REG-Endeavour Reports Strong Q1-2026 Results
30/04/2026 07:00
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ENDEAVOUR REPORTS STRONG Q1-2026 RESULTS
FY-2026 guidance on track • Record Q1-2026 adjusted EBITDA of $880m •
Record Q1-2026 free cash flow of $613m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
● Q1-2026 production of 282koz at AISC of $1,834/oz; FY-2026 guidance on track with H2-2026 weighted performance.
● Q1-2026 Adj. EBITDA of $880m, up 29% over Q4-2025. Adj. Net Earnings of $370m (or $1.53/sh), up 65% over Q4-2025.
● Free cash flow of $613m (or $2,176/oz produced) for Q1-2026, up 29% over Q4-2025.
● Strong net cash position of $405m at the end of Q1-2026; balance sheet liquidity of $1,704m to support Assafou development project and increased shareholder returns.
● Total shareholder returns of $1.6 billion over the last five years, 83% above minimum; record FY-2025 returns of $435m.
● 2026-2028 shareholder returns programme with $1bn minimum dividend that will be supplemented with dividends and share buybacks at a gold price above $3,000/oz; total returns expected to exceed $2bn at prevailing gold prices.
● Share buybacks continue to supplement returns with $54m completed YTD-2026, including $30m in Q1-2026.
SECTOR LEADING ORGANIC GROWTH
● Assafou DFS defined a potential cornerstone asset with 320kozpa of production at AISC of $1,026/oz for the first 8 years of the 16 year mine life. Early works launched, FID targeted before end-2026 followed by 24-30 month construction.
● After-tax NPV ((5%))of $5.1bn and IRR of 55% with a less than 2-year payback at $4,000/oz gold price.
● Upfront capital of $1,061m, an increase compared to the PFS reflecting changes to site roads and power, plant optimisations to de-risk ramp-up and to enable seamless plant expansion in the future.
● Significant resource upside through satellite deposit exploration and strategic partnerships.
● Strong exploration efforts with $18m spent in Q1-2026; focused on resource expansions at cornerstone assets.
London, 30 April 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV,
OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is
pleased to announce its operating and financial results for Q1-2026, with
highlights provided in Table 1 below.
Table 1: Operating and financial highlights(1)
All amounts in US$ million unless otherwise specified THREE MONTHS ENDED
31 March 2026 31 December 2025 31 March 2025 Δ Q1-2026 vs. Q4-2025
OPERATING DATA
Gold Production, koz 282 298 341 (5)%
Gold sold, koz 278 302 353 (8)%
Total Cash Cost (1), $/oz 1,516 1,448 929 +5%
All-in Sustaining Cost (1), $/oz 1,834 1,648 1,129 +11%
Realised Gold Price (2), $/oz 4,810 3,873 2,783 +24%
CASH FLOW
Operating Cash Flow before changes in working capital 829 625 592 +33%
Operating Cash Flow before changes in working capital (1), $/sh 3.42 2.59 2.43 +32%
Operating Cash Flow 737 609 494 +21%
Operating Cash Flow (1), $/sh 3.05 2.52 2.03 +21%
Free Cash Flow (1,3) 613 476 409 +29%
Free Cash Flow (1,3), $/sh 2.53 1.97 1.68 +28%
PROFITABILITY
Net Earnings Attributable to Shareholders 354 68 173 +421%
Net Earnings, $/sh 1.46 0.28 0.71 +421%
Adj. Net Earnings Attributable to Shareholders (1) 370 225 219 +64%
Adj. Net Earnings (1), $/sh 1.53 0.93 0.90 +65%
EBITDA (1) 872 471 540 +85%
Adj. EBITDA (1) 880 681 613 +29%
SHAREHOLDER RETURNS (1)
Shareholder dividends paid — 149 — n.a.
Share buybacks (4) 30 3 40 +900%
FINANCIAL POSITION HIGHLIGHTS (1)
Net Cash/(Net Debt) 405 (158) (378) n.a.
Net Cash/(Net Debt) / LTM Trailing adj. EBITDA 0.16x (0.07)x (0.22)x n.a.
(1)This is a non-GAAP measure, refer to the non-GAAP Measures section for
further details. (2)Realised gold prices are inclusive of the Sabodala-Massawa
stream and the realised gains/losses from the Group’s revenue protection
programme. (3)From all operations; calculated as Operating Cash Flow less Cash
used in investing activities.( 4)Q1-2026 share buybacks of $29.7 million
differs from $27.0 million per the Statement of Cashflows due to foreign
exchange and timing of payments.
Management will host a conference call and webcast today, Thursday 30 April
2026, at 8:30 am EDT / 1:30 pm BST. For instructions on how to participate,
please refer to the conference call and webcast section at the end of the news
release. The Management Discussion & Analysis and Financial Statements have
been submitted to the National Storage Mechanism and filed on SEDAR+. The
documents will shortly be available for inspection on the Company’s website
and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition,
today the Company has published its 2025 Tax and Economic Contribution Report,
which will be available on the Company’s website.
Ian Cockerill, Chief Executive Officer, commented: "We delivered a strong
start to 2026, building on last year’s momentum with another solid quarter
of operational performance and record financial results.
We remain on track to achieve full-year guidance, with performance weighted
towards the second half of the year, reflecting the mining sequence at our
Houndé, Mana and Ity mines.
Strong operational delivery, combined with continued strength in the gold
price, translated into record adjusted EBITDA of $880 million, up 29% over
Q4-2025, and record free cash flow of $613 million, equivalent to $2,176 per
ounce, up 29% over Q4-2025. This cash generation supported further improvement
in our balance sheet, which now stands at $405 million of net cash.
Our financial strength gives us flexibility to simultaneously start
construction at Assafou and deliver on our sector leading shareholder returns
programme. We expect to significantly exceed our minimum commitment for the
year, and at prevailing gold prices, we could more than double it, supported
by over $54 million of supplemental share buybacks completed already this
year.
At Assafou, the recently announced DFS confirmed the scale and quality of this
potential cornerstone project that underpins our organic growth to 1.5 million
ounces by 2030. Early works are now well underway, procurement of long-lead
items has been launched, detailed engineering and design advancing, relocation
action planning in progress and key tender negotiations near complete as we
target a final investment decision before the end of the year. The DFS
significantly optimised and de-risked the project, which can now support
future expansions as we continue to grow the resource base.
Our exploration programme is advancing on multiple fronts. The Vindaloo Deeps
discovery at our Houndé mine is expected to materially enhance the
life-of-mine plan, with a maiden resource expected in H1 this year. Elsewhere,
resource development at our core assets is expected to support an improved
reserves and resources outlook at year-end, while our greenfield programme
continues to generate high-priority targets across our selected tier 1 gold
provinces.
Importantly, as we grow the business and deliver returns to our shareholders,
our stakeholders also benefit. Last year we contributed $2.8 billion to our
host nations, a 27% increase over the previous year - re-iterating the strong
alignment between our performance, and our contributions to host countries,
particularly in this higher gold price environment. Sustainable value creation
requires us to continually strengthen our governance, stakeholder engagement
and management systems across the business, ensuring ESG is effectively
embedded in how we operate. This approach has been recognised in the recent
upgrade of our ISS Corporate Rating to B-, positioning Endeavour within the
top 10% of our industry.
With a high-quality portfolio and a strong organic growth pipeline, we are
well positioned to sustainably deliver sector-leading growth and shareholder
returns, creating long-term value for all stakeholders.”
SHAREHOLDER RETURNS PROGRAMME
* Endeavour has paid more than $1.6bn in shareholder returns since Q1-2021,
which is $730.3 million or 83% above its minimum commitment over the period,
reflecting its commitment to delivering sector leading shareholder returns.
* For FY-2025 Endeavour returned $435.0 million to shareholders including
$350.0 million of dividends and $85.3 million of share buybacks, 93% above its
minimum commitment.
* Over the 2026 - 2028 period, Endeavour expects to return a minimum dividend
of approximately $1.0 billion to shareholders, comprised of $300.0 million for
FY-2026, $325.0 million for FY-2027, and $350.0 million for FY-2028, provided
the realised gold price over the dividend period exceeds $3,000/oz. At
prevailing gold prices, Endeavour expects to return at least $2.0 billion to
shareholders through approximately $1.0 billion of minimum dividends and $1.0
billion of supplemental dividends and share buybacks.
* During H1-2026, shareholder returns have continued to be supplemented with
$53.9 million, or 0.9 million shares, of buybacks up to 28 April 2026, with
$29.7 million, or 0.5 million shares, of buybacks completed during Q1-2026.
H1-2026 dividends will be declared within Endeavour’s Q2 and H1-2026
results.
* 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 $3,000/oz and if
the Company's leverage remains below its long term target of 0.50x net debt /
Adjusted EBITDA (LTM).
