Endeavour Mining Share Discussion Threads

[ram376s] 19/5/2022 11:24

Pop up EDV . 300 nurses to train for GDR new game changer test .News anticipated . Possible multibagger .

[craftyale] 04/8/2021 15:09

Happy to see the share price react. Happy to have a substantial holding here.

[jaws6] 04/8/2021 07:42

Good read result news today

[tomps2] 25/6/2021 08:29

Mark Bentley ‘slams’ Endeavour Mining (EDV) in the latest PIWORLD/Stockopedia StockSlam at 33m56s

Watch the video here:

Or listen to the podcast here:

[ilostthelot] 03/5/2016 11:03

Anyone still holding these?

[energyi] 23/8/2011 07:31

ENDEAVOUR MINING AND ADAMUS RESOURCES TO MERGER AND CREATE A NEW GROWTH FOCUSED WEST AFRICAN GOLD PRODUCER

August 21, 2011
GEORGE TOWN, Grand Cayman and PERTH, Western Australia, - Endeavour Mining Corporation ("Endeavour") (TSX:EDV) and Adamus Resources Limited ("Adamus") (ASX:ADU, TSX-V: ADU, FSE: AXM) are pleased to announce they have entered into a definitive Merger Implementation Agreement ("MIA") to combine through an all-stock merger of equals transaction creating a new growth focused West African gold producer (the "Merged Entity"). Endeavour intends to invest at least US$160 million from its current cash balance to relieve the constraints of Adamus' Nzema project finance structure, including repayment of the US$60 million project loan and at least US$100 million towards reduction of hedged gold volumes. The Merged Entity is forecasting 2011 gold production of 172,000 ounces from two mines (Youga Gold Mine in Burkina Faso and Nzema Gold Mine in Ghana) at a cash cost per ounce of US$575- $625(1). The gold production rate is expected to be approximately 250,000 ounces per year by the end of 2013 from existing assets (including Agbaou). In addition, the Merged Entity has an acquisition growth strategy to more than double this gold production rate by the end of 2013(2).

The merger will be implemented as a Scheme of Arrangement under the Australian Corporations Act ("Scheme"). Adamus shareholders will receive 0.285 of an Endeavour share for each Adamus share they hold. This exchange ratio has been determined using the ratio of Endeavour's and Adamus' volume weighted average trading prices over the 20 trading days ended on August 19, 2011 on the TSX and ASX, respectively. Upon completion of the Scheme, existing Endeavour shareholders and Adamus shareholders will own approximately 47.2% and 52.8%, respectively, of the issued common shares of the Merged Entity. On a fully-diluted basis, which assumes all existing Endeavour and Adamus options, warrants and share rights are exercised, the existing Endeavour securityholders and Adamus securityholders would own approximately 55% and 45%, respectively, of the issued shares of the Merged Entity.
--------------------------------------------------------------------------------

(1) Excludes royalties, refining, freight and non-cash adjustments
(2) There are no acquisitions currently being negotiated

Highlights of the Merger:

-- Creates a leading West African gold production, development and
exploration company as a platform for future growth and
acquisitions.

-- Combines experienced management teams and board of directors.

-- Strong cash generation from two operating gold mines with pro
forma 2011 gold production of 172,000 ounces (Youga Gold Mine,
in Burkina Faso and Nzema Gold Mine, in Ghana) - de-risking the
standalone companies.

-- With a construction decision to be made in Q1 2012 for the
Agbaou feasibility stage project in Côte d'Ivoire, the
production growth profile is expected to be approximately
250,000 ounces per year by the end of 2013 from existing
assets.

