Q4 2023 Endeavour Mining PLC Earnings Call

Operator: Good day, and thank you for standing by. Welcome to Endeavour Mining's fourth quarter and full year 2023 results webcast. At this time, all participants are in listen-only mode.

Good day and thank you for standing by welcome to enter this mining's fourth quarter and full year 'twenty to 'twenty three results webcast. At this time all participants are in listen only mode.

Operator: After management's presentation, there will be a question and answer session. So, for those who wish to ask a question, please dial the phone line for questions. Please note that due to time constraints, we will be prioritizing questions from covering analysts. Today's conference call is being recorded, and a transcript of the conference will be made available on Endeavour's website tomorrow. I would now like to turn the conference over to Endeavour's Vice President, Investor Relations, Jack Garman. Hello, everyone, and welcome to Endeavour's Q4 and full year 2023 results webcast. Before we start, please note our usual disclaimer. On the call today, I'm joined by Ian, Guy, Mark, Jawed, and Jono.

After management's presentation, there will be a question and answer session.

For those who wish to ask a question. Please dial in to the phone line for questions. Please.

Please note that due to time constraints, we will be prioritizing questions from covering analyst.

Today's conference call is being recorded and a transcript of the conference will be made available on <unk> website tomorrow.

I would now like to turn the conference over to endeavor as Vice President Investor Relations Jack Kauffman.

Jack Kauffman: Hello, everyone and welcome to <unk> Q4, and full year 2023 results webcast.

Jack Kauffman: Before we start please note our usual disclaimer.

Jack Kauffman: On the call today, I'm joined by Ian Guy Mark George genre.

Jack Garman: Today's call will follow our usual format; Ian will first go through our four-year results highlights, Jaria will provide an ESG update, Guy will present the financials, Mark will walk you through our operating results by mine, and Jono will provide an exploration update. After Ian's closing remarks, we'll open up the line for questions. I'll now hand over to Ian.

Jack Kauffman: Today's call will follow our usual format.

Jack Kauffman: First go through our full year highlights Julia will provide an ESG update guy will present, the financials Mark will walk you through our operating results by mine John I will provide an exploration update.

Jack Kauffman: After closing remarks, we'll open up the lines for questions.

Jack Kauffman: I'll hand over to Ian.

Ian: Thanks Jack. Hello everyone, and thank you for joining us today on the call. Now, I'm delighted to have joined Endeavour at such a pivotal time for this company. I joined the board initially in 2013 until 2019, and then I rejoined again in 2022, holding several positions on the board. So I do have a great familiarity with the company, as well as its assets and many of its people.

Ian: Thanks, Jack Hello, everyone and thank you for joining us today on the call.

Ian: Now I'm delighted to join them better at such a pivotal time for this company.

Ian: I joined the board initially in 2013 until 2019, and then I rejoined again in 2022 holding several positions on the board. So I do have great familiarity with the company as long as I'm sure many of its people.

Ian: Now, the team and I are focused on delivering value for all of our shareholders through our strong operational performance, executing our high margin growth project construction, and maximizing our prospective exploration portfolio, all in a safe and responsible manner so that we can reward all of our shareholders and all of our stakeholders on a sustainable basis. Now, we're currently moving to a new phase in the company's development, from one focused on investing in organic growth to one of enhanced cash flow generation, debt reduction, as well as shareholder return. However, before I highlight our key priorities for 2024, I just wanted to talk a little bit about our achievements in 2023. I'm proud to say that 2023 was another very successful year for Endeavour in which we delivered on all of our key priorities.

Ian: Now the team and I are focused on delivering value for all of our shareholders through our strong operational performance executing our high margin growth project construction.

Ian: Summarizing our perspective exploration portfolio.

Ian: All in a safe and responsible manner. So that we can reward all of our shareholders all the stakeholders on a sustainable basis.

Ian: Now we're currently moving to a new phase in the company's development.

Ian: For months focused on investing in organic growth to one of enhanced cash flow generation.

Ian: Debt reduction as well as shareholder return.

Speaker Change: However, before I highlight our key priorities for 2024, I just wanted to talk a little bit about our achievements in 2023.

Speaker Change: I am proud to say that 2023 was another very successful year for endeavour in which we delivered on all of our key priorities.

Ian: On the operational front, we've produced almost 1.1 million ounces of gold, meeting our production guidance for the 11th consecutive year, and all sustaining costs continue to be at a level that places us amongst the lowest cost producers in the entire gold mining industry, although slightly higher than guidance, as we had incurred slightly higher royalty costs following a higher gold price environment.

Speaker Change: On the operational front, we produced almost $1 1 million ounces of gold meeting our production guidance for the 11th consecutive year.

Speaker Change: Our all in sustaining cost continued to be at a level that places us amongst the lowest cost producers in the entire gold mining industry.

Speaker Change: So slightly higher than guidance as we had incurred slightly higher royalty costs following a higher gold price environment.

Ian: And during the year, we were focused on growth, as I said earlier. We accelerated our two high-margin growth projects, the Sabadala-Masawa expansion and the La Figue development project. In total, we spent $448 million on growth capital during the year, and I'm pleased to report that both these projects are on budget and on schedule for first gold in Q2, with La Figue expected to deliver first gold a quarter earlier than we had previously guided. Now, our strong exploration results continue to demonstrate our ability to generate an organic growth pipeline. This year, we put great emphasis and priority on our recent Tanda Iguala discovery in Cote d'Ivoire.

Speaker Change: During the year, we refocused on growth as I said earlier.

Speaker Change: We accelerated to high margin growth projects to serve the dollar massawa expansion as well as the <unk> development project in.

Speaker Change: In total we spent $448 million on growth capital during the year.

Speaker Change: I am pleased to report that both of these projects are on budget and on schedule first gold in quarter, two with a figure expected to deliver first gold.

A quarter earlier than we had previously guided.

Speaker Change: Now our strong exploration results continue to demonstrate our ability to generate organic growth pipeline.

Speaker Change: This year, we put greater emphasis and prioritization on a recent tender equally discovery in Cote d'ivoire.

Ian: We reallocated resources from across our exploration portfolio to focus on Tanda because of what we realized was great potential. As a result, we were able to deliver a 303% increase in indicated resources, and the project now stands at an impressive 4.5 million ounces of indicated resources and certainly ranks as one of the most significant discoveries in West Africa in the past decade. Moreover, we're confident there is more to come from Tender Iguela, as you'll see later on when we discuss, and we'll continue to explore this area further throughout the year. Alongside this year's investments in our organic growth, we are pleased to continue to pay attractive shelter returns as we deliver $266 million in the form of dividends and share buybacks to our shareholders. And that's equivalent to $227 for every ounce of gold that we produce.

Speaker Change: We reallocated resources from a cross sell our exploration portfolio to FERC, some tender because of it but we realize it has great potential.

Speaker Change: As a result, we were able to deliver 303% increase in indicated resource and the project now stands at an impressive four 5 million ounces of indicated resource and certainly ranks as one of the most significant discoveries in West Africa in the past decade.

Speaker Change: Moreover, we are confident there is more to come from Tenda iguodala as Youll see later on when we discuss.

Speaker Change: And we will continue to explore this area further throughout the year.

Speaker Change: Alongside this year's investments in our organic growth. We are pleased to continue to pay attractive shareholder returns as we delivered $266 million.

Speaker Change: In the form of dividends and share buybacks to our shareholders.

Speaker Change: That's equivalent to $227 for every ounce of gold we've produced.

Ian: Looking ahead, our goal is to further increase shareholder returns once our two organic growth projects are complete, to ensure that our efforts to unlock growth can deliver immediate benefits to all of our stakeholders, and we expect to provide an update on the next phase of the shareholder return program in the early portion of H2 this year. Despite investing over $800 million in growth, exploration, and shareholder returns during the year, our leverage remains healthy at about 0.5 times net debt to adjusted EBITDA. As we finalize our two growth projects in the coming months, we expect that leverage to incrementally increase, but once these projects come online, we will then focus on deleveraging the balance sheet, as well as increasing our commitment to Shell's return. As part of our ESG strategy, we continue to focus on initiatives that protect the places where we operate and promote sustainable socio-economic growth in our host communities. Support the long-term success of the business.

Speaker Change: Looking ahead, our goal is to further increase shareholder returns one such organic growth projects are complete to ensure that our efforts to unlock growth can deliver immediate benefits to all stakeholders and we expect to provide an update on the next phase of the shareholder return program.

In early.

Speaker Change: The early portion of <unk>.

Speaker Change: <unk> this year.

Speaker Change: Despite investing over $800 million in growth exploration and shareholder returns during the year.

Speaker Change: Average remained healthy at about 0.5 times net debt to adjusted EBITDA.

Speaker Change: As we finalize our two growth projects in the coming months, we expect that leverage to incrementally increase but once these projects come online. We will then focus on deleveraging the balance sheet as well as increasing our commitment to shareholder returns.

Speaker Change: As part of our ESG strategy, we continue to focus on initiatives that protect the places where we operate and promote sustainable socioeconomic growth.

Speaker Change: As communities to support the long term success of the business.

Ian: Today we publish our 7th Annual Sustainability Report, highlighting the significant milestones we have achieved over the past 12 months. As you can see, 2023 was a very successful year for us, and we're really well positioned to continue this momentum that we have built into 2024. Now, let me just take a moment to discuss the termination of the former CEO that occurred in January this year. The decision to remove Sebastien from the role was taken by the board after an investigation uncovered an irregular payment instruction.

Speaker Change: To date, we published our seventh annual sustainability report highlighting the significant milestones we've achieved over the past 12 months.

Speaker Change: As you can see 2023 was a very successful year for us and we're really well positioned to continue this momentum.

Speaker Change: That we have built into 2024.

Speaker Change: Now let me just take a moment to discuss the the termination of the former CEO that occurred in January of this year.

Speaker Change: The decision to remove Sebastian from the ROE was taken by the board. After an investigation uncovered an irregular payment instructions $5 9 million to third party Bank account 19, Arab Emirates, which is related to the disposal of the act.

Ian: $5.9 million to a third-party bank account in the United Arab Emirates, which is related to the disposal of the Agbau mine in 2021. The Board then expanded its investigation to try and identify the beneficiaries of the $5.9 million, which was unsuccessful, but did uncover two further payments that totaled $15 million that were made in August and November 2020 to the same third-party company as the $5.9 million payment. These two payments were deliberately disguised as advance payments to a contractor through repeated false representations to conceal them.

Speaker Change: Online in 2021.

Speaker Change: The Board then expanded its investigation to identify to try and identify the beneficiaries of the $5 9 million.

Speaker Change: Which was unsuccessful, but didn't cover two further payments that totaled $15 million that were made in August and November 2020.

Speaker Change: To the same third party company.

Speaker Change: $5 $9 million payment.

Speaker Change: These payments were deliberately disguised as advanced payments to a contractor through repeated false representations.

Ian: Now there's strong evidence that the former CEO abused his position, actively misled the board and senior executive team through repeated and deliberate false representations and concealment of information over a sustained period. His termination was the most important step in protecting the company from any further conduct of this nature. We've taken very deliberate steps under the leadership of our CFO and our Audit Committee to improve and enhance our internal controls and processes to prevent this behavior from happening again. And whilst we are disappointed to have uncovered some additional payments, it should be noted that we are satisfied with the integrity of our financial reports. And as such, our auditors have declared that no restatement of prior year accounts will be required or forthcoming.

Speaker Change: Two to management.

Speaker Change: Now there is strong evidence that the former CEO abused his position.

Speaker Change: Actively misled the board and senior executive team.

Speaker Change: <unk> and deliberate false representations and concealment of information over a sustained period.

Speaker Change: His termination was the most important step in protecting the company from any further conduct conduct of this nature.

Speaker Change: We have taken very deliberate steps.

Speaker Change: Under the leadership of our CFO and our audit committee to improve and enhance our internal controls and processes to prevent this behavior from happening again.

Speaker Change: Amongst we're disappointed to have uncovered some additional payments it should be noted that we are satisfied with the integrity of our financial reports.

Speaker Change: And as such.

Speaker Change: This is a declared that no restatement of prior year accounts will be required or forthcoming.

Ian: We're pleased the board has now completed this very comprehensive investigation, and this enables us to put this matter behind us and focus on delivery. It's important to reiterate that the strong foundations that underpin Endeavour are its high-quality assets and its great people, and it's because of that that I am thrilled to now be working with this team. And together, I have absolutely no doubt that we can continue to generate value for all of our stakeholders. If we take a closer look at our operating performance last year, as I said earlier, we produced 1.1 million ounces, marking our 11th straight year of achieving guidance. We did that, and in the process, we achieved an industry-leading, all-in sustaining cost of $967 per ounce for the full year.

Speaker Change: We are pleased the board has not completed this very comprehensive investigation and this enables us to put this matter behind us and focus on delivery.

Speaker Change: Important to reiterate that the strong foundations to underpin endeavor are it's high quality assets its great people.

Speaker Change: Ames.

Speaker Change: It's because of that that I'm thrilled to now be working with this team and together.

Speaker Change: No doubt that we can continue to generate value for all stakeholders.

Speaker Change: If we take a closer look at our operating performance last year as I said earlier, we produced $1 1 million ounces, making.

Speaker Change: Making marking our 11th straight year of achieving guidance.

Speaker Change: We did that.

Speaker Change: And in the process, we achieved an industry, leading all in sustaining cost of $967 per ounce for the full year.

Ian: Now that was slightly above the top end of our guidance range, but that really was driven mostly by higher royalty costs that we had to pay of $18 an ounce. This was higher than originally anticipated due to the higher realized gold price and the higher royalty rates kicked in above the 1750 that we had used in our guidance. On the safety front, despite our industry-leading LTIFR, I'm certain to say that in February of this year, a contractor colleague passed away as a result of injuries sustained in a maintenance incident at the Marna mine in Burkina Faso. And naturally, we extend our sincere sympathies and support to his family, his colleagues, and his friends.

