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1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
Endeavour Mining plc (the \"Company\"), together with its subsidiaries (collectively, \"Endeavour\" or the \"Group\"), is a
publicly listed gold mining company that operates four mines in West Africa in addition to having project development and
exploration assets. Endeavour is focused on effectively managing its existing assets to maximise cash flows as well as
pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.
Endeavour\u2019s corporate office is in London, England, and its shares are listed on the London Stock Exchange (\"LSE\")
(symbol EDV), and on the Toronto Stock Exchange (\u201cTSX\u201d) (symbol EDV) and quoted in the United States on the OTCQX
International (symbol EDVMF). The Company is incorporated in the United Kingdom and its registered office is located at
5 Young Street, London, United Kingdom, W8 5EH.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Endeavour Mining plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "Endeavour Mining plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "is a publicly listed gold mining company that operates four mines in West Africa in addition to having project development and exploration assets. Endeavour is focused on effectively managing its existing assets to maximise cash flows as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "2. BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES STATEMENT OF COMPLIANCE These consolidated financial statements have been prepared in accordance with UK adopted international accounting standards and International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d). All amounts presented in US dollars, except as otherwise indicated. References to C$, Euro, CFA, and AUD are to Canadian dollars, the Euro, the Central African Franc, and Australian dollar, respectively. These consolidated financial statements were approved by the Board of Directors of the Company on 27 March 2024. BASIS OF PREPARATION These consolidated financial statements have been prepared on the historical cost basis, except for the valuation of certain financial instruments that are measured at fair value at the end of each reporting period (note 8, 14) as explained in the accounting policies below. The Group\u2019s accounting policies have been applied consistently to all periods in the preparation of these consolidated financial statements, except for the adoption of new accounting standards described in note 2(s) below. GOING CONCERN The Directors have performed an assessment of whether the Company and Group would be able to continue as a going concern for at least until April 2025. In their assessment, the Group has taken into account its financial position, expected future trading performance, its debt and other available credit facilities, future debt servicing requirements, its working capital and capital expenditure commitments and forecasts. At 31 December 2023, the Group\u2019s net debt position was $555.0 million, calculated as the difference between cash and cash equivalents of $517.2 million and the current and non-current portion of long-term debt with a principal outstanding of $1,072.2 million. At 31 December 2023, the Group had undrawn credit facilities of $180.0 million. The Group had current assets of $1,120.2 million and current liabilities of $613.4 million representing a total working capital balance (current assets less current liabilities) of $506.8 million as at 31 December 2023. Cash generated from operating activities for the year ended 31 December 2023 was $646.5 million. Based on a detailed cash flow forecast prepared by management, in which it included any reasonable possible change in the key assumptions on which the cash flow forecast is based, the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence until at least April 2025 and that at this point in time there are no material uncertainties regarding going concern. Key assumptions underpinning this forecast include consensus analyst gold prices and production volumes in line with annual guidance. The Board is satisfied that the going concern basis of accounting is an appropriate assumption to adopt in the preparation of the consolidated financial statements as at and for the year ended 31 December 2023. BASIS OF CONSOLIDATION These consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (\u201cSubsidiaries\u201d). Control is achieved when the Company has (i) power over the investee; (ii) is exposed, or has rights, to variable returns from its involvement with the investee and (iii) has the ability to use its power to affect its returns. Subsidiaries are included in the consolidated financial results of the Group from the effective date of acquisition up to the effective date of disposition or loss of control. The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. For details of the Company's subsidiaries refer to note 22. The following UK subsidiaries are exempt from the UK requirements relating to the audit of financial statements under section 479A of the Companies Act 2006:
Registration
Entity Number
Endeavour Management Services London Limited
10342431
West African Mining Services LLP (formerly Endeavour Mining Services LLP)
OC425911
Lafigu\u00e9 Holdings UK Limited
14490986
Ity Holdings UK Limited
14490625
a. FOREIGN CURRENCY TRANSLATION The presentation and functional currency of the Company is the US dollar. The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using exchange rates at the date of the transaction. b. DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE Non-current assets, or disposal groups, are classified as held for sale when it is highly probable that their carrying value will be recovered primarily through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Non-current assets and disposal groups are measured at the lower of their carrying amount and fair value less cost of disposal (\"FVLCD\"). Once non-current assets and disposal groups are recognised as held for sale they are no longer depreciated or amortised. If the FVLCD is less than the carrying value of the non-current assets or disposal group on initial classification as held for sale, an impairment loss is recognised in the consolidated statement of comprehensive earnings. Any subsequent gains and losses on remeasurement are recognised in the consolidated statement of comprehensive earnings. Non-current assets and liabilities and the assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the balance sheet. A discontinued operation is a component of the Group that can be clearly distinguished from the rest of the Group and which represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of a separate major line of business or geographic area of operations, or is a subsidiary acquired exclusively with a view to re-sale. A component is classified as a discontinued operation when it is disposed of, or when the operation meets the criteria to be classified as held for sale, whichever event occurs first. The results of discontinued operations are presented separately in the consolidated statement of comprehensive earnings. The cash flows attributable to the proceeds received on disposal of the discontinued operations are included in the investing activities of the continuing operations. c. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of cash on hand, cash balances held with banks and brokers and highly liquid short- term investments with terms of three months or less. Restricted cash consists of cash and cash equivalents unavailable for use by the Company or its subsidiaries due to certain restrictions that may be in place are classified as other financial assets. d. INVENTORIES Supplies are valued at the lower of weighted average cost and net realisable value. Any provision for obsolescence is determined by reference to specific inventory items identified. A regular and ongoing review is undertaken to establish the extent of surplus items and a provision is made for any potential loss upon disposal. Finished goods, gold in circuit, and stockpiled ore are valued at the lower of weighted average production cost and net realisable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and depreciation and depletion of mining interests. Net realisable value is calculated as the estimated price at the time of sale based on prevailing metal prices less estimated future production costs to convert the inventories into saleable form. Ore extracted from the mines is stockpiled and subsequently processed into finished goods in the form of dor\u00e9 bars. The cost of ore stockpiles is increased based on the related current production costs for the period, and decreases in stockpiles are charged to cost of sales using the weighted average cost per ounce. Production costs are capitalised and included in gold in circuit inventory based on the current mining costs incurred up to the point prior to the refining process, including applicable overhead, depreciation and depletion relating to mining interests, and removed at the weighted average production cost per recoverable ounce of gold. The production costs of finished goods represent the weighted average costs of gold in circuit inventories incurred prior to the refining process, plus applicable refining costs. Stockpiles are classified as non-current if the timing of their planned usage is longer than 12 months.
e. MINING INTERESTS
Mining interests include interests in mining properties and related plant and equipment. The cost of a mining interest or
property acquired as an individual asset purchase or as part of a business combination represents its fair value at the
date of acquisition.
Mining interests are classified as depletable when operating levels intended by management have been reached. Prior to
this, they are classified as non-depletable mining properties.
Mining properties are recorded at cost less accumulated depletion and impairment losses.
Non-depletable mining interests include development stage projects as well as exploration and evaluation assets, which
are comprised of those properties with mineral resources and exploration potential, often referred to as value beyond
proven and probable reserves. When acquired as part of an asset acquisition or a business combination, the value
associated with these assets are capitalised at cost, which represents the fair value of the assets at the time of
acquisition determined by estimating the fair value of a mining interests mineral reserves, resources, and exploration
potential at that date.
Capitalised costs associated with mining properties include the following:
\u2022 Costs of direct acquisitions of production, development and exploration stage properties.
\u2022 Costs attributed to mining properties acquired in connection with business combinations.
\u2022 Expenditures related to the development of open pit surface mines, including engineering and metallurgical studies,
drilling, and other costs to access the ore body.
\u2022 Expenditures related to the development of underground mines including building of new declines, drifts and ramps.
\u2022 Expenditures related to economically recoverable exploration.
\u2022 Borrowing costs incurred directly attributable to the construction of qualifying assets.
\u2022 Estimates of reclamation and closure costs.
Drilling and related costs that are incurred for general exploration, on sites without an existing mine, or on areas outside
the boundary of a known mineral deposit which contains proven and probable reserves, are classified as greenfield
exploration expenditures, and are expensed as incurred. At the stage when sufficient exploration activities have been
performed for Management to determine that a greenfield area will result in a probable future economic benefit to the
Group, all subsequent drilling and related costs incurred to define and delineate a mineral deposit are classified as
brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred.
Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and
probable reserves at either a development stage or production stage mine are also classified as brownfield activities and
are capitalised as part of the carrying amount of the related property in the period incurred.
The carrying values of the Group\u2019s exploration and evaluation assets are carried at acquired costs until such time as the
technical feasibility and commercial viability of extracting mineral resource from the assets is demonstrated, which occurs
when the activities are designated as a development project and advancement of the project is considered economically
feasible. At that time, the property and the related costs are reclassified as a development stage mining interest, though
not yet subject to depletion, and remain capitalised. Prior to reclassification, the mining interest is assessed for
impairment. Further exploration expenditures, subsequent to the establishment of economic feasibility, are capitalised
and included in the carrying amount of the related property.
Borrowing costs are capitalised when they are directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that take a substantial period of time to get ready for their intended use or sale.
Borrowing costs are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Where the funds used to finance a qualifying asset form part of general borrowings, the amount
capitalised is calculated using a weighted average of the rates applicable to the relevant borrowings during the period.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or
loss in the period in which they are incurred. No borrowing costs have been capitalised in the year ended 31 December
2022. For the year ended 31 December 2023, borrowing costs of $1.9 million was capitalised related to the Lafigu\u00e9 term
loan used exclusively for the development of the asset - refer to note 9 for further details.
The commissioning of an underground mine typically occurs in phases, with certain phases being brought into production
while deeper levels remain under construction. The shared infrastructures, such as declines, are assessed to determine
whether they contribute to the production areas. Where they contribute to production, the attributable costs are
transferred to depletable mining interests and start to be depreciated based on the units of production related to that
phase. The costs transferred comprise costs directly attributable to producing zones or, where applicable, estimates of
the portion of shared infrastructure that are attributed to the producing zones.
The Group determines commencement of commercial production based on the following factors:
\u2022 All major capital expenditures to bring the mine to the condition necessary for it to be capable for operating in the
manner intended by management have been completed.
\u2022 The completion of a reasonable period of testing of the mine plant and equipment.
\u2022 The mine or mill has reached a pre-determined percentage of design capacity.
\u2022 The ability to sustain ongoing production of ore. The list is not exhaustive, and each specific circumstance is considered before making the decision. Mining expenditure incurred to maintain current production are included in profit or loss. In current production areas development costs are considered as costs of sales given that the short-term nature of these expenditures matches the economic benefit of the ore being mined. DEPLETABLE MINING INTERESTS The carrying amounts of mining properties are depleted using the unit-of-production method over the estimated recoverable ounces when commercial production has commenced. Under this method, depletable costs are multiplied by the number of ounces extracted divided by the estimated total ounces to be extracted in current and future periods based on proven and probable reserves and a portion of resources. Management reviews the estimated total recoverable ounces contained in depletable reserves and resources each financial year and when events and circumstances indicate that such a review should be made. Changes to estimated total recoverable ounces contained in depletable reserves and resources are accounted for prospectively. STRIPPING COSTS Capitalisation of waste stripping requires the Group to make judgements and estimates in determining the amounts to be capitalised. In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore body (\u201cstripping costs\u201d). During the development of a mine, stripping costs are capitalised and included in the carrying amount of the related mining property. During the production phase of a mine, stripping costs will be recognised as an asset only if the following conditions are met: \u2022 It is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the entity. \u2022 The entity can identify the component of the ore body (mining phases) for which access has been improved. \u2022 The costs relating to the stripping activity associated with that component can be measured reliably. Stripping costs incurred and capitalised during the development and production phase are depleted using the unit-of- production method over the reserves and, in some cases, a portion of resources of the area that directly benefit from the specific stripping activity. Costs incurred for regular waste removal that do not give rise to future economic benefits are considered as costs of sales and included in operating expenses. PLANT AND EQUIPMENT AND ASSETS UNDER CONSTRUCTION Plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Plant and equipment are depreciated using the unit of production method based on ounces produced, or the straight-line method over the estimated useful lives of the related assets as follows: \u2022 Mobile equipment \u2022 Aircraft \u2022 Office and computer equipment 3 - 8 years 25 years 3 - 5 years Right-of-use assets are depreciated over their expected useful lives on the same basis as owned assets, or, where shorter, the term of the relevant lease. Where parts (components) of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment. Each asset or part's estimated useful life is determined considering its physical life limitations. This physical life of each asset cannot exceed the life of the mine at which the asset is utilised. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Amounts expended on assets under construction are capitalised until the asset becomes available for its intended use, at which time depreciation commences on the assets over its useful life. Repairs and maintenance of plant and equipment are expensed as incurred. Costs incurred to enhance the service potential of plant and equipment are capitalised and depreciated over the remaining useful life of the improved asset. Upon disposal, the carrying amounts of mining interests and plant and equipment and accumulated depreciation and depletion are removed from the accounts and any associated gains or losses are recorded in profit or loss. f. IMPAIRMENT OF MINING INTERESTS At each reporting date, the Group reviews the carrying amounts of its mining interests to determine if any indicators of impairment exist. If any such indicators exist, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit (\"CGU\") to which the asset belongs. The Group's CGUs are its significant mine sites and development projects. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of FVLCD and value in use. FVLCD is calculated as the amount obtainable from the sale
of an asset in an arm\u2019s length transaction between knowledgeable, willing parties, less the costs of disposal. In the
absence of market information, this is determined based on the present value of the estimated future cash flows from the
development, use, eventual disposal of the asset, or the price a third party is willing to pay for the asset. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of
future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the
asset or a CGU is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Impairment losses reverse in some circumstances. When an impairment loss subsequently reverses, it is recognised
immediately in profit or loss. The carrying amount of the asset or a CGU is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised in prior years.
The Group performs goodwill impairment tests annually in the fourth quarter or when events and circumstances indicate
that the carrying amounts may no longer be recoverable. In performing the impairment tests, the Group estimates the
recoverable amount of its CGU that include goodwill and compares recoverable amounts to the CGU\u2019s carrying amount. If
a CGU\u2019s carrying amount exceeds its recoverable amount, the Group reduces the carrying value of the CGU or group of
CGUs by first reducing the carrying amount of the goodwill and then reducing the carrying amount of the remaining assets
on a pro-rata basis. Impairment of goodwill cannot be reversed.
g. LEASES
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. The Group assesses whether the contract involves the use of an identified asset, whether the right to
obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if
the Group has the right to direct the use of the asset. At inception or on reassessment of a contract due to modification
that contains a lease component, the Group allocates the consideration in the contract to each lease component on the
basis of their relative standalone prices.
As a lessee, the Group recognises a right-of-use asset and a lease liability at the commencement date of a lease. The
right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for
any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less
any lease incentives received.
The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease
term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment
losses, if any, and adjusted for certain remeasurements of the lease liability.
A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental
borrowing rate. Lease payments included in the measurement of the lease liability are comprised of:
\u2022 Fixed payments, including in-substance fixed payments, less any lease incentives receivable.
\u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
commencement date.
\u2022 Amounts expected to be payable under a residual value guarantee.
\u2022 Exercise prices of purchase options if the Group is reasonably certain to exercise that option.
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate
the lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or
assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination
option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to
(loss)/earnings in the period incurred.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease
term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged
directly to (loss)/earnings on a straight-line basis over the lease term.
h. INCOME AND DEFERRED TAXES
The Group recognises current income tax in the consolidated statement of comprehensive loss except to the extent that it
relates to items recognised directly in equity. Current income tax is calculated on taxable income at the tax rate enacted
or substantively enacted at the balance sheet date, and includes adjustments to tax payable or receivable in respect of
previous periods.
The Group uses the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognised for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for unused tax losses and other income tax deductions. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill. A translation gain or loss may arise for deferred income tax purposes where the local tax currency is not the same as the functional currency for certain non-monetary items. A deferred tax asset or liability is recognised on the difference between the carrying amount for accounting purposes (which reflects the historical cost in the entity\u2019s functional currency) and the underlying tax basis (which reflects the current local tax cost, translated into the functional currency using the current foreign exchange rate). The translation gain or loss is recorded as deferred income tax in the statements of comprehensive income/(loss). Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply if the related assets are realised or the liabilities are settled. To the extent that it is probable that taxable profit will not be available against which deductible temporary differences can be utilised a deferred tax asset may not be recognised. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in earnings in the period in which the change is substantively enacted. Deferred tax assets and liabilities are considered monetary assets. Deferred tax balances denominated in currencies other than US dollars are translated into US dollars using current exchange rates at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Provision for uncertain tax positions is recognised within current tax when management determines that it is probable that a payment will be made to the tax authority. For such tax positions the amount of the probable ultimate settlement with the related tax authority is recorded. When the uncertain tax position gives rise to a contingent tax liability for which no provision is recognised, the Group discloses tax-related contingent liabilities and contingent assets in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. i. FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (\u201cFVTPL\u201d). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. FINANCIAL ASSETS AT AMORTISED COST Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are classified and measured subsequently at amortised cost. The Group recognises a loss allowance for expected credit losses on its financial assets measured at amortised cost. The amount of expected credit losses is updated at each reporting period to reflect changes in credit risk since initial recognition of the respective financial instruments. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS By default, all other financial assets are measured subsequently at FVTPL. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship. FINANCIAL LIABILITIES AND EQUITY Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Repurchase of the Group\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, a derivative or designated as at FVTPL, are measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss, unless it relates to capitalised interest which is recognised as part of mining interests. Financial liabilities at FVTPL are measured at fair value and net gains and losses including any interest expenses are recognised in earnings. DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risk and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. The difference between carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. EMBEDDED DERIVATIVES Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 are treated as separate derivatives when they meet the definition of a derivative. j. ENVIRONMENTAL REHABILITATION PROVISIONS The Group\u2019s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. The Group records a liability for the estimated future rehabilitation costs and decommissioning of its operating mines and development projects at the time the environmental disturbance occurs, or a constructive obligation is determined. Environmental rehabilitation provisions are measured at the expected value of future cash flows including expected inflation and discounted to their present value using the current market assessment of the time value of money. The unwinding of the discount, referred to as accretion expense, is included in finance costs and results in an increase in the amount of the provision. When provisions for closure and environmental rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and environmental rehabilitation activities is recognised in mining interests and amortised over the expected useful life of the operation to which it relates. Environmental rehabilitation provisions are updated annually for changes to expected cash flows and for the effect of changes in the discount rate, and the change in estimate is added or deducted from the related asset and depreciated over the expected useful life of the operation to which it relates. k. PROVISIONS Provisions are recorded when a present legal or constructive obligation arises as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at the end of each reporting period and adjusted to reflect management\u2019s current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance expense and included in finance costs in the statement of comprehensive (loss)/earnings. l. REVENUE RECOGNITION Revenue from the sale of gold in bullion and dor\u00e9 bar form is recognised when the Group has transferred control to the customer at an amount reflecting the consideration the Group expects to receive in exchange for those products. Revenue from the sale of by-products is recognised based on gold or silver content determined prior to shipment, and is subsequently adjusted to reflect the final gold and silver content determined by the customer. These adjustments have historically been insignificant. In determining whether the Group has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Group has a present right to payment; the customer has legal title to the asset; the Group has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership of the asset. Control is transferred when the Group enters into a transaction confirmation for the transfer of gold or silver which is either at the date at which the refining process is completed or at the point of shipment at the gold room at the mines. Revenue is measured at the transaction price agreed under the contracts, and is due immediately upon transfer of the gold or silver to the customer. m. SHARE CAPITAL Ordinary or common shares are classified as share capital. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax from the proceeds. When the Company purchases its own share capital (\"treasury shares\"), the consideration paid, including any directly attributable incremental costs, net of income taxes, is deducted from retained earnings/(deficit). If treasury shares are subsequently cancelled, the par value of the cancelled shares is credited to the capital redemption reserve. If treasury shares are subsequently re-issued, any consideration received, net of transaction costs, up to the amount paid to re- purchase the shares is treated as a realised profit reinstating the retained earnings used when the shares were repurchased. Any excess is included in share premium. n. EARNINGS PER SHARE Earnings per share calculations are based on the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury stock method, whereby the proceeds from the exercise of potentially dilutive common shares with exercise prices that are below the average market price of the underlying shares are assumed to be used in purchasing the Company\u2019s common shares at their average market price for the period. o. SHARE-BASED PAYMENT ARRANGEMENTS The Company's share-based payment arrangements include performance share units and deferred share units. Deferred share units (\"DSUs\") are settled in cash upon exercise. DSUs are recognised as share-based payment expense on the date of grant, as these instruments vest immediately. Changes in fair value of DSUs at each reporting date are recognised as share-based payment expense in the period. Performance share units (\u201cPSUs\u201d) are settled in cash or shares of the Company at the Company's discretion. The fair value of the estimated number of PSUs that will eventually vest, determined at the date of grant, is recognised as share- based compensation expense over the vesting period, with a corresponding amount recorded as equity or a liability. The fair value of the PSUs is estimated using the market value of the underlying shares as well as assumptions related to the market and non-vesting conditions at the grant date. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Management re-evaluates the assumptions related to the non-market conditions periodically for changes in the number of options that are expected to ultimately vest. Equity settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the Company obtains the goods or the counterparty renders the service. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a graded basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity reserve. Cash settled share-based payments to employees and other providing similar services, such as PSUs and DSUs, are those where the employees or other has the contractual right to receive the share-based payment in cash upon exercise. Cash settled share-based payments to employees and other providing similar services are measured at the fair value of the instrument at the grant date and every reporting period, with changes in fair value recognised through profit or loss and a corresponding amount recorded as a liability. Exchanges of share options or other share-based payment awards in conjunction with a business combination are accounted for as modifications of the share-based payments awards. Where the Company is obliged to replace the acquiree awards, either all or a portion of the market-based measure of the Company\u2019s replacement awards is included in measuring the consideration transferred in the business combination. In determining the portion of the replacement award that is part of the consideration transferred for the acquiree, both the replacement awards and the acquiree awards are measured at the acquisition date. The portion of the replacement awards that is included in measuring the consideration transferred in a business combination equals the market-based measure of the acquiree awards multiplied by the ratio of the portion of the vesting period completed to the greater of the total vesting period or the original vesting period of the acquiree award. The excess of the market-based measure of the replacement awards over the market-based measure of the acquiree awards included in measuring the consideration transferred is recognised as remuneration cost for post transaction service. p. MERGER ACCOUNTING Group reorganisations, including transfer of assets and liabilities and acquisition of companies within the Endeavour Mining plc Group are accounted for using merger accounting. As a result, any assets and liabilities are transferred at carrying value rather than fair value. The difference between the carrying value of assets and liabilities transferred and the consideration paid has been recognised in the merger reserve. q. EMPLOYEE BENEFIT TRUST The Employee Benefit Trust (\"EBT\") is considered to be a Special Purpose Entity and is accounted for under IFRS 10 and consolidated on the basis that the Company has control, thus the assets and liabilities of the EBT are included in the financial position and results of operations of the Group and the shares held by the EBT are presented as a deduction from equity. r. DIVIDENDS Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the Board and physically paid to shareholders. For final dividends, this is when approved by the shareholders at the AGM. s. CHANGES IN ACCOUNTING STANDARDS The Group has adopted the following new IFRS standard for the annual period beginning on 1 January 2023: IFRS 17 INSURANCE CONTRACTS IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e. life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: \u2022 A specific adaptation for contracts with direct participation features (the variable fee approach) \u2022 A simplified approach (the premium allocation approach) mainly for short-duration contracts The new standard had no impact on the Group\u2019s consolidated financial statements DEFINITION OF ACCOUNTING ESTIMATES - AMENDMENTS TO IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group\u2019s consolidated financial statements. DISCLOSURE OF ACCOUNTING POLICIES - AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the Group\u2019s consolidated financial statements. INTERNATIONAL TAX REFORM\u2014PILLAR TWO MODEL RULES \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023.
The amendments have had no impact as the effective tax rate for the Group is higher than the 15% minimum rate
proposed in the OECD's BEPS Pillar Two rules. Further disclosure has been included in note 21.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB
that are effective in future accounting periods that the Group has decided not to adopt early.
The following amendments are effective for the period beginning 1 January 2024:
\u2022 Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);
\u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1 Presentation of Financial Statements);
\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures)
The following amendments are effective for the period beginning 1 January 2025:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates)
The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not
believe that the amendments to IAS 1 will have a significant impact on the classification of its long-term debt as its
classification is consistent with the contractual arrangement. The Group does not expect any other standards issued by
the IASB, but are yet to be effective, to have a material impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
STATEMENT OF COMPLIANCE
These consolidated financial statements have been prepared in accordance with UK adopted international accounting
standards and International Financial Reporting Standards as issued by the International Accounting Standards Board
(\u201cIASB\u201d). All amounts presented in US dollars, except as otherwise indicated. References to C$, Euro, CFA, and AUD are
to Canadian dollars, the Euro, the Central African Franc, and Australian dollar, respectively.
These consolidated financial statements were approved by the Board of Directors of the Company on 27 March 2024.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "
BASIS OF PREPARATION
These consolidated financial statements have been prepared on the historical cost basis, except for the valuation of
certain financial instruments that are measured at fair value at the end of each reporting period (note 8, 14) as explained
in the accounting policies below. The Group\u2019s accounting policies have been applied consistently to all periods in the
preparation of these consolidated financial statements, except for the adoption of new accounting standards described in
note 2(s) below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "
GOING CONCERN
The Directors have performed an assessment of whether the Company and Group would be able to continue as a going
concern for at least until April 2025. In their assessment, the Group has taken into account its financial position,
expected future trading performance, its debt and other available credit facilities, future debt servicing requirements, its
working capital and capital expenditure commitments and forecasts.
At 31 December 2023, the Group\u2019s net debt position was $555.0 million, calculated as the difference between cash and
cash equivalents of $517.2 million and the current and non-current portion of long-term debt with a principal outstanding
of $1,072.2 million. At 31 December 2023, the Group had undrawn credit facilities of $180.0 million. The Group had
current assets of $1,120.2 million and current liabilities of $613.4 million representing a total working capital balance
(current assets less current liabilities) of $506.8 million as at 31 December 2023. Cash generated from operating
activities for the year ended 31 December 2023 was $646.5 million.
Based on a detailed cash flow forecast prepared by management, in which it included any reasonable possible change in
the key assumptions on which the cash flow forecast is based, the Directors have a reasonable expectation that the
Group will have adequate resources to continue in operational existence until at least April 2025 and that at this point in
time there are no material uncertainties regarding going concern. Key assumptions underpinning this forecast include
consensus analyst gold prices and production volumes in line with annual guidance.
The Board is satisfied that the going concern basis of accounting is an appropriate assumption to adopt in the
preparation of the consolidated financial statements as at and for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "
BASIS OF CONSOLIDATION
These consolidated financial statements incorporate the financial statements of the Company and entities controlled by
the Company (\u201cSubsidiaries\u201d).
Control is achieved when the Company has (i) power over the investee; (ii) is exposed, or has rights, to variable returns
from its involvement with the investee and (iii) has the ability to use its power to affect its returns. Subsidiaries are
included in the consolidated financial results of the Group from the effective date of acquisition up to the effective date of
disposition or loss of control. The Company reassesses whether it controls an investee if facts and circumstances
indicate that there are changes to one or more of the elements of control. For details of the Company's subsidiaries refer
to note 22.
The following UK subsidiaries are exempt from the UK requirements relating to the audit of financial statements under
section 479A of the Companies Act 2006:
Registration
Entity Number
Endeavour Management Services London Limited
10342431
West African Mining Services LLP (formerly Endeavour Mining Services LLP)
OC425911
Lafigu\u00e9 Holdings UK Limited
14490986
Ity Holdings UK Limited
14490625
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "a. FOREIGN CURRENCY TRANSLATION The presentation and functional currency of the Company is the US dollar. The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using exchange rates at the date of the transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "
The presentation and functional currency of the Company is the US dollar. The individual financial statements of each
subsidiary are prepared in the currency of the primary economic environment in which the entity operates (its functional
currency). In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s
functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at
the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are
retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are
measured in terms of historical cost in a foreign currency are translated using exchange rates at the date of the
transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "
b. DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE
Non-current assets, or disposal groups, are classified as held for sale when it is highly probable that their carrying value
will be recovered primarily through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition. Non-current assets and disposal groups are measured at the lower of their carrying amount and fair value less
cost of disposal (\"FVLCD\"). Once non-current assets and disposal groups are recognised as held for sale they are no
longer depreciated or amortised.
If the FVLCD is less than the carrying value of the non-current assets or disposal group on initial classification as held for
sale, an impairment loss is recognised in the consolidated statement of comprehensive earnings. Any subsequent gains
and losses on remeasurement are recognised in the consolidated statement of comprehensive earnings.
Non-current assets and liabilities and the assets and liabilities of a disposal group classified as held for sale are
presented separately from the other assets and liabilities in the balance sheet.
A discontinued operation is a component of the Group that can be clearly distinguished from the rest of the Group and
which represents a separate major line of business or geographical area of operations, is part of a single co-ordinated
plan to dispose of a separate major line of business or geographic area of operations, or is a subsidiary acquired
exclusively with a view to re-sale. A component is classified as a discontinued operation when it is disposed of, or when
the operation meets the criteria to be classified as held for sale, whichever event occurs first. The results of discontinued
operations are presented separately in the consolidated statement of comprehensive earnings. The cash flows
attributable to the proceeds received on disposal of the discontinued operations are included in the investing activities of
the continuing operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "b. DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE Non-current assets, or disposal groups, are classified as held for sale when it is highly probable that their carrying value will be recovered primarily through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Non-current assets and disposal groups are measured at the lower of their carrying amount and fair value less cost of disposal (\"FVLCD\"). Once non-current assets and disposal groups are recognised as held for sale they are no longer depreciated or amortised. If the FVLCD is less than the carrying value of the non-current assets or disposal group on initial classification as held for sale, an impairment loss is recognised in the consolidated statement of comprehensive earnings. Any subsequent gains and losses on remeasurement are recognised in the consolidated statement of comprehensive earnings. Non-current assets and liabilities and the assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the balance sheet. A discontinued operation is a component of the Group that can be clearly distinguished from the rest of the Group and which represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of a separate major line of business or geographic area of operations, or is a subsidiary acquired exclusively with a view to re-sale. A component is classified as a discontinued operation when it is disposed of, or when the operation meets the criteria to be classified as held for sale, whichever event occurs first. The results of discontinued operations are presented separately in the consolidated statement of comprehensive earnings. The cash flows attributable to the proceeds received on disposal of the discontinued operations are included in the investing activities of the continuing operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "b. DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE Non-current assets, or disposal groups, are classified as held for sale when it is highly probable that their carrying value will be recovered primarily through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Non-current assets and disposal groups are measured at the lower of their carrying amount and fair value less cost of disposal (\"FVLCD\"). Once non-current assets and disposal groups are recognised as held for sale they are no longer depreciated or amortised. If the FVLCD is less than the carrying value of the non-current assets or disposal group on initial classification as held for sale, an impairment loss is recognised in the consolidated statement of comprehensive earnings. Any subsequent gains and losses on remeasurement are recognised in the consolidated statement of comprehensive earnings. Non-current assets and liabilities and the assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the balance sheet. A discontinued operation is a component of the Group that can be clearly distinguished from the rest of the Group and which represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of a separate major line of business or geographic area of operations, or is a subsidiary acquired exclusively with a view to re-sale. A component is classified as a discontinued operation when it is disposed of, or when the operation meets the criteria to be classified as held for sale, whichever event occurs first. The results of discontinued operations are presented separately in the consolidated statement of comprehensive earnings. The cash flows attributable to the proceeds received on disposal of the discontinued operations are included in the investing activities of the continuing operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "
c. CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash on hand, cash balances held with banks and brokers and highly liquid short-
term investments with terms of three months or less.
Restricted cash consists of cash and cash equivalents unavailable for use by the Company or its subsidiaries due to
certain restrictions that may be in place are classified as other financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "
d. INVENTORIES
Supplies are valued at the lower of weighted average cost and net realisable value. Any provision for obsolescence is
determined by reference to specific inventory items identified. A regular and ongoing review is undertaken to establish the
extent of surplus items and a provision is made for any potential loss upon disposal.
Finished goods, gold in circuit, and stockpiled ore are valued at the lower of weighted average production cost and net
realisable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and
depreciation and depletion of mining interests. Net realisable value is calculated as the estimated price at the time of
sale based on prevailing metal prices less estimated future production costs to convert the inventories into saleable form.
Ore extracted from the mines is stockpiled and subsequently processed into finished goods in the form of dor\u00e9 bars. The
cost of ore stockpiles is increased based on the related current production costs for the period, and decreases in
stockpiles are charged to cost of sales using the weighted average cost per ounce.
Production costs are capitalised and included in gold in circuit inventory based on the current mining costs incurred up to
the point prior to the refining process, including applicable overhead, depreciation and depletion relating to mining
interests, and removed at the weighted average production cost per recoverable ounce of gold. The production costs of
finished goods represent the weighted average costs of gold in circuit inventories incurred prior to the refining process,
plus applicable refining costs. Stockpiles are classified as non-current if the timing of their planned usage is longer than
12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "e. MINING INTERESTS Mining interests include interests in mining properties and related plant and equipment. The cost of a mining interest or property acquired as an individual asset purchase or as part of a business combination represents its fair value at the date of acquisition. Mining interests are classified as depletable when operating levels intended by management have been reached. Prior to this, they are classified as non-depletable mining properties. Mining properties are recorded at cost less accumulated depletion and impairment losses. Non-depletable mining interests include development stage projects as well as exploration and evaluation assets, which are comprised of those properties with mineral resources and exploration potential, often referred to as value beyond proven and probable reserves. When acquired as part of an asset acquisition or a business combination, the value associated with these assets are capitalised at cost, which represents the fair value of the assets at the time of acquisition determined by estimating the fair value of a mining interests mineral reserves, resources, and exploration potential at that date. Capitalised costs associated with mining properties include the following: \u2022 Costs of direct acquisitions of production, development and exploration stage properties. \u2022 Costs attributed to mining properties acquired in connection with business combinations. \u2022 Expenditures related to the development of open pit surface mines, including engineering and metallurgical studies, drilling, and other costs to access the ore body. \u2022 Expenditures related to the development of underground mines including building of new declines, drifts and ramps. \u2022 Expenditures related to economically recoverable exploration. \u2022 Borrowing costs incurred directly attributable to the construction of qualifying assets. \u2022 Estimates of reclamation and closure costs. Drilling and related costs that are incurred for general exploration, on sites without an existing mine, or on areas outside the boundary of a known mineral deposit which contains proven and probable reserves, are classified as greenfield exploration expenditures, and are expensed as incurred. At the stage when sufficient exploration activities have been performed for Management to determine that a greenfield area will result in a probable future economic benefit to the Group, all subsequent drilling and related costs incurred to define and delineate a mineral deposit are classified as brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred. Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves at either a development stage or production stage mine are also classified as brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred. The carrying values of the Group\u2019s exploration and evaluation assets are carried at acquired costs until such time as the technical feasibility and commercial viability of extracting mineral resource from the assets is demonstrated, which occurs when the activities are designated as a development project and advancement of the project is considered economically feasible. At that time, the property and the related costs are reclassified as a development stage mining interest, though not yet subject to depletion, and remain capitalised. Prior to reclassification, the mining interest is assessed for impairment. Further exploration expenditures, subsequent to the establishment of economic feasibility, are capitalised and included in the carrying amount of the related property. Borrowing costs are capitalised when they are directly attributable to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use or sale. Borrowing costs are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Where the funds used to finance a qualifying asset form part of general borrowings, the amount capitalised is calculated using a weighted average of the rates applicable to the relevant borrowings during the period. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. No borrowing costs have been capitalised in the year ended 31 December 2022. For the year ended 31 December 2023, borrowing costs of $1.9 million was capitalised related to the Lafigu\u00e9 term loan used exclusively for the development of the asset - refer to note 9 for further details. The commissioning of an underground mine typically occurs in phases, with certain phases being brought into production while deeper levels remain under construction. The shared infrastructures, such as declines, are assessed to determine whether they contribute to the production areas. Where they contribute to production, the attributable costs are transferred to depletable mining interests and start to be depreciated based on the units of production related to that phase. The costs transferred comprise costs directly attributable to producing zones or, where applicable, estimates of the portion of shared infrastructure that are attributed to the producing zones. The Group determines commencement of commercial production based on the following factors: \u2022 All major capital expenditures to bring the mine to the condition necessary for it to be capable for operating in the manner intended by management have been completed. \u2022 The completion of a reasonable period of testing of the mine plant and equipment. \u2022 The mine or mill has reached a pre-determined percentage of design capacity. \u2022 The ability to sustain ongoing production of ore. The list is not exhaustive, and each specific circumstance is considered before making the decision. Mining expenditure incurred to maintain current production are included in profit or loss. In current production areas development costs are considered as costs of sales given that the short-term nature of these expenditures matches the economic benefit of the ore being mined. DEPLETABLE MINING INTERESTS The carrying amounts of mining properties are depleted using the unit-of-production method over the estimated recoverable ounces when commercial production has commenced. Under this method, depletable costs are multiplied by the number of ounces extracted divided by the estimated total ounces to be extracted in current and future periods based on proven and probable reserves and a portion of resources. Management reviews the estimated total recoverable ounces contained in depletable reserves and resources each financial year and when events and circumstances indicate that such a review should be made. Changes to estimated total recoverable ounces contained in depletable reserves and resources are accounted for prospectively. STRIPPING COSTS Capitalisation of waste stripping requires the Group to make judgements and estimates in determining the amounts to be capitalised. In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore body (\u201cstripping costs\u201d). During the development of a mine, stripping costs are capitalised and included in the carrying amount of the related mining property. During the production phase of a mine, stripping costs will be recognised as an asset only if the following conditions are met: \u2022 It is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the entity. \u2022 The entity can identify the component of the ore body (mining phases) for which access has been improved. \u2022 The costs relating to the stripping activity associated with that component can be measured reliably. Stripping costs incurred and capitalised during the development and production phase are depleted using the unit-of- production method over the reserves and, in some cases, a portion of resources of the area that directly benefit from the specific stripping activity. Costs incurred for regular waste removal that do not give rise to future economic benefits are considered as costs of sales and included in operating expenses. PLANT AND EQUIPMENT AND ASSETS UNDER CONSTRUCTION Plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Plant and equipment are depreciated using the unit of production method based on ounces produced, or the straight-line method over the estimated useful lives of the related assets as follows: \u2022 Mobile equipment \u2022 Aircraft \u2022 Office and computer equipment 3 - 8 years 25 years 3 - 5 years Right-of-use assets are depreciated over their expected useful lives on the same basis as owned assets, or, where shorter, the term of the relevant lease. Where parts (components) of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment. Each asset or part's estimated useful life is determined considering its physical life limitations. This physical life of each asset cannot exceed the life of the mine at which the asset is utilised. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Amounts expended on assets under construction are capitalised until the asset becomes available for its intended use, at which time depreciation commences on the assets over its useful life. Repairs and maintenance of plant and equipment are expensed as incurred. Costs incurred to enhance the service potential of plant and equipment are capitalised and depreciated over the remaining useful life of the improved asset. Upon disposal, the carrying amounts of mining interests and plant and equipment and accumulated depreciation and depletion are removed from the accounts and any associated gains or losses are recorded in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "
PLANT AND EQUIPMENT AND ASSETS UNDER CONSTRUCTION
Plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Plant and equipment are
depreciated using the unit of production method based on ounces produced, or the straight-line method over the
estimated useful lives of the related assets as follows:
\u2022 Mobile equipment
\u2022 Aircraft
\u2022 Office and computer equipment
3 - 8 years
25 years
3 - 5 years
Right-of-use assets are depreciated over their expected useful lives on the same basis as owned assets, or, where
shorter, the term of the relevant lease.
Where parts (components) of an item of plant and equipment have different useful lives, they are accounted for as
separate items of plant and equipment. Each asset or part's estimated useful life is determined considering its physical
life limitations. This physical life of each asset cannot exceed the life of the mine at which the asset is utilised. The
estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.
Amounts expended on assets under construction are capitalised until the asset becomes available for its intended use,
at which time depreciation commences on the assets over its useful life. Repairs and maintenance of plant and
equipment are expensed as incurred. Costs incurred to enhance the service potential of plant and equipment are
capitalised and depreciated over the remaining useful life of the improved asset.
Upon disposal, the carrying amounts of mining interests and plant and equipment and accumulated depreciation and
depletion are removed from the accounts and any associated gains or losses are recorded in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "PLANT AND EQUIPMENT AND ASSETS UNDER CONSTRUCTION Plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Plant and equipment are depreciated using the unit of production method based on ounces produced, or the straight-line method over the estimated useful lives of the related assets as follows: \u2022 Mobile equipment \u2022 Aircraft \u2022 Office and computer equipment 3 - 8 years 25 years 3 - 5 years Right-of-use assets are depreciated over their expected useful lives on the same basis as owned assets, or, where shorter, the term of the relevant lease. Where parts (components) of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment. Each asset or part's estimated useful life is determined considering its physical life limitations. This physical life of each asset cannot exceed the life of the mine at which the asset is utilised. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Amounts expended on assets under construction are capitalised until the asset becomes available for its intended use, at which time depreciation commences on the assets over its useful life. Repairs and maintenance of plant and equipment are expensed as incurred. Costs incurred to enhance the service potential of plant and equipment are capitalised and depreciated over the remaining useful life of the improved asset. Upon disposal, the carrying amounts of mining interests and plant and equipment and accumulated depreciation and depletion are removed from the accounts and any associated gains or losses are recorded in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
f. IMPAIRMENT OF MINING INTERESTS
At each reporting date, the Group reviews the carrying amounts of its mining interests to determine if any indicators of
impairment exist. If any such indicators exist, the recoverable amount of the asset is estimated in order to determine the
extent of any impairment loss, if any. When it is not possible to estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the cash-generating unit (\"CGU\") to which the asset belongs. The Group's
CGUs are its significant mine sites and development projects. When a reasonable and consistent basis of allocation can
be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to
the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of FVLCD and value in use. FVLCD is calculated as the amount obtainable from the sale of an asset in an arm\u2019s length transaction between knowledgeable, willing parties, less the costs of disposal. In the absence of market information, this is determined based on the present value of the estimated future cash flows from the development, use, eventual disposal of the asset, or the price a third party is willing to pay for the asset. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or a CGU is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Impairment losses reverse in some circumstances. When an impairment loss subsequently reverses, it is recognised immediately in profit or loss. The carrying amount of the asset or a CGU is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years. The Group performs goodwill impairment tests annually in the fourth quarter or when events and circumstances indicate that the carrying amounts may no longer be recoverable. In performing the impairment tests, the Group estimates the recoverable amount of its CGU that include goodwill and compares recoverable amounts to the CGU\u2019s carrying amount. If a CGU\u2019s carrying amount exceeds its recoverable amount, the Group reduces the carrying value of the CGU or group of CGUs by first reducing the carrying amount of the goodwill and then reducing the carrying amount of the remaining assets on a pro-rata basis. Impairment of goodwill cannot be reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "f. IMPAIRMENT OF MINING INTERESTS At each reporting date, the Group reviews the carrying amounts of its mining interests to determine if any indicators of impairment exist. If any such indicators exist, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit (\"CGU\") to which the asset belongs. The Group's CGUs are its significant mine sites and development projects. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of FVLCD and value in use. FVLCD is calculated as the amount obtainable from the sale of an asset in an arm\u2019s length transaction between knowledgeable, willing parties, less the costs of disposal. In the absence of market information, this is determined based on the present value of the estimated future cash flows from the development, use, eventual disposal of the asset, or the price a third party is willing to pay for the asset. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or a CGU is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Impairment losses reverse in some circumstances. When an impairment loss subsequently reverses, it is recognised immediately in profit or loss. The carrying amount of the asset or a CGU is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years. The Group performs goodwill impairment tests annually in the fourth quarter or when events and circumstances indicate that the carrying amounts may no longer be recoverable. In performing the impairment tests, the Group estimates the recoverable amount of its CGU that include goodwill and compares recoverable amounts to the CGU\u2019s carrying amount. If a CGU\u2019s carrying amount exceeds its recoverable amount, the Group reduces the carrying value of the CGU or group of CGUs by first reducing the carrying amount of the goodwill and then reducing the carrying amount of the remaining assets on a pro-rata basis. Impairment of goodwill cannot be reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "g. LEASES At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group assesses whether the contract involves the use of an identified asset, whether the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if the Group has the right to direct the use of the asset. At inception or on reassessment of a contract due to modification that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. As a lessee, the Group recognises a right-of-use asset and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: \u2022 Fixed payments, including in-substance fixed payments, less any lease incentives receivable. \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. \u2022 Amounts expected to be payable under a residual value guarantee. \u2022 Exercise prices of purchase options if the Group is reasonably certain to exercise that option. \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to (loss)/earnings in the period incurred. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to (loss)/earnings on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "h. INCOME AND DEFERRED TAXES The Group recognises current income tax in the consolidated statement of comprehensive loss except to the extent that it relates to items recognised directly in equity. Current income tax is calculated on taxable income at the tax rate enacted or substantively enacted at the balance sheet date, and includes adjustments to tax payable or receivable in respect of previous periods.