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in US$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
FY-2025 225 125 85 435 +210
SUBTOTAL 885 305 425 1,615 +730
2026-2028 Shareholder Returns Programme (Ongoing) H1-2026 (1) 150 — 54 204 +54
H2-2026 150 — — — —
FY-2027 325 — — — —
FY-2028 350 — — — —
TOTAL 1,860 305 479 1,819 +784
(1)H1-2026 share buybacks represent $53.9 million shares repurchased during
H1-2026 to 28 April 2026.
OPERATING SUMMARY
* Endeavour puts the highest priority on safety and the Company’s ultimate
aim is to achieve “zero harm” performance. As previously disclosed, on 9
March 2026, we were saddened to report that a contractor colleague passed away
on 6 March 2026, as a result of injuries sustained in an incident that
occurred during decommissioning activities at our Mana mine in Burkina Faso.
The health, safety and welfare of our colleagues remain our top priority and
following the incident a comprehensive investigation was completed with
several improvements currently being implemented, including enhanced
contractor onboarding processes and reinforcing safety training for both
contractors and Endeavour supervisors.
* For the trailing twelve months, ended 31 March 2026, a low Total Recordable
Injury Frequency Rate (“TRIFR”) of 0.72 was achieved.
* The Group remains on track to achieve its production guidance of 1,090 -
1,265koz, within its all-in sustaining cost (“AISC”) guidance range of
$1,600 - 1,800/oz, when adjusted for the impact of higher gold prices on
royalty costs compared to the guidance gold price of $3,000/oz. Q1-2026
production of 282koz is equivalent to approximately 26% of the low-end of the
guided range, with increased production expected in H2-2026 at Houndé, Mana
and Ity, positioning the Group well to achieve production guidance. Similarly
Q1-2026 AISC, on a royalty adjusted basis, of $1,642/oz (Q1-2026 AISC of
$1,834/oz before the impact of higher gold prices on royalty costs of $192/oz,
due to the realised gold price of $4,842/oz exclusive of the Sabodala-Massawa
stream, above the guidance gold price of $3,000/oz), is towards the lower-end
of the guidance range.
* Q1-2026 production of 282koz was 17koz lower than Q4-2025, due to lower
production at Sabodala-Massawa, Mana, and Ity as lower average grades were
processed in line with the mining sequence, partially offset by increased
production at Houndé and Lafigué as higher average grades were processed.
* Q1-2026 AISC amounted to $1,834/oz, an increase of $187/oz over Q4-2025, due
to lower Group production, higher gold price driven royalty costs (+$108/oz
impact due to the realised gold price of $4,842/oz, exclusive of the
Sabodala-Massawa stream compared, to Q4-2025 realised gold price of
$4,227/oz), higher sustaining capital related to stripping activity at
Lafigué, Houndé and Sabodala-Massawa, and lower grid power utilisation at
Mana. This was partially offset by lower costs at Ity due to lower sustaining
capital and higher by-product revenue from silver sales.
Table 3: Group Production
THREE MONTHS ENDED
All amounts in koz, on a 100% basis 31 March 2026 31 December 2025 31 March 2025
Houndé 51 47 92
Ity 69 74 84
Mana 39 46 46
Sabodala-Massawa 67 78 72
Lafigué 56 53 48
GROUP PRODUCTION 282 298 341
Table 4: Group All-In Sustaining Costs
All amounts in US$/oz THREE MONTHS ENDED
31 March 2026 31 December 2025 31 March 2025
Houndé 2,126 1,882 858
Ity 1,471 1,523 930
Mana 2,552 2,174 1,887
Sabodala-Massawa 1,372 1,237 1,173
Lafigué 1,811 1,476 926
Corporate G&A 48 46 43
GROUP ALL-IN SUSTAINING COSTS (1) 1,834 1,648 1,129
(1)This is a non-GAAP measure, refer to the non-GAAP Measures section for
further details.
CASH FLOW SUMMARY
The table below presents the cash flow and net cash/(net debt) position for
Endeavour for the three months ended 31 March 2026, 31 December 2025, and 31
March 2025.
Table 5: Cash Flow and Net Cash/(Net Debt)
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes 31 March 2026 31 December 2025 31 March 2025
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital 829 625 592
Changes in working capital (91) (16) (98)
Cash generated from operating activities 1 737 609 494
Cash used in investing activities 2 (125) (133) (85)
Free Cash Flow (1,2) 3 613 476 409
Cash received from/(used in) financing activities 4 36 (253) (67)
Effect of exchange rate changes on cash (12) 5 10
INCREASE IN CASH 636 229 353
Cash and cash equivalent position at beginning of period (3) 453 225 384
CASH AND EQUIVALENT POSITION AT END OF PERIOD (3) 1,090 453 737
Principal amount of $500m Senior Notes (500) (500) (500)
Drawn portion of Lafigué Term Loan (99) (111) (130)
Drawn portion of Revolving Credit Facility (85) — (485)
NET CASH/(NET DEBT) (1) 5 405 (158) (378)
Trailing twelve month adjusted EBITDA (1) 2,583 2,316 1,725
Net Cash/(Net Debt) / Adjusted EBITDA (LTM) ratio (1) 0.16x (0.07)x (0.22x)
(1)Free cash flow, net cash/(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 at 31 March 2026; nil at 31 December 2025; $37.5m
at 30 September 2025; $6.3m at 30 June 2025; nil at 31 March 2025).
NOTES:
1) Operating cash flows increased by $128.4 million from $609.0 million (or
$2.52 per share) in Q4-2025 to $737.4 million (or $3.05 per share) in Q1-2026
due to higher realised gold prices, lower operating costs and the realised
loss on gold collars in the prior quarter, partially offset by higher income
tax payments, higher royalty costs due to the higher realised gold price, a
decrease in production and gold sales and an increase in the working capital
outflow.
Operating cash flows increased by $243.2 million from $494.2 million (or $2.03
per share) in Q1-2025 to $737.4 million (or $3.05 per share) in Q1-2026 due to
the higher realised gold prices, a lower working capital outflow and the
realised loss on gold collars in the prior period, partially offset by higher
operating costs, higher royalty costs and higher income tax payments.
Notable variances are summarised below:
• Working capital was an outflow of $91.2 million in Q1-2026, an increase of $75.2 million over the Q4-2025 outflow of $16.0 million. The outflow in Q1-2026 consisted of (i) a trade and payables outflow of $44.3 million related to decreases in supplier
payables and payroll-related liabilities from the prior quarter, (ii) an outflow of $24.1 million primarily related to VAT receivables at Houndé and Mana, (iii) an outflow of $20.5 million related to a build up of consumable inventory at Mana and Houndé
related to the build up of fuel supplies and stockpile inventory at Ity and Sabodala-Massawa, partially offset by a drawdown of stockpiles at Lafigué and (iv) an outflow of $2.3 million related to the timing of supplier prepayments.
Working capital was an outflow of $91.2 million in Q1-2026, an improvement of $6.8 million over the Q1-2025 outflow of $98.0 million, largely driven by a decrease in outflows related to stockpile inventory and VAT receivables, partially offset by an
increase in outflows related to trade and other payables due to the timing of supplier payments and an increase in outflows related to supplier prepayments.
• Gold sales from continuing operations decreased from 302koz in Q4-2025 to 278koz in Q1-2026 due to lower production at Ity, Mana and Sabodala-Massawa, partially offset by higher production at Houndé and Lafigué. The realised gold price from continuing
operations for Q1-2026 increased by $609/oz to $4,810/oz from $4,201/oz in Q4-2025.
Gold sales from continuing operations decreased from 353koz in Q1-2025 to 278koz in Q1-2026 due to lower production at the Houndé, Ity, Mana and Sabodala-Massawa mines partially offset by increased production from the Lafigué mine. The realised gold price
from continuing operations for Q1-2026 increased by $1,871/oz to $4,810/oz from $2,939/oz in Q1-2025.
• Total cash cost per ounce increased from $1,448/oz in Q4-2025 to $1,516/oz in Q1-2026 due to lower volumes of gold sold and higher royalty costs (+$108/oz impact at realised gold price of $4,842/oz exclusive of the Sabodala-Massawa stream vs Q4-2025
realised gold price of $4,201/oz) related to a higher realised gold price, partially offset by a build up of stockpile inventory at Ity and Sabodala-Massawa which results in a capitalisation of mining costs as a credit to operating costs during the
quarter.
Total cash cost per ounce increased from $929/oz in Q1-2025 to $1,516/oz in Q1-2026 due to significantly higher royalty costs (+$236/oz impact at realised gold price of $4,842/oz exclusive of the Sabodala-Massawa stream vs Q1-2025 realised gold price of
$2,783/oz) related to the higher realised gold price, lower volumes of gold sold, higher process unit costs at Houndé and Ity due to lower grid power availability and higher mining unit costs at Mana due to increased diesel consumption in the Wona
underground.