-- Adamus' proven mine building track record, having successfully
commissioned the Nzema Gold Mine, will enhance the construction
of the Agbaou feasibility stage project in Côte d'Ivoire.
-- Extensive exploration portfolio in highly prospective regions
of Ghana, Burkina Faso, Côte d'Ivoire, Liberia and Mali with a
land package totaling over 10,400km(2).
-- Pro forma financial strength totalling US$516 million from
Endeavour's US$195 million cash and marketable securities,
Adamus' US$21 million cash, a new, undrawn, credit-approved
US$200 million revolving corporate loan facility provided by
Unicredit Bank AG (subject to completion of the Scheme,
execution of final facility agreements and satisfaction of the
facility's conditions) and approximately US$100 million from
any future exercise of all Endeavour options and warrants with
an exercise price of CDN$2.50 or less.

-- Financial strength will relieve constraints from Adamus' Nzema
project finance structure and support the Merged Entity's
growth objectives. Post-closing, the Merged Entity intends to
fully repay the Nzema US$60 million project debt and intends to
invest at least US$100 million to significantly reduce gold
hedging volumes. This will result in greater leverage to the
gold price, increased operating cashflow and EBITDA, and
increased management flexibility.

Management & Governance
On completion of the Scheme, Neil Woodyer from Endeavour will be Chief Executive Officer and Mark Connelly from Adamus will be Chief Operating Officer, of the Merged Entity. The Merged Entity's operational management will be led from Perth, Australia and will report to the Chief Operating Officer.

[energyi] 13/8/2010 17:18

Scratch
edv.t- : $100k / $2.10 = 50k = 500ct = Buy: 10k at $2.10 = 10k at $2.12?
grow : $100k / $5.90 = 18k = 180ct = sep.$5c : 0.95x20 = $ 8 k / dec.$5c : 1.20x00= $
GDX : $ 250k / $50.00 = 5k = 50cts = sep.52p : 3.20x20= $ 8 k / dec.52p : 5.00x00= $0,000

[7bore] 28/5/2010 08:59

so how can we buy these?

[energyi] 31/12/2009 14:18

Subsequent to the quarter ended September 30, 2009:

- Corporation completed its strategic investment in Etruscan Resources
Inc. on October 23, 2009. Endeavour invested approximately US$56
million, resulting in the Corporation holding 179,438,789 common
shares, representing 54% of the issued and outstanding shares of
Etruscan Resources Inc. The investment has facilitated Etruscan's
senior debt restructuring, reduced its hedge position and provided
much needed working capital. The current market value of Endeavour's
investment is approximately US$90 million. This investment is the
first of a series of strategic investments Endeavour intends to make
in the junior gold sector as part of its gold-focused investment
strategy.

- Endeavour's subsidiary, Endeavour Financial International Corporation
was appointed Project Finance advisor to Augusta Resource Corporation
with respect to financing the Rosemont copper project in Arizona.

[energyi] 31/12/2009 14:16

ENDEAVOUR REPORTS NET INCOME OF US$41.5 MILLION FOR QUARTER ENDED SEPTEMBER 30, 2009
11/10/2009 1:31 PM - Canada NewsWire

GEORGE TOWN, Grand Cayman, Nov. 10, 2009 (Canada NewsWire via COMTEX News Network) --
Toronto Stock Exchange: EDV

Endeavour Financial Corporation ("Endeavour" or the "Corporation") today reported net income of US$41.5 million or US$0.43 per share for the quarter ended September 30, 2009.

Revenue for the quarter of US$47.0 million includes US$41.6 million investment income and US$5.4 million of advisory fees, including US$0.7 million of mark-to-market gains on advisory fee securities held.

At September 30, 2009 the Corporation had cash and cash equivalents of US$132.7 million and investments of US$101.4 million. The Corporation's book value was US$290 million (or approximately CDN$3.17 per issued and outstanding share).

The Corporation's capital base is deployed in a series of merchant banking transactions; as a result, the capital base is principally deployed in companies in which the Corporation is actively involved in guiding corporate development or providing a transaction-based service.

At September 30, 2009, approximately 92% of the Corporation's US$101.4 million investments by value were held in these strategic, merchant banking positions. Approximately 35% of the investment portfolio is invested in the gold sector and 30% in the oil & gas sector.

