ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS YTD-2025 production of 911koz at AISC of $1,362/oz
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS YTD-2025 production of 911koz at AISC of $1,362/oz • FY-2025 guidance on track • YTD-2025 free cash flow of $680m OPERATIONAL AND FINANCIAL HIGHLIGHTS
- YTD-2025 production of 911koz, on track for the top half of the guidance range; Q3-2025 production of 264koz.
- YTD-2025 AISC of $1,362/oz, on track for the guidance range; impacted by +$103/oz of gold price driven royalty costs compared to guidance; Q3-2025 AISC of $1,569/oz; impacted by +$131/oz of gold price driven royalty costs.
- Adj. EBITDA of $1,634m YTD-2025, up +110% over YTD-2024; $466m for Q3-2025.
- Adj. Net Earnings of $556m (or $2.29/sh) YTD-2025, up +375% over YTD-2024; $159m (or $0.66/sh) for Q3-2025.
- FCF of $680m ($746/oz produced) YTD-2025, up +1,411% over YTD-2024; $166m ($629/oz produced) for Q3-2025.
- Gross debt reduced by $425m to $678m following full repayment of the RCF during Q3-2025; Net Debt / Adj. EBITDA (LTM) of 0.21x at the end of the period, significantly below the Group’s 0.50x through-the-cycle target.
SECTOR LEADING SHAREHOLDER RETURNS
- Record $150m (or $0.62/sh) dividend paid on 23 October; on track to significantly exceed $225m FY-2025 minimum.
- Share buybacks of $83m YTD-2025; $14m for Q3-2025, bringing YTD-2025 returns to $233m before H2-2025 dividend, which will be announced in January 2026 with the next phase of our shareholder returns programme.
ATTRACTIVE ORGANIC GROWTH
- Assafou project DFS on track for Q1-2026, environmental permit approved during Q3-2025.
- Strong exploration efforts with $72m spent YTD-2025; focused on near-mine resource expansions at Sabodala-Massawa, Houndé, Ity and Assafou.
- 5-year exploration strategy completed with 12.4Moz discovered at less than $25/oz; new exploration strategy expected in Q4-2025, outlining focus on continued mine life extension and organic pipeline expansion and diversification.
London, 13 November 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q3-2025 and YTD-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations1 THREE MONTHS ENDED NINE MONTHS ENDED
| All amounts in US$ million unless otherwise specified | 30 September | 30 June 2025 | 30 September | 30 September | 30 September 2024 | Δ YTD-2025 vs. |
| 2025 | 2024 | 2025 | YTD-2024 | |||
| OPERATING DATA Gold Production, koz Gold sold, koz Total Cash Cost2, $/oz All-in Sustaining Cost2, $/oz Realised Gold Price3, $/oz | 306 270 304 280 1,220 1,128 1,458 1,287 3,150 2,342 | 741 743 1,097 1,256 2,233 | ||||
| 264 | 911 | +23% | ||||
| 258 | 914 | +23% | ||||
| 1,336 | 1,141 | +4% | ||||
| 1,569 | 1,362 | +8% | ||||
| 3,247 | 3,036 | +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 | 296 245 1.22 1.00 252 255 1.04 1.04 104 97 0.43 0.40 | 595 2.43 568 2.32 45 0.18 | ||||
| 394 | 1,282 | +115% | ||||
| 1.63 | 5.29 | +118% | ||||
| 309 | 1,055 | +86% | ||||
| 1.28 | 4.35 | +88% | ||||
| 166 | 680 | +1411% | ||||
| 0.69 | 2.80 | +1456% | ||||
| 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 | 271 (95) 1.12 (0.39) 179 74 0.74 0.30 596 128 556 317 | (175) (0.71) 117 0.48 477 779 | ||||
| 167 | 611 | n.a. | ||||
| 0.69 | 2.52 | n.a. | ||||
| 159 | 556 | +375% | ||||
| 0.66 | 2.29 | +377% | ||||
| 472 | 1,608 | +237% | ||||
| 466 | 1,634 | +110% | ||||
| SHAREHOLDER RETURNS2 Shareholder dividends paid Share buybacks | 140 — 28 9 | 100 29 | ||||
| — | 140 | +40% | ||||
| 14 | 83 | +186% | ||||
| FINANCIAL POSITION HIGHLIGHTS2 Net Debt Net Debt / LTM Trailing adj. EBITDA5 | 469 834 0.23x 0.77x | 834 0.77 x | ||||
| 453 | 453 | (46)% | ||||
| 0.21x | 0.21x | (73)% |
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, Thursday 13 November 2025, at 8:30 am EST / 1:30 pm GMT. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. Copies of the Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: "Q3-2025 marked another solid operational quarter placing us firmly on track to achieve our full-year guidance. Strong year-to-date production has positioned us to achieve the top half of our production guidance with AISC within the guidance range, when adjusted for the impact of higher gold prices on royalty costs.
Our Q3-2025 operational performance was in line with our planned mine sequence, despite the impact of a heavier than normal wet season. This performance, coupled with higher gold prices, underpinned a 59% increase in free cash flow generation in Q3, bringing free cash flow generation to $680 million year-to-date, and to nearly a billion dollars over the last twelve months. We remain focused on maximising free cash flow generation from every ounce of gold that we produce, to ensure that our margins grow with the gold price.
Given the strong free cash flow generation, we further strengthened our balance sheet this quarter by not only lowering our leverage, but reducing our gross debt as well, through the full repayment of the drawn portion of our revolving credit facility. Shareholder returns increased, following payment of our record $150 million dividend early in Q4, we continued to buyback shares, bringing year-to-date returns to $233 million, before the declaration of our H2-2025 dividend that we will announce in Q1-2026, which is expected to increase our total returns to at least $346 million. We have now returned over $1.4 billion to our shareholders over the last four and half years, or 83% above our minimum commitment, and as we look forward to our next phase of growth, we expect to be well positioned to continue delivering sector-leading returns throughout.
