REG-Endeavour Achieves Guidance & Declares Record H2-2025 Dividend
29/01/2026 07:00
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ENDEAVOUR ACHIEVES GUIDANCE & DECLARES RECORD H2-2025 DIVIDEND
FY-2025 production of 1,209koz at AISC of ~1,435/oz l H2-2025 dividend of
$200m l >$1bn shareholder returns programme
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
* FY-2025 production of 1,209 koz, in the top-half of guidance at an AISC of ~ $1,435 /oz, within guidance when adjusted for +$ 128 /oz higher royalty costs related to higher gold prices.
* Q4-2025 production of 298 koz increased by 35koz or 13% over Q3-2025 , while AISC of ~ $1,650 /oz increased by ~$ 81 /oz or 5% over Q3-2025, largely due to +$ 45 /oz higher royalty costs related to higher gold prices.
* Top-ten global gold producer with FY-2026 production guidance of 1,090-1,265koz, at AISC of $ 1,600 - 1,800 /oz; reflecting increased gold prices, royalties and phased stripping related sustaining capital at Houndé and Lafigué.
* Strong free cash flow generation saw FY-2025 net debt reduced by $574m , ending the year with $157m and near-zero leverage. Gross debt reduced by $518m, ending the year with $611m gross debt and $1,153m of available liquidity.
DELIVERING SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH
* Record H2-2025 dividend of $ 200 m or $0.83/sh announced, bringing FY-2025 dividends to $ 350 m or $1.45/sh ; supplemented with $ 85 m of share buybacks for record total returns of $ 435 m, equivalent to $ 360 /oz produced.
* Since 2021, over $1.6bn has been returned to shareholders, which is 83% above the minimum commitment; supplemental returns are expected to increase over the 2026-2028 period, at prevailing gold prices.
* 2026-2028 ~ $1.0bn minimum dividend commitment that will be supplemented with additional dividends and share buybacks, which could increase total returns to more than double the minimum commitment, at prevailing gold prices.
* Assafou's environmental permit has been approved while the exploitation permit approval and the DFS completion are expected in Q1-2026; first gold production on track for H2-2028.
* 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz, including up to three new projects in West Africa and in three new, highly fertile, geologically immature jurisdictions.
London, 29 January 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV,
OTCQX:EDVMF) ("Endeavour" or the "Group" or the "Company") is pleased to
announce its unaudited preliminary financial and operating results for the
fourth quarter and full year 2025, with highlights provided in Table 1 below.
Table 1: Preliminary Financial and Operating Results Highlights(1,2)
(In US$m unless otherwise specified) THREE MONTHS ENDED YEAR ENDED
31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024 Δ FY-2025 vs. FY-2024
PRODUCTION AND AISC HIGHLIGHTS
Gold Production, koz 298 264 363 1,209 1,103 +10%
Gold Sold, koz 302 258 356 1,216 1,099 +11%
Realised Gold Price (3), $/oz 3,873 3,247 2,590 3,244 2,349 +38%
Total Cash Cost (3,4), $/oz ~1,450 1,336 979 ~1,215 1,058 +15%
All-in Sustaining Cost (3), $/oz ~1,650 1,569 1,141 ~1,435 1,218 +18%
SHAREHOLDER RETURNS
Shareholder dividends paid 149 — 140 288 240 +20%
Share buyback 2 14 8 85 37 +130%
ORGANIC GROWTH
Growth capital spend (3) 10 7 24 32 252 (87)%
Exploration spend (3) 19 21 12 91 87 +5%
FINANCIAL POSITION HIGHLIGHT
Net debt (3) 157 453 732 157 732 (79)%
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release.
(2)Production and AISC highlights from continuing operations.( 3)This is a
non-GAAP measure, for details please refer to the most recent MD&A available
on Endeavour Mining's website. (4)Total cash cost per ounce is calculated as
operating expenses from mine operations, royalties, and non-cash adjustments
divided by gold ounces sold.
Ian Cockerill, Chief Executive Officer, commented: “During 2025 we safely
achieved our guidance for the twelfth time in thirteen years, generated record
free cash flow, fully de-leveraged our balance sheet and paid record
shareholder returns.
Our strong operational performance delivered more than 1.2 million ounces of
production, achieving the top half of production guidance, at a competitive
all-in sustaining cost of approximately $1,435 per ounce, which was well
within our cost guidance on a royalty adjusted basis.
This performance, coupled with strong gold prices, underpinned record free
cash flows, above $1.0 billion for the year. We successfully reduced our net
debt by $574.2 million and ended the year with near zero leverage,
significantly below our 0.50x through-the-cycle target, positioning us to
deliver both sector leading shareholder returns and organic growth.
We declared a record H2 dividend of $200.0 million, bringing total shareholder
returns to $435.3 million for the year, 93% above our minimum commitment and
equivalent to $360 per ounce produced. Since launching our returns program in
2021, we have now returned over $1.6 billion to shareholders, 83% above our
minimum commitment.
Looking ahead, we will significantly increase minimum shareholder returns over
the 2026 to 2028 period, as we simultaneously build Assafou, returning at
least $1.0 billion subject to a minimum gold price of $3,000 per ounce, and
that could more than double at prevailing gold prices through increased
supplemental returns.
Our tier 1 Assafou project DFS is approaching completion, with final permit
approval expected in Q1-2026, and we have incorporated plant and
infrastructure optimisations to improve the project ramp up and ensure the
project can be efficiently expanded, as the resource endowment continues to
grow. Recent exploration success is expected to add M&I resources at both
Assafou and at the Pala Trend targets, none of which are included in the DFS,
but offer further upside and increase optionality as we advance towards
production in 2028.
In Q4 last year we outlined our new exploration strategy, targeting the
discovery of between 12 and 15 million ounces of resources over the 2026 to
2030 period for a low discovery cost of less than $40/oz. Our increased
exploration spend is focused on replacing depletion and extending mine lives
at our cornerstone assets, as well as advancing greenfield exploration within
West Africa and in three highly prospective and geologically immature tier one
gold provinces.
I would like to thank our team for their strong performance in 2025. We enter
2026 with good operating momentum and a healthy financial position, and we
will focus on returning cash to shareholders while advancing our exciting
organic growth pipeline."
SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
* Endeavour is pleased to declare a record H2-2025 dividend of $200.0 million,
or approximately $0.83 per share, which will be paid on 14 April 2026 to
shareholders of record on 13 March 2026. As such, the FY-2025 dividend amounts
to a record of $350.0 million or approximately $1.45 per share, which includes
$125.0 million of supplemental dividends, in excess of the $225.0 million
minimum commitment.
* Shareholder returns continued to be supplemented with share buybacks and a
total of $85.3 million, or 3.4 million shares were repurchased during FY-2025,
of which $2.5 million or 0.1 million shares were repurchased in Q4-2025.
* For FY-2025, Endeavour returned a record $435.3 million to shareholders
through dividends and share buybacks, 93% above the $225.0 million minimum
commitment for the year, and equivalent to $360/oz produced, or an indicative
yield of 3.5%, reiterating Endeavour's strong commitment to paying
supplemental shareholder returns.
* Over the 2021 - 2025 period Endeavour has returned $1.6 billion to
shareholders in the form of dividends and share buybacks, 83% above its
minimum commitment over the period, and equivalent to 38% of its market
capitalisation from the start of the programme.
