OPERATIONAL AND FINANCIAL HIGHLIGHTS
●
Q1-2026 production of 282koz at AISC of $1,834/oz; FY-2026 guidance on track with H2-2026 weighted performance.
●
Q1-2026 Adj. EBITDA of $880m, up 29% over Q4-2025. Adj. Net Earnings of $370m (or $1.53/sh), up 65% over Q4-2025.
●
Free cash flow of $613m (or $2,176/oz produced) for Q1-2026, up 29% over Q4-2025.
●
Strong net cash position of $405m at the end of Q1-2026; balance sheet liquidity of $1,704m to support Assafou development project and increased shareholder returns.
●
Total shareholder returns of $1.6 billion over the last five years, 83% above minimum; record FY-2025 returns of $435m.
●
2026-2028 shareholder returns programme with $1bn minimum dividend that will be supplemented with dividends and share buybacks at a gold price above $3,000/oz; total returns expected to exceed $2bn at prevailing gold prices.
●
Share buybacks continue to supplement returns with $54m completed YTD-2026, including $30m in Q1-2026.
SECTOR LEADING ORGANIC GROWTH
●
Assafou DFS defined a potential cornerstone asset with 320kozpa of production at AISC of $1,026/oz for the first 8 years of the 16 year mine life. Early works launched, FID targeted before end-2026 followed by 24-30 month construction.
●
After-tax NPV(5%) of $5.1bn and IRR of 55% with a less than 2-year payback at $4,000/oz gold price.
●
Upfront capital of $1,061m, an increase compared to the PFS reflecting changes to site roads and power, plant optimisations to de-risk ramp-up and to enable seamless plant expansion in the future.
●
Significant resource upside through satellite deposit exploration and strategic partnerships.
●
Strong exploration efforts with $18m spent in Q1-2026; focused on resource expansions at cornerstone assets.
London, 30 April 2026 – Endeavour Mining plc ((LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour", the "Group" or the "Company") is pleased to announce its operating and financial results for Q1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights1
All amounts in US$ million unless otherwise specified
THREE MONTHS ENDED
31 March 2026
31 December 2025
31 March 2025
Δ Q1-2026 vs. Q4-2025
OPERATING DATA
Gold Production, koz
282
298
341
(5)%
Gold sold, koz
278
302
353
(8)%
Total Cash Cost1, $/oz
1,516
1,448
929
+5%
All-in Sustaining Cost1, $/oz
1,834
1,648
1,129
+11%
Realised Gold Price2, $/oz
4,810
3,873
2,783
+24%
CASH FLOW
Operating Cash Flow before changes in working capital
829
625
592
+33%
Operating Cash Flow before changes in working capital1, $/sh
3.42
2.59
2.43
+32%
Operating Cash Flow
737
609
494
+21%
Operating Cash Flow1, $/sh
3.05
2.52
2.03
+21%
Free Cash Flow1,3
613
476
409
+29%
Free Cash Flow1,3, $/sh
2.53
1.97
1.68
+28%
PROFITABILITY
Net Earnings Attributable to Shareholders
354
68
173
+421%
Net Earnings, $/sh
1.46
0.28
0.71
+421%
Adj. Net Earnings Attributable to Shareholders1
370
225
219
+64%
Adj. Net Earnings1, $/sh
1.53
0.93
0.90
+65%
EBITDA1
872
471
540
+85%
Adj. EBITDA1
880
681
613
+29%
SHAREHOLDER RETURNS1
Shareholder dividends paid
,
149
,
n.a.
Share buybacks4
30
3
40
+900%
FINANCIAL POSITION HIGHLIGHTS1
Net Cash/(Net Debt)
405
(158)
(378)
n.a.
Net Cash/(Net Debt) / LTM Trailing adj. EBITDA
0.16x
(0.07)x
(0.22)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. 4Q1-2026 share buybacks of $29.7 million differs from $27.0 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 April 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. In addition, today the Company has published its 2025 Tax and Economic Contribution Report, which will be available on the Company's website.
