ENDEAVOUR REPORTS STRONG H1-2025 RESULTS H1 production of 647koz at AISC of $1,281/oz
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG H1-2025 RESULTS
H1 production of 647koz at AISC of $1,281/oz • H1 Free Cash Flow of $514m • Record dividend of $150m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• On track to achieve FY-2025 guidance following strong H1-2025 production of 647koz, up +38% over H1-2024, at AISC of
$1,281/oz, up only +4% over H1-2024; Q2-2025 production of 306koz at AISC of $1,458/oz.
• EBITDA of $1,136m for H1-2025, up +226% over H1-2024; $596m for Q2-2025, up 10% over Q1-2025.
• Net earnings of $444m (or $1.83/sh) for H1-2025; $271m (or $1.12/sh) for Q2-2025, up 57% over Q1-2025.
• Adj. Net Earnings of $398m (or $1.64/sh) for H1-2025, up +811% over H1-2024; $179m (or $0.74/sh) for Q2-2025, down
18% over Q1-2025.
• Operating Cash Flow before changes in WC of $888m (or $3.65/sh) for H1-2025, up +153% over H1-2024; $296m (or
$1.22/sh) for Q2-2025, down 50% over Q1-2025 due to ~55% of FY-2025 cash tax payments during Q2-2025.
• Record Free Cash Flow of $514m for H1-2025; $104m for Q2-2025 despite cash tax payments during Q2-2025.
• Net Debt / Adj. EBITDA (LTM) of 0.23x; stable over Q1-2025 and within the Group’s 0.50x target.
SECTOR LEADING SHAREHOLDER RETURNS
• Record $150m (or $0.62/sh) dividend announced; supplemented with $69m of share buybacks for H1-2025.
• H1-2025 shareholder returns of $219m, equivalent to $338/oz produced; annualised 94% above minimum commitment.
ATTRACTIVE ORGANIC GROWTH
• Assafou project DFS on track for completion by early 2026, with exploration ongoing at Assafou and nearby Pala Trend 2
and 3 targets, where a maiden resource is expected in H2-2025.
• Strong exploration efforts with $51m spent in H1-2025, focused on near-mine resource expansions and Assafou.
London, 31 July 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”)
is pleased to announce its operating and financial results for Q2-2025 and H1-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED SIX MONTHS ENDED
30 June
2025
31 March
2025
30 June
2024
30 June
2025
30 June
2024
Δ H1-2025 vs.
H1-2024
OPERATING DATA
Gold Production, koz 306 341 251 647 470 +38%
Gold sold, koz 304 353 238 657 463 +42%
Total Cash Cost2, $/oz 1,220 929 1,148 1,064 1,079 (1)%
All-in Sustaining Cost2, $/oz 1,458 1,129 1,287 1,281 1,237 +4%
Realised Gold Price3, $/oz 3,150 2,783 2,287 2,953 2,167 +36%
CASH FLOW
Operating Cash Flow before changes in working capital 296 592 213 888 351 +153%
Operating Cash Flow before changes in working capital2, $/sh 1.22 2.43 0.87 3.65 1.43 +155%
Operating Cash Flow 252 494 258 746 313 +138%
Operating Cash Flow2, $/sh 1.04 2.03 1.05 3.07 1.28 +140%
Free Cash Flow2,4 104 409 81 514 (52) n.a.
Free Cash Flow2,4, $/sh 0.43 1.68 0.33 2.11 (0.21) n.a.
PROFITABILITY
Net Earnings/(Loss) Attributable to Shareholders 271 173 (60) 444 (80) n.a.
Net Earnings/(Loss), $/sh 1.12 0.71 (0.24) 1.83 (0.33) n.a.
Adj. Net Earnings Attributable to Shareholders2 179 219 3 398 45 +784%
Adj. Net Earnings2, $/sh 0.74 0.90 0.01 1.64 0.18 +811%
EBITDA2,5 596 540 193 1,136 349 +226%
Adj. EBITDA2,5 556 613 249 1,169 461 +154%
SHAREHOLDER RETURNS2
Shareholder dividends paid 140 — — 140 100 +40%
Share buybacks 28 41 8 69 20 +245%
FINANCIAL POSITION HIGHLIGHTS2
Net Debt 469 378 835 469 856 (45)%
Net Debt / LTM Trailing adj. EBITDA5 0.23x 0.22x 0.81x 0.23x 0.81 x (72)%
1Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. 2This is a non-GAAP measure, refer
to the non-GAAP Measures section for further details. 3Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the
Group’s revenue protection programme. 4From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 5Last Twelve Months
(“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.
