ENDEAVOUR ACHIEVES GUIDANCE & DECLARES RECORD H2-2025 DIVIDEND FY-2025 production of 1,209koz at AISC of ~1,435/oz ⚫ H2-2025 dividend
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
ENDEAVOUR ACHIEVES GUIDANCE & DECLARES RECORD H2-2025 DIVIDEND
FY-2025 production of 1,209koz at AISC of ~1,435/oz ⚫ H2-2025 dividend of $200m ⚫ >$1bn shareholder returns programme
OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations)
- FY-2025 production of 1,209koz, in the top-half of guidance at an AISC of ~$1,435/oz, within guidance when adjusted for
+$128/oz higher royalty costs related to higher gold prices.
- Q4-2025 production of 298koz increased by 35koz or 13% over Q3-2025, while AISC of ~$1,650/oz increased by ~$81/oz or 5% over Q3-2025, largely due to +$45/oz higher royalty costs related to higher gold prices.
- Top-ten global gold producer with FY-2026 production guidance of 1,090-1,265koz, at AISC of $1,600-1,800/oz; reflecting
increased gold prices, royalties, stockpile drawdown and phased stripping at Houndé and Lafigué.
- Strong free cash flow generation saw FY-2025 net debt reduced by $574m, ending the year with $157m and near-zero
leverage. Gross debt reduced by $518m, ending the year with $611m gross debt and $1,153m of available liquidity. DELIVERING SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH
- Record H2-2025 dividend of $200m or $0.83/sh announced, bringing FY-2025 dividends to $350m or $1.45/sh;
supplemented with $85m of share buybacks for record total returns of $435m, equivalent to $360/oz produced.
- Since 2021, over $1.6bn has been returned to shareholders, which is 83% above the minimum commitment;
supplemental returns are expected to increase over the 2026-2028 period, at prevailing gold prices.
- 2026-2028 ~$1.0bn minimum dividend commitment that will be supplemented with additional dividends and share buybacks, which could increase total returns to more than double the minimum commitment, at prevailing gold prices.
- Assafou's environmental permit has been approved while the exploitation permit approval and the DFS completion are expected in Q1-2026; first gold production on track for H2-2028.
- 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz, including up to three new projects in West Africa and in three new, highly fertile, geologically immature jurisdictions.
London, 29 January 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the "Company") is pleased to announce its unaudited preliminary financial and operating results for the fourth quarter and full year 2025, with highlights provided in Table 1 below.
Table 1: Preliminary Financial and Operating Results Highlights1,2 THREE MONTHS ENDED YEAR ENDED
| (In US$m unless otherwise specified) | 31 December | 30 September | 31 December 2024 | 31 December | 31 December 2024 | Δ FY-2025 |
| 2025 | 2025 | 2025 | vs. FY-2024 | |||
| PRODUCTION AND AISC HIGHLIGHTS Gold Production, koz Gold Sold, koz Realised Gold Price3, $/oz Total Cash Cost3,4, $/oz All-in Sustaining Cost3, $/oz | 264 363 258 356 3,247 2,590 1,336 979 1,569 1,141 | 1,103 1,099 2,349 1,058 1,218 | ||||
| 298 | 1,209 | +10% | ||||
| 302 | 1,216 | +11% | ||||
| 3,873 | 3,244 | +38% | ||||
| ~1,450 | ~1,215 | +15% | ||||
| ~1,650 | ~1,435 | +18% | ||||
| SHAREHOLDER RETURNS Shareholder dividends paid Share buyback | — 140 14 8 | 240 37 | ||||
| 149 | 288 | +20% | ||||
| 2 | 85 | +130% | ||||
| ORGANIC GROWTH Growth capital spend3 Exploration spend3 | 7 24 21 12 | 252 87 | ||||
| 10 | 32 | (87)% | ||||
| 19 | 91 | +5% | ||||
| FINANCIAL POSITION HIGHLIGHT Net debt3 | 453 732 | 732 | ||||
| 157 | 157 | (79)% |
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2Production and AISC highlights from continuing operations. 3This is a non-GAAP measure, for details please refer to the most recent MD&A available on Endeavour Mining's website. 4Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-cash adjustments divided by gold ounces sold.
Ian Cockerill, Chief Executive Officer, commented: “During 2025 we safely achieved our guidance for the twelfth time in thirteen years, generated record free cash flow, fully de-leveraged our balance sheet and paid record shareholder returns.
Our strong operational performance delivered more than 1.2 million ounces of production, achieving the top half of production guidance, at a competitive all-in sustaining cost of approximately $1,435 per ounce, which was well within our cost guidance on a royalty adjusted basis.
This performance, coupled with strong gold prices, underpinned record free cash flows, above $1.0 billion for the year. We successfully reduced our net debt by $574.2 million and ended the year with near zero leverage, significantly below our 0.50x through-the-cycle target, positioning us to deliver both sector leading shareholder returns and organic growth.
We declared a record H2 dividend of $200.0 million, bringing total shareholder returns to $435.3 million for the year, 93% above our minimum commitment and equivalent to $360 per ounce produced. Since launching our returns program in 2021, we have now returned over $1.6 billion to shareholders, 83% above our minimum commitment.
Looking ahead, we will significantly increase minimum shareholder returns over the 2026 to 2028 period, as we simultaneously build Assafou, returning at least $1.0 billion subject to a minimum gold price of $3,000 per ounce, and that could more than double at prevailing gold prices through increased supplemental returns.