Ian Cockerill, Chief Executive Officer, commented: "We delivered a strong start to 2026, building on last year's momentum with another solid quarter of operational performance and record financial results.
We remain on track to achieve full-year guidance, with performance weighted towards the second half of the year, reflecting the mining sequence at our Houndé, Mana and Ity mines.
Strong operational delivery, combined with continued strength in the gold price, translated into record adjusted EBITDA of $880 million, up 29% over Q4-2025, and record free cash flow of $613 million, equivalent to $2,176 per ounce, up 29% over Q4-2025. This cash generation supported further improvement in our balance sheet, which now stands at $405 million of net cash.
Our financial strength gives us flexibility to simultaneously start construction at Assafou and deliver on our sector leading shareholder returns programme. We expect to significantly exceed our minimum commitment for the year, and at prevailing gold prices, we could more than double it, supported by over $54 million of supplemental share buybacks completed already this year.
At Assafou, the recently announced DFS confirmed the scale and quality of this potential cornerstone project that underpins our organic growth to 1.5 million ounces by 2030. Early works are now well underway, procurement of long-lead items has been launched, detailed engineering and design advancing, relocation action planning in progress and key tender negotiations near complete as we target a final investment decision before the end of the year. The DFS significantly optimised and de-risked the project, which can now support future expansions as we continue to grow the resource base.
Our exploration programme is advancing on multiple fronts. The Vindaloo Deeps discovery at our Houndé mine is expected to materially enhance the life-of-mine plan, with a maiden resource expected in H1 this year. Elsewhere, resource development at our core assets is expected to support an improved reserves and resources outlook at year-end, while our greenfield programme continues to generate high-priority targets across our selected tier 1 gold provinces.
Importantly, as we grow the business and deliver returns to our shareholders, our stakeholders also benefit. Last year we contributed $2.8 billion to our host nations, a 27% increase over the previous year - re-iterating the strong alignment between our performance, and our contributions to host countries, particularly in this higher gold price environment. Sustainable value creation requires us to continually strengthen our governance, stakeholder engagement and management systems across the business, ensuring ESG is effectively embedded in how we operate. This approach has been recognised in the recent upgrade of our ISS Corporate Rating to B-, positioning Endeavour within the top 10% of our industry.
With a high-quality portfolio and a strong organic growth pipeline, we are well positioned to sustainably deliver sector-leading growth and shareholder returns, creating long-term value for all stakeholders."
SHAREHOLDER RETURNS PROGRAMME
Endeavour has paid more than $1.6bn in shareholder returns since Q1-2021, which is $730.3 million or 83% above its minimum commitment over the period, reflecting its commitment to delivering sector leading shareholder returns.
For FY-2025 Endeavour returned $435.0 million to shareholders including $350.0 million of dividends and $85.3 million of share buybacks, 93% above its minimum commitment.
Over the 2026 - 2028 period, Endeavour expects to return a minimum dividend of approximately $1.0 billion to shareholders, comprised of $300.0 million for FY-2026, $325.0 million for FY-2027, and $350.0 million for FY-2028, provided the realised gold price over the dividend period exceeds $3,000/oz. At prevailing gold prices, Endeavour expects to return at least $2.0 billion to shareholders through approximately $1.0 billion of minimum dividends and $1.0 billion of supplemental dividends and share buybacks.
During H1-2026, shareholder returns have continued to be supplemented with $53.9 million, or 0.9 million shares, of buybacks up to 28 April 2026, with $29.7 million, or 0.5 million shares, of buybacks completed during Q1-2026. H1-2026 dividends will be declared within Endeavour's Q2 and H1-2026 results.
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 $3,000/oz and if the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM).