• Taxes paid increased by $22.7 million from $22.8 million in Q4-2025 to $45.5 million in Q1-2026 due to higher corporate income tax payments reflecting higher taxable earnings and the advanced payment of withholding taxes at Sabodala-Massawa, partially
offset by lower corporate income tax payments at Houndé and Mana. Given the higher realised gold price in Q1-2026 of $4,810/oz, compared to the $3,000/oz guidance gold price, the withholding tax guidance range in Table 7 below has been increased from $90.0
- 100.0 million to $150.0 - 170.0 million, reflecting the projected increase in cash upstreaming.
Taxes paid increased by $6.5 million from $39.0 million in Q1-2025 to $45.5 million in Q1-2026 as income tax payments increased at the Houndé, Mana and Sabodala-Massawa mines relating to higher FY-2025 taxable income, while withholding tax payments
increased at Sabodala-Massawa related to cash upstreaming.
Table 6: Tax Payments
THREE MONTHS ENDED
($m) 31 March 2026 31 December 2025 31 March 2025
Houndé 15.5 17.8 10.9
Ity — — —
Mana 3.2 4.0 2.1
Sabodala-Massawa 12.5 — 24.4
Lafigué — — 1.9
Other (1) 14.3 1.0 (0.3)
Total taxes paid 45.5 22.8 39.0
(1)Included in the “Other” category is income and withholding taxes
paid/(received) by Corporate and Exploration entities.
Table 7: 2026 Cash Tax Guidance
(All amounts in US$m) PREVIOUS 2026 FULL-YEAR GUIDANCE 2026 FULL-YEAR GUIDANCE (1)
Corporate income tax (1) 510 — 600 510 — 600
Withholding tax (2) 90 — 100 150 — 170
TOTAL 600 — 700 660 — 770
(1)The income tax outlook is expected to be largely stable with gold price
changes, but will fluctuate with foreign exchange movements, unforeseen tax
settlements and annual true ups. (2)Withholding tax guidance has been updated
at Q1-2026 to reflect increased cash upstreaming due to higher realised gold
prices.
2) Cash flows used in investing activities decreased by $7.9 million from
$132.7 million in Q4-2025 to $124.8 million in Q1-2026 due to a decrease in
non-sustaining capital spend of $23.9 million, an $8.1 million movement in
restricted cash related to the payment of the 2% incremental royalty rate in
Côte d’Ivoire and a decrease in growth capital spend of $1.8 million,
partially offset by an increase in sustaining capital spend of $27.5 million
and an outflow of $2.7 million related to the conversion of the convertible
loan associated with the Group’s strategic investment in East Star Resources
plc.
Cash flows used in investing activities increased by $40.0 million from $84.8
million in Q1-2025 to $124.8 million in Q1-2026 due to an increase in
sustaining capital spend of $18.9 million, an increase in non-sustaining
capital spend of $7.6 million and a decrease in restricted cash inflow of
$13.5 million, partially offset by a decrease in growth capital spend of $8.4
million.
• Sustaining capital increased from $47.1 million in Q4-2025 to $74.6 million in Q1-2026, largely due to increased waste stripping at the Lafigué and Sabodala-Massawa mines and increased heavy mining equipment additions and rebuilds at Houndé, partially offset by lower underground development at Mana and lower processing plant capital expenditure at Ity.
Sustaining capital increased from $55.7 million in Q1-2025 to $74.6 million in Q1-2026 largely due to increased waste stripping at the Lafigué, Houndé and Ity mines, partially offset by a lower underground mine development at Mana and lower waste stripping at Sabodala-Massawa.
• Non-sustaining capital decreased from $69.1 million in Q4-2025 to $45.2 million in Q1-2026 largely due to a decrease in land compensation and waste stripping at the Houndé mine, lower expenditure on processing plant upgrades at Sabodala-Massawa and lower capital expenditure on the TSF stage 6 embankment raise at Mana.
Non-sustaining capital increased from $37.6 million in Q1-2025 to $45.2 million in Q1-2026 largely due to TSF construction, resettlement costs and waste stripping at Houndé, increased expenditure associated with the TSF 2 stage 2 embankment raise at Ity and increased expenditure on processing plant upgrades at Sabodala-Massawa. This was partially offset by lower waste stripping at Lafigué.
• Growth capital decreased from $9.7 million in Q4-2025 to $6.0 million in Q1-2026. Growth capital expenditure in Q1-2026 was related to the Assafou project’s definitive feasibility study.
Growth capital increased from $5.7 million in Q1-2025 to $6.0 million in Q1-2026. Growth capital expenditure in Q1-2026 was related to the Assafou project definitive feasibility study.
3) Free cash flow increased by $136.3 million from $476.3 million in
Q4-2025 to $612.6 million in Q1-2026 largely due to increased operating cash
flows as a result of higher realised gold prices, lower operating costs and
lower realised losses following the completion of the revenue protection
programme, and lower investing cash flows due to lower quarterly
non-sustaining capital and growth capital.
Free cash flow increased by $203.2 million from $409.4 million in Q1-2025 to
$612.6 million in Q1-2026 largely due to higher realised gold prices and lower
realised losses following the completion of the revenue protection programme,
partially offset by increased investing cash flows due to higher sustaining
and non-sustaining capital.
4) Cash flows from financing activities improved by $288.5 million from an
outflow of $252.7 million in Q4-2025 to an inflow of $35.8 million in Q1-2026
largely due to the payment of the H1-2025 shareholder dividend in the prior
quarter, a net drawdown of $74.7 million on the Group’s revolving credit
facility, a reduction of $18.8 million in financing fees and a $2.6 million
reduction in interest paid. The decrease was offset by a $23.7 million
increase in the repurchase of shares through the Group’s share buyback
programme and a $0.4 million increase in the repayment of leases.
Cash flows from financing activities improved by $102.6 million from an
outflow of $66.8 million in Q1-2025 to an inflow of $35.8 million in Q1-2026
largely due to a net outflow of $74.7 million on the Group’s revolving
credit facility, a $13.0 million decrease in purchases of shares through the
Group’s share buyback programme, a $7.9 million decrease in financing fees
and a $1.7 million decrease in payments related to the settlement of tracker
shares, partially offset by a $1.2 million increase in repayments of leases.
5) Endeavour’s net cash position improved by $562.9 million, from a net
debt position of $157.5 million at the end of Q4-2025 to a net cash position
of $405.4 million at the end of Q1-2026, while the Net Cash (Debt) / Adjusted
EBITDA (LTM) leverage ratio improved from (0.07)x at the end of Q4-2025 to
0.16x at the end of Q1-2026. Endeavour’s liquidity improved significantly to
$1,704.5 million, consisting of $1,089.5 million of cash and cash equivalents
and $615.0 million available through the Company’s revolving credit
facility.
EARNINGS FROM OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for
the three months ended 31 March 2026, 31 December 2025, and 31 March 2025.
Table 8: Earnings from operations
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes 31 March 2026 31 December 2025 31 March 2025
Revenue 6 1,349 1,274 1,042
Operating expenses 7 (309) (341) (259)
Depreciation and depletion 7 (149) (174) (175)
Royalties 8 (125) (103) (76)
Earnings from mine operations 767 655 533
Corporate costs 9 (14) (13) (15)
Impairment of mining interests and goodwill — (193) —
Share-based compensation (12) (28) (18)
Other expense 10 (9) (44) (19)
Credit loss reversal/(expense) and impairment of financial assets 11 4 (7) (7)
Exploration and evaluation costs 12 (11) (10) (9)
Earnings from operations 725 359 466
Loss on financial instruments 13 (1) (62) (100)
Finance costs (17) (24) (20)
Earnings before taxes 707 273 345
Current income tax expense 14 (188) (204) (121)
Deferred income tax (expense)/recovery 14 (97) 53 (2)
Net comprehensive earnings from operations 15 422 122 222
Add-back adjustments 16 20 170 44
Adjusted net earnings from operations 442 293 266
Portion attributable to non-controlling interests 17 71 68 47
Adjusted net earnings from operations attributable to shareholders of the Company 18 370 225 219
Adjusted net earnings per share 1.53 0.93 0.90
NOTES:
6) Revenue increased by $75.2 million from $1,273.8 million in Q4-2025 to
$1,349.0 million in Q1-2026 due to an increase in the realised gold price from
$4,201/oz, exclusive of the impact of the Group’s Revenue Protection
Programme, in Q4-2025 to $4,810/oz in Q1-2026, partially offset by lower
volumes of gold sold.
Revenue increased by $307.2 million from $1,041.8 million in Q1-2025 to
$1,349.0 million in Q1-2026 due to an increase in the realised gold price from
$2,939/oz, exclusive of the impact of the Group’s Revenue Protection
Programme, in Q1-2025 to $4,810/oz in Q1-2026, partially offset by lower
volumes of gold sold.