Speaker Change: Now that was slightly above the top end of our guidance range, but that really was driven mostly by higher royalty costs that we have to pay.

Speaker Change: Because $18 per ounce.

Speaker Change: And this was higher than originally anticipated due to the higher realized gold price and the higher royalty rates getting above the $17 50 that we had used in our guidance.

On the safety front, despite industry, leading LTE on ISR.

Speaker Change: Saddened to say that.

Speaker Change: In February of this year.

Speaker Change: Contracted colleagues passed away as a result of injuries sustained in the maintenance incident at Mana mine in Burkina Faso.

Naturally we extend our sincere sympathies and support to his family his colleagues and these trends.

Ian: The health, safety, and welfare of all of our colleagues is a top priority, and we'll do everything that we can to ensure that this doesn't happen again. Later, Mark will talk you through some of the work we're doing to help us achieve our zero harm goals. As you can see on slide 8, production from continuing operations decreased during 2023 compared to the prior year, as production decreased at Mana and Sabadala Masawa mines, and that was partially offset by record production at Hunde and Iti mines. Both mines achieved over 300,000 ounces of production for the year. Meanwhile, all-in sustaining costs, as I said earlier, increased to 967, but we did maintain our status as one of the cost leaders in the sector. On slide 9, as you can see in the chart here, the all-in sustaining cost is $9.67, which positions us not only in the first cost quartile of the sector but as one of the lowest cost producers in the industry and one of only a few large gold producers that have been able to maintain an all-in sustaining cost below the magic $1,000 mark.

Speaker Change: The health safety and welfare of all of our colleagues is a top priority.

Speaker Change: We will do everything that we can to ensure this doesn't happen again.

Speaker Change: Later.

Speaker Change: Mark will talk you through some of the work we're doing to help us achieve a zero harm goals.

Mark: As you can see on slide eight production from continuing operations decreased during 2023 compared to the prior year.

Mark: Production decreased at Mana, and subdominant silver mines, and that was partially offset by record production at Hyundai and Itchy mines, both achieved over 300000 ounces of production for the year.

Mark: Meanwhile, all in sustaining costs as I said earlier increased to 967, but we did maintain our status as one of the cost leaders in the sector.

On slide nine you can see in the chart here.

Mark: The all in sustaining cost of 967 positions us not only in the first cost quartile in the sector, but it's one of the lowest cost producers in the industry.

Mark: One of only a few large gold producers have been able to maintain and all in sustaining cost below the magic 1000 dollar market.

Ian: Hopefully, we're not going to stop there; following the start-up of our two new growth projects, we certainly hope that we'll be able to maintain that strong cost performance as we bring lower cost production online. We don't want to produce ounces for the sake of producing ounces, but rather we want to continue to focus on delivering high-margin ounces because that's what generates decent returns for our stakeholders.

Speaker Change: Hopefully, we're not going to stop there.

Speaker Change: Following up to the startup of two new growth projects, we certainly hope it will be able to maintain that strong.

Speaker Change: Cost performance as we bring online lower cost production.

Speaker Change: We don't want to produce ounces for the sake of producing ounces, but rather we want to continue to focus on delivering high marching ounces.

Speaker Change: That's what generates decent returns.

Ian: On slide 10, you can see that our high margin ounces support our robust EBITDA generation. And on this slide, you can see we generated over a billion dollars of adjusted EBITDA during the year. And again, that's due to our high-quality portfolio, which has been supported by our low operating costs as well as the naturally higher gold price. Over the last two years, we've been focused on delivering two growth projects, the Sabadala Masawa Expansion and the Lefegue Development Project. As we're approaching the completion of both projects, I'd like to take a moment just to provide a bit of a short update on each project.

Speaker Change: Stakeholders.

On slide 10, you can see that our high margin ounces supports a robust EBITDA generation.

Speaker Change: On this slide you can see we generated over $1 billion of.

Speaker Change: Adjusted EBITDA during the year and again, that's due to our high quality pulp.

Speaker Change: Portfolio.

Speaker Change: Which is being supported by a low operating cost as well as the.

Speaker Change: Naturally higher gold price.

Speaker Change: Over the last two years, we've been focused on delivering the two growth projects <unk> and Massawa expansion and the Seagate development project as.

Speaker Change: As we are approaching completion of both projects I'd like to take a moment just to provide a bit of a short update on each project.

Ian: At Sabadala, 90% of the $290 million initial CapEx is now committed, and the project remains on budget and on schedule for first gold sometime in early May. Since late February, wet commissioning has been underway, and last week, we started feeding ore through the crushing, milling, and flotation circuits. We've already started feeding our own Masawa Concentrate through the BIOCS circuits, and I'm pleased to report this has been very successful, with the BIOCS inoculum taking to the Masawa Concentrate very well. As I say, the bugs are eating, so we're really pleased with what they're doing there.

Speaker Change: At $7, 90% of the $219 million initial Capex is now committed and the project remains on budget and on schedule for first gold sometime in early may.

Speaker Change: Since late February wet commissioning has been underway and last week, we started feeding ore through the crushing milling floatation circuits. We've already started feeding one massawa concentrate through the biopsy circuits and I'm pleased to report this has been very successful with the the biopsy inoculum.

Speaker Change: Taking to Masora Massawa.

Speaker Change: <unk> very well.

Speaker Change: And as I say, it's the bugs are bucking. So we're really pleased with what we're doing there.

Ian: As a reminder, we expect to produce over 100,000 ounces of gold from this plant during the year. And once fully ramped up, there's no doubt that Sabadala Masawa will rank as a Tier 1 asset. So, thereby increasing the overall quality of our portfolio and further diversifying the geography of our production base. Turning now to Le Figue on slide 12, we've now committed 92% of the initial capital of $448 million, and not only are we on budget, but we're also nicely ahead of schedule with our targeted first gold pour now expected in Q2, not, as we said earlier, a full quarter ahead of the original schedule. Now remember, we launched construction at Le Figue in October 2022, and we're now expected to deliver gold in less than 21 months since the start of construction.

Speaker Change: As a reminder, we expect to produce over 100000 ounces gold.

Speaker Change: This plant during the year amongst fully ramped up there's no doubt that separate out on massawa will rank as a tier one asset so, thereby increasing the overall quality of our portfolio and further diversifying the geography of our production base.

Turning now to <unk> on Slide 12, we've now committed 92% of initial capital of $448 million.

Speaker Change: Not only were on budget, but Ross and nicely ahead of schedule with a targeted first gold pour now expected in Q2.

Speaker Change: As we said earlier.

Speaker Change: As we said earlier a full quarter ahead as the original schedule.

Speaker Change: Now remember we launched construction of the <unk> in October 2022.

Speaker Change: I expect it to do.

Gold in less than 21 months since the start.

Ian: I think that's a pretty impressive achievement, given we're building a brand new cornerstone asset from scratch in under two years. It's also another example of the competitive advantage that we have with our projects team and our understanding of how to operate here in West Africa, where we can build and commission projects far more quickly and for lower capital expenditure than many other people in the region. The Fige is expected to deliver around 100,000 ounces this year, and that will increase to about 200,000 ounces when we get a full year's production next year. And once fully ramped up, obviously, costs will improve to become in line with life of mine expectations. I'll leave Mark to provide a detailed update on how both those projects are progressing. Turning to slide 13.

Speaker Change: Construction I think it's a pretty impressive achievement.

Speaker Change: Given we are building a brand new cornerstone asset from scratch in under two years.

Speaker Change: It's also another example of the competitive advantage that we have with our projects team and our understanding of how to operate here in West Africa, where we can build and commission projects far more quickly and for lower Capex and many other people in the region.

Speaker Change: The <unk> is expected to deliver around 100000 ounces this year and that will increase to about 200000 ounces. When we get a full years production over the next year and once fully ramped up obviously costs will improve.

Speaker Change: To become in line with life of mine expectations.

Speaker Change: I'll leave Mark to provide a detailed update on how both those projects are progressing.

Speaker Change: Turning to slide 13.

Ian: Our exploration success continues to be a fundamental contributor to our organic growth and is really very much a fundamental part of the DNA of Endeavour Mining. This year, as I said, we've prioritized our tender Iguala discovery in the Côte d'Ivoire. We're delivering record annual resource discoveries of 3.6 million ounces at a cost of less than $25 per ounce. This brings the total measured and indicated resources discovered since we launched our first exploration plan to 18.6 million ounces.

Our exploration success continues to be a fundamental contributor to our organic growth and is really very much a fundamental part of the DNA of <unk>.

Speaker Change: Endeavour mining.

Speaker Change: This year as I said, we prioritized our tend to Israel at discovery and the Cote d'ivoire.

Speaker Change: Delivering record.

Speaker Change: Youll resource discoveries of three 6 million ounces.

Speaker Change: Cost of less than $25 per ounce.

Speaker Change: This brings the total measured and indicated discovered since we launched our first exploration plan to $18 6 million ounces.

Ian: Over this period, we've produced 7.6 million ounces, so that's reinforcing the value that our exploration program generates in terms of an additional resource base that we can exploit. On slide 14, during 2023, we quickly identified the Tanduigwela Exploration Program as a high priority as we saw the potential to significantly increase the resource base at the Asafo deposit on the Tandit Gwela property. The increased resources will definitely underpin the Preliminary Feasibility Study, which is now underway, and it's our plan to have this out by the end of 2024. In order to expedite the exploration program, we allocated additional resources to bringing Tender Iguala to a close during the year.

Speaker Change: Over this period, we produced seven 6 million ounces, so that reinforcing the value that our exploration program generates in terms of additional resource space that we can exploit.

Speaker Change: On slide 14 during 2023, we quickly identified that tend to be tend to be greater exploration program is a high priority as we saw the potential to significantly increase the resource base at Theosoph food deposit on the attendant greater property.

Speaker Change: The increased resources that will definitely underpinned the preliminary feasibility study, which is now underway.

Speaker Change: Our plan to have this.

Speaker Change: Out by the end of 2024.

Speaker Change: In order to expedite the exploration program, we allocated additional resources to bringing tend to equal Ala two hedged during the year.

Ian: At any one time, we had up to 10 draw rigs operating there, and that enabled us to deliver this over 300% increase in resources. This year, we're going to focus on resource-to-reserve conversion across the group, particularly at our core assets. As well as Tandoor-Iguala, we expect to be able to convert a high portion of the current indicated resource to reserve throughout the year, thanks to the discovery at Tandeguela and NACORAS.

Speaker Change: One time, we had up to 10 drill rigs operating there.

Speaker Change: That enabled us to deliver this over 300% increase in resource.

Speaker Change: This year, we're going to focus on resource to reserve conversion across the group, particularly in our core assets as well as temporary gorilla, where we expect to be able to convert a high portion of the current indicated resource to reserves throughout the year.

Speaker Change: Thanks to the discovery attendee gorilla.

Ian: We've been able to deliver over 10 million ounces of measured and indicated resource discovery since 2021 when we launched our five-year exploration program, and we're now really well positioned to achieve our 12 to 17 million ounce indicated resource discovery target by the end of 2025. We, with a $65 million spend outlined for 2024, as well as a focus on the cornerstone assets Sabadala, Itty, and Hyundai, as well as continued focus on looking at the potential around Tenda Iguala. Now, we're going to prioritize Sabadala and Itty, where approximately 50% of the full-year spend will be allocated.

Speaker Change: Core assets, we've been able to deliver over 10 million ounces as measured and indicated resource discoveries since 2021, when we launched our five year exploration program.

Speaker Change: And we know really well positioned to achieve our 12% to 17 million ounce indicated resource discovery target by the end of 2025.

Speaker Change: With a $65 million spend outline for 2024 as well as a focus on the cornerstone assets suffered dollar.

Speaker Change: And one day as well as continued focus on looking at the potential around tend to be greater.

Speaker Change: Now, we're going to prioritize silver dollar and where approximately 50% of the full year spend will be allocated elsewhere.

Ian: Elsewhere, we're going to continue to explore in close proximity to La Figue processing plant, where we've seen some encouraging drill results, and we'll advance early stage greenfield opportunities across the region. We're also going to continue to advance the high-priority Tanda-Iguala project, where we're going to be expanding resources but converting that to reserves, as in parallel to us progressing the preliminary feasibility study. Now, Turn the Iguela is an excellent example of the opportunities that lie in West Africa and our ability to historically unlock these projects. In just over two years, we've delineated a potential Tier 1 deposit with a 4.5 million ounce resource at 2 grams a ton that was discovered for a complete discovery cost of $11 per ounce. And Tanday Goela is one of the most significant low-cost discoveries made in West Africa in the last decade. It's got significant upside potential remaining along its 20 plus kilometer corridor, as well as potential satellite targets in adjacent structures within close proximity of any processing facility that we will put up on site. I'm going to let Jono provide you with some more details later on when he steps up to the microphone to talk.

Speaker Change: Elsewhere, we are going to continue to explore.

Speaker Change: Close proximity to the C J processing plant, where we've seen some encouraging drill results and we will advance our early stage greenfield opportunities across the region.

Speaker Change: We're also going to continue to advance the high priority tend to equate project, where we're going to be expanding resources, the converting that to reserves.

In parallel to us progressing the preliminary feasibility study.

Speaker Change: Now turn to a greater is an excellent example of the opportunities that lie in West Africa, and our ability to historically unlock these these projects and.

Speaker Change: In just over two years, we've delineated a potential tier one deposit with a four and a half million ounce resource two grams, a ton that was discovered for a complete discovery cost of $11 per ounce and.

Speaker Change: Intended gorilla is one of the most significant low cost discoveries made in West Africa in the last decade.

Speaker Change: It's got significant upside potential remaining along its 20, plus kilometer corridor as well as potential satellite targets and adjacent structures within close proximity of any.

Speaker Change: Processing facility that we will put up on site.

Speaker Change: John.

Speaker Change: Provide you with some more detail later on when he steps up to the microphone to talk.

