ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS YTD-2025 production of 911koz at AISC of $1,362/oz
1
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS
YTD-2025 production of 911koz at AISC of $1,362/oz • FY-2025 guidance on track • YTD-2025 free cash flow of $680m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
• YTD-2025 production of 911koz, on track for the top half of the guidance range; Q3-2025 production of 264koz.
• YTD-2025 AISC of $1,362/oz, on track for the guidance range; impacted by +$103/oz of gold price driven royalty costs
compared to guidance; Q3-2025 AISC of $1,569/oz; impacted by +$131/oz of gold price driven royalty costs.
• Adj. EBITDA of $1,634m YTD-2025, up +110% over YTD-2024; $466m for Q3-2025.
• Adj. Net Earnings of $556m (or $2.29/sh) YTD-2025, up +375% over YTD-2024; $159m (or $0.66/sh) for Q3-2025.
• FCF of $680m ($746/oz produced) YTD-2025, up +1,411% over YTD-2024; $166m ($629/oz produced) for Q3-2025.
• Gross debt reduced by $425m to $678m following full repayment of the RCF during Q3 -2025; Net Debt / Adj. EBITDA
(LTM) of 0.21x at the end of the period, significantly below the Group’s 0.50x through-the-cycle target.
SECTOR LEADING SHAREHOLDER RETURNS
• Record $150m (or $0.62/sh) dividend paid on 23 October; on track to significantly exceed $225m FY-2025 minimum.
• Share buybacks of $83m YTD-2025; $14m for Q3-2025, bringing YTD-2025 returns to $233m before H2-2025 dividend,
which will be announced in January 2026 with the next phase of our shareholder returns programme.
ATTRACTIVE ORGANIC GROWTH
• Assafou project DFS on track for Q1-2026, environmental permit approved during Q3-2025.
• Strong exploration efforts with $72m spent YTD -2025; focused on near -mine resource expansions at Sabodala -Massawa,
Houndé, Ity and Assafou.
• 5-year exploration strategy completed with 12.4Moz discovered at less than $25/oz; new exploration strategy expected
in Q4-2025, outlining focus on continued mine life extension and organic pipeline expansion and diversification.
London, 13 November 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the
“Company”) is pleased to announce its operating and financial results for Q3 -2025 and YTD -2025, with highlights provided in
Table 1 below.
Table 1: Operating and financial highlights from continuing operations1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED NINE MONTHS ENDED
30 September
2025
30 June
2025
30 September
2024
30 September
2025
30 September
2024
Δ YTD-2025 vs.
YTD-2024
OPERATING DATA
Gold Production, koz 264 306 270 911 741 +23%
Gold sold, koz 258 304 280 914 743 +23%
Total Cash Cost2, $/oz 1,336 1,220 1,128 1,141 1,097 +4%
All-in Sustaining Cost2, $/oz 1,569 1,458 1,287 1,362 1,256 +8%
Realised Gold Price3, $/oz 3,247 3,150 2,342 3,036 2,233 +36%
CASH FLOW
Operating Cash Flow before changes in working capital 394 296 245 1,282 595 +115%
Operating Cash Flow before changes in working capital2, $/sh 1.63 1.22 1.00 5.29 2.43 +118%
Operating Cash Flow 309 252 255 1,055 568 +86%
Operating Cash Flow2, $/sh 1.28 1.04 1.04 4.35 2.32 +88%
Free Cash Flow2,4 166 104 97 680 45 +1411%
Free Cash Flow2,4, $/sh 0.69 0.43 0.40 2.80 0.18 +1456%
PROFITABILITY
Net Earnings/(Loss) Attributable to Shareholders 167 271 (95) 611 (175) n.a.
Net Earnings/(Loss), $/sh 0.69 1.12 (0.39) 2.52 (0.71) n.a.
