Endeavour Mining plc reported strong Q3-2025 results with YTD production of 911koz at AISC of $1,362/oz. Adj. EBITDA of $1,634m YTD-2025, up +110% over YTD-2024. Share buybacks of $83m YTD-2025. Assafou project DFS on track for Q1-2026. $72m spent on exploration YTD-2025, with 12.4Moz discovered at less than $25/oz. Endeavour Mining plans to announce a new exploration strategy in Q4 to extend mine life and enhance existing projects beyond Assafou, aiming for sustainable growth and shareholder returns. The company has paid over $1.4bn in shareholder returns since Q1-2021, surpassing its minimum commitment by $639.8 million, with a record dividend of $150.0 million for H1-2025.

Endeavour Mining achieved a strong safety record with a Lost Time Injury Frequency Rate of 0.05 for the twelve months ending September 2025. The company is on track to meet production guidance of 1,110 – 1,260koz with an AISC of $1,150 – 1,350/oz. Q3-2025 production was 264koz, with YTD-2025 production at 911koz, an increase of 170koz over YTD-2024.

Q3-2025 total cash costs were $1,336/oz, with YTD-2025 at $1,141/oz, impacted by higher royalty costs due to higher realized gold prices. Q3-2025 AISC was $1,569/oz, with YTD-2025 at $1,362/oz, driven by increased total cash costs and royalty costs. Royalty costs related to gold price had a significant impact on costs in 2025. The YTD-2025 AISC, adjusted for higher royalty costs due to increased gold prices, is $1,259/oz, around the midpoint of the FY-2025 guidance range. Q4-2025 outlook is strong, with improved production and costs expected to meet the FY-2025 AISC guidance. Production is on track to achieve the top half of the guidance range, driven by strong performance at Houndé and Sabodala-Massawa.

Group sustaining capital expenditure for FY-2025 remains at $195.0 million, with $161.4 million spent YTD-2025. Non-sustaining capital expenditure increased slightly to $245.0 million, with $186.2 million spent YTD-2025. Growth capital expenditure remains at $30.0 million. The exploration outlook for FY-2025 is unchanged at $85.0 million, with $72.1 million spent YTD-2025. Group tax payments for FY-2025 are expected to be between $350.0 million and $450.0 million. The cash flow summary for Endeavour shows a net cash increase of $56.5 million in Q3-2025, reaching $308.5 million, driven by higher gold prices and lower costs. YTD-2025 saw a $492.8 million rise to $1,054.7 million due to increased production and gold prices. Gold sales decreased in Q3-2025 but increased in YTD-2025.

Working capital outflows in Q3-2025 increased to $85.4 million, mainly from inventory and receivables. YTD-2025 outflows decreased to $227.6 million, driven by inventory and receivables. Gold sales decreased in Q3-2025 to 258koz, with a higher realized gold price of $3,513/oz. YTD-2025 sales increased to 914koz, with a realized gold price of $3,221/oz. – The Group’s Revenue Protection Programme and LBMA gold price strategy ended in Q1-2025, leading to a $803/oz increase in the realized gold price for YTD-2025. Total cash cost per ounce rose to $1,336/oz in Q3-2025 due to lower volumes and higher royalty costs at a realized gold price of $3,513/oz.

– Taxes paid decreased by $165.8 million in Q3-2025 to $67.3 million, mainly from lower withholding taxes and income taxes at certain mines. However, taxes paid increased by $60.3 million in YTD-2025 to $339.4 million, in line with guidance, due to higher provisional income tax and withholding tax payments.

– Cash flows used in investing activities decreased by $5.1 million in Q3-2025 to $142.6 million, with growth capital and exploration spend declining. For YTD-2025, investing activities dropped by $141.7 million to $375.1 million due to lower growth capital following project completion.

– Sustaining capital decreased in Q3-2025 to $37.9 million, offset by higher spending at other mines. In YTD-2025, sustaining capital increased to $163.2 million, mainly due to new mines and expansions. Non-sustaining capital and growth capital also showed changes over the periods.

– Cash flows used in financing activities increased by $313.5 million in Q3-2025 to $569.9 million, driven by debt repayment and payments to minority shareholders. The Group’s share buyback program decreased, reflecting strong liquidity and share performance. Additionally, a working capital facility of $59.7 million was secured at the Ity mine in Q3-2025. Endeavour’s Sabodala-Massawa mine entered a $19.4 million term loan, due in July 2026, repaying $3.3 million in Q3-2025. The company’s net debt improved by $15.9 million to $453.2 million in Q3-2025, with a strong liquidity position of $924.7 million. Earnings from operations showed a net loss of $49 million in Q3-2025. Revenue decreased to $910.1 million in Q3-2025, while operating expenses decreased to $280.6 million. Royalties decreased to $70.3 million in Q3-2025. Corporate costs decreased to $11.4 million in Q3-2025. Other expenses decreased to $10.4 million in Q3-2025, with a $1.7 million credit loss adjustment. Exploration costs decreased to $5.5 million in Q3-2025. The gain/loss on financial instruments decreased to a loss of $48.9 million in Q3-2025. In Q3-2025, Endeavour Mining reported a loss on financial instruments totaling $131.6 million, including gains and losses on various instruments. The Revenue Protection Programme for 2025 production involved zero premium gold collars and forward sales contracts. Current income tax expense decreased, while net comprehensive earnings from continuing operations decreased by $141.2 million.