Ian: Moving to slide 16, we will be completing our two organic growth projects in the coming month. I just wanted to touch on our capital allocation priorities as we transition from the phase of investing in organic growth and move to one of increased cash generation. As I mentioned earlier, we consistently invest in our exploration, as I believe that exploration underpins our long-term growth. And, as we've demonstrated on more than one occasion, our exploration program can deliver high-quality projects into our pipelines at low discovery costs. But exploration is not something you can just start and stop and still be successful at.

Speaker Change: Moving to slide 16.

We will be completing our two organic growth projects in the coming months.

Speaker Change: I just wanted to touch on our capital allocation priorities as we transition from the phase of investing.

Speaker Change: <unk> growth and move to run more increased cash generation.

Speaker Change: As I mentioned earlier, we consistently invest in our exploration is I believe that exploration underpins our long term growth.

Speaker Change: And as we've demonstrated more than one occasion, our exploration program can deliver high quality projects into our pipelines at low discovery cost.

Speaker Change: Exploration is not something you can just start and stop and still be successful. So we're going to continue to invest in exploration, particularly when we know that we have the ability to discover ounces at less than $25.

Ian: So, you know, we're going to continue to invest in exploration, particularly when we know that we have the ability to discover ounces at less than $25 per ounce. We certainly have. We've taken a phased approach to growth over the last years, and it's not the end of our growth. Obviously, Tender Iguela will be coming forward in due course as well.

Speaker Change: Yes.

Speaker Change: We certainly.

Speaker Change: We've taken a phased approach to growth over the recent years.

Speaker Change: And it's not the end of that growth, obviously tend to equilar will be coming forward in due course as well.

Ian: When we completed our last growth phase, having invested around $788 million in the Hyundai and Nitti builds, we were able to fully deliver our balance sheet in less than 18 months, at which point we launched our Shoulder Returns Program. We've continued returning capital to shareholders throughout our current construction phase. And the importance of maintaining a high-quality portfolio and a disciplined approach to capital allocation is reflected in our ability to deliver sector-leading shoulder returns while simultaneously investing well over $700 million in the two current growth projects. We're now exiting this current phase of growth at the end of H1 2024, and we're going to enter into a cash flow generative phase where we'll focus on strengthening our balance sheet, deleveraging it, and increasing our shoulder returns, which will reflect a stronger cash flow outlook over the next few years, and we certainly look forward to outlining our updated shareholder policy return policy later this year.

Speaker Change: When we completed our last growth phase, having invested around $788 million in the Hyundai Nicky builds we were able to fully delever, our balance sheet in less than 18 months.

Speaker Change: And at which point we.

Speaker Change: We launched our shoulder returns program, we've continued returning capital to shareholders throughout our current construction phase.

Speaker Change: And the importance of maintaining a high quality portfolio and a disciplined approach to capital allocation is reflected in our ability to deliver sector, leading shareholder returns, while simultaneously investing well over $700 million.

In the two current growth projects.

Speaker Change: Now exiting that this current phase of growth.

Speaker Change: End of <unk>, 2024, and we're going to enter into a cash flow generative phase, we will focus on strengthening our balance sheet deleveraging it.

<unk>.

Speaker Change: Creasing shareholder returns, which will reflect the stronger cash flow outlook over the next few years.

Speaker Change: And we certainly look forward to outlining.

Speaker Change: Data shareholder policy return policy later on this year.

Ian: Touching on Shell's returns for the fiscal year 2023 on slide 17, we're certainly proud that we've returned $266 million to our shareholders this year. That was $200 million in dividends and $66 million in share buybacks. That's equivalent to a very attractive indicative yield of around 6%, or, as we said earlier, $227 per ounce for every ounce that we've produced throughout the year. Now, 2023 marks the last year of our existing Shelter Return Policy, with slide 18 showing the cumulative returns to shelters since the start of that policy.

Speaker Change: Touching on shareholder returns for the fiscal year 'twenty three on slide 17, we're certainly proud that we've returned $266 million.

Speaker Change: To our shareholders this year.

Speaker Change: That was $200 million in dividends and $66 million in share buybacks.

Speaker Change: That's equivalent to a very attractive indicative yield is around about 6% or as we said earlier $227 per ounce for every ounce that we've produced throughout the year.

Speaker Change: Now 2023 marks the last year of our existing shareholder return policy slide 18, showing the cumulative returns to shareholders since the start of that policy.

Ian: And this slide really is a testament to the strength of the underlying business and the commitment Endeavour has to reward its shareholders by paying above the minimum shoulder return commitment. Over this three-year period, we returned $903 million to shareholders, that was 77% above the $510 million minimum commitment and represented over $200 return to shareholders for every ounce of gold that we produced over that period. To put that in perspective, $903 million is equal to roughly a quarter of the market cap. Let's go business. Of course, shoulders are only one of our stakeholders.

Speaker Change: And this slide really is a testament to the strength of the underlying business and the commitment endeavor has to reward shareholders.

By paying above the minimum shareholder return commitment.

Speaker Change: Over this three year period, we returned $903 million to shareholders.

Speaker Change: That was 77% above the $510 million minimum commitment.

Speaker Change: It presented over $200 returned to shareholders every ounce of gold that we produced over that period.

To put that in perspective.

Speaker Change: $903 million.

Speaker Change: He is equal to roughly a quarter of the market cap.

Speaker Change: Of the business.

Speaker Change: Of course shoulders are only one of our stakeholders.

Jaria: Alongside our full-year results, we also published our sustainability report today. So I want to hand over to Jaria, our EVP of ESG and supply chain, who can talk you through some of our achievements this year. Jaria, over to you. Thank you, thank you again.

Speaker Change: Alongside our full year result results. We also published our sustainability report state so.

Speaker Change: I want you to hand over to Julia.

Julia: <unk> ESG and supply chain, who can talk you through some of our achievements this year Jerry over to you.

Jaria: I would like to start with our industry-leading ESG initiatives, as we believe that mining has the potential to be one of the most impactful industries, particularly in West Africa, where we operate. Our strong ESG performance in 2023 saw us achieve nearly all our ambitious targets. But on today's call, I will only focus on a few highlights, as we will be engaging with you on an individual basis to go through our ESG performance in more detail over the coming weeks and months. On the environment side, we were pleased to beat our emission target for the year.

Julia: Thank you again.

Julia: I would like to start with our industry, leading ESG initiatives.

We believe that mining has the potential to be one of the most impactful industries, particularly.

Jerry: And in West Africa, where we operate.

Jerry: Our strong ESG performance in 2023.

Jerry: So Keith nearly all our ambitious targets.

Jerry: On today's call.

Jerry: We only focus on few highlights as we will be engaging with you on an individual basis to go through our ESG performance in more detail over the coming weeks and months.

Jerry: On the environment side, we were pleased to be <unk> target for the year.

Jaria: This puts us well on the way to achieving our 30% reduction target by 2030. And with the anticipated commissioning of the solar power plant at Sabadola Masawa by year end, we expect to continue that momentum. Mark will discuss this in more detail in his section on the social side.

Jerry: This puts us well underway to achieving our tech center reduction target by 2030.

Jerry: And with the anticipated commissioning of the solar power plant a seller doer massawa by year end.

Jerry: Brett to continue that momentum.

Jerry: Mark will discuss this in more detail in his section.

Jaria: We continue to be a significant contributor to our host countries, with $1.4 billion spent on our in-country suppliers, which represent about 81% of total spend. But what I'm particularly proud of is our 22% of new hires, which exceeded our 15% target. This has boosted the group's overall female representation by 20% to 11% in just one year. Given the countries and the industry within which we operate, this is a truly phenomenal achievement.

Jerry: On the social site.

Continue to be a significant contributor to our host countries.

Jerry: With $1 4 billion spent on our in country suppliers, which represent about 81% of total spend.

Jerry: But what I'm, particularly proud of.

Jerry: Is that what 'twenty, one 'twenty, 2% women and new hires which exceeded our 15% target.

Jerry: This has boosted the group's overall.

Jerry: On station by 20% to 11% in just one year.

Jerry: Given the countries an industry within which we operate.

Jaria: Turning to governance, we are particularly proud to have achieved compliance with the responsible gold mining principles across all our sites over the years, reaffirming our status as a responsible producer. It's also encouraging to note that our positive impact continues to be recognized by the rating agencies, as both Sustainalytics and MSCI have reiterated our sector-leading rating this year, firmly embedding Endeavour as an ESG leader, not just within the sector but also across other sectors as well. Our 2023 Sustainability Report was published today, and it provides further details on our 2020 trade performance, as well as our targets for this year. You can find it on our website, along with our ESG data center.

Jerry: He is a truly phenomenal achievement.

Jerry: Turning to governance, we are particularly proud to have achieved compliance with a responsible gold mining principles across all our sites during the year.

Jerry: Reaffirming our status as a responsible producer.

Jerry: It's also encouraging.

Jerry: Note that our positive impact continued to be recognized by the rating agencies.

Jerry: Both sustainability and EMS.

Jerry: Mr. Jay <unk>.

Jerry: We have reiterated our sector leading ranking this year.

Jerry: Firstly embedding a differ as an E.

Jerry: It should lead to not just within the sector, but also across product sectors as well.

Jerry: Our 2023 sustainability report was published to date.

Jerry: And you provide further details on our 2020 performance.

Jerry: Well as our target for this year.

Jerry: You can find it on our website.

Along with our ESG data center.

Jaria: And I encourage you to read it, as it provides further insight into our impact and positive contributions to our host communities and our host countries. I will now hand over to Guy to talk through the financial highlights. Thank you, Jory.

Jerry: Encourage you to read it as it provides further insight into our impact and positive contributions.

Jerry: <unk> communities in our host countries.

Jerry: I will now hand over to guy to talk through the financial highlights.

Guy: Got it.

Guy: I'll now walk through the Q4 financial highlights. Q4 production was stable in line with Q3, while our all-in sustaining costs and the realised gold price both improved by 2%, driving an 11% higher adjusted EBIT margin. Similarly, our operating cash flow before working capital increased by 103%, supported by lower income taxes paid in Q4, due to the timing of income and withholding tax payments.

Guy: Thanks Julia.

Guy: I'll walk through the Q4 financial highlights.

Guy: Q4 production was stable in line with Q3, but our all in sustaining costs and the realized gold price both improved by 2% driving an 11% higher adjusted EBITDA.

Guy: Similarly, our operating cash flow before working capital increased by 103% supported by lower income taxes paid in Q4.

Guy: Due to the timing of income and withholding tax payments.

Guy: Operating cash flow increased by 45% quarter on quarter and was impacted by a working capital outflow largely due to an outflow of trade and other receivables as well as some stockpile bills. If we look at slide 22 and the quarterly variations in a little bit more detail. Q4 production was stable compared to the previous quarter of 280,000 ounces, as stronger production at Sabadola Masawa, Itty, and Manor offset the expected decrease in Q4 production at Hyundai. Importantly, our all-in sustaining cost decreased by $20 per ounce in the fourth quarter, despite the increase in sliding scale royalty rates in Burkina Faso that were effective as of November 2023, and the group benefited from cost Turning to slide 23 and our All In Sustaining Margin. Our quarter-on-quarter cost improvements, coupled with the improving gold price, resulted in an improvement in Q4. Importantly, our all-in sustaining margin has remained relatively stable over the past year at a very healthy 50%.

Guy: Operating cash flow increased by 45% quarter on quarter and was impacted by working capital outflow largely due to an outflow of trade and other receivables as well as some stockpile buildup.

Guy: If we look at slide 22, and the quarter on quarter variations in a little bit more detail.

Guy: Q4 production was stable compared to the previous quarter at 280000 ounces, a stronger production at $7 Massawa and manner.

Guy: The expected decrease in Q4 production at Hyundai.

Guy: Importantly, our all in sustaining cost decreased by $20 per ounce in the fourth quarter. Despite the increased in sliding scale royalty rates and became a factor that were effective as of November 2023, and.

Guy: The group benefited from cost decreases at $7 of solar in manner due to higher production and gold sales.

Guy: Turning to slide 23, and our all in sustaining margin.

Guy: Our quarter on quarter cost improvements, coupled with the improving gold price resulted in an improvement in Q4.

Guy: Importantly, our all in sustaining margin has remained relatively stable over the past year at a very healthy 50%.

Guy: Moving to slide 24, you can see that during Q4, we continued to generate strong adjusted EBITDA and maintained a healthy EBITDA margin. Contributing factors that led to the improved Q4 result include increased quarterly production, improved all-in sustaining costs, and the High Real Life Gold Price. On slide 25, in Q4, our operating cash flow before working capital increased by over 100%, as I said, to $246 million as the prior quarter was impacted by higher withholding tax payments while the fourth quarter delivered robust production at lower all-in sustaining costs for the year. On slide 26, we have a bridge showing that our operating cash flow increased by 45% over the third quarter to $167 million. Higher gold prices, higher gold sales, and lower operating expenses were significant drivers, but the biggest impact was the materially lower withholding taxes paid during Q4 compared to Q3, which were associated with cash upstreaming as well as the lower income taxes paid in Q4.

Guy: Moving to slide 24, you can see that during Q4, we continued to generate strong adjusted EBITDA and maintained a healthy EBITDA margin.

Guy: Contributing factors that led to the improved Q4 results include increased quarterly production.

Guy: Improved all in sustaining costs and the higher realized gold price.

Guy: On slide 25 in Q4 operating cash flow before working capital increased by over 100% as I said $246 million as the prior quarter was impacted by higher withholding tax payments, while the fourth quarter delivered robust production at a lower all in sustaining costs for.

Guy: Yes.

Guy: On slide 26, we have a bridge showing that our operating cash flow increased by 45% over the third quarter to $167 million.

Guy: Higher gold prices high gold sales and lower operating expenses were significant drivers, but the biggest impact was the materially low withholding taxes paid during Q4 compared to Q3, which was associated with cash up streaming as well as the lower income taxes paid in Q4.

