total assets | 848.6 | 699.6 | 559.8 | 2,563.5 | 308.5 | 878.5 | 5,858.5 |
Current liabilities | 182.0 | 73.4 | 51.6 | 201.0 | 33.0 | 72.4 | 613.4 |
Other long-term liabilities | 45.5 | 56.1 | 72.4 | 384.6 | 108.8 | 1,029.4 | 1,696.8 |
Total liabilities | 227.5 | 129.5 | 124.0 | 585.6 | 141.8 | 1,101.8 | 2,310.2 |
| For the year ended 31 December 2023 | |||||||
| Additions/expenditures on mining interests | 117.6 | 75.3 | 85.6 | 274.1 | 242.1 | 47.1 | 841.8 |
1. Additions / expenditures on mining interests excludes discontinued operations.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
221 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
| 31 December | 31 December | |
| 2024 | 2023 | |
| Equity | 2,992.9 | 3,548.3 |
| Current portion of long-term debt | 51.2 | 8.5 |
| Long-term debt | 1,060.0 | 1,059.9 |
| Overdraft facility | 13.1 | — |
| Lease liabilities | 50.0 | 42.2 |
| 4,167.2 | 4,658.9 | |
| Less: | ||
| Cash and cash equivalents | (397.3) | (517.2) |
| Restricted cash | (62.1) | (41.1) |
Total | 3,707.8 | 4,100.6 |
_______________________________________________________________________________________
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
222 Endeavour Mining plc Annual Report 2024
Notes to the consolidated financial statements
Continued
_______________________________________________________________________________________
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Consolidated Financial Statements
Continued
223 Endeavour Mining plc Annual Report 2024
Registered No. 13280545
ASSETS
Current
Cash and cash equivalents
0.6
0.3
Trade and other receivables
1.1
3.8
Income taxes receivable
2.5
2.5
Amounts due from related parties 4
133.2
425.7
Prepaid expenses and other
0.7
0.2
138.1
432.5
Non-current
Investments 5
4,546.8
4,546.8
Derivative financial assets
0.1
0.1
Total assets 4,685.0
4,979.4
LIABILITIES
Current
Trade and other payables 6
7.7
8.7
Current portion of debt 8
1.4
1.5
9.1
10.2
Non-current
Non-current portion of debt 8
963.3
957.2
Other financial liabilities 7
1.7
1.9
Total liabilities 974.1
969.3
As at As at
31 December 31 December
Note
2024 2023
NET ASSETS 3,710.9
4,010.1
EQUITY
Share capital 9
2.5
2.5
Share premium reserve 10
50.7
50.7
Share based payment reserve 10
18.6
14.8
Merger reserve 10
44.1
44.1
Retained earnings
3,595.0
3,898.0
Total equity 3,710.9
4,010.1
Total equity and liabilities 4,685.0
4,979.4
As at As at
31 December 31 December
Note
2024 2023
The Company reported a loss for the year ended 31 December 2024 of $79. 3 million (for the year
ended 31 December 2023: a loss of $40.8 million).
Approved by the Board: 6March 2025
/s/Ian Cockerill
Director
/s/Alison Baker
Director
The accompanying notes are an integral part of these consolidated financial statements.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Parent Company financial statements
224 Endeavour Mining plc Annual Report 2024
Statement of financial position
(Expressed in Millions of United States Dollars)
SHARE CAPITAL
Notes Share Capital
Share Premium
Reserve
Share Based
Payment
Reserve
Retained
Earnings Merger Reserve
Total
As at 1 January 2023 2.5 25.6 12.9 4,192.3 44.1 4,277.4
Results for the year — — — (40.8) —
(40.8)
Total comprehensive loss for the year
— — — (40.8) —
(40.8)
Contributions by and distributions to owners
— — — — —
—
Purchase and cancellation of own shares 9 — — — (66.5) —
(66.5)
Shares issued on exercise of options, warrants and PSUs — 5.9 (15.2) 13.4 —
4.1
Share-based compensation — — 17.1 — —
17.1
Settlement of Convertible Notes — 19.2 — — —
19.2
Dividends paid — — — (200.4) —
(200.4)
As at 31 December 2023 2.5 50.7 14.8 3,898.0 44.1 4,010.1
Results for the year — — — (79.3) —
(79.3)
Total comprehensive loss for the year
— — — (79.3) —
(79.3)
Contributions by and distributions to owners
— — — — —
—
Purchase and cancellation of own shares 9 — — — (37.2) —
(37.2)
Net settlement and shares issued on exercise of PSUs — — (16.0) 13.5 —
(2.5)
Share-based compensation — — 19.8 — —
19.8
Dividends paid — — — (200.0) —
(200.0)
As at 31 December 2024 2.5 50.7 18.6 3,595.0 44.1 3,710.9
1. Changes to share capital occurred, however is presented as zero due to the nominal amount of the change and due to all USD amounts rounded to millions.
The accompanying notes are an integral part of these financial statements.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Parent Company financial statements
Continued
225 Endeavour Mining plc Annual Report 2024
Statement of changes in equity
(Expressed in Millions of United States Dollars, except per share amounts)
Notes to the consolidated financial statements
______________________________________________________________________________________
1. CORPORATE INFORMATION
Endeavour Mining PLC (the “Company”), registered number: 13280545 was incorporated on 21
March 2021 and is a holding company.
The Company is a public company limited by shares incorporated in the United Kingdom
Companies Act 2006 and is registered in England and Wales. The address of the Company’s
registered office is: 5 Young Street, London, United Kingdom, W8 5EH .
______________________________________________________________________________________
2. ACCOUNTING POLICIES
The Company meets the definition of a qualifying entity under FRS 100 Application of Financial
Reporting Requirements issued by the FRC. Accordingly, these financial statements are prepared in
accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). As
permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available
under that standard in relation to share-based payment, financial instruments, capital management,
presentation of comparative information in respect of certain assets, presentation of a cash flow
statement, standards not yet effective, certain disclosures in respect of revenue from contracts with
customers and certain related party transactions. Where required, equivalent disclosures are given
in the consolidated financial statements of Endeavour Mining plc for the year ended 31 December
2024 (“consolidated financial statements”).
The Company's functional currency is United States dollars (“USD”) and its financial statements are
presented in USD and to the nearest million dollars unless otherwise noted.
The principal accounting policies adopted are those set out in note 2 to the consolidated financial
statements except as noted below.
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost
convention, except for the valuation of financial instruments that are measured at fair value at the
end of each reporting period, and in accordance with FRS 101.
Revenue recognition
Revenue is derived from service fees charged to Endeavour Gold Corporation. Revenue is
recognised for the service as rendered.