Adj. Net Earnings Attributable to Shareholders2 159 179 74 556 117 +375%
Adj. Net Earnings2, $/sh 0.66 0.74 0.30 2.29 0.48 +377%
EBITDA2,5 472 596 128 1,608 477 +237%
Adj. EBITDA2,5 466 556 317 1,634 779 +110%
SHAREHOLDER RETURNS2
Shareholder dividends paid — 140 — 140 100 +40%
Share buybacks 14 28 9 83 29 +186%
FINANCIAL POSITION HIGHLIGHTS2
Net Debt 453 469 834 453 834 (46)%
Net Debt / LTM Trailing adj. EBITDA5 0.21x 0.23x 0.77x 0.21x 0.77 x (73)%
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.
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Management will host a conference call and webcast today, Thursday 13 November 2025, at 8:30 am EST / 1:30 pm GMT. For
instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. 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: "Q3-2025 marked another solid operational quarter placing us firmly on track
to achieve our full -year guidance. Strong year -to-date production has positioned us to achieve the top half of our production
guidance with AISC within the guidance range, when adjusted for the impact of higher gold prices on royalty costs.
Our Q3-2025 operational performance was in line with our planned mine sequence , despite the impact of a heavier than normal
wet season. This performance, coupled with higher gold prices, underpinned a 59% increase in free cash flow generation in Q3,
bringing free cash flow generation to $680 million year -to-date, and to nearly a billion dollars over the last twelve months. We
remain focused on maximising free cash flow generation from every ounce of gold that we produce, to ensure that our margins
grow with the gold price.
Given the strong free cash flow generation, we further strengthened our balance sheet this quarter by not only lowering our
leverage, but reducing our gross debt as well, through the full repayment of the drawn portion of our revolving credit facili ty.
Shareholder returns increased, following payment of our record $150 million dividend early in Q4, we continued to buyback
shares, bringing year -to-date returns to $233 million, before the declaration of our H2 -2025 dividend that we will announce in
Q1-2026, which is expected to increase our total returns to at least $346 million. We have now returned over $1.4 billion to our
shareholders over the last four and half years, or 83% above our minimum commitment, and as we look forward to our next
phase of growth, we expect to be well positioned to continue delivering sector-leading returns throughout.
Our Assafou project continues to advance on schedule, with the environmental permit now approved and the Definitive
Feasibility Study on track to be completed in Q1-2026, progressively de-risking our timeline to first gold.
In parallel, we continue to accelerate exploration to delineate high-priority near-mine opportunities at Houndé, Sabodala-
Massawa, Ity and Assafou, and identify greenfield opportunities both in West Africa, and in other, similar, highly-fertile tier 1 gold
provinces that have limited exploration maturity, where we can lever our exploration expertise and gain an early mover
advantage. We expect to announce our new exploration strategy in Q4, which will support continued mine life extension and
improvements across our existing portfolio, and drive our next phase of organic growth, beyond Assafou.
Given our high-quality portfolio, underpinned by a top tier organic growth pipeline, we are well positioned to sustainably deliver
sector-leading shareholder returns and organic growth, generating value for all our stakeholders.”
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SHAREHOLDER RETURNS PROGRAMME
• Endeavour has paid more than $1.4bn in shareholder returns since Q1 -2021, which is $639.8 million or 83% above its
minimum commitment over the period, reflecting its strong commitment to pay supplemental returns to shareholders
through both phases of cash harvesting and phases of organic growth.
• For H1-2025, Endeavour announced a record dividend of $150.0 million (or approximately $0.62 per share), which was paid
on 23 October 2025. The H2-2025 dividend is expected to be announced in Q1-2026 and paid in Q2-2026.
• During YTD-2025, shareholder returns continued to be supplemented with share buybacks of $82.8 million, or 3.3 million
shares, which is an increase of 186% over YTD-2024. During Q3-2025, $14.4 million or 0.4 million shares were repurchased.
• Total shareholder returns for YTD -2025 of $232.8 million, have already exceeded the $225.0 million minimum for the year
and are expected to significantly increase, with the announcement of the H2 -2025 dividend and further share buybacks. At a
minimum the H2-2025 dividend is expected to be $112.5 million, which would bring the full year return to a minimum $345.8
million.
