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 $613m OPERATIONAL AND FINANCIAL HIGHLIGHTS
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
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
- 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
- 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 $18m spent in Q1-2026; focused on resource expansions at cornerstone assets.
London, 30 April 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights1 THREE MONTHS ENDED
| All amounts in US$ million unless otherwise specified | 31 March | 31 December 2025 | 31 March 2025 | Δ Q1-2026 |
| 2026 | vs. Q4-2025 | |||
| OPERATING DATA Gold Production, koz Gold sold, koz Total Cash Cost1, $/oz All-in Sustaining Cost1, $/oz Realised Gold Price2, $/oz | 298 341 302 353 1,448 929 1,648 1,129 3,873 2,783 | |||
| 282 | (5)% | |||
| 278 | (8)% | |||
| 1,516 | +5% | |||
| 1,834 | +11% | |||
| 4,810 | +24% | |||
| CASH FLOW Operating Cash Flow before changes in working capital Operating Cash Flow before changes in working capital1, $/sh Operating Cash Flow Operating Cash Flow1, $/sh Free Cash Flow1,3 Free Cash Flow1,3, $/sh | 625 592 2.59 2.43 609 494 2.52 2.03 476 409 1.97 1.68 | |||
| 829 | +33% | |||
| 3.42 | +32% | |||
| 737 | +21% | |||
| 3.05 | +21% | |||
| 613 | +29% | |||
| 2.53 | +28% | |||
| PROFITABILITY Net Earnings Attributable to Shareholders Net Earnings, $/sh Adj. Net Earnings Attributable to Shareholders1 Adj. Net Earnings1, $/sh EBITDA1 Adj. EBITDA1 | 68 173 0.28 0.71 225 219 0.93 0.90 471 540 681 613 | |||
| 354 | +421% | |||
| 1.46 | +421% | |||
| 370 | +64% | |||
| 1.53 | +65% | |||
| 872 | +85% | |||
| 880 | +29% | |||
| SHAREHOLDER RETURNS1 Shareholder dividends paid Share buybacks4 | 149 — 3 40 | |||
| — | n.a. | |||
| 30 | +900% | |||
| FINANCIAL POSITION HIGHLIGHTS1 Net Cash/(Net Debt) Net Cash/(Net Debt) / LTM Trailing adj. EBITDA | (158) (378) (0.07)x (0.22)x | |||
| 405 | n.a. | |||
| 0.16x | n.a. |
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme. 3From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 4Q1-2026 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 $3,000/oz and if the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM).
Table 2: Cumulative Shareholder Returns
| (All amounts in US$m) | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | |
|---|---|---|---|---|---|
| DIVIDEND | DIVIDENDS | BUYBACKS | MINIMUM COMMITMENT | ||
| RETURN | |||||
| COMMITMENT | |||||
| FY-2020 | 60 — | +60 | |||
| — | 60 | ||||
| FY-2021 2021-2023 Shareholder FY-2022 Returns Programme FY-2023 | 15 138 50 99 25 66 | +153 +149 +91 | |||
| 125 | 278 | ||||
| 150 | 299 | ||||
| 175 | 266 | ||||
| 2024-2025 FY-2024 Shareholder Returns FY-2025 Programme | 30 37 125 85 | +67 +210 | |||
| 210 | 277 | ||||
| 225 | 435 | ||||
| SUBTOTAL | 885 | 305 | 425 | 1,615 | +730 |
| H1-20261 2026-2028 Shareholder H2-2026 Returns Programme FY-2027 (Ongoing) FY-2028 | — 54 — — — — — — | +54 — — — | |||
| 150 | 204 | ||||
| 150 | — | ||||
| 325 | — | ||||
| 350 | — | ||||
| TOTAL | 1,860 | 305 | 479 | 1,819 | +784 |
1H1-2026 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 $4,227/oz), higher sustaining capital related to stripping activity at Lafigué, Houndé and Sabodala-Massawa, and lower grid power utilisation at Mana. This was partially offset by lower costs at Ity due to lower sustaining capital and higher by-product revenue from silver sales.