Our tier 1 Assafou project DFS is approaching completion, with final permit approval expected in Q1-2026, and we have incorporated plant and infrastructure optimisations to improve the project ramp up and ensure the project can be efficiently expanded, as the resource endowment continues to grow. Recent exploration success is expected to add M&I resources at both Assafou and at the Pala Trend targets, none of which are included in the DFS, but offer further upside and increase optionality as we advance towards production in 2028.
In Q4 last year we outlined our new exploration strategy, targeting the discovery of between 12 and 15 million ounces of resources over the 2026 to 2030 period for a low discovery cost of less than $40/oz. Our increased exploration spend is focused on replacing depletion and extending mine lives at our cornerstone assets, as well as advancing greenfield exploration within West Africa and in three highly prospective and geologically immature tier one gold provinces.
I would like to thank our team for their strong performance in 2025. We enter 2026 with good operating momentum and a healthy financial position, and we will focus on returning cash to shareholders while advancing our exciting organic growth pipeline."
SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
- Endeavour is pleased to declare a record H2-2025 dividend of $200.0 million, or approximately $0.83 per share, which will be paid on 14 April 2026 to shareholders of record on 13 March 2026. As such, the FY-2025 dividend amounts to a record of $350.0 million or approximately $1.45 per share, which includes $125.0 million of supplemental dividends, in excess of the $225.0 million minimum commitment.
- Shareholder returns continued to be supplemented with share buybacks and a total of $85.3 million, or 3.4 million shares were repurchased during FY-2025, of which $2.5 million or 0.1 million shares were repurchased in Q4-2025.
- For FY-2025, Endeavour returned a record $435.3 million to shareholders through dividends and share buybacks, 93% above the $225.0 million minimum commitment for the year, and equivalent to $360/oz produced, or an indicative yield of 3.5%, reiterating Endeavour's strong commitment to paying supplemental shareholder returns.
- Over the 2021 - 2025 period Endeavour has returned $1.6 billion to shareholders in the form of dividends and share buybacks, 83% above its minimum commitment over the period, and equivalent to 38% of its market capitalisation from the start of the programme.
Table 2: Cumulative Shareholder Returns - 2021-2025
| (All amounts in US$m) | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | |
|---|---|---|---|---|---|
| DIVIDEND | DIVIDENDS | BUYBACKS | MINIMUM COMMITMENT | ||
| RETURN | |||||
| COMMITMENT | |||||
| FY-2020 FY-2021 FY-2022 2021-2025 Shareholder Returns FY-2023 Programme FY-2024 H1-2025 H2-2025 | — | 60 — 15 138 50 99 25 66 30 37 37 69 88 17 | 60 | +60 +153 +149 +91 +67 +106 +105 | |
| 125 | 278 | ||||
| 150 | 299 | ||||
| 175 | 266 | ||||
| 210 | 277 | ||||
| 113 | 219 | ||||
| 112 | 217 | ||||
| TOTAL | 885 | 305 | 426 | 1,616 | 731 |
FY-2026 - 2028 Shareholder Returns Programme
- Endeavour will prioritise delivering sector leading organic growth and shareholder returns over the 2026 - 2028 period and expects to return a minimum dividend of approximately $1.0 billion to shareholders, provided the realised gold price over the dividend period exceeds $3,000/oz.
- For FY-2026 the minimum dividend is expected to be $300.0 million, increasing to $325.0 million and $350.0 million for FY- 2027 and FY-2028 respectively.
- Endeavour has demonstrated its commitment to paying supplemental shareholder returns over the last five years returning 83% more than the minimum commitment, and at current prevailing gold prices, Endeavour expects to further increase its supplemental returns through additional dividends and share buybacks.
- The minimum dividend is expected to be paid semi-annually, provided that the prevailing realised gold price for the dividend period is at or above $3,000/oz, and the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM). Supplemental dividends and share buybacks are expected to be paid, if the gold price exceeds $3,000/oz and if the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM).
H2-2025 Dividend Payment and DRIP
- Endeavour’s H2-2025 dividend will be paid on 14 April 2026 (“Payment Date”), to shareholders of record on 13 March 2026, with an ex-dividend date for holders of shares listed on the London Stock Exchange ("LSE") of 12 March 2026. For holders of shares traded on the Toronto Stock Exchange ("TSX"), both the ex-dividend and record dates will be 13 March 2026. Holders of shares listed on the TSX will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States Dollars (“USD”). Holders of shares traded on the LSE will receive dividends in USD but can elect to receive Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by all shareholders prior to 17:00 GMT on 20 March 2026. Dividends will be paid in the default or elected currency on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 23 March 2026. This dividend does not qualify as an “eligible dividend” for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder.
- Endeavour is pleased to continue to offer a DRIP, offering existing shareholders the opportunity, at their own election, to increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company.
- Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the LSE or on the TSX. Participants may opt to reinvest all, or any portion of their dividends in the DRIP. Custodians are reminded that as part of
the terms and conditions of the DRIP, if you make a partial election on the DRIP, the remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific holding(s). The enrollment form is available on Endeavour’s website. The last election date for participation in the H2-2025 DRIP will be 20 March 2026.
- In accordance with the DRIP, Endeavour’s Registrar, Computershare, will use cash dividends payable to participating shareholders to purchase ordinary shares in the open market on the TSX and the LSE at the prevailing market price.
