Endeavour Mining Reports “Record” Free Cash Flow, Wider Net Loss In Q4 2024
Endeavour Mining (TSX: EDV) has released its full-year and Q4 2024 financial and operational results. The firm posted revenue of US$940.5 million this quarter—up from US$705.9 million in Q3—driven by a higher realized gold price of US$2,590 per ounce, compared to US$2,342 per ounce in Q3, and increased gold sales volumes of 356,000 ounces versus 280,000 ounces in Q3.
The surge in revenue boosted quarterly adjusted EBITDA to US$546 million, a 72% increase over Q3.
Following the same trend, Endeavour’s annual revenue rose to US$2.68 billion from US$2.12 billion in 2023, also buoyed by a stronger average realized gold price (US$2,349/oz vs. US$1,919/oz).
Despite this, the company reported a net loss of US$103.3 million for Q4, wider than the US$77.2 million loss in the previous quarter. Management attributed the added losses to impairment charges on the Kalana and Golden Hill properties, higher tax expenses, and higher depreciation.
This is also apparent with the adjusted net earnings in 2024, closing the year at US$227 million—down from US$230 million in 2023—while net earnings swung also to a loss of US$235 million, compared to a US$43 million gain a year ago.
Still, Endeavour touted its ability to generate US$268 million in free cash flow for the quarter—the highest on record. Operating cash flows ended at US$950 million in 2024, also notably higher than the US$619 million generated in 2023.
The firm ended the year with US$397.3 million in cash and cash equivalents, putting total current assets at US$964.8 million. Current liabilities came in at $821.7 million. Endeavour also reduced its net debt from US$834 million at the end of Q3 to US$732 million at year-end, improving the leverage ratio to 0.55× adjusted EBITDA.
On production, Endeavour delivered 1.1 million ounces of gold for 2024, slightly above the prior year’s 1.07 million ounces from continuing operations. All-in sustaining costs rose from US$967 per ounce to US$1,218 per ounce year-over-year, breaching the top end of the guided range.
Management returned US$277 million to shareholders in 2024, including a record dividend of US$240 million and US$37 million in share buybacks. The aggregate represents more than US$250 in returns for every ounce produced—a 5.9% indicative yield that the company touts outpaces many industry peers.
The mining firm expects annual production next year to be between 1.11 and 1.26 million ounces at an AISC range of US$1,150–1,350 per ounce. The company plans to continue deleveraging, pay out a minimum of US$225 million in dividends, and remain active in share buybacks.
Endeavour Mining last traded at $30.79 on the TSX.
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