REG-Endeavour Reports Strong Q3-2025 Results
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ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS
YTD-2025 production of 911koz at AISC of $1,362/oz • FY-2025 guidance on
track • YTD-2025 free cash flow of $680m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
* YTD-2025 production of 911koz, on track for the top half of the guidance range; Q3-2025 production of 264koz.
* YTD-2025 AISC of $1,362/oz, on track for the guidance range; impacted by +$103/oz of gold price driven royalty costs compared to guidance; Q3-2025 AISC of $1,569/oz; impacted by +$131/oz of gold price driven royalty costs.
* Adj. EBITDA of $1,634m YTD-2025, up +110% over YTD-2024; $466m for Q3-2025.
* Adj. Net Earnings of $556m (or $2.29/sh) YTD-2025, up +375% over YTD-2024; $159m (or $0.66/sh) for Q3-2025.
* FCF of $680m ($746/oz produced) YTD-2025, up +1,411% over YTD-2024; $166m ($629/oz produced) for Q3-2025.
* Gross debt reduced by $425m to $678m following full repayment of the RCF during Q3-2025; Net Debt / Adj. EBITDA (LTM) of 0.21x at the end of the period, significantly below the Group’s 0.50x through-the-cycle target.
SECTOR LEADING SHAREHOLDER RETURNS
* Record $150m (or $0.62/sh) dividend paid on 23 October; on track to significantly exceed $225m FY-2025 minimum.
* Share buybacks of $83m YTD-2025; $14m for Q3-2025, bringing YTD-2025 returns to $233m before H2-2025 dividend, which will be announced in January 2026 with the next phase of our shareholder returns programme.
ATTRACTIVE ORGANIC GROWTH
* Assafou project DFS on track for Q1-2026, environmental permit approved during Q3-2025.
* Strong exploration efforts with $72m spent YTD-2025; focused on near-mine resource expansions at Sabodala-Massawa, Houndé, Ity and Assafou.
* 5-year exploration strategy completed with 12.4Moz discovered at less than $25/oz; new exploration strategy expected in Q4-2025, outlining focus on continued mine life extension and organic pipeline expansion and diversification.
London, 13 November 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV,
OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is
pleased to announce its operating and financial results for Q3-2025 and
YTD-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations(1)
All amounts in US$ million unless otherwise specified THREE MONTHS ENDED NINE MONTHS ENDED
30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024 Δ YTD-2025 vs. YTD-2024
OPERATING DATA
Gold Production, koz 264 306 270 911 741 +23%
Gold sold, koz 258 304 280 914 743 +23%
Total Cash Cost (2), $/oz 1,336 1,220 1,128 1,141 1,097 +4%
All-in Sustaining Cost (2), $/oz 1,569 1,458 1,287 1,362 1,256 +8%
Realised Gold Price (3), $/oz 3,247 3,150 2,342 3,036 2,233 +36%
CASH FLOW
Operating Cash Flow before changes in working capital 394 296 245 1,282 595 +115%
Operating Cash Flow before changes in working capital (2), $/sh 1.63 1.22 1.00 5.29 2.43 +118%
Operating Cash Flow 309 252 255 1,055 568 +86%
Operating Cash Flow (2), $/sh 1.28 1.04 1.04 4.35 2.32 +88%
Free Cash Flow (2,4) 166 104 97 680 45 +1411%
Free Cash Flow (2,4), $/sh 0.69 0.43 0.40 2.80 0.18 +1456%
PROFITABILITY
Net Earnings/(Loss) Attributable to Shareholders 167 271 (95) 611 (175) n.a.
Net Earnings/(Loss), $/sh 0.69 1.12 (0.39) 2.52 (0.71) n.a.
Adj. Net Earnings Attributable to Shareholders (2) 159 179 74 556 117 +375%
Adj. Net Earnings (2), $/sh 0.66 0.74 0.30 2.29 0.48 +377%
EBITDA (2,5) 472 596 128 1,608 477 +237%
Adj. EBITDA (2,5) 466 556 317 1,634 779 +110%
SHAREHOLDER RETURNS (2)
Shareholder dividends paid — 140 — 140 100 +40%
Share buybacks 14 28 9 83 29 +186%
FINANCIAL POSITION HIGHLIGHTS (2)
Net Debt 453 469 834 453 834 (46)%
Net Debt / LTM Trailing adj. EBITDA (5) 0.21x 0.23x 0.77x 0.21x 0.77x (73)%
(1)Continuing Operations excludes the settlement of historic liabilities under
the original sale agreement of the Boungou mine. (2)This is a non-GAAP
measure, refer to the non-GAAP Measures section for further details.
(3)Realised gold prices are inclusive of the Sabodala-Massawa stream and the
realised gains/losses from the Group’s revenue protection programme. (4)From
all operations; calculated as Operating Cash Flow less Cash used in Investing
activities.( 5)Last Twelve Months (“LTM”) Trailing EBITDA adj includes
EBITDA generated by discontinued operations.
Management will host a conference call and webcast today, Thursday 13 November
2025, at 8:30 am EST / 1:30 pm GMT. For instructions on how to participate,
please refer to the conference call and webcast section at the end of the news
release. Copies of the Management Report and Financial Statements have been
submitted to the National Storage Mechanism and will be filed on SEDAR+. The
documents will shortly be available for inspection on the Company’s website
and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: "Q3-2025 marked another
solid operational quarter placing us firmly on track to achieve our full-year
guidance. Strong year-to-date production has positioned us to achieve the top
half of our production guidance with AISC within the guidance range, when
adjusted for the impact of higher gold prices on royalty costs.
Our Q3-2025 operational performance was in line with our planned mine
sequence, despite the impact of a heavier than normal wet season. This
performance, coupled with higher gold prices, underpinned a 59% increase in
free cash flow generation in Q3, bringing free cash flow generation to $680
million year-to-date, and to nearly a billion dollars over the last twelve
months. We remain focused on maximising free cash flow generation from every
ounce of gold that we produce, to ensure that our margins grow with the gold
price.
Given the strong free cash flow generation, we further strengthened our
balance sheet this quarter by not only lowering our leverage, but reducing our
gross debt as well, through the full repayment of the drawn portion of our
revolving credit facility.
Shareholder returns increased, following payment of our record $150 million
dividend early in Q4, we continued to buyback shares, bringing year-to-date
returns to $233 million, before the declaration of our H2-2025 dividend that
we will announce in Q1-2026, which is expected to increase our total returns
to at least $346 million. We have now returned over $1.4 billion to our
shareholders over the last four and half years, or 83% above our minimum
commitment, and as we look forward to our next phase of growth, we expect to
be well positioned to continue delivering sector-leading returns throughout.
Our Assafou project continues to advance on schedule, with the environmental
permit now approved and the Definitive Feasibility Study on track to be
completed in Q1-2026, progressively de-risking our timeline to first gold.
In parallel, we continue to accelerate exploration to delineate high-priority
near-mine opportunities at Houndé, Sabodala-Massawa, Ity and Assafou, and
identify greenfield opportunities both in West Africa, and in other, similar,
highly-fertile tier 1 gold provinces that have limited exploration maturity,
where we can lever our exploration expertise and gain an early mover
advantage. We expect to announce our new exploration strategy in Q4, which
will support continued mine life extension and improvements across our
existing portfolio, and drive our next phase of organic growth, beyond
Assafou.
Given our high-quality portfolio, underpinned by a top tier organic growth
pipeline, we are well positioned to sustainably deliver sector-leading
shareholder returns and organic growth, generating value for all our
stakeholders.”
SHAREHOLDER RETURNS PROGRAMME
* Endeavour has paid more than $1.4bn in shareholder returns since Q1-2021,
which is $639.8 million or 83% above its minimum commitment over the period,
reflecting its strong commitment to pay supplemental returns to shareholders
through both phases of cash harvesting and phases of organic growth.
* For H1-2025, Endeavour announced a record dividend of $150.0 million (or
approximately $0.62 per share), which was paid on 23 October 2025. The H2-2025
dividend is expected to be announced in Q1-2026 and paid in Q2-2026.
* During YTD-2025, shareholder returns continued to be supplemented with share
buybacks of $82.8 million, or 3.3 million shares, which is an increase of 186%
over YTD-2024. During Q3-2025, $14.4 million or 0.4 million shares were
repurchased.
* Total shareholder returns for YTD-2025 of $232.8 million, have already
exceeded the $225.0 million minimum for the year and are expected to
significantly increase, with the announcement of the H2-2025 dividend and
further share buybacks. At a minimum the H2-2025 dividend is expected to be
$112.5 million, which would bring the full year return to a minimum $345.8
million.
* Given that Endeavour’s current shareholder returns programme will be
completed in H1-2026, Endeavour expects to announce its new shareholder
returns programme for the FY-2026 to FY-2028 period, which will outline a
significant increase in minimum shareholder dividend commitments, in early
Q1-2026.
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in US$m) DIVIDEND COMMITMENT DIVIDENDS BUYBACKS RETURN MINIMUM COMMITMENT
FY-2020 — 60 — 60 +60
2021-2023 Shareholder Returns Programme FY-2021 125 15 138 278 +153
FY-2022 150 50 99 299 +149
FY-2023 175 25 66 266 +91
2024-2025 Shareholder Returns Programme (ongoing) FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
H2-2025 (1) (Q1-2026 dividend announcement) 113 — 14 127 +14
TOTAL 886 217 423 1,526 640
(1)Q3-2025 share buybacks of $14.3 million differs from $15.6 million per the
Statement of Cashflows due to foreign exchange and timing of payments.
OPERATING SUMMARY
* Strong safety performance for the Group, with a Lost Time Injury Frequency
Rate (“LTIFR”) of 0.05 for the trailing twelve months ended 30 September
2025.
* The Group remains on track to achieve the top-half of its production
guidance of 1,110 - 1,260koz, within its all-in sustaining cost (“AISC”)
guidance range of $1,150 - 1,350/oz, when adjusted for the impact of higher
gold prices on royalty costs (+$103/oz impact YTD-2025 due to the realised
gold price of $3,221/oz, compared to the guidance gold price of $2,000/oz).
* Q3-2025 production of 264koz was 42koz lower than Q2-2025, reflecting lower
grades processed across the portfolio, in line with the mine sequence, and
lower tonnes milled at Houndé and Lafigué due to the impact of the wet
season.
* YTD-2025 production amounted to 911koz, an increase of 170koz over YTD-2024,
due to higher average grades processed at Houndé and Mana, in line with the
mine sequence, along with increased production at Lafigué and the
Sabodala-Massawa BIOX expansion, which both entered commercial production
Q3-2024, partially offset by a decrease in production at Ity due to lower
average grades processed.
Table 3: Group Production
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in koz, on a 100% basis 30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024
Houndé 49 69 74 209 179
Ity 77 84 77 245 259
Mana 39 41 30 127 107
Sabodala-Massawa (1) 61 62 54 195 159
Lafigué (1) 38 49 36 135 36
GROUP PRODUCTION 264 306 270 911 741
(1)Includes pre-commercial ounces that are not included in the calculation of
All-In Sustaining Costs.
* Q3-2025 total cash cost amounted to $1,336/oz, an increase of $116/oz over
Q2-2025 due to lower gold sales and higher royalty costs related to the higher
realised gold prices, as well as higher mining unit costs at Houndé,
Sabodala-Massawa and Lafigué, and higher processing unit costs at Houndé,
due to the impact of the wet season on mining and processing productivity.