Table 2: Cumulative Shareholder Returns - 2021-2025
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in US$m) DIVIDEND COMMITMENT DIVIDENDS BUYBACKS RETURN MINIMUM COMMITMENT
2021-2025 Shareholder Returns Programme FY-2020 — 60 — 60 +60
FY-2021 125 15 138 278 +153
FY-2022 150 50 99 299 +149
FY-2023 175 25 66 266 +91
FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
H2-2025 112 88 17 217 +105
TOTAL 885 305 426 1,616 731
FY-2026 - 2028 Shareholder Returns Programme
* Endeavour will prioritise delivering sector leading organic growth and
shareholder returns over the 2026 - 2028 period and expects to return a
minimum dividend of approximately $1.0 billion to shareholders, provided the
realised gold price over the dividend period exceeds $3,000/oz.
* For FY-2026 the minimum dividend is expected to be $300.0 million,
increasing to $325.0 million and $350.0 million for FY-2027 and FY-2028
respectively.
* Endeavour has demonstrated its commitment to paying supplemental shareholder
returns over the last five years returning 83% more than the minimum
commitment, and at current prevailing gold prices, Endeavour expects to
further increase its supplemental returns through additional dividends and
share buybacks.
* The minimum dividend is expected to be paid semi-annually, provided that the
prevailing realised gold price for the dividend period is at or above
$3,000/oz, and the Company's leverage remains below its long term target of
0.50x net debt / Adjusted EBITDA (LTM). Supplemental dividends and share
buybacks are expected to be paid, if the gold price exceeds $3,000/oz and if
the Company's leverage remains below its long term target of 0.50x net debt /
Adjusted EBITDA (LTM).
H2-2025 Dividend Payment and DRIP
* Endeavour’s H2-2025 dividend will be paid on 14 April 2026 (“Payment
Date”), to shareholders of record on 13 March 2026, with an ex-dividend date
for holders of shares listed on the London Stock Exchange ("LSE") of 12 March
2026. For holders of shares traded on the Toronto Stock Exchange ("TSX"), both
the ex-dividend and record dates will be 13 March 2026. Holders of shares
listed on the TSX will receive dividends in Canadian Dollars (“CAD”) but
can elect to receive United States Dollars (“USD”). Holders of shares
traded on the LSE will receive dividends in USD but can elect to receive
Pounds Sterling (“GBP”). Currency elections and elections under the
Company's dividend reinvestment plan ("DRIP") must be made by all shareholders
prior to 17:00 GMT on 20 March 2026. Dividends will be paid in the default or
elected currency on the Payment Date, at the prevailing USD:CAD and USD:GBP
exchange rates as at 23 March 2026. This dividend does not qualify as an
“eligible dividend” for Canadian income tax purposes. The tax consequences
of the dividend will be dependent on the particular circumstances of a
shareholder.
* Endeavour is pleased to continue to offer a DRIP, offering existing
shareholders the opportunity, at their own election, to increase their
investment in Endeavour by receiving dividend payments in the form of ordinary
shares in the Company.
* Participation in the DRIP is optional and available to shareholders, subject
to local law, who hold shares on the LSE or on the TSX. Participants may opt
to reinvest all, or any portion of their dividends in the DRIP. Custodians are
reminded that as part of the terms and conditions of the DRIP, if you make a
partial election on the DRIP, the remaining shares on your holding will be
paid out automatically in GBP and not in the default currency of your specific
holding(s). The enrolment form is available on Endeavour’s website. The last
election date for participation in the H2-2025 DRIP will be 20 March 2026.
* In accordance with the DRIP, Endeavour’s Registrar, Computershare, will
use cash dividends payable to participating shareholders to purchase ordinary
shares in the open market on the TSX and the LSE at the prevailing market
price.
Q4-2025 AND FY-2025 OPERATIONAL PERFORMANCE OVERVIEW
* FY-2025 production amounted to 1,209koz, achieving the top half of the
guided 1,110-1,260koz range. FY-2025 all-in sustaining costs ("AISC") amounted
to approximately $1,435/oz. When adjusted for the +$128/oz impact of higher
gold prices on royalty costs, AISC amounted to $1,307/oz, in line with the
guided $1,150-1,350/oz range that was based on a $2,000/oz gold price
assumption.
Table 3: 2025 All-In Sustaining Costs(1)
Q4-2025 ACTUALS FY-2025 ACTUALS FY-2025 GUIDANCE
AISC at realised gold price of $4,227/oz for Q4-2025 and $3,486/oz for FY-2025 ~1,650 ~1,435
Additional royalty cost at realised gold price vs $2,000/oz guidance gold price (2) +196 +128 FY-2025 impact of $128/oz on AISC due to higher gold prices driving royalty costs higher
Comparative AISC at $2,000/oz gold price ~1,454 ~1,307 1,150 — 1,350
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release. (2) The
impact of higher royalty rates as a result of a higher gold price versus
$2,000/oz guided gold price for Q4-2025 and YTD-2025 are $4,227/oz and
$3,486/oz, respectively, are exclusive of the impact of the revenue protection
programme.
* FY-2025 production of 1,209koz increased by 106koz or 10% over FY-2024
production of 1,103koz from continuing operations due to a full-year of
commercial production from the Sabodala-Massawa BIOX plant and the Lafigué
mine, as well as increased production at the Mana mine due to higher grades
sourced from the Wona underground deposit, partially offset by lower
production at Houndé and Ity due to lower grades in the mine sequence.
* Q4-2025 production of 298koz increased by 35koz or 13% over Q3-2025
production of 264koz as production increased at Mana, Sabodala-Massawa and
Lafigué due to increased processed grades in line with the mine sequences,
partially offset by lower production at Houndé and Ity due to lower average
grades, in line with the mine sequence.
Table 4: Consolidated Group Production(1)
THREE MONTHS ENDED YEAR ENDED
(All amounts in koz, on a 100% basis) 31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Houndé 47 49 109 257 288
Ity 74 77 84 319 343
Mana 46 39 41 173 148
Sabodala-Massawa (2) 78 61 70 274 229
Lafigué (2) 53 38 60 187 96
GROUP PRODUCTION 298 264 363 1,209 1,103
( 1)All Q4-2025 and FY-2025 numbers are preliminary and reflect Endeavour's
expected results as at the date of this press release. (2)Includes
pre-commercial ounces that are not included in the calculation of All-In
Sustaining Costs.
* FY-2025 AISC of $1,435/oz increased by $217/oz over FY-2024 AISC of
$1,218/oz largely due to the impact of higher gold prices on royalty costs of
+$68/oz, higher royalty rates in Burkina Faso contributing +$18/oz, lower
grades processed at Houndé, Ity and Lafigué in line with their mine
sequences, and higher sustaining capital at Mana and Sabodala-Massawa related
to underground development and fleet optimisation, respectively.
* Q4-2025 AISC of ~$1,650/oz increased by $81/oz over Q3-2025 AISC of
$1,569/oz/oz due to the impact of higher gold prices on royalty costs and
higher royalty rates of +$61/oz, higher sustaining capital at Houndé and Ity
related to heavy mining equipment additions and haul road construction,
respectively. This was partially offset by lower processing unit costs at Mana
due to increased usage of lower-cost grid power, lower sustaining capital
related to less waste development at Sabodala-Massawa and Lafigué, and less
contractor lease payments at Mana following the underground mining contractor
change in Q3-2025.
