REG-Endeavour Reports Strong FY-2025 Results
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ENDEAVOUR REPORTS STRONG FY-2025 RESULTS
Record 2025 free cash flow of $1,156m l Record 2025 shareholder returns of
$435m l >$1bn shareholder returns programme
OPERATIONAL AND FINANCIAL HIGHLIGHTS
* FY-2025 production of 1,209 koz at AISC of $1,433 /oz, guidance achieved for 12 out of last 13 years. Q4-2025 production of 298 koz at an AISC of $ 1,648 /oz. FY-2026 production guidance of 1,090-1,265koz at AISC of $ 1,600 - 1,800 /oz.
* Adjusted EBITDA of $2,316m for FY-2025, up +75% over FY-2024; $681m for Q4-2025.
* Adjusted net earnings of $782m (or $3.23/sh) for FY-2025, up +244% over FY-2024; $225m (or $0.93/sh) for Q4-2025.
* FCF of $1,156m ($956/oz produced) for FY-2025, up +269% over FY-2024; $476m ($1,597/oz produced) for Q4-2025.
* Net Debt reduced by $574m during FY-2025 to $158m; Net debt / Adj. EBITDA (LTM) leverage ratio of 0.07x at year end .
SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH
* Record FY-2025 shareholder returns of $ 435 m ( $360/oz produced) including dividends of $ 350 m or $1.45/sh and share buybacks of $ 85 m. Since 2021, over $1.6bn has been returned, 83% above the minimum commitment.
* Updated 2026-2028 programme with ~ $1.0bn minimum dividend that will be supplemented with additional dividends and buybacks; total returns are expected to more than double the minimum commitment, at prevailing gold prices.
* Assafou's environmental and exploitation permits are approved and exploration success increased reserves +6% (+0.3Moz) and M&I resources +13% (+0.6Moz); DFS in Q1-2026, targeting first gold for H2-2028.
* 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz.
* Year-end M&I resources of 25.0Moz (increased 0.4Moz before depletion), down 1.1 Moz or 4% due to depletion, model optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity. P&P reserves of 16.6Moz, down 1.8 Moz or 10% due to depletion and model optimisation.
London, 5 March 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF)
(“Endeavour”, the “Group” or the “Company”) is pleased to announce
its operating and financial results for Q4-2025 and FY-2025, with highlights
provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations(1)
All amounts in US$ million unless otherwise specified THREE MONTHS ENDED YEAR ENDED
31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024 Δ FY-2025 vs. FY-2024
OPERATING DATA
Gold Production, koz 298 264 363 1,209 1,103 +10%
Gold sold, koz 302 258 356 1,216 1,099 +11%
Total Cash Cost (2), $/oz 1,448 1,336 979 1,216 1,058 +15%
All-in Sustaining Cost (2), $/oz 1,648 1,569 1,141 1,433 1,218 +18%
Realised Gold Price (3), $/oz 3,873 3,247 2,590 3,244 2,349 +38%
CASH FLOW
Operating Cash Flow before changes in working capital 625 394 356 1,907 952 +100%
Operating Cash Flow before changes in working capital (2), $/sh 2.59 1.63 1.46 7.87 3.89 +102%
Operating Cash Flow 609 309 381 1,664 950 +75%
Operating Cash Flow (2), $/sh 2.52 1.28 1.56 6.87 3.88 +77%
Free Cash Flow (2,4) 476 166 268 1,156 313 +269%
Free Cash Flow (2,4), $/sh 1.97 0.69 1.10 4.77 1.28 +273%
PROFITABILITY
Net Earnings/(Loss) Attributable to Shareholders 68 167 (119) 679 (294) n.a.
Net Earnings/(Loss), $/sh 0.28 0.69 (0.49) 2.80 (1.20) n.a.
Adj. Net Earnings Attributable to Shareholders (2) 225 159 110 782 227 +244%
Adj. Net Earnings (2), $/sh 0.93 0.66 0.45 3.23 0.93 +247%
EBITDA (2,5) 471 472 357 2,079 834 +149%
Adj. EBITDA (2,5) 681 466 546 2,316 1,325 +75%
SHAREHOLDER RETURNS (2)
Shareholder dividends paid 149 — 140 288 240 +20%
Share buybacks 3 14 8 85 37 +130%
FINANCIAL POSITION HIGHLIGHTS (2)
Net Debt 158 453 732 158 732 (78)%
Net Debt / LTM Trailing adj. EBITDA (5) 0.07x 0.21x 0.55x 0.07x 0.55x (87)%
(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 5 March
2026, 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. Today the Management Discussion & Analysis, audited Financial
Statements and Annual Report for the year ended 31 December 2025 have been
submitted to the National Storage Mechanism and filed on SEDAR+. The documents
will shortly be available to view on the Company’s website and at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, the
Company has published its 2025 Sustainability Report and associated ESG
Reporting Centre, which will be available on the Company’s website.
Ian Cockerill, Chief Executive Officer, commented: “2025 was a strong year
of operational performance and a record year of financial performance, as we
safely achieved our strategic objectives.
We produced 1.2 million ounces of gold at an all-in sustaining cost of $1,433
per ounce, achieving our guidance, on a royalty-adjusted basis, for the
twelfth time in the last thirteen years, underpinned by sustained operational
excellence and our high quality portfolio.
Importantly higher gold prices combined with our strong operational
performance are directly translating into increased margins and increased cash
flows. We delivered record free cash flow of $1.2 billion, equivalent to $956
per ounce produced, for the year, which supported over a half a billion dollar
reduction in our net debt position, as we ended the year with near-zero
leverage.
We also returned $435.3 million to shareholders, which was 93% above our
minimum commitment and equivalent to $360 per ounce produced. Since launching
our returns program in 2021, we have returned more than $1.6 billion to
shareholders, 83% above our minimum commitment. Looking ahead, our updated
sector-leading shareholder returns programme targets a minimum dividend of
$1.0 billion over the 2026 to 2028 period, which at prevailing gold prices we
would expect to more than double, through increased supplemental dividends and
share buybacks.
Simultaneously, we contributed $2.8 billion to our host economies this year as
we increased our in-country procurement, supporting more than 1,200 national
and local businesses. Our enhanced economic impact drives shared benefits that
are visible, and continue to strengthen our social license to operate and the
long-term resilience of our business.
This resilience is underpinned by our tier 1 Assafou project, where the DFS is
approaching completion in Q1, and both the environmental and the exploitation
permits have been approved, significantly de-risking the project timeline,
which is targeting first gold in H2-2028. Our exploration programme
successfully increased reserves and resources at Assafou incorporating
additions at Assafou and the Pala satellite deposits, highlighting the growing
scale of this tier 1 complex.
While reserves and resources were lower this year, largely reflecting mining
depletion and model optimisation at Lafigué, Houndé and Sabodala-Massawa, we
were delighted to add 1.5Moz of M&I discoveries at Sabodala-Massawa, Ity and
Assafou, including maiden resources at the adjacent Pala Trend 3 target.
Late last year we launched our new exploration strategy to add between 12 - 15
million ounces over the 2026 to 2030 period for the low discovery cost of
$40/oz. 6 - 9 million ounces of brownfield discoveries are targeted to replace
production depletion while up to 6 million ounces of greenfield discoveries
are targeted within West Africa and in three highly prospective and
geologically immature tier 1 gold provinces, further diversifying our
long-term growth pipeline.
We have entered 2026 with strong operating momentum and a healthy balance
sheet, positioning us to achieve our strategic objectives and deliver
sector-leading organic growth and sector-leading shareholder returns,
sustainably rewarding all of our stakeholders."
SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
* Endeavour announced a record H2-2025 dividend of $200.0 million, or
approximately $0.83 per share on 29 January 2026, which will be paid on 14
April 2026 to shareholders of record on 13 March 2026. As such, the FY-2025
dividend amounted to a record of $350.0 million or approximately $1.45 per
share.
* Shareholder returns continued to be supplemented with share buybacks and a
total of $85.3 million, or 3.4 million shares were repurchased during FY-2025,
of which $2.5 million or 0.1 million shares were repurchased in Q4-2025.
* For FY-2025, Endeavour returned a record $435.3 million to shareholders
through dividends and share buybacks, 93% above the $225.0 million minimum
commitment for the year, and equivalent to $360/oz produced, or an indicative
yield of 3.5% (based on market capitalisation as at 31 December 2025),
reiterating Endeavour's strong commitment to paying supplemental shareholder
returns.
* Over the 2021 - 2025 period, Endeavour has returned $1.6 billion to
shareholders in the form of dividends and share buybacks, 83% above its
minimum commitment over the period, and equivalent to 38% of its market
capitalisation from the start of the programme.
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in US$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 FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
H2-2025 (Q1-2026 dividend announcement) 112 88 17 217 +105
TOTAL 885 305 426 1,616 731
2026 - 2028 Shareholder Returns Programme
* Endeavour will continue to prioritise delivering sector leading shareholder
returns over the 2026 - 2028 period, and expects to return a minimum dividend
of approximately $1.0 billion to shareholders, provided the realised gold
price over the dividend period exceeds $3,000/oz.
* For FY-2026 the minimum dividend is expected to be $300.0 million,
increasing to $325.0 million and $350.0 million for FY-2027 and FY-2028
respectively.
* Endeavour has demonstrated its commitment to paying supplemental shareholder
returns over the last five years, returning 83% more than the minimum
commitment, and at current prevailing gold prices, Endeavour expects to
further increase its supplemental returns through additional dividends and
opportunistic share buybacks.
* The minimum dividend is expected to be paid semi-annually, provided that the
prevailing realised gold price for the dividend period is at or above
$3,000/oz, and the Company's leverage remains below its long term target of
0.50x Net Debt / Adjusted EBITDA (LTM). Supplemental dividends and share
buybacks are expected to be paid, if the gold price exceeds $3,000/oz and if
the Company's leverage remains below its long term target of 0.50x net debt /
Adjusted EBITDA (LTM).
OTHER STAKEHOLDER RETURNS
Economic Contribution
Since 2021, Endeavour has now contributed $11.8 billion to its host countries
and during 2025, Endeavour contributed $2.8 billion to its host countries.
This economic contribution reflects the Group's integrated approach to value
creation through payments to governments and prioritising national employees
and suppliers. During 2025:
* $919 million was paid directly to governments through income taxes,
withholding taxes, royalties, dividends and other payments to governments.
* 86% of total procurement, inclusive of major projects, was spent in-country
supporting a network of more than 1,200 national and local businesses.
* Local and national talent continued to be prioritised, with West African
nationals representing 95% of Endeavour’s employees and 67% of senior
operational management roles.
* In addition to the total economic contribution, Endeavour committed $5.8
million toward community development initiatives, focusing on sustainable
infrastructure and social programmes within its areas of operation.
Endeavour has now achieved Responsible Gold Mining Principal (“RGMP”)
compliance at its four established operations and at corporate. Endeavour’s
newest mine, Lafigué, has three years to achieve compliance and completed its
RGMP Gap Assessment during 2025, with a roadmap to achieve compliance in 2026.
Endeavour has published its 2025 Sustainability Report (“the Report”)
detailing its 2025 environmental, social and governance (“ESG”)
performance, which can be found on Endeavour’s website at
www.endeavourmining.com. The 2025 Sustainability Report has been prepared in
accordance with the Global Reporting Initiative (“GRI”), Sustainable
Accounting Standards Board (“SASB”), Taskforce on Nature-related Financial
Disclosures (“TNFD”) and Local Procurement Reporting Mechanism
(“LPRM”) reporting requirements and has been externally assured against
key ESG performance indicators for both GRI and SASB.
OPERATING SUMMARY
* Strong safety performance for the Group, with a Lost Time Injury Frequency
Rate (“LTIFR”) of 0.07 for the trailing twelve months ended 31 December
2025.
* FY-2025 production amounted to 1,209koz, achieving the top half of the
guided 1,110-1,260koz range. FY-2025 all-in sustaining costs ("AISC") amounted
to $1,433/oz. When adjusted for the +$128/oz impact of higher gold prices on
royalty costs, AISC amounted to $1,305/oz, in line with the guided
$1,150-1,350/oz range that was based on a $2,000/oz gold price.
* Q4-2025 production of 298koz increased by 35koz or 13% over Q3-2025
production of 264koz as production increased at Mana, Sabodala-Massawa and
Lafigué due to increased processed grades in line with the mine sequences,
partially offset by lower production at Houndé and Ity due to lower average
grades, in line with the mine sequence.
* FY-2025 production of 1,209koz increased by 106koz or 10% over FY-2024
production of 1,103koz from continuing operations due to a full-year of
commercial production from the Sabodala-Massawa BIOX plant and the Lafigué
mine, as well as increased production at the Mana mine due to higher grades
sourced from the Wona underground deposit, partially offset by lower
production at Houndé and Ity due to lower grades, in line with the mine
sequence.
Table 3: Group Production
THREE MONTHS ENDED YEAR ENDED
All amounts in koz, on a 100% basis 31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Houndé 47 49 109 257 288
Ity 74 77 84 319 343
Mana 46 39 41 173 148
Sabodala-Massawa (1) 78 61 70 274 229
Lafigué 53 38 60 187 96
GROUP PRODUCTION 298 264 363 1,209 1,103
(1)Includes pre-commercial ounces that are not included in the calculation of
All-In Sustaining Costs.
* Q4-2025 total cash cost amounted to $1,448/oz, an increase of $112/oz over
Q3-2025 due to higher production driven operating costs and higher royalty
costs related to the higher realised gold prices. This was partially offset by
the higher volumes of gold sold during Q4-2025 compared to Q3-2025.
* FY-2025 total cash cost amounted to $1,216/oz, an increase of $158/oz over
FY-2024, due to higher royalty costs related to higher realised gold prices,
partially offset by an increase in gold sales and the addition of the low-cost
Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial
production in Q3-2024.
Table 4: Consolidated Total Cash Costs
(All amounts in US$/oz) THREE MONTHS ENDED YEAR ENDED
31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Houndé 1,707 1,420 922 1,213 1,121
Ity 1,359 1,142 943 1,095 890
Mana 1,806 1,772 1,320 1,653 1,514
Sabodala-Massawa (2) 1,169 1,172 1,107 1,092 1,044
Lafigué (2) 1,419 1,433 748 1,208 774
GROUP TOTAL CASH COSTS (1) 1,448 1,336 979 1,216 1,058
(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.
* Q4-2025 AISC of $1,648/oz increased by $79/oz over Q3-2025 AISC of $1,569/oz
due to the impact of higher gold prices on royalty costs of +$69/oz, higher
sustaining capital at Houndé and Ity related to heavy mining equipment
additions and haul road construction, respectively. This was partially offset
by lower processing unit costs at Mana due to increased usage of lower-cost
grid power, lower sustaining capital related to less waste development at
Sabodala-Massawa and Lafigué, and less contractor lease payments at Mana
following the underground mining contractor change in Q3-2025.