This was partially offset by lower processing unit costs at Mana,
Sabodala-Massawa and Lafigué due to improved grid availability and reduced
planned maintenance during the quarter.
* YTD-2025 total cash cost amounted to $1,141/oz, an increase of $44/oz over
YTD-2024, due to higher royalty costs related to higher realised gold prices,
partially offset by an increase in gold sales and the addition of the low-cost
Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial
production in Q3-2024.
Table 4: Consolidated Total Cash Costs
(All amounts in US$/oz) THREE MONTHS ENDED NINE MONTHS ENDED
30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024
Houndé 1,420 1,352 1,233 1,098 1,242
Ity 1,142 1,049 899 1,016 874
Mana 1,772 1,700 1,766 1,596 1,587
Sabodala-Massawa (2) 1,173 1,073 1,096 1,061 1,015
Lafigué (2) 1,433 1,125 831 1,129 831
GROUP TOTAL CASH COSTS (1) 1,336 1,220 1,128 1,141 1,097
(1)This is a non-GAAP measure, refer to the non-GAAP Measures section for
further details. (2)Excludes pre-commercial costs associated with ounces from
the BIOX expansion project and the Lafigué mine.
* Q3-2025 AISC amounted to $1,569/oz, an increase of $111/oz over Q2-2025
driven by higher total cash costs including the impact of higher royalty costs
related to the higher realised gold prices, which was partially offset by
lower sustaining capital largely due to less waste stripping activity at
Houndé.
* YTD-2025 AISC amounted to $1,362/oz, an increase of $106/oz over YTD-2024
driven by higher total cash costs including the impact of higher royalty costs
related to the higher realised gold prices, and higher sustaining capital at
Ity, Mana and the Lafigué mine and Sabodala-Massawa BIOX expansion, which
both entered commercial production in Q3-2024.
Table 5: Group All-In Sustaining Costs
All amounts in US$/oz THREE MONTHS ENDED NINE MONTHS ENDED
30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024
Houndé 1,475 1,580 1,379 1,231 1,457
Ity 1,269 1,125 928 1,099 898
Mana 2,377 2,257 1,987 2,157 1,756
Sabodala-Massawa (2) 1,326 1,272 1,219 1,252 1,112
Lafigué (2) 1,530 1,154 938 1,168 938
Corporate G&A 47 46 45 45 47
GROUP ALL-IN SUSTAINING COSTS (1) 1,569 1,458 1,287 1,362 1,256
(1)This is a non-GAAP measure, refer to the non-GAAP Measures section for
further details. (2)Excludes pre-commercial costs associated with ounces from
the BIOX expansion project and the Lafigué mine.
* Q3-2025 and YTD-2025 total cash costs and AISC have been impacted by higher
royalty costs due to higher realised gold prices of $3,513/oz and $3,221/oz,
exclusive of the impact of the revenue protection programme, respectively,
which are significantly higher than the $2,000/oz gold price assumption used
in the FY-2025 guidance. As a result, higher royalty costs related to gold
price had an impact of $131/oz and $103/oz on the Q3-2025 and YTD-2025 total
cash costs and AISC, respectively.
* YTD-2025 AISC, adjusted for the impact of higher royalty costs due to higher
gold prices are at $1,259/oz, approximately at the midpoint of the FY-2025
guidance range. Given the strong outlook for Q4-2025, improved production and
costs are expected, positioning the Group to achieve the FY-2025 AISC
guidance.
Table 6: AISC Guidance Reconciliation(1)
Q3-2025 ACTUALS YTD-2025 ACTUALS FY-2025 GUIDANCE
AISC at realised gold price of $3,513/oz for Q3-2025 and $3,221/oz for YTD-2025 1,569 1,362
Additional royalty cost at realised gold price vs $2,000/oz guidance gold price +131 +103 YTD-2025 impact of +$103/oz on AISC due to higher gold prices driving royalty costs higher
AISC at $2,000/oz gold price (2) 1,438 1,259 1,150 — 1,350
(1)The impact of higher royalty rates as a result of a higher gold price
versus $2,000/oz guided gold price for Q3-2025 and YTD-2025 of $3,513/oz and
$3,221/oz are exclusive of the impact of the revenue protection programme,
respectively. (2)Indicative AISC normalising realised AISC for the impact of
the higher gold prices on royalty costs.
FY-2025 OUTLOOK
* The Group remains on track to achieve the top half of its production
guidance of 1,110 - 1,260koz driven by strong YTD-2025 production at Houndé
and Sabodala-Massawa. Q4-2025 production is expected to increase over Q3-2025
due to mining and processing of higher grades at Lafigué, Mana and
Sabodala-Massawa CIL, in line with the mine sequence.
Table 7: FY-2025 Production Outlook(1)
YTD-2025 ACTUALS FY-2025 GUIDANCE FY-2025 OUTLOOK
(All amounts in koz, on a 100% basis)
Houndé 209 230 - 260 TOP HALF
Ity 245 290 - 330 ON TRACK
Mana 127 160 - 180 ON TRACK
Sabodala-Massawa 195 250 - 280 TOP HALF
Lafigué 135 180 - 210 LOWER HALF
Group Production 911 1,110 - 1,260 TOP HALF
(1)FY-2025 Production Guidance excludes the impact of the initiatives from the
Sabodala-Massawa technical review.
* The Group remains on track to achieve its AISC guidance of $1,150 -
1,350/oz, when adjusted for the impact of higher gold prices on royalty costs
(+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz compared
to the guidance gold price of $2,000/oz). Prior to this impact, YTD-2025 AISC
is approximately $1,259/oz, near the mid-point of the FY-2025 guidance range.
Q4-2025 AISC is expected to improve over Q3-2025 due to higher grades, higher
gold production and sales. The AISC sensitivity to royalty cost due to gold
price changes is between $6 - 10/oz for every $100/oz increase in gold price.
Table 8: FY-2025 AISC Outlook(1)
YTD-2025 YTD-2025 FY-2025 GUIDANCE FY-2025 OUTLOOK
(All amounts in US$/oz) ACTUALS (at $3,221/oz) ADJUSTED (2)(at $2,000/oz)
Houndé 1,231 1,114 1,225 - 1,375 ON TRACK
Ity 1,099 1,014 975 - 1,100 ON TRACK
Mana 2,157 2,046 1,550 - 1,750 ABOVE TOP-END
Sabodala-Massawa 1,252 1,178 1,100 - 1,250 ON TRACK
Lafigué 1,168 1,087 950 - 1,075 NEAR TOP-END
Corporate G&A 45 45 40 ON TRACK
Group AISC 1,362 1,259 1,150 - 1,350 ON TRACK
(1)FY-2025 AISC Guidance is based on an assumed average gold price of
$2,000/oz and USD:EUR foreign exchange rate of 0.90. (2)Indicative AISC
normalising realised AISC for the impact of the higher gold prices ($+103/oz
YTD-2025) on royalty costs.
* Group sustaining capital expenditure outlook for FY-2025 remains unchanged
at the previously disclosed guidance of $195.0 million, of which $161.4
million has been incurred in YTD-2025, with $47.9 million incurred in Q3-2025.
The sustaining capital guidance increased at Ity and Mana, which was offset by
decreases at Sabodala-Massawa and Lafigué. Sustaining capital expenditure
guidance increased at Ity and Mana due to increased waste development to
access higher grade ore, while it decreased at Sabodala-Massawa and Lafigué
due to a decrease in sustaining capital waste stripping activity.
* Group non-sustaining capital expenditure outlook for FY-2025 increased
slightly from the previously disclosed guidance of $235.0 million to $245.0
million, of which $186.2 million was incurred in YTD-2025, with $83.3 million
incurred in Q3-2025. Non-sustaining capital guidance increased at Mana and
Lafigué, partially offset by decreases at Houndé and Ity. The non-sustaining
capital guidance increased at Mana due to the purchase of the outgoing
underground mining contractor’s fleet following Endeavour’s decision to
terminate their contract in Q2-2025, and at Lafigué, due to the acceleration
of waste stripping to support higher than design nameplate plant throughput.
These increases were partially offset by a decrease at Ity due to lower waste
stripping at the Le Plaque pit and a decrease at Houndé related to the timing
of compensation payments for the third TSF cell.
* Group growth capital expenditure outlook for FY-2025 remains unchanged at
the previously disclosed guidance of $30.0 million, of which $22.8 million was
incurred in YTD-2025, with $6.8 million incurred in Q3-2025. Growth capital
was primarily related to the Definitive Feasibility Study (DFS) and associated
drilling expenditure at Assafou, which has accelerated as the DFS progresses
toward completion in Q1-2026.
Table 9: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
YTD-2025 ACTUALS FY-2025 PREVIOUS GUIDANCE FY-2025 UPDATED GUIDANCE
(All amounts in US$m)
Houndé 28 40 40
Ity 21 20 25
Mana 70 60 75
Sabodala-Massawa 37 60 45
Lafigué 5 15 10
Total Sustaining Capital Expenditure 161 195 195
Houndé 52 90 80
Ity 18 35 30
Mana 16 10 25
Sabodala-Massawa 22 25 25
Lafigué 75 70 80
Corporate G&A 3 5 5
Total Non-Sustaining Capital Expenditure 186 235 245
Assafou 23 30 30
Total Growth Capital Expenditure 23 30 30
Total Mine Capital Expenditure 370 460 470
* Group exploration outlook for FY-2025 remains unchanged from the previously
disclosed guidance of $85.0 million, of which $72.1 million was incurred in
YTD-2025, with $20.7 million incurred in Q3-2025. Exploration guidance
increased at Houndé due to the success of the drilling programme at the
Vindaloo Deeps deposit, and at Mana to accelerate deep drilling below the Wona
deposit to extend the current resource, which was offset by a decrease at
Lafigué as the drilling programme is now expected to commence in early 2026.
Exploration activities in Q3-2025 included the acceleration of the Vindaloo
Deeps resource definition drill programme at Houndé, drilling at the Ity
Donut and defining maiden resources at the near-mine Makana and Kawsara
targets at Sabodala-Massawa.
* Group tax payments outlook for FY-2025 remains unchanged at $350.0 million
to $450.0 million, of which $339.4 million was incurred in YTD-2025, with
$67.3 million incurred in Q3-2025. For the full-year, Group tax payments are
expected near the mid-point of the guidance range.
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for
the three months ended 30 September 2025, 30 June 2025, and 30 September 2024,
and the nine months ended 30 September 2025 and 30 September 2024, with
accompanying explanations below.
