ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS
YTD-2025 production of 911koz at AISC of $1,362/oz -- FY-2025 guidance on track -- YTD-2025 free cash flow of $680m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
-- YTD-2025 production of 911koz, on track for the top
half of the guidance range; Q3-2025 production of
264koz.
-- YTD-2025 AISC of $1,362/oz, on track for the guidance
range; impacted by +$103/oz of gold price driven
royalty costs compared to guidance; Q3-2025 AISC of
$1,569/oz; impacted by +$131/oz of gold price driven
royalty costs.
-- Adj. EBITDA of $1,634m YTD-2025, up +110% over
YTD-2024; $466m for Q3-2025.
-- Adj. Net Earnings of $556m (or $2.29/sh) YTD-2025, up
+375% over YTD-2024; $159m (or $0.66/sh) for Q3-2025.
-- FCF of $680m ($746/oz produced) YTD-2025, up +1,411%
over YTD-2024; $166m ($629/oz produced) for Q3-2025.
-- Gross debt reduced by $425m to $678m following full
repayment of the RCF during Q3-2025; Net Debt / Adj.
EBITDA $(LTM)$ of 0.21x at the end of the period,
significantly below the Group's 0.50x
through-the-cycle target.
SECTOR LEADING SHAREHOLDER RETURNS
-- Record $150m (or $0.62/sh) dividend paid on 23
October; on track to significantly exceed $225m
FY-2025 minimum.
-- Share buybacks of $83m YTD-2025; $14m for Q3-2025,
bringing YTD-2025 returns to $233m before H2-2025
dividend, which will be announced in January 2026
with the next phase of our shareholder returns
programme.
ATTRACTIVE ORGANIC GROWTH
-- Assafou project DFS on track for Q1-2026,
environmental permit approved during Q3-2025.
-- Strong exploration efforts with $72m spent YTD-2025;
focused on near-mine resource expansions at
Sabodala-Massawa, Houndé, Ity and Assafou.
-- 5-year exploration strategy completed with 12.4Moz
discovered at less than $25/oz; new exploration
strategy expected in Q4-2025, outlining focus on
continued mine life extension and organic pipeline
expansion and diversification.
London, 13 November 2025 -- Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour", the "Group" or the "Company") is pleased to announce its operating and financial results for Q3-2025 and YTD-2025, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights from continuing operations(1)
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in <DELTA>
US$ million 30 30 30 30 30 YTD-2025
unless otherwise September June September September September vs.
specified 2025 2025 2024 2025 2024 YTD-2024
--------- ----- --------- --------- --------- --------
OPERATING DATA
Gold Production,
koz 264 306 270 911 741 +23%
Gold sold, koz 258 304 280 914 743 +23%
Total Cash
Cost(2) , $/oz 1,336 1,220 1,128 1,141 1,097 +4%
All-in Sustaining
Cost(2) , $/oz 1,569 1,458 1,287 1,362 1,256 +8%
Realised Gold
Price(3) , $/oz 3,247 3,150 2,342 3,036 2,233 +36%
--------- ----- --------- --------- --------- --------
CASH FLOW
Operating Cash
Flow before
changes in
working capital 394 296 245 1,282 595 +115%
Operating Cash
Flow before
changes in
working
capital(2) ,
$/sh 1.63 1.22 1.00 5.29 2.43 +118%
Operating Cash
Flow 309 252 255 1,055 568 +86%
Operating Cash
Flow(2) , $/sh 1.28 1.04 1.04 4.35 2.32 +88%
Free Cash
Flow(2,4) 166 104 97 680 45 +1411%
Free Cash
Flow(2,4) ,
$/sh 0.69 0.43 0.40 2.80 0.18 +1456%
--------- ----- --------- --------- --------- --------
PROFITABILITY
Net
Earnings/(Loss)
Attributable to
Shareholders 167 271 (95) 611 (175) n.a.
Net
Earnings/(Loss),
$/sh 0.69 1.12 (0.39) 2.52 (0.71) n.a.