Table 5: Consolidated All-In Sustaining Costs(1,2)
(All amounts in US$/oz) THREE MONTHS ENDED YEAR ENDED
31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Houndé ~1,875 1,475 1,024 ~1,355 1,294
Ity (3) ~1,525 1,269 987 ~1,195 919
Mana ~2,175 2,377 1,698 ~2,160 1,740
Sabodala-Massawa (4) ~1,235 1,326 1,261 ~1,250 1,158
Lafigué (3,4) ~1,475 1,530 801 ~1,250 844
Corporate G&A ~45 47 41 ~45 45
GROUP AISC ~1,650 1,569 1,141 ~1,435 1,218
( 1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release. (2)This is
a non-GAAP measure. (3)An increase in Government royalty rates in Côte
d’Ivoire was imposed from 6% to 8% in 2025, with the change retroactively
applied from Q1-2025. The incremental cost has been applied to other expenses
for FY-2025 and will only be reflected in royalty expenses and AISC from
FY-2026. (4)Excludes pre-commercial costs associated with ounces from the
Sabodala-Massawa BIOX Expansion project and the Lafigué mine.
* The Group’s realised gold price, excluding the impact of realised gains
and losses on gold hedges and inclusive of the Sabodala-Massawa gold stream,
was $4,201/oz and $3,464/oz for Q4-2025 and FY-2025 respectively. Including
the impact of the gold hedges, the Group's realised gold price from continuing
operations was $3,873/oz and $3,244/oz for Q4-2025 and FY-2025 respectively.
2026 OUTLOOK
* FY-2026 production guidance is between 1,090-1,265koz, in line with FY-2025
production of 1,209koz. FY-2026 production guidance increased at
Sabodala-Massawa due to expected increases in CIL processing plant throughput
and higher BIOX processing plant throughput and recovery rates reflecting the
progress of the asset optimisation initiatives. This is offset by a decrease
in production guidance at Houndé and Lafigué, due to lower grades being
mined and processed, while both mines focus on phased stripping activity
during the year, in line with their mine sequences.
* FY-2026 AISC guidance is between $1,600-1,800/oz, consistent with the AISC
achieved in the latter part of FY-2025. FY-2026 AISC is expected to increase
at Houndé, Ity, Sabodala-Massawa and Lafigué due to increased stripping
activity, lower average grades processed, stockpile drawdown, the impact of
higher royalty rates in Côte d'Ivoire and higher sustaining capital at
Sabodala-Massawa related to mining fleet optimisation, and at Houndé and
Lafigué related to phased waste stripping. This will be partially offset by
lower AISC at Mana due to lower capitalised underground development. * An
increase in Government royalty rates from 6% to 8% was imposed by the
Government of Côte d'Ivoire for 2025, with the change retroactively applied
from Q1-2025. The incremental cost has been applied to other expenses for
FY-2025, and will be reflected in the FY-2025 financial results. For FY-2026,
the incremental cost will be applied to royalty expenses and is reflected in
the FY-2026 AISC guidance. Following this increase, and based on prevailing
gold prices, the impact of every $100/oz increase in the gold price, increases
Group AISC by approximately $10/oz.
* Group performance is expected to be weighted towards H2-2026. Production is
expected to increase in H2-2026 due to higher average grades in the mill feed
at Houndé, following waste stripping activity in H1-2026, and higher
throughput at both Ity and Mana, due to planned maintenance and planned
development activities respectively, in H1-2026. Similarly, due to higher
group production in H2-2026, AISC is expected to improve in H2-2026. Further
details on individual mine guidance has been provided in the below sections.
* Group production is expected to increase each year from FY-2027 to FY-2030
towards the Group's 1.5Moz target, while AISC is expected to improve from
FY-2027 with the completion of the current phase of stripping at Houndé, and
the introduction of higher grade ores at Sabodala-Massawa and at the low-cost
Assafou project in FY-2028.
Table 6: 2026 Production Guidance(1)
(All amounts in koz, on a 100% basis) FY-2025 ACTUALS 2026 FULL-YEAR GUIDANCE
Houndé 257 220 — 255
Ity 319 285 — 330
Mana 173 155 — 180
Sabodala-Massawa (2) 274 260 — 305
Lafigué 187 170 — 195
TOTAL PRODUCTION 1,209 1,090 — 1,265
(1)All FY-2025 numbers are preliminary and reflect Endeavour's expected
results as at the date of this press release.
Table 7: 2026 All-In Sustaining Cost Guidance(1,2)
(All amounts in US$/oz) FY-2025 ACTUALS 2026 FULL-YEAR GUIDANCE
Houndé ~1,355 1,800 — 2,000
Ity (3) ~1,195 1,300 — 1,500
Mana ~2,160 2,000 — 2,250
Sabodala-Massawa ~1,250 1,350 — 1,550
Lafigué (3) ~1,250 1,600 — 1,800
Corporate G&A ~45 45
TOTAL AISC ~1,435 1,600 — 1,800
(1)This is a non-GAAP measure. Refer to the non-GAAP measure section of the
most recent MD&A. All FY-2025 numbers are preliminary and unaudited, and
reflect Endeavour's expected results as at the date of this press release.
(2)FY-2026 AISC guidance is based on an assumed average gold price of
$3,000/oz and USD:EUR foreign exchange rate of 0.87. (3)An increase in
Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in
2025, with the change retroactively applied from Q1-2025. The incremental cost
has been applied to other expenses for FY-2025 and will only be reflected in
royalty expenses and AISC from FY-2026 and included in the FY-2026 AISC
guidance at the revised rate.
* Total mine sustaining and non-sustaining capital expenditure for FY-2026 is
expected to be approximately $500.0 million, which marks a slight increase of
$34.4 million compared to FY-2025 sustaining and non-sustaining capital of
$465.6 million, as detailed in Table 8 below.
* Sustaining capital expenditure for FY-2026 is expected to be approximately
$230.0 million, a slight increase of $19.6 million compared to FY-2025
sustaining capital of $210.4 million. This is largely driven by mining fleet
optimisation at Houndé and Sabodala-Massawa, and increased waste stripping
activities at Houndé, Ity and Lafigué, partially offset by lower underground
development at Mana.
* Non-sustaining capital expenditure for FY-2026 is expected to be
approximately $270.0 million, a slight increase of $14.8 million compared to
FY-2025 non-sustaining capital of $255.2 million. This is largely driven by
the commencement of underground mine development at Sabodala-Massawa, as well
as increased spend on tailings storage facility ("TSF") construction and
processing plant upgrades at Ity and increased waste stripping activities at
Lafigué. This is partially offset by lower non-sustaining capital at Houndé
due to lower pre-stripping activity and Mana following the purchase of the
outgoing contractor's mining fleet last year.
* Growth capital expenditure for FY-2026 is currently expected to be
negligible, however growth capital expenditure guidance is expected to be
updated following the publication of the Assafou Definitive Feasibility Study
("DFS") in Q1-2026.
Table 8: 2026 Capital Expenditure Guidance(1)
(All amounts in US$m) FY-2025 ACTUALS 2026 FULL-YEAR GUIDANCE
Houndé 37 50
Ity 33 40
Mana 88 60
Sabodala-Massawa 43 50
Lafigué 9 30
Corporate G&A 2 0
TOTAL SUSTAINING MINE CAPITAL EXPENDITURES 210 230
Houndé 95 60
Ity 23 45
Mana 18 10
Sabodala-Massawa 35 30
Sabodala-Massawa underground development 0 25
Lafigué 80 90
Non-mining 4 10
TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES 255 270
Assafou (2) 32 0
TOTAL GROWTH CAPITAL EXPENDITURE 32 0
TOTAL MINE CAPITAL EXPENDITURES 497 500
( 1)All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's
expected results as at the date of this press release. (2)Assafou growth
capital will be defined on Endeavour's publication of the Assafou DFS during
Q1-2026.