* FY-2025 AISC of $1,433/oz increased by $215/oz over FY-2024 AISC of
$1,218/oz largely due to the impact of higher gold prices on royalty costs of
+$81/oz, higher royalty rates in Burkina Faso contributing +$14/oz, lower
grades processed at Houndé, Ity and Lafigué in line with their mine
sequences, and higher sustaining capital at Mana and Sabodala-Massawa related
to underground development and fleet optimisation, respectively.
Table 5: Group All-In Sustaining Costs
All amounts in US$/oz THREE MONTHS ENDED YEAR ENDED
31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Houndé 1,882 1,475 1,024 1,354 1,294
Ity 1,523 1,269 987 1,197 919
Mana 2,174 2,377 1,698 2,160 1,740
Sabodala-Massawa (2) 1,237 1,326 1,261 1,248 1,158
Lafigué (2) 1,476 1,530 801 1,251 844
Corporate G&A 46 47 41 45 45
GROUP ALL-IN SUSTAINING COSTS (1) 1,648 1,569 1,141 1,433 1,218
(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.
* Q4-2025 and FY-2025 total cash costs and AISC have been impacted by higher
royalty costs due to higher realised gold prices of $4,201/oz and $3,464/oz,
exclusive of the impact of the revenue protection programme and inclusive of
the Sabodala-Massawa gold stream, respectively. Realised gold prices were
above the $2,000/oz guidance gold price assumption for FY-2025. As a result,
higher royalty costs related to gold price had an impact of $196/oz and
$128/oz on the Q4-2025 and FY-2025 total cash costs and AISC, respectively.
* FY-2025 AISC, when adjusted for the +$128/oz impact of higher gold prices on
royalty costs, AISC amounted to $1,305/oz, in line with the guided
$1,150-1,350/oz range that was based on a $2,000/oz gold price assumption. *
An increase in Government royalty rates from 6% to 8% was imposed by the
Government of Côte d'Ivoire for 2025, with the change retroactively applied
from Q1-2025. The incremental cost has been applied to other expenses for
FY-2025, and will be reflected in the FY-2025 financial results. For FY-2026,
the incremental cost will be applied to royalty expenses and is reflected in
the FY-2026 AISC guidance.
* Following this increase, and based on prevailing gold prices, the impact of
every $100/oz increase in the gold price, increases Group AISC by
approximately $10/oz due to sliding scale royalties.
Table 6: AISC Guidance Reconciliation
Q4-2025 ACTUALS FY-2025 ACTUALS FY-2025 GUIDANCE
AISC at realised gold price of $4,227/oz for Q4-2025 and $3,486/oz for FY-2025 1,648 1,433
Additional royalty cost at realised gold price vs $2,000/oz guidance gold price (1) +196 +128 FY-2025 impact of $128/oz on AISC due to higher gold prices driving royalty costs higher
Comparative AISC at $2,000/oz gold price 1,452 1,305 1,150 — 1,350
(1)The impact of higher royalty rates as a result of a higher gold prices of
$4,227/oz and $3,486/oz for Q4-2025 and FY-2025, respectively, (exclusive of
the impact of the revenue protection programme and the Sabodala-Massawa gold
stream), versus $2,000/oz guided gold price.
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for
the three months ended 31 December 2025, 30 September 2025, and 31 December
2024, and the year ended 31 December 2025 and 31 December 2024, with
accompanying explanations below.
Table 7: Cash Flow and Net Debt
THREE MONTHS ENDED YEAR ENDED
All amounts in US$ million unless otherwise specified Notes 31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital (5) 625 394 356 1,907 952
Changes in working capital (16) (85) 25 (244) (2)
Cash generated from operating activities from continuing operations 1 609 309 381 1,664 950
Cash generated from discontinued operations — — — — (6)
Cash generated from operating activities 1 609 309 381 1,664 943
Cash used in investing activities 2 (133) (143) (113) (508) (630)
Free Cash Flow (1,2) 476 166 268 1,156 313
Cash (used in)/generated from financing activities 3 (253) (570) (136) (1,146) (439)
Effect of exchange rate changes on cash 5 (6) 0 59 (7)
INCREASE/(DECREASE) IN CASH 229 (410) 132 69 (133)
Cash and cash equivalent position at beginning of period (3) 225 634 252 384 517
CASH AND EQUIVALENT POSITION AT END OF PERIOD (3) 453 225 384 453 384
Principal amount of $500m Senior Notes 500 500 500 500 500
Drawn portion of Lafigué Term Loan 111 121 133 111 133
Drawn portion of Sabodala Term Loan — 16 13 — 13
Drawn portion of Ity Working Capital Facility — 41 — — —
Drawn portion of Revolving Credit Facility — — 470 — 470
NET DEBT (1) 4 158 453 732 158 732
Trailing twelve month adjusted EBITDA (1,4) 2,316 2,159 1,325 2,316 1,325
Net Debt / Adjusted EBITDA (LTM) ratio (1,4) 0.07x 0.21x 0.55x 0.07x 0.55x
(1)Free cash flow, net debt, and adjusted EBITDA are Non-GAAP measures. Refer
to the non-GAAP measure section in this press release and in the Management
Report. (2)From all operations; calculated as Operating Cash Flow less Cash
used in investing activities. (3)Cash and cash equivalents are net of bank
overdraft ($nil million at 31 December 2025, $37.5m 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 $300.5 million from $308.5 million (or
$1.28 per share) in Q3-2025 to $609.0 million (or $2.52 per share) in Q4-2025
due to an increase in production and gold sales at higher realised gold
prices, lower working capital outflows and lower income and withholding tax
payments, partially offset by a higher realised loss on gold collars, the
working capital impact of incremental royalties in Côte d’Ivoire reflecting
the increase in the sliding scale royalty rate from 6% to 8% and higher
royalty costs due to higher realised gold prices.
Operating cash flows increased by $720.4 million from $943.3 million (or $3.88
per share) in FY-2024 to $1,663.7 million (or $6.87 per share) in FY-2025 due
to higher production at higher realised gold prices, partially offset by
increased working capital outflows, realised losses on gold collars and LBMA
averaging, operating costs, royalties and income tax payments and the working
capital impact of incremental royalties in Côte d’Ivoire reflecting the
increase in the sliding scale royalty rate from 6% to 8%.
Notable variances are summarised below:
* * Working capital was an outflow of $16.0 million in Q4-2025, an improvement
of $69.5 million over the Q3-2025 outflow of $85.4 million. The outflow in
Q4-2025 consisted of (i) an inventory outflow of $24.2 million due to a
build-up of stockpile inventory at the Houndé, Ity and Lafigué mines and
gold-in-circuit inventory at the Houndé, Ity, Mana, Sabodala-Massawa mines,
(ii) a net receivables outflow of $14.6 million related to a build-up of VAT
receivables at the Houndé, Lafigué and Mana mines and other corporate
receivables related to annual Group insurance, partially offset by (iii) a
trade and other payables inflow of $17.6 million related to the timing of
supplier payables and contractor-related liabilities partially offset by an
outflow related to the accrual of incremental royalties in Côte d’Ivoire
reflecting the increase in the sliding scale royalty rate from 6% to 8% and
(iv) a prepaid expenses inflow of $5.2 million related to the timing of
supplier prepayments. During Q4-2025, the Group entered into an agreement with
the Burkina Faso Ministry of Finance to purchase $18.3 million of Burkina Faso
Government bonds in exchange for VAT refunds at Houndé and Mana.
Working capital was an outflow of $243.7 million in FY-2025, a decrease of
$241.6 million over the FY-2024 outflow of $2.1 million, largely driven by an
increase in outflows related to build-up of stockpile inventory at the
Houndé, Ity, Lafigué and Sabodala-Massawa mines, an increase in outflows
related to trade and other receivables due to a build-up of VAT receivables at
the Houndé, Ity, Mana, Sabodala-Massawa mines and an outflow related to trade
and other payables related to the timing of supplier payments, partially
offset by an inflow related to prepaid expenses related to the timing of
supplier prepayments.
* * Gold sales from continuing operations increased from 258koz in Q3-2025 to
302koz in Q4-2025 due to higher production at Sabodala-Massawa, Mana and
Lafigué, partially offset by a decrease in production at Houndé and Ity. The
realised gold price from continuing operations for Q4-2025 increased by
$688/oz to $4,201/oz from $3,513/oz in Q3-2025. Inclusive of the Group’s
Revenue Protection Programme (-$328/oz Q4-2025 impact), the realised gold
price for Q4-2025 increased by $626/oz to $3,873/oz from $3,247/oz in Q3-2025.
Gold sales from continuing operations increased from 1,099koz in FY-2024 to
1,216koz in FY-2025, following higher production in FY-2025 at the Mana mine
along with full-year production from the Lafigué mine and Sabodala-Massawa
BIOX processing plant, partially offset by lower production at the Houndé and
Ity mines. The realised gold price from continuing operations for FY-2025
increased by $1,046/oz to $3,464/oz from $2,418/oz in FY-2024. Inclusive of
the Group’s Revenue Protection Programme (-$202/oz FY-2025 impact against a
realised gold price of $3,464/oz in FY-2025) and LBMA gold price averaging
strategy which ceased at the end of Q1-2025 (-$18/oz FY-2025 impact against a
realised gold price of $3,464/oz in FY-2025), the realised gold price for
FY-2025 increased by $895/oz to $3,244/oz from $2,349/oz in FY-2024.
* * Total cash cost per ounce increased from $1,336/oz in Q3-2025 to
$1,448/oz in Q4-2025 due to higher royalty costs (+$69/oz impact at realised
gold price of $4,201/oz vs $3,513/oz in Q3-2025) related to a higher realised
gold price, partially offset by higher gold sales related to higher
production.
Total cash cost per ounce increased from $1,058/oz in FY-2024 to $1,216/oz in
FY-2025 due to significantly higher royalty costs (+$95/oz impact at realised
gold price of $3,464/oz vs $2,418/oz in FY-2024) related to the higher
realised gold price, partially offset by an increase in gold sales.
* * Taxes paid decreased by $44.5 million from $67.3 million in Q3-2025 to
$22.8 million in Q4-2025 due to lower withholding taxes paid following cash
upstreaming in the prior quarter, partially offset by higher income taxes paid
at the Houndé and Mana mines related to corporate income tax instalments.
Taxes paid increased by $66.3 million from $296.0 million in FY-2024 to $362.2
million in FY-2025, in line with the guidance provided, as income tax payments
increased at the Houndé, Ity and Lafigué mines due to higher taxable
earnings in FY-2024, while withholding tax payments also increased due to
higher levels of cash upstreaming as a result of improved cash generation,
partially offset by lower income tax payments at Mana and Sabodala-Massawa due
to lower taxable earnings in FY-2024.
Table 8: Tax Payments
THREE MONTHS ENDED YEAR ENDED
($m) 31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Houndé 17.8 15.5 11.4 73.8 51.1
Ity — 39.1 2.4 115.8 77.7
Mana 4.0 2.6 2.3 9.5 11.1
Sabodala-Massawa — — — 34.0 75.6
Lafigué — 10.8 — 36.8 1.0
Other (1) 1.0 (0.7) 0.8 92.3 79.5
Total taxes paid 22.8 67.3 16.9 362.2 296.0
( 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 $9.8 million from
$142.6 million in Q3-2025 to $132.7 million in Q4-2025 due to a decrease in
non-sustaining capital spend of $14.2 million, a decrease in exploration
capital spend of $5.9 million and a decrease in sustaining capital spend of
$1.5 million, partially offset by an increase in growth capital spend on the
Assafou DFS of $2.8 million and an increase in restricted cash outflow of $2.8
million related to reclamation bonds.
Cash flows used in investing activities decreased by $122.2 million from
$630.0 million in FY-2024 to $507.8 million in FY-2025 largely due to lower
growth capital following the completion of the Lafigué and Sabodala-Massawa
BIOX growth projects, which achieved commercial production in Q3-2024,
partially offset by higher sustaining and non-sustaining capital.
* * Sustaining capital decreased from $48.6 million in Q3-2025 to $47.1
million in Q4-2025, largely due to decreased sustaining capital expenditure at
the Mana mine related to underground development and sustaining lease payments
to the outgoing mining contractor that was paid in the prior quarter, at
Sabodala-Massawa and at Lafigué related to lower sustaining waste stripping,
partially offset by increased sustaining capital at Houndé related to the
purchase of heavy mining equipment and Ity related to dewatering borehole
drilling and haul road construction.
Sustaining capital increased from $126.0 million in FY-2024 to $210.3 million
in FY-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
accelerated 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 decreased from $83.3 million in Q3-2025 to $69.1
million in Q4-2025 largely due to a decrease in waste stripping at Lafigué
and Ity and the purchase of outgoing contractor fleet at Mana in the prior
quarter, partially offset by higher waste stripping and TSF expenditure at
Houndé and waste stripping at Sabodala-Massawa.
Non-sustaining capital increased from $224.9 million in FY-2024 to $255.3
million in FY-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 increased from $6.8 million in Q3-2025 to $9.7 million in
Q4-2025. Growth capital expenditure in Q4-2025 was related to the definitive
feasibility study, advanced grade control drilling and sterilisation drilling
at the Assafou project.
Growth capital decreased from $251.5 million in FY-2024 to $32.4 million in
FY-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 FY-2025 was related to the definitive
feasibility study and drilling expenditure at the Assafou project.
3) Cash flows used in financing activities decreased by $317.2 million from
$569.9 million in Q3-2025 to $252.7 million in Q4-2025 and included
shareholder dividend payments of $148.9 million, net debt repayments of $67.5
million, payments of financing fees of $22.7 million, $7.5 million repayment
of lease liabilities, share buybacks of $3.4 million and $2.6 million in
interest payments.
Cash flows used in financing activities increased by $706.7 million from
$439.1 million in FY-2024 to $1,145.8 million in FY-2025 and included net debt
repayments of $526.5 million, shareholder dividend payments of $288.2 million,
$119.1 million in payments to minority shareholders, $88.8 million in payments
of financing fees, $87.4 million in share buybacks, $32.6 million repayment of
lease liabilities, $1.7 million in repurchase of tracker shares and $1.5
million in interest payments.
4) Endeavour’s net debt position improved by $295.7 million, from $453.2
million at the end of Q3-2025 to $157.5 million at the end of Q4-2025, while
the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.21x at the
end of Q3-2025 to 0.07x at the end of Q4-2025, remaining well below the Groups
through-the-cycle leverage target of 0.50x.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for
the three months ended 31 December 2025, 30 September 2025, and 31 December
2024, and the year ended 31 December 2025 and 31 December 2024.
