ENDEAVOUR REPORTS STRONG FY-2025 RESULTS Record 2025 free cash flow of $1,156m ⚫ Record 2025 shareholder returns of $435m ⚫ >$1bn shareholder returns programme OPERATIONAL AND FINANCIAL HIGHLIGHTS
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
ENDEAVOUR REPORTS STRONG FY-2025 RESULTS Record 2025 free cash flow of $1,156m ⚫ Record 2025 shareholder returns of $435m ⚫ >$1bn shareholder returns programme
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- FY-2025 production of 1,209koz at AISC of $1,433/oz, guidance achieved for 12 out of last 13 years. Q4-2025 production
of 298koz at an AISC of $1,648/oz. FY-2026 production guidance of 1,090-1,265koz at AISC of $1,600-1,800/oz.
- Adjusted EBITDA of $2,316m for FY-2025, up +75% over FY-2024; $681m for Q4-2025.
- Adjusted net earnings of $782m (or $3.23/sh) for FY-2025, up +244% over FY-2024; $225m (or $0.93/sh) for Q4-2025.
- FCF of $1,156m ($956/oz produced) for FY-2025, up +269% over FY-2024; $476m ($1,597/oz produced) for Q4-2025.
- Net Debt reduced by $574m during FY-2025 to $158m; Net debt / Adj. EBITDA (LTM) leverage ratio of 0.07x at year end.
SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH
- Record FY-2025 shareholder returns of $435m ($360/oz produced) including dividends of $350m or $1.45/sh and share buybacks of $85m. Since 2021, over $1.6bn has been returned, 83% above the minimum commitment.
- Updated 2026-2028 programme with ~$1.0bn minimum dividend that will be supplemented with additional dividends and buybacks; total returns are expected to more than double the minimum commitment, at prevailing gold prices.
- Assafou's environmental and exploitation permits are approved and exploration success increased reserves +6% (+0.3Moz) and M&I resources +13% (+0.6Moz); DFS in Q1-2026, targeting first gold for H2-2028.
- 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz.
- Year-end M&I resources of 25.0Moz (increased 0.4Moz before depletion), down 1.1Moz or 4% due to depletion, model optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity. P&P reserves of 16.6Moz, down 1.8Moz or 10% due to depletion and model optimisation.
London, 5 March 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q4-2025 and FY-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations1 THREE MONTHS ENDED YEAR ENDED
| All amounts in US$ million unless otherwise specified | 30 September 2025 | 31 December 2024 | Δ FY-2025 vs. FY-2024 | |||
|---|---|---|---|---|---|---|
| 31 December | 31 December | 31 December | ||||
| 2025 | 2024 | 2025 | ||||
| OPERATING DATA Gold Production, koz Gold sold, koz Total Cash Cost2, $/oz All-in Sustaining Cost2, $/oz Realised Gold Price3, $/oz | 264 363 258 356 1,336 979 1,569 1,141 3,247 2,590 | 1,103 1,099 1,058 1,218 2,349 | ||||
| 298 | 1,209 | +10% | ||||
| 302 | 1,216 | +11% | ||||
| 1,448 | 1,216 | +15% | ||||
| 1,648 | 1,433 | +18% | ||||
| 3,873 | 3,244 | +38% | ||||
| CASH FLOW Operating Cash Flow before changes in working capital Operating Cash Flow before changes in working capital2, $/sh Operating Cash Flow Operating Cash Flow2, $/sh Free Cash Flow2,4 Free Cash Flow2,4, $/sh | 394 356 1.63 1.46 309 381 1.28 1.56 166 268 0.69 1.10 | 952 3.89 950 3.88 313 1.28 | ||||
| 625 | 1,907 | +100% | ||||
| 2.59 | 7.87 | +102% | ||||
| 609 | 1,664 | +75% | ||||
| 2.52 | 6.87 | +77% | ||||
| 476 | 1,156 | +269% | ||||
| 1.97 | 4.77 | +273% | ||||
| PROFITABILITY Net Earnings/(Loss) Attributable to Shareholders Net Earnings/(Loss), $/sh Adj. Net Earnings Attributable to Shareholders2 Adj. Net Earnings2, $/sh EBITDA2,5 Adj. EBITDA2,5 | 167 (119) 0.69 (0.49) 159 110 0.66 0.45 472 357 466 546 | (294) (1.20) 227 0.93 834 1,325 | ||||
| 68 | 679 | n.a. | ||||
| 0.28 | 2.80 | n.a. | ||||
| 225 | 782 | +244% | ||||
| 0.93 | 3.23 | +247% | ||||
| 471 | 2,079 | +149% | ||||
| 681 | 2,316 | +75% | ||||
| SHAREHOLDER RETURNS2 Shareholder dividends paid Share buybacks | — 140 14 8 | 240 37 | ||||
| 149 | 288 | +20% | ||||
| 3 | 85 | +130% | ||||
| FINANCIAL POSITION HIGHLIGHTS2 Net Debt Net Debt / LTM Trailing adj. EBITDA5 | 453 732 0.21x 0.55x | 732 0.55x | ||||
| 158 | 158 | (78)% | ||||
| 0.07x | 0.07x | (87)% |
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.
Management will host a conference call and webcast today, Thursday 5 March 2026, 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. Today the Management Discussion & Analysis, audited Financial Statements and Annual Report for the year ended 31 December 2025 have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available to view on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, the Company has published its 2025 Sustainability Report and associated ESG Reporting Centre, which will be available on the Company’s website.
Ian Cockerill, Chief Executive Officer, commented: “2025 was a strong year of operational performance and a record year of financial performance, as we safely achieved our strategic objectives.
We produced 1.2 million ounces of gold at an all-in sustaining cost of $1,433 per ounce, achieving our guidance, on a royalty- adjusted basis, for the twelfth time in the last thirteen years, underpinned by sustained operational excellence and our high quality portfolio.
