drbubb Posted November 15, 2012 Author Report Share Posted November 15, 2012 Results Out - the stock is down... Q3/Nine months 2012 Financial and Operational Highlights Gold production at Youga and Nzema totaled 49,468 ounces for the third quarter and a total of 152,159 ounces were produced during the nine months ended September 2012 Total cash cost1 (excluding royalties) was $644 per ounce produced at Youga and Nzema for the third quarter and for the nine months ended September 2012 was $667 per ounce Operating cash flow from Youga and Nzema mine operations was $40.7 million for the third quarter and totaled $121.2 million for the nine months ended September 2012 Youga and Nzema remain on target to deliver full year production of approximately 200,000 ounces within total cash cost1 guidance of $670 to $690 per ounce (cost guidance excludes production from Nzema purchased ore which has a cash cost of approximately 58% of spot gold price). Adjusted net earnings were $18.4 million or $0.08 per share for the third quarter During the nine months ended September 30, 2012, the Corporation invested $61.9 million from its operating cash flow into its operations and exploration programs. Of this, $54.9 million was capitalized and $7.0 million was expensed as exploration. These investments in operational improvements and growth include: • Sustaining capital at Nzema: $7.4 million • Sustaining capital at Youga: $2.2 million • Development capital at Nzema: $13.1 million • Nzema & Youga "near-mine" exploration: $11.6 million • Nzema sulphides project: $5.3 million • Agbaou feasibility study (completed June 2012): $4.5 million • Agbaou 2012 "near-pit design" exploration: $4.0 million • Agbaou construction spending: $9.4 million • Regional exploration: $4.3 million At September 30, 2012, the Corporation had cash & equivalents and marketable securities of $130.5 million, which includes $100 million drawn from the $200 million corporate debt facility. Production from the newly acquired Tabakoto mine will be included in Endeavour's fourth quarter results for the operating period of October 18, 2012 to December 31, 2012. /more: http://www.endeavour....7-Million-o... Reported 8 cents (per share) Earnings, but BROKE EVEN* before adjustments. Adjustments from things like "hedging profits" are all of the earnings ======== *Would have been $3mn, if you addback acquisition expenses, that's just under 1 cent per share - disappointing ! Link to comment Share on other sites More sharing options...
drbubb Posted November 15, 2012 Author Report Share Posted November 15, 2012 Chart TRY this one : with 987MA - a fibonacci number I think the brief price decline may reverse from here : $2.17 Link to comment Share on other sites More sharing options...
jsr Posted November 15, 2012 Report Share Posted November 15, 2012 DR B. Have you looked at Ghana based Golden Star (GSS) ? 300,000oz producer. Cash costs are higher, and the balance sheet is a not as clean as Endeavour. But, they are Half the market cap of Endeavour, and chart is bullish (far more leaveraged than EDV). They also have plans to increase production by another 90,000oz's (like EDV). Link to comment Share on other sites More sharing options...
drbubb Posted November 15, 2012 Author Report Share Posted November 15, 2012 Here's the chart : GSS-chart It could reverse here to - at $1.63 / down 8.94% yesterday (versus a 4.96% drop in GDXJ)* It will take me more time to "dig" into the fundamentals *EDV.t fell $0.08 / a -3.56% drop yesterday Link to comment Share on other sites More sharing options...