Table 9: Earnings from operations
THREE MONTHS ENDED YEAR ENDED
All amounts in US$ million unless otherwise specified Notes 31 December 2025 30 September 2025 31 December 2024 31 December 2025 31 December 2024
Revenue 5 1,274 910 941 4,234 2,676
Operating expenses 6 (341) (281) (294) (1,180) (1,007)
Depreciation and depletion 6 (174) (134) (226) (634) (609)
Royalties 7 (103) (70) (64) (327) (191)
Earnings from mine operations 655 425 357 2,093 869
Corporate costs 8 (13) (11) (14) (53) (47)
Impairment of mining interests and goodwill 9 (193) — (200) (193) (200)
Share-based compensation 10 (28) (9) (9) (65) (21)
Other expense 11 (44) (10) (9) (88) (62)
Credit loss and impairment of financial assets 12 (7) (2) (22) (23) (151)
Exploration and evaluation costs 13 (10) (6) (5) (33) (19)
Earnings from operations 359 386 98 1,638 368
(Loss)/gain on financial instruments 14 (62) (49) 34 (193) (143)
Finance costs (24) (26) (33) (102) (111)
Earnings before taxes 273 311 99 1,343 114
Current income tax expense 15 (204) (83) (109) (609) (353)
Deferred income tax recovery/(expense) 15 53 (26) (93) 154 4
Net loss from discontinued operations — — — — (6)
Net comprehensive earnings/(loss) from operations 16 122 202 (103) 889 (241)
Add-back adjustments 17 170 (3) 235 112 541
Adjusted net earnings from operations 293 199 132 1,001 300
Portion attributable to non-controlling interests 18 68 40 22 219 73
Adjusted net earnings from operations attributable to shareholders of the Company 19 225 159 110 782 227
Adjusted net earnings per share from continuing operations 0.93 0.66 0.45 3.23 0.93
NOTES:
5) Revenue increased by $363.8 million from $910.1 million in Q3-2025 to
$1,273.8 million in Q4-2025 due to higher volumes of gold sold and an increase
in the realised gold price from $3,513/oz in Q3-2025 to $4,201/oz in Q4-2025,
exclusive of the Company’s Revenue Protection Programme.
Revenue increased by $1,558.0 million from $2,675.9 million in FY-2024 to
$4,233.9 million in FY-2025 due to higher volumes of gold sold and an increase
in the realised gold price from $2,418/oz in FY-2024 to $3,464/oz in FY-2025,
exclusive of the Company’s Revenue Protection Programme.
6) Operating expenses increased by $60.8 million from $280.6 million in
Q3-2025 to $341.4 million in Q4-2025, largely due to higher production and a
lower build-up of stockpile at Lafigué and Ity, partially offset by a
drawdown of stockpile at Houndé and Mana. Depreciation and depletion
increased by $39.8 million from $134.4 million in Q3-2025 to $174.2 million in
Q4-2025 due to higher quarterly production.
Operating expenses increased by $172.5 million from $1,007.4 million in
FY-2024 to $1,179.9 million in FY-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 Houndé due to higher volumes mined. Depreciation and
depletion increased by $24.6 million from $609.3 million in FY-2024 to $633.9
million in FY-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 Mana.
7) Royalties increased by $32.7 million from $70.3 million in Q3-2025 to
$103.0 million in Q4-2025 due to higher volumes of gold sold at a higher
realised gold price.
Royalties increased by $136.1 million from $190.5 million in FY-2024 to $326.6
million in FY-2025 due to higher gold sales volumes at a higher realised gold
price and the impact of the additional 1.0% Government royalty applicable on
ounces produced from the Massawa exploitation permit at the Sabodala-Massawa
mine, that became effective following the expiry of its payment holiday.
8) Corporate costs increased by $1.8 million from $11.4 million in Q3-2025
to $13.3 million in Q4-2025 due to an increase related to year-end bonus
accruals and an increase in professional service costs.
Corporate costs increased from $47.3 million in FY-2024 to $52.7 million in
FY-2025 due to increased employee compensation costs following the start of
commercial production at the Lafigué and Sabodala-Massawa BIOX growth
projects in Q3-2024.
9) Impairment of mining interests and goodwill of $193.4 million for
Q4-2025 is primarily related to an impairment of $139.7 million recognised at
the Bantou exploration property, which is not expected to meet Endeavour’s
investment criteria due to the limited size of the deposit, and an impairment
of $31.8 million recognised at the Nabanga exploration property where limited
work has been undertaken due to the elevated security risk in the east of
Burkina Faso. An additional impairment of $10.5 million was recognised at the
Kokoi, Bagnima, Kiere, Wakui and Mou exploration properties within Burkina
Faso with no planned near-term activities and no intention of license renewal.
The Group recognised an additional impairment of $9.5 million on the Kalana
property, reflecting the ongoing operating environment in Mali and ongoing
study work which contemplates a smaller-scale operation.
Impairment of mining interests and goodwill decreased by $6.2 million from
$199.5 million in FY-2024 to $193.4 million in FY-2025. The FY-2024 impairment
of mining interests and goodwill primarily related to $133.1 million
impairment of the Kalana property reflecting the operating environment in Mali
and study work which justified a smaller-scale operation. An additional
impairment of mining interests in FY-2024 related to exploration properties,
including the Golden Hill permit.
10) Shared-based compensation increased by $18.9 million from $9.5 million
in Q3-2025 to $28.4 million in Q4-2025 reflecting the strong share price
performance and total shareholder returns and Group performance against
long-term incentive plan objectives resulting in a positive multiplier on
performance share units.
Share-based compensation increased by $43.3 million from $21.4 million in
FY-2024 to $64.7 million in FY-2025 reflecting the strong share price
performance and total shareholder returns and Group performance against
long-term incentive plan objectives resulting in a positive multiplier on
performance share units.
11) Other expenses increased by $34.0 million from $10.4 million in Q3-2025
to $44.4 million in Q4-2025. For Q4-2025, other expenses included $37.2
million primarily related to the accrual of the incremental Côte d’Ivoire
royalty costs related to the increase in sliding scale royalty rates from 6%
to 8%, $3.6 million in legal fees related to local level arbitrations, $2.3
million in acquisition and restructuring costs, $0.8 million in community
contributions and a $0.4 million loss on disposal of assets.
Other expenses increased by $25.8 million from $62.5 million in FY-2024 to
$88.3 million in FY-2025. For FY-2025, other expenses included $46.6 million
primarily related to the accrual of the incremental Côte d’Ivoire royalty
costs related to the increase in sliding scale royalty rates from 6% to 8%,
$22.8 million in acquisition and restructuring costs inclusive of early
dismissal costs of an underground mining contractor at Mana, $14.6 million in
legal fees related to local level arbitrations, $2.5 million in community
contributions, $0.9 million loss on disposal of assets and $0.9 million
related to disturbance costs.
12) Credit loss and impairment of financial assets increased by $5.5
million from $1.7 million in Q3-2025 to $7.2 million in Q4-2025. For Q4-2025,
the charge is primarily related to a $5.3 million impairment on Burkina Faso
VAT deemed non-recoverable and a $1.9 million credit loss adjustment against
the outstanding VAT receivables in Burkina Faso.
Credit loss and impairment of financial assets improved by $127.8 million from
$151.0 million in FY-2024 to $23.2 million in FY-2025. For FY-2025, the charge
is primarily related to $12.7 million credit loss adjustment against the
outstanding VAT receivables in Burkina Faso and $10.5 million impairment on
Burkina Faso VAT deemed non-recoverable.
13) Exploration costs increased by $4.2 million from $5.5 million in
Q3-2025 to $9.7 million in Q4-2025 as drilling activity increased following
the completion of the wet season and analysis and interpretation work
continued in preparation for the 2026 exploration programmes.
Exploration costs increased by $13.5 million from $19.2 million in FY-2024 to
$32.7 million in FY-2025 due to increased exploration spend at the Ity mine
and greenfield projects.
14) The gain/loss on financial instruments increased by $12.8 million from
a loss of $48.9 million in Q3-2025 to a loss of $61.7 million in Q4-2025. The
loss on financial instruments in Q4-2025 included a realised loss of $96.9
million in relation to the settlement of 50koz of gold collars, a loss on
foreign exchange of $38.8 million on movements between the Euro and US dollar
on the Q4-2024 income taxes payable balance and a fair value loss on net
smelter royalties of $14.0 million, partially offset by an unrealised gain of
$73.9 million in relation to gold collars, a gain on marketable securities of
$12.2 million and a $2.3 million gain on other financial instruments.
The loss on financial instruments increased by $50.6 million from a loss of
$142.7 million in FY-2024 to a loss of $193.3 million in FY-2025. The loss on
financial instruments in FY-2025 included a realised loss of $182.4 million in
relation to gold collars, a realised loss of $22.0 million in relation to the
Group’s LBMA averaging programme which was stopped at the end of Q1-2025, a
fair value loss on net smelter royalties of $7.6 million and a $2.4 million
loss on foreign exchange movements between the Euro and US dollar, partially
offset by a gain of $18.4 million on marketable securities, a $1.8 million
gain on the early redemption of senior notes related to the bond refinancing
during Q2-2025 and a $0.9 million gain on other financial instruments.
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 Q4-2025, 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 $96.9 million at a settlement price of
$4,337/oz.
* The Revenue Protection Programme concluded at the end of Q4-2025 and the
Group is now fully unhedged.
15) Current income tax expense increased by $120.5 million from $83.4
million in Q3-2025 to $203.8 million in Q4-2025, largely due to an increase in
taxable earnings driven by higher production at higher realised gold prices.
Current income tax expense increased by $255.7 million from $352.9 million in
FY-2024 to $608.6 million in FY-2025 due to an increase in taxable earnings,
an increase in withholding taxes at the operating subsidiaries and the
commencement of operations at the Lafigué mine and the Sabodala-Massawa BIOX
plant following the achievement of commercial production in Q3-2024.
Deferred tax increased by $78.9 million from a deferred tax expense of $26.0
million in Q3-2025 to a deferred tax recovery of $52.9 million in Q4-2025,
largely due to a decrease in the mineral interest deferred tax liability
related to the impairment of exploration properties.
Deferred tax recovery increased by $150.0 million from $4.4 million in FY-2024
to $154.4 million in FY-2025, largely due to a $126.4 million effect on
foreign exchange.
16) Net comprehensive earnings from continuing operations decreased by
$79.1 million from $201.6 million in Q3-2025 to $122.5 million in Q4-2025. The
decrease is driven by an increase in operating expenses and depreciation and
depletion due to higher production, higher royalties due to the higher
realised gold price an increase in other expenses, an increase in impairment
of mining interests and an increase in the realised loss on financial
statements, partially offset by an increase in revenue due to an increase in
production at a higher realised gold price.
Net comprehensive earnings from continuing operations improved by $1,123.7
million from net comprehensive loss of $234.6 million in FY-2024 to net
comprehensive earnings of $889.1 million in FY-2025. The increase in earnings
was largely driven by an increase in gold volumes sold at a higher realised
gold price and a decreased impairment of mineral interests, partially offset
by an increase in operating costs, an increase in income tax expense, higher
royalty costs and an increase in depreciation and depletion.
17) For Q4-2025, adjustments included an impairment charge on mineral
interests of $193.4 million, other expenses of $44.4 million and a credit loss
of $7.2 million related to a credit loss adjustment against VAT balances,
partially offset by an unrealised gain on financial instruments of $37.3
million largely related to the unrealised gain on gold collars and non-cash
tax adjustments of $37.3 million related to the reversal of the deferred tax
charge on exploration impairment charges.
For FY-2025, adjustments included an impairment charge of $193.4 million,
other expenses of $88.3 million and a credit loss of $23.2 million related to
a credit loss adjustment against VAT balances, partially offset by non-cash
tax adjustments $118.2 million largely related to the reversal of the deferred
tax charge on exploration impairment and foreign exchange movements on the
deferred tax balance and an unrealised gain on financial instruments of $74.9
million largely related to the unrealised gain on gold collars.
18) Net earnings attributable to non-controlling interests increased by
$27.5 million, from $40.4 million in Q3-2025 to $67.9 million in Q4-2025
higher quarterly production and gold sales at a higher realised gold price,
partially offset by a higher realised loss on financial instruments related to
gold collars and higher royalty costs due to the higher realised gold price.
Net earnings attributable to non-controlling interests increased by $145.9
million, from $73.1 million in FY-2024 to $219.0 million in FY-2025 due to
higher production and gold sales at a higher realised gold price, partially
offset by a higher realised loss on financial instruments related to the gold
collars and LBMA averaging programme and higher royalty costs due to the
higher realised gold price.
19) Adjusted net earnings attributable to shareholders increased by $66.4
million from $158.6 million (or $0.66 per share) in Q3-2025 to $225.0 million
(or $0.93 per share) in Q4-2025 due to higher gold sales at a higher realised
gold price, partially offset by higher royalty cost and income tax expense.
Adjusted net earnings attributable to shareholders from continuing operations
increased by $554.6 million from $227.3 million (or $0.93 per share) in
FY-2024 to $781.9 million (or $3.23 per share) in FY-2025 due to higher gold
sales at a higher realised gold price, partially offset by higher royalty cost
and income tax expense.
SUMMARISED STATEMENT OF FINANCIAL POSITION
The following tables present the summarised statement of financial position
for the Group as at 31 December 2025, 30 September 2025, and 31 December 2024,
with accompanying explanations below.
Table 10: Summarised Statement of Financial Position
($m) Notes As at 31 December 2025 As at 30 September 2025 As at 31 December 2024
ASSETS
Cash and cash equivalents 453 262 397
Other current assets 20 704 670 568
Total current assets 1,157 932 965
Mining interests 21 3,744 3,985 3,981
Other long-term assets 22 706 643 568
TOTAL ASSETS 5,607 5,559 5,513
LIABILITIES
Other current liabilities 23 504 540 544
Current portion of debt 42 101 51
Overdraft facility — 38 13
Income taxes payable 24 496 281 214
Total current liabilities 1,043 960 822
Non-current portion of debt 25 555 572 1,060
Environmental rehabilitation provision 148 139 120
Other long-term liabilities 96 106 60
Deferred income taxes 347 357 460
TOTAL LIABILITIES 2,189 2,135 2,521
TOTAL EQUITY 3,418 3,424 2,993
TOTAL EQUITY AND LIABILITIES 5,607 5,559 5,513
20) Other current assets at the end of Q4-2025 consisted of $430.6 million
of current inventories, $181.3 million of trade and other receivables, $45.1
million of prepaid expenses and other and $46.9 million of other financial
assets.
* * The current portion of inventories increased by $9.0 million from $421.6
million at the end of Q3-2025 to $430.6 million at the end of Q4-2025, largely
due to an increase in gold-in-circuit inventory at the Houndé, Ity, Mana and
Sabodala-Massawa mines.
