ENDEAVOUR REPORTS STRONG FY-2025 RESULTS Record 2025 free cash flow of $1,156m ⚫ Record 2025 shareholder returns of $435m ⚫ >$1bn shareholder returns programme OPERATIONAL AND FINANCIAL HIGHLIGHTS
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG FY-2025 RESULTS
Record 2025 free cash flow of $1,156m ⚫ Record 2025 shareholder returns of $435m ⚫ >$1bn shareholder returns programme
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• FY-2025 production of 1,209koz at AISC of $1,433/oz, guidance achieved for 12 out of last 13 years. Q4-2025 production
of 298koz at an AISC of $1,648/oz. FY-2026 production guidance of 1,090-1,265koz at AISC of $1,600-1,800/oz.
• Adjusted EBITDA of $2,316m for FY-2025, up +75% over FY-2024; $681m for Q4-2025.
• Adjusted net earnings of $782m (or $3.23/sh) for FY-2025, up +244% over FY-2024; $225m (or $0.93/sh) for Q4-2025.
• FCF of $1,156m ($956/oz produced) for FY-2025, up +269% over FY-2024; $476m ($1,597/oz produced) for Q4-2025.
• Net Debt reduced by $574m during FY-2025 to $158m; Net debt / Adj. EBITDA (LTM) leverage ratio of 0.07x at year end.
SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH
• Record FY-2025 shareholder returns of $435m ($360/oz produced) including dividends of $350m or $1.45/sh and share
buybacks of $85m. Since 2021, over $1.6bn has been returned, 83% above the minimum commitment.
• Updated 2026-2028 programme with ~$1.0bn minimum dividend that will be supplemented with additional dividends
and buybacks; total returns are expected to more than double the minimum commitment, at prevailing gold prices.
• Assafou's environmental and exploitation permits are approved and exploration success increased reserves +6%
(+0.3Moz) and M&I resources +13% (+0.6Moz); DFS in Q1-2026, targeting first gold for H2-2028.
• 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz.
• Year-end M&I resources of 25.0Moz (increased 0.4Moz before depletion), down 1.1Moz or 4% due to depletion, model
optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity. P&P
reserves of 16.6Moz, down 1.8Moz or 10% due to depletion and model optimisation.
London, 5 March 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the
“Company”) is pleased to announce its operating and financial results for Q4 -2025 and FY-2025, with highlights provided in Table
1 below.
Table 1: Operating and financial highlights from continuing operations1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED YEAR ENDED
31 December
2025
30 September
2025
31 December
2024
31 December
2025
31 December
2024
Δ FY-2025 vs.
FY-2024
OPERATING DATA
Gold Production, koz 298 264 363 1,209 1,103 +10%
Gold sold, koz 302 258 356 1,216 1,099 +11%
Total Cash Cost2, $/oz 1,448 1,336 979 1,216 1,058 +15%
All-in Sustaining Cost2, $/oz 1,648 1,569 1,141 1,433 1,218 +18%
Realised Gold Price3, $/oz 3,873 3,247 2,590 3,244 2,349 +38%
CASH FLOW
Operating Cash Flow before changes in working capital 625 394 356 1,907 952 +100%
Operating Cash Flow before changes in working capital2, $/sh 2.59 1.63 1.46 7.87 3.89 +102%
Operating Cash Flow 609 309 381 1,664 950 +75%
Operating Cash Flow2, $/sh 2.52 1.28 1.56 6.87 3.88 +77%
Free Cash Flow2,4 476 166 268 1,156 313 +269%
Free Cash Flow2,4, $/sh 1.97 0.69 1.10 4.77 1.28 +273%
PROFITABILITY
Net Earnings/(Loss) Attributable to Shareholders 68 167 (119) 679 (294) n.a.
Net Earnings/(Loss), $/sh 0.28 0.69 (0.49) 2.80 (1.20) n.a.
Adj. Net Earnings Attributable to Shareholders2 225 159 110 782 227 +244%
Adj. Net Earnings2, $/sh 0.93 0.66 0.45 3.23 0.93 +247%
EBITDA2,5 471 472 357 2,079 834 +149%
Adj. EBITDA2,5 681 466 546 2,316 1,325 +75%
SHAREHOLDER RETURNS2
Shareholder dividends paid 149 — 140 288 240 +20%
Share buybacks 3 14 8 85 37 +130%
FINANCIAL POSITION HIGHLIGHTS2
Net Debt 158 453 732 158 732 (78)%
Net Debt / LTM Trailing adj. EBITDA5 0.07x 0.21x 0.55x 0.07x 0.55x (87)%
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.