Investments in subsidiaries
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
Treasury shares
When the Company purchases its own share capital (“treasury shares”), the consideration paid,
including any directly attributable incremental costs, net of income taxes, is deducted from retained
earnings/(deficit). If treasury shares are subsequently cancelled, the par value of the cancelled shares
is credited to the capital redemption reserve. If treasury shares are subsequently re-issued, any excess
of consideration over the weighted average cost of shares in treasury is taken to share premium.
Significant judgements and estimates
The preparation of the Company's financial statements in conforming with FRS 101 requires
management to make judgements, estimates and assumptions that effect the reported amounts of
assets, liabilities, income and expenses, and the accompanying disclosures. These assumptions,
judgements and estimates are based on management’s best knowledge of the relevant facts and
circumstances, having regard to previous experience, but actual results may differ materially from
the amounts included in the financial statements. Management reviews its estimates and
underlying assumptions on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of
revision and future periods if the revision affects both current and future periods.
The critical judgements that the Company’s management has made in the process of applying the
Company’s accounting policies, that have the most significant effect on the amounts recognised in
the Company’s financial statements are as follows:
Investment
At each reporting date, the Company assesses whether there is an indication that any investment
may be impaired. If any indication exists, or when annual impairment testing for an investment is
required, the Company estimates the investment’s recoverable amount. In assessing an
investment’s recoverable amount, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the investment.
Amounts due from related parties
IFRS 9 requires entities to recognise expected credit losses for all financial assets held at amortised
cost, including amounts due from related parties from the perspective of the lender. The Company
assessed that the probability-weighted outcome is that any expected credit loss would be de minimus.
_______________________________________________________________________________________
3. PROFIT FOR THE YEAR
As permitted by s408 of the Companies Act 2006, no separate profit and loss account or statement
of comprehensive income is presented in respect of the Parent Company. The profit attributable to
the shareholders of the Company is disclosed in the footnote to the Company’s statement of
financial position.
The Company had an average of 4 employees during the year ended 31 December 2024 (31
December 2023 - an average of 3 employees).
Further information about share-based payment transactions is provided in note 7 to the
consolidated financial statements.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Parent Company financial statements
Continued
226 Endeavour Mining plc Annual Report 2024
Notes to the financial statements
Continued
_______________________________________________________________________________________
4. AMOUNTS DUE FROM RELATED PARTIES
At 31 December 2024 an amount of $134.3 million was due from Endeavour Gold Corporation (at
31 December 2023 an amount of $425.7 million was due from Endeavour Gold Corporation). On 29
December 2023, Endeavour Mining Corporation merged into Endeavour Gold Corporation. As a
result of this business combination, the amounts due from Endeavour Mining Corporation are now
due from Endeavour Gold Corporation.
The amounts due from related parties are unsecured and due on demand. No interest is accrued on
the outstanding principal balance. However, the Company may, at its sole discretion and at any
time, impose an interest charge at an arm's length rate. The Company charged interest of
$20.5million to EGC during the year ended 31 December 2024 (during the year ended 31
December 2023 - $28.0 million).
_______________________________________________________________________________________
5. INVESTMENTS IN SUBSIDIARIES
The investment in Endeavour Gold Corporation (previously Endeavour Mining Corporation) was
recognised on 11 June 2021 as part of the share exchange transaction described in note 7 of the
consolidated financial statements. The investment is measured at cost and was initially recorded at the
value of net assets, which includes the share warrants liabilities, the call-rights, and PSUs, included on
11 June 2021. Endeavour Mining Corporation was a private company incorporated and domiciled in the
Cayman Islands, it merged with Endeavour Gold Corporation on 29 December 2023.
Endeavour Gold Corporation did not declare any dividends to the Company in 2024 or 2023.
Details of the Company’s direct and indirect subsidiaries, with Endeavour Gold Corporation being
the only direct subsidiary, at the end of the reporting period are included in note 23 of the
consolidated financial statements.
_______________________________________________________________________________________
6. TRADE AND OTHER PAYABLES
31 December
2024
31 December
2023
Sundry creditors 7.7 8.7
7.7 8.7
Sundry creditors comprise amounts payable under the share buyback programme of $2.2 million as
at 31 December 2024 (31 December 2023: $4.2 million), accrued expenses of $3.1 million
(31December 2023: $2.1 million) and other creditors of $2.4 million (31 December 2023:
$2.3million).
______________________________________________________________________________________
7. OTHER FINANCIAL LIABILITIES
31 December
2024
31 December
2023
DSU liabilities 1.7 1.9
Total 1.7 1.9
Current portion — —
Non-current financial liabilities 1.7 1.9
Details of the call-rights are included in note 18 to the consolidated financial statements.
_______________________________________________________________________________________
8. DEBT
31 December
2024
31 December
2023
Senior Notes
500.4
497.6
Revolving credit facilities
470.0
465.0
Deferred financing costs
(7.1)
(5.4)
Interest accrual
1.4
1.5
Total debt 964.7 958.7
Less: current portion
(1.4)
(1.5)
Non-current portion of debt 963.3 957.2
Details of the revolving credit facility and the Senior Notes are in note 9 to the consolidated
financial statements.
_______________________________________________________________________________________
9. SHARE CAPITAL, OPTIONS AND SHARE UNIT PLANS
The movements in share capital, options and share unit plans and relevant details are included in
note 7 to the consolidated financial statements.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Parent Company financial statements
Continued
227 Endeavour Mining plc Annual Report 2024
Notes to the financial statements
Continued
_______________________________________________________________________________________
10. EQUITY RESERVES
The following describes the nature and purpose of each reserve within the equity:
Reserve Description and purpose
Share capital Nominal value of subscribed shares
Share premium
reserve
The share premium reserve contains the premium arising on the issue of
equity shares, net of issue expenses incurred by the Company.
Share based payment
reserve
Share-based payment reserve represents the cumulative share-based
payment expense for the Company’s share option schemes minus the
cumulative value of shares issued in respect of the share option scheme.
Retained earnings Distributable to shareholders and include all other net gains and losses
and transactions with owners (e.g. dividends) not recognised elsewhere.
Merger reserve The merger reserve contains the difference between the share capital of
the Company and the net assets of Endeavour Gold Corporation (formerly
Endeavour Mining Corporation) as at the date of reorganisation, and less
amounts cancelled and transferred to retained earnings on cancellation of
the deferred shares.