drbubb Posted November 16, 2012 Author Report Share Posted November 16, 2012 Canaccord's comments on this latest Quarter Endeavour Mining reported adjusted EPS of US$0.07, beating Canaccord Genuity Mining Analyst Nicholas Campbell’s forecast of US$0.01 on lower operating costs and lower than expected taxes. Guidance for year for the company’s Youga, Nzema and Tabakoto mines remained unchanged. The combined guidance for these three mines is approximately 300,000 ounces of gold in 2012. Campbell forecasts growth to 324,000 ounces in 2013 with the ramp up of its Tabakoto mine, growing to 432,000 ounces of gold in 2014 with its Agbaou mine beginning to contribute and Tabakoto ramping up. For 2015 Campbell forecasts production of 477,000 ounces of gold. Before 2015, the company has further organic growth through the development of the Hounde project (PEA expected in December) and potential contributions from the Ouare, Nzema sulphide and Kofi projects. With these projects, Campbell expects that EDV has the potential to ramp up to a 600,000+ ounce per year production rate by 2016-17. Based on Campbell’s current forecasts, EDV is trading at : 3.3x 2013E CFPS, 2.3x 2014E CFPS and 0.45x P/NAV compared with the junior producer average of 8.0x 2013E CFPS, 7.0x 2014E CFPS and 0.68x P/NAV. EDV has one of the best growth profiles in the junior gold space, they have done an excellent job at cost containment in West Africa and they continue to trade at a very low valuation. ============= Production per Mine ======== - Qtr.3- : 9mos '12 :- 2012 : -2013 : -2014 : -2015 : Youga---: 22,526 : 069,379 : &Nzema-: 26,942 : 082,780 : Y & N --- : 49,468 : 152,159 : Tabakoto : Agbaou- : ======== Production 75,000 : 225,000?: 300,000 : 324 K : 432 K : 477 K CFPS,EDV XXXXXXX : XXXXXX : 3.3x - : 2.3x - : CFPS Ave. XXXXXXX : XXXXXX : 8.0x - : 7.0x - : ============================== Link to comment Share on other sites More sharing options...
drbubb Posted November 16, 2012 Author Report Share Posted November 16, 2012 Endeavour Mining Corp. EDV : TSX : C$2.14 | C$870.9M | Speculative Buy, C$4.80 ↑ ====================== * Strong Q3/12 results; maintaining SPEC BUY rating; increasing target to C$4.80 (from C$4.70) Nicholas Campbell, Canaccord Genuity Investment recommendation We maintain our SPECULATIVE BUY recommendation on the shares of Endeavour Mining with a revised target price of C$4.80 per share, up from $4.70. Investment highlights ========== * Endeavour reported Q3 EPS of ($0.00). However, after adjusting for $18.4 million in unusual charges, the adjusted EPS was US$0.08, beating our estimate of $0.01 on slightly higher gold sales, lower costs and lower than expected taxes. In Q3, EDV sold 50,314 ounces of gold at an average cash cost of US$688/ounce, beating our forecast of 48,018 ounces of gold at a cash cost of $722/ounce. * The Youga mine had a particularly strong quarter, producing 22,526 ounces of gold at a cash cost of US$565/oz. We were forecasting production of 21,100 ounces of gold at a cash cost of US$683 per ounce with the mine outperforming on temporarily reduced mining rates and higher than expected throughput. * Nzema production of 26,972 ounces of gold was in line with our forecast; however, cash operating costs of US$688/oz (excluding purchases ore) were lower than our forecast of US$723/oz. Valuation With the Avion acquisition completed last month, Q4 will be the first quarter of integrated financials for the combined company. We are forecasting Q4 production of 72,000 ounces of gold at a cash cost of US$789/oz. With the ramp up of Tabakoto and development of the Agbaou project, we forecast growth to 431,000 ounces of gold in 2014 at a cash cost of US$796/oz. After adjusting our model for the Q3 results, our estimate of peak gold NAVPS (5%, US$2,000/oz Au) increased to $6.06, up from $5.84. We continue to value the shares of Endeavour based on a 0.8x multiple to our peak gold price estimate of NAVPS (5%, US$2,000/oz). We estimate that EDV is currently trading at 3.1x 2013E CFPS, 2.3x 2014E CFPS, and 0.45x P/NAV (5%, spot), compared with the junior producer average of 8.0x 2013E CFPS, 7.0x 2014E CFPS, and 0.68x P/NAV(5%, spot). Link to comment Share on other sites More sharing options...