Our Assafou project continues to advance on schedule, with the environmental permit now approved and the Definitive Feasibility Study on track to be completed in Q1-2026, progressively de-risking our timeline to first gold.
In parallel, we continue to accelerate exploration to delineate high-priority near-mine opportunities at Houndé, Sabodala- Massawa, Ity and Assafou, and identify greenfield opportunities both in West Africa, and in other, similar, highly-fertile tier 1 gold provinces that have limited exploration maturity, where we can lever our exploration expertise and gain an early mover advantage. We expect to announce our new exploration strategy in Q4, which will support continued mine life extension and improvements across our existing portfolio, and drive our next phase of organic growth, beyond Assafou.
Given our high-quality portfolio, underpinned by a top tier organic growth pipeline, we are well positioned to sustainably deliver sector-leading shareholder returns and organic growth, generating value for all our stakeholders.”
SHAREHOLDER RETURNS PROGRAMME
- Endeavour has paid more than $1.4bn in shareholder returns since Q1-2021, which is $639.8 million or 83% above its minimum commitment over the period, reflecting its strong commitment to pay supplemental returns to shareholders through both phases of cash harvesting and phases of organic growth.
- For H1-2025, Endeavour announced a record dividend of $150.0 million (or approximately $0.62 per share), which was paid on 23 October 2025. The H2-2025 dividend is expected to be announced in Q1-2026 and paid in Q2-2026.
- During YTD-2025, shareholder returns continued to be supplemented with share buybacks of $82.8 million, or 3.3 million shares, which is an increase of 186% over YTD-2024. During Q3-2025, $14.4 million or 0.4 million shares were repurchased.
- Total shareholder returns for YTD-2025 of $232.8 million, have already exceeded the $225.0 million minimum for the year and are expected to significantly increase, with the announcement of the H2-2025 dividend and further share buybacks. At a minimum the H2-2025 dividend is expected to be $112.5 million, which would bring the full year return to a minimum $345.8 million.
- Given that Endeavour’s current shareholder returns programme will be completed in H1-2026, Endeavour expects to announce its new shareholder returns programme for the FY-2026 to FY-2028 period, which will outline a significant increase in minimum shareholder dividend commitments, in early Q1-2026.
Table 2: Cumulative Shareholder Returns
| (All amounts in US$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 H1-2025 Programme H div2 id- e2 n0 a2 n5 n1 u( nQ c1 e- m20 e2 n6 (ongoing) d o t) | 30 37 37 69 — 14 | +67 +106 +14 | |||
| 210 | 277 | ||||
| 113 | 219 | ||||
| 113 | 127 | ||||
| TOTAL | 886 | 217 | 423 | 1,526 | 640 |
1Q3-2025 share buybacks of $14.3 million differs from $15.6 million per the Statement of Cashflows due to foreign exchange and timing of payments.
OPERATING SUMMARY
- Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.05 for the trailing twelve months ended 30 September 2025.
- The Group remains on track to achieve the top-half of its production guidance of 1,110 - 1,260koz, within its all-in sustaining cost (“AISC”) guidance range of $1,150 - 1,350/oz, when adjusted for the impact of higher gold prices on royalty costs (+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz, compared to the guidance gold price of $2,000/oz).
- Q3-2025 production of 264koz was 42koz lower than Q2-2025, reflecting lower grades processed across the portfolio, in line with the mine sequence, and lower tonnes milled at Houndé and Lafigué due to the impact of the wet season.
- YTD-2025 production amounted to 911koz, an increase of 170koz over YTD-2024, due to higher average grades processed at Houndé and Mana, in line with the mine sequence, along with increased production at Lafigué and the Sabodala-Massawa BIOX expansion, which both entered commercial production Q3-2024, partially offset by a decrease in production at Ity due to lower average grades processed.
Table 3: Group Production THREE MONTHS ENDED NINE MONTHS ENDED
| All amounts in koz, on a 100% basis | 30 September | 30 June 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 |
| 2025 | |||||
| Houndé Ity Mana Sabodala-Massawa1 Lafigué1 | 49 | 69 | 74 | 209 | 179 |
| 77 | 84 | 77 | 245 | 259 | |
| 39 | 41 | 30 | 127 | 107 | |
| 61 | 62 | 54 | 195 | 159 | |
| 38 | 49 | 36 | 135 | 36 | |
| GROUP PRODUCTION | 264 | 306 | 270 | 911 | 741 |
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
- Q3-2025 total cash cost amounted to $1,336/oz, an increase of $116/oz over Q2-2025 due to lower gold sales and higher royalty costs related to the higher realised gold prices, as well as higher mining unit costs at Houndé, Sabodala-Massawa and Lafigué, and higher processing unit costs at Houndé, due to the impact of the wet season on mining and processing productivity. This was partially offset by lower processing unit costs at Mana, Sabodala-Massawa and Lafigué due to improved grid availability and reduced planned maintenance during the quarter.