Importantly higher gold prices combined with our strong operational performance are directly translating into increased margins and increased cash flows. We delivered record free cash flow of $1.2 billion, equivalent to $956 per ounce produced, for the year, which supported over a half a billion dollar reduction in our net debt position, as we ended the year with near-zero leverage.
We also returned $435.3 million to shareholders, which was 93% above our minimum commitment and equivalent to $360 per ounce produced. Since launching our returns program in 2021, we have returned more than $1.6 billion to shareholders, 83% above our minimum commitment. Looking ahead, our updated sector-leading shareholder returns programme targets a minimum dividend of $1.0 billion over the 2026 to 2028 period, which at prevailing gold prices we would expect to more than double, through increased supplemental dividends and share buybacks.
Simultaneously, we contributed $2.8 billion to our host economies this year as we increased our in-country procurement, supporting more than 1,200 national and local businesses. Our enhanced economic impact drives shared benefits that are visible, and continue to strengthen our social license to operate and the long-term resilience of our business.
This resilience is underpinned by our tier 1 Assafou project, where the DFS is approaching completion in Q1, and both the environmental and the exploitation permits have been approved, significantly de-risking the project timeline, which is targeting first gold in H2-2028. Our exploration programme successfully increased reserves and resources at Assafou incorporating additions at Assafou and the Pala satellite deposits, highlighting the growing scale of this tier 1 complex.
While reserves and resources were lower this year, largely reflecting mining depletion and model optimisation at Lafigué, Houndé and Sabodala-Massawa, we were delighted to add 1.5Moz of M&I discoveries at Sabodala-Massawa, Ity and Assafou, including maiden resources at the adjacent Pala Trend 3 target.
Late last year we launched our new exploration strategy to add between 12 - 15 million ounces over the 2026 to 2030 period for the low discovery cost of $40/oz. 6 - 9 million ounces of brownfield discoveries are targeted to replace production depletion while up to 6 million ounces of greenfield discoveries are targeted within West Africa and in three highly prospective and geologically immature tier 1 gold provinces, further diversifying our long-term growth pipeline.
We have entered 2026 with strong operating momentum and a healthy balance sheet, positioning us to achieve our strategic objectives and deliver sector-leading organic growth and sector-leading shareholder returns, sustainably rewarding all of our stakeholders.”
SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
- Endeavour announced a record H2-2025 dividend of $200.0 million, or approximately $0.83 per share on 29 January 2026, which will be paid on 14 April 2026 to shareholders of record on 13 March 2026. As such, the FY-2025 dividend amounted to a record of $350.0 million or approximately $1.45 per share.
- 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% (based on market capitalisation as at 31 December 2025), reiterating Endeavour's strong commitment to paying supplemental shareholder returns.
- Over the 2021 - 2025 period, Endeavour has returned $1.6 billion to shareholders in the form of dividends and share buybacks, 83% above its minimum commitment over the period, and equivalent to 38% of its market capitalisation from the start of the programme.
Table 2: Cumulative Shareholder Returns
| (All amounts in US$m) | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | |
|---|---|---|---|---|---|
| DIVIDEND | DIVIDENDS | BUYBACKS | MINIMUM COMMITMENT | ||
| RETURN | |||||
| COMMITMENT | |||||
| FY-2020 | 60 — | +60 | |||
| — | 60 | ||||
| FY-2021 2021-2023 Shareholder Returns FY-2022 Programme FY-2023 | 15 138 50 99 25 66 | +153 +149 +91 | |||
| 125 | 278 | ||||
| 150 | 299 | ||||
| 175 | 266 | ||||
| FY-2024 2024-2025 Shareholder Returns H1-2025 Programme H2-2025 (Q1-2026 dividend announcement) | 30 37 37 69 88 17 | +67 +106 +105 | |||
| 210 | 277 | ||||
| 113 | 219 | ||||
| 112 | 217 | ||||
| TOTAL | 885 | 305 | 426 | 1,616 | 731 |
2026 - 2028 Shareholder Returns Programme
- Endeavour will continue to prioritise delivering sector leading 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 opportunistic 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).
OTHER STAKEHOLDER RETURNS
Economic Contribution
Since 2021, Endeavour has now contributed $11.8 billion to its host countries and during 2025, Endeavour contributed $2.8 billion to its host countries. This economic contribution reflects the Group's integrated approach to value creation through payments to governments and prioritising national employees and suppliers. During 2025:
- $919 million was paid directly to governments through income taxes, withholding taxes, royalties, dividends and other payments to governments.
- 86% of total procurement, inclusive of major projects, was spent in-country supporting a network of more than 1,200 national and local businesses.
- Local and national talent continued to be prioritised, with West African nationals representing 95% of Endeavour’s employees and 67% of senior operational management roles.
- In addition to the total economic contribution, Endeavour committed $5.8 million toward community development initiatives, focusing on sustainable infrastructure and social programmes within its areas of operation.
Endeavour has now achieved Responsible Gold Mining Principal (“RGMP”) compliance at its four established operations and at corporate. Endeavour’s newest mine, Lafigué, has three years to achieve compliance and completed its RGMP Gap Assessment during 2025, with a roadmap to achieve compliance in 2026.
Endeavour has published its 2025 Sustainability Report (“the Report”) detailing its 2025 environmental, social and governance (“ESG”) performance, which can be found on Endeavour’s website at www.endeavourmining.com. The 2025 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (“GRI”), Sustainable Accounting Standards Board (“SASB”), Taskforce on Nature-related Financial Disclosures (“TNFD”) and Local Procurement Reporting Mechanism (“LPRM”) reporting requirements and has been externally assured against key ESG performance indicators for both GRI and SASB.
OPERATING SUMMARY
- Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.07 for the trailing twelve months ended 31 December 2025.
- 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 $1,433/oz. When adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,305/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price.
- 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.
- 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 line with the mine sequence.