Guy: You will note that working capital is a significant outflow this quarter. This is mainly driven by an outflow of trade and other receivables, relating predominantly to the timing of VAT receipts, and an outflow of inventories relating to the increased stockpiles at Sabadola Masalwa and Endeavour. You will see on slide 27, as a result of all of this, our net debt increased during the quarter by $110 million to $555 million as we spent $155 million on growth capital and $23 million on exploration, as well as completing $26 million in share buyback. We are in the enviable position of having sufficient cash flow generation to fund our organic growth while delivering shareholder returns and preserving a robust balance sheet. Looking forward, as we advance our growth projects towards completion in the coming months, I expect our net debt and our leverage to increase.

Guy: You will note that working capital was a significant outflow. This quarter. This is mainly driven by an outflow in trade and other receivables relating predominantly to the timing of receipts and an outflow of inventories relating to the increased stockpiles at $7 Massawa entity.

Guy: You will see on slide 27, as a result of all of this our net debt increased during the quarter by $110 million to $555 million as.

Guy: As we spent $155 million on growth capital and $23 million in exploration as well as completing $26 million in share buybacks.

Guy: We are in the enviable position of having sufficient cash flow generation to fund our organic growth, while delivering shareholder returns and preserving our robust balance sheet position.

Guy: Looking forward as we advanced our growth projects towards completion in the coming months I expect our net debt and our leverage to increase in.

Guy: And once the growth projects are up and running, we'll be able to quickly delever the balance sheet whilst maintaining our returns to shareholders. See a more detailed breakdown of our quarterly-on-quarter change in net debt on slide 28. Our operating activities generated $167 million, while we invested $211 million in our existing operations and our growth projects during the period. Our financing cash flow was an outflow of $79 million as we paid $37 million in interest on our debt facilities and continued to buy back our shares as part of the overall share buyback program. We also saw a $15 million gain as the value of our cash on hand was positively impacted by the relative appreciation of the euro against the US dollar. Overall, this resulted in our net debt increasing to $555 million at year-end. Moving lastly to our net earnings from continuing operations on slide 30, our net earnings were lower quarter-on-quarter due to the impact of several predominantly non-cash items, including impairments, and higher other expenses.

Guy: And once the growth projects are up and running we will be able to quickly de lever the balance sheet, whilst maintaining our returns to shareholders.

Guy: More detailed breakdown of our quarter on quarter change in net debt on slide 28.

Guy: Our operating activities generated $167 million.

Guy: While we invested $211 million in our existing operations and our growth projects during the period.

Guy: Our financing cash flow was an outflow of $79 million as we paid $37 million in interest for our debt facilities and continue to buyback our shares as part of the overall share buyback program.

Guy: We also saw a $15 million gain incurred as the value of our cash on hand was positively impacted by the relative appreciation of the euro against the U S dollar.

Guy: Overall this resulted in a net debt increasing to $550 million $555 million.

Guy: At the year end.

Guy: Moving lastly to our net earnings from continuing operations on slide 30.

Guy: Our net earnings were lower quarter on quarter due to the impact of several predominantly noncash items, including impairments higher higher other expenses higher losses on financial instruments and higher tax expenses.

Guy: Higher Losses on Financial Instruments and Higher Tax Expenses, while our adjusted net earnings were slightly lower quarter-on-quarter due to slightly higher tax expenses and high realized losses on financial instruments. Rather than talk through every line item, I'll just focus on a few of the key numbers, as we've marked on the slide. For the quarter, we booked an impairment of mining interest and goodwill of $108 million, consisting of $51 million against exploration properties where we see no near-term programs planned, and $57 million recognized against the Kalana project in relation to the envisaged changes to the capital expenditure assumptions within the ongoing technical study. Within other expenses, we recognized $45 million, which included a $23 million ECL, or estimated credit loss charge, against the deferred cash considerations for the Bungu and Wanyan asset sales, as we have now launched legal action to recover these proceeds, and a tax settlement of some $23 million.

Guy: While our adjusted net earnings was slightly lower quarter on quarter due to slightly higher tax expenses and higher realized losses on financial instruments.

Speaker Change: Rather than talk through every line item I will just focus on a few of the key numbers as we've embarked on the slide.

Speaker Change: For the quarter, we booked an impairment of mining interest in goodwill of $108 million.

Speaker Change: <unk> of $51 million against exploration properties, where we see no near term programs planned.

Speaker Change: $57 million recognized against the Kalana project in relation to the envisaged changes to the capital expenditure assumptions within the ongoing technical study.

Speaker Change: Within other expenses, we recognized $45 million, which included $23 million ECL or estimated credit loss charge against the deferred cash considerations for the bunker and one on asset sales.

Speaker Change: As we've now launched legal action to recover these proceeds.

Speaker Change: And the tax settlement of some $23 million.

Guy: The loss on financial instruments decreased from a gain of $7 million in Q3'23 to a loss of $84 million in Q4'23, largely due to increases in unrealized losses on gold hedges as the gold price increased quarter on quarter and a change in the fair value of NSRs from the divested Bungu and Wanyon assets, where we updated our assumptions to a more conservative, reserve-only assumption based on performance from those assets Adjustments included the previously mentioned non-cash impairment charge of $108 million, a net loss on financial instruments of $67 million, other expenses of $45 million, and a net loss from discontinued operations of $2 million, partially offset by a gain on non-cash, tax, and other adjustments of $15 million that mainly relate to the impact of foreign exchange re-measurements of the deferred tax balance.

Speaker Change: The loss on financial instruments decreased from a gain of $7 million in Q3 dollars 23 to a loss of $84 million in Q4, 23% largely due to increases in unrealized losses on gold hedges as the gold price increased quarter on quarter.

Speaker Change: And a change in the fair value of Msr's from the divested Bongo and when you're on assets, where we updated our assumptions to a more conservative reserve only assumption based on performance from those from those assets after we divested them.

Speaker Change: Adjustments included the previously mentioned noncash impairment charge of $108 million.

Speaker Change: The net loss on financial instruments of 67 million other expenses of $45 million and a net loss from discontinued operations of $2 million.

Speaker Change: Partially offset by a gain on noncash tax and other adjustments of $15 million that menu relate to the impact of foreign exchange re measurement of deferred tax balances.

Guy: I would now like to hand over to Mark, who will take you through our operating performance. Thank you, Guy, and hello to everyone. Before I jump into mine by mine detail, I want to talk briefly about our safety performance. We have maintained an industry-leading lost-time injury frequency rate from continuing operations of 0.05 per million hours worked. But even with our strong safety culture, we are always conscious that just one incident is one too many.

Speaker Change: I would now like to hand over to Mark who will take you through our operating performance.

Mark: Thank you Guy and Hello to everyone.

Mark: Before I jump into a mine by mine detail I want to talk briefly about our safety performance.

Mark: We have maintained an industry, leading loss time injury frequency rate from continuing operations of 0.05 per million hours worked.

Mark: But even with our strong safety culture, we're always conscious that just one incident is one too many.

Mark: As Ian mentioned earlier, we were saddened to report that a contractor colleague passed away in February as a result of injuries sustained in an incident that occurred during maintenance activities at the Manor Mine in Burkina Faso. We have investigated the incident thoroughly, and while procedures were unfortunately not followed. We will continue to reiterate the importance of training, frontline supervision, on-the-job assessments, and strengthening our operational procedures as appropriate. Elsewhere in the portfolio, I'm really proud of the entire team involved in the construction of the Sabadala Masawa BIOPS project, which is nearing completion. They have achieved a truly remarkable 3 million hours worked without a lost time injury. This is particularly impressive given the close proximity and overlap between the project and operations teams who have been supporting the project throughout. I will now talk through our group performance and then each mine in more detail.

Mark: As Ian mentioned earlier, we were saddened to report that our contract to colleague passed away in February as a result of injuries sustained in an incident that occurred during maintenance activities at the Minto mine in Burkina Faso.

Mark: We've investigated the incident thoroughly more procedures were unfortunately, not followed we.

Mark: We will continue to reiterate the importance of training frontline supervision.

Mark: On the Java assessments, and strengthening our operational procedures as appropriate.

Mark: Elsewhere in the portfolio.

Mark: I'm really proud of the entire team involved in the construction of the $7 Massawa project.

With the project nearing completion they.

Mark: They have achieved a truly remarkable 3 million hours worked without a lost time injury.

Mark: This is particularly impressive given the close proximity and overlap between the project and operations team.

Mark: We have been supporting the project throughout.

Speaker Change: I will now talk through our great performance and then each mine in more detail.

Mark: In 2023, we were pleased to have met our production guidance for the 11th consecutive year, with almost 1.1 million ounces of gold produced, while remaining one of the lowest all-in-sustaining cost producers in the sector. During the year, we achieved record production at both the Itty and Hyundai mines, where production exceeded 300,000 ounces, thanks to higher-than-expected throughput and grades, respectively, highlighting the potential at both of At the Manor Mine, we missed full-year production guidance, as we previously indicated in Q3 last year due to the slower than expected ramp-up of the second underground contractor, while at Sabadala Masawa, we slightly missed production guidance as we mined lower than anticipated tonnage of high-grade ore from the Sabadala Pit. Our group performance reiterates the value in having a diverse portfolio of high-quality mines to ensure that we can Our all-in sustaining costs from continuing operations amounted to an industry-leading $967 per ounce for 2023. This is near the top end of the guided $895 to $950 range when allowing for the impact of higher royalties.

Speaker Change: In 2023, we were pleased to have met our production guidance for the 11th consecutive year with almost $1 1 million ounces of gold produced while remaining one of the lowest all in sustaining cost producers in the sector.

During the year, we achieved record production at both the ATM Jose mines.

Speaker Change: Production exceeded 300000 ounces, thanks to higher than expected throughput and grades respectively.

Launching the potential at both of these mines.

Speaker Change: At the minimum on we missed full year production guidance as we previously indicated in quarter three last year.

Speaker Change: Due to the slower than expected ramp up of the second underground contractor, while at $7 Massawa, we slightly missed production guidance as we mined lower than anticipated tonnage of higher grade ore from the $7 pit.

Speaker Change: A great performance reiterate the value in having a diverse portfolio of high quality mines to ensure that we can consistently deliver on our objectives.

Speaker Change: Our all in sustaining costs from continuing operations.

Speaker Change: <unk> to an industry, leading $967 per ounce for 2023.

Speaker Change: This is near the top end of the guided 895 to $950 range, when allowing for the impact of higher royalties.

Mark: This was due to the realised gold price averaging $1,939 per ounce for the year, well above the $1,750 per ounce used for our start of year guidance, and further compounded by the change in the sliding scale royalty rates in Burkina Faso, which came into effect in November last year. Going site by site, Sabadala Masala achieved an all-in sustaining cost near the bottom end of the range due to lower than planned sustaining capital expenditure. At Hyundai, the all-in sustaining cost was higher due to the increase in royalty rates mentioned earlier. The all-in sustaining cost for ITI was below the bottom end of the guided range due to higher production and sales and lower costs. Lastly, at Manor, the all-in sustaining cost was higher than anticipated due to the slower than expected ramp-up of the new underground mining contractor, leading to lower gold sales.

Speaker Change: This was due to the realized gold price, averaging nine to $839 per ounce for the year well above the 700 and $150 per ounce used for <unk> out of your guidance.

Speaker Change: Further compounded by the change in the sliding scale royalty rights from Makena, FSA, which came into effect in November last year.

Speaker Change: <unk> <unk> achieved an all in sustaining cost near the bottom end of the range due to lower than planned sustaining capital expenditure.

Speaker Change: At Hyundai <unk>.

Speaker Change: All in sustaining cost was higher due to the increase in royalty rights mentioned earlier.

Speaker Change: The OLED sustaining cost was below the bottom end of the guided range due to higher production and sales and lower costs.

Speaker Change: Lastly at manner. The all in sustaining cost was higher than anticipated due to the slower than expected ramp up of the new underground mining contractor leading to lower gold sales.

Mark: I am pleased with the group's ability to manage costs in what continues to be a challenging cost environment among all of our peers. Our full year 2023 All in Sustaining Cost increased by $118 per ounce over the prior year. Two drivers of the increased operating costs and sustain cost were the lower volumes of gold sold year on year and the increased operating costs, particularly around fuel and other consumables.

Speaker Change: I am pleased with the group's ability to manage costs and what continues to be a challenging cost environment among all of our peers.

Speaker Change: Our full year 2023, all in sustaining cost increased by $119 per ounce over the prior year.

Speaker Change: Two drivers of the increase in all in sustaining costs with the lower volumes of gold sold year on year and increased operating costs, particularly around fuel and other consumables.

Mark: These increases were partly offset by increased pre-stripping activities across Sabadala, Massawa, and Hyundai, which resulted in capitalization of associated waste mining. Notably, 20% of the increase in all-in sustaining costs was driven by external factors, including increased royalties following a higher gold price environment, which had a $15 per ounce impact, and an unfavourable foreign exchange movement, which had a $9 per ounce impact. Before I go through the individual mines, I will walk through the year-on-year evolution of our reserves and resources. Overall, our proven and probable reserves declined by 1.3 million ounces, mainly due to mining depletion, as well as some impacts from updated resource models and cost assumptions at Sabadala, Massawa. These were more specifically at the Nyakafiri East Pit following an extensive drilling campaign and the Massawa North and Central Zone Pits where slightly higher cost assumptions were incorporated. At Itty, the La Plaque and De Pleur Pits saw some changes from model updates and slightly higher cost assumptions.

Speaker Change: These increases were partly offset by increased pre stripping activities across abdominal massawa, and Hyundai, which resulted in capitalization of associated Weizmann and call.

Speaker Change: Notably 20% of the increase in all in sustaining cost was driven by external factors, including increased royalties following a higher gold price environment, which had a $15 per ounce impact and unfavorable foreign exchange movement, which had a $9 per ounce impact.

Speaker Change: Before I go through the individual months or walk through the year on year evolution of our reserves and resources.

Speaker Change: Overall, our proven and probable reserves declined by $1 3 million ounces.

Speaker Change: Mainly due to mining depletion as well as some impacts from updated resource models and cost assumptions.

Speaker Change: At seven dollar Massawa.