The Group uses the liability method of accounting for income taxes. Under the liability method, deferred tax assets and
liabilities are recognised for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases and for unused tax losses and other
income tax deductions. Deferred income tax assets are recognised only to the extent that it is probable that future
taxable profits will be available against which the temporary differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary differences from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In
addition, deferred tax liabilities are not recognised if the temporary differences arise from the initial recognition of
goodwill. A translation gain or loss may arise for deferred income tax purposes where the local tax currency is not the
same as the functional currency for certain non-monetary items. A deferred tax asset or liability is recognised on the
difference between the carrying amount for accounting purposes (which reflects the historical cost in the entity\u2019s
functional currency) and the underlying tax basis (which reflects the current local tax cost, translated into the functional
currency using the current foreign exchange rate). The translation gain or loss is recorded as deferred income tax in the
statements of comprehensive income/(loss). Deferred tax assets and liabilities are measured using enacted or
substantively enacted tax rates expected to apply if the related assets are realised or the liabilities are settled. To the
extent that it is probable that taxable profit will not be available against which deductible temporary differences can be
utilised a deferred tax asset may not be recognised. The effect on deferred tax assets and liabilities of a change in tax
rates is recognised in earnings in the period in which the change is substantively enacted. Deferred tax assets and
liabilities are considered monetary assets. Deferred tax balances denominated in currencies other than US dollars are
translated into US dollars using current exchange rates at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously,
in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or
recovered.
Provision for uncertain tax positions is recognised within current tax when management determines that it is probable that
a payment will be made to the tax authority. For such tax positions the amount of the probable ultimate settlement with
the related tax authority is recorded. When the uncertain tax position gives rise to a contingent tax liability for which no
provision is recognised, the Group discloses tax-related contingent liabilities and contingent assets in accordance with IAS
37 Provisions, Contingent Liabilities and Contingent Assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "h. INCOME AND DEFERRED TAXES The Group recognises current income tax in the consolidated statement of comprehensive loss except to the extent that it relates to items recognised directly in equity. Current income tax is calculated on taxable income at the tax rate enacted or substantively enacted at the balance sheet date, and includes adjustments to tax payable or receivable in respect of previous periods. The Group uses the liability method of accounting for income taxes. Under the liability method, deferred tax assets and liabilities are recognised for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for unused tax losses and other income tax deductions. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill. A translation gain or loss may arise for deferred income tax purposes where the local tax currency is not the same as the functional currency for certain non-monetary items. A deferred tax asset or liability is recognised on the difference between the carrying amount for accounting purposes (which reflects the historical cost in the entity\u2019s functional currency) and the underlying tax basis (which reflects the current local tax cost, translated into the functional currency using the current foreign exchange rate). The translation gain or loss is recorded as deferred income tax in the statements of comprehensive income/(loss). Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply if the related assets are realised or the liabilities are settled. To the extent that it is probable that taxable profit will not be available against which deductible temporary differences can be utilised a deferred tax asset may not be recognised. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in earnings in the period in which the change is substantively enacted. Deferred tax assets and liabilities are considered monetary assets. Deferred tax balances denominated in currencies other than US dollars are translated into US dollars using current exchange rates at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Provision for uncertain tax positions is recognised within current tax when management determines that it is probable that a payment will be made to the tax authority. For such tax positions the amount of the probable ultimate settlement with the related tax authority is recorded. When the uncertain tax position gives rise to a contingent tax liability for which no provision is recognised, the Group discloses tax-related contingent liabilities and contingent assets in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "i. FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (\u201cFVTPL\u201d). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. FINANCIAL ASSETS AT AMORTISED COST Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are classified and measured subsequently at amortised cost. The Group recognises a loss allowance for expected credit losses on its financial assets measured at amortised cost. The amount of expected credit losses is updated at each reporting period to reflect changes in credit risk since initial recognition of the respective financial instruments. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS By default, all other financial assets are measured subsequently at FVTPL. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship. FINANCIAL LIABILITIES AND EQUITY Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Repurchase of the Group\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, a derivative or designated as at FVTPL, are measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss, unless it relates to capitalised interest which is recognised as part of mining interests. Financial liabilities at FVTPL are measured at fair value and net gains and losses including any interest expenses are recognised in earnings. DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risk and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. The difference between carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. EMBEDDED DERIVATIVES Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 are treated as separate derivatives when they meet the definition of a derivative. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "
FINANCIAL ASSETS AT AMORTISED COST
Financial assets that are held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding are classified and measured subsequently
at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "
FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
By default, all other financial assets are measured subsequently at FVTPL. Financial assets measured at FVTPL are
measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss
to the extent they are not part of a designated hedging relationship.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "
FINANCIAL LIABILITIES AND EQUITY
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of
the contractual arrangements and the definitions of a financial liability and an equity instrument.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its
liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.
Repurchase of the Group\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, a
derivative or designated as at FVTPL, are measured at amortised cost using the effective interest method. Interest
expense and foreign exchange gains and losses are recognised in profit or loss, unless it relates to capitalised interest
which is recognised as part of mining interests. Financial liabilities at FVTPL are measured at fair value and net gains and
losses including any interest expenses are recognised in earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "
DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the
Group neither transfers nor retains substantially all the risk and rewards of ownership and continues to control the
transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may
have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the
Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds
received.
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or
they expire. The difference between carrying amount of the financial liability derecognised and the consideration paid and
payable is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "
DERIVATIVE FINANCIAL INSTRUMENTS
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the
recognition in profit or loss depends on the nature of the hedge relationship.
EMBEDDED DERIVATIVES
Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 are treated
as separate derivatives when they meet the definition of a derivative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. EMBEDDED DERIVATIVES Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 are treated as separate derivatives when they meet the definition of a derivative. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "
j. ENVIRONMENTAL REHABILITATION PROVISIONS
The Group\u2019s mining and exploration activities are subject to various governmental laws and regulations relating to the
protection of the environment. The Group records a liability for the estimated future rehabilitation costs and
decommissioning of its operating mines and development projects at the time the environmental disturbance occurs, or a
constructive obligation is determined.
Environmental rehabilitation provisions are measured at the expected value of future cash flows including expected
inflation and discounted to their present value using the current market assessment of the time value of money. The
unwinding of the discount, referred to as accretion expense, is included in finance costs and results in an increase in the
amount of the provision.
When provisions for closure and environmental rehabilitation are initially recognised, the corresponding cost is capitalised
as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost
of closure and environmental rehabilitation activities is recognised in mining interests and amortised over the expected
useful life of the operation to which it relates.
Environmental rehabilitation provisions are updated annually for changes to expected cash flows and for the effect of
changes in the discount rate, and the change in estimate is added or deducted from the related asset and depreciated
over the expected useful life of the operation to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "j. ENVIRONMENTAL REHABILITATION PROVISIONS The Group\u2019s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. The Group records a liability for the estimated future rehabilitation costs and decommissioning of its operating mines and development projects at the time the environmental disturbance occurs, or a constructive obligation is determined. Environmental rehabilitation provisions are measured at the expected value of future cash flows including expected inflation and discounted to their present value using the current market assessment of the time value of money. The unwinding of the discount, referred to as accretion expense, is included in finance costs and results in an increase in the amount of the provision. When provisions for closure and environmental rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and environmental rehabilitation activities is recognised in mining interests and amortised over the expected useful life of the operation to which it relates. Environmental rehabilitation provisions are updated annually for changes to expected cash flows and for the effect of changes in the discount rate, and the change in estimate is added or deducted from the related asset and depreciated over the expected useful life of the operation to which it relates. k. PROVISIONS Provisions are recorded when a present legal or constructive obligation arises as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at the end of each reporting period and adjusted to reflect management\u2019s current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance expense and included in finance costs in the statement of comprehensive (loss)/earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "
l. REVENUE RECOGNITION
Revenue from the sale of gold in bullion and dor\u00e9 bar form is recognised when the Group has transferred control to the
customer at an amount reflecting the consideration the Group expects to receive in exchange for those products.
Revenue from the sale of by-products is recognised based on gold or silver content determined prior to shipment, and is
subsequently adjusted to reflect the final gold and silver content determined by the customer. These adjustments have
historically been insignificant. In determining whether the Group has satisfied a performance obligation, it considers the
indicators of the transfer of control, which include, but are not limited to, whether: the Group has a present right to
payment; the customer has legal title to the asset; the Group has transferred physical possession of the asset to the
customer; and the customer has the significant risks and rewards of ownership of the asset. Control is transferred when
the Group enters into a transaction confirmation for the transfer of gold or silver which is either at the date at which the
refining process is completed or at the point of shipment at the gold room at the mines. Revenue is measured at the
transaction price agreed under the contracts, and is due immediately upon transfer of the gold or silver to the customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "
m. SHARE CAPITAL
Ordinary or common shares are classified as share capital. Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction, net of tax from the proceeds.
When the Company purchases its own share capital (\"treasury shares\"), the consideration paid, including any directly
attributable incremental costs, net of income taxes, is deducted from retained earnings/(deficit). If treasury shares are
subsequently cancelled, the par value of the cancelled shares is credited to the capital redemption reserve. If treasury
shares are subsequently re-issued, any consideration received, net of transaction costs, up to the amount paid to re-
purchase the shares is treated as a realised profit reinstating the retained earnings used when the shares were
repurchased. Any excess is included in share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "
n. EARNINGS PER SHARE
Earnings per share calculations are based on the weighted average number of common shares issued and outstanding
during the period. Diluted earnings per share is calculated using the treasury stock method, whereby the proceeds from
the exercise of potentially dilutive common shares with exercise prices that are below the average market price of the
underlying shares are assumed to be used in purchasing the Company\u2019s common shares at their average market price for
the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "
o. SHARE-BASED PAYMENT ARRANGEMENTS
The Company's share-based payment arrangements include performance share units and deferred share units.
Deferred share units (\"DSUs\") are settled in cash upon exercise. DSUs are recognised as share-based payment expense
on the date of grant, as these instruments vest immediately. Changes in fair value of DSUs at each reporting date are
recognised as share-based payment expense in the period.
Performance share units (\u201cPSUs\u201d) are settled in cash or shares of the Company at the Company's discretion. The fair
value of the estimated number of PSUs that will eventually vest, determined at the date of grant, is recognised as share-
based compensation expense over the vesting period, with a corresponding amount recorded as equity or a liability. The
fair value of the PSUs is estimated using the market value of the underlying shares as well as assumptions related to the
market and non-vesting conditions at the grant date. Non-market vesting conditions are included in assumptions about
the number of options that are expected to become exercisable. Management re-evaluates the assumptions related to
the non-market conditions periodically for changes in the number of options that are expected to ultimately vest.
Equity settled share-based payment transactions with parties other than employees are measured at the fair value of the
goods or services received, except where fair value cannot be estimated reliably, in which case they are measured at the
fair value of the equity instruments granted, measured at the date the Company obtains the goods or the counterparty
renders the service.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a graded basis
over the vesting period, based on the Company's estimate of equity instruments that will eventually vest, with a
corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of the number of
equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or
loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity
reserve.
Cash settled share-based payments to employees and other providing similar services, such as PSUs and DSUs, are
those where the employees or other has the contractual right to receive the share-based payment in cash upon exercise.
Cash settled share-based payments to employees and other providing similar services are measured at the fair value of
the instrument at the grant date and every reporting period, with changes in fair value recognised through profit or loss
and a corresponding amount recorded as a liability.
Exchanges of share options or other share-based payment awards in conjunction with a business combination are
accounted for as modifications of the share-based payments awards. Where the Company is obliged to replace the
acquiree awards, either all or a portion of the market-based measure of the Company\u2019s replacement awards is included in
measuring the consideration transferred in the business combination. In determining the portion of the replacement
award that is part of the consideration transferred for the acquiree, both the replacement awards and the acquiree awards
are measured at the acquisition date. The portion of the replacement awards that is included in measuring the
consideration transferred in a business combination equals the market-based measure of the acquiree awards multiplied
by the ratio of the portion of the vesting period completed to the greater of the total vesting period or the original vesting
period of the acquiree award. The excess of the market-based measure of the replacement awards over the market-based
measure of the acquiree awards included in measuring the consideration transferred is recognised as remuneration cost
for post transaction service.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "
p. MERGER ACCOUNTING
Group reorganisations, including transfer of assets and liabilities and acquisition of companies within the Endeavour
Mining plc Group are accounted for using merger accounting. As a result, any assets and liabilities are transferred at
carrying value rather than fair value. The difference between the carrying value of assets and liabilities transferred and the
consideration paid has been recognised in the merger reserve.
", "dimensions": { "concept": "endeavourminingplc:DescriptionOfAccountingPolicyForMergerAccounting", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "
q. EMPLOYEE BENEFIT TRUST
The Employee Benefit Trust (\"EBT\") is considered to be a Special Purpose Entity and is accounted for under IFRS 10 and
consolidated on the basis that the Company has control, thus the assets and liabilities of the EBT are included in the
financial position and results of operations of the Group and the shares held by the EBT are presented as a deduction
from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "
r. DIVIDENDS
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this
is when declared by the Board and physically paid to shareholders. For final dividends, this is when approved by the
shareholders at the AGM.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "
s. CHANGES IN ACCOUNTING STANDARDS
The Group has adopted the following new IFRS standard for the annual period beginning on 1 January 2023:
IFRS 17 INSURANCE CONTRACTS
IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition
and measurement, presentation and disclosure. IFRS 17 replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all
types of insurance contracts (i.e. life, non-life, direct insurance and re-insurance), regardless of the type of entities that
issue them as well as to certain guarantees and financial instruments with discretionary participation features; a few
scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for
insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is
based on a general model, supplemented by:
\u2022 A specific adaptation for contracts with direct participation features (the variable fee approach)
\u2022 A simplified approach (the premium allocation approach) mainly for short-duration contracts
The new standard had no impact on the Group\u2019s consolidated financial statements
DEFINITION OF ACCOUNTING ESTIMATES - AMENDMENTS TO IAS 8
The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies
and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop
accounting estimates.
The amendments had no impact on the Group\u2019s consolidated financial statements.
DISCLOSURE OF ACCOUNTING POLICIES - AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2
The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples
to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities
provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their
\u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on
how entities apply the concept of materiality in making decisions about accounting policy disclosures.
The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement,
recognition or presentation of any items in the Group\u2019s financial statements.
DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION \u2013 AMENDMENTS TO IAS 12
The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies
to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning
liabilities.
The amendments had no impact on the Group\u2019s consolidated financial statements.
INTERNATIONAL TAX REFORM\u2014PILLAR TWO MODEL RULES \u2013 AMENDMENTS TO IAS 12
The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include:
\u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules; and
\u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s
exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.
The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining
disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim
periods ending on or before 31 December 2023.
The amendments have had no impact as the effective tax rate for the Group is higher than the 15% minimum rate proposed in the OECD's BEPS Pillar Two rules. Further disclosure has been included in note 21. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for the period beginning 1 January 2024: \u2022 Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases); \u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) The following amendments are effective for the period beginning 1 January 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not believe that the amendments to IAS 1 will have a significant impact on the classification of its long-term debt as its classification is consistent with the contractual arrangement. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "s. CHANGES IN ACCOUNTING STANDARDS The Group has adopted the following new IFRS standard for the annual period beginning on 1 January 2023: IFRS 17 INSURANCE CONTRACTS IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e. life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: \u2022 A specific adaptation for contracts with direct participation features (the variable fee approach) \u2022 A simplified approach (the premium allocation approach) mainly for short-duration contracts The new standard had no impact on the Group\u2019s consolidated financial statements DEFINITION OF ACCOUNTING ESTIMATES - AMENDMENTS TO IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group\u2019s consolidated financial statements. DISCLOSURE OF ACCOUNTING POLICIES - AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the Group\u2019s consolidated financial statements. INTERNATIONAL TAX REFORM\u2014PILLAR TWO MODEL RULES \u2013 AMENDMENTS TO IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. The amendments have had no impact as the effective tax rate for the Group is higher than the 15% minimum rate proposed in the OECD's BEPS Pillar Two rules. Further disclosure has been included in note 21. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for the period beginning 1 January 2024: \u2022 Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases); \u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) The following amendments are effective for the period beginning 1 January 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not believe that the amendments to IAS 1 will have a significant impact on the classification of its long-term debt as its classification is consistent with the contractual arrangement. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "
3. CRITICAL JUDGEMENTS AND KEY ESTIMATES
The preparation of the Group\u2019s consolidated financial statements in accordance with IFRS requires management to make
judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses,
and the accompanying disclosures. These assumptions, judgements and estimates are based on management\u2019s best
knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ
materially from the amounts included in the consolidated financial statements. Management reviews its estimates and
underlying assumptions on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision
affects both current and future periods.
CRITICAL JUDGEMENTS
The critical judgements that the Group\u2019s management has made in the process of applying the Group\u2019s accounting
policies, that have the most significant effect on the amounts recognised in the Group\u2019s consolidated financial
statements are as follows:
CLIMATE CHANGE
Management has considered the impact of climate change in preparing these consolidated financial statements. These
considerations, which are integral to the Group's strategy and operations, were considered in the following areas:
\u2022 the judgements involved in the evaluation of indicators of impairment for the Group's mining interests (note 6);
\u2022 the estimates used in the determination of the future cash flows used in the impairment assessments of mining
interests and goodwill (note 6 and 13);
\u2022 the judgements used in the evaluation of the Group's exploration and evaluation assets for impairment (note 6);
\u2022 the estimates used in the determination of the environmental rehabilitation provision (note 18);
\u2022 the evaluation of the residual values and economic useful lives of property, plant, and equipment (note 12); and
\u2022 the determination of targets for the Group's long-term incentive plan (note 7);
The effects of climate-related strategic decisions are incorporated into management's judgements and estimates, in
particular as it relates to the future cash flow projections underpinning the recoverable amounts of mining interests, when
the decisions have been approved by the Board, and the implementation of these is likely to occur. The considerations
with respect to climate change did not have a material impact on the key accounting judgements and estimates noted
above in the current year, however, the emphasis on climate-related strategic decisions, such as a focus on
decarbonisation and alternative energy sources, including solar power, may have a significant impact in future periods.
EXPECTED CREDIT LOSSES
Significant judgement is required in determining the recoverability of consideration receivable recognised from the sale of
assets and other receivables (Note 10). Specifically, the Group is required to estimate the probability of default and the
loss given default, at the end of each reporting period. The Group assesses the credit risk by taking into account factors
that are both specific to the receivable and the general economic environment in which the relevant parties operate.
RECOVERABILITY OF VALUE ADDED TAX (\"VAT\")
Included in trade and other receivables are recoverable VAT balances owing mainly by the fiscal authorities in Burkina
Faso and Senegal. The Group is following the relevant process in each country to recoup the VAT balances owing and
continues to engage with authorities to accelerate the repayment of the outstanding VAT balances. The VAT balances are
not in dispute and are deemed to be fully recoverable.
DETERMINATION OF ECONOMIC VIABILITY
Management has determined that exploratory drilling, evaluation and related costs incurred which have been capitalised
are economically viable. Management uses several criteria in its assessments of economic viability and probability of
future economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to proven
and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.
CAPITALISATION AND DEPRECIATION OF WASTE STRIPPING
Capitalisation of waste stripping requires the Group to make judgements and estimates in determining the amounts to be
capitalised. These judgements and estimates include, among others, the expected life of mine stripping ratio for each
separate open pit, the determination of what defines separate pits, and the expected ounces to be extracted from each
component of a pit for which the stripping asset is depreciated.
CAPITALISATION AND DEPRECIATION OF UNDERGROUND DEVELOPMENT
Capitalisation of underground development requires the Group to make judgements and estimates in determining the
amounts to be capitalised. These judgements and estimates include, among others, the determination of what defines
separate underground operations, differentiation between primary and secondary development, and the expected ounces
to be extracted from each underground zone(s) for which the development asset is depreciated.
INDICATORS OF IMPAIRMENT
The Group considers both internal and external information in its process of determining whether there are any indicators
for impairment. Management considers the following external factors to be relevant: Changes in the market capitalisation
of the entity, changes in the long-term gold price expectations, or changes in the technological, market, economic or legal
environment in which the entity operates, or in the market to which the asset is dedicated. Management considers the
following internal factors to be relevant: changes in the estimates of recoverable ounces, significant movements in
production costs and variances of actual production costs when compared to budgeted production costs, production
patterns and whether production is meeting planned budget targets, changes in the level of capital expenditures required
at the mine site, changes in the expected cost of dismantling assets and restoring the site, particularly towards the end
of a mine's life. The Group also considers certain judgements on future events, specifically if the Group will continue with
development of certain exploration and evaluation assets, and the likelihood of exploration permits currently in process of
being renewed will be renewed by the appropriate regulatory bodies. The mining permit for Soci\u00e9t\u00e9 des Mines d'Ity SA
expired on 14 November 2023 and is in process of being renewed for a further period. The mining permits for Soci\u00e9t\u00e9 des
Mines de Daapleu SA and Soci\u00e9t\u00e9 des Mines de Floleu SA have not expired. Refer to note 6 for details of impairment
assessments performed during the year.
KEY ESTIMATES
The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the
reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s
assets and liabilities within the year following 31 December 2023 are as follows:
IMPAIRMENT OF MINING INTERESTS AND GOODWILL
In determining the recoverable amounts of the Group\u2019s mining interests and goodwill, management makes estimates of
the discounted future cash flows expected to be derived from the Group\u2019s mining properties, costs to sell the mining
properties and the appropriate discount rate. The projected cash flows are significantly affected by changes in
assumptions about gold\u2019s selling price, future capital expenditures, changes in the amount of recoverable reserves,
resources, and exploration potential, production cost estimates, discount rates and exchange rates. Reductions in gold
price forecasts, increases in estimated future costs of production, increases in estimated future non-expansionary capital
expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential, and/or adverse
current economics can result in a write-down of the carrying amounts of the Group\u2019s mining interests and/or goodwill
(note 6, 13).
ESTIMATED RECOVERABLE OUNCES
The carrying amounts of the Group\u2019s mining interests are depleted based on the estimated recoverable ounces for each
mine. Changes to estimates of recoverable ounces due to revisions to the Group\u2019s mine plans and changes in gold price
forecasts can result in a change to future depletion rates.
MINERAL RESERVES
Mineral reserves and mineral resources are determined in accordance with Canadian Securities Administrator\u2019s National
Instrument 43-101 Standards of Disclosure for Mineral Projects. Mineral reserve and resource estimates include
numerous estimates. Such estimation is a subjective process, and the accuracy of any mineral reserve or resource
estimate is dependent on the quantity and quality of available data and on the assumptions made and judgements used
in engineering and geological interpretation. Changes to management\u2019s assumptions including economic assumptions
such as gold prices and market conditions could have a material effect in the future on the Group\u2019s financial position and
results of operations.
ENVIRONMENTAL REHABILITATION COSTS
The provisions for rehabilitation are based on the expected costs of environmental rehabilitation and inputs used to
determine the present value of such provisions and the related accretion expense using the information available at the
reporting date. To the extent the actual costs differ from these estimates, adjustments will be recorded and the profit or
loss and future cash flows may be impacted.
INVENTORIES
The measurement of inventory and the determination of net realisable value involves the use of estimates. This is
especially the case when determining the net realisable value of stockpiles. Estimation is required when determining
completion costs to bring the stockpile inventory to a condition ready for sale, total tonnes included in the stockpiles and
the recoverable gold contained therein. Other estimates include future gold prices, long and short term usage, recovery
rates, production cost forecasts and production plans.
Estimation is also required when determining whether to recognise a provision for obsolete stock, in particular as it
relates to the amount of time the stock has been on hand and whether there are alternative uses for the consumables
prior to recognising a provision for stock.
CURRENT INCOME TAXES
The Group operates in numerous countries, and accordingly it is subject to, and pays annual income taxes under the
various income tax regimes in the countries in which it operates. Significant judgement is required in the interpretation or
application of certain tax rules when determining the provision for income taxes due to the complexity of the legislation.
From time to time the Group is subject to a review of its income tax filings and in connection with such reviews, disputes
can arise with the taxing authorities over the interpretation or application of certain rules to the Group's business
conducted within the country involved. Management evaluates each of the assessments and recognises a provision
based on its best estimate of the ultimate resolution of the assessment, through either negotiation or through a legal or
arbitrative process. In the event that management's estimate of the future resolution of these matters change over time,
the Group will recognise the effects of the changes in its consolidated financial statements in the period that such
changes occur (note 26).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "
4. DIVESTITURES
The Group's net loss from discontinued operations comprised of the following divestitures:
YEAR ENDED
31 December 31 December
2023 2022
Boungou and Wahgnion
4a
(183.9) (287.8)
Karma
4b
(2.4) 14.8
Agbaou \u2014 (5.7)
Net loss from discontinued operations
(186.3)
(278.7)
1
1 Sold in January 2021. Included in the net loss from discontinued operations and investing cash flows from discontinued operations for the year ended
31 December 2022 is $5.7 million related to the settlement of a historical tax liability as determined under the sale agreement of the Agbaou mine.
a. DIVESTITURE OF BOUNGOU AND WAHGNION
On 30 June 2023, the Group completed the sale of its 90% interest in the Boungou and Wahgnion cash-generating units
(\"the disposal group\") to Lilium Mining (\"Lilium\"). The total consideration upon sale of the disposal group included (i)
$133.1 million cash consideration which was to be received by 31 July 2023; (ii) $25.0 million in deferred cash
consideration payable in two instalments of $10.0 million and $15.0 million by the end of Q4-2023 and the end of
Q1-2024, respectively; (iii) deferred cash consideration comprised of 50% of the net free cash flow generated by the
Boungou mine until $55.0 million has been paid, which was expected to occur by Q4-2024 based on the gold price
environment and mine plan at time of the divestiture; (iv) a net smelter royalty (\"NSR\") on Boungou commencing
immediately for 4% of gold sold; and (v) a NSR on Wahgnion commencing immediately for 4% of gold sold.
The fair value of the various aspects of the consideration at the transaction closing date were as follows (all of which,
except for the cash and the $25.0 million in deferred cash consideration, which is not linked to the net free cash flow
generated, are classified as Level 3 fair value measurements):
\u2022 The fair value of the cash consideration receivable by 31 July 2023 was determined to be $133.1 million of which
$33.6 million was received by 31 December 2023.
\u2022 The fair value of deferred cash consideration payable in two instalments by Q4-2023 and Q1-2024, respectively, was
determined to be $23.9 million.
\u2022 The fair value of the deferred cash consideration, payable on a quarterly basis, based on net free cash flow generated
at the Boungou mine, was determined using a discounted cash flow, which resulted in a fair value of $50.8 million.
\u2022 The fair value of the NSR was estimated using probability-weighted scenarios with respect to discounted cash flow
models for future production that might exceed the Boungou and Wahgnion reserves at 1 January 2023. Based on the
various scenarios considered, the fair value of the NSR was $77.4 million.
At 31 December 2023, the carrying amounts of the cash consideration and deferred cash consideration payable, which
are included in consideration receivable (note 10), were $85.4 million and $21.0 million, respectively. Due to the
amounts payable being past due, the Group recognised a provision for expected credit losses of $18.7 million - further
details of their default is included in note 8(c).
At 31 December 2023, the fair values of the deferred cash consideration and the NSR, which are included in other
financial assets (note 14) were $47.9 million and $49.3 million, respectively. $5.5 million of the NSR was invoiced to
Lilium and transferred to trade and other receivables and $3.3 million has been received.
The Group recognised a loss on disposal of $177.8 million, net of tax, calculated as follows:
At 30 June
2023
Cash consideration 133.1
Deferred cash consideration 23.9
Deferred consideration 50.8
Net smelter royalties 77.4
Transaction costs (1.3)
Total proceeds 283.9
Cash and cash equivalents 20.2
Restricted cash 12.3
Trade and other receivables 28.6
Prepaid expenses and other 18.9
Inventories 59.0
Mining interests 558.6
Other long term assets 15.0
Total assets 712.6
Trade and other payables (62.6)
Other liabilities (122.0)
Total liabilities (184.6)
Net assets 528.0
Non-controlling interests (66.3)
Net assets attributable to Endeavour 461.7
Loss on disposal (177.8)
The earnings and loss for the disposal group was as follows:
YEAR ENDED
31 December 31 December
2023 2022
Revenue 200.8 439.1
Operating costs (134.1) (259.8)
Impairment of mining interests \u2014 (357.5)
Depreciation and depletion (53.1) (140.0)
Royalties (13.5) (28.4)
Other expense (4.4) (15.9)
Loss on disposition (177.8) \u2014
Loss before taxes
(182.1)
(362.5)
Deferred and current income tax expense (1.8) 74.7
Net comprehensive loss from discontinued operations
(183.9)
(287.8)
Attributable to:
Shareholders of Endeavour Mining plc (183.3) (259.8)
Non-controlling interest (0.6) (28.0)
Total comprehensive loss from discontinued operations
(183.9)
(287.8)
Net loss per share from discontinued operations
Basic (0.74) (1.05)
Diluted (0.74) (1.04)
1
1. Operating costs include employee compensation of $15.7 million (2022: $34.6 million).
The cash flows from the CGU were as follows:
YEAR ENDED
31 December 31 December
2023 2022
Operating cash flows 27.2 102.6
Investing cash flows (44.2) (93.5)
Financing cash flows (2.1) (8.0)
Total cash flows from the disposal group included in cash flows from discontinued
operations
(19.1)
1.1
b. DIVESTITURE OF KARMA
On 10 March 2022, the Group completed the sale of its 90% interest in the Karma mine cash-generating unit (\"CGU\") to
N\u00e9r\u00e9 Mining SA (\"N\u00e9r\u00e9\"). Refer to additional information included in note 22 related to Related Parties. The total
consideration of $20.0 million upon sale of the Karma mine included (i) a deferred cash payment of $5.0 million to be
paid six months after closing of the transaction subject to certain conditions being met; (ii) a contingent payment of up to
$10.0 million payable twelve months after closing, based on a sliding scale, linked to the average gold price; and (iii) a
2.5% NSR on all ounces produced by the Karma mine in excess of 160,000 ounces of recovered gold from 1 January
2022.
The fair value of the various aspects of the consideration at the transaction closing date were as follows (all of which,
except for the cash, are classified as Level 3 fair value measurements):
\u2022 The fair value of the deferred cash payment payable subject to specific conditions six months after closing of the
transaction was determined to be $5.0 million.
\u2022 The fair value of the contingent consideration was estimated using a Monte Carlo simulation model using the following
key inputs: spot price of gold of $1,829 per ounce, annualised gold price volatility of 14.8%, for each of the quarters in
2022, which resulted in a fair value of $5.0 million.
\u2022 The fair value of the NSR was estimated using probability-weighted scenarios with respect to discounted cash flow
models for future production that might exceed the Karma reserves at 1 January 2022. Based on the various scenarios
considered, the fair value of the NSR was $10.0 million.
At 31 December 2023, the carrying amount of the contingent consideration was agreed at $5 million at the end of the
twelve month period after closing and was transferred to Other receivables (note 10), the fair value of the NSR was $6.6
million (31 December 2022 - $6.5 million) (note 14), and the carrying amount of the deferred cash consideration was $nil
net of impairments (31 December 2022 - $nil).
Included in the net loss from discontinued operations for the year ended 31 December 2023 is $2.4 million related to the
settlement of a historical tax liability under the sale agreement of the Karma mine.
The Group recognised a gain on disposal of $17.8 million, net of tax, calculated as follows:
At 10 March
2022
Deferred cash payment 5.0
Contingent consideration 5.0
Net smelter royalty 10.0
Total proceeds 20.0
Cash and cash equivalents 4.5
Restricted cash 3.7
Trade and other receivables 6.2
Prepaid expenses and other 1.1
Inventories 22.8
Mining interests 19.4
Other long term assets 10.3
Total assets 68.0
Trade and other payables (27.2)
Other liabilities (29.3)
Total liabilities (56.5)
Net assets 11.5
Non-controlling interests (9.3)
Net assets attributable to Endeavour 2.2
Gain on disposal 17.8
The earnings and loss for the CGU was as follows:
YEAR ENDED
31 December 31 December
2023 2022
Revenue \u2014 17.2
Operating costs \u2014 (13.7)
Depreciation and depletion \u2014 (4.8)
Royalties \u2014 (1.7)
Gain on disposal \u2014 17.8
Earnings before taxes
\u2014
14.8
Deferred and current income tax expense (2.4) \u2014
Net comprehensive (loss)/earnings from discontinued operations
(2.4)
14.8
Attributable to:
Shareholders of Endeavour Mining plc (2.4) 14.5
Non-controlling interest \u2014 0.3
Total comprehensive (loss)/earnings from discontinued operations
(2.4)
14.8
Net (loss)/earnings per share from discontinued operations
Basic \u2014 0.06
Diluted \u2014 0.06
1
1. Up to the disposal date of 10 March 2022.
The cash flows from the CGU were as follows:
YEAR ENDED
31 December 31 December
2023 2022
Operating cash flows \u2014 4.9
Investing cash flows (2.4) (0.5)
Financing cash flows \u2014 10.2
Total cash flows from Karma included in cash flows from discontinued operations
(2.4)
14.6
1
1. Up to the disposal date of 10 March 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "
5. EARNINGS FROM OPERATIONS
The following tables summarise the significant components of earnings from operations.
a. REVENUE
YEAR ENDED
31 December 31 December
Note 2023 2022
Gold revenue 2,100.9 2,059.6
Silver revenue 8.0 9.4
Other 5.7 \u2014
Revenue 23
2,114.6
2,069.0
The Group is not economically dependent on a limited number of customers for the sale of gold because gold can be sold
to and through numerous banks and commodity market traders worldwide.
b. OPERATING EXPENSES
YEAR ENDED
31 December 31 December
2023 2022
Supplies and consumables 411.3 378.0
Employee compensation 136.7 133.3
Contractor costs 274.8 224.8
Net change in inventories (35.6) (16.1)
Operating expenses
787.2
720.0
c. EMPLOYEE COMPENSATION
YEAR ENDED
31 December 31 December
2023 2022
Wages and salaries 173.2 164.6
Social security costs 13.5 12.4
Other pension costs 2.8 1.2
Other staff costs
2.6
2.3
Employee compensation
192.1
180.5
Categorised as:
Operating expenses 136.7 133.3
Corporate costs 27.0 22.5
Acquisition and restructuring costs 5.1 4.6
Exploration costs 23.3 20.1
Employee compensation
192.1
180.5
The Group had an average of 4,820 employees for the year ended 31 December 2023 (31 December 2022 - an average
of 4,553 employees). The amounts of employee compensation exclude key management personnel (refer to note 22) and
is net of amounts capitalised to inventory and mining interests of $20.9 million (31 December 2022 - $2.7 million).
d. CORPORATE COSTS
YEAR ENDED
31 December 31 December
2023 2022
Employee compensation 27.0 22.5
Professional services 12.5 11.0
Other corporate expenses 9.5 14.2
Total corporate costs
49.0
47.7
1
1. Includes a credit of $2.7 million in relation to the forfeiture and clawback of bonuses of the previous President and Chief Executive Officer of the
Company.
e. OTHER EXPENSES
YEAR ENDED
31 December 31 December
2023 2023
Insurance proceeds and disturbance costs (9.1) 5.9
Impairment of receivables
Expected credit loss - consideration receivable (Note 10) 18.7 \u2014
Expected credit loss - other receivables (Note 10) 4.1 1.0
Impairment of other receivables 9.3 15.5
Acquisition and restructuring costs 1.8 7.8
Community contributions 0.8 2.2
Loss on disposal of assets 4.3 2.7
Other tax and legal claims 24.9 8.9
Other expenses
54.8
44.0
1
2
3
4
1. Disturbance costs and insurance proceeds primarily relate to the Hound\u00e9 disturbance incident that occurred in Q2-2022.
2. Impairment of other receivables for the year ended 31 December 2023 includes the write-off of a receivable from Allied Gold Corp Limited from the sale
of the Agbaou mine in 2021 for $5.9 million and which was subsequently clarified as paid to a third party (31 December 2022: $6.6 million receivable
from BCM Investments Ltd from the sale of Tabakoto mine in 2018 and $5.0 million receivable from N\u00e9r\u00e9 on the sale of Karma mine) and the write-off
of VAT amounts that were deemed non-recoverable of $3.4 million (year ended 31 December 2022: $3.9 million).
3. The clawback of the $10 million one-off award to the previous President and Chief Executive Officer of the Company was credited to acquisition and
restructuring costs in other expense, which was originally charged when it was awarded in 2021 (refer to note 22).
4. For 2023, comprise mainly tax settlement at Sabodala of $18.3 million, stamp duty claims of $2.6 million. For 2022, the amounts comprise mainly
provision for legal claims and provisions of $8.9 million.
f. AUDIT AND NON-AUDIT FEES
The following table summarises total audit and non-audit fees incurred with the auditor of the Group, which are included in
professional services as part of corporate costs:
YEAR ENDED
31 December 31 December
2023 2022
Audit services 2.0 1.7
Audit-related assurance services 0.4 0.3
Non-audit services 1.1 \u2014
Total
3.5
2.0
1
2
3
1. Audit services are in respect of audit fees for the Group.
2. Audit related assurance services comprise fees paid to the auditors in respect of quarterly reviews.
3. Non-audit services in the current year comprise non-recurring fees paid to the auditors in respect of transaction related costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "5. EARNINGS FROM OPERATIONS The following tables summarise the significant components of earnings from operations. a. REVENUE
YEAR ENDED
31 December 31 December
Note 2023 2022
Gold revenue 2,100.9 2,059.6
Silver revenue 8.0 9.4
Other 5.7 \u2014
Revenue 23
2,114.6
2,069.0
The Group is not economically dependent on a limited number of customers for the sale of gold because gold can be sold to and through numerous banks and commodity market traders worldwide. b. OPERATING EXPENSES
YEAR ENDED
31 December 31 December
2023 2022
Supplies and consumables 411.3 378.0
Employee compensation 136.7 133.3
Contractor costs 274.8 224.8
Net change in inventories (35.6) (16.1)
Operating expenses
787.2
720.0
c. EMPLOYEE COMPENSATION
YEAR ENDED
31 December 31 December
2023 2022
Wages and salaries 173.2 164.6
Social security costs 13.5 12.4
Other pension costs 2.8 1.2
Other staff costs
2.6
2.3
Employee compensation
192.1
180.5
Categorised as:
Operating expenses 136.7 133.3
Corporate costs 27.0 22.5
Acquisition and restructuring costs 5.1 4.6
Exploration costs 23.3 20.1
Employee compensation
192.1
180.5
The Group had an average of 4,820 employees for the year ended 31 December 2023 (31 December 2022 - an average of 4,553 employees). The amounts of employee compensation exclude key management personnel (refer to note 22) and is net of amounts capitalised to inventory and mining interests of $20.9 million (31 December 2022 - $2.7 million). d. CORPORATE COSTS
YEAR ENDED
31 December 31 December
2023 2022
Employee compensation 27.0 22.5
Professional services 12.5 11.0
Other corporate expenses 9.5 14.2
Total corporate costs
49.0
47.7
1 1. Includes a credit of $2.7 million in relation to the forfeiture and clawback of bonuses of the previous President and Chief Executive Officer of the Company. e. OTHER EXPENSES
YEAR ENDED
31 December 31 December
2023 2023
Insurance proceeds and disturbance costs (9.1) 5.9
Impairment of receivables
Expected credit loss - consideration receivable (Note 10) 18.7 \u2014
Expected credit loss - other receivables (Note 10) 4.1 1.0
Impairment of other receivables 9.3 15.5
Acquisition and restructuring costs 1.8 7.8
Community contributions 0.8 2.2
Loss on disposal of assets 4.3 2.7
Other tax and legal claims 24.9 8.9
Other expenses
54.8
44.0
1 2 3 4 1. Disturbance costs and insurance proceeds primarily relate to the Hound\u00e9 disturbance incident that occurred in Q2-2022. 2. Impairment of other receivables for the year ended 31 December 2023 includes the write-off of a receivable from Allied Gold Corp Limited from the sale of the Agbaou mine in 2021 for $5.9 million and which was subsequently clarified as paid to a third party (31 December 2022: $6.6 million receivable from BCM Investments Ltd from the sale of Tabakoto mine in 2018 and $5.0 million receivable from N\u00e9r\u00e9 on the sale of Karma mine) and the write-off of VAT amounts that were deemed non-recoverable of $3.4 million (year ended 31 December 2022: $3.9 million). 3. The clawback of the $10 million one-off award to the previous President and Chief Executive Officer of the Company was credited to acquisition and restructuring costs in other expense, which was originally charged when it was awarded in 2021 (refer to note 22). 4. For 2023, comprise mainly tax settlement at Sabodala of $18.3 million, stamp duty claims of $2.6 million. For 2022, the amounts comprise mainly provision for legal claims and provisions of $8.9 million. f. AUDIT AND NON-AUDIT FEES The following table summarises total audit and non-audit fees incurred with the auditor of the Group, which are included in professional services as part of corporate costs:
YEAR ENDED
31 December 31 December
2023 2022
Audit services 2.0 1.7
Audit-related assurance services 0.4 0.3
Non-audit services 1.1 \u2014
Total
3.5
2.0
1 2 3 1. Audit services are in respect of audit fees for the Group. 2. Audit related assurance services comprise fees paid to the auditors in respect of quarterly reviews. 3. Non-audit services in the current year comprise non-recurring fees paid to the auditors in respect of transaction related costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "a. REVENUE
YEAR ENDED
31 December 31 December
Note 2023 2022
Gold revenue 2,100.9 2,059.6
Silver revenue 8.0 9.4
Other 5.7 \u2014
Revenue 23
2,114.6
2,069.0
The Group is not economically dependent on a limited number of customers for the sale of gold because gold can be sold to and through numerous banks and commodity market traders worldwide. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "b. OPERATING EXPENSES
YEAR ENDED
31 December 31 December
2023 2022
Supplies and consumables 411.3 378.0
Employee compensation 136.7 133.3
Contractor costs 274.8 224.8
Net change in inventories (35.6) (16.1)
Operating expenses
787.2
720.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "b. OPERATING EXPENSES
YEAR ENDED
31 December 31 December
2023 2022
Supplies and consumables 411.3 378.0
Employee compensation 136.7 133.3
Contractor costs 274.8 224.8
Net change in inventories (35.6) (16.1)
Operating expenses
787.2
720.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "c. EMPLOYEE COMPENSATION
YEAR ENDED
31 December 31 December
2023 2022
Wages and salaries 173.2 164.6
Social security costs 13.5 12.4
Other pension costs 2.8 1.2
Other staff costs
2.6
2.3
Employee compensation
192.1
180.5
Categorised as:
Operating expenses 136.7 133.3
Corporate costs 27.0 22.5
Acquisition and restructuring costs 5.1 4.6
Exploration costs 23.3 20.1
Employee compensation
192.1
180.5
The Group had an average of 4,820 employees for the year ended 31 December 2023 (31 December 2022 - an average of 4,553 employees). The amounts of employee compensation exclude key management personnel (refer to note 22) and is net of amounts capitalised to inventory and mining interests of $20.9 million (31 December 2022 - $2.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "f. AUDIT AND NON-AUDIT FEES The following table summarises total audit and non-audit fees incurred with the auditor of the Group, which are included in professional services as part of corporate costs:
YEAR ENDED
31 December 31 December
2023 2022
Audit services 2.0 1.7
Audit-related assurance services 0.4 0.3
Non-audit services 1.1 \u2014
Total
3.5
2.0
1 2 3 1. Audit services are in respect of audit fees for the Group. 2. Audit related assurance services comprise fees paid to the auditors in respect of quarterly reviews. 3. Non-audit services in the current year comprise non-recurring fees paid to the auditors in respect of transaction related costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "
6. IMPAIRMENT OF MINING INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
During the fourth quarter of 2023, the Group performed a review for indicators of impairment at each of the CGUs and
evaluated key assumptions such as significant revisions to the mine plan including current estimates of recoverable
mineral reserves and resources, recent operating results, and future expected production based on the reserves and
resources. The Company is also continuing to monitor the geopolitical environment in West Africa and its impact on our
operations. In addition, those CGUs to which goodwill has been allocated are tested at least annually for impairment
(Mana and Sabodala-Massawa, note 13). As a result of the above, the Sabodala-Massawa and Mana CGUs were tested
for impairment at 31 December 2023. There were no indicators of impairment identified at the Group's other mine site
CGUs in the year.
