ENDEAVOUR REPORTS STRONG H1-2025 RESULTS H1 production of 647koz at AISC of $1,281/oz • H1 Free Cash Flow of $514m • Record dividend of $150m OPERATIONAL AND FINANCIAL HIGHLIGHTS
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
ENDEAVOUR REPORTS STRONG H1-2025 RESULTS H1 production of 647koz at AISC of $1,281/oz • H1 Free Cash Flow of $514m • Record dividend of $150m OPERATIONAL AND FINANCIAL HIGHLIGHTS
- On track to achieve FY-2025 guidance following strong H1-2025 production of 647koz, up +38% over H1-2024, at AISC of $1,281/oz, up only +4% over H1-2024; Q2-2025 production of 306koz at AISC of $1,458/oz.
- EBITDA of $1,136m for H1-2025, up +226% over H1-2024; $596m for Q2-2025, up 10% over Q1-2025.
- Net earnings of $444m (or $1.83/sh) for H1-2025; $271m (or $1.12/sh) for Q2-2025, up 57% over Q1-2025.
- Adj. Net Earnings of $398m (or $1.64/sh) for H1-2025, up +811% over H1-2024; $179m (or $0.74/sh) for Q2-2025, down 18% over Q1-2025.
- Operating Cash Flow before changes in WC of $888m (or $3.65/sh) for H1-2025, up +153% over H1-2024; $296m (or $1.22/sh) for Q2-2025, down 50% over Q1-2025 due to ~55% of FY-2025 cash tax payments during Q2-2025.
- Record Free Cash Flow of $514m for H1-2025; $104m for Q2-2025 despite cash tax payments during Q2-2025.
- Net Debt / Adj. EBITDA (LTM) of 0.23x; stable over Q1-2025 and within the Group’s 0.50x target.
SECTOR LEADING SHAREHOLDER RETURNS
- Record $150m (or $0.62/sh) dividend announced; supplemented with $69m of share buybacks for H1-2025.
- H1-2025 shareholder returns of $219m, equivalent to $338/oz produced; annualised 94% above minimum commitment.
ATTRACTIVE ORGANIC GROWTH
- Assafou project DFS on track for completion by early 2026, with exploration ongoing at Assafou and nearby Pala Trend 2 and 3 targets, where a maiden resource is expected in H2-2025.
- Strong exploration efforts with $51m spent in H1-2025, focused on near-mine resource expansions and Assafou.
London, 31 July 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q2-2025 and H1-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations1 THREE MONTHS ENDED SIX MONTHS ENDED
| All amounts in US$ million unless otherwise specified | 30 June | 31 March 2025 | 30 June | 30 June | 30 June 2024 | Δ H1-2025 vs. |
| 2025 | 2024 | 2025 | H1-2024 | |||
| OPERATING DATA Gold Production, koz Gold sold, koz Total Cash Cost2, $/oz All-in Sustaining Cost2, $/oz Realised Gold Price3, $/oz | 341 251 353 238 929 1,148 1,129 1,287 2,783 2,287 | 470 463 1,079 1,237 2,167 | ||||
| 306 | 647 | +38% | ||||
| 304 | 657 | +42% | ||||
| 1,220 | 1,064 | (1)% | ||||
| 1,458 | 1,281 | +4% | ||||
| 3,150 | 2,953 | +36% | ||||
| CASH FLOW Operating Cash Flow before changes in working capital Operating Cash Flow before changes in working capital2, $/sh Operating Cash Flow Operating Cash Flow2, $/sh Free Cash Flow2,4 Free Cash Flow2,4, $/sh | 592 213 2.43 0.87 494 258 2.03 1.05 409 81 1.68 0.33 | 351 1.43 313 1.28 (52) (0.21) | ||||
| 296 | 888 | +153% | ||||
| 1.22 | 3.65 | +155% | ||||
| 252 | 746 | +138% | ||||
| 1.04 | 3.07 | +140% | ||||
| 104 | 514 | n.a. | ||||
| 0.43 | 2.11 | n.a. | ||||
| PROFITABILITY Net Earnings/(Loss) Attributable to Shareholders Net Earnings/(Loss), $/sh Adj. Net Earnings Attributable to Shareholders2 Adj. Net Earnings2, $/sh EBITDA2,5 Adj. EBITDA2,5 | 173 (60) 0.71 (0.24) 219 3 0.90 0.01 540 193 613 249 | (80) (0.33) 45 0.18 349 461 | ||||
| 271 | 444 | n.a. | ||||
| 1.12 | 1.83 | n.a. | ||||
| 179 | 398 | +784% | ||||
| 0.74 | 1.64 | +811% | ||||
| 596 | 1,136 | +226% | ||||
| 556 | 1,169 | +154% | ||||
| SHAREHOLDER RETURNS2 Shareholder dividends paid Share buybacks | — — 41 8 | 100 20 | ||||
| 140 | 140 | +40% | ||||
| 28 | 69 | +245% | ||||
| FINANCIAL POSITION HIGHLIGHTS2 Net Debt Net Debt / LTM Trailing adj. EBITDA5 | 378 835 0.22x 0.81x | 856 0.81 x | ||||
| 469 | 469 | (45)% | ||||
| 0.23x | 0.23x | (72)% |
1Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. 2This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 3Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme. 4From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 5Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.
Management will host a conference call and webcast today, 31 July 2025, at 8:30 am EST / 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. Copies of the Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: "Q2-2025 has been another strong quarter for Endeavour, capping an excellent first half of 2025 with 647koz of gold produced at an AISC of $1,281 per ounce; ensuring we are firmly on track to achieve our full-year guidance.
