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Endeavour C$.61

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By Bobwins

Posted: Friday Mar 4 7:36:48AM 2016  -.89 to C$11.98  Endeavour acquiring True Gold and it's new mine.  Around C$200 million price. New mine should add 110-120K oz of gold/yr at a very low AISC.  Market doesn't like dilution but this low cost bolt on addition in West Africa just builds Endeavour into a solid mid tier producer at bargain prices.

By Bobwins

Posted: Thursday Mar 3 7:28:21PM 2016  +.26 to C$12.83   Endeavour and gold continued it's rally.  

Today Endeavour posted 2015 results with dramatic improvements in cashflow, profits and AISC.  Guidance for 2016 increases in spite of the sale of the Youga mine after the year end.  Further reductions in AISC are forecast along with substantial increases in cashflow and free cashflow.

By Bobwins

Posted: Thursday Feb 18 7:38:41AM 2016  +.43 to C$11.17  Endeavour keeps rolling upwards.  Still undervalued.  Someone on stockhouse pointed out that BTO has similar production and cash costs but is valued over double  Over 518,000 ozs of gold produced in 2015.  Build decision is coming up for Hounde project, which could push EDV over 600K.  I also think EDV is on the hunt for a reasonably priced acquisition.  Maybe a project that can't get financing on it's own.  I would think that a late stage project is the best fit for Endeavour because they have financing and minebuilding expertise.  Even though gold has been doing well, juniors are still going to have difficulty financing projects at current prices.  EDV should be able to negotiate a decent deal without incurring too much more debt, which they are trying very hard to reduce.  

By Bobwins

Posted: Tuesday Jan 26 8:12:33AM 2016  +.60 to C$8.10   Endeavour has been outperforming most of it's gold miner peers in production and stock market performance, gaining 29% in the past year.  Still undervalued due to the overall bear market for miners.  

Production is growing and guiding for 525-600K oz for 2016.  Guided for 475-500K for 2015 and hit 518K.  All in Sustaining Costs are dropping.  Guiding for AISC of C$875 to 900 for 2016.  

By Bobwins

Posted: Friday Jan 15 7:50:06AM 2016  +.30 to C$7.27   

Endeavour has been executing on it's game plan, increasing production and becoming a solid mid tier producer while reducing costs and debt.



By Bobwins

Posted: Wednesday Dec 2 10:15:04AM 2015   -.22 to C$5.98   Endeavour Mining Corporation completed it's 1for10 reverse split and began trading today.  Naturally it sold off.  Hopefully gold will have a little year end rally and Endeavour get somewhere closer to fair value.  

By Bobwins

Posted: Tuesday Dec 1 4:34:30PM 2015  =.01 to C$.62


VANCOUVER , Dec. 1, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour Mining") (EDV.TO) (EVR.AX) (EDVMF) is pleased to announce that its Agbaou Gold Mine in Côte d'Ivoire fully repaid its shareholder loans from Endeavour Mining of $181 million , with the final loan payment received on November 27 , 2015.  The shareholder loans funded the $145 million mine construction cost and other historic development costs including feasibility studies and exploration programs.  The full repayment of Endeavour Mining's historic capital is 22 months from the mine achieving commercial production on January 27, 2014 .

The Agbaou Gold Mine has progressed into a dividend-paying position for the distribution of its free cash flow.  Endeavour Mining owns 85% of the Agbaou Gold Mine, with the remaining 10% held by the State of Côte d'Ivoire and 5% held by SODEMI, the Ivorian State mining company.

Neil Woodyer , CEO, stated

"By all measures, the Agbaou mine has had an exceptional initial two years of operations.  Even with the low gold price environment, Agbaou has fully repaid its construction capital and all of its historic costs related to exploration and studies in only 22 months – demonstrating a very strong return on investment.  To date, Agbaou has paid $14 million in royalties to the Côte d'Ivoire government, and the country will now benefit even more from dividends through its 15% carried interests in the mine.  In addition, Agbaou is an example of the success of our approach of recruiting and training Ivorian nationals who now represent 92% of the mine's workforce."

About Endeavour Mining Corporation

Endeavour Mining is a Canadian-based intermediate gold mining company producing 580,000 ounces per year from five mines in West Africa.  Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

By Bobwins

Posted: Saturday Nov 28 11:45:02PM 2015  C$.60


Endeavour completed a deal with LaMancha.  They get 1/2 an operating mine and LaMancha is investing cash in Endeavour.  They are issuing 177 million shares to LaMancha.  Then they are doing a reverse split 1for10.  

The cash will allow Endeavour to move ahead with their next mine and improvement project.  Fuel savings and general cost cutting will allow Endeavour to reduce cash costs significantly to the low C$900 levels.

By Bobwins

Posted: Wednesday Oct 14 8:55:41AM 2015  +.01 to C$.64


Endeavour is hitting their guidance, moving towards 500K oz of gold in 2015.  Gold may have bottomed(this is my fourteenth forecast of the bottom so take this with a grain).  Endeavour getting part of another producing gold mine and probably going to build their fifth gold mine from cash reserves and a little debt.  Could be 750K producer in a couple of years.

By Bobwins

Posted: Friday Jul 31 7:37:06AM 2015  Endeavour posted good Q2 results.  Production of 131K oz, AISC of $898/oz, net profit of 33million, adjusted net profit of .05eps.  Stock is dirt cheap at C$.51 since forward eps would be .20 vs .51 stock price.  EPS and p/e ratio is not a good value indicator for miners because of debt and depletion factors but still very cheap.  Endeavour is on track to produce at the high end of their guidance for production(475-500k oz) and the low end for All In Sustaining Costs(mid $900).  They are reducing debt and producing profits.  




By Bobwins

Posted: Thursday Jul 9 7:32:57AM 2015  C$.60   Endeavour Mining continues to operate efficiently.  They are hitting their big production targets and look to produce 500K oz of gold this year.  Well run, extremely undervalued by the markets.

By Bobwins

Posted: Friday May 1 9:09:01PM 2015

Endeavour Mining is a producing gold miner with 4 mines in different countries in West Africa.  Based on numerous numbers this is an undervalued miner with good upside.  

Endeavour used to finance mining companies.  Now they own and operate mines but some of that financing expertise is still there and they have an excellent track record of building mines on time and on budget.  

As the attached PR states, they are on track to produce over 400,000 oz of gold.  Their current market cap is ~C$250million.  There are producers in the 100,000 oz range that are similar market cap.


They are reducing cash costs and using free cash flow to reduce debt, which is the one obvious flaw in their balance sheet.  They do have debts but have used that debt to successfully build new mines that are now productive.  

They cashflow at current gold prices and have sufficient production to leverage any uptick in gold prices, which I expect over the medium term.  

This is their most recent presentation:


I think Endeavour is a safe miner because it's already profitable, a mid tier producer with more room to grow with savvy mgmt.  They have 4 mines so their production won't suffer if one mine goes down for maintenance or any other reason.  West Africa may represent a higher country risk than some want but they have a good track record of community relations.  

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