2
Management will host a conference call and webcast today, 31 July 2025, at 8:30 am EST / 1:30 pm BST. For instructions on how
to participate, please refer to the conference call and webcast section at the end of the news release. Copies of the Management
Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on SEDAR+. The
documents will shortly be available for inspection on the Company’s website and at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: "Q2-2025 has been another strong quarter for Endeavour, capping an excellent
first half of 2025 with 647koz of gold produced at an AISC of $1,281 per ounce; ensuring we are firmly on track to achieve ou r
full-year guidance.
As a result of our larger portfolio, following the completion of our growth phase 12 months ago, H1-2025 production was 38%
higher than the same period last year, with our all-in sustaining margin 80% higher, ensuring that we realised the full benefit of
the strong gold price environment.
Over the past 12 months, we have generated $879 million of free cash flow, equivalent to over $687 for every ounce of gold we
produced, or a yield of more than 17% from the start of the period. During H1, despite paying approximately 70% of our full -
year’s taxes, we still generated record free cash flow of $514 million, equivalent to $794 for every ounce of gold we produced,
and we are well positioned to continue delivering strong free cash flow in the second half of the year.
Underpinned by this strong free cash flow, we have maintained leverage well below our target and declared another record
dividend of $150 million for H1-2025, which we have further supplemented with $69 million of share buybacks, equivalent to
returns of $338 for every ounce of gold produced for the period. Since our first payments in 2021, we have returned $1.4 bill ion to
shareholders, over 80% above our minimum commitment, and equivalent to $213 for every ounce produced over the period.
Looking ahead, the DFS for our tier 1 Assafou project is on schedule for completion by early-2026, and the permitting process is
well advanced. Simultaneously, we are continuing to explore the property and expect to outline a resource update later this year,
incorporating resources from satellite discoveries in close proximity to Assafou.
We are very pleased with the operational performance we have delivered from our expanded portfolio and our ability to convert
that performance into cash flow. Our high-margin, long-life operations, coupled with our exciting organic growth pipeline
positions us well to continue delivering against our strategic objectives.”
3
OPERATING SUMMARY
• Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.05 for the trailing twelve
months ended 30 June 2025.
• The Group remains on track to achieve its production guidance of 1,110 - 1,260koz, within its all -in sustaining cost (“AISC”)
guidance of $1,150 - 1,350/oz.
• H1-2025 production amounted to 647koz, an increase of 177koz over H1 -2024, due to higher average grades processed at
Houndé and Mana, and increased production at Lafigué and the Sabodala -Massawa BIOX expansion, which both entered
commercial production Q3-2024, partially offset by a decrease in production at Ity due to lower average grades processed.
• Q2-2025 production of 306koz was 36koz lower than Q1-2025, reflecting lower grades processed at Houndé, Mana and at the
Sabodala-Massawa CIL plant, in line with their mine sequences. This was partially offset by increased production at Lafigué
due to higher mill throughput, while production at Ity remained stable.
Table 2: Group Production
THREE MONTHS ENDED SIX MONTHS ENDED
All amounts in koz, on a 100% basis
30 June
2025
31 March
2025
30 June
2024
30 June
2025
30 June
2024
Houndé 69 92 64 161 106
Ity 84 84 96 168 182
Mana 41 46 35 87 77
Sabodala-Massawa1 62 72 57 134 105
Lafigué 49 48 0.5 97 0.5
GROUP PRODUCTION 306 341 251 647 470
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
• H1-2025 total cash cost amounted to $1,064/oz, a decrease of $15/oz over H1 -2024, due to lower cash costs at the Houndé
mine related to a significant increase in gold sales and the addition of the low -cost Lafigué and Sabodala -Massawa BIOX
expansion, which both entered commercial production in Q3 -2024. The decrease was partially offset by higher royalty costs
across the portfolio, related to the higher realised gold prices.
