ENDEAVOUR REPORTS STRONG H1-2026 RESULTS FY-2026 guidance on track
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 NPV 5% and 55% IRR at $4,000/oz gold price) FID expected by year-end; mining
convention negotiations, project infrastructure, relocation action plan and early works are on track.
• Sabodala-Massawa UG expansion on track for launch in H2-2026; infrastructure development underway and first ore
targeted by year-end.
• Exploration prioritising significant resource updates at the Vindaloo Deeps and Kawsara discoveries expected in H2-2026.
London, 30 July 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”)
is pleased to announce its operating and financial results for Q2-2026 and H1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED SIX MONTHS ENDED
30 June 2026 31 March
2026 30 June 2025 30 June 2026 30 June 2025 Δ H1-2026 vs.
H1-2025
OPERATING DATA
Gold Production, koz 283 282 306 564 647 (13)%
Gold sold, koz 278 278 304 557 657 (15)%
Total Cash Cost1, $/oz 1,593 1,516 1,220 1,555 1,064 +46%
All-in Sustaining Cost1, $/oz 1,907 1,834 1,458 1,871 1,281 +46%
Realised Gold Price2, $/oz 4,348 4,810 3,150 4,579 2,953 +55%
CASH FLOW
Operating Cash Flow before changes in working capital 265 829 296 1,094 888 +23%
Operating Cash Flow before changes in working capital1, $/sh 1.09 3.42 1.22 4.52 3.65 +24%
Operating Cash Flow 317 737 252 1,055 746 +41%
Operating Cash Flow1, $/sh 1.31 3.05 1.04 4.36 3.07 +42%
Free Cash Flow1,3 149 613 104 761 514 +48%
Free Cash Flow1,3, $/sh 0.61 2.53 0.43 3.15 2.11 +49%
PROFITABILITY
Net Earnings Attributable to Shareholders 251 354 271 605 444 +36%
Net Earnings, $/sh 1.04 1.46 1.12 2.50 1.83 +37%
Adj. Net Earnings Attributable to Shareholders1 302 370 179 672 398 +69%
Adj. Net Earnings1, $/sh 1.25 1.53 0.74 2.78 1.64 +70%
EBITDA1 683 872 596 1,556 1,136 +37%
Adj. EBITDA1 732 880 556 1,611 1,169 +38%
SHAREHOLDER RETURNS1
Shareholder dividends paid 200 — 140 200 140 +43%
Share buybacks4 42 30 28 71 69 +3%
FINANCIAL POSITION HIGHLIGHTS1
Net Cash/(Net Debt) 254 405 (469) 254 (469) n.a.
Net Cash/(Net Debt) / LTM Trailing adj. EBITDA 0.09x 0.16x (0.23)x 0.09x (0.23) x 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.
1
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.”
2
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 $881.8 million or 85% above its
minimum commitment over the period, reflecting its sustained commitment to delivering sector leading shareholder returns.
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ A B O V E
(All amounts in US$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
FY-2025 225 125 85 435 +210
Subtotal 885 305 425 1,615 +730
2026-2028
Shareholder Returns
Programme (Ongoing)
H1-20261 150 80 71 301 +151
H2-2026 150 — — — —
FY-2027 325 — — — —
FY-2028 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.
3
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 $73/oz over Q1-2026, due to lower gold production and sales at
Sabodala-Massawa and Mana, and increased sustaining capital at Houndé related to the ramp up of stripping activity at the
Vindaloo Main phase 3 cutback. This was partially offset by lower royalty costs across the Group due to lower realised gold
prices, higher gold production and sales at Ity and lower sustaining capital at Lafigué.