As a result of our larger portfolio, following the completion of our growth phase 12 months ago, H1-2025 production was 38% higher than the same period last year, with our all-in sustaining margin 80% higher, ensuring that we realised the full benefit of the strong gold price environment.
Over the past 12 months, we have generated $879 million of free cash flow, equivalent to over $687 for every ounce of gold we produced, or a yield of more than 17% from the start of the period. During H1, despite paying approximately 70% of our full- year’s taxes, we still generated record free cash flow of $514 million, equivalent to $794 for every ounce of gold we produced, and we are well positioned to continue delivering strong free cash flow in the second half of the year.
Underpinned by this strong free cash flow, we have maintained leverage well below our target and declared another record dividend of $150 million for H1-2025, which we have further supplemented with $69 million of share buybacks, equivalent to returns of $338 for every ounce of gold produced for the period. Since our first payments in 2021, we have returned $1.4 billion to shareholders, over 80% above our minimum commitment, and equivalent to $213 for every ounce produced over the period. Looking ahead, the DFS for our tier 1 Assafou project is on schedule for completion by early-2026, and the permitting process is well advanced. Simultaneously, we are continuing to explore the property and expect to outline a resource update later this year, incorporating resources from satellite discoveries in close proximity to Assafou.
We are very pleased with the operational performance we have delivered from our expanded portfolio and our ability to convert that performance into cash flow. Our high-margin, long-life operations, coupled with our exciting organic growth pipeline positions us well to continue delivering against our strategic objectives.”
OPERATING SUMMARY
- Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.05 for the trailing twelve months ended 30 June 2025.
- The Group remains on track to achieve its production guidance of 1,110 - 1,260koz, within its all-in sustaining cost (“AISC”) guidance of $1,150 - 1,350/oz.
- H1-2025 production amounted to 647koz, an increase of 177koz over H1-2024, due to higher average grades processed at Houndé and Mana, and increased production at Lafigué and the Sabodala-Massawa BIOX expansion, which both entered commercial production Q3-2024, partially offset by a decrease in production at Ity due to lower average grades processed.
- Q2-2025 production of 306koz was 36koz lower than Q1-2025, reflecting lower grades processed at Houndé, Mana and at the Sabodala-Massawa CIL plant, in line with their mine sequences. This was partially offset by increased production at Lafigué due to higher mill throughput, while production at Ity remained stable.
Table 2: Group Production THREE MONTHS ENDED SIX MONTHS ENDED
| All amounts in koz, on a 100% basis | 30 June | 31 March 2025 | 30 June 2024 | 30 June | 30 June 2024 |
| 2025 | 2025 | ||||
| Houndé Ity Mana Sabodala-Massawa1 Lafigué | 69 | 92 | 64 | 161 | 106 |
| 84 | 84 | 96 | 168 | 182 | |
| 41 | 46 | 35 | 87 | 77 | |
| 62 | 72 | 57 | 134 | 105 | |
| 49 | 48 | 0.5 | 97 | 0.5 | |
| GROUP PRODUCTION | 306 | 341 | 251 | 647 | 470 |
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
- H1-2025 total cash cost amounted to $1,064/oz, a decrease of $15/oz over H1-2024, due to lower cash costs at the Houndé mine related to a significant increase in gold sales and the addition of the low-cost Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024. The decrease was partially offset by higher royalty costs across the portfolio, related to the higher realised gold prices.
- Q2-2025 total cash cost amounted to $1,220/oz, an increase of $291/oz over Q1-2025 due to lower gold sales and higher royalty costs related to the higher realised gold prices across the portfolio, as well as higher processing unit costs at Houndé and Ity due to seasonally lower grid power availability, as hydroelectric dam capacity reached its lowest point for the year, ahead of the annual wet season.
Table 3: Consolidated Total Cash Costs THREE MONTHS ENDED SIX MONTHS ENDED
| (All amounts in US$/oz) | 30 June | 31 March 2025 | 30 June 2024 | 30 June | 30 June 2024 |
| 2025 | 2025 | ||||
| Houndé Ity Mana Sabodala-Massawa2 Lafigué | 1,352 | 751 1,340 875 869 1,360 1,729 959 1,057 918 — | 1,001 | 1,249 863 1,513 968 — | |
| 1,049 | 960 | ||||
| 1,700 | 1,518 | ||||
| 1,073 | 1,013 | ||||
| 1,125 | 1,018 | ||||
| GROUP TOTAL CASH COSTS1 | 1,220 | 929 | 1,148 | 1,064 | 1,079 |
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX expansion project.
- H1-2025 AISC amounted to $1,281/oz, a slight increase of $44/oz over H1-2024 due to higher royalty costs related to the higher realised gold prices, higher sustaining capital due to the introduction of the Lafigué mine, at Ity related to infrastructure and processing plant upgrades, at Sabodala-Massawa related waste stripping and at Mana related to underground development.
- Q2-2025 AISC amounted to $1,458/oz, an increase of $329/oz over Q1-2025 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Houndé, Ity and Lafigué, partially offset by lower sustaining capital at Sabodala-Massawa and Mana.
Table 4: Group All-In Sustaining Costs THREE MONTHS ENDED SIX MONTHS ENDED
| All amounts in US$/oz | 30 June 2025 | 31 March | 30 June 2024 | 30 June 2025 | 30 June |
| 2025 | 2024 | ||||
| Houndé Ity Mana Sabodala-Massawa2 Lafigué Corporate G&A | 1,580 | 858 | 1,472 | 1,158 | 1,514 |
| 1,125 | 930 | 885 | 1,025 | 885 | |
| 2,257 | 1,887 | 1,927 | 2,059 | 1,661 | |
| 1,272 | 1,173 | 1,164 | 1,220 | 1,050 | |
| 1,154 | 926 — 43 48 | 1,036 | — 48 | ||
| 46 | 44 | ||||
| GROUP ALL-IN SUSTAINING COSTS1 | 1,458 | 1,129 | 1,287 | 1,281 | 1,237 |
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX expansion project.
