ENDEAVOUR REPORTS STRONG H1-2026 RESULTS FY-2026 guidance on track • Record H1-2026 Free Cash Flow of $761m • Record H1-2026 shareholder returns of $301m OPERATIONAL AND FINANCIAL HIGHLIGHTS
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
ENDEAVOUR REPORTS STRONG H1-2026 RESULTS FY-2026 guidance on track • Record H1-2026 Free Cash Flow of $761m • Record H1-2026 shareholder returns of $301m OPERATIONAL AND FINANCIAL HIGHLIGHTS
- H1-2026 production of 564koz at AISC of $1,871/oz; Q2-2026 production of 283koz at AISC of $1,907/oz.
- On track to achieve FY-2026 guidance with operating performance weighted towards Q4-2026.
- Adj. EBITDA of $1,611m for H1-2026, up +38% over H1-2025; $732m for Q2-2026.
- Adj. Net Earnings of $672m (or $2.78/sh) for H1-2026, up +69% over H1-2025; $302m (or $1.25/sh) for Q2-2026.
- Operating Cash Flow of $1,055m (or $4.36/sh) for H1-2026, up +41% over H1-2025; $317m (or $1.31/sh) for Q2-2026.
- Record Free Cash Flow of $761m (or $3.15/sh) for H1-2026, up +48% over H1-2025; $149m (or $0.61/sh) for Q2-2026.
- Strong net cash position of $254m at the end of Q2-2026; underpins sector leading organic growth profile.
SECTOR LEADING SHAREHOLDER RETURNS
- Record H1-2026 shareholder returns of $301m (or $534/oz); more than double the minimum commitment, comprised of a record $230m (or $0.95/sh) dividend and $71m of share buybacks.
- $1bn minimum dividend over 2026-2028 is expected to be supplemented with dividends and share buybacks at a gold price above $3,000/oz; over $1.9bn returned since Q1-2021, 85% above the minimum commitment.
SECTOR LEADING ORGANIC GROWTH
- Top tier Assafou project ($5.1bn after-tax NPV5% and 55% IRR at $4,000/oz gold price) FID expected by year-end; mining convention negotiations, project infrastructure, relocation action plan and early works are on track.
- Sabodala-Massawa UG expansion on track for launch in H2-2026; infrastructure development underway and first ore targeted by year-end.
- Exploration prioritising significant resource updates at the Vindaloo Deeps and Kawsara discoveries expected in H2-2026.
London, 30 July 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q2-2026 and H1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights THREE MONTHS ENDED SIX MONTHS ENDED
| All amounts in US$ million unless otherwise specified | 30 June 2026 | 31 March 30 June 2025 2026 | 30 June 2026 | 30 June 2025 | Δ H1-2026 vs. H1-2025 |
|---|---|---|---|---|---|
| OPERATING DATA Gold Production, koz Gold sold, koz Total Cash Cost1, $/oz All-in Sustaining Cost1, $/oz Realised Gold Price2, $/oz | 282 306 278 304 1,516 1,220 1,834 1,458 4,810 3,150 | 647 657 1,064 1,281 2,953 | |||
| 283 | 564 | (13)% | |||
| 278 | 557 | (15)% +46% +46% +55% | |||
| 1,593 | 1,555 | ||||
| 1,907 | 1,871 | ||||
| 4,348 | 4,579 | ||||
| CASH FLOW Operating Cash Flow before changes in working capital Operating Cash Flow before changes in working capital1, $/sh Operating Cash Flow Operating Cash Flow1, $/sh Free Cash Flow1,3 Free Cash Flow1,3, $/sh | 829 296 3.42 1.22 737 252 3.05 1.04 613 104 2.53 0.43 | 888 3.65 746 3.07 514 2.11 | |||
| 265 | 1,094 | +23% | |||
| 1.09 | 4.52 | +24% +41% +42% | |||
| 317 | 1,055 | ||||
| 1.31 | 4.36 | ||||
| 149 | 761 | +48% +49% | |||
| 0.61 | 3.15 | ||||
| PROFITABILITY Net Earnings Attributable to Shareholders Net Earnings, $/sh Adj. Net Earnings Attributable to Shareholders1 Adj. Net Earnings1, $/sh EBITDA1 Adj. EBITDA1 | 354 271 1.46 1.12 370 179 1.53 0.74 872 596 880 556 | 444 1.83 398 1.64 1,136 1,169 | |||
| 251 | 605 | +36% +37% | |||
| 1.04 | 2.50 | ||||
| 302 | 672 | +69% | |||
| 1.25 | 2.78 | +70% +37% +38% | |||
| 683 732 | 1,556 1,611 | ||||
| SHAREHOLDER RETURNS1 Shareholder dividends paid Share buybacks4 | — 140 30 28 | 140 69 | |||
| 200 | 200 | +43% | |||
| 42 | 71 | +3% | |||
| FINANCIAL POSITION HIGHLIGHTS1 Net Cash/(Net Debt) Net Cash/(Net Debt) / LTM Trailing adj. EBITDA | 405 (469) 0.16x (0.23)x | (469) (0.23) x | |||
| 254 | 254 | n.a. | |||
| 0.09x | 0.09x | n.a. |
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme. 3From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 4Q2-2026 share buybacks of $41.8 million differs from $43.9 million per the Statement of Cashflows due to foreign exchange and timing of payments.
Management will host a conference call and webcast today, Thursday 30 July 2026, at 8:30 am EDT / 1:30 pm BST. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. The Management Discussion & Analysis and Financial Statements have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/ nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: "We are pleased with our solid operational performance in H1-2026 which has positioned us firmly on track to achieve our full-year guidance. In Q3, as previously highlighted, we anticipate throughput and grades to be impacted by the wet season and phased waste stripping respectively, before both improve significantly in Q4. Our solid operational performance together with continued strength in the gold price has translated into record financial performance. We generated record adjusted EBITDA of $1,611 million, up 41% over H2-2025, and record free cash flow of $761 million, up 19% over H2-2025. Given the strong free cash flow generation and healthy net cash balance sheet position of $254 million, we are well positioned to achieve our strategic objectives; delivering sector leading organic growth and shareholder returns.
