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Endeavour Mining Report: Building a 1m oz. Producer
By: Chris Marchese, Chief Mining Analyst at GoldSeek

 -- Published: Sunday, 26 July 2020 | Print  | Disqus 


52-Week Range; CAD $15.68-$36.62, US $11.02-$27.60

Shares Out; 163.077m shares

Endeavour Mining is a West African focused gold producer. Following a recent acquisition, it is now the leading West African producer with an excellent stable of assets and run by a very capable management team.  The company recently completed a strategic acquisition [SEMAFO], in which it paid a fair price. Endeavour’s business model is based around M&A or buy-and-build. If you look back over the past 5yrs, this is clearly illustrated. The company started off with a couple small-to-moderately sized, higher-cost assets, acquiring producing and development companies or assets, optimizing and building out new mines. Over time, as Endeavour acquired assets or companies and/or completed new mine builds and if often tended to divest assets with either marginal production, high-cost, or those which had a short mine life.  

Much of the company, at least in the early days was started and led by Frank Giustra and CEO of Neil Woodyer [along with a handful of other executives who also went to Leagold], both of whom went on to found and build Leagold in 2016, which was subsequently acquired in 2020 by Equinox Gold. Endeavour just entered the ranks of a senior gold producer, with a run rate beginning this quarter [Q3] of 1m oz. annually [100% basis]. Endeavour now ranks amongst the top 15 gold producers globally. Although Endeavour has grown significantly [production wise] over the past 5yrs, Endeavour has a deep pipeline of brownfield and greenfield exploration and development projects. Further, in 2020-2022, Endeavour is expected to have a cost structure (AISC) in the bottom 1/3rd on the industry cost curve.

This acquisition fits in well with Endeavour’s business model, in that it has been successfully upgrading its portfolio over the past 5yrs, with the divestment of Tabakoto and Nzema, while building its two largest and most profitable cornerstone assets in Hounde and Ity [CIL] and acquiring Mana, and Boungou, three of which comprise its cornerstone assets.

An abbreviated history of Endeavour’s buy and build strategy:

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 -- Published: Sunday, 26 July 2020 | E-Mail  | Print  | Source:

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