drbubb Posted January 22, 2013 Author Report Share Posted January 22, 2013 Endeavour Mining Delivers 310,000 Oz Gold Production Exceeding 2012 Guidance and Provides 2013 Forecast January 22, 2013 Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV, ASX:EVR, OTCQX:EDVMF ) announces total annual production for 2012 of 310,778 ounces of gold exceeding the 2012 production guidance range of 282,000 to 304,000 ounces. For 2013, Endeavour expects gold production in the range of 310,000 to 345,000 ounces at a cash cost per ounce (excluding royalties) of $790 to $830, with all gold sold at spot prices due to recent de-hedging transactions. Additional near-term production growth of over 100,000 ozs per year is expected from the Agbaou Gold Mine which is currently in construction (Q1 2014 completion). A recently completed Preliminary Economic Assessment (PEA) shows potential for 160,000 ozs per year from the Houndé Gold Project (Burkina Faso) in 2016. (All amounts in US dollars unless otherwise indicated) Neil Woodyer, CEO, stated "2012 was a strong year of growth for your company. We continued to increase the scale of the business with the successful acquisition of Avion in October 2012, and we delivered above guidance gold production for the quarter and the year. Agbaou construction is on schedule for completion in Q1 2014 with commitments to date on-track at 46% of budget. Expansion of the Tabakoto mill is progressing on schedule for completion by the end of Q1 2013, with ramp-up in the following quarter. Link to comment Share on other sites More sharing options...
drbubb Posted January 22, 2013 Author Report Share Posted January 22, 2013 The market liked the news: EDV.t : 2.16 +0.12 Open: 2.08 / High: 2.20 / Low: 2.08 Volume: 1,084,290 Percent Change: +5.88% That's slightly better than average volume. My charts show important resistance just above $2.20 EDV has built a good base ... update There is very IMPORTANT RESISTANCE at just above $2.20 for EDV Link to comment Share on other sites More sharing options...
drbubb Posted January 23, 2013 Author Report Share Posted January 23, 2013 2013 Guidance Endeavour's 2013 gold production is forecast to be 310,000 to 345,000 ounces at a cash cost per ounce (excluding royalties) of $790 to $830. Table 4 2013 Production and Cash Cost Guidance 2012 - 2013 ============ PRODUCTION ----------- : CASH COST --- Mine-by-mine : 2012-Act : 2013 estimate : 2013 Guidance Nzema,Ghana : 109,446 : 100- 110,000 : $ 780 - $ 820 : Youga, Burk. F : 091,030 : 075- 085,000 : $ 740 - $ 780 : Tabakoto, Mali : 110,301 : 135- 150,000 : $ 830 - $ 870 : ============ Tabakoto, Mali : 310,777 : 310- 345,000 : $ 790 - $ 830 : Forecast 2013 Costs as Compared to 2012 Nzema: Cost increase is primarily driven by higher mining costs due to increasing requirements for drilling and blasting as Salman moves into transition ore, the additional 9 km trucking distance of ore from Anwia-Teleku Bokazo, and increased labour costs in Ghana. Gold production from Anwia-Teleku Bokazo pit started in December 2012 at a lower rate than planned for Q1 2013 due slower than expected access from the community to start mining in this area, however, it is anticipated that the rate will improve during subsequent quarters. Youga: Cost increase is primarily driven by an approximate 15% increase in the total tonnes to be mined and a 5% local payroll increase. Tabakoto: The operation has undertaken an in-depth review of the organization, working practices and management reporting systems as part of the integration program, with a specific focus on reducing operating cost while increasing production. For 2013, Endeavour has a budgeted capital spending plan of $207 million, including: $17 million of sustaining capital which is equivalent to between $50 and $55 per ounce of forecast 2013 production. The sustaining capital includes: $3 million at Nzema, $9.5 million at Tabakoto and $4.5 million at Youga. $190 million of development capital, with the most significant items being $106 million for Agbaou construction, $7 million for Tabakoto mill expansion and $29 million for underground ramp and access development at the Segala and Tabakoto underground mines, $17 million for the Anwia-Teleku Bokazo access and resettlement at Nzema, and $12 million for the Houndé Gold Project feasibility study. === /source: http://www.endeavour...012-Guidance... Link to comment Share on other sites More sharing options...