* Trade and other receivables increased by $21.8 million from $159.6 million
at the end of Q3-2025 to $181.3 million at the end of Q4-2025, with the
increase in VAT receivables at the Houndé and Mana mines due to delays in VAT
recovery and at the Lafigué mine as the VAT recovery process was only
initiated during Q3-2025 following the start of commercial production in
Q3-2024.
* Prepaid expenses and other decreased by $13.5 million from $58.5 million at
the end of Q3-2025 to $45.1 million at the end of Q4-2025 due to the timing of
supplier prepayments.
* Other financial assets increased by $17.0 million from $29.8 million at the
end of Q3-2025 to $46.9 million at the end of Q4-2025, largely due to an
increase in marketable securities, partially offset by a decrease in net
smelter royalties.
21) Mining interests decreased by $240.9 million from $3,984.6 million at
the end of Q3-2025 to $3,743.7 million at the end of Q4-2025 primarily due to
the impairment of exploration properties as outlined within note 9 within
earnings from continuing operations above. Capital additions of $606.4 million
was offset by the depreciation charge of $650.2 million.
22) Other long-term assets increased by $63.1 million from $642.7 million at
the end of Q3-2025 to $705.9 million at the end of Q4-2025 due to an increase
in other financial assets, which includes restricted cash and marketable
securities.
23) Other current liabilities decreased by $36.2 million from $540.4 million
at the end of Q3-2025 to $504.3 million at the end of Q4-2025 due to a $66.2
million decrease in current portion of derivative financial liabilities
related to the Group’s revenue protection programme, partially offset by a
$28.6 million increase in trade and other payables reflecting the increase in
Côte d’Ivoire royalty payments that were paid subsequent to year-end.
24) Income taxes payable increased by $214.9 million from $281.2 million at
the end of Q3-2025 to $496.2 million at the end of Q4-2025 due to the timing
of corporate income tax and withholding tax payments at the operations.
Income taxes payable increased by $282.6 million from $213.6 million at 31
December 2024 to $496.2 million at 31 December 2025 due to increased taxable
earnings during FY-2025 driven by an increase in production at higher realise
gold prices.
25) Non-current portion of debt decreased by $505.5 million from $1,060.0
million at 31 December 2024 to $554.5 million at 31 December 2025, primarily
due to a $470.0 million repayment on the Group’s revolving credit facility
and a $22.2 million repayment on the Lafigué term loan.
Table 11: Net Debt and Leverage Ratio
($m) Notes As at 31 December 2025 As at 30 September 2025 As at 31 December 2024
Cash and cash equivalents 26 453 262 397
Less: Drawn portion of Lafigué financing 27 111 121 133
Less: Drawn portion of Sabodala-Massawa term loan — 16 13
Less: Drawn portion of Ity Working Capital Facility — 41 —
Less: Principal amount of Senior Notes 26 500 500 500
Less: Drawn portion of Revolving Credit Facility 26 — — 470
Less: Drawn portion of overdraft facility — 38 13
Net Debt (1) 28 158 453 732
Trailing twelve month adjusted EBITDA (1,2) 2,316 2,159 1,325
Net Debt : adjusted EBITDA LTM ratio (1,2) 0.07x 0.21x 0.55x
(1)Net debt, Adjusted EBITDA, and Net Debt: Adjusted EBITDA ratio are Non-GAAP
measures. Refer to the non-GAAP measure section in this press release and in
the Management Report. (2)Last Twelve Months (“LTM”) Trailing Adjusted
EBITDA includes EBITDA generated by discounted operations.
26) At the end of Q4-2025, the Group’s liquidity remained strong at
$1,153.3 million, consisting of $453.3 million of cash and cash equivalents
and $700.0 million available through the revolving credit facility. Gross debt
was reduced by $518.1 million from $1,115.8 million at 31 December 2024 to
$610.8 million at 31 December 2025, primarily driven by a $470.0 million
repayment on the Group’s revolving credit facility and full repayment of the
Sabodala-Massawa term loan.
27) During Q4-2025 the Lafigué term loan balance decreased by $9.9 million
due to a $9.7 million principal repayment and foreign exchange movements of
$0.2 million.
28) The Group’s Net Debt position improved by $295.7 million, from $453.2
million at the end of Q3-2025 to $157.5 million at the end of Q4-2025. The net
debt / Adjusted EBITDA (LTM) ratio improved from 0.21x at the end of Q3-2025
to 0.07x at the end of Q4-2025 and remained below the Group’s long-term
target leverage of 0.50x.
The Group’s net debt position improved by $574.1 million, from $731.6
million at 31 December 2024 to $157.5 million at 31 December 2025. The net
debt / Adjusted EBITDA (LTM) ratio improved from 0.55x to 0.07x.
2026 OUTLOOK
* The Group has reiterated its FY-2026 production and cost guidance at
1,090-1,265koz gold production at an AISC of $1,600-1,800/oz. More details on
individual guidance has been provided in the below sections.
Table 12: FY-2026 production guidance(1)
(All amounts in koz, on a 100% basis) 2026 FULL-YEAR GUIDANCE
Houndé 220 — 255
Ity 285 — 330
Mana 155 — 180
Sabodala-Massawa 260 — 305
Lafigué 170 — 195
Group Production 1,090 — 1,265
Table 13: FY-2026 AISC guidance(1)
(All amounts in US$/oz) 2026 FULL-YEAR GUIDANCE
Houndé 1,800 — 2,000
Ity (2) 1,300 — 1,500
Mana 2,000 — 2,250
Sabodala-Massawa 1,350 — 1,550
Lafigué (2) 1,600 — 1,800
Corporate G&A 45
Group AISC 1,600 — 1,800
(1)FY-2026 AISC guidance is based on an assumed average gold price of
$3,000/oz and USD:EUR foreign exchange rate of 0.87. (2)An imposed increase in
Government royalty rates in Côte d’Ivoire from 6% to 8% occurred in 2025,
with the change retroactively applied from Q1-2025. The incremental cost will
be reflected in royalty expenses and AISC from FY-2026 and is included in the
FY-2026 AISC guidance at the revised rate.
* FY-2025 all-in sustaining costs ("AISC") amounted to approximately
$1,433/oz. FY-2026, all-in sustaining cost is expected to increase to the
guided range of $1,600/oz-$1,800/oz (based on a $3,000/oz gold price
assumption and a USD:EUR foreign exchange rate of 0.87) due to increased
phased stripping activity, stockpile drawdown and lower averages grades
processed at the Houndé and Lafigué mines, higher sustaining capital and the
impact of higher royalty rates imposed in Côte d'Ivoire.
* The Group has reiterated its FY-2026 sustaining and non-sustaining capital
spend guidance. Sustaining capital for FY-2026 is expected to amount to $230.0
million. Non-sustaining capital for FY-2026 is expected to amount to $270.0
million. More details on individual mine capital expenditures has been
provided in the mine sections below.
* Growth capital expenditure for FY-2026 is currently expected to be
negligible, however growth capital expenditure guidance is expected to be
updated following the publication of the Assafou Definitive Feasibility Study
("DFS") in Q1-2026.
* The Group has reiterated its FY-2026 exploration expenditure guidance of
$100.0 million and more details are provided in table 15 below.
Table 14: FY-2026 Sustaining and Non-Sustaining Mine Capital Expenditure
Guidance
(All amounts in US$m) SUSTAINING CAPITAL NON
SUSTAINING CAPITAL
Houndé 50 60
Ity 40 45
Mana 60 10
Sabodala-Massawa 50 30
Lafigué 30 90
Sabodala-Massawa underground development — 25
Corporate G&A — 10
Assafou — —
Total Capital Expenditures 230 270
Table 15: FY-2026 Exploration Expenditure Guidance
(All amounts in US$m) EXPLORATION
Houndé 10
Ity 15
Mana 5
Sabodala-Massawa 15
Lafigué 10
Assafou 10
Other greenfield projects 35
Total Exploration Expenditures 100
Note: Approximately 40% of the exploration spend for FY-2026 is expected to be
classified as expensed and 60% as capitalised.
OPERATING ACTIVITIES BY MINE
Houndé Gold Mine, Burkina Faso
Table 16: Houndé Performance Indicators
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 1,285 1,246 1,526 5,550 4,662
Total tonnes mined, kt 12,810 12,718 10,833 50,352 43,116
Strip ratio (incl. waste cap) 8.97 9.20 6.10 8.07 8.25
Tonnes milled, kt 1,223 1,205 1,405 5,130 5,148
Grade, g/t 1.40 1.46 3.13 1.79 2.10
Recovery rate, % 89 85 79 86 84
Production, koz 47 49 109 257 288
Total cash cost/oz 1,707 1,420 922 1,213 1,121
AISC/oz 1,882 1,475 1,024 1,354 1,294
Q4-2025 vs Q3-2025 Insights
* Production decreased slightly from 49koz in Q3-2025 to 47koz in Q4-2025 due
to lower grade ore processed, partially offset by higher recovery rates and an
increase in mill throughput. * Total tonnes mined increased due to higher
utilisation and productivity of the mining fleet following the end of the wet
season. Tonnes of ore mined increased as a higher volume of ore was mined at
the Kari Pump pit, which was partially offset by lower volumes of ore mined
from the Vindaloo North pit, while ore mined from the Kari West pit
contributed the majority of the feed in line with the mine sequence.
* Tonnes milled increased slightly due to higher mill utilisation following
the end of the wet season, partially offset by planned maintenance during the
quarter.
* Average processed grades decreased due to lower grade ore sourced from the
Kari West pit, in the mill feed.
* Recovery rates increased due to a lower proportion of graphitic ore, that
can impact recovery rates, from stockpiles in the mill feed during Q4-2025,
* AISC increased from $1,475/oz in Q3-2025 to $1,882/oz in Q4-2025 due to
higher sustaining capital expenditure related to the purchase of heavy mining
equipment, higher royalty costs related to the higher realised gold price
(+$147/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025), higher
mining unit costs due to a higher proportion of hard fresh ore mined and
higher processing unit costs due to planned mill maintenance, partially offset
by higher volumes of gold sold
* Sustaining capital expenditure increased from $2.7 million in Q3-2025 to
$8.5 million in Q4-2025 and primarily related to heavy mining equipment
additions and rebuilds.
* Non-sustaining capital expenditure increased from $34.4 million in Q3-2025
to $43.4 million in Q4-2025 primarily related to waste stripping at the
Vindaloo Main pit phase 3 pushback and land compensation for the new TSF.
FY-2025 vs FY-2024 Insights
* FY-2025 production totalled 257koz, which was near the top end of the guided
230-260koz range, due to the strong H1-2025 performance related to high grade
ore sourced from the Kari Pump pit. FY-2025 AISC amounted to $1,354/oz or
$1,207/oz when adjusted for the impact of higher royalty costs of +$147/oz,
related to higher realised gold prices above the $2,000/oz guidance reference
gold price. On a royalty adjusted basis, FY-2025 AISC was below the guided
$1,225-$1,375/oz range due to the strong production that was near the top-end
of the guidance range.
* Production decreased from 288koz in FY-2024 to 257koz in FY-2025 due to a
lower proportion of high grade ore sourced from the Kari Pump pit in line with
the mine sequence, which was partially offset by an increase in recovery
rates. AISC increased from $1,294/oz in FY-2024 to $1,354/oz in FY-2025 due to
higher royalty costs due to the higher realised gold price (+$134/oz impact of
royalty costs on AISC in FY-2025 vs FY-2024), lower volumes of gold sold and
higher processing unit costs due to a higher proportion of harder, fresh ore
in the mill feed, partially offset by a decrease in sustaining capital due to
lower waste stripping activities.
2026 Outlook
* Houndé is expected to produce between 220-255koz in FY-2026 at an AISC of
$1,800-$2,000/oz.
* Mining activities are expected to continue at the Vindaloo Main and Kari
West pits. Tonnes of ore milled is expected to be consistent with FY-2025,
while average grades processed are expected to decrease and recovery rates are
expected to increase due to the absence of higher grade ore from the Kari Pump
pit, which has lower associated recoveries. Production is weighted towards
H2-2026, due to mining and processing of higher average grades from the
Vindaloo Main pit following waste stripping in H1-2026. AISC is expected to
increase in FY-2026 due to lower production and gold sales, increased mining
volumes, higher sustaining capital and an expected drawdown of stockpile
inventory. Lower AISC is expected in H2-2026 due to higher production and gold
sales.
* Sustaining capital expenditure is expected to increase from $36.5 million in
FY-2025 to approximately $50.0 million in FY-2026, and primarily relates to
waste capitalisation at the Vindaloo Main pit, mining fleet component rebuilds
and replacements, and processing plant equipment upgrades.
* Non-sustaining capital expenditure is expected to decrease from $95.2
million in FY-2025 to approximately $60.0 million in FY-2026, and primarily
relates to the ongoing pushback at the Vindaloo Main pit, construction of the
TSF extension and land compensation and resettlement for the Vindaloo South
East pit.
Ity Gold Mine, Côte d’Ivoire
Table 17: Ity Performance Indicators
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 2,272 1,991 2,262 8,392 7,954
Total tonnes mined, kt 7,985 7,949 8,120 32,152 30,419
Strip ratio (incl. waste cap) 2.51 2.99 2.59 2.83 2.82
Tonnes milled, kt 1,886 1,840 1,955 7,357 7,122
Grade, g/t 1.37 1.43 1.45 1.51 1.64
Recovery rate, % 91 90 90 90 91
Production, koz 74 77 84 319 343
Total cash cost/oz 1,359 1,142 943 1,095 890
AISC/oz (1) 1,523 1,269 987 1,197 919
(1)An increase in Government royalty rates in Côte d’Ivoire was imposed
from 6% to 8% in 2025, with the change retroactively applied from Q1-2025. The
incremental cost has been applied to other expenses for FY-2025 and will only
be reflected in royalty expenses and AISC from FY-2026.
Q4-2025 vs Q3-2025 Insights
* Production decreased slightly from 77koz in Q3-2025 to 74koz in Q4-2025 due
to lower average grades processed, partially offset by an increase in mill
throughput. * Total tonnes mined increased due to higher productivity of the
mining fleet following the end of the wet season. Tonnes of ore mined
increased across the Bakatouo, Verse Ouest and Le Plaque pits, partially
offset by lower tonnes of ore mined at the Walter and Ity pits, in line with
the mine plan.
* Tonnes milled increased slightly due to higher processing plant availability
and utilisation due to the completion of planned maintenance in Q3-2025.
* Average grades processed decreased slightly due to lower grade ore in the
mill feed that was sourced from the Bakatouo and Walter pits, in line with the
mine sequence.
* Recovery rates remained in line with the prior quarter.
