LSE- and TSX-listed gold producer Endeavour Mining has reported its highest-ever dividend to shareholders for the second half of 2024, amounting to $140-million or $0.57 a share.

This brings the total dividend for the 2024 financial year to $240-million or $0.98 a share. The dividend was supplemented by $37-million in share buybacks, resulting in total returns of $277-million, equivalent to $251/oz of gold produced.

“2024 was a pivotal year for Endeavour. We successfully commissioned two high-margin growth projects, delivered the preliminary feasibility study (PFS) for the Tier 1 Assafou project, and significantly increased our free cash flow generation through the year, supporting record dividends for our shareholders,” Endeavour CEO Ian Cockerill said.

Following the completion of its growth phase, Endeavour said its shareholder returns programme was aimed at continuing to deliver supplemental dividends with an increasing commitment to share buybacks.

“Since we began our returns programme in 2021, we have now returned over $1.1-billion, 79% more than the minimum commitment for the period, reiterating our commitment to paying supplemental shareholder returns,” Cockerill said.

The company released its unaudited preliminary fourth-quarter and full-year results for 2024 on January 30, where it reported production of 363 000 oz in the fourth quarter of last year, representing an increase of 92 000 oz, or 34%, over the third quarter of 2024.

The all-in sustaining cost (AISC) decreased by about $147/oz, or 11%, to about $1 140/oz. For the 2024 financial year, production totalled a little more than 1.1-million ounces at an AISC of about $1 220/oz, which was above the AISC guidance range.

This was owing to lower production and higher costs at Sabodala-Massawa, increased power costs, and higher royalty costs owing to elevated gold prices.

“As expected, our operating performance was weighted toward the second half, driving improvements in free cash flow generation through the year, accelerating balance sheet improvement, and we ended the year on track to achieve our 0.5 times leverage target in the near term,” Cockerill said.

Endeavour said it expected production growth of up to about 15% in the 2025 financial year, with production guidance set at 1.11-million to 1.26-million ounces at a total cash cost of $950/oz to $1 090/oz and an AISC of $1 150/oz to $1 350/oz.

At the end of the 2024 financial year, the company maintained a strong financial position with net debt of $732-million, a leverage ratio of less than 0.60 times net debt to adjusted earnings before interest, taxes, depreciation, and amortisation for the last 12 months, and $614-million in available liquidity.

The Assafou PFS highlighted a potential Tier 1 asset with projected production of 329 000 oz/y at an AISC of $892/oz over the first ten years of its 15-year mine life. A definitive feasibility study is now under way and is expected to be completed somewhere between late this year and early in 2026.

Endeavour also highlighted that the construction of a solar power plant at Sabodala-Massawa was completed on schedule during the period, with the first power injected into the site grid in the fourth quarter of 2024. Commissioning and ramp-up to nameplate power generation were currently under way.

The company also made significant exploration progress in the 2024 financial year, with about 90% conversion of Assafou’s measured and indicated resources into a 4.1-million-ounce maiden reserve.

Endeavour said a strong exploration focus would be maintained in the 2025 financial year, with a $75-million expenditure guidance.

“During the year, our exploration programme delivered significant resource to reserve conversion at Assafou and at Ity, as well as resource additions at Ity and Sabodala-Massawa, in line with our long-term discovery targets.

“During 2025, we will focus on adding resources at our cornerstone assets while we continue to delineate further opportunities for resource expansion at our Assafou project,” Cockerill explained.