- H1-2025 and Q2-2025 total cash costs and AISC have been impacted by higher sliding scale royalty costs due to higher realised gold prices of $3,107/oz and $3,302/oz, exclusive of the impact of the revenue protection programme, respectively, which are significantly higher than the $2,000/oz gold price assumption used in the FY-2025 guidance. As a result, higher royalty costs related to gold price had an impact of $116/oz and $96/oz on the Q2-2025 and H1-2025 total cash costs and AISC, respectively.
Table 5: AISC Guidance Reconciliation1
| Q2-2025 | H1-2025 ACTUALS | FY-2025 | |
|---|---|---|---|
| ACTUALS | GUIDANCE | ||
| AISC at realised gold price | 1,458 | 1,281 |
Additional royalty cost at realised gold price vs $2,000/oz guidance H1-2025 impact of +$96/oz on AISC due to +116 +96 higher gold prices driving royalty costs higher gold price
AISC at $2,000/oz gold price 1,342 1,185 1,150 — 1,350
1Reconciliation illustrates the impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q2-2025 and H1-2025 of $3,302/oz and $3,107/oz are exclusive of the impact of the revenue protection programme, respectively.
FY-2025 OUTLOOK
- The Group remains on track to achieve its FY-2025 production guidance of 1,110 – 1,260koz at its AISC cost guidance of $1,150 – 1,350/oz. FY-2025 production is expected to be slightly weighted towards H1-2025, due to lower grades expected at the Houndé and Ity mines in H2-2025, in line with their mine sequences. During H1-2025, AISC has been impacted by higher costs at Mana related to increased power costs driven by higher consumption and increased use of higher-cost self-generated power, and higher sliding scale royalty costs due to higher realised gold prices (+$96/oz impact on AISC in H1-2025).
- Group AISC guidance of $1,150 – 1,350/oz is based on a realised average gold price of $2,000/oz, compared to the H1-2025 realised gold price of $3,107/oz, resulting in a $96/oz impact on the H1-2025 AISC from higher royalty costs. Prior to the impact of the higher realised gold prices on royalty costs, H1-2025 AISC was approximately $1,185/oz, and near the low-end of the FY-2025 guidance range. Inclusive of the impact of higher realised gold prices on royalty costs, the H1-2025 AISC was $1,281/oz, and near the mid-point of the FY-2025 guidance range. The AISC sensitivity to royalty cost due to gold price changes is between $6 - 10/oz for every $100/oz increase in gold price.
Table 6: FY-2025 Production Outlook1
| (All amounts in koz, on a 100% basis) | H1-2025 | FY-2025 GUIDANCE | FY-2025 |
|---|---|---|---|
| ACTUALS | OUTLOOK | ||
| Houndé 161 Ity 168 Mana 87 Sabodala-Massawa 134 Lafigué 97 | 230 - 260 290 - 330 160 - 180 250 - 280 180 - 210 | ON TRACK ON TRACK ON TRACK ON TRACK ON TRACK | |
| Group Production | 647 | 1,110 - 1,260 | ON TRACK |
1FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
Table 7: FY-2025 AISC Outlook1
| (All amounts in US$/oz) | H1-2025 ACTUALS | FY-2025 | FY-2025 |
|---|---|---|---|
| GUIDANCE | OUTLOOK | ||
| Houndé 1,158 Ity 1,025 Mana 2,059 Sabodala-Massawa 1,220 Lafigué 1,036 Corporate G&A 44 | 1,225 - 1,375 | ON TRACK ON TRACK NEAR TOP-END ON TRACK ON TRACK ON TRACK | |
| 975 - 1,100 | |||
| 1,550 - 1,750 | |||
| 1,100 - 1,250 | |||
| 950 - 1,075 | |||
| 40 | |||
| Group AISC | 1,281 | 1,150 - 1,350 | ON TRACK |
1FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90.
- Group sustaining capital expenditure outlook for FY-2025 has decreased from $215.0 million to $195.0 million, with $113.6 million incurred in H1-2025, and $58.5 million incurred in Q2-2025. The decrease in the FY-2025 sustaining capital expenditure outlook is due to lower sustaining waste stripping, which has been offset by an increase in non-sustaining waste pre-stripping, due to the acceleration of Pushback 2 at the Main pit at Lafigué. Sustaining capital for FY-2025 includes underground development at Mana, mining fleet rebuilds and replacements at Houndé and Sabodala-Massawa and processing plant and infrastructure upgrades at Ity.
- Group non-sustaining capital expenditure outlook for FY-2025 has increased from $215.0 million to $235.0 million for FY- 2025, with $102.9 million incurred in H1-2025, and $65.3 million incurred in Q2-2025. The increase in the FY-2025 nonsustaining capital expenditure outlook is due to the acceleration of waste pre-stripping of Pushback 2 at the Main Pit at Lafigué. Non-sustaining capital for FY-2025 includes waste stripping at Houndé, Ity, Lafigué and Sabodala-Massawa and TSF embankment raises at Houndé, Ity and Mana.
- Growth capital expenditure outlook for FY-2025 has increased from $10.0 million to $30.0 million, with $15.9 million incurred in H1-2025, primarily related to definitive feasibility study and drilling expenditure at Assafou. Growth capital expenditure at Assafou has been accelerated due to additional advanced grade control and sterilisation drilling and the accelerated ramp-up of the owners teams, prior to finalising the definitive feasibility study by early 2026.