• Given that Endeavour’s current shareholder returns programme will be completed in H1 -2026, Endeavour expects to
announce its new shareholder returns programme for the FY -2026 to FY-2028 period, which will outline a significant increase
in minimum shareholder dividend commitments, in early Q1-2026.
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in
US$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
(ongoing)
FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
H2-20251 (Q1-2026
dividend announcement) 113 — 14 127 +14
TOTAL 886 217 423 1,526 640
1Q3-2025 share buybacks of $14.3 million differs from $15.6 million per the Statement of Cashflows due to foreign exchange and timing of payments.
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 September 2025.
• The Group remains on track to achieve the top -half of its production guidance of 1,110 - 1,260koz, within its all-in sustaining
cost (“AISC”) guidance range of $1,150 - 1,350/oz, when adjusted for the impact of higher gold prices on royalty costs
(+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz, compared to the guidance gold price of $2,000/oz).
• Q3-2025 production of 264koz was 42koz lower than Q2 -2025, reflecting lower grades processed across the portfolio, in line
with the mine sequence, and lower tonnes milled at Houndé and Lafigué due to the impact of the wet season.
• YTD-2025 production amounted to 911koz, an increase of 170koz over YTD -2024, due to higher average grades processed at
Houndé and Mana, in line with the mine sequence, along with 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.
Table 3: Group Production
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in koz, on a 100% basis
30 September
2025
30 June
2025
30 September
2024
30 September
2025
30 September
2024
Houndé 49 69 74 209 179
Ity 77 84 77 245 259
Mana 39 41 30 127 107
Sabodala-Massawa1 61 62 54 195 159
Lafigué1 38 49 36 135 36
GROUP PRODUCTION 264 306 270 911 741
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
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• Q3-2025 total cash cost amounted to $1,336/oz, an increase of $116/oz over Q2 -2025 due to lower gold sales and higher
royalty costs related to the higher realised gold prices, as well as higher mining unit costs at Houndé, Sabodala -Massawa and
Lafigué, and higher processing unit costs at Houndé, due to the impact of the wet season on mining and processing
productivity. This was partially offset by lower processing unit costs at Mana, Sabodala -Massawa and Lafigué due to
improved grid availability and reduced planned maintenance during the quarter.
• YTD-2025 total cash cost amounted to $1,141/oz, an increase of $44/oz over YTD -2024, due to higher royalty costs related to
higher realised gold prices, partially offset by an increase in gold sales and the addition of the low -cost Lafigué and Sabodala-
Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 4: Consolidated Total Cash Costs
(All amounts in US$/oz)
THREE MONTHS ENDED NINE MONTHS ENDED
30 September
2025
30 June
2025
30 September
2024
30 September
2025
30 September
2024
Houndé 1,420 1,352 1,233 1,098 1,242
Ity 1,142 1,049 899 1,016 874
Mana 1,772 1,700 1,766 1,596 1,587
Sabodala-Massawa2 1,173 1,073 1,096 1,061 1,015
Lafigué2 1,433 1,125 831 1,129 831
GROUP TOTAL CASH COSTS1 1,336 1,220 1,128 1,141 1,097
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX
expansion project and the Lafigué mine.
• Q3-2025 AISC amounted to $1,569/oz, an increase of $111/oz over Q2-2025 driven by higher total cash costs including the
impact of higher royalty costs related to the higher realised gold prices, which was partially offset by lower sustaining cap ital
largely due to less waste stripping activity at Houndé.
• YTD-2025 AISC amounted to $1,362/oz, an increase of $106/oz over YTD -2024 driven by higher total cash costs including the
impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Ity, Mana and the
Lafigué mine and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 5: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED NINE MONTHS ENDED
30 September
2025
30 June
2025
30 September
2024
30 September
2025
30 September
2024
Houndé 1,475 1,580 1,379 1,231 1,457
Ity 1,269 1,125 928 1,099 898
Mana 2,377 2,257 1,987 2,157 1,756
Sabodala-Massawa2 1,326 1,272 1,219 1,252 1,112
Lafigué2 1,530 1,154 938 1,168 938
Corporate G&A 47 46 45 45 47
GROUP ALL-IN SUSTAINING COSTS1 1,569 1,458 1,287 1,362 1,256
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX
expansion project and the Lafigué mine.