______________________________________________________________________________________
11. SUBSEQUENT EVENTS
Details of subsequent events are given in note 27 to the consolidated financial statements.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Parent Company financial statements
Continued
228 Endeavour Mining plc Annual Report 2024
Houndé Mine (90% owned)
Proven Reserves 2.6 1.06 90 2.4 1.06 81
Probable Reserves 55.9 1.42 2,554 50.3 1.42 2,298
P&P Reserves 58.5 1.41 2,643 52.6 1.41 2,379
Measured Resources 2.6 1.07 91 2.4 1.07 82
Indicated Resources 64.8 1.53 3,182 58.3 1.53 2,864
M&I Resources 67.5 1.51 3,273 60.7 1.51 2,945
Inferred Resources 6.8 1.50 327 6.1 1.50 294
Ity Mine (85% owned except 90% owned Le Plaque area)
Proven Reserves 11.3 0.91 331 9.6 0.91 282
Probable Reserves 67.3 1.49 3,222 57.4 1.49 2,756
P&P Reserves 78.6 1.41 3,553 67.1 1.41 3,038
Measured Resources 11.4 0.91 331 9.7 0.91 281
Indicated Resources 97.8 1.62 5,093 83.3 1.62 4,350
M&I Resources 109.1 1.55 5,423 93.0 1.55 4,631
Inferred Resources 9.1 1.59 467 7.8 1.59 398
Mana Mine (90% owned)
Proven Reserves 1.1 2.88 100 1.0 2.88 90
Probable Reserves 6.5 2.77 577 5.8 2.77 520
P&P Reserves 7.6 2.79 678 6.8 2.79 610
Measured Resources 3.0 3.51 334 2.7 3.51 300
Indicated Resources 13.0 3.32 1,388 11.7 3.32 1,249
M&I Resources 15.9 3.36 1,721 14.3 3.36 1,549
Inferred Resources 8.5 3.51 959 7.6 3.51 863
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown
inclusive of Reserves
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Sabodala-Massawa Complex
(90% owned)
Proven Reserves 16.7 1.02 549 15.1 1.02 494
Probable Reserves 33.9 2.49 2,711 30.5 2.49 2,439
P&P Reserves 50.7 2.00 3,260 45.6 2.00 2,934
Measured Resources 19.9 1.13 724 17.9 1.13 651
Indicated Resources 60.5 2.29 4,463 54.5 2.29 4,017
M&I Resources 80.4 2.01 5,186 72.4 2.01 4,668
Inferred Resources 20.4 2.01 1,322 18.4 2.01 1,190
Bantou (90% owned except
81% owned Karankasso)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources 18.1 1.22 707 16.3 1.22 637
M&I Resources 18.1 1.22 707 16.3 1.22 637
Inferred Resources 16.2 2.24 1,167 13.4 2.28 986
Lafigué(80% owned)
Proven Reserves 3.0 0.94 90 2.4 0.94 72
Probable Reserves 41.4 1.70 2,267 33.1 1.70 1,813
P&P Reserves 44.4 1.65 2,357 35.5 1.65 1,885
Measured Resources 3.0 0.94 90 2.4 0.94 72
Indicated Resources 43.2 2.03 2,813 34.6 2.03 2,250
M&I Resources 46.2 1.95 2,903 36.9 1.95 2,322
Inferred Resources 4.0 1.38 177 3.2 1.38 142
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown
inclusive of Reserves
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Detailed Reserves and Resources
230 Endeavour Mining plc Annual Report 2024
Kalana Project (80% owned)
Proven Reserves — — — — — —
Probable Reserves 35.6 1.60 1,829 28.5 1.60 1,463
P&P Reserves 35.6 1.60 1,829 28.5 1.60 1,463
Measured Resources — — — — — —
Indicated Resources 46.0 1.57 2,318 36.8 1.57 1,854
M&I Resources 46.0 1.57 2,318 36.8 1.57 1,854
Inferred Resources 4.6 1.67 245 3.6 1.67 196
Nabanga (90% owned)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources — — — — — —
M&I Resources — — — — — —
Inferred Resources 3.9 6.91 868 3.5 6.91 781
Assafou (100% owned)
Proven Reserves — — — — — —
Probable Reserves 72.8 1.76 4,115 72.8 1.76 4,115
P&P Reserves 72.8 1.76 4,115 72.8 1.76 4,115
Measured Resources — — — — — —
Indicated Resources 73.6 1.95 4,604 73.6 1.95 4,604
M&I Resources 73.6 1.95 4,604 73.6 1.95 4,604
Inferred Resources 3.3 1.97 208 3.3 1.97 208
Total - Endeavour Mining
Proven Reserves 34.8 1.04 1,160 30.4 1.04 1,019
Probable Reserves 313.3 1.71 17,274 278.5 1.72 15,405
P&P Reserves 348.1 1.65 18,434 308.9 1.65 16,424
Measured Resources 39.8 1.23 1,569 35.0 1.23 1,386
Indicated Resources 417.0 1.83 24,567 369.0 1.84 21,825
M&I Resources 456.8 1.78 26,136 404.0 1.79 23,211
Inferred Resources 76.8 2.33 5,740 67.0 2.35 5,058
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown
inclusive of Reserves
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Note: Reserves and Resources are shown for continuing operations. The mineral Reserves and
Resources were estimated as at December 31, 2024 with the provisions adopted by the Canadian
Institute of Mining Metallurgy and Petroleum (CIM) and incorporated into the NI 43-101. The
Qualified Persons responsible for the mineral Reserve and Resource estimated are detailed in the
following tables.
Mineral resources
QUALIFIED PERSON POSITION PROPERTY/DEPOSIT
Kevin Harris, CPG VP Resources, Endeavour
Mining plc
Ity; Houndé (Dohoun, Kari Pump, Vindaloo),
Sabodala/Massawa (all except Bambaraya,
Kiesta, Niakafiri East, Niakafiri West,
Masoto, Mammasoto, Kawsara), Bantou,
Assafou Project, Lafigué
Helen Oliver, FGS,
CGeol
Group Resource Geologist,
Endeavour Mining plc
Hounde (Kari West, Kari Center-South,
Vindaloo South, Dafra, Vindaloo SE, Koho,
Mambo); Kalana (Kalanko); Sabodala-
Massawa (Bambaraya, Kiesta, Niakafiri
East, Niakafiri West, Kerekounda East,
Soukhoto, Delya, Tina, Samina, Kawsara)
Joseph Hirst, FGS,
CGeol.
Resource Geologist,
Endeavour Mining plc
Mana (Wona-Kona UG, Siou UG); Sabodala/
Massawa(Masoto, Mammasoto, Sofia),
Nabanga
Paul Blackney,
MAusIMM, MAIG
Executive Consultant,
Datamine Australia Pty. Ltd.
(Snowden Optiro)
Kalana deposit
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Detailed Reserves and Resources
Continued
231 Endeavour Mining plc Annual Report 2024
Mineral reserves
QUALIFIED PERSON POSITION PROPERTY/DEPOSIT
Salih Ramazan,
FAusIMM
Vice President, Mine Planning,
Endeavour Mining plc
Ity, Houndé, Sabodala-Massawa (OP),
Assafou Project, Lafigué
John R. Walker, FGS,
FIMMM, FIQ
Technical Director - Mining
Advisory SLR
Mana (Wona-Kona UG, Siou UG)
David M Robson, PEng
MBA
Principal Mining Engineer -
Mining and Mining Advisory
Group - SLR
Sabodala-Massawa (Golouma and
Kerekounda UG)
Allan Earl, FAusIMM Executive Consultant,
Datamine Australia Pty. Ltd.