7) Operating expenses decreased by $32.9 million from $341.4 million in
Q4-2025 to $308.5 million in Q1-2026, largely due to lower production and a
build up of stockpile inventory at Ity and Sabodala-Massawa, which results in
the capitalisation of mining costs and a decrease in operating costs during
the quarter. This was partially offset by a drawdown of stockpile inventory at
Lafigué. Depreciation and depletion decreased by $25.5 million from $174.2
million in Q4-2025 to $148.7 million in Q1-2026 due to lower quarterly
production.
Operating expenses increased by $49.5 million from $259.0 million in Q1-2025
to $308.5 million in Q1-2026 due to higher processing costs at Houndé and Ity
related to reduced grid power availability during the quarter, and higher
mining costs at Ity and Lafigué related to higher mining volumes.
Depreciation and depletion decreased by $25.9 million from $174.6 million in
Q1-2025 to $148.7 million in Q1-2026 due to lower quarterly production.
8) Royalties increased by $22.3 million from $103.0 million in Q4-2025 to
$125.2 million in Q1-2026 due to the higher realised gold price during the
quarter and the increase in Côte d’Ivoire royalty rates from 6% to 8% that
was retroactively applied from 2025, partially offset by lower volumes of gold
sold.
Royalties increased by $49.5 million from $75.7 million in Q1-2025 to $125.2
million in Q1-2026 due to the higher realised gold price and the increase in
Côte d’Ivoire royalty rates from 6% to 8% that was retroactively applied
from 2025, partially offset by lower volumes of gold sold.
9) Corporate costs increased by $0.7 million from $13.3 million in Q4-2025
to $14.0 million in Q1-2026 due to a $1.6 million increase in general office
expenses and a $0.5 million increase in employee compensation, partially
offset by a $1.4 million decrease in professional services due to the timing
of services rendered.
Corporate costs remained consistent with Q1-2025 with $14.0 million incurred
in Q1-2026.
10) Other expenses decreased by $35.4 million from $44.4 million in Q4-2025
to $9.0 million in Q1-2026. For Q1-2026, other expenses included $5.1 million
in legal fees, $1.7 million in indirect tax claims, $1.6 million in community
contributions and $0.6 million in acquisition and restructuring costs.
11) Credit loss and impairment of financial assets decreased by $11.1
million from $7.2 million in Q4-2025 to a reversal of $3.9 million in Q1-2026
primarily related to an improved recovery assumption against the outstanding
VAT receivables in Burkina Faso.
12) Exploration costs increased by $1.0 million from $9.7 million in
Q4-2025 to $10.8 million in Q1-2026 due to increased exploration spend at the
Ity mine.
Exploration costs increased by $2.2 million from $8.6 million in Q1-2025 to
$10.8 million in Q1-2026 due to increased exploration spend on Greenfield and
New Venture exploration.
13) The loss on financial instruments improved by $60.7 million from a loss
of $61.7 million in Q4-2025 to a loss of $1.0 million in Q1-2026. The loss on
financial instruments in Q1-2026 included an $8.5 million loss on marketable
securities and a loss of $6.3 million on foreign exchange movements between
the Euro and US dollar, partially offset by a $7.0 million gain on other
financial instruments, a $5.5 million gain on net smelter royalties and a $2.1
million gain on the early redemption of Senior Notes.
The loss on financial instruments improved by $99.3 million from a loss of
$100.3 million in Q1-2025 to a loss of $1.0 million in Q1-2026. The
improvement is primarily driven by a $109.8 million loss on the Group’s
revenue protection programme in Q1-2025. The Group’s revenue protection
programme was completed at the end of FY-2025.
14) Current income tax expense decreased by $15.5 million from $203.8
million in Q4-2025 to $188.3 million in Q1-2026, largely due to a decrease in
current corporate income taxes.
Current income tax expense increased by $67.4 million from $120.9 million in
Q1-2025 to $188.3 million in Q1-2026 due to an increase in current income
taxes driven by higher taxable profits.
Deferred tax expense increased by $149.6 million from a deferred tax recovery
of $52.9 million in Q4-2025 to a deferred tax expense of $96.7 million in
Q1-2026, largely due to the accrual of withholding taxes ahead of expected
increased cash upstreaming as a result of the higher realised gold price.
Deferred tax expenses increased by $94.9 million from $1.8 million in Q1-2025
to $96.7 million in Q1-2026, largely due to the accrual of withholding taxes
ahead of expected increased cash upstreaming as a result of the higher
realised gold price.
15) Net comprehensive earnings from operations increased by $299.5 million
from $122.5 million in Q4-2025 to $421.9 million in Q1-2026. The increase in
earnings is largely driven by higher revenue due to the higher realised gold
price, lower operating expenses due to lower group production and lower
depreciation and depletion, partially offset by an increase in royalty costs
due to the higher realised gold price and the increase in Côte d’Ivoire
royalty rates and higher income taxes.
Net comprehensive earnings from operations improved by $199.6 million from
$222.3 million in Q1-2025 to $421.9 million in Q1-2026. The increase in
earnings was largely driven by higher revenue as a result of the higher
realised gold price and lower depreciation and depletion due to lower volumes
of gold produced, partially offset by higher operating expenses, higher
royalty costs due to the higher realised gold price and higher income taxes.
16) For Q1-2026, adjustments included a non-cash tax adjustments of $13.7
million related to foreign exchange on deferred tax, other expenses of $9.0
million and a $1.0 million loss on financial instruments, partially offset by
a $3.9 million reversal of the credit loss related to VAT.
17) Net earnings attributable to non-controlling interests increased by
$3.3 million, from $67.9 million in Q4-2025 to $71.3 million in Q1-2026 due to
the increase in net comprehensive earnings.
18) Adjusted net earnings attributable to shareholders increased by $145.3
million from $225.0 million (or $0.93 per share) in Q4-2025 to $370.4 million
(or $1.53 per share) in Q1-2026 due to the higher realised gold price and
lower operating expenses, partially offset by lower volumes of gold sold.
Adjusted net earnings attributable to shareholders for continuing operations
increased by $151.4 million from $219.0 million (or $0.90 per share) in
Q1-2025 to $370.4 million (or $1.53 per share) in Q1-2026 due to the higher
realised gold price, partially offset by higher operating expenses and lower
volumes of gold sold.
Table 9: Reconciliation to Adjusted EBITDA
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes 31 March 2026 31 December 2025 31 March 2025
Earnings before taxes 707 273 345
Add back: Depreciation and depletion 149 174 175
Add back: Finance costs, net 17 24 20
EBITDA 19 872 471 540
Add back: Impairment charge of mineral interests — 193 —
Add back: Net loss/(gain) on financial instruments (1) 1 (37) 45
Add back: Other expenses 9 44 19
Add back: Credit loss (reversal)/expense and impairment of financial assets (4) 7 7
Add back: Non-cash and other adjustments (2) 1 2 1
Adjusted EBITDA 20 880 681 613
(1) Net loss/(gain) on financial instruments is the loss/(gain) on financial
instruments excluding the realised gains/losses on forward contracts, gold
collars and inter-quarter LBMA averaging arrangement.
(2) Non-cash and other adjustments mainly relate to non-cash fair value
adjustments to inventory associated with the purchase price allocation of
Teranga, abnormal operating costs and net realisable value adjustments.
Non-cash and other adjustments have been excluded in the adjusted EBITDA as
they are non-recurring items which are not reflective of the Company’s
ongoing operations, as well as to be consistent with calculation of adjusted
earnings.
19) EBITDA increased by $401.2 million from $471.3 million in Q4-2025 to
$872.5 million in Q1-2026 due to higher earnings before taxes attributable to
the higher realised gold price, lower depreciation and depletion and finance
costs, partially offset by a decrease in production.
EBITDA increased by $332.4 million from $540.1 million in Q1-2025 to $872.5
million in Q1-2026 due to higher earnings before taxes attributable to the
higher realised gold price, lower depreciation and depletion and finance
costs, partially offset by a decrease in production and an increase in
operating costs.
20) Adjusted EBITDA increased by $198.9 million from $680.7 million in
Q4-2025 to $879.6 million in Q1-2026 due to an increase in EBITDA, partially
offset by the impact of the impairment adjustment of $193.4 million that
increased Adjusted EBITDA in the prior period and a decrease in other
expenses.
Adjusted EBITDA increased by $267.1 million from $612.6 million in Q1-2025 to
$879.6 million in Q1-2026 due to an increase in EBITDA, partially offset by a
decrease in adjustments driven by a decrease in the realised loss on other
financial instruments compared to the prior period and a decrease in other
expenses.
