ENDEAVOUR REPORTS STRONG Q1-2025 RESULTS FY-2025 guidance on track
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG Q1-2025 RESULTS
FY-2025 guidance on track • Adjusted EBITDA of $613m • Record Free Cash Flow of $409m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• Strong quarterly production of 341koz at AISC of $1,129/oz; on track to achieve FY-2025 guidance with performance
slightly weighted towards H1-2025, following strong Q1-2025 performance at the Houndé mine.
• Adj. EBITDA of $613m for Q1-2025, up 12% over Q4-2024.
• Adj. Net Earnings of $219m (or $0.90/sh) for Q1-2025, up 99% over Q4-2024.
• Operating Cash Flow before changes in working capital of $592m (or $2.43/sh) for Q1-2025, up 66% over Q4-2024.
• Record Free Cash Flow of $409m (or $1.68/sh) for Q1-2025, up 53% over Q4-2024; Free Cash Flow of $775m generated
over the past three quarters following the completion of the Group’s growth phase in Q2-2024.
• Net debt reduced by over $350m in Q1-2025 to $378m; Net Debt / Adj. EBITDA (LTM) improved to 0.22x, significantly
below the Group’s 0.50x target.
SECTOR LEADING SHAREHOLDER RETURNS
• Record $140m (or $0.57/sh) H2 -2024 dividend paid in early Q2 -2025, record FY-2024 dividends of $240m; supplemented
with $37m of share buybacks bringing total returns to $277m, equivalent to a 5.9% yield or $251/oz produced.
• FY-2025 total returns expected to be larger than FY-2024 as minimum dividend of $225m has already been supplemented
with $52m of share buybacks year to date; bringing minimum FY-2025 returns to $277m.
ATTRACTIVE ORGANIC GROWTH
• Assafou project DFS on track for completion between late-2025 and early-2026, with exploration ongoing at Assafou and
at the nearby Pala Trend 3 target, where a maiden resource is expected in H2-2025.
• Strong exploration efforts with $24m spent in Q1-2025, focused on near-mine resource expansions and Assafou.
London, 1 May 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”)
is pleased to announce its operating and financial results for Q1-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED
31 March
2025
31 December
2024
31 March
2024
Δ Q1-2025
vs. Q4-2024
OPERATING DATA
Gold Production, koz 341 363 219 (6)%
Gold sold, koz 353 356 225 (1)%
Total Cash Cost1, $/oz 929 979 1,007 (5)%
All-in Sustaining Cost1, $/oz 1,129 1,141 1,186 (1)%
Realised Gold Price2, $/oz 2,783 2,590 2,041 +7%
CASH FLOW
Operating Cash Flow before changes in working capital 592 356 137 +66%
Operating Cash Flow before changes in working capital1, $/sh 2.43 1.46 0.56 +66%
Operating Cash Flow 494 381 55 +30%
Operating Cash Flow1, $/sh 2.03 1.56 0.22 +30%
Free Cash Flow1,3 409 268 (132) +53%
Free Cash Flow1,3, $/sh 1.68 1.10 (0.54) +53%
PROFITABILITY
Net Earnings Attributable to Shareholders 173 (119) (20) n.a.
Net Earnings, $/sh 0.71 (0.49) (0.08) n.a.
Adj. Net Earnings Attributable to Shareholders1 219 110 41 +99%
Adj. Net Earnings1, $/sh 0.90 0.45 0.17 +100%
EBITDA1,4 540 357 156 +51%
Adj. EBITDA1,4 613 546 213 +12%
SHAREHOLDER RETURNS1
Shareholder dividends paid — 100 100 n.a.
Share buybacks 40 8 13 +400%
FINANCIAL POSITION HIGHLIGHTS1
Net Debt 378 732 831 (48)%
Net Debt / LTM Trailing adj. EBITDA4 0.22x 0.55x 0.80x (60)%
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. 4Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.
2
Management will host a conference call and webcast today, 1 May 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: "We are pleased that the strong momentum from the end of last year has
continued into Q1, as we delivered another quarter of exceptional operational performance, placing us firmly on track to achi eve
our full-year guidance. Production and all-in sustaining costs were significantly stronger than the prior year period, as we realised
the full benefit of our recently completed growth phase, coupled with strong performance across the rest of the portfolio.
