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I think so. I think the West African trio (Burkina Faso, Niger, Mali) have continually increasing risk of seizure of assets, leading to a bigger West Africa discount.
Have been doing more reading and found this interesting:
https://theconversation.com/free-movement-in-west-africa-three-countries-leaving-ecowas-could-face-migration-hurdles-222826
That said, I hold a smaller amount (relative to Endeavour) of Thor Explorations Ltd, which has also seen its share price hit. It has two projects in W Africa, but Senegal and Nigeria, not in the aforementioned trio.
Maybe Wagner was the mystery recipient of the missing $5m?
Https://www.bbc.co.uk/news/world-africa-68322230
Seems likely to only worsen
Yes very depressing at the minute, keep telling myself how undervalued we are 🙁
I keep adding more thinking it’s the bottom but seems like there is no bottom in sight yet!! Desp need news on replacement of CEO or else it’ll keep dropping further!!
Chart looks awful too downward trend!!
Surely it will need backing from the big boys:
https://www.endeavourmining.com/investors/institutional-ownership
if thats still up to date.
At these prices we must be a takeover target? With all the consolidations going on there could be a possibility.
The US dollar is getting stronger, perhaps because interest rates wont come down as quickly as come people had been saying, which in theory is bad for commodities.
Until the next FED meeting on interest rates I can see this EDV slipping back especially with all the negative comments. Institutional holders will keep taking the divi's which may pick up with increased production later in the year.
How low they go on volatility in the mean time is anyones guess.
Shares down 2%
This share can't progress until there is full disclosure of the reasons why the previous - successful - CEO was suddenly sacked. The RNS on this was tightly worded and completely unintelligible. Who did the CEO pay and why? Given how much the CEO was paid this doesn't look like "hands in the Company's till". So who was the recipient and why did the Board find the transaction so unacceptable?
It's on the lower end of production guidance and AISC was a little above guidance (still ridiculously low) and uncertainty with no permanent CEO in place. SP volatility is always a big factor on gold miners.
I have put it down to the irrationality of the market . I thought it was a pretty reasonable RNS so have topped up a little. I am sure once the other mines actually start production this will pick up nicely. Time will tell.
Surprised the SP is dropping based on the RNS this morning.
Does anyone have any thoughts on this?
In line with Endeavour’s capital allocation framework, the Company is pleased to continue to deliver attractive shareholder returns by declaring a H2-2023 dividend of $100.0 million, or approximately $0.41 per share. As such, the FY-2023 dividend amounts to $200.0 million, which represents $25.0 million or 14% more than the minimum dividend commitment of $175.0 million for the year, reiterating Endeavour's strong commitment to paying supplemental shareholder returns.
Endeavour’s H2-2023 dividend will be paid on 25 March 2024, with an ex-dividend date of 22 February 2024, to shareholders of record on 23 February 2024. Shareholders of shares traded on the Toronto Stock Exchange will receive dividends in Canadian Dollars (“CAD”), but can elect to receive United States Dollars (“USD”). Shareholders of shares traded on the London Stock Exchange will receive dividends in USD, but can elect to receive Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by shareholders prior to 17:00 GMT on 4 March 2024. Dividends will be paid in the default or elected currency on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates on 6 March 2024. This dividend does not qualify as an “eligible dividend” for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder.
Shareholder returns are being supplemented through the Company’s share buyback programme. A total of $65.7 million, or 3.0 million shares were repurchased during FY-2023, of which $25.7 million or 1.3 million shares were repurchased in Q4-2023.
an ****erill, ceo of endeavour, commented: “i am honoured to assume the role of ceo at a pivotal time for endeavour as strong foundations are in place to unlock significant value as we deliver on our organic growth pipeline. i look forward to continuing to implement the strategy approved by the board and lead the company forward for the benefit of all our stakeholders.
2023 was another successful year for endeavour during which we continued to focus on improving the quality of our portfolio through asset optimisation initiatives, the divestment of non-core boungou and wahgnion mines, construction of our two high-margin, long life growth projects, and continue to deliver significant exploration success.
on the operational front, we are pleased to have met production guidance for the eleventh consecutive year and to remain one of the lowest all-in sustaining cost producers within the sector, allowing us to generate robust cash flow to fund both our organic growth and shareholder returns programmes. moreover, we achieved record production at both ity and houndé in 2023 where production exceeded 300koz. as we look forward to continuing to optimise and explore these two mines with the goal of sustaining such levels of production over the long-term, endeavour's other flagship asset, sabodala-massawa, is well positioned to produce up to 400koz in 2024.
regarding our near-term growth plans, we are very pleased to report that both the sabodala-massawa expansion and the lafigué development project are progressing well, with both projects on budget and on, or ahead of, schedule for first production in the second quarter of 2024. our longer-term organic growth pipeline is equally attractive, following the delineation of a 4.5 million ounce indicated resource at our tanda-iguela greenfield property in côte d’ivoire. this represents one of the most significant discoveries in west africa over the past decade and we have launched a preliminary feasibility study that we expect to finalise by year end, as we continue to focus on increasing its size.
throughout last year, we continued to execute on our commitment to deliver attractive shareholder returns, returning $200 million of dividends for the year and having repurchased $66 million worth of shares, which combined is equivalent to $226 for every ounce of gold produced from all operations. importantly, since we began the shareholder returns programme in 2021, we have returned over $900 million to shareholders representing 77% more than the minimum commitment for the period. looking ahead, our goal is to increase returns further once our two ongoing organic growth projects are complete.
i would like to thank our team for their continued hard work. i look forward with excitement to 2024 and beyond as we will benefit from the efforts undertaken over recent years to improve the quality of our portfolio and strengthen the resilience of our business.”
A very nice analysis of Endeavour Mining: https://www.youtube.com/watch?v=ZtmZ_dT1Hzk
If you look at a 5 year chart, it's nothing exceptional. As it's only a small percentage of my portfolio, not concerned. Bought in case there is some serious increase in the gold price. Meanwhile the dividend is ok and the production figures are good enough.
Is anyone concerned about the drop in SP?
I’m surprised there has been no discussion and thoughts shared by investors on this board.
Thanks.
EDV Board of Directors should/could have put in more time and effort into finding a new proven, proactive, and potentially younger CEO with no baggage here and in the meantime, simply announced an interim CEO for the moment, time will only tell but EDV today has no time to waste IMHO.
Also says becomes a M&A target.
2400
Not an easy place to do business strictly to the book. Hope the new CEO stops the buybacks.
20% drop would seem about right for a case of serious fraud such as this.