- YTD-2025 total cash cost amounted to $1,141/oz, an increase of $44/oz over YTD-2024, due to higher royalty costs related to higher realised gold prices, partially offset by an increase in gold sales and the addition of the low-cost Lafigué and Sabodala- Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 4: Consolidated Total Cash Costs THREE MONTHS ENDED NINE MONTHS ENDED
| (All amounts in US$/oz) | 30 September | 30 June 2025 | 30 September 2024 | 30 September | 30 September |
| 2025 | 2025 | 2024 | |||
| Houndé Ity Mana Sabodala-Massawa2 Lafigué2 | 1,420 | 1,352 1,233 1,049 899 1,700 1,766 1,073 1,096 1,125 831 | 1,098 | 1,242 874 1,587 1,015 831 | |
| 1,142 | 1,016 | ||||
| 1,772 | 1,596 | ||||
| 1,173 | 1,061 | ||||
| 1,433 | 1,129 | ||||
| GROUP TOTAL CASH COSTS1 | 1,336 | 1,220 | 1,128 | 1,141 | 1,097 |
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 and the Lafigué mine.
- Q3-2025 AISC amounted to $1,569/oz, an increase of $111/oz over Q2-2025 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, which was partially offset by lower sustaining capital largely due to less waste stripping activity at Houndé.
- YTD-2025 AISC amounted to $1,362/oz, an increase of $106/oz over YTD-2024 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Ity, Mana and the Lafigué mine and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 5: Group All-In Sustaining Costs THREE MONTHS ENDED NINE MONTHS ENDED
| All amounts in US$/oz | 30 September 2025 | 30 June 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 |
|---|---|---|---|---|---|
| Houndé Ity Mana Sabodala-Massawa2 Lafigué2 Corporate G&A | 1,475 | 1,580 | 1,379 | 1,231 | 1,457 |
| 1,269 | 1,125 | 928 | 1,099 | 898 | |
| 2,377 | 2,257 | 1,987 | 2,157 | 1,756 | |
| 1,326 | 1,272 | 1,219 | 1,252 | 1,112 | |
| 1,530 | 1,154 938 46 45 | 1,168 | 938 47 | ||
| 47 | 45 | ||||
| GROUP ALL-IN SUSTAINING COSTS1 | 1,569 | 1,458 | 1,287 | 1,362 | 1,256 |
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 and the Lafigué mine.
- Q3-2025 and YTD-2025 total cash costs and AISC have been impacted by higher royalty costs due to higher realised gold prices of $3,513/oz and $3,221/oz, exclusive of the impact of the revenue protection programme, respectively, which are significantly higher than the $2,000/oz gold price assumption used in the FY-2025 guidance. As a result, higher royalty costs related to gold price had an impact of $131/oz and $103/oz on the Q3-2025 and YTD-2025 total cash costs and AISC, respectively.
- YTD-2025 AISC, adjusted for the impact of higher royalty costs due to higher gold prices are at $1,259/oz, approximately at the midpoint of the FY-2025 guidance range. Given the strong outlook for Q4-2025, improved production and costs are expected, positioning the Group to achieve the FY-2025 AISC guidance.
Table 6: AISC Guidance Reconciliation1
| Q3-2025 | YTD-2025 ACTUALS | FY-2025 | |
|---|---|---|---|
| ACTUALS | GUIDANCE | ||
| AISC at realised gold price of $3,513/oz for Q3-2025 and | |||
| 1,569 | 1,362 | ||
| $3,221/oz for YTD-2025 |
+131 +103 YTD-2025 impact of +$103/oz on AISC due to Additional royalty cost at realised gold price vs $2,000/oz guidance gold price higher gold prices driving royalty costs higher
AISC at $2,000/oz gold price2 1,438 1,259 1,150 — 1,350
1The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q3-2025 and YTD-2025 of $3,513/oz and $3,221/oz are exclusive of the impact of the revenue protection programme, respectively. 2Indicative AISC normalising realised AISC for the impact of the higher gold prices on royalty costs.
FY-2025 OUTLOOK
- The Group remains on track to achieve the top half of its production guidance of 1,110 - 1,260koz driven by strong YTD-2025 production at Houndé and Sabodala-Massawa. Q4-2025 production is expected to increase over Q3-2025 due to mining and processing of higher grades at Lafigué, Mana and Sabodala-Massawa CIL, in line with the mine sequence.
Table 7: FY-2025 Production Outlook1
| (All amounts in koz, on a 100% basis) | YTD-2025 ACTUALS | FY-2025 | FY-2025 |
|---|---|---|---|
| GUIDANCE | OUTLOOK | ||
| Houndé 209 Ity 245 Mana 127 Sabodala-Massawa 195 Lafigué 135 | 230 - 260 | TOP HALF ON TRACK ON TRACK TOP HALF LOWER HALF | |
| 290 - 330 | |||
| 160 - 180 | |||
| 250 - 280 | |||
| 180 - 210 | |||
| Group Production | 911 | 1,110 - 1,260 | TOP HALF |
1FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
- The Group remains on track to achieve its AISC guidance of $1,150 - 1,350/oz, when adjusted for the impact of higher gold prices on royalty costs (+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz compared to the guidance gold price of $2,000/oz). Prior to this impact, YTD-2025 AISC is approximately $1,259/oz, near the mid-point of the FY-2025 guidance range. Q4-2025 AISC is expected to improve over Q3-2025 due to higher grades, higher gold production and sales. The AISC sensitivity to royalty cost due to gold price changes is between $6 - 10/oz for every $100/oz increase in gold price.