Table 8: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
| (All amounts in US$m) | H1-2025 ACTUALS | FY-2025 GUIDANCE | FY-2025 |
|---|---|---|---|
| UPDATED | |||
| GUIDANCE | |||
| Houndé Ity Mana Sabodala-Massawa Lafigué | 25 | 40 | 40 |
| 11 | 20 | 20 | |
| 47 | 60 | 60 | |
| 28 | 60 | 60 | |
| 2 | 35 | 15 | |
| Total Sustaining Capital Expenditure | 114 | 215 | 195 |
| Houndé Ity Mana Sabodala-Massawa Lafigué Corporate G&A | 17 | 90 | 90 |
| 11 | 35 | 35 | |
| 2 | 10 | 10 | |
| 20 | 25 | 25 | |
| 51 | 50 | 70 | |
| 2 | 5 | 5 | |
| Total Non-Sustaining Capital Expenditure | 103 | 215 | 235 |
| Assafou | 16 | 10 | 30 |
| Total Growth Capital Expenditure | 16 | 10 | 30 |
| Total Mine Capital Expenditure | 232 | 440 | 460 |
- Exploration expenditure outlook for FY-2025 has been increased from $75.0 million to $85.0 million, of which $51.4 million was incurred in H1-2025. The increased outlook is due to exploration successes at Ity and the accelerated programme at Sabodala-Massawa to support the ongoing technical review, while the greenfield expenditure has been decreased slightly to reflect the timing of greenfield and New Ventures exploration spend.
- Group tax payments outlook for FY-2025 remains unchanged at $350.0 million to $450.0 million, with $272.1 million incurred in H1-2025 and $233.1 million incurred in Q2-2025. The remainder of the full-year tax payments are expected to amount to 25% of the full-year guidance in Q3-2025 and 5% of the full-year guidance in Q4-2025.
SHAREHOLDER RETURNS PROGRAMME
- For H1-2025, Endeavour announced a record dividend of $150.0 million or approximately $0.62 per share.
- During H1-2025, shareholder returns continued to be supplemented with share buybacks with $68.5 million, or 2.9 million shares repurchased during the period, an increase of 245% compared to H1-2024. During Q2-2025, $28.1 million or 1.0 million shares were repurchased.
- As such, the total return for H1-2025 was $218.5 million, which is equivalent to $338/oz produced for the period, with the total shareholder returns for FY-2025 expected to increase over FY-2024 with additional supplemental dividends and share buybacks in H2-2025.
- The H2-2025 dividend is expected to be declared in Q1-2026 and paid in Q2-2026. Supplemental returns are expected to be paid in the form of dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a healthy financial position.
- As shown in the table below, Endeavour has now returned $1,398.5 million to shareholders in the form of dividends and buybacks since its shareholder returns programme began in late 2020 (first payment in Q1-2021), which represents $626.0 million or 81% above its minimum commitment and a return of $213/oz produced on a sustainable basis, through periods of growth and cash harvest.
Table 9: Cumulative Shareholder Returns
| (All amounts in US$m) | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | |
|---|---|---|---|---|---|
| DIVIDEND | DIVIDENDS | BUYBACKS | MINIMUM COMMITMENT | ||
| RETURN | |||||
| COMMITMENT | |||||
| FY-2020 | 60 — | +60 | |||
| — | 60 | ||||
| 2021-2023 FY-2021 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 H1-2025 | 30 37 | +67 | |||
| 210 | 277 | ||||
| 37 69 | +106 | ||||
| 113 | 219 | ||||
| Programme TOTAL | 773 | 217 | 409 | 1,399 | 626 |
- Endeavour’s H1-2025 dividend will be paid on 23 October 2025, with an ex-dividend date of 25 September 2025 and 26 September 2025 for London Stock Exchange and Toronto Stock Exchange shareholders, respectively, to shareholders of record on 26 September 2025 for holders of shares on the London Stock Exchange. The last date for currency election and DRIP elections will be 2 October 2025.
- For holders of shares traded on the Toronto Stock Exchange, both the ex-dividend and record dates will be 26 September 2025. Holders of shares listed on the Toronto Stock Exchange will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States Dollars (“USD”). Holders of shares traded on the London Stock Exchange will receive dividends in USD but can elect to receive Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by all shareholders prior to 17:00 GMT on 2 October 2025. Dividends will be paid in the default or elected currency, on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 7 October 2025. This dividend does not qualify as an “eligible dividend” for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder.
- Endeavour is pleased to continue to offer a DRIP, to give existing shareholders the opportunity, at their own election, to increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company.
- Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the London Stock Exchange or on the Toronto Stock Exchange. Participants may opt to reinvest all, or any portion of their dividends in the DRIP. Custodians are reminded that as part of the terms and conditions of the DRIP, if you make a partial election on the DRIP, the remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific holding(s). The enrolment form is available on Endeavour’s website. The last election date for participation in the H1-2025 DRIP will be 2 October 2025.
- In accordance with the DRIP, Endeavour’s Registrar, Computershare, will use cash dividends payable to participating shareholders to purchase ordinary shares in the open market on the Toronto Stock Exchange and the London Stock Exchange at the prevailing market price.
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 30 June 2025, 31 March 2025, and 30 June 2024, with accompanying explanations below.