(Snowden Optiro)
Kalana project
1. The mineral resources and mineral reserves have been estimated and reported in accordance
with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' and
the CIM Definition Standards adopted by CIM Council on 10 May 2014, as well as the CIM
Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines as also adopted
on 29 November 2019.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
3. All mineral resources are reported inclusive of mineral reserves.
4. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded to two decimal
places; ounces are rounded to the nearest 1,000oz. Rounding may result in apparent
differences between tonnes, grade and contained metal.
5. Tonnes and grade measurements are in metric units; contained gold is in troy ounces.
6. Processing recoveries vary and are a function of many factors including: pit material types,
mineralogy and chemistry of the ore. The overall average recoveries are around 89% at
Sabodala, 90% at Houndé, 87% at Ity, 88% at Mana, and 95% at Lafigué. The average
processing recoveries at the development projects is Kalana at 90% and Assafou at 90%.
7. The Assafou project is currently 100% owned. Ownership (and attributable Mineral Resource and
Mineral Reserves) will change to 90% once an exploitation permit is granted.
8. The reporting of mineral reserves and resources are based on a gold price as detailed below:
Au price $/oz HOUNDÉ ITY MANA
SABODALA-
MASSAWA LAFIGUÉ ASSAFOU KALANA
2024 Reserves
1,300 1,500 1,500 1,500 1,500 1,500 1,500
2023 Reserves
1,300 1,300 1,300 1,300 1,500 — 1,500
2024 Resources
1,300 1,900 1,900 1,900 1,500 1,900 1,500
2023 Resources
1,300 1,500 1,500 1,500 1,500 1,500 1,500
Cut-off grades for the resources are as follows:
a. Houndé: at 0.50g/t Au
b. Ity at 0.50g/t Au
c. Sabodala-Massawa: open pit from 0.31g/t to 1.00g/t Au. Underground from 2.00g/t to
2.84g/t Au
d. Mana OP: open pit for oxide at 0.41g/t Au to 0.56g/t Au, for transitional 0.44g/t Au to 0.69
g/t Au, and sulphide at 0.72g/t Au to 2.54g/t Au
e. Mana UG: Mineral Resources for Siou and Wona underground mines (72% of Mineral
Resource) are reported within the constrained underground mineable shapes, generated at a
cut-off grade of 2.0 g/t Au and reported above a cut-off of 1.8g/t Au for Siou and 2.0 g/t Au at
Wona; the differential between the reported grade of 1.8 g/t Au and the constrained shape
grade of 2.0 g/t Au contributes a non-material (2%) of additional ounces at Siou
f. Lafigué: oxide at 0.40g/t Au, transitional and fresh at 0.50g/t Au
g. Kalana: all 0.50g/t Au
h. Bantou: from 0.43g/t Au to 0.86g/t Au
i. Nabanga: at 3.00g/t Au
j. Assafou: at 0.50 g/t Au
Cut-off grades for the reserves are as follows:
a. Houndé: oxide: 0.40g/t Au to 0.60g/t Au; transitional: 0.40g/t Au to 0.70g/t Au; fresh:
0.40g/t Au to 0.70g/t except Mambo fresh 1.00g/t Au
b. Ity: oxide: 0.40g/t Au to 0.50g/t Au; transitional and fresh: 0.40g/t Au to 0.80g/t Au
c. Sabodala Open Pit WOLP: oxide: 0.50/t Au to 0.60g/t Au; transitional: 0.0g/t Au to 0.70g/t
Au; fresh: 0.50g/t Au to 0.89g/t Au
d. Sabodala Open Pit STP: RedTran: 1.00g/t Au to 1.60g/t Au; fresh: 1.20g/t Au to 1.30g/t Au
e. Sabodala UG: 2.55g/t Au for Golouma and 2.48g/t for Kerekounda
f. Mana UG: Mineral Reserve estimation for both Wona and Siou was based on the constrained
underground shapes generated at a gold cut-off grade at Wona of 2.60 g/t, Siou South 2.90g/
t and Siou North 2.80g/t, at a gold price of USD 1,500/oz
g. Lafigué: 0.40g/t Au
h. Kalana and Kalanako pits: oxide: 0.40g/t Au; transitional: 0.50g/t Au; fresh: 0.60g/t Au,
0.00g/t Au for TSF
i. Assafou Project: laterite/oxide/transitional: 0.40g/t Au; fresh 0.50g/t Au
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Detailed Reserves and Resources
Continued
232 Endeavour Mining plc Annual Report 2024
Reserves and resources: Year-on-year comparison
Houndé Mine
2
(90% owned)
Proven Reserves 2.6 1.06 90 2.5 1.15 91
Probable Reserves 55.9 1.42 2,554 49.6 1.59 2,542
P&P Reserves 58.5 1.41 2,643 52.1 1.57 2,633
Measured Resources 2.6 1.07 91 2.5 1.16 92
Indicated Resources 64.8 1.53 3,182 70.6 1.64 3,730
M&I Resources 67.5 1.51 3,273 73.1 1.63 3,821
Inferred Resources 6.8 1.50 327 11.9 1.73 662
Ity Mine (85% owned except
90% owned Le Plaque)
Proven Reserves 11.3 0.91 331 10.8 0.81 282
Probable Reserves 67.3 1.49 3,222 36.3 1.77 2,067
P&P Reserves 78.6 1.41 3,553 47.2 1.55 2,349
Measured Resources 11.4 0.91 331 11.3 0.80 291
Indicated Resources 97.8 1.62 5,093 78.2 1.68 4,231
M&I Resources 109.1 1.55 5,423 89.5 1.57 4,522
Inferred Resources 9.1 1.59 467 16.4 1.60 844
Mana (90% owned)
Proven Reserves 1.1 2.88 100 2.1 2.81 191
Probable Reserves 6.5 2.77 577 7.6 2.96 719
P&P Reserves 7.6 2.79 678 9.7 2.93 910
Measured Resources 3.0 3.51 334 7.1 1.40 321
Indicated Resources 13.0 3.32 1,388 28.8 2.18 2,022
M&I Resources 15.9 3.36 1,721 35.9 2.03 2,342
Inferred Resources 8.5 3.51 959 7.6 3.47 851
As at 31 December 2024 As at 31 December 2023
Resources shown
inclusive of Reserves, on a 100% basis
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Sabodala-Massawa Complex
(90% owned)
Proven Reserves 16.7 1.02 549 17.6 1.04 589
Probable Reserves 33.9 2.49 2,711 35.5 2.55 2,904
P&P Reserves 50.7 2.00 3,260 53.1 2.05 3,492
Measured Resources 19.9 1.13 724 20.9 1.15 775
Indicated Resources 60.5 2.29 4,463 67.2 2.16 4,660
M&I Resources 80.4 2.01 5,186 88.2 1.92 5,436
Inferred Resources 20.4 2.01 1,322 9.1 1.87 545
Bantou (90% owned except
81% owned Karankasso)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources 18.1 1.22 707 18.1 1.22 707
M&I Resources 18.1 1.22 707 18.1 1.22 707
Inferred Resources 16.2 2.24 1,167 16.2 2.24 1,167
Lafigué(80% owned)
Proven Reserves 3.0 0.94 90 — — —
Probable Reserves 41.4 1.70 2,267 49.8 1.69 2,714
P&P Reserves 44.4 1.65 2,357 49.8 1.69 2,714
Measured Resources 3.0 0.94 90 — — —
Indicated Resources 43.2 2.03 2,813 46.2 2.04 3,026
M&I Resources 46.2 1.95 2,903 46.2 2.04 3,026
Inferred Resources 4.0 1.38 177 1.6 1.98 102
As at 31 December 2024 As at 31 December 2023
Resources shown
inclusive of Reserves, on a 100% basis
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