• Q2-2025 total cash cost amounted to $1,220/oz, an increase of $291/oz over Q1 -2025 due to lower gold sales and higher
royalty costs related to the higher realised gold prices across the portfolio, as well as higher processing unit costs at Hou ndé
and Ity due to seasonally lower grid power availability, as hydroelectric dam capacity reached its lowest point for the year,
ahead of the annual wet season.
Table 3: Consolidated Total Cash Costs
(All amounts in US$/oz)
THREE MONTHS ENDED SIX MONTHS ENDED
30 June
2025
31 March
2025
30 June
2024
30 June
2025
30 June
2024
Houndé 1,352 751 1,340 1,001 1,249
Ity 1,049 875 869 960 863
Mana 1,700 1,360 1,729 1,518 1,513
Sabodala-Massawa2 1,073 959 1,057 1,013 968
Lafigué 1,125 918 — 1,018 —
GROUP TOTAL CASH COSTS1 1,220 929 1,148 1,064 1,079
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX
expansion project.
• H1-2025 AISC amounted to $1,281/oz, a slight increase of $44/oz over H1 -2024 due to higher royalty costs related to the
higher realised gold prices, higher sustaining capital due to the introduction of the Lafigué mine, at Ity related to
infrastructure and processing plant upgrades, at Sabodala -Massawa related waste stripping and at Mana related to
underground development.
• Q2-2025 AISC amounted to $1,458/oz, an increase of $329/oz over Q1-2025 driven by higher total cash costs including the
impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Houndé, Ity and
Lafigué, partially offset by lower sustaining capital at Sabodala-Massawa and Mana.
4
Table 4: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED SIX MONTHS ENDED
30 June
2025
31 March
2025
30 June
2024
30 June
2025
30 June
2024
Houndé 1,580 858 1,472 1,158 1,514
Ity 1,125 930 885 1,025 885
Mana 2,257 1,887 1,927 2,059 1,661
Sabodala-Massawa2 1,272 1,173 1,164 1,220 1,050
Lafigué 1,154 926 — 1,036 —
Corporate G&A 46 43 48 44 48
GROUP ALL-IN SUSTAINING COSTS1 1,458 1,129 1,287 1,281 1,237
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX
expansion project.
• H1-2025 and Q2 -2025 total cash costs and AISC have been impacted by higher sliding scale royalty costs due to higher
realised gold prices of $3,107/oz and $3,302/oz, exclusive of the impact of the revenue protection programme, respectively,
which are significantly higher than the $2,000/oz gold price assumption used in the FY -2025 guidance. As a result, higher
royalty costs related to gold price had an impact of $116/oz and $96/oz on the Q2 -2025 and H1 -2025 total cash costs and
AISC, respectively.
Table 5: AISC Guidance Reconciliation1
Q2-2025
ACTUALS
H1-2025
ACTUALS
FY-2025
GUIDANCE
AISC at realised gold price 1,458 1,281
Additional royalty cost at realised gold price vs $2,000/oz guidance
gold price +116 +96 H1-2025 impact of +$96/oz on AISC due to
higher gold prices driving royalty costs higher
AISC at $2,000/oz gold price 1,342 1,185 1,150 — 1,350
1Reconciliation illustrates the impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q2-2025 and H1-2025 of
$3,302/oz and $3,107/oz are exclusive of the impact of the revenue protection programme, respectively.
FY-2025 OUTLOOK
• The Group remains on track to achieve its FY -2025 production guidance of 1,110 – 1,260koz at its AISC cost guidance of
$1,150 – 1,350/oz. FY-2025 production is expected to be slightly weighted towards H1 -2025, due to lower grades expected at
the Houndé and Ity mines in H2 -2025, in line with their mine sequences. During H1 -2025, AISC has been impacted by higher
costs at Mana related to increased power costs driven by higher consumption and increased use of higher-cost self-generated
power, and higher sliding scale royalty costs due to higher realised gold prices (+$96/oz impact on AISC in H1-2025).
