Industria
Endeavour Reports Strong H1-2025 Results
NEWS RELEASE – LSE & TSX: EDV
All amounts in US$
ENDEAVOUR REPORTS STRONG H1-2025 RESULTS
H1 production of 647koz at AISC of $1,281/oz • H1 Free Cash Flow of $514m • Record dividend of $150m
London, 31 July 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 Q2-2025 and H1-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations
Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme . From all operations; calculated as Operating Cash Flow less Cash used in investing activities. Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.
Management will host a conference call and webcast today, 31 July 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: "Q2-2025 has been another strong quarter for Endeavour, capping an excellent first half of 2025 with 647koz of gold produced at an AISC of $1,281 per ounce; ensuring we are firmly on track to achieve our full-year guidance.
As a result of our larger portfolio, following the completion of our growth phase 12 months ago, H1-2025 production was 38% higher than the same period last year, with our all-in sustaining margin 80% higher, ensuring that we realised the full benefit of the strong gold price environment.
Over the past 12 months, we have generated $879 million of free cash flow, equivalent to over $687 for every ounce of gold we produced, or a yield of more than 17% from the start of the period. During H1, despite paying approximately 70% of our full-year’s taxes, we still generated record free cash flow of $514 million, equivalent to $794 for every ounce of gold we produced, and we are well positioned to continue delivering strong free cash flow in the second half of the year.
Underpinned by this strong free cash flow, we have maintained leverage well below our target and declared another record dividend of $150 million for H1-2025, which we have further supplemented with $69 million of share buybacks, equivalent to returns of $338 for every ounce of gold produced for the period. Since our first payments in 2021, we have returned $1.4 billion to shareholders, over 80% above our minimum commitment, and equivalent to $213 for every ounce produced over the period.
Looking ahead, the DFS for our tier 1 Assafou project is on schedule for completion by early-2026, and the permitting process is well advanced. Simultaneously, we are continuing to explore the property and expect to outline a resource update later this year, incorporating resources from satellite discoveries in close proximity to Assafou.
We are very pleased with the operational performance we have delivered from our expanded portfolio and our ability to convert that performance into cash flow. Our high-margin, long-life operations, coupled with our exciting organic growth pipeline positions us well to continue delivering against our strategic objectives .”
OPERATING SUMMARY
Table 2: Group Production
Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
Table 3: Consolidated Total Cash Costs
This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. Excludes pre-commercial costs associated with ounces from the BIOX expansion project.
Table 4: Group All-In Sustaining Costs
This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. Excludes pre-commercial costs associated with ounces from the BIOX expansion project.
Table 5: AISC Guidance Reconciliation
Reconciliation illustrates the impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q2-2025 and H1-2025 of $3,302/oz and $3,107/oz are exclusive of the impact of the revenue protection programme , respectively.
FY-2025 OUTLOOK
Table 6: FY-2025 Production Outlook
FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
Table 7: FY-2025 AISC Outlook
FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90.
Table 8: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
SHAREHOLDER RETURNS PROGRAMME
Table 9: Cumulative Shareholder Returns
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 30 June 2025, 31 March 2025, and 30 June 2024, with accompanying explanations below.
Table 10: Cash Flow and Net Debt
Free 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. From all operations; calculated as Operating Cash Flow less Cash used in investing activities. Cash and cash equivalents are net of bank overdrafts (nil at 30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $21.1 million at 30 June 2024; nil at 31 March 2024; nil at 31 December 2023). Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations. Continuing operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine.
NOTES:
Table 11: Tax Payments
Included in the “Other” category is income and withholding taxes paid by Corporate and Exploration entities.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three-month periods ended 30 June 2025, 31 March 2025, and 30 June 2024, with accompanying explanations below.
Table 12: Earnings from operations
NOTES:
SUMMARISED STATEMENT OF FINANCIAL POSITION
The following tables present the summarised statement of financial position for the Group as at 30 June 2025, 31 March 2025, and 31 December 2024, with accompanying explanations below.
