ENDEAVOUR REPORTS STRONG Q1-2026 RESULTS FY-2026 guidance on track
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG Q1-2026 RESULTS
FY-2026 guidance on track • Record Q1-2026 adjusted EBITDA of $880m • Record Q1-2026 free cash flow of $613m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• Q1-2026 production of 282koz at AISC of $1,834/oz; FY -2026 guidance on track with H2 -2026 weighted
performance.
• Q1-2026 Adj. EBITDA of $880m, up 29% over Q4 -2025. Adj. Net Earnings of $370m (or $1.53/sh), up 65% over
Q4-2025.
• Free cash flow of $613m (or $2,176/oz produced) for Q1-2026, up 29% over Q4-2025.
• Strong net cash position of $405m at the end of Q1 -2026; balance sheet liquidity of $1,704m to support
Assafou development project and increased shareholder returns.
• Total shareholder returns of $1.6 billion over the last five years, 83% above minimum; record FY -2025 returns
of $435m. • 2026-2028 shareholder returns programme with $1bn minimum dividend that will be supplemented with
dividends and share buybacks at a gold price above $3,000/oz; total returns expected to exceed $2bn at
prevailing gold prices. • Share buybacks continue to supplement returns with $54m completed YTD-2026, including $30m in Q1-2026.
SECTOR LEADING ORGANIC GROWTH
• Assafou DFS defined a potential cornerstone asset with 320kozpa of production at AISC of $1,026/oz for the
first 8 years of the 16 year mine life. Early works launched, FID targeted before end -2026 followed by 24 -30
month construction.
• After-tax NPV(5%) of $5.1bn and IRR of 55% with a less than 2-year payback at $4,000/oz gold price.
• Upfront capital of $1,061m, an increase compared to the PFS reflecting changes to site roads and power,
plant optimisations to de-risk ramp-up and to enable seamless plant expansion in the future.
• Significant resource upside through satellite deposit exploration and strategic partnerships.
• Strong exploration efforts with $18m spent in Q1-2026; focused on resource expansions at cornerstone assets.
London, 30 April 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”)
is pleased to announce its operating and financial results for Q1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED
31 March
2026
31 December
2025
31 March
2025
Δ Q1 -2026
vs. Q4 -2025
OPERATING DATA
Gold Production, koz 282 298 341 (5)%
Gold sold, koz 278 302 353 (8)%
Total Cash Cost1, $/oz 1,516 1,448 929 +5%
All-in Sustaining Cost1, $/oz 1,834 1,648 1,129 +11%
Realised Gold Price2, $/oz 4,810 3,873 2,783 +24%
CASH FLOW
Operating Cash Flow before changes in working capital 829 625 592 +33%
Operating Cash Flow before changes in working capital1, $/sh 3.42 2.59 2.43 +32%
Operating Cash Flow 737 609 494 +21%
Operating Cash Flow1, $/sh 3.05 2.52 2.03 +21%
Free Cash Flow1,3 613 476 409 +29%
Free Cash Flow1,3, $/sh 2.53 1.97 1.68 +28%
PROFITABILITY
Net Earnings Attributable to Shareholders 354 68 173 +421%
Net Earnings, $/sh 1.46 0.28 0.71 +421%
Adj. Net Earnings Attributable to Shareholders1 370 225 219 +64%
Adj. Net Earnings1, $/sh 1.53 0.93 0.90 +65%
EBITDA1 872 471 540 +85%
Adj. EBITDA1 880 681 613 +29%
SHAREHOLDER RETURNS1
Shareholder dividends paid — 149 — n.a.
Share buybacks4 30 3 40 +900%
FINANCIAL POSITION HIGHLIGHTS1
Net Cash/(Net Debt) 405 (158) (378) n.a.
Net Cash/(Net Debt) / LTM Trailing adj. EBITDA 0.16x (0.07)x (0.22)x n.a.