Q4-2025 AND FY-2025 OPERATIONAL PERFORMANCE OVERVIEW
- FY-2025 production amounted to 1,209koz, achieving the top half of the guided 1,110-1,260koz range. FY-2025 all-in sustaining costs ("AISC") amounted to approximately $1,435/oz. When adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,307/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price assumption.
Table 3: 2025 All-In Sustaining Costs1
| Q4-2025 ACTUALS | FY-2025 | |
|---|---|---|
| FY-2025 GUIDANCE | ||
| ACTUALS | ||
| ~1,650 | ||
| ~1,435 |
AISC at realised gold price of $4,227/oz for Q4-2025 and $3,486/oz for FY-2025
FY-2025 impact of $128/oz on AISC due Additional royalty cost at realised gold price vs $2,000/oz guidance +196 +128 to higher gold prices driving royalty gold price2 costs higher Comparative AISC at $2,000/oz gold price ~1,454 ~1,307 1,150 — 1,350 1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2 The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q4-2025 and YTD-2025 are $4,227/oz and $3,486/oz, respectively, are exclusive of the impact of the revenue protection programme.
- FY-2025 production of 1,209koz increased by 106koz or 10% over FY-2024 production of 1,103koz from continuing operations due to a full-year of commercial production from the Sabodala-Massawa BIOX plant and the Lafigué mine, as well as increased production at the Mana mine due to higher grades sourced from the Wona underground deposit, partially offset by lower production at Houndé and Ity due to lower grades in the mine sequence.
- Q4-2025 production of 298koz increased by 35koz or 13% over Q3-2025 production of 264koz as production increased at Mana, Sabodala-Massawa and Lafigué due to increased processed grades in line with the mine sequences, partially offset by lower production at Houndé and Ity due to lower average grades, in line with the mine sequence.
Table 4: Consolidated Group Production1 THREE MONTHS ENDED YEAR ENDED
| (All amounts in koz, on a 100% basis) | 31 December 2025 | 30 September | 31 December 2024 | 31 December | 31 December |
| 2025 | 2025 | 2024 | |||
| Houndé Ity Mana Sabodala-Massawa2 Lafigué2 | 47 | 49 109 77 84 39 41 61 70 38 60 | 257 | 288 343 148 229 96 | |
| 74 | 319 | ||||
| 46 | 173 | ||||
| 78 | 274 | ||||
| 53 | 187 | ||||
| GROUP PRODUCTION | 298 | 264 | 363 | 1,209 | 1,103 |
1All Q4-2025 and FY-2025 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
- FY-2025 AISC of $1,435/oz increased by $217/oz over FY-2024 AISC of $1,218/oz largely due to the impact of higher gold prices on royalty costs of +$68/oz, higher royalty rates in Burkina Faso contributing +$18/oz, lower grades processed at Houndé, Ity and Lafigué in line with their mine sequences, and higher sustaining capital at Mana and Sabodala-Massawa related to underground development and fleet optimisation, respectively.
- Q4-2025 AISC of ~$1,650/oz increased by $81/oz over Q3-2025 AISC of $1,569/oz/oz due to the impact of higher gold prices on royalty costs and higher royalty rates of +$61/oz, higher sustaining capital at Houndé and Ity related to heavy mining equipment additions and haul road construction, respectively. This was partially offset by lower processing unit costs at Mana due to increased usage of lower-cost grid power, lower sustaining capital related to less waste development at Sabodala- Massawa and Lafigué, and less contractor lease payments at Mana following the underground mining contractor change in Q3-2025.
Table 5: Consolidated All-In Sustaining Costs1,2 THREE MONTHS ENDED YEAR ENDED
| (All amounts in US$/oz) | 31 December | 30 September 2025 | 31 December | 31 December 2025 | 31 December 2024 |
| 2025 | 2024 | ||||
| Houndé Ity3 Mana Sabodala-Massawa4 Lafigué3,4 Corporate G&A | ~1,875 | 1,475 1,024 1,269 987 2,377 1,698 1,326 1,261 1,530 801 47 41 | ~1,355 | 1,294 919 1,740 1,158 844 45 | |
| ~1,525 | ~1,195 | ||||
| ~2,175 | ~2,160 | ||||
| ~1,235 | ~1,250 | ||||
| ~1,475 | ~1,250 | ||||
| ~45 | ~45 | ||||
| GROUP AISC | ~1,650 | 1,569 | 1,141 | ~1,435 | 1,218 |
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2This is a non- GAAP measure. 3An increase in Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in 2025, with the change retroactively applied from Q1- 2025. The incremental cost has been applied to other expenses for FY-2025 and will only be reflected in royalty expenses and AISC from FY-2026. 4Excludes pre- commercial costs associated with ounces from the Sabodala-Massawa BIOX Expansion project and the Lafigué mine.
- The Group’s realised gold price, excluding the impact of realised gains and losses on gold hedges and inclusive of the Sabodala-Massawa gold stream, was $4,201/oz and $3,464/oz for Q4-2025 and FY-2025 respectively. Including the impact of the gold hedges, the Group's realised gold price from continuing operations was $3,873/oz and $3,244/oz for Q4-2025 and FY-2025 respectively.
2026 OUTLOOK
- FY-2026 production guidance is between 1,090-1,265koz, in line with FY-2025 production of 1,209koz. FY-2026 production guidance increased at Sabodala-Massawa due to expected increases in CIL processing plant throughput and higher BIOX processing plant throughput and recovery rates reflecting the progress of the asset optimisation initiatives. This is offset by a decrease in production guidance at Houndé and Lafigué, due to lower grades being mined and processed, while both mines focus on phased stripping activity during the year, in line with their mine sequences.