Table 8: FY-2025 AISC Outlook1
| (All amounts in US$/oz) | YTD-2025 | YTD-2025 | ||
|---|---|---|---|---|
| FY-2025 | FY-2025 | |||
| ADJUSTED2 (at $2,000/oz) | ||||
| ACTUALS | GUIDANCE | OUTLOOK | ||
| (at $3,221/oz) | ||||
| Houndé 1,231 1,114 Ity 1,099 1,014 Mana 2,157 2,046 Sabodala-Massawa 1,252 1,178 Lafigué 1,168 1,087 Corporate G&A 45 45 | 1,225 - 1,375 | ON TRACK ON TRACK ABOVE TOP-END ON TRACK NEAR TOP-END ON TRACK | ||
| 975 - 1,100 | ||||
| 1,550 - 1,750 | ||||
| 1,100 - 1,250 | ||||
| 950 - 1,075 | ||||
| 40 | ||||
| Group AISC | 1,362 | 1,259 | 1,150 - 1,350 | ON TRACK |
1FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. 2Indicative AISC normalising realised AISC for the impact of the higher gold prices ($+103/oz YTD-2025) on royalty costs.
- Group sustaining capital expenditure outlook for FY-2025 remains unchanged at the previously disclosed guidance of $195.0 million, of which $161.4 million has been incurred in YTD-2025, with $47.9 million incurred in Q3-2025. The sustaining capital guidance increased at Ity and Mana, which was offset by decreases at Sabodala-Massawa and Lafigué. Sustaining capital expenditure guidance increased at Ity and Mana due to increased waste development to access higher grade ore, while it decreased at Sabodala-Massawa and Lafigué due to a decrease in sustaining capital waste stripping activity.
- Group non-sustaining capital expenditure outlook for FY-2025 increased slightly from the previously disclosed guidance of $235.0 million to $245.0 million, of which $186.2 million was incurred in YTD-2025, with $83.3 million incurred in Q3-2025. Non-sustaining capital guidance increased at Mana and Lafigué, partially offset by decreases at Houndé and Ity. The nonsustaining capital guidance increased at Mana due to the purchase of the outgoing underground mining contractor’s fleet following Endeavour’s decision to terminate their contract in Q2-2025, and at Lafigué, due to the acceleration of waste stripping to support higher than design nameplate plant throughput. These increases were partially offset by a decrease at Ity due to lower waste stripping at the Le Plaque pit and a decrease at Houndé related to the timing of compensation payments for the third TSF cell.
- Group growth capital expenditure outlook for FY-2025 remains unchanged at the previously disclosed guidance of $30.0 million, of which $22.8 million was incurred in YTD-2025, with $6.8 million incurred in Q3-2025. Growth capital was primarily
related to the Definitive Feasibility Study (DFS) and associated drilling expenditure at Assafou, which has accelerated as the DFS progresses toward completion in Q1-2026.
Table 9: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
| YTD-2025 ACTUALS | FY-2025 PREVIOUS GUIDANCE | FY-2025 | |
|---|---|---|---|
| UPDATED | |||
| GUIDANCE | |||
| 28 | 40 | 40 | |
| 21 | 20 | 25 | |
| 70 | 60 | 75 | |
| 37 | 60 | 45 | |
| 5 | 15 | 10 | |
| Total Sustaining Capital Expenditure | 161 | 195 | 195 |
| 52 | 90 | 80 | |
| 18 | 35 | 30 | |
| 16 | 10 | 25 | |
| 22 | 25 | 25 | |
| 75 | 70 | 80 | |
| 3 | 5 | 5 | |
| Total Non-Sustaining Capital Expenditure | 186 | 235 | 245 |
| 30 | 30 | ||
| Total Growth Capital Expenditure | 23 | 30 | 30 |
| Total Mine Capital Expenditure | 370 | 460 | 470 |
- Group exploration outlook for FY-2025 remains unchanged from the previously disclosed guidance of $85.0 million, of which $72.1 million was incurred in YTD-2025, with $20.7 million incurred in Q3-2025. Exploration guidance increased at Houndé due to the success of the drilling programme at the Vindaloo Deeps deposit, and at Mana to accelerate deep drilling below the Wona deposit to extend the current resource, which was offset by a decrease at Lafigué as the drilling programme is now expected to commence in early 2026. Exploration activities in Q3-2025 included the acceleration of the Vindaloo Deeps resource definition drill programme at Houndé, drilling at the Ity Donut and defining maiden resources at the near-mine Makana and Kawsara targets at Sabodala-Massawa.
- Group tax payments outlook for FY-2025 remains unchanged at $350.0 million to $450.0 million, of which $339.4 million was incurred in YTD-2025, with $67.3 million incurred in Q3-2025. For the full-year, Group tax payments are expected near the mid-point of the guidance range.
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three months ended 30 September 2025, 30
accompanying explanations below.