Adj. Net Earnings
Attributable to
Shareholders(2) 159 179 74 556 117 +375%
Adj. Net
Earnings(2) ,
$/sh 0.66 0.74 0.30 2.29 0.48 +377%
EBITDA(2,5) 472 596 128 1,608 477 +237%
Adj. EBITDA(2,5) 466 556 317 1,634 779 +110%
--------- ----- --------- --------- --------- --------
SHAREHOLDER
RETURNS(2)
Shareholder
dividends paid -- 140 -- 140 100 +40%
Share buybacks 14 28 9 83 29 +186%
--------- ----- --------- --------- --------- --------
FINANCIAL
POSITION
HIGHLIGHTS(2)
Net Debt 453 469 834 453 834 (46)%
Net Debt / LTM
Trailing adj.
EBITDA(5) 0.21x 0.23x 0.77x 0.21x 0.77x (73)%
--------- ----- --------- --------- --------- --------
(1) Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. (2) This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. (3) Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group's revenue protection programme. (4) From all operations; calculated as Operating Cash Flow less Cash used in Investing activities. (5) Last Twelve Months ("LTM") Trailing EBITDA adj includes EBITDA generated by discontinued operations.
Management will host a conference call and webcast today, Thursday 13 November 2025, at 8:30 am EST / 1:30 pm GMT. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. Copies of the Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be 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.
Ian Cockerill, Chief Executive Officer, commented: "Q3-2025 marked another solid operational quarter placing us firmly on track to achieve our full-year guidance. Strong year-to-date production has positioned us to achieve the top half of our production guidance with AISC within the guidance range, when adjusted for the impact of higher gold prices on royalty costs.
Our Q3-2025 operational performance was in line with our planned mine sequence, despite the impact of a heavier than normal wet season. This performance, coupled with higher gold prices, underpinned a 59% increase in free cash flow generation in Q3, bringing free cash flow generation to $680 million year-to-date, and to nearly a billion dollars over the last twelve months. We remain focused on maximising free cash flow generation from every ounce of gold that we produce, to ensure that our margins grow with the gold price.
Given the strong free cash flow generation, we further strengthened our balance sheet this quarter by not only lowering our leverage, but reducing our gross debt as well, through the full repayment of the drawn portion of our revolving credit facility.
Shareholder returns increased, following payment of our record $150 million dividend early in Q4, we continued to buyback shares, bringing year-to-date returns to $233 million, before the declaration of our H2-2025 dividend that we will announce in Q1-2026, which is expected to increase our total returns to at least $346 million. We have now returned over $1.4 billion to our shareholders over the last four and half years, or 83% above our minimum commitment, and as we look forward to our next phase of growth, we expect to be well positioned to continue delivering sector-leading returns throughout.
Our Assafou project continues to advance on schedule, with the environmental permit now approved and the Definitive Feasibility Study on track to be completed in Q1-2026, progressively de-risking our timeline to first gold.
In parallel, we continue to accelerate exploration to delineate high-priority near-mine opportunities at Houndé, Sabodala-Massawa, Ity and Assafou, and identify greenfield opportunities both in West Africa, and in other, similar, highly-fertile tier 1 gold provinces that have limited exploration maturity, where we can lever our exploration expertise and gain an early mover advantage. We expect to announce our new exploration strategy in Q4, which will support continued mine life extension and improvements across our existing portfolio, and drive our next phase of organic growth, beyond Assafou.
Given our high-quality portfolio, underpinned by a top tier organic growth pipeline, we are well positioned to sustainably deliver sector-leading shareholder returns and organic growth, generating value for all our stakeholders."
SHAREHOLDER RETURNS PROGRAMME
-- Endeavour has paid more than $1.4bn in shareholder returns since Q1-2021,
which is $639.8 million or 83% above its minimum commitment over the
period, reflecting its strong commitment to pay supplemental returns to
shareholders through both phases of cash harvesting and phases of organic
growth.
-- For H1-2025, Endeavour announced a record dividend of $150.0 million (or
approximately $0.62 per share), which was paid on 23 October 2025. The
H2-2025 dividend is expected to be announced in Q1-2026 and paid in
Q2-2026.
-- During YTD-2025, shareholder returns continued to be supplemented with
share buybacks of $82.8 million, or 3.3 million shares, which is an
increase of 186% over YTD-2024. During Q3-2025, $14.4 million or 0.4
million shares were repurchased.
-- Total shareholder returns for YTD-2025 of $232.8 million, have already
exceeded the $225.0 million minimum for the year and are expected to
significantly increase, with the announcement of the H2-2025 dividend and
further share buybacks. At a minimum the H2-2025 dividend is expected to
be $112.5 million, which would bring the full year return to a minimum
$345.8 million.
