Endomines - Production looking to pick up in H2
Revenue in Q4 was as expected very limited, with Friday in care and maintenance. Profitability figures were burdened by US Grant payments and write-downs.
- Revenue* in Q4 amounted to SEK 0.7m, with our estimates at SEK 0.5m. The Friday mine was put into care and maintenance during Q3 and as such no significant new gold concentrate production took place during Q4.
- EBITDA* in Q4 was at SEK -39.6m, below our estimate of SEK -14.0m. Adj. EBITDA* excl. payments for claims of the US Grant project amounted to SEK -9.7m, slightly better than expected.
- EBIT* amounted to SEK -99.0m (Evli SEK -16.9m). EBIT was affected by a clear increase in depreciations and write-downs due to write-downs performed at year-end.
*Figures not reported, derived from Q1-Q3 and 2020 figures - At Pampalo, deepening of the mine is expected to start in late March/early April after mining contractor has been selected and mobilized to the site and mining to start later in the year. At Friday the technical problems at the mill are being addressed and production is expected to start as soon as weather conditions permits in late spring.
- Liquid assets amounted to SEK 11.3m at the end of the quarter.
- During January 2021 Endomines carried out its rights issue, raising approximately SEK 214m.
- Endomines has not given a production guidance for 2021 but aims to specify its production guidance in connection with the Q1 release.