2
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. 4Q1-2026 share buybacks of $29.7 million differs from $27.0 million per the Statement of Cashflows due to foreign exchange and timing of payments.
Management will host a conference call and webcast today, Thursday 30 April 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. T he
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. In addition, today the Company has published its 2025 Tax and
Economic Contribution Report, which will be available on the Company’s website.
Ian Cockerill, Chief Executive Officer, commented: "We delivered a strong start to 2026, building on last year’s momentum with
another solid quarter of operational performance and record financial results.
We remain on track to achieve full -year guidance, with performance weighted towards the second half of the year, reflecting the
mining sequence at our Houndé, Mana and Ity mines.
Strong operational delivery, combined with continued strength in the gold price, translated into record adjusted EBITDA of $8 80
million, up 29% over Q4 -2025, and record free cash flow of $613 million, equivalent to $2,176 per ounce, up 29% over Q4 -2025.
This cash generation supported further improvement in our balance sheet, which now stands at $405 million of net cash.
Our financial strength gives us flexibility to simultaneously start construction at Assafou and deliver on our sector leading
shareholder returns programme. We expect to significantly exceed our minimum commitment for the year, and at prevailing gold
prices, we could more than double it, supported by over $54 million of supplemental share buybacks completed already this yea r.
At Assafou, the recently announced DFS confirmed the scale and quality of this potential cornerstone project that underpins o ur
organic growth to 1.5 million ounces by 2030. Early works are now well underway, procurement of long -lead items has been
launched, detailed engineering and design advancing, relocation action planning in progress and key tender negotiations near
complete as we target a final investment decision before the end of the year. The DFS significantly optimised and de -risked the
project, which can now support future expansions as we continue to grow the resource base.
Our exploration programme is advancing on multiple fronts. The Vindaloo Deeps discovery at our Houndé mine is expected to
materially enhance the life -of-mine plan, with a maiden resource expected in H1 this year. Elsewhere, resource development at
our core assets is expected to support an improved reserves and resources outlook at year -end, while our greenfield programme
continues to generate high-priority targets across our selected tier 1 gold provinces.
Importantly, as we grow the business and deliver returns to our shareholders, our stakeholders also benefit. Last year we
contributed $2.8 billion to our host nations, a 27% increase over the previous year - re-iterating the strong alignment between
our performance, and our contributions to host countries, particularly in this higher gold price environment. Sustainable val ue
creation requires us to continually strengthen our governance, stakeholder engagement and management systems across the
business, ensuring ESG is effectively embedded in how we operate. This approach has been recognised in the recent upgrade of
our ISS Corporate Rating to B-, positioning Endeavour within the top 10% of our industry.
With a high -quality portfolio and a strong organic growth pipeline, we are well positioned to sustainably deliver sector -leading
growth and shareholder returns, creating long-term value for all stakeholders.”
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SHAREHOLDER RETURNS PROGRAMME
• Endeavour has paid more than $1.6bn in shareholder returns since Q1 -2021, which is $730.3 million or 83% above its
minimum commitment over the period, reflecting its commitment to delivering sector leading shareholder returns.
• For FY-2025 Endeavour returned $435.0 million to shareholders including $350.0 million of dividends and $85.3 million of
share buybacks, 93% above its minimum commitment.
• 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. At prevailing gold prices, Endeavour expects to return at least $2.0
billion to shareholders through approximately $1.0 billion of minimum dividends and $1.0 billion of supplemental dividends
and share buybacks.
• During H1 -2026, shareholder returns have continued to be supplemented with $53.9 million, or 0.9 million shares, of
buybacks up to 28 April 2026, with $29.7 million, or 0.5 million shares, of buybacks completed during Q1 -2026. H1 -2026
dividends will be declared within Endeavour’s Q2 and H1-2026 results.
• The minimum dividend is expected to be paid semi -annually, provided that the prevailing realised gold price for the dividend
period is at or above $3,000/oz, and the Company's leverage remains below its long term target of 0.50x net debt / Adjusted
EBITDA (LTM). Supplemental dividends and share buybacks are expected to be paid, if the gold price exceeds $3,000/oz and if
the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM).
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in
US$m)
DIVIDEND
COMMITMENT DIVIDENDS BUYBACKS RETURN MINIMUM
COMMITMENT
FY-2020 — 60 — 60 +60
2021-2023
Shareholder
Returns
Programme
FY-2021 125 15 138 278 +153
FY-2022 150 50 99 299 +149
FY-2023 175 25 66 266 +91
2024-2025
Shareholder
Returns
Programme
FY-2024 210 30 37 277 +67
FY-2025 225 125 85 435 +210
SUBTOTAL 885 305 425 1,615 +730
2026-2028
Shareholder
Returns
Programme
(Ongoing)
H1-20261 150 — 54 204 +54
H2-2026 150 — — — —
FY-2027 325 — — — —
FY-2028 350 — — — —
TOTAL 1,860 305 479 1,819 +784
1H1-2026 share buybacks represent $53.9 million shares repurchased during H1-2026 to 28 April 2026.
OPERATING SUMMARY
• Endeavour puts the highest priority on safety and the Company’s ultimate aim is to achieve “zero harm” performance. As
previously disclosed, on 9 March 2026, we were saddened to report that a contractor colleague passed away on 6 March
2026, as a result of injuries sustained in an incident that occurred during decommissioning activities at our Mana mine in
Burkina Faso. The health, safety and welfare of our colleagues remain our top priority and following the incident a
comprehensive investigation was completed with several improvements currently being implemented, including enhanced
contractor onboarding processes and reinforcing safety training for both contractors and Endeavour supervisors.
• For the trailing twelve months, ended 31 March 2026, a low Total Recordable Injury Frequency Rate (“TRIFR”) of 0.72 was
achieved.
• The Group remains on track to achieve its 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 of $3,000/oz. Q1 -2026 production of 282koz is equivalent to approximately 26% of the low -end of the
guided range, with increased production expected in H2-2026 at Houndé, Mana and Ity, positioning the Group well to achieve
production guidance. Similarly Q1-2026 AISC, on a royalty adjusted basis, of $1,642/oz (Q1-2026 AISC of $1,834/oz before the
impact of higher gold prices on royalty costs of $192/oz, due to the realised gold price of $4,842/oz exclusive of the Sabodala-
Massawa stream, above the guidance gold price of $3,000/oz), is towards the lower-end of the guidance range.
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• Q1-2026 production of 282koz was 17koz lower than Q4-2025, due to lower production at Sabodala -Massawa, Mana, and Ity
as lower average grades were processed in line with the mining sequence, partially offset by increased production at Houndé
and Lafigué as higher average grades were processed.
• Q1-2026 AISC amounted to $1,834/oz, an increase of $187/oz over Q4-2025, due to lower Group production, higher gold
price driven royalty costs (+$108/oz impact due to the realised gold price of $4,842/oz, exclusive of the Sabodala -Massawa
stream compared, to Q4 -2025 realised gold price of $4,227/oz), higher sustaining capital related to stripping activity at
Lafigué, Houndé and Sabodala -Massawa, and lower grid power utilisation at Mana. This was partially offset by lower costs at
Ity due to lower sustaining capital and higher by-product revenue from silver sales.
Table 3: Group Production
THREE MONTHS ENDED
All amounts in koz, on a 100% basis
31 March
2026
31
December
2025
31 March
2025
Houndé 51 47 92
Ity 69 74 84
Mana 39 46 46
Sabodala-Massawa 67 78 72
Lafigué 56 53 48
GROUP PRODUCTION 282 298 341
Table 4: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED
31 March
2026
31
December
2025
31 March
2025
Houndé 2,126 1,882 858
Ity 1,471 1,523 930
Mana 2,552 2,174 1,887
Sabodala-Massawa 1,372 1,237 1,173
Lafigué 1,811 1,476 926
Corporate G&A 48 46 43
GROUP ALL-IN SUSTAINING COSTS1 1,834 1,648 1,129
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.
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CASH FLOW SUMMARY
The table below presents the cash flow and net cash/(net debt) position for Endeavour for the three months ended 31 March
2026, 31 December 2025, and 31 March 2025.
Table 5: Cash Flow and Net Cash/(Net Debt)
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
31 March
2026
31 December
2025
31 March
2025
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital 829 625 592
Changes in working capital (91) (16) (98)
Cash generated from operating activities [1] 737 609 494
Cash used in investing activities [2] (125) (133) (85)
Free Cash Flow1,2 [3] 613 476 409
Cash received from/(used in) financing activities [4] 36 (253) (67)
Effect of exchange rate changes on cash (12) 5 10
INCREASE IN CASH 636 229 353
Cash and cash equivalent position at beginning of period3 453 225 384
CASH AND EQUIVALENT POSITION AT END OF PERIOD3 1,090 453 737
Principal amount of $500m Senior Notes (500) (500) (500)
Drawn portion of Lafigué Term Loan (99) (111) (130)
Drawn portion of Revolving Credit Facility (85) — (485)
NET CASH/(NET DEBT)1 [5] 405 (158) (378)
Trailing twelve month adjusted EBITDA1 2,583 2,316 1,725
Net Cash/(Net Debt) / Adjusted EBITDA (LTM) ratio1 0.16x (0.07)x (0.22x)
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 31 March 2026; nil at 31 December 2025; $37.5m at 30 September 2025; $6.3m at 30 June 2025; nil at 31 March 2025).
NOTES:
1) Operating cash flows increased by $128.4 million from $609.0 million (or $2.52 per share) in Q4 -2025 to $737.4 million
(or $3.05 per share) in Q1 -2026 due to higher realised gold prices, lower operating costs and the realised loss on gold
collars in the prior quarter, partially offset by higher income tax payments, higher royalty costs due to the higher realised
gold price, a decrease in production and gold sales and an increase in the working capital outflow.
Operating cash flows increased by $243.2 million from $494.2 million (or $2.03 per share) in Q1 -2025 to $737.4 million
(or $3.05 per share) in Q1 -2026 due to the higher realised gold prices, a lower working capital outflow and the realised
loss on gold collars in the prior period, partially offset by higher operating costs, higher royalty costs and higher income
tax payments.
Notable variances are summarised below:
• Working capital was an outflow of $91.2 million in Q1 -2026, an increase of $75.2 million over the Q4 -2025 outflow of
$16.0 million. The outflow in Q1 -2026 consisted of (i) a trade and payables outflow of $44.3 million related to
decreases in supplier payables and payroll -related liabilities from the prior quarter, (ii) an outflow of $24.1 million
primarily related to VAT receivables at Houndé and Mana, (iii) an outflow of $20.5 million related to a build up of
consumable inventory at Mana and Houndé related to the build up of fuel supplies and stockpile inventory at Ity and
Sabodala-Massawa, partially offset by a drawdown of stockpiles at Lafigué and (iv) an outflow of $2.3 million related
to the timing of supplier prepayments.
Working capital was an outflow of $91.2 million in Q1-2026, an improvement of $6.8 million over the Q1-2025 outflow
of $98.0 million, largely driven by a decrease in outflows related to stockpile inventory and VAT receivables, partially
offset by an increase in outflows related to trade and other payables due to the timing of supplier payments and an
increase in outflows related to supplier prepayments.
• Gold sales from continuing operations decreased from 302koz in Q4 -2025 to 278koz in Q1 -2026 due to lower
production at Ity, Mana and Sabodala -Massawa, partially offset by higher production at Houndé and Lafigué. The
realised gold price from continuing operations for Q1 -2026 increased by $609/oz to $4,810/oz from $4,201/oz in Q4 -
2025.
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Gold sales from continuing operations decreased from 353koz in Q1 -2025 to 278koz in Q1 -2026 due to lower
production at the Houndé, Ity, Mana and Sabodala -Massawa mines partially offset by increased production from the
Lafigué mine. The realised gold price from continuing operations for Q1 -2026 increased by $1,871/oz to $4,810/oz
from $2,939/oz in Q1-2025.
• Total cash cost per ounce increased from $1,448/oz in Q4-2025 to $1,516/oz in Q1-2026 due to lower volumes of gold
sold and higher royalty costs (+$108/oz impact at realised gold price of $4,842/oz exclusive of the Sabodala -Massawa
stream vs Q4 -2025 realised gold price of $4,201/oz) related to a higher realised gold price, partially offset by a build
up of stockpile inventory at Ity and Sabodala -Massawa which results in a capitalisation of mining costs as a credit to
operating costs during the quarter.
Total cash cost per ounce increased from $929/oz in Q1 -2025 to $1,516/oz in Q1 -2026 due to significantly higher
royalty costs (+$236/oz impact at realised gold price of $4,842/oz exclusive of the Sabodala -Massawa stream vs Q1 -
2025 realised gold price of $2,783/oz) related to the higher realised gold price, lower volumes of gold sold, higher
process unit costs at Houndé and Ity due to lower grid power availability and higher mining unit costs at Mana due to
increased diesel consumption in the Wona underground.
• Taxes paid increased by $22.7 million from $22.8 million in Q4 -2025 to $45.5 million in Q1 -2026 due to higher
corporate income tax payments reflecting higher taxable earnings and the advanced payment of withholding taxes at
Sabodala-Massawa, partially offset by lower corporate income tax payments at Houndé and Mana. Given the higher
realised gold price in Q1 -2026 of $4,810/oz, compared to the $3,000/oz guidance gold price, the withholding tax
guidance range in Table 7 below has been increased from $90.0 - 100.0 million to $150.0 - 170.0 million, reflecting the
projected increase in cash upstreaming.
Taxes paid increased by $6.5 million from $39.0 million in Q1 -2025 to $45.5 million in Q1 -2026 as income tax
payments increased at the Houndé, Mana and Sabodala -Massawa mines relating to higher FY -2025 taxable income,
while withholding tax payments increased at Sabodala-Massawa related to cash upstreaming.
Table 6: Tax Payments
THREE MONTHS ENDED
($m) 31 March
2026
31
December
2025
31 March
2025
Houndé 15.5 17.8 10.9
Ity — — —
Mana 3.2 4.0 2.1
Sabodala-Massawa 12.5 — 24.4
Lafigué — — 1.9
Other1 14.3 1.0 (0.3)
Total taxes paid 45.5 22.8 39.0
1Included in the “Other” category is income and withholding taxes paid/(received) by Corporate and Exploration entities.
Table 7: 2026 Cash Tax Guidance
(All amounts in US$m) PREVIOUS 2026 FULL-YEAR GUIDANCE 2026 FULL-YEAR GUIDANCE1
Corporate income tax1 510 — 600 510 — 600
Withholding tax2 90 — 100 150 — 170
TOTAL 600 — 700 660 — 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. 2Withholding tax guidance has been updated at Q1-2026 to reflect increased cash upstreaming due to higher
realised gold prices.
2) Cash flows used in investing activities decreased by $7.9 million from $132.7 million in Q4 -2025 to $124.8 million in Q1 -
2026 due to a decrease in non -sustaining capital spend of $23.9 million, an $8.1 million movement in restricted cash
related to the payment of the 2% incremental royalty rate in Côte d’Ivoire and a decrease in growth capital spend of $1.8
million, partially offset by an increase in sustaining capital spend of $27.5 million and an outflow of $2.7 million related to
the conversion of the convertible loan associated with the Group’s strategic investment in East Star Resources plc.
Cash flows used in investing activities increased by $40.0 million from $84.8 million in Q1 -2025 to $124.8 million in Q1 -
2026 due to an increase in sustaining capital spend of $18.9 million, an increase in non -sustaining capital spend of $7.6
million and a decrease in restricted cash inflow of $13.5 million, partially offset by a decrease in growth capital spend of
$8.4 million.
• Sustaining capital increased from $47.1 million in Q4 -2025 to $74.6 million in Q1 -2026, largely due to increased waste
stripping at the Lafigué and Sabodala -Massawa mines and increased heavy mining equipment additions and rebuilds
7
at Houndé, partially offset by lower underground development at Mana and lower processing plant capital
expenditure at Ity.
Sustaining capital increased from $55.7 million in Q1 -2025 to $74.6 million in Q1 -2026 largely due to increased waste
stripping at the Lafigué, Houndé and Ity mines, partially offset by a lower underground mine development at Mana
and lower waste stripping at Sabodala-Massawa.
• Non-sustaining capital decreased from $69.1 million in Q4 -2025 to $45.2 million in Q1 -2026 largely due to a decrease
in land compensation and waste stripping at the Houndé mine, lower expenditure on processing plant upgrades at
Sabodala-Massawa and lower capital expenditure on the TSF stage 6 embankment raise at Mana.
Non-sustaining capital increased from $37.6 million in Q1 -2025 to $45.2 million in Q1 -2026 largely due to TSF
construction, resettlement costs and waste stripping at Houndé, increased expenditure associated with the TSF 2
stage 2 embankment raise at Ity and increased expenditure on processing plant upgrades at Sabodala -Massawa. This
was partially offset by lower waste stripping at Lafigué.
• Growth capital decreased from $9.7 million in Q4 -2025 to $6.0 million in Q1 -2026. Growth capital expenditure in Q1 -
2026 was related to the Assafou project’s definitive feasibility study.
Growth capital increased from $5.7 million in Q1 -2025 to $6.0 million in Q1 -2026. Growth capital expenditure in Q1 -
2026 was related to the Assafou project definitive feasibility study.
3) Free cash flow increased by $136.3 million from $476.3 million in Q4 -2025 to $612.6 million in Q1 -2026 largely due to
increased operating cash flows as a result of higher realised gold prices, lower operating costs and lower realised losses
following the completion of the revenue protection programme, and lower investing cash flows due to lower quarterly
non-sustaining capital and growth capital.
Free cash flow increased by $203.2 million from $409.4 million in Q1 -2025 to $612.6 million in Q1 -2026 largely due to
higher realised gold prices and lower realised losses following the completion of the revenue protection programme,
partially offset by increased investing cash flows due to higher sustaining and non-sustaining capital.
4) Cash flows from financing activities improved by $288.5 million from an outflow of $252.7 million in Q4 -2025 to an inflow
of $35.8 million in Q1 -2026 largely due to the payment of the H1 -2025 shareholder dividend in the prior quarter, a net
drawdown of $74.7 million on the Group’s revolving credit facility, a reduction of $18.8 million in financing fees and a $2.6
million reduction in interest paid. The decrease was offset by a $23.7 million increase in the repurchase of shares through
the Group’s share buyback programme and a $0.4 million increase in the repayment of leases.
Cash flows from financing activities improved by $102.6 million from an outflow of $66.8 million in Q1 -2025 to an inflow
of $35.8 million in Q1 -2026 largely due to a net outflow of $74.7 million on the Group’s revolving credit facility, a $13.0
million decrease in purchases of shares through the Group’s share buyback programme, a $7.9 million decrease in
financing fees and a $1.7 million decrease in payments related to the settlement of tracker shares, partially offset by a
$1.2 million increase in repayments of leases.