The recoverable amount of the CGUs were based on the future after-tax cash flows expected to be derived from the
Group\u2019s mining interests and represents the FVLCD, a Level 3 fair value measurement. The projected cash flows used in
impairment testing are significantly affected by changes in the following assumptions and are all in real terms:
\u2022 Gold price - Forecast gold prices used are management's estimates for future gold prices and are based on external
views of future gold prices
\u2022 Discount rates - Based on estimate of the weighted average cost of capital for a market participant which includes
estimates for risk-free interest rates, cost of equity, asset-specific risk, and debt-to-equity financing ratio
\u2022 Production - The production volumes incorporated into the detailed life of mine plans take into account the
estimated recoverable reserves and resources, as well as exploration potential expected to be converted into
reserves, as part of management's long-term planning process. The estimate of the production volumes for each
mine are dependent on a number of variables, including expected grades, recoveries, anticipated waste stripping,
and cost parameters to economically extract the reserves. For those measured, indicated, and inferred resources
that are not included in the life of mine plans, management has included a dollar per ounce value based on
observable market transactions for comparable assets.
Key assumptions used in the FVLCD calculations:
Sabodala-
Assumption
Massawa
Mana
Gold price - 2024
$1,939
$1,939
Gold price - 2025
$1,910
$1,910
Gold price - 2026
$1,843
$1,843
Long-term gold price
$1,724
$1,724
Mine life
15 years
7 years
Life of mine production (thousands of ounces)
5,981
1,553
Discount rate
6.5 %
9.0 %
Following our assessment, the Mana and Sabodala-Massawa CGUs were not impaired, as the recoverable amounts
exceeded the carrying values of each of these CGUs by $189.7 million and $61.7 million, respectively. The relatively
small difference between the recoverable amount and the carrying value is not unexpected as these CGUs were
recognised at fair value when they were acquired in 2020 and 2021 respectively.
A sensitivity analysis was performed to identify the impact of changes in the key assumptions over the life of mine to the
impairment analysis, which include metal prices, discount rate, production and operating expenses, as these are the
most significant assumptions that impact the recoverable value of the assets. The sensitivities selected represent
management's estimate of the highest reasonably possible change to each of these assumptions. The below table
outlines the impact on the Mana and Sabodala-Massawa impairment models by applying sensitivities to the key inputs
noted below:
Mana
Sabodala-Massawa
Assumption
Change in fair value
Change in fair value
Decrease in metal prices of 5%
$
(75.9) $
(305.9)
Increase in discount rate of 2%
$
(29.4) $
(188.0)
Decrease in production of 10%
$
(146.0) $
(433.4)
Increase in operating expenditures of 10%
$
(108.7) $
(143.1)
Based on the sensitivity analysis performed on the key assumptions above, a decrease in metal prices, an increase in
discount rate, a decrease in production or an increase in operating expenditures, when other assumptions remain
constant, would reduce the headroom. For Mana the headroom reduction under each scenario would not result in the
carrying value of the CGU to exceed the recoverable value of the mining interest and therefore there would be no resulting
impairment. For Sabodala-Massawa the headroom reduction under each scenario does result in the carrying value of the
CGU to exceed the recoverable value of the mining interest and therefore there would be a resulting impairment However,
these sensitivity analysis do not represent management's best estimate of the recoverable amount of the assets, as they
do not reflect any consequential management actions that may be incorporated in the life of mine plans as a result from
these changes.
IMPAIRMENT OF EXPLORATION ASSETS
During the year ended 31 December 2023, the Group performed a review for indicators of impairment of all exploration
and evaluation assets in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources. Exploration permits
have been assessed as to whether the permits were in good standing and/or any further activity was planned. For those
permits in the process of being renewed, management's assessment included the likelihood of the permits being
renewed based on past practice of license renewals as well as the current status of renewal process. As at 31 December
2023, the carrying value of permits under renewal for which the Company has not recognised an impairment amounted to
$140.2 million (31 December 2022 - $221.5 million).
Following the assessment, an impairment of exploration assets of $122.6 million was recognised for the year ended 31
December 2023 which includes a $56.9 million charge on the Kalana project due to changes as part of the ongoing study
primarily in relation to capital assumptions. Production and cost assumptions have been based on the ongoing study,
whilst the gold price assumptions are in line with those with Sabodala-Massawa and Mana. The discount rate applied to
the cashflows is 11%. A decrease in metal prices by 5% results in an additional impairment charge of $56.0 million. An
increase in the discount rate by 2% results in additional impairment charge of $41.0 million.
Other impairments include $16.9 million on Afema, which is in the process of being sold and $32.5 million on the
Kamsongo permit within greenfields exploration projects and $16.4 million on other exploration properties where no near-
term activities are planned and no intention to renew the licences. A similar review was completed in the year ended 31
December 2022 which resulted in an impairment of $2.8 million against a Boungou related exploration property which
was excluded from the disposal group.
FOR THE YEAR ENDED 31 DECEMBER 2022
IMPAIRMENT OF BOUNGOU MINE
During the year ended 31 December 2022, the Boungou mine continued to experience lower than expected grades and
higher operating costs, due to security and logistical challenges. In developing a revised life of mine plan, management
reflected the current estimates of recoverable mineral reserves and resources, including exploration potential, the
increase in strip ratio over the life of the mine and the increased operating costs of the mine.
Given the decrease in the cash flows of the Boungou mine expected in the latest life of mine plan, the Group concluded
that there was an impairment at the Bou
ngou CGU at 31 December 2022, as the recoverable amount of the Boungou
CGU, representing its FVLCD, was equal to $247.9 million which was below the carrying amount, and recognised an
impairment of $160.5 million related to the mining interests which has subsequently been reclassified to loss from
discontinued operations following the divestiture to Lilium Mining.
The following sensitivity analysis on the three most significant assumptions demonstrates the impact of a change of
these assumptions on the impairment recognised in the year:
Assumption
Additional impairment
Decrease in metal prices of 5%
$
(47.3)
Increase in discount rate of 2%
$
(13.4)
Decrease in production of 10%
$
(94.7)
Increase in operating expenditures of 10%
$
(67.8)
IMPAIRMENT OF WAHGNION MINE
During the year ended 31 December 2022, the Wahgnion mine experienced higher operating costs and lower than
expected grades relative to expectations. In developing a revised life of mine plan, management reflected the current
estimates of recoverable reserves and resources, including exploration potential, as well as the increased operating costs
of the mine.
Given the decrease in the cash flows of the Wahgnion mine expected in the life of mine plan, the Group concluded that
there was an impairment at the W
ahgnion CGU at 31 December 2022, as the recoverable amount of the Wahgnion CGU,
representing its FVLCD, was equal to $311.0 million which was below the carrying amount, and recognised an impairment
of $197.0 million related to the mining interests which has subsequently been reclassified to loss from discontinued
operations following the divestiture to Lilium Mining.
The following sensitivity analysis on the three most significant assumptions demonstrates the impact of a change of
these assumptions on the impairment recognised in the year:
Assumption
Additional impairment
Decrease in metal prices of 5%
$
(71.3)
Increase in discount rate of 2%
$
(18.8)
Decrease in production of 10%
$
(140.0)
Increase in operating expenditures of 10%
$
(100.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "7. SHARE CAPITAL
2023 2022
Number
Amount
Number
Amount
Ordinary share capital
Opening balance
246.2
2.5
248.0
2.5
Shares issued on exercise of options, warrants and PSUs
1.1
\u2014
3.1
\u2014
Purchase and cancellation of own shares
(3.0)
\u2014
(4.9)
\u2014
Settlement of convertible bond
0.9
\u2014
\u2014
\u2014
Balance as at 31 December
245.2
2.5
246.2
2.5
a. ISSUED SHARE CAPITAL AS AT 31 DECEMBER 2023 245.2 million ordinary voting shares of $0.01 par value \u2022 The Company renewed its share buyback programme for a period of one year in March 2023 whereby the Company is entitled to repurchase up to 5% of its total issued and outstanding shares as of 14 March 2023, or 12,387,688 shares. During the year ended 31 December 2023, the Company repurchased a total of 3.0 million shares at an average price of $22.21 for a total amount of $65.6 million of which $61.5 million was paid with the remainder included in trade payables (in the year ended 31 December 2022, the Company repurchased a total of 4.6 million shares at an average price of $21.42 for a total amount of $98.8 million). \u2022 On 15 February 2023 the Company at its own election, issued 835,254 in shares to settle the conversion feature of the Convertible Note. b. SHARE-BASED COMPENSATION The following table summarises the share-based compensation expense:
YEAR ENDED
31 December 31 December
2023 2022
Charges and change in fair value of DSUs
0.9
0.8
Charges and change in fair value of PSUs
27.8
32.0
Total share-based compensation 28.7
32.8
1 1. Share-based compensation includes an amount of $11.6 million related to PSUs and DSUs recognised as liabilities with the remaining portion of $17.1 million recognised directly in equity (for the year ended 31 December 2022, share based compensation included an amount of $17.4 million related to PSUs and DSUs recognised as liabilities with the remaining portion of $15.4 million recognised directly in equity). Included in the total share-based compensation for the year ended 31 December 2023 is a credit of $10.3 million in relation to the forfeiture and clawback of share awards of the previous President and Chief Executive Officer of the Company (refer to note 22). c. OPTIONS
Weighted
average
Options exercise price
outstanding
(GBP)
At 1 January 2022
1,573,110
8.78
Exercised
(838,500)
6.84
Expired
(157,590)
19.47
At 31 December 2022
577,020
8.68
Exercised
(557,280)
8.72
Expired
(19,740)
12.05
At 31 December 2023
\u2014
\u2014
Upon acquisition of Teranga, all outstanding Teranga stock options, whether previously vested or unvested, became fully vested and were exchanged for replacement options to purchase common shares of Endeavour at a ratio of 0.47 Endeavour share options for each Teranga share option at an adjusted exercise price, with an expiry date of the earlier of (i) the original expiry date of each Teranga stock option, and (ii) the second year anniversary of the closing date of the acquisition transaction. The fair values at the acquisition date were calculated using the Black-Scholes valuation model using a volatility of 42.64% - 60.05%, a dividend yield of 2.6% and a risk free rate of 0.1%. The options carry neither rights to dividends nor voting rights may be exercised at any time up to the date of their expiry. As at 31 December 2023 all options were exercised or expired.
d. SHARE UNIT PLANS
A summary of the changes in share unit plans is presented below:
DSUs Outstanding
PSUs Outstanding
2023
2022
2023
2022
At 1 January
131,694
170,712
3,779,330
3,648,777
Granted
27,999
31,279
1,673,241
1,485,153
Exercised
(79,657)
(74,947)
(1,301,647)
(533,950)
Forfeited
\u2014
\u2014
(1,375,357)
(1,058,641)
Reinvested
3,867
4,650
147,779
123,386
Added by performance factor
\u2014
\u2014
\u2014
114,605
At 31 December
83,903
131,694
2,923,346
3,779,330
e. DEFERRED SHARE UNITS
The Group established a deferred share unit plan (\u201cDSU\u201d) for the purposes of strengthening the alignment of interests
between Non-Executive Directors of the Company and shareholders by linking a portion of the annual Director
compensation to the future value of the Company\u2019s common shares. Upon establishing the DSU plan for Non-Executive
Directors, the Company no longer grants options to Non-Executive Directors.
The DSU plan allows each Non-Executive Director to choose to receive, in the form of DSUs, all or a percentage of their
Director\u2019s fees, which would otherwise be payable in cash. Compensation for serving on committees must be paid in the
form of DSUs. The plan also provides for discretionary grants of additional DSUs by the Board. Each DSU vests upon
award but is distributed only when the Director has ceased to be a member of the Board. Vested units are settled in cash
based on the common share price at the date of settlement.
The fair value of the DSUs is determined based on multiplying the five-day volume weighted average share price of the
Company by the number of DSUs at the end of the reporting period and is included in other financial liabilities (note 17).
f. PERFORMANCE SHARE UNITS
The Group's long-term incentive plan (\u201cLTI Plan\u201d) includes a portion of performance-linked share unit awards (\u201cPSUs\u201d),
intended to increase the pay mix in favour of long-term equity-based compensation with a three-year cliff-vesting period
serving as an employee retention mechanism.
The fair value of the PSUs is determined based on Total Shareholder Return (\u201cTSR\u201d) relative to peer companies for 50% of
the value of the PSUs, while the remaining 50% of the value of the PSUs granted is based on achieving certain
operational performance measures. The vesting conditions related to the achievement of operational performance
measures noted above are determined at the grant date and the number of units that are expected to vest is reassessed
at each subsequent reporting period based on the estimated probability of reaching the operational targets. The key
operational targets are determined annually and include:
\u2022 For 2023 PSU grants: 2025 targets relate to project development (12.5%), exploration targets (12.5%), net debt (10%),
carbon emissions targets (7.5%) and ISO 14001 / ISO 45000 verification targets (7.5%).
\u2022 For 2022 PSU grants: 2024 targets relate to project development (12.5%), renewable energy (7.5%), implementation of
tailings storage facilities (7.5%), net debt (10%) and exploration targets (12.5%).
\u2022 For 2021 PSU grants: 2023 targets relate to gold production (25%), capital project (12.5%), and carbon reduction and
renewable energy (12.5%).
The fair value related to the TSR portion is determined using a multi-asset Monte Carlo simulation model using a dividend
yield of 2.5% (2022 \u2013 2.5%), as well as historical TSR levels and historical volatility of the constituents of the S&P TSX
Global Gold Index (2022 \u2013 same). The expected volatility was determined taking into account historical volatility, as there
was no available market data on implied volatility for PSUs with the same maturity. The historical volatility was measured
over a three-year period, consistent with the PSUs maturity, from the commencement of the performance period.
g. BASIC AND DILUTED EARNINGS PER SHARE Diluted net earnings per share was calculated based on the following:
YEAR ENDED
31 December 31 December
2023 2022
Basic weighted average number of shares outstanding
246,859,569
247,841,452
Effect of dilutive securities
Stock options and warrants \u2014 820,113
Diluted weighted average number of shares outstanding 246,859,569 248,661,565
Total common shares outstanding
245,229,422
246,215,903
Total potential diluted common shares
247,466,040
249,485,695
1 1. At 31 December 2023, a total of 2,923,346 PSUs (3,779,330 at 31 December 2022) could potentially dilute basic earnings per share in the future, but were not included in diluted earnings per share as all vesting conditions have not been satisfied at the end of the reporting period. The potentially dilutive impact of the convertible senior notes are anti-dilutive for 31 December 2022 and were not included in the diluted earnings per share. h. DIVIDENDS During the year ended 31 December 2023, the Company paid an interim 2023 dividend of $0.40 per share ($99.0 million) to shareholders on record at 1 September 2023, and paid a final 2022 dividend of $0.41 per share ($101.4 million) for shareholders on record at 24 February 2023. The total amount paid of $200.4 million is included in cash flows from financing activities. During the year ended 31 December 2022, the Company paid an interim 2022 dividend of $0.40 per share ($97.3 million) to shareholders on record at 2 September 2022, and paid a final 2021 dividend of $0.28 per share ($69.3 million) for shareholders on record at 11 February 2022. The total amount paid of $166.6 million is included in cash flows from financing activities.
31 December 31 December
2023 2022
Dividends declared and paid 200.4 166.6
Dividend per share 0.82 0.68
i. OTHER RESERVES A summary of reserves is presented below:
Capital Share-Based
Redemption Payment Merger
Reserve Reserve Reserve Total
At 1 January 2022
0.3
87.0
496.7
584.0
Share-based compensation
\u2014
15.4
\u2014
15.4
Shares issued on exercise of options, warrants and PSUs
\u2014
(7.0)
\u2014
(7.0)
At 31 December 2022
0.3
95.4
496.7
592.4
At 1 January 2023
0.3
95.4
496.7
592.4
Share-based compensation
\u2014
17.1
\u2014
17.1
Shares issued on exercise of options, warrants and PSUs
\u2014
(15.2)
\u2014
(15.2)
At 31 December 2023
0.3
97.3
496.7
594.3
NATURE AND PURPOSE OF OTHER RESERVES CAPITAL REDEMPTION RESERVE The capital redemption reserve represents the cumulative nominal amount of shares cancelled, following the share buyback by the Company. SHARE-BASED PAYMENT RESERVE Share-based payment reserve represents the cumulative share-based payment expense for the Company\u2019s share option schemes net of amounts transferred to retained earnings on exercise or cancellation of instruments under the Company's share option scheme. MERGER RESERVE The merger reserve contains the difference between the share capital of the Company and the net assets of Endeavour Mining Corporation (\"EMC\"), which had merged with the Endeavour Gold Corporation on 29 December 2023. As at the date when the shareholders of EMC, the previous parent of the Group, had transferred all of their shares in EMC to Endeavour Mining plc in exchange for ordinary shares of equal value in Endeavour Mining plc (the \"Reorganisation\"), and less amounts cancelled and transferred to retained earnings on cancellation of the deferred shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "7. SHARE CAPITAL
2023 2022
Number
Amount
Number
Amount
Ordinary share capital
Opening balance
246.2
2.5
248.0
2.5
Shares issued on exercise of options, warrants and PSUs
1.1
\u2014
3.1
\u2014
Purchase and cancellation of own shares
(3.0)
\u2014
(4.9)
\u2014
Settlement of convertible bond
0.9
\u2014
\u2014
\u2014
Balance as at 31 December
245.2
2.5
246.2
2.5
a. ISSUED SHARE CAPITAL AS AT 31 DECEMBER 2023 245.2 million ordinary voting shares of $0.01 par value \u2022 The Company renewed its share buyback programme for a period of one year in March 2023 whereby the Company is entitled to repurchase up to 5% of its total issued and outstanding shares as of 14 March 2023, or 12,387,688 shares. During the year ended 31 December 2023, the Company repurchased a total of 3.0 million shares at an average price of $22.21 for a total amount of $65.6 million of which $61.5 million was paid with the remainder included in trade payables (in the year ended 31 December 2022, the Company repurchased a total of 4.6 million shares at an average price of $21.42 for a total amount of $98.8 million). \u2022 On 15 February 2023 the Company at its own election, issued 835,254 in shares to settle the conversion feature of the Convertible Note. b. SHARE-BASED COMPENSATION The following table summarises the share-based compensation expense:
YEAR ENDED
31 December 31 December
2023 2022
Charges and change in fair value of DSUs
0.9
0.8
Charges and change in fair value of PSUs
27.8
32.0
Total share-based compensation 28.7
32.8
1 1. Share-based compensation includes an amount of $11.6 million related to PSUs and DSUs recognised as liabilities with the remaining portion of $17.1 million recognised directly in equity (for the year ended 31 December 2022, share based compensation included an amount of $17.4 million related to PSUs and DSUs recognised as liabilities with the remaining portion of $15.4 million recognised directly in equity). Included in the total share-based compensation for the year ended 31 December 2023 is a credit of $10.3 million in relation to the forfeiture and clawback of share awards of the previous President and Chief Executive Officer of the Company (refer to note 22). c. OPTIONS
Weighted
average
Options exercise price
outstanding
(GBP)
At 1 January 2022
1,573,110
8.78
Exercised
(838,500)
6.84
Expired
(157,590)
19.47
At 31 December 2022
577,020
8.68
Exercised
(557,280)
8.72
Expired
(19,740)
12.05
At 31 December 2023
\u2014
\u2014
Upon acquisition of Teranga, all outstanding Teranga stock options, whether previously vested or unvested, became fully vested and were exchanged for replacement options to purchase common shares of Endeavour at a ratio of 0.47 Endeavour share options for each Teranga share option at an adjusted exercise price, with an expiry date of the earlier of (i) the original expiry date of each Teranga stock option, and (ii) the second year anniversary of the closing date of the acquisition transaction. The fair values at the acquisition date were calculated using the Black-Scholes valuation model using a volatility of 42.64% - 60.05%, a dividend yield of 2.6% and a risk free rate of 0.1%. The options carry neither rights to dividends nor voting rights may be exercised at any time up to the date of their expiry. As at 31 December 2023 all options were exercised or expired.
g. BASIC AND DILUTED EARNINGS PER SHARE
Diluted net earnings per share was calculated based on the following:
YEAR ENDED
31 December 31 December
2023 2022
Basic weighted average number of shares outstanding
246,859,569
247,841,452
Effect of dilutive securities
Stock options and warrants \u2014 820,113
Diluted weighted average number of shares outstanding 246,859,569 248,661,565
Total common shares outstanding
245,229,422
246,215,903
Total potential diluted common shares
247,466,040
249,485,695
1
1. At 31 December 2023, a total of 2,923,346 PSUs (3,779,330 at 31 December 2022) could potentially dilute basic earnings per share in the future, but
were not included in diluted earnings per share as all vesting conditions have not been satisfied at the end of the reporting period. The potentially
dilutive impact of the convertible senior notes are anti-dilutive for 31 December 2022 and were not included in the diluted earnings per share.
h. DIVIDENDS
During the year ended 31 December 2023, the Company paid an interim 2023 dividend of $0.40 per share ($99.0
million) to shareholders on record at 1 September 2023, and paid a final 2022 dividend of $0.41 per share ($101.4
million) for shareholders on record at 24 February 2023. The total amount paid of $200.4 million is included in cash
flows from financing activities.
During the year ended 31 December 2022, the Company paid an interim 2022 dividend of $0.40 per share ($97.3
million) to shareholders on record at 2 September 2022, and paid a final 2021 dividend of $0.28 per share ($69.3
million) for shareholders on record at 11 February 2022. The total amount paid of $166.6 million is included in cash
flows from financing activities.
31 December 31 December
2023 2022
Dividends declared and paid 200.4 166.6
Dividend per share 0.82 0.68
i. OTHER RESERVES
A summary of reserves is presented below:
Capital Share-Based
Redemption Payment Merger
Reserve Reserve Reserve Total
At 1 January 2022
0.3
87.0
496.7
584.0
Share-based compensation
\u2014
15.4
\u2014
15.4
Shares issued on exercise of options, warrants and PSUs
\u2014
(7.0)
\u2014
(7.0)
At 31 December 2022
0.3
95.4
496.7
592.4
At 1 January 2023
0.3
95.4
496.7
592.4
Share-based compensation
\u2014
17.1
\u2014
17.1
Shares issued on exercise of options, warrants and PSUs
\u2014
(15.2)
\u2014
(15.2)
At 31 December 2023
0.3
97.3
496.7
594.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
b. SHARE-BASED COMPENSATION
The following table summarises the share-based compensation expense:
YEAR ENDED
31 December 31 December
2023 2022
Charges and change in fair value of DSUs
0.9
0.8
Charges and change in fair value of PSUs
27.8
32.0
Total share-based compensation 28.7
32.8
1
1. Share-based compensation includes an amount of $11.6 million related to PSUs and DSUs recognised as liabilities with the remaining portion of $17.1
million recognised directly in equity (for the year ended 31 December 2022, share based compensation included an amount of $17.4 million related to
PSUs and DSUs recognised as liabilities with the remaining portion of $15.4 million recognised directly in equity).
Included in the total share-based compensation for the year ended 31 December 2023 is a credit of $10.3 million in relation to the forfeiture and
clawback of share awards of the previous President and Chief Executive Officer of the Company (refer to note 22).
c. OPTIONS
Weighted
average
Options exercise price
outstanding
(GBP)
At 1 January 2022
1,573,110
8.78
Exercised
(838,500)
6.84
Expired
(157,590)
19.47
At 31 December 2022
577,020
8.68
Exercised
(557,280)
8.72
Expired
(19,740)
12.05
At 31 December 2023
\u2014
\u2014
Upon acquisition of Teranga, all outstanding Teranga stock options, whether previously vested or unvested, became fully
vested and were exchanged for replacement options to purchase common shares of Endeavour at a ratio of 0.47
Endeavour share options for each Teranga share option at an adjusted exercise price, with an expiry date of the earlier of
(i) the original expiry date of each Teranga stock option, and (ii) the second year anniversary of the closing date of the
acquisition transaction. The fair values at the acquisition date were calculated using the Black-Scholes valuation model
using a volatility of 42.64% - 60.05%, a dividend yield of 2.6% and a risk free rate of 0.1%. The options carry neither
rights to dividends nor voting rights may be exercised at any time up to the date of their expiry. As at 31 December 2023
all options were exercised or expired.
d. SHARE UNIT PLANS A summary of the changes in share unit plans is presented below:
DSUs Outstanding
PSUs Outstanding
2023
2022
2023
2022
At 1 January
131,694
170,712
3,779,330
3,648,777
Granted
27,999
31,279
1,673,241
1,485,153
Exercised
(79,657)
(74,947)
(1,301,647)
(533,950)
Forfeited
\u2014
\u2014
(1,375,357)
(1,058,641)
Reinvested
3,867
4,650
147,779
123,386
Added by performance factor
\u2014
\u2014
\u2014
114,605
At 31 December
83,903
131,694
2,923,346
3,779,330
e. DEFERRED SHARE UNITS The Group established a deferred share unit plan (\u201cDSU\u201d) for the purposes of strengthening the alignment of interests between Non-Executive Directors of the Company and shareholders by linking a portion of the annual Director compensation to the future value of the Company\u2019s common shares. Upon establishing the DSU plan for Non-Executive Directors, the Company no longer grants options to Non-Executive Directors. The DSU plan allows each Non-Executive Director to choose to receive, in the form of DSUs, all or a percentage of their Director\u2019s fees, which would otherwise be payable in cash. Compensation for serving on committees must be paid in the form of DSUs. The plan also provides for discretionary grants of additional DSUs by the Board. Each DSU vests upon award but is distributed only when the Director has ceased to be a member of the Board. Vested units are settled in cash based on the common share price at the date of settlement. The fair value of the DSUs is determined based on multiplying the five-day volume weighted average share price of the Company by the number of DSUs at the end of the reporting period and is included in other financial liabilities (note 17). f. PERFORMANCE SHARE UNITS The Group's long-term incentive plan (\u201cLTI Plan\u201d) includes a portion of performance-linked share unit awards (\u201cPSUs\u201d), intended to increase the pay mix in favour of long-term equity-based compensation with a three-year cliff-vesting period serving as an employee retention mechanism. The fair value of the PSUs is determined based on Total Shareholder Return (\u201cTSR\u201d) relative to peer companies for 50% of the value of the PSUs, while the remaining 50% of the value of the PSUs granted is based on achieving certain operational performance measures. The vesting conditions related to the achievement of operational performance measures noted above are determined at the grant date and the number of units that are expected to vest is reassessed at each subsequent reporting period based on the estimated probability of reaching the operational targets. The key operational targets are determined annually and include: \u2022 For 2023 PSU grants: 2025 targets relate to project development (12.5%), exploration targets (12.5%), net debt (10%), carbon emissions targets (7.5%) and ISO 14001 / ISO 45000 verification targets (7.5%). \u2022 For 2022 PSU grants: 2024 targets relate to project development (12.5%), renewable energy (7.5%), implementation of tailings storage facilities (7.5%), net debt (10%) and exploration targets (12.5%). \u2022 For 2021 PSU grants: 2023 targets relate to gold production (25%), capital project (12.5%), and carbon reduction and renewable energy (12.5%). The fair value related to the TSR portion is determined using a multi-asset Monte Carlo simulation model using a dividend yield of 2.5% (2022 \u2013 2.5%), as well as historical TSR levels and historical volatility of the constituents of the S&P TSX Global Gold Index (2022 \u2013 same). The expected volatility was determined taking into account historical volatility, as there was no available market data on implied volatility for PSUs with the same maturity. The historical volatility was measured over a three-year period, consistent with the PSUs maturity, from the commencement of the performance period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "g. BASIC AND DILUTED EARNINGS PER SHARE Diluted net earnings per share was calculated based on the following:
YEAR ENDED
31 December 31 December
2023 2022
Basic weighted average number of shares outstanding
246,859,569
247,841,452
Effect of dilutive securities
Stock options and warrants \u2014 820,113
Diluted weighted average number of shares outstanding 246,859,569 248,661,565
Total common shares outstanding
245,229,422
246,215,903
Total potential diluted common shares
247,466,040
249,485,695
1 1. At 31 December 2023, a total of 2,923,346 PSUs (3,779,330 at 31 December 2022) could potentially dilute basic earnings per share in the future, but were not included in diluted earnings per share as all vesting conditions have not been satisfied at the end of the reporting period. The potentially dilutive impact of the convertible senior notes are anti-dilutive for 31 December 2022 and were not included in the diluted earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "h. DIVIDENDS During the year ended 31 December 2023, the Company paid an interim 2023 dividend of $0.40 per share ($99.0 million) to shareholders on record at 1 September 2023, and paid a final 2022 dividend of $0.41 per share ($101.4 million) for shareholders on record at 24 February 2023. The total amount paid of $200.4 million is included in cash flows from financing activities. During the year ended 31 December 2022, the Company paid an interim 2022 dividend of $0.40 per share ($97.3 million) to shareholders on record at 2 September 2022, and paid a final 2021 dividend of $0.28 per share ($69.3 million) for shareholders on record at 11 February 2022. The total amount paid of $166.6 million is included in cash flows from financing activities.
31 December 31 December
2023 2022
Dividends declared and paid 200.4 166.6
Dividend per share 0.82 0.68
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "0.82", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-434": { "value": "0.68", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-422": { "value": "i. OTHER RESERVES A summary of reserves is presented below:
Capital Share-Based
Redemption Payment Merger
Reserve Reserve Reserve Total
At 1 January 2022
0.3
87.0
496.7
584.0
Share-based compensation
\u2014
15.4
\u2014
15.4
Shares issued on exercise of options, warrants and PSUs
\u2014
(7.0)
\u2014
(7.0)
At 31 December 2022
0.3
95.4
496.7
592.4
At 1 January 2023
0.3
95.4
496.7
592.4
Share-based compensation
\u2014
17.1
\u2014
17.1
Shares issued on exercise of options, warrants and PSUs
\u2014
(15.2)
\u2014
(15.2)
At 31 December 2023
0.3
97.3
496.7
594.3
NATURE AND PURPOSE OF OTHER RESERVES CAPITAL REDEMPTION RESERVE The capital redemption reserve represents the cumulative nominal amount of shares cancelled, following the share buyback by the Company. SHARE-BASED PAYMENT RESERVE Share-based payment reserve represents the cumulative share-based payment expense for the Company\u2019s share option schemes net of amounts transferred to retained earnings on exercise or cancellation of instruments under the Company's share option scheme. MERGER RESERVE The merger reserve contains the difference between the share capital of the Company and the net assets of Endeavour Mining Corporation (\"EMC\"), which had merged with the Endeavour Gold Corporation on 29 December 2023. As at the date when the shareholders of EMC, the previous parent of the Group, had transferred all of their shares in EMC to Endeavour Mining plc in exchange for ordinary shares of equal value in Endeavour Mining plc (the \"Reorganisation\"), and less amounts cancelled and transferred to retained earnings on cancellation of the deferred shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "
8. FINANCIAL INSTRUMENTS AND RELATED RISKS
a. FINANCIAL ASSETS AND LIABILITIES
The Group\u2019s financial instruments are classified as follows:
Financial
instruments at
Financial fair value
assets/ through profit
liabilities at and loss
amortised cost ('FVTPL')
Cash and cash equivalents
X
Trade and other receivables
X
Restricted cash
X
Marketable securities
X
Consideration receivable
X
Other financial assets
X
Trade and other payables
X
Other financial liabilities
X
X
Call-rights
X
Contingent consideration
X
Senior Notes
X
Embedded derivative on Senior Notes
X
Revolving credit facilities
X
Lafigu\u00e9 Term Loan
X
Derivative financial assets and liabilities
X
Convertible Notes
X
Conversion option on Convertible Notes
X
The fair value of these financial instruments approximates their carrying value, unless otherwise noted below, except for
the Senior Notes which have a fair value of approximately $463.9 million (31 December 2022 \u2013 $426.8 million) based on
unadjusted quoted prices.
As noted above, the Group has certain financial assets and liabilities that are held at fair value. The fair value hierarchy
establishes three levels to classify the inputs to valuation techniques to measure fair value:
Classification of financial assets and liabilities
Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices); and
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
As at each of 31 December 2023 and 31 December 2022, the levels in the fair value hierarchy into which the Group\u2019s
financial assets and liabilities measured and recognised in the consolidated statement of financial position at fair value
are categorised as follows:
AS AT 31 DECEMBER 2023
Level 1 Level 2 Level 3 Aggregate
Note Input Input Input Fair Value
Assets:
Cash and cash equivalents
517.2
\u2014
\u2014
517.2
Restricted cash
14
41.1
\u2014
\u2014
41.1
Marketable securities
14
42.6
\u2014
\u2014
42.6
Derivative financial assets
14
\u2014
0.9
\u2014
0.9
Other financial assets
14
\u2014
47.9
56.6
104.5
Total
600.9
48.8
56.6
706.3
Liabilities:
Derivative financial instruments
17
\u2014
(24.7)
\u2014
(24.7)
Other financial liabilities
17
\u2014
(3.9)
\u2014
(3.9)
Total
\u2014
(28.6)
\u2014
(28.6)
AS AT 31 DECEMBER 2022
Level 1 Level 2 Level 3 Aggregate
Note Input Input Input Fair Value
Assets:
Cash and cash equivalents
951.1
\u2014
\u2014
951.1
Restricted cash
14
39.5
\u2014
\u2014
39.5
Marketable securities
14
5.4
\u2014
\u2014
5.4
Derivative financial assets
14
\u2014
6.9
\u2014
6.9
Other financial assets
14
\u2014
40.7
11.5
52.2
Total
996.0
47.6
11.5
1,055.1
Liabilities:
Call-rights
17
\u2014
(19.5)
\u2014
(19.5)
Contingent consideration
17
\u2014
(49.4)
\u2014
(49.4)
Conversion option on Convertible Notes
9
\u2014
(4.3)
\u2014
(4.3)
Derivative financial instruments
17
\u2014
(5.2)
\u2014
(5.2)
Other financial liabilities
17
\u2014
(20.0)
\u2014
(20.0)
Total
\u2014
(98.4)
\u2014
(98.4)
As disclosed in note 14, Allied's shares were listed on the Toronto Stock Exchange which resulted in a transfer from Level
2 to Level 1. No other transfers occurred between Level 1 and 2 in the period. The fair value of level 3 financial assets
were determined using Monte Carlo or discounted cash flow valuation models, taking into account assumptions with
respect to gold prices and discount rates as well as estimates with respect to production and operating results at the
disposed mine.
b. LOSS ON FINANCIAL INSTRUMENTS
YEAR ENDED
31 December 31 December
Note 2023 2022
Unrealised gain /(loss) on conversion of other financial asset 6.6 (2.7)
Fair value (loss)/gain on conversion option on Convertible Notes
9(e)
(14.9) 30.3
Unrealised fair value loss on NSRs and deferred consideration
14
(24.1) \u2014
Loss on change in fair value of warrant liabilities \u2014 (3.3)
Loss on early redemption feature on Senior Notes
9(b)
\u2014 (4.6)
Loss on change in fair value of call rights
17(b)
(9.0) (0.3)
Loss on change in fair value of contingent consideration
17(c)
(0.6) (1.2)
Realised gain on sale of financial assets
14
\u2014 4.5
Gain on other financial instruments 0.5 \u2014
Loss on foreign exchange (13.3) (42.5)
Loss on revenue protection programme
8(d)
(42.5) (4.0)
(Loss)/gain on foreign currency contracts
8(d)
(0.2) 4.7
Unrealised loss on marketable securities
14
(20.5) \u2014
Total loss on financial instruments
(118.0)
(19.1)
c. FINANCIAL INSTRUMENT RISK EXPOSURE
The Group\u2019s activities expose it to a variety of risks that may include credit risk, liquidity risk, currency risk, commodity
price, interest rate risk and other price risks, including equity price risk. The Group examines the various financial
instrument risks to which it is exposed and assesses any impact and likelihood of those risks.
CREDIT RISK
Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Group by failing to
discharge its obligations. Credit risk arises from cash and cash equivalents, restricted cash, trade and other receivables,
long-term receivable and other assets.
The Group's exposure to credit risk arising from cash and cash equivalents is limited by depositing most of the funds with
banks and financial institutions that have favourable credit ratings assigned by independent rating agencies, considering
the regional circumstances. As at 31 December 2023, 75% (31 December 2022: 78%) of the Group's cash and cash
equivalents were held at two financial institutions with an industry equivalent credit rating of \"A\".
The Group monitors the amounts outstanding from all its third parties regularly and has considered an appropriate level of
credit risk associated with these receivables taking into account the nature of the amounts outstanding, the timing of
payments and the ongoing engagement with those debtors.
The Group closely monitors its financial assets (excluding cash and cash equivalents) and does have a significant
concentration of credit risk associated with the Lilium Mining Group, following the divestiture of Wahgnion and Boungou
operating assets. At 31 December 2023, the Group's total exposure to Lilium Mining Group is $244.7 million comprising
the gross amount of $147.5 million in trade and other receivables, $49.3 million in NSRs and deferred consideration of
$47.9 million - refer to note 14. At 31 December 2023, the Group recognised an expected credit loss provision of $22.8
million on the trade and other receivables representing the Group's best estimate of probable default and potential
exposure and the NSRs and deferred consideration being measured at fair value. The Group also has an overdue
receivable of $5.0 million and NSR of $6.6 million from N\u00e9r\u00e9, which acquired the Karma mine in March 2022. As and
when NSR are invoiced, amounts due are transferred to trade and other receivables.
The Group mainly sells its gold to large international organisations with strong credit ratings and local governments, and
there is no history of customer defaults. As a result, the credit risk associated with gold trade receivables at 31
December 2023 is considered to be negligible. The Group does not rely on ratings issued by credit rating agencies in
evaluating counterparties\u2019 related credit risk.
The Group\u2019s maximum exposure to credit risk is as follows:
Note 31 December 31 December
2023 2022
Cash and cash equivalents 517.2 951.1
Trade and other receivables, excluding VAT receivables
10
 167.4 35.7
Boungou loan advance
14
 3.8 \u2014
Other financial assets
14
 0.7 40.7
Derivative financial assets
14
 0.9 6.9
Marketable securities
14
 42.6 5.4
Net smelter royalties
14
 55.9 6.5
Deferred consideration
14
 47.9 \u2014
Restricted cash
14
 41.1 39.5
Total
877.5
 1,085.8
LIQUIDITY RISK
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial
liabilities that are settled by delivering cash, physical gold or another financial asset. The Group has a planning and
budgeting process in place to help determine the funds required to support the Group\u2019s normal operating requirements.
The Group ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its short term
obligations. For details of undrawn loan facilities refer to note 9.
The following table summarises the Group\u2019s liabilities, including interest, that have contractual maturities as at 31
December 2023:
Within 1 year
1 to 2 years
2 to 4 years
Over 4 years
Total
Trade and other payables
406.9
\u2014
\u2014
\u2014
 406.9
Lafigu\u00e9 term loan
15.6
35.1
63.7
21.6
 136.0
Revolving credit facility
38.4
497.2
\u2014
\u2014
 535.6
Senior notes
25.0
25.0
525.0
\u2014
 575.0
Lease liabilities
15.7
10.0
17.8
3.8
 47.3
Total
501.6
567.3
606.5
25.4
1,700.8
1
1 The interest on the corporate loan facility has been included in this table based on the current balance, however, the RCF can be drawn down further
or repaid, which would impact the interest payments in the periods above.
The following table summarises the Group\u2019s liabilities, including interest, that have contractual maturities as at 31
December 2022:
Within 1
year
1 to 2 years
2 to 4 years
Over 4 years
Total
Trade and other payables
354.6
\u2014
\u2014
\u2014
 354.6
Convertible senior notes
335.0
\u2014
\u2014
\u2014
 335.0
Senior notes
25.0
25.0
550.0
\u2014
 600.0
Lease liabilities
19.9
18.6
9.8
3.7
 52.0
Total
734.5
43.6
559.8
3.7
1,341.6
d. MARKET RISKS
CURRENCY RISK
Currency risk relates to the risk that the fair values or future cash flows of the Group\u2019s financial instruments will fluctuate
because of changes in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Group incurs in
its operations.
During the year ended 31 December 2023, the Group entered into foreign currency contracts (\"foreign currency
contracts\") to protect a portion of the forecasted capital expenditures at the Lafigu\u00e9 and BIOX\u00ae projects (note 25) against
foreign currency fluctuations. The foreign currency contracts represent forecast expenditures of Euro 15.1 million (31
December 2022: Euro 148.4 million) at a blended rate of 1USD:0.96EUR (31 December 2022: 1USD:0.98EUR), and AUD
4.9 million (31 December 2022: AUD 58.9 million) at a blended rate of 1USD:1.46AUD (31 December 2022:
1USD:1.48AUD). The foreign currency contracts were not designated as a hedge by the Group and are recorded at its fair
value at the end of each reporting period.