Table 3: Group Production THREE MONTHS ENDED YEAR ENDED
| All amounts in koz, on a 100% basis | 31 December | 30 September 2025 | 31 December 2024 | 31 December | 31 December 2024 |
| 2025 | 2025 | ||||
| Houndé Ity Mana Sabodala-Massawa1 Lafigué | 47 | 49 | 109 | 257 | 288 |
| 74 | 77 | 84 | 319 | 343 | |
| 46 | 39 | 41 | 173 | 148 | |
| 78 | 61 | 70 | 274 | 229 | |
| 53 | 38 | 60 | 187 | 96 | |
| GROUP PRODUCTION | 298 | 264 | 363 | 1,209 | 1,103 |
1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
- Q4-2025 total cash cost amounted to $1,448/oz, an increase of $112/oz over Q3-2025 due to higher production driven operating costs and higher royalty costs related to the higher realised gold prices. This was partially offset by the higher volumes of gold sold during Q4-2025 compared to Q3-2025.
- FY-2025 total cash cost amounted to $1,216/oz, an increase of $158/oz over FY-2024, due to higher royalty costs related to higher realised gold prices, partially offset by an increase in gold sales and the addition of the low-cost Lafigué and Sabodala- Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 4: Consolidated Total Cash Costs THREE MONTHS ENDED YEAR ENDED
| (All amounts in US$/oz) | 31 December | 30 September 2025 | 31 December 2024 | 31 December | 31 December 2024 |
| 2025 | 2025 | ||||
| Houndé Ity Mana Sabodala-Massawa2 Lafigué2 | 1,707 | 1,420 922 1,142 943 1,772 1,320 1,172 1,107 1,433 748 | 1,213 | 1,121 890 1,514 1,044 774 | |
| 1,359 | 1,095 | ||||
| 1,806 | 1,653 | ||||
| 1,169 | 1,092 | ||||
| 1,419 | 1,208 | ||||
| GROUP TOTAL CASH COSTS1 | 1,448 | 1,336 | 979 | 1,216 | 1,058 |
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.
- Q4-2025 AISC of $1,648/oz increased by $79/oz over Q3-2025 AISC of $1,569/oz due to the impact of higher gold prices on royalty costs of +$69/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.
- FY-2025 AISC of $1,433/oz increased by $215/oz over FY-2024 AISC of $1,218/oz largely due to the impact of higher gold prices on royalty costs of +$81/oz, higher royalty rates in Burkina Faso contributing +$14/oz, lower grades processed at Houndé, Ity and Lafigué in line with their mine sequences, and higher sustaining capital at Mana and Sabodala-Massawa related to underground development and fleet optimisation, respectively.
Table 5: Group All-In Sustaining Costs THREE MONTHS ENDED YEAR ENDED
| All amounts in US$/oz | 31 December | 30 September 2025 | 31 December 2024 | 31 December 2025 | 31 December |
| 2025 | 2024 | ||||
| Houndé Ity Mana Sabodala-Massawa2 Lafigué2 Corporate G&A | 1,882 | 1,475 | 1,024 | 1,354 | 1,294 |
| 1,523 | 1,269 | 987 | 1,197 | 919 | |
| 2,174 | 2,377 | 1,698 | 2,160 | 1,740 | |
| 1,237 | 1,326 | 1,261 | 1,248 | 1,158 | |
| 1,476 | 1,530 801 47 41 | 1,251 | 844 45 | ||
| 46 | 45 | ||||
| GROUP ALL-IN SUSTAINING COSTS1 | 1,648 | 1,569 | 1,141 | 1,433 | 1,218 |
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.
- Q4-2025 and FY-2025 total cash costs and AISC have been impacted by higher royalty costs due to higher realised gold prices of $4,201/oz and $3,464/oz, exclusive of the impact of the revenue protection programme and inclusive of the Sabodala- Massawa gold stream, respectively. Realised gold prices were above the $2,000/oz guidance gold price assumption for FY- 2025. As a result, higher royalty costs related to gold price had an impact of $196/oz and $128/oz on the Q4-2025 and FY- 2025 total cash costs and AISC, respectively.
- FY-2025 AISC, when adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,305/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price assumption.
- 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 due to sliding scale royalties.
Table 6: AISC Guidance Reconciliation
| Q4-2025 | FY-2025 ACTUALS | FY-2025 | |
|---|---|---|---|
| ACTUALS | GUIDANCE | ||
| AISC at realised gold price of $4,227/oz for Q4-2025 and $3,486/oz for FY-2025 | |||
| 1,648 | 1,433 |
FY-2025 impact of $128/oz on AISC Additional royalty cost at realised gold price vs $2,000/oz +196 +128 due to higher gold prices driving guidance gold price1 royalty costs higher
Comparative AISC at $2,000/oz gold price 1,452 1,305 1,150 — 1,350
1The impact of higher royalty rates as a result of a higher gold prices of $4,227/oz and $3,486/oz for Q4-2025 and FY-2025, respectively, (exclusive of the impact of the revenue protection programme and the Sabodala-Massawa gold stream), versus $2,000/oz guided gold price.
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three months ended 31 December 2025, 30
explanations below.