2
Management will host a conference call and webcast today, Thursday 5 March 2026, 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. T oday
the Management Discussion & Analysis, audited Financial Statements and Annual Report for the year ended 31 December 2025
have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available to view
on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, the Company has
published its 2025 Sustainability Report and associated ESG Reporting Centre, which will be available on the Company’s website.
Ian Cockerill, Chief Executive Officer, commented: “2025 was a strong year of operational performance and a record year of
financial performance, as we safely achieved our strategic objectives.
We produced 1.2 million ounces of gold at an all -in sustaining cost of $1,433 per ounce, achieving our guidance, on a royalty -
adjusted basis, for the twelfth time in the last thirteen years, underpinned by sustained operational excellence and our high
quality portfolio.
Importantly higher gold prices combined with our strong operational performance are directly translating into increased margi ns
and increased cash flows. We delivered record free cash flow of $1.2 billion, equivalent to $956 per ounce produced, for the year,
which supported over a half a billion dollar reduction in our net debt position, as we ended the year with near -zero leverage.
We also returned $435.3 million to shareholders, which was 93% above our minimum commitment and equivalent to $360 per
ounce produced. Since launching our returns program in 2021, we have returned more than $1.6 billion to shareholders, 83%
above our minimum commitment. Looking ahead, our updated sector -leading shareholder returns programme targets a
minimum dividend of $1.0 billion over the 2026 to 2028 period, which at prevailing gold prices we would expect to more than
double, through increased supplemental dividends and share buybacks.
Simultaneously, we contributed $2.8 billion to our host economies this year as we increased our in -country procurement,
supporting more than 1,200 national and local businesses. Our enhanced economic impact drives shared benefits that are visibl e,
and continue to strengthen our social license to operate and the long-term resilience of our business.
This resilience is underpinned by our tier 1 Assafou project, where the DFS is approaching completion in Q1, and both the
environmental and the exploitation permits have been approved, significantly de -risking the project timeline, which is targeting
first gold in H2 -2028. Our exploration programme successfully increased reserves and resources at Assafou incorporating
additions at Assafou and the Pala satellite deposits, highlighting the growing scale of this tier 1 complex.
While reserves and resources were lower this year, largely reflecting mining depletion and model optimisation at Lafigué, Hou ndé
and Sabodala-Massawa, we were delighted to add 1.5Moz of M&I discoveries at Sabodala -Massawa, Ity and Assafou, including
maiden resources at the adjacent Pala Trend 3 target.
Late last year we launched our new exploration strategy to add between 12 - 15 million ounces over the 2026 to 2030 period for
the low discovery cost of $40/oz. 6 - 9 million ounces of brownfield discoveries are targeted to replace production depletion while
up to 6 million ounces of greenfield discoveries are targeted within West Africa and in three highly prospective and geologic ally
immature tier 1 gold provinces, further diversifying our long-term growth pipeline.
We have entered 2026 with strong operating momentum and a healthy balance sheet, positioning us to achieve our strategic
objectives and deliver sector -leading organic growth and sector -leading shareholder returns, sustainably rewarding all of our
stakeholders.”
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SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
• Endeavour announced a record H2 -2025 dividend of $200.0 million, or approximately $0.83 per share on 29 January 2026,
which will be paid on 14 April 2026 to shareholders of record on 13 March 2026. As such, the FY -2025 dividend amounted to
a record of $350.0 million or approximately $1.45 per share.
• Shareholder returns continued to be supplemented with share buybacks and a total of $85.3 million, or 3.4 million shares
were repurchased during FY-2025, of which $2.5 million or 0.1 million shares were repurchased in Q4-2025.
• For FY-2025, Endeavour returned a record $435.3 million to shareholders through dividends and share buybacks, 93% above
the $225.0 million minimum commitment for the year, and equivalent to $360/oz produced, or an indicative yield of 3.5%
(based on market capitalisation as at 31 December 2025), reiterating Endeavour's strong commitment to paying
supplemental shareholder returns.