Table 10: Cash Flow and Net Debt
| All amounts in US$ million unless otherwise specified Notes | 31 March 2025 | 30 June 2024 | 30 June 2024 | |||
|---|---|---|---|---|---|---|
| 30 June 2025 | 30 June 2025 | |||||
| Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital5 Changes in working capital | 592 213 (98) 45 | 351 (37) | ||||
| 296 | 888 | |||||
| (44) | (142) | |||||
| C coa nsh ng ue in ne gr a ot pe ed afr to iom so perating activities from [1] ti r n Cash generated from discontinued operations | 494 258 — (6) | 314 (6) | ||||
| 252 | 746 | |||||
| — | — | |||||
| Cash generated from operating activities [1] Cash used in investing activities [2] | 252 | 494 252 (85) (171) | 746 | 307 (359) | ||
| (148) | (233) | |||||
| Free Cash Flow1,2 | 104 | 409 | 81 | 513 | (52) | |
| Cash (used in)/generated from financing activities [3] Effect of exchange rate changes on cash | (256) | (67) (150) 10 (5) | (323) | (62) (16) | ||
| 49 | 59 | |||||
| INCREASE/(DECREASE) IN CASH | (103) | 353 | (74) | 250 | (130) | |
| Cash and cash equivalent position at beginning of period3 | 384 461 | 517 | ||||
| 737 | 384 | |||||
| CASH AND EQUIVALENT POSITION AT END OF PERIOD3 | 634 | 737 | 387 | 634 | 387 | |
| Principal amount of $500m Senior Notes Drawn portion of Lafigué Term Loan Drawn portion of Sabodala Term Loan Drawn portion of $645m Revolving Credit Facility | 500 | 500 500 130 147 — — 485 575 | 500 | 500 147 — 575 | ||
| 131 | 131 | |||||
| — | — | |||||
| 472 | 472 | |||||
| NET DEBT1 | [4] | 469 | 378 | 835 | 469 | 856 |
| Trailing twelve month adjusted EBITDA1,4 | 2,032 | 1,725 1,028 | 2,032 | 1,028 | ||
| Net Debt / Adjusted EBITDA (LTM) ratio1,4 | 0.23x | 0.22x | 0.81x | 0.23x | 0.81x |
1Free cash flow, net debt, and adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdrafts (nil at 30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $21.1 million at 30 June 2024; nil at 31 March 2024; nil at 31 December 2023). 4Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations. 5Continuing operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine.
NOTES:
1) Operating cash flows decreased by $242.2 million from $494.2 million (or $2.03 per share) in Q1-2025 to $252.0 million (or $1.04 per share) in Q2-2025 due to higher income tax and withholding tax payments, a decrease in production, higher operating costs, a higher realised loss on gold collars and higher royalties, partially offset by a decrease in the working capital outflow.
Operating cash flows increased by $439.1 million from $307.1 million (or $1.25 per share) in H1-2024 to $746.2 million (or $3.07 per share) in H1-2025 due to higher production at higher realised gold prices, partially offset by higher operating costs, higher royalties, a higher realised loss on gold collars and LBMA averaging, higher working capital outflows and higher income tax payments.
Notable variances are summarised below:
- Working capital was an outflow of $44.1 million in Q2-2025, an improvement of $53.9 million over the Q1-2025 outflow of $98.0 million. The outflow in Q2-2025 consisted of (i) an inventory outflow of $28.6 million due to a buildup of stockpile inventory at the Ity and Sabodala-Massawa mines, partially offset by a decrease in gold-in-circuit inventory at the Houndé and Ity mines, (ii) a receivables outflow of $18.6 million related to a build-up of VAT receivables at the Houndé, Lafigué and Mana mines, and (iii) a trade and other payables outflow of $1.3 million related to decreases in supplier payables and payroll-related liabilities, partially offset by (iv) a prepaid expenses and other inflow of $4.4 million related to the timing of deposits and supplier prepayments.
Working capital was an outflow of $142.1 million in H1-2025, an increase of $104.8 million over the H1-2024 outflow of $37.3 million, largely driven by an increase in outflows in trade and other receivables, an increase in outflows related to inventories and an increase in outflows in trade and other payables, partially offset by an inflow of prepaid expenses.
- Gold sales from continuing operations decreased from 353koz in Q1-2025 to 304koz in Q2-2025 due to lower production at the Houndé, Mana and the Sabodala-Massawa mines, partially offset by increased production at the Lafigué mine. The realised gold price from continuing operations for Q2-2025 increased by $363/oz to $3,302/oz from $2,939/oz in Q1-2025. Inclusive of the Group’s Revenue Protection Programme (-$151/oz Q2-2025 impact), the realised gold price for Q2-2025 increased by $367/oz to $3,150/oz from $2,783/oz in Q1-2025.
Gold sales from continuing operations increased from 463koz in H1-2024 to 657koz in H1-2025, following higher production in H1-2025 at the Houndé and Mana mines along with the addition of production from the Lafigué mine and the Sabodala-Massawa BIOX expansion that achieved commercial production in Q3-2024. The realised gold price from continuing operations for H1-2025 increased by $897/oz to $3,107/oz from $2,210/oz in H1-2024. Inclusive of the Group’s Revenue Protection Programme (-$120/oz H1-2025 impact against a realised gold price of $3,107/oz in H1-2025) and LBMA gold price averaging strategy (-$33/oz H1-2025 impact against a realised gold price of $3,107/oz in H1-2025), the realised gold price for H1-2025 increased by $786/oz to $2,953/oz from $2,167/oz in H1-2024.
- Total cash cost per ounce increased from $929/oz in Q1-2025 to $1,220/oz in Q2-2025 due to lower volumes of gold sold, higher royalty costs related to a higher realised gold price and higher processing unit costs at the Houndé and Ity mines due to seasonally lower grid power availability ahead of the wet season.