Table 7: Cash Flow and Net Debt THREE MONTHS ENDED YEAR ENDED
| All amounts in US$ million unless otherwise specified Notes | 31 December | 30 September | 31 December 2024 | 31 December | 31 December 2024 | |
| 2025 | 2025 | |||||
| Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital5 Changes in working capital | 2025 394 356 (85) 25 | 952 (2) | ||||
| 625 | 1,907 | |||||
| (16) | (244) | |||||
| C coa nsh ng ue in ne gr a ot pe ed afr to iom so perating activities from [1] ti r n Cash generated from discontinued operations | 309 381 — — | 950 (6) | ||||
| 609 | 1,664 | |||||
| — | — | |||||
| Cash generated from operating activities [1] Cash used in investing activities [2] | 609 | 309 381 (143) (113) | 1,664 | 943 (630) | ||
| (133) | (508) | |||||
| Free Cash Flow1,2 | 476 | 166 | 268 | 1,156 | 313 | |
| Cash (used in)/generated from financing activities [3] Effect of exchange rate changes on cash | (253) | (570) (136) (6) 0 | (1,146) | (439) (7) | ||
| 5 | 59 | |||||
| INCREASE/(DECREASE) IN CASH | 229 | (410) | 132 | 69 | (133) | |
| Cash and cash equivalent position at beginning of period3 | 634 252 | 517 | ||||
| 225 | 384 | |||||
| CASH AND EQUIVALENT POSITION AT END OF | ||||||
| 453 | 225 | 384 | 453 | 384 | ||
| PERIOD3 | ||||||
| Principal amount of $500m Senior Notes Drawn portion of Lafigué Term Loan Drawn portion of Sabodala Term Loan Drawn portion of Ity Working Capital Facility Drawn portion of Revolving Credit Facility | 500 | 500 500 121 133 16 13 41 — — 470 | 500 | 500 133 13 — 470 | ||
| 111 | 111 | |||||
| — | — | |||||
| — | — | |||||
| — | — | |||||
| NET DEBT1 | [4] | 158 | 453 | 732 | 158 | 732 |
| Trailing twelve month adjusted EBITDA1,4 | 2,316 | 2,159 1,325 | 2,316 | 1,325 | ||
| Net Debt / Adjusted EBITDA (LTM) ratio1,4 | 0.07x | 0.21x | 0.55x | 0.07x | 0.55x |
1Free cash flow, net debt, and adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdraft ($nil million at 31 December 2025, $37.5m 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 $300.5 million from $308.5 million (or $1.28 per share) in Q3-2025 to $609.0 million (or $2.52 per share) in Q4-2025 due to an increase in production and gold sales at higher realised gold prices, lower working capital outflows and lower income and withholding tax payments, partially offset by a higher realised loss on gold collars, the working capital impact of incremental royalties in Côte d’Ivoire reflecting the increase in the sliding scale royalty rate from 6% to 8% and higher royalty costs due to higher realised gold prices.
Operating cash flows increased by $720.4 million from $943.3 million (or $3.88 per share) in FY-2024 to $1,663.7 million (or $6.87 per share) in FY-2025 due to higher production at higher realised gold prices, partially offset by increased working capital outflows, realised losses on gold collars and LBMA averaging, operating costs, royalties and income tax payments and the working capital impact of incremental royalties in Côte d’Ivoire reflecting the increase in the sliding scale royalty rate from 6% to 8%.
Notable variances are summarised below:
- Working capital was an outflow of $16.0 million in Q4-2025, an improvement of $69.5 million over the Q3-2025 outflow of $85.4 million. The outflow in Q4-2025 consisted of (i) an inventory outflow of $24.2 million due to a buildup of stockpile inventory at the Houndé, Ity and Lafigué mines and gold-in-circuit inventory at the Houndé, Ity, Mana, Sabodala-Massawa mines, (ii) a net receivables outflow of $14.6 million related to a build-up of VAT receivables at the Houndé, Lafigué and Mana mines and other corporate receivables related to annual Group insurance, partially offset by (iii) a trade and other payables inflow of $17.6 million related to the timing of supplier payables and contractor-
related liabilities partially offset by an outflow related to the accrual of incremental royalties in Côte d’Ivoire reflecting the increase in the sliding scale royalty rate from 6% to 8% and (iv) a prepaid expenses inflow of $5.2 million related to the timing of supplier prepayments. During Q4-2025, the Group entered into an agreement with the Burkina Faso Ministry of Finance to purchase $18.3 million of Burkina Faso Government bonds in exchange for VAT refunds at Houndé and Mana.
Working capital was an outflow of $243.7 million in FY-2025, a decrease of $241.6 million over the FY-2024 outflow of $2.1 million, largely driven by an increase in outflows related to build-up of stockpile inventory at the Houndé, Ity, Lafigué and Sabodala-Massawa mines, an increase in outflows related to trade and other receivables due to a build-up of VAT receivables at the Houndé, Ity, Mana, Sabodala-Massawa mines and an outflow related to trade and other payables related to the timing of supplier payments, partially offset by an inflow related to prepaid expenses related to the timing of supplier prepayments.
- Gold sales from continuing operations increased from 258koz in Q3-2025 to 302koz in Q4-2025 due to higher production at Sabodala-Massawa, Mana and Lafigué, partially offset by a decrease in production at Houndé and Ity. The realised gold price from continuing operations for Q4-2025 increased by $688/oz to $4,201/oz from $3,513/oz in Q3-2025. Inclusive of the Group’s Revenue Protection Programme (-$328/oz Q4-2025 impact), the realised gold price for Q4-2025 increased by $626/oz to $3,873/oz from $3,247/oz in Q3-2025.
Gold sales from continuing operations increased from 1,099koz in FY-2024 to 1,216koz in FY-2025, following higher production in FY-2025 at the Mana mine along with full-year production from the Lafigué mine and Sabodala- Massawa BIOX processing plant, partially offset by lower production at the Houndé and Ity mines. The realised gold price from continuing operations for FY-2025 increased by $1,046/oz to $3,464/oz from $2,418/oz in FY-2024. Inclusive of the Group’s Revenue Protection Programme (-$202/oz FY-2025 impact against a realised gold price of $3,464/oz in FY-2025) and LBMA gold price averaging strategy which ceased at the end of Q1-2025 (-$18/oz FY-2025 impact against a realised gold price of $3,464/oz in FY-2025), the realised gold price for FY-2025 increased by $895/oz to $3,244/oz from $2,349/oz in FY-2024.