-- Given that Endeavour's current shareholder returns programme will be
completed in H1-2026, Endeavour expects to announce its new shareholder
returns programme for the FY-2026 to FY-2028 period, which will outline a
significant increase in minimum shareholder dividend commitments, in
early Q1-2026.
Table 2: Cumulative Shareholder Returns
MINIMUM SUPPLEMENTAL TOTAL ABOVE
(All amounts in DIVIDEND MINIMUM
US$m) COMMITMENT DIVIDENDS BUYBACKS RETURN COMMITMENT
---------- --------- -------- ------ ----------
FY-2020 -- 60 -- 60 +60
----------------------------------- ---------- --------- -------- ------ ----------
2021-2023
Shareholder
Returns
Programme 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
(ongoing) FY-2024 210 30 37 277 +67
----------------
H1-2025 113 37 69 219 +106
H2-2025(1) (Q1-2026 dividend
announcement) 113 -- 14 127 +14
---------- --------- -------- ------ ----------
TOTAL 886 217 423 1,526 640
------------------------------------ ---------- --------- -------- ------ ----------
(1) Q3-2025 share buybacks of $14.3 million differs from $15.6 million per the Statement of Cashflows due to foreign exchange and timing of payments.
OPERATING SUMMARY
-- Strong safety performance for the Group, with a Lost Time Injury
Frequency Rate ("LTIFR") of 0.05 for the trailing twelve months ended 30
September 2025.
-- The Group remains on track to achieve the top-half of its production
guidance of 1,110 - 1,260koz, within its all-in sustaining cost ("AISC")
guidance range of $1,150 - 1,350/oz, when adjusted for the impact of
higher gold prices on royalty costs (+$103/oz impact YTD-2025 due to the
realised gold price of $3,221/oz, compared to the guidance gold price of
$2,000/oz).
-- Q3-2025 production of 264koz was 42koz lower than Q2-2025, reflecting
lower grades processed across the portfolio, in line with the mine
sequence, and lower tonnes milled at Houndé and Lafigué due to
the impact of the wet season.
-- YTD-2025 production amounted to 911koz, an increase of 170koz over
YTD-2024, due to higher average grades processed at Houndé and Mana,
in line with the mine sequence, along with increased production at
Lafigué and the Sabodala-Massawa BIOX expansion, which both entered
commercial production Q3-2024, partially offset by a decrease in
production at Ity due to lower average grades processed.
Table 3: Group Production
THREE MONTHS ENDED NINE MONTHS ENDED
30 30 30 30
All amounts in koz, September 30 June September September September
on a 100% basis 2025 2025 2024 2025 2024
--------- ---------- --------- ---------- ----------
Houndé 49 69 74 209 179
Ity 77 84 77 245 259
Mana 39 41 30 127 107
Sabodala-Massawa(1) 61 62 54 195 159
Lafigué(1) 38 49 36 135 36
GROUP PRODUCTION 264 306 270 911 741
-------------------- --------- ---------- --------- ---------- ----------
(1) Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
-- Q3-2025 total cash cost amounted to $1,336/oz, an increase of $116/oz
over Q2-2025 due to lower gold sales and higher royalty costs related to
the higher realised gold prices, as well as higher mining unit costs at
Houndé, Sabodala-Massawa and Lafigué, and higher processing
unit costs at Houndé, due to the impact of the wet season on mining
and processing productivity. This was partially offset by lower
processing unit costs at Mana, Sabodala-Massawa and Lafigué due to
improved grid availability and reduced planned maintenance during the
quarter.
-- YTD-2025 total cash cost amounted to $1,141/oz, an increase of $44/oz
over YTD-2024, due to higher royalty costs related to higher realised
gold prices, partially offset by an increase in gold sales and the
addition of the low-cost Lafigué and Sabodala-Massawa BIOX expansion,
which both entered commercial production in Q3-2024.