Total cash cost per ounce decreased from $1,079/oz in H1-2024 to $1,064/oz in H1-2025 due to higher volumes of gold sold and the addition of the low-cost Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024, partially offset by higher royalty costs related to the higher realised gold price.
- Taxes paid increased by $194.1 million, in line with the guidance provided, from $39.0 million in Q1-2025 to $233.1 million in Q2-2025 due to higher withholding tax payments related to annual cash upstreaming and an increase in income taxes paid at the Houndé, Ity and Lafigué mines due to the timing of provisional income tax payments for the FY-2024 tax year.
Taxes paid increased by $57.5 million from $214.6 million in H1-2024 to $272.1 million in H1-2025, in line with the guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher provisional income tax payments for the FY-2024 tax year, while withholding tax payments also increased at the Houndé and Mana mines due to increased cash upstreaming as a result of increased cash generation.
Table 11: Tax Payments
THREE MONTHS ENDED SIX MONTHS ENDED
| All amounts in US$ million | 30 June | 31 March 2025 | 30 June | 30 June | 30 June 2024 |
| 2025 | 2024 | 2025 | |||
| Houndé Ity Mana Sabodala-Massawa Lafigué Other1 | 30 | 11 17 — 50 2 3 24 45 2 — — 49 | 41 | 28 50 7 76 1 55 | |
| 77 | 77 | ||||
| 1 | 3 | ||||
| 10 | 34 | ||||
| 24 | 26 | ||||
| 92 | 92 | ||||
| Taxes paid | 233 | 39 | 163 | 272 | 215 |
1Included in the “Other” category is income and withholding taxes paid by Corporate and Exploration entities.
2) Cash flows used in investing activities increased by $62.9 million from $84.8 million in Q1-2025 to $147.7 million in Q2- 2025 due to an increase in non-sustaining capital spend during the quarter of $27.7 million, an increase in growth capital expenditure related to the Assafou DFS of $4.5 million, an increase in sustaining capital spend during the quarter of $3.2 million, an increase in exploration expenditure of $2.6 million and a $3.5 million outflow of restricted cash.
Cash flows used in investing activities decreased by $126.4 million from $358.9 million in H1-2024 to $232.5 million in H1- 2025 largely due to lower growth capital following the completion of the growth projects, which achieved commercial production in Q3-2024, partially offset by higher sustaining and non-sustaining capital.
- Sustaining capital increased from $55.7 million in Q1-2025 to $58.9 million in Q2-2025, largely due to increased sustaining capital expenditure at the Houndé mine related to heavy mining equipment additions and rebuilds, at the Ity mine related to processing plant and infrastructure upgrades, partially offset by a decrease in sustaining capital expenditure at the Mana and Sabodala-Massawa mines.
Sustaining capital increased from $51.3 million in H1-2024 to $114.6 million in H1-2025 due to the addition of the Lafigué mine and the Sabodala-Massawa BIOX expansion, at the Mana mine related to underground development at the Siou and Wona underground deposits and at the Sabodala-Massawa mine related to waste stripping and heavy mining equipment additions, partially offset by a decrease in sustaining capital expenditure at the Houndé mine related to reduced waste stripping activity at the Kari West pit.
- Non-sustaining capital increased from $37.6 million in Q1-2025 to $65.3 million in Q2-2025 largely due to waste stripping at the Houndé and Sabodala-Massawa mines related to the Vindaloo Main pit phase 3 pushback and the
Massawa North Zone pit, respectively, partially offset by reduced waste stripping at Lafigué following the advance of Pushback 2 at the Main pit.
Non-sustaining capital increased from $93.1 million in H1-2024 to $102.9 million in H1-2025 largely due the introduction of the Lafigué and Sabodala-Massawa BIOX expansion which both achieved commercial production in Q3-2024, at the Houndé mine related to waste stripping, partially offset by a decrease in waste stripping at the Ity mine, a decrease in waste stripping and solar plant construction capital at the Sabodala-Massawa mine and the reclassification of underground development at the Mana mine in Q1-2025, following the achievement of commercial stoping production across all of the portals.
- Growth capital increased from $5.7 million in Q1-2025 to $10.2 million in Q2-2025. Growth capital expenditure in Q2- 2025 was related to the definitive feasibility study, advanced grade control drilling and sterilisation drilling at Assafou.
Growth capital decreased from $192.1 million in H1-2024 to $15.9 million in H1-2025 following the completion of the Sabodala-Massawa BIOX Expansion and Lafigué growth projects, which both achieved commercial production in Q3- 2024. Growth capital expenditure in H1-2025 was related to the definitive feasibility study and drilling expenditure at the Assafou project.
3) Cash flows used in financing activities increased by $189.6 million from $66.8 million in Q1-2025 to $256.4 million in Q2- 2025 largely due to the payment of the $139.3 million H2-2024 shareholder dividend during the quarter, financing fees of $39.3 million which includes bond refinancing costs, $28.5 million in purchases of shares through the Group’s share buyback programme, a net repayment of $28.0 million on the Group’s revolving credit facility, $13.8 million in payments to minority shareholders and $7.5 million in repayment of leases. During Q2-2025, the Group refinanced its 2026 senior notes with $515.8 million interest and principal payments made during the quarter on the 2026 senior notes and $485.1 million funded through the 2030 senior notes issue with more detail provided in note 7 of the financial statements. Cash flows used in financing activities increased by $261.1 million from $62.1 million in H1-2024 to $323.2 million in H1- 2025 largely due a net inflow of $220.1 million in proceeds from debt in H1-2024, partially offset by a a $44.1 million increase in purchases of shares through the Group’s share buybacks programme and a $39.3 million increase in shareholder dividend payments.
