Published
29 Jan 2026
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 and phased stripping related sustaining capital 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
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.
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."
Ian Cockerill
Chief Executive Officer
Attachment
CONTACT INFORMATION
For Investor Relations enquiries:
For Media enquiries: