VANCOUVER (miningweekly.com) – West Africa-focused Endeavour Gold has reported a quarterly increase of 19% in adjusted net earnings from continuing operations to $33-million, or $0.25 a share.
This was above analyst expectations of $0.18 a share, off of revenue of $119-million.
Total revenues in the September quarter, which benefited from a 7% improved realised gold price at $1 328/oz, amounted to $474-million, up 23% year-on-year.
Endeavour reported output of 146 000 oz in the third quarter ended September 30, up 6% quarter-on-quarter, with increases expected across all mines in the fourth quarter, the miner said, noting it was still on track to meet full-year guidance of 575 000 oz to 610 000 oz at an all-in sustaining cost (AISC) of $870/oz to $920/oz.
AISC continued to trend lower, achieving $898/oz in the third quarter.
Endeavour said free cash flow before working capital, tax and financing costs of $41-million for the Houndé and Karma operations, in Burkina Faso, was up 41% sequentially – a threefold increase over the comparable quarter in 2015.
The miner noted that it was well positioned to finance growth projects with $397-million in available sources of financing and liquidity, as net debt was decreased from $242-million to $14-million over the last 12 months.
The company’s TSX-listed stock on Monday closed up 5.52% at C$26.20 apiece.