• Over the 2021 - 2025 period, Endeavour has returned $1.6 billion to shareholders in the form of dividends and share
buybacks, 83% above its minimum commitment over the period, and equivalent to 38% of its market capitalisation from the
start of the programme.
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in US$m)
DIVIDEND
COMMITMENT DIVIDENDS BUYBACKS RETURN MINIMUM
COMMITMENT
FY-2020 — 60 — 60 +60
2021-2023 Shareholder Returns
Programme
FY-2021 125 15 138 278 +153
FY-2022 150 50 99 299 +149
FY-2023 175 25 66 266 +91
2024-2025 Shareholder Returns
Programme
FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
H2-2025 (Q1-2026
dividend announcement) 112 88 17 217 +105
TOTAL 885 305 426 1,616 731
2026 - 2028 Shareholder Returns Programme
• Endeavour will continue to prioritise delivering sector leading shareholder returns over the 2026 - 2028 period, and expects
to return a minimum dividend of approximately $1.0 billion to shareholders, provided the realised gold price over the
dividend period exceeds $3,000/oz.
• For FY-2026 the minimum dividend is expected to be $300.0 million, increasing to $325.0 million and $350.0 million for FY-
2027 and FY-2028 respectively.
• Endeavour has demonstrated its commitment to paying supplemental shareholder returns over the last five years, returning
83% more than the minimum commitment, and at current prevailing gold prices, Endeavour expects to further increase its
supplemental returns through additional dividends and opportunistic share buybacks.
• The minimum dividend is expected to be paid semi-annually, provided that the prevailing realised gold price for the dividend
period is at or above $3,000/oz, and the Company's leverage remains below its long term target of 0.50x Net Debt / Adjusted
EBITDA (LTM). Supplemental dividends and share buybacks are expected to be paid, if the gold price exceeds $3,000/oz and if
the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM).
OTHER STAKEHOLDER RETURNS
Economic Contribution
Since 2021, Endeavour has now contributed $11.8 billion to its host countries and during 2025, Endeavour contributed $2.8
billion to its host countries. This economic contribution reflects the Group's integrated approach to value creation through
payments to governments and prioritising national employees and suppliers. During 2025:
• $919 million was paid directly to governments through income taxes, withholding taxes, royalties, dividends and other
payments to governments.
• 86% of total procurement, inclusive of major projects, was spent in-country supporting a network of more than 1,200
national and local businesses.
4
• Local and national talent continued to be prioritised, with West African nationals representing 95% of Endeavour’s
employees and 67% of senior operational management roles.
• In addition to the total economic contribution, Endeavour committed $5.8 million toward community development
initiatives, focusing on sustainable infrastructure and social programmes within its areas of operation.
Endeavour has now achieved Responsible Gold Mining Principal (“RGMP”) compliance at its four established operations and at
corporate. Endeavour’s newest mine, Lafigué, has three years to achieve compliance and completed its RGMP Gap Assessment
during 2025, with a roadmap to achieve compliance in 2026.
Endeavour has published its 2025 Sustainability Report (“the Report”) detailing its 2025 environmental, social and governance
(“ESG”) performance, which can be found on Endeavour’s website at www.endeavourmining.com. The 2025 Sustainability
Report has been prepared in accordance with the Global Reporting Initiative (“GRI”), Sustainable Accounting Standards Board
(“SASB”), Taskforce on Nature -related Financial Disclosures (“TNFD”) and Local Procurement Reporting Mechanism (“LPRM”)
reporting requirements and has been externally assured against key ESG performance indicators for both GRI and SASB.
OPERATING SUMMARY
• Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.07 for the trailing twelve
months ended 31 December 2025.
• FY-2025 production amounted to 1,209koz, achieving the top half of the guided 1,110 -1,260koz range. FY -2025 all -in
sustaining costs ("AISC") amounted to $1,433/oz. When adjusted for the +$128/oz impact of higher gold prices on royalty
costs, AISC amounted to $1,305/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price.
• Q4-2025 production of 298koz increased by 35koz or 13% over Q3 -2025 production of 264koz as production increased at
Mana, Sabodala-Massawa and Lafigué due to increased processed grades in line with the mine sequences, partially offset by
lower production at Houndé and Ity due to lower average grades, in line with the mine sequence.