Table 10: Cash Flow and Net Debt THREE MONTHS ENDED NINE MONTHS ENDED
| All amounts in US$ million unless otherwise specified Notes | 30 June 2025 | 30 September 2024 | 30 September 2024 | |||
|---|---|---|---|---|---|---|
| 30 September | 30 September | |||||
| 2025 | 2025 | |||||
| Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital5 Changes in working capital | 296 245 (44) 10 | 595 (27) | ||||
| 394 | 1,282 | |||||
| (85) | (228) | |||||
| 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 | 252 255 — — | 568 (6) | ||||
| 309 | 1,055 | |||||
| — | — | |||||
| Cash generated from operating activities [1] Cash used in investing activities [2] | 309 | 252 255 (148) (158) | 1,055 | 562 (517) | ||
| (143) | (375) | |||||
| Free Cash Flow1,2 | 166 | 104 | 97 | 680 | 45 | |
| Cash (used in)/generated from financing activities [3] Effect of exchange rate changes on cash | (570) | (256) (241) 49 9 | (893) | (303) (7) | ||
| (6) | 54 | |||||
| INCREASE/(DECREASE) IN CASH | (410) | (103) | (135) | (159) | (265) | |
| Cash and cash equivalent position at beginning of period3 | 737 387 | 517 | ||||
| 634 | 384 | |||||
| CASH AND EQUIVALENT POSITION AT END OF PERIOD3 | 225 | 634 | 252 | 225 | 252 | |
| Principal amount of $500m Senior Notes Drawn portion of Lafigué Term Loan Drawn portion of Sabodala Term Loan Drawn portion of Ity Working Capital Facility Drawn portion of Revolving Credit Facility | 500 | 500 500 131 147 — 23 — — 472 415 | 500 | 500 147 23 — 415 | ||
| 121 | 121 | |||||
| 16 | 16 | |||||
| 41 | 41 | |||||
| — | — | |||||
| NET DEBT1 | [4] | 453 | 469 | 834 | 453 | 834 |
| Trailing twelve month adjusted EBITDA1,4 | 2,159 | 2,032 1,082 | 2,159 | 1,082 | ||
| Net Debt / Adjusted EBITDA (LTM) ratio1,4 | 0.21x | 0.23x | 0.77x | 0.21x | 0.77x |
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 overdraft ($37.5 million at 30 September 2025; $6.3 million at 30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $62.2 million at 30 September 2024; $21.1 million at 30 June 2024; nil at 31 December 2023). 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 increased by $56.5 million from $252.0 million (or $1.04 per share) in Q2-2025 to $308.5 million (or $1.28 per share) in Q3-2025 due to higher realised gold prices, lower income and withholding tax payments, lower royalty costs due to lower gold sold and lower operating costs, partially offset by a decrease in production and gold sales, a higher realised loss on gold collars and an increase in the working capital outflow.
Operating cash flows increased by $492.8 million from $561.9 million (or $2.29 per share) in YTD-2024 to $1,054.7 million (or $4.35 per share) in YTD-2025 due to higher production at higher realised gold prices, partially offset by higher operating costs, higher royalties, a higher realised loss on gold collars and LBMA averaging, higher working capital outflows and higher income tax payments.
Notable variances are summarised below:
- Working capital was an outflow of $85.4 million in Q3-2025, an increase of $41.3 million over the Q2-2025 outflow of $44.1 million. The outflow in Q3-2025 consisted of (i) an inventory outflow of $54.8 million due to a build-up of stockpile inventory at the Lafigué, Ity and Sabodala-Massawa mines, as well as an increase in spare parts and consumables related to mining component rebuilds at Houndé and Sabodala-Massawa, (ii) a receivables outflow of $46.4 million related to a build-up of VAT receivables at the Houndé, Lafigué and Mana mines, and (iii) a prepaid expenses outflow of $10.5 million related to the timing of supplier prepayments, partially offset by (iv) a trade and other payables inflow of $26.3 million related to the timing of supplier payables and contractor-related liabilities. Working capital was an outflow of $227.6 million in YTD-2025, a decrease of $200.4 million over the YTD-2024 outflow of $27.2 million, largely driven by an increase in outflows related to inventory, an increase in outflows related to trade
and other receivables and an increase in outflows related to trade and other receivables, partially offset by a decrease in the outflow of prepaid expenses.
- Gold sales from continuing operations decreased from 304koz in Q2-2025 to 258koz in Q3-2025 due to lower production across the portfolio, in line with the mine sequence. The realised gold price from continuing operations for Q3-2025 increased by $211/oz to $3,513/oz from $3,302/oz in Q2-2025. Inclusive of the Group’s Revenue Protection Programme (-$266/oz Q3-2025 impact), the realised gold price for Q3-2025 increased by $97/oz to $3,247/oz from $3,150/oz in Q2-2025.
- Gold sales from continuing operations increased from 743koz in YTD-2024 to 914koz in YTD-2025, following higher production in YTD-2025 at the Houndé, Mana and Sabodala-Massawa mines along with increased production from the Lafigué mine that achieved commercial production in Q3-2024. The realised gold price from continuing operations for YTD-2025 increased by $900/oz to $3,221/oz from $2,321/oz in YTD-2024. Inclusive of the Group’s Revenue Protection Programme (-$161/oz YTD-2025 impact) and the London Bullion Market Averaging (LBMA) gold price strategy, which ceased at the end of Q1-2025 (-$24/oz YTD-2025 impact), the realised gold price for YTD-2025 increased by $803/oz to $3,036/oz from $2,233/oz in YTD-2024.
- Total cash cost per ounce increased from $1,220/oz in Q2-2025 to $1,336/oz in Q3-2025 due to lower volumes of gold sold and higher royalty costs (+$131/oz impact at realised gold price of $3,513/oz vs guided gold price of $2,000/oz) related to a higher realised gold price.
Total cash cost per ounce increased from $1,097/oz in YTD-2024 to $1,141/oz in YTD-2025 due to significantly higher royalty costs (+$103/oz impact at realised gold price of $3,221/oz vs guided gold price of $2,000/oz) related to the higher realised gold price, partially offset by an increase in gold sales.
- Taxes paid decreased by $165.8 million from $233.1 million in Q2-2025 to $67.3 million in Q3-2025 due to lower withholding taxes paid following cash upstreaming in the prior quarter and lower income taxes paid at the Houndé, Ity, Sabodala-Massawa and Lafigué mines due to the timing of provisional income tax payments for the FY-2024 tax year which typically occur in the second quarter, partially offset by higher income taxes paid at the Mana mine. Taxes paid increased by $60.3 million from $279.1 million in YTD-2024 to $339.4 million in YTD-2025, in line with the guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher provisional income tax payments for the FY-2024 tax year due to higher taxable earnings, while withholding tax payments also increased due to higher levels of cash upstreaming as a result of improved cash generation.