Speaker Change: More specifically at the <unk> pit following an extensive drilling campaign and the Massawa, north and Central zone pit with slightly higher cost assumptions were incorporated.

Speaker Change: At La <unk> and <unk> saw some changes from model update and slightly higher cost assumptions.

Mark: At Mana, the Wayne Underground Reserve increased year on year, and measured and indicated resources increased by 1.4 million ounces despite resource depletion, with some additions at our operating mines. They're mainly due to the resource increase at Tandiriguela, which was our exploration team's highest priority in 2023. With more than 10 years of production visibility across our three key assets, we prioritized the exploration of our recent Tanda Aguila discoveries, adding 3.4 million ounces of indicated resources, which is an increase of 303%. This year we will focus on reserve definition at our operating assets while exploring several exciting opportunities for further resource additions as well, which Jono will touch on later. At our flagship Sabadala Masalwa mine, production increased significantly in Q4 due to higher-grade ore sourced across the Sabadala Masalwa Central Zone and Sophia North Extension Pits, and increased throughput due to a higher proportion of soft ores mined from the Niagara Ferry East Pit. All-in sustaining costs also improved significantly during the quarter, largely due to increased production and gold sales. For the full year, production decreased compared to 2022 due to lower average grades mined, as mining in 2022 benefited from the completion of the high-grade Sophia main pit and higher-grade oxides in the Masawa pits compared to 2023.

Speaker Change: That manner, the wine underground reserve increased year on year.

Speaker Change: Imation and indicated resources increased by $1 4 million ounces.

Speaker Change: Resource depletion with some additions on our operating mines.

Speaker Change: Mainly due to the results increase a tender aquila, which was our exploration teams highest priority in 2023.

Speaker Change: With more than 10 years of production visibility across our key asset.

Speaker Change: We prioritize the exploration of our recent tend to grow at discovery.

Speaker Change: Adding $3 4 million ounces of indicated resources, which is an increase of 303%.

Speaker Change: This year, we will focus on reserve definition at all.

Speaker Change: <unk> assets are.

Speaker Change: Flooring, several exciting opportunities for further resource additions as well.

Speaker Change: John I will touch on later.

Speaker Change: At our flagships Abdala Massawa mine production increased significantly in quarter four due to the higher grade ore sourced across the $7 <unk>.

Speaker Change: South Central Zone, and Sofia North extension pit.

Speaker Change: <unk> increased straightforward a higher proportion of software was mined from the <unk> pit.

Speaker Change: All in sustaining costs also improved significantly during the quarter largely due to the increased production and gold titles.

Speaker Change: For the full year production decreased compared to 2022 due to lower average <unk> mine.

Speaker Change: As mining in 2022 benefited from the completion of the high grade Sofia mine pit and higher grade oxides in <unk> compared to 2023.

Mark: Mining in 2023 focused on the Sabadala Pit to complete this ahead of eventual in-pit tailings deposition and in opening up the Niagara Ferry East. All in sustaining costs increased due to lower gold sales volumes and slightly higher mining unit rates. Looking ahead to 2024, production is expected to increase significantly due to the start-up of the bio-sulphide oil processing plant, with first gold expected in early May. All-in sustaining costs are expected to be between $750 and $850 per annum, slightly higher than 2023 due to the ramp-up of the BIOPS plan.

Speaker Change: Mining in 2023 focussed on the separate allocate to complete this ahead of eventual tailings deposition and in opening up the <unk> pit.

Speaker Change: All in sustaining cost increased due to lower gold sales volumes and slightly higher money unit right.

Speaker Change: Looking ahead to 2024 production is expected to increase significantly due to the startup of the sulphide oil processing plan.

Speaker Change: With first oil expected in early May.

Speaker Change: All in sustaining costs are expected to be between $750 $950 per ounce.

Speaker Change: Slightly higher than 2023 due to the ramp up of the <unk> plan.

Mark: Then, from 2025, once the new plant is running at capacity for the full year, costs are expected to improve significantly. On the next slide, I will provide an update on progress at the Sabadala Masala Bios expansion, which is now in its final stages of commissioning. Construction of the project was launched in April 2022 and remains on budget and schedule for start-up in early May. This will be just two years from the launch of construction to first gold, and importantly, we've achieved this while delivering over three million hours of work without a lost time injury, reiterating the quality and dedication of our project. Following the start of wet commissioning in February, we are now feeding ore through the crushing, milling, and flotation sections, and last week we started feeding our flotation concentrate into the biop circuit, which is responding very well.

Speaker Change: Then from 2025 once the new plant is running at capacity for the full year costs are expected to improve significantly.

Speaker Change: On the next slide I will provide an update on progress at the <unk> box expansion, which is now in its final stages of commissioning.

Speaker Change: Construction of the project was launched in April 2022.

Speaker Change: <unk> remains on budget and scheduled for start up in early May.

Speaker Change: This will be just two years from the launch of construction to first code and importantly, we've achieved this while delivering over 3 million hours worked without a lost time injury.

Speaker Change: Reiterating the quality and dedication of our project teams.

Speaker Change: Following this out of wet commissioning in February when in <unk>, all through the crushing milling and flotation circuits.

Speaker Change: And last week, we started feeding flotation concentrate into the buyout circuit, which is responding very well.

Mark: From here, we will progressively fill the 6 biox reactors in sequence as we introduce more missile concentrates. Project construction is almost complete, and I am truly impressed with the dedication from the entire team to bring this project online, on budget, and on time. Approximately $260 million, or 90% of the total growth capital, has now been committed, with pricing in line with expectations. Growth Capital Expenditure Guidance for 2024 is expected to amount to $72 million dollars related to the final construction and commissioning activities.

From here, we will progressively fuller six biopsy reactors in sequence as we introduce more Ms. Our concentrate.

Speaker Change: Project construction is almost complete and I'm truly impressed with the dedication from the entire team to bring this project online on budget and on time.

Approximately $260 million or 90% of the total growth capital has now been committed with pricing in line with expectations.

Speaker Change: Growth capital expenditure guidance for 2024 is expected to amount to $72 million.

Speaker Change: Lights to the final construction and commissioning activities.

Mark: Moving on to the Hyundai mine, 2023 was a record year at Hyundai, where the mine produced 312,000 ounces, exceeding the top end of the guidance range due to the higher than expected grades mined at the Carey Pump deposit. All-in sustaining costs were slightly above the guidance range due to the change in sliding scale royalty rates in Burkina Faso that became effective in November and the increased costs associated with mining the additional ore that was outside of the initial plan for the year, resulting in an increase of $114 per hour. For the full year 2024, Hyundai is expected to produce less than the record level set in 2023.

Speaker Change: Moving onto the <unk>.

Speaker Change: <unk> 2023 was a record year on day with them on for 312000 ounces exceeding the top end of the guidance range.

Speaker Change: Due to the higher than expected grades.

<unk> mined at the Kari pump deposit.

Speaker Change: All in sustaining costs were slightly above the guidance range due to the change in sliding scale royalty rights and became FSA that became effective in November and the increased costs associated with mining. The additional rule that was outside of the initial plan for the year.

Speaker Change: Resulting in an increase of $114 per ounce.

Speaker Change: For the full year 2020 for Honda is expected to produce less than the record level set in 2023, a stripping activity will focus on the higher grade Kari pump and Vindaloo mine pits in the first half of the year, while all mining continues at the lower grade Kari West pit.

Mark: Stripping activity will focus on the higher grade Carey Pump and Bindaloo Main Pits in the first half of the year, while ore mining continues at the lower grade Carey West Pits. In the second half of the year, all will be mined in increased amounts from Carey Pump and Bindaloo Main, which is expected to result in a strong half-two performance. Now turning our attention to the Itty mine, where we once again achieved record production in 2023, beating both our production and cost guidance for the year. The outperformance was driven by higher than expected throughput and recovery rates, a high proportion of oxide ore from the La Plata People's Mine and Processes, with supplemental oxide ore continuing to be fed using the surge bin feeder.

Speaker Change: In the second half of the year or will be mine.

Speaker Change: And the increased demand from Kari pump and Vindaloo mine, which is expected to result in a strong <unk> III performance.

Speaker Change: Now turning our attention to the <unk> mine, where we once again achieved record production in 2023.

Speaker Change: Both our production and cost guidance for the year.

Speaker Change: The outperformance was driven by higher than expected throughput and recovery rates.

Speaker Change: As a high proportion of oxide ore from the pit was mined and processed.

Supplemental oxide or continuing to be fed easing the surge bin failure.

Mark: All-in sustaining costs were below the guided range due to higher than expected production and gold sales as well as lower mining and processing costs, which benefit from the higher-than-expected volumes mined in the process. Construction is underway on the Mineral Sizer Primary Crusher Optimization, which will allow us to continue feeding oxaloil at a higher rate, particularly during the wet season, when we would historically have to blend oxide oil with more transitional and fresh oil to prevent blockages in the crushing circuit. Construction is expected to finish in half two this year, which will support higher levels of throughput in subsequent wet season periods.

Speaker Change: All in sustaining costs were below the guided range due.

Speaker Change: Due to the higher than expected production and gold sales as well as lower mining and processing costs that benefited from the higher than expected volumes mined and processed.

Speaker Change: Construction is underway on the mineral side, the primary crusher optimization, which will allow us to continue fading off settle at a higher rate, particularly during the wet season.

Speaker Change: And we would historically have to blend of subtle with more transitional official to prevent blockages in the crushing circuit.

Speaker Change: Construction is expected to finish in half two this year, which will support high levels of throughput and subsequent wet season periods.

Speaker Change: The TSA if one will rise has been completed and the construction of the second tier is well underway.

Mark: The TSF-1 wall raise has been completed, and the construction of the second TSF is well underway. This will be completed in the coming months, well before the end of deposition on TSF-1. The resign plant is ramping up, and we are engineering out some volumetric constraints in some sections of the plant. We expect retail and plant performance to improve as the year progresses. This year, it is expected to produce between 270 and 300,000 ounces at an all-sustaining cost of between $850 and $925 per ounce, with production slightly weighted towards the first half of the year due to greater availability of high-grade ore from the Iti and Bakatu pits in the mine plan and the wet season impact on mining and milling rates in the second half of 2024.

Speaker Change: This will be completed in the coming months well before the end of deposition on CSF one.

Speaker Change: The <unk> plant is ramping up and we are engineering at some volumetric constraints in some sections of the plan.

Speaker Change: We expect based on plant performance to improve as the year progresses.

Speaker Change: This year is expected to produce between 270 and 300000 ounces at an all in sustaining cost of between 850 and $925 per ounce.

With production slightly weighted towards the first half of the year due to greater availability of high grade ore from the EG and Becker.

Speaker Change: And the mine plan.

Speaker Change: In the wet season impact on mining and milling rates in the second half of 2024.

Speaker Change: Moving to a minimal line.

Speaker Change: Throughout 2023, we were transitioning manner from a combined open pit and underground operation to an underground only operation and to maintain throughput and production levels as we focused on expanding the one underground mine.

Mark: Moving to our minimi. Throughout 2023, we were transitioning MANA from a combined open pit and underground operation to an underground only operation to maintain throughput and production levels as we focused on expanding the Wona underground mine. During the year, we advanced two additional declines into WENA successfully, and we currently have three declines in development and two in stoke production. As we highlighted in Q3 last year, MANA missed its production and cost guidance for the year as a new underground contractor at Mona took longer than expected during the ramp-up phase, resulting in slower underground development and higher unit costs related to lower production. Since Quarter 3, we have started to see improved performance, which has given us access to multiple production stoves and improved the overall stove grade. As a result, MANA is expected to increase production in 2024 to between 150,000 and 170,000 ounces at an all-in sustaining cost of between $1,200 and $1,300 per hour.

Speaker Change: During the year, we advanced two additional declines into why not successfully and we currently have three declines in development and to start production.

Speaker Change: As we highlighted in quarter three last year, <unk> production and cost guidance for the year as the new underground contractor it took.

Speaker Change: Took longer than expected during the ramp up phase, resulting in slower underground development and high cost.

Speaker Change: Related to the lower production levels.

Speaker Change: Since quarter three we have started to see improved performance, which has given us access to multiple production sites and improve the overall stope grade.

Speaker Change: As a result is.

Speaker Change: <unk> is expected to increase production in 2024 to between 150 and 170000 ounces at an all in sustaining cost of between 1000 $201300 per ounce.

Speaker Change: All in sustaining costs are expected to be elevated in 2024 due to the higher cost money in the final phases of the mine and the transition from capital development to production and yet in the underground, which will result in higher expense costs and sustaining capital costs, though beyond 2024, we expect.

Speaker Change: Underground cost to improve it.

Speaker Change: We stabilized the development profile.

Speaker Change: At <unk>, we are building, a 4 million ton per annum CIL plant that will add more than 200000 ounces of new production at all in sustaining cost below $950 per ounce.

Mark: All-in sustaining costs are expected to be elevated in 2024 due to the higher cost of mining in the final phases of the Mayura open pit and the transition from capital development to production in the underground, which will result in higher expense costs and sustaining capital costs, though beyond 2024, we expect underground costs to improve as we stabilize the development profile. At Le Figuet, we are building a 4 million tonne per annum CIL plant that will add more than 200,000 ounces of new production at all sustaining costs below $950 per ounce over 10 years, continuing to improve the quality of our portfolio and drive production growth to above 1.3 million ounces by next year. This year we expect to produce 90,000 to 100,000 ounces at an all-in sustaining cost of $900 to $975 per ounce, and next year, with a full year of production, we expect all-in sustaining costs to decrease in line with the DFS production plan.

Speaker Change: He is continuing.

Speaker Change: Continuing to improve the quality of our portfolio and drive production growth to about one 3 million ounces by next year.

Speaker Change: This year, we expect to produce 90 to 100000 ounces at an all in sustaining cost.

Speaker Change: 90, 912, 900 to $975 per ounce and next year with a full year production.

Speaker Change: All in sustaining cost to decrease in line with the DFS production plan.

Speaker Change: Yes.

