Benzinga | Jan 25, 2021 06:41AM EST

Endeavour Reports Q4 Production Achieved Top End of Guidance

* Record Q4-2020 production of 344koz, a 41% increase over Q3-2020 while AISC decreased by 15% to ~$770/oz

* Record consolidated FY-2020 production of 908koz, a 39% increase over FY-2019, while AISC increased by 5% to ~$860/oz

* Eighth consecutive year of achieving annual guidance, reaching the top end of production and low end of AISC guidance, in spite of the global COVID-19 pandemic

* Net Cash position of ~$70m achieved at year-end, marking a Net Debt reduction of ~$245m during Q4-2020 and ~$600m during FY-2020

* First dividend announced, payment on February 5, 2021, with shareholder return program expected to be augmented once a Net Cash position of $250m is reached

* 2021 annual production guidance of 915-1,010koz at AISC of $900-950/oz, which factors in the recently announced Agbaou sale and will be updated following the completion of the Teranga transaction

* Strong focus in 2021 on free cash flow generation and on building optionality by progressing our organic growth pipeline with PFS on Fetekro and Kalana due in Q1-2021 and targeting DFS for the Sabodala-Massawa plant expansion in Q4-2021

* Continued strong focus on exploration with 2021 exploration budget of $55-60m