- FY-2026 AISC guidance is between $1,600-1,800/oz, consistent with the AISC achieved in the latter part of FY-2025. FY-2026 AISC is expected to increase at Houndé, Ity, Sabodala-Massawa and Lafigué due to increased stripping activity, lower average grades processed, stockpile drawdown, the impact of higher royalty rates in Côte d'Ivoire and higher sustaining capital at Sabodala-Massawa related to mining fleet optimisation, and at Houndé and Lafigué related to phased waste stripping. This will be partially offset by lower AISC at Mana due to lower capitalised underground development.
- An increase in Government royalty rates from 6% to 8% was imposed by the Government of Côte d'Ivoire for 2025, with the change retroactively applied from Q1-2025. The incremental cost has been applied to other expenses for FY-2025, and will be reflected in the FY-2025 financial results. For FY-2026, the incremental cost will be applied to royalty expenses and is reflected in the FY-2026 AISC guidance. Following this increase, and based on prevailing gold prices, the impact of every $100/oz increase in the gold price, increases Group AISC by approximately $10/oz.
- Group performance is expected to be weighted towards H2-2026. Production is expected to increase in H2-2026 due to higher average grades in the mill feed at Houndé, following waste stripping activity in H1-2026, and higher throughput at both Ity and Mana, due to planned maintenance and planned development activities respectively, in H1-2026. Similarly, due to higher group production in H2-2026, AISC is expected to improve in H2-2026. Further details on individual mine guidance has been provided in the below sections.
- Group production is expected to increase each year from FY-2027 to FY-2030 towards the Group's 1.5Moz target, while AISC is expected to improve from FY-2027 with the completion of the current phase of stripping at Houndé, and the introduction of higher grade ores at Sabodala-Massawa and at the low-cost Assafou project in FY-2028.
Table 6: 2026 Production Guidance1
| (All amounts in koz, on a 100% basis) | FY-2025 ACTUALS | 2026 FULL-YEAR GUIDANCE | ||
|---|---|---|---|---|
| Houndé Ity Mana Sabodala-Massawa2 Lafigué | 257 | 220 | — | 255 |
| 319 | 285 | — | 330 | |
| 173 | 155 | — | 180 | |
| 274 | 260 | — | 305 | |
| 187 | 170 | — | 195 | |
| TOTAL PRODUCTION | 1,209 | 1,090 | — | 1,265 |
1All FY-2025 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release.
Table 7: 2026 All-In Sustaining Cost Guidance1,2
| (All amounts in US$/oz) | FY-2025 ACTUALS | 2026 FULL-YEAR GUIDANCE | ||
|---|---|---|---|---|
| Houndé Ity3 Mana Sabodala-Massawa Lafigué3 Corporate G&A | ~1,355 | 1,800 | — | 2,000 |
| ~1,195 | 1,300 | — | 1,500 | |
| ~2,160 | 2,000 | — | 2,250 | |
| ~1,250 | 1,350 | — | 1,550 | |
| ~1,250 | 1,600 | — | 1,800 | |
| ~45 | 45 | |||
| TOTAL AISC | ~1,435 | 1,600 | — | 1,800 |
1This is a non-GAAP measure. Refer to the non-GAAP measure section of the most recent MD&A. All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2FY-2026 AISC guidance is based on an assumed average gold price of $3,000/oz and USD:EUR foreign exchange rate of 0.87. 3An increase in Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in 2025, with the change retroactively applied from Q1-2025. The incremental cost has been applied to other expenses for FY-2025 and will only be reflected in royalty expenses and AISC from FY-2026 and included in the FY-2026 AISC guidance at the revised rate.
- Total mine sustaining and non-sustaining capital expenditure for FY-2026 is expected to be approximately $500.0 million, which marks a slight increase of $34.4 million compared to FY-2025 sustaining and non-sustaining capital of $465.6 million, as detailed in Table 8 below.
- Sustaining capital expenditure for FY-2026 is expected to be approximately $230.0 million, a slight increase of $19.6 million compared to FY-2025 sustaining capital of $210.4 million. This is largely driven by mining fleet optimisation at Houndé and Sabodala-Massawa, and increased waste stripping activities at Houndé, Ity and Lafigué, partially offset by lower underground development at Mana.
- Non-sustaining capital expenditure for FY-2026 is expected to be approximately $270.0 million, a slight increase of $14.8 million compared to FY-2025 non-sustaining capital of $255.2 million. This is largely driven by the commencement of underground mine development at Sabodala-Massawa, as well as increased spend on tailings storage facility ("TSF") construction and processing plant upgrades at Ity and increased waste stripping activities at Lafigué. This is partially offset by lower non-sustaining capital at Houndé due to lower pre-stripping activity and Mana following the purchase of the outgoing contractor's mining fleet last year.
- Growth capital expenditure for FY-2026 is currently expected to be negligible, however growth capital expenditure guidance is expected to be updated following the publication of the Assafou Definitive Feasibility Study ("DFS") in Q1-2026.
Table 8: 2026 Capital Expenditure Guidance1
| (All amounts in US$m) | FY-2025 ACTUALS | 2026 FULL-YEAR GUIDANCE |
|---|---|---|
| Houndé Ity Mana Sabodala-Massawa Lafigué Corporate G&A | 37 | 50 |
| 33 | 40 | |
| 88 | 60 | |
| 43 | 50 | |
| 9 | 30 | |
| 2 | 0 | |
| TOTAL SUSTAINING MINE CAPITAL EXPENDITURES | 210 | 230 |
| Houndé Ity Mana Sabodala-Massawa Sabodala-Massawa underground development Lafigué Non-mining | 95 | 60 |
| 23 | 45 | |
| 18 | 10 | |
| 35 | 30 | |
| 0 | 25 | |
| 80 | 90 | |
| 4 | 10 | |
| TOTAL NON-SUSTAINING MINE CAPITAL EXPENDITURES | 255 | 270 |
| Assafou2 | 32 | 0 |
| TOTAL GROWTH CAPITAL EXPENDITURE | 32 | 0 |
| TOTAL MINE CAPITAL EXPENDITURES | 497 | 500 |
1All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2Assafou growth capital will be defined on Endeavour's publication of the Assafou DFS during Q1-2026.
- Following the Q4-2025 announcement of the 2026 - 2030 Exploration Strategy to discover between 12-15 million ounces of Measured, Indicated and Inferred resources for a sector leading discovery cost of less than $40 per ounce, the exploration spend is expected to increase to approximately $540.0 million over the five year period. FY-2026 Group exploration spend is expected to be $100.0 million as detailed in Table 9 below. Exploration activities will prioritise resource additions and conversion at the core assets as well as scoping and resource definition at greenfield properties within the existing portfolio and within three highly fertile, geologically immature new gold provinces; the Central Asian Orogenic Belt, the West Tethyan Metallogenic Belt and the Guiana Shield, through Endeavour's New Venture programme.
Table 9: 2026 Exploration Guidance
| FY-2025 ACTUALS1 | 2026 GUIDANCE | |
| 11 | 10 | |
| 19 | 15 | |
| 4 | 5 | |
| 28 | 15 | |
| 1 | 10 | |
| 6 | 10 | |
| 22 | 35 | |
| TOTAL | 91 | 100 |
1All FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
- Cash tax guidance for FY-2026 is expected to amount to approximately $600.0 million to $700.0 million, of which $510.0 million to $600.0 million is related to corporate income tax, largely reflecting the increase in FY-2025 taxable earnings, and $90.0 million to $100.0 million reflects withholding taxes expected to be paid on cash upstreamed from the operating entities. Typically Q2 and Q3 are the highest quarters for tax payments due to the timing of income and withholding tax payments.
Table 10: 2026 Cash Tax Guidance
| 2026 FULL-YEAR GUIDANCE1 | |||
|---|---|---|---|
| 510 | — | 600 | |
| 90 | — | 100 | |
| TOTAL | 600 | 700 |
1The income tax outlook is expected to be largely stable with gold price changes, but will fluctuate with foreign exchange movements, unforeseen tax settlements and annual true ups. 2Withholding tax guidance is based on a gold price of $3,000/oz and will fluctuate with gold price changes.
OPERATIONAL DETAILS BY ASSET
Houndé Mine, Burkina Faso
Table 11: Houndé Performance Indicators1
| For The Period Ended | Q4-2025 | Q3-2025 | Q4-2024 | FY-2025 | FY-2024 |
|---|---|---|---|---|---|
| Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % Production, koz | 1,284 | 1,246 12,718 9.20 1,205 1.46 85 49 | 1,526 | 5,550 | 4,662 43,116 8.25 5,148 2.10 84 288 |
| 12,810 | 10,833 | 50,352 | |||
| 8.97 | 6.10 | 8.07 | |||
| 1,223 | 1,405 | 5,130 | |||
| 1.40 | 3.13 | 1.79 | |||
| 89 | 79 | 86 | |||
| 47 | 109 | 257 | |||
| Total cash cost/oz AISC/oz | ~1,705 | 1,420 1,475 | 922 | ~1,215 | 1,121 1,294 |
| ~1,875 | 1,024 | ~1,355 |
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
Q4-2025 vs Q3-2025 Insights
- Production decreased slightly from 49koz in Q3-2025 to 47koz in Q4-2025 due to lower grade ore processed, partially offset by higher recovery rates and an increase in mill throughput.
- Total tonnes mined increased due to higher utilisation and productivity of the mining fleet following the end of the wet season. Tonnes of ore mined increased as a higher volume of ore was mined at the Kari Pump pit, which was partially offset by lower volumes of ore mined from the Vindaloo North pit, while ore mined from the Kari West pit contributed the majority of the feed in line with the mine sequence.
- Tonnes milled increased slightly due to higher mill utilisation following the end of the wet season, partially offset by planned maintenance during the quarter.
- Average processed grades decreased due to lower grade ore sourced from the Kari West pit, in the mill feed.
- Recovery rates increased due to a lower proportion of graphitic ore from stockpiles in the mill feed during Q4-2025, which improved recovery rates.
- AISC increased from $1,475/oz in Q3-2025 to approximately $1,875/oz in Q4-2025 due to higher sustaining capital expenditure related to the purchase of heavy mining equipment, higher royalty costs related to the higher realised gold price (+$146/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025), higher mining unit costs due to a higher proportion of hard fresh ore mined and higher processing unit costs due to planned mill maintenance, partially offset by higher volumes of gold sold.
FY-2025 Performance
- FY-2025 production totalled 257koz, which was near the top end of the guided 230-260koz range, due to the strong H1-2025 performance related to high grade ore sourced from the Kari Pump pit. FY-2025 AISC amounted to approximately $1,355/oz or $1,208/oz when adjusted for the impact of higher royalty costs of +$147/oz, related to higher realised gold prices above the $2,000/oz guidance reference gold price. On a royalty adjusted basis, FY-2025 AISC was below the guided $1,225-$1,375/oz range due to the strong production that was near the top-end of the guidance range.
- Production decreased from 288koz in FY-2024 to 257koz in FY-2025 due to a lower proportion of high grade ore sourced from the Kari Pump pit in line with the mine sequence, which was partially offset by an increase in recovery rates. AISC increased from $1,294/oz in FY-2024 to approximately $1,355/oz in FY-2025 due to higher royalty costs due to the higher realised gold price (+$143/oz impact of royalty costs on AISC in FY-2025 vs FY-2024), lower volumes of gold sold and higher processing unit costs due to a higher proportion of harder, fresh ore in the mill feed, partially offset by a decrease in sustaining capital due to lower waste stripping activities.
2026 Outlook
- Houndé is expected to produce between 220-255koz in FY-2026 at an AISC of $1,800-$2,000/oz.
- Mining activities are expected to continue at the Vindaloo Main and Kari West pits. Tonnes of ore milled is expected to be consistent with FY-2025, while average grades processed are expected to decrease and recovery rates are expected to increase due to the absence of higher grade ore from the Kari Pump pit, which has lower associated recoveries. Production is weighted towards H2-2026, due to mining and processing of higher average grades from the Vindaloo Main pit following waste stripping in H1-2026. AISC is expected to increase in FY-2026 due to lower production and gold sales, increased mining volumes, higher sustaining capital and an expected drawdown of stockpile inventory. Lower AISC is expected in H2-2026 due to higher production and gold sales.
- Sustaining capital expenditure is expected to increase from $36.4 million in FY-2025 to approximately $50.0 million in FY-2026, and primarily relates to waste capitalisation at the Vindaloo Main pit, mining fleet component rebuilds and replacements, and processing plant equipment upgrades.
- Non-sustaining capital expenditure is expected to decrease from $95.2 million in FY-2025 to approximately $60.0 million in FY- 2026, and primarily relates to the ongoing pushback at the Vindaloo Main pit, construction of the TSF extension and land compensation and resettlement for the Vindaloo South East pit.
Ity Mine, Côte d’Ivoire Table 12: Ity Performance Indicators1
| For The Period Ended | Q4-2025 | Q3-2025 | Q4-2024 | FY-2025 | FY-2024 |
|---|---|---|---|---|---|
| Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled, kt Grade, g/t Recovery rate, % Production, koz | 2,272 | 1,991 7,949 2.99 1,840 1.43 90 77 | 2,262 | 8,392 | 7,954 30,419 2.82 7,122 1.64 91 343 |
| 7,985 | 8,120 | 32,152 | |||
| 2.51 | 2.59 | 2.83 | |||
| 1,886 | 1,955 | 7,357 | |||
| 1.37 | 1.45 | 1.51 | |||
| 91 | 90 | 90 | |||
| 74 | 84 | 319 | |||
| Total cash cost/oz AISC/oz2 | ~1,360 | 1,142 1,269 | 943 | ~1,095 | 890 919 |
| ~1,525 | 987 | ~1,195 |
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2An increase in Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in 2025, with the change retroactively applied from Q1-2025. The incremental cost has been applied to other expenses for FY-2025 and will only be reflected in royalty expenses and AISC from FY-2026.
Q4-2025 vs Q3-2025 Insights
- Production decreased slightly from 77koz in Q3-2025 to 74koz in Q4-2025 due to lower average grades processed, partially offset by an increase in mill throughput.
- Total tonnes mined increased due to higher productivity of the mining fleet following the end of the wet season. Tonnes of ore mined increased across the Bakatouo, Verse Ouest and Le Plaque pits, partially offset by lower tonnes of ore mined at the Walter and Ity pits, in line with the mine plan.
- Tonnes milled increased slightly due to higher processing plant availability and utilisation due to the completion of planned maintenance in Q3-2025.
- Average grades processed decreased slightly due to lower grade ore in the mill feed that was sourced from the Bakatouo and Walter pits, in line with the mine sequence.
- Recovery rates remained in line with the prior quarter.
- AISC increased from $1,269/oz in Q3-2025 to approximately $1,525/oz in Q4-2025 due to higher royalty costs related to higher realised gold prices (+$47/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025), a lower build-up of stockpiles compared to the prior quarter, and higher sustaining capital related to dewatering borehole drilling and haul road construction to improve hauling capacity at Grand Ity.
FY-2025 Performance
- FY-2025 production totalled 319koz, which was in the top-half of the guided 290-330koz range, due to high mill throughput following the addition of mobile crushing units. FY-2025 AISC amounted to approximately $1,195/oz, or $1,093/oz when adjusted for the impact of higher royalty costs of +$102/oz, related to higher realised gold prices, above the $2,000/oz guidance reference. On a royalty adjusted basis, FY-2025 AISC was in line with the guided $975-$1,100/oz range.
- Production decreased from a record 343koz in FY-2024 to 319koz in FY-2025 due to lower average grades processed in line with the mine sequence, partially offset by an increase in throughput rates. AISC increased from $919/oz in FY-2024 to approximately $1,195/oz in FY-2025 due to lower levels of production, higher royalty costs (+$83/oz impact of royalty costs on AISC in FY-2025 vs FY-2024), higher mining unit costs due to increased volumes mined and increased sustaining capital primarily related to borehole drilling for dewatering, processing plant and laboratory upgrades, and haul road construction.
2026 Outlook
- Ity is expected to produce between 285-330koz in FY-2026 at an AISC of $1,300-$1,500/oz.
- Mining activities are expected to focus on the Ity, Bakatouo, Walter, Le Plaque & Zia pits. In H1-2026, ore is expected to be sourced from the Ity, Bakatouo, Walter and Zia pits with supplemental feed coming from the Le Plaque and Verse Ouest pits. In H2-2026, increased ore is expected to be sourced from the Le Plaque and Zia pits. Throughput and recovery rates are expected to remain consistent with FY-2025, while average processed grades are expected to decrease reflecting lower grades mined at the Zia pit. Production is expected to increase in H2-2026 as tonnes of ore milled increases due to planned SAG mill maintenance in H1-2026. AISC is expected to increase in FY-2026 due to higher sustaining capital related to waste stripping activities at the Ity, Le Plaque and Zia pits and the increase in Government royalty rates from 6% to 8%. AISC is expected to improve in H2-2026 due to higher production and gold sales.
- Sustaining capital expenditure is expected to increase from $32.8 million in FY-2025 to approximately $40.0 million in FY-2026 and is primarily related to waste stripping activity at the Ity, Le Plaque and Zia pits.
- Non-sustaining capital expenditure is expected to increase from $23.5 million in FY-2025 to approximately $45.0 million in FY- 2026, and is primarily related to the TSF 2 embankment raise and processing plant upgrades.
Mana Mine, Burkina Faso
Table 13: Mana Performance Indicators1
| For The Period Ended | Q4-2025 | Q3-2025 | Q4-2024 | FY-2025 | FY-2024 |
|---|---|---|---|---|---|
| OP tonnes ore mined, kt OP total tonnes mined, kt OP strip ratio (incl. waste cap) UG tonnes ore mined, kt Tonnes milled, kt Grade, g/t Recovery rate, % Production, koz | — | — — — 553 551 2.50 85 39 | — | — | 185 930 4.03 1,975 2,294 2.27 87 148 |
| — | — | — | |||
| — | — | — | |||
| 587 | 616 | 2,223 | |||
| 602 | 603 | 2,247 | |||
| 3.05 | 2.49 | 2.85 | |||
| 87 | 86 | 86 | |||
| 46 | 41 | 173 | |||
| Total cash cost/oz AISC/oz | ~1,810 | 1,772 2,377 | 1,320 | ~1,655 | 1,514 1,740 |
| ~2,175 | 1,698 | ~2,160 |
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
Q4-2025 vs Q3-2025 Insights
- Production increased from 39koz in Q3-2025 to 46koz in Q4-2025 due to higher average grades processed, tonnes milled and recovery rates.
- Total underground tonnes of ore mined increased slightly due to higher ore development tonnes as underground development at the Wona and Siou underground deposits increased compared to the prior quarter. During Q4-2025, 4,521 meters were developed, compared to the 4,256 meters in the prior quarter, as the underground mining contractor transition was completed in early Q4-2025.
- Tonnes milled increased slightly due to improved mill availability following planned maintenance in the prior quarter.
- The average processed grade increased as improved development rates, following the mining contractor transition, increased access to higher grade stopes at the Wona and Siou underground deposits.
- Recovery rates increased compared to the prior quarter due to improved recovery associated with the higher grade ore from the Wona underground deposit.
- AISC decreased from $2,377/oz in Q3-2025 to approximately $2,175/oz in Q4-2025 due to higher volumes of gold sold, lower processing unit costs due to increased usage of lower-cost grid power, and lower sustaining lease payments related to the contractor transition, partially offset by higher royalty costs due to the higher realised gold price (+$105/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025).
FY-2025 Performance
- FY-2025 production totalled 173koz, which was within the guided 160-180koz range. FY-2025 AISC amounted to approximately $2,160/oz, or $1,980/oz when adjusted for the impact of higher royalty costs of +$180/oz, related to higher realised gold prices, above the $2,000/oz guidance reference gold price. On a royalty adjusted basis, FY-2025 AISC was above the guided $1,550-$1,750/oz range, due to the elected reliance on higher-cost self-generated power and increased sustaining capitalised underground development at the Wona underground deposit to access higher grade stopes.
- Production increased from 148koz in FY-2024 to 173koz in FY-2025 due to higher average grades processed as higher grade ore was sourced from the Wona underground deposit in line with the mine sequence. This was partially offset by slightly lower tonnes milled following the cessation of the open pit feed in the prior period and lower recovery rates due to a higher proportion of ore from the Wona underground deposit with lower associated recoveries, in the mill feed. AISC increased from $1,740/oz in FY-2024 to approximately $2,175/oz in FY-2025 primarily due to higher mining unit costs as the Wona underground deposit continues to advance deeper, higher sustaining capital due to increased underground development across the Siou and Wona underground deposits, and higher royalty costs due to the higher prevailing gold price (+$129/oz impact of royalty costs on AISC in FY-2025 vs FY-2024).
2026 Outlook
- Mana is expected to produce between 155-180koz in FY-2026 at an AISC of $2,000-$2,250/oz.
- Ore is expected to be sourced from the Wona and Siou underground deposits, supplemented with additional ore from the Bana Camp open pit deposit, which will support increased mining and processing volumes over FY-2025, while average grades are expected to decrease due to the addition of lower grade open pit ore into the feed. Recoveries are expected to decrease slightly due to a greater proportion of ore from the Wona underground deposit in the mill feed, which has lower associated recoveries. Production is expected to increase in H2-2026 due to increased access to stopes at the Wona underground deposit supporting increased processing plant throughput. AISC is expected to decrease compared to FY-2025 due to lower sustaining capital, with improved AISC expected in H2-2025 due to increased production.
- Sustaining capital expenditure is expected to decrease from $88.0 million in FY-2025 to approximately $60.0 million in FY-2026 and is primarily related to waste development in the Wona underground deposit in addition to processing plant and infrastructure upgrades.
- Non-sustaining capital expenditure is expected to decrease from $17.8 million in FY-2025 to approximately $10.0 million in FY- 2026 and is primarily related to the stage 6 TSF embankment lift.
Sabodala-Massawa Mine, Senegal
Table 14: Sabodala-Massawa Performance Indicators1
| For The Period Ended | Q4-2025 | Q3-2025 | Q4-2024 | FY-2025 | FY-2024 |
|---|---|---|---|---|---|
| Tonnes ore mined, kt Total tonnes mined, kt Strip ratio (incl. waste cap) Tonnes milled - Total, kt Tonnes milled - CIL, kt Tonnes milled - BIOX, kt Grade - Total, g/t Grade - CIL, g/t Grade - BIOX, g/t Recovery rate - Total, % Recovery rate - CIL, % Recovery rate - BIOX, % Production, koz Production - CIL, koz Production - BIOX, koz | 1,224 | 971 1,573 7,134 12,463 6.39 6.92 1,378 1,377 1,121 1,095 257 282 1.60 2.29 1.04 1.86 4.06 3.99 82 70 83 73 82 65 61 70 32 47 30 23 | 4,253 | 5,692 43,478 6.64 5,061 4,393 668 1.89 1.68 3.28 76 79 67 229 184 45 | |
| 8,036 | 34,607 | ||||
| 5.57 | 7.14 | ||||
| 1,417 | 5,530 | ||||
| 1,163 | 4,447 | ||||
| 254 | 1,083 | ||||
| 2.26 | 1.93 | ||||
| 1.92 | 1.49 | ||||
| 3.84 | 3.77 | ||||
| 81 | 80 | ||||
| 85 | 83 | ||||
| 71 | 76 | ||||
| 78 | 274 | ||||
| 58 | 175 | ||||
| 20 | 98 | ||||
| Total cash cost/oz AISC/oz | ~1,170 | 1,173 1,107 1,326 1,261 | ~1,090 | 1,044 1,158 | |
| ~1,235 | ~1,250 |
1All Q4-2025 and FY-2025 numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release.
Q4-2025 vs Q3-2025 Insights
- Production increased from 61koz in Q3-2025 to 78koz in Q4-2025 due to an increase in the average processed grade and recovery rates through the CIL plant, partially offset by a decrease in average grades and recoveries through the BIOX processing plant.
- Total tonnes mined increased following the end of the rainy season. Total ore tonnes mined increased due to the commencement of ore mining at the Delya Main and Niakafiri West pits, which provided high-grade non-refractory oxide ore to the CIL plant.
- Tonnes milled increased in the CIL plant following the end of the wet season, which allowed a higher proportion of softer oxide ore to be incorporated into the CIL mill feed. Tonnes milled in the BIOX plant remained relatively stable.
- Average grades processed increased in the CIL plant due to an increased proportion of higher grade oxide ore from the Delya Main, Niakafiri West and Soukhoto pits. Average processed grades decreased in the BIOX plant due to lower grade ore sourced from the Massawa Central Zone in line with mine sequence.
- Recovery rates through the CIL plant increased due to a higher proportion of ore sourced from Delya Main, Niakafiri West and Soukhoto pits displacing transitional ore from the Massawa North Zone and Massawa Central Zone pits in the mill feed. Recovery rates through the BIOX plant decreased due an increased proportion of higher Sulphide:Sulphur content ore from the Massawa Central Zone in the mill feed.
- AISC improved from $1,326/oz in Q3-2025 to approximately $1,235/oz in Q4-2025 due to higher gold sales and lower sustaining capital due to lower waste development, partially offset by higher royalty costs due to the higher realised gold price (+$25/oz impact of royalty costs on AISC in Q4-2025 vs Q3-2025).
FY-2025 Performance
- FY-2025 production totalled 274koz, which was near the top end of the guided 250-280koz range due high grades and associated recovery rates through the CIL plant. FY-2025 AISC amounted to approximately $1,250/oz, or $1,136/oz when adjusted for the impact of higher royalty costs of +$114/oz, related to higher gold prices, above the $2,000/oz guidance reference gold price. On a royalty adjusted basis, FY-2025 AISC was in line with the guided $1,100-$1,250/oz range.
- Production increased from 229koz in FY-2024 to 274koz in FY-2025 due to the full-year contribution from the BIOX plant, which achieved commercial production in Q3-2024, partially offset by lower average grades milled through the CIL plant. AISC increased from $1,158/oz in FY-2024 to approximately $1,250/oz in FY-2025 due to an increase in sustaining capital related to mining fleet additions and replacements and higher royalty costs related to the higher realised gold prices (+$74/oz impact of royalty costs on AISC in FY-2025 vs FY-2024).