ENDEAVOUR ACHIEVES GUIDANCE & DECLARES RECORD H2-2025 DIVIDEND FY-2025 production of 1,209koz at AISC of ~1,435/oz ⚫ H2-2025 dividend of $200m ⚫ >$1bn shareholder returns programme OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
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ENDEAVOUR ACHIEVES GUIDANCE & DECLARES RECORD
H2-2025 DIVIDEND
FY-2025 production of 1,209koz at AISC of ~1,435/oz ⚫ H2-2025 dividend of $200m ⚫ >$1bn shareholder returns programme
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
• FY-2025 production of 1,209koz, in the top-half of guidance at an AISC of ~ $1,435/oz, within guidance when adjusted for
+$128/oz higher royalty costs related to higher gold prices.
• Q4-2025 production of 298koz increased by 35koz or 13% over Q3-2025, while AISC of ~$1,650/oz increased by
~$81/oz or 5% over Q3-2025, largely due to +$45/oz higher royalty costs related to higher gold prices.
• Top-ten global gold producer with FY -2026 production guidance of 1,090 -1,265koz, at AISC of $1,600-1,800/oz; reflecting
increased gold prices, royalties, stockpile drawdown and phased stripping at Houndé and Lafigué.
• Strong free cash flow generation saw FY -2025 net debt reduced by $574m, ending the year with $157m and near -zero
leverage. Gross debt reduced by $518m, ending the year with $611m gross debt and $1,153m of available liquidity.
DELIVERING SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH
• Record H2-2025 dividend of $200m or $0.83/sh announced, bringing FY-2025 dividends to $350m or $1.45/sh;
supplemented with $85m of share buybacks for record total returns of $435m, equivalent to $360/oz produced.
• Since 2021, over $1.6bn has been returned to shareholders, which is 83% above the minimum commitment;
supplemental returns are expected to increase over the 2026-2028 period, at prevailing gold prices.
• 2026-2028 ~$1.0bn minimum dividend commitment that will be supplemented with additional dividends and share
buybacks, which could increase total returns to more than double the minimum commitment, at prevailing gold prices.
• Assafou's environmental permit has been approved while the exploitation permit approval and the DFS completion are
expected in Q1-2026; first gold production on track for H2-2028.
• 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz,
including up to three new projects in West Africa and in three new, highly fertile, geologically immature jurisdictions.
London, 29 January 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the
"Company") is pleased to announce its unaudited preliminary financial and operating results for the fourth quarter and full y ear
2025, with highlights provided in Table 1 below.
Table 1: Preliminary Financial and Operating Results Highlights1,2
(In US$m unless otherwise specified)
THREE MONTHS ENDED YEAR ENDED
31 December
2025
30 September
2025
31 December
2024
31 December
2025
31 December
2024
Δ FY-2025
vs. FY-2024
PRODUCTION AND AISC HIGHLIGHTS
Gold Production, koz 298 264 363 1,209 1,103 +10%
Gold Sold, koz 302 258 356 1,216 1,099 +11%
Realised Gold Price3, $/oz 3,873 3,247 2,590 3,244 2,349 +38%
Total Cash Cost3,4, $/oz ~1,450 1,336 979 ~1,215 1,058 +15%
All-in Sustaining Cost3, $/oz ~1,650 1,569 1,141 ~1,435 1,218 +18%
SHAREHOLDER RETURNS
Shareholder dividends paid 149 — 140 288 240 +20%
Share buyback 2 14 8 85 37 +130%
ORGANIC GROWTH
Growth capital spend3 10 7 24 32 252 (87)%
Exploration spend3 19 21 12 91 87 +5%
FINANCIAL POSITION HIGHLIGHT
Net debt3 157 453 732 157 732 (79)%
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2Production and
AISC highlights from continuing operations. 3This is a non -GAAP measure, for details please refer to the most recent MD&A available on Endeavour Mining's
website. 4Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-cash adjustments divided by gold ounces sold.
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
2
Ian Cockerill, Chief Executive Officer, commented: “During 2025 we safely achieved our guidance for the twelfth time in thirteen
years, generated record free cash flow, fully de-leveraged our balance sheet and paid record shareholder returns.
Our strong operational performance delivered more than 1.2 million ounces of production, achieving the top half of production
guidance, at a competitive all-in sustaining cost of approximately $1,435 per ounce, which was well within our cost guidance on a
royalty adjusted basis.
This performance, coupled with strong gold prices, underpinned record free cash flows, above $1.0 billion for the year. We
successfully reduced our net debt by $574.2 million and ended the year with near zero leverage, significantly below our 0.50x
through-the-cycle target, positioning us to deliver both sector leading shareholder returns and organic growth.