- Total cash cost per ounce increased from $1,336/oz in Q3-2025 to $1,448/oz in Q4-2025 due to higher royalty costs (+$69/oz impact at realised gold price of $4,201/oz vs $3,513/oz in Q3-2025) related to a higher realised gold price, partially offset by higher gold sales related to higher production.
Total cash cost per ounce increased from $1,058/oz in FY-2024 to $1,216/oz in FY-2025 due to significantly higher royalty costs (+$95/oz impact at realised gold price of $3,464/oz vs $2,418/oz in FY-2024) related to the higher realised gold price, partially offset by an increase in gold sales.
- Taxes paid decreased by $44.5 million from $67.3 million in Q3-2025 to $22.8 million in Q4-2025 due to lower withholding taxes paid following cash upstreaming in the prior quarter, partially offset by higher income taxes paid at the Houndé and Mana mines related to corporate income tax instalments.
Taxes paid increased by $66.3 million from $296.0 million in FY-2024 to $362.2 million in FY-2025, in line with the guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher taxable earnings in FY-2024, while withholding tax payments also increased due to higher levels of cash upstreaming as a result of improved cash generation, partially offset by lower income tax payments at Mana and Sabodala-Massawa due to lower taxable earnings in FY-2024.
Table 8: Tax Payments
THREE MONTHS ENDED YEAR ENDED
| 31 December | 30 September | 31 December 2024 | 31 December | 31 December 2024 | |
| ($m) | |||||
| 2025 | 2025 | ||||
| Houndé Ity Mana Sabodala-Massawa Lafigué Other1 | 17.8 | 2025 15.5 11.4 39.1 2.4 2.6 2.3 — — 10.8 — (0.7) 0.8 | 73.8 | 51.1 77.7 11.1 75.6 1.0 79.5 | |
| — | 115.8 | ||||
| 4.0 | 9.5 | ||||
| — | 34.0 | ||||
| — | 36.8 | ||||
| 1.0 | 92.3 | ||||
| Total taxes paid | 22.8 | 67.3 | 16.9 | 362.2 | 296.0 |
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 $9.8 million from $142.6 million in Q3-2025 to $132.7 million in Q4- 2025 due to a decrease in non-sustaining capital spend of $14.2 million, a decrease in exploration capital spend of $5.9 million and a decrease in sustaining capital spend of $1.5 million, partially offset by an increase in growth capital spend on the Assafou DFS of $2.8 million and an increase in restricted cash outflow of $2.8 million related to reclamation bonds.
Cash flows used in investing activities decreased by $122.2 million from $630.0 million in FY-2024 to $507.8 million in FY- 2025 largely due to lower growth capital following the completion of the Lafigué and Sabodala-Massawa BIOX growth projects, which achieved commercial production in Q3-2024, partially offset by higher sustaining and non-sustaining capital.
- Sustaining capital decreased from $48.6 million in Q3-2025 to $47.1 million in Q4-2025, largely due to decreased sustaining capital expenditure at the Mana mine related to underground development and sustaining lease payments to the outgoing mining contractor that was paid in the prior quarter, at Sabodala-Massawa and at Lafigué related to lower sustaining waste stripping, partially offset by increased sustaining capital at Houndé related to the purchase of heavy mining equipment and Ity related to dewatering borehole drilling and haul road construction.
Sustaining capital increased from $126.0 million in FY-2024 to $210.3 million in FY-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 accelerated 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.
- Non-sustaining capital decreased from $83.3 million in Q3-2025 to $69.1 million in Q4-2025 largely due to a decrease in waste stripping at Lafigué and Ity and the purchase of outgoing contractor fleet at Mana in the prior quarter, partially offset by higher waste stripping and TSF expenditure at Houndé and waste stripping at Sabodala-Massawa. Non-sustaining capital increased from $224.9 million in FY-2024 to $255.3 million in FY-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 Houndé mine related to waste stripping, partially offset by a decrease in waste stripping at the Ity and Sabodala-Massawa mines and the reclassification of underground development at the Mana mine as sustaining capital following the achievement of commercial stoping production across all of the underground portals.
- Growth capital increased from $6.8 million in Q3-2025 to $9.7 million in Q4-2025. Growth capital expenditure in Q4- 2025 was related to the definitive feasibility study, advanced grade control drilling and sterilisation drilling at the Assafou project.
Growth capital decreased from $251.5 million in FY-2024 to $32.4 million in FY-2025 following the completion of the Sabodala-Massawa BIOX expansion and Lafigué growth projects, which both achieved commercial production in Q3- 2024. Growth capital expenditure in FY-2025 was related to the definitive feasibility study and drilling expenditure at the Assafou project.
3) Cash flows used in financing activities decreased by $317.2 million from $569.9 million in Q3-2025 to $252.7 million in Q4-2025 and included shareholder dividend payments of $148.9 million, net debt repayments of $67.5 million, payments of financing fees of $22.7 million, $7.5 million repayment of lease liabilities, share buybacks of $3.4 million and $2.6 million in interest payments.
Cash flows used in financing activities increased by $706.7 million from $439.1 million in FY-2024 to $1,145.8 million in FY- 2025 and included net debt repayments of $526.5 million, shareholder dividend payments of $288.2 million, $119.1 million in payments to minority shareholders, $88.8 million in payments of financing fees, $87.4 million in share buybacks, $32.6 million repayment of lease liabilities, $1.7 million in repurchase of tracker shares and $1.5 million in interest payments.