• Group AISC guidance of $1,150 – 1,350/oz is based on a realised average gold price of $2,000/oz, compared to the H1 -2025
realised gold price of $3,107/oz, resulting in a $96/oz impact on the H1 -2025 AISC from higher royalty costs. Prior to the
impact of the higher realised gold prices on royalty costs, H1 -2025 AISC was approximately $1,185/oz, and near the low -end
of the FY-2025 guidance range. Inclusive of the impact of higher realised gold prices on royalty costs, the H1 -2025 AISC was
$1,281/oz, and near the mid -point of the FY -2025 guidance range. The AISC sensitivity to royalty cost due to gold price
changes is between $6 - 10/oz for every $100/oz increase in gold price.
Table 6: FY-2025 Production Outlook1
H1-2025
ACTUALS
FY-2025
GUIDANCE
FY-2025
OUTLOOK (All amounts in koz, on a 100% basis)
Houndé 161 230 - 260 ON TRACK
Ity 168 290 - 330 ON TRACK
Mana 87 160 - 180 ON TRACK
Sabodala-Massawa 134 250 - 280 ON TRACK
Lafigué 97 180 - 210 ON TRACK
Group Production 647 1,110 - 1,260 ON TRACK
1FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
5
Table 7: FY-2025 AISC Outlook1
H1-2025
ACTUALS
FY-2025
GUIDANCE
FY-2025
OUTLOOK (All amounts in US$/oz)
Houndé 1,158 1,225 - 1,375 ON TRACK
Ity 1,025 975 - 1,100 ON TRACK
Mana 2,059 1,550 - 1,750 NEAR TOP-END
Sabodala-Massawa 1,220 1,100 - 1,250 ON TRACK
Lafigué 1,036 950 - 1,075 ON TRACK
Corporate G&A 44 40 ON TRACK
Group AISC 1,281 1,150 - 1,350 ON TRACK
1FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90.
• Group sustaining capital expenditure outlook for FY -2025 has decreased from $215.0 million to $195.0 million, with $113.6
million incurred in H1 -2025, and $58.5 million incurred in Q2 -2025. The decrease in the FY -2025 sustaining capital
expenditure outlook is due to lower sustaining waste stripping, which has been offset by an increase in non -sustaining waste
pre-stripping, due to the acceleration of Pushback 2 at the Main pit at Lafigué. Sustaining capital for FY -2025 includes
underground development at Mana, mining fleet rebuilds and replacements at Houndé and Sabodala -Massawa and
processing plant and infrastructure upgrades at Ity.
• Group non -sustaining capital expenditure outlook for FY -2025 has increased from $215.0 million to $235.0 million for FY -
2025, with $102.9 million incurred in H1 -2025, and $65.3 million incurred in Q2 -2025. The increase in the FY -2025 non -
sustaining capital expenditure outlook is due to the acceleration of waste pre -stripping of Pushback 2 at the Main Pit at
Lafigué. Non-sustaining capital for FY -2025 includes waste stripping at Houndé, Ity, Lafigué and Sabodala -Massawa and TSF
embankment raises at Houndé, Ity and Mana.
• Growth capital expenditure outlook for FY-2025 has increased from $10.0 million to $30.0 million, with $15.9 million incurred
in H1-2025, primarily related to definitive feasibility study and drilling expenditure at Assafou. Growth capital expenditure at
Assafou has been accelerated due to additional advanced grade control and sterilisation drilling and the accelerated ramp -up
of the owners teams, prior to finalising the definitive feasibility study by early 2026.
Table 8: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
H1-2025
ACTUALS
FY-2025
GUIDANCE
FY-2025
UPDATED
GUIDANCE (All amounts in US$m)
Houndé 25 40 40
Ity 11 20 20
Mana 47 60 60
Sabodala-Massawa 28 60 60
Lafigué 2 35 15
Total Sustaining Capital Expenditure 114 215 195
Houndé 17 90 90
Ity 11 35 35
Mana 2 10 10
Sabodala-Massawa 20 25 25
Lafigué 51 50 70
Corporate G&A 2 5 5
Total Non-Sustaining Capital Expenditure 103 215 235
Assafou 16 10 30
Total Growth Capital Expenditure 16 10 30
Total Mine Capital Expenditure 232 440 460
• Exploration expenditure outlook for FY-2025 has been increased from $75.0 million to $85.0 million, of which $51.4 million
was incurred in H1-2025. The increased outlook is due to exploration successes at Ity and the accelerated programme at
Sabodala-Massawa to support the ongoing technical review, while the greenfield expenditure has been decreased slightly to
reflect the timing of greenfield and New Ventures exploration spend.