• FY-2025 production of 1,209koz increased by 106koz or 10% over FY-2024 production of 1,103koz from continuing operations
due to a full -year of commercial production from the Sabodala -Massawa BIOX plant and the Lafigué mine, as well as
increased production at the Mana mine due to higher grades sourced from the Wona underground deposit, partially offset by
lower production at Houndé and Ity due to lower grades, in line with the mine sequence.
Table 3: Group Production
THREE MONTHS ENDED YEAR ENDED
All amounts in koz, on a 100% basis
31 December
2025
30
September
2025
31 December
2024
31 December
2025
31 December
2024
Houndé 47 49 109 257 288
Ity 74 77 84 319 343
Mana 46 39 41 173 148
Sabodala-Massawa1 78 61 70 274 229
Lafigué 53 38 60 187 96
GROUP PRODUCTION 298 264 363 1,209 1,103
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
• Q4-2025 total cash cost amounted to $1,448/oz, an increase of $112/oz over Q3 -2025 due to higher production driven
operating costs and higher royalty costs related to the higher realised gold prices. This was partially offset by the higher
volumes of gold sold during Q4-2025 compared to Q3-2025.
• FY-2025 total cash cost amounted to $1,216/oz, an increase of $158/oz over FY -2024, due to higher royalty costs related to
higher realised gold prices, partially offset by an increase in gold sales and the addition of the low -cost Lafigué and Sabodala-
Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 4: Consolidated Total Cash Costs
(All amounts in US$/oz)
THREE MONTHS ENDED YEAR ENDED
31 December
2025
30
September
2025
31 December
2024
31 December
2025
31 December
2024
Houndé 1,707 1,420 922 1,213 1,121
Ity 1,359 1,142 943 1,095 890
Mana 1,806 1,772 1,320 1,653 1,514
Sabodala-Massawa2 1,169 1,172 1,107 1,092 1,044
Lafigué2 1,419 1,433 748 1,208 774
GROUP TOTAL CASH COSTS1 1,448 1,336 979 1,216 1,058
5
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.
• Q4-2025 AISC of $1,648/oz increased by $79/oz over Q3 -2025 AISC of $1,569/oz due to the impact of higher gold prices on
royalty costs of +$69/oz, higher sustaining capital at Houndé and Ity related to heavy mining equipment additions and haul
road construction, respectively. This was partially offset by lower processing unit costs at Mana due to increased usage of
lower-cost grid power, lower sustaining capital related to less waste development at Sabodala-Massawa and Lafigué, and less
contractor lease payments at Mana following the underground mining contractor change in Q3-2025.
• FY-2025 AISC of $1,433/oz increased by $215/oz over FY -2024 AISC of $1,218/oz largely due to the impact of higher gold
prices on royalty costs of +$81/oz, higher royalty rates in Burkina Faso contributing +$14/oz, lower grades processed at
Houndé, Ity and Lafigué in line with their mine sequences, and higher sustaining capital at Mana and Sabodala -Massawa
related to underground development and fleet optimisation, respectively.
Table 5: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED YEAR ENDED
31 December
2025
30
September
2025
31 December
2024
31 December
2025
31 December
2024
Houndé 1,882 1,475 1,024 1,354 1,294
Ity 1,523 1,269 987 1,197 919
Mana 2,174 2,377 1,698 2,160 1,740
Sabodala-Massawa2 1,237 1,326 1,261 1,248 1,158
Lafigué2 1,476 1,530 801 1,251 844
Corporate G&A 46 47 41 45 45
GROUP ALL-IN SUSTAINING COSTS1 1,648 1,569 1,141 1,433 1,218
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.
• Q4-2025 and FY-2025 total cash costs and AISC have been impacted by higher royalty costs due to higher realised gold prices
of $4,201/oz and $3,464/oz, exclusive of the impact of the revenue protection programme and inclusive of the Sabodala -
Massawa gold stream, respectively. Realised gold prices were above the $2,000/oz guidance gold price assumption for FY -
2025. As a result, higher royalty costs related to gold price had an impact of $196/oz and $128/oz on the Q4 -2025 and FY -
2025 total cash costs and AISC, respectively.
• FY-2025 AISC, when adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,305/oz, in
line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price assumption.
◦ An increase in Government royalty rates from 6% to 8% was imposed by the Government of Côte d'Ivoire for 2025,
with the change retroactively applied from Q1 -2025. The incremental cost has been applied to other expenses for
FY-2025, and will be reflected in the FY -2025 financial results. For FY -2026, the incremental cost will be applied to
royalty expenses and is reflected in the FY-2026 AISC guidance.