OVERVIEW
STRATEGIC
REPORT
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REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Detailed Reserves and Resources
Continued
233 Endeavour Mining plc Annual Report 2024
Kalana Project (80% owned)
Proven Reserves — — — — — —
Probable Reserves 35.6 1.60 1,829 35.6 1.60 1,829
P&P Reserves 35.6 1.60 1,829 35.6 1.60 1,829
Measured Resources — — — — — —
Indicated Resources 46.0 1.57 2,318 46.0 1.57 2,318
M&I Resources 46.0 1.57 2,318 46.0 1.57 2,318
Inferred Resources 4.6 1.67 245 4.6 1.67 245
Nabanga (90% owned)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources — — — — — —
M&I Resources — — — — — —
Inferred Resources 3.9 6.91 868 3.4 7.69 841
Assafou (100% owned)
Proven Reserves — — — — — —
Probable Reserves 72.8 1.76 4,115 — — —
P&P Reserves 72.8 1.76 4,115 — — —
Measured Resources — — — — — —
Indicated Resources 73.6 1.95 4,604 70.9 1.97 4,494
M&I Resources 73.6 1.95 4,604 70.9 1.97 4,494
Inferred Resources 3.3 1.97 208 2.9 1.91 176
As at 31 December 2024 As at 31 December 2023
Resources shown
inclusive of Reserves, on a 100% basis
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Group Total (excluding the
Afema property)
Proven Reserves 34.8 1.04 1,160 33.0 1.09 1,152
Probable Reserves 313.3 1.71 17,274 214.4 1.85 12,775
P&P Reserves 348.1 1.65 18,434 247.4 1.75 13,927
Measured Resource (incl.
reserves) 39.8 1.23 1,569 41.8 1.10 1,479
Indicated Resources (incl.
reserves) 417.0 1.83 24,567 426.0 1.84 25,188
M&I Resources (incl. reserves) 456.8 1.78 26,136 467.8 1.77 26,667
Inferred Resources 76.8 2.33 5,740 73.7 2.29 5,433
Afema (51% owned)
Proven Reserves — — —
Probable Reserves — — —
P&P Reserves — — —
Measured Resources — — —
Indicated Resources — — —
M&I Resources — — —
Inferred Resources — — —
Group Total
Proven Reserves 34.8 1.04 1,160 33.0 1.09 1,152
Probable Reserves 313.3 1.71 17,274 214.4 1.85 12,775
P&P Reserves 348.1 1.65 18,434 247.4 1.75 13,927
Measured Resource 39.8 1.23 1,569 41.8 1.10 1,479
Indicated Resources 417.0 1.83 24,567 426.0 1.84 25,188
M&I Resources 456.8 1.78 26,136 467.8 1.77 26,667
Inferred Resources 76.8 2.33 5,740 73.7 2.29 5,433
As at 31 December 2024 As at 31 December 2023
Resources shown
inclusive of Reserves, on a 100% basis
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
1.
1. Notes for the year ended 31 December 2024 are available in the section above. Notes for the year ended 31 December 2023
are available in the press release dated 27 March 2024.
2. Golden Hill resource removed from portfolio for the period ended 31 December 2024. Golden Hill included on a 100% basis
within Houndé resource for period ended 31 December 2023.
OVERVIEW
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GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Detailed Reserves and Resources
Continued
234 Endeavour Mining plc Annual Report 2024
This document contains "forward-looking statements" within the meaning of applicable securities
laws. All statements, other than statements of historical fact, are “forward-looking statements”,
including but not limited to, statements with respect to Endeavour's plans and operating
performance, the estimation of mineral reserves and resources, the timing and amount of estimated
future production, costs of future production, future capital expenditures, the success of exploration
activities, the anticipated timing for the payment of a shareholder dividend and statements with
respect to future dividends payable to the Company’s shareholders, the completion of studies, mine
life and any potential extensions, the future price of gold and the share buyback programme.
Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”,
“plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”,
“estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and
similar expressions .
Forward-looking statements, while based on management's reasonable estimates, projections and
assumptions at the date the statements are made, are subject to risks and uncertainties that may
cause actual results to be materially different from those expressed or implied by such forward-
looking statements, including but not limited to: risks related to the successful completion of
divestitures; risks related to international operations; risks related to general economic conditions
and the impact of credit availability on the timing of cash flows and the values of assets and
liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future
prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained
dividend payments; the completion of studies on the timelines currently expected, and the results of
those studies being consistent with Endeavour’s current expectations; actual results of current
exploration activities; production and cost of sales forecasts for Endeavour meeting expectations;
unanticipated reclamation expenses; changes in project parameters as plans continue to be refined;
fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates;
increases in market prices of mining consumables; possible variations in ore reserves, grade or
recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather
events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour
disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining
industry; delays in the completion of development or construction activities; changes in national and
local government legislation, regulation of mining operations, tax rules and regulations and changes
in the administration of laws, policies and practices in the jurisdictions in which Endeavour
operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic
developments in countries in which Endeavour operates, including but not limited to acts of war,
terrorism, sabotage, civil disturbances, non-renewal of key licences by government authorities, or
the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and
artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and
pandemics.
Although Endeavour has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed
under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour
and its business.