During Q1, we generated record free cash flow of over $400 million, reflecting our transition to a highly free cash flow gene rative
phase. Since completing our growth phase, three quarters ago, we have generated more than $775 million of free cash flow,
equivalent to $795 per ounce produced.
Our strong free cash flow generation has enabled us to significantly strengthen our balance sheet, reducing our net debt by o ver
$350 million and bringing our leverage ratio below our 0.50x target, down to 0.22x. Our resilient balance sheet gives us the
flexibility to invest in future organic growth, through the tier 1 Assafou project, while sustainably rewarding shareholders.
We supplemented our record FY -2024 dividend of $240 million, with $37 million of share buybacks, bringing total shareholder
returns for FY -2024 to $277 million, equivalent to an indicative yield of 5.9%, or $251 per ounce produced, returned to
shareholders. We have continued to increase our commitment to shareholder returns and, year -to-date we have completed over
$52 million of share buybacks, more than we purchased through the whole of 2024, already bringing the minimum returns for FY -
2025 to at least $277 million, ensuring that FY-2025 total shareholder returns will exceed FY-2024.
Our tier 1 Assafou project continues to advance on schedule, with the project shaping up to be a cornerstone asset in our
portfolio. We now see significant scope for the endowment of the wider district to continue growing, and we expect to provide a
resource update later this year, as we advance the Definitive Feasibility Study towards completion.
Building on our momentum through the year, we will focus on maximising free cash flow and enhancing shareholder returns, as
we advance our high -quality organic growth pipeline. With our higher -quality portfolio, sector leading margins and best -in-class
growth outlook, we are well positioned to capitalise on the favourable gold price environment and deliver value for all of ou r
stakeholders.”
3
OPERATING SUMMARY
• Strong safety performance for the Group, with zero Lost Time Injuries during the quarter and a Lost Time Injury Frequency
Rate (“LTIFR”) of 0.05 for the trailing twelve months ended 31 March 2025.
• The Group remains on track to achieve its production guidance of 1,110 - 1,260koz within the all -in sustaining cost (“AISC”)
guidance of $1,150 - 1,350/oz, with production slightly weighted towards H1 -2025, following stronger than expected Q1 -
2025 performance at the Houndé mine as high -grades were targetted ahead of the wet season and progressively lower
grades expected at the Ity and Sabodala-Massawa mines through the year, in line with their mine sequences.
• Q1-2025 production amounted to 341koz, a slight decrease of 22koz over Q4 -2024, due to lower production at Houndé
(despite being stronger than expected) and Lafigué as lower grades were mined and processed in line with the mine
sequence. This was partially offset by an increase in production at Mana due to mining of higher grade stopes and at
Sabodala-Massawa due to higher tonnes milled and higher recovery rates across both the CIL and BIOX plants, while
production at Ity was flat.
• Q1-2025 total cash cost amounted to $929/oz, an improvement of $50/oz over Q4 -2024 due to lower mining unit costs at
Houndé and Sabodala -Massawa as we optimised drill and blast programs and haulage distances were reduced, respectively,
and lower processing unit costs at Ity as reagent consumption improved due to the ore blend. In addition, total cash costs
benefitted from 12koz higher gold sales than gold produced, due to the timing of gold shipments at Ity and Lafigué. This was
partially offset by higher royalty costs due to the prevailing higher gold prices and higher processing unit costs at Mana an d
Lafigué due to increased power consumption and scheduled maintenance, respectively.
• Q1-2025 AISC amounted to $1,129/oz, a decrease of $12/oz over Q4 -2024 driven by lower total cash costs and lower
sustaining waste capital at Houndé and Lafigué, partially offset by higher sustaining underground development at Mana.
Table 2: Group Production
THREE MONTHS ENDED
All amounts in koz, on a 100% basis
31 March
2025
31 December
2024
31 March
2024
Houndé 92 109 42
Ity 84 84 86
Mana 46 41 42
Sabodala-Massawa 72 70 49
Lafigué 48 60 —
GROUP PRODUCTION 341 363 219
Table 3: Consolidated Total Cash Costs
(All amounts in US$/oz)
THREE MONTHS ENDED
31 March
2025
31 December
2024
31 March
2024
Houndé 751 922 1,120
Ity 875 943 858
Mana 1,360 1,320 1,345
Sabodala-Massawa 959 1,107 890
Lafigué 918 748 —
GROUP TOTAL CASH COSTS1 929 979 1,007
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.
Table 4: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED
31 March
2025
31 December
2024
31 March
2024
Houndé 858 1,024 1,572
Ity 930 987 884
Mana 1,887 1,698 1,453
Sabodala-Massawa 1,173 1,261 947
Lafigué 926 801 —
Corporate G&A 43 41 49
GROUP ALL-IN SUSTAINING COSTS1 1,129 1,141 1,186
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.
SHAREHOLDER RETURNS PROGRAMME
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• Endeavour’s shareholder returns programme is comprised of minimum dividends that are supplemented with additional
dividends and share buybacks subject to operational performance, a healthy balance sheet and the gold price being above
$1,850/oz.
• Since its first shareholder returns payment in Q1 -2021, Endeavour has returned more than $1,232.4 million to shareholders,
including $840.0 million of dividends and $392.0 million of share buybacks, exceeding its minimum returns commitments by
$572.0 million, or 87%.
• For FY-2024, Endeavour returned record dividends of $240.0 million. The H2 -2024 dividend of $140.0 million ($0.57/sh) was
paid on 15 April 2025 to shareholders of record on 14 March 2025. FY -2024 shareholder returns were further supplemented
with $37.0 million of share buybacks, bringing total shareholder returns for FY -2024 to $277.0 million, $67.0 million above
the minimum commitment, and equivalent to an indicative yield of 5.9%, or $251/oz produced.
• The FY-2025 minimum dividend commitment is $225.0 million that is expected to be paid in two semi -annual instalments.
During Q1-2025, shareholder returns continued to be supplemented with share buybacks with $40.0 million or 1.9 million
shares repurchased during the period, an increase of 400% compared to Q4 -2024. The Group has continued to
opportunistically buyback shares with $12.4 million or 0.5 million shares repurchased during April, bringing total YTD -2025
share repurchases to $52.4 million or 2.4 million shares up to 29 April 2025. As such, the total minimum return for FY -2025
already stands at $277.4 million which is equivalent to the total shareholder returns for FY-2024.
Table 5: Cumulative Shareholder Returns
(All amounts in
US$m)
MINIMUM
DIVIDEND
COMMITMENT
SUPPLEMENTAL
DIVIDENDS
BUYBACKS
COMPLETED
TOTAL
RETURN
△ ABOVE
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
FY-2025 (Minimum) 225 — 52 277 +52
TOTAL TOTAL 885 180 392 1,457 +572
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CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 31 March 2025,
31 December 2024, and 31 March 2024, with accompanying explanations below.
Table 6: Cash Flow and Net Debt
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
31 March
2025
31 December
2024
31 March
2024
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital 592 356 137
Changes in working capital (98) 25 (82)
Cash generated from operating activities [1] 494 381 55
Cash used in investing activities [2] (85) (113) (188)
Free Cash Flow1,2 409 268 (133)
Cash (used in)/generated from financing activities [3] (67) (136) 88
Effect of exchange rate changes on cash 10 — (12)
INCREASE/(DECREASE) IN CASH 353 132 (56)
Cash and cash equivalent position at beginning of period3 384 252 517
CASH AND EQUIVALENT POSITION AT END OF PERIOD3 737 384 461
Principal amount of $500m Senior Notes 500 500 500
Drawn portion of Lafigué Term Loan 130 133 147
Drawn portion of Sabodala Term Loan — 13 —
Drawn portion of $645m Revolving Credit Facility 485 470 645
NET DEBT1 [4] 378 732 831
Trailing twelve month adjusted EBITDA1,4 1,725 1,325 1,034
Net Debt / Adjusted EBITDA (LTM) ratio1,4 0.22x 0.55x 0.80x
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
31 March 2025; $13.1 million at 31 December 2024; $62.2 at 30 September 2024; Nil at 31 March 2024; Nil at 31 December 2023). 4Trailing twelve month
adjusted EBITDA includes EBITDA generated by discontinued operations.