For the first half of the year, we have returned a record $301 million to shareholders, a 39% increase over H2-2025 and more than double our minimum commitment, comprised of a record $230 million dividend and $71 million of share buybacks. Our shareholder returns programme has now delivered over $1.9 billion since Q1-2021, 85% above our minimum commitment over the period.
Our most significant value creation lever has been, and continues to be, organic growth through exploration and project development.
At Assafou, all of the critical path items are on track and we expect to make a final investment decision by year-end. Simultaneously, we expect to launch the underground expansion at Sabodala-Massawa, where we aim to break ground in the coming weeks. Together, these two projects underpin our sector-leading organic growth profile, and position us to deliver production growth to 1.5 million ounces by 2030.
On exploration, during H2-2026 we expect to finalise significant resource increases at our Vindaloo Deeps and Kawsara discoveries, both offering multiple million ounce potential to support production and life of mine upgrades at our Houndé and Sabodala-Massawa mines, respectively. Longer-term, our New Ventures exploration programme continues to expand and diversify our footprint into several highly fertile, immature, tier 1 gold provinces, generating the next wave of greenfield projects. During the first half of the year, we also launched a new transparency initiative with our host communities to showcase our on- the-ground impact. Central to this was the June publication of our inaugural Impact Report, highlighting our $11.5 billion, five- year economic contribution to our host countries, alongside the broader social and environmental benefits that we deliver. Our robust operating outlook, strong cash flow generation and healthy financial position, coupled with a highly disciplined approach to capital allocation, underpins sustained sector-leading organic growth and shareholder returns, creating long-term value for all stakeholders.”
SHAREHOLDER RETURNS PROGRAMME
- Over the 2026 - 2028 period, Endeavour expects to return a minimum dividend of approximately $1.0 billion to shareholders, comprised of $300.0 million for FY-2026, $325.0 million for FY-2027, and $350.0 million for FY-2028, provided the realised gold price over the dividend period exceeds $3,000/oz and the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM). At prevailing gold prices, Endeavour expects to significantly supplement minimum returns through additional dividends and share buybacks.
- Record total shareholder returns for H1-2026 of $301.5 million, 101% above the minimum commitment on an annualised basis, including $151.5 million of supplemental dividends and share buybacks.
- Record H1-2026 dividend declared of $230.0 million, or approximately $0.95/sh, $80.0 million above the minimum commitment.
- Dividends were further supplemented with share buybacks, with $71.5 million, or 1.2 million shares, repurchased during H1-2026, of which $41.8 million, or 0.7 million shares, were repurchased during Q2-2026.
- Since H1-2021, Endeavour has paid $1,916.0 million in shareholder returns, which is $881.8 million or 85% above its minimum commitment over the period, reflecting its sustained commitment to delivering sector leading shareholder returns.
Table 2: Cumulative Shareholder Returns
| (All amounts in US$m) | MINIMUM DIVIDEND COMMITMENT | SUPPLEMENTAL | TOTAL RETURN | △ ABOVE MINIMUM COMMITMENT | |
|---|---|---|---|---|---|
| DIVIDENDS BUYBACKS | |||||
| FY-2020 | — | 60 — | 60 | +60 | |
| FY-2021 2021-2023 Shareholder FY-2022 Returns Programme FY-2023 | 125 150 175 | 15 138 50 99 25 66 | 278 299 266 | +153 +149 +91 | |
| 2024-2025 Shareholder FY-2024 Returns Programme FY-2025 | 210 | 30 37 125 85 | 277 | +67 +210 | |
| 225 | 435 | ||||
| Subtotal | 885 | 305 | 425 1,615 | +730 | |
| H1-20261 2026-2028 H2-2026 Shareholder Returns Programme (Ongoing) FY-2027 FY-2028 | 150 | 80 71 — — — — — — | 301 | +151 — — — | |
| 150 | — | ||||
| 325 | — | ||||
| 350 | — | ||||
| Total | 1,860 | 385 496 1,916 | +881 |
1H1-2026 share buybacks of $71.5 million completed to 30 June 2026.
- Endeavour’s H1-2026 dividend will be paid on 9 October 2026. For holders of shares traded on the London Stock Exchange (“LSE”), the ex-dividend date will be 10 September 2026 and the record date will be 11 September 2026. For holders of shares traded on the Toronto Stock Exchange (“TSX”), both the ex-dividend and record dates will be 11 September 2026. The last date for currency election and dividend reinvestment plan ("DRIP") elections will be 18 September 2026.
- Shareholders of shares traded on the LSE will receive dividends in USD but can elect to receive Pounds Sterling (“GBP”). Shareholders of shares traded on the TSX will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States Dollars (“USD”). Currency elections and elections under the Company's DRIP must be made by all shareholders prior to 17:00 BST on 18 September 2026.
- 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 22 September 2026. 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 LSE or on the TSX. 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 H1-2026 DRIP will be 18 September 2026.
- 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 LSE and the TSX at the prevailing market price.
MANAGEMENT CHANGES
- As Endeavour transitions into its next phase of organic growth, including the development of the tier 1 Assafou project and the underground expansion at Sabodala-Massawa, the Company has further strengthened the expertise of its executive team.
- On 1 May 2026, Rousseau Jooste was appointed Executive Vice President of Projects and Chief Technical Officer. Rousseau brings over 20 years of precious metals mining experience in senior and executive level engineering and projects roles; most recently he was Global Head of Engineering, Capital Projects and Technology at Barrick Mining Corporation. His expertise in complex project execution, technical leadership and embedding innovation, as well as his focus on safety, ideally suits him to lead Endeavour through its next phase of organic growth.
- Rousseau has assumed the responsibilities of Martin White, Executive Vice President and Chief Technical Officer who retired after a handover period that ensured a smooth transition. The Board thanks Martin for nearly six years of dedicated service, supporting Endeavour’s strong track record of project execution.