4) Endeavour’s net debt position improved by $295.7 million, from $453.2 million at the end of Q3-2025 to $157.5 million at the end of Q4-2025, while the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.21x at the end of Q3- 2025 to 0.07x at the end of Q4-2025, remaining well below the Groups through-the-cycle leverage target of 0.50x.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three months ended 31 December 2025, 30
Table 9: Earnings from operations THREE MONTHS ENDED YEAR ENDED
| All amounts in US$ million unless otherwise specified Notes | 31 December | 30 September | 31 December 2024 | 31 December | 31 December 2024 | |
| 2025 | 2025 | |||||
| Revenue [5] Operating expenses [6] Depreciation and depletion [6] Royalties [7] | 1,274 | 2025 910 941 (281) (294) (134) (226) (70) (64) | 4,234 | 2,676 (1,007) (609) (191) | ||
| (341) | (1,180) | |||||
| (174) | (634) | |||||
| (103) | (327) | |||||
| Earnings from mine operations | 655 | 425 | 357 | 2,093 | 869 | |
| Corporate costs [8] Impairment of mining interests and goodwill [9] Share-based compensation [10] Other expense [11] Credit loss and impairment of financial assets [12] Exploration and evaluation costs [13] | (13) | (11) (14) — (200) (9) (9) (10) (9) (2) (22) (6) (5) | (53) | (47) (200) (21) (62) (151) (19) | ||
| (193) | (193) | |||||
| (28) | (65) | |||||
| (44) | (88) | |||||
| (7) | (23) | |||||
| (10) | (33) | |||||
| Earnings from operations | 359 | 386 | 98 | 1,638 | 368 | |
| (Loss)/gain on financial instruments [14] Finance costs | (62) | (49) 34 (26) (33) | (193) | (143) (111) | ||
| (24) | (102) | |||||
| Earnings before taxes | 273 | 311 | 99 | 1,343 | 114 | |
| Current income tax expense [15] Deferred income tax recovery/(expense) [15] Net loss from discontinued operations | (204) | (83) (109) (26) (93) — — | (609) | (353) 4 (6) | ||
| 53 | 154 | |||||
| — | — | |||||
| Net comprehensive earnings/(loss) from | [16] | |||||
| 122 | 202 | (103) | 889 | (241) | ||
| operations | ||||||
| Add-back adjustments [17] | 170 | (3) 235 | 112 | 541 | ||
| Adjusted net earnings from operations | 293 | 199 | 132 | 1,001 | 300 | |
| Portion attributable to non-controlling interests [18] | 68 | 40 22 | 219 | 73 | ||
| Adjusted net earnings from operations | [19] | |||||
| 225 | 159 | 110 | 782 | 227 | ||
| attributable to shareholders of the Company | ||||||
| Adjusted net earnings per share from continuing operations | 0.66 0.45 | 0.93 | ||||
| 0.93 | 3.23 |
NOTES:
5) Revenue increased by $363.8 million from $910.1 million in Q3-2025 to $1,273.8 million in Q4-2025 due to higher volumes of gold sold and an increase in the realised gold price from $3,513/oz in Q3-2025 to $4,201/oz in Q4-2025, exclusive of the Company’s Revenue Protection Programme.
Revenue increased by $1,558.0 million from $2,675.9 million in FY-2024 to $4,233.9 million in FY-2025 due to higher volumes of gold sold and an increase in the realised gold price from $2,418/oz in FY-2024 to $3,464/oz in FY-2025, exclusive of the Company’s Revenue Protection Programme.
6) Operating expenses increased by $60.8 million from $280.6 million in Q3-2025 to $341.4 million in Q4-2025, largely due to higher production and a lower build-up of stockpile at Lafigué and Ity, partially offset by a drawdown of stockpile at Houndé and Mana. Depreciation and depletion increased by $39.8 million from $134.4 million in Q3-2025 to $174.2 million in Q4-2025 due to higher quarterly production.
Operating expenses increased by $172.5 million from $1,007.4 million in FY-2024 to $1,179.9 million in FY-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 Houndé due to higher volumes mined. Depreciation and depletion increased by $24.6 million from $609.3 million in FY-2024 to $633.9 million in FY-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 Mana.
7) Royalties increased by $32.7 million from $70.3 million in Q3-2025 to $103.0 million in Q4-2025 due to higher volumes of gold sold at a higher realised gold price.
Royalties increased by $136.1 million from $190.5 million in FY-2024 to $326.6 million in FY-2025 due to higher gold sales volumes at a higher realised gold price and the impact of the additional 1.0% Government royalty applicable on ounces produced from the Massawa exploitation permit at the Sabodala-Massawa mine, that became effective following the expiry of its payment holiday.
8) Corporate costs increased by $1.8 million from $11.4 million in Q3-2025 to $13.3 million in Q4-2025 due to an increase related to year-end bonus accruals and an increase in professional service costs.
Corporate costs increased from $47.3 million in FY-2024 to $52.7 million in FY-2025 due to increased employee compensation costs following the start of commercial production at the Lafigué and Sabodala-Massawa BIOX growth projects in Q3-2024.
9) Impairment of mining interests and goodwill of $193.4 million for Q4-2025 is primarily related to an impairment of $139.7 million recognised at the Bantou exploration property, which is not expected to meet Endeavour’s investment criteria due to the limited size of the deposit, and an impairment of $31.8 million recognised at the Nabanga exploration property where limited work has been undertaken due to the elevated security risk in the east of Burkina Faso. An additional impairment of $10.5 million was recognised at the Kokoi, Bagnima, Kiere, Wakui and Mou exploration properties within Burkina Faso with no planned near-term activities and no intention of license renewal. The Group recognised an additional impairment of $9.5 million on the Kalana property, reflecting the ongoing operating environment in Mali and ongoing study work which contemplates a smaller-scale operation.
Impairment of mining interests and goodwill decreased by $6.2 million from $199.5 million in FY-2024 to $193.4 million in FY-2025. The FY-2024 impairment of mining interests and goodwill primarily related to $133.1 million impairment of the Kalana property reflecting the operating environment in Mali and study work which justified a smaller-scale operation. An additional impairment of mining interests in FY-2024 related to exploration properties, including the Golden Hill permit.
10) Shared-based compensation increased by $18.9 million from $9.5 million in Q3-2025 to $28.4 million in Q4-2025 reflecting the strong share price performance and total shareholder returns and Group performance against long-term incentive plan objectives resulting in a positive multiplier on performance share units.
Share-based compensation increased by $43.3 million from $21.4 million in FY-2024 to $64.7 million in FY-2025 reflecting the strong share price performance and total shareholder returns and Group performance against long-term incentive plan objectives resulting in a positive multiplier on performance share units.
11) Other expenses increased by $34.0 million from $10.4 million in Q3-2025 to $44.4 million in Q4-2025. For Q4-2025, other expenses included $37.2 million primarily related to the accrual of the incremental Côte d’Ivoire royalty costs related to the increase in sliding scale royalty rates from 6% to 8%, $3.6 million in legal fees related to local level arbitrations, $2.3 million in acquisition and restructuring costs, $0.8 million in community contributions and a $0.4 million loss on disposal of assets.
Other expenses increased by $25.8 million from $62.5 million in FY-2024 to $88.3 million in FY-2025. For FY-2025, other expenses included $46.6 million primarily related to the accrual of the incremental Côte d’Ivoire royalty costs related to the increase in sliding scale royalty rates from 6% to 8%, $22.8 million in acquisition and restructuring costs inclusive of early dismissal costs of an underground mining contractor at Mana, $14.6 million in legal fees related to local level arbitrations, $2.5 million in community contributions, $0.9 million loss on disposal of assets and $0.9 million related to disturbance costs.
12) Credit loss and impairment of financial assets increased by $5.5 million from $1.7 million in Q3-2025 to $7.2 million in Q4- 2025. For Q4-2025, the charge is primarily related to a $5.3 million impairment on Burkina Faso VAT deemed nonrecoverable and a $1.9 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso.
Credit loss and impairment of financial assets improved by $127.8 million from $151.0 million in FY-2024 to $23.2 million in FY-2025. For FY-2025, the charge is primarily related to $12.7 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso and $10.5 million impairment on Burkina Faso VAT deemed non-recoverable.
13) Exploration costs increased by $4.2 million from $5.5 million in Q3-2025 to $9.7 million in Q4-2025 as drilling activity increased following the completion of the wet season and analysis and interpretation work continued in preparation for the 2026 exploration programmes.
Exploration costs increased by $13.5 million from $19.2 million in FY-2024 to $32.7 million in FY-2025 due to increased exploration spend at the Ity mine and greenfield projects.
14) The gain/loss on financial instruments increased by $12.8 million from a loss of $48.9 million in Q3-2025 to a loss of $61.7 million in Q4-2025. The loss on financial instruments in Q4-2025 included a realised loss of $96.9 million in relation to the settlement of 50koz of gold collars, a loss on foreign exchange of $38.8 million on movements between the Euro and US dollar on the Q4-2024 income taxes payable balance and a fair value loss on net smelter royalties of $14.0 million, partially offset by an unrealised gain of $73.9 million in relation to gold collars, a gain on marketable securities of $12.2 million and a $2.3 million gain on other financial instruments.
The loss on financial instruments increased by $50.6 million from a loss of $142.7 million in FY-2024 to a loss of $193.3 million in FY-2025. The loss on financial instruments in FY-2025 included a realised loss of $182.4 million in relation to gold collars, a realised loss of $22.0 million in relation to the Group’s LBMA averaging programme which was stopped at the end of Q1-2025, a fair value loss on net smelter royalties of $7.6 million and a $2.4 million loss on foreign exchange movements between the Euro and US dollar, partially offset by a gain of $18.4 million on marketable securities, a $1.8 million gain on the early redemption of senior notes related to the bond refinancing during Q2-2025 and a $0.9 million gain on other financial instruments.
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.
- In Q4-2025, approximately 50koz were delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz. The realised loss for the quarter was $96.9 million at a settlement price of $4,337/oz.
- The Revenue Protection Programme concluded at the end of Q4-2025 and the Group is now fully unhedged.
15) Current income tax expense increased by $120.5 million from $83.4 million in Q3-2025 to $203.8 million in Q4-2025, largely due to an increase in taxable earnings driven by higher production at higher realised gold prices.
Current income tax expense increased by $255.7 million from $352.9 million in FY-2024 to $608.6 million in FY-2025 due to an increase in taxable earnings, an increase in withholding taxes at the operating subsidiaries and the commencement of operations at the Lafigué mine and the Sabodala-Massawa BIOX plant following the achievement of commercial production in Q3-2024.
Deferred tax increased by $78.9 million from a deferred tax expense of $26.0 million in Q3-2025 to a deferred tax recovery of $52.9 million in Q4-2025, largely due to a decrease in the mineral interest deferred tax liability related to the impairment of exploration properties.
Deferred tax recovery increased by $150.0 million from $4.4 million in FY-2024 to $154.4 million in FY-2025, largely due to a $126.4 million effect on foreign exchange.
16) Net comprehensive earnings from continuing operations decreased by $79.1 million from $201.6 million in Q3-2025 to $122.5 million in Q4-2025. The decrease is driven by an increase in operating expenses and depreciation and depletion due to higher production, higher royalties due to the higher realised gold price an increase in other expenses, an increase in impairment of mining interests and an increase in the realised loss on financial statements, partially offset by an increase in revenue due to an increase in production at a higher realised gold price.
Net comprehensive earnings from continuing operations improved by $1,123.7 million from net comprehensive loss of $234.6 million in FY-2024 to net comprehensive earnings of $889.1 million in FY-2025. The increase in earnings was largely driven by an increase in gold volumes sold at a higher realised gold price and a decreased impairment of mineral interests, partially offset by an increase in operating costs, an increase in income tax expense, higher royalty costs and an increase in depreciation and depletion.
17) For Q4-2025, adjustments included an impairment charge on mineral interests of $193.4 million, other expenses of $44.4 million and a credit loss of $7.2 million related to a credit loss adjustment against VAT balances, partially offset by an unrealised gain on financial instruments of $37.3 million largely related to the unrealised gain on gold collars and noncash tax adjustments of $37.3 million related to the reversal of the deferred tax charge on exploration impairment charges.
For FY-2025, adjustments included an impairment charge of $193.4 million, other expenses of $88.3 million and a credit loss of $23.2 million related to a credit loss adjustment against VAT balances, partially offset by non-cash tax adjustments $118.2 million largely related to the reversal of the deferred tax charge on exploration impairment and foreign exchange movements on the deferred tax balance and an unrealised gain on financial instruments of $74.9 million largely related to the unrealised gain on gold collars.
18) Net earnings attributable to non-controlling interests increased by $27.5 million, from $40.4 million in Q3-2025 to $67.9 million in Q4-2025 higher quarterly production and gold sales at a higher realised gold price, partially offset by a higher realised loss on financial instruments related to gold collars and higher royalty costs due to the higher realised gold price. Net earnings attributable to non-controlling interests increased by $145.9 million, from $73.1 million in FY-2024 to $219.0 million in FY-2025 due to higher production and gold sales at a higher realised gold price, partially offset by a higher realised loss on financial instruments related to the gold collars and LBMA averaging programme and higher royalty costs due to the higher realised gold price.
19) Adjusted net earnings attributable to shareholders increased by $66.4 million from $158.6 million (or $0.66 per share) in Q3-2025 to $225.0 million (or $0.93 per share) in Q4-2025 due to higher gold sales at a higher realised gold price, partially offset by higher royalty cost and income tax expense.
Adjusted net earnings attributable to shareholders from continuing operations increased by $554.6 million from $227.3 million (or $0.93 per share) in FY-2024 to $781.9 million (or $3.23 per share) in FY-2025 due to higher gold sales at a higher realised gold price, partially offset by higher royalty cost and income tax expense.
SUMMARISED STATEMENT OF FINANCIAL POSITION
The following tables present the summarised statement of financial position for the Group as at 31 December 2025, 30 September 2025, and 31 December 2024, with accompanying explanations below.
Table 10: Summarised Statement of Financial Position
| Notes | As at 31 | As at 30 September 2025 | As at 31 December 2024 | |
|---|---|---|---|---|
| ($m) | December | |||
| 2025 | ||||
| ASSETS Cash and cash equivalents Other current assets [20] | 262 397 670 568 | |||
| 453 | ||||
| 704 | ||||
| Total current assets Mining interests [21] Other long-term assets [22] | 1,157 | 932 965 3,985 3,981 643 568 | ||
| 3,744 | ||||
| 706 | ||||
| TOTAL ASSETS | 5,607 | 5,559 | 5,513 | |
| LIABILITIES Other current liabilities [23] Current portion of debt Overdraft facility Income taxes payable [24] | 540 544 101 51 38 13 281 214 | |||
| 504 | ||||
| 42 | ||||
| — | ||||
| 496 | ||||
| Total current liabilities Non-current portion of debt [25] Environmental rehabilitation provision Other long-term liabilities Deferred income taxes | 1,043 | 960 822 572 1,060 139 120 106 60 357 460 | ||
| 555 | ||||
| 148 | ||||
| 96 | ||||
| 347 | ||||
| TOTAL LIABILITIES | 2,189 | 2,135 | 2,521 | |
| TOTAL EQUITY | 3,418 | 3,424 | 2,993 | |
| TOTAL EQUITY AND LIABILITIES | 5,607 | 5,559 | 5,513 |
20) Other current assets at the end of Q4-2025 consisted of $430.6 million of current inventories, $181.3 million of trade and other receivables, $45.1 million of prepaid expenses and other and $46.9 million of other financial assets.
- The current portion of inventories increased by $9.0 million from $421.6 million at the end of Q3-2025 to $430.6 million at the end of Q4-2025, largely due to an increase in gold-in-circuit inventory at the Houndé, Ity, Mana and Sabodala-Massawa mines.
- Trade and other receivables increased by $21.8 million from $159.6 million at the end of Q3-2025 to $181.3 million at the end of Q4-2025, with the increase in VAT receivables at the Houndé and Mana mines due to delays in VAT recovery and at the Lafigué mine as the VAT recovery process was only initiated during Q3-2025 following the start of commercial production in Q3-2024.
- Prepaid expenses and other decreased by $13.5 million from $58.5 million at the end of Q3-2025 to $45.1 million at the end of Q4-2025 due to the timing of supplier prepayments.
- Other financial assets increased by $17.0 million from $29.8 million at the end of Q3-2025 to $46.9 million at the end of Q4-2025, largely due to an increase in marketable securities, partially offset by a decrease in net smelter royalties.
21) Mining interests decreased by $240.9 million from $3,984.6 million at the end of Q3-2025 to $3,743.7 million at the end of Q4-2025 primarily due to the impairment of exploration properties as outlined within note 9 within earnings from continuing operations above. Capital additions of $606.4 million was offset by the depreciation charge of $650.2 million.
22) Other long-term assets increased by $63.1 million from $642.7 million at the end of Q3-2025 to $705.9 million at the end of Q4-2025 due to an increase in other financial assets, which includes restricted cash and marketable securities.
23) Other current liabilities decreased by $36.2 million from $540.4 million at the end of Q3-2025 to $504.3 million at the end of Q4-2025 due to a $66.2 million decrease in current portion of derivative financial liabilities related to the Group’s revenue protection programme, partially offset by a $28.6 million increase in trade and other payables reflecting the increase in Côte d’Ivoire royalty payments that were paid subsequent to year-end.
24) Income taxes payable increased by $214.9 million from $281.2 million at the end of Q3-2025 to $496.2 million at the end of Q4-2025 due to the timing of corporate income tax and withholding tax payments at the operations.
Income taxes payable increased by $282.6 million from $213.6 million at 31 December 2024 to $496.2 million at 31 December 2025 due to increased taxable earnings during FY-2025 driven by an increase in production at higher realise gold prices.