NOTES:
1) Operating cash flows increased by $112.8 million from $381.4 million (or $1.56 per share) in Q4 -2024 to $494.2 million
(or $2.03 per share) in Q1 -2025 due to higher realised gold prices and lower operating costs, partially offset by a working
capital outflow (driven by a build -up of inventory and net payment of accounts payable), higher royalties, higher income
tax payments and a higher realised loss on gold collars and LBMA averaging.
Operating cash flows increased by $439.1 million from $55.1 million (or $0.22 per share) in Q1 -2024 to $494.2 million (or
$2.03 per share) in Q1 -2025 due to higher revenues and lower income tax payments, partially offset by higher operating
costs and royalties, higher working capital outflows and a higher realised loss on gold collars and LBMA averaging.
Notable variances are summarised below:
• Working capital was an outflow of $98.0 million in Q1 -2025, a decrease of $123.1 million over the Q4 -2024 inflow of
$25.1 million. The outflow in Q1 -2025 consisted of (i) a trade and other payables outflow of $47.8 million related to
decreases in supplier payables and payroll -related liabilities, (ii) an inventory outflow of $44.1 million related to an
increase in gold -in-circuit inventory at Houndé and Ity and stockpile inventory at Houndé and (iii) a receivables
outflow of $10.2 million related to a build -up of VAT receivables in Burkina Faso, partially offset by, (iv) a prepaid
expenses and other inflow of $4.1 million related to the timing of deposits and supplier prepayments.
Working capital was an outflow of $98.0 million in Q1 -2025, an increase of $15.7 million over the Q1 -2024 outflow of
$82.3 million, largely driven by an increase in outflows in trade and other payables and an increase in outflows related
to inventories, partially offset by a decrease in the outflow of trade and other receivables and an increase in the inflow
of prepaid expenses.
• Gold sales from continuing operations decreased slightly from 356koz in Q4 -2024 to 353koz in Q1 -2025 due to lower
production at Houndé following a strong Q4 -2024. Group gold sales exceeded production by 12koz during the quarter
largely due to the timing of shipments of gold produced from Ity and Lafigué in the prior quarter. The realised gold
price from continuing operations for Q1-2025 increased by $319/oz to $2,939/oz from $2,620/oz in Q4-2024. Inclusive
of the Group’s Revenue Protection Programme ( -$93/oz Q1 -2025 impact) and London Bullion Market Association
(“LBMA”) gold price averaging strategy ( -$62/oz Q1 -2025 impact), the realised gold price for Q1 -2025 increased by
$193/oz to $2,783/oz from $2,590/oz in Q4-2024.
6
Gold sales from continuing operations increased from 225koz in Q1 -2024 to 353koz in Q1 -2025, following higher
production in Q1 -2025 with the addition of production from the Lafigué mine and BIOX expansion at Sabodala -
Massawa. The realised gold price from continuing operations for Q1 -2025 increased by $848/oz to $2,939/oz from
$2,091/oz in Q1 -2024. Inclusive of the Group’s Revenue Protection Programme ( -$93/oz Q1 -2025 impact against a
realised gold price of $2,939/oz in Q1 -2025) and LBMA gold price averaging strategy ( -$62/oz Q1-2025 impact against
a realised gold price of $2,939/oz in Q1 -2025), the realised gold price for Q1 -2025 increased by $743/oz to $2,783/oz
from $2,041/oz in Q1-2024.
• Total cash cost per ounce decreased from $979/oz in Q4-2024 to $929/oz in Q1-2025 due to lower mining unit costs at
Houndé and Sabodala -Massawa, lower processing unit costs at Ity, and 12koz higher gold sales than gold produced in
Q1-2025. This was partially offset by higher royalty costs and higher processing unit costs at Mana and Lafigué.