* Following the Q4-2025 announcement of the 2026 - 2030 Exploration Strategy
to discover between 12-15 million ounces of Measured, Indicated and Inferred
resources for a sector leading discovery cost of less than $40 per ounce, the
exploration spend is expected to increase to approximately $540.0 million over
the five year period. FY-2026 Group exploration spend is expected to be $100.0
million as detailed in Table 9 below. Exploration activities will prioritise
resource additions and conversion at the core assets as well as scoping and
resource definition at greenfield properties within the existing portfolio and
within three highly fertile, geologically immature new gold provinces; the
Central Asian Orogenic Belt, the West Tethyan Metallogenic Belt and the Guiana
Shield, through Endeavour's New Venture programme.
Table 9: 2026 Exploration Guidance
(All amounts in US$m) FY-2025 ACTUALS (1) 2026 GUIDANCE
Houndé mine 11 10
Ity mine 19 15
Mana mine 4 5
Sabodala-Massawa mine 28 15
Lafigué mine 1 10
Assafou project 6 10
Other greenfield projects 22 35
TOTAL 91 100
( 1)All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's
expected results as at the date of this press release.
* Cash tax guidance for FY-2026 is expected to amount to approximately $600.0
million to $700.0 million, of which $510.0 million to $600.0 million is
related to corporate income tax, largely reflecting the increase in FY-2025
taxable earnings, and $90.0 million to $100.0 million reflects withholding
taxes expected to be paid on cash upstreamed from the operating entities.
Typically Q2 and Q3 are the highest quarters for tax payments due to the
timing of income and withholding tax payments.
Table 10: 2026 Cash Tax Guidance
(All amounts in US$m) 2026 FULL-YEAR GUIDANCE (1)
Corporate income tax (1) 510 — 600
Withholding tax (2) 90 — 100
TOTAL 600 700
(1)The income tax outlook is expected to be largely stable with gold price
changes, but will fluctuate with foreign exchange movements, unforeseen tax
settlements and annual true ups. (2)Withholding tax guidance is based on a
gold price of $3,000/oz and will fluctuate with gold price changes.
OPERATIONAL DETAILS BY ASSET
Houndé Mine, Burkina Faso
Table 11: Houndé Performance Indicators(1)
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 1,284 1,246 1,526 5,550 4,662
Total tonnes mined, kt 12,810 12,718 10,833 50,352 43,116
Strip ratio (incl. waste cap) 8.97 9.20 6.10 8.07 8.25
Tonnes milled, kt 1,223 1,205 1,405 5,130 5,148
Grade, g/t 1.40 1.46 3.13 1.79 2.10
Recovery rate, % 89 85 79 86 84
Production, koz 47 49 109 257 288
Total cash cost/oz ~1,705 1,420 922 ~1,215 1,121
AISC/oz ~1,875 1,475 1,024 ~1,355 1,294
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release.
Q4-2025 vs Q3-2025 Insights
* Production decreased slightly from 49koz in Q3-2025 to 47koz in Q4-2025 due
to lower grade ore processed, partially offset by higher recovery rates and an
increase in mill throughput. * Total tonnes mined increased due to higher
utilisation and productivity of the mining fleet following the end of the wet
season. Tonnes of ore mined increased as a higher volume of ore was mined at
the Kari Pump pit, which was partially offset by lower volumes of ore mined
from the Vindaloo North pit, while ore mined from the Kari West pit
contributed the majority of the feed in line with the mine sequence.
* Tonnes milled increased slightly due to higher mill utilisation following
the end of the wet season, partially offset by planned maintenance during the
quarter.
* Average processed grades decreased due to lower grade ore sourced from the
Kari West pit, in the mill feed.
* Recovery rates increased due to a lower proportion of graphitic ore from
stockpiles in the mill feed during Q4-2025, which improved recovery rates.
* AISC increased from $1,475/oz in Q3-2025 to approximately $1,875/oz in
Q4-2025 due to higher sustaining capital expenditure related to the purchase
of heavy mining equipment, higher royalty costs related to the higher realised
gold price (+$146/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025),
higher mining unit costs due to a higher proportion of hard fresh ore mined
and higher processing unit costs due to planned mill maintenance, partially
offset by higher volumes of gold sold.
FY-2025 Performance
* FY-2025 production totalled 257koz, which was near the top end of the guided
230-260koz range, due to the strong H1-2025 performance related to high grade
ore sourced from the Kari Pump pit. FY-2025 AISC amounted to approximately
$1,355/oz or $1,208/oz when adjusted for the impact of higher royalty costs of
+$147/oz, related to higher realised gold prices above the $2,000/oz guidance
reference gold price. On a royalty adjusted basis, FY-2025 AISC was below the
guided $1,225-$1,375/oz range due to the strong production that was near the
top-end of the guidance range.
* Production decreased from 288koz in FY-2024 to 257koz in FY-2025 due to a
lower proportion of high grade ore sourced from the Kari Pump pit in line with
the mine sequence, which was partially offset by an increase in recovery
rates. AISC increased from $1,294/oz in FY-2024 to approximately $1,355/oz in
FY-2025 due to higher royalty costs due to the higher realised gold price
(+$143/oz impact of royalty costs on AISC in FY-2025 vs FY-2024), lower
volumes of gold sold and higher processing unit costs due to a higher
proportion of harder, fresh ore in the mill feed, partially offset by a
decrease in sustaining capital due to lower waste stripping activities.
2026 Outlook
* Houndé is expected to produce between 220-255koz in FY-2026 at an AISC of
$1,800-$2,000/oz.
* Mining activities are expected to continue at the Vindaloo Main and Kari
West pits. Tonnes of ore milled is expected to be consistent with FY-2025,
while average grades processed are expected to decrease and recovery rates are
expected to increase due to the absence of higher grade ore from the Kari Pump
pit, which has lower associated recoveries. Production is weighted towards
H2-2026, due to mining and processing of higher average grades from the
Vindaloo Main pit following waste stripping in H1-2026. AISC is expected to
increase in FY-2026 due to lower production and gold sales, increased mining
volumes, higher sustaining capital and an expected drawdown of stockpile
inventory. Lower AISC is expected in H2-2026 due to higher production and gold
sales.
* Sustaining capital expenditure is expected to increase from $36.4 million in
FY-2025 to approximately $50.0 million in FY-2026, and primarily relates to
waste capitalisation at the Vindaloo Main pit, mining fleet component rebuilds
and replacements, and processing plant equipment upgrades.
* Non-sustaining capital expenditure is expected to decrease from $95.2
million in FY-2025 to approximately $60.0 million in FY-2026, and primarily
relates to the ongoing pushback at the Vindaloo Main pit, construction of the
TSF extension and land compensation and resettlement for the Vindaloo South
East pit.
Ity Mine, Côte d’Ivoire
Table 12: Ity Performance Indicators(1)
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 2,272 1,991 2,262 8,392 7,954
Total tonnes mined, kt 7,985 7,949 8,120 32,152 30,419
Strip ratio (incl. waste cap) 2.51 2.99 2.59 2.83 2.82
Tonnes milled, kt 1,886 1,840 1,955 7,357 7,122
Grade, g/t 1.37 1.43 1.45 1.51 1.64
Recovery rate, % 91 90 90 90 91
Production, koz 74 77 84 319 343
Total cash cost/oz ~1,360 1,142 943 ~1,095 890
AISC/oz (2) ~1,525 1,269 987 ~1,195 919
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release. (2)An
increase in Government royalty rates in Côte d’Ivoire was imposed from 6%
to 8% in 2025, with the change retroactively applied from Q1-2025. The
incremental cost has been applied to other expenses for FY-2025 and will only
be reflected in royalty expenses and AISC from FY-2026.