OPERATING SUMMARY
- Endeavour places the highest priority on safety and the Company’s ultimate aim is to achieve “zero harm” performance. As previously disclosed, on 1 June 2026, we were saddened to report that a contractor colleague suffered a fatal injury on 29 May 2026, following a heavy mining equipment incident that occurred during water drainage activities, undertaken by a civil engineering contractor, at the Lafigué mine in Côte d’Ivoire.
- The health, safety and welfare of our colleagues remain our top priority. Following the incident a comprehensive investigation was completed with several recommendations currently being implemented, particularly in relation to ways of working with, and appropriate supervision of contractors, and reinforcing safety training. We are also engaging in a comprehensive risk and safety assessment, led by an external consultant, to ensure best practice across all our sites.
- For the trailing twelve months, ended 30 June 2026, a low Total Recordable Injury Frequency Rate (“TRIFR”) of 0.72 was achieved.
- The Group remains on track to achieve its FY-2026 production guidance of 1,090 - 1,265koz, within its all-in sustaining cost (“AISC”) guidance range of $1,600 - 1,800/oz, when adjusted for the impact of higher gold prices on royalty costs compared to the guidance gold price assumption of $3,000/oz.
- Q2-2026 production of 283koz was broadly in line with Q1-2026, as higher production at Ity and Houndé was offset by lower production at Mana, Lafigué and Sabodala-Massawa. Production increased at Ity due to improved throughput following maintenance activities in the prior quarter and as higher grades were sourced from the Le Plaque and Bakatouo pits, while at Houndé it was due to improved throughput as a higher proportion of soft oxide ore from the Kari West pit was mined and processed. Production decreased at Mana following the completion of mining activities at the higher grade Siou deposit earlier in the year, while at Lafigué, a lower grade ore was processed in line with the mine sequence. Production decreased at Sabodala-Massawa due to lower throughput as a result of scheduled maintenance.
- Q2-2026 AISC amounted to $1,907/oz, an increase of $73/oz over Q1-2026, due to lower gold production and sales at Sabodala-Massawa and Mana, and increased sustaining capital at Houndé related to the ramp up of stripping activity at the Vindaloo Main phase 3 cutback. This was partially offset by lower royalty costs across the Group due to lower realised gold prices, higher gold production and sales at Ity and lower sustaining capital at Lafigué.
Table 3: Group Production THREE MONTHS ENDED SIX MONTHS ENDED
| (All amounts in koz, on a 100% basis) | 30 June 2026 | 31 March 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 |
|---|---|---|---|---|---|
| Houndé Ity Mana Sabodala-Massawa Lafigué | 59 79 29 | 51 69 | 69 | 110 148 | 161 168 87 134 |
| 84 | |||||
| 39 41 67 62 | 68 131 | ||||
| 64 | |||||
| 52 | 56 | 49 | 107 | 97 | |
| Group Production | 283 | 282 | 306 | 564 | 647 |
Table 4: Group All-In Sustaining Costs THREE MONTHS ENDED SIX MONTHS ENDED
| (All amounts in US$/oz) | 30 June 2026 | 31 March 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 |
|---|---|---|---|---|---|
| Houndé Ity Mana Sabodala-Massawa Lafigué Corporate G&A | 2,249 1,408 | 2,126 1,580 1,471 1,125 | 2,191 | 1,158 1,025 | |
| 1,438 | |||||
| 3,227 | 2,552 2,257 1,372 1,272 | 2,841 | 2,059 1,220 | ||
| 1,701 | 1,536 1,687 | ||||
| 1,549 | 1,811 1,154 48 46 | 1,036 44 | |||
| 41 | 44 | ||||
| Group All-in Sustaining Costs1 | 1,907 | 1,834 | 1,458 | 1,871 | 1,281 |
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.
FY-2026 OUTLOOK
- The Group remains on track to achieve its production guidance of 1,090 - 1,265koz with H1-2026 production of 564koz, equivalent to 52% of the low-end of the production guidance range.
- Q3-2026 production is planned to decrease compared to Q2-2026 as lower grades are scheduled to be mined and processed at Ity, Houndé, Sabodala-Massawa and Lafigué, coupled with lower throughput related to the annual wet season. Q4-2026 production is expected to increase significantly over Q3-2026 as higher grades are expected to be mined and processed at the Houndé, Ity, Mana and Sabodala-Massawa mines, in line with the mine sequence.
- Given the solid performance in H1-2026, Lafigué is expected to achieve the top half of its production guidance range due to throughput exceeding expectations and design nameplate in H1-2026, while Mana is expected to produce below the low end of its production guidance range due to the accelerated depletion of the high-grade Siou underground deposit, the deferral of the Bana Camp open pit and the pause in activities at the Aviera deposit in early Q3-2026.
Table 5: FY-2026 Production Outlook
| (All amounts in koz, on a 100% basis) | H1-2026 ACTUALS | FY-2026 GUIDANCE | FY-2026 OUTLOOK |
|---|---|---|---|
| Houndé 110 Ity 148 Mana 68 Sabodala-Massawa 131 Lafigué 107 | 220 - 255 285 - 330 155 - 180 260 - 305 170 - 195 | ON TRACK ON TRACK BELOW LOW-END ON TRACK TOP HALF | |
| Group Production | 564 | 1,090 - 1,265 | ON TRACK |
- The Group remains on track to achieve its FY-2026 AISC guidance of $1,600 - 1,800/oz, when adjusted for the impact of higher gold prices on royalty costs (+$184/oz impact in H1-2026 due to the realised gold price of $4,579/oz compared to the guidance gold price of $3,000/oz). Excluding this impact, H1-2026 AISC is approximately $1,687/oz, which is within the lower half of the guidance range.
- Q3-2026 AISC is expected to increase due to the expected lower production and gold sales, and higher sustaining capital at the Houndé and Mana mines related to additional waste mining. Q4-2026 AISC is expected to significantly improve due to the expected increase in production and gold sales.