The Corporation's cash is currently invested in short-term government treasury securities. It is anticipated that this cash will be deployed into gold-sector investments in the near term. The investment in Etruscan Resources Inc. (see News Release, October 23, 2009) was the first such strategic gold-sector investment. Subsequent to the investment in Etruscan, approximately 67% of the investment portfolio is now invested in the gold-sector.

Neil Woodyer, Chief Executive Officer commented "we are extremely pleased to announce robust financial results for the first quarter. We continue to maximize returns on our strategic investments and we continue to actively generate and secure new advisory mandates. Subsequent to the quarter end we are delighted to have closed our investment in Etruscan Resources Inc. which is the first strategic gold investment in our new gold-focused investment strategy".

[jonnyboy1] 11/5/2009 19:30

bought some today, below rights and expecting a strong NAV.

[mikkydhu] 12/2/2007 10:15

I don't know what interest in UUU is still retained by EDV, but the takeover of UUU announced today should do no harm to EDV's share price.

[mikkydhu] 24/6/2006 22:05

As has been pointed out on the EDV Stockhouse BB, Endeavour have put into practice, in exemplary fashion, the simple principle "Buy low, sell high". In March and April, as commodity and pm stocks were going parabolic, Endeavour were selling. So they built up a war chest, some of which they have now probably reinvested so that they will be able once again to repeat the performance.

[energyi] 28/10/2005 06:54

BIG JUMP in NAV coming from listing of UrAsia shares?

[energyi] 19/10/2005 07:45

12 CORE POSITIONS- what are they??

"The merchant banking transactions (excluding the early stage opportunities) consisted of approximately 12 core positions which generated approximately 53% of total investment income"

(and from the above article):
To be more specific I've extracted EDV's Core Merchant Banking Positions from their 2004 annual and included a $2,5M position in AV.V announced in January:

= = =
Endeavour. /EDV.t : Gold Bugs. / $HUI : Bema Gold / BGO-- : Goldcorp.. / GG-- : Silver Wht./ SLW- :

Adobe Ven. / AV.v : BolivarGld /BGO.t : CenturyMn / CMM.v : No. Orion / NNO.t : Vista Gold / VGZ- :

[energyi] 19/10/2005 07:36

12 CORE POSITIONS- what are they??

"The merchant banking transactions (excluding the early stage opportunities) consisted of approximately 12 core positions which generated approximately 53% of total investment income"

- -

Here's a link to a write-up on EDV, I suggest you read it:



Basically EDV is a cheap way to go long on metals and mining since the stock is selling at about a 30% discount from its Net Asset Value, or the value of the investments it holds in its portfolio. The discount to NAV might partly be explained by the hefty fees paid to EDV's investment advisors (or portfolio managers if you will) Endeavour Financial. In 2004, the fee was $3M on assets of $75M and in 2003 the fee was $4M on assets of $45M. The fee is two-tiered: 1) an investment advisory fee, calculated as 2% on the first $50 million of net assets, 1.5% on the next $50 million of net assets, and 1% on net assets in excess of $100 million, payable as to 1/12th monthly. 2) The investment advisor also receives an annualized performance fee of 20% of the Corporation¡¦s net income from operations in excess of a 15% return on the weighted average Shareholders¡¦ Equity during the fiscal period. Notice that this fee structure is a lot like a hedge fund, although this alone is no guarentee that the advisory services add any value to EDV, it is nevertheless an indicator that EDV believes that this is the case. Indeed two distinguishing traits of Endeavour Financial compared to your typical mutual fund managers are 1) They invest a lot in private opportunities, hence acting a lot more like a VC firm, with an intimate (EDV sits on the board of 40% of its invetsments) and specific knowledge of the junior mining industry and 2) an active investment approach with a high turnover of assets (in 2004 EDV sold $44M worth of its portfolio and invested $55M worth in new opportunities).