Q4-2025 vs Q3-2025 Insights
* Production decreased slightly from 77koz in Q3-2025 to 74koz in Q4-2025 due
to lower average grades processed, partially offset by an increase in mill
throughput. * Total tonnes mined increased due to higher productivity of the
mining fleet following the end of the wet season. Tonnes of ore mined
increased across the Bakatouo, Verse Ouest and Le Plaque pits, partially
offset by lower tonnes of ore mined at the Walter and Ity pits, in line with
the mine plan.
* Tonnes milled increased slightly due to higher processing plant availability
and utilisation due to the completion of planned maintenance in Q3-2025.
* Average grades processed decreased slightly due to lower grade ore in the
mill feed that was sourced from the Bakatouo and Walter pits, in line with the
mine sequence.
* Recovery rates remained in line with the prior quarter.
* AISC increased from $1,269/oz in Q3-2025 to approximately $1,525/oz in
Q4-2025 due to higher royalty costs related to higher realised gold prices
(+$47/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025), a lower
build-up of stockpiles compared to the prior quarter, and higher sustaining
capital related to dewatering borehole drilling and haul road construction to
improve hauling capacity at Grand Ity.
FY-2025 Performance
* FY-2025 production totalled 319koz, which was in the top-half of the guided
290-330koz range, due to high mill throughput following the addition of mobile
crushing units. FY-2025 AISC amounted to approximately $1,195/oz, or $1,093/oz
when adjusted for the impact of higher royalty costs of +$102/oz, related to
higher realised gold prices, above the $2,000/oz guidance reference. On a
royalty adjusted basis, FY-2025 AISC was in line with the guided
$975-$1,100/oz range.
* Production decreased from a record 343koz in FY-2024 to 319koz in FY-2025
due to lower average grades processed in line with the mine sequence,
partially offset by an increase in throughput rates. AISC increased from
$919/oz in FY-2024 to approximately $1,195/oz in FY-2025 due to lower levels
of production, higher royalty costs (+$83/oz impact of royalty costs on AISC
in FY-2025 vs FY-2024), higher mining unit costs due to increased volumes
mined and increased sustaining capital primarily related to borehole drilling
for dewatering, processing plant and laboratory upgrades, and haul road
construction.
2026 Outlook
* Ity is expected to produce between 285-330koz in FY-2026 at an AISC of
$1,300-$1,500/oz.
* Mining activities are expected to focus on the Ity, Bakatouo, Walter, Le
Plaque & Zia pits. In H1-2026, ore is expected to be sourced from the Ity,
Bakatouo, Walter and Zia pits with supplemental feed coming from the Le Plaque
and Verse Ouest pits. In H2-2026, increased ore is expected to be sourced from
the Le Plaque and Zia pits. Throughput and recovery rates are expected to
remain consistent with FY-2025, while average processed grades are expected to
decrease reflecting lower grades mined at the Zia pit. Production is expected
to increase in H2-2026 as tonnes of ore milled increases due to planned SAG
mill maintenance in H1-2026. AISC is expected to increase in FY-2026 due to
higher sustaining capital related to waste stripping activities at the Ity, Le
Plaque and Zia pits and the increase in Government royalty rates from 6% to
8%. AISC is expected to improve in H2-2026 due to higher production and gold
sales.
* Sustaining capital expenditure is expected to increase from $32.8 million in
FY-2025 to approximately $40.0 million in FY-2026 and is primarily related to
waste stripping activity at the Ity, Le Plaque and Zia pits.
* Non-sustaining capital expenditure is expected to increase from $23.5
million in FY-2025 to approximately $45.0 million in FY-2026, and is primarily
related to the TSF 2 embankment raise and processing plant upgrades.
Mana Mine, Burkina Faso
Table 13: Mana Performance Indicators(1)
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
OP tonnes ore mined, kt — — — — 185
OP total tonnes mined, kt — — — — 930
OP strip ratio (incl. waste cap) — — — — 4.03
UG tonnes ore mined, kt 587 553 616 2,223 1,975
Tonnes milled, kt 602 551 603 2,247 2,294
Grade, g/t 3.05 2.50 2.49 2.85 2.27
Recovery rate, % 87 85 86 86 87
Production, koz 46 39 41 173 148
Total cash cost/oz ~1,810 1,772 1,320 ~1,655 1,514
AISC/oz ~2,175 2,377 1,698 ~2,160 1,740
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release.
Q4-2025 vs Q3-2025 Insights
* Production increased from 39koz in Q3-2025 to 46koz in Q4-2025 due to higher
average grades processed, tonnes milled and recovery rates. * Total
underground tonnes of ore mined increased slightly due to higher ore
development tonnes as underground development at the Wona and Siou underground
deposits increased compared to the prior quarter. During Q4-2025, 4,521 meters
were developed, compared to the 4,256 meters in the prior quarter, as the
underground mining contractor transition was completed in early Q4-2025.
* Tonnes milled increased slightly due to improved mill availability following
planned maintenance in the prior quarter.
* The average processed grade increased as improved development rates,
following the mining contractor transition, increased access to higher grade
stopes at the Wona and Siou underground deposits.
* Recovery rates increased compared to the prior quarter due to improved
recovery associated with the higher grade ore from the Wona underground
deposit.
* AISC decreased from $2,377/oz in Q3-2025 to approximately $2,175/oz in
Q4-2025 due to higher volumes of gold sold, lower processing unit costs due to
increased usage of lower-cost grid power, and lower sustaining lease payments
related to the contractor transition, partially offset by higher royalty costs
due to the higher realised gold price (+$105/oz impact of royalty costs on
AISC in Q4-2025 vs Q3-2025).
FY-2025 Performance
* FY-2025 production totalled 173koz, which was within the guided 160-180koz
range. FY-2025 AISC amounted to approximately $2,160/oz, or $1,980/oz when
adjusted for the impact of higher royalty costs of +$180/oz, related to higher
realised gold prices, above the $2,000/oz guidance reference gold price. On a
royalty adjusted basis, FY-2025 AISC was above the guided $1,550-$1,750/oz
range, due to the elected reliance on higher-cost self-generated power and
increased sustaining capitalised underground development at the Wona
underground deposit to access higher grade stopes.
* Production increased from 148koz in FY-2024 to 173koz in FY-2025 due to
higher average grades processed as higher grade ore was sourced from the Wona
underground deposit in line with the mine sequence. This was partially offset
by slightly lower tonnes milled following the cessation of the open pit feed
in the prior period and lower recovery rates due to a higher proportion of ore
from the Wona underground deposit with lower associated recoveries, in the
mill feed. AISC increased from $1,740/oz in FY-2024 to approximately $2,175/oz
in FY-2025 primarily due to higher mining unit costs as the Wona underground
deposit continues to advance deeper, higher sustaining capital due to
increased underground development across the Siou and Wona underground
deposits, and higher royalty costs due to the higher prevailing gold price
(+$129/oz impact of royalty costs on AISC in FY-2025 vs FY-2024).