* AISC increased from $1,269/oz in Q3-2025 to $1,523/oz in Q4-2025 due to
higher royalty costs related to higher realised gold prices (+$46/oz impact of
royalty costs on AISC in Q4-2025 vs Q3-2025), a lower build-up of stockpiles
compared to the prior quarter, and higher sustaining capital related to
dewatering borehole drilling and haul road construction to improve hauling
capacity at Grand Ity.
* Sustaining capital expenditure increased from $9.5 million in Q3-2025 to
$12.2 million in Q4-2025 and was primarily related to haul road construction,
dewatering borehole drilling and the purchase of a mobile crusher
* Non-sustaining capital expenditure decreased from $7.2 million in Q3-2025 to
$5.3 million in Q4-2025 and primarily related to the stage 2 & 3 embankment
raises at TSF 2.
FY-2025 vs FY-2024 Insights
* FY-2025 production totalled 319koz, which was in the top-half of the guided
290-330koz range, due to higher mill throughput following the addition of
mobile crushing units. FY-2025 AISC amounted to $1,197/oz, or $1,095/oz when
adjusted for the impact of higher royalty costs of +$102/oz, related to higher
realised gold prices, above the $2,000/oz guidance reference. On a royalty
adjusted basis, FY-2025 AISC was in line with the guided $975-$1,100/oz range.
* Production decreased from a record 343koz in FY-2024 to 319koz in FY-2025
due to lower average grades processed in line with the mine sequence,
partially offset by an increase in throughput rates. AISC increased from
$919/oz in FY-2024 to $1,197/oz in FY-2025 due to lower levels of production,
higher royalty costs (+$78/oz impact of royalty costs on AISC in FY-2025 vs
FY-2024), higher mining unit costs due to increased volumes mined and
increased sustaining capital primarily related to borehole drilling for
dewatering, processing plant and laboratory upgrades, and haul road
construction.
2026 Outlook
* Ity is expected to produce between 285-330koz in FY-2026 at an AISC of
$1,300-$1,500/oz.
* Mining activities are expected to focus on the Ity, Bakatouo, Walter, Le
Plaque and Zia pits. In H1-2026, ore is expected to be sourced from the Ity,
Bakatouo, Walter and Zia pits with supplemental feed coming from the Le Plaque
and Verse Ouest pits. In H2-2026, increased ore is expected to be sourced from
the Le Plaque and Zia pits. Throughput and recovery rates are expected to
remain consistent with FY-2025, while average processed grades are expected to
decrease reflecting lower grades mined at the Zia pit. Production is expected
to increase in H2-2026 as tonnes of ore milled increases due to planned SAG
mill maintenance in H1-2026. AISC is expected to increase in FY-2026 due to
higher sustaining capital related to waste stripping activities at the Ity, Le
Plaque and Zia pits and the increase in Government royalty rates from 6% to
8%. AISC is expected to improve in H2-2026 due to higher production and gold
sales.
* Sustaining capital expenditure is expected to increase from $32.8 million in
FY-2025 to approximately $40.0 million in FY-2026 and is primarily related to
waste stripping activity at the Ity, Le Plaque and Zia pits.
* Non-sustaining capital expenditure is expected to increase from $23.5
million in FY-2025 to approximately $45.0 million in FY-2026, and is primarily
related to the TSF 2 embankment raise and processing plant upgrades.
Mana Gold Mine, Burkina Faso
Table 18: Mana Performance Indicators
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
OP tonnes ore mined, kt — — — — 185
OP total tonnes mined, kt — — — — 745
OP strip ratio (incl. waste cap) — — — — 4.03
UG tonnes ore mined, kt 587 553 616 2,223 1,975
Tonnes milled, kt 602 551 603 2,247 2,294
Grade, g/t 3.05 2.50 2.49 2.85 2.27
Recovery rate, % 87 85 86 86 87
Production, koz 46 39 41 173 148
Total cash cost/oz 1,806 1,772 1,320 1,653 1,514
AISC/oz 2,174 2,377 1,698 2,160 1,740
Q4-2025 vs Q3-2025 Insights
* Production increased from 39koz in Q3-2025 to 46koz in Q4-2025 due to higher
average grades processed, tonnes milled and recovery rates. * Total
underground tonnes of ore mined increased slightly due to higher ore
development tonnes as underground development at the Wona and Siou underground
deposits increased compared to the prior quarter. During Q4-2025, 4,521 meters
were developed, compared to the 4,256 meters in the prior quarter, as the
underground mining contractor transition was completed in early Q4-2025.
* Tonnes milled increased slightly due to improved mill availability following
planned maintenance in the prior quarter.
* The average processed grade increased as improved development rates,
following the mining contractor transition, increased access to higher grade
stopes at the Wona and Siou underground deposits.
* Recovery rates increased compared to the prior quarter due to improved
recovery associated with the higher grade ore from the Wona underground
deposit.
* AISC decreased from $2,377/oz in Q3-2025 to $2,174/oz in Q4-2025 due to
higher volumes of gold sold, lower processing unit costs due to increased
usage of lower-cost grid power, and lower sustaining lease payments related to
the contractor transition, partially offset by higher royalty costs due to the
higher realised gold price (+$119/oz impact of royalty costs on AISC in
Q4-2025 vs Q3-2025).
* Sustaining capital expenditure decreased from $23.1 million in Q3-2025 to
$17.8 million in Q4-2025 and was primarily related to capitalised underground
development at the Siou and Wona underground deposits, as well as lease
payments for contractor mining equipment.
* Non-sustaining capital expenditure decreased from $14.1 million in Q3-2025
to $1.7 million in Q4-2025 and was primarily related to the underground
infrastructure upgrades and the stage 6 embankment lift at the TSF.
FY-2025 vs FY-2024 Insights
* FY-2025 production totalled 173koz, which was within the guided 160-180koz
range. FY-2025 AISC amounted to $2,160/oz, or $1,980/oz when adjusted for the
impact of higher royalty costs of +$180/oz, related to higher realised gold
prices, above the $2,000/oz guidance reference gold price. On a royalty
adjusted basis, FY-2025 AISC was above the guided $1,550-$1,750/oz range, due
to the elected reliance on higher-cost self-generated power and increased
sustaining capitalised underground development at the Wona underground deposit
to access higher grade stopes.
* Production increased from 148koz in FY-2024 to 173koz in FY-2025 due to
higher average grades processed as higher grade ore was sourced from the Wona
underground deposit in line with the mine sequence. This was partially offset
by slightly lower tonnes milled following the cessation of the open pit feed
in the prior period and lower recovery rates due to a higher proportion of ore
from the Wona underground deposit with lower associated recoveries, in the
mill feed. AISC increased from $1,740/oz in FY-2024 to $2,160/oz in FY-2025
primarily due to higher mining unit costs as the Wona underground deposit
continues to advance deeper, higher sustaining capital due to increased
underground development across the Siou and Wona underground deposits, and
higher royalty costs due to the higher prevailing gold price (+$143/oz impact
of royalty costs on AISC in FY-2025 vs FY-2024).
2026 Outlook
* Mana is expected to produce between 155-180koz in FY-2026 at an AISC of
$2,000-$2,250/oz.
* Ore is expected to be sourced from the Wona and Siou underground deposits,
supplemented with additional ore from the Bana Camp open pit deposit, which
will support increased mining and processing volumes over FY-2025, while
average grades are expected to decrease due to the addition of lower grade
open pit ore into the feed. Recoveries are expected to decrease slightly due
to a greater proportion of ore from the Wona underground deposit in the mill
feed, which has lower associated recoveries. Production is expected to
increase in H2-2026 due to increased access to stopes at the Wona underground
deposit supporting increased processing plant throughput. AISC is expected to
decrease compared to FY-2025 due to lower sustaining capital, with improved
AISC expected in H2-2025 due to increased production.
* Sustaining capital expenditure is expected to decrease from $75.0 million in
FY-2025 to approximately $60.0 million in FY-2026 and is primarily related to
waste development in the Wona underground deposit in addition to processing
plant and infrastructure upgrades.
* Non-sustaining capital expenditure is expected to decrease from $25.0
million in FY-2025 to approximately $10.0 million in FY-2026 and is primarily
related to the TSF stage 6 embankment lift.
Sabodala-Massawa Gold Mine, Senegal
Table 19: Sabodala-Massawa Performance Indicators
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 1,224 971 1,573 4,253 5,692
Total tonnes mined, kt 8,036 7,134 12,463 34,607 43,478
Strip ratio (incl. waste cap) 5.57 6.39 6.92 7.14 6.64
Tonnes milled - Total, kt 1,417 1,378 1,377 5,530 5,061
Tonnes milled - CIL, kt 1,163 1,121 1,095 4,447 4,393
Tonnes milled - BIOX, kt 254 257 282 1,083 668
Grade - Total, g/t 2.26 1.60 2.29 1.93 1.89
Grade - CIL, g/t 1.92 1.04 1.86 1.49 1.68
Grade - BIOX, g/t 3.84 4.06 3.99 3.77 3.28
Recovery rate - Total, % 81 82 70 80 76
Recovery rate - CIL, % 85 83 73 83 79
Recovery rate - BIOX, % 71 82 65 76 67
Production, koz 78 61 70 274 229
Production - CIL, koz 58 32 47 175 184
Production - BIOX, koz 20 30 23 98 45
Total cash cost/oz 1,169 1,172 1,107 1,092 1,044
AISC (1)/oz 1,237 1,326 1,261 1,248 1,158
(1)All-in Sustaining Cost excludes costs and ounces sold related to
pre-commercial production at the Sabodala-Massawa BIOX Expansion.
Q4-2025 vs Q3-2025 Insights
* Production increased from 61koz in Q3-2025 to 78koz in Q4-2025 due to an
increase in the average processed grade and recovery rates through the CIL
plant, partially offset by a decrease in average grades and recoveries through
the BIOX processing plant. * Total tonnes mined increased following the end of
the rainy season. Total ore tonnes mined increased due to the commencement of
ore mining at the Delya Main and Niakafiri West pits, which provided
high-grade non-refractory oxide ore to the CIL plant.
* Tonnes milled increased in the CIL plant following the end of the wet
season, which allowed a higher proportion of softer oxide ore to be
incorporated into the CIL mill feed. Tonnes milled in the BIOX plant remained
relatively stable.
* Average grades processed increased in the CIL plant due to an increased
proportion of higher grade oxide ore from the Delya Main, Niakafiri West and
Soukhoto pits. Average processed grades decreased in the BIOX plant due to
lower grade ore sourced from the Massawa Central Zone in line with mine
sequence.
* Recovery rates through the CIL plant increased due to a higher proportion of
ore sourced from Delya Main, Niakafiri West and Soukhoto pits displacing
transitional ore from the Massawa North Zone and Massawa Central Zone pits in
the mill feed. Recovery rates through the BIOX plant decreased due to an
increased proportion of higher Sulphide:Sulphur content ore from the Massawa
Central Zone in the mill feed.
* AISC decreased from $1,326/oz in Q3-2025 to $1,237/oz in Q4-2025 due to
higher gold sales and lower sustaining capital due to lower waste development,
partially offset by higher royalty costs due to the higher realised gold price
(+$36/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025).
* Sustaining capital expenditure decreased from $9.1 million in Q3-2025 to
$5.4 million in Q4-2025 and was primarily related to mining equipment rebuilds
and processing strategic spares.
* Non-sustaining capital expenditure increased from $2.4 million in Q3-2025 to
$12.9 million in Q4-2025 and was primarily related to the fleet management
system and associated 5G LTE network, Delya mining readiness and recycle
crusher upgrade.
FY-2025 vs FY-2024 Insights
* FY-2025 production totalled 274koz, which was near the top end of the guided
250-280koz range due to higher grades and associated recovery rates through
the CIL plant. FY-2025 AISC amounted to $1,248/oz, or $1,134/oz when adjusted
for the impact of higher royalty costs of +$114/oz, related to higher gold
prices, above the $2,000/oz guidance reference gold price. On a royalty
adjusted basis, FY-2025 AISC was in line with the guided $1-$1,250/oz range.
* Production increased from 229koz in FY-2024 to 274koz in FY-2025 due to the
full-year contribution from the BIOX plant, which achieved commercial
production in Q3-2024, partially offset by lower average grades milled through
the CIL plant. AISC increased from $1,158/oz in FY-2024 to $1,248/oz in
FY-2025 due to an increase in sustaining capital related to mining fleet
additions and replacements and higher royalty costs related to the higher
realised gold prices (+$84/oz impact of royalty costs on AISC in FY-2025 vs
FY-2024).
2026 Outlook
* Sabodala-Massawa is expected to produce between 260-305koz in FY-2026 at an
AISC of $1,350-$1,550/oz. In line with the previously disclosed outlook,
Sabodala-Massawa is on track to continue increasing production towards 350koz
annually, supported by high-grade, non-refractory ore from the Golouma and
Kerekounda underground deposits, where underground development is expected to
commence in FY-2026, introducing first ore in FY-2027 and ramping up through
FY-2028. FY-2026 AISC is expected to increase due to higher sustaining capital
related to waste stripping activities and an expected drawdown of stockpile
inventory.
* Production from the CIL processing plant is expected to decrease slightly
compared to the previous year. Non-refractory ore for the CIL plant is
expected to be sourced from the Niakafiri West, Niakafiri East and Delya South
pits with supplementary ore from the Samina pit and stockpiles resulting in a
slight decrease in average processed grades, in line with the mine sequence,
which will be partially offset by increased throughput and recovery rates due
to a higher proportion of softer oxide ore in the mill feed.
* Production from the BIOX plant is expected to increase. Ore will continue to
be sourced from the high-grade Massawa Central Zone pit with a small
proportion of supplemental feed sourced from lower grade stockpiles.
Throughput and recovery rates through the BIOX plant are expected to increase
due to the ongoing plant upgrades and the increased proportion of fresh ore in
the mill feed, which will be partially offset by lower average grades
processed due to the incorporation of a small proportion of lower grade
stockpiles into the mill feed.
* Sustaining capital expenditure is expected to increase from $42.5 million in
FY-2025 to $50.0 million in FY-2026 and is primarily related to capitalised
waste stripping, mining fleet upgrades and process plant maintenance.
* Non-sustaining capital expenditure is expected to decrease from $35.0
million in FY-2025 to $30.0 million in FY-2026 and is primarily related to
pre-stripping at the Massawa North Zone and Kiesta C pits, implementation of a
fleet management system, infrastructure at the Delya South and Goumbati pits
ahead of the commencement of mining in Q2-2026, TSF 1 embankment raise and
advanced grade control drilling activities.
* Non-sustaining capital expenditure for the Sabodala-Massawa underground
expansion of $25.0 million is expected to be incurred in FY-2026. Development
is expected to commence in H2-2026 via an exploration decline that will
provide access to the high-grade Golouma underground deposit. Underground
development is expected to continue through FY-2027 and FY-2028, with first
ore expected to be intercepted in FY-2027.