Table 2: Cumulative Shareholder Returns
MINIMUM
SUPPLEMENTAL
TOTAL
△ ABOVE
(All amounts in US$m)
DIVIDEND COMMITMENT
DIVIDENDS
BUYBACKS
RETURN
MINIMUM COMMITMENT
FY-2020
,
60
,
60
+60
2021-2023 Shareholder ReturnsProgramme
FY-2021
125
15
138
278
+153
FY-2022
150
50
99
299
+149
FY-2023
175
25
66
266
+91
2024-2025 Shareholder Returns Programme
FY-2024
210
30
37
277
+67
FY-2025
225
125
85
435
+210
SUBTOTAL
885
305
425
1,615
+730
2026-2028 Shareholder Returns Programme (Ongoing)
H1-20261
150
,
54
204
+54
H2-2026
150
,
,
,
,
FY-2027
325
,
,
,
,
FY-2028
350
,
,
,
,
TOTAL
1,860
305
479
1,819
+784
1H1-2026 share buybacks represent $53.9 million shares repurchased during H1-2026 to 28 April 2026.
OPERATING SUMMARY
Endeavour puts the highest priority on safety and the Company's ultimate aim is to achieve "zero harm" performance. As previously disclosed, on 9 March 2026, we were saddened to report that a contractor colleague passed away on 6 March 2026, as a result of injuries sustained in an incident that occurred during decommissioning activities at our Mana mine in Burkina Faso. The health, safety and welfare of our colleagues remain our top priority and following the incident a comprehensive investigation was completed with several improvements currently being implemented, including enhanced contractor onboarding processes and reinforcing safety training for both contractors and Endeavour supervisors.
For the trailing twelve months, ended 31 March 2026, a low Total Recordable Injury Frequency Rate ("TRIFR") of 0.72 was achieved.
The Group remains on track to achieve its production guidance of 1,090 - 1,265koz, within its all-in sustaining cost ("AISC") guidance range of $1,600 - 1,800/oz, when adjusted for the impact of higher gold prices on royalty costs compared to the guidance gold price of $3,000/oz. Q1-2026 production of 282koz is equivalent to approximately 26% of the low-end of the guided range, with increased production expected in H2-2026 at Houndé, Mana and Ity, positioning the Group well to achieve production guidance. Similarly Q1-2026 AISC, on a royalty adjusted basis, of $1,642/oz (Q1-2026 AISC of $1,834/oz before the impact of higher gold prices on royalty costs of $192/oz, due to the realised gold price of $4,842/oz exclusive of the Sabodala-Massawa stream, above the guidance gold price of $3,000/oz), is towards the lower-end of the guidance range.
Q1-2026 production of 282koz was 17koz lower than Q4-2025, due to lower production at Sabodala-Massawa, Mana, and Ity as lower average grades were processed in line with the mining sequence, partially offset by increased production at Houndé and Lafigué as higher average grades were processed.
Q1-2026 AISC amounted to $1,834/oz, an increase of $187/oz over Q4-2025, due to lower Group production, higher gold price driven royalty costs (+$108/oz impact due to the realised gold price of $4,842/oz, exclusive of the Sabodala-Massawa stream compared, to Q4-2025 realised gold price of $4,227/oz), higher sustaining capital related to stripping activity at Lafigué, Houndé and Sabodala-Massawa, and lower grid power utilisation at Mana. This was partially offset by lower costs at Ity due to lower sustaining capital and higher by-product revenue from silver sales.
Table 3: Group Production
THREE MONTHS ENDED
All amounts in koz, on a 100% basis
31 March 2026
31 December 2025
31 March 2025
Houndé
51
47
92
Ity
69
74
84
Mana
39
46
46
Sabodala-Massawa
67
78
72
Lafigué
56
53
48
GROUP PRODUCTION
282
298
341
Table 4: Group All-In Sustaining Costs
All amounts in US$/oz
THREE MONTHS ENDED
31 March 2026
31 December 2025
31 March 2025
Houndé
2,126
1,882
858
Ity
1,471
1,523
930
Mana
2,552
2,174
1,887
Sabodala-Massawa
1,372
1,237
1,173
Lafigué
1,811
1,476
926
Corporate G&A
48
46
43
GROUP ALL-IN SUSTAINING COSTS1
1,834
1,648
1,129
1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.
