Endeavour Financial Corporation

Published : September 10th, 2008

Reinhard Updates Endeavour Financial Corp.

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Today Endeavour presented its fiscal year (ending 30 June) performance showing a substantial margin of $56.5 million net income on revenues of $108 million. It reported shareholders� equity of $12.38 per share. With only 30.5 million shares outstanding (39.8 million FD) its price to book ratio is a heavily discounted .50 times.

With working capital of $315 million and a share price not seen since January 2006, the company is aggressively buying back its own shares. It is also increasing its monthly dividend by 100% to $0.03 per share ($0.36 per share per annum), to provide a current 6% yield to shareholders. It announced expansion of its highly lucrative and much in demand specialist advisory services and products, with an increasingly global reach.
During the year Endeavour arranged seven resource transactions which totaled, in the aggregate, some $14 billion in the copper, gold, and uranium sectors. In the face of challenging economic circumstances, its merchant banking activities yielded $60 million in investment income.

In a better market comparable companies on the TSX like Quest Capital (QC-TSX) or Pinetree Capital (PNP-TSX) traded at 1.5x book and 2x book respectively. In the U.S. merchant banking companies have recently traded up to 12 times book. At .50 times book Endeavour offers a steeply discounted opportunity.

Company Review

Our initial report on Endeavour was issued in May 2004 just as the price of gold re-tested the US$378 technical support area. Endeavour had just suffered a dramatic sell-off as many junior-sector resource stocks experienced lower liquidity, sporadic panic selling and the apparent capitulation of latecomer investors suffering rapid and severe losses � not dissimilar to the current environment, except that commodity prices are now significantly higher.

In July 2007 Endeavour Mining Corporation acquired 100% of sister company Endeavour Financial Corporation, a privately-held investment banking firm. The two businesses had already operated successfully in parallel for many years, but the merger simplified the Endeavour brand. The merged company provides investors and industry players in the resource sector with one-stop integrated merchant banking services. It also ensures that the entire Endeavour team is committed to maximizing value for shareholders through their ownership of approximately 25% of the combined company (much higher fully diluted).

Endeavour has $308 million (fair market value at June 30) invested in a portfolio of mostly client securities. Its newly combined business, coupled with a focused merchant banking approach, has proven to be a very effective business model. Endeavour finances many companies at their initial formative and pre-growth stages, and has a compelling record of shepherding them to ultimate success � often by way of takeover or merger.

As such, Endeavour�s publicly traded shares offer investors de facto access to well-selected ground-floor junior mining companies without a need to be accredited investors, or to make the connections necessary to access such timely opportunities. Most retail investors don't have the time, desire or expertise to select and follow a portfolio of small-cap resource stocks. We therefore view Endeavour Financial as a core holding for aggressive growth-oriented portfolios.

Despite the volatile nature of the sector, Endeavour has generated 49-per-cent annualized growth in Shareholders� equity (51% including dividends) since its inception in 2001. This reflects both its early call on the resource secular bull market and the timing and success of its involvement in multiple specific-resource-focused vehicles.

The Endeavour team has been associated with some big success stories over the years, including Bema Gold, Bolivar Gold, Northern Orion, Oriel Resources, Peak Gold, Silver Wheaton, UrAsia Energy, Wheaton River Minerals, and of course Endeavour Mining itself. Endeavour Mining's reliance on Endeavour Financial's advisory services steadily increased over the years as the resource market's growth accelerated, and their 2007 merger offered compelling synergies, now well evidenced after a full year of combined operations.

Proven leadership, market savvy

Endeavour benefits from having two advisors � Frank Holmes� US Global Investors and Frank Giustra�s Fiore Capital � to identify, develop and implement investment opportunities. Endeavour�s Chairman, Frank Holmes, heads up the top performing US Global Investors (GROW- Q), website: http://www.usfunds.com

Former Endeavour chairman Frank Giustra continues to apply his golden touch to Endeavour�s deal-making through his Fiore Capital advisory services. Last year Mr. Giustra announced he�s giving away $100 million and one-half of his future mining earnings to the Clinton Giustra Sustainable Growth Initiative, earmarked to fight third world poverty through sustainable development. This venture bodes well for both the mining industry and the countries in which they�ll do business, and it should also benefit Endeavour�s shareholders. While Frank Giustra and his team have never needed any help putting together some of the industry�s biggest and most successful deals, it doesn�t hurt that countries targeted for resource acquisitions and concessions realize such deals come complete with potentially millions of dollars in development aid.

Endeavour�s investment strategy is focused on high quality assets with strong management teams, and with clear potential for high returns through their structured investments. When Endeavour finances mining companies to fund their project development, strategic initiatives and growth, we benefit from a management team that has done their homework for us and structured its investment exposure appropriately. This generally means a compelling and timely entry price (downside protection), and better than average upside potential.