OPERATING ACTIVITIES BY MINE
Houndé Gold Mine, Burkina Faso
Table 10: Houndé Performance Indicators
For The Period Ended Q1-2026 Q4-2025 Q1-2025
Tonnes ore mined, kt 1,394 1,284 1,652
Total tonnes mined, kt 13,584 12,810 11,334
Strip ratio (incl. waste cap) 8.75 8.97 5.86
Tonnes milled, kt 1,207 1,223 1,335
Grade, g/t 1.51 1.40 2.75
Recovery rate, % 89 89 86
Production, koz 51 47 92
Total cash cost/oz 1,813 1,707 751
AISC/oz 2,126 1,882 858
Q1-2026 vs Q4-2025 Insights
* Production increased from 47koz in Q4-2025 to 51koz in Q1-2026 driven by
higher grades milled, partially offset by lower tonnes milled while recoveries
were broadly in line with Q4-2025. * Total tonnes mined increased due to
increased waste stripping activity at the Kari West pit, partially offset by a
decrease in waste stripping at the Vindaloo Main pit phase 3 pushback, in line
with mine sequencing. Ore tonnes mined were primarily sourced from the
Vindaloo Main and Kari West pits.
* Tonnes milled decreased due to lower mill availability as the SAG mill was
relined, in line with the maintenance schedule, during the quarter.
* Average processed grades increased due to higher grade ore sourced from both
the Kari West and Vindaloo Main pits.
* Recovery rates remained in line with the prior quarter.
* AISC increased from $1,882/oz in Q4-2025 to $2,126/oz in Q1-2026 primarily
driven by higher royalty costs due to the higher realised gold price (+$154/oz
impact for Q1-2026 due to the higher realised gold price of $4,835/oz compared
to the realised gold price of $4,211/oz in Q4-2025), and higher sustaining
capital due to increased waste stripping at the Kari West pit. The increase
was partially offset by lower mining units costs due to lower heavy mining
equipment maintenance requirements, lower processing unit costs due to lower
cyanide consumption and lower G&A unit costs following the FY-2025 bonus
accruals in the prior quarter.
* Sustaining capital expenditure increased from $8.5 million in Q4-2025 to
$15.6 million in Q1-2026, primarily related to waste stripping at the Kari
West pit and heavy mining equipment replacements and rebuilds.
* Non-sustaining capital expenditure decreased from $43.4 million in Q4-2025
to $28.4 million in Q1-2026, and was primarily related to waste stripping at
the Vindaloo Main pit, resettlement costs and the construction of the TSF-10
embankment raise.
FY-2026 Outlook
* Houndé is on track to achieve its FY-2026 production guidance of 220koz -
255koz, at an AISC within the guided $1,800/oz - $2,000/oz range, when
adjusted for the impact of higher gold prices on royalty costs (+$327/oz
impact for Q1-2026 due to the realised gold price of $4,835/oz, compared to
the guidance gold price of $3,000/oz). Operating performance 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.
* During the remainder of FY-2026, ore is expected to be sourced primarily
from the Kari West pit with supplemental ore sourced from the Vindaloo Main
pit. Throughput and average grades processed are expected to increase through
the year as stripping activity in the Vindaloo Main pit advances, providing
access to progressively softer oxide ore at higher grades.
* Sustaining capital expenditure outlook for FY-2026 remains unchanged at
$50.0 million, of which $15.6 million has been incurred in Q1-2026. During
FY-2026 sustaining capital expenditure is expected to primarily relate to
mining equipment additions and rebuilds.
* Non-sustaining capital expenditure outlook for FY-2026 remains unchanged at
$60.0 million, of which $28.4 million has been incurred in Q1-2026. During
FY-2026 non-sustaining capital expenditure is expected to primarily relate to
the Vindaloo Main pit phase 3 pushback, the construction of TSF 2, the
construction of the TSF stage-10 embankment raise and the establishment of the
Vindaloo South East pit.
Ity Gold Mine, Côte d’Ivoire
Table 11: Ity Performance Indicators
For The Period Ended Q1-2026 Q4-2025 Q1-2025
Tonnes ore mined, kt 2,946 2,272 2,120
Total tonnes mined, kt 8,863 7,985 8,373
Strip ratio (incl. waste cap) 2.01 2.51 2.95
Tonnes milled, kt 1,747 1,886 1,898
Grade, g/t 1.31 1.37 1.60
Recovery rate, % 92 91 90
Production, koz 69 74 84
Total cash cost/oz 1,381 1,359 875
AISC/oz (1) 1,471 1,523 930
(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 is reflected in royalty expenses, total cash
cost and AISC from FY-2026 and was included within other expenses in FY-2025.
Q1-2026 vs Q4-2025 Insights
* Production decreased from 74koz in Q4-2025 to 69koz in Q1-2026 due to lower
average grades milled and lower mill throughput, partially offset by higher
recovery rates. * Total tonnes mined and tonnes of ore mined increased due
to increased fleet productivity, with an increased focus on ore sourced from
the Le Plaque and Bakatouo pits to compensate for the lower mined grade at the
Walter and the Bakatouo pits, in line with the mine sequence. Ore tonnes were
sourced from the Bakatouo, Walter, Zia, Le Plaque, Verse Ouest and Ity pits.
* Tonnes milled decreased due to lower mill availability as a result of the
timing of planned maintenance work.
* Average processed grades decreased slightly due to an increased proportion
of lower grade ore from the Walter and Bakatouo pits in the mill feed,
partially offset by higher grade ore sourced from the Ity pit and the Heap
Dump.
* Recovery rates increased due to improved ore blending following the
implementation of improved stockpiling strategies.
* AISC decreased from $1,523/oz in Q4-2025 to $1,471/oz in Q1-2026 driven by
lower sustaining capital and higher by-product revenue from silver sales.
These benefits were partially offset by higher royalties (+$120/oz impact for
Q1-2026 due to the higher realised gold price of $4,770/oz compared to the
realised gold price of $4,251/oz in Q4-2025, and the impact of higher royalty
rates following the increase in royalty rates from 6% to 8%), and a lower
volume of gold sold.
* Sustaining capital expenditure decreased from $12.2 million in Q4-2025 to
$6.2 million in Q1-2026 and was primarily related to land compensation and
waste stripping activities at the Le Plaque pit.
* Non-sustaining capital expenditure decreased slightly from $5.3 million in
Q4-2025 to $5.2 million in Q1-2026 and was primarily related to the TSF 2
stage 3 embankment raise.
FY-2026 Outlook
* Ity is on track to achieve its FY-2026 production guidance of 285koz -
330koz, at an AISC within the guided $1,300/oz - $1,500/oz range, when
adjusted for the impact of higher gold prices on royalty costs (+$158/oz
impact Q1-2026 due to the realised gold price of $4,770/oz, compared to the
guidance gold price of $3,000/oz).
* During the remainder of FY-2026, ore is expected to be sourced from the
Bakatouo, Le Plaque, Flotouo West, Verse Ouest and Zia pits. Average grades
processed are expected to increase in line with higher grades mined, while
recovery is expected to remain consistent. Throughput is expected to increase
due to an increase in mill availability related to the timing of planned CIL
maintenance.
* Sustaining capital expenditure outlook for FY-2026 is in line with the
previously guided $40.0 million, of which $6.2 million has been incurred in
Q1-2026. FY-2026 sustaining capital expenditure is expected to primarily
relate to pit de-watering, water treatment plant upgrades, processing plant
critical spares and waste stripping at the Le Plaque and Zia pits.
* Non-sustaining capital expenditure outlook for FY-2026 is in line with the
previously guided $45.0 million, of which $5.2 million has been incurred in
Q1-2026. FY-2026 non-sustaining capital expenditure is expected to primarily
relate to processing plant upgrades, land compensation and site establishment
at the Gbeitouo deposit, and the stage 3 embankment raise at the TSF 2.
Mana Gold Mine, Burkina Faso
Table 12: Mana Performance Indicators
For The Period Ended Q1-2026 Q4-2025 Q1-2025
UG tonnes ore mined, kt 464 587 544
Tonnes milled, kt 511 602 552
Grade, g/t 2.45 3.05 3.07
Recovery rate, % 85 87 86
Production, koz 39 46 46
Total cash cost/oz 2,186 1,806 1,360
AISC/oz 2,552 2,174 1,887
Q1-2026 vs Q4-2025 Insights
* Production decreased from 46koz in Q4-2025 to 39koz in Q1-2026 due to lower
tonnes of ore milled, lower grades processed and lower recoveries. * Total
tonnes mined and ore tonnes mined decreased due to the reduction in mining
activities at the Siou underground mine as well as reduced blasting efficiency
at the Wona underground mine.
* Development rates across the Siou and Wona underground deposits amounted to
2,728 metres, a decrease from the 4,521 metres completed in the prior quarter,
as development activities at the Siou underground mine were completed, and
stoping activities at the Wona underground mine were prioritised.