Table 6: FY-2026 AISC Outlook
| (All amounts in US$/oz) | H1-2026 | H1-2026 | FY-2026 GUIDANCE1 | FY-2026 OUTLOOK |
|---|---|---|---|---|
| ACTUALS (at $4,579/oz) | ADJUSTED2 (at $3,000/oz) | |||
| Houndé 2,191 1,864 Ity 1,438 1,310 Mana 2,841 2,511 Sabodala-Massawa 1,536 1,440 Lafigué 1,687 1,565 Corporate G&A 44 44 | 1,800 - 2,000 1,300 - 1,500 2,000 - 2,250 1,350 - 1,550 1,600 - 1,800 | ON TRACK ON TRACK ABOVE TOP-END ON TRACK LOWER HALF ON TRACK | ||
| 45 | ||||
| Group AISC | 1,871 | 1,687 | 1,600 - 1,800 | ON TRACK |
1FY-2026 AISC Guidance is based on an assumed average gold price of $3,000/oz and USD:EUR foreign exchange rate of 0.87. 2Indicative AISC normalising realised AISC for the impact of the higher gold prices ($+184/oz in H1-2026) on royalty costs.
- Q2-2026 and H1-2026 AISC have been impacted by higher royalty costs related to higher realised gold prices of $4,348/oz and $4,579/oz, respectively, which are significantly higher than the $3,000/oz gold price assumption used in the FY-2026 guidance. As a result, higher royalty costs related to the gold price had an impact of +$175/oz and +$184/oz on AISC in Q2-2026 and H1-2026, respectively. 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 7: AISC Guidance Reconciliation
| Q2-2026 H1-2026 ACTUALS ACTUALS | FY-2026 GUIDANCE | |
| AISC at realised gold price of $4,348/oz for Q2-2026 and $4,579/ oz for H1-2026 | 1,907 1,871 |
Additional royalty cost at realised gold price vs $3,000/oz guidance H1-2026 impact of +$184/oz on AISC due to +175 +184 higher gold prices driving royalty costs higher gold price
AISC at $3,000/oz gold price1 1,732 1,687 1,600 — 1,800
1Indicative AISC normalising realised AISC for the impact of the higher gold prices on royalty costs.
- Group sustaining capital expenditure outlook for FY-2026 has increased from the previously disclosed guidance of $230.0 million to $280.0 million, of which $150.0 million has been incurred in H1-2026, with $75.4 million incurred in Q2-2026. The sustaining capital guidance increased at Houndé from $50.0 million to $90.0 million due to increased capitalised waste stripping, accelerated ore mining and heavy mining equipment pre-payments ahead of the expected ramp up of mining activities at additional satellite deposits near Houndé in FY-2027. Sustaining capital guidance also increased at Lafigué from $30.0 million to $40.0 million as a result of the strong operating performance and the associated acceleration of waste stripping activity in H1-2026.
- Group non-sustaining capital expenditure outlook for FY-2026 remains unchanged at the previously disclosed guidance of $270.0 million, of which $98.8 million was incurred in H1-2026, with $53.5 million incurred in Q2-2026. Non-sustaining capital expenditure is expected to accelerate in H2-2026 due to the acceleration of waste stripping activity, relocation and establishment works associated with new deposits, and the commencement of underground mine development at Sabodala- Massawa.
Table 8: FY-2026 Sustaining & Non-Sustaining Capital Expenditure
| (All amounts in US$m) | H1-2026 ACTUALS | FY-2026 PREVIOUS GUIDANCE | FY-2026 UPDATED GUIDANCE |
|---|---|---|---|
| Houndé Ity Mana Sabodala-Massawa Lafigué | 40 | 50 | 90 40 60 50 40 |
| 17 | 40 | ||
| 29 | 60 | ||
| 26 | 50 | ||
| 38 | 30 | ||
| Total Sustaining Capital Expenditure | 150 | 230 | 280 |
| Houndé Ity Mana Sabodala-Massawa Sabodala-Massawa underground development Lafigué Corporate G&A | 35 18 3 | 60 | 60 45 10 30 25 90 10 |
| 45 | |||
| 10 | |||
| 13 | 30 | ||
| 4 | 25 | ||
| 22 4 | 90 | ||
| 10 | |||
| Total Non-Sustaining Capital Expenditure | 99 | 270 | 270 |
| Total Mine Capital Expenditure | 249 | 500 | 550 |
- Group growth capital expenditure outlook for FY-2026 remains unchanged at the previously disclosed guidance of $50.0 - 100.0 million, of which $14.6 million was incurred in H1-2026, with $8.7 million incurred in Q2-2026. Growth capital is primarily related to the Definitive Feasibility Study (“DFS”) and early works at the Assafou project, which were launched following the DFS completion.
- Group exploration outlook for FY-2026 remains unchanged from the previously disclosed guidance of $100.0 million, of which $43.7 million was incurred in H1-2026, with $25.6 million incurred in Q2-2026.
- Group tax payments outlook for FY-2026 remains unchanged at $660.0 million to $770.0 million, of which $510.6 million was incurred in H1-2026, including $465.0 million incurred in Q2-2026, with significantly lower tax payments expected in H2-2026, in line with the tax guidance provided in Q1-2026.
Table 9: 2026 Cash Tax Guidance
| (All amounts in US$m) | H1-2026 ACTUALS | 2026 FULL-YEAR GUIDANCE1 | ||
|---|---|---|---|---|
| Corporate income tax1 Withholding tax | 412 | 510 — 600 | ||
| 99 | 150 — | 170 | ||
| Total | 511 | 660 | — | 770 |
1The income tax outlook is expected to be largely stable with gold price changes, but will fluctuate with foreign exchange movements, unforeseen tax settlements and annual true ups.
CASH FLOW SUMMARY
The table below presents the cash flow and net cash/(net debt) position for Endeavour for the three months ended 30 June 2026, 31 March 2026, and 30 June 2025, and the six months ended 30 June 2026 and 30 June 2025, with accompanying explanations below.