◦ Following this increase, and based on prevailing gold prices, the impact of every $100/oz increase in the gold price,
increases Group AISC by approximately $10/oz due to sliding scale royalties.
Table 6: AISC Guidance Reconciliation
Q4-2025
ACTUALS
FY-2025
ACTUALS
FY-2025
GUIDANCE
AISC at realised gold price of $4,227/oz for Q4-2025 and
$3,486/oz for FY-2025 1,648 1,433
Additional royalty cost at realised gold price vs $2,000/oz
guidance gold price1 +196 +128
FY-2025 impact of $128/oz on AISC
due to higher gold prices driving
royalty costs higher
Comparative AISC at $2,000/oz gold price 1,452 1,305 1,150 — 1,350
1The impact of higher royalty rates as a result of a higher gold prices of $4,227/oz and $3,486/oz for Q4-2025 and FY-2025, respectively, (exclusive of the impact
of the revenue protection programme and the Sabodala-Massawa gold stream), versus $2,000/oz guided gold price.
6
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three months ended 31 December 2025, 30
September 2025, and 31 December 2024, and the year ended 31 December 2025 and 31 December 2024, with accompanying
explanations below.
Table 7: Cash Flow and Net Debt
THREE MONTHS ENDED YEAR ENDED
All amounts in US$ million unless otherwise
specified Notes
31 December
2025
30
September
2025
31 December
2024
31 December
2025
31 December
2024
Net cash from/(used in), as per cash flow
statement:
Operating cash flows before changes in working
capital5
625 394 356 1,907 952
Changes in working capital (16) (85) 25 (244) (2)
Cash generated from operating activities from
continuing operations [1] 609 309 381 1,664 950
Cash generated from discontinued operations — — — — (6)
Cash generated from operating activities [1] 609 309 381 1,664 943
Cash used in investing activities [2] (133) (143) (113) (508) (630)
Free Cash Flow1,2 476 166 268 1,156 313
Cash (used in)/generated from financing activities [3] (253) (570) (136) (1,146) (439)
Effect of exchange rate changes on cash 5 (6) 0 59 (7)
INCREASE/(DECREASE) IN CASH 229 (410) 132 69 (133)
Cash and cash equivalent position at beginning of
period3 225 634 252 384 517
CASH AND EQUIVALENT POSITION AT END OF
PERIOD3 453 225 384 453 384
Principal amount of $500m Senior Notes 500 500 500 500 500
Drawn portion of Lafigué Term Loan 111 121 133 111 133
Drawn portion of Sabodala Term Loan — 16 13 — 13
Drawn portion of Ity Working Capital Facility — 41 — — —
Drawn portion of Revolving Credit Facility — — 470 — 470
NET DEBT1 [4] 158 453 732 158 732
Trailing twelve month adjusted EBITDA1,4 2,316 2,159 1,325 2,316 1,325
Net Debt / Adjusted EBITDA (LTM) ratio1,4 0.07x 0.21x 0.55x 0.07x 0.55x
1Free cash flow, net debt, and adjusted EBITDA are Non -GAAP measures. Refer to the non -GAAP measure section in this press release and in the Management
Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdraft ($nil
million at 31 December 2025, $37.5m at 30 September 2025; $6.3 million at 30 June 2025; nil at 31 March 2025; $13.1 million a t 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 $300.5 million from $308.5 million (or $1.28 per share) in Q3 -2025 to $609.0 million
(or $2.52 per share) in Q4 -2025 due to an increase in production and gold sales at higher realised gold prices, lower
working capital outflows and lower income and withholding tax payments, partially offset by a higher realised loss on gold
collars, the working capital impact of incremental royalties in Côte d’Ivoire reflecting the increase in the sliding scale
royalty rate from 6% to 8% and higher royalty costs due to higher realised gold prices.
Operating cash flows increased by $720.4 million from $943.3 million (or $3.88 per share) in FY -2024 to $1,663.7 million
(or $6.87 per share) in FY -2025 due to higher production at higher realised gold prices, partially offset by increased
working capital outflows, realised losses on gold collars and LBMA averaging, operating costs, royalties and income tax
payments and the working capital impact of incremental royalties in Côte d’Ivoire reflecting the increase in the sliding
scale royalty rate from 6% to 8%.