* Tonnes milled decreased due to lower mill utilisation compared to the prior
quarter as a result of lower ore tonnes mined.
* Average grades processed decreased due to lower grade ore sourced from the
Wona underground deposit and a lower proportion of higher grade ore sourced
from the Siou underground.
* Recovery rates decreased due to a higher proportion of ore sourced from the
Wona underground deposit with lower associated recovery rates.
* AISC increased from $2,174/oz in Q4-2025 to $2,552/oz in Q1-2026 due to
higher royalties related to the higher realised gold price (+$117/oz impact
due to the realised gold price of $4,849/oz compared to the realised gold
price of $4,236/oz for Q4-2025), lower volumes of gold sold, and higher power
unit costs due to the elected reliance on self-generated power at higher unit
cost, partially offset by lower sustaining capital expenditure.
* Sustaining capital expenditure decreased from $17.8 million in Q4-2025 to
$13.9 million in Q1-2026 and was primarily related to capitalised underground
development at the Wona underground deposit, as well as lease payments for
contractor mining equipment.
* Non-sustaining capital expenditure decreased from $1.7 million in Q4-2025 to
$1.1 million in Q1-2026 and was primarily related to underground
infrastructure upgrades and the stage 6 embankment raise at the TSF.
FY-2026 Outlook
* Mana is on track to achieve its FY-2026 production guidance of 155koz -
180koz at an AISC within the guided $2,000/oz - $2,250/oz range, when adjusted
for the impact of higher gold prices on royalty costs (+$304/oz) due to the
realised gold price of $4,849/oz.
* During the remainder of FY-2026, ore is expected to be sourced from the Wona
underground deposit with total tonnes and ore tonnes mined expected to
increase in the remaining quarters, with operations at the Siou underground
mine now complete following the depletion of the mineral reserve. Milled
grades are expected to increase in line with the higher proportion of stope
tonnes mined, whilst mill throughput will increase in line with the
supplementary feed from the Bana Camp open pit deposit in the mill feed.
Recoveries are expected to remain consistent.
* Sustaining capital expenditure outlook for FY-2026 remains unchanged at
$60.0 million, of which $13.9 million has been incurred in Q1-2026. FY-2026
sustaining capital expenditure is expected to primarily relate to waste
development in the Wona underground deposit as well as processing plant and
infrastructure upgrades.
* Non-sustaining capital expenditure outlook for FY-2026 remains unchanged at
$10.0 million, of which $1.1 million has been incurred in Q1-2026. FY-2026
non-sustaining capital expenditure is expected to primarily relate to the
ongoing stage 6 embankment lift at the TSF.
Sabodala-Massawa Gold Mine, Senegal
Table 13: Sabodala-Massawa Performance Indicators
For The Period Ended Q1-2026 Q4-2025 Q1-2025
Tonnes ore mined, kt 1,085 1,224 1,121
Total tonnes mined, kt 8,970 8,036 10,025
Strip ratio (incl. waste cap) 7.27 5.57 7.94
Tonnes milled - Total, kt 1,511 1,417 1,482
Tonnes milled - CIL, kt 1,217 1,163 1,193
Tonnes milled - BIOX, kt 294 254 288
Grade - Total, g/t 1.64 2.26 1.87
Grade - CIL, g/t 1.28 1.92 1.52
Grade - BIOX, g/t 3.15 3.84 3.32
Recovery rate - Total, % 81 81 79
Recovery rate - CIL, % 81 85 82
Recovery rate - BIOX, % 79 71 72
Production, koz 67 78 72
Production - CIL, koz 41 58 48
Production - BIOX, koz 25 20 23
Total cash cost/oz 1,226 1,169 959
AISC/oz 1,372 1,237 1,173
Q1-2026 vs Q4-2025 Insights
* Production decreased from 78koz in Q4-2025 to 67koz in Q1-2026 due to lower
average grades processed, partially offset by higher tonnes milled, while
recovery rates remained stable. * Total tonnes mined increased due to
improved pit conditions following the end of the wet season, which extended in
to the prior quarter. Ore for the CIL plant was primarily sourced from the
Niakafiri West, Delya Main, Niakafiri East, Delya South and Soukhoto pits,
while ore for the BIOX plant was primarily sourced from the Massawa Central
Zone.
* Total tonnes milled increased through both the CIL and BIOX plants due to a
higher proportion of oxide ore from Delya South in the CIL processing plant
feed and improved availability in the BIOX processing plant following the
completion of planned maintenance during the prior quarter.
* Average processed grades decreased through both the CIL and BIOX plants due
to lower average grade ore sourced from the Niakafiri West, Massawa Central
Zone and Delya Main pits, partially offset by higher grade ore sourced from
the Soukhoto, Delya South and Niakafiri East pits.
* Recovery rates remained stable as the decrease in the CIL processing plant,
due to a higher proportion of oxide ore with lower associated recoveries in
the mill feed, was fully offset by an increase in recovery rates in the BIOX
processing plant, due to operational control of the floatation and gravity
circuits.
* AISC increased from $1,237/oz in Q4-2025 to $1,372/oz in Q1-2026 due to
lower gold sales, higher royalty costs related to the higher realised gold
price (+$27/oz impact for Q1-2026 due to the realised gold price of $4,881/oz,
before the impact of the Sabodala-Massawa stream, compared to the realised
gold price of $4,222/oz for Q4-2025) and higher sustaining capital, partially
offset by a decrease in BIOX processing unit costs following planned
maintenance performed in the prior quarter.
* Sustaining capital expenditure increased from $5.4 million in Q4-2025 to
$9.6 million in Q1-2026 and was primarily related to waste development at the
Delya Main, Delya South and Massawa Central Zone pits as well as mining
equipment rebuilds.
* Non-sustaining capital expenditure decreased from $12.9 million in Q4-2025
to $6.3 million in Q1-2026 and was primarily related to BIOX gravity circuit
and cyclone upgrades, processing plant upgrades and waste development at
Soukhoto.
FY-2026 Outlook
* Sabodala-Massawa is on track to achieve it’s FY-2026 production guidance
of 260koz - 305koz, at an AISC within the guided $1,350/oz - $1,550/oz range,
when adjusted for the impact of higher gold prices on royalty costs (+$106/oz
impact YTD-2026 due to the realised gold price of $4,881/oz, before the impact
of the Sabodala-Massawa stream, compared to the guidance gold price of
$3,000/oz).
* During the remainder of FY-2026 ore for the CIL plant will be primarily
sourced from the Niakafiri East, Niakafiri West, Delya Main and Delya South
pits with supplementary ore from the Samina pit and stockpiles. Higher average
grades and recovery rates, due to higher grade mined, are expected to be
offset by slightly lower throughput rates resulting in stable performance from
the CIL plant through the year.
* During the remainder of FY-2026 ore for the BIOX plant will continue to be
sourced from the Massawa Central Zone pit. Throughput, average grades and
recovery rates are expected to progressively improve due to an increased
proportion of fresh ore in the mill feed and ongoing optimisation of the
processing plant.
* Sustaining capital expenditure outlook for FY-2026 remains unchanged at
$50.0 million, of which $9.6 million has been incurred Q1-2026. FY-2026
sustaining capital expenditure is expected to primarily relate to capitalised
waste stripping, mining fleet upgrades and process plant maintenance.
* Non-sustaining capital expenditure for FY-2026 remains unchanged at $30.0
million, of which $6.3 million has been incurred in Q1-2026. FY-2026
sustaining capital expenditure is expected to primarily relate to
pre-stripping at the Kiesta C deposit, implementation of a fleet management
system, mining readiness, the embankment raise at TSF 1 and advanced grade
control drilling activities.
Sabodala-Massawa NI 43-101 Technical Report
* The Group published an NI 43-101 Technical Report for the Sabodala-Massawa
mine on 30 March 2026, which can be accessed on Sedar+ and on Endeavour’s
website.
* The Technical Report included a revised life-of-mine production profile
based on the Proven and Probable reserves, as at 31 December 2025, only. This
production profile is expected to be supplemented through resource conversion
and exploration.
* The Technical Report highlights that the production profile at
Sabodala-Massawa over the next five years is expected to increase towards
391koz of annual production in 2029 supported by the commencement of
underground mining at the high-grade Kerekounda and Golouma deposits providing
high grade feed for the CIL processing plant, as well as the introduction of
high-grade refractory ore from the Massawa North Zone deposit, supporting
higher grade feed for the BIOX processing plant.
* Based on the Technical Report, over the five years from 2027 to 2031,
average annual production of 335kozpa is expected, and over the remaining
life-of-mine average annual production of 254kozpa is expected. This
production profile excludes the impact of resource to reserve conversion and
the impact of any optimisation to the mining sequence that could help smooth
out the production profile.