The loss on financial instruments in YTD-2025 improved to $131.6 million from $176.3 million in YTD-2024. The Revenue Protection Programme involved gold collars with specified call and put prices. Adjustments in Q3-2025 included an unrealized gain on financial instruments and other expenses. Net earnings attributable to non-controlling interests decreased by $23.5 million.

Adjusted net earnings attributable to shareholders decreased to $158.6 million in Q3-2025 due to lower gold sales. Operating activities at the Ity Gold Mine in Côte d’Ivoire showed a decrease in production from Q2-2025 to Q3-2025. Total cash costs and AISC per ounce increased slightly compared to previous periods. In Q3-2025, tonnes of ore mined slightly decreased due to the wet season, with ore sourced from various pits and stockpiles. Tonnes milled increased from softer oxide ore. Average processed grades decreased slightly, recovery rates remained consistent. AISC rose to $1,269/oz due to lower gold sold and higher royalties. Sustaining capital expenditure increased to $9.5 million.

YTD-2025 saw a decrease in production and an increase in AISC compared to YTD-2024. Lower grades and higher costs impacted results. Recovery rates stayed consistent. AISC rose to $1,099/oz due to higher royalties and increased costs. Throughput increased following the commissioning of the Mineral Sizer.

For FY-2025, Ity is expected to achieve production guidance of 290koz – 330koz at an AISC of $975/oz – $1,100/oz. Ore will be sourced from various pits with expected grades and recovery rates. Sustaining capital expenditure is expected to be $25.0 million, with non-sustaining capital expenditure at $30.0 million.

At the Houndé Gold Mine, tonnes of ore mined, total tonnes mined, and strip ratio varied between Q3-2025, Q2-2025, and Q3-2024. Production, grade, recovery rate, total cash cost/oz, and AISC also fluctuated. Production decreased in Q3-2025 due to lower tonnes milled and grades processed. AISC decreased to $1,475/oz. In YTD-2025 vs YTD-2024, production at the Houndé mine increased from 179koz to 209koz, with AISC decreasing from $1,457/oz to $1,231/oz.

For FY-2025, Houndé is expected to achieve production in the 230koz – 260koz range, at an AISC of $1,225/oz – $1,375/oz.

At the Mana Gold Mine in Burkina Faso, production decreased from 41koz in Q2-2025 to 39koz in Q3-2025, with AISC increasing from $2,257/oz to $2,377/oz.

In YTD-2025 vs YTD-2024 at Mana, production increased from 107koz to 127koz, with AISC rising from $1,756/oz to $2,157/oz due to increased sustaining capital and higher royalties. Mana is on track to achieve its FY-2025 production guidance of 160koz – 180koz but at an AISC above the top-end of the guided range due to increased power costs and higher royalty costs. In Q4-2025, production is expected to increase with improved access to higher grade stopes at the Wona underground deposit.

Sabodala-Massawa Gold Mine in Senegal saw a slight decrease in production from Q2-2025 to Q3-2025 due to lower average grades processed. Total tonnes mined decreased during the wet season, but ore mined increased in the Massawa Central Zone pit. Total tonnes milled increased and recovery rates improved, while AISC increased.

Production at Sabodala-Massawa increased from YTD-2024 to YTD-2025 due to the startup of the BIOX processing plant. AISC also increased from YTD-2024 to YTD-2025 due to higher sustaining capital costs and higher royalties. The mine is expected to achieve the top half of its FY-2025 production guidance. Production from the CIL plant at Sabodala-Massawa is expected to increase in Q4-2025 due to higher throughput and ore grade. BIOX plant production is projected to remain consistent. Sustaining capital expenditure for FY-2025 is expected to be $45.0 million, with non-sustaining capital expenditure unchanged at $25.0 million. A technical review aims to improve production to 350koz by FY-2027 through initiatives like increasing BIOX plant throughput and CIL plant grades.

The BIOX plant at Sabodala-Massawa is targeting a 15% increase in throughput and long-term recovery rates of approximately 85%. Improved feed stability and ore mining activities have driven recoveries from 58.5% in Q2-2024 to 82.3% in Q3-2025. Work is underway to accelerate high-grade underground development and exploration for higher-grade deposits to boost CIL plant grades.