• Group tax payments outlook for FY-2025 remains unchanged at $350.0 million to $450.0 million, with $272.1 million incurred
in H1-2025 and $233.1 million incurred in Q2-2025. The remainder of the full-year tax payments are expected to amount to
25% of the full-year guidance in Q3-2025 and 5% of the full-year guidance in Q4-2025.
6
SHAREHOLDER RETURNS PROGRAMME
• For H1-2025, Endeavour announced a record dividend of $150.0 million or approximately $0.62 per share.
• During H1-2025, shareholder returns continued to be supplemented with share buybacks with $68.5 million, or 2.9 million
shares repurchased during the period, an increase of 245% compared to H1-2024. During Q2-2025, $28.1 million or 1.0
million shares were repurchased.
• As such, the total return for H1 -2025 was $218.5 million, which is equivalent to $338/oz produced for the period, with the
total shareholder returns for FY -2025 expected to increase over FY -2024 with additional supplemental dividends and share
buybacks in H2-2025.
• The H2-2025 dividend is expected to be declared in Q1 -2026 and paid in Q2 -2026. Supplemental returns are expected to be
paid in the form of dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a
healthy financial position.
• As shown in the table below, Endeavour has now returned $1,398.5 million to shareholders in the form of dividends and
buybacks since its shareholder returns programme began in late 2020 (first payment in Q1 -2021), which represents $626.0
million or 81% above its minimum commitment and a return of $213/oz produced on a sustainable basis, through periods of
growth and cash harvest.
Table 9: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in
US$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
(ongoing)
FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
TOTAL 773 217 409 1,399 626
• Endeavour’s H1-2025 dividend will be paid on 23 October 2025, with an ex-dividend date of 25 September 2025 and 26
September 2025 for London Stock Exchange and Toronto Stock Exchange shareholders, respectively, to shareholders of record
on 26 September 2025 for holders of shares on the London Stock Exchange. The last date for currency election and DRIP
elections will be 2 October 2025.
• For holders of shares traded on the Toronto Stock Exchange, both the ex-dividend and record dates will be 26 September
2025. Holders of shares listed on the Toronto Stock Exchange will receive dividends in Canadian Dollars (“CAD”) but can elect
to receive United States Dollars (“USD”). Holders of shares traded on the London Stock Exchange will receive dividends in
USD but can elect to receive Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend
reinvestment plan ("DRIP") must be made by all shareholders prior to 17:00 GMT on 2 October 2025. Dividends will be paid
in the default or elected currency, on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 7
October 2025. This dividend does not qualify as an “eligible dividend” for Canadian income tax purposes. The tax
consequences of the dividend will be dependent on the particular circumstances of a shareholder.
• Endeavour is pleased to continue to offer a DRIP , to give existing shareholders the opportunity, at their own election, to
increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company.
• Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the London Stock
Exchange or on the Toronto Stock Exchange. Participants may opt to reinvest all, or any portion of their dividends in the DRIP .
Custodians are reminded that as part of the terms and conditions of the DRIP , if you make a partial election on the DRIP , the
remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific
holding(s). The enrolment form is available on Endeavour’s website. The last election date for participation in the H1-2025
DRIP will be 2 October 2025.
• In accordance with the DRIP , Endeavour’s Registrar, Computershare, will use cash dividends payable to participating
shareholders to purchase ordinary shares in the open market on the Toronto Stock Exchange and the London Stock Exchange
at the prevailing market price.