Lafigué Mine, Côte d’Ivoire
Table 20: Lafigué Performance Indicators
For The Period Ended Q4-2025 Q3-2025 Q4-2024 FY-2025 FY-2024
Tonnes ore mined, kt 1,822 1,870 1,711 6,063 4,801
Total tonnes mined, kt 13,051 14,672 10,150 54,040 37,151
Strip ratio (incl. waste cap) 6.16 6.85 4.93 7.91 6.74
Tonnes milled, kt 1,007 1,026 936 4,216 1,779
Grade, g/t 1.69 1.20 2.11 1.47 1.83
Recovery rate, % 94 93 94 93 94
Production, koz 53 38 60 187 96
Total cash cost/oz 1,419 1,433 748 1,208 774
AISC/oz (1,2) 1,476 1,530 801 1,251 844
(1)All-in Sustaining Cost excludes costs and ounces sold related to
pre-commercial production at the Lafigué mine. (2)An increase in Government
royalty rates in Côte d’Ivoire was imposed from 6% to 8% in 2025, with the
change retroactively applied from Q1-2025. The incremental cost has been
applied to other expenses for FY-2025 and will only be reflected in royalty
expenses and AISC from FY-2026.
Q4-2025 vs Q3-2025 Insights
* Production increased from 38koz in Q3-2025 to 53koz in Q4-2025 due to
increased average grades processed, while tonnes milled and recovery rates
remained consistent with the prior quarter. * Total tonnes mined and ore
tonnes mined decreased as mining advanced deeper into the Main pit resulting
in increased haulage distances. Ore was primarily sourced from the Main pit
and West pit with supplementary ore sourced from Pit C.
* Tonnes milled decreased due to harder fresh ore in the mill feed as mining
activities advanced deeper into fresh ore.
* Average grades processed increased due to an increased proportion of higher
grade fresh ore from the West Pit in the mill feed.
* Recovery rates remained in line with the previous quarter.
* AISC decreased from $1,530/oz in Q3-2025 to $1,476/oz in Q4-2025 due to
increased gold sales and lower sustaining capital due to lower waste stripping
activity, partially offset by higher royalty costs due to the higher realised
gold price (+$45/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025).
* Sustaining capital expenditure decreased from $3.6 million in Q3-2025 to
$2.9 million in Q4-2025 and was primarily related to lease payments to mining
contractors.
* Non-sustaining capital expenditure decreased from $24.3 million in Q3-2025
to $4.5 million in Q4-2025 and was primarily related to the TSF Stage 2 lift
and waste stripping at West Pit Pushback 2 .
FY-2025 vs FY-2024 Insights
* FY-2025 production totalled 187koz, within the guided 180-210koz range.
FY-2025 AISC amounted to $1,251/oz, or $1,148/oz when adjusted for the impact
of higher royalty costs of +$104/oz, related to higher realised gold prices,
above the $2,000/oz guidance reference gold price. On a royalty adjusted
basis, FY-2025 AISC was above the guided $950-$1,075/oz range due to lower
average grades and higher mining volumes to account for above nameplate mill
throughput.
* Production increased from 96koz in FY-2024 to 187koz in FY-2025 following a
full year of production at the Lafigué mine as the mine achieved commercial
production in Q3-2024. AISC increased from $844/oz in FY-2024 to $1,251/oz in
FY-2025 due largely to higher royalty costs (+$57/oz impact of royalty costs
on AISC in FY-2025 vs FY-2024) as a result of the higher realised gold prices
and higher processing unit costs associated with a higher proportion of
harder, fresh ore in the mill feed.
2026 Outlook
* Lafigué is expected to produce between 170-195koz in FY-2026 at an AISC of
$1,600-$1,800/oz.
* Mining activity will focus on stripping at the Main pit and the West pit,
while ore will primarily be mined from the Main pit with supplementary ore
sourced from the West pit. Processing plant throughput is expected to increase
and exceed design nameplate capacity throughout FY-2026, supported by a more
consistent feed of predominantly fresh ore. Due to lower average grades in
FY-2026, stripping activity will be prioritised to accelerate access to
higher-grade ores. Recovery rates are expected to remain in line with FY-2025.
AISC is expected to increase due to an increase in sustaining capital related
to waste stripping activity at the Main and West pit and leases associated
with additional mining contractor capacity, increased Government royalty rates
from 6% to 8% and an expected drawdown of stockpile inventory.
* Sustaining capital expenditure is expected to increase from $8.2 million in
FY-2025 to approximately $30.0 million in FY-2026 and is primarily related to
capitalised waste stripping activities and processing plant strategic spares
associated with the crushing circuit.
* Non-sustaining capital expenditure is expected to increase from $80.0
million in FY-2025 to approximately $90.0 million in FY-2026 and is primarily
related to pre-stripping activities at the Main pit, TSF embankment lift
stages 3 and 4, advanced grade control drilling and processing plant upgrades.
Assafou Project, Côte d’Ivoire
Project Definitive Feasibility Study
* The Assafou Definitive Feasibility Study ("DFS") is underway with expected
completion in Q1-2026. Subject to a positive investment decision following
completion of the DFS, first gold is targeted for H2-2028.
* The Environmental and Social Impact Assessment ("ESIA") was approved in
September 2025, while the Exploitation Permit was approved during February
2026.
* The Assafou Preliminary Feasibility Study ("PFS") was based on a 5.0Mtpa
Gravity / CIL processing plant and the study results, announced on 11 December
2024, defined a project with average 329kozpa production at AISC of $892/oz
over the first 10 years, with a 15 year mine life and robust project economics
with an after-tax NPV(5%) of $1,526m and IRR of 28%, at a $2,000/oz gold
price. The Assafou PFS had an initial capital cost of $734m.
* The DFS envisages a similar scale 5.0Mtpa Gravity / CIL processing plant,
with similar operating metrics and higher initial capital, based on an updated
and improved reserve and resource model (excluding the Pala Trend 3 deposit).
Key expected differences between the PFS and the DFS are detailed below: * The
DFS mine plan and processing flowsheet is being optimised to incorporate the
results of additional exploration and grade control drilling and de-risks the
first 18 months of ore mining at Assafou.
* The processing plant flowsheet has been adapted to ensure the plant can
potentially be upsized in the future, with limited changes to the processing
circuit.
* The proposed power line and road diversion within the PFS have been extended
to align with local community and local Government requirements.
* The DFS is expected to align to the NI 43-101 Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) Definition Standards of a Feasibility
Study, inline with Endeavour’s technical disclosure and reporting
requirements. The ‘Definitive’ classification is not a prescriptive
classification.
Project Update
* The progress regarding critical path items associated with the Assafou
project are detailed below: * The mining contractor tender process is
advancing and expected to be completed in Q1-2026.
* Road and power line diversion plans have been sterilised, finalised and
approved.
* Site infrastructure, including water dams, tailings storage facilities, the
airstrip and haul and access road designs are complete.
* Processing plant Front End Engineering and Design (FEED), comprising
specification, tender and adjudication of long-lead items including primary
and secondary crushers, mills and HPGR circuits is underway.
* Relocation evaluation and engineering is underway.
EXPLORATION ACTIVITIES
* Endeavour’s FY-2025 exploration programme amounted to $91.1 million, with
over 328,000 metres of drilling completed, of which $19.0 million was spent
in Q4-2025. The FY-2025 programmed was primarily focused on near-mine
brownfield resource to support the Group’s operating assets mine lives and
production profiles while the greenfield programme focussed on delineating and
testing high potential resources to rebuild the greenfield pipeline across the
Group’s existing operations.
* During FY-2025, Endeavour completed its 2021 - 2025 Exploration Strategy
with the discovery of 1.5Moz for a discovery cost of less than $25/oz,
bringing the total M&I resource discoveries since 2016 to 22.4Moz for a
discovery cost of less than $25/oz. Over this period Endeavour discovered two
cornerstone assets Lafigué, which was discovered in 2017 for a discovery cost
of $12/oz and Assafou, which was discovered in 2022 for a discovery cost of
$11/oz.
* Following the success of the 2021 - 2025 Exploration Strategy, in December
2025 the Group launched a 2026 - 2030 Exploration Strategy to discover between
12-15 million ounces of Measured, Indicated and Inferred resources for a
sector leading discovery cost of less than $40 per ounce. In addition to
replacing production depletion, exploration will be focused on expanding and
diversifying the greenfield pipeline both within the West African portfolio
and within three highly fertile, geologically immature, tier 1 gold provinces;
the Central Asian Orogenic Belt, the West Tethyan Metallogenic Belt and the
Guiana Shield, through Endeavour's New Venture programme.
* FY-2026 Group exploration spend is expected to be approximately
$100.0 million as detailed below. Exploration activities will prioritise
replacing depletion across the operating portfolio as well as targeting,
scoping and resource definition across the greenfield portfolio.
Table 21: Quarterly Exploration Expenditure and FY-2025 Guidance(1 )
Q4-2025 ACTUAL FY-2025 ACTUAL 2026 GUIDANCE
All amounts in US$ million
Houndé 3.9 11.0 10.0
Ity 2.9 19.4 15.0
Mana 0.4 3.6 5.0
Sabodala-Massawa 5.7 27.7 15.0
Lafigué 0.8 1.3 10.0
Assafou project 1.1 7.3 10.0
Greenfield exploration and corporate 4.2 20.8 35.0
TOTAL EXPLORATION EXPENDITURE 19.0 91.1 100.0
(1)Exploration expenditures include expensed and capitalised exploration
expenditures.
Houndé mine
* An exploration programme of $11.0 million was undertaken in FY-2025,
consisting of over 40,000 metres of drilling across 230 drill holes. During
the year, the exploration programme was focused on delineating the large,
high-grade resources at the Vindaloo Deep deposit and testing other near-mine
targets including the Kari Deeps and Vindaloo Deeps South East target, which
is an extension to the Vindaloo Deeps target.
* During Q4-2025, the exploration programme focused on refining the geological
model for the South East extension of the Vindaloo Deeps deposit, with
preliminary results confirming the extension, and ongoing drilling is expected
to further delineate this highly prospective target.
* An exploration programme of $10.0 million is planned for FY-2026, focused
mainly on further infill drilling at the Vindaloo Deeps deposit and continued
delineation of the Vindaloo Deeps South East target to evaluate the full
potential for underground extensions at the Houndé mine. Exploration drilling
will also continue at the Kari Deeps target to test the potential for
mineralisation at depth.
Ity mine
* An exploration programme of $19.4 million was undertaken in FY-2025,
consisting of over 147,000 metres across 7,139 drill holes. During the year,
the exploration programme focused on near-mine resource definition, extension
and conversion at the Grand Ity complex, as well as testing greenfield targets
along the Ity trend.
* During Q4-2025, exploration activities focused on geological interpretation
and modelling of the Ity doughnut and the Floleu, West Flotou and Ity Main
targets. Infill drilling activities at the Delta Southeast and Goleu targets
continued to support maiden resource estimates expected between late 2026 to
early 2027. Scout drilling at several targets along the Ity trend, including
Gbampleu, Guiampaleu and Mahapleu, identified several high grade intercepts
for follow up in FY-2026. Exploration success at Grand Ity resulted in 0.4Moz
of resource discoveries, primarily at Daapleu and Grand Ity.
* An exploration programme of $15.0 million is planned for FY-2026 and will
focus on resource development at Grand Ity and testing several targets close
to Ity and along the Ity trend, including Pressure Shadow, Gbampleu, Goleu,
Gueya, Morgan and Guiampaleu.
Mana mine
* An exploration programme of $3.6 million was undertaken in FY-2025,
consisting of 7,600 metres across 129 drill holes. The exploration programme
was focused on extending and converting resources in the Wona Underground
deposit and delineating the Wona Deeps target.
* During Q4-2025, exploration activities focused on analysing recent drilling
results to improve targeting at the Wona Underground deposit for the FY-2026
exploration programme.
* An exploration programme of $5.0 million is planned for FY-2026, focused on
extending underground mineralisation at the Wona Deeps target and converting
resources in the Wona deposit.
Sabodala-Massawa mine
* An exploration programme of $27.7 million was undertaken in FY-2025
consisting of 109,000 metres across 811 drill holes. The exploration programme
was focused on supporting the near-term mine plan through development of
high-grade non-refractory targets, including the Makana and Kawsara targets,
and developing high-grade underground resources including the Golouma and
Kerekounda deposits.
* During Q4-2025, drilling focused on resource definition at the potentially
large Kawsara deposit to support the life-of-mine production profile.
Mineralisation has been confirmed over a 1.6km strike length, and the deposit
remains open along strike and at depth. At the Makana target, drilling
identified a high-grade, structurally controlled vein system with a larger
mineralisation footprint than initially anticipated, with follow up drilling
planned in FY-2026. Exploration success at Sabodala-Massawa resulted in 0.5Moz
of discoveries, primarily at the Golouma and Kerekounda underground deposits,
and the Masato and Maki Medina targets.
* An exploration programme of $15.0 million is planned for FY-2026, focused on
non-refractory targets to support the near-term and medium-term production
profile including the Makana and Kawsara targets, as well as definition of the
long-term targets along the Kawsara extension.
Lafigué mine
* An exploration programme of $1.3 million was undertaken in FY-2025 focused
on testing 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. Drilling in FY-2025 was
delayed as access was negotiated with drilling expected to commence in
Q1-2026.
* An exploration programme of $10.0 million is planned for FY-2026, focused on
delineating the near-mine targets, Target 1, Corridor T4-12 and Central Area
targets through resource definition drilling and ground geophysics.
Assafou Project
* An exploration programme of $7.3 million was undertaken in FY-2025,
consisting of 23,000 metres across 178 drill holes. The exploration programme
was focused on extending mineralisation and delineating reserves at the
Assafou deposit as well as adding resources within 5km of the Assafou deposit.
* During Q4-2025, the programme was focused on modelling of the Assafou and
Pala Trend 3 mineral resources, along with resource delineation at Pala Trend
2. In addition, soil geochemistry and geological mapping was performed over
potential new targets within the Assafou basin, which identified several gold
and pathfinder element anomalies that will be followed up in 2026. A maiden
resource at Pala Trend 3 of 4.6Mt at 1.55g/t for 0.2Moz was announced as a
result of exploration success at Assafou, with an additional 0.4Moz of
resource discoveries at the Assafou deposit following the success of infill
drilling. The Pala Trend 3 deposit provides near-surface oxide ore at high
grades that is expected to supplement near-term production at the Assafou
project.