2026 Outlook
* Mana is expected to produce between 155-180koz in FY-2026 at an AISC of
$2,000-$2,250/oz.
* Ore is expected to be sourced from the Wona and Siou underground deposits,
supplemented with additional ore from the Bana Camp open pit deposit, which
will support increased mining and processing volumes over FY-2025, while
average grades are expected to decrease due to the addition of lower grade
open pit ore into the feed. Recoveries are expected to decrease slightly due
to a greater proportion of ore from the Wona underground deposit in the mill
feed, which has lower associated recoveries. Production is expected to
increase in H2-2026 due to increased access to stopes at the Wona underground
deposit supporting increased processing plant throughput. AISC is expected to
decrease compared to FY-2025 due to lower sustaining capital, with improved
AISC expected in H2-2025 due to increased production.
* Sustaining capital expenditure is expected to decrease from $88.0 million in
FY-2025 to approximately $60.0 million in FY-2026 and is primarily related to
waste development in the Wona underground deposit in addition to processing
plant and infrastructure upgrades.
* Non-sustaining capital expenditure is expected to decrease from $17.8
million in FY-2025 to approximately $10.0 million in FY-2026 and is primarily
related to the stage 6 TSF embankment lift.
Sabodala-Massawa Mine, Senegal
Table 14: Sabodala-Massawa Performance Indicators(1)
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 1,224 971 1,573 4,253 5,692
Total tonnes mined, kt 8,036 7,134 12,463 34,607 43,478
Strip ratio (incl. waste cap) 5.57 6.39 6.92 7.14 6.64
Tonnes milled - Total, kt 1,417 1,378 1,377 5,530 5,061
Tonnes milled - CIL, kt 1,163 1,121 1,095 4,447 4,393
Tonnes milled - BIOX, kt 254 257 282 1,083 668
Grade - Total, g/t 2.26 1.60 2.29 1.93 1.89
Grade - CIL, g/t 1.92 1.04 1.86 1.49 1.68
Grade - BIOX, g/t 3.84 4.06 3.99 3.77 3.28
Recovery rate - Total, % 81 82 70 80 76
Recovery rate - CIL, % 85 83 73 83 79
Recovery rate - BIOX, % 71 82 65 76 67
Production, koz 78 61 70 274 229
Production - CIL, koz 58 32 47 175 184
Production - BIOX, koz 20 30 23 98 45
Total cash cost/oz ~1,170 1,173 1,107 ~1,090 1,044
AISC/oz ~1,235 1,326 1,261 ~1,250 1,158
( 1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and
reflect Endeavour's expected results as at the date of this press release.
Q4-2025 vs Q3-2025 Insights
* Production increased from 61koz in Q3-2025 to 78koz in Q4-2025 due to an
increase in the average processed grade and recovery rates through the CIL
plant, partially offset by a decrease in average grades and recoveries through
the BIOX processing plant. * Total tonnes mined increased following the end of
the rainy season. Total ore tonnes mined increased due to the commencement of
ore mining at the Delya Main and Niakafiri West pits, which provided
high-grade non-refractory oxide ore to the CIL plant.
* Tonnes milled increased in the CIL plant following the end of the wet
season, which allowed a higher proportion of softer oxide ore to be
incorporated into the CIL mill feed. Tonnes milled in the BIOX plant remained
relatively stable.
* Average grades processed increased in the CIL plant due to an increased
proportion of higher grade oxide ore from the Delya Main, Niakafiri West and
Soukhoto pits. Average processed grades decreased in the BIOX plant due to
lower grade ore sourced from the Massawa Central Zone in line with mine
sequence.
* Recovery rates through the CIL plant increased due to a higher proportion of
ore sourced from Delya Main, Niakafiri West and Soukhoto pits displacing
transitional ore from the Massawa North Zone and Massawa Central Zone pits in
the mill feed. Recovery rates through the BIOX plant decreased due an
increased proportion of higher Sulphide:Sulphur content ore from the Massawa
Central Zone in the mill feed.
* AISC improved from $1,326/oz in Q3-2025 to approximately $1,235/oz in
Q4-2025 due to higher gold sales and lower sustaining capital due to lower
waste development, partially offset by higher royalty costs due to the higher
realised gold price (+$25/oz impact of royalty costs on AISC in Q4-2025 vs
Q3-2025).
FY-2025 Performance
* FY-2025 production totalled 274koz, which was near the top end of the guided
250-280koz range due high grades and associated recovery rates through the CIL
plant. FY-2025 AISC amounted to approximately $1,250/oz, or $1,136/oz when
adjusted for the impact of higher royalty costs of +$114/oz, related to higher
gold prices, above the $2,000/oz guidance reference gold price. On a royalty
adjusted basis, FY-2025 AISC was in line with the guided $1,100-$1,250/oz
range.
* Production increased from 229koz in FY-2024 to 274koz in FY-2025 due to the
full-year contribution from the BIOX plant, which achieved commercial
production in Q3-2024, partially offset by lower average grades milled through
the CIL plant. AISC increased from $1,158/oz in FY-2024 to approximately
$1,250/oz in FY-2025 due to an increase in sustaining capital related to
mining fleet additions and replacements and higher royalty costs related to
the higher realised gold prices (+$74/oz impact of royalty costs on AISC in
FY-2025 vs FY-2024).
2026 Outlook
* Sabodala-Massawa is expected to produce between 260-305koz in FY-2026 at an
AISC of $1,350-$1,550/oz. In line with the previously disclosed outlook,
Sabodala-Massawa is on track to continue increasing production towards 350koz
annually, supported by high-grade non-refractory ore from the Golouma and
Kerekounda underground deposits. Underground exploration decline development
is expected to commence at the Golouma deposit in H2-2026, introducing first
ore in FY-2027 and ramping up through FY-2028. FY-2026 AISC is expected to
increase due higher sustaining capital related to waste stripping activities
and an expected drawdown of stockpile inventory.
* Production from the CIL processing plant is expected to decrease slightly
compared to the previous year. Non-refractory ore for the CIL plant is
expected to be sourced from the Niakafiri West, Niakafiri East and Delya South
pits with supplementary ore from the Samina pit and stockpiles resulting in a
slight decrease in average processed grades, in line with the mine sequence,
which will be partially offset by increased throughput and recovery rates due
to a higher proportion of softer oxide ore in the mill feed.
* Production from the BIOX plant is expected to increase. Ore will continue to
be sourced from the high-grade Massawa Central Zone pit with a small
proportion of supplemental feed sourced from lower grade stockpiles.
Throughput and recovery rates through the BIOX plant are expected to increase
due to the ongoing plant upgrades and the increased proportion of fresh ore in
the mill feed, which will be partially offset by lower average grades
processed due to the incorporation of a small proportion of lower grade
stockpiles into the mill feed.
* Sustaining capital expenditure is expected to increase from $42.5 million in
FY-2025 to $50.0 million in FY-2026 and is primarily related to capitalised
waste stripping, mining fleet upgrades and process plant maintenance.
* Non-sustaining capital expenditure is expected to decrease from $35.0
million in FY-2025 to $30.0 million in FY-2026 and is primarily related to
pre-stripping at the Massawa North Zone and Kiesta C pits, implementation of a
fleet management system, infrastructure at the Delya South and Goumbati pits
ahead of the commencement of mining in Q2-2026, TSF 1 embankment raise and
advanced grade control drilling activities.
