Endeavour Mining announces admission to London bourse listing

West Africa-focused gold miner Endeavour Mining, whose largest shareholder is Egyptian telecoms billionaire Naguib Sawiris, announced on Monday its listing on the London Stock Exchange (LSE).

The company said that its entire issued ordinary share capital consisting of 250,491,755 shares, has been admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the LSE’s main market. Shares will be traded on both the LSE and the Toronto Stock Exchange (TSX) under the ticker symbol (EDV).

Endeavour is not intending to raise capital in conjunction with its London listing, it added in a statement.

“Our listing marks the start of the next phase of our evolution and will see us become the largest pure gold producer on the premium segment of the London Stock Exchange with access to a deeper pool of capital.” Sebastien de Montessus, president and chief executive of Endeavour, said.

“Over the past few years, we have built a resilient business, with a high-quality asset base made up of low cost, long-mine life assets, attractive development projects and additional exploration potential. This underpins our attractive shareholder returns policy that we believe will create value for investors across the cycle.”

Endeavour said it will be well positioned on the premium segment of the LSE, with the following key attributes:

• Unmatched competitive advantage in West Africa, the second largest gold producing region in the world, as the largest gold producer in the region with one of the largest exploration tenement holdings
• High quality portfolio of assets, diversified across three countries and seven mines, that can sustain and grow production above 1.5Moz annually while maintaining a competitive low AISC of under $900/oz, coupled with an industry leading pipeline of near-term organic development projects
• Strong management track record having met or exceeded production and cost guidance for eight consecutive years, successfully built four projects in the last decade, and discovered 8.4Moz over the last 5-years at less than $25/oz
• Industry-leading Return on Capital Employed of over 20 percent is supported by a diligent capital allocation framework, high quality portfolio and strong management execution
• Healthy balance sheet with a low Net Debt / adjusted EBITDA (LTM) leverage ratio of 0.2x, and with a net cash position of $250 million expected to be reached in the short-term, providing financial flexibility to support organic growth and shareholder returns
• Strong social licence to operate, centred on investing in host countries and protecting the environment, enhances the resilience of its business and underpins Endeavour’s ability to reward shareholders
• Strong commitment to shareholder returns with a minimum progressive dividend policy targeting to distribute at least $500 million through FY-2023, payable semi-annually, provided that the gold price remains above $1,500/oz. To provide shareholders with added value from prevailing higher gold prices above $1,500/oz, the minimum dividend can be supplemented with both higher dividends and by continuing its share buyback program, provided that its leverage remains below 0.5x Net Debt / adjusted EBITDA.