We declared a record H2 dividend of $200.0 million, bringing total shareholder returns to $435.3 million for the year, 93% ab ove
our minimum commitment and equivalent to $360 per ounce produced. Since launching our returns program in 2021, we have
now returned over $1.6 billion to shareholders, 83% above our minimum commitment.
Looking ahead, we will significantly increase minimum shareholder returns over the 2026 to 2028 period, as we simultaneously
build Assafou, returning at least $1.0 billion subject to a minimum gold price of $3,000 per ounce, and that could more than
double at prevailing gold prices through increased supplemental returns.
Our tier 1 Assafou project DFS is approaching completion, with final permit approval expected in Q1 -2026, and we have
incorporated plant and infrastructure optimisations to improve the project ramp up and ensure the project can be efficiently
expanded, as the resource endowment continues to grow. Recent exploration success is expected to add M&I resources at both
Assafou and at the Pala Trend targets, none of which are included in the DFS, but offer further upside and increase optionali ty as
we advance towards production in 2028.
In Q4 last year we outlined our new exploration strategy, targeting the discovery of between 12 and 15 million ounces of
resources over the 2026 to 2030 period for a low discovery cost of less than $40/oz. Our increased exploration spend is focus ed
on replacing depletion and extending mine lives at our cornerstone assets, as well as advancing greenfield exploration within
West Africa and in three highly prospective and geologically immature tier one gold provinces.
I would like to thank our team for their strong performance in 2025. We enter 2026 with good operating momentum and a
healthy financial position, and we will focus on returning cash to shareholders while advancing our exciting organic growth
pipeline."
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SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
• Endeavour is pleased to declare a record H2-2025 dividend of $200.0 million, or approximately $0.83 per share , which will be
paid on 14 April 2026 to shareholders of record on 13 March 2026. As such, the FY -2025 dividend amounts to a record of
$350.0 million or approximately $1.45 per share, which includes $125.0 million of supplemental dividends, in excess of the
$225.0 million minimum commitment.
• Shareholder returns continued to be supplemented with share buybacks and a total of $85.3 million, or 3.4 million shares
were repurchased during FY-2025, of which $2.5 million or 0.1 million shares were repurchased in Q4-2025.
• For FY-2025, Endeavour returned a record $435.3 million to shareholders through dividends and share buybacks, 93% above
the $225.0 million minimum commitment for the year, and equivalent to $360/oz produced, or an indicative yield of 3.5%,
reiterating Endeavour's strong commitment to paying supplemental shareholder returns.
• Over the 2021 - 2025 period Endeavour has returned $1.6 billion to shareholders in the form of dividends and share
buybacks, 83% above its minimum commitment over the period, and equivalent to 38% of its market capitalisation from the
start of the programme.
Table 2: Cumulative Shareholder Returns - 2021-2025
MINIMUM SUPPLEMENTAL TOTAL △ ABOVE
(All amounts in US$m)
DIVIDEND
COMMITMENT DIVIDENDS BUYBACKS RETURN MINIMUM
COMMITMENT
2021-2025 Shareholder Returns
Programme
FY-2020 — 60 — 60 +60
FY-2021 125 15 138 278 +153
FY-2022 150 50 99 299 +149
FY-2023 175 25 66 266 +91
FY-2024 210 30 37 277 +67
H1-2025 113 37 69 219 +106
H2-2025 112 88 17 217 +105
TOTAL 885 305 426 1,616 731
FY-2026 - 2028 Shareholder Returns Programme
• Endeavour will prioritise delivering sector leading organic growth and shareholder returns over the 2026 - 2028 period and
expects to return a minimum dividend of approximately $1.0 billion to shareholders, provided the realised gold price over the
dividend period exceeds $3,000/oz.
• For FY-2026 the minimum dividend is expected to be $300.0 million, increasing to $325.0 million and $350.0 million for FY -
2027 and FY-2028 respectively.
• Endeavour has demonstrated its commitment to paying supplemental shareholder returns over the last five years returning
83% more than the minimum commitment, and at current prevailing gold prices, Endeavour expects to further increase its
supplemental returns through additional dividends and share buybacks.
• 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).
H2-2025 Dividend Payment and DRIP
• Endeavour’s H2-2025 dividend will be paid on 14 April 2026 (“Payment Date”), to shareholders of record on 13 March 2026,
with an ex-dividend date for holders of shares listed on the London Stock Exchange ("LSE") of 12 March 2026. For holders of
shares traded on the Toronto Stock Exchange ("TSX"), both the ex -dividend and record dates will be 13 March 2026. Holders
of shares listed on the TSX will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States Dollars
(“USD”). Holders of shares traded on the LSE will receive dividends in USD but can elect to receive Pounds Sterling (“GBP”).
Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by all shareholders
prior to 17:00 GMT on 20 March 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 23 March 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 , offering 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 t he
TSX. Participants may opt to reinvest all, or any portion of their dividends in the DRIP . Custodians are reminded that as part of
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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 enrollment form is available o n
Endeavour’s website. The last election date for participation in the H2-2025 DRIP will be 20 March 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 TSX and the LSE at the prevailing market price.
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Q4-2025 AND FY-2025 OPERATIONAL PERFORMANCE OVERVIEW
• FY-2025 production amounted to 1,209koz, achieving the top half of the guided 1,110 -1,260koz range. FY -2025 all -in
sustaining costs ("AISC") amounted to approximately $1,435/oz. When adjusted for the +$128/oz impact of higher gold prices
on royalty costs, AISC amounted to $1,307/oz, in line with the guided $1,150 -1,350/oz range that was based on a $2,000/oz
gold price assumption.
Table 3: 2025 All-In Sustaining Costs1
Q4-2025
ACTUALS
FY-2025
ACTUALS FY-2025 GUIDANCE
AISC at realised gold price of $4,227/oz for Q4-2025 and $3,486/oz
for FY-2025 ~1,650 ~1,435
Additional royalty cost at realised gold price vs $2,000/oz guidance
gold price2 +196 +128
FY-2025 impact of $128/oz on AISC due
to higher gold prices driving royalty
costs higher
Comparative AISC at $2,000/oz gold price ~1,454 ~1,307 1,150 — 1,350
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2 The
impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q4-2025 and YTD-2025 are $4,227/oz and
$3,486/oz, respectively, are exclusive of the impact of the revenue protection programme.
• FY-2025 production of 1,209koz increased by 106koz or 10% over FY-2024 production of 1,103koz from continuing operations
due to a full -year of commercial production from the Sabodala -Massawa BIOX plant and the Lafigué mine, as well as
increased production at the Mana mine due to higher grades sourced from the Wona underground deposit, partially offset by
lower production at Houndé and Ity due to lower grades in the mine sequence.
• Q4-2025 production of 298koz increased by 35koz or 13% over Q3 -2025 production of 264koz as production increased at
Mana, Sabodala-Massawa and Lafigué due to increased processed grades in line with the mine sequences, partially offset by
lower production at Houndé and Ity due to lower average grades, in line with the mine sequence.
Table 4: Consolidated Group Production1
THREE MONTHS ENDED YEAR ENDED
(All amounts in koz, on a 100% basis)
31 December
2025
30 September
2025
31 December
2024
31 December
2025
31 December
2024
Houndé 47 49 109 257 288
Ity 74 77 84 319 343
Mana 46 39 41 173 148
Sabodala-Massawa2 78 61 70 274 229
Lafigué2 53 38 60 187 96
GROUP PRODUCTION 298 264 363 1,209 1,103
1All Q4-2025 and FY-2025 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Includes pre-commercial ounces
that are not included in the calculation of All-In Sustaining Costs.
• FY-2025 AISC of $1,435/oz increased by $217/oz over FY -2024 AISC of $1,218/oz largely due to the impact of higher gold
prices on royalty costs of +$68/oz, higher royalty rates in Burkina Faso contributing +$18/oz, lower grades processed at
Houndé, Ity and Lafigué in line with their mine sequences, and higher sustaining capital at Mana and Sabodala -Massawa
related to underground development and fleet optimisation, respectively.
• Q4-2025 AISC of ~$1,650/oz increased by $81/oz over Q3 -2025 AISC of $1,569/oz/oz due to the impact of higher gold prices
on royalty costs and higher royalty rates of +$61/oz, higher sustaining capital at Houndé and Ity related to heavy mining
equipment additions and haul road construction, respectively. This was partially offset by lower processing unit costs at Mana
due to increased usage of lower -cost grid power, lower sustaining capital related to less waste development at Sabodala -
Massawa and Lafigué, and less contractor lease payments at Mana following the underground mining contractor change in
Q3-2025.