CASH FLOW SUMMARY
The table below presents the cash flow and net cash/(net debt) position for Endeavour for the three months ended 31 March 2026, 31 December 2025, and 31 March 2025.
Table 5: Cash Flow and Net Cash/(Net Debt)
THREE MONTHS ENDED
All amounts in US$ million unless otherwise specified
Notes
31 March 2026
31 December 2025
31 March 2025
Net cash from/(used in), as per cash flow statement:
Operating cash flows before changes in working capital
829
625
592
Changes in working capital
(91)
(16)
(98)
Cash generated from operating activities
[1]
737
609
494
Cash used in investing activities
[2]
(125)
(133)
(85)
Free Cash Flow1,2
[3]
613
476
409
Cash received from/(used in) financing activities
[4]
36
(253)
(67)
Effect of exchange rate changes on cash
(12)
5
10
INCREASE IN CASH
636
229
353
Cash and cash equivalent position at beginning of period3
453
225
384
CASH AND EQUIVALENT POSITION AT END OF PERIOD3
1,090
453
737
Principal amount of $500m Senior Notes
(500)
(500)
(500)
Drawn portion of Lafigué Term Loan
(99)
(111)
(130)
Drawn portion of Revolving Credit Facility
(85)
,
(485)
NET CASH/(NET DEBT)1
[5]
405
(158)
(378)
Trailing twelve month adjusted EBITDA1
2,583
2,316
1,725
Net Cash/(Net Debt) / Adjusted EBITDA (LTM) ratio1
0.16x
(0.07)x
(0.22x)
1Free cash flow, net cash/(net debt), and adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3Cash and cash equivalents are net of bank overdraft (nil at 31 March 2026; nil at 31 December 2025; $37.5m at 30 September 2025; $6.3m at 30 June 2025; nil at 31 March 2025).
NOTES:
1) Operating cash flows increased by $128.4 million from $609.0 million (or $2.52 per share) in Q4-2025 to $737.4 million (or $3.05 per share) in Q1-2026 due to higher realised gold prices, lower operating costs and the realised loss on gold collars in the prior quarter, partially offset by higher income tax payments, higher royalty costs due to the higher realised gold price, a decrease in production and gold sales and an increase in the working capital outflow.Operating cash flows increased by $243.2 million from $494.2 million (or $2.03 per share) in Q1-2025 to $737.4 million (or $3.05 per share) in Q1-2026 due to the higher realised gold prices, a lower working capital outflow and the realised loss on gold collars in the prior period, partially offset by higher operating costs, higher royalty costs and higher income tax payments.
Notable variances are summarised below:
•
Working capital was an outflow of $91.2 million in Q1-2026, an increase of $75.2 million over the Q4-2025 outflow of $16.0 million. The outflow in Q1-2026 consisted of (i) a trade and payables outflow of $44.3 million related to decreases in supplier payables and payroll-related liabilities from the prior quarter, (ii) an outflow of $24.1 million primarily related to VAT receivables at Houndé and Mana, (iii) an outflow of $20.5 million related to a build up of consumable inventory at Mana and Houndé related to the build up of fuel supplies and stockpile inventory at Ity and Sabodala-Massawa, partially offset by a drawdown of stockpiles at Lafigué and (iv) an outflow of $2.3 million related to the timing of supplier prepayments.
Working capital was an outflow of $91.2 million in Q1-2026, an improvement of $6.8 million over the Q1-2025 outflow of $98.0 million, largely driven by a decrease in outflows related to stockpile inventory and VAT receivables, partially offset by an increase in outflows related to trade and other payables due to the timing of supplier payments and an increase in outflows related to supplier prepayments.
•
Gold sales from continuing operations decreased from 302koz in Q4-2025 to 278koz in Q1-2026 due to lower production at ...