Notable variances are summarised below:
• Working capital was an outflow of $16.0 million in Q4 -2025, an improvement of $69.5 million over the Q3 -2025
outflow of $85.4 million. The outflow in Q4 -2025 consisted of (i) an inventory outflow of $24.2 million due to a build -
up of stockpile inventory at the Houndé, Ity and Lafigué mines and gold -in-circuit inventory at the Houndé, Ity, Mana,
Sabodala-Massawa mines, (ii) a net receivables outflow of $14.6 million related to a build -up of VAT receivables at the
Houndé, Lafigué and Mana mines and other corp orate receivables related to annual Group insurance, partially offset
by (iii) a trade and other payables inflow of $17.6 million related to the timing of supplier payables and contractor -
7
related liabilities partially offset by an outflow related to the accrual of incremental royalties in Côte d’Ivoire reflectin g
the increase in the sliding scale royalty rate from 6% to 8% and (iv) a prepaid expenses inflow of $5.2 million related to
the timing of supplier prepayments. During Q4 -2025, the Group entered into an agreement with the Burkina Faso
Ministry of Finance to purchase $18.3 million of Burkina Faso Government bonds in exchange for VAT refunds at
Houndé and Mana.
Working capital was an outflow of $243.7 million in FY -2025, a decrease of $241.6 million over the FY -2024 outflow of
$2.1 million, largely driven by an increase in outflows related to build -up of stockpile inventory at the Houndé, Ity,
Lafigué and Sabodala-Massawa mines, an increase in outflows related to trade and other receivables due to a build-up
of VAT receivables at the Houndé, Ity, Mana, Sabodala -Massawa mines and an outflow related to trade and other
payables related to the timing of supplier payments, partially offset by an inflow related to prepaid expenses related
to the timing of supplier prepayments.
• Gold sales from continuing operations increased from 258koz in Q3 -2025 to 302koz in Q4 -2025 due to higher
production at Sabodala -Massawa, Mana and Lafigué, partially offset by a decrease in production at Houndé and Ity.
The realised gold price from continuing operations for Q4 -2025 increased by $688/oz to $4,201/oz from $3,513/oz in
Q3-2025. Inclusive of the Group’s Revenue Protection Programme ( -$328/oz Q4-2025 impact), the realised gold price
for Q4-2025 increased by $626/oz to $3,873/oz from $3,247/oz in Q3-2025.
Gold sales from continuing operations increased from 1,099koz in FY-2024 to 1,216koz in FY-2025, following higher
production in FY-2025 at the Mana mine along with full-year production from the Lafigué mine and Sabodala-
Massawa BIOX processing plant, partially offset by lower production at the Houndé and Ity mines. The realised gold
price from continuing operations for FY-2025 increased by $1,046/oz to $3,464/oz from $2,418/oz in FY-2024.
Inclusive of the Group’s Revenue Protection Programme (-$202/oz FY-2025 impact against a realised gold price of
$3,464/oz in FY-2025) and LBMA gold price averaging strategy which ceased at the end of Q1-2025 (-$18/oz FY-2025
impact against a realised gold price of $3,464/oz in FY-2025), the realised gold price for FY-2025 increased by $895/oz
to $3,244/oz from $2,349/oz in FY-2024.
• Total cash cost per ounce increased from $1,336/oz in Q3 -2025 to $1,448/oz in Q4 -2025 due to higher royalty costs
(+$69/oz impact at realised gold price of $4,201/oz vs $3,513/oz in Q3 -2025) related to a higher realised gold price,
partially offset by higher gold sales related to higher production.
Total cash cost per ounce increased from $1,058/oz in FY -2024 to $1,216/oz in FY -2025 due to significantly higher
royalty costs (+$95/oz impact at realised gold price of $3,464/oz vs $2,418/oz in FY-2024) related to the higher realised
gold price, partially offset by an increase in gold sales.
• Taxes paid decreased by $44.5 million from $67.3 million in Q3 -2025 to $22.8 million in Q4 -2025 due to lower
withholding taxes paid following cash upstreaming in the prior quarter, partially offset by higher income taxes paid at
the Houndé and Mana mines related to corporate income tax instalments.