Total cash cost per ounce decreased from $1,007/oz in Q1 -2024 to $929/oz in Q1-2025 due to higher volumes of gold
sold, partially offset by higher gross operating costs and royalties related to a higher realised gold price.
• Income taxes paid increased by $22.1 million from $16.9 million in Q4 -2024 to $39.0 million in Q1 -2025 due largely to
the timing of corporate income tax payments in Senegal.
Income taxes paid decreased by $12.3 million from $51.3 million in Q1 -2024 to $39.0 million in Q1 -2025 due to a
decrease in taxes paid at the corporate level during Q1 -2025 due to the timing of withholding tax payments and a
reduction in provisional tax payments at Mana related to a lower FY-2024 tax base when compared to FY-2023.
Table 7: Tax Payments
THREE MONTHS ENDED
All amounts in US$ million
31 March
2025
31 December
2024
31 March
2024
Houndé 11 11 11
Ity — 2 —
Mana 2 2 4
Sabodala-Massawa 24 — 31
Lafigué 2 — 1
Other1 — 1 5
Taxes paid 39 17 51
1Included in the “Other” category is income and withholding taxes paid by Corporate and Exploration entities.
2) Cash flows used in investing activities decreased by $28.4 million from $113.2 million in Q4 -2024 to $84.8 million in Q1 -
2025 due to a decrease in non -sustaining capital spend during the quarter of $25.3 million and lower growth capital
expenditure following the commissioning of the Lafigué and Sabodala -Massawa projects during Q3 -2024. In addition an
inflow of $17.0 million related to the release of restricted cash at Ity decreased cash flows used in investing activities
further. This decrease was partially offset by an increase in sustaining capital of $12.3 million.
Cash flows used in investing activities decreased by $102.7 million from $187.5 million in Q1 -2024 to $84.8 million in Q1 -
2025 largely due to lower growth capital following completion of growth projects in FY -2024, lower non-sustaining capital
and an inflow of $17.0 million related to the release of restricted cash at Ity, partially offset by an increase in sustainin g
capital.
• Sustaining capital increased from $43.4 million in Q4 -2024 to $55.7 million in Q1 -2025, largely due to higher
sustaining underground development at Mana’s Wona underground deposit and higher waste stripping at Sabodala -
Massawa, partially offset by a decrease in waste stripping at Houndé.
Sustaining capital increased from $29.7 million in Q1 -2024 to $55.7 million in Q1 -2025 due to the addition of the
Lafigué and Sabodala -Massawa BIOX expansion projects, higher underground development at Mana’s Siou and Wona
underground deposits, higher waste stripping and Heavy Mining Equipment (“HME”) additions at Sabodala -Massawa,
partially offset by a decrease in waste stripping at Houndé.
• Non-sustaining capital decreased from $62.9 million in Q4 -2024 to $37.6 million in Q1 -2025 largely due to a decrease
in waste stripping and capital associated with the solar plant construction at Sabodala -Massawa, a decrease in waste
stripping at Ity due to mine sequencing and reclassification of underground development at Mana following the
achievement of commercial stoping production across all of the portals, partially offset by an increase in waste
stripping at Lafigué.
Non-sustaining capital decreased from $41.3 million in Q1 -2024 to $37.6 million in Q1 -2025 largely due to lower
underground development at Mana and lower waste stripping at Ity and Sabodala -Massawa, partially offset by the
addition of the Lafigué and Sabodala-Massawa BIOX expansion projects.
• Growth capital decreased from $24.1 million in Q4 -2024 to $5.7 million in Q1 -2025 following the completion of
spending associated with the Sabodala -Massawa BIOX Expansion and Lafigué growth projects which were both
completed during FY-2024. Growth capital expenditure in Q1 -2025 is related to definitive feasibility study and drilling
expenditure at Assafou.
7
Growth capital decreased from $98.7 million in Q1 -2024 to $5.7 million in Q1 -2025 following the completion of
spending associated with the Sabodala -Massawa BIOX Expansion and Lafigué growth projects which were both
completed during FY-2024.