• Q3-2025 and YTD -2025 total cash costs and AISC have been impacted by higher royalty costs due to higher realised gold
prices of $3,513/oz and $3,221/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 $131/oz and $103/oz on the Q3 -2025 and YTD -2025 total cash costs and AISC,
respectively.
• YTD-2025 AISC, adjusted for the impact of higher royalty costs due to higher gold prices are at $1,259/oz, approximately at
the midpoint of the FY -2025 guidance range. Given the strong outlook for Q4 -2025, improved production and costs are
expected, positioning the Group to achieve the FY-2025 AISC guidance.
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Table 6: AISC Guidance Reconciliation1
Q3-2025
ACTUALS
YTD-2025
ACTUALS
FY-2025
GUIDANCE
AISC at realised gold price of $3,513/oz for Q3-2025 and
$3,221/oz for YTD-2025 1,569 1,362
Additional royalty cost at realised gold price vs $2,000/oz guidance
gold price +131 +103 YTD-2025 impact of +$103/oz on AISC due to
higher gold prices driving royalty costs higher
AISC at $2,000/oz gold price2 1,438 1,259 1,150 — 1,350
1The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q3-2025 and YTD-2025 of $3,513/oz and $3,221/oz
are exclusive of the impact of the revenue protection programme, respectively. 2Indicative AISC normalising realised AISC for the impact of the higher gold prices
on royalty costs.
FY-2025 OUTLOOK
• The Group remains on track to achieve the top half of its production guidance of 1,110 - 1,260koz driven by strong YTD-2025
production at Houndé and Sabodala -Massawa. Q4-2025 production is expected to increase over Q3 -2025 due to mining and
processing of higher grades at Lafigué, Mana and Sabodala-Massawa CIL, in line with the mine sequence.
Table 7: FY-2025 Production Outlook1
YTD-2025
ACTUALS
FY-2025
GUIDANCE
FY-2025
OUTLOOK (All amounts in koz, on a 100% basis)
Houndé 209 230 - 260 TOP HALF
Ity 245 290 - 330 ON TRACK
Mana 127 160 - 180 ON TRACK
Sabodala-Massawa 195 250 - 280 TOP HALF
Lafigué 135 180 - 210 LOWER HALF
Group Production 911 1,110 - 1,260 TOP HALF
1FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
• The Group remains on track to achieve its AISC guidance of $1,150 - 1,350/oz, when adjusted for the impact of higher gold
prices on royalty costs (+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz compared to the guidance gold
price of $2,000/oz). Prior to this impact, YTD -2025 AISC is approximately $1,259/oz, near the mid -point of the FY -2025
guidance range. Q4-2025 AISC is expected to improve over Q3 -2025 due to higher grades, higher gold production and sales.
The AISC sensitivity to royalty cost due to gold price changes is between $6 - 10/oz for every $100/oz increase in gold price.
Table 8: FY-2025 AISC Outlook1
YTD-2025 YTD-2025
FY-2025
GUIDANCE
FY-2025
OUTLOOK
(All amounts in US$/oz)
ACTUALS
(at $3,221/oz)
ADJUSTED2
(at $2,000/oz)
Houndé 1,231 1,114 1,225 - 1,375 ON TRACK
Ity 1,099 1,014 975 - 1,100 ON TRACK
Mana 2,157 2,046 1,550 - 1,750 ABOVE TOP-END
Sabodala-Massawa 1,252 1,178 1,100 - 1,250 ON TRACK
Lafigué 1,168 1,087 950 - 1,075 NEAR TOP-END
Corporate G&A 45 45 40 ON TRACK
Group AISC 1,362 1,259 1,150 - 1,350 ON TRACK
1FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. 2Indicative AISC normalising realised
AISC for the impact of the higher gold prices ($+103/oz YTD-2025) on royalty costs.