7
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 30 June 2025,
31 March 2025, and 30 June 2024, with accompanying explanations below.
Table 10: Cash Flow and Net Debt
THREE MONTHS ENDED SIX MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
30 June 2025 31 March
2025 30 June 2024 30 June 2025 30 June 2024
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital5 296 592 213 888 351
Changes in working capital (44) (98) 45 (142) (37)
Cash generated from operating activities from
continuing operations [1] 252 494 258 746 314
Cash generated from discontinued operations — — (6) — (6)
Cash generated from operating activities [1] 252 494 252 746 307
Cash used in investing activities [2] (148) (85) (171) (233) (359)
Free Cash Flow1,2 104 409 81 513 (52)
Cash (used in)/generated from financing activities [3] (256) (67) (150) (323) (62)
Effect of exchange rate changes on cash 49 10 (5) 59 (16)
INCREASE/(DECREASE) IN CASH (103) 353 (74) 250 (130)
Cash and cash equivalent position at beginning of
period3 737 384 461 384 517
CASH AND EQUIVALENT POSITION AT END OF PERIOD3 634 737 387 634 387
Principal amount of $500m Senior Notes 500 500 500 500 500
Drawn portion of Lafigué Term Loan 131 130 147 131 147
Drawn portion of Sabodala Term Loan — — — — —
Drawn portion of $645m Revolving Credit Facility 472 485 575 472 575
NET DEBT1 [4] 469 378 835 469 856
Trailing twelve month adjusted EBITDA1,4 2,032 1,725 1,028 2,032 1,028
Net Debt / Adjusted EBITDA (LTM) ratio1,4 0.23x 0.22x 0.81x 0.23x 0.81x
1Free cash flow, net debt, and adjusted EBITDA are Non -GAAP measures. Refer to the non -GAAP measure section in this press release and in the Management
Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdrafts (nil at
30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $21.1 million at 30 June 2024; nil at 31 March 2024; n il at 31 December 2023). 4Trailing
twelve month adjusted EBITDA includes EBITDA generated by discontinued operations. 5Continuing operations excludes the settlement of historic liabilities under
the original sale agreement of the Boungou mine.
NOTES:
1) Operating cash flows decreased by $242.2 million from $494.2 million (or $2.03 per share) in Q1 -2025 to $252.0 million
(or $1.04 per share) in Q2-2025 due to higher income tax and withholding tax payments, a decrease in production, higher
operating costs, a higher realised loss on gold collars and higher royalties, partially offset by a decrease in the working
capital outflow.
Operating cash flows increased by $439.1 million from $307.1 million (or $1.25 per share) in H1-2024 to $746.2 million (or
$3.07 per share) in H1 -2025 due to higher production at higher realised gold prices, partially offset by higher operating
costs, higher royalties, a higher realised loss on gold collars and LBMA averaging, higher working capital outflows and
higher income tax payments.
Notable variances are summarised below:
• Working capital was an outflow of $44.1 million in Q2 -2025, an improvement of $53.9 million over the Q1 -2025
outflow of $98.0 million. The outflow in Q2 -2025 consisted of (i) an inventory outflow of $28.6 million due to a build -
up of stockpile inventory at the Ity and Sabodala -Massawa mines, partially offset by a decrease in gold -in-circuit
inventory at the Houndé and Ity mines, (ii) a receivables outflow of $18.6 million related to a build -up of VAT
receivables at the Houndé, Lafigué and Mana mines, and (iii) a trade and other payables outflow of $1.3 million
related to decreases in supplier payables and payroll -related liabilities, partially offset by (iv) a prepaid expenses and
other inflow of $4.4 million related to the timing of deposits and supplier prepayments.
Working capital was an outflow of $142.1 million in H1 -2025, an increase of $104.8 million over the H1 -2024 outflow
of $37.3 million, largely driven by an increase in outflows in trade and other receivables, an increase in outflows
related to inventories and an increase in outflows in trade and other payables, partially offset by an inflow of prepaid
expenses.
8
• Gold sales from continuing operations decreased from 353koz in Q1 -2025 to 304koz in Q2 -2025 due to lower
production at the Houndé, Mana and the Sabodala-Massawa mines, partially offset by increased production at the
Lafigué mine. The realised gold price from continuing operations for Q2 -2025 increased by $363/oz to $3,302/oz from
$2,939/oz in Q1 -2025. Inclusive of the Group’s Revenue Protection Programme ( -$151/oz Q2 -2025 impact), the
realised gold price for Q2-2025 increased by $367/oz to $3,150/oz from $2,783/oz in Q1-2025.