Table 4: Consolidated Total Cash Costs
THREE MONTHS ENDED NINE MONTHS ENDED
30 30 30 30
(All amounts in September 30 June September September September
US$/oz) 2025 2025 2024 2025 2024
--------- ---------- --------- ---------- ----------
Houndé 1,420 1,352 1,233 1,098 1,242
Ity 1,142 1,049 899 1,016 874
Mana 1,772 1,700 1,766 1,596 1,587
Sabodala-Massawa(2) 1,173 1,073 1,096 1,061 1,015
Lafigué(2) 1,433 1,125 831 1,129 831
GROUP TOTAL CASH
COSTS(1) 1,336 1,220 1,128 1,141 1,097
-------------------- --------- ---------- --------- ---------- ----------
(1) This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. (2) Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine.
-- Q3-2025 AISC amounted to $1,569/oz, an increase of $111/oz over Q2-2025
driven by higher total cash costs including the impact of higher royalty
costs related to the higher realised gold prices, which was partially
offset by lower sustaining capital largely due to less waste stripping
activity at Houndé.
-- YTD-2025 AISC amounted to $1,362/oz, an increase of $106/oz over YTD-2024
driven by higher total cash costs including the impact of higher royalty
costs related to the higher realised gold prices, and higher sustaining
capital at Ity, Mana and the Lafigué mine and Sabodala-Massawa BIOX
expansion, which both entered commercial production in Q3-2024.
Table 5: Group All-In Sustaining Costs
THREE MONTHS ENDED NINE MONTHS ENDED
30 30 30 30
All amounts in September 30 June September September September
US$/oz 2025 2025 2024 2025 2024
--------- ---------- --------- ---------- ----------
Houndé 1,475 1,580 1,379 1,231 1,457
Ity 1,269 1,125 928 1,099 898
Mana 2,377 2,257 1,987 2,157 1,756
Sabodala-Massawa(2) 1,326 1,272 1,219 1,252 1,112
Lafigué(2) 1,530 1,154 938 1,168 938
Corporate G&A 47 46 45 45 47
GROUP ALL-IN
SUSTAINING
COSTS(1) 1,569 1,458 1,287 1,362 1,256
-------------------- --------- ---------- --------- ---------- ----------
(1) This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. (2) Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine.
-- Q3-2025 and YTD-2025 total cash costs and AISC have been impacted by
higher royalty costs due to higher realised gold prices of $3,513/oz and
$3,221/oz, exclusive of the impact of the revenue protection programme,
respectively, which are significantly higher than the $2,000/oz gold
price assumption used in the FY-2025 guidance. As a result, higher
royalty costs related to gold price had an impact of $131/oz and $103/oz
on the Q3-2025 and YTD-2025 total cash costs and AISC, respectively.
-- YTD-2025 AISC, adjusted for the impact of higher royalty costs due to
higher gold prices are at $1,259/oz, approximately at the midpoint of the
FY-2025 guidance range. Given the strong outlook for Q4-2025, improved
production and costs are expected, positioning the Group to achieve the
FY-2025 AISC guidance.
Table 6: AISC Guidance Reconciliation(1)
Q3-2025 YTD-2025 FY-2025
ACTUALS ACTUALS GUIDANCE
--------------- -------- -------- -----------------------------------------
AISC at
realised gold
price of
$3,513/oz for
Q3-2025 and
$3,221/oz for
YTD-2025 1,569 1,362
--------------- -------- -------- -------------- -------- ---------------
Additional
royalty cost at
realised gold
price vs
$2,000/oz YTD-2025 impact of +$103/oz on AISC due
guidance gold to higher gold prices driving royalty
price +131 +103 costs higher
--------------- -------- -------- -----------------------------------------
AISC at
$2,000/oz gold
price(2) 1,438 1,259 1,150 -- 1,350
--------------- -------- -------- -------------- -------- ---------------
(1) The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q3-2025 and YTD-2025 of $3,513/oz and $3,221/oz are exclusive of the impact of the revenue protection programme, respectively. (2) Indicative AISC normalising realised AISC for the impact of the higher gold prices on royalty costs.
FY-2025 OUTLOOK
-- The Group remains on track to achieve the top half of its production
guidance of 1,110 - 1,260koz driven by strong YTD-2025 production at
Houndé and Sabodala-Massawa. Q4-2025 production is expected to
increase over Q3-2025 due to mining and processing of higher grades at
Lafigué, Mana and Sabodala-Massawa CIL, in line with the mine
sequence.