Endeavour offers us the built-in advantages of diversification, cream-of-the-crop selection, sophisticated professional management, exceptional deal-flow and access to global institutional and industry contacts. Given this premise, we only need concern ourselves with the timeliness of our exposure to the resource and precious metals sectors to determine the appropriateness of owning Endeavour shares. It would be difficult if not impossible for investors to consistently match Endeavour�s ability to select winners and realize on their potential.

Post-merger, Endeavour has proven it can efficiently deliver continuing and increasing investment opportunities, and attract, retain and motivate key members of their team through equity incentives. The Endeavour team includes mining legends Frank Giustra and Neil Woodyer. Combined with Frank Holmes as the visionary front man, the company should be able to go forward and build its brand as a powerhouse in the mining finance sector. It�s shares are an excellent proxy for investment exposure to the continuing secular bull market in commodities.

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Endeavour Financial
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Vanguard Shareholder Solutions (Vanguard) provides, for remuneration, corporate communications and investor relations services to the above mentioned client(s). The information contained in this email is based on existing disclosure documents or other publicly available information. You are encouraged to seek independent verification of any information that is important to your decisions. By responding to your inquiry neither Vanguard nor the above mentioned client(s) is offering securities or advising or soliciting the purchase or sale of securities.

Endeavour Financial Corporation

ISIN : KYG3040R1092
CUSIP : G3040R109
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Endeavour Financial is a gold and cobalt producing company based in Cayman islands.

Its main exploration property is FYRE LAKE (KONA) in Canada.

Endeavour Financial is listed in Canada and in United States of America. Its market capitalisation is CA$ 3.4 billions as of today (US$ 2.7 billions, € 2.4 billions).

Its stock quote reached its lowest recent point on January 15, 1999 at CA$ 10.02, and its highest recent level on August 10, 2007 at CA$ 97.43.

Endeavour Financial has 96 450 000 shares outstanding.