Table 11: Tax Payments
THREE MONTHS ENDED NINE MONTHS ENDED
| 30 September | 30 June 2025 | 30 September | 30 September | 30 September 2024 | |
| ($m) | |||||
| 2025 | 2024 | 2025 | |||
| Houndé Ity Mana Sabodala-Massawa Lafigué Other1 | 15.5 | 29.6 12.0 76.7 25.3 0.8 2.2 9.6 — 24.1 — 92.3 25.0 | 56.0 | 39.7 75.3 8.8 75.6 1.0 78.7 | |
| 39.1 | 115.8 | ||||
| 2.6 | 5.5 | ||||
| — | 34.0 | ||||
| 10.8 | 36.8 | ||||
| (0.7) | 91.3 | ||||
| Total taxes paid | 67.3 | 233.1 | 64.5 | 339.4 | 279.1 |
1Included in the “Other” category is income and withholding taxes paid/(received) by Corporate and Exploration entities.
2) Cash flows used in investing activities decreased by $5.1 million from $147.7 million in Q2-2025 to $142.6 million in Q3- 2025 due to a decrease in sustaining capital spend of $13.7 million, a decrease in growth capital spend on the Assafou DFS of $3.4 million, a decrease in exploration capital spend of $3.1 million, an inflow of $2.3 million related to the Koulou Gold investment during the prior quarter and a decrease in restricted cash outflow of $1.7 million, partially offset by an increase in non-sustaining capital spend during the quarter of $18.0 million.
Cash flows used in investing activities decreased by $141.7 million from $516.8 million in YTD-2024 to $375.1 million in YTD-2025 largely due to lower growth capital following the completion of the growth projects, which achieved commercial production in Q3-2024, partially offset by higher sustaining and non-sustaining capital.
- Sustaining capital decreased from $51.6 million in Q2-2025 to $37.9 million in Q3-2025, largely due to decreased sustaining capital expenditure at the Houndé mine related to the timing of heavy mining equipment upgrades and at the Sabodala-Massawa mine related to waste stripping activity, partially offset by an increase in sustaining capital expenditure at the Ity, Mana and Lafigué mines.
Sustaining capital increased from $82.6 million in YTD-2024 to $163.2 million in YTD-2025 largely due to the addition of the Lafigué mine and the Sabodala-Massawa BIOX expansion, which both achieved commercial production in Q3- 2024, as well as increased expenditure at the Mana mine related to underground development and at the Ity mine related to land compensation and processing plant capital spares, partially offset by a decrease in sustaining capital expenditure at the Houndé mine related to reduced waste stripping activity.
- Non-sustaining capital increased from $65.3 million in Q2-2025 to $83.3 million in Q3-2025 largely due to waste stripping at the Houndé mine related to the Vindaloo Main pit phase 3 pushback, at the Mana mine related to the purchase of the mining fleet from the outgoing mining contractor, at Lafigué related to the purchase of generators for the backup power plant, partially offset by a decrease at the Sabodala-Massawa and Ity mines.
Non-sustaining capital increased from $162.0 million in YTD-2024 to $186.1 million in YTD-2025 largely due to the addition of the Lafigué mine and the Sabodala-Massawa BIOX expansion, which both achieved commercial production in Q3-2024, as well as increased expenditure at the Houndé mine related to waste stripping, partially offset by a decrease in waste stripping at the Ity and Sabodala-Massawa mines and the reclassification of underground development at the Mana mine as sustaining capital following the achievement of commercial stoping production across all of the underground portals.
- Growth capital decreased from $10.2 million in Q2-2025 to $6.8 million in Q3-2025. Growth capital expenditure in Q3- 2025 was related to the definitive feasibility study, advanced grade control drilling and sterilisation drilling at the Assafou project.
Growth capital decreased from $227.5 million in YTD-2024 to $22.8 million in YTD-2025 following the completion of the Sabodala-Massawa BIOX expansion and Lafigué growth projects, which both achieved commercial production in Q3-2024. Growth capital expenditure in YTD-2025 was related to the definitive feasibility study and drilling expenditure at the Assafou project.
3) Cash flows used in financing activities increased by $313.5 million from $256.4 million in Q2-2025 to $569.9 million in Q3- 2025 largely due to the net repayment of $424.4 million on the Group’s outstanding debt, including a full repayment of the drawn portion of the revolving credit facility leaving it fully undrawn at the end of the period, a $91.5 million increase in payments to minority shareholders due to the timing of local Board approvals and a $3.1 million increase in repayment of leases, partially offset by $24.2 million lower financing fees as a result of the undrawn RCF balance and a $12.9 million decrease in purchases of shares through the Group’s share buyback programme, which decreased due to the Group’s strong liquidity and share price performance through the quarter.
- During Q3-2025, the Group entered a short-term, $59.7 million working capital facility, denominated in XOF, at the Ity mine. The facility is expected to mature in November 2025, with $17.9 million repaid during Q3-2025.
- During Q3-2025, the Group entered a short-term, $19.4 million term loan, denominated in XOF, at the Sabodala- Massawa mine. The facility is expected to mature in July 2026 with monthly repayments. A total of $3.3 million was repaid during Q3-2025.
Cash flows used in financing activities increased by $590.0 million from $303.1 million in YTD-2024 to $893.1 million in YTD-2025 largely due to a net outflow of $459.0 million on the Group’s revolving credit facility, a $51.5 million increase in purchases of shares through the Group’s share buyback programme, a $39.3 million increase related to the payment of the H2-2024 shareholder dividend, a $17.0 million increase in financing fees, a $8.0 million increase related to the repayment of leases and a $2.5 million increase in payments to minority shareholders, partially offset by a $1.1 million decrease in interest paid.