Ok now that I've set the context EDV sits in, let me explain why I believe there might be a short-term opportunity here with a potential upside of 10-15% to be earned in just a few days (I've been long this stock for a while but intend to doubel my position this week - you can play it however you want, short term trade or long term)

The company publishes its Net Asset Value (NAV) on its website every month (7-14 days from end of month) and I believe that EDV will report an increase in NAV in the range of 20-25% for February, something that EDV's stock has failed to discount (at least entierly) since its stock is up only 10% since the beginning of the month. Furthermore considering EDV's high volatility I believe a small position could be established at 3.45 -3.50$ (5% below current levels) within the week.



How exactly do I know that? Well as might be expected, EDV's share price will be strongly correlated to the performance of its investments; furthermore the market's expectations as to its "present" and future performance will stick closely to that of the sector of investments it is weighted in. Originally EDV was strongly invested in Gold and other precious metals, and EDV's performance in 2003 mirrored closely that of the Phily Gold and Silver Index ^XAU



To this day EDV is strongly weighted in Gold and Precious Metals stock (in their 2004 annual report they again provide the XAU index as a backdrop for analysis), however in 2004 EDV has likely diversified its holdings to include more base/industrial metals and mining stocks, as evidenced by their annual reports for the last 2 years (I included excerpts at the end of the write up). Furthermore I do not believe that the ^XAU index ever was an appropriate framework for EDV since the latter has a strong focus on junior mining companies, which are inherently more risky and hence offer better returns on a sector bull market than their XAU counterparts. I believe that a better framework is the S&P/TSX CANADIAN MINING INDEX, ^GSPTTMN, although EDV's portfolio is only 20% weighted in North American stocks, I believe that the smaller and more diversified nature of ^GSPTTMN's components more closely reflects EDV's current portfolio. This is evidenced by the close correlation of EDV to that index in the past 2 years:



In February the ^GSPTTMN index has rallied 25% (mainly because of a broad rally in industrial metals while the gold index has only rallied 8%, mirroring EDV's roughly 10% appreciation sicne February)

To be more specific I've extracted EDV's Core Merchant Banking Positions from their 2004 annual and included a $2,5M position in AV.V announced in January:Here is the Performance for the month of February

February January December 12Months Jan03-04:

BGO.TO: 5% 0% (13%) 68%

BGC.TO: 50% (13%) (10%) 150%

CMM.V: 15% (13%) (4%) 10%

NNO.TO 8% 14% 1% 27%

SLW.TO 25% (8%) (1%)

WRM.TO 4% 6% 0% 20%

AV.V: 25%


Average Return 19% (2.5%) (4.5%) 50%

EDV NAV: ? (0.005%) (2.5%) 0%

^GSPTTMN 24% 1% 2% 25%


I do not know to what extent these positions are representative of EDV's portfolio because the weights of these investmenst arent provided. However I note that 4 of the 6 were also mentionned as core merchant banking positions in 2003 (hence 2 positions were initiated sometime in 2004, these are CMM.V and SLW.TO ), 75% of the 2003 portfolio was turned over in 2004 and two major positions were shed at some point during the year GGG.TO (down 40%) and OXS.L (down 20%).You can draw your own conclusions from the relative performance of the portfolio to that of EDV's NAV. However I believe that the portfolio as it was announced in the annual report which came out last month could be very relavant as it is up to date and could make up 50-60% of the publicly traded securities which are used in the NAV calculation

I intend to buy 2000 more shares at 3.45 in the next 7 days hence doubling up my position. Also the chairman purchased 20,000 shares in the open market at 3.40$ on February 11th, he had no holdings previously.


...MORE:

[energyi] 19/10/2005 07:21

ENDEAVOUR MINING CAPITAL ANNOUNCES 2005 YEAR-END RESULTS
Earnings of US$24.9 million Return on Equity of 34%

George Town, October 17, 2005
Endeavour Mining Capital Corp. (¡§Endeavour¡¨ or ¡§Corporation¡¨) recorded net income of US$24.9 million or US$1.08 per share (or approximately CDN$1.28 per share) for the year ended August 31, 2005. This compares with net income of US$14.7 million or US$0.68 per share (or approximately CDN$0.89 per share) recorded for the year ended August 31, 2004.