* An exploration programme of $10.0 million is planned for FY-2026, focused on
testing and progressing several high potential brownfield targets within 10km
of the Assafou deposit, including the Pala South West and Koume Nangara
targets. In parallel, the programme will continue to delineate a maiden
resource estimate at the Pala Trend 2 target, expected in FY-2026.
New Ventures and greenfield exploration
* The New Ventures and greenfield exploration programme is focused on
expanding and diversifying the long-term organic growth pipeline through its
operated greenfield exploration programmes, and by leveraging early stage
exploration companies operating in highly prospective, immature, tier 1 gold
provinces.
* East Star Resources - Kazakhstan: During Q4-2025, Endeavour signed a
partnership-style joint venture with East Star Resources Plc (“East
Star”), a Kazakhstan based gold and base metals explorer targeting tier-1
gold deposits in the Central and Northern regions of Kazakhstan. Endeavour has
the right to earn up to 80% interest in the newly incorporated join venture
company. 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. * In addition, on 10 February 2025, Endeavour
acquired a 14.3% stake in East Star via the conversion of a convertible loan
note. The proceeds are expected to be applied primarily to advance East
Star’s exploration programmes within the East Region of Kazakhstan and to
assess new opportunities.
* Koulou Gold Corp - Côte d’Ivoire: During Q1-2025, Endeavour entered into
a Subscription Agreement and an Investor Rights Agreement with Koulou Gold
Corp (“Koulou Gold”) on 28 May 2024. Through the exercise of warrants and
equity participation rights, Endeavour currently holds a 12.36% equity
interest in Koulou Gold. On 9 February 2026, Koulou Gold announced the
acquisition of the highly-prospective Koun-Fao permits, PR1019 and PR1022,
totalling 601.9 km², that are located immediately south of the Assafou and
Assuéfry permits along similar structural trends as those seen at Assafou and
Assuéfry, and underlain by similar Tarkwaian-like Koun Tanda Basin sediments
and Birimian volcanic rocks, with historical gold occurrences highlighting
their prospectivity. Koulou Gold holds an option to earn up to 100% interest
in these exploration permits.
GROUP RESERVES AND RESOURCES
* Proven and Probable (“P&P”) reserves from continuing operations amounted
to 16.6Moz at year-end 2025, a decrease of 1.8Moz or 10% compared to the
previous year driven largely by production depletion (-1.4Moz) and model
optimisation that incorporated long-term cost assumptions at Lafigué, Houndé
and Sabodala-Massawa. This was partially offset by the addition of reserves at
Assafou following successful infill drilling (+0.3Moz) and an increase in the
reserve gold price at the operating mines from $1,500/oz to $1,900/oz
(+0.2Moz).
* Measured and Indicated (“M&I”) resources from continuing operations
amounted to 25.0Moz at year-end 2025 (an increase of 0.4Moz before depletion),
a decrease of 1.1Moz or 4% compared to the previous year largely due to
production depletion (-1.6Moz), optimisation of the resource models and
alignment of the cost base at Lafigué and Houndé. This was partially offset
by an increase in the resource gold price from $1,900/oz to $2,100/oz
(+0.4Moz) at the operating mines and the addition of maiden resources at the
Pala Trend 3 deposit, adjacent to Assafou (+0.2Moz).
Table 22: Reserve and Resource Evolution from continuing operations
In Moz on a 100% basis 31 Dec 2025 (1) 31 Dec 2024 (2) Δ 2025 vs 2024
P&P Reserves 16.6 18.4 (1.8) (10)%
M&I Resources (inclusive of Reserves) 25.0 26.1 (1.1) (4)%
Inferred Resources 6.3 5.7 +0.6 +11%
(1)Notes available in Appendix A for the 2025 mineral reserves and resources.
(2)For 2024 reserves and resource notes, please read the press release dated 6
March 2025 available on the Company’s website.
* Mineral reserve and resource estimates were updated to factor in mine
depletion, exploration success, and updated unit costs, recovery rate,
geological and geotechnical assumptions. Gold price assumptions for reserve
cash flow were updated to reflect the increase in the realised average gold
price, but remained conservative, as summarised in the below table.
Table 23: Reserve and Resource Gold Prices
Au price $/oz 2025 Reserve 2024 Reserve 2025 Resource 2024 Resource
Houndé 1,900 1,500 2,100 1,900
Ity (1) 1,900 1,500 2,100 1,900
Mana 1,900 1,500 2,100 1,900
Sabodala-Massawa (2) 1,900 1,500 2,100 1,900
Lafigué 1,900 1,500 2,100 1,900
Kalana (2) 1,900 1,500 1,900 1,500
Assafou project 1,500 1,500 1,900 1,900
(1)Reserves have been optimised at a gold price of $1,500/oz with cutoff
grades and cash flow generated at a gold price of $1,900/oz. Full reserve
optimisation, at the higher gold price assumption is expected in the FY-2026
reserves and resources statement. (2)Reserves have been optimised at a gold
price and cutoff grades of $1,500/oz with cash flow generated at a gold price
of $1,900/oz. Full reserve optimisation, at the higher gold price assumption
is expected in the FY-2026 reserves and resources statement
* Detailed year-over-year reserve and resource variances are available in
Appendix A attached, with further insights below: * For Houndé, P&P reserves
decreased from 58.5Mt at 1.41g/t containing 2.6Moz to 41.9Mt at 1.41g/t
containing 1.9Moz mainly due to depletion (-0.3Moz), cost model alignment at
the Kari Pump, Kari South and Kari West deposits and the relinquishment of the
Dohoun permit. M&I resources decreased from 67.5Mt at 1.51g/t containing
3.3Moz to 57.0Mt at 1.44g/t containing 2.6Moz mainly due to depletion
(-0.3Moz) and resource model optimisation at Vindaloo Main and Kari Pump,
partially offset by an increase in the resource gold price from $1,900/oz to
$2,100/oz.
* For Ity, P&P reserves decreased from 78.6Mt at 1.41g/t containing 3.6Moz to
76.9Mt at 1.28g/t containing 3.2Moz largely due to depletion (-0.4Moz),
partially offset by an increase in the reserve gold price at Grand Ity,
Daapleu, Verse Ouest and Le Plaque. M&I resources increased from 109.1Mt at
1.55g/t containing 5.4Moz to 119.4Mt at 1.43g/t containing 5.5Moz due to
discoveries and resource model optimisations at the Mount Ity, Walter,
Daapleu, Zia, Yopleu and Bakatouo deposits as well as an increase in the
resource gold price from $1,900/oz to $2,100/oz, partially offset by depletion
(-0.4Moz) and resource model optimisation at the Flotouo deposit.
* For Mana, P&P reserves decreased slightly from 7.6Mt at 2.79g/t containing
0.7Moz to 7.5Mt at 2.49g/t containing 0.6Moz, primarily driven by depletion
(-0.1Moz). M&I resources decreased from 15.9Mt at 3.36g/t containing 1.7Moz to
11.5Mt at 3.24g/t containing 1.2Moz due to depletion (-0.2Moz) and resource
model optimisation to optimise stope extraction, partially offset by an
increase in the resource gold price from $1,900/oz to $2,100/oz.
* For Sabodala-Massawa, P&P reserves decreased from 50.7Mt at 2.00g/t
containing 3.3Moz to 42.8Mt at 2.01g/t containing 2.8Moz due largely to
depletion (-0.3Moz), pit design changes at Kiesta and Masato and model
optimisation at Massawa North Zone. This was partially offset by exploration
discoveries at the Golouma and Kerekounda underground deposits. M&I resources
increased slightly from 80.4Mt at 2.01g/t containing 5.2Moz to 80.0Mt at
2.02g/t containing 5.2Moz due to the increase in the resource gold price from
$1,900/oz to $2,100/oz and exploration discoveries at the Golouma underground,
Masato and Mamasoto deposits. This was partially offset by depletion (-0.4Moz)
and resource model optimisation at Massawa Central Zone, Sabodala, Niakafiri
East and Bambaraya.
* For Lafigué, P&P reserves decreased from 44.4Mt at 1.65g/t containing
2.4Moz to 40.1Mt at 1.49g/t containing 1.9Moz, primarily due to depletion
(-0.2Moz) and model optimisation to incorporate additional grade-control
drilling at the Main pit. M&I resources decreased from 46.2Mt at 1.95g/t
containing 2.9Moz to 38.1Mt at 1.86g/t containing 2.3Moz due to depletion
(-0.3Moz) and resource model optimisation to incorporate additional
grade-control drilling, partially offset by an increase in the resource gold
price from $1,900/oz to $2,100/oz.
* For Assafou, P&P reserves increased from 72.8Mt at 1.76g/t containing 4.1Moz
to 77.4Mt at 1.76g/t containing 4.4Moz following successful infill drilling.
M&I resources increased from 73.6Mt at 1.95g/t containing 4.6Moz to 84.8Mt at
1.91g/t containing 5.2Moz following successful infill drilling that delineated
additional resources at the Assafou deposit, as well as successful exploration
that defined a maiden resource of 4.6Mt at 1.55g/t containing 0.2Moz at the
Pala Trend 3 target, that is less than two kilometres West of the Assafou
deposit.
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 5 March 2026
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/6od6cbub
To download a calendar reminder for the webcast, visit the events page of our
website here
(https://www.globenewswire.com/Tracker?data=nS2xw7Y92tLnz1ce2DnqGw0ffnR0Ra661qPYxW9hOGkcQ-D9w_eMBH3lQ436jPsZkQDuijSsI8AidQBk8n8zgqLIK15Q_p44xrTtRyth-GM1H12VwZ2tkNAFuVQDFaJT).
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/BI3cf0fd6393434ff184910d3eca4100bd
The conference call and webcast will be available for playback on Endeavour's
website
(https://www.globenewswire.com/Tracker?data=42lHDb2Dr7hGnbEmB-4JTDzCVmgXIgVvZeUH14QKnXkeMsgRmNpMV3v55ijgUzkB6TKHX-qapdr63OSgKv7ESJmw87okJR9aHeMD3ComcboZTIo7dwUbRzvb9a7ZMcs7).
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;
climate-related physical and transition risks; the availability and
performance of emissions-reduction and renewable energy technologies; changes
in climate-related disclosure requirements or ESG-related regulation; evolving
stakeholder expectations; the reliability and accuracy of ESG-related data
(including greenhouse gas emissions estimates, particularly Scope 3
emissions); reliance on third-party information, contractors and suppliers for
ESG metrics; and the Company’s ability to achieve ESG-related targets or
ambitions; 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.
ESG-related disclosures are inherently subject to measurement uncertainties
and methodological limitations. Certain ESG metrics, including greenhouse gas
emissions, climate scenario analysis, biodiversity impacts and supply chain
data, are based on evolving standards, estimates, assumptions and third-party
information, and may not have the same degree of accuracy, comparability or
assurance as financial information prepared in accordance with IFRS. As ESG
reporting frameworks and regulatory requirements in the United Kingdom and
Canada continue to develop, the Company may revise or update its
methodologies, baselines or disclosures in future reporting periods.
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
APPENDIX A: DETAILED RESERVES AND RESOURCE(1)
ON A 100% BASIS ON AN ATTRIBUTABLE BASIS
Resources shown inclusive of Reserves Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz)
Houndé Mine (85% owned)
Proven Reserves 2.4 1.10 85 2.0 1.10 72
Probable Reserves 39.5 1.43 1,811 33.6 1.43 1,539
P&P Reserves 41.9 1.41 1,896 35.6 1.41 1,612
Measured Resources 2.4 1.11 85 2.0 1.11 73
Indicated Resources 54.6 1.46 2,553 46.4 1.45 2,170
M&I Resources 57.0 1.44 2,639 48.4 1.44 2,243
Inferred Resources 9.2 1.54 453 7.8 1.54 385
Ity Mine (85% owned except 90% owned Le Plaque area)
Proven Reserves 12.3 0.95 374 10.4 0.95 318
Probable Reserves 64.6 1.35 2,803 55.2 1.35 2,396
P&P Reserves 76.9 1.28 3,177 65.6 1.28 2,714
Measured Resources 12.2 0.94 369 10.4 0.94 314
Indicated Resources 107.2 1.48 5,114 91.3 1.48 4,366
M&I Resources 119.4 1.43 5,483 101.7 1.43 4,680
Inferred Resources 11.2 1.56 560 9.5 1.56 476
Sabodala-Massawa Complex (90% owned)
Proven Reserves 14.8 1.12 531 13.3 1.12 478
Probable Reserves 28.0 2.48 2,237 25.2 2.48 2,014
P&P Reserves 42.8 2.01 2,768 38.5 2.01 2,491
Measured Resources 16.9 1.21 661 15.2 1.21 595
Indicated Resources 63.1 2.23 4,529 56.8 2.23 4,076
M&I Resources 80.0 2.02 5,190 72.0 2.02 4,671
Inferred Resources 27.2 2.02 1,766 24.5 2.02 1,589
Mana Mine (85% owned)
Proven Reserves 2.6 2.73 224 2.2 2.73 191
Probable Reserves 5.0 2.36 378 4.2 2.36 321
P&P Reserves 7.5 2.49 603 6.4 2.49 512
Measured Resources 4.5 3.45 502 3.8 3.45 426
Indicated Resources 7.0 3.11 695 5.9 3.11 591
M&I Resources 11.5 3.24 1,196 9.8 3.24 1,017
Inferred Resources 8.7 3.16 884 7.4 3.16 752
Lafigué (80% owned)
Proven Reserves 12.6 1.19 479 10.00 1.19 383
Probable Reserves 27.5 1.63 1,446 22.0 1.63 1,157
P&P Reserves 40.1 1.49 1,926 32.1 1.49 1,541
Measured Resources 12.2 1.40 546 9.7 1.40 437
Indicated Resources 26.0 2.07 1,731 20.8 2.07 1,385
M&I Resources 38.1 1.86 2,277 30.5 1.86 1,822
Inferred Resources 3.4 2.12 230 2.7 2.12 184
Kalana Project (80% owned)
Proven Reserves — — — — — —
Probable Reserves 35.6 1.60 1,829 28.5 1.60 1,463
P&P Reserves 35.6 1.60 1,829 28.5 1.60 1,463
Measured Resources — — — — — —
Indicated Resources 46.0 1.57 2,318 36.8 1.57 1,854
M&I Resources 46.0 1.57 2,318 36.8 1.57 1,854
Inferred Resources 4.6 1.67 244 3.6 1.67 195
Nabanga (90% owned)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources — — — — — —
M&I Resources — — — — — —
Inferred Resources 3.9 6.91 868 3.5 6.91 781
Assafou (100% owned)
Proven Reserves 21.5 1.87 1,295 21.5 1.87 1,295
Probable Reserves 55.9 1.72 3,085 55.9 1.72 3,085
P&P Reserves 77.4 1.76 4,379 77.4 1.76 4,379
Measured Resources 20.8 2.05 1,367 20.8 2.05 1,367
Indicated Resources 64.0 1.86 3,837 64.0 1.86 3,837
M&I Resources 84.8 1.91 5,203 84.8 1.91 5,203
Inferred Resources 1.9 2.00 122 1.9 2.00 122
Bantou (90% owned except 81% owned Karankasso)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources 18.1 1.22 707 16.3 1.22 637
M&I Resources 18.1 1.22 707 16.3 1.22 637
Inferred Resources 16.2 2.24 1,167 13.4 2.28 986
Total - Endeavour Mining
Proven Reserves 66.1 1.41 2,988 59.5 1.43 2,737
Probable Reserves 256.1 1.65 13,589 224.5 1.66 11,975
P&P Reserves 322.2 1.60 16,577 284.1 1.61 14,712
Measured Resources 69.0 1.59 3,530 62.0 1.61 3,212
Indicated Resources 385.9 1.73 21,483 338.2 1.74 18,915
M&I Resources 454.9 1.71 25,013 400.2 1.72 22,126
Inferred Resources 86.2 2.27 6,295 74.4 2.29 5,472
(1)Reserves and Resources are shown for continuing operations. The mineral
Reserves and Resources were estimated as at December 31, 2025 with the
provisions adopted by the Canadian Institute of Mining Metallurgy and
Petroleum (CIM) and incorporated into the NI 43-101. The Qualified Persons
responsible for the mineral Reserve and Resource estimated are detailed in the
following tables.