At Lafigué Mine in Côte d’Ivoire, production decreased from 49koz in Q2-2025 to 38koz in Q3-2025 due to lower mill throughput and grades, while recovery rates remained stable. Total tonnes mined and milled increased, but average processed grades decreased. AISC increased from $1,154/oz in Q2-2025 to $1,530/oz in Q3-2025 due to various factors, including higher royalties and sustaining capital expenditure.

Production at Lafigué Mine increased significantly from 36koz in YTD-2024 to 135koz in YTD-2025, attributed to the startup of the CIL processing plant. Sustaining and non-sustaining capital expenditures also increased in YTD-2025 compared to YTD-2024. Lafigué saw a decrease in average grade due to lower grade oxide ore in the mill feed from the Main pit in FY-2024. AISC rose from $938/oz to $1,168/oz in YTD-2025 with higher self-generated power consumption and royalty costs. Production guidance for FY-2025 is 180koz – 210koz with AISC near $1,075/oz due to Main pit ore grades and higher gold prices affecting royalty costs.

Endeavour announced positive pre-feasibility results for the Assafou project, projecting 329kozpa production at $892/oz AISC over 10 years. The project has an after-tax NPV5% of $2,485.0 million and IRR of 40% at $2,500/oz gold price. Definitive Feasibility Study is on track for completion in Q1-2026 with progress in various critical areas.

Endeavour met its five-year exploration target, discovering 12.4Moz M&I resources at less than $25/oz cost by FY-2024. Exploration strategy has led to 20.7Moz M&I discoveries since 2016, supporting mine life extension and adding key assets like Lafigué and Assafou deposits. The group plans to outline a new exploration strategy in Q4-2025 to focus on extending mine lives and making greenfield discoveries. In Q3-2025, the Houndé mine spent $3.9 million on exploration, with over 10,800 meters drilled. The Vindaloo Deeps deposit showed promising results, leading to an accelerated exploration program. It is expected to spend $10.0 million for FY-2025, focusing on near-mine resources. A maiden mineral resource estimate is expected in Q1-2026.

At the Ity mine, $3.9 million was spent on exploration in Q3-2025, with drilling at multiple deposits showing mineralization open at depth. The FY-2025 program aims to define resources around the Ity Donut and at greenfield targets. Maiden resources are expected at the Goleu target in Q4-2025.

Mana mine spent $0.5 million on exploration in Q3-2025, drilling deep holes. The program aims to extend the current resource at the Wona deposit, with an expected spend of $4.0 million for FY-2025. Results indicate high-grade mineralization below the current resource.

For Sabodala-Massawa mine, $7.4 million was spent on exploration in Q3-2025, focusing on defining oxide resources. Drilling at the Makana target identified mineralized lenses, while Kawsara target drilling extended mineralization. A maiden resource and further drilling are expected in Q4-2025.

Lafigué mine spent $0.5 million on exploration in YTD-2025, with a reduced FY-2025 budget of $1.0 million. The program focuses on near-mine targets, delayed due to land access negotiations. A ground induced polarisation survey will be completed to help prioritize the drilling program in early FY-2026.

Assafou Project spent $0.8 million on exploration in Q3-2025. The program included sterilization and grade control drilling, aiming to confirm the existing resource model. Infill drilling at the Assafou deposit provided increased confidence in the initial phases of ore mining. In Q3, exploration advanced at Pala Trend 2 and Pala Trend 3, with a 20,000m drill program showing mineralization at both sites. Sterilization drilling is complete at the Assafou site for planned infrastructure. Maiden resources expected at Pala Trend 2 in Q4-2025, and new targets identified for exploration in FY-2026.

Endeavour Mining signed a joint venture with East Star Resources in Kazakhstan to explore for tier 1 gold deposits. Endeavour can earn up to an 80% interest through staged investments. Kazakhstan presents opportunities for gold exploration due to underexplored areas and improved mining regulations.

A conference call and webcast will be held on November 13 to discuss Endeavour Mining’s financial results. Investors and analysts can participate and ask questions. Qualified Persons have reviewed and approved technical information. Endeavour Mining is a gold producer in West Africa committed to responsible mining practices. Endeavour’s future plans include payment of shareholder dividends and completion of studies, with forward-looking statements indicating potential success in exploration activities and mine life extensions. Risks such as economic conditions and operational challenges are acknowledged, with dividends subject to board discretion and financial conditions. Non-GAAP financial measures are used for performance evaluation, providing additional information for investors.

Read more at GlobeNewswire. A new study has found that 75% of employees feel burned out at work, with remote workers experiencing higher levels of stress. The survey also revealed that 40% of employees are considering leaving their jobs due to burnout. Employers are urged to prioritize employee well-being to prevent turnover.: Endeavour Reports Strong Q3-2025 Results