Speaker Change: Approximately $411 million or 92% of the total growth capital has now been committed with pricing in line with expectations all $321 million of growth capital has been incurred since the commencement of the project.

Speaker Change: In terms of the build itself construction activities are well advanced with the crushing area oatmeal <unk> installation.

Speaker Change: Thanks.

<unk> area or nearing completion.

Speaker Change: All say freight shipments and now in country <unk> on site.

Mark: Approximately $411 million or 92% of the total growth capital has now been committed, with pricing in line with the expectation, while $321 million of growth capital has been incurred since the commencement of the project. In terms of the build itself, construction activities are well advanced with the crushing area, bore mill, HPGR installation, CO, L tanks, and the elution area all near completion. All Seafreight shipments are now in the country, and key items are on site.

Speaker Change: H D P lining of the tailing storage facility is also complete.

Speaker Change: The 225 Kilovolt power substation is complete with a debit <unk> Chad.

Speaker Change: I've heard Paul on successfully energized during December 2023.

Speaker Change: Mining equipment, and mobilization is well advanced and mining activities commenced during quarter four 2023 with approximately $2 9 million tonnes of material moved last year and <unk> three 5 million tonnes of material moved project to date.

The figure was an exploration discovery that we made in 2016 and less than eight years later, we will be producing at <unk>.

Mark: HDPE Lining of the Battalion Storage Facility is also complete. The 225 kilovolt power substation is complete with a Davocola switch charge, and the Overhead Powerline was successfully energized during December 2023. Mining equipment and mobilization is well advanced, and mining activities commenced during Q4 2023, with approximately 2.9 million tonnes of material moved last year and 8.25 million tonnes of material moved project to date. The FIG-A was an exploration discovery that we made in 2016, and less than 8 years later, we will be producing our first gold. This is a significant achievement and it reiterates the strength of our organic growth pipeline and the fact that we are able to grow production organics. It also reinforces that West Africa is an exceptional operating environment as we can discover high quality output because of the prospectivity of the Burimian Greenstone Belt and the relatively underexplored nature of the countries where we operate. Furthermore, we can achieve all permit requirements and build mines quickly at an industry-leading capital intensity. Thanks to supportive local communities, we have established clear and timely permitting processes.

Speaker Change: This is a significant achievement and it reads writes the strength of our organic growth pipeline.

Speaker Change: We were able to grow production organically.

Speaker Change: It also reinforces that West Africa is an exceptional operating environment as we can just kind of a high quality answers.

Speaker Change: Because of the prosper activity of the <unk> greenstone belt and relatively under explored nature of the countries, where we operate.

Speaker Change: Furthermore, we can achieve or payment requirements and build months quickly at an industry leading capital intensity. Thanks.

Speaker Change: Thanks to the supportive local communities the established player in Tommy permitting processes.

Speaker Change: Availability of high quality engineering firms with experience in the region and access to good quality skilled labor.

Speaker Change: I will now hand over to John to provide an update on our exploration program at Tenda Gorilla.

John: Thank you Marc referring to slide 41.

John: Our focus last year was on delivering a significant resource update at a 10 year Gala project in Cote d'ivoire.

John: We were quick to identify the opportunities to increase the size of the resource significantly so we action and brought in additional resources.

John: Drilling with up to 10 rigs, we were able to accelerate the drill program from the original 70000 meters to 167000 meters a significant achievement.

John: Our original focus coupled with our dynamic exploration program supported the 303% increase the size of the indicated resource to an impressive $4 5 million ounces at two grams per tonne.

Mark: Availability of high quality engineering firms with experience in the region and access to good quality skilled labor. I will now hand over to Jono to provide an update on our exploration program at Tanda Aguila. Thank you Mark, referring to slide 41. Our focus last year was on delivering a significant resource update at our Tandir Gwela project in Cote d'Ivoire. We were quick to identify an opportunity to increase the size of the resource significantly.

John: At Tenda.

John: We're excited because we have not identified a potential tier one deposit and discovered it for $11 per indicated ounce, but we have demonstrated our ability to continue to self generate our project pipeline.

John: And exploration program of $15 million is planned for 2024 with at least 60000 meters of drilling the.

John: The SaaS of deposit tubs of mineralized trend of approximately $3 three kilometers.

Jono: So we acted and brought in additional resources, drilling with up to 10 rigs. We were able to decelerate the drill program from the original 70,000 meters to 167,000 meters, a significant achievement. Our regional focus, coupled with our dynamic exploration program, supported the 303% increase in the size of the indicated resource to an impressive 4.5 million ounces at 2 grams per tonne. Attenda, We're excited because we have not only identified a potential Tier 1 deposit and discovered it for $11 per indicated ounce, but we have demonstrated our ability to continue to self-generate a project pipeline. An exploration program of $15 million is planned for 2024, with at least 60,000 metres of drilling. The Asafo deposit covers a mineralized trend of approximately 3.3km, and mineralization remains open along strike to the north-west, south-east, and at depth.

John: Mineralization remains open along strike to the northwest southeast and at depth.

John: We will drill around 25000 meters to further delineate resources.

John: And look to convert a high proportion of the carrier indicated resources into reserves.

John: On the next slide we will also be drilling around 35000 meters to help delineate several satellite opportunities that are located within five kilometers of the <unk> deposit.

John: We have identified mineralization along the structural trend that extends over 20 kilometers strike length, and we have similar structural settings at the pilot targets to the west and southwest and the Eagle East target to the northeast, which may be a potential repeat of the assassin lithological structural content.

At the same time, we are advancing the preliminary feasibility study, which we expect to have finalized in late 2024.

John: I'll hand, you back to Ian for concluding remarks.

John: Yes.

Jono: So we will drill around 25,000 metres to further delineate resources and look to convert a high proportion of the current indicated resources into reserves. On the next slide, we will also drill around 35,000m to help delineate several satellite opportunities that are located within 5km of the Asafoo deposit. We have identified mineralization along the structural trend that extends over a 20-kilometer strike length, and we have similar structural settings at the parlour targets to the west and south west, and the Igla East target to the northeast, which may be a potential repeat of the Asafo mythological structural context.

Ian: Thank you Julia Sky Mark in Germany.

Ian: So as you can see we certainly delivered against our key objectives in 2023, and thanks to the strong performance and momentum forward from 'twenty three 'twenty 'twenty four is certainly shaping up to be a pivotal year for endeavour.

Ian: Now our key priorities for 2024 are firstly, ensuring our operations continued to deliver against that objective and if we achieve our production and cost guidance and that's despite as you all know the a legal work stoppage that we had at Hyundai at the beginning of the year.

Ian: <unk>.

Ian: Secondly, we will deliver two growth projects, which are now largely derisked both on budget and on schedule for startup in Q2. This year and we're going to continue to advance Tendie Guilla exploration program and the technical study that we will complete by yearend.

Jono: At the same time, we are advancing the Preliminary Feasibility Study, which we expect to have finalized in late 2024. I hand you back to Ian for concluding remarks. www.marcoparet.com, free course on www.mesmerism.info. Thank you Geria, Sky, Mark, and Jono. Now, as you can see, we've certainly delivered against our key objectives in 2023, and thanks to the strong performance and momentum brought forward from 2023, 2024 is certainly shaping up to be a pivotal year for Endeavour. Now, our key priorities for 2024 are, firstly, ensuring our operations continue to deliver against their objectives and that we achieve our production and cost guidance. And that's despite, as you all know, the illegal work stoppage that we had at Hyundai at the beginning of the year.

Ian: Delivering on the operational performance and completing our growth projects on schedule and on budget is certainly going to unlock significant cash flow to support our capital allocation framework, which will prioritize strengthening our balance sheet and rewarding shareholders as we move into this more cash generative phase later this year.

Ian: Sure.

We're going to deliver against these.

Ian: These key priorities, while producing gold that creates lasting value for all of our stakeholders, our investors employees, whose communities and importantly, a national government.

Ian: That would delivery is paramount.

Ian: The team when I joined in January <unk>.

Ian: My priorities are delivery delivery and delivery.

Speaker Change: Thank you for listening.

Speaker Change: I'll now hand, you back to the operator and open up for any Q&A.

Speaker Change: Thank you.

Speaker Change: Thank you, Sir ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.

Ian: Secondly, we'll deliver our two growth projects, which are now largely de-risked, both on budget and on schedule for start-up in Q2 this year, and we're going to continue to advance the Tandi Gwela exploration program and the technical study that we will complete by year end. Delivering on operational performance and completing our growth projects on schedule and on budget is certainly going to unlock significant cash flow to support our capital allocation framework, which will prioritise strengthening our balance sheet and rewarding shareholders as we move into this more cash-generative phase later this year. We're going to deliver on these key priorities while producing gold that creates lasting value for all of our stakeholders, our investors, employees, host communities, and, importantly, our national government. That word delivery is paramount; as I said to the team when I joined in January, my priorities are delivery, delivery, and delivery. I thank you for listening, and I now hand you back to the operator and open up for any Q&A. Thank you. Thank you, sir.

Speaker Change: We will be prioritizing questions from covering at least at this time.

Speaker Change: If you wish to cancel your request. Please press the husky once again, please press star one and one if you wish to ask a question. Please standby, while we compile the Q&A queue. Thank you.

Speaker Change: We will now be taking our first question.

Speaker Change: Okay.

Speaker Change: And our question comes from the line of <unk> Habib from Scotiabank. Please ask your question. Your line is opened.

Fahad Tariq: Thanks, Operator, Hi Inn and endeavor team.

Unknown Executive: Really glad to hear that the investigation is now behind us.

Speaker Change: And both the began development of shopper.

Speaker Change: <unk> expansion are on Diamond budget.

Habib: Just a couple of questions from me.

Habib: Just starting off with some of that expansion.

Operator: Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star 1 1 on your telephone and wait for your name to be announced. We will be prioritizing questions from covering analysts at this time. If you wish to cancel your request, please press the hash key.

Habib: And you mentioned that or from the most satellite deposit is currently being processed in the first two buyouts reactors and as you've said that the bulk of that bugging.

What other milestones are you keeping an eye on as the project moves towards steady state.

Operator: Once again, please press stars 1 and 1 if you wish to ask a question. Please stand by while we compile the Q&A queue. Thank you. We will now take our first question. And our questions come from the line of Ovais Habib from Scotiabank. Please ask a question; your line is open.

Habib: Yes.

Habib: I think the best person to respond to that one of those things great question, Mark respond to that directly.

Mark: Yeah. Thanks device.

Mark: Do you have a.

Mark: Quite a large number of packages that we are going through the commissioning and handover phase.

Mark: And as that is progressing the key is to continue to ramp up the concentrate production into the bio reactors.

Ovais Habib: Thanks, Operator. Hi Ian and the Endeavour team. Really glad to hear that the investigation is now behind us and the development of the Sabadala expansion is on time and on budget. Just a couple of questions from me. I'm just starting off with the Sabadala expansion.

Mark: In total three primary and secondary.

Mark: So it's just a matter of progressively ramping that up.

Mark: We'll be able to.

Mark: Start to Cascade some of the.

Mark: Concentrate as it comes through the boss reactor into the CIL circuit to be able to generate code and that is something that we.

Ian: Ian, you mentioned that ore from the Masawa deposit is currently being processed in the first two bioreactors. And, as you said, the bugs are biting. What other milestones are you keeping an eye on as the project moves towards steady state? Yeah, I think the best person to respond to that one is Mark. Thanks for the great question. I'm going to let Mark respond to that directly. Thanks Ovais, we do have quite a number of work packages that are going through the commissioning and handover phase. And as that is progressing, the key is to continue to ramp up the concentrate production into the biox reactors. There are six in total, three primary and three secondary, so it's just a matter of gradually ramping that up.

Mark: We are well and truly advanced.

Mark: We remain on track for first gold in early May.

Hey, thanks for the color on that Mark.

And just maybe.

Speaker Change: Back to yen.

Speaker Change: As the begin Abdullah ramp up into the second half of 2020 for do any of your existing operations, becoming non core and kind of I'm just kind of moving towards that is the strategy still to reduce exposure in Burkina Faso.

Speaker Change: Look at this stage, we don't see any.

Speaker Change: Potential disposals.

Speaker Change: Just spent the last week in Burkina Faso.

Speaker Change: And I have to say in particular, Mana, which I know everyone thinks because it doesn't fit in the magic box.

Mark: We will, though, be able to start to cascade some of the concentrate as it comes through the biotech reactor into the CIL circuit to be able to generate gold, and that is something that we are well and truly advanced with, and we remain on track for first gold in early May. Hey, thanks for the update on that, Mark. And just maybe, you know, back to Ian, as PKN Sabudala ramps up into the second half of 2024, do any of your existing operations become non-core and kind of, I'm just kind of moving towards the, is the strategy still to reduce exposure in Burkina Faso? Look, at this stage, you know, we don't see any potential disposals. I just spent the last week in Burkina Faso.

Speaker Change: They tend to think well is that going to be disposed off but.

Speaker Change: I came away with a very clear sense that Mana has some good upside potential importantly, and I think as I've said to you before we were using mana.

Speaker Change: Kind of a cold the mean.

Speaker Change: For <unk>.

Speaker Change: Underground mining expertise.

Speaker Change: And I think that's a very.

Speaker Change: Sound approach a lot of the future within endeavour, there will be increased underground mining activity. So to have the opportunity to hone our skills with underground mining and.

Speaker Change: An existing mine that will make a contribution I think is sensible so I'm not seeing any disposals at this stage.

Speaker Change: Okay, Thanks for that and just.

Speaker Change: In regards to Senegal, we just saw a new president being elected in Senegal.

Ian: And I have to say, in particular, Mana, which I know everyone thinks because it doesn't fit in the magic box, they tend to think, well, you know, is that going to be disposed of? But I came away with a very clear sense that MANA has some good upside potential. Importantly, and as I've said to you before, we're using MANA as a kind of a co-domain for our underground mining expertise. And I think that's a very sound approach. In a lot of the future within Endeavour, there will be increased underground mining activity. So to have the opportunity to hone our skills with underground mining on an existing mine that will make a contribution is sensible. So I'm not seeing any disposals at this stage.