Table 10: Cash Flow and Net Debt
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes 30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital (5) 394 296 245 1,282 595
Changes in working capital (85) (44) 10 (228) (27)
Cash generated from operating activities from continuing operations 1 309 252 255 1,055 568
Cash generated from discontinued operations — — — — (6)
Cash generated from operating activities 1 309 252 255 1,055 562
Cash used in investing activities 2 (143) (148) (158) (375) (517)
Free Cash Flow (1,2) 166 104 97 680 45
Cash (used in)/generated from financing activities 3 (570) (256) (241) (893) (303)
Effect of exchange rate changes on cash (6) 49 9 54 (7)
INCREASE/(DECREASE) IN CASH (410) (103) (135) (159) (265)
Cash and cash equivalent position at beginning of period (3) 634 737 387 384 517
CASH AND EQUIVALENT POSITION AT END OF PERIOD (3) 225 634 252 225 252
Principal amount of $500m Senior Notes 500 500 500 500 500
Drawn portion of Lafigué Term Loan 121 131 147 121 147
Drawn portion of Sabodala Term Loan 16 — 23 16 23
Drawn portion of Ity Working Capital Facility 41 — — 41 —
Drawn portion of Revolving Credit Facility — 472 415 — 415
NET DEBT (1) 4 453 469 834 453 834
Trailing twelve month adjusted EBITDA (1,4) 2,159 2,032 1,082 2,159 1,082
Net Debt / Adjusted EBITDA (LTM) ratio (1,4) 0.21x 0.23x 0.77x 0.21x 0.77x
(1)Free cash flow, net debt, and adjusted EBITDA are Non-GAAP measures. Refer
to the non-GAAP measure section in this press release and in the Management
Report. (2)From all operations; calculated as Operating Cash Flow less Cash
used in investing activities. (3)Cash and cash equivalents are net of bank
overdraft ($37.5 million at 30 September 2025; $6.3 million at 30 June 2025;
nil at 31 March 2025; $13.1 million at 31 December 2024; $62.2 million at 30
September 2024; $21.1 million at 30 June 2024; nil at 31 December 2023).
(4)Trailing twelve month adjusted EBITDA includes EBITDA generated by
discontinued operations. (5)Continuing operations excludes the settlement of
historic liabilities under the original sale agreement of the Boungou mine.
NOTES:
1) Operating cash flows increased by $56.5 million from $252.0 million (or
$1.04 per share) in Q2-2025 to $308.5 million (or $1.28 per share) in Q3-2025
due to higher realised gold prices, lower income and withholding tax payments,
lower royalty costs due to lower gold sold and lower operating costs,
partially offset by a decrease in production and gold sales, a higher realised
loss on gold collars and an increase in the working capital outflow.
Operating cash flows increased by $492.8 million from $561.9 million (or $2.29
per share) in YTD-2024 to $1,054.7 million (or $4.35 per share) in YTD-2025
due to higher production at higher realised gold prices, partially offset by
higher operating costs, higher royalties, a higher realised loss on gold
collars and LBMA averaging, higher working capital outflows and higher income
tax payments.
Notable variances are summarised below:
* Working capital was an outflow of $85.4 million in Q3-2025, an increase of
$41.3 million over the Q2-2025 outflow of $44.1 million. The outflow in
Q3-2025 consisted of (i) an inventory outflow of $54.8 million due to a
build-up of stockpile inventory at the Lafigué, Ity and Sabodala-Massawa
mines, as well as an increase in spare parts and consumables related to mining
component rebuilds at Houndé and Sabodala-Massawa, (ii) a receivables outflow
of $46.4 million related to a build-up of VAT receivables at the Houndé,
Lafigué and Mana mines, and (iii) a prepaid expenses outflow of $10.5 million
related to the timing of supplier prepayments, partially offset by (iv) a
trade and other payables inflow of $26.3 million related to the timing of
supplier payables and contractor-related liabilities.
Working capital was an outflow of $227.6 million in YTD-2025, a decrease of
$200.4 million over the YTD-2024 outflow of $27.2 million, largely driven by
an increase in outflows related to inventory, an increase in outflows related
to trade and other receivables and an increase in outflows related to trade
and other receivables, partially offset by a decrease in the outflow of
prepaid expenses.
* Gold sales from continuing operations decreased from 304koz in Q2-2025 to
258koz in Q3-2025 due to lower production across the portfolio, in line with
the mine sequence. The realised gold price from continuing operations for
Q3-2025 increased by $211/oz to $3,513/oz from $3,302/oz in Q2-2025. Inclusive
of the Group’s Revenue Protection Programme (-$266/oz Q3-2025 impact), the
realised gold price for Q3-2025 increased by $97/oz to $3,247/oz from
$3,150/oz in Q2-2025.
* Gold sales from continuing operations increased from 743koz in YTD-2024 to
914koz in YTD-2025, following higher production in YTD-2025 at the Houndé,
Mana and Sabodala-Massawa mines along with increased production from the
Lafigué mine that achieved commercial production in Q3-2024. The realised
gold price from continuing operations for YTD-2025 increased by $900/oz to
$3,221/oz from $2,321/oz in YTD-2024. Inclusive of the Group’s Revenue
Protection Programme (-$161/oz YTD-2025 impact) and the London Bullion Market
Averaging (LBMA) gold price strategy, which ceased at the end of Q1-2025
(-$24/oz YTD-2025 impact), the realised gold price for YTD-2025 increased by
$803/oz to $3,036/oz from $2,233/oz in YTD-2024.
* Total cash cost per ounce increased from $1,220/oz in Q2-2025 to $1,336/oz
in Q3-2025 due to lower volumes of gold sold and higher royalty costs
(+$131/oz impact at realised gold price of $3,513/oz vs guided gold price of
$2,000/oz) related to a higher realised gold price.
Total cash cost per ounce increased from $1,097/oz in YTD-2024 to $1,141/oz in
YTD-2025 due to significantly higher royalty costs (+$103/oz impact at
realised gold price of $3,221/oz vs guided gold price of $2,000/oz) related to
the higher realised gold price, partially offset by an increase in gold sales.
* Taxes paid decreased by $165.8 million from $233.1 million in Q2-2025 to
$67.3 million in Q3-2025 due to lower withholding taxes paid following cash
upstreaming in the prior quarter and lower income taxes paid at the Houndé,
Ity, Sabodala-Massawa and Lafigué mines due to the timing of provisional
income tax payments for the FY-2024 tax year which typically occur in the
second quarter, partially offset by higher income taxes paid at the Mana mine.
Taxes paid increased by $60.3 million from $279.1 million in YTD-2024 to
$339.4 million in YTD-2025, in line with the guidance provided, as income tax
payments increased at the Houndé, Ity and Lafigué mines due to higher
provisional income tax payments for the FY-2024 tax year due to higher taxable
earnings, while withholding tax payments also increased due to higher levels
of cash upstreaming as a result of improved cash generation.
Table 11: Tax Payments
THREE MONTHS ENDED NINE MONTHS ENDED
($m) 30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024
Houndé 15.5 29.6 12.0 56.0 39.7
Ity 39.1 76.7 25.3 115.8 75.3
Mana 2.6 0.8 2.2 5.5 8.8
Sabodala-Massawa — 9.6 — 34.0 75.6
Lafigué 10.8 24.1 — 36.8 1.0
Other (1) (0.7) 92.3 25.0 91.3 78.7
Total taxes paid 67.3 233.1 64.5 339.4 279.1
( 1)Included in the “Other” category is income and withholding taxes
paid/(received) by Corporate and Exploration entities.
2) Cash flows used in investing activities decreased by $5.1 million from
$147.7 million in Q2-2025 to $142.6 million in Q3-2025 due to a decrease in
sustaining capital spend of $13.7 million, a decrease in growth capital spend
on the Assafou DFS of $3.4 million, a decrease in exploration capital spend of
$3.1 million, an inflow of $2.3 million related to the Koulou Gold investment
during the prior quarter and a decrease in restricted cash outflow of $1.7
million, partially offset by an increase in non-sustaining capital spend
during the quarter of $18.0 million.
Cash flows used in investing activities decreased by $141.7 million from
$516.8 million in YTD-2024 to $375.1 million in YTD-2025 largely due to lower
growth capital following the completion of the growth projects, which achieved
commercial production in Q3-2024, partially offset by higher sustaining and
non-sustaining capital.
* Sustaining capital decreased from $51.6 million in Q2-2025 to $37.9 million
in Q3-2025, largely due to decreased sustaining capital expenditure at the
Houndé mine related to the timing of heavy mining equipment upgrades and at
the Sabodala-Massawa mine related to waste stripping activity, partially
offset by an increase in sustaining capital expenditure at the Ity, Mana and
Lafigué mines.
Sustaining capital increased from $82.6 million in YTD-2024 to $163.2 million
in YTD-2025 largely due to the addition of the Lafigué mine and the
Sabodala-Massawa BIOX expansion, which both achieved commercial production in
Q3-2024, as well as increased expenditure at the Mana mine related to
underground development and at the Ity mine related to land compensation and
processing plant capital spares, partially offset by a decrease in sustaining
capital expenditure at the Houndé mine related to reduced waste stripping
activity.
* Non-sustaining capital increased from $65.3 million in Q2-2025 to $83.3
million in Q3-2025 largely due to waste stripping at the Houndé mine related
to the Vindaloo Main pit phase 3 pushback, at the Mana mine related to the
purchase of the mining fleet from the outgoing mining contractor, at Lafigué
related to the purchase of generators for the backup power plant, partially
offset by a decrease at the Sabodala-Massawa and Ity mines.
Non-sustaining capital increased from $162.0 million in YTD-2024 to $186.1
million in YTD-2025 largely due to the addition of the Lafigué mine and the
Sabodala-Massawa BIOX expansion, which both achieved commercial production in
Q3-2024, as well as increased expenditure at the Houndé mine related to waste
stripping, partially offset by a decrease in waste stripping at the Ity and
Sabodala-Massawa mines and the reclassification of underground development at
the Mana mine as sustaining capital following the achievement of commercial
stoping production across all of the underground portals.
* Growth capital decreased from $10.2 million in Q2-2025 to $6.8 million in
Q3-2025. Growth capital expenditure in Q3-2025 was related to the definitive
feasibility study, advanced grade control drilling and sterilisation drilling
at the Assafou project.
Growth capital decreased from $227.5 million in YTD-2024 to $22.8 million in
YTD-2025 following the completion of the Sabodala-Massawa BIOX expansion and
Lafigué growth projects, which both achieved commercial production in
Q3-2024. Growth capital expenditure in YTD-2025 was related to the definitive
feasibility study and drilling expenditure at the Assafou project.
3) Cash flows used in financing activities increased by $313.5 million from
$256.4 million in Q2-2025 to $569.9 million in Q3-2025 largely due to the net
repayment of $424.4 million on the Group’s outstanding debt, including a
full repayment of the drawn portion of the revolving credit facility leaving
it fully undrawn at the end of the period, a $91.5 million increase in
payments to minority shareholders due to the timing of local Board approvals
and a $3.1 million increase in repayment of leases, partially offset by $24.2
million lower financing fees as a result of the undrawn RCF balance and a
$12.9 million decrease in purchases of shares through the Group’s share
buyback programme, which decreased due to the Group’s strong liquidity and
share price performance through the quarter.
* During Q3-2025, the Group entered a short-term, $59.7 million working
capital facility, denominated in XOF, at the Ity mine. The facility is
expected to mature in November 2025, with $17.9 million repaid during Q3-2025.
* During Q3-2025, the Group entered a short-term, $19.4 million term loan,
denominated in XOF, at the Sabodala-Massawa mine. The facility is expected to
mature in July 2026 with monthly repayments. A total of $3.3 million was
repaid during Q3-2025.
Cash flows used in financing activities increased by $590.0 million from
$303.1 million in YTD-2024 to $893.1 million in YTD-2025 largely due to a net
outflow of $459.0 million on the Group’s revolving credit facility, a $51.5
million increase in purchases of shares through the Group’s share buyback
programme, a $39.3 million increase related to the payment of the H2-2024
shareholder dividend, a $17.0 million increase in financing fees, a $8.0
million increase related to the repayment of leases and a $2.5 million
increase in payments to minority shareholders, partially offset by a $1.1
million decrease in interest paid.