3) Cash flows used in financing activities decreased by $69.2 million from an outflow of $136.0 million in Q4 -2024 to an
outflow of $66.8 million in Q1 -2025 largely due to the timing of shareholder dividend payments in the prior period and
higher financing fees, partially offset by increased activity on the Group’s share buybacks during Q1 -2025. Financing cash
flows during the quarter included $91.6 million in repayment of debt, $40.0 million in purchases of shares through the
Group’s share buyback programme, $11.8 million in payment of financing fees, $6.7 million in repayment of leases and
$1.7 million for payment of the settlement of tracker shares, partially offset by $85.0 million of drawing on Company’s
debt facilities.
Cash flows used in financing activities decreased by $154.5 million from an inflow of $87.7 million in Q1 -2024 to an
outflow of $66.8 million in Q1 -2025 largely due a net inflow of $219.3 million in proceeds from debt in Q1 -2024, partially
offset by shareholder dividend payments of $100.0 million during the same period.
4) Endeavour’s net debt position improved by $353.9 million, from $731.6 million at the end of Q4 -2024 to $377.7 million at
the end of Q1 -2025 and the net debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.55x at the end of Q4 -2024
to 0.22x at the end of Q1 -2025. The rapid de -levering following the Group’s growth phase, reflects the strong cash flow
generation capability of the business.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three-month periods ended 31 March 2025,
31 December 2024, and 31 March 2024, with accompanying explanations below.
Table 8: Earnings from operations
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
31 March
2025
31 December
2024
31 March
2024
Revenue [5] 1,042 941 473
Operating expenses [6] (259) (294) (200)
Depreciation and depletion [6] (175) (226) (109)
Royalties [7] (76) (64) (34)
Earnings from mine operations 533 357 130
Corporate costs [8] (15) (14) (11)
Impairment of mining interests and goodwill — (200) —
Share-based compensation (18) (9) (4)
Other expense [9] (19) (9) (17)
Credit loss and impairment of financial assets [10] (7) (22) 1
Exploration and evaluation costs [11] (9) (5) (5)
Earnings from operations 466 98 94
(Loss)/gain on financial instruments [12] (100) 34 (46)
Finance costs (20) (33) (23)
Earnings before taxes 345 99 24
Current income tax expense [13] (121) (109) (41)
Deferred income tax recovery/(expense) (2) (93) 7
Net comprehensive earnings/(loss) from operations [14] 222 (103) (9)
Add-back adjustments [15] 44 235 66
Adjusted net earnings from operations 266 132 57
Portion attributable to non-controlling interests 47 22 16
Adjusted net earnings from operations attributable to shareholders of the Company [16] 219 110 41
Adjusted net earnings per share from operations 0.90 0.45 0.17
8
NOTES:
5) Revenue increased by $101.3 million from $940.5 million in Q4 -2024 to $1,041.8 million in Q1-2025 due to an increase in
the realised gold price from $2,620/oz in Q4 -2024 to $2,939/oz in Q1 -2025, exclusive of the Company’s Revenue
Protection Programme (gold collars and London Bullion Market Association (“LBMA”) gold price averaging strategy),
partially offset by slightly lower volumes of gold sold.
Revenue increased by $569.1 million from $472.7 million in Q1 -2024 to $1,041.8 million in Q1 -2025 due to an increase in
the realised gold price from $2,091/oz in Q1 -2024 to $2,939/oz in Q1 -2025, exclusive of the Company’s Revenue
Protection Programme (gold collars and LBMA gold price averaging strategy) and higher volumes of gold sold.
6) Operating expenses decreased by $34.9 million from $293.9 million in Q4-2024 to $259.0 million in Q1-2025, largely due
to lower mining and processing costs at Houndé and Ity, respectively. Depreciation and depletion decreased by
$51.0 million from $225.6 million in Q4-2024 to $174.6 million in Q1-2025 due to lower quarterly production.
Operating expenses increased by $59.1 million from $199.9 million in Q1 -2024 to $259.0 million in Q1 -2025 due to the
introduction of Lafigué and the Sabodala -Massawa BIOX expansion following commissioning during Q3 -2024, increased
underground mining costs at Mana driven by higher volumes and increased mining costs at Ity and Houndé driven by
higher volumes. Depreciation and depletion increased by $65.9 million from $108.7 million in Q1 -2024 to $174.6 million
in Q1-2025 due to higher levels of production at Houndé and Sabodala -Massawa, and higher depreciation and depletion
charges driven by the commencement of operations at Lafigué and the Sabodala -Massawa BIOX expansion following
commissioning during Q3-2024.