* Non-sustaining capital expenditure for the Sabodala-Massawa underground
expansion of $25.0 million is expected to be incurred in FY-2026. Development
is expected to commence in H2-2026 via an exploration decline that will
provide access to the high-grade Golouma underground deposit. Underground
development is expected to continue through FY-2027 and FY-2028, with first
ore expected to be intercepted in FY-2027.
Lafigué Mine, Côte d’Ivoire
Table 15: Lafigué Performance Indicators(1)
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 1,822 1,870 1,711 6,063 4,801
Total tonnes mined, kt 13,051 14,672 10,150 54,040 37,151
Strip ratio (incl. waste cap) 6.16 6.85 4.93 7.91 6.74
Tonnes milled, kt 1,007 1,026 936 4,216 1,779
Grade, g/t 1.69 1.20 2.11 1.47 1.83
Recovery rate, % 94 93 94 93 94
Production, koz 53 38 60 187 96
Total cash cost/oz ~1,420 1,433 748 ~1,210 774
AISC/oz (2) ~1,475 1,530 801 ~1,250 844
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release. (2)An
increase in Government royalty rates in Côte d’Ivoire was imposed from 6%
to 8% in 2025, with the change retroactively applied from Q1-2025. The
incremental cost has been applied to other expenses for FY-2025 and will only
be reflected in royalty expenses and AISC from FY-2026.
Q4-2025 vs Q3-2025 Insights
* Production increased from 38koz in Q3-2025 to 53koz in Q4-2025 due to
increased average grades processed, while tonnes milled and recovery rates
remained consistent with the prior quarter. * Total tonnes mined and ore
tonnes mined decreased as mining advanced deeper into the Main pit resulting
in increased haulage distances. Ore was primarily sourced from the Main pit
and West pit with supplementary ore sourced from Pit C.
* Tonnes milled decreased due to harder fresh ore in the mill feed as mining
activities advanced deeper into fresh ore.
* Average grades processed increased due to an increased proportion of higher
grade fresh ore from the West Pit in the mill feed.
* Recovery rates remained in line with the previous quarter.
* AISC improved from $1,530/oz in Q3-2025 to approximately $1,475/oz in
Q4-2025 due to increased gold sales and lower sustaining capital due to lower
waste stripping activity, partially offset by higher royalty costs due to the
higher realised gold price (+$32/oz impact of royalty costs on AISC in Q4-2025
vs Q3-2025).
FY-2025 Performance
* FY-2025 production totalled 187koz, within the guided 180-210koz range.
FY-2025 AISC amounted to approximately $1,250/oz, or $1,146/oz when adjusted
for the impact of higher royalty costs of +$104/oz, related to higher realised
gold prices, above the $2,000/oz guidance reference gold price. On a royalty
adjusted basis, FY-2025 AISC was above the guided $950-$1,075/oz range due to
lower average grades and higher mining volumes to account for above nameplate
mill throughput.
* Production increased from 96koz in FY-2024 to 187koz in FY-2025 following a
full year of production at the Lafigué mine as the mine achieved commercial
production in Q3-2024. AISC increased from $844/oz in FY-2024 to approximately
$1,250/oz in FY-2025 due largely to higher royalty costs (+$26/oz impact of
royalty costs on AISC in FY-2025 vs FY-2024) as a result of the higher
realised gold prices and higher processing unit costs associated with a higher
proportion of harder, fresh ore in the mill feed.
2026 Outlook
* Lafigué is expected to produce between 170-195koz in FY-2026 at an AISC of
$1,600-$1,800/oz.
* Mining activity will focus on stripping at the Main pit and the West pit,
while ore will primarily be mined from the Main pit with supplementary ore
sourced from the West Pit. Processing plant throughput is expected to increase
and exceed design nameplate capacity throughout FY-2026, supported by a more
consistent feed of predominantly fresh ore. Due to lower average grades in
FY-2026, stripping activity will be prioritised to accelerate access to
higher-grade ores. Recovery rates are expected to remain in line with FY-2025.
AISC is expected to increase due to an increase in sustaining capital related
to waste stripping activity at the Main and West pit and leases associated
with additional mining contractor capacity, increased Government royalty rates
from 6% to 8% and an expected drawdown of stockpiles.
* Sustaining capital expenditure is expected to increase from $8.2 million in
FY-2025 to approximately $30.0 million in FY-2026 and is primarily related to
capitalised waste stripping activities and processing plant strategic spares
associated with the crushing circuit.
* Non-sustaining capital expenditure is expected to increase from $80.0
million in FY-2025 to approximately $90.0 million in and is primarily related
to pre-stripping activities at the Main pit, TSF embankment lift stages 3 and
4, advanced grade control drilling and processing plant upgrades.
Assafou Project, Côte d’Ivoire
Project Definitive Feasibility Study
* The Assafou Definitive Feasibility Study ("DFS") is underway with expected
completion in Q1-2026.
* The Environmental and Social Impact Assessment ("ESIA") was approved in
Q3-2025 and the Exploitation Permit, is pending final sign-off, which is
expected in Q1-2026.
* The Assafou Preliminary Feasibility Study ("PFS") was based on a 5.0Mtpa
Gravity / CIL processing plant and the study results, announced on 11 December
2024, defined a project with average 329kozpa production at AISC of $892/oz
over the first 10 years, with a 15 year mine life and robust project economics
with an after-tax NPV(5%) of $1,526m and IRR of 28%, at a $2,000/oz gold
price. The Assafou PFS had an initial capital of $734m.
* The DFS envisages a similar scale 5.0Mtpa Gravity / CIL processing plant,
based on an updated and improved reserve and resource model, with the key
expected differences between the PFS and the DFS detailed below: * The DFS
mine plan is being optimised to incorporate the results of 44,000 metres of
additional grade control drilling at an 8 - 10 metre drill spacing, which
improves the Assafou block model's resolution and de-risks the first 18 months
of ore mining at Assafou.
* The processing plant flowsheet has been adapted to ensure the plant can
potentially be upsized, with limited changes to the processing circuit, in the
future.
* The proposed road diversion within the PFS has been extended to align with
local community and local Government requirements.
* The Assafou PFS was based on the mineral reserves with an effective date of
31 August 2024, which were constrained by a resource with a drilling cutoff as
of 31 October 2023. Since this drilling cut-off, a further 151,000 metres of
drilling has been completed on the wider Assafou project with updated
resources expected in Q1-2026. Updated resources from the wider Assafou
project will not be incorporated into the DFS, but they will improve the
project's optionality, particularly during the ramp up.
Project Update
* The progress regarding critical path items associated with the Assafou
project are detailed below: * The mining contractor tender process is
advancing and expected to be completed in Q1-2026.
* Road and power line diversion plans have been sterilised, finalised and
approved.
* Site infrastructure, including water dams, tailings storage facilities, the
airstrip and haul and access road designs are complete.
* Relocation evaluation and engineering is underway.
FINANCIAL POSITION & LIQUIDITY
* As shown in Table 16 below, Endeavour's net debt position decreased by
$574.2 million from $731.6 million at the end of Q4-2024 to $157.4 million at
the end of Q4-2025. The decrease in the Company's net debt position was driven
by strong net free cash flow generation during FY-2025.
* The Company's year-end leverage ratio is expected to improve from 0.55x Net
debt / Adjusted EBITDA (LTM) at the end of Q4-2024 to less than 0.10x Net debt
/ Adjusted EBITDA (LTM) at the end of Q4-2025. Endeavour's leverage ratio is
firmly below its through-the-cycle leverage target of less than 0.50x Net debt
/ Adjusted EBITDA (LTM). Endeavour does not expect to build and sustain a
large net cash position, and expects to invest supplemental cash in organic
growth, through exploration and the Assafou development project, and return
supplemental cash to shareholders.