Gold sales from continuing operations increased from 463koz in H1 -2024 to 657koz in H1 -2025, following higher
production in H1 -2025 at the Houndé and Mana mines along with the addition of production from the Lafigué mine
and the Sabodala -Massawa BIOX expansion that achieved commercial production in Q3 -2024. The realised gold price
from continuing operations for H1 -2025 increased by $897/oz to $3,107/oz from $2,210/oz in H1 -2024. Inclusive of
the Group’s Revenue Protection Programme ( -$120/oz H1-2025 impact against a realised gold price of $3,107/oz in
H1-2025) and LBMA gold price averaging strategy ( -$33/oz H1-2025 impact against a realised gold price of $3,107/oz
in H1-2025), the realised gold price for H1-2025 increased by $786/oz to $2,953/oz from $2,167/oz in H1-2024.
• Total cash cost per ounce increased from $929/oz in Q1 -2025 to $1,220/oz in Q2 -2025 due to lower volumes of gold
sold, higher royalty costs related to a higher realised gold price and higher processing unit costs at the Houndé and Ity
mines due to seasonally lower grid power availability ahead of the wet season.
Total cash cost per ounce decreased from $1,079/oz in H1 -2024 to $1,064/oz in H1 -2025 due to higher volumes of
gold sold and the addition of the low -cost Lafigué and Sabodala -Massawa BIOX expansion, which both entered
commercial production in Q3-2024, partially offset by higher royalty costs related to the higher realised gold price.
• Taxes paid increased by $194.1 million, in line with the guidance provided, from $39.0 million in Q1 -2025 to $233.1
million in Q2 -2025 due to higher withholding tax payments related to annual cash upstreaming and an increase in
income taxes paid at the Houndé, Ity and Lafigué mines due to the timing of provisional income tax payments for the
FY-2024 tax year.
Taxes paid increased by $57.5 million from $214.6 million in H1 -2024 to $272.1 million in H1 -2025, in line with the
guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher provisional
income tax payments for the FY -2024 tax year, while withholding tax payments also increased at the Houndé and
Mana mines due to increased cash upstreaming as a result of increased cash generation.
Table 11: Tax Payments
THREE MONTHS ENDED SIX MONTHS ENDED
All amounts in US$ million
30 June
2025
31 March
2025
30 June
2024
30 June
2025
30 June
2024
Houndé 30 11 17 41 28
Ity 77 — 50 77 50
Mana 1 2 3 3 7
Sabodala-Massawa 10 24 45 34 76
Lafigué 24 2 — 26 1
Other1 92 — 49 92 55
Taxes paid 233 39 163 272 215
1Included in the “Other” category is income and withholding taxes paid by Corporate and Exploration entities.
2) Cash flows used in investing activities increased by $62.9 million from $84.8 million in Q1 -2025 to $147.7 million in Q2 -
2025 due to an increase in non-sustaining capital spend during the quarter of $27.7 million, an increase in growth capital
expenditure related to the Assafou DFS of $4.5 million, an increase in sustaining capital spend during the quarter of $3.2
million, an increase in exploration expenditure of $2.6 million and a $3.5 million outflow of restricted cash.
Cash flows used in investing activities decreased by $126.4 million from $358.9 million in H1 -2024 to $232.5 million in H1-
2025 largely due to lower growth capital following the completion of the growth projects, which achieved commercial
production in Q3-2024, partially offset by higher sustaining and non-sustaining capital.
• Sustaining capital increased from $55.7 million in Q1 -2025 to $58.9 million in Q2 -2025, largely due to increased
sustaining capital expenditure at the Houndé mine related to heavy mining equipment additions and rebuilds, at the
Ity mine related to processing plant and infrastructure upgrades, partially offset by a decrease in sustaining capital
expenditure at the Mana and Sabodala-Massawa mines.
Sustaining capital increased from $51.3 million in H1 -2024 to $114.6 million in H1 -2025 due to the addition of the
Lafigué mine and the Sabodala -Massawa BIOX expansion, at the Mana mine related to underground development at
the Siou and Wona underground deposits and at the Sabodala -Massawa mine related to waste stripping and heavy
mining equipment additions, partially offset by a decrease in sustaining capital expenditure at the Houndé mine
related to reduced waste stripping activity at the Kari West pit.
• Non-sustaining capital increased from $37.6 million in Q1 -2025 to $65.3 million in Q2 -2025 largely due to waste
stripping at the Houndé and Sabodala -Massawa mines related to the Vindaloo Main pit phase 3 pushback and the