4) Endeavour’s net debt position improved by $15.9 million, from $469.2
million at the end of Q2-2025 to $453.2 million at the end of Q3-2025, while
the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.23x at the
end of Q2-2025 to 0.21x at the end of Q3-2025, remaining well below the Groups
through-the-cycle leverage target of 0.50x. Endeavour’s liquidity remained
strong at $924.7 million, consisting of $224.7 million million of cash and
cash equivalents, net of the $37.5 million overdraft facility, and $700.0
million available through the Company’s revolving credit facility.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for
the three months ended 30 September 2025, 30 June 2025, and 30 September 2024,
and the nine months ended 30 September 2025 and 30 September 2024.
Table 12: Earnings from operations
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes 30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024
Revenue 5 910 1,008 706 2,960 1,735
Operating expenses 6 (281) (299) (272) (839) (714)
Depreciation and depletion 6 (134) (151) (147) (460) (384)
Royalties 7 (70) (78) (52) (224) (126)
Earnings from mine operations 425 481 234 1,438 512
Corporate costs 8 (11) (14) (12) (39) (33)
Share-based compensation (9) (9) (4) (36) (13)
Other expense 9 (10) (15) (23) (44) (53)
Credit loss and impairment of financial assets 10 (2) (8) (112) (16) (129)
Exploration and evaluation costs 11 (6) (9) (4) (23) (14)
Earnings from operations 386 428 79 1,280 270
(Loss)/gain on financial instruments 12 (49) 18 (98) (132) (176)
Finance costs (26) (31) (29) (78) (79)
Earnings before taxes 311 414 (49) 1,070 15
Current income tax expense 13 (83) (201) (68) (405) (244)
Deferred income tax recovery/(expense) (26) 129 40 101 98
Net loss from discontinued operations — — — — (6)
Net comprehensive earnings/(loss) from operations 14 202 343 (77) 767 (138)
Add-back adjustments 15 (3) (100) 169 (59) 306
Adjusted net earnings from operations 199 243 91 707 168
Portion attributable to non-controlling interests 16 40 64 18 151 51
Adjusted net earnings from operations attributable to shareholders of the Company 17 159 179 74 556 117
Adjusted net earnings per share from continuing operations 0.66 0.74 0.30 2.29 0.48
NOTES:
5) Revenue decreased by $98.1 million from $1,008.2 million in Q2-2025 to
$910.1 million in Q3-2025 due to lower volumes of gold sold, partially offset
by an increase in the realised gold price from $3,302/oz in Q2-2025 to
$3,513/oz in Q3-2025, exclusive of the Company’s Revenue Protection
Programme.
Revenue increased by $1,224.6 million from $1,735.4 million in YTD-2024 to
$2,960.0 million in YTD-2025 due to an increase in the realised gold price
from $2,321/oz in YTD-2024 to $3,221/oz in YTD-2025, exclusive of the
Company’s Revenue Protection Programme, and higher volumes of gold sold.
6) Operating expenses decreased by $18.3 million from $298.9 million in
Q2-2025 to $280.6 million in Q3-2025, largely due to lower production and a
build-up of stockpile at Lafigué and Ity. Depreciation and depletion
decreased by $16.3 million from $150.7 million in Q2-2025 to $134.4 million in
Q3-2025 due to lower quarterly production.
Operating expenses increased by $125.0 million from $713.5 million in YTD-2024
to $838.5 million in YTD-2025 due to the commencement of commercial production
at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, and
increased mining costs at Mana due to increased self generated power
consumption and at Ity due to higher volumes of harder, fresh ore mined.
Depreciation and depletion increased by $76.0 million from $383.7 million in
YTD-2024 to $459.7 million in YTD-2025 due to the commencement of commercial
production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in
Q3-2024, as well as higher levels of production at the Houndé and Mana mines.
7) Royalties decreased by $7.3 million from $77.6 million in Q2-2025 to
$70.3 million in Q3-2025 due to lower volumes of gold sold, partially offset
by the higher realised gold price during the quarter.
Royalties increased by $97.5 million from $126.2 million in YTD-2024 to $223.7
million in YTD-2025 due to higher gold sales volumes at a higher realised gold
price and the impact of the 1.0% royalty on ounces produced from the Massawa
exploitation permit at the Sabadola-Massawa mine, that became effective
following the expiry of its payment holiday.
8) Corporate costs decreased by $2.1 million from $13.5 million in Q2-2025
to $11.4 million in Q3-2025 due to a $1.3 million decrease in professional
services and a $0.8 million decrease in general office expenses.
Corporate costs increased from $33.3 million in YTD-2024 to $39.4 million in
YTD-2025 due to increased employee compensation costs related to the start of
commercial production at the growth projects in Q3-2024.
9) Other expenses decreased by $4.1 million from $14.5 million in Q2-2025
to $10.4 million in Q3-2025. For Q3-2025, other expenses included $6.0
million in tax claims, $2.4 million in legal fees, $1.1 million in community
contributions, $0.5 million in disturbance costs at Houndé, $0.3 million in
acquisition and restructuring costs and a $0.1 million loss on disposal of
assets.
10) Credit loss and impairment of financial assets decreased by $5.9
million from $7.6 million in Q2-2025 to $1.7 million in Q3-2025. For Q3-2025,
the charge is primarily related to a $1.7 million credit loss adjustment
against the outstanding VAT receivables in Burkina Faso.
11) Exploration costs decreased from $8.8 million in Q2-2025 to $5.5
million in Q3-2025 as drilling activity decreased due to the wet season, with
a greater focus on analysis and interpretation of drilling results during the
quarter.
Exploration costs increased by $9.0 million from $14.0 million in YTD-2024 to
$23.0 million in YTD-2025 due to increased exploration spend at the Ity and
Sabodala-Massawa mines and the Assafou deposit.
12) The gain/loss on financial instruments decreased by $66.4 million from
a gain of $17.5 million in Q2-2025 to a loss of $48.9 million in Q3-2025. The
loss on financial instruments in Q3-2025 included a realised loss of $68.5
million in relation to the settlement of 50koz of gold collars, a loss of $3.6
million on foreign exchange movements between the Euro and US dollar and a
loss of $2.2 million on other financial instruments, partially offset by an
unrealised gain of $20.1 million in relation to the 50koz of outstanding gold
collars expected to be settled at the end of Q4-2025, an unrealised gain of
$3.6 million on net smelter royalties and a gain of $1.4 million on the early
redemption of the Group’s senior notes in Q2-2025.
The loss on financial instruments improved by $44.7 million from a loss of
$176.3 million in YTD-2024 to a loss of $131.6 million in YTD-2025. The loss
on financial instruments in YTD-2025 included a realised loss of $147.3
million in relation to gold collars, a realised loss of $22.0 million in
relation to the Group’s LBMA averaging programme which is no longer
effective, and an unrealised loss of $12.2 million in relation to gold
collars, partially offset by a gain on foreign exchange of $36.4 million on
movements between the Euro and US dollar, a gain on net smelter royalties of
$6.3 million, a gain on marketable securities of $6.2 million and a gain of
$2.3 million on the early redemption of the Group’s senior notes in Q2-2025.
As previously disclosed, in order to increase cash flow visibility during its
construction and de-leveraging phases, Endeavour entered into a Revenue
Protection Programme, using a combination of zero premium gold collars and
forward sales contracts, to cover a portion of its 2025 production.
* In Q3-2025, approximately 50koz were delivered into a collar with an average
call price of $2,400/oz and an average put price of $1,992/oz. The realised
loss for the quarter was $68.5 million at a settlement price of $3,770/oz.
* In Q4-2025, approximately 50koz are expected to be delivered into a collar
with an average call price of $2,400/oz and an average put price of $1,992/oz.
The Revenue Protection Programme is expected to conclude at the end of
Q4-2025.
13) Current income tax expense decreased by $117.1 million from $200.5
million in Q2-2025 to $83.4 million in Q3-2025, largely due to a decrease in
current corporate income taxes driven by lower taxable profits and lower
withholding taxes recognised due to the timing of local board approvals for
cash upstreaming.
Current income tax expense increased by $161.0 million from $243.7 million in
YTD-2024 to $404.7 million in YTD-2025 due to an increase in current income
taxes driven by higher taxable profits, an increase in withholding taxes at
operating subsidiaries and the commencement of operations at the Lafigué mine
following the achievement of commercial production in Q3-2024.
Deferred tax expense decreased by $155.3 million from a deferred tax recovery
of $129.3 million in Q2-2025 to a deferred tax expense of $26.0 million in
Q3-2025, largely due to the movement in foreign exchange on the West African
CFA denominated opening deferred tax balance, from a gain on foreign exchange
in Q2-2025 to a loss on foreign exchange during Q3-2025, and the accrual of
FY-2025 withholding taxes.
Deferred tax recovery increased by $3.9 million from $97.6 million in YTD-2024
to $101.5 million in YTD-2025, largely due to a gain on foreign exchange,
partially offset by increased withholding taxes recognised in relation to
increased levels of cash upstreamed in relation to FY-2025 profits.
14) Net comprehensive earnings from continuing operations decreased by
$141.2 million from $342.8 million in Q2-2025 to $201.6 million in Q3-2025.
The decrease in earnings was largely driven by an increased loss on financial
instruments of $48.9 million, an increase in net income tax expense of $38.2
million due to the increased deferred tax expense, partially offset by a
decrease in operating expenses, depreciation and depletion and royalty costs
due to lower volumes of gold sold.
Net comprehensive earnings from continuing operations improved by $897.9
million from net comprehensive loss of $131.3 million in YTD-2024 to net
comprehensive earnings of $766.6 million in YTD-2025. The increase in earnings
was largely driven by an increase in gold volumes sold at a higher realised
gold price and a decreased loss on financial instruments, partially offset by
an increase in operating costs, an increase in income tax expense, higher
royalty costs and an increase in depreciation and depletion.
15) For Q3-2025, adjustments included an unrealised gain on financial
instruments of $19.6 million largely related to the unrealised gain on gold
collars, partially offset by other expenses of $10.4 million primarily related
to indirect tax claims and legal costs, non-cash tax adjustments of $4.9
million related to foreign exchange on deferred tax and a credit loss of $1.7
million related to a credit loss adjustment against VAT balances.
16) Net earnings attributable to non-controlling interests decreased by
$23.5 million, from $63.9 million in Q2-2025 to $40.4 million in Q3-2025 due
to the decrease in net comprehensive earnings.
17) Adjusted net earnings attributable to shareholders decreased by $20.1
million from $178.6 million (or $0.74 per share) in Q2-2025 to $158.6 million
(or $0.66 per share) in Q3-2025 due to lower gold sales, partially offset by
lower operating costs and lower corporate income and withholding tax expenses.
Adjusted net earnings attributable to shareholders for continuing operations
increased by $439.0 million from $117.4 million (or $0.48 per share) in
YTD-2024 to $556.4 million (or $2.29 per share) in YTD-2025 due to higher
production and higher operating margins, aided by a higher realised gold price
during the period.