drbubb Posted January 23, 2013 Author Report Share Posted January 23, 2013 Cash Flow Estimates - very preliminary ... 2013 Guidance ============ PRODUCTION ----------- : CASH COST --- Mine-by-mine. : 2012-Act : 2013 estimate : 2013 Guidance Nzema,Ghana : 109,446 : 100- 110,000 : $ 780 - $ 820 : Youga, Burk. F : 091,030 : 075- 085,000 : $ 740 - $ 780 : Tabakoto, Mali : 110,301 : 135- 150,000 : $ 830 - $ 870 : ============ Tabakoto, Mali : 310,777 : 310- 345,000 : $ 790 - $ 830 : === /source: http://www.endeavour...012-Guidance... Cash Flows & Profit Estimates, based on Guidance Year... : Production: $Price : Revenues : Cash Cost--- : NetRev : Margin : OtherC : NetCF/shares : per sh ===== 2012 A : 310,777 : $1700E : $ 528Mn : $800E, $249M : $279M : $XXXM : -$XXXM : $xxxM /480M : $0.XX '12- Q4 : 080,000 : $1700E : $ 136Mn : $800E, $064M : $072M : $XXXM : -$XXXM : $xxxM /480M : $0.XX Ann.Q4 : 310,777 : $1700E : $ 528Mn : $800E, $249M : $279M : $XXXM : -$XXXM : $xxxM /480M : $0.XX 2013P : : Below*: 325,000 : $1600E : $ 520Mn : $810E, $263M : $257 M : $230M*: : Low... : 310,000 : $1600E : $ 496Mn : $790E, $245M : $251 M : $224M : -$150M : $100M /500M : $0.200 : Mid.... : 325,000 : $1800E : $ 585Mn : $810E, $263M : $322 M : $295M : -$170M : $150M /500M : $0.300 : High.. : 345,000 : $2000E : $ 690Mn : $830E, $286M : $404 M : $308M : -$220M : $200M /500M : $0.400 : Vhigh : 345,000 : $2200E : $ 759Mn : $830E, $286M : $473 M : $ ====== *"Assuming a gold price of $1600 in 2013, the three mines are forecast to generate a cash margin of $230Mn" /source-NewsR: http://www.endeavour...012-Guidance... /presentations: http://www.endeavour...esentations.asp Link to comment Share on other sites More sharing options...
drbubb Posted July 17, 2014 Author Report Share Posted July 17, 2014 Endeavour Mining Hits Record 2Q Gold Production Wednesday July 16, 2014 11:01 AM Endeavour Mining Corp. (TSX:EDV) (ASX:EVR) produced a company record 122,517 ounces of gold during the second quarter of 2014 and has produced 228,429 ounces of gold during the first half of the year. “Agbaou and Nzema are performing above expectations and Tabakoto is now positioned to have a strong second half of 2014 as we are ramping up ore production from the new Segala underground mine,” says Neil Woodyer, chief executive officer of Endeavour Mining. “With the solid performance from our mines so far this year, we consider that we will be at the upper end of our 400,000- to 440,000-ounce gold production guidance range for 2014.” Woodyer adds that the company expects all-in sustaining cash costs per ounce for the second quarter will be improved compared to $1,059 per during the first quarter of 2014 == > http://www.kitco.com/news/2014-07-16/KitcoNews-kitco-mining-minutes-July-16-2014.html EDV.t / Endeavour Mining ... 2-years : 1-year Link to comment Share on other sites More sharing options...
drbubb Posted August 24, 2014 Author Report Share Posted August 24, 2014 Endeavour / EDV.t ... update The breakout over $1.00 could bring a rapid run higher Link to comment Share on other sites More sharing options...
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