The declaration and payment of future dividends and the amount of any such dividends will be
subject to the determination of the Board of Directors, in its sole and absolute discretion, taking
into account, among other things, economic conditions, business performance, financial condition,
growth plans, expected capital requirements, compliance with the Company's constating
documents, all applicable laws, including the rules and policies of any applicable stock exchange,
as well as any contractual restrictions on such dividends, including any agreements entered into
with lenders to the Company, and any other factors that the Board of Directors deems appropriate
at the relevant time. There can be no assurance that any dividends will be paid at the intended rate
or at all in the future.
OVERVIEW
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GOVERNANCE
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Cautionary note on forward-looking statements
235 Endeavour Mining plc Annual Report 2024
Abbreviations and units of measurement
ABC Anti-Bribery and Corruption
AGM Annual general meeting
APM Alternative performance measure
AISC All-in sustaining cost
au Chemical symbol for gold
BEV Battery electric vehicles
CGU Cash-generating unit
DFS Definitive feasibility study
DSU Deferred share unit
DTR Disclosure guidance and transparency rules
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
EBT Employee Benefits Trust
ESG Environmental, Social and Governance
FCA Financial conduct authority
FTSE Financial times stock exchange
FVLCD Fair value less cost of disposal
GHG Greenhouse gas emissions
GRI Global reporting initiative
HFI Historical financial information
HFO Heavy fuel oil
HSE Health, safety and environment
ICMC The international cyanide management code
IFC International finance corporation
IFRS International Financial Reporting Standards
ISO International organisation for standardisation
IUCN International union for conservation of nature
KPI Key performance indicator
LFI Light fuel oil
LoM Life of mine
LPRM Local procurement reporting mechanism
LTI Lost time injury
LTIFR Lost time injury frequency rate
LTIP Long-term incentive plan
M&I Resources Measured and indicated resources
N/A Not applicable
NCIB Normal course issuer bid
NEO Named executive office
OCI Other comprehensive income
OHS Occupational health and safety
P&P Reserves Proven and probable reserves
PSU Performance share unit
RGPM Responsible gold mining principles
ROCE Return on capital employed
SARL, S.à.r.l. Société à responsabilité limitée (“private company with limited responsibility”)
SASB Sustainability accounting standards board
SFTP Société de Forage et des Travaux Publics - Mining Contractor
SME Small and medium-sized enterprise
SPI Schedule performance index
STIP Short term incentive plan
TCFD The Task Force on Climate-Related Financial Disclosures
TNFD The Task Force on Nature-Related Financial Disclosures
TRIFR Total recordable injury frequency rate
TSF Tailings storage facility
TSR Total shareholder return
UK Code The UK Corporate Governance Code 2024
g/t grams per tonne
km Kilometres
Koz Thousand ounces
Kt Thousand tonnes
Ktpa Thousand tonnes per annum
m Metres
Moz Million ounces
Mt Million tonnes
Mtpa Million tonnes per annum
Oz Ounce (31.1035g)
t Tonne (1,000 kg)
OVERVIEW
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STATEMENTS
ADDITIONAL
INFORMATION
Glossary
236 Endeavour Mining plc Annual Report 2024
Definitions
Adjusted EBITDA EBITDA adjusted for non-recurring items which are not reflective of
the Company’s on-going operations.
Adjusted Net Earnings per
share attributable to
shareholders
Total net and comprehensive earnings adjusted for non-recurring
items which are not reflective of the Company’s ongoing
operations divided by weighted average shares outstanding during
the year.
Adjusted Net Earnings
attributable to Shareholders
Total net and comprehensive earnings adjusted for non-recurring
items which are not reflective of the Company’s on-going
operations.
All-in sustaining cost Operating costs and capital expenditures required to sustain
current operations on an ongoing basis.
Alternative Performance
Measures
This Management Report as well as the Company’s other
disclosures contain multiple non-GAAP measures, which the
Company believes that, in addition to conventional measures
prepared in accordance with GAAP, certain investors use to
assess the performance of the Company. These do not have a
standard meaning and are intended to provide additional
information which are not necessarily comparable with similar
measures used by other companies and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP.
Assay waste Waste from a chemical test performed on a sample of any
material to determine the amount of valuable metals contained in
the sample.
Biofuel Fuel delivered immediately from a living matter.
BIOX® Process for the treatment of refractory gold concentrates.
Brownfield Exploration Exploration activities in the areas around an existing mine, where
the Group has substantial knowledge about the mineral deposit
and has constructed the infrastructure and/or processing
facilities needed to exploit the additional resources that it expects
to find.
Canadian National Policy
58-201
Canadian non-prescriptive guidelines on corporate governance
practices.
Capital Employed Total assets less current liabilities.
Cash costs Operating expenses from mine operations adjusted for non-cash
items.
Carbon in Leach A technological operation in which slurry containing gold is
leached by cyanide in the presence of activated carbon.
Company Endeavour Mining plc
Convertible Notes EMC issued $330.0 million 3.00 % convertible senior notes due
2023 on 5 February 2018. Holders had the option to convert the
convertible notes at any time until the close of business on the
scheduled trading day immediately before the maturity date. The
initial conversion rate was 41.84 of EMC’s common shares per
$1,000 of Notes, or an initial conversion price of approximately
$23.90 (CAD$29.47) per share.
Definitive feasibility study A DFS, or bankable quality study, based on the best alternative
identified in the preliminary feasibility study, and suitable as a
basis for detailed design and construction. The definitive
feasibility study is based on indicated and measured mineral
resource.
ECODEV An economic development fund established by the Group to
support local economic growth by promoting and investing in the
creation of local long-term, sustainable, small and medium
enterprises.
Endeavour Foundation The Group's primary vehicle to implement sustainability projects
at the regional and national levels in the countries it operates.
Exploration Activity ultimately aimed at discovery of ore reserves for
exploitation. Consists of sample collection and analysis, including
reconnaissance, geophysical and geochemical surveys, trenching,
drilling, etc.
Fresh Ore Simply unaltered rock beneath the transition zone.
FTSE 250 A capitalisation-weighted index consisting of the 101st to the
350th largest companies listed on the London Stock Exchange.
FTSE All FTSE All-Share Index - representing 98-99% of UK market
capitalisation, the FTSE All-Share index is the aggregation of the
FTSE 100, FTSE 250 and FTSE Small Cap Indexes.
FTSE UK The FTSE UK Index Series is designed to represent the
performance of UK companies, providing market participants with
a comprehensive and complementary set of indexes that
measure the performance of all capital and industry segments of
the UK equity market.
Genset Generator set referring to a generator and engine combination.
Grade The relative amount of metal in ore, expressed as grams per
tonne for precious metals and as a percentage for most other
metals.
Group/Endeavour Endeavour Mining plc together with its subsidiaries.