4) Endeavour’s net debt position improved by $15.9 million, from $469.2 million at the end of Q2-2025 to $453.2 million at the end of Q3-2025, while the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.23x at the end of Q2- 2025 to 0.21x at the end of Q3-2025, remaining well below the Groups through-the-cycle leverage target of 0.50x. Endeavour’s liquidity remained strong at $924.7 million, consisting of $224.7 million million of cash and cash equivalents, net of the $37.5 million overdraft facility, and $700.0 million available through the Company’s revolving credit facility.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three months ended 30 September 2025, 30
Table 12: Earnings from operations THREE MONTHS ENDED NINE MONTHS ENDED
| All amounts in US$ million unless otherwise specified Notes | 30 June 2025 | 30 September 2024 | 30 September 2024 | |||
|---|---|---|---|---|---|---|
| 30 September | 30 September | |||||
| 2025 | 2025 | |||||
| Revenue [5] Operating expenses [6] Depreciation and depletion [6] Royalties [7] | 910 | 1,008 706 (299) (272) (151) (147) (78) (52) | 2,960 | 1,735 (714) (384) (126) | ||
| (281) | (839) | |||||
| (134) | (460) | |||||
| (70) | (224) | |||||
| Earnings from mine operations | 425 | 481 | 234 | 1,438 | 512 | |
| Corporate costs [8] Share-based compensation Other expense [9] Credit loss and impairment of financial assets [10] Exploration and evaluation costs [11] | (11) | (14) (12) (9) (4) (15) (23) (8) (112) (9) (4) | (39) | (33) (13) (53) (129) (14) | ||
| (9) | (36) | |||||
| (10) | (44) | |||||
| (2) | (16) | |||||
| (6) | (23) | |||||
| Earnings from operations | 386 | 428 | 79 | 1,280 | 270 | |
| (Loss)/gain on financial instruments [12] Finance costs | (49) | 18 (98) (31) (29) | (132) | (176) (79) | ||
| (26) | (78) | |||||
| Earnings before taxes | 311 | 414 | (49) | 1,070 | 15 | |
| Current income tax expense [13] Deferred income tax recovery/(expense) Net loss from discontinued operations | (83) | (201) (68) 129 40 — — | (405) | (244) 98 (6) | ||
| (26) | 101 | |||||
| — | — | |||||
| Net comprehensive earnings/(loss) from operations | [14] | 202 | 343 | (77) | 767 | (138) |
| Add-back adjustments [15] | (3) | (100) 169 | (59) | 306 | ||
| Adjusted net earnings from operations | 199 | 243 | 91 | 707 | 168 | |
| Portion attributable to non-controlling interests [16] | 40 | 64 18 | 151 | 51 | ||
| Adjusted net earnings from operations attributable to | [17] | |||||
| 159 | 179 | 74 | 556 | 117 | ||
| shareholders of the Company | ||||||
| Adjusted net earnings per share from continuing operations | 0.74 0.30 | 0.48 | ||||
| 0.66 | 2.29 |
NOTES:
5) Revenue decreased by $98.1 million from $1,008.2 million in Q2-2025 to $910.1 million in Q3-2025 due to lower volumes of gold sold, partially offset by an increase in the realised gold price from $3,302/oz in Q2-2025 to $3,513/oz in Q3-2025, exclusive of the Company’s Revenue Protection Programme.
Revenue increased by $1,224.6 million from $1,735.4 million in YTD-2024 to $2,960.0 million in YTD-2025 due to an increase in the realised gold price from $2,321/oz in YTD-2024 to $3,221/oz in YTD-2025, exclusive of the Company’s Revenue Protection Programme, and higher volumes of gold sold.
6) Operating expenses decreased by $18.3 million from $298.9 million in Q2-2025 to $280.6 million in Q3-2025, largely due to lower production and a build-up of stockpile at Lafigué and Ity. Depreciation and depletion decreased by $16.3 million from $150.7 million in Q2-2025 to $134.4 million in Q3-2025 due to lower quarterly production.
Operating expenses increased by $125.0 million from $713.5 million in YTD-2024 to $838.5 million in YTD-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, and increased mining costs at Mana due to increased self generated power consumption and at Ity due to higher volumes of harder, fresh ore mined. Depreciation and depletion increased by $76.0 million from $383.7 million in YTD-2024 to $459.7 million in YTD-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala- Massawa BIOX expansion in Q3-2024, as well as higher levels of production at the Houndé and Mana mines.
7) Royalties decreased by $7.3 million from $77.6 million in Q2-2025 to $70.3 million in Q3-2025 due to lower volumes of gold sold, partially offset by the higher realised gold price during the quarter.
Royalties increased by $97.5 million from $126.2 million in YTD-2024 to $223.7 million in YTD-2025 due to higher gold sales volumes at a higher realised gold price and the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit at the Sabadola-Massawa mine, that became effective following the expiry of its payment holiday.
8) Corporate costs decreased by $2.1 million from $13.5 million in Q2-2025 to $11.4 million in Q3-2025 due to a $1.3 million decrease in professional services and a $0.8 million decrease in general office expenses.
Corporate costs increased from $33.3 million in YTD-2024 to $39.4 million in YTD-2025 due to increased employee compensation costs related to the start of commercial production at the growth projects in Q3-2024.
9) Other expenses decreased by $4.1 million from $14.5 million in Q2-2025 to $10.4 million in Q3-2025. For Q3-2025, other expenses included $6.0 million in tax claims, $2.4 million in legal fees, $1.1 million in community contributions, $0.5 million in disturbance costs at Houndé, $0.3 million in acquisition and restructuring costs and a $0.1 million loss on disposal of assets.
