Industria
Endeavour Reports Strong Q3-2025 Results
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
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 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, 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 facility.
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.”
SHAREHOLDER RETURNS PROGRAMME
Table 2: Cumulative Shareholder Returns
Q3-2025 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
Table 3: Group Production
Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
Table 4: 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 and the Lafigué mine.
Table 5: 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 and the Lafigué mine.
Table 6: AISC Guidance Reconciliation
The 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. Indicative AISC normalising realised AISC for the impact of the higher gold prices on royalty costs.
FY-2025 OUTLOOK
Table 7: FY-2025 Production Outlook
FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala -Massawa technical review.
Table 8: FY-2025 AISC Outlook
FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. Indicative AISC normalising realised AISC for the impact of the higher gold prices ($+103/oz YTD-2025) on royalty costs.
Table 9: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
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
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 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). 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:
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:
Table 11: Tax Payments
Included 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.
3) Cash flows used in financing activities increased by $313.5 million from $256.4 million in Q2-2025 to $569.9 million in Q3-2025 largely due to the net repayment of $424.4 million on the Group’s outstanding debt, including a full repayment of the drawn portion of the revolving credit facility leaving it fully undrawn at the end of the period, a $91.5 million increase in payments to minority shareholders due to the timing of local Board approvals and a $3.1 million increase in repayment of leases, partially offset by $24.2 million lower financing fees as a result of the undrawn RCF balance and a $12.9 million decrease in purchases of shares through the Group’s share buyback programme, which decreased due to the Group’s strong liquidity and share price performance through the quarter.
Cash flows used in financing activities increased by $590.0 million from $303.1 million in YTD-2024 to $893.1 million in YTD-2025 largely due to a net outflow of $459.0 million on the Group’s revolving credit facility, a $51.5 million increase in purchases of shares through the Group’s share buyback programme, a $39.3 million increase related to the payment of the H2-2024 shareholder dividend, a $17.0 million increase in financing fees, a $8.0 million increase related to the repayment of leases and a $2.5 million increase in payments to minority shareholders, partially offset by a $1.1 million decrease in interest paid.
4) Endeavour’s net debt position improved by $15.9 million, from $469.2 million at the end of Q2-2025 to $453.2 million at the end of Q3-2025, while the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.23x at the end of Q2-2025 to 0.21x at the end of Q3-2025, remaining well below the Groups through-the-cycle leverage target of 0.50x. Endeavour’s liquidity remained strong at $924.7 million, consisting of $224.7 million million of cash and cash equivalents, net of the $37.5 million overdraft facility, and $700.0 million available through the Company’s revolving credit facility.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings 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.
Table 12: Earnings from operations
NOTES:
5) Revenue decreased by $98.1 million from $1,008.2 million in Q2-2025 to $910.1 million in Q3-2025 due to lower volumes of gold sold, partially offset by an increase in the realised gold price from $3,302/oz in Q2-2025 to $3,513/oz in Q3-2025, exclusive of the Company’s Revenue Protection Programme.
Revenue increased by $1,224.6 million from $1,735.4 million in YTD-2024 to $2,960.0 million in YTD-2025 due to an increase in the realised gold price from $2,321/oz in YTD-2024 to $3,221/oz in YTD-2025, exclusive of the Company’s Revenue Protection Programme, and higher volumes of gold sold.
6) Operating expenses decreased by $18.3 million from $298.9 million in Q2-2025 to $280.6 million in Q3-2025, largely due to lower production and a build-up of stockpile at Lafigué and Ity. Depreciation and depletion decreased by $16.3 million from $150.7 million in Q2-2025 to $134.4 million in Q3-2025 due to lower quarterly production.
Operating expenses increased by $125.0 million from $713.5 million in YTD-2024 to $838.5 million in YTD-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, and increased mining costs at Mana due to increased self generated power consumption and at Ity due to higher volumes of harder, fresh ore mined. Depreciation and depletion increased by $76.0 million from $383.7 million in YTD-2024 to $459.7 million in YTD-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, as well as higher levels of production at the Houndé and Mana mines.
7) Royalties decreased by $7.3 million from $77.6 million in Q2-2025 to $70.3 million in Q3-2025 due to lower volumes of gold sold, partially offset by the higher realised gold price during the quarter.
