06:46 AM EDT, 03/27/2024 (MT Newswires) -- Endeavour Mining plc ( EDVMF ) earlier on Wednesday reported fourth-quarter 2023 adjusted net earnings of US$42 million, or US$0.17 per share, up from US$14 million, or US$0.06 per share, in the year-ago quarter.

Adjusted EBITDA came in at US$292 million, an increase from US$256 million in the prior-year period.

Endeavour Mining ( EDVMF ) produced 280,000 ounces of gold in the fourth quarter of 2023, down from 294,000 ounces in the year-ago quarter.

"During the year we delivered against our key objectives and produced 1.1Moz of gold, meeting our production guidance for the eleventh consecutive year, while achieving an all-in sustaining cost of $967 per ounce, maintaining our status as one of the lowest cost producers within the sector," said Ian Cockerill, CEO of Endeavour Mining ( EDVMF ).

The company reiterated its 2024 production guidance at 1,130 to 1,270 thousand ounces, an 18.5% increase from full-year 2023 production of 1,072 thousand ounces.

Separately, Endeavour Mining's ( EDVMF ) board announced that the investigation following the termination of Sebastien de Montessus as president and CEO has been completed.

The investigation found that De Montessus diverted a US$5.9 million payment to a third-party company and concealed his actions with repeated false representations to management, the board and auditors.

It also found that De Montessus caused the company to make two payments totaling US$15.0 million to the same third-party company, deliberately disguising them as advance payments to a contractor through repeated false representations to management.

There was no evidence of bribery or of any payments being made to sanctioned persons or to terrorist groups.

The ultimate beneficiaries of the payments have not been discovered despite extensive investigation.

De Montessus also provided implausible and untrue explanations of his conduct during the course of the investigation.

De Montessus was terminated as president and CEO on Jan. 4. A clawback of remuneration totaling US$29.1 million was also announced Jan. 18.

Noting that the payments involved deliberate circumvention of the company's existing controls framework, the board has nonetheless accelerated its review of internal controls in line with the new UK Corporate Governance Code. It has also made immediate adjustments to certain controls relating to M&A activity.

Endeavour Mining ( EDVMF ) at last look fell 0.7% in early London trading on Wednesday.