Endeavour Announces Renewal of Normal Course Issuer Bid

Rhea-AI Summary

Endeavour Mining has received TSX approval to renew its Normal Course Issuer Bid (NCIB) for its share buyback programme. Under the new NCIB, running from March 24, 2025 to March 23, 2026, the company can repurchase up to 13,902,435 shares, representing 10% of public float, with daily limits of 116,218 shares.

Under the previous 2024 NCIB, Endeavour purchased 2,432,691 shares at an average price of CDN$28.80. The company currently has 243,622,876 shares outstanding as of March 12, 2025. All repurchased shares will be cancelled.

Purchases will be made through TSX, London Stock Exchange, and other designated exchanges. The automatic share purchase agreement with Stifel Nicolaus Europe continues, allowing share purchases during blackout periods.

Positive

• Share buyback program renewed, demonstrating commitment to shareholder returns
• Larger buyback authorization of 13.9M shares vs 12.3M in previous program
• Automatic purchase agreement allows continued buybacks during blackout periods

Negative

• Previous NCIB utilized only 19.8% of authorized shares (2.4M out of 12.3M)

        

ENDEAVOUR ANNOUNCES RENEWAL
OF NORMAL COURSE ISSUER BID

London, 20 March 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Company”) has received approval from the Toronto Stock Exchange (“TSX”) to renew its Normal Course Issuer Bid (“NCIB”) for its share buyback programme, with respect to its ordinary shares (the “shares”) in order to continue supplementing its shareholder returns.

Under the NCIB, Endeavour may, over the 12-month period of the NCIB, repurchase up to a maximum of 13,902,435 shares, such amount representing 10% of the public float of the shares issued and outstanding as of 12 March 2025, and up to 25% of the average daily trading volume (“ADTV”) for the six months ended 28 February 2025, calculated in accordance with the rules of the TSX for purposes of the NCIB or 116,218 shares during each trading day, excluding purchases made in accordance with the block purchase exemptions under applicable TSX policies. All shares repurchased under the share repurchase programme will be cancelled. The renewed NCIB will commence on 24 March 2025 and end on 23 March 2026, or such earlier date as Endeavour may complete its purchases pursuant to the notice of intention filed with the TSX. As of 12 March 2025, there were 243,622,876 shares issued and outstanding.

Under Endeavour’s prior NCIB (the “2024 NCIB”), which commenced on 22 March 2024 and ends on 21 March 2025, Endeavour obtained approval to purchase up to a total of 12,259,943 shares, of which 2,432,691 shares were purchased at a weighted average price of approximately CDN$28.80. Purchases made under the 2024 NCIB were made on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems and on the London Stock Exchange. All shares purchased under the 2024 NCIB by Endeavour were or will be cancelled.

Endeavour believes that purchases under the NCIB constitute a desirable use of its funds on the basis that, from time to time, market prices of the shares may not fully reflect the value of Endeavour’s business and future business prospects.

Endeavour’s previously announced automatic share purchase agreement with Stifel Nicolaus Europe Limited (“Stifel”) will continue to allow for the purchase of shares, subject to certain trading parameters, at times when Endeavour would not be active in the market due to regulatory close periods, its own internal trading black-out periods, insider trading rules or otherwise. Outside of these periods, shares may be repurchased in accordance with management’s discretion and in compliance with applicable law.

Share purchases will be made by Stifel (or through its agent, Stifel Nicolaus Canada, Inc.) on the TSX, other designated exchanges and/or alternative Canadian trading systems and the London Stock Exchange, in accordance with applicable regulatory requirements. The price paid for repurchased shares will be the market price of such shares at the time of acquisition or such other price as may be permitted in accordance with applicable regulatory requirements and Endeavour’s existing shareholder authority to conduct share repurchases. Endeavour intends to ask shareholders to renew that authority at its 2025 AGM.

CONTACT INFORMATION

For Investor Relations Enquiries:	For Media Enquiries:
Jack Garman	Brunswick Group LLP in London
Vice President of Investor Relations	Carole Cable, Partner
+44 203 011 2723	+44 7974 982 458
investor@endeavourmining.com	ccable@brunswickgroup.com

        

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “forward-looking statements”, including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company’s shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback programme. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”, “plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”, “estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and similar expressions .

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics.

Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

Attachment

• 250320 - NR - NCIB renewal

FAQ

How many shares can Endeavour Mining (EDVMF) repurchase under the new NCIB program?

Endeavour can repurchase up to 13,902,435 shares, representing 10% of public float, with daily limits of 116,218 shares.

What was the performance of Endeavour's previous 2024 NCIB program?

Under the 2024 NCIB, Endeavour purchased 2,432,691 shares at an average price of CDN$28.80.

When does Endeavour Mining's (EDVMF) new share buyback program start and end?

The new NCIB runs from March 24, 2025 to March 23, 2026.

How will Endeavour Mining (EDVMF) execute its share buyback program during blackout periods?

Through an automatic share purchase agreement with Stifel Nicolaus Europe