Greenfield Exploration Exploration and evaluation expenditure on greenfield sites, being
those where the Group does not have any mineral deposits which
are already being mined or developed.
OVERVIEW
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REPORT
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FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Glossary
Continued
237 Endeavour Mining plc Annual Report 2024
Global reporting initiative The independent, international organisation that helps
businesses and other organisations take responsibility for their
impacts, by providing them with the global common language to
communicate those impacts.
Group Stakeholder
Engagement Procedure
Procedure that outlines the objectives, principles and requirements
that guide the Group's to establish an engagement with Group's
host communities, host governments, NGOs and other local and
national stakeholders.
Growth Capital Growth Capital applies to capital expenditure on new projects that
result in the construction of a new mine or a major project to
expand or significantly change the operations at an existing mine.
Heap Leach A technological operation in which crushed material is laid on a
sloping, impervious pad where it is leached by a cyanide solution
to dissolve gold and/or silver.
The international cyanide
management code
A voluntary, performance driven, certification programme of best
practices for gold and silver mining companies and the
companies producing and transporting cyanide used in gold and
silver mining. This framework provides a mechanism of assurance
for enhancing the protection of human health and reducing the
potential for environmental impacts.
ISO 45001 An ISO standard for management systems of occupational health
and safety. The goal of ISO 45001 is the reduction of
occupational injuries and diseases, including promoting and
protecting physical and mental health.
International union for
conservation of nature
IUCN is an international organisation working in the field of nature
conservation and sustainable use of natural resources.
Local procurement reporting
mechanism
A framework created by Mining Shared Value to support
transparency within the supply chain and standardise.
Lost Time Injury A LTI is an injury sustained on the job by an employee that results
in the loss of productive work time.
Lost time injury frequency rate The amount or number of LTIs which occurred in a given period
relative to the total number of hours. Calculated as the Number of
LTIs in the Period x 1,000,000 / Total people hours worked for
the period.
Malaria incidence rate Malaria incidence rate is calculated as total number of malaria
cases x 1,000,000 / total people hours worked for the period.
Measured and Indicated
Resources
That part of a resource for which tonnage, grade and content can
be estimated with a reasonable level of confidence. It is based on
exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. The locations are too
widely or inappropriately spaced to confirm geological and or
grade continuity but are spaced closely enough for continuity to
be assumed.
Inferred resources That part of a resource for which tonnage, grade and content can
be estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/
or grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes, which may be limited or of
uncertain quality and reliability.
Normal course issuer bid A term for a public company's repurchase of its own stock in
order to cancel it.
Named executive office NEO, a disclosure requirement of applicable Canadian securities
laws which requires annual remuneration disclosure for the five
highest paid individuals in the Company, being the CEO, the CFO
and the next three highest-paid individuals.
Net Cash Net cash is the cash balance after deducting the principal amount
outstanding of long-term liabilities.
Net Debt Net debt is the balance after deducting the principal amount
outstanding of long-term liabilities from the cash balance.
Non-Sustaining Capital Costs that are primarily incurred at new operations and costs
related to major projects at existing operations where these
projects will materially benefit the operation.
Open Pit A mine that is entirely on the surface.
Ore The part of mineralisation that can be mined and processed
profitably.
Ore stacked The ore stacked for heap leach operations.
Ore Milled Ore that has been fed into a processing plant for the recovery of
gold or other metal.
Plant throughput Throughput is the quantity or amount of raw material processed
within a given time through the processing plant.
Pre-leach The pre-processing of ore before leaching.
Production The amount of gold poured.
Proven and probable reserves The economically mineable part of a measured resource, which
represents the highest confidence category of reserve estimate.
OVERVIEW
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ADDITIONAL
INFORMATION
Glossary
Continued
238 Endeavour Mining plc Annual Report 2024
OTCQX International OTCQX means the over-the-counter stock market operated by OTC
Markets Group Inc.
RCF Revolving credit facility agreement entered into on 5 November
2024 by the Company, in its capacity as Parent Company and
borrower. The facility was coordinated by Citibank and comprises
a syndicate of eight banks including Citibank, Bank of Montreal
who acted as the Sustainability Co-ordinator, HSBC Bank, ING
Bank, Macquarie Bank, Nedbank, Standard Bank of South Africa,
and Standard Chartered Bank.
The revolving credit facility is for a term of four years, for an
amount of $700.0 million. The revolving credit facility is a senior
unsecured obligation of the Company, is guaranteed by certain
holding company subsidiaries and pays interest quarterly in
arrears at a rate equal to the applicable reference rate plus a
margin ranging between 2.40% and 3.40% depending on
leverage.
The sustainability-linked RCF integrates the core elements of
Endeavour’s sustainability strategy into its financing strategy,
specifically climate change, biodiversity and malaria, with clear
sustainability-linked performance metrics that will be measured
on an annual basis and reviewed by an independent external
verifier.
Reclamation The restoration of a site after mining or exploration activity has
been completed.
Reconnaissance drilling Drilling in order to collect a rock sample, or to carry out a physical
measurement or a geological observation.
Recyanidation Process designed to reduce leaching and detox reagent
consumption, improving the quality of the tailings discharge, and
increasing gold production through higher recovery rates.
Reserves The economically mineable part of a measured and/or indicated
mineral resource.
Resources A concentration or occurrence of material of intrinsic economic
interest in or on the earth’s crust in such form, quality, and
quantity that there are reasonable prospects for eventual
economic extraction. The location, quantity, grade, geological
characteristics and continuity of resources are known, estimated,
or interpreted from specific geological evidence and knowledge.
Resources are sub-divided in order of increasing geological
confidence, into inferred, indicated, and measured categories.
Responsible gold mining
principles
A framework by World Gold Council that set out clear expectations for
consumers, investors and the downstream gold supply chain as to
what constitutes responsible gold mining.
Return on capital employed ROCE is expressed as a percentage and is calculated as Adjusted
EBIT divided by the average of the opening and closing capital
employed for the 12 months preceding the year end.
Sag Mill A semi-autogenous grinding mill, generally used as a primary or
first stage grinding solution.
Satellite pit Remotely located pit.
Senior Notes On 7 October 2021, the Company issued $500.0 million senior
notes due 2026 under Rule 144A/Regulation S, at a rate equal
to 5% per annum. The senior notes are senior unsecured
obligations of the Company, are guaranteed by certain holding
company subsidiaries, pay interest semi-annually in arrears, and
will mature on 14 October 2026. The terms include customary
provisions relating to call rights and redemption, equity clawback,
treatment upon change of control, and other restrictions as more
precisely detailed in the description of senior notes. The senior
notes are listed on the Global Exchange Market of the Irish Stock
Exchange.
Sterilisation Drilling Sterilisation drilling tests areas of a mine site to be sure there
are no valuable minerals there, so that buildings, roads, power
lines, pipelines, waste piles, tailings disposal areas, etc. can be
built on the areas that have been sterilised or condemned.