Table 7: FY-2025 Production Outlook(1)
YTD-2025 FY-2025 FY-2025
(All amounts in koz, on a 100% basis) ACTUALS GUIDANCE OUTLOOK
-------------------------------------- -------- ------------- ----------
Houndé 209 230 - 260 TOP HALF
Ity 245 290 - 330 ON TRACK
Mana 127 160 - 180 ON TRACK
Sabodala-Massawa 195 250 - 280 TOP HALF
Lafigué 135 180 - 210 LOWER HALF
-------------------------------------- -------- ------------- ----------
Group Production 911 1,110 - 1,260 TOP HALF
-------------------------------------- -------- ------------- ----------
(1) FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
-- The Group remains on track to achieve its AISC guidance of $1,150 -
1,350/oz, when adjusted for the impact of higher gold prices on royalty
costs (+$103/oz impact YTD-2025 due to the realised gold price of
$3,221/oz compared to the guidance gold price of $2,000/oz). Prior to
this impact, YTD-2025 AISC is approximately $1,259/oz, near the mid-point
of the FY-2025 guidance range. Q4-2025 AISC is expected to improve over
Q3-2025 due to higher grades, higher gold production and sales. The AISC
sensitivity to royalty cost due to gold price changes is between $6 -
10/oz for every $100/oz increase in gold price.
Table 8: FY-2025 AISC Outlook(1)
FY-2025 FY-2025
YTD-2025 YTD-2025 GUIDANCE OUTLOOK
------------- ------------
ADJUSTED(2)
(All amounts in ACTUALS (at (at
US$/oz) $3,221/oz) $2,000/oz)
----------------- -------------- -------------- ------------- ------------
Houndé 1,231 1,114 1,225 - 1,375 ON TRACK
Ity 1,099 1,014 975 - 1,100 ON TRACK
ABOVE
Mana 2,157 2,046 1,550 - 1,750 TOP-END
Sabodala-Massawa 1,252 1,178 1,100 - 1,250 ON TRACK
Lafigué 1,168 1,087 950 - 1,075 NEAR TOP-END
Corporate G&A 45 45 40 ON TRACK
----------------- -------------- -------------- ------------- ------------
Group AISC 1,362 1,259 1,150 - 1,350 ON TRACK
----------------- -------------- -------------- ------------- ------------
(1) FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. (2) Indicative AISC normalising realised AISC for the impact of the higher gold prices ($+103/oz YTD-2025) on royalty costs.
-- Group sustaining capital expenditure outlook for FY-2025 remains
unchanged at the previously disclosed guidance of $195.0 million, of
which $161.4 million has been incurred in YTD-2025, with $47.9 million
incurred in Q3-2025. The sustaining capital guidance increased at Ity and
Mana, which was offset by decreases at Sabodala-Massawa and Lafigué.
Sustaining capital expenditure guidance increased at Ity and Mana due to
increased waste development to access higher grade ore, while it
decreased at Sabodala-Massawa and Lafigué due to a decrease in
sustaining capital waste stripping activity.
-- Group non-sustaining capital expenditure outlook for FY-2025 increased
slightly from the previously disclosed guidance of $235.0 million to
$245.0 million, of which $186.2 million was incurred in YTD-2025, with
$83.3 million incurred in Q3-2025. Non-sustaining capital guidance
increased at Mana and Lafigué, partially offset by decreases at
Houndé and Ity. The non-sustaining capital guidance increased at
Mana due to the purchase of the outgoing underground mining contractor's
fleet following Endeavour's decision to terminate their contract in
Q2-2025, and at Lafigué, due to the acceleration of waste stripping
to support higher than design nameplate plant throughput. These increases
were partially offset by a decrease at Ity due to lower waste stripping
at the Le Plaque pit and a decrease at Houndé related to the timing
of compensation payments for the third TSF cell.
-- Group growth capital expenditure outlook for FY-2025 remains unchanged at
the previously disclosed guidance of $30.0 million, of which $22.8
million was incurred in YTD-2025, with $6.8 million incurred in Q3-2025.
Growth capital was primarily related to the Definitive Feasibility Study
$(DFS)$ and associated drilling expenditure at Assafou, which has
accelerated as the DFS progresses toward completion in Q1-2026.