Table 10: Cash Flow and Net Cash/(Net Debt)
THREE MONTHS ENDED SIX MONTHS ENDED
| (All amounts in US$ million unless otherwise specified) Notes | 30 June 2026 | 31 March 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | |
|---|---|---|---|---|---|---|
| Net Cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital Changes in working capital | 829 296 (91) (44) | 888 (142) | ||||
| 265 | 1,094 | |||||
| 52 | (39) | |||||
| Cash generated from operating activities [1] Cash used in investing activities [2] | 317 (169) | 737 252 (125) (148) | 1,055 (294) | 746 (233) | ||
| Free Cash Flow1,2 | [3] | 149 | 613 104 761 513 | |||
| Cash received from/(used in) financing activities [4] Effect of exchange rate changes on cash | 25 (12) | 36 (256) (12) 49 | 61 (24) | (323) 59 | ||
| Increase in cash | 162 636 (103) | 799 250 | ||||
| Cash and cash equivalent position at beginning of period3 | 1,090 | 453 737 | 453 | 384 | ||
| Cash and cash equivalent at end of period3 | 1,252 1,090 | 634 | 1,252 634 | |||
| Principal amount of $500m Senior Notes Drawn portion of Lafigué Term Loan Drawn portion of Revolving Credit Facility | (500) | (500) (500) (99) (131) (85) (472) | (500) | (500) (131) (472) | ||
| (88) | (88) | |||||
| (410) | (410) | |||||
| Net Cash/(Net Debt)1 | [5] | 254 | 405 | (469) | 254 | (469) |
| Trailing twelve month adjusted EBITDA1 | 2,758 | 2,583 2,032 | 2,758 | 2,032 | ||
| Net Cash (Net Debt) / Adjusted EBITDA (LTM) ratio1 | 0.09x 0.16x | (0.23x) | 0.09x | (0.23x) |
1Free cash flow, net cash/(net debt), and adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdraft (nil at 30 June 2026; nil at 31 March 2026; nil at 31 December 2025; $6.3 million at 30 June 2025).
NOTES:
1) Operating cash flows decreased by $420.1 million from $737.4 million (or $3.05 per share) in Q1-2026 to $317.3 million (or $1.31 per share) in Q2-2026 due to higher income tax and withholding tax payments, lower realised gold prices, and higher operating costs. This was partially offset by a working capital inflow compared to an outflow in the prior quarter and lower royalty costs due to the lower realised gold price.
Operating cash flows increased by $308.7 million from $746.2 million (or $3.07 per share) in H1-2025 to $1,054.9 million (or $4.36 per share) in H1-2026 due to the higher realised gold prices, realised losses on gold collars in the prior period and a lower working capital outflow, partially offset by lower production, higher income tax payments, higher royalty costs and higher operating costs.
Notable variances are summarised below:
- Working capital was an inflow of $52.4 million in Q2-2026, an increase of $143.6 million over the Q1-2026 outflow of $91.2 million. The inflow in Q2-2026 consisted of (i) a trade and other payables inflow of $72.9 million related to timing of supplier payments, (ii) a trade and other receivables inflow of $10.8 million related to timing of gold sales proceeds and VAT refunds in Côte d’Ivoire and Senegal, partially offset by a build-up in VAT payables in Burkina Faso,
(iii) an inventory outflow of $32.0 million driven by an increase in consumables related to mining component rebuilds at Sabodala-Massawa, diesel at Houndé, and a build-up of stockpile inventory at the Houndé, Ity, Mana and Sabodala- Massawa mines, and (iv) an outflow of $0.7 million related to the timing of supplier prepayments.
Working capital was an outflow of $38.6 million in H1-2026, an improvement of $103.5 million over the H1-2025 outflow of $142.1 million, largely driven by an improvement in trade and other payables related to timing of supplier payables, and an increase in stockpile inventories and VAT receivables. This was partially offset by an outflow of prepaid expenses.
- Gold sales of 278koz in Q2-2026 remained broadly in line compared to Q1-2026 with lower production at Mana, Lafigué and Sabodala-Massawa offset by higher production at Houndé and Ity. The realised gold price inclusive of the Sabodala-Massawa stream for Q2-2026 decreased by $462/oz to $4,348/oz from $4,810/oz in Q1-2026.
Gold sales decreased from 657koz in H1-2025 to 557koz in H1-2026 due to lower production at the Houndé, Mana, Ity and Sabodala-Massawa mines partially offset by increased production at the Lafigué mine. The realised gold price inclusive of the Sabodala-Massawa stream for H1-2026 increased by $1,472/oz to $4,579/oz from $3,107/oz in H1-2025.
- Total cash cost per ounce increased slightly from $1,516/oz in Q1-2026 to $1,593/oz in Q2-2026 due to lower gold sales at Mana, Lafigué and Sabodala-Massawa and higher mining and processing unit costs at Sabodala-Massawa driven by heavy mining equipment maintenance requirements and scheduled plant maintenance respectively. This increase was partially offset by lower royalty costs related to the lower realised gold price.
Total cash cost per ounce increased from $1,064/oz in H1-2025 to $1,555/oz in H1-2026 driven by significantly higher royalty costs due to the higher realised gold price and the increase in Côte d’Ivoire royalty rates, lower volumes of gold sold, higher processing unit costs at Ity and Mana due to lower grid power availability and higher mining unit costs at Houndé and Sabodala-Massawa related to higher drill and blast activity and increased grade control drilling respectively.
- Taxes paid increased by $419.5 million from $45.5 million in Q1-2026 to $465.0 million in Q2-2026 due to higher withholding tax payments related to annual cash upstreaming and an increase in corporate income tax payments at all mines due to the timing of provisional income tax payments for the FY-2025 tax year.
Taxes paid increased by $238.4 million from $272.1 million in H1-2025 to $510.6 million in H1-2026 as income tax payments increased reflecting higher taxable income at all mines during FY-2025, while withholding tax payments also increased reflecting the increase in cash upstreaming.