As at 31 December 2023, the foreign currency contracts had a fair value of $0.8 million (31 December 2022: $5.1
million) of which all (31 December 2022: $4.4 million) was recognised as a current financial asset (note 14). The Group
recognised an unrealised loss of $4.2 million (31 December 2022: unrealised gain of $5.1 million) due to the change in
fair value of the foreign currency contracts, and a realised gain of $4.0 million (31 December 2022: realised loss of $4.2
million) upon settlement of foreign currency contracts during the year. The Company has not hedged any of its other
exposure to foreign currency risks.
The table below highlights the cash and cash equivalents of the Group held in foreign currencies, presented in US dollars:
31 December 31 December
2023 2022
Canadian dollar 0.4 (14.2)
CFA Francs 495.7 920.9
Euro 0.9 (28.0)
Other currencies 0.9 (5.7)
Total
497.9
 873.0
The effect on earnings before taxes as at 31 December 2023, of a 10% appreciation or depreciation in the foreign
currencies against the US dollar on the above mentioned financial and non-financial assets and liabilities of the Group is
estimated to be $49.8 million (31 December 2022, $87.3 million), if all other variables remained constant. The
calculation is based on the Group\u2019s statement of financial position as at 31 December 2023.
COMMODITY PRICE RISK
Commodity price risk relates to the risk that the fair values of the Group\u2019s financial instruments will fluctuate because of
changes in commodity prices. Commodity price fluctuations may affect the revenue that the Group generates in its
operations as well as the costs incurred at its operations for royalties based on the gold price. There has been no
significant change in the Group\u2019s objectives and policies for managing this risk during the period ended 31 December
2023 and the Group has a gold revenue protection programme in place to protect against commodity price variability in
periods of significant capital investment, as discussed below.
Revenue protection programme
31 December 2023
31 December 2022
Forward Forward
Gold Collar
Contracts
Total
Gold Collar
Contracts
Total
Unrealised loss
(21.1)
(0.1)
(21.2)
(14.3)
(9.5)
(23.8)
Realised (loss)/gain
\u2014
(21.3)
(21.3)
3.8
16.0
19.8
Total
(21.1)
(21.4)
(42.5)
(10.5)
6.5
(4.0)
Gold Collars
In the year ended 31 December 2021, the Group implemented a deferred premium collar strategy (\"Collar\") using written
call options and bought put options with a floor price of $1,750 and a ceiling price of $2,100 per ounce. The Collar
covered a total of 600,008 ounces which were settled equally on a quarterly basis in 2022 and 2023. The programme
represented an estimated 20% of Endeavour's total expected gold production for the period of the Collar and the Group
paid a premium of $10.0 million upon entering into the Collar. The collar was fully settled as at 31 December 2023.
In the year ended 31 December 2023, the Group extended its Collar strategy embedded in the revenue protection
programme by acquiring additional collars in Q1 and Q4. In January 2023, the Group acquired a gold collar for 450,000
ounces with the written call options and bought put options having a floor price of $1,800 and a ceiling price of $2,400
per ounce respectively to be settled equally on a quarterly basis in 2024. In November 2023, the Group acquired a gold
collar for 200,000 ounces with the written call options and bought put options having an average floor price of $1,992
per ounce and a ceiling price of $2,400 per ounce respectively to be settled equally on a quarterly basis in 2025.
None of the Collars were designated as a hedge by the Group and is recorded at its fair value at the end of each reporting
period.
As at 31 December 2023, the Collars had a fair value liability of $19.3 million (31 December 2022 - $1.8 million asset)
which is included in derivative financial liabilities (note 17) and $10.8 million is classified as current (31 December 2022
- $1.8 million current asset). The Group recognised an unrealised loss of $21.1 million due to a change in fair value of
the collar for the year ended 31 December 2023 (31 December 2022 - $14.3 million loss) and no realised gain or loss
was recognised in the year ended 31 December 2023 (31 December 2022 - $3.8 million gain).
Forw
ard contracts
During the year ended 31 December 2021, the Group entered into forward contracts for 120,000 ounces at an average
gold price of $1,860 per ounce which were settled quarterly during the year ended 31 December 2022.
During the year ended 31 December 2022, the Group entered into additional forward contracts for 398,627 ounces of
production in 2022 and 120,000 ounces of production in 2023 at average gold prices of $1,826 per ounce and $1,829
per ounce, respectively. At inception, the 2022 additional forward sales were weighted towards the first quarter, with
forward sales contracts for approximately 200,000 ounces at an average price of $1,817 per ounce, and the remaining
approximately 200,000 ounces, at an average gold price of $1,827 per ounce, being equally weighted through the rest of
2022. The settlement of the 2023 forward sales are equally weighted through the year. During the period ended 31
March 2022, the Group restructured 165,000 ounces of the forward contracts and these, together with an additional
4,924 ounces, were subsequently settled in the second quarter of 2022 for no realised gain or loss.
During the year ended 31 December 2023, the Group entered into additional gold forward contracts for 70,000 ounces at
an average gold price of $2,032 per ounce to be settled equally in the first two quarters of 2024. None of the Forwards
were designated as a hedge by the Group and is recorded at its fair value at the end of each reporting period.
In the year ended 31 December 2023, forward contracts for 120,000 ounces were settled at a realised loss of $21.3
million (during the year ended 31 December 2022, forward contracts for 518,627 ounces were settled for a realised gain
of $16.0 million).
At 31 December 2023, the forward contracts consisted of 70,000 ounces outstanding at an average gold price of $2,032
per ounce and were classified as a derivative financial liability (note 17) and had a fair value of $5.4 million, which is
classified as current (31 December 2022 - $5.2 million derivative financial liability). The Company recognised an
unrealised loss of $0.1 million in the year ended 31 December 2023 (31 December 2022 - $9.5 million loss).
INTEREST RATE RISK
Interest rate risk is the risk that future cash flows from, or the fair values of, the Group\u2019s financial instruments will
fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk primarily on its long-term
debt and in particular the revolving credit facility. Since marketable securities and government treasury securities held as
loans are short term in nature and are usually held to maturity, there is minimal fair value sensitivity to changes in
interest rates. The Group continually monitors its exposure to interest rates and is comfortable with its exposure given the
relatively low short-term US interest rates and Secured Overnight Financing Rate (\"SOFR\").
OTHER MARKET PRICE RISKS
The Group holds marketable securities in other companies as part of its wider capital risk management policy. At 31
December 2023, $37.3 million of the marketable securities related to the Group's shareholding in Allied (refer to note
14), the remaining balance relate to number of other strategic capital investment that complement the Group's strategy.
9. LONG-TERM DEBT
31 December 31 December
2023 2022
Senior Notes (a) 497.6 495.0
Revolving credit facilities (b) 465.0 \u2014
Lafigu\u00e9 local financing (e)
111.3
\u2014
Interest accrual 1.5 \u2014
Deferred financing costs
(7.0)
(6.9)
Convertible Notes (c) \u2014 332.3
Conversion option (d) \u2014 4.3
Total debt
1,068.4
824.7
Less: Long-term debt (1,059.9) (488.1)
Current portion of long-term debt 8.5
336.6
1
1. The current portion of long-term debt at 31 December 2023 is comprised of revolving credit facilities interest accrual of $1.5 million and amounts due
on the Lafigu\u00e9 term loan within the next twelve months of $6.9 million (at 31 December 2022 comprised the convertible notes and conversion option).
The Group incurred the following finance costs in the period:
YEAR ENDED
31 December 31 December
2023 2022
Interest expense 67.4 51.1
Interest income (6.0) (1.4)
Accretion expense 3.4 1.7
Amortisation of deferred facility fees 2.9 2.0
Commitment, structuring and other fees 5.4 7.7
Less: Capitalised borrowing costs (1.9) \u2014
Total finance costs, net
71.2
61.1
1
1. Interest income as of 31 December 2022 of $1.4 million was separated from \"Interest expense\".
a. SENIOR NOTES
On 14 October 2021, the Company completed an offering of $500.0 million fixed rate senior notes (the \"Senior Notes\")
due in 2026. The Senior Notes are listed on the Global Exchange Market (\"GEM\") which is the exchange-regulated market
of The Irish Stock Exchange plc trading as Euronext Dublin and to trading on the GEM of Euronext Dublin.
The Senior Notes bear interest at a coupon rate of 5% per annum payable semi-annually in arrears on 14 April and 14
October each year. The Senior Notes mature on 14 October 2026, unless redeemed earlier or repurchased in accordance
with the terms of the Senior Notes.
The key terms of the Senior Notes include:
\u2022 Principal amount of $500.0 million.
\u2022 Coupon rate of 5% payable on a semi-annual basis.
\u2022 The term of the Senior Notes is five years, maturing in October 2026.
\u2022 The Senior Notes are reimbursable through the payment of cash.
For accounting purposes, the Company measures the Senior Notes at amortised cost, accreting to maturity over the term
of the Senior Notes. The early redemption feature on the Senior Notes is an embedded derivative and is accounted for as
a financial instrument measured at fair value through profit or loss, with changes in fair value at each subsequent
reporting period being recognised in earnings (note 8). The early redemption feature on the Senior Notes includes an
optional redemption from October 2023 through to maturity at a redemption price ranging from 102.5% to 100% of the
principal. Prior to October 2023, the Company may redeem up to 40% of the Senior Notes from proceeds of an equity
offering at a redemption price of 105% of the principal plus any accrued and unpaid interest. The fair value of the
prepayment feature has been calculated using a valuation model taking into account the market value of the debt,
interest rate volatility, risk-free interest rates, and the credit spread. The fair value of the embedded derivative at 31
December 2023 was nil (31 December 2022 - nil million).
Covenants on the Senior Notes include certain restrictions on indebtedness, restricted payments, liens, or distributions
from certain companies in the Group. In addition, should the rating of the Senior Notes be downgraded as a result of a
change of control (defined as the sale or transfer of 50% or more of the common shares or the transfer of all or
substantially all the assets of the Group), the Group is obligated to repurchase the Senior Notes at an equivalent price of
101% of the principal amount plus the accrued interest to repurchase date, if requested to do so by any creditor.
The liability component of the Senior Notes has an effective interest rate of 5.68% (31 December 2022 - 5.68%) and was
as follows:
31 December 31 December
2023 2022
Liability component at beginning of the year 495.0 492.7
Interest expense in the year 27.6 27.3
Less: interest payments in the year (25.0) (25.0)
Total
497.6
495.0
b. REVOLVING CREDIT FACILITIES
Concurrent with the completion of the offering of the Senior Notes above, the Company entered into a $500.0 million
unsecured revolving credit facility agreement (the \"RCF\") with a syndicate of international banks. During the three months
ended 31 March 2022, the Company drew down $50.0 million on the RCF, which was then fully repaid in August 2022.
During the year ended 31 December 2022, the Company increased the principal amount from $500.0 million to $575.0
million. The principal amount was further increased to $645.0 million during the year ended 31 December 2023. As at 31
December 2023, $465.0 million was drawn and is outstanding at the end of the period. The amount has been classified
as non-current based on the contracted terms, and that there was no breach of covenants as of 31 December 2023;
however management expect to settle a substantial portion of the outstanding amount within 12 months from 31
December 2023.
For the year ended 31 December 2023, the Group incurred a total interest expense of $37.1 million on the RCF (including
unwinding of deferred financing costs of $2.1 million and commitment fees of $2.3 million) of which $33.4 million was
paid and the remaining amount recognised as an interest accrual.
The key terms of the RCF include:
\u2022 Principal amount of $645.0 million.
\u2022 Interest accrues on a sliding scale of between USD SOFR plus 2.40% to 3.40% based on the leverage ratio.
\u2022 Commitment fees for the undrawn portion of the RCF of 35% of the applicable margin which is based on leverage
(0.84% based on currently available margin).
\u2022 The RCF matures on 15 October 2025.
\u2022 The principal outstanding on the RCF is repayable as a single bullet payment on the maturity date.
\u2022 Banking syndicate includes Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, ING, Citibank N.A., Standard Bank of South Africa, Macquarie Bank Ltd,
Barclays Bank, HSBC and BMO.
Covenants on the RCF include:
\u2022 Interest cover ratio as measured by ratio of EBITDA to finance cost for the trailing twelve months to the end of a
quarter shall not be less than 3.0:1.0
\u2022 Leverage as measured by the ratio of net debt to trailing twelve months EBITDA at the end of each quarter must not
exceed 3.5:1.0
c. CONVERTIBLE NOTES
On 8 February 2018, the Company completed a private placement of convertible senior notes with a total principal
amount of $330.0 million due in February 2023 (the \u201cConvertible Notes\u201d). The initial conversion rate was 41.84 of the
Company\u2019s common shares (\u201cShares\u201d) per $1,000 note, or an initial conversion price of approximately $23.90
(CAD$29.47) per share.
The conversion rate of the Convertible Notes was subsequently adjusted as a result of the dividends declared and paid by
the Company, and the new conversion rate at 31 December 2022 is 44.47 of the Company's common shares per $1,000
note, and equates to a conversion price of approximately $22.49 (CAD$29.54) per share.
The Convertible Notes accrued interest at a coupon rate of 3% payable semi-annually in arrears on 15 February and 15
August of each year.
On 15 February 2023, the Company repaid the principal amount outstanding under the Convertible Notes of $330.0
million in cash and elected to issue a further 835,254 in shares to settle the conversion option of the Convertible Notes.
For accounting purposes, the Company measured the Convertible Notes at amortised cost, accreting to maturity over the
term of the Convertible Notes. The conversion option on the Convertible Notes was an embedded derivative and was
accounted for as a financial liability measured at fair value through profit or loss.
The liability component for the Convertible Notes prior to settlement had an effective interest rate of 6.2% (31 December
2022: 6.2%) and the movement for the year is as follows:
31 December 31 December
2023 2022
Liability component at beginning of the year 332.3 321.8
Interest expense in the period 2.6 20.4
Less: interest and capital payments in the period (334.9) (9.9)
Total
\u2014
332.3
d. CONVERSION OPTION
On 15 February 2023, the Company elected to issue 835,254 in shares to settle the conversion option of the Convertible
Notes.
Prior to settlement, the conversion option related to the Convertible Notes was recorded at fair value, using a convertible
bond valuation model, taking account of the observed market price of the Convertible Notes. The following assumptions
were used in the determination of fair value of the conversion option and fixed income component of the Convertible
Notes as at 31 December 2022, which was then calibrated to the total fair value of the Convertible Notes: volatility of
20%, term of the conversion option 0.13 years, a dividend yield of 2.5%, credit spread of 3.44%, and a share price of
CAD$28.98.
During the nine months ended 31 December 2023, a loss of $14.9 million was recognised due to fair value adjustments
on the convertible note option (for the year ended 31 December 2022 \u2013 unrealised gain of $30.3 million).
31 December 31 December
2023 2022
Conversion option at beginning of the year 4.3 34.6
Fair value adjustment 14.9 (30.3)
Settlement of conversion option (19.2) \u2014
Conversion option at end of the period
\u2014
4.3
e. LAFIGU\u00c9 LOCAL FINANCING
On 28 July 2023, the Company entered into a $167.1 million (CFA 100,500 million) syndicated term loan (\"term loan\")
with local banking partners within the West African Economic Zone (\"UEMOA\"). During the five months ended 31
December 2023, the Company drew down $107.2 million specifically to support the ongoing development of the Lafigu\u00e9
project. At 31 December 2023, $7.0 million was classified as current based on the contracted terms. The term loan
bears interest at a fixed rate of 7.0% per annum, payable quarterly, while the principal will amortise in sixteen equal
payments commencing 28 October 2024. There are no additional covenants associated with the term loan. The local
entity, Soci\u00e9t\u00e9 des Mines de Lafigu\u00e9, is the borrower on the facility, which is guaranteed by Endeavour Mining plc.
31 December 31 December
2023 2022
Liability component at beginning of the period \u2014 \u2014
Net proceeds on borrowings 107.2 \u2014
Interest paid (0.6)
Interest expense capitalised 1.9 \u2014
Foreign exchange loss 2.8 \u2014
Total
111.3
\u2014
14. OTHER FINANCIAL ASSETS
Other financial assets are comprised of:
31 December 31 December
Note 2023 2022
Restricted cash (a)
18
41.1 39.5
Boungou loan advance (c) 3.8 \u2014
Net smelter royalties (b)
4
55.9 6.5
Deferred consideration (c)
4
47.9 \u2014
Contingent consideration (d)
4
\u2014 5.0
Derivative financial assets
8
0.9 6.9
Marketable securities (e) 42.6 5.4
Other financial assets (e) 0.7 40.7
Total other financial assets
192.9
104.0
Less: Non-current other financial assets (123.2) (87.4)
Current portion of other financial assets
69.7
16.6
1
1. Marketable securities as of 31 December 2022 of $5.4 million was reclassified from \"Prepaid Expenses and Other\".
a. RESTRICTED CASH
Restricted cash primarily includes balances held as security to cover estimated rehabilitation provisions as required by
local governments and also includes balances held in relation to ongoing tax appeals. These amounts are not available
for use for general corporate purposes.
b. NET SMELTER ROYALTIES
The balance at 31 December 2023 consists of the fair value of NSR receivable from Lilium for the sale of Boungou and
Wahgnion initially recognised for the value of $77.4 million (note 4) and the fair value of the NSR receivable from N\u00e9r\u00e9 for
the sale of the Karma mine of $10.0 million (note 4) revalued at $49.3 million and $6.6 million respectively net of
transfer to trade and other receivables.
Karma
Boungou
Wahgnion
Total
Balance as at 1 January 2022
\u2014
\u2014
\u2014
\u2014
Recognised on disposal of operation
10.0
\u2014
\u2014
10.0
Remeasurement recognised in profit or loss
(3.5)
\u2014
\u2014
(3.5)
Balance as at 31 December 2022
6.5
\u2014
\u2014
6.5
Recognised on disposal of operation
\u2014
35.2
42.2
77.4
Remeasurement recognised in profit or loss
0.1
(7.7)
(14.9)
(22.5)
Transfer to trade and other receivables
\u2014
(0.5)
(5.0)
(5.5)
Balance as at 31 December 2023
6.6
27.0
22.3
55.9
1. The fair value of the NSR receivables were determined using the following assumptions: an average long-term gold price of $1,750, life of mine
production limited to proven and probable reserves, except for Karma which is based on probability-weighted resources, (715koz for Boungou, 487koz
for Wahgnion and 453koz for Karma), cost of transport, refining and government royalties, and a discount rate of between 9% and 10%.
c. DEFERRED CONSIDERATION AND LOAN ADVANCE
The deferred consideration of $50.8 million related to the sale of Boungou to Lilium (note 4) which has been revalued to
$47.9 million (31 December 2022 - $ nil) with $15.1 million classified as current. An interest free loan of $5.8 million
was advanced to Lilium in respect of Boungou mine and is repayable in three years. The carrying amount of the loan at 31
December 2023 is $3.8 million, net of expected credit loss provision, and has been classified as non-current.
d. CONTINGENT CONSIDERATION
The contingent consideration of $5.0 million receivable from N\u00e9r\u00e9 related to the sale of the Karma mine has been
reclassified to other receivables included in note 10 following the expiry of the twelve month period.
e. OTHER FINANCIAL ASSETS
At 31 December 2022, other financial assets included $40.0 million in shares of Allied that the Company received in
consideration when it sold the Agbaou mine. The Company had an option to sell the shares back to Allied for $50.0
million as per the amended agreement, which was not exercised and the option expired on 11 September 2023 when
Allied listed publicly on the Toronto Stock Exchange. As of 31 December 2023, the shares received along with the
additional investment of $10.0 million has been reclassified to marketable securities. At the date of listing, the fair value
of the shares was $56.6 million which decreased to $37.3 million at 31 December 2023.
17. OTHER FINANCIAL LIABILITIES
31 December 31 December
Note 2023 2022
DSU liabilities
7
1.9 2.7
PSU liabilities (a)
7
2.0 13.9
Repurchased shares (a) \u2014 3.4
Derivative financial liabilities
8
24.7 5.2
Call-rights (b) \u2014 19.5
Contingent consideration (c) \u2014 49.4
Other long-term liabilities 18.7 20.2
Total other financial liabilities
47.3
114.3
Less: Non-current other financial liabilities (29.8) (25.2)
Current portion of other financial liabilities
17.5
89.1
a. PSU LIABILITIES AND REPURCHASED SHARES
EMPLOYEE BENEFIT TRUST SHARES
Prior to the Company listing on the LSE, the Group established the EBT in connection with the Group\u2019s employee share
incentive plans, which may hold the Company's own shares in trust to settle future employee share incentive obligations.
During the year ended 31 December 2021, the EBT acquired 0.6 million outstanding common shares from certain
employees of the Group which remain held in the EBT at 31 December 2023.
EGC TRACKER SHARES
Upon vesting of PSUs, certain employees convert the vested PSU awards into EGC tracker shares, whereby upon exercise,
a subsidiary of the Company is obligated to pay the employees cash for the fair value of the underlying shares of the
Company (\"EGC tracker shares\") at the date of exercise. The fair value of EGC tracker shares was nil at 31 December
2023 (31 December 2022 - $3.4 million) and is included in current other financial liabilities with changes in the fair value
of the underlying shares recognised in earnings in the period. During the year ended 31 December 2023, additional EGC
tracker shares with a value of $14.7 million were issued, an increase in the fair value of $2.6 million was recognised, a
payment of $18.4 million was made in relation to the settlement of these shares and $2.3 million in value was forfeited
of which $1.8 million was transferred to trade and Other receivables as part of executive clawback (During the year ended
31 December 2022, additional EGC tracker shares with a value of $20.8 million were issued, a decrease in the fair value
of $1.2 million was recognised, and a payment of $29.4 million was made in relation to the settlement of these shares).
EGC tracker shares
Weighted average
outstanding grant price (GBP)
At 31 December 2021
605,970
17.21
Granted
877,795
17.60
Exercised
(1,323,983)
17.41
At 31 December 2022
159,782
17.67
Granted
681,823
17.52
Exercised
(739,277)
17.64
Forfeited
(102,328)
17.52
At 31 December 2023
\u2014
\u2014
PSU LIABILITIES
PSU liabilities are recognised at fair value at 31 December 2023, with $1.3 million included in current other financial
liabilities at 31 December 2023 (31 December 2022 - $10.7 million) as they are expected to be settled in the next twelve
months. The remaining $0.7 million (31 December 2022 - $3.2 million) is classified as non-current other liabilities.
b. CALL-RIGHTS
Upon acquisition of Teranga, the Group acquired all previously issued and outstanding Teranga call-rights and were
exchanged for replacement Endeavour call-rights at a ratio of 0.47 Endeavour call-rights for each Teranga call-right at an
adjusted exercise price of C$14.90 to reflect the impact of dividends paid.
The call-rights are required to be settled in cash at the difference between Endeavour's five-day volume weighted average
trading price on the exercise date and the exercise price of C$14.90. The call-rights expire on 4 March 2024. The call-
rights were recorded as derivative financial liabilities as their value changes in line with Endeavour's share price. Changes
in the fair value of call-rights are recognised as gains/(losses) on financial instruments. On 11 April 2023, all outstanding
call-rights were settled in cash for $28.5 million. The average market price at the time of exercise was C$ 35.13.
A reconciliation of the change in fair value of the call-rights current liability is as follows:
Number of
Amount
call-rights
Balance as at 1 January 2022
1,880,000
19.2
Change in fair value
\u2014
0.3
Balance as at 31 December 2022
1,880,000
19.5
Change in fair value
\u2014
9.0
Settlement
(1,880,000)
(28.5)
Balance as at 31 December 2023
\u2014
\u2014
The fair value of the call-rights were calculated using the Black-Scholes option pricing model with the following
assumptions:
As at 31 December
2022
Valuation date share price C$ 29.11
Fair value per call-right
C$ 14.1
Exercise price
C$ 14.89
Risk-free interest rate
4.01 %
Expected share market volatility
29 %
Expected life of call-rights (years)
1.18
Dividend yield
2.5 %
Number of call-rights exercisable
1,880,000
1
1. Represents five-day volume weighted average trading price of the Company's common shares on the TSX.
c. CONTINGENT CONSIDERATION PAYABLE
As part of the acquisition of Teranga, Endeavour recognised contingent consideration related to Teranga's acquisition of
Massawa (Jersey) Limited. The contingent consideration is linked to future gold prices and was payable to Barrick Gold
Corporation in cash three years following the completion of the Massawa Acquisition by Teranga on 4 March 2020.
In the year ended 31 December 2023, the Group recognised a loss on change in fair value of $0.6 million (in the year
ended 31 December 2022 - loss of $1.2 million). In 2023, the Company settled the contingent consideration amount of
$50.0 million and included the outflow as part of cash used in financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "a. FINANCIAL ASSETS AND LIABILITIES The Group\u2019s financial instruments are classified as follows:
Financial
instruments at
Financial fair value
assets/ through profit
liabilities at and loss
amortised cost ('FVTPL')
Cash and cash equivalents
X
Trade and other receivables
X
Restricted cash
X
Marketable securities
X
Consideration receivable
X
Other financial assets
X
Trade and other payables
X
Other financial liabilities
X
X
Call-rights
X
Contingent consideration
X
Senior Notes
X
Embedded derivative on Senior Notes
X
Revolving credit facilities
X
Lafigu\u00e9 Term Loan
X
Derivative financial assets and liabilities
X
Convertible Notes
X
Conversion option on Convertible Notes
X
The fair value of these financial instruments approximates their carrying value, unless otherwise noted below, except for the Senior Notes which have a fair value of approximately $463.9 million (31 December 2022 \u2013 $426.8 million) based on unadjusted quoted prices. As noted above, the Group has certain financial assets and liabilities that are held at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques to measure fair value: Classification of financial assets and liabilities Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). As at each of 31 December 2023 and 31 December 2022, the levels in the fair value hierarchy into which the Group\u2019s financial assets and liabilities measured and recognised in the consolidated statement of financial position at fair value are categorised as follows:
AS AT 31 DECEMBER 2023
Level 1 Level 2 Level 3 Aggregate
Note Input Input Input Fair Value
Assets:
Cash and cash equivalents
517.2
\u2014
\u2014
517.2
Restricted cash
14
41.1
\u2014
\u2014
41.1
Marketable securities
14
42.6
\u2014
\u2014
42.6
Derivative financial assets
14
\u2014
0.9
\u2014
0.9
Other financial assets
14
\u2014
47.9
56.6
104.5
Total
600.9
48.8
56.6
706.3
Liabilities:
Derivative financial instruments
17
\u2014
(24.7)
\u2014
(24.7)
Other financial liabilities
17
\u2014
(3.9)
\u2014
(3.9)
Total
\u2014
(28.6)
\u2014
(28.6)
AS AT 31 DECEMBER 2022
Level 1 Level 2 Level 3 Aggregate
Note Input Input Input Fair Value
Assets:
Cash and cash equivalents
951.1
\u2014
\u2014
951.1
Restricted cash
14
39.5
\u2014
\u2014
39.5
Marketable securities
14
5.4
\u2014
\u2014
5.4
Derivative financial assets
14
\u2014
6.9
\u2014
6.9
Other financial assets
14
\u2014
40.7
11.5
52.2
Total
996.0
47.6
11.5
1,055.1
Liabilities:
Call-rights
17
\u2014
(19.5)
\u2014
(19.5)
Contingent consideration
17
\u2014
(49.4)
\u2014
(49.4)
Conversion option on Convertible Notes
9
\u2014
(4.3)
\u2014
(4.3)
Derivative financial instruments
17
\u2014
(5.2)
\u2014
(5.2)
Other financial liabilities
17
\u2014
(20.0)
\u2014
(20.0)
Total
\u2014
(98.4)
\u2014
(98.4)
As disclosed in note 14, Allied's shares were listed on the Toronto Stock Exchange which resulted in a transfer from Level 2 to Level 1. No other transfers occurred between Level 1 and 2 in the period. The fair value of level 3 financial assets were determined using Monte Carlo or discounted cash flow valuation models, taking into account assumptions with respect to gold prices and discount rates as well as estimates with respect to production and operating results at the disposed mine. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "a. FINANCIAL ASSETS AND LIABILITIES The Group\u2019s financial instruments are classified as follows:
Financial
instruments at
Financial fair value
assets/ through profit
liabilities at and loss
amortised cost ('FVTPL')
Cash and cash equivalents
X
Trade and other receivables
X
Restricted cash
X
Marketable securities
X
Consideration receivable
X
Other financial assets
X
Trade and other payables
X
Other financial liabilities
X
X
Call-rights
X
Contingent consideration
X
Senior Notes
X
Embedded derivative on Senior Notes
X
Revolving credit facilities
X
Lafigu\u00e9 Term Loan
X
Derivative financial assets and liabilities
X
Convertible Notes
X
Conversion option on Convertible Notes
X
The fair value of these financial instruments approximates their carrying value, unless otherwise noted below, except for the Senior Notes which have a fair value of approximately $463.9 million (31 December 2022 \u2013 $426.8 million) based on unadjusted quoted prices. As noted above, the Group has certain financial assets and liabilities that are held at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques to measure fair value: Classification of financial assets and liabilities Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). As at each of 31 December 2023 and 31 December 2022, the levels in the fair value hierarchy into which the Group\u2019s financial assets and liabilities measured and recognised in the consolidated statement of financial position at fair value are categorised as follows:
AS AT 31 DECEMBER 2023
Level 1 Level 2 Level 3 Aggregate
Note Input Input Input Fair Value
Assets:
Cash and cash equivalents
517.2
\u2014
\u2014
517.2
Restricted cash
14
41.1
\u2014
\u2014
41.1
Marketable securities
14
42.6
\u2014
\u2014
42.6
Derivative financial assets
14
\u2014
0.9
\u2014
0.9
Other financial assets
14
\u2014
47.9
56.6
104.5
Total
600.9
48.8
56.6
706.3
Liabilities:
Derivative financial instruments
17
\u2014
(24.7)
\u2014
(24.7)
Other financial liabilities
17
\u2014
(3.9)
\u2014
(3.9)
Total
\u2014
(28.6)
\u2014
(28.6)
AS AT 31 DECEMBER 2022
Level 1 Level 2 Level 3 Aggregate
Note Input Input Input Fair Value
Assets:
Cash and cash equivalents
951.1
\u2014
\u2014
951.1
Restricted cash
14
39.5
\u2014
\u2014
39.5
Marketable securities
14
5.4
\u2014
\u2014
5.4
Derivative financial assets
14
\u2014
6.9
\u2014
6.9
Other financial assets
14
\u2014
40.7
11.5
52.2
Total
996.0
47.6
11.5
1,055.1
Liabilities:
Call-rights
17
\u2014
(19.5)
\u2014
(19.5)
Contingent consideration
17
\u2014
(49.4)
\u2014
(49.4)
Conversion option on Convertible Notes
9
\u2014
(4.3)
\u2014
(4.3)
Derivative financial instruments
17
\u2014
(5.2)
\u2014
(5.2)
Other financial liabilities
17
\u2014
(20.0)
\u2014
(20.0)
Total
\u2014
(98.4)
\u2014
(98.4)
As disclosed in note 14, Allied's shares were listed on the Toronto Stock Exchange which resulted in a transfer from Level 2 to Level 1. No other transfers occurred between Level 1 and 2 in the period. The fair value of level 3 financial assets were determined using Monte Carlo or discounted cash flow valuation models, taking into account assumptions with respect to gold prices and discount rates as well as estimates with respect to production and operating results at the disposed mine. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "c. FINANCIAL INSTRUMENT RISK EXPOSURE The Group\u2019s activities expose it to a variety of risks that may include credit risk, liquidity risk, currency risk, commodity price, interest rate risk and other price risks, including equity price risk. The Group examines the various financial instrument risks to which it is exposed and assesses any impact and likelihood of those risks. CREDIT RISK Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Group by failing to discharge its obligations. Credit risk arises from cash and cash equivalents, restricted cash, trade and other receivables, long-term receivable and other assets. The Group's exposure to credit risk arising from cash and cash equivalents is limited by depositing most of the funds with banks and financial institutions that have favourable credit ratings assigned by independent rating agencies, considering the regional circumstances. As at 31 December 2023, 75% (31 December 2022: 78%) of the Group's cash and cash equivalents were held at two financial institutions with an industry equivalent credit rating of \"A\". The Group monitors the amounts outstanding from all its third parties regularly and has considered an appropriate level of credit risk associated with these receivables taking into account the nature of the amounts outstanding, the timing of payments and the ongoing engagement with those debtors. The Group closely monitors its financial assets (excluding cash and cash equivalents) and does have a significant concentration of credit risk associated with the Lilium Mining Group, following the divestiture of Wahgnion and Boungou operating assets. At 31 December 2023, the Group's total exposure to Lilium Mining Group is $244.7 million comprising the gross amount of $147.5 million in trade and other receivables, $49.3 million in NSRs and deferred consideration of $47.9 million - refer to note 14. At 31 December 2023, the Group recognised an expected credit loss provision of $22.8 million on the trade and other receivables representing the Group's best estimate of probable default and potential exposure and the NSRs and deferred consideration being measured at fair value. The Group also has an overdue receivable of $5.0 million and NSR of $6.6 million from N\u00e9r\u00e9, which acquired the Karma mine in March 2022. As and when NSR are invoiced, amounts due are transferred to trade and other receivables. The Group mainly sells its gold to large international organisations with strong credit ratings and local governments, and there is no history of customer defaults. As a result, the credit risk associated with gold trade receivables at 31 December 2023 is considered to be negligible. The Group does not rely on ratings issued by credit rating agencies in evaluating counterparties\u2019 related credit risk. The Group\u2019s maximum exposure to credit risk is as follows:
Note 31 December 31 December
2023 2022
Cash and cash equivalents 517.2 951.1
Trade and other receivables, excluding VAT receivables
10
 167.4 35.7
Boungou loan advance
14
 3.8 \u2014
Other financial assets
14
 0.7 40.7
Derivative financial assets
14
 0.9 6.9
Marketable securities
14
 42.6 5.4
Net smelter royalties
14
 55.9 6.5
Deferred consideration
14
 47.9 \u2014
Restricted cash
14
 41.1 39.5
Total
877.5
 1,085.8
LIQUIDITY RISK Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash, physical gold or another financial asset. The Group has a planning and budgeting process in place to help determine the funds required to support the Group\u2019s normal operating requirements. The Group ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its short term obligations. For details of undrawn loan facilities refer to note 9. The following table summarises the Group\u2019s liabilities, including interest, that have contractual maturities as at 31 December 2023:
Within 1 year
1 to 2 years
2 to 4 years
Over 4 years
Total
Trade and other payables
406.9
\u2014
\u2014
\u2014
 406.9
Lafigu\u00e9 term loan
15.6
35.1
63.7
21.6
 136.0
Revolving credit facility
38.4
497.2
\u2014
\u2014
 535.6
Senior notes
25.0
25.0
525.0
\u2014
 575.0
Lease liabilities
15.7
10.0
17.8
3.8
 47.3
Total
501.6
567.3
606.5
25.4
1,700.8
1 1 The interest on the corporate loan facility has been included in this table based on the current balance, however, the RCF can be drawn down further or repaid, which would impact the interest payments in the periods above. The following table summarises the Group\u2019s liabilities, including interest, that have contractual maturities as at 31 December 2022:
Within 1
year
1 to 2 years
2 to 4 years
Over 4 years
Total
Trade and other payables
354.6
\u2014
\u2014
\u2014
 354.6
Convertible senior notes
335.0
\u2014
\u2014
\u2014
 335.0
Senior notes
25.0
25.0
550.0
\u2014
 600.0
Lease liabilities
19.9
18.6
9.8
3.7
 52.0
Total
734.5
43.6
559.8
3.7
1,341.6
d. MARKET RISKS CURRENCY RISK Currency risk relates to the risk that the fair values or future cash flows of the Group\u2019s financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Group incurs in its operations. During the year ended 31 December 2023, the Group entered into foreign currency contracts (\"foreign currency contracts\") to protect a portion of the forecasted capital expenditures at the Lafigu\u00e9 and BIOX\u00ae projects (note 25) against foreign currency fluctuations. The foreign currency contracts represent forecast expenditures of Euro 15.1 million (31 December 2022: Euro 148.4 million) at a blended rate of 1USD:0.96EUR (31 December 2022: 1USD:0.98EUR), and AUD 4.9 million (31 December 2022: AUD 58.9 million) at a blended rate of 1USD:1.46AUD (31 December 2022: 1USD:1.48AUD). The foreign currency contracts were not designated as a hedge by the Group and are recorded at its fair value at the end of each reporting period. As at 31 December 2023, the foreign currency contracts had a fair value of $0.8 million (31 December 2022: $5.1 million) of which all (31 December 2022: $4.4 million) was recognised as a current financial asset (note 14). The Group recognised an unrealised loss of $4.2 million (31 December 2022: unrealised gain of $5.1 million) due to the change in fair value of the foreign currency contracts, and a realised gain of $4.0 million (31 December 2022: realised loss of $4.2 million) upon settlement of foreign currency contracts during the year. The Company has not hedged any of its other exposure to foreign currency risks. The table below highlights the cash and cash equivalents of the Group held in foreign currencies, presented in US dollars:
31 December 31 December
2023 2022
Canadian dollar 0.4 (14.2)
CFA Francs 495.7 920.9
Euro 0.9 (28.0)
Other currencies 0.9 (5.7)
Total
497.9
 873.0
The effect on earnings before taxes as at 31 December 2023, of a 10% appreciation or depreciation in the foreign currencies against the US dollar on the above mentioned financial and non-financial assets and liabilities of the Group is estimated to be $49.8 million (31 December 2022, $87.3 million), if all other variables remained constant. The calculation is based on the Group\u2019s statement of financial position as at 31 December 2023. COMMODITY PRICE RISK Commodity price risk relates to the risk that the fair values of the Group\u2019s financial instruments will fluctuate because of changes in commodity prices. Commodity price fluctuations may affect the revenue that the Group generates in its operations as well as the costs incurred at its operations for royalties based on the gold price. There has been no significant change in the Group\u2019s objectives and policies for managing this risk during the period ended 31 December 2023 and the Group has a gold revenue protection programme in place to protect against commodity price variability in periods of significant capital investment, as discussed below. Revenue protection programme
31 December 2023
31 December 2022
Forward Forward
Gold Collar
Contracts
Total
Gold Collar
Contracts
Total
Unrealised loss
(21.1)
(0.1)
(21.2)
(14.3)
(9.5)
(23.8)
Realised (loss)/gain
\u2014
(21.3)
(21.3)
3.8
16.0
19.8
Total
(21.1)
(21.4)
(42.5)
(10.5)
6.5
(4.0)
Gold Collars In the year ended 31 December 2021, the Group implemented a deferred premium collar strategy (\"Collar\") using written call options and bought put options with a floor price of $1,750 and a ceiling price of $2,100 per ounce. The Collar covered a total of 600,008 ounces which were settled equally on a quarterly basis in 2022 and 2023. The programme represented an estimated 20% of Endeavour's total expected gold production for the period of the Collar and the Group paid a premium of $10.0 million upon entering into the Collar. The collar was fully settled as at 31 December 2023. In the year ended 31 December 2023, the Group extended its Collar strategy embedded in the revenue protection programme by acquiring additional collars in Q1 and Q4. In January 2023, the Group acquired a gold collar for 450,000 ounces with the written call options and bought put options having a floor price of $1,800 and a ceiling price of $2,400 per ounce respectively to be settled equally on a quarterly basis in 2024. In November 2023, the Group acquired a gold collar for 200,000 ounces with the written call options and bought put options having an average floor price of $1,992 per ounce and a ceiling price of $2,400 per ounce respectively to be settled equally on a quarterly basis in 2025. None of the Collars were designated as a hedge by the Group and is recorded at its fair value at the end of each reporting period. As at 31 December 2023, the Collars had a fair value liability of $19.3 million (31 December 2022 - $1.8 million asset) which is included in derivative financial liabilities (note 17) and $10.8 million is classified as current (31 December 2022 - $1.8 million current asset). The Group recognised an unrealised loss of $21.1 million due to a change in fair value of the collar for the year ended 31 December 2023 (31 December 2022 - $14.3 million loss) and no realised gain or loss was recognised in the year ended 31 December 2023 (31 December 2022 - $3.8 million gain). Forward contracts During the year ended 31 December 2021, the Group entered into forward contracts for 120,000 ounces at an average gold price of $1,860 per ounce which were settled quarterly during the year ended 31 December 2022. During the year ended 31 December 2022, the Group entered into additional forward contracts for 398,627 ounces of production in 2022 and 120,000 ounces of production in 2023 at average gold prices of $1,826 per ounce and $1,829 per ounce, respectively. At inception, the 2022 additional forward sales were weighted towards the first quarter, with forward sales contracts for approximately 200,000 ounces at an average price of $1,817 per ounce, and the remaining approximately 200,000 ounces, at an average gold price of $1,827 per ounce, being equally weighted through the rest of 2022. The settlement of the 2023 forward sales are equally weighted through the year. During the period ended 31 March 2022, the Group restructured 165,000 ounces of the forward contracts and these, together with an additional 4,924 ounces, were subsequently settled in the second quarter of 2022 for no realised gain or loss. During the year ended 31 December 2023, the Group entered into additional gold forward contracts for 70,000 ounces at an average gold price of $2,032 per ounce to be settled equally in the first two quarters of 2024. None of the Forwards were designated as a hedge by the Group and is recorded at its fair value at the end of each reporting period. In the year ended 31 December 2023, forward contracts for 120,000 ounces were settled at a realised loss of $21.3 million (during the year ended 31 December 2022, forward contracts for 518,627 ounces were settled for a realised gain of $16.0 million). At 31 December 2023, the forward contracts consisted of 70,000 ounces outstanding at an average gold price of $2,032 per ounce and were classified as a derivative financial liability (note 17) and had a fair value of $5.4 million, which is classified as current (31 December 2022 - $5.2 million derivative financial liability). The Company recognised an unrealised loss of $0.1 million in the year ended 31 December 2023 (31 December 2022 - $9.5 million loss). INTEREST RATE RISK Interest rate risk is the risk that future cash flows from, or the fair values of, the Group\u2019s financial instruments will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk primarily on its long-term debt and in particular the revolving credit facility. Since marketable securities and government treasury securities held as loans are short term in nature and are usually held to maturity, there is minimal fair value sensitivity to changes in interest rates. The Group continually monitors its exposure to interest rates and is comfortable with its exposure given the relatively low short-term US interest rates and Secured Overnight Financing Rate (\"SOFR\"). OTHER MARKET PRICE RISKS The Group holds marketable securities in other companies as part of its wider capital risk management policy. At 31 December 2023, $37.3 million of the marketable securities related to the Group's shareholding in Allied (refer to note 14), the remaining balance relate to number of other strategic capital investment that complement the Group's strategy. 24. CAPITAL MANAGEMENT The Group\u2019s objectives of capital management are to safeguard the entity\u2019s ability to support the Group\u2019s normal operating requirements on an ongoing basis, continue the development and exploration of its mining interests and support any expansionary plans. In the management of capital, the Group includes the components of equity, finance obligations, and long-term debt, net of cash and cash equivalents and restricted cash. Capital, as defined above, is summarised in the following table:
31 December 31 December
2023 2022
Equity 3,548.3 4,087.3
Current portion of long-term debt 8.5 336.6
