Gold producer Endeavour Mining reports adjusted net earnings of $70M in Q1; reiterates 2023 guidance

- Endeavour Mining today reported Q1 2023 production from continuing operations of 300,838 ounces of gold, a decrease of 16% compared to Q1 2022, as FY 2023 production is weighted towards H2 2023.

According to a press release, all-in sustaining costs from continuing operations amounted to $1,022/oz in Q1 2023, up 21% compared to Q1 2022, primarily due to a combination of lower production volumes and higher operating costs partially due to increased cost of fuel and consumables. Endeavour also reported that its Q1 2023 revenue amounted to $590.6 million, a decrease of 14% compared to $688.9 million in Q1 2022 which was predominantly driven by lower sales volumes.

Adjusted EBITDA amounted to $279.1 million for Q1 2023, a decrease of $111.6 million compared to Q1 2022, which was primarily driven by lower revenue and increased operating expenses, exploration costs, and share based compensation.

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