4) Endeavour’s net debt position increased by $91.5 million, from $377.7 million at the end of Q1-2025 to $469.2 million at the end of Q2-2025, while the net debt / Adjusted EBITDA (LTM) leverage ratio increased slightly from 0.22x at the end of Q1-2025 to 0.23x at the end of Q2-2025, remaining well below the Groups through-the-cycle leverage target of 0.55x.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three-month periods ended 30 June 2025, 31 March 2025, and 30 June 2024, with accompanying explanations below.
Table 12: Earnings from operations
| All amounts in US$ million unless otherwise specified Notes | 30 June | 31 March 2025 | 30 June 2024 | 30 June | 30 June 2024 | |
| 2025 | 2025 | |||||
| Revenue [5] Operating expenses [6] Depreciation and depletion [6] Royalties [7] | 1,008 | 1,042 557 (259) (241) (175) (128) (76) (40) | 2,050 | 1,030 (441) (237) (74) | ||
| (299) | (558) | |||||
| (151) | (325) | |||||
| (78) | (153) | |||||
| Earnings from mine operations | 481 | 533 | 148 | 1,014 | 278 | |
| Corporate costs [8] Share-based compensation Other expense [9] Credit loss and impairment of financial assets [10] Exploration and evaluation costs [11] | (14) | (15) (11) (18) (5) (19) (13) (7) (17) (9) (4) | (28) | (21) (9) (31) (17) (10) | ||
| (9) | (27) | |||||
| (15) | (34) | |||||
| (8) | (14) | |||||
| (9) | (17) | |||||
| Earnings from operations | 428 | 466 | 97 | 894 | 191 | |
| Gain/(loss) on financial instruments [12] Finance costs | 18 | (100) (32) (20) (26) | (83) | (78) (50) | ||
| (31) | (52) | |||||
| Earnings before taxes | 414 | 345 | 39 | 759 | 63 | |
| Current income tax expense [13] Deferred income tax recovery/(expense) | (201) | (121) (135) (2) 51 | (321) | (176) 58 | ||
| 129 | 128 | |||||
| Net comprehensive earnings/(loss) from operations | [14] | 343 | 222 | (45) | 565 | (54) |
| Add-back adjustments [15] | (100) | 44 65 | (57) | 131 | ||
| Adjusted net earnings from operations | 243 | 266 | 20 | 509 | 77 | |
| Portion attributable to non-controlling interests [16] | 64 | 47 17 | 110 | 32 | ||
| Adjusted net earnings from operations attributable to | [17] | |||||
| 179 | 219 | 3 | 398 | 45 | ||
| shareholders of the Company | ||||||
| Adjusted net earnings per share from operations | 0.74 | 0.90 0.01 | 1.64 | 0.18 |
NOTES:
5) Revenue decreased by $33.6 million from $1,041.8 million in Q1-2025 to $1,008.2 million in Q2-2025 due to lower volumes of gold sold, partially offset by an increase in the realised gold price from $2,939/oz in Q1-2025 to $3,302/oz in Q2-2025, exclusive of the Company’s Revenue Protection Programme.
Revenue increased by $1,020.5 million from $1,029.5 million in H1-2024 to $2,050.0 million in H1-2025 due to an increase in the realised gold price from $2,210/oz in H1-2024 to $3,107/oz in H1-2025, exclusive of the Company’s Revenue Protection Programme and higher volumes of gold sold.
6) Operating expenses increased by $39.9 million from $259.0 million in Q1-2025 to $298.9 million in Q2-2025, largely due to higher mining and processing costs at Ity due to increased haulage and self generated power consumption, respectively, and higher processing costs at Sabodala-Massawa related to increased reagent consumption. Depreciation and depletion decreased by $23.9 million from $174.6 million in Q1-2025 to $150.7 million in Q2-2025 due to lower quarterly production.
Operating expenses increased by $116.8 million from $441.1 million in H1-2024 to $557.9 million in H1-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, and increased mining costs at Mana, Ity and Houndé driven by higher volumes mined. Depreciation and depletion increased by $88.8 million from $236.5 million in H1-2024 to $325.3 million in H1-2025 due to higher levels of production at Houndé, Mana and Sabodala-Massawa and higher depreciation and depletion driven by the commencement of operations at the Lafigué mine and the Sabodala-Massawa BIOX expansion following the start of commercial production Q3-2024.
7) Royalties increased by $1.9 million from $75.7 million in Q1-2025 to $77.6 million in Q2-2025 due to the higher realised gold price and the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit, which came into effect during Q1-2025 following the completion of a $15.0 million payment holiday, partially offset by slightly lower sales volumes.
Royalties increased by $79.2 million from $74.1 million in H1-2024 to $153.3 million in H1-2025 due to the higher realised gold price, the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit and higher gold sales volumes.
8) Corporate costs of $13.5 million in Q2-2025 were largely consistent with the prior quarter.
Corporate costs increased from $21.4 million in H1-2024 to $28.0 million in H1-2025 due to increased employee compensation costs related to the start of commercial production at the growth projects in Q3-2024..
9) Other expenses decreased by $4.5 million from $19.0 million in Q1-2025 to $14.5 million in Q2-2025. For Q2-2025, other expenses included $10.9 million in acquisition and restructuring costs primarily related to the early dismissal of an underground mining contractor, which will become effective in Q3-2025, $2.2 million in tax claims and $0.7 million in legal and other costs related to ongoing local level arbitrations.