10) Credit loss and impairment of financial assets decreased by $5.9 million from $7.6 million in Q2-2025 to $1.7 million in Q3-2025. For Q3-2025, the charge is primarily related to a $1.7 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso.
11) Exploration costs decreased from $8.8 million in Q2-2025 to $5.5 million in Q3-2025 as drilling activity decreased due to the wet season, with a greater focus on analysis and interpretation of drilling results during the quarter.
Exploration costs increased by $9.0 million from $14.0 million in YTD-2024 to $23.0 million in YTD-2025 due to increased exploration spend at the Ity and Sabodala-Massawa mines and the Assafou deposit.
12) The gain/loss on financial instruments decreased by $66.4 million from a gain of $17.5 million in Q2-2025 to a loss of $48.9 million in Q3-2025. The loss on financial instruments in Q3-2025 included a realised loss of $68.5 million in relation to the settlement of 50koz of gold collars, a loss of $3.6 million on foreign exchange movements between the Euro and US dollar and a loss of $2.2 million on other financial instruments, partially offset by an unrealised gain of $20.1 million in relation to the 50koz of outstanding gold collars expected to be settled at the end of Q4-2025, an unrealised gain of $3.6 million on net smelter royalties and a gain of $1.4 million on the early redemption of the Group’s senior notes in Q2-2025. The loss on financial instruments improved by $44.7 million from a loss of $176.3 million in YTD-2024 to a loss of $131.6 million in YTD-2025. The loss on financial instruments in YTD-2025 included a realised loss of $147.3 million in relation to gold collars, a realised loss of $22.0 million in relation to the Group’s LBMA averaging programme which is no longer effective, and an unrealised loss of $12.2 million in relation to gold collars, partially offset by a gain on foreign exchange of $36.4 million on movements between the Euro and US dollar, a gain on net smelter royalties of $6.3 million, a gain on marketable securities of $6.2 million and a gain of $2.3 million on the early redemption of the Group’s senior notes in Q2- 2025.
As previously disclosed, in order to increase cash flow visibility during its construction and de-leveraging phases, Endeavour entered into a Revenue Protection Programme, using a combination of zero premium gold collars and forward sales contracts, to cover a portion of its 2025 production.
- In Q3-2025, approximately 50koz were delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz. The realised loss for the quarter was $68.5 million at a settlement price of $3,770/oz.
- In Q4-2025, approximately 50koz are expected to be delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz. The Revenue Protection Programme is expected to conclude at the end of Q4-2025.
13) Current income tax expense decreased by $117.1 million from $200.5 million in Q2-2025 to $83.4 million in Q3-2025, largely due to a decrease in current corporate income taxes driven by lower taxable profits and lower withholding taxes recognised due to the timing of local board approvals for cash upstreaming.
Current income tax expense increased by $161.0 million from $243.7 million in YTD-2024 to $404.7 million in YTD-2025 due to an increase in current income taxes driven by higher taxable profits, an increase in withholding taxes at operating subsidiaries and the commencement of operations at the Lafigué mine following the achievement of commercial production in Q3-2024.
Deferred tax expense decreased by $155.3 million from a deferred tax recovery of $129.3 million in Q2-2025 to a deferred tax expense of $26.0 million in Q3-2025, largely due to the movement in foreign exchange on the West African CFA denominated opening deferred tax balance, from a gain on foreign exchange in Q2-2025 to a loss on foreign exchange during Q3-2025, and the accrual of FY-2025 withholding taxes.
Deferred tax recovery increased by $3.9 million from $97.6 million in YTD-2024 to $101.5 million in YTD-2025, largely due to a gain on foreign exchange, partially offset by increased withholding taxes recognised in relation to increased levels of cash upstreamed in relation to FY-2025 profits.
14) Net comprehensive earnings from continuing operations decreased by $141.2 million from $342.8 million in Q2-2025 to $201.6 million in Q3-2025. The decrease in earnings was largely driven by an increased loss on financial instruments of $48.9 million, an increase in net income tax expense of $38.2 million due to the increased deferred tax expense, partially offset by a decrease in operating expenses, depreciation and depletion and royalty costs due to lower volumes of gold sold.
Net comprehensive earnings from continuing operations improved by $897.9 million from net comprehensive loss of $131.3 million in YTD-2024 to net comprehensive earnings of $766.6 million in YTD-2025. The increase in earnings was largely driven by an increase in gold volumes sold at a higher realised gold price and a decreased loss on financial instruments, partially offset by an increase in operating costs, an increase in income tax expense, higher royalty costs and an increase in depreciation and depletion.
15) For Q3-2025, adjustments included an unrealised gain on financial instruments of $19.6 million largely related to the unrealised gain on gold collars, partially offset by other expenses of $10.4 million primarily related to indirect tax claims and legal costs, non-cash tax adjustments of $4.9 million related to foreign exchange on deferred tax and a credit loss of $1.7 million related to a credit loss adjustment against VAT balances.
16) Net earnings attributable to non-controlling interests decreased by $23.5 million, from $63.9 million in Q2-2025 to $40.4 million in Q3-2025 due to the decrease in net comprehensive earnings.
17) Adjusted net earnings attributable to shareholders decreased by $20.1 million from $178.6 million (or $0.74 per share) in Q2-2025 to $158.6 million (or $0.66 per share) in Q3-2025 due to lower gold sales, partially offset by lower operating costs and lower corporate income and withholding tax expenses.
Adjusted net earnings attributable to shareholders for continuing operations increased by $439.0 million from $117.4 million (or $0.48 per share) in YTD-2024 to $556.4 million (or $2.29 per share) in YTD-2025 due to higher production and higher operating margins, aided by a higher realised gold price during the period.