Long-term debt 1,059.9 488.1
Lease liabilities 42.2 47.1
4,658.9 4,959.1
Less:
Cash and cash equivalents (517.2) (951.1)
Restricted cash (41.1) (39.5)
Total
4,100.6
3,968.5
The Group manages its capital structure by considering changes to the economic environment and the risk characteristics of the Group\u2019s assets. To effectively manage the entity\u2019s capital requirements, the Group has in place a planning, budgeting and forecasting process to help determine the funds required to ensure the Group has the appropriate liquidity to meet its operating and growth objectives, as well as to provide shareholder returns. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. The Group is not subject to any externally imposed capital requirements with the exception of complying with covenants under the RCF and Senior Notes. As at 31 December 2023 and 31 December 2022, the Group was in compliance with these covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "CREDIT RISK Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Group by failing to discharge its obligations. Credit risk arises from cash and cash equivalents, restricted cash, trade and other receivables, long-term receivable and other assets. The Group's exposure to credit risk arising from cash and cash equivalents is limited by depositing most of the funds with banks and financial institutions that have favourable credit ratings assigned by independent rating agencies, considering the regional circumstances. As at 31 December 2023, 75% (31 December 2022: 78%) of the Group's cash and cash equivalents were held at two financial institutions with an industry equivalent credit rating of \"A\". The Group monitors the amounts outstanding from all its third parties regularly and has considered an appropriate level of credit risk associated with these receivables taking into account the nature of the amounts outstanding, the timing of payments and the ongoing engagement with those debtors. The Group closely monitors its financial assets (excluding cash and cash equivalents) and does have a significant concentration of credit risk associated with the Lilium Mining Group, following the divestiture of Wahgnion and Boungou operating assets. At 31 December 2023, the Group's total exposure to Lilium Mining Group is $244.7 million comprising the gross amount of $147.5 million in trade and other receivables, $49.3 million in NSRs and deferred consideration of $47.9 million - refer to note 14. At 31 December 2023, the Group recognised an expected credit loss provision of $22.8 million on the trade and other receivables representing the Group's best estimate of probable default and potential exposure and the NSRs and deferred consideration being measured at fair value. The Group also has an overdue receivable of $5.0 million and NSR of $6.6 million from N\u00e9r\u00e9, which acquired the Karma mine in March 2022. As and when NSR are invoiced, amounts due are transferred to trade and other receivables. The Group mainly sells its gold to large international organisations with strong credit ratings and local governments, and there is no history of customer defaults. As a result, the credit risk associated with gold trade receivables at 31 December 2023 is considered to be negligible. The Group does not rely on ratings issued by credit rating agencies in evaluating counterparties\u2019 related credit risk. The Group\u2019s maximum exposure to credit risk is as follows:
Note 31 December 31 December
2023 2022
Cash and cash equivalents 517.2 951.1
Trade and other receivables, excluding VAT receivables
10
 167.4 35.7
Boungou loan advance
14
 3.8 \u2014
Other financial assets
14
 0.7 40.7
Derivative financial assets
14
 0.9 6.9
Marketable securities
14
 42.6 5.4
Net smelter royalties
14
 55.9 6.5
Deferred consideration
14
 47.9 \u2014
Restricted cash
14
 41.1 39.5
Total
877.5
 1,085.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "LIQUIDITY RISK Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash, physical gold or another financial asset. The Group has a planning and budgeting process in place to help determine the funds required to support the Group\u2019s normal operating requirements. The Group ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its short term obligations. For details of undrawn loan facilities refer to note 9. The following table summarises the Group\u2019s liabilities, including interest, that have contractual maturities as at 31 December 2023:
Within 1 year
1 to 2 years
2 to 4 years
Over 4 years
Total
Trade and other payables
406.9
\u2014
\u2014
\u2014
 406.9
Lafigu\u00e9 term loan
15.6
35.1
63.7
21.6
 136.0
Revolving credit facility
38.4
497.2
\u2014
\u2014
 535.6
Senior notes
25.0
25.0
525.0
\u2014
 575.0
Lease liabilities
15.7
10.0
17.8
3.8
 47.3
Total
501.6
567.3
606.5
25.4
1,700.8
1 1 The interest on the corporate loan facility has been included in this table based on the current balance, however, the RCF can be drawn down further or repaid, which would impact the interest payments in the periods above. The following table summarises the Group\u2019s liabilities, including interest, that have contractual maturities as at 31 December 2022:
Within 1
year
1 to 2 years
2 to 4 years
Over 4 years
Total
Trade and other payables
354.6
\u2014
\u2014
\u2014
 354.6
Convertible senior notes
335.0
\u2014
\u2014
\u2014
 335.0
Senior notes
25.0
25.0
550.0
\u2014
 600.0
Lease liabilities
19.9
18.6
9.8
3.7
 52.0
Total
734.5
43.6
559.8
3.7
1,341.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "d. MARKET RISKS CURRENCY RISK Currency risk relates to the risk that the fair values or future cash flows of the Group\u2019s financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations may affect the costs that the Group incurs in its operations. During the year ended 31 December 2023, the Group entered into foreign currency contracts (\"foreign currency contracts\") to protect a portion of the forecasted capital expenditures at the Lafigu\u00e9 and BIOX\u00ae projects (note 25) against foreign currency fluctuations. The foreign currency contracts represent forecast expenditures of Euro 15.1 million (31 December 2022: Euro 148.4 million) at a blended rate of 1USD:0.96EUR (31 December 2022: 1USD:0.98EUR), and AUD 4.9 million (31 December 2022: AUD 58.9 million) at a blended rate of 1USD:1.46AUD (31 December 2022: 1USD:1.48AUD). The foreign currency contracts were not designated as a hedge by the Group and are recorded at its fair value at the end of each reporting period. As at 31 December 2023, the foreign currency contracts had a fair value of $0.8 million (31 December 2022: $5.1 million) of which all (31 December 2022: $4.4 million) was recognised as a current financial asset (note 14). The Group recognised an unrealised loss of $4.2 million (31 December 2022: unrealised gain of $5.1 million) due to the change in fair value of the foreign currency contracts, and a realised gain of $4.0 million (31 December 2022: realised loss of $4.2 million) upon settlement of foreign currency contracts during the year. The Company has not hedged any of its other exposure to foreign currency risks. The table below highlights the cash and cash equivalents of the Group held in foreign currencies, presented in US dollars:
31 December 31 December
2023 2022
Canadian dollar 0.4 (14.2)
CFA Francs 495.7 920.9
Euro 0.9 (28.0)
Other currencies 0.9 (5.7)
Total
497.9
 873.0
The effect on earnings before taxes as at 31 December 2023, of a 10% appreciation or depreciation in the foreign currencies against the US dollar on the above mentioned financial and non-financial assets and liabilities of the Group is estimated to be $49.8 million (31 December 2022, $87.3 million), if all other variables remained constant. The calculation is based on the Group\u2019s statement of financial position as at 31 December 2023. COMMODITY PRICE RISK Commodity price risk relates to the risk that the fair values of the Group\u2019s financial instruments will fluctuate because of changes in commodity prices. Commodity price fluctuations may affect the revenue that the Group generates in its operations as well as the costs incurred at its operations for royalties based on the gold price. There has been no significant change in the Group\u2019s objectives and policies for managing this risk during the period ended 31 December 2023 and the Group has a gold revenue protection programme in place to protect against commodity price variability in periods of significant capital investment, as discussed below. Revenue protection programme
31 December 2023
31 December 2022
Forward Forward
Gold Collar
Contracts
Total
Gold Collar
Contracts
Total
Unrealised loss
(21.1)
(0.1)
(21.2)
(14.3)
(9.5)
(23.8)
Realised (loss)/gain
\u2014
(21.3)
(21.3)
3.8
16.0
19.8
Total
(21.1)
(21.4)
(42.5)
(10.5)
6.5
(4.0)
Gold Collars In the year ended 31 December 2021, the Group implemented a deferred premium collar strategy (\"Collar\") using written call options and bought put options with a floor price of $1,750 and a ceiling price of $2,100 per ounce. The Collar covered a total of 600,008 ounces which were settled equally on a quarterly basis in 2022 and 2023. The programme represented an estimated 20% of Endeavour's total expected gold production for the period of the Collar and the Group paid a premium of $10.0 million upon entering into the Collar. The collar was fully settled as at 31 December 2023. In the year ended 31 December 2023, the Group extended its Collar strategy embedded in the revenue protection programme by acquiring additional collars in Q1 and Q4. In January 2023, the Group acquired a gold collar for 450,000 ounces with the written call options and bought put options having a floor price of $1,800 and a ceiling price of $2,400 per ounce respectively to be settled equally on a quarterly basis in 2024. In November 2023, the Group acquired a gold collar for 200,000 ounces with the written call options and bought put options having an average floor price of $1,992 per ounce and a ceiling price of $2,400 per ounce respectively to be settled equally on a quarterly basis in 2025. None of the Collars were designated as a hedge by the Group and is recorded at its fair value at the end of each reporting period. As at 31 December 2023, the Collars had a fair value liability of $19.3 million (31 December 2022 - $1.8 million asset) which is included in derivative financial liabilities (note 17) and $10.8 million is classified as current (31 December 2022 - $1.8 million current asset). The Group recognised an unrealised loss of $21.1 million due to a change in fair value of the collar for the year ended 31 December 2023 (31 December 2022 - $14.3 million loss) and no realised gain or loss was recognised in the year ended 31 December 2023 (31 December 2022 - $3.8 million gain). Forward contracts During the year ended 31 December 2021, the Group entered into forward contracts for 120,000 ounces at an average gold price of $1,860 per ounce which were settled quarterly during the year ended 31 December 2022. During the year ended 31 December 2022, the Group entered into additional forward contracts for 398,627 ounces of production in 2022 and 120,000 ounces of production in 2023 at average gold prices of $1,826 per ounce and $1,829 per ounce, respectively. At inception, the 2022 additional forward sales were weighted towards the first quarter, with forward sales contracts for approximately 200,000 ounces at an average price of $1,817 per ounce, and the remaining approximately 200,000 ounces, at an average gold price of $1,827 per ounce, being equally weighted through the rest of 2022. The settlement of the 2023 forward sales are equally weighted through the year. During the period ended 31 March 2022, the Group restructured 165,000 ounces of the forward contracts and these, together with an additional 4,924 ounces, were subsequently settled in the second quarter of 2022 for no realised gain or loss. During the year ended 31 December 2023, the Group entered into additional gold forward contracts for 70,000 ounces at an average gold price of $2,032 per ounce to be settled equally in the first two quarters of 2024. None of the Forwards were designated as a hedge by the Group and is recorded at its fair value at the end of each reporting period. In the year ended 31 December 2023, forward contracts for 120,000 ounces were settled at a realised loss of $21.3 million (during the year ended 31 December 2022, forward contracts for 518,627 ounces were settled for a realised gain of $16.0 million). At 31 December 2023, the forward contracts consisted of 70,000 ounces outstanding at an average gold price of $2,032 per ounce and were classified as a derivative financial liability (note 17) and had a fair value of $5.4 million, which is classified as current (31 December 2022 - $5.2 million derivative financial liability). The Company recognised an unrealised loss of $0.1 million in the year ended 31 December 2023 (31 December 2022 - $9.5 million loss). INTEREST RATE RISK Interest rate risk is the risk that future cash flows from, or the fair values of, the Group\u2019s financial instruments will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk primarily on its long-term debt and in particular the revolving credit facility. Since marketable securities and government treasury securities held as loans are short term in nature and are usually held to maturity, there is minimal fair value sensitivity to changes in interest rates. The Group continually monitors its exposure to interest rates and is comfortable with its exposure given the relatively low short-term US interest rates and Secured Overnight Financing Rate (\"SOFR\"). OTHER MARKET PRICE RISKS The Group holds marketable securities in other companies as part of its wider capital risk management policy. At 31 December 2023, $37.3 million of the marketable securities related to the Group's shareholding in Allied (refer to note 14), the remaining balance relate to number of other strategic capital investment that complement the Group's strategy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "9. LONG-TERM DEBT
31 December 31 December
2023 2022
Senior Notes (a) 497.6 495.0
Revolving credit facilities (b) 465.0 \u2014
Lafigu\u00e9 local financing (e)
111.3
\u2014
Interest accrual 1.5 \u2014
Deferred financing costs
(7.0)
(6.9)
Convertible Notes (c) \u2014 332.3
Conversion option (d) \u2014 4.3
Total debt
1,068.4
824.7
Less: Long-term debt (1,059.9) (488.1)
Current portion of long-term debt 8.5
336.6
1 1. The current portion of long-term debt at 31 December 2023 is comprised of revolving credit facilities interest accrual of $1.5 million and amounts due on the Lafigu\u00e9 term loan within the next twelve months of $6.9 million (at 31 December 2022 comprised the convertible notes and conversion option). The Group incurred the following finance costs in the period:
YEAR ENDED
31 December 31 December
2023 2022
Interest expense 67.4 51.1
Interest income (6.0) (1.4)
Accretion expense 3.4 1.7
Amortisation of deferred facility fees 2.9 2.0
Commitment, structuring and other fees 5.4 7.7
Less: Capitalised borrowing costs (1.9) \u2014
Total finance costs, net
71.2
61.1
1 1. Interest income as of 31 December 2022 of $1.4 million was separated from \"Interest expense\". a. SENIOR NOTES On 14 October 2021, the Company completed an offering of $500.0 million fixed rate senior notes (the \"Senior Notes\") due in 2026. The Senior Notes are listed on the Global Exchange Market (\"GEM\") which is the exchange-regulated market of The Irish Stock Exchange plc trading as Euronext Dublin and to trading on the GEM of Euronext Dublin. The Senior Notes bear interest at a coupon rate of 5% per annum payable semi-annually in arrears on 14 April and 14 October each year. The Senior Notes mature on 14 October 2026, unless redeemed earlier or repurchased in accordance with the terms of the Senior Notes. The key terms of the Senior Notes include: \u2022 Principal amount of $500.0 million. \u2022 Coupon rate of 5% payable on a semi-annual basis. \u2022 The term of the Senior Notes is five years, maturing in October 2026. \u2022 The Senior Notes are reimbursable through the payment of cash. For accounting purposes, the Company measures the Senior Notes at amortised cost, accreting to maturity over the term of the Senior Notes. The early redemption feature on the Senior Notes is an embedded derivative and is accounted for as a financial instrument measured at fair value through profit or loss, with changes in fair value at each subsequent reporting period being recognised in earnings (note 8). The early redemption feature on the Senior Notes includes an optional redemption from October 2023 through to maturity at a redemption price ranging from 102.5% to 100% of the principal. Prior to October 2023, the Company may redeem up to 40% of the Senior Notes from proceeds of an equity offering at a redemption price of 105% of the principal plus any accrued and unpaid interest. The fair value of the prepayment feature has been calculated using a valuation model taking into account the market value of the debt, interest rate volatility, risk-free interest rates, and the credit spread. The fair value of the embedded derivative at 31 December 2023 was nil (31 December 2022 - nil million). Covenants on the Senior Notes include certain restrictions on indebtedness, restricted payments, liens, or distributions from certain companies in the Group. In addition, should the rating of the Senior Notes be downgraded as a result of a change of control (defined as the sale or transfer of 50% or more of the common shares or the transfer of all or substantially all the assets of the Group), the Group is obligated to repurchase the Senior Notes at an equivalent price of 101% of the principal amount plus the accrued interest to repurchase date, if requested to do so by any creditor. The liability component of the Senior Notes has an effective interest rate of 5.68% (31 December 2022 - 5.68%) and was as follows:
31 December 31 December
2023 2022
Liability component at beginning of the year 495.0 492.7
Interest expense in the year 27.6 27.3
Less: interest payments in the year (25.0) (25.0)
Total
497.6
495.0
b. REVOLVING CREDIT FACILITIES Concurrent with the completion of the offering of the Senior Notes above, the Company entered into a $500.0 million unsecured revolving credit facility agreement (the \"RCF\") with a syndicate of international banks. During the three months ended 31 March 2022, the Company drew down $50.0 million on the RCF, which was then fully repaid in August 2022. During the year ended 31 December 2022, the Company increased the principal amount from $500.0 million to $575.0 million. The principal amount was further increased to $645.0 million during the year ended 31 December 2023. As at 31 December 2023, $465.0 million was drawn and is outstanding at the end of the period. The amount has been classified as non-current based on the contracted terms, and that there was no breach of covenants as of 31 December 2023; however management expect to settle a substantial portion of the outstanding amount within 12 months from 31 December 2023. For the year ended 31 December 2023, the Group incurred a total interest expense of $37.1 million on the RCF (including unwinding of deferred financing costs of $2.1 million and commitment fees of $2.3 million) of which $33.4 million was paid and the remaining amount recognised as an interest accrual. The key terms of the RCF include: \u2022 Principal amount of $645.0 million. \u2022 Interest accrues on a sliding scale of between USD SOFR plus 2.40% to 3.40% based on the leverage ratio. \u2022 Commitment fees for the undrawn portion of the RCF of 35% of the applicable margin which is based on leverage (0.84% based on currently available margin). \u2022 The RCF matures on 15 October 2025. \u2022 The principal outstanding on the RCF is repayable as a single bullet payment on the maturity date. \u2022 Banking syndicate includes Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, ING, Citibank N.A., Standard Bank of South Africa, Macquarie Bank Ltd, Barclays Bank, HSBC and BMO. Covenants on the RCF include: \u2022 Interest cover ratio as measured by ratio of EBITDA to finance cost for the trailing twelve months to the end of a quarter shall not be less than 3.0:1.0 \u2022 Leverage as measured by the ratio of net debt to trailing twelve months EBITDA at the end of each quarter must not exceed 3.5:1.0 c. CONVERTIBLE NOTES On 8 February 2018, the Company completed a private placement of convertible senior notes with a total principal amount of $330.0 million due in February 2023 (the \u201cConvertible Notes\u201d). The initial conversion rate was 41.84 of the Company\u2019s common shares (\u201cShares\u201d) per $1,000 note, or an initial conversion price of approximately $23.90 (CAD$29.47) per share. The conversion rate of the Convertible Notes was subsequently adjusted as a result of the dividends declared and paid by the Company, and the new conversion rate at 31 December 2022 is 44.47 of the Company's common shares per $1,000 note, and equates to a conversion price of approximately $22.49 (CAD$29.54) per share. The Convertible Notes accrued interest at a coupon rate of 3% payable semi-annually in arrears on 15 February and 15 August of each year. On 15 February 2023, the Company repaid the principal amount outstanding under the Convertible Notes of $330.0 million in cash and elected to issue a further 835,254 in shares to settle the conversion option of the Convertible Notes. For accounting purposes, the Company measured the Convertible Notes at amortised cost, accreting to maturity over the term of the Convertible Notes. The conversion option on the Convertible Notes was an embedded derivative and was accounted for as a financial liability measured at fair value through profit or loss. The liability component for the Convertible Notes prior to settlement had an effective interest rate of 6.2% (31 December 2022: 6.2%) and the movement for the year is as follows:
31 December 31 December
2023 2022
Liability component at beginning of the year 332.3 321.8
Interest expense in the period 2.6 20.4
Less: interest and capital payments in the period (334.9) (9.9)
Total
\u2014
332.3
d. CONVERSION OPTION On 15 February 2023, the Company elected to issue 835,254 in shares to settle the conversion option of the Convertible Notes. Prior to settlement, the conversion option related to the Convertible Notes was recorded at fair value, using a convertible bond valuation model, taking account of the observed market price of the Convertible Notes. The following assumptions were used in the determination of fair value of the conversion option and fixed income component of the Convertible Notes as at 31 December 2022, which was then calibrated to the total fair value of the Convertible Notes: volatility of 20%, term of the conversion option 0.13 years, a dividend yield of 2.5%, credit spread of 3.44%, and a share price of CAD$28.98. During the nine months ended 31 December 2023, a loss of $14.9 million was recognised due to fair value adjustments on the convertible note option (for the year ended 31 December 2022 \u2013 unrealised gain of $30.3 million).
31 December 31 December
2023 2022
Conversion option at beginning of the year 4.3 34.6
Fair value adjustment 14.9 (30.3)
Settlement of conversion option (19.2) \u2014
Conversion option at end of the period
\u2014
4.3
e. LAFIGU\u00c9 LOCAL FINANCING On 28 July 2023, the Company entered into a $167.1 million (CFA 100,500 million) syndicated term loan (\"term loan\") with local banking partners within the West African Economic Zone (\"UEMOA\"). During the five months ended 31 December 2023, the Company drew down $107.2 million specifically to support the ongoing development of the Lafigu\u00e9 project. At 31 December 2023, $7.0 million was classified as current based on the contracted terms. The term loan bears interest at a fixed rate of 7.0% per annum, payable quarterly, while the principal will amortise in sixteen equal payments commencing 28 October 2024. There are no additional covenants associated with the term loan. The local entity, Soci\u00e9t\u00e9 des Mines de Lafigu\u00e9, is the borrower on the facility, which is guaranteed by Endeavour Mining plc.
31 December 31 December
2023 2022
Liability component at beginning of the period \u2014 \u2014
Net proceeds on borrowings 107.2 \u2014
Interest paid (0.6)
Interest expense capitalised 1.9 \u2014
Foreign exchange loss 2.8 \u2014
Total
111.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "9. LONG-TERM DEBT
31 December 31 December
2023 2022
Senior Notes (a) 497.6 495.0
Revolving credit facilities (b) 465.0 \u2014
Lafigu\u00e9 local financing (e)
111.3
\u2014
Interest accrual 1.5 \u2014
Deferred financing costs
(7.0)
(6.9)
Convertible Notes (c) \u2014 332.3
Conversion option (d) \u2014 4.3
Total debt
1,068.4
824.7
Less: Long-term debt (1,059.9) (488.1)
Current portion of long-term debt 8.5
336.6
1 1. The current portion of long-term debt at 31 December 2023 is comprised of revolving credit facilities interest accrual of $1.5 million and amounts due on the Lafigu\u00e9 term loan within the next twelve months of $6.9 million (at 31 December 2022 comprised the convertible notes and conversion option). The Group incurred the following finance costs in the period:
YEAR ENDED
31 December 31 December
2023 2022
Interest expense 67.4 51.1
Interest income (6.0) (1.4)
Accretion expense 3.4 1.7
Amortisation of deferred facility fees 2.9 2.0
Commitment, structuring and other fees 5.4 7.7
Less: Capitalised borrowing costs (1.9) \u2014
Total finance costs, net
71.2
61.1
1 1. Interest income as of 31 December 2022 of $1.4 million was separated from \"Interest expense\". a. SENIOR NOTES On 14 October 2021, the Company completed an offering of $500.0 million fixed rate senior notes (the \"Senior Notes\") due in 2026. The Senior Notes are listed on the Global Exchange Market (\"GEM\") which is the exchange-regulated market of The Irish Stock Exchange plc trading as Euronext Dublin and to trading on the GEM of Euronext Dublin. The Senior Notes bear interest at a coupon rate of 5% per annum payable semi-annually in arrears on 14 April and 14 October each year. The Senior Notes mature on 14 October 2026, unless redeemed earlier or repurchased in accordance with the terms of the Senior Notes. The key terms of the Senior Notes include: \u2022 Principal amount of $500.0 million. \u2022 Coupon rate of 5% payable on a semi-annual basis. \u2022 The term of the Senior Notes is five years, maturing in October 2026. \u2022 The Senior Notes are reimbursable through the payment of cash. For accounting purposes, the Company measures the Senior Notes at amortised cost, accreting to maturity over the term of the Senior Notes. The early redemption feature on the Senior Notes is an embedded derivative and is accounted for as a financial instrument measured at fair value through profit or loss, with changes in fair value at each subsequent reporting period being recognised in earnings (note 8). The early redemption feature on the Senior Notes includes an optional redemption from October 2023 through to maturity at a redemption price ranging from 102.5% to 100% of the principal. Prior to October 2023, the Company may redeem up to 40% of the Senior Notes from proceeds of an equity offering at a redemption price of 105% of the principal plus any accrued and unpaid interest. The fair value of the prepayment feature has been calculated using a valuation model taking into account the market value of the debt, interest rate volatility, risk-free interest rates, and the credit spread. The fair value of the embedded derivative at 31 December 2023 was nil (31 December 2022 - nil million). Covenants on the Senior Notes include certain restrictions on indebtedness, restricted payments, liens, or distributions from certain companies in the Group. In addition, should the rating of the Senior Notes be downgraded as a result of a change of control (defined as the sale or transfer of 50% or more of the common shares or the transfer of all or substantially all the assets of the Group), the Group is obligated to repurchase the Senior Notes at an equivalent price of 101% of the principal amount plus the accrued interest to repurchase date, if requested to do so by any creditor. The liability component of the Senior Notes has an effective interest rate of 5.68% (31 December 2022 - 5.68%) and was as follows:
31 December 31 December
2023 2022
Liability component at beginning of the year 495.0 492.7
Interest expense in the year 27.6 27.3
Less: interest payments in the year (25.0) (25.0)
Total
497.6
495.0
b. REVOLVING CREDIT FACILITIES Concurrent with the completion of the offering of the Senior Notes above, the Company entered into a $500.0 million unsecured revolving credit facility agreement (the \"RCF\") with a syndicate of international banks. During the three months ended 31 March 2022, the Company drew down $50.0 million on the RCF, which was then fully repaid in August 2022. During the year ended 31 December 2022, the Company increased the principal amount from $500.0 million to $575.0 million. The principal amount was further increased to $645.0 million during the year ended 31 December 2023. As at 31 December 2023, $465.0 million was drawn and is outstanding at the end of the period. The amount has been classified as non-current based on the contracted terms, and that there was no breach of covenants as of 31 December 2023; however management expect to settle a substantial portion of the outstanding amount within 12 months from 31 December 2023. For the year ended 31 December 2023, the Group incurred a total interest expense of $37.1 million on the RCF (including unwinding of deferred financing costs of $2.1 million and commitment fees of $2.3 million) of which $33.4 million was paid and the remaining amount recognised as an interest accrual. The key terms of the RCF include: \u2022 Principal amount of $645.0 million. \u2022 Interest accrues on a sliding scale of between USD SOFR plus 2.40% to 3.40% based on the leverage ratio. \u2022 Commitment fees for the undrawn portion of the RCF of 35% of the applicable margin which is based on leverage (0.84% based on currently available margin). \u2022 The RCF matures on 15 October 2025. \u2022 The principal outstanding on the RCF is repayable as a single bullet payment on the maturity date. \u2022 Banking syndicate includes Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, ING, Citibank N.A., Standard Bank of South Africa, Macquarie Bank Ltd, Barclays Bank, HSBC and BMO. Covenants on the RCF include: \u2022 Interest cover ratio as measured by ratio of EBITDA to finance cost for the trailing twelve months to the end of a quarter shall not be less than 3.0:1.0 \u2022 Leverage as measured by the ratio of net debt to trailing twelve months EBITDA at the end of each quarter must not exceed 3.5:1.0 c. CONVERTIBLE NOTES On 8 February 2018, the Company completed a private placement of convertible senior notes with a total principal amount of $330.0 million due in February 2023 (the \u201cConvertible Notes\u201d). The initial conversion rate was 41.84 of the Company\u2019s common shares (\u201cShares\u201d) per $1,000 note, or an initial conversion price of approximately $23.90 (CAD$29.47) per share. The conversion rate of the Convertible Notes was subsequently adjusted as a result of the dividends declared and paid by the Company, and the new conversion rate at 31 December 2022 is 44.47 of the Company's common shares per $1,000 note, and equates to a conversion price of approximately $22.49 (CAD$29.54) per share. The Convertible Notes accrued interest at a coupon rate of 3% payable semi-annually in arrears on 15 February and 15 August of each year. On 15 February 2023, the Company repaid the principal amount outstanding under the Convertible Notes of $330.0 million in cash and elected to issue a further 835,254 in shares to settle the conversion option of the Convertible Notes. For accounting purposes, the Company measured the Convertible Notes at amortised cost, accreting to maturity over the term of the Convertible Notes. The conversion option on the Convertible Notes was an embedded derivative and was accounted for as a financial liability measured at fair value through profit or loss. The liability component for the Convertible Notes prior to settlement had an effective interest rate of 6.2% (31 December 2022: 6.2%) and the movement for the year is as follows:
31 December 31 December
2023 2022
Liability component at beginning of the year 332.3 321.8
Interest expense in the period 2.6 20.4
Less: interest and capital payments in the period (334.9) (9.9)
Total
\u2014
332.3
d. CONVERSION OPTION On 15 February 2023, the Company elected to issue 835,254 in shares to settle the conversion option of the Convertible Notes. Prior to settlement, the conversion option related to the Convertible Notes was recorded at fair value, using a convertible bond valuation model, taking account of the observed market price of the Convertible Notes. The following assumptions were used in the determination of fair value of the conversion option and fixed income component of the Convertible Notes as at 31 December 2022, which was then calibrated to the total fair value of the Convertible Notes: volatility of 20%, term of the conversion option 0.13 years, a dividend yield of 2.5%, credit spread of 3.44%, and a share price of CAD$28.98. During the nine months ended 31 December 2023, a loss of $14.9 million was recognised due to fair value adjustments on the convertible note option (for the year ended 31 December 2022 \u2013 unrealised gain of $30.3 million).
31 December 31 December
2023 2022
Conversion option at beginning of the year 4.3 34.6
Fair value adjustment 14.9 (30.3)
Settlement of conversion option (19.2) \u2014
Conversion option at end of the period
\u2014
4.3
e. LAFIGU\u00c9 LOCAL FINANCING On 28 July 2023, the Company entered into a $167.1 million (CFA 100,500 million) syndicated term loan (\"term loan\") with local banking partners within the West African Economic Zone (\"UEMOA\"). During the five months ended 31 December 2023, the Company drew down $107.2 million specifically to support the ongoing development of the Lafigu\u00e9 project. At 31 December 2023, $7.0 million was classified as current based on the contracted terms. The term loan bears interest at a fixed rate of 7.0% per annum, payable quarterly, while the principal will amortise in sixteen equal payments commencing 28 October 2024. There are no additional covenants associated with the term loan. The local entity, Soci\u00e9t\u00e9 des Mines de Lafigu\u00e9, is the borrower on the facility, which is guaranteed by Endeavour Mining plc.
31 December 31 December
2023 2022
Liability component at beginning of the period \u2014 \u2014
Net proceeds on borrowings 107.2 \u2014
Interest paid (0.6)
Interest expense capitalised 1.9 \u2014
Foreign exchange loss 2.8 \u2014
Total
111.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "
10. TRADE AND OTHER RECEIVABLES
31 December 31 December
2023 2022
VAT receivable (a) 101.8 71.2
Receivables for gold sales 28.9 4.4
Other receivables (b) 27.1 17.6
Consideration receivable (c) 111.4 \u2014
Advance payments of royalties \u2014 13.7
Total
269.2
106.9
a. VAT RECEIVABLE
VAT receivable relates to net VAT amounts paid to vendors for goods and services purchased, primarily in Burkina Faso
and Senegal. These balances are expected to be collected in the next twelve months. In the year ended 31 December
2023, the Group collected $56.7 million of outstanding VAT receivables (in the year ended 31 December 2022: $115.2
million), through the sale of its VAT receivables to third parties or reimbursement from the tax authorities and expensed
$3.4 million for VAT amounts determined to not be recoverable (31 December 2022: $3.4 million).
b. OTHER RECEIVABLES
Other receivables at 31 December 2023 includes a dividend receivable of $14.5 million from Semafo Boungou S.A. which
is a permitted pre-acquisition payment defined under the sales and purchase agreement related to the sale of Boungou
mine; a receivable of $3.4 million (31 December 2022 \u2013 $4.8 million) related to the sale of equipment at Ity to a third
party; $3.6 million receivable from Wahgnion Gold Operations S.A. comprising tax payments made on their behalf of $1.5
million and accrued income from net smelter royalties of $2.1 million; CEO clawback receivable of $3.3 million and other
mine site receivables of $2.3 million. All these amounts are expected to be settled in the next 12 months. These
amounts are net of an expected credit loss of $3.3 million (year ended 31 December 2022 - $1.0 million).
c. CONSIDERATION RECEIVABLE
Consideration receivable as at 31 December 2023 comprises security backed cash consideration of $85.4 million due
and deferred cash consideration of $21.0 million receivable from Lilium following the sale of the Boungou and Wahgnion
mines and $5.0 million receivable from N\u00e9r\u00e9 related to the sale of the Karma mine (31 December 2022 - $5.0 million
recognised in other financial assets). These amounts are net of an expected credit loss of $18.7 million (year ended 31
December 2022 - nil).
14. OTHER FINANCIAL ASSETS Other financial assets are comprised of:
31 December 31 December
Note 2023 2022
Restricted cash (a)
18
41.1 39.5
Boungou loan advance (c) 3.8 \u2014
Net smelter royalties (b)
4
55.9 6.5
Deferred consideration (c)
4
47.9 \u2014
Contingent consideration (d)
4
\u2014 5.0
Derivative financial assets
8
0.9 6.9
Marketable securities (e) 42.6 5.4
Other financial assets (e) 0.7 40.7
Total other financial assets
192.9
104.0
Less: Non-current other financial assets (123.2) (87.4)
Current portion of other financial assets
69.7
16.6
1 1. Marketable securities as of 31 December 2022 of $5.4 million was reclassified from \"Prepaid Expenses and Other\". a. RESTRICTED CASH Restricted cash primarily includes balances held as security to cover estimated rehabilitation provisions as required by local governments and also includes balances held in relation to ongoing tax appeals. These amounts are not available for use for general corporate purposes. b. NET SMELTER ROYALTIES The balance at 31 December 2023 consists of the fair value of NSR receivable from Lilium for the sale of Boungou and Wahgnion initially recognised for the value of $77.4 million (note 4) and the fair value of the NSR receivable from N\u00e9r\u00e9 for the sale of the Karma mine of $10.0 million (note 4) revalued at $49.3 million and $6.6 million respectively net of transfer to trade and other receivables.
Karma
Boungou
Wahgnion
Total
Balance as at 1 January 2022
\u2014
\u2014
\u2014
\u2014
Recognised on disposal of operation
10.0
\u2014
\u2014
10.0
Remeasurement recognised in profit or loss
(3.5)
\u2014
\u2014
(3.5)
Balance as at 31 December 2022
6.5
\u2014
\u2014
6.5
Recognised on disposal of operation
\u2014
35.2
42.2
77.4
Remeasurement recognised in profit or loss
0.1
(7.7)
(14.9)
(22.5)
Transfer to trade and other receivables
\u2014
(0.5)
(5.0)
(5.5)
Balance as at 31 December 2023
6.6
27.0
22.3
55.9
1. The fair value of the NSR receivables were determined using the following assumptions: an average long-term gold price of $1,750, life of mine production limited to proven and probable reserves, except for Karma which is based on probability-weighted resources, (715koz for Boungou, 487koz for Wahgnion and 453koz for Karma), cost of transport, refining and government royalties, and a discount rate of between 9% and 10%. c. DEFERRED CONSIDERATION AND LOAN ADVANCE The deferred consideration of $50.8 million related to the sale of Boungou to Lilium (note 4) which has been revalued to $47.9 million (31 December 2022 - $ nil) with $15.1 million classified as current. An interest free loan of $5.8 million was advanced to Lilium in respect of Boungou mine and is repayable in three years. The carrying amount of the loan at 31 December 2023 is $3.8 million, net of expected credit loss provision, and has been classified as non-current. d. CONTINGENT CONSIDERATION The contingent consideration of $5.0 million receivable from N\u00e9r\u00e9 related to the sale of the Karma mine has been reclassified to other receivables included in note 10 following the expiry of the twelve month period. e. OTHER FINANCIAL ASSETS At 31 December 2022, other financial assets included $40.0 million in shares of Allied that the Company received in consideration when it sold the Agbaou mine. The Company had an option to sell the shares back to Allied for $50.0 million as per the amended agreement, which was not exercised and the option expired on 11 September 2023 when Allied listed publicly on the Toronto Stock Exchange. As of 31 December 2023, the shares received along with the additional investment of $10.0 million has been reclassified to marketable securities. At the date of listing, the fair value of the shares was $56.6 million which decreased to $37.3 million at 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "10. TRADE AND OTHER RECEIVABLES
31 December 31 December
2023 2022
VAT receivable (a) 101.8 71.2
Receivables for gold sales 28.9 4.4
Other receivables (b) 27.1 17.6
Consideration receivable (c) 111.4 \u2014
Advance payments of royalties \u2014 13.7
Total
269.2
106.9
a. VAT RECEIVABLE VAT receivable relates to net VAT amounts paid to vendors for goods and services purchased, primarily in Burkina Faso and Senegal. These balances are expected to be collected in the next twelve months. In the year ended 31 December 2023, the Group collected $56.7 million of outstanding VAT receivables (in the year ended 31 December 2022: $115.2 million), through the sale of its VAT receivables to third parties or reimbursement from the tax authorities and expensed $3.4 million for VAT amounts determined to not be recoverable (31 December 2022: $3.4 million). b. OTHER RECEIVABLES Other receivables at 31 December 2023 includes a dividend receivable of $14.5 million from Semafo Boungou S.A. which is a permitted pre-acquisition payment defined under the sales and purchase agreement related to the sale of Boungou mine; a receivable of $3.4 million (31 December 2022 \u2013 $4.8 million) related to the sale of equipment at Ity to a third party; $3.6 million receivable from Wahgnion Gold Operations S.A. comprising tax payments made on their behalf of $1.5 million and accrued income from net smelter royalties of $2.1 million; CEO clawback receivable of $3.3 million and other mine site receivables of $2.3 million. All these amounts are expected to be settled in the next 12 months. These amounts are net of an expected credit loss of $3.3 million (year ended 31 December 2022 - $1.0 million). c. CONSIDERATION RECEIVABLE Consideration receivable as at 31 December 2023 comprises security backed cash consideration of $85.4 million due and deferred cash consideration of $21.0 million receivable from Lilium following the sale of the Boungou and Wahgnion mines and $5.0 million receivable from N\u00e9r\u00e9 related to the sale of the Karma mine (31 December 2022 - $5.0 million recognised in other financial assets). These amounts are net of an expected credit loss of $18.7 million (year ended 31 December 2022 - nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "
11. INVENTORIES
31 December 31 December
2023 2022
Dor\u00e9 bars 13.1 32.2
Gold in circuit 17.0 12.0
Refined gold 7.2 \u2014
Ore stockpiles 410.7 361.5
Spare parts and supplies 100.5 144.5
Total inventories
548.5
550.2
Less: Non-current stockpiles (323.6) (229.5)
Current portion of inventories
224.9
320.7
As at 31 December 2023 and 31 December 2022, there were no provisions to adjust inventory to net realisable value.
The cost of inventories recognised as expense in the year ended 31 December 2023 was $1,235.6 million and was
included in cost of sales (year ended 31 December 2022 - $1,196.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "12. MINING INTERESTS
MINING INTERESTS
Property, plant
Non- and Assets under
Note
Depletable
Depletable equipment
construction
Total
Cost
Balance as at 1 January 2022
3,632.1
1,084.6
1,919.1
67.3
6,703.1
Additions
212.6
73.8
47.0
212.8
546.2
Transfers
125.1
(82.1)
71.8
(114.8)
\u2014
Change in estimate of environmental
rehabilitation provision
18
10.1
7.0
\u2014
\u2014
17.1
Disposals
(5.1)
(0.7)
(14.5)
(0.7)
(21.0)
Disposal of Karma
4
(186.0)
\u2014
(248.7)
(0.5)
(435.2)
Balance as at 31 December 2022
3,788.8
1,082.6
1,774.7
164.1
6,810.2
Additions
218.0
35.8
153.4
477.7
884.9
Transfers
57.3
(28.0)
73.6
(102.9)
\u2014
Change in estimate of environmental
rehabilitation provision
18
(20.7)
(0.5)
\u2014
3.3
(17.9)
Disposals
\u2014
\u2014
(4.1)
\u2014
(4.1)
Disposal of Boungou and Wahgnion
4
(1,058.8)
(133.1)
(530.1)
(11.4)
(1,733.4)
Balance as at 31 December 2023
2,984.6
956.8
1,467.5
530.8
5,939.7
Accumulated Depreciation
Balance as at 1 January 2022
889.6
148.3
685.0
\u2014
1,722.9
Depreciation/depletion
417.3
\u2014
221.8
\u2014
639.1
Impairment
6
347.6
12.7
\u2014
\u2014
360.3
Disposals
\u2014
\u2014
(13.3)
\u2014
(13.3)
Disposal of Karma
4
(168.0)
\u2014
(247.8)
\u2014
(415.8)
Balance as at 31 December 2022
1,486.5
161.0
645.7
\u2014
2,293.2
Depreciation/depletion
344.1
\u2014
198.2
\u2014
542.3
Impairment
6
\u2014
121.4
1.2
\u2014
122.6
Disposals
\u2014
\u2014
(0.7)
\u2014
(0.7)
Disposal of Boungou and Wahgnion
4
(815.2)
(133.1)
(226.5)
\u2014
(1,174.8)
Balance as at 31 December 2023
1,015.4
149.3
617.9
\u2014
1,782.6
Carrying amounts
At 31 December 2022
2,302.3
921.6
1,129.0
164.1
4,517.0
At 31 December 2023
1,969.2
807.5
849.6
530.8
4,157.1
1 2 2 3 1. Exploration costs for the period was $103.8 million of which $56.3 million is included in additions to non-depletable and depletable mining interests with the remaining $47.5 million expensed as exploration costs. 2. Disposals for the year ended 31 December 2023 relate primarily to a disposal of an aircraft of $1.8 million and disposal of office and other equipment of $2.3 million. Disposals for the year ended 31 December 2022 relate primarily to the sale of exploration permits with a carrying value of $5.8 million, termination of an office lease with a right of use asset of $0.7 million, disposal of an aircraft with a carrying value of $1.9 million and disposal of mobile equipment with a carrying value of $0.3 million. 3. Certain exploration and evaluation assets were impaired to its recoverable amount resulting in an impairment charge of $122.6 million
The Group's right-of-use assets consist of buildings, plant and equipment and its various segments which are right-of-use
assets under IFRS 16, Leases. These have been included within the property, plant and equipment category above.
Plant and
equipment
Buildings
Total
Balance as at 1 January 2022
38.0
15.6
53.6
Additions
3.4
6.3
9.7
Depreciation for the year
(4.8)
(4.3)
(9.1)
Disposals
(0.2)
(0.5)
(0.7)
Balance as at 31 December 2022
36.4
17.1
53.5
Additions
25.6
\u2014
25.6
Depreciation for the year
(22.9)
(1.8)
(24.7)
Disposal of Wahgnion and Boungou
(6.1)
(2.4)
(8.5)
Balance as at 31 December 2023
33.0
12.9
45.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
13. GOODWILL
The Group has recognised goodwill on the acquisition of SEMAFO Inc (\"SEMAFO\") and Teranga as a result of the
recognition of the deferred tax liability for the difference between the assigned fair values and the tax bases of the assets
acquired and the liabilities assumed. The Group allocated goodwill for impairment testing purposes to two individual CGUs
- Mana and Sabodala-Massawa.