Sustainability accounting
standards board
SASB’s Standards guide the disclosure of financially material
sustainability information by companies to their investors.
Sustaining Capital Capital expenditure that is incurred in relation to an ongoing
operation.
Tailings Part of the original feed of a mineral processing plant that is
considered devoid of value after processing.
The task force on climate-
related financial disclosures
Guidance on the reporting of climate-related financial information.
The task force on nature-
related financial disclosures
A new global initiative which aims to give financial institutions and
companies a complete picture of their environmental risks.
Total recordable injury
frequency rate
Calculated as the number of (LTI+Fatalities+Restricted Work
Injury+Medical Treated Injury+First Aid Injury) in the period x
1,000,000 / Total people hours worked for the period.
Tailings storage facility A purposely designed, engineered and constructed structure to
permanently store tailings.
Total shareholder return A relative financial measurement of stock price performance over
a period in comparison with the relative performance of a control
or benchmark group of comparable peer companies.
Waste Barren rock that must be mined and removed to access ore in a
mine.
Waste stripping The mining of waste in an open pit.
OVERVIEW
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FINANCIAL
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ADDITIONAL
INFORMATION
Glossary
Continued
239 Endeavour Mining plc Annual Report 2024
Definitions and relevance of KPIs
Definition Relevance
Resources Resources are an identified mineral
occurrence with reasonable prospects
for eventual economic extraction. They
are classified as Measured, Indicated
or Inferred depending on their
confidence level.
Resources indicate medium to long tern
production potential and is a measure
of the size of the Group’s mining and
exploration assets. It is a crucial factor
in delivering the Group’s strategy of
creating a resilient business.
AISC AISC include operating and capital
expenditures required to sustain
current operations on an ongoing basis
and is calculated in accordance with
World Gold Council guidelines.
AISC is a commonly used mining
metric that provides stakeholders with
transparency regarding the total cash
costs of producing an ounce of gold,
including those capital expenditures
that are required for sustaining the
ongoing operation of the mines.
Gold produced Gold produced includes total gold
poured from the Group's mining
operations and is measured in ounces.
The Group's operating profit is
attributable to the sale of gold
produced and is a crucial factor in
delivering our strategy. Gold production
is also assessed to determine whether
mines are operating according to plan.
Reserves A Mineral Reserve is the portion of a
Measured and or Indicated Mineral
Resource that is economically feasible
to mine. Mineral reserves are
classified as Proven or Probable
depending on their confidence level.
Extending mine life through near-mine
exploration and new discoveries from
greenfield exploration both contribute
to the Group's long-term growth
prospects.
Community
investments
Social investment refers to the annual
spend by the Group, the Endeavour
Foundation and ECODEV, Endeavour’s
impact investment fund, on a range of
projects to support the socio-economic
development of Endeavour’s host
communities.
The Group aims to contribute to the
prosperity of local communities and
host countries, as part of the Group’s
social licence to operate, through a
range of community projects and
initiatives, with a particular focus on
health, education, economic
development as well as access to water
and energy. Endeavour’s community
development programmes are based on
the needs of the local communities,
who Endeavour consult regularly.
LTIFR Lost time injury frequency rate
(“LTIFR”) refers to the amount or
number of lost time injuries, that is,
injuries that occurred in the workplace
that resulted in an employee's inability
to work, which happened in a given
period relative to the total number of
hours worked in the trailing 12-month
period. LTIFR is calculated per
1,000,000 hours worked.
The Group strives to create strong
safety culture grounded in risk and
hazard awareness. The LTIFR is used
to measure the effectiveness of our
health and safety policy and practices
in limiting the number of reportable
accidents. LTIFR is always included as
a metric in the Group’s annual
compensation scheme for all
Endeavour employees.
In-country
procurement
spend
In-country procurement spend refers to
the purchasing of goods or services
from a national or local supplier based
in-country. The Group classifies local in
this context as being the region and/or
district where the mine is located.
Endeavour's procurement and supply
chains multiply the Group's positive
impact on the local, regional and
national economies of our host
countries, strengthening local
businesses and creating indirect
employment. In line with Endeavour's
strategic aim of being a trusted partner,
the Group prioritises national and local
suppliers of goods and services as well
as the development of in-country
manufacturing and supply chains.
GHG emissions GHG are those stemming from the
burning of fossil fuels and the
manufacturing of cement. They include
carbon dioxide produced during
consumption of solid, liquid, and gas
fuels.
Energy is a critical input and a
significant cost for mining operations,
as well as a major source of GHG
emissions. Improving the efficiency of
our operations, reducing energy use
and associated costs, and lowering
our emissions are key drivers for the
long-term sustainability of the Group’s
business.
Revenue Revenue is the income arising from
gold sales in the course of ordinary
business activities.
Revenue is an indicator of the Group’s
ability to generate operating cash
flows and is a crucial metric to be
considered when understanding the
profitability of the business.
Operating cash
flow & operating
cash flow per
share
Operating cash flows are principally
generated from the Group’s normal
business activities from its mining
operations.
Operating cash flows and operating
cash flows per share are used to
assess the Group’s ability to sustain
and expand its normal business
operations.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Glossary
Continued
240 Endeavour Mining plc Annual Report 2024
Free cash flow &
free cash flow
per share
Free cash flows are the cash
generated from operating activities,
minus cash used in investing activities
Free cash flow and free cash flow per
share are used to evaluate the
Group’s ability to generate cash flows
and operate without reliance on
additional borrowing or usage of
existing cash. It is also an indication of
the cash that can be used for
shareholder returns, reducing debt and
other investing/financing activities.
Adjusted EBITDA Adjusted EBITDA is earnings before
interest, tax, depreciation and
amortisation adjusted for acquisition
and restructuring costs, losses/gains
on financial instruments, impairment
and other expenses/income.
Adjusted EBITDA gives an indication of
the Group’s performance and ability to
generate profit from operations and to
service debt.
Adjusted net
earnings
attributable and
adjusted net
earnings per
share
Total net and comprehensive earnings
adjusted for items considered
exceptional or non-recurring in nature
and that are related to Endeavour’s
core operation of its mining assets.
Adjusted net earnings assists in
understanding the underlying operating
performance of the Group’s core
mining business.
Net cash Net cash is the cash balance after
deducting the principal amounts of
long-term debt.
Net cash provides transparency
regarding the liquidity position of the
Group and its ability to meet its
financial obligations.
OVERVIEW
STRATEGIC
REPORT
GOVERNANCE
REPORT
FINANCIAL
STATEMENTS
ADDITIONAL
INFORMATION
Glossary
Continued
241 Endeavour Mining plc Annual Report 2024
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