奋进矿业（EDV）：布基纳法索的（相对较低的）营商成本

0.930.93 2025E2026E2027E2.252.032,117.61,932.01,798.12.763.462,115.52,206.72,031.3 1.912.85 Fahad Tariq, CPA, CA * | Equity Analyst(416) 637-2372 | ftariq@jefferies.comDavid Hove, CFA * | Equity Analyst+1 (416) 847-7397 | dhove@jefferies.comGiovanni Holmes * | Equity Associate+1 (416) 847-7402 | gholmes@jefferies.com The Long View: Endeavour MiningInvestment Thesis / Where We DifferWe see Endeavour as a growing miner trading at a compelling valuation with acapital intensive phase in the rearview. With the completion of its two growthprojects, we believe the stock is well positioned for a year of operationaldelivery, FCF generation and capital returns which should drive shares higherover the course of 2025.Base Case,C$48, +9%We use a $2,500/oz long-term gold price anda 5% discount rate and run custom discountedcashflow analysis on all mines.We apply adiscounted multiple to reflect risk. Our base casetarget is based on blended P/NAV and EV/EBITDAmultiples.Sustainability MattersTop Material Issues1.Maintaining workforce safety and security.2.Scope 1, 2 and 3 GHG emissions reduction.3.Social and economic development of West African communities and nations.Company Targets1.2030 target of a 30% reduction in carbon emissions intensity and Net Zero by 2050.2.Develop a national strategy and program for youth employability in each country ofoperation.Please see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Upside Scenario,C$63, +43%Gold performs better than expected while costsbeyond the guidance window remain flat, allowingfor margin expansion. Our upside scenario targetisbased on blended P/NAV and EV/EBITDAmultiples. Downside Scenario,C$28, -36%Marginscontinue to contract with downwardpressure on gold prices and no relief on costs. Ourdownside scenario target is based on blended P/NAV and EV/EBITDA multiples.CatalystsGold price upside.FCF generation over the course of 2025.Biox expansion ramp-up at Sabodala-Massawaand transition to largely fresh ore in 2026.Lafigue TSF expansion to 41Mt in 2025.Permitting and studies ahead of first production atAssafou in 2028.Continued resource and reserve growth throughtargeted exploration. 2 EDV NAV summary.MineOperating AssetsHoundeItyManaSabodala-MassawaLafiguéTanda-IguelaKalanaTotal Operating Asset NAVExploration assetsBantouNabangaTotal Exploration Asset NAVTotal Operating & Exploration NAVCorporateCorporate NAVCashDebtWahgnion RoyaltyReclamation Provsions (50%)InvestmentsTotal Corporate NAVTotal NAVSource: JefferiesPlease see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. EDV Operating and Financial Summary.Operating and Financial SummaryOperating MetricsGold PriceTotal Gold SalesAISCReal CostsReal Costs (ex-Project Capex)Income StatementTotal RevenueGross ProfitAdj. EBITDADD&AAdj. EBITAdj. EBTAdj. NICash Flow StatementOperating Cash Flow (before W/C)Operating Cash FlowCash Flow from InvestingCash Flow from FinancingNet Change in CashCapexFCF (before W/C)FCF (post W/C)Balance SheetTotal AssetsTotal LiabilitiesTotal S/H EquityCash and EquivalentsTotal DebtNet DebtPer Share (Fully Diluted)FD SharesAdj. EPSCFPS (before W/C)CFPS (post W/C)FCFPS (before W/C)FCFPS (post W/C)ValuationP/EP/CFPSFCF YieldEV/EBITDAP/NAVSource: Jefferies, Company reportsPlease see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionEndeavour MiningEndeavour Mining is a gold producer concentrated in West Africa's Birimian Greenstone belt, with producing assets in Senegal, Cote d'Ivoire, BurkinaFaso, and development and exploration assets also in Mali and Guinea.Company Valuation/RisksEndeavour MiningOur Buy rating and C$48 price target based on applied multiples of 0.8x P/NAV (one-year forward) and 4.5x EV/EBITDA (NTM+1), weighted 70/30%.Downside risks to our price target include a) adverse movements in NAV, b) negative revisions to forward EBITDA expectations, and/or c) multipleerosion.Analyst Certification:I, Fahad Tariq, CPA, CA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, David Hove, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Giovanni Holmes, certify that all of the views ex