OPERATING ACTIVITIES BY MINE
Ity Gold Mine, Côte d’Ivoire
Table 13: Ity Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
Tonnes ore mined, kt 1,991 2,008 2,027 6,120 5,692
Total tonnes mined, kt 7,949 7,844 7,761 24,167 22,299
Strip ratio (incl. waste cap) 2.99 2.91 2.83 2.95 2.92
Tonnes milled, kt 1,840 1,732 1,631 5,471 5,167
Grade, g/t 1.43 1.64 1.64 1.56 1.71
Recovery rate, % 90 91 92 90 91
Production, koz 77 84 77 245 259
Total cash cost/oz 1,142 1,049 899 1,016 874
AISC/oz 1,269 1,125 928 1,099 898
Q3-2025 vs Q2-2025 Insights
* Production decreased from 84koz in Q2-2025 to 77koz in Q3-2025 due to lower
average grades milled, partially offset by higher mill throughput. * Total
tonnes mined decreased slightly due to a lower proportion of waste stripping
at the Bakatouo and Le Plaque pits. Tonnes of ore mined decreased slightly due
to the impact of the wet season on mining activities, while ore was primarily
sourced from the Ity, Walter, Bakatouo, Verse Ouest and Le Plaque pits, with
supplemental contributions from stockpiles.
* Tonnes milled increased due to a higher proportion of softer oxide ore
sourced from the Le Plaque and Verse Ouest pits in the feed.
* Average processed grades decreased due to an increased proportion of lower
grade ore from the Le Plaque and Ity pits in the mill feed, partially offset
by higher grade ore sourced from the Bakatouo pit.
* Recovery rates remained broadly consistent with the prior quarter.
* AISC increased from $1,125/oz in Q2-2025 to $1,269/oz in Q3-2025 due to
lower volumes of gold sold, higher royalties related to the higher realised
gold price (+$16/oz impact for Q3-2025 due to the higher realised gold price
of $3,568/oz compared to the realised gold price of $3,327/oz in Q2-2025) and
higher sustaining capital, partially offset by a build-up of stockpiles during
the period.
* Sustaining capital expenditure increased from $6.4 million in Q2-2025 to
$9.5 million in Q3-2025 and was primarily related to land compensation,
capital spare purchases for the processing plant and processing plant
upgrades.
* Non-sustaining capital expenditure decreased from $8.0 million in Q2-2025 to
$7.2 million in Q3-2025 and was primarily related to the stage 2 embankment
raise at TSF 2 and waste stripping activities in the Daapleu pit.
YTD-2025 vs YTD-2024 Insights
* Production decreased from 259koz in YTD-2024 to 245koz in YTD-2025 due to a
lower proportion of high grade ore sourced from the Ity and Le Plaque pits in
the mill feed, partially offset by higher throughput following the
commissioning of the Mineral Sizer optimisation initiative in Q4-2024, while
recoveries remained consistent.
* AISC increased from $898/oz in YTD-2024 to $1,099/oz in YTD-2025 due to
higher royalties related to the higher realised gold price, an increase in
sustaining capital, and higher mining and processing unit costs driven by
increased drill and blast and crushing and grinding, respectively, in the
harder fresh ore.
FY-2025 Outlook
* Ity is on track to achieve its FY-2025 production guidance of 290koz -
330koz, at an AISC within the guided $975/oz - $1,100/oz range, when adjusted
for the impact of higher gold prices on royalty costs (+$85/oz impact YTD-2025
due to the realised gold price of $3,269/oz compared to the guidance gold
price of $2,000/oz).
* In Q4-2025, ore is expected to be sourced from the Bakatouo, Le Plaque,
Verse Ouest and Walter pits, with supplemental ore sourced from stockpiles.
Average grades processed and recovery rates are expected to remain broadly
in-line with Q3-2025, while throughput is expected to decrease slightly from
Q3-2025 due to a decrease in mill availability related to planned CIL
maintenance.
* Sustaining capital expenditure outlook for FY-2025 is expected to be $25.0
million, an increase on the previously disclosed guidance of $20.0 million due
to the acceleration of waste stripping activity at the high grade Walter pit
in preparation for ore mining in FY-2026. Sustaining capital expenditure of
$20.7 million has been incurred in YTD-2025, with Q4-2025 expenditure
primarily related to borehole drilling, capital spares and waste stripping at
the Walter pit.
* Non-sustaining capital expenditure outlook for FY-2025 is expected to be
$30.0 million, a decrease on the previously disclosed guidance of $35.0
million due to a decrease in planned waste stripping at the Le Plaque pit due
to the increased focus on sustaining capital waste development at the Walter
pit. Non-sustaining capital expenditure of $18.1 million has been incurred in
YTD-2025, with Q4-2025 expenditure primarily related to waste stripping
activity at the Daapleu pit, processing plant upgrades as well as the
construction of the stage 2 embankment raise at TSF 2.
Houndé Gold Mine, Burkina Faso
Table 14: Houndé Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
Tonnes ore mined, kt 1,246 1,367 1,111 4,265 3,136
Total tonnes mined, kt 12,718 13,490 9,567 37,542 32,283
Strip ratio (incl. waste cap) 9.20 8.87 7.61 7.80 9.29
Tonnes milled, kt 1,205 1,367 1,348 3,907 3,743
Grade, g/t 1.46 1.49 2.00 1.91 1.71
Recovery rate, % 85 86 86 86 87
Production, koz 49 69 74 209 179
Total cash cost/oz 1,420 1,352 1,233 1,098 1,242
AISC/oz 1,475 1,580 1,379 1,231 1,457
Q3-2025 vs Q2-2025 Insights
* Production decreased from 69koz in Q2-2025 to 49koz in Q3-2025 due to lower
tonnes milled and slightly lower grades processed, while recovery rates
remained stable. * Total tonnes mined decreased due to lower waste stripping
activity at the Vindaloo North, Kari Pump and Kari West pits due to the impact
of the wet season on mining activity, partially offset by an increase in waste
stripping at the Vindaloo Main pit phase 3 pushback, in line with mine
sequencing. Tonnes of ore mined decreased due to the impact of the wet season
on mining activity, while ore was primarily sourced from the Vindaloo Main and
Kari West pits, in line with mine sequencing.
* Tonnes milled decreased due to the impact of the wet season, during which a
higher proportion of harder, fresh and transitional ore from the Vindaloo Main
and Kari West pits was incorporated into the mill feed.
* Average processed grades decreased slightly due to lower grade ore sourced
from the Kari West, Vindaloo Main and Vindaloo North pits.
* Recovery rates remained consistent with the prior quarter.
* AISC decreased from $1,580/oz in Q2-2025 to $1,475/oz in Q3-2025 due to
lower sustaining capital related to lower waste stripping activity compared to
the prior quarter, partially offset by lower gold sales volumes, higher
royalty costs due to the higher realised gold price (+$22/oz impact for
Q3-2025 due to the higher realised gold price of $3,540/oz compared to the
realised gold price of $3,328/oz in Q2-2025) and higher mining and processing
units costs due to the impact of the wet season.
* Sustaining capital expenditure decreased from $15.3 million in Q2-2025 to
$2.7 million in Q3-2025 primarily related to heavy mining equipment additions
and rebuilds and the purchase of a mobile crane to support processing plant
maintenance.
* Non-sustaining capital expenditure increased from $16.8 million in Q2-2025
to $34.4 million in Q3-2025, primarily related to waste stripping at the
Vindaloo Main pit phase 3 pushback and the ongoing TSF stage 10 embankment
raise.
YTD-2025 vs YTD-2024 Insights
* Production increased from 179koz in YTD-2024 to 209koz in YTD-2025 due to
processing a higher proportion of high grade ore from the Kari Pump pit as
well as an increase in tonnes milled due to the impact of an 11-day
non-technical delay in Q1-2024, partially offset by lower recovery rates due
to an increased proportion of ore from the Kari Pump pit in the mill feed with
lower associated recoveries.
* AISC decreased significantly from $1,457/oz in YTD-2024 to $1,231/oz in
YTD-2025 due to higher volumes of gold sold, a build-up of stockpile inventory
and lower sustaining capital, partially offset by higher royalty rates related
to the higher realised gold price.
FY-2025 Outlook
* Given the strong YTD-2025 performance, Houndé is expected to achieve the
top half of its FY-2025 production guidance of 230koz - 260koz, at an AISC
within the guided $1,225/oz - $1,375/oz range, when adjusted for the impact of
higher gold prices on royalty costs (+$117/oz impact YTD-2025 due to the
realised gold price of $3,220/oz compared to the guidance gold price of
$2,000/oz).
* In Q4-2025, ore is expected to be sourced primarily from the Kari West pit
with supplemental ore sourced from the Vindaloo Main, Vindaloo North and Kari
Pump pits. Average grade processed is expected to remain in line with Q3-2025,
while throughput is expected to decrease due to an increased proportion of
harder fresh ore in the mill feed with stable recovery rates.
* Sustaining capital expenditure outlook for FY-2025 remains unchanged at
$40.0 million, of which $28.0 million has been incurred in YTD-2025, with
Q4-2025 expenditure primarily related to mining fleet component upgrades and
processing plant equipment upgrades.
* Non-sustaining capital expenditure outlook for FY-2025 is expected to be
$80.0 million, a decrease from the previous non-sustaining capital guidance
of $90.0 million, which reflects the expected timing of land compensation for
the third TSF cell. Non-sustaining capital expenditure of $51.8 million has
been incurred in YTD-2025, with Q4-2025 expenditure primarily related to the
Vindaloo Main pit phase 3 pushback, the TSF stage-10 embankment raise and
drilling at the Kari Gap deposit.
Mana Gold Mine, Burkina Faso
Table 15: Mana Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
OP tonnes ore mined, kt — — — — 185
OP total tonnes mined, kt — — — — 745
OP strip ratio (incl. waste cap) — — — — 4.03
UG tonnes ore mined, kt 553 539 484 1,637 1,359
Tonnes milled, kt 551 542 516 1,645 1,691
Grade, g/t 2.50 2.77 2.15 2.78 2.19
Recovery rate, % 85 85 88 85 88
Production, koz 39 41 30 127 107
Total cash cost/oz 1,772 1,700 1,766 1,596 1,587
AISC/oz 2,377 2,257 1,987 2,157 1,756
Q3-2025 vs Q2-2025 Insights
* Production decreased from 41koz in Q2-2025 to 39koz in Q3-2025 due to lower
grades processed, partially offset by higher tonnes of ore milled while
recovery rates remained stable. * Total tonnes mined decreased as mining
activities shifted focus towards stope production. Tonnes of ore mined
increased with increased stope production from both the Siou and Wona
underground deposits.
* Total mined tonnes from the Siou underground deposit remained stable. Tonnes
of ore mined increased, offset by a decrease in tonnes of waste mined as the
focus shifted to mining stopes following the advance of waste development in
the prior quarter.
* Total mined tonnes from the Wona underground deposit decreased following the
demobilisation of the outgoing underground mining contractor, as the remaining
underground mining contractor expanded operations. Tonnes of ore mined
increased as the focus shifted to mining stopes during the underground mining
contractor transition.
* Development rates across the Siou and Wona underground deposits amounted to
4,256 metres, a decrease from the 4,470 metres completed in the prior quarter,
due to the focus on stope production, following the advance of waste
development in the prior quarter.
* Tonnes milled increased due to improved mill availability following planned
maintenance in the prior quarter.