Table 11: Tax Payments
THREE MONTHS ENDED SIX MONTHS ENDED
| (All amounts in US$m) | 30 June 2026 | 31 March 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 |
|---|---|---|---|---|---|
| Houndé Ity Mana Sabodala-Massawa Lafigué Other1 | 51.4 | 15.5 29.6 — 76.7 3.2 0.8 12.5 9.6 — 24.1 14.3 92.3 | 66.9 | 40.5 76.7 2.9 34.0 26.0 92.0 | |
| 116.5 | 116.5 | ||||
| 27.7 | 31.0 | ||||
| 126.5 | 139.0 | ||||
| 58.2 | 58.2 | ||||
| 84.7 | 99.0 | ||||
| Total taxes paid | 465.0 | 45.5 | 233.1 | 510.6 | 272.0 |
1Included in the “Other” category is income and withholding taxes paid/(received) by Corporate and Exploration entities.
2) Cash flows used in investing activities increased by $43.7 million from $124.8 million in Q1-2026 to $168.5 million in Q2-2026 driven by an increase in strategic investments of $22.3 million, related to our New Venture exploration partners Altair Minerals Limited ($20.0 million) and Koulou Gold Corp ($4.9 million), an increase in non-sustaining capital spend of $8.2 million, an increase in growth capital spend of $6.2 million and a decrease in restricted cash inflows of $3.3 million following payment of the incremental FY-2025 royalty rates in Côte d’Ivoire in Q1-2026.
Cash flows used in investing activities increased by $61.0 million from $232.5 million in H1-2025 to $293.5 million in H1-2026 due to an increase in strategic investments of $23.6 million related to New Venture exploration investments into Altair Minerals Limited and Koulou Gold in Q2-2026 and into East Star Resources in Q1-2026, a decrease in proceeds from settlement of consideration receivable of $20.8 million from the prior period related to the final cash consideration from the State of Burkina Faso related to the settlement agreement with Lilium and an increase in sustaining capital spend of $16.5 million. This was partially offset by a decrease in non-sustaining capital spend of $11.8 million and a decrease in restricted cash inflows of $9.8 million following the resolution of the Ity land claim and other tax appeals in the prior period.
- Sustaining capital of $75.4 million in Q2-2026 was in line with Q1-2026 as lower waste stripping activity at the Lafigué mine this quarter was offset by higher waste stripping activity at the Houndé and Mana mines, and heavy mining fleet improvements at the Sabodala-Massawa mine.
Sustaining capital increased from $114.6 million in H1-2025 to $150.0 million in H1-2026, largely due to increased waste stripping activity at the Lafigué, Houndé and Ity mines, partially offset by lower waste stripping activity at the Mana and Sabodala-Massawa mines.
- Non-sustaining capital increased from $45.2 million in Q1-2026 to $53.5 million in Q2-2026, largely due to an increase in waste stripping activity at the Lafigué and Sabodala-Massawa mines as well as land compensation and the TSF 2 stage 3 embankment raise at the Ity mine. This increase was partially offset by lower waste stripping activity at the Houndé mine.
Non-sustaining capital decreased slightly from $102.9 million in H1-2025 to $98.8 million in H1-2026 largely due to lower waste stripping activity at the Lafigué mine’s Main Pit pushback 2, partially offset by increased spend on the TSF stage-10 embankment raise and resettlement costs at the Houndé mine and the TSF 2 stage 3 embankment raise at the Ity mine.
- Growth capital increased from $6.0 million in Q1-2026 to $8.7 million in Q2-2026. Growth capital expenditure in Q2-2026 was related to detailed engineering works at Assafou.
Growth capital of $14.6 million in H1-2026 was broadly in line with H1-2025. Growth capital expenditure in H1-2026 was related to the definitive feasibility study and detailed engineering works at Assafou.
3) Free cash flow decreased by $463.8 million from $612.6 million in Q1-2026 to $148.8 million in Q2-2026 largely due to higher income and withholding tax payments, lower realised gold prices, and higher operating costs, as well as higher investing cash flows due to an increase in strategic investments related to our New Venture exploration programme and an increase in non-sustaining and growth capital spend.
Free cash flow increased by $247.7 million from $513.7 million in H1-2025 to $761.4 million in H1-2026 largely due to higher realised gold prices and lower realised losses following the completion of the revenue protection programme in the prior period and a lower working capital outflow, partially offset by increased investing cash flows due to an increase in strategic investments related to our New Venture exploration programme and higher sustaining capital spend.
4) Cash flows from financing activities decreased by $10.6 million from $35.8 million in Q1-2026 to $25.2 million in Q2-2026 due to the payment of the $200.4 million H2-2025 shareholder dividend during the quarter, an increase of $18.2 million in financing fees, a $16.9 million increase in the repurchase of shares through the Group’s share buyback programme, and $14.0 million in payments to minority shareholders. This decrease was partially offset by an increase in net drawdown of $240.3 million on the Group’s revolving credit facility.
Cash flows from financing activities improved by $384.3 million from an outflow of $323.2 million in H1-2025 to an inflow of $61.1 million in H1-2026 largely due to an increase in net inflow of $424.2 million on the Group’s revolving credit facility, and a $25.1 million decrease in financing fees, partially offset by a $61.1 million increase in shareholder dividends paid, a $2.5 million increase in purchases of shares through the Group’s share buyback programme, and a $1.7 million increase in repayments of leases.
5) Endeavour’s net cash position decreased by $151.8 million, from $405.4 million at the end of Q1-2026 to $253.6 million at the end of Q2-2026, while the Net Cash (Debt)/ Adjusted EBITDA (LTM) leverage ratio decreased slightly from 0.16x at the end of Q1-2026 to 0.09x at the end of Q2-2026. Endeavour’s total available liquidity remained strong at $1,541.8 million, consisting of $1,251.8 million of cash and cash equivalents and $290.0 million available through the Company’s revolving credit facility.
