Published
30 Jul 2026
Endeavour reports strong H1-2026 results
FY-2026 guidance on track • Record H1-2026 Free Cash Flow of $761m • Record H1-2026 shareholder returns of $301m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- H1-2026 production of 564koz at AISC of $1,871/oz; Q2-2026 production of 283koz at AISC of $1,907/oz.
- On track to achieve FY-2026 guidance with operating performance weighted towards Q4-2026.
- Adj. EBITDA of $1,611m for H1-2026, up +38% over H1-2025; $732m for Q2-2026.
- Adj. Net Earnings of $672m (or $2.78/sh) for H1-2026, up +69% over H1-2025; $302m (or $1.25/sh) for Q2-2026.
- Operating Cash Flow of $1,055m (or $4.36/sh) for H1-2026, up +41% over H1-2025; $317m (or $1.31/sh) for Q2-2026.
- Record Free Cash Flow of $761m (or $3.15/sh) for H1-2026, up +48% over H1-2025; $149m (or $0.61/sh) for Q2-2026.
- Strong net cash position of $254m at the end of Q2-2026; underpins sector leading organic growth profile.
SECTOR LEADING SHAREHOLDER RETURNS
- Record H1-2026 shareholder returns of $301m (or $534/oz); more than double the minimum commitment, comprised of a record $230m (or $0.95/sh) dividend and $71m of share buybacks.
- $1bn minimum dividend over 2026-2028 is expected to be supplemented with dividends and share buybacks at a gold price above $3,000/oz; over $1.9bn returned since Q1-2021, 85% above the minimum commitment.
SECTOR LEADING ORGANIC GROWTH
- Top tier Assafou project ($5.1bn after-tax NPV5% and 55% IRR at $4,000/oz gold price) FID expected by year-end; mining convention negotiations, project infrastructure, relocation action plan and early works are on track.
- Sabodala-Massawa UG expansion on track for launch in H2-2026; infrastructure development underway and first ore targeted by year-end.
- Exploration prioritising significant resource updates at the Vindaloo Deeps and Kawsara discoveries expected in H2-2026.
London, 30 July 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q2-2026 and H1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights
`
| All amounts in US$ million unless otherwise specified | Three Months Ended | Six Months Ended | ||||
|---|---|---|---|---|---|---|
| 30 Jun 2026 | 31 Mar 2026 | 30 Jun 2025 | 30 Jun 2026 | 30 Jun 2025 | Δ H1-2026 vs. H1-2025 | |
| OPERATING DATA | ||||||
| Gold Production, koz | 283 | 282 | 306 | 564 | 647 | (13)% |
| Gold sold, koz | 278 | 278 | 304 | 557 | 657 | (15)% |
| Total Cash Cost¹, $/oz | 1,593 | 1,516 | 1,220 | 1,555 | 1,064 | +46% |
| All-in Sustaining Cost¹, $/oz | 1,907 | 1,834 | 1,458 | 1,871 | 1,281 | +46% |
| Realised Gold Price², $/oz | 4,348 | 4,810 | 3,150 | 4,579 | 2,953 | +55% |
| CASH FLOW | ||||||
| Operating Cash Flow before changes in working capital | 265 | 829 | 296 | 1,094 | 888 | +23% |
| Operating Cash Flow before changes in working capital¹, $/sh | 1.09 | 3.42 | 1.22 | 4.52 | 3.65 | +24% |
| Operating Cash Flow | 317 | 737 | 252 | 1,055 | 746 | +41% |
| Operating Cash Flow¹, $/sh | 1.31 | 3.05 | 1.04 | 4.36 | 3.07 | +42% |
| Free Cash Flow¹,³ | 149 | 613 | 104 | 761 | 514 | +48% |
| Free Cash Flow¹,³, $/sh | 0.61 | 2.53 | 0.43 | 3.15 | 2.11 | +49% |
| PROFITABILITY | ||||||
| Net Earnings Attributable to Shareholders | 251 | 354 | 271 | 605 | 444 | +36% |
| Net Earnings, $/sh | 1.04 | 1.46 | 1.12 | 2.50 | 1.83 | +37% |
| Adj. Net Earnings Attributable to Shareholders¹ | 302 | 370 | 179 | 672 | 398 | +69% |
| Adj. Net Earnings¹, $/sh | 1.25 | 1.53 | 0.74 | 2.78 | 1.64 | +70% |
| EBITDA¹ | 683 | 872 | 596 | 1,556 | 1,136 | +37% |
| Adj. EBITDA¹ | 732 | 880 | 556 | 1,611 | 1,169 | +38% |
| SHAREHOLDER RETURNS¹ | ||||||
| Shareholder dividends paid | 200 | — | 140 | 200 | 140 | +43% |
| Share buybacks⁴ | 42 | 30 | 28 | 71 | 69 | +3% |
| FINANCIAL POSITION HIGHLIGHTS¹ | ||||||
| Net Cash/(Net Debt) | 254 | 405 | (469) | 254 | (469) | n.a. |
| Net Cash/(Net Debt) / LTM Trailing adj. EBITDA | 0.09x | 0.16x | (0.23)x | 0.09x | (0.23)x | n.a. |
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme. 3From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 4Q2-2026 share buybacks of $41.8 million differs from $43.9 million per the Statement of Cashflows due to foreign exchange and timing of payments.
Management will host a conference call and webcast today, Thursday 30 July 2026, at 8:30 am EDT / 1:30 pm BST. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. The Management Discussion & Analysis and Financial Statements have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/ nsm/nationalstoragemechanism.
We are pleased with our solid operational performance in H1-2026 which has positioned us firmly on track to achieve our full-year guidance. In Q3, as previously highlighted, we anticipate throughput and grades to be impacted by the wet season and phased waste stripping respectively, before both improve significantly in Q4.
Our solid operational performance together with continued strength in the gold price has translated into record financial performance. We generated record adjusted EBITDA of $1,611 million, up 41% over H2-2025, and record free cash flow of $761 million, up 19% over H2-2025. Given the strong free cash flow generation and healthy net cash balance sheet position of $254
million, we are well positioned to achieve our strategic objectives; delivering sector leading organic growth and shareholder returns.For the first half of the year, we have returned a record $301 million to shareholders, a 39% increase over H2-2025 and more than double our minimum commitment, comprised of a record $230 million dividend and $71 million of share buybacks. Our shareholder returns programme has now delivered over $1.9 billion since Q1-2021, 85% above our minimum commitment over the period.
Our most significant value creation lever has been, and continues to be, organic growth through exploration and project development.
At Assafou, all of the critical path items are on track and we expect to make a final investment decision by year-end. Simultaneously, we expect to launch the underground expansion at Sabodala-Massawa, where we aim to break ground in the coming weeks. Together, these two projects underpin our sector-leading organic growth profile, and position us to deliver production growth to 1.5 million ounces by 2030.
On exploration, during H2-2026 we expect to finalise significant resource increases at our Vindaloo Deeps and Kawsara discoveries, both offering multiple million ounce potential to support production and life of mine upgrades at our Houndé and Sabodala-Massawa mines, respectively. Longer-term, our New Ventures exploration programme continues to expand and diversify our footprint into several highly fertile, immature, tier 1 gold provinces, generating the next wave of greenfield projects.
During the first half of the year, we also launched a new transparency initiative with our host communities to showcase our on the ground impact. Central to this was the June publication of our inaugural Impact Report, highlighting our $11.5 billion, five year economic contribution to our host countries, alongside the broader social and environmental benefits that we deliver.
Our robust operating outlook, strong cash flow generation and healthy financial position, coupled with a highly disciplined approach to capital allocation, underpins sustained sector-leading organic growth and shareholder returns, creating long-term value for all stakeholders.
Ian Cockerill
Chief Executive Officer
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 30 July at 8:30 am EDT / 1:30 pm BST to discuss the Company's financial results.
The conference call and webcast are scheduled at:
5:30am in Vancouver
8:30am in Toronto and New York
1:30pm in London
8:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/27cwudp6
To download a calendar reminder for the webcast, visit the events page of our website here.
Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in via the following link: https://register-conf.media-rver.com/register/BI9d6a75d344b34cd2a7ea6da1a1374cfe
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