• Group sustaining capital expenditure outlook for FY -2025 remains unchanged at the previously disclosed guidance of $195.0
million, of which $161.4 million has been incurred in YTD -2025, with $47.9 million incurred in Q3 -2025. The sustaining capital
guidance increased at Ity and Mana, which was offset by decreases at Sabodala -Massawa and Lafigué. Sustaining capital
expenditure guidance increased at Ity and Mana due to increased waste development to access higher grade ore, while it
decreased at Sabodala-Massawa and Lafigué due to a decrease in sustaining capital waste stripping activity.
• Group non -sustaining capital expenditure outlook for FY -2025 increased slightly from the previously disclosed guidance of
$235.0 million to $245.0 million, of which $186.2 million was incurred in YTD -2025, with $83.3 million incurred in Q3 -2025.
Non-sustaining capital guidance increased at Mana and Lafigué, partially offset by decreases at Houndé and Ity. The non -
sustaining capital guidance increased at Mana due to the purchase of the outgoing underground mining contractor’s fleet
following Endeavour’s decision to terminate their contract in Q2 -2025, and at Lafigué, due to the acceleration of waste
stripping to support higher than design nameplate plant throughput. These increases were partially offset by a decrease at Ity
due to lower waste stripping at the Le Plaque pit and a decrease at Houndé related to the timing of compensation payments
for the third TSF cell.
• Group growth capital expenditure outlook for FY -2025 remains unchanged at the previously disclosed guidance of $30.0
million, of which $22.8 million was incurred in YTD -2025, with $6.8 million incurred in Q3 -2025. Growth capital was primarily
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related to the Definitive Feasibility Study (DFS) and associated drilling expenditure at Assafou, which has accelerated as th e
DFS progresses toward completion in Q1-2026.
Table 9: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
YTD-2025
ACTUALS
FY-2025
PREVIOUS
GUIDANCE
FY-2025
UPDATED
GUIDANCE (All amounts in US$m)
Houndé 28 40 40
Ity 21 20 25
Mana 70 60 75
Sabodala-Massawa 37 60 45
Lafigué 5 15 10
Total Sustaining Capital Expenditure 161 195 195
Houndé 52 90 80
Ity 18 35 30
Mana 16 10 25
Sabodala-Massawa 22 25 25
Lafigué 75 70 80
Corporate G&A 3 5 5
Total Non-Sustaining Capital Expenditure 186 235 245
Assafou 23 30 30
Total Growth Capital Expenditure 23 30 30
Total Mine Capital Expenditure 370 460 470
• Group exploration outlook for FY-2025 remains unchanged from the previously disclosed guidance of $85.0 million, of which
$72.1 million was incurred in YTD-2025, with $20.7 million incurred in Q3-2025. Exploration guidance increased at Houndé
due to the success of the drilling programme at the Vindaloo Deeps deposit, and at Mana to accelerate deep drilling below
the Wona deposit to extend the current resource, which was offset by a decrease at Lafigué as the drilling programme is now
expected to commence in early 2026. Exploration activities in Q3-2025 included the acceleration of the Vindaloo Deeps
resource definition drill programme at Houndé, drilling at the Ity Donut and defining maiden resources at the near-mine
Makana and Kawsara targets at Sabodala-Massawa.
• Group tax payments outlook for FY-2025 remains unchanged at $350.0 million to $450.0 million, of which $339.4 million was
incurred in YTD-2025, with $67.3 million incurred in Q3-2025. For the full-year, Group tax payments are expected near the
mid-point of the guidance range.
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CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three months ended 30 September 2025, 30
June 2025, and 30 September 2024, and the nine months ended 30 September 2025 and 30 September 2024, with
accompanying explanations below.