10) Credit loss and impairment of financial assets increased by $1.0 million from $6.6 million in Q1-2025 to $7.6 million in Q2- 2025. For Q2-2025, the charge primarily related to a credit loss adjustment on the net smelter royalty receivable from the Group’s sale of the non-core Karma mine in 2022, to reflect the delay in receiving payment and a $3.3 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso.
11) Exploration costs remained in line with Q1-2025, at $8.8 million in Q2-2025 as the FY-2025 drill programmes continue across the Group’s portfolio of assets.
Exploration costs increased by $7.7 million from $9.7 million in H1-2024 to $17.4 million in H1-2025 due to increased exploration spend at the highly prospective Ity and Sabodala-Massawa mines as well as the Assafou deposit.
12) The loss on financial instruments improved by $117.8 million from a loss of $100.3 million in Q1-2025 to a gain of $17.5 million in Q2-2025. The gain on financial instruments during the quarter included a $37.1 million unrealised gain on foreign exchange rate movements between the Euro and the US dollar on cash, restricted cash and VAT, a $22.7 million unrealised gain in relation to the gold collars, partially offset by a realised loss of $46.0 million in relation to the gold collars.
The loss on financial instruments increased by $4.8 million from a loss of $78.0 million in H1-2024 to a loss of $82.8 million in H1-2025, due largely to realised losses of $100.8 million and unrealised losses of $32.3 million in relation to the gold collars and LBMA Averaging Programme (stopped at the end of Q1-2025), partially offset by a $39.9 million gain on exchange rate movements between the Euro and the US dollar.
As previously disclosed, in order to increase cash flow visibility during its construction and de-leveraging phases, Endeavour entered into a Revenue Protection Programme, using a combination of zero premium gold collars and forward sales contracts, to cover a portion of its 2025 production.
- In Q2-2025, approximately 50koz were delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz.
- For the remainder of FY-2025, approximately 100koz (50koz per quarter) are expected to be delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz. The Revenue Protection Programme is expected to conclude at the end of Q4-2025.
13) Current income tax expense increased by $79.6 million from $120.9 million in Q1-2025 to $200.5 million in Q2-2025, largely due to an increase in current corporate income taxes driven by higher taxable profits and an increase in recognised withholding tax expenses due to the timing of local board approvals for cash upstreaming.
Current income tax expense increased by $145.9 million from $175.5 million in H1-2024 to $321.4 million in H1-2025 due to an increase in current income taxes driven by higher taxable profits, an increase in withholding taxes at operating subsidiaries and the commencement of operations at Lafigué, effective Q3-2024.
Deferred tax recovery increased by $131.1 million from a deferred tax expense of $1.8 million in Q1-2025 to a deferred tax recovery of $129.3 million in Q2-2025, largely due to the $60.4 million gain on foreign exchange in the deferred tax expense and lower deferred tax expense recognised in relation to withholding taxes planned to be remitted in relation to 2025.
Deferred tax recovery increased by $69.4 million from $58.1 million in H1-2024 to $127.5 million in H1-2025, largely due to the $89.2 million gain on foreign exchange.
14) Net comprehensive earnings from continuing operations improved by $120.5 million from $222.3 million in Q1-2025 to $342.8 million in Q2-2025. The increase in earnings is largely driven by lower depletion and depreciation and a gain on financial instruments during Q2-2025 compared to a loss on financial instruments in Q1-2025, partially offset by an increase in operating expenses, higher royalty costs related to higher realised gold prices and a decrease in gold sales. Net comprehensive earnings from continuing operations improved by $619.2 million from net comprehensive loss of $54.1 million in H1-2024 to net comprehensive earnings of $565.1 million in H1-2025. The increase in earnings was largely driven by an increase in gold sold volumes at a higher realised gold price, partially offset by higher operating expenses and higher depletion and depreciation .
15) For Q2-2025, adjustments included an unrealised gain on financial instruments of $63.5 million largely related to the unrealised gain on gold collars, and the foreign exchange remeasurements of deferred tax balances of $60.4 million, partially offset by other expenses of $14.5 million largely related to indirect tax claims, early dismissal costs of the underground mining contractor and legal costs related to local level arbitrations and an impairment of $7.6 million related to a credit loss on Burkina Faso VAT and the net smelter royalty from the Karma mine sale.
16) Net earnings attributable to non-controlling interests increased by $16.9 million million, from $47.0 million million in Q1- 2025 to $63.9 million million in Q2-2025 due to the increase in net comprehensive earnings. During Q2-2025, Endeavour signed an amendment to its mining convention’s in Burkina Faso, accelerating the implementation of the 5% increase in the State of Burkina Faso’s Free Carried ownership in the Mana and Houndé operating entities, which was previously expected to become effective in 2027 and 2029 respectively. The changes are effective from May 2025 and have an approximate Group NAV impact of less than 1% (based on a 5% discount rate and consensus long-term gold pricing of $2,425/oz). As previously disclosed, the 2024 Mining Code is still expected to apply to our Mana mine in 2027 and our Houndé mine in 2029, following the expiration of the current mining conventions at each mine.
17) Adjusted net earnings attributable to shareholders decreased by $40.4 million from earnings of $219.0 million (or $0.90 per share) in Q1-2025 to adjusted net earnings of $178.6 million (or $0.74 per share) in Q2-2025 due to lower gold sales, higher operating costs at Houndé and Ity, partially offset by a gain on financial instruments driven by an unrealised gain on foreign exchange during the quarter on cash, restricted cash and VAT balances.
Adjusted net earnings attributable to shareholders for continuing operations increased by $353.1 million from earnings of $44.9 million (or $0.18 per share) in H1-2024 to adjusted net earnings $398.0 million (or $1.64 per share) in H1-2025 due to higher production and higher operating margins, aided by a higher realised gold price during the period.