Table 16: Net Debt Position(1)
In US$ million unless otherwise specified. 31 December 2025 30 September 2025 31 December 2024
Cash and cash equivalents 453 262 397
Senior Notes 500 500 500
Revolving Credit Facility — — 470
Lafigué Term Loan 111 121 133
Sabodala Term Loan — 16 13
Ity Working Capital Facility — 41 —
Drawn Overdraft Facility — 38 13
NET DEBT POSITION (2) 157 453 732
(1)All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect
our expected results as of the date of this press release. (2)This is a
non-GAAP measure.
* At 31 December 2025, Endeavour’s available sources of liquidity remained
strong at approximately $1,153.3 million, which included approximately $453.3
million of cash and cash equivalents and $700.0 million in undrawn funds from
its revolving credit facility.
* The Company's revenue protection programme was completed at the end of
Q4-2025, following the delivery of the final 50,000 ounces tranche at a call
price of $2,400 per ounce. Following Q4-2025, Endeavour's gold sales are fully
unhedged.
QUALIFIED PERSONS
Brad Rathman, Vice President - Operations of Endeavour Mining plc., a Fellow
of the Australasian Institute of Mining and Metallurgy (AusIMM), is a
"Qualified Person" as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved
the technical information in this news release.
CONTACT INFORMATION
For Investor Relations enquiries: For Media enquiries:
Jack Garman Brunswick Group LLP in London
Vice President of Investor Relations Carole Cable, Partner
+442030112723 +442074045959
investor@endeavourmining.com ccable@brunswickgroup.com
ABOUT ENDEAVOUR MINING PLC
Endeavour Mining is one of the world’s senior gold producers and the largest
in West Africa, with operating assets across Senegal, Côte d’Ivoire and
Burkina Faso and a strong portfolio of advanced development projects and
exploration assets.
A member of the World Gold Council, Endeavour is committed to the principles
of responsible mining and delivering meaningful value to people and society.
Endeavour is admitted to listing and to trading on the London Stock Exchange
and the Toronto Stock Exchange, under the symbol EDV.
For more information, please visit www.endeavourmining.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" within the meaning of
applicable securities laws. All statements, other than statements of
historical fact, are "forward-looking statements", including but not limited
to, statements with respect to Endeavour's plans and operating performance,
the estimation of mineral reserves and resources, the timing and amount of
estimated future production, costs of future production, future capital
expenditures, the success of exploration activities, the anticipated timing
for the payment of a shareholder dividend and statements with respect to
future dividends payable to the Company’s shareholders, the completion of
studies, mine life and any potential extensions, the future price of gold and
the share buyback programme. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as "expects",
"expected", "budgeted", "forecasts", "anticipates", "believes", "plan",
"target", "opportunities", "objective", "assume", "intention", "goal",
"continue", "estimate", "potential", "strategy", "future", "aim", "may",
"will", "can", "could", "would" and similar expressions.
Forward-looking statements, while based on management's reasonable estimates,
projections and assumptions at the date the statements are made, are subject
to risks and uncertainties that may cause actual results to be materially
different from those expressed or implied by such forward-looking statements,
including but not limited to: risks related to the successful completion of
divestitures; risks related to international operations; risks related to
general economic conditions and the impact of credit availability on the
timing of cash flows and the values of assets and liabilities based on
projected future cash flows; Endeavour’s financial results, cash flows and
future prospects being consistent with Endeavour expectations in amounts
sufficient to permit sustained dividend payments; the completion of studies on
the timelines currently expected, and the results of those studies being
consistent with Endeavour’s current expectations; actual results of current
exploration activities; production and cost of sales forecasts for Endeavour
meeting expectations; unanticipated reclamation expenses; changes in project
parameters as plans continue to be refined; fluctuations in prices of metals
including gold; fluctuations in foreign currency exchange rates; increases in
market prices of mining consumables; possible variations in ore reserves,
grade or recovery rates; failure of plant, equipment or processes to operate
as anticipated; extreme weather events, natural disasters, supply disruptions,
power disruptions, accidents, pit wall slides, labour disputes, title
disputes, claims and limitations on insurance coverage and other risks of the
mining industry; delays in the completion of development or construction
activities; changes in national and local government legislation, regulation
of mining operations, tax rules and regulations and changes in the
administration of laws, policies and practices in the jurisdictions in which
Endeavour operates; disputes, litigation, regulatory proceedings and audits;
adverse political and economic developments in countries in which Endeavour
operates, including but not limited to acts of war, terrorism, sabotage, civil
disturbances, non-renewal of key licences by government authorities, or the
expropriation or nationalisation of any of Endeavour’s property; risks
associated with illegal and artisanal mining; environmental hazards; and risks
associated with new diseases, epidemics and pandemics.
Although Endeavour has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Please refer to Endeavour's most recent Annual Information Form
filed under its profile at www.sedarplus.ca for further information respecting
the risks affecting Endeavour and its business.
The declaration and payment of future dividends and the amount of any such
dividends will be subject to the determination of the Board of Directors, in
its sole and absolute discretion, taking into account, among other things,
economic conditions, business performance, financial condition, growth plans,
expected capital requirements, compliance with the Company's constating
documents, all applicable laws, including the rules and policies of any
applicable stock exchange, as well as any contractual restrictions on such
dividends, including any agreements entered into with lenders to the Company,
and any other factors that the Board of Directors deems appropriate at the
relevant time. There can be no assurance that any dividends will be paid at
the intended rate or at all in the future.
CAUTIONARY STATEMENTS REGARDING PRODUCTION, AISC AND TOTAL CASH COST
Whether or not expressly stated, all figures contained in this press release
including production, AISC, and total cash cost levels are preliminary and
reflect our expected annual and quarterly results as of the date of this press
release. Actual reported annual and quarterly results are subject to
management’s final review, as well as audit by the Company’s independent
accounting firm, and may vary significantly from those expectations because of
a number of factors, including, without limitation, additional or revised
information, and changes in accounting standards or policies, or in how those
standards are applied. The annual and quarterly AISC and total cash cost
include expected amounts for year-end accrual and working capital adjustments.
Endeavour will provide additional discussion and analysis and other important
information about its annual production, AISC and total cash cost levels when
it reports actual results.
NON-GAAP MEASURES
Some of the indicators used by Endeavour in this press release represent
non-IFRS financial measures, including “all-in sustaining cost”, "total
cash cost", “net cash / net debt”, “EBITDA”, “adjusted EBITDA”,
“net cash / net debt to adjusted EBITDA ratio”, “cash flow from
continuing operations”, “total cash cost per ounce”, “sustaining and
non-sustaining capital”. These measures are presented as they can provide
useful information to assist investors with their evaluation of the pro forma
performance. Since the non-IFRS performance measures listed herein do not have
any standardised definition prescribed by IFRS, they may not be comparable to
similar measures presented by other companies. Accordingly, they are intended
to provide additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with IFRS.
Please refer to the non-GAAP measures section in this press release and in the
Company’s most recently filed Management Report for a reconciliation of the
non-IFRS financial measures used in this press release.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
Attachments
* EDV_Q4-2025_Preliminary Results and Guidance - News Release
(https://ml-eu.globenewswire.com/Resource/Download/80e48ae0-17f8-4476-9fd0-950cdd67893d)
* EDV_Q4-2025_Mine Stats
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