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Corporate Presentations of Endeavour Financial Corporation
9/25/2008Winston Updates Endeavour Financial
5/15/2008 Reinhard Updates Endeavour Mining Capital
1/17/2008Winston says investing in Endeavour Mining Capital (EDV-TSXV...
In the News and Medias of Endeavour Financial Corporation
10/17/2009Endeavour Financial recognizes upside in Etruscan’s assets
Annual reports of Endeavour Financial Corporation
Annual Report 2007
Financings of Endeavour Financial Corporation
Nominations of Endeavour Financial Corporation
3/26/2015Mining Appointment of New CFO
9/17/2013Mining strengthens Board of Directors
6/5/2013Mining Reports Election of Directors
4/2/2013Mining Appoints Ian Henderson to Board of Directors
2/25/2008Announces Appointment of Director, Marketing & Business Deve...
Financials of Endeavour Financial Corporation
11/4/2009To release First quarter results on November 10, 2009
4/29/2008Release Third Quarter Results on May 5, 2008
2/6/2008Release Second Quarter Results on February 12, 2008
Project news of Endeavour Financial Corporation
3/24/2016Endeavour Mining Corporation Announces Special Meeting of Sh...
7/8/2015Mining reports gold production of 255,000 ozs and $20m debt ...
2/19/2015Endeavour Mining increases mineral reserves to 4.5 million o...
8/11/2014Mining reports record gold production in Q2 2014 at an AISC ...
7/15/2014Mining reports six-month gold production of 228,000 ozs
5/12/2014Mining Reports Record Gold Production in Q1 2014 at an AISC ...
1/27/2014Mining declares commercial production at Agbaou and signs co...
9/20/2012Mining Announces Full and Final Settlement with Gold Reserve
4/20/2006reports additional high grade intercepts from Guanacevi proj...
Corporate news of Endeavour Financial Corporation
7/26/2016Endeavour Mining to Announce its Q2 Results on Thursday July...
7/12/2016Endeavour Mining Announces C$125 million Bought Deal Financi...
7/12/2016Endeavour Mining Announces Board Change
7/12/2016Endeavour Mining Reports Fatality at its Tabakoto Mine in Ma...
6/30/2016Endeavour Holds Groundbreaking Ceremony to Mark the Start of...
6/13/2016Endeavour Mining Announces C$125 million Bought Deal Financi...
5/31/2016Endeavour Mining Announces Notice of Annual General Meeting
5/2/2016Endeavour Reports First Quarter 2016 Results; AISC Continue ...
4/26/2016Endeavour Completes Acquisition of True Gold
4/21/2016Endeavour and True Gold Shareholders Approve Acquisition Tra...
1/28/2016Endeavour Silver to cut output in Mexico on low prices
1/15/2016Endeavour Mining Exceeds 2015 Guidance With 518,000 Ounces
1/11/2016Endeavour Mining Confirms ASX Delisting And Corporate Update
1/1/2016Mali produces 50 T of gold in 2015, expects more in 2016
12/1/2015Endeavour Mining Reports Agbaou Gold Mine Fully Repaid Share...
12/1/2015Endeavour Mining Updates ASX Share Consolidation Timetable
11/30/2015Endeavour Mining Announces Details of Share Consolidation an...
11/27/2015Endeavour Mining Completes La Mancha Transaction
11/6/2015Endeavour Mining to Release Q3 Results on November 13, 2015
11/5/2015Endeavour Mining Shareholders Approve the La Mancha Transact...
10/7/2015Endeavour Mining Mails Information Circular in Connection wi...
8/14/2015Endeavour Mining Reports Successful Agbaou Exploration Drill...
7/30/2015Endeavour Mining Q2 2015 AISC/oz of $898, Profit of $33M and...
7/30/2015Mining Q2 2015 AISC/oz of $898, Profit of $33M And $20M Debt...
7/23/2015Endeavour Mining To Release Q2 Results On July 30, 2015
7/23/2015Endeavour Mining Reports Gold Production of 255,000 Ozs and ...
7/23/2015Mining to release Q2 results on July 30, 2015
6/18/2015Endeavour Mining Reports Results of AGM Voting
6/17/2015Edited Transcript of EDV.TO earnings conference call or pres...
4/9/2015Mining produced 124,000 oz in Q1 2015 at mid-point of AISC g...
3/27/2015Endeavour Mining Files Technical Reports for Agbaou and Youg...
3/26/2015Endeavour Mining Appointment of New CFO
3/15/2015Endeavour Mining Generates Record Operating Cash Flow in 201...
3/10/2015Endeavour Mining Extends Five Year Credit Facility To March ...
3/10/2015Endeavour Mining Extends Five Year Credit Facility to March ...
3/10/2015Mining Extends Five Year Credit Facility to March 31, 2020
2/26/2015Endeavour Mining Generates Record Operating Cash Flow in 201...
2/26/2015Endeavour Mining Files Early Warning Report Related to Share...
2/25/2015Endeavour Mining files Early Warning Report related to share...
2/24/2015Endeavour Mining to release 2014 year-end results on Februar...
2/23/2015Geodrill Secures Significant New Drilling Contracts for 2015
2/19/2015IIROC Trade Resumption - EDV
2/19/2015Endeavour Mining Updates Houndé Project Economics Following ...
2/19/2015Mining Updates Houndé Project Economics Following Increase I...
1/15/2015Mining delivers 466,000 oz in 2014 to exceed guidance and ge...
10/30/2014Mining to release Q3 results on November 3, 2014
9/15/2014Mining provides notice of a substantial holder
8/1/2014Mining to Release Q2 Results on August 11, 2014
6/25/2014Mining Reports Commencement of Production from Segala Underg...
6/19/2014Mining reports results of AGM voting
5/22/2014Mining files Early Warning Report related to shareholding in...
5/5/2014Mining to Release Q1 Results on May 12, 2014
4/28/2014Mining files Technical Report for Tabakoto Gold Mine
3/19/2014Mining Reports 2013 All-In Margin of $93 Million and AISC of...
3/6/2014Mining Updates Agbaou Gold Mine Performance
11/4/2013Mining to release Q3 results on November 12, 2013
10/15/2013Mining initiates mining at Agbaou and completes power line i...
8/14/2013Mining reports Q2 all-in sustaining cost of $1,038/oz
8/6/2013Mining Reports Delivery of Mining Equipment at Agbaou Gold M...
7/24/2013Mining increases and extends debt facility to strengthen fin...
7/24/2013Mining increases and extends debt facility to strengthen fin...
6/25/2013Mining reports Tabakoto Mill expansion achieves design capac...
5/14/2013Mining reports Q1 all-in sustaining margin of $39 million an...
5/6/2013Mining to release Q1 results on May 14, 2013
4/24/2013Mining reports Agbaou Gold Mine construction progress
4/11/2013Mining Announces Mali Humanitarian Donation In Cooperation W...
3/20/2013Mining to release 2012 year-end results on March 28, 2013
3/12/2013Mining files Houndé PEA, completes in-fill drilling and adva...
10/18/2012Avion Gold announces completion of acquisition by Endeavour ...
10/1/2012Mining announces ISS and Glass Lewis recommend in favour of ...
8/21/2011Mining and Adamus Resources to Merge and Create a New Growth...
9/29/2009Burkina Faso, Brazil, Ghana & H1N1
1/26/2009GSWeekly - smart money - Endeavour Financial
9/10/2008Reinhard Updates Endeavour Financial Corp.
6/9/2008Announces Proposed Name Change and New Website
4/1/2008 Renews normal course issuer bid
2/15/2008Declares Monthly Dividend for February 2008
2/12/2008 Announces Q2 Earnings
1/14/2008declares monthly dividend for January 2008
12/12/2007Declares Monthly Dividend
10/23/2007Announces 80% Increase in Dividend
5/19/2006reports record silver quaterly silver production, gross reve...
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