Derivation Summary Endeavour's guided production of 1.13 million oz-1.27 million oz in 2024 is lower than Kinross Gold Corporation (BBB/Stable) with 2.1 million gold-equivalent oz (gold and silver) or AngloGold Ashanti plc's (AGA; BBB-/Negative) with consolidated production of 2.3 million oz-2.4 million oz. Endeavour has a stronger cost position, with AISC guidance for 2024 of USD955/oz-USD1,035/oz versus Kinross's USD1,360/oz and AGA's USD1,500/oz-USD1,600/oz. The reserve life is stronger for Endeavour, with 11.6 years based on total reported reserves (10 years for operating mines), compared to 10.8 years for AGA and 10.6 years for Kinross. Endeavour has a more conservative capital structure, although faces higher country risk. The weak operating environment in West Africa, where all its assets are located, constrains the rating.