Royalties increased by $97.5 million from $126.2 million in YTD-2024 to $223.7 million in YTD-2025 due to higher gold sales volumes at a higher realised gold price and the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit at the Sabadola-Massawa mine, that became effective following the expiry of its payment holiday.
8) Corporate costs decreased by $2.1 million from $13.5 million in Q2-2025 to $11.4 million in Q3-2025 due to a $1.3 million decrease in professional services and a $0.8 million decrease in general office expenses.
Corporate costs increased from $33.3 million in YTD-2024 to $39.4 million in YTD-2025 due to increased employee compensation costs related to the start of commercial production at the growth projects in Q3-2024.
9) Other expenses decreased by $4.1 million from $14.5 million in Q2-2025 to $10.4 million in Q3-2025. For Q3-2025, other expenses included $6.0 million in tax claims, $2.4 million in legal fees, $1.1 million in community contributions, $0.5 million in disturbance costs at Houndé, $0.3 million in acquisition and restructuring costs and a $0.1 million loss on disposal of assets.
10) Credit loss and impairment of financial assets decreased by $5.9 million from $7.6 million in Q2-2025 to $1.7 million in Q3-2025. For Q3-2025, the charge is primarily related to a $1.7 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso.
11) Exploration costs decreased from $8.8 million in Q2-2025 to $5.5 million in Q3-2025 as drilling activity decreased due to the wet season, with a greater focus on analysis and interpretation of drilling results during the quarter.
Exploration costs increased by $9.0 million from $14.0 million in YTD-2024 to $23.0 million in YTD-2025 due to increased exploration spend at the Ity and Sabodala-Massawa mines and the Assafou deposit.
12) The gain/loss on financial instruments decreased by $66.4 million from a gain of $17.5 million in Q2-2025 to a loss of $48.9 million in Q3-2025. The loss on financial instruments in Q3-2025 included a realised loss of $68.5 million in relation to the settlement of 50koz of gold collars, a loss of $3.6 million on foreign exchange movements between the Euro and US dollar and a loss of $2.2 million on other financial instruments, partially offset by an unrealised gain of $20.1 million in relation to the 50koz of outstanding gold collars expected to be settled at the end of Q4-2025, an unrealised gain of $3.6 million on net smelter royalties and a gain of $1.4 million on the early redemption of the Group’s senior notes in Q2-2025.
The loss on financial instruments improved by $44.7 million from a loss of $176.3 million in YTD-2024 to a loss of $131.6 million in YTD-2025. The loss on financial instruments in YTD-2025 included a realised loss of $147.3 million in relation to gold collars, a realised loss of $22.0 million in relation to the Group’s LBMA averaging programme which is no longer effective, and an unrealised loss of $12.2 million in relation to gold collars, partially offset by a gain on foreign exchange of $36.4 million on movements between the Euro and US dollar, a gain on net smelter royalties of $6.3 million, a gain on marketable securities of $6.2 million and a gain of $2.3 million on the early redemption of the Group’s senior notes in Q2-2025.
As previously disclosed, in order to increase cash flow visibility during its construction and de-leveraging phases, Endeavour entered into a Revenue Protection Programme, using a combination of zero premium gold collars and forward sales contracts, to cover a portion of its 2025 production.
13) Current income tax expense decreased by $117.1 million from $200.5 million in Q2-2025 to $83.4 million in Q3-2025, largely due to a decrease in current corporate income taxes driven by lower taxable profits and lower withholding taxes recognised due to the timing of local board approvals for cash upstreaming.
Current income tax expense increased by $161.0 million from $243.7 million in YTD-2024 to $404.7 million in YTD-2025 due to an increase in current income taxes driven by higher taxable profits, an increase in withholding taxes at operating subsidiaries and the commencement of operations at the Lafigué mine following the achievement of commercial production in Q3-2024.
Deferred tax expense decreased by $155.3 million from a deferred tax recovery of $129.3 million in Q2-2025 to a deferred tax expense of $26.0 million in Q3-2025, largely due to the movement in foreign exchange on the West African CFA denominated opening deferred tax balance, from a gain on foreign exchange in Q2-2025 to a loss on foreign exchange during Q3-2025, and the accrual of FY-2025 withholding taxes.
Deferred tax recovery increased by $3.9 million from $97.6 million in YTD-2024 to $101.5 million in YTD-2025, largely due to a gain on foreign exchange, partially offset by increased withholding taxes recognised in relation to increased levels of cash upstreamed in relation to FY-2025 profits.