Table 13: Summarised Statement of Financial Position
Table 14: Net Debt and Leverage Ratio
Net debt, Adjusted EBITDA, and cash flow per share are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report.
Last Twelve Months (“LTM”) Trailing Adjusted EBITDA includes EBITDA generated by discounted operations.
OPERATING ACTIVITIES BY MINE
Houndé Gold Mine, Burkina Faso
Table 15: Houndé Performance Indicators
Q2-2025 vs Q1-2025 Insights
H1-2025 vs H1-2024 Insights
FY-2025 Outlook
Ity Gold Mine, Côte d’Ivoire
Table 16: Ity Performance Indicators
Q2-2025 vs Q1-2025 Insights
H1-2025 vs H1-2024 Insights
FY-2025 Outlook
Mana Gold Mine, Burkina Faso
Table 17: Mana Performance Indicators
Q2-2025 vs Q1-2025 Insights
H1-2025 vs H1-2024 Insights
FY-2025 Outlook
Sabodala-Massawa Gold Mine, Senegal
Table 18: Sabodala-Massawa Performance Indicators
All-in Sustaining Cost excludes costs and ounces sold related to pre-commercial production at the Sabodala-Massawa BIOX Expansion.
Q2-2025 vs Q1-2025 Insights
H1-2025 vs H1-2024 Insights
FY-2025 Outlook
Sabodala-Massawa Technical Review
1a) BIOX throughput: targeting a 15% increase through de-bottlenecking milling, gravity and floatation circuits.
1b) BIOX recoveries: targeting long-term recovery rates of approximately 85% through increased fresh refractory ore mining coupled with increased utilisation of the floatation tails underflow and gravity circuit optimisation.
2) Increasing CIL grade - targeting +1.5g/t non-refractory ores through accelerating high grade underground development and exploration for higher-grade deposits
Lafigué Mine, Côte d’Ivoire
Table 19: Lafigué Performance Indicators
Q2-2025 vs Q1-2025 Insights
FY-2025 Outlook
Assafou Project, Côte d’Ivoire
EXPLORATION ACTIVITIES
Table 20: Quarterly Exploration Expenditure and FY-2025 Guidance
Exploration expenditures include expensed and capitalised exploration expenditures.
Houndé mine
Ity mine
Mana mine
Sabodala-Massawa mine
Lafigué mine
Assafou Project
New Ventures and greenfield Exploration
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 31 July at 8:30 am EDT / 1:30 pm BST to discuss the Company's financial results.
The conference call and webcast are scheduled at:
5:30am in Vancouver
8:30am in Toronto and New York
1:30pm in London
8:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/6m7oto5q
To download a calendar reminder for the webcast, visit the events page of our website here .
Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in via the following link:
https://register-conf.media-server.com/register/BI62853b7f56b54753b008ed8b73962be3
The conference call and webcast will be available for playback on Endeavour's website .
QUALIFIED PERSONS
Brad Rathman, Vice President - Operations of Endeavour Mining plc., a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.
CONTACT INFORMATION
ABOUT ENDEAVOUR MINING PLC
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Côte d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.
A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering meaningful value to people and society. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.
For more information, please visit www.endeavourmining.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are "forward-looking statements", including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company’s shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback programme. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", "believes", "plan", "target", "opportunities", "objective", "assume", "intention", "goal", "continue", "estimate", "potential", "strategy", "future", "aim", "may", "will", "can", "could", "would" and similar expressions.
Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licences by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics.
Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business.
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.
NON-GAAP MEASURES
Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including "all-in margin", "all-in sustaining cost", "net cash / net debt", "EBITDA", "adjusted EBITDA", "net cash / net debt to adjusted EBITDA ratio", "cash flow from continuing operations", "total cash cost per ounce", "sustaining and non-sustaining capital", "net earnings", "adjusted net earnings", "free cash flow", "operating cash flow per share", "free cash flow per share", and "return on capital employed". These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section in this press release and in the Company’s most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release.
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