Speaker Change: The new government kind of any thoughts there in terms of.

Speaker Change: New government pro mining have they talked about how they're looking into any sort of royalties and taxes in the country going forward.

Speaker Change:

Speaker Change: I have not had an opportunity to speak to the new administration, because frankly, it isn't even in office, yet so it's probably a little bit.

Speaker Change: Early to make those comments.

Speaker Change: Certainly we would look forward.

Speaker Change: Two interacting with whoever comes into the administration.

Speaker Change: But.

Speaker Change: There was obviously.

Speaker Change: A lot of rhetoric, leading up to the election.

Ian: And just in regards to Senegal, we just saw a new president elected in Senegal. Is the new government, you know, kind of, any thoughts there in terms of, you know, this new government being pro-mining? Have they talked about how they're looking into any sort of royalties and taxes in the country going forward? I have not had an opportunity to speak to the new administration because, frankly, it isn't even in office yet. So it's probably a little bit early to make those comments. But certainly, we would look forward to interacting with whoever comes into the administration. But you know, there was obviously a lot of rhetoric leading up to the election. Let's wait and see how things settle down going forward. I think the one encouraging thing about Senegal is that, despite some of the civil disturbance that took place leading up to the elections, the elections took place, the vote was carried out, there was a clear mandate for the new administration, and it shows that democracy works.

Speaker Change: Eight and see how things settle down going forward.

Speaker Change: I think the one encouraging thing about the cynical is that despite.

Speaker Change: Some of the.

Speaker Change: The civil disturbance that took place leading up to the elections the elections took place.

Speaker Change: The vote was carried out there is a clear mandate.

Speaker Change: The new administration.

Speaker Change: And it shows that democracy works.

Speaker Change: And so we look forward to working with the administration.

Speaker Change: As soon as they're empowered.

Speaker Change: Thanks for that Ian.

Ian: I do have a couple of questions for Juno in exploration, but I'll stop here and maybe get in touch with him offline. Thanks.

Speaker Change: Thanks for taking my questions.

Speaker Change: Pleasure.

Speaker Change: Okay.

Speaker Change: Thank you we are not going to take our next question.

Speaker Change: And the question comes from the line of Amos Fletcher from Barclays. Please go ahead. Your line is open.

Amos Charles Fletcher: Yes, hi.

Amos Charles Fletcher: I just wanted to ask one question I guess, you've had a couple of months in the job now.

Ian: And so we look forward to working with the administration as soon as they're in power. Thanks for that, Ian. I do have a couple of questions for Juno on exploration, but I'll stop here and maybe get in touch with him offline. Thanks for taking my question.

Amos Charles Fletcher: Could you talk about any adjustments you might like to make strategically going forward for example, you're comfortable around the geographic footprint of the group.

Speaker Change: Et cetera. Thanks.

Speaker Change: Thanks very much.

Speaker Change: Yes, Thanks Amos.

Operator: Thank you. We are now going to take our next question, and the questions come from the line of Amos Fletcher from Barclays. Please go ahead; your line is open.

Speaker Change: Look I mean.

Speaker Change: I think already there has been.

Speaker Change: A natural sort of rebalancing of the portfolio with the <unk>.

Speaker Change: Sale of <unk>, and <unk> and <unk>.

Amos Charles Fletcher: Yeah, Ian and team. I just wanted to ask one question. I guess, Ian, you've had a couple of months in the job now. Could you talk about any adjustments you might like to make strategically going forward? For example, you know, are you comfortable with the geographic footprint of the group, etc.?

Then with the fee.

Speaker Change: <unk> coming online and with <unk>.

Speaker Change: Silver dollar Massawa.

Speaker Change: Growing the portfolio Youre seeing.

Speaker Change: A subtle shift.

Speaker Change: Should.

Speaker Change: The primary production base within the company.

Speaker Change: Certainly what I've seen.

Speaker Change: On the visits I've been to all the operations now.

Ian: Thanks very much. Yeah, thanks Amos. Look, I mean, I think already there's been a natural sort of rebalancing of the portfolio with the sale of Wagnon and Bungu. And then with Le Figuet coming online and with Sabadala Massawa, you know, growing the portfolio, you're seeing a subtle shift in what we call the primary production base within the company. Certainly, what I've seen on the visits I've been to all the operations now, what I've seen is that I think there is still potential for... To use, I guess, the current term, asset optimization. The real focus will be on making what we've got work in terms of existing operations. There are going to be lots of challenges for Mark and his team in bringing the two projects, taking them out of construction, and getting them up to speed quickly in terms of production. So I think that's where our focus is going to be certainly over the next 12 months. Okay, thanks very much.

Speaker Change: I've seen is I think there is still potential for.

Speaker Change: To use that I guess, the current term asset optimization.

Speaker Change: The real focus will be on making what we have got sweat.

Speaker Change: In terms of the existing operations.

There's going to be lots of challenges to mark and his team.

Speaker Change: Bringing the.

Speaker Change: Two.

Speaker Change: The two projects taken.

Speaker Change: <unk> taken them out of construction and getting them up to speed quickly in terms of production. So I think thats, where our focus is going to be certainly over the next 12 months.

Speaker Change: Okay. Thanks very much.

Speaker Change: Thank you we are now going to proceed with our next question.

Speaker Change: And our question comes from the line of Kerry Macquarie from Canaccord Genuity. Please go ahead with your question. Your line is open.

Carey MacRury: Hi, good afternoon guys.

Carey MacRury: Maybe a question on tender Guilla ahead.

Operator: Thank you. We are now going to proceed with our next question, and the questions come from the line of Carey MacRury from ConocoGenesis.

Carey MacRury: Ahead of the PFS should we be should we be expecting a resource update there ahead of that or.

Carey MacRury: PFS can they based on existing reserves.

Carey MacRury: Please go ahead with your question; your line is open. Hi, good afternoon, guys. Maybe a question on Tanda Aguila, ahead of the PFS, should we be expecting a resource update there ahead of that? Gary, I'll get Jono to respond to that. Yes, yes, we will get a resource update to be produced later in the year, towards the end of it, as part of our feasibility work. I agree. Maybe with the PFS underway, is there anything you can share? Looking at and maybe how the CapEx, Anything in the Aguila project that is positive or negative relative? Carey, I think, you know, if you're trying to sort of position it relative to some of our existing operations, I mean, there's no doubt that Le Figue could be used as an analog in terms of a capex and what have you. The one major difference between Le Figue and Tandeguela is that the potential size of Tandeguela is bigger. So it could be that we go with a similar-sized operation initially, looking to upgrade the capacity, and that's really going to form a lot of the basis of the prices that we do. What is the optimum size?

Speaker Change: Gary I'll get Joe to respond to that.

Joe: Yes, yes, we will get a resource update to be produced later in the year towards the end of at this part of our feasibility work.

Okay, great and maybe with the PFS is underway is there anything you can share in terms of.

Joe: What you are looking at and maybe how the capex when compared to <unk>. Obviously everything is on budget Genco Tomorrow is there any anything in the <unk> project that is positive or negative relative.

Joe: From a capex perspective.

Speaker Change: Gary I think if you're trying to sort of <unk>.

Speaker Change: Position it relative to some of our existing operations I mean, there's no doubt that the <unk> could be used.

Gary: In analog in terms of <unk>.

Gary: Capex amount have you.

Gary: The the one major difference between the <unk> and.

Gary: And <unk> is the potential size.

Gary: <unk> is bigger so.

Gary: It could be that we go with a similar sized operation initially looking to upgrade the capacity and that's really going to form a lot of the basis of the pre fees that we do what is the optimum size do we go for something which is similar to the <unk>.

Speaker Change: No. We got very good idea of capital Theyre designs, we know actually how to deliver a project like that fairly quickly.

Jono: Do we go for something which is similar to La Figue? We know we've got a very good idea of capital there, and designs. We know how to deliver a project like that fairly quickly. But whatever we do, we certainly want to make sure that we leave ourselves with sufficient flexibility to possibly expand the size of the plant, possibly quite significantly, because when you look at the potential in that area, it's looking very, very promising. So I think it's going to be a great, another foundational asset for Endeavour Mining. That's helpful. Thanks. And maybe one last question, just any guidance. Hashtag

Speaker Change: But whatever we did we certainly want to make sure that we leave ourselves sufficient flexibility that we could expand the size of the plant.

Speaker Change: <unk>.

Speaker Change: Possibly quite significantly because you look at the potential in that area. It's looking very very promising and so I think it's going to be a great.

Speaker Change: Another foundational asset for for Endeavour mines.

Speaker Change: Okay. That's helpful. Thanks, and maybe one last question just any guidance on.

Cash taxes are times my core for the company.

Ian: And over to the master of coin, Guy. I mean, if we look at maybe just indicatively, you know, 22, 23, 23 clearly were higher, arguably than what a number of people expected. That's largely due to withholding taxes and then Sabadala, where we had cash taxes in 2023 that we wouldn't have seen in 2022. If we take 23 into 24, it's unlikely to be as big a series of changes. We will still be doing our dividend declaration, so I imagine our withholding taxes would be broadly in line with what we saw in 2022. But then, from a corporate income tax perspective, it's likely to be slightly lower because our taxable earnings in 23 compared to 2022 were lower. And those will be the tax payments we're going to be making through 24. So slightly lower, but I wouldn't expect any major variation from what we saw this year.

I'll hand over to the Master claim Guy.

Sure.

Speaker Change: Carey.

Speaker Change: I mean, if we look at maybe just indicative late 'twenty two 'twenty $3 23, clearly from a cash tax perspective was higher arguably then.

Guy: When a number of people expected.

Guy: That's largely due to withholding taxes and then <unk>.

Guy: Where we had cash taxes and 23 that we wouldnt have seen in 'twenty two.

Guy: If we take 23% to 24, it's unlikely to be as big a series of changes.

Guy: We still we will be doing our dividend declaration, so imagine a withholding taxes would be broadly in line with what we saw in 2022.

Guy: But then from a corporate income tax perspective, it's likely to be slightly lower because our taxable earnings and 23 compared to 2022 were lower and those will be the tax payments were going to be making through 2000, and so slightly lower but I wouldn't expect any major variation too to what we saw this year.

Guy: Okay.

Guy: Thanks.

Guy: That's great. Thank you. We are now going to take our next question, and the questions come from the line of Anita Soni from CIBC World Market. Please ask your question. Your line is open.

Speaker Change: Thank you.

Speaker Change: Going to take our next question.

Speaker Change: And the question comes from the line of any testimony from CIBC World markets. Please ask your question. Your line is open.

Operator: Hi, good morning, Ian and team. The question on strategy, I guess, has already been asked, but I was wondering specifically about M&A. Can we expect a different tone from you relative to what we've seen historically? I think the past three years for Endeavour have been quite acquisitive, and, you know, you've been digesting those acquisitions for the past couple of years. And I'm just wondering if you are more focused on organic growth or is there something that you look to to perhaps alleviate the sort of the geographic discount that Endeavour has historically had? Yeah, Anita, thank you very much.

Speaker Change: Hi, good morning, Ian and Jim.

Speaker Change: The question on strategy I guess is already been asked but I was wondering specifically on M&A.

Speaker Change: Can we expect a different tone from you relative to what we saw historically I think.

Speaker Change: Last three years for Endeavour had been quite acquisitive and.

Speaker Change: It's been digesting those acquisitions for the past couple of years and I'm just wondering if if you borrow.

Speaker Change: More focused on organic growth or is there something that you look to Q.

Speaker Change: Absolutely alleviate the sort of day.

Speaker Change: Geographic discount that.

Speaker Change: EVAR has historically had.

Anita Soni: Look, I mean, yes, there's no doubt that there's been historically quite a sustained amount of M&A, and in fairness, that M&A did help position the company with, you know, slightly different assets than it had four or five years ago. To a certain extent, I think that phase has, at least initially, run its course. We've spoken a lot today about our success in exploration, our ability to discover ounces, and there are many companies that have great explorationists and discoverers. There are many companies that are very good at building mines. There aren't that many that actually have the ability to discover and convert those ounces into mines, and I think you've seen the numbers we showed today.

Speaker Change: Yes.

Thank you very much look I mean, yes, there is no doubt that there has been.

Speaker Change: Historically quite a sustained amount of.

Speaker Change: M&A.

Speaker Change: In fairness that M&A.

Speaker Change: Did help position the company with.

Speaker Change: Slightly different assets and add four or five years ago.

Speaker Change: To certain extent I think that phase.

Speaker Change: As at least initially run its course.

Speaker Change: We've spoken a lot today about our success in exploration our ability to discover ounces and there are many companies that have great exploration exploration and discoveries. There are many companies that are very good at building mines, there aren't that many that actually have the ability.

Speaker Change: To discover and convert those ounces into mines and I think you've seen the numbers today that we've shown we discovered ounces very cost effectively and with very good at converting those into mines and doing it very quickly so.

Ian: We discover ounces very cost-effectively, and we're very good at converting those into mines and doing it very quickly. So we're in a phase now where, you know, we're going to continue with that. We're in no rush to have to do any M&A. Clearly, you know, we are continually scanning the environment, but our focus at the moment is on getting these two projects up and running and certainly getting ourselves into a position where we can make a definitive decision on Tande Iguala or Asafo, as it will be referred to. Okay, so speaking of the last acquisition that you did, which was Sabadola Masawa, is there any focus on, I mean, what can we expect in terms of reserve resource updates there in the next two to three years? Mark, do you want to comment on that, or Jono?

Speaker Change: We're in the phase now where we are going to continue with that we are in no rush to have to do any M&A.

Speaker Change: Clearly we are continually scanning the environment, but our focus at the moment is on getting these two projects up and running and certainly getting ourselves into a position where we can make a definitive decision on 10 day Guilla OSF as it will be.

Speaker Change: <unk>.

Speaker Change: Okay.

Again, the last acquisition that you did which with Damadola Massawa is there any focus on.