MINERAL RESOURCES
QUALIFIED PERSON POSITION PROPERTY/DEPOSIT
Kevin Harris, CPG VP Resources, Endeavour Mining plc Ity, Houndé (Kari Pump, Vindaloo Main), Bantou, Assafou (Assafou and Pala 3), Nabanga.
Helen Oliver, FGS, CGeol Group Resource Geologist, Endeavour Mining plc Houndé; (Kari West, Kari Center-South, Vindaloo South, Dafra (Vindaloo North 3, Dafra NE), Vindaloo SE, Koho, Mambo; Kalana (TSF); Sabodala-Massawa (Kerekounda (UG), Goumbati West- Kobokoto, Kiesta (A&C), Niakafiri East, Niakafiri West, Kerekounda East, Soukhoto, Delya, Tina, Samina, Kawsara, Makana 1)
Joseph Hirst, FGS, CGeol Group Resource Geologist, Endeavour Mining plc Mana (Wona-Kona UG, Siou UG); Sabodala-Massawa (Golouma (UG), Masoto, Mamasoto, Sabodala, Maki Medina, Marougou, Massawa CZ, Massawa NZ)
Janine Fleming, FGSSA, PrSciNat Senior Resource Estimation Manager, Endeavour Mining plc Lafigué
Paul Blackney, MAusIMM, MAIG Principal Consultant, Datamine Australia Pty. Ltd. (Snowden Optiro) Kalana Project (Kalana and Kalanako)
MINERAL RESERVES
QUALIFIED PERSON POSITION PROPERTY/DEPOSIT
Salih Ramazan, FAusIMM Vice President, Mine Planning, Endeavour Mining plc Ity, Houndé, Sabodala-Massawa (OP), Lafigué
Petre Florea, PR. Eng. Mine Planning Manager, Operations and ESG. Mana (Wona-Kona UG, Siou UG)
Francois Taljaard, SAIMM, Pr.Eng Principal Consultant (Mining Engineering), SRK (UK) Assafou-Dibibango Project
Cameron Rees, FAusIMM Director and Principal Mining Engineer - CCR Mining Engineering Pty Ltd. Sabodala-Massawa (Golouma and Kerekounda UG)
Allan Earl, FAusIMM Executive Consultant, Datamine Australia Pty. Ltd. (Snowden Optiro) Kalana Project
1. The mineral resources and mineral reserves have been estimated and reported
in accordance with Canadian National Instrument 43-101, 'Standards of
Disclosure for Mineral Projects' and the CIM Definition Standards adopted by
CIM Council on 10 May 2014, as well as the CIM Estimation of Mineral Resources
& Mineral Reserves Best Practice Guidelines as also adopted on 29 November
2019.
2. Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
3. All mineral resources are reported inclusive of mineral reserves.
4. Tonnages are rounded to the nearest 100,000 tonnes; gold grades are rounded
to two decimal places; ounces are rounded to the nearest 1,000oz. Rounding may
result in apparent differences between tonnes, grade and contained metal.
5. Tonnes and grade measurements are in metric units; contained gold is in
troy ounces.
6. Processing recoveries vary and are a function of many factors including:
pit material types, mineralogy and chemistry of the ore. The overall average
recoveries are around 89% at Sabodala, 90% at Houndé, 87% at Ity, 88% at
Mana, and 95% at Lafigué. The average processing recoveries at the
development projects is Kalana at 90% and Assafou at 90%.
7. The Assafou project is currently 100% owned. Ownership (and attributable
Mineral Resource and Mineral Reserves) will change to reflect the Government
of Côte d'Ivoire’s minority interest ownership after the project company is
incorporated for the exploitation phase with State participation in accordance
with Cote d’Ivoire law.
8. The reporting of mineral reserves and resources are based on a gold price
as detailed below:
Au price $/oz 2025 Reserve 2024 Reserve 2025 Resource 2024 Resource
Houndé 1,900 1,500 2,100 1,900
Ity (1) 1,900 1,500 2,100 1,900
Mana 1,900 1,500 2,100 1,900
Sabodala-Massawa (2) 1,900 1,500 2,100 1,900
Lafigué 1,900 1,500 2,100 1,900
Kalana (2) 1,900 1,500 1,900 1,500
Assafou project 1,500 1,500 1,900 1,900
(1)Reserves have been optimised at a gold price of $1,500/oz with cut-off
grades and cash flow generated at a gold price of $1,900/oz. (2)Reserves have
been optimised at a gold price and cut-off grades of $1,500/oz with cash flow
generated at a gold price of $1,900/oz.
Cut-off grades for the Mineral Resources are as follows:
a) Houndé: at 0.40g/t Au
b) Ity: at 0.40g/t Au
c) Sabodala-Massawa: open pit from 0.40g/t to 1.00g/t Au. Underground
from 2.00g/t to 2.20g/t Au ($1,900 Basis)
d) Mana UG: 1.8g/t Au for Siou and 2.0 g/t Au at Wona;.
e) Lafigué: all 0.40g/t Au
f) Kalana: all 0.50/t Au, 0.0g/t Au for TSF
g) Bantou: from 0.43g/t Au to 0.86g/t Au
h) Nabanga: at 3.00g/t Au
i) Assafou: at 0.40 g/t Au
Cut-off grades for the Mineral Reserves are as follows:
1. Houndé: Oxide and Transitional 0.4 to 0.7; Fresh: 0.5 to 0.6 except Mambo
1.0:
2. ITY: Oxide: 0.4, Transitional and Fresh: 0.4 to 0.6
3. SGO SWOLP: Oxide: 0.5 to 0.8, Transitional: 0.6 to 1.0, Fresh: 0.6 to 0.8
4. SGO SSTP: Transitional (RedTrans): CZ: 1.7, NZ: 1.4, Delya (Main & South):
1.0, Samina: 1.1
5. SGO SSTP: Fresh (all): 1.3
6. SGO UG: Golouma: 2.8, and Kerekounda: 2.6 ($1,500 Basis)
7. Lafigué: All weathering types: 0.4
8. Mana: Siou North: 2.80, Siou South: 2.90, Wona: 2.60
9. Kalana and Kalanako OP: oxide: 0.40 g/t Au; transitional: 0.5 g/t Au;
fresh: 0.60 g/t Au, 0.0 g/t Au for TSF ; and
10. ADP: laterite/oxide/transitional: 0.40 g/t Au; fresh: 0.50 g/t Au
RESERVES AND RESOURCES: YEAR-OVER-YEAR COMPARISON(1)
As at 31 December 2024 As at 31 December 2025
Resources shown on a 100% basis Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage (Mt) Grade (Au g/t) Content (Au koz)
Houndé Mine (85% owned)
Proven Reserves 2.6 1.06 90 2.4 1.10 85
Probable Reserves 55.9 1.42 2,554 39.5 1.43 1,811
P&P Reserves 58.5 1.41 2,643 41.9 1.41 1,896
Measured Resources 2.6 1.07 91 2.4 1.11 85
Indicated Resources 64.8 1.53 3,182 54.6 1.45 2,553
M&I Resources 67.5 1.51 3,273 57.0 1.44 2,639
Inferred Resources 6.8 1.50 327 9.2 1.54 453
Ity Mine (85% owned except 90% owned Le Plaque area)
Proven Reserves 11.3 0.91 331 12.3 0.95 374
Probable Reserves 67.3 1.49 3,222 64.6 1.35 2,803
P&P Reserves 78.6 1.41 3,553 76.9 1.28 3,177
Measured Resources 11.4 0.91 331 12.2 0.94 369
Indicated Resources 97.8 1.62 5,093 107.2 1.48 5,114
M&I Resources 109.1 1.55 5,423 119.4 1.43 5,483
Inferred Resources 9.1 1.59 467 11.2 1.56 560
Mana Mine (85% owned)
Proven Reserves 1.1 2.88 100 2.6 2.73 224
Probable Reserves 6.5 2.77 577 5.0 2.36 378
P&P Reserves 7.6 2.79 678 7.5 2.49 603
Measured Resources 3.0 3.51 334 4.5 3.45 502
Indicated Resources 13.0 3.32 1,388 7.0 3.11 695
M&I Resources 15.9 3.36 1,721 11.5 3.24 1,196
Inferred Resources 8.5 3.51 959 8.7 3.16 884
Sabodala-Massawa Complex (90% owned)
Proven Reserves 16.7 1.02 549 14.8 1.12 531
Probable Reserves 33.9 2.49 2,711 28.0 2.48 2,237
P&P Reserves 50.7 2.00 3,260 42.8 2.01 2,768
Measured Resources 19.9 1.13 724 16.9 1.21 661
Indicated Resources 60.5 2.29 4,463 63.1 2.23 4,529
M&I Resources 80.4 2.01 5,186 80.0 2.02 5,190
Inferred Resources 20.4 2.01 1,322 27.2 2.02 1,766
Bantou (90% owned except 81% owned Karankasso)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources 18.1 1.22 707 18.1 1.22 707
M&I Resources 18.1 1.22 707 18.1 1.22 707
Inferred Resources 16.2 2.24 1,167 16.2 2.24 1,167
Lafigué (80% owned)
Proven Reserves 3.0 0.94 90 12.6 1.19 479
Probable Reserves 41.4 1.70 2,267 27.5 1.63 1,446
P&P Reserves 44.4 1.65 2,357 40.1 1.49 1,926
Measured Resources 3.0 0.94 90 12.2 1.40 546
Indicated Resources 43.2 2.03 2,813 26.0 2.07 1,731
M&I Resources 46.2 1.95 2,903 38.1 1.86 2,277
Inferred Resources 4.0 1.38 177 3.4 2.12 230
Kalana Project (80% owned)
Proven Reserves — — — — — —
Probable Reserves 35.6 1.60 1,829 35.6 1.60 1,829
P&P Reserves 35.6 1.60 1,829 35.6 1.60 1,829
Measured Resources — — — — — —
Indicated Resources 46.0 1.57 2,318 46.0 1.57 2,318
M&I Resources 46.0 1.57 2,318 46.0 1.57 2,318
Inferred Resources 4.6 1.67 245 4.6 1.67 245
Nabanga (90% owned)
Proven Reserves — — — — — —
Probable Reserves — — — — — —
P&P Reserves — — — — — —
Measured Resources — — — — — —
Indicated Resources — — — — — —
M&I Resources — — — — — —
Inferred Resources 3.9 6.91 868 3.9 6.91 868
Assafou (100% owned)
Proven Reserves — — — 21.5 1.87 1,295
Probable Reserves 72.8 1.76 4,115 55.9 1.72 3,085
P&P Reserves 72.8 1.76 4,115 77.4 1.76 4,379
Measured Resources — — — 20.8 2.05 1,367
Indicated Resources 73.6 1.95 4,604 64.0 1.86 3,837
M&I Resources 73.6 1.95 4,604 84.8 1.91 5,203
Inferred Resources 3.3 1.97 208 1.9 2.00 122
Total - Endeavour Mining
Proven Reserves 34.8 1.04 1,160 66.1 1.41 2,988
Probable Reserves 313.3 1.71 17,274 256.1 1.65 13,589
P&P Reserves 348.1 1.65 18,434 322.2 1.60 16,577
Measured Resources 39.8 1.23 1,569 69.0 1.59 3,530
Indicated Resources 417.0 1.83 24,567 385.9 1.73 21,483
M&I Resources 456.8 1.78 26,136 454.9 1.71 25,013
Inferred Resources 76.8 2.33 5,740 86.2 2.27 6,295
(1)Reserves and Resources are shown for continuing operations. Notes for the
period ended 31 December 2025 are available in the section above. Notes for
the period ended 31 December 2024 are available in the press release dated 6
March 2025 available on the Company’s website, 2024 Annual Report, and on
SEDAR+.
Attachments
* EDV_Q4 & FY-2025_Results News Release
(https://ml-eu.globenewswire.com/Resource/Download/ddffdb1f-8b92-43c6-9fff-24dac04956ac)
* EDV_Q4 & FY-2025_Results Presentation
(https://ml-eu.globenewswire.com/Resource/Download/e253a925-1a49-4ea8-8989-6d2f1d8e6b08)
* EDV_Q4-2025 & FY-2025_Mine Stats
(https://ml-eu.globenewswire.com/Resource/Download/f9c2db2b-bbad-496c-be6c-31ce91c77dd7)
* EDV_Q4 & FY-2025_Financial Statements
(https://ml-eu.globenewswire.com/Resource/Download/79360048-db96-45ac-948b-82b78b5987cf)
* EDV_Q4 & FY-2025_MD&A
(https://ml-eu.globenewswire.com/Resource/Download/e1fc6a37-0b10-421f-a8f5-91b488a05755)
* EDV - 2025 Annual Report
(https://ml-eu.globenewswire.com/Resource/Download/d33ed2f6-b989-4f68-845a-7903d3bb4bd3)
* EDV - 2025 Sustainability Report
(https://ml-eu.globenewswire.com/Resource/Download/29d85bef-ba5d-44cb-a29e-fe2004fa2a3b)Recent news on Endeavour Mining
See all newsREG-Endeavour Reports Strong FY-2025 Results
AnnouncementREG-Holding(s) in Company
AnnouncementREG-Endeavour Announces Total Voting Rights
AnnouncementREG - East Star Resources Endeavour Mining PLC - Holding(s) in Company
AnnouncementREG-Holding(s) in Company
Announcement