The carrying amount of goodwill has been allocated to CGUs as follows:
Sabodala-
Mana Massawa Total
Carrying amount
At 1 January 2022
39.6
94.8
 134.4
Impairment losses for the year
\u2014
\u2014
 \u2014
At 31 December 2022
39.6
94.8
134.4
Impairment losses for the year
\u2014
\u2014
\u2014
At 31 December 2023
39.6
94.8
134.4
Further details of the goodwill impairment is included in note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "13. GOODWILL The Group has recognised goodwill on the acquisition of SEMAFO Inc (\"SEMAFO\") and Teranga as a result of the recognition of the deferred tax liability for the difference between the assigned fair values and the tax bases of the assets acquired and the liabilities assumed. The Group allocated goodwill for impairment testing purposes to two individual CGUs - Mana and Sabodala-Massawa. The carrying amount of goodwill has been allocated to CGUs as follows:
Sabodala-
Mana Massawa Total
Carrying amount
At 1 January 2022
39.6
94.8
 134.4
Impairment losses for the year
\u2014
\u2014
 \u2014
At 31 December 2022
39.6
94.8
134.4
Impairment losses for the year
\u2014
\u2014
\u2014
At 31 December 2023
39.6
94.8
134.4
Further details of the goodwill impairment is included in note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "14. OTHER FINANCIAL ASSETS Other financial assets are comprised of:
31 December 31 December
Note 2023 2022
Restricted cash (a)
18
41.1 39.5
Boungou loan advance (c) 3.8 \u2014
Net smelter royalties (b)
4
55.9 6.5
Deferred consideration (c)
4
47.9 \u2014
Contingent consideration (d)
4
\u2014 5.0
Derivative financial assets
8
0.9 6.9
Marketable securities (e) 42.6 5.4
Other financial assets (e) 0.7 40.7
Total other financial assets
192.9
104.0
Less: Non-current other financial assets (123.2) (87.4)
Current portion of other financial assets
69.7
16.6
1 1. Marketable securities as of 31 December 2022 of $5.4 million was reclassified from \"Prepaid Expenses and Other\". a. RESTRICTED CASH Restricted cash primarily includes balances held as security to cover estimated rehabilitation provisions as required by local governments and also includes balances held in relation to ongoing tax appeals. These amounts are not available for use for general corporate purposes. b. NET SMELTER ROYALTIES The balance at 31 December 2023 consists of the fair value of NSR receivable from Lilium for the sale of Boungou and Wahgnion initially recognised for the value of $77.4 million (note 4) and the fair value of the NSR receivable from N\u00e9r\u00e9 for the sale of the Karma mine of $10.0 million (note 4) revalued at $49.3 million and $6.6 million respectively net of transfer to trade and other receivables.
Karma
Boungou
Wahgnion
Total
Balance as at 1 January 2022
\u2014
\u2014
\u2014
\u2014
Recognised on disposal of operation
10.0
\u2014
\u2014
10.0
Remeasurement recognised in profit or loss
(3.5)
\u2014
\u2014
(3.5)
Balance as at 31 December 2022
6.5
\u2014
\u2014
6.5
Recognised on disposal of operation
\u2014
35.2
42.2
77.4
Remeasurement recognised in profit or loss
0.1
(7.7)
(14.9)
(22.5)
Transfer to trade and other receivables
\u2014
(0.5)
(5.0)
(5.5)
Balance as at 31 December 2023
6.6
27.0
22.3
55.9
1. The fair value of the NSR receivables were determined using the following assumptions: an average long-term gold price of $1,750, life of mine production limited to proven and probable reserves, except for Karma which is based on probability-weighted resources, (715koz for Boungou, 487koz for Wahgnion and 453koz for Karma), cost of transport, refining and government royalties, and a discount rate of between 9% and 10%. c. DEFERRED CONSIDERATION AND LOAN ADVANCE The deferred consideration of $50.8 million related to the sale of Boungou to Lilium (note 4) which has been revalued to $47.9 million (31 December 2022 - $ nil) with $15.1 million classified as current. An interest free loan of $5.8 million was advanced to Lilium in respect of Boungou mine and is repayable in three years. The carrying amount of the loan at 31 December 2023 is $3.8 million, net of expected credit loss provision, and has been classified as non-current. d. CONTINGENT CONSIDERATION The contingent consideration of $5.0 million receivable from N\u00e9r\u00e9 related to the sale of the Karma mine has been reclassified to other receivables included in note 10 following the expiry of the twelve month period. e. OTHER FINANCIAL ASSETS At 31 December 2022, other financial assets included $40.0 million in shares of Allied that the Company received in consideration when it sold the Agbaou mine. The Company had an option to sell the shares back to Allied for $50.0 million as per the amended agreement, which was not exercised and the option expired on 11 September 2023 when Allied listed publicly on the Toronto Stock Exchange. As of 31 December 2023, the shares received along with the additional investment of $10.0 million has been reclassified to marketable securities. At the date of listing, the fair value of the shares was $56.6 million which decreased to $37.3 million at 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "a. RESTRICTED CASH Restricted cash primarily includes balances held as security to cover estimated rehabilitation provisions as required by local governments and also includes balances held in relation to ongoing tax appeals. These amounts are not available for use for general corporate purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "
15. TRADE AND OTHER PAYABLES
31 December 31 December
2023 2022
Trade accounts payable 280.9 252.3
Minority dividends payable 29.5 6.7
Royalties payable 40.0 38.2
Payroll and social payables 31.9 43.8
Other payables 24.6 13.6
Total trade and other payables
406.9
354.6
1
1. Minority dividends payable as of 31 December 2022 of $6.7 million has been reclassified from \"Trade accounts payable\".
17. OTHER FINANCIAL LIABILITIES
31 December 31 December
Note 2023 2022
DSU liabilities
7
1.9 2.7
PSU liabilities (a)
7
2.0 13.9
Repurchased shares (a) \u2014 3.4
Derivative financial liabilities
8
24.7 5.2
Call-rights (b) \u2014 19.5
Contingent consideration (c) \u2014 49.4
Other long-term liabilities 18.7 20.2
Total other financial liabilities
47.3
114.3
Less: Non-current other financial liabilities (29.8) (25.2)
Current portion of other financial liabilities
17.5
89.1
a. PSU LIABILITIES AND REPURCHASED SHARES EMPLOYEE BENEFIT TRUST SHARES Prior to the Company listing on the LSE, the Group established the EBT in connection with the Group\u2019s employee share incentive plans, which may hold the Company's own shares in trust to settle future employee share incentive obligations. During the year ended 31 December 2021, the EBT acquired 0.6 million outstanding common shares from certain employees of the Group which remain held in the EBT at 31 December 2023. EGC TRACKER SHARES Upon vesting of PSUs, certain employees convert the vested PSU awards into EGC tracker shares, whereby upon exercise, a subsidiary of the Company is obligated to pay the employees cash for the fair value of the underlying shares of the Company (\"EGC tracker shares\") at the date of exercise. The fair value of EGC tracker shares was nil at 31 December 2023 (31 December 2022 - $3.4 million) and is included in current other financial liabilities with changes in the fair value of the underlying shares recognised in earnings in the period. During the year ended 31 December 2023, additional EGC tracker shares with a value of $14.7 million were issued, an increase in the fair value of $2.6 million was recognised, a payment of $18.4 million was made in relation to the settlement of these shares and $2.3 million in value was forfeited of which $1.8 million was transferred to trade and Other receivables as part of executive clawback (During the year ended 31 December 2022, additional EGC tracker shares with a value of $20.8 million were issued, a decrease in the fair value of $1.2 million was recognised, and a payment of $29.4 million was made in relation to the settlement of these shares).
EGC tracker shares
Weighted average
outstanding grant price (GBP)
At 31 December 2021
605,970
17.21
Granted
877,795
17.60
Exercised
(1,323,983)
17.41
At 31 December 2022
159,782
17.67
Granted
681,823
17.52
Exercised
(739,277)
17.64
Forfeited
(102,328)
17.52
At 31 December 2023
\u2014
\u2014
PSU LIABILITIES PSU liabilities are recognised at fair value at 31 December 2023, with $1.3 million included in current other financial liabilities at 31 December 2023 (31 December 2022 - $10.7 million) as they are expected to be settled in the next twelve months. The remaining $0.7 million (31 December 2022 - $3.2 million) is classified as non-current other liabilities. b. CALL-RIGHTS Upon acquisition of Teranga, the Group acquired all previously issued and outstanding Teranga call-rights and were exchanged for replacement Endeavour call-rights at a ratio of 0.47 Endeavour call-rights for each Teranga call-right at an adjusted exercise price of C$14.90 to reflect the impact of dividends paid. The call-rights are required to be settled in cash at the difference between Endeavour's five-day volume weighted average trading price on the exercise date and the exercise price of C$14.90. The call-rights expire on 4 March 2024. The call- rights were recorded as derivative financial liabilities as their value changes in line with Endeavour's share price. Changes in the fair value of call-rights are recognised as gains/(losses) on financial instruments. On 11 April 2023, all outstanding call-rights were settled in cash for $28.5 million. The average market price at the time of exercise was C$ 35.13. A reconciliation of the change in fair value of the call-rights current liability is as follows:
Number of
Amount
call-rights
Balance as at 1 January 2022
1,880,000
19.2
Change in fair value
\u2014
0.3
Balance as at 31 December 2022
1,880,000
19.5
Change in fair value
\u2014
9.0
Settlement
(1,880,000)
(28.5)
Balance as at 31 December 2023
\u2014
\u2014
The fair value of the call-rights were calculated using the Black-Scholes option pricing model with the following assumptions:
As at 31 December
2022
Valuation date share price C$ 29.11
Fair value per call-right
C$ 14.1
Exercise price
C$ 14.89
Risk-free interest rate
4.01 %
Expected share market volatility
29 %
Expected life of call-rights (years)
1.18
Dividend yield
2.5 %
Number of call-rights exercisable
1,880,000
1 1. Represents five-day volume weighted average trading price of the Company's common shares on the TSX. c. CONTINGENT CONSIDERATION PAYABLE As part of the acquisition of Teranga, Endeavour recognised contingent consideration related to Teranga's acquisition of Massawa (Jersey) Limited. The contingent consideration is linked to future gold prices and was payable to Barrick Gold Corporation in cash three years following the completion of the Massawa Acquisition by Teranga on 4 March 2020. In the year ended 31 December 2023, the Group recognised a loss on change in fair value of $0.6 million (in the year ended 31 December 2022 - loss of $1.2 million). In 2023, the Company settled the contingent consideration amount of $50.0 million and included the outflow as part of cash used in financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "15. TRADE AND OTHER PAYABLES
31 December 31 December
2023 2022
Trade accounts payable 280.9 252.3
Minority dividends payable 29.5 6.7
Royalties payable 40.0 38.2
Payroll and social payables 31.9 43.8
Other payables 24.6 13.6
Total trade and other payables
406.9
354.6
1 1. Minority dividends payable as of 31 December 2022 of $6.7 million has been reclassified from \"Trade accounts payable\". ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "
16. LEASE LIABILITIES
Leases relate principally to corporate offices, light vehicles and mining fleet at the various mine sites. Leases for
corporate offices typically range from three to ten years. The lease liabilities included in the consolidated statement of
financial position are as follows:
31 December 31 December
2023 2022
Lease liabilities 42.2 47.1
Less: non-current lease liabilities (27.9) (28.9)
Current lease liabilities
14.3
 18.2
Amounts recognised in the consolidated statement of comprehensive loss are as follows:
YEAR ENDED
31 December 31 December
2023 2022
Depreciation expense on right-of-use assets 24.7 9.1
Interest expense on lease liabilities 2.3 1.0
Recognised in net loss 27.0 10.1
In the consolidated statement of cash flows for the year ended 31 December 2023, the total amount of cash paid
in respect of leases recognised on the consolidated balance sheet are split between repayments of principal of $16.1
million (2022: $11.0 million), repayments of interest of $2.6 million (2022: $2.7 million) and variable lease payments of
$1.8 million (2022: nil), both presented within cash flows from financing activities (note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "17. OTHER FINANCIAL LIABILITIES
31 December 31 December
Note 2023 2022
DSU liabilities
7
1.9 2.7
PSU liabilities (a)
7
2.0 13.9
Repurchased shares (a) \u2014 3.4
Derivative financial liabilities
8
24.7 5.2
Call-rights (b) \u2014 19.5
Contingent consideration (c) \u2014 49.4
Other long-term liabilities 18.7 20.2
Total other financial liabilities
47.3
114.3
Less: Non-current other financial liabilities (29.8) (25.2)
Current portion of other financial liabilities
17.5
89.1
a. PSU LIABILITIES AND REPURCHASED SHARES EMPLOYEE BENEFIT TRUST SHARES Prior to the Company listing on the LSE, the Group established the EBT in connection with the Group\u2019s employee share incentive plans, which may hold the Company's own shares in trust to settle future employee share incentive obligations. During the year ended 31 December 2021, the EBT acquired 0.6 million outstanding common shares from certain employees of the Group which remain held in the EBT at 31 December 2023. EGC TRACKER SHARES Upon vesting of PSUs, certain employees convert the vested PSU awards into EGC tracker shares, whereby upon exercise, a subsidiary of the Company is obligated to pay the employees cash for the fair value of the underlying shares of the Company (\"EGC tracker shares\") at the date of exercise. The fair value of EGC tracker shares was nil at 31 December 2023 (31 December 2022 - $3.4 million) and is included in current other financial liabilities with changes in the fair value of the underlying shares recognised in earnings in the period. During the year ended 31 December 2023, additional EGC tracker shares with a value of $14.7 million were issued, an increase in the fair value of $2.6 million was recognised, a payment of $18.4 million was made in relation to the settlement of these shares and $2.3 million in value was forfeited of which $1.8 million was transferred to trade and Other receivables as part of executive clawback (During the year ended 31 December 2022, additional EGC tracker shares with a value of $20.8 million were issued, a decrease in the fair value of $1.2 million was recognised, and a payment of $29.4 million was made in relation to the settlement of these shares).
EGC tracker shares
Weighted average
outstanding grant price (GBP)
At 31 December 2021
605,970
17.21
Granted
877,795
17.60
Exercised
(1,323,983)
17.41
At 31 December 2022
159,782
17.67
Granted
681,823
17.52
Exercised
(739,277)
17.64
Forfeited
(102,328)
17.52
At 31 December 2023
\u2014
\u2014
PSU LIABILITIES PSU liabilities are recognised at fair value at 31 December 2023, with $1.3 million included in current other financial liabilities at 31 December 2023 (31 December 2022 - $10.7 million) as they are expected to be settled in the next twelve months. The remaining $0.7 million (31 December 2022 - $3.2 million) is classified as non-current other liabilities. b. CALL-RIGHTS Upon acquisition of Teranga, the Group acquired all previously issued and outstanding Teranga call-rights and were exchanged for replacement Endeavour call-rights at a ratio of 0.47 Endeavour call-rights for each Teranga call-right at an adjusted exercise price of C$14.90 to reflect the impact of dividends paid. The call-rights are required to be settled in cash at the difference between Endeavour's five-day volume weighted average trading price on the exercise date and the exercise price of C$14.90. The call-rights expire on 4 March 2024. The call- rights were recorded as derivative financial liabilities as their value changes in line with Endeavour's share price. Changes in the fair value of call-rights are recognised as gains/(losses) on financial instruments. On 11 April 2023, all outstanding call-rights were settled in cash for $28.5 million. The average market price at the time of exercise was C$ 35.13. A reconciliation of the change in fair value of the call-rights current liability is as follows:
Number of
Amount
call-rights
Balance as at 1 January 2022
1,880,000
19.2
Change in fair value
\u2014
0.3
Balance as at 31 December 2022
1,880,000
19.5
Change in fair value
\u2014
9.0
Settlement
(1,880,000)
(28.5)
Balance as at 31 December 2023
\u2014
\u2014
The fair value of the call-rights were calculated using the Black-Scholes option pricing model with the following assumptions:
As at 31 December
2022
Valuation date share price C$ 29.11
Fair value per call-right
C$ 14.1
Exercise price
C$ 14.89
Risk-free interest rate
4.01 %
Expected share market volatility
29 %
Expected life of call-rights (years)
1.18
Dividend yield
2.5 %
Number of call-rights exercisable
1,880,000
1 1. Represents five-day volume weighted average trading price of the Company's common shares on the TSX. c. CONTINGENT CONSIDERATION PAYABLE As part of the acquisition of Teranga, Endeavour recognised contingent consideration related to Teranga's acquisition of Massawa (Jersey) Limited. The contingent consideration is linked to future gold prices and was payable to Barrick Gold Corporation in cash three years following the completion of the Massawa Acquisition by Teranga on 4 March 2020. In the year ended 31 December 2023, the Group recognised a loss on change in fair value of $0.6 million (in the year ended 31 December 2022 - loss of $1.2 million). In 2023, the Company settled the contingent consideration amount of $50.0 million and included the outflow as part of cash used in financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "
18. ENVIRONMENTAL REHABILITATION PROVISION
31 December 31 December
Note 2023 2022
Balance as at beginning of year 165.0 162.9
Derecognised on disposal of Boungou and Wahgnion
4
 (35.4) \u2014
Derecognised on disposal of Karma
4
 \u2014 (16.7)
Revisions in estimates and obligations incurred (17.9) 17.1
Accretion expense
9
 3.4 1.7
Balance as of 31 December
115.1
 165.0
The Group recognises environmental rehabilitation provisions for all its operating mines. Rehabilitation activities include
backfilling, soil-shaping, re-vegetation, water treatment, plant and building decommissioning, administration, closure and
monitoring activities. The majority of rehabilitation expenses are expected to occur between 2023 and 2048. The
provisions of each mine are accreted to the undiscounted cash flows over the projected life of each mine.
The Group measures the provision at the expected value of future cash flows including inflation rates of approximately
2.50% (31 December 2022 - 2.50%), discounted to the present value using average discount rates of 3.96% (31
December 2022 - 2.00%). Future cash flows are estimated based on estimates of rehabilitation costs and current
disturbance levels. The undiscounted real cash flows related to the environmental rehabilitation obligation as of 31
December 2023 was $139.4 million (31 December 2022 - $155.7 million and $121.8 million when excluding
discontinued operations).
Regulatory authorities in certain countries require security to be provided to cover the estimated rehabilitation provisions.
Total restricted cash held for this purpose as at 31 December 2023 was $34.6 million (31 December 2022 - $36.3
million and $22.4 million when excluding discontinued operations).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "
19. NON-CONTROLLING INTERESTS
The composition of the non-controlling interests (\u201cNCI\u201d) is as follows:
Sabodala-
Ity Mine Hound\u00e9 Massawa Total Boungou Wahgnion Total
(10% to Mine Mana Mine Mine (continuing Karma Mine Mine Mine (all
15%) (10%) (10%)
(10%)
Other
operations) (10%) (10%) (10%) operations)
At 31 December 2021
56.3
32.6
43.9
212.5
7.1
352.4
9.0
45.4
57.4
464.2
Net earnings/(loss)
24.2
19.2
5.7
14.0
\u2014
63.1
0.3
(10.3)
(17.7)
35.4
Dividend distribution
(6.9)
(18.3)
(4.9)
(31.0)
\u2014
(61.1)
\u2014
(2.4)
(0.4)
(63.9)
Disposal of the Karma
mine
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(9.3)
\u2014
\u2014
(9.3)
31 December 2022
73.6
33.5
44.7
195.5
7.1
354.4
\u2014
32.7
39.3
426.4
Net earnings/(loss)
25.5
28.0
1.9
10.5
\u2014
65.9
\u2014
(1.0)
0.4
65.3
Dividend distribution
(53.5)
(24.7)
(19.3)
\u2014
\u2014
(97.5)
\u2014
(5.1)
\u2014
(102.6)
Disposal of the Boungou
and Wahgnion mine
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(26.6)
(39.7)
(66.3)
At 31 December 2023
45.6
36.8
27.3
206.0
7.1
322.8
\u2014
\u2014
\u2014
322.8
1
2
2
1. Exploration, Corporate, Projects and Kalana segments are included in the \"other\" category.
2. For further details refer to note 4.
During the year ended 31 December 2022, the Ity, Hound\u00e9, Mana, Boungou, Sabodala-Massawa and Wahgnion mines
declared dividends to their shareholders. Dividends to minority shareholders amounted to $63.9 million of which $6.7
million was paid within the three months ended 31 March 2023 leaving no amounts outstanding.
During the year ended 31 December 2023, the Ity, Hound\u00e9, Mana and Boungou mines declared dividends to their
shareholders. Dividends to minority shareholders for continuing operations amounted to $97.5 million of which
$29.5 million is outstanding within trade and other payables.
For summarised information related to these subsidiaries, refer to note 23, Segmented Information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "
20. SUPPLEMENTARY CASH FLOW INFORMATION
a. NON-CASH ITEMS
Non-cash items adjusted for in operating cash flows in the consolidated statement of cash flows for the year ended 31
December 2023 and 31 December 2022:
YEAR ENDED
31 December 31 December
Note 2023 2022
Depreciation and depletion
20 (d)
448.4 476.0
Impairment of mining interests and goodwill
6
122.6 2.8
Finance costs
9
71.2 61.1
Share-based compensation
7
28.7 32.8
Loss on financial instruments
8
118.0 19.1
Other expenses 51.6 30.2
Loss on disposal of assets 4.3 1.1
Total non-cash items
844.8
623.1
1
1. For the year ended 31 December 2023, non-cash other expenses for the year consists primarily of the write-off of Allied receivable of $5.9 million, write-
off of $3.4 million related to VAT receivable balances, $19.5 million in other tax and legal claims and provision for overdue receivables of $22.8 million.
For the year ended 31 December 2022, non-cash other expenses consists primarily of the write-off of inventory balances of $5.9 million, write-off of
$3.4 million related to VAT receivables balances, $8.9 million in other tax and legal claims and provision for overdue receivables of $13.4 million.
b. CHANGES IN WORKING CAPITAL
Changes in working capital included in operating cash flows in the consolidated statement of cash flows for the year
ended 31 December 2023 and 31 December 2022 comprised:
YEAR ENDED
31 December 31 December
2023 2022
Trade and other receivables (80.4) (3.7)
Inventories (37.7) (47.4)
Prepaid expenses and other (2.5) (4.0)
Trade and other payables (6.3) (17.5)
Changes in working capital
(126.9)
(72.6)
c. EXPENDITURES ON MINING INTERESTS
Expenditures on mining interests per the consolidated statement of cash flows for the year ended 31 December 2023
and 31 December 2022 include:
YEAR ENDED
Note 31 December 31 December
2023 2022
Additions/expenditures on mining interests
12
(884.9) (546.2)
Non-cash additions to right-of-use assets
12
25.6 9.7
Initial direct costs capitalised to right-of-use assets
12
(2.8) \u2014
Change in working capital 56.9 18.2
(805.2) (518.3)
Discontinued operations 42.6 92.2
Expenditures on mining interests
(762.6)
(426.1)
1
1. The changes in working capital relate to the movement in accounts payable and prepayments related primarily to capital expenditures incurred at the
Lafigu\u00e9 and Sabodala-Massawa BIOX\u00ae projects.
d. DEPRECIATION AND DEPLETION
Depreciation in operating cash flows in the consolidated statement of cash flows and in the consolidated statement of
comprehensive earnings/(loss) for the year ended 31 December 2023 and 31 December 2022 comprised:
YEAR ENDED
Note 31 December 31 December
2023 2022
Depreciation and depletion per mining interests note
12
542.3 639.1
Depreciation and depletion related to discontinued operations
4
(53.1) (144.8)
Change in depreciation and depletion capitalised to inventory (40.8) (18.3)
Depreciation and depletion expense
448.4
476.0
e. CASH FLOWS ARISING FROM FINANCING ACTIVITIES
The table below details changes in the Group\u2019s liabilities arising from financing activities. Liabilities arising from financing
activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated
statement of cash flows as cash flows from financing activities. The table below excludes payments from the settlement
of tracker shares, call rights, and contingent consideration on the basis that these are one-off transactions.
Lease
Long-term debt obligations
Lafigu\u00e9 Convertible Lease
RCF
term loan
Senior notes
senior notes
liabilities
Total
At 1 January 2023
(5.8)
\u2014
495.0
336.6
47.1
872.9
Changes from financing cash flows
Proceeds of long-term debt
535.0
107.2
\u2014
\u2014
\u2014
642.2
Repayment of long-term debt
(70.0)
\u2014
\u2014
(330.0)
\u2014
(400.0)
Repayment of lease liabilities
\u2014
\u2014
\u2014
\u2014
(20.5)
(20.5)
Payment of financing fees and other
Other changes
(36.4)
(2.3)
(25.0)
(4.9)
\u2014
(68.6)
Interest expense
35.5
1.9
27.6
2.6
2.3
69.9
New leases
\u2014
\u2014
\u2014
\u2014
20.3
20.3
Amortisation of deferred financing costs
and other fees
2.8
0.1
\u2014
\u2014
\u2014
2.9
Settlement of conversion option
\u2014
(19.2)
\u2014
(19.2)
Change in fair value of conversion option
\u2014
\u2014
\u2014
14.9
\u2014
14.9
Sold as part of Boungou and Wahgnion
\u2014
\u2014
\u2014
(8.8)
(8.8)
Discontinued operations and other
\u2014
2.8
\u2014
\u2014
1.8
4.6
At 31 December 2023
461.1
109.7
497.6
\u2014
42.2
1,110.6
Current portion
1.5
7.0
\u2014
\u2014
14.3
22.8
Long-term portion
459.6
102.7
497.6
\u2014
27.9
1,087.8
Long-term debt
Accrued Convertible Lease
RCF
interest
Senior notes
senior notes
liabilities
Total
At 1 January 2022
(7.2)
0.9
492.7
356.4
51.1
893.9
Changes from financing cash flows
Proceeds of long-term debt
50.0
\u2014
\u2014
\u2014
\u2014
50.0
Repayment of long-term debt
(50.0)
\u2014
\u2014
\u2014
\u2014
(50.0)
Repayment of lease liabilities
\u2014
\u2014
\u2014
\u2014
(13.7)
(13.7)
Payment of financing fees and other
Other changes
(1.7)
(4.9)
(25.0)
(9.9)
\u2014
(41.5)
Interest expense
\u2014
0.7
27.3
20.4
3.5
51.9
New leases
\u2014
\u2014
\u2014
\u2014
9.7
9.7
Amortisation of deferred financing costs
and other fees
2.0
\u2014
\u2014
\u2014
\u2014
2.0
Sold as part of Karma
\u2014
\u2014
\u2014
(1.2)
(1.2)
Change in fair value of conversion option
\u2014
\u2014
\u2014
(30.3)
\u2014
(30.3)
Discontinued operations and other
4.4
\u2014
\u2014
(2.3)
2.1
At 31 December 2022
(6.9)
1.1
495.0
336.6
47.1
872.9
Current portion
\u2014
1.1
\u2014
336.6
18.2
355.9
Long-term portion
(6.9)
\u2014
495.0
\u2014
28.9
517.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "e. CASH FLOWS ARISING FROM FINANCING ACTIVITIES The table below details changes in the Group\u2019s liabilities arising from financing activities. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing activities. The table below excludes payments from the settlement of tracker shares, call rights, and contingent consideration on the basis that these are one-off transactions.
Lease
Long-term debt obligations
Lafigu\u00e9 Convertible Lease
RCF
term loan
Senior notes
senior notes
liabilities
Total
At 1 January 2023
(5.8)
\u2014
495.0
336.6
47.1
872.9
Changes from financing cash flows
Proceeds of long-term debt
535.0
107.2
\u2014
\u2014
\u2014
642.2
Repayment of long-term debt
(70.0)
\u2014
\u2014
(330.0)
\u2014
(400.0)
Repayment of lease liabilities
\u2014
\u2014
\u2014
\u2014
(20.5)
(20.5)
Payment of financing fees and other
Other changes
(36.4)
(2.3)
(25.0)
(4.9)
\u2014
(68.6)
Interest expense
35.5
1.9
27.6
2.6
2.3
69.9
New leases
\u2014
\u2014
\u2014
\u2014
20.3
20.3
Amortisation of deferred financing costs
and other fees
2.8
0.1
\u2014
\u2014
\u2014
2.9
Settlement of conversion option
\u2014
(19.2)
\u2014
(19.2)
Change in fair value of conversion option
\u2014
\u2014
\u2014
14.9
\u2014
14.9
Sold as part of Boungou and Wahgnion
\u2014
\u2014
\u2014
(8.8)
(8.8)
Discontinued operations and other
\u2014
2.8
\u2014
\u2014
1.8
4.6
At 31 December 2023
461.1
109.7
497.6
\u2014
42.2
1,110.6
Current portion
1.5
7.0
\u2014
\u2014
14.3
22.8
Long-term portion
459.6
102.7
497.6
\u2014
27.9
1,087.8
Long-term debt
Accrued Convertible Lease
RCF
interest
Senior notes
senior notes
liabilities
Total
At 1 January 2022
(7.2)
0.9
492.7
356.4
51.1
893.9
Changes from financing cash flows
Proceeds of long-term debt
50.0
\u2014
\u2014
\u2014
\u2014
50.0
Repayment of long-term debt
(50.0)
\u2014
\u2014
\u2014
\u2014
(50.0)
Repayment of lease liabilities
\u2014
\u2014
\u2014
\u2014
(13.7)
(13.7)
Payment of financing fees and other
Other changes
(1.7)
(4.9)
(25.0)
(9.9)
\u2014
(41.5)
Interest expense
\u2014
0.7
27.3
20.4
3.5
51.9
New leases
\u2014
\u2014
\u2014
\u2014
9.7
9.7
Amortisation of deferred financing costs
and other fees
2.0
\u2014
\u2014
\u2014
\u2014
2.0
Sold as part of Karma
\u2014
\u2014
\u2014
(1.2)
(1.2)
Change in fair value of conversion option
\u2014
\u2014
\u2014
(30.3)
\u2014
(30.3)
Discontinued operations and other
4.4
\u2014
\u2014
(2.3)
2.1
At 31 December 2022
(6.9)
1.1
495.0
336.6
47.1
872.9
Current portion
\u2014
1.1
\u2014
336.6
18.2
355.9
Long-term portion
(6.9)
\u2014
495.0
\u2014
28.9
517.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "
21. INCOME TAXES
a. INCOME TAXES RECOGNISED IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
Details of the income tax expense are as follows:
YEAR ENDED
31 December 31 December
2023 2022
Current income and other tax expense (267.9) (257.8)
Deferred income tax recovery 57.1 7.5
Total income tax expense
(210.8)
 (250.3)
The Group operates in numerous countries, and accordingly it is subject to, and pays annual income taxes under the
various income tax regimes in the countries in which it operates. Some subsidiaries of the Group are not subject to
corporate taxation in the Cayman Islands. However, the taxable earnings of the corporate entities in Barbados, Burkina
Faso, Canada, C\u00f4te d\u2019Ivoire, Mali, Senegal, Monaco, France, Mauritius and the United Kingdom are subject to tax under
the tax law of the respective jurisdiction.
Significant judgement is required in the interpretation or application of certain tax rules when determining the provision for
income taxes due to the complexity of the legislation. The Group has recognised tax provisions with respect to current
assessments received from the tax authorities in the various jurisdictions in which the Group operates, as well as from
uncertain tax positions identified upon the acquisition of SEMAFO and Teranga and through review of the Group's
historical tax positions. For those amounts recognised related to current tax assessments received, the provision is
based on management's best estimate of the outcome of those assessments, based on the validity of the issues in the
assessment, management's support for its position, and the expectation with respect to any negotiations to settle the
assessment. Management re-evaluates the outstanding tax assessments regularly to update their estimates related to
the outcome for those assessments taking into account the criteria above. Management evaluates its uncertain tax
positions regularly to update for changes to the tax legislation, the results of any tax audits undertaken, the correction of
the uncertain tax position through subsequent tax filings, or the expiry of the period for which the position can be re-
assessed. Management considers the material elements of any other claims to be without merit or foundation and will
strongly defend its position in relation to these matters and follow the appropriate process to support its position.
Accordingly, no provision or further disclosure has been made as the likelihood of a material outflow of economic benefits
in respect of those claims whose outcome is considered to be remote. In forming this assessment, management has
considered the professional advice received, the mining conventions and tax laws in place in the various jurisdictions, and
the facts and circumstances of each individual claim.
In 2023, the UK enacted law to implement a multinational top-up tax regime aligned to the OECD Pillar Two framework.
This will be in effect for the Group from 1 January 2024 onwards. Under the legislation, the UK parent company will be
required to pay top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. The
Group is continuing to assess the impact of the legislation on its future financial performance; currently, the Group is not
expecting any material impact for the foreseeable future.
As at 31 December 2023, the Group had total tax exposures of $78.8 million for which a provision of $1.6 million has
been recognised as tax payable included in current liabilities. As at 31 December 2022, the Group had total tax
exposures of $366.1 million for which a provision of $40.0 million was recognised as tax payable included in current
liabilities.
31 December 31 December
2023 2022
Earnings before taxes 253.5 507.1
Average domestic tax rate 2 1 % 22 %
Income tax expense based on average domestic tax rates 53.2 111.4
Reconciling items:
Rate differential 51.7 35.5
Effect of foreign exchange rate changes on deferred taxes (11.9) 20.1
Permanent differences 6.3 0.4
Mining convention benefits (0.6) (9.6)
Effect of withholding taxes 81.6 67.9
True up and tax amounts paid in respect of prior years (7.9) (2.7)
Effect of changes in deferred tax assets and losses not recognised/utilised 34.9 20.5
Other 3.4 6.8
Income tax expense
210.7
 250.3
1
2
3
4
5
6
1. The average domestic tax rate is calculated using the average statutory tax rate applicable in the jurisdictions in which the Group has operating entities.
2. Rate differential reflects the difference between tax expense calculated at the average domestic tax rate of 21%, and the tax expense/ (recovery)
calculated using the statutory tax rate applicable to each entity, of which some are in low tax rate jurisdictions (see table below).
3. The effect of foreign exchange rate changes on deferred taxes reflects the adjustment to the deferred taxes for changes in the foreign exchange rates in
the opening balance and on the movements during the year.
4. Permanent differences relate primarily to amounts that are not deductible for tax purposes in the statutory financial statements.
5. The Group benefits from a mining convention benefit at its Ity mine whereby earnings generated from certain permits are not subject to tax in C\u00f4te
d'Ivoire. In the prior year, the Sabodala-Massawa mine benefitted from a mining convention benefit which expired on 1 January 2022.
6. The effect of withholding taxes paid includes a withholding tax expense recognised upon declaration of intercompany dividends and interest on
intercompany loans. The increase compared to the prior year is due to an increase in the actual dividend declared at the Sabodala-Massawa mine
during the year ended 31 December 2022 relative to the amount estimated at 31 December 2021.
The following is a summary of the tax rates in the various taxable jurisdictions:
31 December 31 December
2023 2022
Barbados 2.5 % 2 . 5 %
Burkina Faso 17.5%/27.5% 17.5%/27.5%
Canada 26.5 % 26.5 %
Cayman Islands 0.0 % 0 . 0 %
Senegal 25.0 % 25.0 %
C\u00f4te d\u2019Ivoire 25.0 % 25.0 %
Australia 30.0 % 30.0 %
Mali 30.0 % 30.0 %
Monaco 28.0 % 28.0 %
France 31.0 % 31.0 %
Mauritius 15.0 % 15.0 %
United Kingdom 25.0 % 19.0 %
1
1. The tax rates in Burkina Faso vary for the different operating entities based on the mining convention or applicable tax laws for the particular entity.
b. INCOME TAXES PAYABLE AND RECEIVABLE
YEAR ENDED
31 December 31 December
2023 2022
Income taxes payable related to current year taxable profits 164.6 207.1
Provision for income taxes 1.6 40.0
Income taxes payable
166.2
 247.1
c. DEFERRED TAX BALANCES
The major components of the deductible temporary differences were comprised as follows:
31 December 31 December
2023 2022
Deferred income tax assets
Mining interests, and property, plant and equipment 12.8 3.7
Inventory \u2014 9.8
Environmental provision 0.9 \u2014
Trade payables \u2014 6.5
13.7 20.0
Deferred income tax liabilities
Inventory (37.0) (30.6)
Current liabilities (0.3) (4.3)
Withholding tax on dividends (45.4) (43.0)
Mining interests and other (395.1) (516.7)
(477.8) (594.6)
Net deferred income tax liability
(464.1)
 (574.6)
31 December 31 December
2023 2022
Net deferred income tax liability at beginning of the year
(574.6)
 (662.3)
Deferred income tax recovery 57.1 97.7
Deferred tax liability/(asset) derecognised on disposal 53.4 (10.0)
Net deferred income tax liability at end of the year
(464.1)
 (574.6)
1
1
Relates to the deferred tax liability derecognised on disposal of Wahgnion and Boungou in June 2023 and deferred tax
asset of Karma in March 2022.
31 December 31 December
2023 2022
Deferred income tax asset 13.7 20.0
Deferred income tax liability (477.8) (594.6)
Net deferred income tax liability
(464.1)
 (574.6)
d. UNRECOGNISED DEDUCTIBLE TEMPORARY DIFFERENCES
At 31 December 2023, the Group had deductible temporary differences of $23.6 million (31 December 2022: $39.2
million) in Burkina Faso, Senegal and C\u00f4te d\u2019Ivoire arising from mine closure liabilities for which deferred tax assets have
not been recognised because it is not probable that future profits will be available against which the Group can utilise the
benefit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "b. INCOME TAXES PAYABLE AND RECEIVABLE
YEAR ENDED
31 December 31 December
2023 2022
Income taxes payable related to current year taxable profits 164.6 207.1
Provision for income taxes 1.6 40.0
Income taxes payable
166.2
 247.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "c. DEFERRED TAX BALANCES The major components of the deductible temporary differences were comprised as follows:
31 December 31 December
2023 2022
Deferred income tax assets
Mining interests, and property, plant and equipment 12.8 3.7
Inventory \u2014 9.8
Environmental provision 0.9 \u2014
Trade payables \u2014 6.5
13.7 20.0
Deferred income tax liabilities
Inventory (37.0) (30.6)
Current liabilities (0.3) (4.3)
Withholding tax on dividends (45.4) (43.0)
Mining interests and other (395.1) (516.7)
(477.8) (594.6)
Net deferred income tax liability
(464.1)
 (574.6)
31 December 31 December
2023 2022
Net deferred income tax liability at beginning of the year
(574.6)
 (662.3)
Deferred income tax recovery 57.1 97.7
Deferred tax liability/(asset) derecognised on disposal 53.4 (10.0)
Net deferred income tax liability at end of the year
(464.1)
 (574.6)
1 1 Relates to the deferred tax liability derecognised on disposal of Wahgnion and Boungou in June 2023 and deferred tax asset of Karma in March 2022.
31 December 31 December
2023 2022
Deferred income tax asset 13.7 20.0
Deferred income tax liability (477.8) (594.6)
Net deferred income tax liability
(464.1)
 (574.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "
22. RELATED PARTY TRANSACTIONS
A related party is considered to include shareholders, affiliates, associates and entities under common control with the
Group and members of key management personnel.
a. COMPENSATION OF KEY MANAGEMENT PERSONNEL AND DIRECTORS
The remuneration of Directors and other members of key management personnel, who are those members of
management who are responsible for planning, directing and controlling the activities of the Group during the year, were
as follows:
YEAR ENDED
31 December 31 December
2023 2022
Short-term benefits 12.5 13.3
Share-based payments 11.3 14.2
Termination benefits 0.8 2.4
Total
24.6
 29.9
On 4 January 2024, S\u00e9bastien de Montessus\u2019 position as President and Chief Executive Officer and Executive Director of
Endeavour Mining plc was terminated with immediate effect. In accordance with Mr de Montessus\u2019 service agreement and
the Directors\u2019 Remuneration Policy, Mr de Montessus forfeited any annual bonus in respect of the financial years 2023 or
2024 and unvested share awards in relation to the 2022 and 2023 LTIP plans of 717,397 shares. In addition, the
Remuneration Committee exercised its discretion to apply clawback in full to the $10.0 million one-off award granted to
Mr de Montessus in 2021 and the $1.5 million cash portion of the bonus received for 2022 to be set off against Mr de
Montessus\u2019 remaining vested 2020 LTIP award and the vested portion of his 2021 LTIP award. The impact of the
forfeiture and clawback of bonuses and share awards were credits to short-term benefits of $2.7 million (see note 5c)
and share-based payments of $10.3 million (see note 7). In addition, the clawback of the $10 million one-off award was
credited to acquisition and restructuring costs in other expense, which was originally charged when it was awarded in
2021 (see note 5d).
During the course of the investigation, the Company was made aware of a personal investment contract agreement, dated
12 November 2019, between Mr de Montessus and One Continent Investments Limited (\u201cOCI\u201d), a 49% shareholder in
N\u00e9r\u00e9, which purchased the Karma Mine from the Group in March 2022 for a total consideration of $20 million (see Note
4b). OCI was previously not declared as a related party and despite the extensive forensic investigation, the Company
does not have access to Mr de Montessus personal records to verify the existence and extent of any potential investment
held and to what extent Mr de Montessus directly profited from this relationship.
For enhanced disclosure to the reader of these financial statements, transactions between the Company, OCI and N\u00e9r\u00e9
have been disclosed below:
\u2022 Payment from Endeavour to OCI in May 2022 of $2.2 million representing the working capital adjustment on closing
the sale of the Group\u2019s 90% interest in the Karma to N\u00e9r\u00e9.
\u2022 The consideration upon sale of the Karma mine included (i) a deferred cash payment of $5.0 million to be paid six
months after closing of the transaction; (ii) a contingent payment of up to $10.0 million payable twelve months after
closing; and (iii) a 2.5% NSR on all ounces produced by the Karma mine in excess of 160,000 ounces of recovered
gold from 1 January 2022.
\u2022 During the year ended 31 December 2022, Endeavour wrote off $4.0 million of the deferred cash payment based on
the non-performance of grave relocation deliverable within a specific time period and recognised $1.0 million expected
credit loss provision on the remainder of the deferred cash payment.
The balances between the Company and N\u00e9r\u00e9 at 31 December are summarised below:
YEAR ENDED
31 December 31 December
2023 2022
Other receivables
Deferred cash payment \u2014 \u2014
Contingent payment
(Note 10c)
 5.0 \u2014
Other financial assets
Contingent payment (Note 14d) \u2014 5.0
NSR (Note 14b) 6.6 6.5
b. SUBSIDIARIES
Details of the Company\u2019s subsidiaries at the end of the reporting periods are as follows:
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Endeavour Gold
Corporate
Cayman
Endeavour Mining plc
100 %
100 % 5 Young Street, W8 5EH, London
Corporation
Avnel Gold Mining
Holding
Guernsey
Endeavour Gold
100 %
100 % Les Echelons Court, Les
Limited Corporation Echelons, St. Peter Port,
Guernsey GY1 1AR
Kalana Holdings
Holding
Cayman
Avnel Gold Mining
100 %
100 % Mourant Governance Services
Limited (Cayman) Limited, 94 Solaris
1348,
Avenue, Camana Bay, PO Box
Grand Cayman KY1-1108,
Cayman Islands
Soci\u00e9t\u00e9 des Mines
Operations
Mali
Kalana Holdings
80 %
80 % Badalabougou Est, rue 12, villa n
d\u2019Or de Kalana SA \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Arion Construction
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Aviation
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A.R.L Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Canada
Corporate
Canada
Endeavour Gold
100 %
100 % 66 Wellington Street West, Suite
Holdings Corporation Corporation
5300,
TD Bank Tower, Toronto
ON M5K 1E6, Canada
Boss Gold SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Boss Minerals SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Hound\u00e9 Holdings Ltd
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Holdings Corporation Rock, St. Michael, Barbados
BB14004
Avion Mali West
Exploration
Mali
Hound\u00e9 Holdings Ltd
100 %
100 % Badalabougou Est, rue 12, villa n
Exploration S.A. \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Bou\u00e9r\u00e9-Dohoun Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Burkina Faso
Holding
Jersey
Hound\u00e9 Holdings Ltd
100 %
100 % 22-24 Seale Street, St Helier,
Exploration Limited JE2 3QG, Jersey
Avion Gold (Burkina
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Faso) S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Hound\u00e9 Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Massawa (Jersey)
Holding
Jersey
Endeavour Canada
100 %
100 % 2nd Floor Sir Walter Raleigh
Limited Holdings Corporation House, 48-50 Esplanade, St
Helier, Jersey, JE2 3QB
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Orbis Gold Pty Ltd
Holding
Australia
Endeavour Canada
100 %
100 % SmallCap Corporate Pty. Ltd.,
Holdings Corporation
Rokeby Road,
Suite 1, 295
Subiaco, WA 6008, Australia
MET BF Pty. Ltd
Holding
Australia
Orbis Gold Pty Ltd
100 %
Suite 1, 295
Rokeby Road,
100 % SmallCap Corporate Pty. Ltd.,
Subiaco, WA 6008, Australia
Sabodala Gold
Exploration
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
(Mauritius) Limited Holdings & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Sabodala Gold
Operations
Senegal
Sabodala Gold
90 %
86 % 2 K Plaza, Route du M\u00e9ridien
Operations SA (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
Massawa (Jersey)
90 %
S\u00e9n\u00e9gal
4
%
Limited
Sabodala Mining
Exploration
Senegal
Sabodala Gold
100 %
100 % 2 K Plaza, Route du M\u00e9ridien
Company SARL (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
S\u00e9n\u00e9gal
Sabodala Holding
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Limited Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Teranga Gold (B.V.I)
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Corporation Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Oromin Joint Venture
Holding
British Virgin
Sabodala Holding
100 %
44 % Mourant Governance Services
Group Ltd. Islands Limited (Cayman) Limited, 94 Solaris
Teranga Gold Burkina
100 %
Avenue, Camana Bay, PO Box
57 %
Faso (B.V.I.)