Table 10: Cash Flow and Net Debt
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$ million unless otherwise specified Notes
30 September
2025
30 June
2025
30 September
2024
30 September
2025
30 September
2024
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital5 394 296 245 1,282 595
Changes in working capital (85) (44) 10 (228) (27)
Cash generated from operating activities from
continuing operations [1] 309 252 255 1,055 568
Cash generated from discontinued operations — — — — (6)
Cash generated from operating activities [1] 309 252 255 1,055 562
Cash used in investing activities [2] (143) (148) (158) (375) (517)
Free Cash Flow1,2 166 104 97 680 45
Cash (used in)/generated from financing activities [3] (570) (256) (241) (893) (303)
Effect of exchange rate changes on cash (6) 49 9 54 (7)
INCREASE/(DECREASE) IN CASH (410) (103) (135) (159) (265)
Cash and cash equivalent position at beginning of
period3 634 737 387 384 517
CASH AND EQUIVALENT POSITION AT END OF PERIOD3 225 634 252 225 252
Principal amount of $500m Senior Notes 500 500 500 500 500
Drawn portion of Lafigué Term Loan 121 131 147 121 147
Drawn portion of Sabodala Term Loan 16 — 23 16 23
Drawn portion of Ity Working Capital Facility 41 — — 41 —
Drawn portion of Revolving Credit Facility — 472 415 — 415
NET DEBT1 [4] 453 469 834 453 834
Trailing twelve month adjusted EBITDA1,4 2,159 2,032 1,082 2,159 1,082
Net Debt / Adjusted EBITDA (LTM) ratio1,4 0.21x 0.23x 0.77x 0.21x 0.77x
1Free cash flow, net debt, and adjusted EBITDA are Non -GAAP measures. Refer to the non -GAAP measure section in this press release and in the Management
Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdraft ($37.5
million at 30 September 2025; $6.3 million at 30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $62.2 million at 30 September 2024; $21.1
million at 30 June 2024; nil at 31 December 2023). 4Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations. 5Continuing
operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine.
NOTES:
1) Operating cash flows increased by $56.5 million from $252.0 million (or $1.04 per share) in Q2 -2025 to $308.5 million (or
$1.28 per share) in Q3-2025 due to higher realised gold prices, lower income and withholding tax payments, lower royalty
costs due to lower gold sold and lower operating costs, partially offset by a decrease in production and gold sales, a
higher realised loss on gold collars and an increase in the working capital outflow.
Operating cash flows increased by $492.8 million from $561.9 million (or $2.29 per share) in YTD -2024 to $1,054.7 million
(or $4.35 per share) in YTD -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 $85.4 million in Q3 -2025, an increase of $41.3 million over the Q2 -2025 outflow of
$44.1 million. The outflow in Q3 -2025 consisted of (i) an inventory outflow of $54.8 million due to a build -up of
stockpile inventory at the Lafigué, Ity and Sabodala -Massawa mines, as well as an increase in spare parts and
consumables related to mining component rebuilds at Houndé and Sabodala -Massawa, (ii) a receivables outflow of
$46.4 million related to a build -up of VAT receivables at the Houndé, Lafigué and Mana mines, and (iii) a prepaid
expenses outflow of $10.5 million related to the timing of supplier prepayments, partially offset by (iv) a trade and
other payables inflow of $26.3 million related to the timing of supplier payables and contractor-related liabilities.
Working capital was an outflow of $227.6 million in YTD-2025, a decrease of $200.4 million over the YTD-2024 outflow
of $27.2 million, largely driven by an increase in outflows related to inventory, an increase in outflows related to trade
8
and other receivables and an increase in outflows related to trade and other receivables, partially offset by a decrease
in the outflow of prepaid expenses.
• Gold sales from continuing operations decreased from 304koz in Q2 -2025 to 258koz in Q3 -2025 due to lower
production across the portfolio, in line with the mine sequence. The realised gold price from continuing operations for
Q3-2025 increased by $211/oz to $3,513/oz from $3,302/oz in Q2 -2025. Inclusive of the Group’s Revenue Protection
Programme (-$266/oz Q3-2025 impact), the realised gold price for Q3 -2025 increased by $97/oz to $3,247/oz from
$3,150/oz in Q2-2025.