Table 9: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
(All amounts in FY-2025 PREVIOUS FY-2025 UPDATED
US$m) YTD-2025 ACTUALS GUIDANCE GUIDANCE
---------------- ------------------
Houndé 28 40 40
Ity 21 20 25
Mana 70 60 75
Sabodala-Massawa 37 60 45
Lafigué 5 15 10
---------------- ------------------ -------------------
Total Sustaining
Capital
Expenditure 161 195 195
------------------- ---------------- ------------------ -------------------
Houndé 52 90 80
Ity 18 35 30
Mana 16 10 25
Sabodala-Massawa 22 25 25
Lafigué 75 70 80
Corporate G&A 3 5 5
---------------- ------------------ -------------------
Total
Non-Sustaining
Capital
Expenditure 186 235 245
------------------- ---------------- ------------------ -------------------
Assafou 23 30 30
------------------- ---------------- ------------------ -------------------
Total Growth
Capital
Expenditure 23 30 30
------------------- ---------------- ------------------ -------------------
Total Mine Capital
Expenditure 370 460 470
------------------- ---------------- ------------------ -------------------
-- Group exploration outlook for FY-2025 remains unchanged from the
previously disclosed guidance of $85.0 million, of which $72.1 million
was incurred in YTD-2025, with $20.7 million incurred in Q3-2025.
Exploration guidance increased at Houndé due to the success of the
drilling programme at the Vindaloo Deeps deposit, and at Mana to
accelerate deep drilling below the Wona deposit to extend the current
resource, which was offset by a decrease at Lafigué as the drilling
programme is now expected to commence in early 2026. Exploration
activities in Q3-2025 included the acceleration of the Vindaloo Deeps
resource definition drill programme at Houndé, drilling at the Ity
Donut and defining maiden resources at the near-mine Makana and Kawsara
targets at Sabodala-Massawa.
-- Group tax payments outlook for FY-2025 remains unchanged at $350.0
million to $450.0 million, of which $339.4 million was incurred in
YTD-2025, with $67.3 million incurred in Q3-2025. For the full-year,
Group tax payments are expected near the mid-point of the guidance range.
CASH FLOW SUMMARY
The table below presents the cash flow and net debt position for Endeavour for the three months ended 30 September 2025, 30 June 2025, and 30 September 2024, and the nine months ended 30 September 2025 and 30 September 2024, with accompanying explanations below.
Table 10: Cash Flow and Net Debt
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$ 30 30 30 30 30
million unless September June September September September
otherwise specified Notes 2025 2025 2024 2025 2024
--------- ----- --------- --------- ---------
Net cash from/(used
in), as per cash
flow statement:
Operating cash flows before
changes in working
capital(5) 394 296 245 1,282 595
Changes in working capital (85) (44) 10 (228) (27)
--------- ----- --------- --------- ---------
Cash generated from
operating
activities from
continuing
operations [1] 309 252 255 1,055 568
Cash generated from
discontinued operations -- -- -- -- (6)
--------- ----- --------- --------- ---------
Cash generated from
operating
activities [1] 309 252 255 1,055 562
Cash used in
investing
activities [2] (143) (148) (158) (375) (517)
------ --------- ----- --------- --------- ---------
Free Cash Flow(1,2) 166 104 97 680 45
---------------------------- --------- ----- --------- --------- ---------
Cash (used
in)/generated from
financing
activities [3] (570) (256) (241) (893) (303)
Effect of exchange rate
changes on cash (6) 49 9 54 (7)
--------- ----- --------- --------- ---------
INCREASE/(DECREASE) IN CASH (410) (103) (135) (159) (265)
---------------------------- --------- ----- --------- --------- ---------
Cash and cash equivalent
position at beginning of
period(3) 634 737 387 384 517
---------------------------- --------- ----- --------- --------- ---------
CASH AND EQUIVALENT POSITION
AT END OF PERIOD(3) 225 634 252 225 252
Principal amount of $500m
Senior Notes 500 500 500 500 500
Drawn portion of
Lafigué Term Loan 121 131 147 121 147
Drawn portion of Sabodala
Term Loan 16 -- 23 16 23
Drawn portion of Ity Working
Capital Facility 41 -- -- 41 --
Drawn portion of Revolving
Credit Facility -- 472 415 -- 415
--------- ----- --------- --------- ---------
NET DEBT(1) [4] 453 469 834 453 834
-------------------- ------ --------- ----- --------- --------- ---------
Trailing twelve month
adjusted EBITDA(1,4) 2,159 2,032 1,082 2,159 1,082
---------------------------- --------- ----- --------- --------- ---------
Net Debt / Adjusted EBITDA 0.21x 0.23x 0.77x 0.21x 0.77x
(LTM) ratio(1,4)
---------------------------- --------- ----- --------- --------- ---------
(1) Free cash flow, 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. (2) From all operations; calculated as Operating Cash Flow less Cash used in investing activities. (3) Cash and cash equivalents are net of bank overdraft ($37.5 million at 30 September 2025; $6.3 million at 30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $62.2 million at 30 September 2024; $21.1 million at 30 June 2024; nil at 31 December 2023). (4) Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations. (5) Continuing operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine.