The Corporation¡¦s performance during fiscal 2005 continued to build on our previous three years results and further demonstrates our ability to generate strong earnings and growth. During fiscal 2005, total investment income was US$31.3 million which compares to US$19.1 million during fiscal 2004. The Corporation¡¦s merchant banking business strategy remains highly profitable and generated a return on equity of 34% for the year, which compares to a 26% return during fiscal 2004, with our 2005 return being generated from a significantly larger net asset base relative to 2004.

As of August 31, 2005, the Corporation¡¦s investment capital base was US$97.1 million or US$4.19 per share (or approximately CDN$4.99 per share) which compares to US$73.5 million or US$3.18 per share (or approximately CDN$4.17 per share) as of August 31, 2004. As of September 30, 2005, the Corporation¡¦s net asset value was US$4.80 per share (or approximately CDN$5.58 per share).

Within its merchant banking portfolio, the Corporation has established a sub-set regarded as early stage opportunities. These early stage opportunities are generally defined as investments made during the formative stages of a new business, as it is developing its business plan and building its asset base. These are differentiated from other merchant banking transactions, which generally involve investments into cash flowing or near-cash flowing companies. During fiscal 2005, the Corporation generated investment income from approximately 10 early stage opportunities and these investments generated approximately 35% of total investment income.

The merchant banking transactions (excluding the early stage opportunities) consisted of approximately 12 core positions which generated approximately 53% of total investment income. Collectively, merchant banking activities generated approximately 88% of total investment income.

Endeavour Mining Capital Corp. is a publicly traded merchant banking company focused on the global natural resources sector. The Corporation offers a unique combination of financial and intellectual capital to help build companies and create shareholder value. Our shares are listed on the Toronto Stock Exchange under the symbol EDV and offer a distinctly different way to invest in the natural resources sector.

...MORE/ Figures:

[energyi] 29/9/2005 18:49

ENDEAVOUR MINING CAPITAL - ACQUISITION OF ADOBE SHARES

Endeavour Mining Capital Corp. has acquired 1.35 million common shares of Adobe Ventures Inc. through public transactions at a price of 35 cents per common share.

Following this acquisition, Endeavour will hold a total of 4,963,500 common shares of Adobe, representing approximately 19.9 per cent of the 24,901,378 common shares currently issued and outstanding. The common shares are being acquired by Endeavour for investment purposes only. Endeavour has no present intention of acquiring other securities of Adobe or disposing of any of the securities of Adobe it holds. Depending on its evaluation of Adobe's business, financial condition, the market for Adobe securities, general economic conditions and other factors, Endeavour may acquire additional securities of Adobe or sell some or all of the securities it holds (subject to compliance with any applicable hold periods under securities laws).

[energyi] 22/9/2005 16:16

--DATE--: Price- --NAV-- -Disc. -HUI--, Ratio:HUI/NAV EDV/Hui ASA EDV/A
10/06/05: C$3.60 C$5.79E -37.8% 237.40, 41.00 Est.... 1.51% 45.80 7.86%
09/22/ID: C$3.57 C$5.75A -37.9% 236.71, 41.17 Est.... 1.51% 45.15 7.91%
08/31/05: C$3.13 C$5.04A -37.9% 205.99, 40.87 Actual. 1.52% 38.80 8.07%
07/29/05: C$2.81 C$4.69A -40.1% 196.77, 41.96 Actual. l.43% 37.62 7.47%
06/30/05: C$2.67 C$4.69A -43.1% 201.56, 42.98 Actual. 1.32% 38.82 6.88%

[karzy] 03/9/2005 21:52

Commodity boom to continue?