Endeavour Mining PLC on Thursday said it swung to a loss in the third quarter of 2024, despite both production of gold and the price received for it rising, as costs also increased.

Looking ahead, Endeavour said full-year production is expected to be at the low end of prior guidance and all-in costs at the top end.

Endeavour shares were down 4.1% to 1,578.00 pence Thursday morning in London, while the wider FTSE 100 index was up 0.1%.

London-based Endeavour claims to be the largest gold producer in West Africa, with mines in Senegal, Ivory Coast and Burkina Faso.

It reported a net loss attributable to shareholders of $95 million in the three months that ended September 30, swung from a net profit of $60 million a year before. Loss per share was $0.39, swung from earnings of $0.24.

In the first nine months of 2024, net loss was $175 million, swung from a $137 million profit in the same period of 2023. Loss per share was $0.71, swung from $0.55 in earnings.

More positively, adjusted earnings before interest, tax, depreciation and amortisation was $317 million in the third quarter, up 21% from $263 million a year prior. Adjusted Ebitda was $779 million in the first nine months, up 27% from $755 million.

Gold production in the third quarter was 270,000 ounces, up from 251,000 in the second quarter but down from 281,000 a year before. All-in sustaining cost was $1,287 per ounce, steady on the second quarter but up 33% from $967 a year ago, while Endeavour said its realised gold price from sales was $2,342, up 2.4% from $2,287 in the second and up 23% from $1,903 a year before.

Endeavour said 2024 gold production is expected to be at or around the low end of its prior guidance of 1.13 million to 1.27 million ounces, while AISC is expected to be at the top end of its $955 to $1,035 per ounce guidance. It said production will be held back by above-average rainfall early in the fourth quarter, while costs will be increase by higher royalty and power expenses.

Looking further out, Endeavour said it can growth its production organically to its 1.5 million ounce annual target by the end of the decade, while maintaining margins.

‘We expect to outline our new outlook next year, which will underpin our continued commitments to disciplined capital allocation and delivering attractive shareholder returns,’ said Chief Executive Officer Ian Cockerill.

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