• Gold sales from continuing operations increased from 743koz in YTD -2024 to 914koz in YTD -2025, following higher
production in YTD-2025 at the Houndé, Mana and Sabodala-Massawa mines along with increased production from the
Lafigué mine that achieved commercial production in Q3 -2024. The realised gold price from continuing operations for
YTD-2025 increased by $900/oz to $3,221/oz from $2,321/oz in YTD-2024. Inclusive of the Group’s Revenue Protection
Programme (-$161/oz YTD-2025 impact) and the London Bullion Market Averaging (LBMA) gold price strategy, which
ceased at the end of Q1 -2025 (-$24/oz YTD-2025 impact), the realised gold price for YTD -2025 increased by $803/oz
to $3,036/oz from $2,233/oz in YTD-2024.
• Total cash cost per ounce increased from $1,220/oz in Q2-2025 to $1,336/oz in Q3-2025 due to lower volumes of gold
sold and higher royalty costs (+$131/oz impact at realised gold price of $3,513/oz vs guided gold price of $2,000/oz)
related to a higher realised gold price.
Total cash cost per ounce increased from $1,097/oz in YTD -2024 to $1,141/oz in YTD -2025 due to significantly higher
royalty costs (+$103/oz impact at realised gold price of $3,221/oz vs guided gold price of $2,000/oz) related to the
higher realised gold price, partially offset by an increase in gold sales.
• Taxes paid decreased by $165.8 million from $233.1 million in Q2 -2025 to $67.3 million in Q3 -2025 due to lower
withholding taxes paid following cash upstreaming in the prior quarter and lower income taxes paid at the Houndé,
Ity, Sabodala-Massawa and Lafigué mines due to the timing of provisional income tax payments for the FY -2024 tax
year which typically occur in the second quarter, partially offset by higher income taxes paid at the Mana mine.
Taxes paid increased by $60.3 million from $279.1 million in YTD -2024 to $339.4 million in YTD -2025, in line with the
guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher provisional
income tax payments for the FY -2024 tax year due to higher taxable earnings, while withholding tax payments also
increased due to higher levels of cash upstreaming as a result of improved cash generation.
Table 11: Tax Payments
THREE MONTHS ENDED NINE MONTHS ENDED
($m) 30 September
2025
30 June
2025
30 September
2024
30 September
2025
30 September
2024
Houndé 15.5 29.6 12.0 56.0 39.7
Ity 39.1 76.7 25.3 115.8 75.3
Mana 2.6 0.8 2.2 5.5 8.8
Sabodala-Massawa — 9.6 — 34.0 75.6
Lafigué 10.8 24.1 — 36.8 1.0
Other1 (0.7) 92.3 25.0 91.3 78.7
Total taxes paid 67.3 233.1 64.5 339.4 279.1
1Included in the “Other” category is income and withholding taxes paid/(received) by Corporate and Exploration entities.
2) Cash flows used in investing activities decreased by $5.1 million from $147.7 million in Q2 -2025 to $142.6 million in Q3 -
2025 due to a decrease in sustaining capital spend of $13.7 million, a decrease in growth capital spend on the Assafou
DFS of $3.4 million, a decrease in exploration capital spend of $3.1 million, an inflow of $2.3 million related to the Koulou
Gold investment during the prior quarter and a decrease in restricted cash outflow of $1.7 million, partially offset by an
increase in non-sustaining capital spend during the quarter of $18.0 million.
Cash flows used in investing activities decreased by $141.7 million from $516.8 million in YTD -2024 to $375.1 million in
YTD-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 decreased from $51.6 million in Q2 -2025 to $37.9 million in Q3 -2025, largely due to decreased
sustaining capital expenditure at the Houndé mine related to the timing of heavy mining equipment upgrades and at
the Sabodala -Massawa mine related to waste stripping activity, partially offset by an increase in sustaining capital
expenditure at the Ity, Mana and Lafigué mines.
Sustaining capital increased from $82.6 million in YTD -2024 to $163.2 million in YTD -2025 largely due to the addition
of the Lafigué mine and the Sabodala -Massawa BIOX expansion, which both achieved commercial production in Q3 -
2024, as well as increased expenditure at the Mana mine related to underground development and at the Ity mine
related to land compensation and processing plant capital spares, partially offset by a decrease in sustaining capital
expenditure at the Houndé mine related to reduced waste stripping activity.