EARNINGS FROM OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three months ended 30 June 2026, 31 March 2026 and 30 June 2025, and the six months ended 30 June 2026 and 30 June 2025, with accompanying explanations below.
Table 12: Earnings from operations THREE MONTHS ENDED SIX MONTHS ENDED
| (All amounts in US$ million unless otherwise specified) Notes | 30 June 2026 | 31 March 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | |
|---|---|---|---|---|---|---|
| Revenue [6] Operating expenses [7] Depreciation and depletion [7] Royalties [8] | 1,220 | 1,349 1,008 (309) (299) (149) (151) (125) (78) | 2,569 | 2,050 (558) (325) (153) | ||
| (336) | (645) | |||||
| (153) | (302) | |||||
| (118) | (243) | |||||
| Earnings from mine operations | 613 | 767 | 481 | 1,379 | 1,014 | |
| Corporate costs [9] Impairment of mining interests and goodwill Share-based compensation Other expense [10] Credit loss reversal/(expense) and impairment of financial assets [11] Exploration and evaluation costs [12] | (12) | (14) (14) — — (12) (9) (9) (15) 4 (8) (11) (9) | (26) | (28) — (27) (34) (14) (17) | ||
| — | — | |||||
| (11) | (23) | |||||
| (21) | (30) | |||||
| 1 | 5 | |||||
| (12) | (23) | |||||
| Earnings from operations | 558 725 428 | 1,283 | 894 | |||
| Loss on financial instruments [13] Finance costs | (28) | (1) 18 (17) (31) | (29) (35) | (83) (52) | ||
| (18) | ||||||
| Earnings before taxes | 512 | 707 414 | 1,219 | 759 | ||
| Current income tax expense [14] Deferred income tax (expense)/recovery [14] | (315) | (188) (201) (97) 129 | (504) 41 | (321) 128 | ||
| 137 | ||||||
| Net comprehensive earnings from operations | [15] | 334 422 343 | 757 | 565 | ||
| Add-back adjustments [16] | 57 | 20 (100) | 77 | (57) | ||
| Adjusted net earnings from operations | 392 | 442 243 | 833 | 509 | ||
| Portion attributable to non-controlling interests [17] | 90 | 71 64 | 161 | 110 | ||
| Adjusted net earnings from operations attributable to shareholders of the Company | [18] | 302 370 179 | 672 | 398 | ||
| Adjusted net earnings per share | 1.25 | 1.53 0.74 | 2.78 | 1.64 |
NOTES:
6) Revenue decreased by $128.7 million from $1,349.0 million in Q1-2026 to $1,220.3 million in Q2-2026 primarily due to a decrease in the realised gold price from $4,810/oz in Q1-2026 to $4,348/oz in Q2-2026.
Revenue increased by $519.3 million from $2,050.0 million in H1-2025 to $2,569.3 million in H1-2026 due to an increase in the realised gold price from $3,107/oz, exclusive of the impact of the Group’s Revenue Protection Programme, in H1-2025 to $4,579/oz in H1-2026, partially offset by lower volumes of gold sold.
7) Operating expenses increased by $27.7 million from $308.5 million in Q1-2026 to $336.3 million in Q2-2026, driven by a decrease in capitalised waste at Houndé and Lafigué, higher mining volumes at Mana, Ity and Lafigué as well as higher mining and processing costs at Sabodala-Massawa driven by scheduled maintenance requirements. This was partially offset by a smaller inventory drawdown at Lafigué and a build-up of stockpile inventory at Mana and Houndé. Depreciation and depletion increased slightly by $4.1 million from $148.7 million in Q1-2026 to $152.9 million in Q2-2026. Operating expenses increased by $86.9 million from $557.9 million in H1-2025 to $644.8 million in H1-2026 due to higher mining volumes at Houndé and Lafigué, higher processing costs at Houndé and Ity related to reduced grid power availability during the period, an increase in inventory drawdown at Lafigué and a decrease in inventory build at Ity. Depreciation and depletion decreased by $23.7 million from $325.3 million in H1-2025 to $301.6 million in H1-2026 due to lower production.
8) Royalties decreased by $7.0 million from $125.2 million in Q1-2026 to $118.2 million in Q2-2026 primarily due to lower realised gold price during the quarter.
Royalties increased by $90.2 million from $153.3 million in H1-2025 to $243.5 million in H1-2026 due to the higher realised gold price and the increase in Côte d’Ivoire royalty rates from 6% to 8%, partially offset by lower volumes of gold sold.
9) Corporate costs decreased by $2.0 million from $14.0 million in Q1-2026 to $11.9 million in Q2-2026 largely due to a decrease in employee compensation following bonus payments earlier in the year and other corporate expenses. Corporate costs decreased by $2.1 million from $28.0 million in H1-2025 to $25.9 million in H1-2026 due to a decrease in professional services and other corporate expenses.
10)Other expenses increased by $12.1 million from $9.0 million in Q1-2026 to $21.1 million in Q2-2026. For Q2-2026, other expenses included $9.7 million in legal and other fees, $5.6 million in indirect tax claims, $4.4 million in supplier and employee claims, $0.8 million in community contributions and $0.6 million in acquisition and restructuring costs.
11)Credit loss reversal and impairment of financial assets decreased by $2.7 million from $3.9 million in Q1-2026 to $1.2 million in Q2-2026 primarily related to an improved recovery assumption against the outstanding VAT receivables in Burkina Faso.
12)Exploration costs increased by $1.2 million from $10.8 million in Q1-2026 to $12.0 million in Q2-2026 due to acceleration of exploration programmes across the portfolio.
Exploration costs increased by $5.3 million from $17.4 million in H1-2025 to $22.7 million in H1-2026 following the launch of the new 2026 - 2030 exploration strategy and the acceleration of greenfield exploration spend.
13)The loss on financial instruments increased by $26.6 million from $1.0 million in Q1-2026 to $27.6 million in Q2-2026. The loss on financial instruments in Q2-2026 included a loss of $21.7 million on foreign exchange movements between the Euro and US dollar and a $9.8 million loss on marketable securities, partially offset by a $2.2 million gain on net smelter royalties and a $1.1 million gain on the early redemption of Senior Notes.
