Endeavour's AISC came in at $818/oz in 2019.

"Production is expected to be higher and AISC lower during the latter portion of [2020], notably due to the expected commissioning of the higher-grade Kari Pump deposit at Houndé [in Burkina Faso]," the company said.

Forecast 2020 output from Houndé and Karma in Burkina Faso is 230,000-250,000oz at AISC of $865-895/oz and 100,000-110,000oz at $980-$1,050/oz, respectively, while in Cote d'Ivoire Ity is expected to produce 235,000-255,000oz at AISC of $630-675/oz and Agbaou 115,000-125oz at $940-990/oz.

Endeavour cut its net debt by $132 million to $528 million in the second half of 2019, bringing its net debt to EBITDA ratio down from 2.75-times to 1.48-times in the process, based on trailing 12-month EBITDA. The company had $190 million of cash and $120 million of available credit at the end of 2019.

"Over the past four years, our team has worked diligently to strategically reposition our portfolio, and we have now successfully transitioned from a period of intense capital investment to an exciting new phase of significant cash flow generation," Endeavour CEO  Sebastien de Montessus said.

"In the near term we are squarely focused on two important initiatives: the strengthening of our balance sheet and ensuring optionality is built into our portfolio. To do this we will continue deleveraging supported by strong free cash flows, while simultaneously progressing studies at our Kalana and Fetekro projects and continuing to advance exploration."

Endeavour has budgeted US$40-45 million for exploration in 2020 after spending $49 million last year.

Endeavour (TSX:EDV) has a market value of C$2.6 billion at Friday's $23.66 closing price.