Ann: Endeavour Mining Produced 124,000 OZ in Q1 2015, page-13

JID

The company's share price barely budged the day of the release of the full quarterly report despite over 2 million shares being traded - people were using the announcement to sell their shares on the TSX. I think the share price ended up 1 cent on a day when TSX goldie shares were not being pummeled.

I spoke with a couple of EVR people (PR, and CFO) when the gold price was around USD1250 to get them to hedge some production. They would not budge cause company policy is to drive costs down somehow in the face of a falling gold price despite their debt and accounts payables levels. I did not get to speak with the CEO (Monaco based), but since he is basically driving the company its his idea not to hedge, plus stupid advice from some Board members (one of whom in particular has made a lot of money in other activities and seems to fancy himself an expert on the gold market). Perhaps they might take some notice of you, given your sizable holding, on the hedging issue. This time the CEO sounded a bit chastened when discussing the gold price.

A massive amount of gold being mined for no practical return for shareholders - depleting the ore bodies and will have to hope the drilling is successful.

To be reasonably safe they need to drive AISC down to USD800-850/ounce in case the POG stays down for an extended period below USD1000. Most of the savings would need to come from the Mali operation which has been the underperformer.

Some people like TGZ ore EVR because it is debt free, but my view is that EVR has the better management and assets. I hope the banks are gentle on EVR if things really go pear shaped in the gold market - I believe the CEO is an ex-bankster, but could I be wrong on that.

loki