The loss on financial instruments improved by $45.1 million from $82.8 million in H1-2025 to $28.6 million in H1-2026. The improvement is primarily driven by a $133.1 million loss on the Group’s revenue protection programme in H1-2025, partially offset by a $67.9 million increase in loss on foreign exchange movements and a $24.3 million increase in loss on marketable securities.
14)Current income tax expense increased by $126.9 million from $188.3 million in Q1-2026 to $315.2 million in Q2-2026, largely due to an increase in withholding tax expenses due to the timing of local board approvals for cash upstreaming, partially offset by a decrease in current corporate income taxes driven by lower taxable profits.
Current income tax expense increased by $182.1 million from $321.4 million in H1-2025 to $503.5 million in H1-2026 due to an increase in current income taxes driven by higher taxable profits and an increase in withholding tax expenses due to increased cash upstreaming.
Deferred tax recovery increased by $234.2 million from a deferred tax expense of $96.7 million in Q1-2026 to a deferred tax recovery of $137.5 million in Q2-2026, primarily due to the reversal of deferred tax liabilities following the local board approval and payment of withholding taxes associated with cash upstreaming in Q2-2026.
Deferred tax recovery decreased by $86.8 million from $127.5 million in H1-2025 to $40.7 million in H1-2026, largely due to an increase in foreign exchange loss recognised on deferred tax balances, compared to a foreign exchange gain recognised in H1-2025.
15)Net comprehensive earnings from operations decreased by $87.5 million from $421.9 million in Q1-2026 to $334.5 million in Q2-2026. The decrease in earnings is largely driven by lower revenue due to the lower realised gold price, higher operating expenses and an increase in losses on financial instruments, partially offset by a decrease in net income tax expense and royalty costs due to the lower realised gold price.
Net comprehensive earnings from operations improved by $191.4 million from $565.1 million in H1-2025 to $756.5 million in H1-2026. The increase in earnings was largely driven by higher revenue as a result of the higher realised gold price, a decrease in losses on financial instruments following the completion of the revenue protection programme in Q4-2025 and lower depreciation and depletion due to lower volumes of gold produced. This increase was partially offset by higher income taxes, higher royalty costs due to the higher realised gold price, and higher operating expenses. 16)For Q2-2026, add-back adjustments included a $27.6 million loss on financial instruments, other expenses of $21.1 million, and a non-cash tax adjustment of $9.6 million related to foreign exchange on deferred taxes, partially offset by a $1.2 million reversal of the credit loss related to VAT.
17)Net earnings attributable to non-controlling interests increased by $18.7 million, from $71.3 million in Q1-2026 to $90.0 million in Q2-2026 reflecting a change in the earnings split by mine as earnings increased significantly at the Ity mine and decreased at the Sabodala-Massawa mine.
18)Adjusted net earnings attributable to shareholders decreased by $68.8 million from $370.4 million (or $1.53 per share) in Q1-2026 to $301.6 million (or $1.25 per share) in Q2-2026 due to the lower realised gold price and higher operating expenses, partially offset by a decrease in income tax expense and royalty costs.
Adjusted net earnings attributable to shareholders increased by $274.0 million from $398.0 million (or $1.64 per share) in H1-2025 to $672.0 million (or $2.78 per share) in H1-2026 mainly due to the higher realised gold price, partially offset by lower volumes of gold sold, higher income tax expense, higher royalties and higher operating expenses.
Table 13: Reconciliation to Adjusted EBITDA
THREE MONTHS ENDED SIX MONTHS ENDED
| 30 June 2026 | 31 March 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | ||
|---|---|---|---|---|---|---|
| 512 | 707 414 149 151 17 31 | 1,219 | ||||
| 153 | 302 | |||||
| 18 | 35 | |||||
| EBITDA | [19] | 683 | 872 596 | 1,556 | 1,136 | |
| — | — — 1 (64) 9 15 (4) 8 1 2 | — | ||||
| 28 | 29 | |||||
| 21 | 30 | |||||
| (1) | (5) | |||||
| 1 | 2 | |||||
| Adjusted EBITDA | [20] | 732 | 880 556 | 1,611 | 1,169 |
1 Net loss/(gain) on financial instruments is the loss/(gain) on financial instruments excluding the realised gains/losses on forward contracts, gold collars and inter-quarter LBMA averaging arrangement.
2 Non-cash and other adjustments mainly relate to non-cash fair value adjustments to inventory associated with the purchase price allocation of Teranga, abnormal operating costs and net realisable value adjustments. Non-cash and other adjustments have been excluded in the adjusted EBITDA as they are non- recurring items which are not reflective of the Company’s ongoing operations, as well as to be consistent with calculation of adjusted earnings.
19)EBITDA decreased by $189.2 million from $872.5 million in Q1-2026 to $683.3 million in Q2-2026 primarily driven by lower earnings before taxes attributable to the lower realised gold price and higher operating expenses.
EBITDA increased by $420.0 million from $1,136.1 million in H1-2025 to $1,556.0 million in H1-2026 due to higher earnings before taxes attributable to the higher realised gold price, partially offset by the decrease in production, higher royalty costs due to the higher realised gold price, the increase in Côte d’Ivoire royalty rates and higher operating expenses.
20)Adjusted EBITDA decreased by $147.9 million from $879.6 million in Q1-2026 to $731.8 million in Q2-2026 due to a decrease in EBITDA, partially offset by an increase in adjustments driven by an increase in losses on financial instruments and an increase in other expenses.
Adjusted EBITDA increased by $442.7 million from $1,168.7 million in H1-2025 to $1,611.4 million in H1-2026 due to an increase in EBITDA as well as an increase in adjustments primarily driven by a loss on financial instruments compared to a gain in the prior period, partially offset by a reversal of credit losses and impairment of financial assets compared to an expense in the prior period and a decrease in other expenses.