* The Golouma and Kerekounda underground deposits are expected to supplement
CIL processing plant production from FY-2027 through FY-2032, providing high
grade ore. Underground mine development is expected to commence in H2-2026
with a non-sustaining capital spend of $25m for FY-2026 as previously guided.
The underground is expected to achieve commercial production in FY-2028.
Table 14: Sabodala-Massawa 6-Year Technical Report Summary
Sabodala-Massawa life-of-mine Average 2026 2027 2028 2029 2030 2031
Production - CIL, koz 201 n.a. 151 203 243 227 183
Production - BIOX, koz 133 n.a. 131 100 148 155 133
Production - Total, koz 335 260-305 282 303 391 382 316
Lafigué Mine, Côte d’Ivoire
Table 15: Lafigué Performance Indicators
For The Period Ended Q1-2026 Q4-2025 Q1-2025
Tonnes ore mined, kt 1,044 1,822 1,230
Total tonnes mined, kt 14,353 13,051 12,829
Strip ratio (incl. waste cap) 12.74 6.16 9.43
Tonnes milled, kt 1,022 1,007 1,018
Grade, g/t 1.76 1.69 1.67
Recovery rate, % 96 94 93
Production, koz 56 53 48
Total cash cost/oz 1,302 1,419 918
AISC/oz (1) 1,811 1,476 926
(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 is reflected in royalty expenses, total cash
cost and AISC from FY-2026 and was included within other expenses in FY-2025.
Q1-2026 vs Q4-2025 Insights
* Production increased from 53koz in Q4-2025 to 56koz in Q1-2026 due to an
increase in average grades milled, recovery rates and tonnes milled. *
Total tonnes mined increased due to improved contractor performance achieving
higher fleet availability. Total ore tonnes mined decreased due to an increase
focus on waste stripping related to a phased pushback at the Main pit, in line
with mine sequence.
* Total tonnes milled increased due to higher mill availability and
utilisation following planned HPGR maintenance that occurred during the prior
quarter.
* Average processed grades increased due to higher average grades mined from
the Main pit, partially offset by lower average grades mined from the West
pit, in line with mine sequence.
* Recovery rates increased due to higher grades processed through the
processing plant and optimisation of the regeneration kiln improving carbon
reactivation.
* AISC increased from $1,476/oz in Q4-2025 to $1,811/oz in Q1-2026 due to
higher sustaining capital related to waste stripping, higher royalties related
to the higher realised gold price (+$141/oz impact for Q1-2026 due to the
higher realised gold price of $4,887/oz, compared to the realised gold price
of $4,207/oz for Q4-2025 and the impact of higher royalty rates following the
increase in royalty rates from 6% to 8%), and the drawdown of stockpile
inventory, partially offset by a decrease in mining unit costs due to lower
blasting volumes and lower grade control meters drilled, while processing unit
costs decreased due to HPGR maintenance which was performed in Q4-2025.
* Sustaining capital expenditure increased from $2.9 million in Q4-2025 to
$28.7 million in Q1-2026 and was primarily related to the phased pushback at
the Main pit.
* Non-sustaining capital expenditure decreased from $4.5 million in Q4-2025 to
$3.5 million in Q1-2026 and was primarily related to the stage 2 embankment
lift at the TSF and advanced grade control drilling.
FY-2026 Outlook
* Lafigué is on track to achieve its FY-2026 production guidance of 170koz -
195koz at an AISC within the guided $1,600/oz - $1,800/oz range, when adjusted
for the impact of higher gold prices on royalty costs (+$123/oz impact due to
the realised gold price of $4,887/oz compared to the guidance gold price of
$3,000/oz).
* During the remainder of FY-2026, ore is expected to be primarily sourced
from the Main pit pushback supplemented by ore from the West pit pushback,
whilst pre-stripping activities are expected to commence at the next pushback
at the Main and West pits in H2-2026. Average processed grades are expected to
decrease while recovery rates are expected to remain stable following the
completion of mining of high grade domains within the Main pit during Q1-2026.
This will be partially offset by increased throughput rates due to ongoing
crusher optimisation, with the plant expected to consistently outperform
design nameplate.
* Sustaining capital expenditure for FY-2026 remains unchanged at $30.0
million, of which $28.7 million has been incurred in Q1-2026 with the limited
remainder of FY-2026 expenditure primarily related to strategic spares for the
crushing circuit.
* Non-sustaining capital expenditure for FY-2026 remains unchanged at $90.0
million, of which $3.5 million has been incurred in Q1-2026, with FY-2026
expenditure 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
* As published on 23 April 2026, Endeavour announced positive definitive
feasibility results ("DFS") for the Assafou project. The DFS highlights
320kozpa production at AISC of $1,026/oz over the first 8 years, with a 16
year life-of-mine.
Table 16: Assafou DFS Operating Summary
Assafou DFS Key Metrics
LIFE OF MINE
Mine life, years 16
Strip ratio, W:O 6.3
Tonnes processed, Mt 77.4
Grade processed, Au g/t 1.76
Gold contained processed, Moz 4.4
Average recovery rate, % 94
Gold production, Moz 4.1
Average annual production, kozpa 257
Cash costs, $/oz (1) 951
AISC, $/oz (1) 1,061
AVERAGE FOR YEARS 1 TO 8
Average annual production, kozpa 320
Cash costs, $/oz (1) 887
AISC, $/oz (1) 1,026
(1)Based on a gold price of $2,500/oz
* The project boasts robust economics, outlined in table 17, with an after-tax
NPV(5%) of $5,113.0 million and after-tax IRR of 55% at a $4,000/oz gold
price.
Table 17: Assafou DFS Project Economics
Gold Price $2,500/oz $4,000/oz
PRE-TAX
NPV (5%), $m 2,909 6,934
IRR, % 34 66
Payback period, yr (1) 3.01 1.81
AFTER-TAX
NPV (5%), $m 2,059 5,113
IRR, % 28 55
Payback period, yr (1) 3.52 1.95
(1)Payback period calculated from the start of commercial production
* The Assafou DFS envisages a scalable 5.0Mtpa gravity / CIL processing plant,
with project upfront capital of $1,061.0 million. The increase in upfront
capital is related to scope changes to infrastructure as well as plant
optimisations, scalability and ramp-up de-risking.
* Growth capital guidance in FY-2026 for early works prior to the final
investment decision of $50.0 - 100.0 million, out of the upfront capital of
$1,061.0 million.
* Following the announcement of the DFS, the next steps to progress the
Assafou project to production are as follows: * Q2-2026: Procurement of
long-lead items has been launched.
* Q2-2026: Detailed engineering and design is underway.
* Q2-2026: EPCM, power and earthworks tender reviews are advancing towards
finalisation.
* Q2-2026: Development of the relocation action plan is underway to support
the resettlement and discussions with the affected communities are expected to
conclude by year end.
* Q3-2026: Mining convention negotiations are underway with an expected
completion in Q3-2026.
* Late-2026: Final investment targeted before end of FY-2026, following the
final investment decision, construction is expected to start.
* The resettlement action plan is being developed to support the resettlement.
Negotiations with villages within the resettlement plan, and for the proposed
new village host sites, including with respect to land and crop compensations,
are underway. The completion of the resettlement action plan and the
subsequent resettlement are required, prior to the commencement of mining
activities. As a result the resettlement, in addition to mining pre-stripping
and process ore commissioning, are on the project’s critical path.
* The Technical Report will be published within 45 days of the Assafou DFS
news release, which was published on 23 April 2026. The DFS aligns to the NI
43-101 Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”)
Definition Standards of a Feasibility Study, in line with Endeavour’s
technical disclosure and reporting requirements. The “Definitive”
classification is not a prescriptive classification.
EXPLORATION ACTIVITIES
* Since 2016, Endeavour’s exploration programme has discovered 22.4Moz of
M&I resource for a discovery cost of less than $25/oz, sustainably replacing
production depletion, extending mine lives, and adding two cornerstone assets
to the portfolio.
* Following the success of the 2016 - 2025 Exploration Strategies, in December
2025 the Group launched its 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.
* During FY-2026, an extensive $100.0 million exploration programme is planned
of which $18.1 million has been spent in Q1-2026 and a total of 19,000 metres
of drilling was completed. During the remainder of the year exploration
activities will prioritise replacing production depletion across the operating
portfolio as well as targeting, scoping and resource definition across the
greenfield portfolio.
Table 18: Quarterly Exploration Expenditure and FY-2026 Guidance(1 )
Q1-2026 ACTUAL FY-2026 GUIDANCE
All amounts in US$ million
Houndé 2.2 10.0
Ity 3.3 15.0
Mana 0.1 5.0
Sabodala-Massawa 4.4 15.0
Lafigué — 10.0
Assafou project 0.2 10.0
Greenfield exploration and corporate 7.9 35.0
TOTAL EXPLORATION EXPENDITURE 18.1 100.0
(1)Exploration expenditures include expensed and capitalised exploration
expenditures.