Taxes paid increased by $66.3 million from $296.0 million in FY -2024 to $362.2 million in FY -2025, in line with the
guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher taxable
earnings in FY -2024, while withholding tax payments also increased due to higher levels of cash upstreaming as a
result of improved cash generation, partially offset by lower income tax payments at Mana and Sabodala -Massawa
due to lower taxable earnings in FY-2024.
Table 8: Tax Payments
THREE MONTHS ENDED YEAR ENDED
($m) 31 December
2025
30
September
2025
31 December
2024
31 December
2025
31 December
2024
Houndé 17.8 15.5 11.4 73.8 51.1
Ity — 39.1 2.4 115.8 77.7
Mana 4.0 2.6 2.3 9.5 11.1
Sabodala-Massawa — — — 34.0 75.6
Lafigué — 10.8 — 36.8 1.0
Other1 1.0 (0.7) 0.8 92.3 79.5
Total taxes paid 22.8 67.3 16.9 362.2 296.0
1Included in the “Other” category is income and withholding taxes paid/(received) by Corporate and Exploration entities.
2) Cash flows used in investing activities decreased by $9.8 million from $142.6 million in Q3 -2025 to $132.7 million in Q4 -
2025 due to a decrease in non -sustaining capital spend of $14.2 million, a decrease in exploration capital spend of $5.9
million and a decrease in sustaining capital spend of $1.5 million, partially offset by an increase in growth capital spend on
the Assafou DFS of $2.8 million and an increase in restricted cash outflow of $2.8 million related to reclamation bonds.
Cash flows used in investing activities decreased by $122.2 million from $630.0 million in FY -2024 to $507.8 million in FY -
2025 largely due to lower growth capital following the completion of the Lafigué and Sabodala -Massawa BIOX growth
projects, which achieved commercial production in Q3 -2024, partially offset by higher sustaining and non -sustaining
capital.
8
• Sustaining capital decreased from $48.6 million in Q3 -2025 to $47.1 million in Q4 -2025, largely due to decreased
sustaining capital expenditure at the Mana mine related to underground development and sustaining lease payments
to the outgoing mining contractor that was paid in the prior quarter, at Sabodala -Massawa and at Lafigué related to
lower sustaining waste stripping, partially offset by increased sustaining capital at Houndé related to the purchase of
heavy mining equipment and Ity related to dewatering borehole drilling and haul road construction.
Sustaining capital increased from $126.0 million in FY -2024 to $210.3 million in FY -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 accelerated 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 decreased from $83.3 million in Q3 -2025 to $69.1 million in Q4 -2025 largely due to a decrease
in waste stripping at Lafigué and Ity and the purchase of outgoing contractor fleet at Mana in the prior quarter,
partially offset by higher waste stripping and TSF expenditure at Houndé and waste stripping at Sabodala-Massawa.
Non-sustaining capital increased from $224.9 million in FY -2024 to $255.3 million in FY -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 increased from $6.8 million in Q3 -2025 to $9.7 million in Q4 -2025. Growth capital expenditure in Q4 -
2025 was related to the definitive feasibility study, advanced grade control drilling and sterilisation drilling at the
Assafou project.
Growth capital decreased from $251.5 million in FY -2024 to $32.4 million in FY -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 FY -2025 was related to the definitive feasibility study and drilling expenditure at
the Assafou project.
3) Cash flows used in financing activities decreased by $317.2 million from $569.9 million in Q3 -2025 to $252.7 million in
Q4-2025 and included shareholder dividend payments of $148.9 million, net debt repayments of $67.5 million, payments
of financing fees of $22.7 million, $7.5 million repayment of lease liabilities, share buybacks of $3.4 million and $2.6
million in interest payments.
Cash flows used in financing activities increased by $706.7 million from $439.1 million in FY-2024 to $1,145.8 million in FY-
2025 and included net debt repayments of $526.5 million, shareholder dividend payments of $288.2 million, $119.1
million in payments to minority shareholders, $88.8 million in payments of financing fees, $87.4 million in share
buybacks, $32.6 million repayment of lease liabilities, $1.7 million in repurchase of tracker shares and $1.5 million in
interest payments.
4) Endeavour’s net debt position improved by $295.7 million, from $453.2 million at the end of Q3 -2025 to $157.5 million at
the end of Q4 -2025, while the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.21x at the end of Q3 -
2025 to 0.07x at the end of Q4-2025, remaining well below the Groups through-the-cycle leverage target of 0.50x.