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Table 5: Consolidated All-In Sustaining Costs1,2
(All amounts in US$/oz)
THREE MONTHS ENDED YEAR ENDED
31 December
2025
30 September
2025
31 December
2024
31 December
2025
31 December
2024
Houndé ~1,875 1,475 1,024 ~1,355 1,294
Ity3 ~1,525 1,269 987 ~1,195 919
Mana ~2,175 2,377 1,698 ~2,160 1,740
Sabodala-Massawa4 ~1,235 1,326 1,261 ~1,250 1,158
Lafigué3,4 ~1,475 1,530 801 ~1,250 844
Corporate G&A ~45 47 41 ~45 45
GROUP AISC ~1,650 1,569 1,141 ~1,435 1,218
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2This is a non-
GAAP measure. 3An increase in Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in 2025, with the change retroactively applied from Q1-
2025. The incremental cost has been applied to other expenses for FY-2025 and will only be reflected in royalty expenses and AISC from FY-2026. 4Excludes pre-
commercial costs associated with ounces from the Sabodala-Massawa BIOX Expansion project and the Lafigué mine.
• The Group’s realised gold price, excluding the impact of realised gains and losses on gold hedges and inclusive of the
Sabodala-Massawa gold stream, was $4,201/oz and $3,464/oz for Q4 -2025 and FY-2025 respectively. Including the impact of
the gold hedges, the Group's realised gold price from continuing operations was $3,873/oz and $3,244/oz for Q4 -2025 and
FY-2025 respectively.
2026 OUTLOOK
• FY-2026 production guidance is between 1,090 -1,265koz, in line with FY-2025 production of 1,209koz. FY -2026 production
guidance increased at Sabodala -Massawa due to expected increases in CIL processing plant throughput and higher BIOX
processing plant throughput and recovery rates reflecting the progress of the asset optimisation initiatives. This is offset by a
decrease in production guidance at Houndé and Lafigué, due to lower grades being mined and processed, while both mines
focus on phased stripping activity during the year, in line with their mine sequences.
• FY-2026 AISC guidance is between $1,600 -1,800/oz, consistent with the AISC achieved in the latter part of FY -2025. FY-2026
AISC is expected to increase at Houndé, Ity, Sabodala -Massawa and Lafigué due to increased stripping activity, lower average
grades processed, stockpile drawdown, the impact of higher royalty rates in Côte d'Ivoire and higher sustaining capital at
Sabodala-Massawa related to mining fleet optimisation, and at Houndé and Lafigué related to phased waste stripping. This
will be partially offset by lower AISC at Mana due to lower capitalised underground development.
◦ An increase in Government royalty rates from 6% to 8% was imposed by the Government of Côte d'Ivoire for 2025,
with the change retroactively applied from Q1 -2025. The incremental cost has been applied to other expenses for
FY-2025, and will be reflected in the FY -2025 financial results. For FY -2026, the incremental cost will be applied to
royalty expenses and is reflected in the FY-2026 AISC guidance. Following this increase, and based on prevailing gold
prices, the impact of every $100/oz increase in the gold price, increases Group AISC by approximately $10/oz.
• Group performance is expected to be weighted towards H2 -2026. Production is expected to increase in H2 -2026 due to
higher average grades in the mill feed at Houndé, following waste stripping activity in H1 -2026, and higher throughput at
both Ity and Mana, due to planned maintenance and planned development activities respectively, in H1 -2026. Similarly, due
to higher group production in H2 -2026, AISC is expected to improve in H2 -2026. Further details on individual mine guidance
has been provided in the below sections.
• Group production is expected to increase each year from FY -2027 to FY-2030 towards the Group's 1.5Moz target, while AISC
is expected to improve from FY -2027 with the completion of the current phase of stripping at Houndé, and the introduction
of higher grade ores at Sabodala-Massawa and at the low-cost Assafou project in FY-2028.
Table 6: 2026 Production Guidance1
(All amounts in koz, on a 100% basis) FY-2025 ACTUALS 2026 FULL-YEAR GUIDANCE
Houndé 257 220 — 255
Ity 319 285 — 330
Mana 173 155 — 180
Sabodala-Massawa2 274 260 — 305
Lafigué 187 170 — 195
TOTAL PRODUCTION 1,209 1,090 — 1,265
1All FY-2025 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Table 7: 2026 All-In Sustaining Cost Guidance1,2
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(All amounts in US$/oz) FY-2025 ACTUALS 2026 FULL-YEAR GUIDANCE
Houndé ~1,355 1,800 — 2,000
Ity3 ~1,195 1,300 — 1,500
Mana ~2,160 2,000 — 2,250
Sabodala-Massawa ~1,250 1,350 — 1,550
Lafigué3 ~1,250 1,600 — 1,800
Corporate G&A ~45 45
TOTAL AISC ~1,435 1,600 — 1,800
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the most recent MD&A. All FY -2025 numbers are preliminary and unaudited, and reflect
Endeavour's expected results as at the date of this press release. 2FY-2026 AISC guidance is based on an assumed average gold price of $3,000/oz and USD:EUR
foreign exchange rate of 0.87. 3An increase in Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in 2025, with the change retroactively applied
from Q1-2025. The incremental cost has been applied to other expenses for FY -2025 and will only be reflected in royalty expenses and AISC from FY -2026 and
included in the FY-2026 AISC guidance at the revised rate.
• Total mine sustaining and non -sustaining capital expenditure for FY -2026 is expected to be approximately $500.0 million,
which marks a slight increase of $34.4 million compared to FY-2025 sustaining and non-sustaining capital of $465.6 million, as
detailed in Table 8 below.
• Sustaining capital expenditure for FY -2026 is expected to be approximately $230.0 million, a slight increase of $19.6 million
compared to FY-2025 sustaining capital of $210.4 million. This is largely driven by mining fleet optimisation at Houndé and
Sabodala-Massawa, and increased waste stripping activities at Houndé, Ity and Lafigué, partially offset by lower underground
development at Mana.
• Non-sustaining capital expenditure for FY -2026 is expected to be approximately $270.0 million, a slight increase of $14.8
million compared to FY -2025 non -sustaining capital of $255.2 million. This is largely driven by the commencement of
underground mine development at Sabodala -Massawa, as well as increased spend on tailings storage facility ("TSF")
construction and processing plant upgrades at Ity and increased waste stripping activities at Lafigué. This is partially offs et by
lower non-sustaining capital at Houndé due to lower pre -stripping activity and Mana following the purchase of the outgoing
contractor's mining fleet last year.
• Growth capital expenditure for FY-2026 is currently expected to be negligible, however growth capital expenditure guidance
is expected to be updated following the publication of the Assafou Definitive Feasibility Study ("DFS") in Q1-2026.
Table 8: 2026 Capital Expenditure Guidance1
(All amounts in US$m) FY-2025 ACTUALS 2026 FULL-YEAR GUIDANCE
Houndé 37 50
Ity 33 40
Mana 88 60
Sabodala-Massawa 43 50
Lafigué 9 30
Corporate G&A 2 0
TOTAL SUSTAINING MINE CAPITAL EXPENDITURES 210 230
Houndé 95 60
Ity 23 45
Mana 18 10
Sabodala-Massawa 35 30
Sabodala-Massawa underground development 0 25
Lafigué 80 90
Non-mining 4 10
TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES 255 270
Assafou2 32 0
TOTAL GROWTH CAPITAL EXPENDITURE 32 0
TOTAL MINE CAPITAL EXPENDITURES 497 500
1All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2Assafou growth capital will be
defined on Endeavour's publication of the Assafou DFS during Q1-2026.
• Following the Q4-2025 announcement of the 2026 - 2030 Exploration Strategy to discover between 12 -15 million ounces of
Measured, Indicated and Inferred resources for a sector leading discovery cost of less than $40 per ounce, the exploration
spend is expected to increase to approximately $540.0 million over the five year period. FY -2026 Group exploration spend is
expected to be $100.0 million as detailed in Table 9 below. Exploration activities will prioritise resource additions and
conversion at the core assets as well as scoping and resource definition at greenfield properties within the existing portfol io
and within three highly fertile, geologically immature new gold provinces; the Central Asian Orogenic Belt, the West Tethyan
Metallogenic Belt and the Guiana Shield, through Endeavour's New Venture programme.
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Table 9: 2026 Exploration Guidance
(All amounts in US$m) FY-2025 ACTUALS1 2026 GUIDANCE
Houndé mine 11 10
Ity mine 19 15
Mana mine 4 5
Sabodala-Massawa mine 28 15
Lafigué mine 1 10
Assafou project 6 10
Other greenfield projects 22 35
TOTAL 91 100
1All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
• Cash tax guidance for FY -2026 is expected to amount to approximately $600.0 million to $700.0 million, of which $510.0
million to $600.0 million is related to corporate income tax, largely reflecting the increase in FY -2025 taxable earnings, and
$90.0 million to $100.0 million reflects withholding taxes expected to be paid on cash upstreamed from the operating
entities. Typically Q2 and Q3 are the highest quarters for tax payments due to the timing of income and withholding tax
payments.
Table 10: 2026 Cash Tax Guidance
(All amounts in US$m) 2026 FULL-YEAR GUIDANCE1
Corporate income tax1 510 — 600
Withholding tax2 90 — 100
TOTAL 600 700
1The income tax outlook is expected to be largely stable with g old price changes, but will fluctuate with foreign exchange movements, unforeseen tax settlements
and annual true ups. 2Withholding tax guidance is based on a gold price of $3,000/oz and will fluctuate with gold price changes.