1348,
Grand Cayman KY1-1108,
Cayman Islands
Corporation
Savary A1 Inc
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Islands Holdings Corporation House, PO Box 173, Road Town,
Tortola, VG1110
Joint Venture BF1 Inc
Holding
British Virgin
Savary A1 Inc
75 %
c/o Maples and Calder, Ritter
75 %
Islands House, PO Box 173, Road Town,
Tortola, VG1110
Hound\u00e9 Exploration
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 %
PO Box 173, Road Town, Tortola,
BF1 Inc Islands VG1110
Hound\u00e9 Exploration
Exploration
Burkina Faso
Hound\u00e9 Exploration
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
BF S.\u00e0r.l. BF1 Inc Section B Lot 35 Parcelle 9, 13
BP 60 Ouagadougou 13, Burkina
Faso
Sarama JV Holdings
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 % c/o Maples and Calder, Ritter
Limited Islands House, PO Box 173, Road Town,
Tortola, VG1110
Sarama JV Mining
Exploration
Burkina Faso
Sarama JV Holdings
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 818
CMS Ouagadougou 11,
Burkina Faso
Semafo (Barbados)
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Limited Holdings Corporation Rock, St. Michael, Barbados
BB14004
African GeoMin
Holding
Barbados
Semafo (Barbados)
100 %
100 % Radley Court, Upper Collymore
Mining Development Limited Rock, St. Michael, Barbados
Corporation Ltd BB14004
Birimian Discovery
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Birimian Exploration
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Birimian Resources
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Burkina Geoservices
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Exploration Atacora
Exploration
Benin
Semafo (Barbados)
100 %
100 % Ilot 6414 A M, Quartier Agori
S.\u00e0r.l. Limited Aledjo, Abomey, Calavin,
Cotonou, B\u00e9nin
Mana Min\u00e9ral S.\u00e0r.l.
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
MET CI S.\u00e0r.l.
Exploration
C\u00f4te d\u2019Ivoire
Semafo (Barbados)
100 %
100 % Si\u00e8ge Endeavour Mining, rue du
Limited Lyc\u00e9e Technique, Cocody Danga,
06 BP 1334 Abidjan 06, Cote
d\u2019Ivoire
Resources Burkinor
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Resources Tangayen
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Semafo Burkina Faso
Operations
Burkina Faso
Semafo (Barbados)
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
SA Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
SGML (Capital)
Holding
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
Limited Holdings Corporation & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Taurus Gold Afema
Holding
British Virgin
Endeavour Canada
51 %
51 % c/o Harneys Corporate Services
Holdings Ltd Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Afema Gold SA
Operations
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
46 %
90 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Taurus Gold CI SARL
Exploration
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
51 %
100 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Teranga Exploration
Exploration
C\u00f4te d\u2019Ivoire
Endeavour Canada
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
(Ivory Coast) SARL Holdings Corporation Danga, rue du Lyc\u00e9e Technique,
28 BP
1366,
Abidjan 28,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Teranga Gold Burkina
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Faso (B.V.I.) Islands Holdings Corporation House, PO Box 173, Road Town,
Corporation Tortola, VG1110
Endeavour
Holding
Cayman
Endeavour Gold
100 %
100 % Mourant Governance Services
Exploration Ltd Corporation (Cayman) Limited, 94 Solaris
Avenue, Camana Bay, PO Box
1348,
Grand Cayman KY1-1108,
Cayman Islands
Bissa HoldCo S.\u00e0r.l.
Exploration
Burkina Faso
Endeavour
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration Ltd Section B Lot 35 Parcelle 9, 01
BP 1324
Ouagadougou 06,
Burkina Faso
Endeavour Guin\u00e9e
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
S.\u00e0r.l. Exploration Ltd Joulia, Conakry
Endeavour Niger SA
Exploration
Niger
Endeavour
70 %
70 % 457 boulevard de
Exploration Ltd l\u2019ind\u00e9pendance, plateau,
Niamey, BP 10.014
Endeavour Siguiri.
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
Exploration Ltd Joulia, Conakry
Etruscan Resources
Exploration
C\u00f4te d\u2019Ivoire
Endeavour
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
C\u00f4te d\u2019Ivoire S.\u00e0.r.l. Exploration Ltd Danga, rue du Lyc\u00e9e Technique,
25 BP 603 Abidjan 25,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Etruscan Resources
Exploration
Ghana
Endeavour
100 %
100 % Y/B 15 Augusto Neto Road,
Ghana Limited Exploration Ltd Airport Residential Area, Accra
Endeavour
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Management Corporation Endeavour Mining, Rue du Lyc\u00e9e
Services Abidjan Technique, 08 BP 872 Abidjan
S.\u00e0r.l 08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour
Corporate
France
Endeavour Gold
100 %
100 % 19 boulevard Malesherbes
Management Corporation
75008
Paris
Services France
Endeavour
Corporate
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Management Kingdom Corporation
Services London
Limited.
Endeavour
Corporate
Monaco
Endeavour Gold
100 %
100 %
7 Boulevard des Moulins, Bureau
Management Corporation 76, Monaco 98000
Services Monaco
S.A.M.
Hippocampus Mining
Operations
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Services S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Ity Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Keyman Investment
Holding
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A. Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
La Mancha C\u00f4te
Exploration
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ivoire S.\u00e0r.l. Limited Endeavour Mining, rue du Lyc\u00e9e
Technique, 06 BP 2220 Abidjan
06, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ity SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
de Daapleu SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
90 %
90 % Abidjan, Cocody Danga, Si\u00e8ge
de Floleu S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
80 %
80 % Abidjan, Cocody Danga, Si\u00e8ge
de Lafigu\u00e9 S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Centre Commun de
Corporate
Burkina Faso
Endeavour Gold
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Fonctions Support Corporation Section B Lot 35 Parcelle 9, 06
Endeavour (CCFSE)
BP 9214
Ouagadougou 06,
GIE Burkina Faso
West African Mining
Corporate
United
Endeavour Mining Plc
\u2014
%
5 Young Street, W8 5EH, London
100%
Services LLP Kingdom
(formerly Endeavour
Mining Services LLP)
1
Entity
Principal
activity
Place of
incorporation and
operation Held By
Proportion of ownership
interest and voting
power held Registered Address
Group %
Holding
%
Holding
1
West African Mining Services LLP is legally owned by its members and not Endeavour Mining Plc. However, the Group consolidates 100%
of its results in accordance with the requirements of IFRS 10 Control.
Disposal, amalgamations and dissolutions For the year ended 31 December 2023 The following entities were sold as part of the disposal of Boungou and Wahgnion on 30 June 2023: \u2022 Gryphon Minerals Burkina Faso Pty Ltd \u2022 Gryphon Minerals Burkina Faso SARL \u2022 Gryphon Minerals West Africa Pty Ltd \u2022 Loumana Holdings Ltd. \u2022 Ressources Ferke S.\u00e0r.l. \u2022 Semafo Boungou SA \u2022 Teranga Gold (Australia) Pty Ltd \u2022 Wahgnion Gold Operations SA Endeavour Mining Corporation amalgamated into Endeavour Gold Corporation effective 29 December 2023 and no entities were dissolved during the year. For the year ended 31 December 2022 The following entities were sold as part of the disposal of Karma on 13 March 2022: \u2022 Liguidi Holdco SARL \u2022 Yatenga Holdings Limited SA \u2022 Karma Exploration S.\u00e0r.l. \u2022 Karma Mining Holdings Ltd. \u2022 Liguidi Malguem JV S.\u00e0r.l. \u2022 Riverstone Karma SA \u2022 Riverstone Resources Burkina S.\u00e0r.l. \u2022 Endeavour Exploration Burkina S.\u00e0r.l. \u2022 Golden Star Exploration \u2013 Burkina SA The following entities were sold as part of a transaction to one of the Company's suppliers in December 2022: \u2022 Nevsun Mali Exploration Ltd. SA \u2022 Avion Mali Exploration S.A. \u2022 Bluebird Mali S.\u00e0r.l. The following entities were amalgamated with Endeavour Canada Holdings Corporation effective 1 January 2022: \u2022 Teranga Gold Corporation \u2022 SEMAFO Inc \u2022 Massawa SA \u2022 True Gold Mining Inc \u2022 Teranga Gold (Ivory Coast) Corporation \u2022 Avion Gold Corporation \u2022 Endeavour Management Services Halifax Ltd \u2022 Blue Gold Mining Inc \u2022 Burkina Gold Corporation \u2022 Teranga Gold (Mohanta) Corporation \u2022 Teranga Gold (Senegal) Corporation \u2022 Teranga Gold (Burkina Faso) Corporation \u2022 Oromin Explorations Ltd The following entities were dissolved in December 2022: \u2022 Ity Holdings \u2022 Lafigu\u00e9 Holdings \u2022 Resources Fitini S.\u00e0r.l. \u2022 Resources Mouhoun S.\u00e0r.l. \u2022 Resources Ouango S.\u00e0r.l.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "22. RELATED PARTY TRANSACTIONS A related party is considered to include shareholders, affiliates, associates and entities under common control with the Group and members of key management personnel. a. COMPENSATION OF KEY MANAGEMENT PERSONNEL AND DIRECTORS The remuneration of Directors and other members of key management personnel, who are those members of management who are responsible for planning, directing and controlling the activities of the Group during the year, were as follows:
YEAR ENDED
31 December 31 December
2023 2022
Short-term benefits 12.5 13.3
Share-based payments 11.3 14.2
Termination benefits 0.8 2.4
Total
24.6
 29.9
On 4 January 2024, S\u00e9bastien de Montessus\u2019 position as President and Chief Executive Officer and Executive Director of Endeavour Mining plc was terminated with immediate effect. In accordance with Mr de Montessus\u2019 service agreement and the Directors\u2019 Remuneration Policy, Mr de Montessus forfeited any annual bonus in respect of the financial years 2023 or 2024 and unvested share awards in relation to the 2022 and 2023 LTIP plans of 717,397 shares. In addition, the Remuneration Committee exercised its discretion to apply clawback in full to the $10.0 million one-off award granted to Mr de Montessus in 2021 and the $1.5 million cash portion of the bonus received for 2022 to be set off against Mr de Montessus\u2019 remaining vested 2020 LTIP award and the vested portion of his 2021 LTIP award. The impact of the forfeiture and clawback of bonuses and share awards were credits to short-term benefits of $2.7 million (see note 5c) and share-based payments of $10.3 million (see note 7). In addition, the clawback of the $10 million one-off award was credited to acquisition and restructuring costs in other expense, which was originally charged when it was awarded in 2021 (see note 5d). During the course of the investigation, the Company was made aware of a personal investment contract agreement, dated 12 November 2019, between Mr de Montessus and One Continent Investments Limited (\u201cOCI\u201d), a 49% shareholder in N\u00e9r\u00e9, which purchased the Karma Mine from the Group in March 2022 for a total consideration of $20 million (see Note 4b). OCI was previously not declared as a related party and despite the extensive forensic investigation, the Company does not have access to Mr de Montessus personal records to verify the existence and extent of any potential investment held and to what extent Mr de Montessus directly profited from this relationship. For enhanced disclosure to the reader of these financial statements, transactions between the Company, OCI and N\u00e9r\u00e9 have been disclosed below: \u2022 Payment from Endeavour to OCI in May 2022 of $2.2 million representing the working capital adjustment on closing the sale of the Group\u2019s 90% interest in the Karma to N\u00e9r\u00e9. \u2022 The consideration upon sale of the Karma mine included (i) a deferred cash payment of $5.0 million to be paid six months after closing of the transaction; (ii) a contingent payment of up to $10.0 million payable twelve months after closing; and (iii) a 2.5% NSR on all ounces produced by the Karma mine in excess of 160,000 ounces of recovered gold from 1 January 2022. \u2022 During the year ended 31 December 2022, Endeavour wrote off $4.0 million of the deferred cash payment based on the non-performance of grave relocation deliverable within a specific time period and recognised $1.0 million expected credit loss provision on the remainder of the deferred cash payment. The balances between the Company and N\u00e9r\u00e9 at 31 December are summarised below:
YEAR ENDED
31 December 31 December
2023 2022
Other receivables
Deferred cash payment \u2014 \u2014
Contingent payment
(Note 10c)
 5.0 \u2014
Other financial assets
Contingent payment (Note 14d) \u2014 5.0
NSR (Note 14b) 6.6 6.5
b. SUBSIDIARIES Details of the Company\u2019s subsidiaries at the end of the reporting periods are as follows:
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Endeavour Gold
Corporate
Cayman
Endeavour Mining plc
100 %
100 % 5 Young Street, W8 5EH, London
Corporation
Avnel Gold Mining
Holding
Guernsey
Endeavour Gold
100 %
100 % Les Echelons Court, Les
Limited Corporation Echelons, St. Peter Port,
Guernsey GY1 1AR
Kalana Holdings
Holding
Cayman
Avnel Gold Mining
100 %
100 % Mourant Governance Services
Limited (Cayman) Limited, 94 Solaris
1348,
Avenue, Camana Bay, PO Box
Grand Cayman KY1-1108,
Cayman Islands
Soci\u00e9t\u00e9 des Mines
Operations
Mali
Kalana Holdings
80 %
80 % Badalabougou Est, rue 12, villa n
d\u2019Or de Kalana SA \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Arion Construction
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Aviation
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A.R.L Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Canada
Corporate
Canada
Endeavour Gold
100 %
100 % 66 Wellington Street West, Suite
Holdings Corporation Corporation
5300,
TD Bank Tower, Toronto
ON M5K 1E6, Canada
Boss Gold SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Boss Minerals SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Hound\u00e9 Holdings Ltd
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Holdings Corporation Rock, St. Michael, Barbados
BB14004
Avion Mali West
Exploration
Mali
Hound\u00e9 Holdings Ltd
100 %
100 % Badalabougou Est, rue 12, villa n
Exploration S.A. \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Bou\u00e9r\u00e9-Dohoun Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Burkina Faso
Holding
Jersey
Hound\u00e9 Holdings Ltd
100 %
100 % 22-24 Seale Street, St Helier,
Exploration Limited JE2 3QG, Jersey
Avion Gold (Burkina
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Faso) S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Hound\u00e9 Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Massawa (Jersey)
Holding
Jersey
Endeavour Canada
100 %
100 % 2nd Floor Sir Walter Raleigh
Limited Holdings Corporation House, 48-50 Esplanade, St
Helier, Jersey, JE2 3QB
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Orbis Gold Pty Ltd
Holding
Australia
Endeavour Canada
100 %
100 % SmallCap Corporate Pty. Ltd.,
Holdings Corporation
Rokeby Road,
Suite 1, 295
Subiaco, WA 6008, Australia
MET BF Pty. Ltd
Holding
Australia
Orbis Gold Pty Ltd
100 %
Suite 1, 295
Rokeby Road,
100 % SmallCap Corporate Pty. Ltd.,
Subiaco, WA 6008, Australia
Sabodala Gold
Exploration
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
(Mauritius) Limited Holdings & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Sabodala Gold
Operations
Senegal
Sabodala Gold
90 %
86 % 2 K Plaza, Route du M\u00e9ridien
Operations SA (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
Massawa (Jersey)
90 %
S\u00e9n\u00e9gal
4
%
Limited
Sabodala Mining
Exploration
Senegal
Sabodala Gold
100 %
100 % 2 K Plaza, Route du M\u00e9ridien
Company SARL (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
S\u00e9n\u00e9gal
Sabodala Holding
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Limited Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Teranga Gold (B.V.I)
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Corporation Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Oromin Joint Venture
Holding
British Virgin
Sabodala Holding
100 %
44 % Mourant Governance Services
Group Ltd. Islands Limited (Cayman) Limited, 94 Solaris
Teranga Gold Burkina
100 %
Avenue, Camana Bay, PO Box
57 %
Faso (B.V.I.)
1348,
Grand Cayman KY1-1108,
Cayman Islands
Corporation
Savary A1 Inc
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Islands Holdings Corporation House, PO Box 173, Road Town,
Tortola, VG1110
Joint Venture BF1 Inc
Holding
British Virgin
Savary A1 Inc
75 %
c/o Maples and Calder, Ritter
75 %
Islands House, PO Box 173, Road Town,
Tortola, VG1110
Hound\u00e9 Exploration
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 %
PO Box 173, Road Town, Tortola,
BF1 Inc Islands VG1110
Hound\u00e9 Exploration
Exploration
Burkina Faso
Hound\u00e9 Exploration
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
BF S.\u00e0r.l. BF1 Inc Section B Lot 35 Parcelle 9, 13
BP 60 Ouagadougou 13, Burkina
Faso
Sarama JV Holdings
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 % c/o Maples and Calder, Ritter
Limited Islands House, PO Box 173, Road Town,
Tortola, VG1110
Sarama JV Mining
Exploration
Burkina Faso
Sarama JV Holdings
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 818
CMS Ouagadougou 11,
Burkina Faso
Semafo (Barbados)
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Limited Holdings Corporation Rock, St. Michael, Barbados
BB14004
African GeoMin
Holding
Barbados
Semafo (Barbados)
100 %
100 % Radley Court, Upper Collymore
Mining Development Limited Rock, St. Michael, Barbados
Corporation Ltd BB14004
Birimian Discovery
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Birimian Exploration
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Birimian Resources
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Burkina Geoservices
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Exploration Atacora
Exploration
Benin
Semafo (Barbados)
100 %
100 % Ilot 6414 A M, Quartier Agori
S.\u00e0r.l. Limited Aledjo, Abomey, Calavin,
Cotonou, B\u00e9nin
Mana Min\u00e9ral S.\u00e0r.l.
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
MET CI S.\u00e0r.l.
Exploration
C\u00f4te d\u2019Ivoire
Semafo (Barbados)
100 %
100 % Si\u00e8ge Endeavour Mining, rue du
Limited Lyc\u00e9e Technique, Cocody Danga,
06 BP 1334 Abidjan 06, Cote
d\u2019Ivoire
Resources Burkinor
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Resources Tangayen
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Semafo Burkina Faso
Operations
Burkina Faso
Semafo (Barbados)
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
SA Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
SGML (Capital)
Holding
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
Limited Holdings Corporation & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Taurus Gold Afema
Holding
British Virgin
Endeavour Canada
51 %
51 % c/o Harneys Corporate Services
Holdings Ltd Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Afema Gold SA
Operations
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
46 %
90 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Taurus Gold CI SARL
Exploration
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
51 %
100 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Teranga Exploration
Exploration
C\u00f4te d\u2019Ivoire
Endeavour Canada
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
(Ivory Coast) SARL Holdings Corporation Danga, rue du Lyc\u00e9e Technique,
28 BP
1366,
Abidjan 28,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Teranga Gold Burkina
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Faso (B.V.I.) Islands Holdings Corporation House, PO Box 173, Road Town,
Corporation Tortola, VG1110
Endeavour
Holding
Cayman
Endeavour Gold
100 %
100 % Mourant Governance Services
Exploration Ltd Corporation (Cayman) Limited, 94 Solaris
Avenue, Camana Bay, PO Box
1348,
Grand Cayman KY1-1108,
Cayman Islands
Bissa HoldCo S.\u00e0r.l.
Exploration
Burkina Faso
Endeavour
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration Ltd Section B Lot 35 Parcelle 9, 01
BP 1324
Ouagadougou 06,
Burkina Faso
Endeavour Guin\u00e9e
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
S.\u00e0r.l. Exploration Ltd Joulia, Conakry
Endeavour Niger SA
Exploration
Niger
Endeavour
70 %
70 % 457 boulevard de
Exploration Ltd l\u2019ind\u00e9pendance, plateau,
Niamey, BP 10.014
Endeavour Siguiri.
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
Exploration Ltd Joulia, Conakry
Etruscan Resources
Exploration
C\u00f4te d\u2019Ivoire
Endeavour
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
C\u00f4te d\u2019Ivoire S.\u00e0.r.l. Exploration Ltd Danga, rue du Lyc\u00e9e Technique,
25 BP 603 Abidjan 25,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Etruscan Resources
Exploration
Ghana
Endeavour
100 %
100 % Y/B 15 Augusto Neto Road,
Ghana Limited Exploration Ltd Airport Residential Area, Accra
Endeavour
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Management Corporation Endeavour Mining, Rue du Lyc\u00e9e
Services Abidjan Technique, 08 BP 872 Abidjan
S.\u00e0r.l 08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour
Corporate
France
Endeavour Gold
100 %
100 % 19 boulevard Malesherbes
Management Corporation
75008
Paris
Services France
Endeavour
Corporate
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Management Kingdom Corporation
Services London
Limited.
Endeavour
Corporate
Monaco
Endeavour Gold
100 %
100 %
7 Boulevard des Moulins, Bureau
Management Corporation 76, Monaco 98000
Services Monaco
S.A.M.
Hippocampus Mining
Operations
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Services S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Ity Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Keyman Investment
Holding
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A. Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
La Mancha C\u00f4te
Exploration
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ivoire S.\u00e0r.l. Limited Endeavour Mining, rue du Lyc\u00e9e
Technique, 06 BP 2220 Abidjan
06, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ity SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
de Daapleu SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
90 %
90 % Abidjan, Cocody Danga, Si\u00e8ge
de Floleu S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
80 %
80 % Abidjan, Cocody Danga, Si\u00e8ge
de Lafigu\u00e9 S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Centre Commun de
Corporate
Burkina Faso
Endeavour Gold
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Fonctions Support Corporation Section B Lot 35 Parcelle 9, 06
Endeavour (CCFSE)
BP 9214
Ouagadougou 06,
GIE Burkina Faso
West African Mining
Corporate
United
Endeavour Mining Plc
\u2014
%
5 Young Street, W8 5EH, London
100%
Services LLP Kingdom
(formerly Endeavour
Mining Services LLP)
1 Entity Principal activity Place of incorporation and operation Held By Proportion of ownership interest and voting power held Registered Address Group % Holding % Holding 1 West African Mining Services LLP is legally owned by its members and not Endeavour Mining Plc. However, the Group consolidates 100% of its results in accordance with the requirements of IFRS 10 Control. Disposal, amalgamations and dissolutions For the year ended 31 December 2023 The following entities were sold as part of the disposal of Boungou and Wahgnion on 30 June 2023: \u2022 Gryphon Minerals Burkina Faso Pty Ltd \u2022 Gryphon Minerals Burkina Faso SARL \u2022 Gryphon Minerals West Africa Pty Ltd \u2022 Loumana Holdings Ltd. \u2022 Ressources Ferke S.\u00e0r.l. \u2022 Semafo Boungou SA \u2022 Teranga Gold (Australia) Pty Ltd \u2022 Wahgnion Gold Operations SA Endeavour Mining Corporation amalgamated into Endeavour Gold Corporation effective 29 December 2023 and no entities were dissolved during the year. For the year ended 31 December 2022 The following entities were sold as part of the disposal of Karma on 13 March 2022: \u2022 Liguidi Holdco SARL \u2022 Yatenga Holdings Limited SA \u2022 Karma Exploration S.\u00e0r.l. \u2022 Karma Mining Holdings Ltd. \u2022 Liguidi Malguem JV S.\u00e0r.l. \u2022 Riverstone Karma SA \u2022 Riverstone Resources Burkina S.\u00e0r.l. \u2022 Endeavour Exploration Burkina S.\u00e0r.l. \u2022 Golden Star Exploration \u2013 Burkina SA The following entities were sold as part of a transaction to one of the Company's suppliers in December 2022: \u2022 Nevsun Mali Exploration Ltd. SA \u2022 Avion Mali Exploration S.A. \u2022 Bluebird Mali S.\u00e0r.l. The following entities were amalgamated with Endeavour Canada Holdings Corporation effective 1 January 2022: \u2022 Teranga Gold Corporation \u2022 SEMAFO Inc \u2022 Massawa SA \u2022 True Gold Mining Inc \u2022 Teranga Gold (Ivory Coast) Corporation \u2022 Avion Gold Corporation \u2022 Endeavour Management Services Halifax Ltd \u2022 Blue Gold Mining Inc \u2022 Burkina Gold Corporation \u2022 Teranga Gold (Mohanta) Corporation \u2022 Teranga Gold (Senegal) Corporation \u2022 Teranga Gold (Burkina Faso) Corporation \u2022 Oromin Explorations Ltd The following entities were dissolved in December 2022: \u2022 Ity Holdings \u2022 Lafigu\u00e9 Holdings \u2022 Resources Fitini S.\u00e0r.l. \u2022 Resources Mouhoun S.\u00e0r.l. \u2022 Resources Ouango S.\u00e0r.l.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "a. COMPENSATION OF KEY MANAGEMENT PERSONNEL AND DIRECTORS The remuneration of Directors and other members of key management personnel, who are those members of management who are responsible for planning, directing and controlling the activities of the Group during the year, were as follows:
YEAR ENDED
31 December 31 December
2023 2022
Short-term benefits 12.5 13.3
Share-based payments 11.3 14.2
Termination benefits 0.8 2.4
Total
24.6
 29.9
On 4 January 2024, S\u00e9bastien de Montessus\u2019 position as President and Chief Executive Officer and Executive Director of Endeavour Mining plc was terminated with immediate effect. In accordance with Mr de Montessus\u2019 service agreement and the Directors\u2019 Remuneration Policy, Mr de Montessus forfeited any annual bonus in respect of the financial years 2023 or 2024 and unvested share awards in relation to the 2022 and 2023 LTIP plans of 717,397 shares. In addition, the Remuneration Committee exercised its discretion to apply clawback in full to the $10.0 million one-off award granted to Mr de Montessus in 2021 and the $1.5 million cash portion of the bonus received for 2022 to be set off against Mr de Montessus\u2019 remaining vested 2020 LTIP award and the vested portion of his 2021 LTIP award. The impact of the forfeiture and clawback of bonuses and share awards were credits to short-term benefits of $2.7 million (see note 5c) and share-based payments of $10.3 million (see note 7). In addition, the clawback of the $10 million one-off award was credited to acquisition and restructuring costs in other expense, which was originally charged when it was awarded in 2021 (see note 5d). During the course of the investigation, the Company was made aware of a personal investment contract agreement, dated 12 November 2019, between Mr de Montessus and One Continent Investments Limited (\u201cOCI\u201d), a 49% shareholder in N\u00e9r\u00e9, which purchased the Karma Mine from the Group in March 2022 for a total consideration of $20 million (see Note 4b). OCI was previously not declared as a related party and despite the extensive forensic investigation, the Company does not have access to Mr de Montessus personal records to verify the existence and extent of any potential investment held and to what extent Mr de Montessus directly profited from this relationship. For enhanced disclosure to the reader of these financial statements, transactions between the Company, OCI and N\u00e9r\u00e9 have been disclosed below: \u2022 Payment from Endeavour to OCI in May 2022 of $2.2 million representing the working capital adjustment on closing the sale of the Group\u2019s 90% interest in the Karma to N\u00e9r\u00e9. \u2022 The consideration upon sale of the Karma mine included (i) a deferred cash payment of $5.0 million to be paid six months after closing of the transaction; (ii) a contingent payment of up to $10.0 million payable twelve months after closing; and (iii) a 2.5% NSR on all ounces produced by the Karma mine in excess of 160,000 ounces of recovered gold from 1 January 2022. \u2022 During the year ended 31 December 2022, Endeavour wrote off $4.0 million of the deferred cash payment based on the non-performance of grave relocation deliverable within a specific time period and recognised $1.0 million expected credit loss provision on the remainder of the deferred cash payment. The balances between the Company and N\u00e9r\u00e9 at 31 December are summarised below:
YEAR ENDED
31 December 31 December
2023 2022
Other receivables
Deferred cash payment \u2014 \u2014
Contingent payment
(Note 10c)
 5.0 \u2014
Other financial assets
Contingent payment (Note 14d) \u2014 5.0
NSR (Note 14b) 6.6 6.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "b. SUBSIDIARIES Details of the Company\u2019s subsidiaries at the end of the reporting periods are as follows:
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Endeavour Gold
Corporate
Cayman
Endeavour Mining plc
100 %
100 % 5 Young Street, W8 5EH, London
Corporation
Avnel Gold Mining
Holding
Guernsey
Endeavour Gold
100 %
100 % Les Echelons Court, Les
Limited Corporation Echelons, St. Peter Port,
Guernsey GY1 1AR
Kalana Holdings
Holding
Cayman
Avnel Gold Mining
100 %
100 % Mourant Governance Services
Limited (Cayman) Limited, 94 Solaris
1348,
Avenue, Camana Bay, PO Box
Grand Cayman KY1-1108,
Cayman Islands
Soci\u00e9t\u00e9 des Mines
Operations
Mali
Kalana Holdings
80 %
80 % Badalabougou Est, rue 12, villa n
d\u2019Or de Kalana SA \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Arion Construction
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Aviation
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A.R.L Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Canada
Corporate
Canada
Endeavour Gold
100 %
100 % 66 Wellington Street West, Suite
Holdings Corporation Corporation
5300,
TD Bank Tower, Toronto
ON M5K 1E6, Canada
Boss Gold SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Boss Minerals SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Hound\u00e9 Holdings Ltd
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Holdings Corporation Rock, St. Michael, Barbados
BB14004
Avion Mali West
Exploration
Mali
Hound\u00e9 Holdings Ltd
100 %
100 % Badalabougou Est, rue 12, villa n
Exploration S.A. \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Bou\u00e9r\u00e9-Dohoun Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Burkina Faso
Holding
Jersey
Hound\u00e9 Holdings Ltd
100 %
100 % 22-24 Seale Street, St Helier,
Exploration Limited JE2 3QG, Jersey
Avion Gold (Burkina
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Faso) S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Hound\u00e9 Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Massawa (Jersey)
Holding
Jersey
Endeavour Canada
100 %
100 % 2nd Floor Sir Walter Raleigh
Limited Holdings Corporation House, 48-50 Esplanade, St
Helier, Jersey, JE2 3QB
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Orbis Gold Pty Ltd
Holding
Australia
Endeavour Canada
100 %
100 % SmallCap Corporate Pty. Ltd.,
Holdings Corporation
Rokeby Road,
Suite 1, 295
Subiaco, WA 6008, Australia
MET BF Pty. Ltd
Holding
Australia
Orbis Gold Pty Ltd
100 %
Suite 1, 295
Rokeby Road,
100 % SmallCap Corporate Pty. Ltd.,
Subiaco, WA 6008, Australia
Sabodala Gold
Exploration
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
(Mauritius) Limited Holdings & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Sabodala Gold
Operations
Senegal
Sabodala Gold
90 %
86 % 2 K Plaza, Route du M\u00e9ridien
Operations SA (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
Massawa (Jersey)
90 %
S\u00e9n\u00e9gal
4
%
Limited
Sabodala Mining
Exploration
Senegal
Sabodala Gold
100 %
100 % 2 K Plaza, Route du M\u00e9ridien
Company SARL (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
S\u00e9n\u00e9gal
Sabodala Holding
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Limited Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Teranga Gold (B.V.I)
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Corporation Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Oromin Joint Venture
Holding
British Virgin
Sabodala Holding
100 %
44 % Mourant Governance Services
Group Ltd. Islands Limited (Cayman) Limited, 94 Solaris
Teranga Gold Burkina
100 %
Avenue, Camana Bay, PO Box
57 %
Faso (B.V.I.)
1348,
Grand Cayman KY1-1108,
Cayman Islands
Corporation
Savary A1 Inc
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Islands Holdings Corporation House, PO Box 173, Road Town,
Tortola, VG1110
Joint Venture BF1 Inc
Holding
British Virgin
Savary A1 Inc
75 %
c/o Maples and Calder, Ritter
75 %
Islands House, PO Box 173, Road Town,
Tortola, VG1110
Hound\u00e9 Exploration
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 %
PO Box 173, Road Town, Tortola,
BF1 Inc Islands VG1110
Hound\u00e9 Exploration
Exploration
Burkina Faso
Hound\u00e9 Exploration
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
BF S.\u00e0r.l. BF1 Inc Section B Lot 35 Parcelle 9, 13
BP 60 Ouagadougou 13, Burkina
Faso
Sarama JV Holdings
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 % c/o Maples and Calder, Ritter
Limited Islands House, PO Box 173, Road Town,
Tortola, VG1110
Sarama JV Mining
Exploration
Burkina Faso
Sarama JV Holdings
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 818
CMS Ouagadougou 11,
Burkina Faso
Semafo (Barbados)
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Limited Holdings Corporation Rock, St. Michael, Barbados
BB14004
African GeoMin
Holding
Barbados
Semafo (Barbados)
100 %
100 % Radley Court, Upper Collymore
Mining Development Limited Rock, St. Michael, Barbados
Corporation Ltd BB14004
Birimian Discovery
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Birimian Exploration
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Birimian Resources
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Burkina Geoservices
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Exploration Atacora
Exploration
Benin
Semafo (Barbados)
100 %
100 % Ilot 6414 A M, Quartier Agori
S.\u00e0r.l. Limited Aledjo, Abomey, Calavin,
Cotonou, B\u00e9nin
Mana Min\u00e9ral S.\u00e0r.l.
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
MET CI S.\u00e0r.l.
Exploration
C\u00f4te d\u2019Ivoire
Semafo (Barbados)
100 %
100 % Si\u00e8ge Endeavour Mining, rue du
Limited Lyc\u00e9e Technique, Cocody Danga,
06 BP 1334 Abidjan 06, Cote
d\u2019Ivoire
Resources Burkinor
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Resources Tangayen
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Semafo Burkina Faso
Operations
Burkina Faso
Semafo (Barbados)
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
SA Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
SGML (Capital)
Holding
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
Limited Holdings Corporation & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Taurus Gold Afema
Holding
British Virgin
Endeavour Canada
51 %
51 % c/o Harneys Corporate Services
Holdings Ltd Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Afema Gold SA
Operations
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
46 %
90 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Taurus Gold CI SARL
Exploration
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
51 %
100 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Teranga Exploration
Exploration
C\u00f4te d\u2019Ivoire
Endeavour Canada
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
(Ivory Coast) SARL Holdings Corporation Danga, rue du Lyc\u00e9e Technique,
28 BP
1366,
Abidjan 28,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Teranga Gold Burkina
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Faso (B.V.I.) Islands Holdings Corporation House, PO Box 173, Road Town,
Corporation Tortola, VG1110
Endeavour
Holding
Cayman
Endeavour Gold
100 %
100 % Mourant Governance Services
Exploration Ltd Corporation (Cayman) Limited, 94 Solaris
Avenue, Camana Bay, PO Box
1348,
Grand Cayman KY1-1108,
Cayman Islands
Bissa HoldCo S.\u00e0r.l.
Exploration
Burkina Faso
Endeavour
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration Ltd Section B Lot 35 Parcelle 9, 01
BP 1324
Ouagadougou 06,
Burkina Faso
Endeavour Guin\u00e9e
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
S.\u00e0r.l. Exploration Ltd Joulia, Conakry
Endeavour Niger SA
Exploration
Niger
Endeavour
70 %
70 % 457 boulevard de
Exploration Ltd l\u2019ind\u00e9pendance, plateau,
Niamey, BP 10.014
Endeavour Siguiri.
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
Exploration Ltd Joulia, Conakry
Etruscan Resources
Exploration
C\u00f4te d\u2019Ivoire
Endeavour
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
C\u00f4te d\u2019Ivoire S.\u00e0.r.l. Exploration Ltd Danga, rue du Lyc\u00e9e Technique,
25 BP 603 Abidjan 25,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Etruscan Resources
Exploration
Ghana
Endeavour
100 %
100 % Y/B 15 Augusto Neto Road,
Ghana Limited Exploration Ltd Airport Residential Area, Accra
Endeavour
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Management Corporation Endeavour Mining, Rue du Lyc\u00e9e
Services Abidjan Technique, 08 BP 872 Abidjan
S.\u00e0r.l 08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour
Corporate
France
Endeavour Gold
100 %
100 % 19 boulevard Malesherbes
Management Corporation
75008
Paris
Services France
Endeavour
Corporate
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Management Kingdom Corporation
Services London
Limited.
Endeavour
Corporate
Monaco
Endeavour Gold
100 %
100 %
7 Boulevard des Moulins, Bureau
Management Corporation 76, Monaco 98000
Services Monaco
S.A.M.
Hippocampus Mining
Operations
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Services S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Ity Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Keyman Investment
Holding
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A. Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
La Mancha C\u00f4te
Exploration
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ivoire S.\u00e0r.l. Limited Endeavour Mining, rue du Lyc\u00e9e
Technique, 06 BP 2220 Abidjan
06, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ity SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
de Daapleu SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
90 %
90 % Abidjan, Cocody Danga, Si\u00e8ge
de Floleu S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
80 %
80 % Abidjan, Cocody Danga, Si\u00e8ge
de Lafigu\u00e9 S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Centre Commun de
Corporate
Burkina Faso
Endeavour Gold
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Fonctions Support Corporation Section B Lot 35 Parcelle 9, 06
Endeavour (CCFSE)
BP 9214
Ouagadougou 06,
GIE Burkina Faso
West African Mining
Corporate
United
Endeavour Mining Plc
\u2014
%
5 Young Street, W8 5EH, London
100%
Services LLP Kingdom
(formerly Endeavour
Mining Services LLP)
1 Entity Principal activity Place of incorporation and operation Held By Proportion of ownership interest and voting power held Registered Address Group % Holding % Holding 1 West African Mining Services LLP is legally owned by its members and not Endeavour Mining Plc. However, the Group consolidates 100% of its results in accordance with the requirements of IFRS 10 Control.
Disposal, amalgamations and dissolutions
For the year ended 31 December 2023
The following entities were sold as part of the disposal of Boungou and Wahgnion on 30 June 2023:
\u2022 Gryphon Minerals Burkina
Faso Pty Ltd
\u2022 Gryphon Minerals Burkina
Faso SARL
\u2022 Gryphon Minerals West Africa
Pty Ltd
\u2022 Loumana Holdings Ltd.
\u2022 Ressources Ferke S.\u00e0r.l.
\u2022 Semafo Boungou SA
\u2022 Teranga Gold (Australia) Pty
Ltd
\u2022 Wahgnion Gold Operations SA
Endeavour Mining Corporation amalgamated into Endeavour Gold Corporation effective 29 December 2023 and no
entities were dissolved during the year.
For the year ended 31 December 2022
The following entities were sold as part of the disposal of Karma on 13 March 2022:
\u2022 Liguidi Holdco SARL
\u2022 Yatenga Holdings Limited SA
\u2022 Karma Exploration S.\u00e0r.l.
\u2022 Karma Mining Holdings Ltd.
\u2022 Liguidi Malguem JV S.\u00e0r.l.
\u2022 Riverstone Karma SA
\u2022 Riverstone Resources Burkina
S.\u00e0r.l.
\u2022 Endeavour Exploration Burkina
S.\u00e0r.l.
\u2022 Golden Star Exploration \u2013
Burkina SA
The following entities were sold as part of a transaction to one of the Company's suppliers in December 2022:
\u2022 Nevsun Mali Exploration Ltd. SA
\u2022 Avion Mali Exploration S.A.
\u2022 Bluebird Mali S.\u00e0r.l.
The following entities were amalgamated with Endeavour Canada Holdings Corporation effective 1 January 2022:
\u2022 Teranga Gold Corporation
\u2022 SEMAFO Inc
\u2022 Massawa SA
\u2022 True Gold Mining Inc
\u2022 Teranga Gold (Ivory Coast)
Corporation
\u2022 Avion Gold Corporation
\u2022 Endeavour Management
Services Halifax Ltd
\u2022 Blue Gold Mining Inc
\u2022 Burkina Gold Corporation
\u2022 Teranga Gold (Mohanta)
Corporation
\u2022 Teranga Gold (Senegal)
Corporation
\u2022 Teranga Gold (Burkina Faso)
Corporation
\u2022 Oromin Explorations Ltd
The following entities were dissolved in December 2022:
\u2022 Ity Holdings
\u2022 Lafigu\u00e9 Holdings
\u2022 Resources Fitini S.\u00e0r.l.
\u2022 Resources Mouhoun S.\u00e0r.l.
\u2022 Resources Ouango S.\u00e0r.l.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "b. SUBSIDIARIES Details of the Company\u2019s subsidiaries at the end of the reporting periods are as follows:
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Endeavour Gold
Corporate
Cayman
Endeavour Mining plc
100 %
100 % 5 Young Street, W8 5EH, London
Corporation
Avnel Gold Mining
Holding
Guernsey
Endeavour Gold
100 %
100 % Les Echelons Court, Les
Limited Corporation Echelons, St. Peter Port,
Guernsey GY1 1AR
Kalana Holdings
Holding
Cayman
Avnel Gold Mining
100 %
100 % Mourant Governance Services
Limited (Cayman) Limited, 94 Solaris
1348,
Avenue, Camana Bay, PO Box
Grand Cayman KY1-1108,
Cayman Islands
Soci\u00e9t\u00e9 des Mines
Operations
Mali
Kalana Holdings
80 %
80 % Badalabougou Est, rue 12, villa n
d\u2019Or de Kalana SA \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Arion Construction
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Aviation
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A.R.L Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Canada
Corporate
Canada
Endeavour Gold
100 %
100 % 66 Wellington Street West, Suite
Holdings Corporation Corporation
5300,
TD Bank Tower, Toronto
ON M5K 1E6, Canada
Boss Gold SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Boss Minerals SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Hound\u00e9 Holdings Ltd
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Holdings Corporation Rock, St. Michael, Barbados
BB14004
Avion Mali West
Exploration
Mali
Hound\u00e9 Holdings Ltd
100 %
100 % Badalabougou Est, rue 12, villa n
Exploration S.A. \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Bou\u00e9r\u00e9-Dohoun Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Burkina Faso
Holding
Jersey
Hound\u00e9 Holdings Ltd
100 %
100 % 22-24 Seale Street, St Helier,
Exploration Limited JE2 3QG, Jersey
Avion Gold (Burkina
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Faso) S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Hound\u00e9 Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Massawa (Jersey)
Holding
Jersey
Endeavour Canada
100 %
100 % 2nd Floor Sir Walter Raleigh
Limited Holdings Corporation House, 48-50 Esplanade, St
Helier, Jersey, JE2 3QB
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Orbis Gold Pty Ltd
Holding
Australia
Endeavour Canada
100 %
100 % SmallCap Corporate Pty. Ltd.,
Holdings Corporation
Rokeby Road,
Suite 1, 295
Subiaco, WA 6008, Australia
MET BF Pty. Ltd
Holding
Australia
Orbis Gold Pty Ltd
100 %
Suite 1, 295
Rokeby Road,
100 % SmallCap Corporate Pty. Ltd.,
Subiaco, WA 6008, Australia
Sabodala Gold
Exploration
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
(Mauritius) Limited Holdings & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Sabodala Gold
Operations
Senegal
Sabodala Gold
90 %
86 % 2 K Plaza, Route du M\u00e9ridien
Operations SA (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
Massawa (Jersey)
90 %
S\u00e9n\u00e9gal
4
%
Limited
Sabodala Mining
Exploration
Senegal
Sabodala Gold
100 %
100 % 2 K Plaza, Route du M\u00e9ridien
Company SARL (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
S\u00e9n\u00e9gal
Sabodala Holding
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Limited Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Teranga Gold (B.V.I)
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Corporation Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Oromin Joint Venture
Holding
British Virgin
Sabodala Holding
100 %
44 % Mourant Governance Services
Group Ltd. Islands Limited (Cayman) Limited, 94 Solaris
Teranga Gold Burkina
100 %
Avenue, Camana Bay, PO Box
57 %
Faso (B.V.I.)