Houndé mine
* An exploration programme of $10.0 million is planned for FY-2026, of which
$2.2 million was spent in Q1-2026 consisting of over 5,100 metres of drilling
across 10 drill holes. The FY-2026 programme remains focused on definition of
near-mine resources at the Vindaloo Deeps target and delineation of the
Vindaloo Deep South East target, a down-dip extension of Vindaloo Deeps.
* During Q1-2026, exploration activity primarily focused on the definition of
resources at the Vindaloo Deeps target, which is expected to be completed in
H1-2026. In addition drill testing of the continuation of Vindaloo Deeps
towards the Vindaloo Deeps South East target has continued to yield positive
results.
* During the remainder of the year, the exploration programme will focus on
finalising the maiden resource for the Vindaloo Deeps discovery and
subsequently delineation drilling 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 below the current pit shell.
Ity mine
* An exploration programme of $15.0 million is planned for FY-2026, of which
$3.3 million was spent in Q1-2026 consisting of over 9,000 metres of drilling
across 105 drill holes. The FY-2026 programme remains focused on resource
development at Grand Ity and testing greenfield targets along the Ity trend
including the Pressure Shadow, Gueya, Morgan, and Mahapleu targets.
* During Q1-2026, exploration activity primarily focused on drilling at the
Pressure Shadow and Morgan targets. At the Pressure Shadow target significant
gold intercepts were identified which remain open down dip. At Morgan drilling
has identified alteration, quartz veins and sulphides within shear zones and
drilling is ongoing.
* During the remainder of the year, the exploration programme will continue to
focus on resource development at Grand Ity and testing the greenfield targets
along the Ity trend. Further drilling at the Pressure Shadow and Morgan
targets is planned to follow up on initial results. Drilling and ground
magnetics and IP surveys, are expected to start at the Mahapleu target to
delineated mineralised zones hosted within heavily sheared and altered
granodiorites.
Mana mine
* An exploration programme of $5.0 million is planned for FY-2026, of which
$0.1 million was spent in Q1-2026. The FY-2026 programme remains focused on
expanding the underground resources at the Wona underground deposit. Drilling
is expected to start in Q2-2026.
* During the remainder of the year, the exploration programme will focus on
deep drilling at the Wona Underground and Wona Deeps deposits to extend
mineralisation down dip and expand the underground resources.
Sabodala-Massawa mine
* An exploration programme of $15.0 million is planned for FY-2026, of which
$4.4 million was spent in Q1-2026 consisting of over 2,500 metres of drilling
across 667 drill holes. The FY-2026 programme remains focused on supporting
the medium-term production profile through exploration for near-mine
non-refractory resources.
* During Q1-2026, exploration activity primarily focused on drilling at the
Makana and Kawsara targets, as well as drill testing the historic Sofia and
Sabodala pits to identify resource extensions at depth. In addition, AI
supported exploration targeting across the Sabodala-Massawa permit area, has
identified and ranked 24 targets for follow up, based on a prospectivity model
developed using the Sabodala-Massawa mineralisation model.
* During the remainder of the year, the exploration programme will continue to
focus on non-refractory targets to support the medium-term production profile
including the Makana and Kawsara targets, as well as definition of the
long-term targets along the Kawsara extension. AI generated targets will be
systematically evaluated through the year through geological mapping, sampling
and reconnaissance drilling.
Lafigué mine
* An exploration programme of $10.0 million is planned for FY-2026 focused on
delineating resources at near-mine targets 1 and 12. Drilling activities are
expected to commence in Q2-2026.
* During the remainder of the year, the exploration programme will focus on
resource definition at these near-mine targets, including Target 1 where
initial drilling results have identified higher-grade continuous
mineralisation along shear zones.
Assafou Project
* An exploration programme of $10.0 million is planned for FY-2026, of which
$0.2 million was spent in Q1-2026 consisting of over 1,100 metres of drilling
across 8 drill holes. The FY-2026 programme remains focused on extending
resources at the Pala Trend 3 discovery, defining resources at Pala Trend 2
and Pala Trend Southwest targets, and delineating several high potential
brownfield targets within 10km of the Assafou deposit including the
Koumenagaré target.
* During Q1-2026, exploration activity primarily focused on trenching and
drill testing soil geochemical anomalies at the Koumenagaré target. Drilling
returned narrow zones of high-grade mineralisation in quartz veined zones of
sericite and pyrite alteration.
* During the remainder of the year, the exploration programme will continue to
delineating resources at the Pala Trend targets, with maiden resources at Pala
Trend 2 expected this year. High potential brownfield targets within 10km of
the Assafou deposit will continue to be tested to prioritise these targets for
follow up drilling campaigns.
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.
* Koulou Gold Corp - Côte d’Ivoire: On 14 April 2026, Koulou Gold Corp
(“Koulou”) announced a private placement for gross proceeds of $30.0
million through the issuance of 35.7 million shares. Endeavour increased its
ownership in Koulou to 19.9%, subscribing to 8.1 million shares. * 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.
* Altair Minerals Limited - Guyana: On 27 April 2026, Altair Minerals Limited
(“Altair”) announced a strategic investment by Endeavour, via a
non-brokered private placement, for 9.9% ownership. Endeavour subscribed to
approximately 656 million shares priced at AUD0.043/sh, a 5% premium to
Altair’s closing price on 24 April 2026. * The investment forms part of
Endeavour’s 2026-2030 Exploration Strategy that is focussed on replacing
production depletion and adding new greenfield opportunities in highly
prospective tier 1 gold provinces with low exploration maturity. The Guiana
Shield is the western extension of the West African Craton, hosting multiple
greenstone belts with proven orogenic gold systems, analogous to West
Africa’s Birimian belt.
* Endeavour will leverage its exploration expertise from West Africa, by
establishing a joint technical committee with Altair following the transaction
to support Altair’s expedited early-stage exploration programme. Altair
operates the recently consolidated Greater Oko land package, which is the
largest consolidated exploration land package in Guyana at 590km(2), located
immediately adjacent to the Oko West (80.3Mt at 2.10g/t for 5.4Moz M&I
resources) and Oko-Ghanie (15.6Mt at 3.24g/t for 1.6Moz M&I resources)
discoveries. Altair is advancing several highly prospective targets on the
Greater Oko land package, including the W1, W2, W3 and S1 and S2 targets on
the South Oko prospect, which is the southern continuation of the Oko Shear
Zone.
* Proceeds from the strategic investment will be used to: 1) Increase the
current drill programme to 50,000 metres, including at least 30,000 metres at
the South Oko prospect, 2) Accelerate the geochemical sampling programme at
the South Oko prospect, and; 3) Launch a regional exploration programme across
the land package.
* Guyana is one of the fastest growing economies in the world with a GDP
growth rate of 10.3% for 2025, driven by growth in crude oil production, which
commenced in 2019. Guyana is also a mining friendly jurisdiction, ranked 1(st)
in Latin America and 10(th) globally for mining investment attractiveness by
the Fraser Institute with a straightforward mining permitting process,
transparent fiscal terms and it operates under a British parliamentary system.
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 30 April at
8:30 am EDT / 1:30 pm BST 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
8:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link:
https://edge.media-server.com/mmc/p/ftcspd85
To download a calendar reminder for the webcast, visit the events page of our
website here
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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/BI82b92ea4b9e84483be4f8da58a08ca5a
The conference call and webcast will be available for playback on Endeavour's
website
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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.
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, adverse
community relations or delay in agreeing, implementing or completing
resettlement activities and plans, 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. Certain figures presented within the news
release may not precisely match corresponding totals or variances in the
tables due to rounding.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
Attachments
* EDV_Q1-2026_Results News Release
(https://ml-eu.globenewswire.com/Resource/Download/92067ced-25b5-4667-8f1c-99c8c9a31745)
* EDV_Q1-2026_Financial Statements
(https://ml-eu.globenewswire.com/Resource/Download/8d5e932c-3bb5-4a6d-8613-0ce707124923)
* EDV_Q1-2026_MD&A
(https://ml-eu.globenewswire.com/Resource/Download/299178ac-7ed7-4157-a271-a99d53ac287d)
* EDV_Q1-2026_Mine Stats
(https://ml-eu.globenewswire.com/Resource/Download/5d23a382-e031-4d25-8d13-608a79cab3a7)
* EDV_Q1-2026_Results Presentation
(https://ml-eu.globenewswire.com/Resource/Download/feb74c97-73e0-412b-b3a7-c19288acf11d)Recent news on Endeavour Mining
See all newsREG-Director/PDMR Shareholding
AnnouncementREG-Endeavour Reports Strong Q1-2026 Results
AnnouncementREG-Transaction in Own Shares
AnnouncementREG-Transaction in Own Shares
AnnouncementREG-Transaction in Own Shares
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