14) Net comprehensive earnings from continuing operations decreased by $141.2 million from $342.8 million in Q2-2025 to $201.6 million in Q3-2025. The decrease in earnings was largely driven by an increased loss on financial instruments of $48.9 million, an increase in net income tax expense of $38.2 million due to the increased deferred tax expense, partially offset by a decrease in operating expenses, depreciation and depletion and royalty costs due to lower volumes of gold sold.
Net comprehensive earnings from continuing operations improved by $897.9 million from net comprehensive loss of $131.3 million in YTD-2024 to net comprehensive earnings of $766.6 million in YTD-2025. The increase in earnings was largely driven by an increase in gold volumes sold at a higher realised gold price and a decreased loss on financial instruments, partially offset by an increase in operating costs, an increase in income tax expense, higher royalty costs and an increase in depreciation and depletion.
15) For Q3-2025, adjustments included an unrealised gain on financial instruments of $19.6 million largely related to the unrealised gain on gold collars, partially offset by other expenses of $10.4 million primarily related to indirect tax claims and legal costs, non-cash tax adjustments of $4.9 million related to foreign exchange on deferred tax and a credit loss of $1.7 million related to a credit loss adjustment against VAT balances.
16) Net earnings attributable to non-controlling interests decreased by $23.5 million, from $63.9 million in Q2-2025 to $40.4 million in Q3-2025 due to the decrease in net comprehensive earnings.
17) Adjusted net earnings attributable to shareholders decreased by $20.1 million from $178.6 million (or $0.74 per share) in Q2-2025 to $158.6 million (or $0.66 per share) in Q3-2025 due to lower gold sales, partially offset by lower operating costs and lower corporate income and withholding tax expenses.
Adjusted net earnings attributable to shareholders for continuing operations increased by $439.0 million from $117.4 million (or $0.48 per share) in YTD-2024 to $556.4 million (or $2.29 per share) in YTD-2025 due to higher production and higher operating margins, aided by a higher realised gold price during the period.
OPERATING ACTIVITIES BY MINE
Ity Gold Mine, Côte d’Ivoire
Table 13: Ity Performance Indicators
Q3-2025 vs Q2-2025 Insights
YTD-2025 vs YTD-2024 Insights
FY-2025 Outlook
Houndé Gold Mine, Burkina Faso
Table 14: Houndé Performance Indicators
Q3-2025 vs Q2-2025 Insights
YTD-2025 vs YTD-2024 Insights
FY-2025 Outlook
Mana Gold Mine, Burkina Faso
Table 15: Mana Performance Indicators
Q3-2025 vs Q2-2025 Insights
YTD-2025 vs YTD-2024 Insights
FY-2025 Outlook
Sabodala-Massawa Gold Mine, Senegal
Table 16: Sabodala-Massawa Performance Indicators
All-in Sustaining Cost excludes costs and ounces sold related to pre-commercial production at the Sabodala -Massawa BIOX Expansion.
Q3-2025 vs Q2-2025 Insights
YTD-2025 vs YTD-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. BIOX recoveries have improved from 58.5% in Q2-2024 to 82.3% in Q3-2025, largely reflecting the advance of ore mining activities in the Massawa Central Zone pit, into more than 80.0% fresh ore, resulting in improved floatation recoveries and significantly improved overall recoveries. Optimisation of the tailings underflow coupled with optimisation of the gravity circuit are expected to continue improving gold recoveries towards the 85% target. Simultaneously, extensive metallurgical testing is underway on the transitional and fresh ore at the high grade Massawa North Zone refractory ore deposit and stockpile, to ensure that the ore can be incorporated into the blend without materially impacting overall recoveries.
2) Increasing CIL grade through accelerating high grade underground development and exploration for higher-grade deposits.
Lafigué Mine, Côte d’Ivoire
Table 17: Lafigué Performance Indicators
All-in Sustaining Cost excludes costs and ounces sold related to pre-commercial production at the Lafigué mine.
Q3-2025 vs Q2-2025 Insights
YTD-2025 vs YTD-2024 Insights
FY-2025 Outlook
Assafou Project, Côte d’Ivoire
EXPLORATION ACTIVITIES
Table 18: 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 13 November at 8:30 am EDT / 1:30 pm GMT 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
9:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/2hejifia/
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/BIeee189322c3b4c4fad274838fc4af777
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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