7) Royalties increased by $11.4 million from $64.3 million in Q4 -2024 to $75.7 million in Q1 -2025 due to a higher realised
gold price, partially offset by slightly lower sales volumes.
Royalties increased by $41.8 million from $33.9 million in Q1 -2024 to $75.7 million in Q1 -2025 due to a higher realised
gold price and higher gold sales volumes.
8) Corporate costs of $14.5 million in Q1-2025 were largely consistent with the prior quarter .
Corporate costs increased from $10.5 million in Q1 -2024 to $14.5 million in Q1 -2025 due to increased employee
compensation costs and higher professional services costs.
9) Other expenses increased by $9.9 million from $9.1 million in Q4 -2024 to $19.0 million in Q1 -2025. For Q1 -2025, other
expenses included $9.3 million in acquisition and restructuring costs primarily related to payments in Côte d’Ivoire,
$7.9 million in legal and other costs related to ongoing local level arbitrations, $1.2 million in tax claims and $0.6 million in
community contributions.
10) Credit loss and impairment of f inancial assets decreased by $15.7 million from $22.3 million in Q4-2024 to $6.6 million in
Q1-2025. For Q1-2025, the charge primarily related to a credit loss adjustment against the outstanding VAT receivables in
Burkina Faso.
11) Exploration costs increased by $3.4 million from $5.2 million in Q1 -2024 to $8.6 million in Q1 -2025 due to the
commencement of the FY-2025 drill programmes across the Group’s portfolio of assets.
Exploration costs increased by $3.2 million from $5.4 million in Q1 -2024 to $8.6 million in Q1 -2025 due to an increased
proportion of quarterly spend allocated to greenfield properties within the Group’s exploration portfolio.
12) The loss on financial instruments increased by $133.9 million from a gain of $33.6 million in Q4 -2024 to a loss of $100.3
million in Q1 -2025, largely due to an increase in net losses on gold collars and London Bullion Market Association
(“LBMA”) gold pricing averaging. The loss on financial instruments during the quarter included an unrealised loss on gold
collars and LBMA gold price averaging of $55.0 million, a realised loss on the Group’s revenue protection programme of
$54.8 million (including a $32.8 million realised loss on gold collars and a $22.0 million realised loss related to LBMA gold
price averaging), partially offset by an unrealised foreign exchange gain of $2.8 million, a $0.9 million unrealised gain on
other financial instruments, a gain on marketable securities (Turaco Gold Limited) of $4.0 million, an unrealised fair value
gain on NSRs and deferred considerations of $1.5 million and an unrealised gain on the early redemption feature of senior
notes of $0.3 million.
The loss on financial instruments increased by $54.1 million from a loss of $46.2 million in Q1 -2024 to a loss of $100.3
million in Q1 -2025, due largely to realised and unrealised losses in relation to the gold collars and LBMA Averaging
Programme, partially offset by a gain on exchange rate movements between the Euro and the US dollar.
As previously disclosed, in order to increase cash flow visibility during its construction and de -leveraging phases,
Endeavour entered into a Revenue Protection Programme, using a combination of zero premium gold collars and forward
sales contracts, to cover a portion of its 2025 production.
• In Q1-2025, approximately 50koz were delivered into a collar with an average call price of $2,400/oz and an average
put price of $1,992/oz.
• For the remainder of FY -2025, approximately 150koz (50koz per quarter) are expected to be delivered into a collar
with an average call price of $2,400/oz and an average put price of $1,992/oz.
13) Current income tax expense increased by $11.7 million from $109.2 million in Q4 -2024 to $120.9 million in Q1 -2025,
largely due to an increase in current corporate income taxes driven by higher taxable profits, partially offset by a decrease
in recognised withholding tax expenses in Q1-2025 due to the timing of local board approvals for cash upstreaming.