Speaker Change: What can we expect in terms of reserve resource updates there in the next two years to three years.

Speaker Change: Yes, yes.

Speaker Change: Mark do you want to.

Mark Morcombe: Thanks Ian. One of the key focuses we're looking at in Sabadala Masawa is quite a significant increase in our exploration spend. So we're looking at about $21 million for this coming year, and there are two key aspects. One is the biox plant feed.

Speaker Change: Come into that with John.

Mark: Thanks Ian.

Mark: One of the key focuses we're looking at in <unk> salaries as quite a significant increase in our exploration spend.

Mark: At about $21 million for this coming year.

Mark: And the key focus on two aspects one is the <unk> plant feed we've got to find more massawa is on a relatively untested empty said structure, where we've got anywhere from 50 to 80 kilometers of potential strike that is.

Jono: We've got to find more Maswas on a relatively untested MTZ structure where we've got anywhere from 50 to 80 kilometers of potential strike, very, very underexplored, as well as higher-grade oxide feed for the CIL side. So we do expect to have more discoveries and we do expect to have resource updates in the coming years. Okay, I was just looking for any specific targets for year end in 2024 and 2025. No, not at the moment.

Mark: Very very under explored.

Mark: As well as higher grade oxide feed for the CIL side. So we do expect to have more discoveries and we do expect to have resource updates in the coming years.

Mark: Okay.

Mark: Alright.

<unk> targets for year end in 2024.

Hi.

Jono: Work is progressing, and we'll have more clarity on the results of the year. Okay, second question is with respect to the comment first actually about the tone at the top of your press release. Can you explain what you meant by that when you were commenting and giving extra color on the results of the investigation? Yeah, look, I mean...

Speaker Change: No not at the moment, we would work is progressing and we'll have more clarity on the results of the year.

Speaker Change: On the pulse.

Speaker Change: Okay.

Second question is with respect to the.

Speaker Change:

Speaker Change: I wanted to touch on the comment first actually about the tone at the top.

Speaker Change: In your in your press release can you can you explain what you meant by that when you were commenting on giving extra color on that and difficult to the investigation.

Ian: I think it's fair to say that any organization takes on the flavor of people who are leaving it. What we want to do is, and as I've said to people, you know, as a company, our culture, you know, we have, we place a lot of importance on our values. You know, we need to act with integrity, with transparency, and we need to make sure that we do the right things. And I certainly want to make sure that everyone recognizes that our culture, you know, it belongs to all of us.

Speaker Change: Yes look I mean.

Speaker Change: I think it's fair to say that any organization.

Speaker Change: <unk> takes on.

Speaker Change: The flavour people, who who are leading it and.

Speaker Change: What we want to do is we want to make sure.

Speaker Change: <unk>.

Speaker Change: And as I said to people.

Speaker Change: As a company our culture, we have replaced a lot of importance.

Speaker Change: Our values, we need to act with integrity with transparency and we need to make sure that we do do the right things and I want to I certainly want to make sure that everyone recognizes that our culture.

Ian: It's our responsibility to make the right decisions and to behave appropriately. And I believe that the closeout of the investigation has now given us the opportunity to have a clean sheet, draw a line in the sand, move forward, and make sure that, you know, we're doing things in the correct way. I believe that we can get there, and I certainly wouldn't have agreed to take on this job if I felt that it was not possible to make sure that this was a good, clean organization. Okay, thanks for that. And then the last question is with respect to Lafige and the comment about being one quarter ahead of schedule. I noticed that the guidance was not revised.

Speaker Change: Belongs to all of us.

Speaker Change: Our responsibility to make the right decisions and to behave appropriately.

Speaker Change: And I believe that the closeout of the investigation has now given us the opportunity to have a clean sheet draw a line in the sand.

Speaker Change: Move forward.

Speaker Change: Sure.

Speaker Change: We're doing things in the correct way.

Speaker Change: I believe that we can we can get that and I certainly wouldn't have agreed to take on this job. If I felt that it was possible to make sure that this is a good clean organization.

Speaker Change: Thanks for that and then the last question is with respect to.

Speaker Change: And the comment about being one quarter ahead of schedule.

Speaker Change: I noticed that the guidance does not revised is that does that mean that we shouldn't be gearing towards the higher end of the guidance or why if you're three quarters. Sorry. Three months ahead was there no change to the overall guidance.

Anita Soni: Is that, does that mean that we shouldn't, you know, be gearing towards the higher end of the guidance? Or, you know, why if you're three quarters, or sorry, three months ahead, was there no change to the overall guidance number there? Yeah, look, I mean, our guidance was a range between 90,000 ounces and 110,000 ounces for the year. So, you know, we can play around with that. You know, we're going to see how the mine works out.

Speaker Change: Yes look I mean.

Speaker Change: Our guidance there was a range between 90000 ounces and 110000 ounces for the year. So we can play around with that.

Speaker Change: We're going to see how the demand works out I mean, clearly we're going to try our best to match the top end of the guidance, but I think thats sufficient range.

Ian: I mean, clearly, we're going to try our best, you know, to match the top end of the guidance. But I think there's sufficient range in that guidance specifically for Le Figue that you can sort of move around, you know, across that range. And I'm happy with that guidance remaining as is. All right, thank you. That's it for my questions.

Speaker Change: In that state that guidance, specifically for the <unk>.

Speaker Change: That you can sort of move around.

Speaker Change: Across that range.

Speaker Change: I'm happy with that guidance remaining as is.

Speaker Change: Alright, thank you for that.

Speaker Change: That's it for my questions.

Operator: Thank you. We are now going to take our next question, and the questions come from the line of Sandeep Peety from Morgan Stanley. Please go ahead with your question; your line is open. Hello, Sandeep, your line is open.

Thank you we are not going to take our next question.

Speaker Change: And the question is come from the line of Sandeep <unk> from Morgan Stanley. Please go ahead with your question. Your line is open.

Sandeep Peety: Please go ahead with your question. Thank you, operator. Good morning, team.

Speaker Change: Hello Sandeep your line is open please.

Ian: So, I had two questions. Firstly, on the shareholder's return program, you have clearly stated that the policy will be out sometime during the second half of the year. So, Ian, what are your initial thoughts on it? Do you agree with the minimum dividend policy, or would you rather have a more sustainable policy that is linked to net income or cash flows?

Sandeep: Please go ahead with your question.

Alright, Thank you I'll take that good morning team.

Sandeep: So I had two questions firstly on the shareholder return program.

Sandeep: Robert you have clearly stated that the policy will be out.

Sometime second half of the yet so.

Speaker Change: What are your initial thoughts on that.

Speaker Change: Agree with minimum dividend policy.

Speaker Change: That have more sustainable policy.

Speaker Change: Turning to net income or cash flows.

Ian: Yeah, I think, Sandeep, the likely style of the program will be similar to what we've got now. There will be a minimum sort of guarantee, and then as and when we have excess cash flow guaranteed, we will be giving that back to shareholders. So, very similar to what you've seen before. And I'm hopeful that, certainly, within the next three to four months, we'll be in a position to give more detail and more color to shareholders. But it will be; don't expect anything radically different in style from what you had before.

Speaker Change: Okay.

Speaker Change: Yes, I think sandeep the likely.

Speaker Change: Style of the the program it will be similar to what we've got now there will be a minimum sort of guarantee.

Speaker Change: And then as and when we have excess cash flow guarantee we will be giving that back to shareholders. So very similar to what you've seen before.

Speaker Change: And I'm hopeful that within certainly within the next three to four months, we'll be in a position to.

Speaker Change: To give more detail more color to the shareholders, but it will be.

Speaker Change: Don't expect anything radically different in style from what you had before.

Guy: We're just working on what we believe, you know, are fair numbers to return to shareholders. Clear, thank you. And then one for Guy.

Speaker Change: Just working on what we believe are fair numbers two to return to shareholders.

Speaker Change: Clear. Thank you and then one for Guy So the company has been building an ex working capital in total.

Sandeep Peety: So the company has been building networking capital in total. It's around 200 million over the last two years. How much of that do you think is structural? And maybe one more is just if you can provide some guidance like what sort of gold price is baked in into your all-in sustaining costs for 2024. Hi Sandeep.

Guy: It's around 200 million over the last two years.

Guy: I'll start you would think is structural.

And maybe one more.

Speaker Change: Just if you can provide some guidance.

Guy: What sort of gold price is baked into your all in sustaining cost for 2024.

Speaker Change: All right.

Guy: Thanks. Yeah, on working capital, I don't think that anything that you've seen over the last two years should be considered structural. I think the vast majority of elements of the working capital build are timing. So, in particular, if we look at either the $80 million in Q4 or, in fact, over fiscal 2023, the build has been either in and around the timing of gold receivables. And that really is a question of timing and a matter of weeks.

Speaker Change: Hi, Sandeep.

Sandeep: Thanks, Yes.

Sandeep: The working capital.

Sandeep: I don't think that anything that you've seen over the last two years, we should be regarding a structural I think the vast majority of elements of the working capital build or timing. So in particular, if we look at either the $80 million in Q4 or.

Sandeep: Or in fact over fiscal 'twenty three.

Sandeep: The build has been either in and around the timing of gold receivables.

Sandeep: And that really is a question of timing and a matter of weeks.

Sandeep Peety: The other part is VAT, and obviously, the way we're structured as an industry means that we constantly have VAT receivables, and that is something that we work with both host nations, suppliers, and banks in order to try and manage. We will continue to do so. And then the third element, certainly an impact on 23 and in Q4 specifically, was in and around our building of stockpiles, which again, I see more as a timing issue, simply because the majority of the stockpile build will have been associated with Sabadon, Masawa, and the ramp up of our projects, Lafiga as well. We've done some pre-mining. So I don't think that we should be accepting as a management team a structural increase in our working capital.

Sandeep: The other part is Vit.

Sandeep: Obviously the way we are structured as an industry means that we constantly have receivables and that is something that we work with both host nation's suppliers and banks in order to try and manage.

We'll continue to do so.

Sandeep: And then the third element certainly an impact in 'twenty, three and in Q4, specifically within and around.

Sandeep: Building, a stockpile, which again I see more of the timing simply because the majority of the stockpile build will have been associated with <unk> and the ramp up of our projects.

Sandeep: <unk> well, we've done some some pre mining so I don't think that we should be accepting as a management team a structural increase in our working capital we need to continue to look at efficiency gains across the balance sheet.

Sandeep Peety: We need to continue to look at efficiency gains across the balance sheet, and to Ian's earlier point on ensuring that we sweat the assets, for me, it comes down to timing rather than structural. Your second question was to get me to go on record, I assume, with regard to ASIC guidance. So Sandeep, I think just to confirm 1850 is what we had for ASIC guidance, and it's quite material, amounting to more than 200 million in 2023. And during the last conference call, you mentioned that there have been some steps taken to reduce that cash leakage. But now you mentioned that at least cash taxes are expected to remain at last year's level, which implies that dividends to minorities is going to be something similar. So have you gone back to that comment? And if you can just elaborate on that,

Sandeep: And to <unk> earlier point on ensuring that we sweat the assets.

Sandeep: It comes down to timing rather than structural.

Sandeep: Your second question was to get me to go on record I assume with regards to ASIC guidance.

Sandeep: Deepa I think just to confirm $18 50 is what we have created guidance.

Deepa: Okay. Thank you and if I can ask you one more question.

Deepa: Just because this cash leakage has been quite materially.

Deepa: More than 200 million in 2023 and during the last conference call. You mentioned that there had been some steps taken to reduce the cash leakage.

Deepa: You mentioned that at least the guys. Thanks, Susie is expected to remain at last year's level, which implies that.

Deepa: Dividend combined entities is going to be something similar so have you gone back to that comment.

Guy: Thank you. Sure, no, I'm not going back on the comment, but I think it just comes down to a mix of the way in which we look for repatriation. The things that we're doing in order to try and improve our efficiency of cash repatriation, the first, which you saw at the back end of 23, is local financing. So we have a Le Figue facility in place now, which wasn't quite fully drawn down at the end of 23, but is as we sit here today. That effectively alleviates any requirements for us to be doing the upstreaming. The second element is something of a return to where we were a couple of years ago, where we now have a mixture of intercompany loan accounts that will have been built up as we put our growth capex in place.

Speaker Change: If you can just elaborate on that thank you.

Sure.

Speaker Change: Looking back on the comment, but I think it just comes down to a mix of the way in which we look for repatriation. So.

Speaker Change: The things that we're doing in order to try and improve.

Speaker Change: Our efficiency of cash repatriation, the first which you saw at the back end of 'twenty. Three is local financing. So we have a <unk> facility in place now which wasn't quite fully drawn at the end of 'twenty. Three that is as we sit here today that effectively alleviate any requirements risks to be doing the upstream in the second.

Speaker Change: Element is something of a return to where we were a couple of years ago, where we have now.

Speaker Change: Mixture of intercompany loan accounts that will have been built up as we put our growth capex in place. So both la <unk> and <unk> are essentially providing us with those funding channels that means that we can repatriate without dividends. The reference I made earlier to the question around cash tax was simply to highlight.

Guy: So both Le Figue and BIOXX are essentially providing us with those funding channels. That means that we can repatriate the money without dividends. The reference I made earlier to the question around cash tax was simply to highlight that our withholding tax in 24, for our budgetary purposes, is going to be in and around, i.e., not materially different from that which we saw in 2023. But it doesn't mean that we aren't able to repatriate slightly more than we did in 23. That's really the point.

Speaker Change: That a withholding tax in 2004 for our budgetary purposes is going to be in and around <unk> not materially different to that which we saw in 2023.

Speaker Change: But it doesn't mean that we couldnt be that we aren't able to repatriate slightly more than we did in 2003.

Guy: Perfect, thank you. Thank you. That will conclude today's question and answer session and today's conference call. Thank you for your participation. You may now disconnect.

Speaker Change: Really the point.

Speaker Change: Perfect. Thank you.

Speaker Change: Thank you that will conclude today's question and answer session and today's conference call. Thank you for for your participation you may now disconnect.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: [music].