Table 3: Group Production
THREE MONTHS ENDED SIX MONTHS ENDED
(All amounts in koz, on a 100% basis)
30 June
2026
31 March
2026
30 June
2025 30 June 2026 30 June 2025
Houndé 59 51 69 110 161
Ity 79 69 84 148 168
Mana 29 39 41 68 87
Sabodala-Massawa 64 67 62 131 134
Lafigué 52 56 49 107 97
Group Production 283 282 306 564 647
4
Table 4: Group All-In Sustaining Costs
(All amounts in US$/oz)
THREE MONTHS ENDED SIX MONTHS ENDED
30 June
2026
31 March
2026
30 June
2025 30 June 2026 30 June 2025
Houndé 2,249 2,126 1,580 2,191 1,158
Ity 1,408 1,471 1,125 1,438 1,025
Mana 3,227 2,552 2,257 2,841 2,059
Sabodala-Massawa 1,701 1,372 1,272 1,536 1,220
Lafigué 1,549 1,811 1,154 1,687 1,036
Corporate G&A 41 48 46 44 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
H1-2026
ACTUALS
FY-2026
GUIDANCE
FY-2026
OUTLOOK(All amounts in koz, on a 100% basis)
Houndé 110 220 - 255 ON TRACK
Ity 148 285 - 330 ON TRACK
Mana 68 155 - 180 BELOW LOW-END
Sabodala-Massawa 131 260 - 305 ON TRACK
Lafigué 107 170 - 195 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 $1,687/oz, which is within the lower
half of the guidance range.
• Q3-2026 AISC is expected to increase due to the expected lower production and gold sales, and higher sustaining capital at
the Houndé and Mana mines related to additional waste mining. Q4-2026 AISC is expected to significantly improve due to
the expected increase in production and gold sales.
Table 6: FY-2026 AISC Outlook
H1-2026 H1-2026
FY-2026
GUIDANCE1
FY-2026
OUTLOOK
(All amounts in US$/oz)
ACTUALS
(at $4,579/oz)
ADJUSTED2
(at $3,000/oz)
Houndé 2,191 1,864 1,800 - 2,000 ON TRACK
Ity 1,438 1,310 1,300 - 1,500 ON TRACK
Mana 2,841 2,511 2,000 - 2,250 ABOVE TOP-END
Sabodala-Massawa 1,536 1,440 1,350 - 1,550 ON TRACK
Lafigué 1,687 1,565 1,600 - 1,800 LOWER HALF
Corporate G&A 44 44 45 ON TRACK
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.
5
• 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
ACTUALS
H1-2026
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
gold price +175 +184 H1-2026 impact of +$184/oz on AISC due to
higher gold prices driving royalty costs higher
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 $53.5 million incurred in Q2-2026. Non-sustaining
capital expenditure is expected to accelerate in H2-2026 due to the acceleration of waste stripping activity, relocation and
establishment works associated with new deposits, and the commencement of underground mine development at Sabodala-
Massawa.
Table 8: FY-2026 Sustaining & Non-Sustaining Capital Expenditure
H1-2026
ACTUALS
FY-2026
PREVIOUS
GUIDANCE
FY-2026
UPDATED
GUIDANCE(All amounts in US$m)
Houndé 40 50 90
Ity 17 40 40
Mana 29 60 60
Sabodala-Massawa 26 50 50
Lafigué 38 30 40
Total Sustaining Capital Expenditure 150 230 280
Houndé 35 60 60
Ity 18 45 45
Mana 3 10 10
Sabodala-Massawa 13 30 30
Sabodala-Massawa underground development 4 25 25
Lafigué 22 90 90
Corporate G&A 4 10 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 $465.0 million incurred in Q2-2026, with significantly lower tax payments expected in
H2-2026, in line with the tax guidance provided in Q1-2026.
6
Table 9: 2026 Cash Tax Guidance
(All amounts in US$m)
H1-2026
ACTUALS 2026 FULL-YEAR GUIDANCE1
Corporate income tax1 412 510 — 600
Withholding tax 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 265 829 296 1,094 888
Changes in working capital 52 (91) (44) (39) (142)
Cash generated from operating activities [1] 317 737 252 1,055 746
Cash used in investing activities [2] (169) (125) (148) (294) (233)
Free Cash Flow1,2 [3] 149 613 104 761 513
Cash received from/(used in) financing activities [4] 25 36 (256) 61 (323)
Effect of exchange rate changes on cash (12) (12) 49 (24) 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 (500) (500) (500) (500) (500)
Drawn portion of Lafigué Term Loan (88) (99) (131) (88) (131)
Drawn portion of Revolving Credit Facility (410) (85) (472) (410) (472)
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
7
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 51.4 15.5 29.6 66.9 40.5
Ity 116.5 — 76.7 116.5 76.7
Mana 27.7 3.2 0.8 31.0 2.9
Sabodala-Massawa 126.5 12.5 9.6 139.0 34.0
Lafigué 58.2 — 24.1 58.2 26.0
Other1 84.7 14.3 92.3 99.0 92.0
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.
8