* Average grades processed decreased due to lower grade ore, sourced from the
Wona underground deposit, in line with the mine sequence, partially offset by
higher grade ore sourced from the Siou underground.
* Recovery rates remained consistent with the prior quarter.
* AISC increased from $2,257/oz in Q2-2025 to $2,377/oz in Q3-2025 due to
higher royalties related to the higher realised gold price (+$20/oz impact due
to the realised gold price of $3,530/oz compared to the realised gold price of
$3,320/oz for Q2-2025) and lower volumes of gold sold, partially offset by
slightly lower power unit costs due to improved grid stability at Mana.
* Sustaining capital expenditure increased slightly from $22.6 million in
Q2-2025 to $23.1 million in Q3-2025 and was primarily related to capitalised
underground development at the Siou and Wona underground deposits, as well as
leasing payments for contractor mining equipment.
* Non-sustaining capital expenditure increased from $1.1 million in Q2-2025 to
$14.1 million in Q3-2025 and was primarily related to the purchase of
underground mining fleet from the outgoing mining contractor, which will be
used by the existing underground mining contractor, as well as underground
infrastructure upgrades and the stage 6 embankment lift at the TSF.
YTD-2025 vs YTD-2024 Insights
* Production increased from 107koz in YTD-2024 to 127koz in YTD-2025 due to
the higher average grades processed following the commencement of commercial
production and the increased access to higher-grade production stopes across
all three underground portals in the Wona underground deposit. This was
partially offset by lower recovery rates associated with a higher proportion
of ore from the Wona underground deposit in the mill feed with lower
associated recoveries.
* AISC increased from $1,756/oz in YTD-2024 to $2,157/oz in YTD-2025 due to
increased sustaining capital related to underground development, higher
royalties related to the higher realised gold price, and increased power costs
due to the elected reliance on increased self-generated power in the Siou and
Wona underground mines, partially offset by higher volumes of gold sold.
FY-2025 Outlook
* Mana is on track to achieve its FY-2025 production guidance of 160koz -
180koz at an AISC above the top-end of the guided $1,550/oz - $1,750/oz range
due to the elected reliance on increased, higher-cost, self-generated power,
higher royalty costs due to the prevailing gold prices (+$111/oz impact due to
the realised gold price of $3,241/oz compared to the guidance gold price of
$2,000/oz) and increased sustaining capital due to the acceleration of
underground development at the Wona underground deposit to access higher grade
stopes.
* In Q4-2025, production is expected to increase due to improved access to
higher grade stopes in the Wona underground deposit, supporting an increase in
tonnes of ore and grade mined and processed, while recoveries are expected to
remain consistent.
* Sustaining capital expenditure outlook for FY-2025 is expected to be $75.0
million, an increase on the previously disclosed guidance of $60.0 million,
due to increased underground development at the Wona underground deposit.
Sustaining capital expenditure of $70.2 million has been incurred YTD-2025
with Q4-2025 expenditure related to development in the Wona underground
deposit as well as processing plant, ventilation and powerhouse upgrades.
* Non-sustaining capital expenditure outlook for FY-2025 is expected to be
$25.0 million, an increase on the previously disclosed guidance of $10.0
million, due to the purchase of underground mining fleet from the outgoing
mining contractor. The equipment will be retained and used by the remaining
underground mining contractor. Non-sustaining capital expenditure of $16.1
million has been incurred YTD-2025 with Q4-2025 expenditure primarily related
to the ongoing stage 6 embankment lift at the TSF and underground mine
infrastructure.
Sabodala-Massawa Gold Mine, Senegal
Table 16: Sabodala-Massawa Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
Tonnes ore mined, kt 971 937 1,282 3,029 4,119
Total tonnes mined, kt 7,134 9,412 10,438 26,572 31,015
Strip ratio (incl. waste cap) 6.39 9.05 7.14 7.82 6.53
Tonnes milled - Total, kt 1,378 1,252 1,184 4,113 3,684
Tonnes milled - CIL, kt 1,121 969 950 3,284 3,298
Tonnes milled - BIOX, kt 257 283 235 829 386
Grade - Total, g/t 1.60 1.99 1.90 1.82 1.74
Grade - CIL, g/t 1.04 1.43 1.65 1.33 1.62
Grade - BIOX, g/t 4.06 3.89 2.90 3.74 2.90
Recovery rate - Total, % 82 80 78 80 79
Recovery rate - CIL, % 83 81 79 82 81
Recovery rate - BIOX, % 82 78 75 78 69
Production, koz 61 62 54 195 159
Production - CIL, koz 32 37 38 117 138
Production - BIOX, koz 30 26 16 79 22
Total cash cost/oz 1,173 1,073 1,096 1,061 1,015
AISC (1)/oz 1,326 1,272 1,219 1,252 1,112
(1)All-in Sustaining Cost excludes costs and ounces sold related to
pre-commercial production at the Sabodala-Massawa BIOX Expansion.
Q3-2025 vs Q2-2025 Insights
* Production decreased slightly from 62koz in Q2-2025 to 61koz in Q3-2025 due
to lower average grades processed, partially offset by higher tonnes milled
and higher recovery rates. * Total tonnes mined decreased as the wet season
impacted pit floor conditions at the predominantly oxide Maki Medina and
Niakafiri East pits. Tonnes of ore mined increased due to improved
productivity in the fresh ore of the Massawa Central Zone pit which is less
impacted by the wet season. Ore was primarily sourced from the Maki Medina,
Niakafiri East, Niakafiri West, Sabodala and Soukhoto pits for the CIL plant
and from the Massawa Central Zone pit for the BIOX processing plant.
* Total tonnes milled increased due to improved mill availability in the CIL
processing plant following planned maintenance in the prior quarter, partially
offset by a decrease in tonnes milled in the BIOX processing plant due to
planned maintenance during the quarter.
* Average processed grade decreased due to lower average grade ore sourced
from the Maki Medina, Niakafiri East and Sabodala pits for the CIL processing
plant, partially offset by increased average grades processed through the BIOX
processing plant as mining advanced through the Massawa Central Zone pit into
higher grade ore.
* Recovery rates increased as a higher proportion of fresh ore with higher
associated recovery rates was mined and processed through both the CIL and
BIOX processing plants.
* AISC increased from $1,272/oz in Q2-2025 to $1,326/oz in Q3-2025 due to
lower gold sales, higher BIOX processing unit costs associated with increased
reagent consumption, higher mining unit costs due to the impact of the wet
season on productivity and higher royalty costs related to the higher realised
gold price (+$12/oz impact for Q3-2025 due to the realised gold price of
$3,425/oz, before the impact of the Sabodala-Massawa stream, compared to the
realised gold price of $3,246/oz for Q2-2025), partially offset by lower CIL
processing unit costs due to planned maintenance in the prior quarter and
lower sustaining capital.
* Sustaining capital expenditure decreased from $12.8 million in Q2-2025 to
$9.1 million in Q3-2025 and was primarily related to waste development at the
Massawa Central Zone and Niakafiri East pits as well as mining equipment
rebuilds.
* Non-sustaining capital expenditure decreased from $15.6 million in Q2-2025
to $2.4 million in Q3-2025 and was primarily related to mining infrastructure
at the Delya deposit ahead of the commencement of mining in Q4-2025 and waste
stripping activities in the Massawa North Zone pits.
YTD-2025 vs YTD-2024 Insights
* Production increased from 159koz in YTD-2024 to 195koz in YTD-2025 primarily
due to the startup of the BIOX processing plant, which achieved commercial
production during Q3-2024, partially offset by a decrease in production from
CIL plant due to lower average grade in line with the mine sequence.
* AISC increased from $1,112/oz in YTD-2024 to $1,252/oz in YTD-2025 due to
higher sustaining capital related to waste stripping at the Massawa Central
Zone and Niakafiri East pits, higher royalties related to the higher realised
gold price and higher mining unit costs due to increased haulage distances,
partially offset by higher gold sales.
FY-2025 Outlook
* Given the strong YTD-2025 performance, Sabodala-Massawa is expected to
achieve the top half of its FY-2025 production guidance of 250koz - 280koz, at
an AISC within the guided $1,100/oz - $1,250/oz range, when adjusted for the
impact of higher gold prices on royalty costs (+$74/oz impact YTD-2025 due to
the realised gold price of $3,165/oz, before the impact of the
Sabodala-Massawa stream, compared to the guidance gold price of $2,000/oz).
* In Q4-2025, mined tonnes are expected to increase due to improved mining
equipment availability and improved ground conditions. Ore for the CIL plant
will be sourced from the Niakafiri East, Niakafiri West, Delya Main and
Soukhoto pits, while ore for the BIOX processing plant will continue to be
sourced from the Massawa Central Zone pit.
* In Q4-2025, production from the CIL plant is expected to increase due to
higher throughput from improved utilisation and higher average grade ore in
the mill feed sourced from the Delya Main and Niakafiri West pits, while
recovery rates are expected to remain consistent.
* In Q4-2025, production from the BIOX plant is expected to remain consistent
with Q3-2025 as an expected increase in mill throughput will offset slightly
lower average grade ore sourced from Massawa Central Zone, in line with the
mine sequence. Recovery rates are expected to remain consistent with Q3-2025.
* Sustaining capital expenditure outlook for FY-2025 is expected to be $45.0
million, a decrease on the previously disclosed guidance of $60.0 million due
to the de-prioritisation of waste stripping activities at the Niakafiri West
pit, partially offset by increased waste stripping at the Niakafiri East pit.
Sustaining capital expenditure of $37.2 million has been incurred YTD-2025
with Q4-2025 expenditure primarily related to CIL processing plant upgrades,
mining component rebuilds and waste stripping activities at the Massawa
Central Zone and Niakafiri East pits.
* Non-sustaining capital expenditure for FY-2025 remains unchanged at $25.0
million, of which $22.1 million has been incurred in YTD-2025 with Q4-2025
expenditure primarily related to infrastructure associated with the startup of
mining activities at the Delya deposit and mining equipment upgrades.
Sabodala-Massawa Technical Review
* During Q3-2024, a technical review was launched at Sabodala-Massawa to
improve the production outlook, towards a stable run rate, of approximately
350koz, by the end of FY-2027.
* Two initiatives were identified as part of the technical review, to improve
production: 1) increasing throughput and recoveries in the BIOX plant; and, 2)
increasing grades through the CIL plant through exploration and underground
mining of higher grade ores.
1a) BIOX throughput: targeting a 15% increase through de-bottlenecking
milling, gravity and floatation circuits.
* * Optimisation of the SAG mill discharge and the use of a pebble crusher has
driven improvements in feed stability, through the floatation circuit and
allowed for optimisation of pumps in the floatation and CCD circuits, which
are expected to drive further improvements in H2-2025.
* Peak throughput capacity has continued to progressively improve and remains
on track to achieve +15% above design nameplate in Q1-2026, supporting
progressively higher levels of production.
1b) BIOX recoveries: targeting long-term recovery rates of approximately
85% through increased fresh refractory ore mining coupled with increased
utilisation of the floatation tails underflow and gravity circuit
optimisation. BIOX recoveries have improved from 58.5% in Q2-2024 to 82.3% in
Q3-2025, largely reflecting the advance of ore mining activities in the
Massawa Central Zone pit, into more than 80.0% fresh ore, resulting in
improved floatation recoveries and significantly improved overall recoveries.
