Mr. Jack Garman reports
ENDEAVOUR ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
Endeavour Mining PLC has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) for its share buyback program, with respect to its ordinary shares in order to continue supplementing its shareholder returns.
Under the NCIB, Endeavour may, over the 12-month period of the NCIB, repurchase up to a maximum of 13,902,435 shares, such amount representing 10 per cent of the public float of the shares issued and outstanding as of March 12, 2025, and up to 25 per cent of the average daily trading volume (ADTV) for the six months ended Feb. 28, 2025, calculated in accordance with the rules of the TSX for purposes of the NCIB or 116,218 shares during each trading day, excluding purchases made in accordance with the block purchase exemptions under applicable TSX policies. All shares repurchased under the share repurchase program will be cancelled. The renewed NCIB will commence on March 24, 2025, and end on March 23, 2026, or such earlier date as Endeavour may complete its purchases pursuant to the notice of intention filed with the TSX. As of March 12, 2025, there were 243,622,876 shares issued and outstanding.
Under Endeavour's prior NCIB, which commenced on March 22, 2024, and ends on March 21, 2025, Endeavour obtained approval to purchase up to a total of 12,259,943 shares, of which 2,432,691 shares were purchased at a weighted average price of approximately $28.80. Purchases made under the 2024 NCIB were made on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems, and on the London Stock Exchange. All shares purchased under the 2024 NCIB by Endeavour were or will be cancelled.
Endeavour believes that purchases under the NCIB constitute a desirable use of its funds on the basis that, from time to time, market prices of the shares may not fully reflect the value of Endeavour's business and future business prospects.
Endeavour's previously announced automatic share purchase agreement with Stifel Nicolaus Europe Ltd. will continue to allow for the purchase of shares, subject to certain trading parameters, at times when Endeavour would not be active in the market due to regulatory close periods, its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, shares may be repurchased in accordance with management's discretion and in compliance with applicable law.
Share purchases will be made by Stifel (or through its agent, Stifel Nicolaus Canada Inc.) on the TSX, other designated exchanges and/or alternative Canadian trading systems, and the London Stock Exchange, in accordance with applicable regulatory requirements. The price paid for repurchased shares will be the market price of such shares at the time of acquisition or such other price as may be permitted in accordance with applicable regulatory requirements and Endeavour's existing shareholder authority to conduct share repurchases. Endeavour intends to ask shareholders to renew that authority at its 2025 annual general meeting (AGM).
About Endeavour Mining PLC
Endeavour Mining is one of the world's senior gold producers and the largest in West Africa, with operating assets across Senegal, Ivory Coast and Burkina Faso, and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian greenstone belt across West Africa.
A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.
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