Table 3: Group Production THREE MONTHS ENDED
| 31 March | 31 December 2025 | 31 March 2025 | |
| 2026 | |||
| 51 | 47 | 92 | |
| 69 | 74 | 84 | |
| 39 | 46 | 46 | |
| 67 | 78 | 72 | |
| 56 | 53 | 48 | |
| GROUP PRODUCTION | 282 | 298 | 341 |
Table 4: Group All-In Sustaining Costs THREE MONTHS ENDED
| All amounts in US$/oz | 31 March | 31 December 2025 | 31 March 2025 |
| 2026 | |||
| Houndé Ity Mana Sabodala-Massawa Lafigué Corporate G&A | 2,126 | 1,882 | 858 |
| 1,471 | 1,523 | 930 | |
| 2,552 | 2,174 | 1,887 | |
| 1,372 | 1,237 | 1,173 | |
| 1,476 926 46 43 | |||
| 1,811 | |||
| 48 | |||
| GROUP ALL-IN SUSTAINING COSTS1 | 1,834 | 1,648 | 1,129 |
1This 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)
| All amounts in US$ million unless otherwise specified Notes | 31 December 2025 | 31 March 2025 | ||
|---|---|---|---|---|
| 31 March | ||||
| 2026 | ||||
| Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital Changes in working capital | 625 592 (16) (98) | |||
| 829 | ||||
| (91) | ||||
| Cash generated from operating activities [1] Cash used in investing activities [2] | 737 | 609 494 (133) (85) | ||
| (125) | ||||
| Free Cash Flow1,2 | [3] | 613 | 476 | 409 |
| Cash received from/(used in) financing activities [4] Effect of exchange rate changes on cash | 36 | (253) (67) 5 10 | ||
| (12) | ||||
| INCREASE IN CASH | 636 | 229 | 353 | |
| Cash and cash equivalent position at beginning of period3 | 453 | 225 384 | ||
| CASH AND EQUIVALENT POSITION AT END OF PERIOD3 | 1,090 | 453 | 737 | |
| Principal amount of $500m Senior Notes Drawn portion of Lafigué Term Loan Drawn portion of Revolving Credit Facility | (500) | (500) (500) (111) (130) — (485) | ||
| (99) | ||||
| (85) | ||||
| NET CASH/(NET DEBT)1 | [5] | 405 | (158) | (378) |
| Trailing twelve month adjusted EBITDA1 | 2,583 | 2,316 1,725 | ||
| Net Cash/(Net Debt) / Adjusted EBITDA (LTM) ratio1 | 0.16x | (0.07)x | (0.22x) |
1Free 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. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash 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 | 31 December | 31 March 2025 |
| 2026 | |||
| Houndé Ity Mana Sabodala-Massawa Lafigué Other1 | 15.5 | 2025 17.8 10.9 — — 4.0 2.1 — 24.4 — 1.9 1.0 (0.3) | |
| — | |||
| 3.2 | |||
| 12.5 | |||
| — | |||
| 14.3 | |||
| Total taxes paid | 45.5 | 22.8 | 39.0 |
1Included 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 GUIDANCE1 | ||||
|---|---|---|---|---|---|---|
| Corporate income tax1 Withholding tax2 | 510 | — | 600 | 510 | — | 600 |
| 90 | — | 100 | 150 | — | 170 | |
| TOTAL | 600 | — | 700 | 660 | — | 770 |
1The 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. 2Withholding 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 $615.0 million available through the Company’s revolving credit facility.
EARNINGS FROM OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three months ended 31 March 2026, 31 December 2025, and 31 March 2025.
Table 8: Earnings from operations
| All amounts in US$ million unless otherwise specified Notes | 31 December 2025 | 31 March 2025 | ||
|---|---|---|---|---|
| 31 March | ||||
| 2026 | ||||
| Revenue [6] Operating expenses [7] Depreciation and depletion [7] Royalties [8] | 1,349 | 1,274 1,042 (341) (259) (174) (175) (103) (76) | ||
| (309) | ||||
| (149) | ||||
| (125) | ||||
| Earnings from mine operations | 767 | 655 | 533 | |
| Corporate costs [9] Impairment of mining interests and goodwill Share-based compensation Other expense [10] Credit loss reversal/(expense) and impairment of financial assets [11] Exploration and evaluation costs [12] | (14) | (13) (15) (193) — (28) (18) (44) (19) (7) (7) (10) (9) | ||
| — | ||||
| (12) | ||||
| (9) | ||||
| 4 | ||||
| (11) | ||||
| Earnings from operations | 725 | 359 | 466 | |
| Loss on financial instruments [13] Finance costs | (1) | (62) (100) (24) (20) | ||
| (17) | ||||
| Earnings before taxes | 707 | 273 | 345 | |
| Current income tax expense [14] Deferred income tax (expense)/recovery [14] | (188) | (204) (121) 53 (2) | ||
| (97) | ||||
| 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
| 31 March | 31 December 2025 | 31 March 2025 | ||
| 2026 | ||||
| 707 | ||||
| 149 | ||||
| 17 | ||||
| EBITDA | [19] | 872 | 471 | 540 |
| — | ||||
| 1 | ||||
| 9 | ||||
| (4) | ||||
| 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 Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % Production, koz | 1,394 | 1,284 12,810 8.97 1,223 1.40 89 47 | 1,652 |
| 13,584 | 11,334 | ||
| 8.75 | 5.86 | ||
| 1,207 | 1,335 | ||
| 1.51 | 2.75 | ||
| 89 | 86 | ||
| 51 | 92 | ||
| Total cash cost/oz AISC/oz | 1,813 | 1,707 1,882 | 751 |
| 2,126 | 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.
| • 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 Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % Production, koz | 2,946 | 2,272 7,985 2.51 1,886 1.37 91 74 | 2,120 |
| 8,863 | 8,373 | ||
| 2.01 | 2.95 | ||
| 1,747 | 1,898 | ||
| 1.31 | 1.60 | ||
| 92 | 90 | ||
| 69 | 84 | ||
| Total cash cost/oz AISC/oz1 | 1,381 | 1,359 1,523 | 875 |
| 1,471 | 930 |
1An 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.
| • 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. |