5) Endeavour’s net cash position improved by $562.9 million, from a net debt position of $157.5 million at the end of Q4 -
2025 to a net cash position of $405.4 million at the end of Q1 -2026, while the Net Cash (Debt) / Adjusted EBITDA (LTM)
leverage ratio improved from (0.07)x at the end of Q4 -2025 to 0.16x at the end of Q1 -2026. Endeavour’s liquidity
improved significantly to $1,704.5 million, consisting of $1,089.5 million of cash and cash equivalents and $615.0 million
available through the Company’s revolving credit facility.
8
EARNINGS FROM OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three months ended 31 March 2026, 31
December 2025, and 31 March 2025.
Table 8: Earnings from operations
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
31 March
2026
31 December
2025
31 March
2025
Revenue [6] 1,349 1,274 1,042
Operating expenses [7] (309) (341) (259)
Depreciation and depletion [7] (149) (174) (175)
Royalties [8] (125) (103) (76)
Earnings from mine operations 767 655 533
Corporate costs [9] (14) (13) (15)
Impairment of mining interests and goodwill — (193) —
Share-based compensation (12) (28) (18)
Other expense [10] (9) (44) (19)
Credit loss reversal/(expense) and impairment of financial assets [11] 4 (7) (7)
Exploration and evaluation costs [12] (11) (10) (9)
Earnings from operations 725 359 466
Loss on financial instruments [13] (1) (62) (100)
Finance costs (17) (24) (20)
Earnings before taxes 707 273 345
Current income tax expense [14] (188) (204) (121)
Deferred income tax (expense)/recovery [14] (97) 53 (2)
Net comprehensive earnings from operations [15] 422 122 222
Add-back adjustments [16] 20 170 44
Adjusted net earnings from operations 442 293 266
Portion attributable to non-controlling interests [17] 71 68 47
Adjusted net earnings from operations attributable to shareholders of the Company [18] 370 225 219
Adjusted net earnings per share 1.53 0.93 0.90
NOTES:
6) Revenue increased by $75.2 million from $1,273.8 million in Q4 -2025 to $1,349.0 million in Q1-2026 due to an increase in
the realised gold price from $4,201/oz, exclusive of the impact of the Group’s Revenue Protection Programme, in Q4-2025
to $4,810/oz in Q1-2026, partially offset by lower volumes of gold sold.
Revenue increased by $307.2 million from $1,041.8 million in Q1 -2025 to $1,349.0 million in Q1 -2026 due to an increase
in the realised gold price from $2,939/oz, exclusive of the impact of the Group’s Revenue Protection Programme, in Q1 -
2025 to $4,810/oz in Q1-2026, partially offset by lower volumes of gold sold.
7) Operating expenses decreased by $32.9 million from $341.4 million in Q4 -2025 to $308.5 million in Q1 -2026, largely due
to lower production and a build up of stockpile inventory at Ity and Sabodala -Massawa, which results in the capitalisation
of mining costs and a decrease in operating costs during the quarter. This was partially offset by a drawdown of stockpile
inventory at Lafigué. Depreciation and depletion decreased by $25.5 million from $174.2 million in Q4 -2025 to $148.7
million in Q1-2026 due to lower quarterly production.
Operating expenses increased by $49.5 million from $259.0 million in Q1 -2025 to $308.5 million in Q1-2026 due to higher
processing costs at Houndé and Ity related to reduced grid power availability during the quarter, and higher mining costs
at Ity and Lafigué related to higher mining volumes. Depreciation and depletion decreased by $25.9 million from $174.6
million in Q1-2025 to $148.7 million in Q1-2026 due to lower quarterly production.
8) Royalties increased by $22.3 million from $103.0 million in Q4 -2025 to $125.2 million in Q1 -2026 due to the higher
realised gold price during the quarter and the increase in Côte d’Ivoire royalty rates from 6% to 8% that was retroactively
applied from 2025, partially offset by lower volumes of gold sold.