1348,
Grand Cayman KY1-1108,
Cayman Islands
Corporation
Savary A1 Inc
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Islands Holdings Corporation House, PO Box 173, Road Town,
Tortola, VG1110
Joint Venture BF1 Inc
Holding
British Virgin
Savary A1 Inc
75 %
c/o Maples and Calder, Ritter
75 %
Islands House, PO Box 173, Road Town,
Tortola, VG1110
Hound\u00e9 Exploration
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 %
PO Box 173, Road Town, Tortola,
BF1 Inc Islands VG1110
Hound\u00e9 Exploration
Exploration
Burkina Faso
Hound\u00e9 Exploration
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
BF S.\u00e0r.l. BF1 Inc Section B Lot 35 Parcelle 9, 13
BP 60 Ouagadougou 13, Burkina
Faso
Sarama JV Holdings
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 % c/o Maples and Calder, Ritter
Limited Islands House, PO Box 173, Road Town,
Tortola, VG1110
Sarama JV Mining
Exploration
Burkina Faso
Sarama JV Holdings
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 818
CMS Ouagadougou 11,
Burkina Faso
Semafo (Barbados)
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Limited Holdings Corporation Rock, St. Michael, Barbados
BB14004
African GeoMin
Holding
Barbados
Semafo (Barbados)
100 %
100 % Radley Court, Upper Collymore
Mining Development Limited Rock, St. Michael, Barbados
Corporation Ltd BB14004
Birimian Discovery
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Birimian Exploration
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Birimian Resources
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Burkina Geoservices
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Exploration Atacora
Exploration
Benin
Semafo (Barbados)
100 %
100 % Ilot 6414 A M, Quartier Agori
S.\u00e0r.l. Limited Aledjo, Abomey, Calavin,
Cotonou, B\u00e9nin
Mana Min\u00e9ral S.\u00e0r.l.
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
MET CI S.\u00e0r.l.
Exploration
C\u00f4te d\u2019Ivoire
Semafo (Barbados)
100 %
100 % Si\u00e8ge Endeavour Mining, rue du
Limited Lyc\u00e9e Technique, Cocody Danga,
06 BP 1334 Abidjan 06, Cote
d\u2019Ivoire
Resources Burkinor
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Resources Tangayen
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Semafo Burkina Faso
Operations
Burkina Faso
Semafo (Barbados)
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
SA Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
SGML (Capital)
Holding
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
Limited Holdings Corporation & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Taurus Gold Afema
Holding
British Virgin
Endeavour Canada
51 %
51 % c/o Harneys Corporate Services
Holdings Ltd Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Afema Gold SA
Operations
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
46 %
90 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Taurus Gold CI SARL
Exploration
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
51 %
100 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Teranga Exploration
Exploration
C\u00f4te d\u2019Ivoire
Endeavour Canada
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
(Ivory Coast) SARL Holdings Corporation Danga, rue du Lyc\u00e9e Technique,
28 BP
1366,
Abidjan 28,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Teranga Gold Burkina
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Faso (B.V.I.) Islands Holdings Corporation House, PO Box 173, Road Town,
Corporation Tortola, VG1110
Endeavour
Holding
Cayman
Endeavour Gold
100 %
100 % Mourant Governance Services
Exploration Ltd Corporation (Cayman) Limited, 94 Solaris
Avenue, Camana Bay, PO Box
1348,
Grand Cayman KY1-1108,
Cayman Islands
Bissa HoldCo S.\u00e0r.l.
Exploration
Burkina Faso
Endeavour
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration Ltd Section B Lot 35 Parcelle 9, 01
BP 1324
Ouagadougou 06,
Burkina Faso
Endeavour Guin\u00e9e
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
S.\u00e0r.l. Exploration Ltd Joulia, Conakry
Endeavour Niger SA
Exploration
Niger
Endeavour
70 %
70 % 457 boulevard de
Exploration Ltd l\u2019ind\u00e9pendance, plateau,
Niamey, BP 10.014
Endeavour Siguiri.
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
Exploration Ltd Joulia, Conakry
Etruscan Resources
Exploration
C\u00f4te d\u2019Ivoire
Endeavour
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
C\u00f4te d\u2019Ivoire S.\u00e0.r.l. Exploration Ltd Danga, rue du Lyc\u00e9e Technique,
25 BP 603 Abidjan 25,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Etruscan Resources
Exploration
Ghana
Endeavour
100 %
100 % Y/B 15 Augusto Neto Road,
Ghana Limited Exploration Ltd Airport Residential Area, Accra
Endeavour
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Management Corporation Endeavour Mining, Rue du Lyc\u00e9e
Services Abidjan Technique, 08 BP 872 Abidjan
S.\u00e0r.l 08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour
Corporate
France
Endeavour Gold
100 %
100 % 19 boulevard Malesherbes
Management Corporation
75008
Paris
Services France
Endeavour
Corporate
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Management Kingdom Corporation
Services London
Limited.
Endeavour
Corporate
Monaco
Endeavour Gold
100 %
100 %
7 Boulevard des Moulins, Bureau
Management Corporation 76, Monaco 98000
Services Monaco
S.A.M.
Hippocampus Mining
Operations
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Services S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Ity Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Keyman Investment
Holding
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A. Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
La Mancha C\u00f4te
Exploration
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ivoire S.\u00e0r.l. Limited Endeavour Mining, rue du Lyc\u00e9e
Technique, 06 BP 2220 Abidjan
06, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ity SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
de Daapleu SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
90 %
90 % Abidjan, Cocody Danga, Si\u00e8ge
de Floleu S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
80 %
80 % Abidjan, Cocody Danga, Si\u00e8ge
de Lafigu\u00e9 S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Centre Commun de
Corporate
Burkina Faso
Endeavour Gold
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Fonctions Support Corporation Section B Lot 35 Parcelle 9, 06
Endeavour (CCFSE)
BP 9214
Ouagadougou 06,
GIE Burkina Faso
West African Mining
Corporate
United
Endeavour Mining Plc
\u2014
%
5 Young Street, W8 5EH, London
100%
Services LLP Kingdom
(formerly Endeavour
Mining Services LLP)
1 Entity Principal activity Place of incorporation and operation Held By Proportion of ownership interest and voting power held Registered Address Group % Holding % Holding 1 West African Mining Services LLP is legally owned by its members and not Endeavour Mining Plc. However, the Group consolidates 100% of its results in accordance with the requirements of IFRS 10 Control. Disposal, amalgamations and dissolutions For the year ended 31 December 2023 The following entities were sold as part of the disposal of Boungou and Wahgnion on 30 June 2023: \u2022 Gryphon Minerals Burkina Faso Pty Ltd \u2022 Gryphon Minerals Burkina Faso SARL \u2022 Gryphon Minerals West Africa Pty Ltd \u2022 Loumana Holdings Ltd. \u2022 Ressources Ferke S.\u00e0r.l. \u2022 Semafo Boungou SA \u2022 Teranga Gold (Australia) Pty Ltd \u2022 Wahgnion Gold Operations SA Endeavour Mining Corporation amalgamated into Endeavour Gold Corporation effective 29 December 2023 and no entities were dissolved during the year. For the year ended 31 December 2022 The following entities were sold as part of the disposal of Karma on 13 March 2022: \u2022 Liguidi Holdco SARL \u2022 Yatenga Holdings Limited SA \u2022 Karma Exploration S.\u00e0r.l. \u2022 Karma Mining Holdings Ltd. \u2022 Liguidi Malguem JV S.\u00e0r.l. \u2022 Riverstone Karma SA \u2022 Riverstone Resources Burkina S.\u00e0r.l. \u2022 Endeavour Exploration Burkina S.\u00e0r.l. \u2022 Golden Star Exploration \u2013 Burkina SA The following entities were sold as part of a transaction to one of the Company's suppliers in December 2022: \u2022 Nevsun Mali Exploration Ltd. SA \u2022 Avion Mali Exploration S.A. \u2022 Bluebird Mali S.\u00e0r.l. The following entities were amalgamated with Endeavour Canada Holdings Corporation effective 1 January 2022: \u2022 Teranga Gold Corporation \u2022 SEMAFO Inc \u2022 Massawa SA \u2022 True Gold Mining Inc \u2022 Teranga Gold (Ivory Coast) Corporation \u2022 Avion Gold Corporation \u2022 Endeavour Management Services Halifax Ltd \u2022 Blue Gold Mining Inc \u2022 Burkina Gold Corporation \u2022 Teranga Gold (Mohanta) Corporation \u2022 Teranga Gold (Senegal) Corporation \u2022 Teranga Gold (Burkina Faso) Corporation \u2022 Oromin Explorations Ltd The following entities were dissolved in December 2022: \u2022 Ity Holdings \u2022 Lafigu\u00e9 Holdings \u2022 Resources Fitini S.\u00e0r.l. \u2022 Resources Mouhoun S.\u00e0r.l. \u2022 Resources Ouango S.\u00e0r.l.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "b. SUBSIDIARIES Details of the Company\u2019s subsidiaries at the end of the reporting periods are as follows:
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Endeavour Gold
Corporate
Cayman
Endeavour Mining plc
100 %
100 % 5 Young Street, W8 5EH, London
Corporation
Avnel Gold Mining
Holding
Guernsey
Endeavour Gold
100 %
100 % Les Echelons Court, Les
Limited Corporation Echelons, St. Peter Port,
Guernsey GY1 1AR
Kalana Holdings
Holding
Cayman
Avnel Gold Mining
100 %
100 % Mourant Governance Services
Limited (Cayman) Limited, 94 Solaris
1348,
Avenue, Camana Bay, PO Box
Grand Cayman KY1-1108,
Cayman Islands
Soci\u00e9t\u00e9 des Mines
Operations
Mali
Kalana Holdings
80 %
80 % Badalabougou Est, rue 12, villa n
d\u2019Or de Kalana SA \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Arion Construction
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Aviation
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A.R.L Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour Canada
Corporate
Canada
Endeavour Gold
100 %
100 % 66 Wellington Street West, Suite
Holdings Corporation Corporation
5300,
TD Bank Tower, Toronto
ON M5K 1E6, Canada
Boss Gold SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Boss Minerals SARL
Exploration
Burkina Faso
Endeavour Canada
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Holdings Corporation
Section B Lot 35 Parcelle 9,
01
BP 1334
Ouagadougou 01,
BURKINA FASO
Hound\u00e9 Holdings Ltd
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Holdings Corporation Rock, St. Michael, Barbados
BB14004
Avion Mali West
Exploration
Mali
Hound\u00e9 Holdings Ltd
100 %
100 % Badalabougou Est, rue 12, villa n
Exploration S.A. \u00b05, 03 BP 68 Bamako 03
R\u00e9publique du Mali
Bou\u00e9r\u00e9-Dohoun Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Burkina Faso
Holding
Jersey
Hound\u00e9 Holdings Ltd
100 %
100 % 22-24 Seale Street, St Helier,
Exploration Limited JE2 3QG, Jersey
Avion Gold (Burkina
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Faso) S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Burkina Faso Gold
Exploration
Burkina Faso
Burkina Faso
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Exploration Limited
BP 1324
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 01
Burkina Faso
Hound\u00e9 Gold
Operations
Burkina Faso
Hound\u00e9 Holdings Ltd
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
Operation SA
BP 9214
Ouagadougou 06,
Section B Lot 35 Parcelle 9, 06
Burkina Faso
Massawa (Jersey)
Holding
Jersey
Endeavour Canada
100 %
100 % 2nd Floor Sir Walter Raleigh
Limited Holdings Corporation House, 48-50 Esplanade, St
Helier, Jersey, JE2 3QB
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Orbis Gold Pty Ltd
Holding
Australia
Endeavour Canada
100 %
100 % SmallCap Corporate Pty. Ltd.,
Holdings Corporation
Rokeby Road,
Suite 1, 295
Subiaco, WA 6008, Australia
MET BF Pty. Ltd
Holding
Australia
Orbis Gold Pty Ltd
100 %
Suite 1, 295
Rokeby Road,
100 % SmallCap Corporate Pty. Ltd.,
Subiaco, WA 6008, Australia
Sabodala Gold
Exploration
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
(Mauritius) Limited Holdings & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Sabodala Gold
Operations
Senegal
Sabodala Gold
90 %
86 % 2 K Plaza, Route du M\u00e9ridien
Operations SA (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
Massawa (Jersey)
90 %
S\u00e9n\u00e9gal
4
%
Limited
Sabodala Mining
Exploration
Senegal
Sabodala Gold
100 %
100 % 2 K Plaza, Route du M\u00e9ridien
Company SARL (Mauritius) Limited Pr\u00e9sident, Almadies, Dakar,
S\u00e9n\u00e9gal
Sabodala Holding
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Limited Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Teranga Gold (B.V.I)
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Harneys Corporate Services
Corporation Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Oromin Joint Venture
Holding
British Virgin
Sabodala Holding
100 %
44 % Mourant Governance Services
Group Ltd. Islands Limited (Cayman) Limited, 94 Solaris
Teranga Gold Burkina
100 %
Avenue, Camana Bay, PO Box
57 %
Faso (B.V.I.)
1348,
Grand Cayman KY1-1108,
Cayman Islands
Corporation
Savary A1 Inc
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Islands Holdings Corporation House, PO Box 173, Road Town,
Tortola, VG1110
Joint Venture BF1 Inc
Holding
British Virgin
Savary A1 Inc
75 %
c/o Maples and Calder, Ritter
75 %
Islands House, PO Box 173, Road Town,
Tortola, VG1110
Hound\u00e9 Exploration
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 %
PO Box 173, Road Town, Tortola,
BF1 Inc Islands VG1110
Hound\u00e9 Exploration
Exploration
Burkina Faso
Hound\u00e9 Exploration
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
BF S.\u00e0r.l. BF1 Inc Section B Lot 35 Parcelle 9, 13
BP 60 Ouagadougou 13, Burkina
Faso
Sarama JV Holdings
Holding
British Virgin
Joint Venture BF1 Inc
75 %
100 % c/o Maples and Calder, Ritter
Limited Islands House, PO Box 173, Road Town,
Tortola, VG1110
Sarama JV Mining
Exploration
Burkina Faso
Sarama JV Holdings
75 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 818
CMS Ouagadougou 11,
Burkina Faso
Semafo (Barbados)
Holding
Barbados
Endeavour Canada
100 %
100 % Radley Court, Upper Collymore
Limited Holdings Corporation Rock, St. Michael, Barbados
BB14004
African GeoMin
Holding
Barbados
Semafo (Barbados)
100 %
100 % Radley Court, Upper Collymore
Mining Development Limited Rock, St. Michael, Barbados
Corporation Ltd BB14004
Birimian Discovery
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Birimian Exploration
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
BP 1196
CMS Ouagadougou 11,
Burkina Faso
Place of Proportion of ownership
Principal incorporation and interest and voting
Entity activity
operation
Held By
power held
Registered Address
Group % %
Holding Holding
Birimian Resources
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Burkina Geoservices
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 11
CMS Ouagadougou 11,
BP 1196
Burkina Faso
Exploration Atacora
Exploration
Benin
Semafo (Barbados)
100 %
100 % Ilot 6414 A M, Quartier Agori
S.\u00e0r.l. Limited Aledjo, Abomey, Calavin,
Cotonou, B\u00e9nin
Mana Min\u00e9ral S.\u00e0r.l.
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
MET CI S.\u00e0r.l.
Exploration
C\u00f4te d\u2019Ivoire
Semafo (Barbados)
100 %
100 % Si\u00e8ge Endeavour Mining, rue du
Limited Lyc\u00e9e Technique, Cocody Danga,
06 BP 1334 Abidjan 06, Cote
d\u2019Ivoire
Resources Burkinor
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Resources Tangayen
Exploration
Burkina Faso
Semafo (Barbados)
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
S.\u00e0r.l. Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
Semafo Burkina Faso
Operations
Burkina Faso
Semafo (Barbados)
90 %
90 %
Ouaga 2000 (Zone A) Secteur 53
SA Limited Section B Lot 35 Parcelle 9, 01
BP 390
Ouagadougou 01,
Burkina Faso
SGML (Capital)
Holding
Mauritius
Endeavour Canada
100 %
100 % c/o Juristax Corporate Fiduciary
Limited Holdings Corporation & Fund Services, Level 3, Ebene House, Hotel Avenue, 33
Cybercity, Ebene, 72201
Taurus Gold Afema
Holding
British Virgin
Endeavour Canada
51 %
51 % c/o Harneys Corporate Services
Holdings Ltd Islands Holdings Corporation
Limited, Craigmuir Chambers, PO
Box 71, Road Town, Tortola
VG1110
Afema Gold SA
Operations
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
46 %
90 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Taurus Gold CI SARL
Exploration
C\u00f4te d\u2019Ivoire
Taurus Gold Afema
51 %
100 % Abidjan Cocody, II Plateaux
Holdings Ltd Immeuble NSIA Banque 3eme Vallons, Rue des Jardins,
\u00e9tage, 28 BP 1366, Abidjan 28
Teranga Exploration
Exploration
C\u00f4te d\u2019Ivoire
Endeavour Canada
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
(Ivory Coast) SARL Holdings Corporation Danga, rue du Lyc\u00e9e Technique,
28 BP
1366,
Abidjan 28,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Teranga Gold Burkina
Holding
British Virgin
Endeavour Canada
100 %
100 % c/o Maples and Calder, Ritter
Faso (B.V.I.) Islands Holdings Corporation House, PO Box 173, Road Town,
Corporation Tortola, VG1110
Endeavour
Holding
Cayman
Endeavour Gold
100 %
100 % Mourant Governance Services
Exploration Ltd Corporation (Cayman) Limited, 94 Solaris
Avenue, Camana Bay, PO Box
1348,
Grand Cayman KY1-1108,
Cayman Islands
Bissa HoldCo S.\u00e0r.l.
Exploration
Burkina Faso
Endeavour
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Exploration Ltd Section B Lot 35 Parcelle 9, 01
BP 1324
Ouagadougou 06,
Burkina Faso
Endeavour Guin\u00e9e
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
S.\u00e0r.l. Exploration Ltd Joulia, Conakry
Endeavour Niger SA
Exploration
Niger
Endeavour
70 %
70 % 457 boulevard de
Exploration Ltd l\u2019ind\u00e9pendance, plateau,
Niamey, BP 10.014
Endeavour Siguiri.
Exploration
Guin\u00e9e
Endeavour
100 %
100 % 5\u00e8me \u00e9tage n\u00b0502, R\u00e9sidence
Exploration Ltd Joulia, Conakry
Etruscan Resources
Exploration
C\u00f4te d\u2019Ivoire
Endeavour
100 %
100 % Si\u00e8ge Endeavour Mining, Cocody
C\u00f4te d\u2019Ivoire S.\u00e0.r.l. Exploration Ltd Danga, rue du Lyc\u00e9e Technique,
25 BP 603 Abidjan 25,
R\u00e9publique de C\u00f4te d\u2019Ivoire
Etruscan Resources
Exploration
Ghana
Endeavour
100 %
100 % Y/B 15 Augusto Neto Road,
Ghana Limited Exploration Ltd Airport Residential Area, Accra
Endeavour
Corporate
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Management Corporation Endeavour Mining, Rue du Lyc\u00e9e
Services Abidjan Technique, 08 BP 872 Abidjan
S.\u00e0r.l 08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Endeavour
Corporate
France
Endeavour Gold
100 %
100 % 19 boulevard Malesherbes
Management Corporation
75008
Paris
Services France
Endeavour
Corporate
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Management Kingdom Corporation
Services London
Limited.
Endeavour
Corporate
Monaco
Endeavour Gold
100 %
100 %
7 Boulevard des Moulins, Bureau
Management Corporation 76, Monaco 98000
Services Monaco
S.A.M.
Hippocampus Mining
Operations
C\u00f4te d\u2019Ivoire
Endeavour Gold
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
Services S.\u00e0r.l Corporation Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Ity Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Keyman Investment
Holding
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
S.A. Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
La Mancha C\u00f4te
Exploration
C\u00f4te d\u2019Ivoire
Ity Holdings UK
100 %
100 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ivoire S.\u00e0r.l. Limited Endeavour Mining, rue du Lyc\u00e9e
Technique, 06 BP 2220 Abidjan
06, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
d\u2019Ity SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
85 %
85 % Abidjan, Cocody Danga, Si\u00e8ge
de Daapleu SA Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Ity Holdings UK
90 %
90 % Abidjan, Cocody Danga, Si\u00e8ge
de Floleu S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
Holding
United
Endeavour Gold
100 %
100 % 5 Young Street, W8 5EH, London
Limited Kingdom Corporation
Soci\u00e9t\u00e9 des Mines
Operations
C\u00f4te d\u2019Ivoire
Lafigu\u00e9 Holdings UK
80 %
80 % Abidjan, Cocody Danga, Si\u00e8ge
de Lafigu\u00e9 S.A Limited Technique, 08 BP 872 Abidjan Endeavour Mining, Rue du Lyc\u00e9e
08, R\u00e9publique de C\u00f4te d\u2019Ivoire
Centre Commun de
Corporate
Burkina Faso
Endeavour Gold
100 %
100 %
Ouaga 2000 (Zone A) Secteur 53
Fonctions Support Corporation Section B Lot 35 Parcelle 9, 06
Endeavour (CCFSE)
BP 9214
Ouagadougou 06,
GIE Burkina Faso
West African Mining
Corporate
United
Endeavour Mining Plc
\u2014
%
5 Young Street, W8 5EH, London
100%
Services LLP Kingdom
(formerly Endeavour
Mining Services LLP)
1 Entity Principal activity Place of incorporation and operation Held By Proportion of ownership interest and voting power held Registered Address Group % Holding % Holding 1 West African Mining Services LLP is legally owned by its members and not Endeavour Mining Plc. However, the Group consolidates 100% of its results in accordance with the requirements of IFRS 10 Control. Disposal, amalgamations and dissolutions For the year ended 31 December 2023 The following entities were sold as part of the disposal of Boungou and Wahgnion on 30 June 2023: \u2022 Gryphon Minerals Burkina Faso Pty Ltd \u2022 Gryphon Minerals Burkina Faso SARL \u2022 Gryphon Minerals West Africa Pty Ltd \u2022 Loumana Holdings Ltd. \u2022 Ressources Ferke S.\u00e0r.l. \u2022 Semafo Boungou SA \u2022 Teranga Gold (Australia) Pty Ltd \u2022 Wahgnion Gold Operations SA Endeavour Mining Corporation amalgamated into Endeavour Gold Corporation effective 29 December 2023 and no entities were dissolved during the year. For the year ended 31 December 2022 The following entities were sold as part of the disposal of Karma on 13 March 2022: \u2022 Liguidi Holdco SARL \u2022 Yatenga Holdings Limited SA \u2022 Karma Exploration S.\u00e0r.l. \u2022 Karma Mining Holdings Ltd. \u2022 Liguidi Malguem JV S.\u00e0r.l. \u2022 Riverstone Karma SA \u2022 Riverstone Resources Burkina S.\u00e0r.l. \u2022 Endeavour Exploration Burkina S.\u00e0r.l. \u2022 Golden Star Exploration \u2013 Burkina SA The following entities were sold as part of a transaction to one of the Company's suppliers in December 2022: \u2022 Nevsun Mali Exploration Ltd. SA \u2022 Avion Mali Exploration S.A. \u2022 Bluebird Mali S.\u00e0r.l. The following entities were amalgamated with Endeavour Canada Holdings Corporation effective 1 January 2022: \u2022 Teranga Gold Corporation \u2022 SEMAFO Inc \u2022 Massawa SA \u2022 True Gold Mining Inc \u2022 Teranga Gold (Ivory Coast) Corporation \u2022 Avion Gold Corporation \u2022 Endeavour Management Services Halifax Ltd \u2022 Blue Gold Mining Inc \u2022 Burkina Gold Corporation \u2022 Teranga Gold (Mohanta) Corporation \u2022 Teranga Gold (Senegal) Corporation \u2022 Teranga Gold (Burkina Faso) Corporation \u2022 Oromin Explorations Ltd The following entities were dissolved in December 2022: \u2022 Ity Holdings \u2022 Lafigu\u00e9 Holdings \u2022 Resources Fitini S.\u00e0r.l. \u2022 Resources Mouhoun S.\u00e0r.l. \u2022 Resources Ouango S.\u00e0r.l.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "
23. SEGMENTED INFORMATION
The Group operates in four principal countries, Burkina Faso (Hound\u00e9 and Mana mines), C\u00f4te d\u2019Ivoire (Ity mine, Lafigu\u00e9
project), Senegal (Sabodala-Massawa mine) and Mali (Kalana Project). The following table provides the Group\u2019s results by
operating segment in the way information is provided to and used by the Company\u2019s chief operating decision maker,
which is the CEO, to make decisions about the allocation of resources to the segments and assess their performance.
The Group considers each of its operational mines a separate segment. Discontinued operations are not included in the
earnings/(loss) segmented information below. Exploration, the Kalana Project, the Lafigu\u00e9 project and Corporate are
aggregated and presented together as part of the \"other\" segment on the basis of them sharing similar economic
characteristics at 31 December 2023.
YEAR ENDED 31 DECEMBER 2023
Sabodala-
Ity Hound\u00e9 Mana Massawa
Mine Mine Mine
Mine
Other
Total
Revenue
Revenue
639.4
613.6
290.2
571.4
\u2014
2,114.6
Cost of sales
Operating expenses
(222.4)
(216.8)
(176.2)
(171.8)
\u2014
(787.2)
Depreciation and depletion
(83.2)
(88.6)
(80.8)
(185.5)
(10.3)
(448.4)
Royalties
(36.5)
(45.8)
(18.7)
(32.7)
\u2014
(133.7)
Earnings/(loss) from mine operations
297.3
262.4
14.5
181.4
(10.3)
745.3
YEAR ENDED 31 DECEMBER 2022
Sabodala-
Ity Hound\u00e9 Massawa
Mine
Mine
Mana Mine
Mine
Other
Total
Revenue
Revenue
563.6
533.5
353.0
618.9
 2,069.0
Cost of sales
Operating expenses
(214.2)
(170.5)
(162.9)
(171.6)
(0.8)
 (720.0)
Depreciation and depletion
(66.3)
(90.0)
(91.9)
(217.9)
(9.9)
 (476.0)
Royalties
(31.1)
(37.5)
(21.2)
(34.7)
\u2014
 (124.5)
Earnings/(loss) from mine operations
252.0
235.5
77.0
194.7
(10.7)
748.5
Segment revenue reported represents revenue generated from external customers. There were no inter-segment sales
during the periods ended 31 December 2023 or 31 December 2022.
The Company\u2019s assets and liabilities, including geographic location of those assets and liabilities, are detailed below:
Sabodala-
Ity Hound\u00e9 Massawa
Mine Mine Mana Mine Mine
C\u00f4te d\u2019Ivoire Burkina Faso Burkina Faso
Senegal
Other
Total
Balances as at 31 December 2023
Current assets
315.2
202.0
92.2
238.2
272.6
1,120.2
Mining interests
461.7
444.9
417.1
2,003.5
829.9
4,157.1
Goodwill
\u2014
\u2014
39.6
94.8
\u2014
134.4
Other long-term assets
71.7
52.7
10.9
227.0
84.5
446.8
Total assets
848.6
699.6
559.8
2,563.5
1,187.0
5,858.5
Current liabilities
182.0
73.4
51.6
201.0
105.4
613.4
Other long-term liabilities
45.5
56.1
72.4
384.6
1,138.2
1,696.8
Total liabilities
227.5
129.5
124.0
585.6
1,243.6
2,310.2
For the year ended 31 December 2023
Additions/expenditures on mining interests
117.6
75.3
85.6
274.1
289.3
841.9
Discontinued Operations
Ity Hound\u00e9 Sabodala- Boungou Wahgnion
Mine Mine Mana Mine Massawa Mine Mine
C\u00f4te Burkina Burkina Mine Burkina Burkina
d\u2019Ivoire Faso Faso Senegal Faso
Faso
Other
Total
Balances as at 31 December 2022
Current assets
288.8
229.4
212.5
259.0
120.5
65.1
271.1
1,446.4
Mining interests
409.4
463.1
414.2
1,969.2
254.2
313.1
693.8
4,517.0
Goodwill
\u2014
\u2014
39.6
94.8
\u2014
\u2014
\u2014
134.4
Other long-term assets
63.3
45.6
9.8
122.1
9.9
18.9
47.3
316.9
Total assets
761.5
738.1
676.1
2,445.1
384.6
397.1
1,012.2
6,414.7
Current liabilities
126.3
67.8
56.9
210.9
42.0
50.1
491.6
1,045.6
Other long-term liabilities
68.7
61.0
80.5
396.9
68.1
28.6
578.0
1,281.8
Total liabilities
195.0
128.8
137.4
607.8
110.1
78.7
1,069.6
2,327.4
For the year ended 31 December 2022
Additions/expenditures on mining
interests
70.3
73.9
72.2
162.7
34.6
62.0
70.5
546.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "
24. CAPITAL MANAGEMENT
The Group\u2019s objectives of capital management are to safeguard the entity\u2019s ability to support the Group\u2019s normal
operating requirements on an ongoing basis, continue the development and exploration of its mining interests and
support any expansionary plans.
In the management of capital, the Group includes the components of equity, finance obligations, and long-term debt, net
of cash and cash equivalents and restricted cash.
Capital, as defined above, is summarised in the following table:
31 December 31 December
2023 2022
Equity 3,548.3 4,087.3
Current portion of long-term debt 8.5 336.6
Long-term debt 1,059.9 488.1
Lease liabilities 42.2 47.1
4,658.9 4,959.1
Less:
Cash and cash equivalents (517.2) (951.1)
Restricted cash (41.1) (39.5)
Total
4,100.6
3,968.5
The Group manages its capital structure by considering changes to the economic environment and the risk characteristics
of the Group\u2019s assets. To effectively manage the entity\u2019s capital requirements, the Group has in place a planning,
budgeting and forecasting process to help determine the funds required to ensure the Group has the appropriate liquidity
to meet its operating and growth objectives, as well as to provide shareholder returns. In order to maintain or adjust the
capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders,
issue new shares, or sell assets to reduce debt.
The Group is not subject to any externally imposed capital requirements with the exception of complying with covenants
under the RCF and Senior Notes. As at 31 December 2023 and 31 December 2022, the Group was in compliance with
these covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "
25. COMMITMENTS AND CONTINGENCIES
The Group has commitments in place at all four of its mines and as at 31 December 2023, the Group had approximately
$40.3 million in commitments relating to ongoing capital projects at its various mines.
During 2022, the Group launched the expansion of the Sabodala-Massawa mine by supplementing the current CIL plant
with a BIOX\u00aeplant (including development of Solar Plant) as well as the construction of the Lafigu\u00e9 project. As at 31
December 2023, the Group has approximately $73.2 million and $81.3 million in commitments outstanding respectively.
From time to time, the Group is involved in various claims, legal proceedings, tax assessments and complaints arising in
the ordinary course of business from third parties and current or former employees. The Group also assessed potential
claims and contingencies from the former CEO's misconduct, such as legal claims from shareholders, regulatory inquiries
and legal proceedings taken by the former CEO. Two class action lawsuits were brought against the Company subsequent
to 31 December 2023 related to the CEO dismissal - for further details refer to note 26. The Group and its legal counsel
consider the merits of each claim and the probable outcome but intends to vigorously defend itself against the claims. For
those claims that the Group considers it probable that the judgement will not be in its favour and there will be an outflow
of cash as a result, the Group has recognised a provision for the claim based on management's best estimate of the
amount that will be required to settle the provision. The Group does not believe that adverse decisions in any other
pending or threatened proceedings related to any matter, or any amount which may be required to be paid by reason
thereof, will have a material effect on the financial condition or future results of operations.
The Group\u2019s mining and exploration activities are subject to various laws and regulations including but not limited to
governing the protection of the environment, promoting local procurement and safety of employees. These laws and
regulations are continually changing and are generally becoming more restrictive. The Group believes its operations are
materially in compliance with all applicable laws and regulations. The Group has made, and expects to make in the future,
expenditures to comply with such laws and regulations.
The Group assumed a gold stream when it acquired the Sabodala-Massawa mine on 10 February 2021 (\"Sabodala
stream\"). Under the Sabodala stream, the Group is required to deliver 783 ounces of gold per month beginning 1
September 2020 until 105,750 ounces have been delivered to Franco-Nevada (the \"Fixed Delivery Period\") based on the
Sabodala separate production plan prior to the Massawa Acquisition by Teranga on 4 March 2020. At the end of the Fixed
Delivery Period, any difference between total gold ounces delivered during the Fixed Delivery Period and 6% of production
from the Group\u2019s existing properties in Senegal (excluding Massawa) could result in a credit from or additional gold
deliveries to Franco-Nevada. Subsequent to the Fixed Delivery Period, the Group is required to deliver 6% of production
from the Group\u2019s existing properties in Senegal (excluding Massawa). For ounces of gold delivered to Franco-Nevada
under the Stream Agreement, Franco-Nevada pays the Group cash at the date of delivery for the equivalent of the
prevailing spot price of gold on 20% of the ounces delivered. Revenue is recognised on actual proceeds received. The
Group delivered 9,400 ounces during the year ended 31 December 2023 and as at 31 December 2023, 74,417 ounces
are still to be delivered under the Fixed Delivery Period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "25. COMMITMENTS AND CONTINGENCIES The Group has commitments in place at all four of its mines and as at 31 December 2023, the Group had approximately $40.3 million in commitments relating to ongoing capital projects at its various mines. During 2022, the Group launched the expansion of the Sabodala-Massawa mine by supplementing the current CIL plant with a BIOX\u00aeplant (including development of Solar Plant) as well as the construction of the Lafigu\u00e9 project. As at 31 December 2023, the Group has approximately $73.2 million and $81.3 million in commitments outstanding respectively. From time to time, the Group is involved in various claims, legal proceedings, tax assessments and complaints arising in the ordinary course of business from third parties and current or former employees. The Group also assessed potential claims and contingencies from the former CEO's misconduct, such as legal claims from shareholders, regulatory inquiries and legal proceedings taken by the former CEO. Two class action lawsuits were brought against the Company subsequent to 31 December 2023 related to the CEO dismissal - for further details refer to note 26. The Group and its legal counsel consider the merits of each claim and the probable outcome but intends to vigorously defend itself against the claims. For those claims that the Group considers it probable that the judgement will not be in its favour and there will be an outflow of cash as a result, the Group has recognised a provision for the claim based on management's best estimate of the amount that will be required to settle the provision. The Group does not believe that adverse decisions in any other pending or threatened proceedings related to any matter, or any amount which may be required to be paid by reason thereof, will have a material effect on the financial condition or future results of operations. The Group\u2019s mining and exploration activities are subject to various laws and regulations including but not limited to governing the protection of the environment, promoting local procurement and safety of employees. These laws and regulations are continually changing and are generally becoming more restrictive. The Group believes its operations are materially in compliance with all applicable laws and regulations. The Group has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Group assumed a gold stream when it acquired the Sabodala-Massawa mine on 10 February 2021 (\"Sabodala stream\"). Under the Sabodala stream, the Group is required to deliver 783 ounces of gold per month beginning 1 September 2020 until 105,750 ounces have been delivered to Franco-Nevada (the \"Fixed Delivery Period\") based on the Sabodala separate production plan prior to the Massawa Acquisition by Teranga on 4 March 2020. At the end of the Fixed Delivery Period, any difference between total gold ounces delivered during the Fixed Delivery Period and 6% of production from the Group\u2019s existing properties in Senegal (excluding Massawa) could result in a credit from or additional gold deliveries to Franco-Nevada. Subsequent to the Fixed Delivery Period, the Group is required to deliver 6% of production from the Group\u2019s existing properties in Senegal (excluding Massawa). For ounces of gold delivered to Franco-Nevada under the Stream Agreement, Franco-Nevada pays the Group cash at the date of delivery for the equivalent of the prevailing spot price of gold on 20% of the ounces delivered. Revenue is recognised on actual proceeds received. The Group delivered 9,400 ounces during the year ended 31 December 2023 and as at 31 December 2023, 74,417 ounces are still to be delivered under the Fixed Delivery Period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "25. COMMITMENTS AND CONTINGENCIES The Group has commitments in place at all four of its mines and as at 31 December 2023, the Group had approximately $40.3 million in commitments relating to ongoing capital projects at its various mines. During 2022, the Group launched the expansion of the Sabodala-Massawa mine by supplementing the current CIL plant with a BIOX\u00aeplant (including development of Solar Plant) as well as the construction of the Lafigu\u00e9 project. As at 31 December 2023, the Group has approximately $73.2 million and $81.3 million in commitments outstanding respectively. From time to time, the Group is involved in various claims, legal proceedings, tax assessments and complaints arising in the ordinary course of business from third parties and current or former employees. The Group also assessed potential claims and contingencies from the former CEO's misconduct, such as legal claims from shareholders, regulatory inquiries and legal proceedings taken by the former CEO. Two class action lawsuits were brought against the Company subsequent to 31 December 2023 related to the CEO dismissal - for further details refer to note 26. The Group and its legal counsel consider the merits of each claim and the probable outcome but intends to vigorously defend itself against the claims. For those claims that the Group considers it probable that the judgement will not be in its favour and there will be an outflow of cash as a result, the Group has recognised a provision for the claim based on management's best estimate of the amount that will be required to settle the provision. The Group does not believe that adverse decisions in any other pending or threatened proceedings related to any matter, or any amount which may be required to be paid by reason thereof, will have a material effect on the financial condition or future results of operations. The Group\u2019s mining and exploration activities are subject to various laws and regulations including but not limited to governing the protection of the environment, promoting local procurement and safety of employees. These laws and regulations are continually changing and are generally becoming more restrictive. The Group believes its operations are materially in compliance with all applicable laws and regulations. The Group has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Group assumed a gold stream when it acquired the Sabodala-Massawa mine on 10 February 2021 (\"Sabodala stream\"). Under the Sabodala stream, the Group is required to deliver 783 ounces of gold per month beginning 1 September 2020 until 105,750 ounces have been delivered to Franco-Nevada (the \"Fixed Delivery Period\") based on the Sabodala separate production plan prior to the Massawa Acquisition by Teranga on 4 March 2020. At the end of the Fixed Delivery Period, any difference between total gold ounces delivered during the Fixed Delivery Period and 6% of production from the Group\u2019s existing properties in Senegal (excluding Massawa) could result in a credit from or additional gold deliveries to Franco-Nevada. Subsequent to the Fixed Delivery Period, the Group is required to deliver 6% of production from the Group\u2019s existing properties in Senegal (excluding Massawa). For ounces of gold delivered to Franco-Nevada under the Stream Agreement, Franco-Nevada pays the Group cash at the date of delivery for the equivalent of the prevailing spot price of gold on 20% of the ounces delivered. Revenue is recognised on actual proceeds received. The Group delivered 9,400 ounces during the year ended 31 December 2023 and as at 31 December 2023, 74,417 ounces are still to be delivered under the Fixed Delivery Period.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "
26. SUBSEQUENT EVENTS
CEO dismissal
On 4 January, the Company announced the termination of the contract of its former President and CEO, S\u00e9bastien de
Montessus for serious misconduct following an investigation into an irregular payment instruction of $5.9 million. In
accordance with Mr de Montessus\u2019 service agreement and the Directors\u2019 Remuneration Policy Mr de Montessus will
receive no further salary, pension or benefits for the period after his date of termination and will not be paid any annual
bonus in respect of the financial years 2023 or 2024. On the date of termination, Mr de Montessus\u2019 unvested share
awards over 717,397 shares lapsed in full.
On 18 January, the Company further announced its clawback decision in relation to former CEO\u2019s remuneration. The
Remuneration Committee exercised its discretion to apply clawback in full to the $10.0 million one-off award granted to
Mr de Montessus in 2021 and the $1.5 million cash portion of the bonus received for 2022. Part of the $11.5 million will
be set off against Mr de Montessus\u2019 remaining vested 2020 LTIP award and the vested portion of his 2021 LTIP award
(worth c. $8.8 million in aggregate based on the Company\u2019s share price as at 17 January 2024) and he is required to
repay the remainder amounting to $3.3 million which is included within other receivables (note 10b).
Interim dividend
On 22 January 2024, the Board of Directors of the Company announced its second interim dividend for 2023 of $100.0
million or approximately $0.41 per share, which was paid on 25 March 2024 to shareholders on the register at close on
23 February 2024.
Share buyback programme
Subsequent to 31 December 2023 and up to 22 March 2024, the Group has repurchased a total of 687,730 shares at
an average price of $18.39 for total cash outflows of $12.6 million.
Additional draw downs on RCF and Lafigu\u00e9 term loan
Subsequent to 31 December 2023 and up to 27 March 2024, the Group had a further drawdown of $180 million on the
RCF and $40 million on the Lafigu\u00e9 term loan.
Lilium arbitration filing
On 1 March 2024, the Group filed for arbitration proceedings against both Lilium and others in relation to certain claims
under the terms of the sale and purchase agreement and in terms of the two stand-by letters of credit concerning the
failure to fulfil and honour the payment obligations under the agreements.
Class action lawsuits
In February 2024, a proposed class action was filed in Ontario, Canada against Endeavour, and certain of its current and
former officers and directors and in March 2024 a second overlapping claim was filed in Ontario, Canada with both
actions asserting various claims including alleged misrepresentations relating to the consideration for the disposition of
the Agbaou mine, including the $5.9 million irregular payment directed by the former CEO, S\u00e9bastien de Montessus, and
the quality of the Company\u2019s internal controls over financial reporting and governance structures. The first class action
purports to be brought on behalf of a proposed class of persons and entities who acquired Common Shares between July
28, 2016 and January 4, 2024 and the second class action purports to be brought on behalf of a proposed class of
persons and entities who acquired Common Shares between March 18, 2021 and January 4, 2024, and held some or all
of such Common Shares as of at least January 4, 2024.
At this time, two class action claims have been filed in Ontario, Canada. These actions are both at a very preliminary
stage and accordingly the likelihood of loss is not determinable. The Company believes it has defences to the claims, but
it is not possible at this early stage to determine the outcome of the actions or the amount of loss, if any. In addition,
save for requests for information and clarification, no regulatory or other authorities have been in contact with the
Company. We have made no consideration of potential for fines or other penalties that may be placed on the Company in
the event of a future investigation by such bodies.
Land claim
In January 2024, Soci\u00e9t\u00e9 des Mines d'Ity, a subsidiary of the Company, received a written summons for the pre-emptive
seizure of approximately $15.2 million as security for a land compensation claim brought by a local family. The Company
strongly disputes the quantum of the claim and views the temporary restriction as unlawful. The Company is actively
defending its position in court and pursuing the immediate release of the cash restriction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "5 Young Street, London, United Kingdom, W8 5EH", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900NI5MXQ91GHXR07", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }