Endeavour reports strong Q1-2025 results

London, 1 May 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q1-2025, with highlights provided in Table 1 below.

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. ⁴Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.

We are pleased that the strong momentum from the end of last year has continued into Q1, as we delivered another quarter of exceptional operational performance, placing us firmly on track to achieve our full-year guidance. Production and all-in sustaining costs were significantly stronger than the prior year period, as we realised the full benefit of our recently completed growth phase, coupled with strong performance across the rest of the portfolio.

During Q1, we generated record free cash flow of over $400 million, reflecting our transition to a highly free cash flow generative phase. Since completing our growth phase, three quarters ago, we have generated more than $775 million of free cash flow, equivalent to $795 per ounce produced.

Our strong free cash flow generation has enabled us to significantly strengthen our balance sheet, reducing our net debt by over $350 million and bringing our leverage ratio below our 0.50x target, down to 0.22x. Our resilient balance sheet gives us the flexibility to invest in future organic growth, through the tier 1 Assafou project, while sustainably rewarding shareholders.

We supplemented our record FY-2024 dividend of $240 million, with $37 million of share buybacks, bringing total shareholder returns for FY-2024 to $277 million, equivalent to an indicative yield of 5.9%, or $251 per ounce produced, returned to shareholders. We have continued to increase our commitment to shareholder returns and, year-to-date we have completed over $52 million of share buybacks, more than we purchased through the whole of 2024, already bringing the minimum returns for FY-2025 to at least $277 million, ensuring that FY-2025 total shareholder returns will exceed FY-2024.

Our tier 1 Assafou project continues to advance on schedule, with the project shaping up to be a cornerstone asset in our portfolio. We now see significant scope for the endowment of the wider district to continue growing, and we expect to provide a resource update later this year, as we advance the Definitive Feasibility Study towards completion.

Building on our momentum through the year, we will focus on maximising free cash flow and enhancing shareholder returns, as we advance our high-quality organic growth pipeline. With our higher-quality portfolio, sector leading margins and best-in-class growth outlook, we are well positioned to capitalise on the favourable gold price environment and deliver value for all of our stakeholders.

Ian Cockerill
Chief Executive Officer

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QUALIFIED PERSONS

Brad Rathman, Vice President - Operations of Endeavour Mining plc., a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “forward-looking statements”, including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company’s shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback programme. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”, “plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”, “estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and similar expressions.

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics.

Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

CAUTIONARY STATEMENTS REGARDING PRODUCTION, AISC AND TOTAL CASH COST

Whether or not expressly stated, all figures contained in this press release including production, AISC and total cash cost levels are preliminary and reflect our expected annual and quarterly results as of the date of this press release. Actual reported annual and quarterly results are subject to management’s final review, as well as audit by the company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. The annual and quarterly AISC and total cash cost include expected amounts for year-end accrual and working capital adjustments. Endeavour will provide additional discussion and analysis and other important information about its annual production, AISC and total cash cost levels when it reports actual results.

NON-GAAP MEASURES

Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including “all-in sustaining cost”, "total cash cost", “net cash / net debt”, “EBITDA”, “adjusted EBITDA”, “net cash / net debt to adjusted EBITDA ratio”, “cash flow from continuing operations”, “total cash cost per ounce”, “sustaining and non-sustaining capital”. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section in this press release and in the Company’s most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release.