Optimisation of the tailings underflow coupled with optimisation of the
gravity circuit are expected to continue improving gold recoveries towards the
85% target. Simultaneously, extensive metallurgical testing is underway on the
transitional and fresh ore at the high grade Massawa North Zone refractory ore
deposit and stockpile, to ensure that the ore can be incorporated into the
blend without materially impacting overall recoveries.
2) Increasing CIL grade through accelerating high grade underground
development and exploration for higher-grade deposits.
* * Feasibility level work and the tender process are underway for the Golouma
(FY-2024 P&P reserves of 1.6Mt at 4.75g/t for 241koz) and Kerekounda (FY-2024
P&P reserves of 1.2Mt at 5.49g/t for 204koz) underground deposits, which are
expected to provide a higher grade source of non-refractory feed for the CIL
plant. The current phase of study work is expected to be completed in H1-2026.
* Exploration prioritised accelerating high grade non-refractory
opportunities, and work is advancing at two high-priority targets, Makana and
Kawsara as detailed in the Exploration Activities section below.
Lafigué Mine, Côte d’Ivoire
Table 17: Lafigué Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
Tonnes ore mined, kt 1,870 1,141 1,250 4,241 3,090
Total tonnes mined, kt 14,672 13,488 8,873 40,989 27,001
Strip ratio (incl. waste cap) 6.85 10.82 6.10 8.67 7.74
Tonnes milled, kt 1,026 1,165 759 3,209 843
Grade, g/t 1.20 1.35 1.57 1.41 1.51
Recovery rate, % 93 93 94 93 94
Production, koz 38 49 36 135 36
Total cash cost/oz 1,433 1,125 831 1,129 831
AISC (1)/oz 1,530 1,154 938 1,168 938
(1)All-in Sustaining Cost excludes costs and ounces sold related to
pre-commercial production at the Lafigué mine.
Q3-2025 vs Q2-2025 Insights
* Production decreased from 49koz in Q2-2025 to 38koz in Q3-2025 due to a
decrease in mill throughput and average grades processed, while recovery rates
remained stable. * Total tonnes mined increased due to improved contractor
performance achieving higher fleet availability. Total ore tonnes mined
increased due to increased ore mining at the Main and West pits, and at Pit C
where ore mining commenced during the quarter to provide supplemental ore to
support the higher than design nameplate levels of plant throughput.
* Total tonnes milled decreased due to the impact of the wet season on mill
availability and planned maintenance on the ball mill during the quarter.
* Average processed grades decreased due to lower grade ores mined from the
Main pit as the mine plan was augmented to accelerate mining in the Main pit
to support higher than design nameplate levels of plant throughput. This was
partially offset by higher grades sourced from the West pit and Pit C.
* Recovery rates remained consistent with the prior quarter.
* AISC increased from $1,154/oz in Q2-2025 to $1,530/oz in Q3-2025 due to
higher royalties related to the higher realised gold price (+$14/oz impact for
Q3-2025 due to the higher realised gold price of $3,534/oz compared to the
realised gold price of $3,312/oz for Q2-2025), higher mining unit costs due to
lower productivity during the wet season, lower gold sales and higher
sustaining capital, partially offset by lower processing unit costs due to
improved grid power availability and the build-up of stockpile.
* Sustaining capital expenditure increased from $1.4 million in Q2-2025 to
$3.6 million in Q3-2025 and was primarily related to advanced grade control
drilling and the purchase of strategic spares.
* Non-sustaining capital expenditure increased from $23.7 million in Q2-2025
to $24.3 million in Q3-2025 and was primarily related to the purchase of
generators for the backup power plant, waste stripping activity at the West
pit and the TSF Stage 2 lift.
YTD-2025 vs YTD-2024 Insights
* Production increased from 36koz in YTD-2024 to 135koz in YTD-2025 due to the
startup of the CIL processing plant, which achieved commercial production
during Q3-2024. Average grade decreased due to a lower proportion of higher
grade oxide ore in the mill feed which was sourced from the Main pit at the
start of mining operations in FY-2024.
* AISC increased from $938/oz in YTD-2024 to $1,168/oz in YTD-2025 due to
increased self-generated power consumption in H1-2025 as hydroelectric grid
power availability was lower at the end of the dry season, impacting
processing unit costs, and higher royalty costs related to the higher realised
gold price.
FY-2025 Outlook
* Lafigué is on track to achieve the lower half of its FY-2025 production
guidance of 180koz - 210koz at an AISC near the top end of the guided $950/oz
- $1,075/oz range due to lower grade ore sourced from the Main pit as the mine
plan was augmented to accelerate mining through the Main pit to support the
processing plant and due to the impact of higher gold prices on royalty costs
(+$80/oz impact due to the realised gold price of $3,231/oz compared to the
guidance gold price of $2,000/oz).
* In Q4-2025, ore is expected to be primarily sourced from the Eastern flank
of the Main pit, following the completion of pre-stripping activities earlier
in the year, with supplemental ore sourced from the West pit and Pit C.
Average processed grades are expected to increase due to higher grades sourced
from the West pit. Throughput rates are expected to decrease due to planned
maintenance and the processing of a higher proportion of harder fresh ore.
Recovery rates are expected to remain stable.
* Sustaining capital expenditure for FY-2025 is expected to be $10.0 million,
a decrease on the previously disclosed guidance of $15.0 million, due to a
decrease in waste stripping activity at the Main pit, to prioritise
non-sustaining pre-stripping of Pushback 2 in the Main pit. Sustaining capital
expenditure of $5.3 million has been incurred in YTD-2025 with Q4-2025
expenditure primarily related to the purchase of strategic capital spares.
* Non-sustaining capital expenditure for FY-2025 is expected to be $80.0
million, an increase on the previous non-sustaining capital guidance of $70.0
million, due to the acceleration of pre-stripping of Pushback 2 in the Main
pit to provide access to higher grade ore and support higher than design
nameplate levels of plant throughput. Non-sustaining capital expenditure of
$75.5 million has been incurred in YTD-2025 with Q4-2025 expenditure primarily
related to the ongoing stage 2 embankment lift at the TSF, processing plant
upgrades and waste stripping activities at the Main pit.
Assafou Project, Côte d’Ivoire
* On 11 December 2024, Endeavour announced the positive pre-feasibility
results ("PFS") for the Assafou project. The PFS highlights 329kozpa
production at AISC of $892/oz over the first 10 years and boasts robust
economics with an after-tax NPV(5%) of $2,485.0 million and after-tax IRR of
40% at a $2,500/oz gold price.
* The Assafou PFS has initial capital of $734.0 million with design throughput
of 5.0Mtpa. The PFS was based on the 2023 Mineral Resource Estimate (MRE),
with a 31 October 2023 drilling cut-off.
* Following the completion of the PFS, a Definitive Feasibility Study ("DFS")
was immediately launched with key updates on critical path items outlined
below: * The Environmental Permit application was successful with the
Environmental Permit Decree approved during Q3-2025.
* The Exploitation Permit application process is progressing as planned, with
permit approval expected in Q1-2026.
* Pit geotechnical design is ongoing and progressing to plan, sterilisation
drilling has been completed allowing for processing plant and infrastructure
designs to be finalised.
* Resettlement Action Plan (RAP) advancing to plan, with 99% of the community
surveyed and the final RAP report is expected in Q1-2026.
* Infill drilling on the Assafou deposit was completed in Q3-2025 and
re-confirmed the accuracy of the existing resource model, providing increased
confidence in the initial phases of ore mining at the deposit.
* A 20,000 metre exploration drill programme has been completed on Pala Trend
3 target and a 3,331m drilling programme has been completed on the Pala Trend
2 target confirming the continuity of mineralisation along the Tarkwaian -
Birimian contact over a 3 kilometre strike length, in the south west of the
Assafou basin, with maiden resources expected to be defined in Q4-2025.
* The Definitive Feasibility Study remains on-track to be completed in
Q1-2026.
EXPLORATION ACTIVITIES
* Endeavour has achieved its five-year exploration target of discovering 12 -
17Moz of Measured and Indicated (“M&I”) resources between 2021 to 2025,
with 12.4Moz M&I discovered at a cost of less than $25/oz by the end of
FY-2024. This brings M&I discoveries since 2016 to 20.7Moz, equivalent to an
average of 2.3Moz each year or 2.2x production depletion over the period, for
a discovery cost of less than $25/oz.
* The Group’s exploration program has sustainably replaced production
depletion with high-quality M&I ounces, extended mine lives, and added two
cornerstone assets to the portfolio through the discoveries of the Lafigué
deposit in 2017 and the Assafou deposit in 2022.
* The Group’s exploration success has been underpinned by its unique
exploration strategy coupled with the high fertility and relative immaturity
of the West African Birimian Greenstone Belts. During Q4-2025, the Group will
outline the next phase of its exploration strategy, with an increased focus on
extending mine lives and adding tier 1 greenfield discoveries into the
pipeline as well.
* During FY-2025, an extensive $85.0 million exploration programme was
planned, of which $72.1 million has been spent YTD-2025, and $20.7 million
was spent in Q3-2025. The programmes were accelerated at Houndé due to
success defining new resources at the Vindaloo Deeps deposit and at Mana due
to the continued deep drilling to delineate mineralisation at depth. These
increases were offset by a decrease at Lafigué as land access is being
negotiated prior to the next phase of the drilling programme, which is now
expected to commence in early 2026. A total of 251,900 metres of drilling was
completed in YTD-2025, of which 55,900 meters was completed during Q3-2025.
Table 18: Quarterly Exploration Expenditure and FY-2025 Guidance(1 )
Q3-2025 ACTUAL YTD-2025 ACTUAL FY-2025 PREVIOUS GUIDANCE FY-2025 UPDATED GUIDANCE
All amounts in US$ million
Houndé 3.9 7.2 7.0 10.0
Ity 3.9 16.4 18.0 18.0
Mana 0.5 3.2 3.0 4.0
Sabodala-Massawa 7.4 22.0 25.0 25.0
Lafigué 0.0 0.5 5.0 1.0
Assafou project 0.8 6.2 10.0 10.0
Greenfield exploration and corporate 4.2 16.6 17.0 17.0
TOTAL EXPLORATION EXPENDITURE 20.7 72.1 85.0 85.0
(1)Exploration expenditures include expensed and capitalised exploration
expenditures.
Houndé mine
* An exploration programme of $7.0 million was planned for FY-2025, of which
$7.2 million has been spent YTD-2025 and $3.9 million was spent in Q3-2025,
consisting of over 10,800 metres of drilling across 26 holes. Given the
success of the resource definition drilling programme at the Vindaloo Deeps
deposit, the programme has been accelerated and exploration spend is expected
to be approximately $10.0 million for FY-2025. The FY-2025 programme is
focused on delineating near-mine resources at the Vindaloo Deeps, Kari Deeps
and Marzipan targets.
* During Q3-2025, the exploration programme has accelerated at the Vindaloo
Deeps deposit with four drill rigs focussed on infill drilling and testing the
southern continuation, where high grade intercepts have been drilled
confirming the extension of mineralisation. RC drilling at the Marzipan
target, located 5 kilometres east of the Houndé processing plant, has been
completed, and successfully confirmed mineralisation in the oxide zone that
remains open at depth.
* In Q4-2025, the geological model of the Vindaloo Deeps deposit will continue
to be updated and a maiden mineral resource estimate is expected during
Q1-2026. Additional deep scout drilling is planned during Q4 to test further
extensions of this promising mineralisation up to 800 metres southwards. At
the Marzipan target, further diamond drill holes are planned to better
constrain the geometry of the mineralisation.
Ity mine
* An exploration programme of $18.0 million was planned for FY-2025, of which
$16.4 million has been spent YTD-2025 and $3.9 million was spent in Q3-2025,
consisting of 9,300 metres of drilling across 76 drill holes. The exploration
programme is focused on defining resources within close proximity to, and
below, the Ity Donut as well as advancing maiden resource estimates at
greenfield targets around the Goleu prospect.
* During Q3-2025, drilling completed at the Bakatouo, Zia Northeast, Flotouo,
Mont Ity and Walter deposits in the Ity Donut, demonstrated that all of these
deposits remain open at depth with mineralisation identified in skarnified
rocks and granodiorite intrusions. Drilling continued at the Goleu, Mahapleu
and Gbampleu greenfield targets on the wider Ity trend to follow-up on high
grade mineralisation identified earlier in the year, which remains continuous
and open at depth. Scout drilling and trenching at the Guiamapleu target,
located approximately 30km southwest of the Ity mine, also identified gold
mineralisation and pathfinder elements within favourable structural settings.
* In Q4-2025, maiden resources are expected at the Goleu target, while
drilling will resume at the Delta Southeast target. At the Guiamapleu target,
auger drilling will continue to test this promising structural target.
Mana mine
* An exploration programme of $3.0 million was planned for FY-2025, of which
$3.2 million has been spent YTD-2025 and $0.5 million was spent in Q3-2025,
consisting of 1,300 metres of drilling across 2 deep drill diamond holes. The
drilling programme at Mana has been accelerated as deep drilling into the Wona
deposit to extend the current resource continued, with exploration spend of
$4.0 million expected for FY-2025.
* During Q3-2025, deep drilling targeting high grade mineralisation below the
current resource, identified several mineralised intercepts, and highlighted
the continuation of resources below the Wona underground deposit.
* In Q4-2025, an extensive review of the structural data associated with
high-grade intersections will be undertaken to prioritise the H1-2026 drilling
program on the high-grade ore shots.
Sabodala-Massawa mine
* An exploration programme of $25.0 million was planned for FY-2025, of which
$22.0 million has been spent YTD-2025 and $7.4 million was spent in Q3-2025,
consisting of 34,500 meters of drilling across 312 drill holes. The
exploration programme is focused on defining non-refractory oxide resources to
support the near-term mine plan, as well as continued definition of medium to
longer-term non-refractory and refractory targets.
* During Q3-2025, interpretation of the results from the completed drilling
programme at the Makana target, identified two structural domains hosting
mineralised lenses that will be incorporated into the ongoing resource
modelling. Drilling continued at the Kawsara target, located approximately 35
kilometres south of the Sabodala-Massawa processing plant, extending the
mineralised strike length to over 1,300 metres, with step-out drilling
indicating that mineralisation extends further north towards the Massawa
deposits.
* In Q4-2025, the geological interpretation and maiden resource at the Makana
target are expected, with follow-up drilling planned for FY-2026 to expand
resources further. A focussed infill drilling campaign is underway along a 350
metre long mineralised section of the Kawsara Central target, to define M&I
resources and improve the understanding of the continuation of mineralisation.
Lafigué mine
* An exploration programme of $5.0 million was planned for FY-2025, of which
$0.5 million was spent in YTD-2025 and $0.0 million was spent in Q3-2025. The
exploration programme is focused on preparing and executing a drilling
campaign to test high-priority near-mine targets, less than 5 kilometres away
from the Lafigué processing plant, including Target 1, Corridor T4-12 and
Central Area to identify potential satellite opportunities. The FY-2025
exploration programme for at Lafigué has been reduced to $1.0 million for
FY-2025, with the drilling programme expected to commence in early FY-2026.
* During Q3-2025, drilling at the near-mine Target 1, Corridor T4-12 and
Central Area targets to delineate near-mine satellite opportunities within
close proximity to Lafigué was delayed as land access was negotiated.
* In Q4-2025, a ground induced polarisation survey will be completed across
the near mine targets to help prioritise the drilling programme, which is
expected to commence in early FY-2026.
Assafou Project
* An exploration programme of $10.0 million was planned for FY-2025, of which
$6.2 million was spent in YTD-2025 and $0.8 million in Q3-2025. The
exploration programme prioritised sterilisation and advanced grade control
drilling as well as resource drilling of near mine, potential satellite
targets, including Pala Trend 2 and Pala Trend 3.
* During Q2 and Q3-2025, infill drilling on the Assafou deposit was completed
and confirmed the existing resource model, providing increased confidence in
the initial phases of ore mining at the deposit.
* During Q3, additional exploration has been advanced at Pala Trend 2 and Pala
Trend 3 targets. A 20,000 metre drill programme has been completed on Pala
Trend 3 demonstrating mineralisation in both Tarkwaian sediments and Birimian
basement close to the contact. Mineralisation remains open indicating further
upside in this target area. At Pala Trend 2 a 3,331m drilling programme has
been completed and demonstrated a 3 kilometre long mineralised trend at the
contact between Tarkwaian sediments and Birimian basement. In addition to
exploration, sterilisation drilling programs have been completed across the
Assafou site to support planned infrastructure placement ahead of the DFS
completion, expected in Q1-2026.
* In Q4-2025, maiden resources are expected for the Pala Trend 2 target.
Furthermore, mapping and trenching conducted in Q3-2025 helped identify
additional prospective targets which will be followed up during the Q4-2025
and FY-2026 exploration campaigns.
New Ventures and greenfield exploration
* The New Ventures and greenfield exploration programme is focused on building
a long-term organic growth pipeline through its operated greenfield
exploration programmes, and by leveraging early stage exploration companies
operating in highly prospective, immature, gold provinces.
* On 25 October 2025, Endeavour signed a partnership-style joint venture (the
“Joint Venture”) with East Star Resources (LSE:EST)(“East Star”), a
Kazakhstan based gold and base metals explorer, targeting tier 1 gold deposits
in the Central and Northern regions of Kazakhstan.
* The Joint Venture provides Endeavour with an opportunity to expand and
diversify its tier 1 organic growth pipeline, through exploration of the
highly prospective and relatively underexplored Central Asian Orogenic Belt
(“CAOB”) in Kazakhstan. This approach offers a low-risk and very low-cost,
phased investment through a well-integrated local partner, into a new
jurisdiction that shares several similarities, in terms of geological
prospectivity and exploration maturity, with West Africa.
* Pursuant to the Joint Venture, Endeavour has the right to earn up to an 80%
interest in a newly incorporated Joint Venture Company through staged
investments over three phases outlined below: * Phase 1: Endeavour to invest
$5m over two years to earn a 51% interest, funding a 2-year exploration
programme to delineate potential tier 1 targets.
* Phase 2: Endeavour to invest an additional $20m over three years to earn a
70% interest, funding a 3-year exploration programme to define maiden
resources.
* Phase 3: Endeavour to fund and complete an NI 43-101 compliant preliminary
feasibility study to earn an 80% interest.
* Endeavour maintains the right to a go/no-go decision at each phase of
investment.
* East Star, who have been operating in Kazakhstan for over five years, will
operate the Joint Venture leveraging their local network and expertise, while
Endeavour will fully fund and direct the exploration programmes, and maintain
controlling votes on the Joint Venture Company’s Board and Technical
Committees.
* Kazakhstan is extensively underlain by one of the world’s most fertile,
yet underexplored gold provinces, the CAOB, containing gold endowment within
Kazakhstan alone of 32.1Moz (2022 USGS estimate). The CAOB shares many
characteristics with West Africa’s Birimian greenstone belt. Both belts are
accretionary orogenic belts shaped by long-lived, multi-stage mineralising
events with proven large, long-life, multi-million-ounce gold deposits.
* Exploration activity has been limited since the 1980s and historical
programmes focused on shallow drilling and surface sampling, with extensive
datasets available but limited modern systematic follow-up. Limited large
scale exploration programmes deploying modern exploration techniques have been
undertaken in the region, particularly in gold exploration, where country-wide
annual exploration spend has averaged less than US$25m over the last decade.
Endeavour has an early mover advantage in the gold space in Kazakhstan.
* Mining is a strategic sector in Kazakhstan and in December 2017, the
Government adopted a modernised mining code, aligning the mining framework
more closely to leading mining jurisdictions such as Western Australia. The
reforms have created a more transparent, mining and investor friendly
framework, improving licence accessibility, tenure security, and regulatory
clarity.
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 13 November at
8:30 am EDT / 1:30 pm GMT to discuss the Company's financial results.
The conference call and webcast are scheduled at:
5:30am in Vancouver
8:30am in Toronto and New York
1:30pm in London
9:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link:
https://edge.media-server.com/mmc/p/2hejifia/
To download a calendar reminder for the webcast, visit the events page of our
website here
(https://www.globenewswire.com/Tracker?data=hteBrUTOUpOL4JtW-p0hYOuvmW21XFmsJ2MqEh8iR6zJKoUFhJ8W4lvnW5ufftYT8opupv8DqEzjHCcQcvPuOlWe-RUsMrhyaiWmCUfMYqCPf5lAkYKuQegXut09AufV).
Analysts and investors are also invited to participate and ask questions by
registering for the conference call dial-in via the following link:
https://register-conf.media-server.com/register/BIeee189322c3b4c4fad274838fc4af777
The conference call and webcast will be available for playback on Endeavour's
website
(https://www.globenewswire.com/Tracker?data=d0M9r3x59wOmRfbWY_DuXPpu1hdUGnHVl949mFklF0ZTgxNQGJyhw1EmjDh6deD3VpB3ghFfyJUJHSLWOeCaZSusDXEizvk9x47aHM8RnkrAdN8w2x-wvAuxZ7JDgb1a).
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 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 in the highly prospective Birimian Greenstone Belt across
West Africa.
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.
NON-GAAP MEASURES
Some of the indicators used by Endeavour in this press release represent
non-IFRS financial measures, including "all-in margin", "all-in sustaining
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", "net earnings",
"adjusted net earnings", "free cash flow", "operating cash flow per share",
"free cash flow per share", and "return on capital employed". 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_Q3-2025 Results - Financial Statements
(https://ml-eu.globenewswire.com/Resource/Download/2d1dc46c-2db8-458d-8da4-58ea01f38a38)
* EDV_Q3-2025 Results - MD&A
(https://ml-eu.globenewswire.com/Resource/Download/1b8db0b4-0ea1-43a8-8ad9-06b741ab4df3)
* EDV_Q3-2025 Results - Mine Stats
(https://ml-eu.globenewswire.com/Resource/Download/5dd5feac-e624-41ed-a52a-074ab5ce5f2d)
* EDV_Q3-2025 Results - News Release
(https://ml-eu.globenewswire.com/Resource/Download/c434ca2d-5361-48f5-838f-8bd83e6293b2)
* EDV_Q3-2025 Results - Presentation
(https://ml-eu.globenewswire.com/Resource/Download/9643d3e3-ec76-41e9-a288-72d42d7a3ff2)Recent news on Endeavour Mining
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