NOTES:
1) Operating cash flows increased by $56.5 million from $252.0 million (or $1.04 per share) in Q2-2025 to $308.5 million (or $1.28 per share) in Q3-2025 due to higher realised gold prices, lower income and withholding tax payments, lower royalty costs due to lower gold sold and lower operating costs, partially offset by a decrease in production and gold sales, a higher realised loss on gold collars and an increase in the working capital outflow.
Operating cash flows increased by $492.8 million from $561.9 million (or $2.29 per share) in YTD-2024 to $1,054.7 million (or $4.35 per share) in YTD-2025 due to higher production at higher realised gold prices, partially offset by higher operating costs, higher royalties, a higher realised loss on gold collars and LBMA averaging, higher working capital outflows and higher income tax payments.
Notable variances are summarised below:
-- Working capital was an outflow of $85.4 million in Q3-2025, an increase
of $41.3 million over the Q2-2025 outflow of $44.1 million. The outflow
in Q3-2025 consisted of (i) an inventory outflow of $54.8 million due to
a build-up of stockpile inventory at the Lafigué, Ity and
Sabodala-Massawa mines, as well as an increase in spare parts and
consumables related to mining component rebuilds at Houndé and
Sabodala-Massawa, (ii) a receivables outflow of $46.4 million related to
a build-up of VAT receivables at the Houndé, Lafigué and Mana
mines, and (iii) a prepaid expenses outflow of $10.5 million related to
the timing of supplier prepayments, partially offset by (iv) a trade and
other payables inflow of $26.3 million related to the timing of supplier
payables and contractor-related liabilities.Working capital was an
outflow of $227.6 million in YTD-2025, a decrease of $200.4 million over
the YTD-2024 outflow of $27.2 million, largely driven by an increase in
outflows related to inventory, an increase in outflows related to trade
and other receivables and an increase in outflows related to trade and
other receivables, partially offset by a decrease in the outflow of
prepaid expenses.
-- Gold sales from continuing operations decreased from 304koz in Q2-2025 to
258koz in Q3-2025 due to lower production across the portfolio, in line
with the mine sequence. The realised gold price from continuing
operations for Q3-2025 increased by $211/oz to $3,513/oz from $3,302/oz
in Q2-2025. Inclusive of the Group's Revenue Protection Programme
(-$266/oz Q3-2025 impact), the realised gold price for Q3-2025 increased
by $97/oz to $3,247/oz from $3,150/oz in Q2-2025.
-- Gold sales from continuing operations increased from 743koz in YTD-2024
to 914koz in YTD-2025, following higher production in YTD-2025 at the
Houndé, Mana and Sabodala-Massawa mines along with increased
production from the Lafigué mine that achieved commercial production
in Q3-2024. The realised gold price from continuing operations for
YTD-2025 increased by $900/oz to $3,221/oz from $2,321/oz in YTD-2024.
Inclusive of the Group's Revenue Protection Programme (-$161/oz YTD-2025
impact) and the London Bullion Market Averaging (LBMA) gold price
strategy, which ceased at the end of Q1-2025 (-$24/oz YTD-2025 impact),
the realised gold price for YTD-2025 increased by $803/oz to $3,036/oz
from $2,233/oz in YTD-2024.
-- Total cash cost per ounce increased from $1,220/oz in Q2-2025 to
$1,336/oz in Q3-2025 due to lower volumes of gold sold and higher royalty
costs (+$131/oz impact at realised gold price of $3,513/oz vs guided gold
price of $2,000/oz) related to a higher realised gold price.Total cash
cost per ounce increased from $1,097/oz in YTD-2024 to $1,141/oz in
YTD-2025 due to significantly higher royalty costs (+$103/oz impact at
realised gold price of $3,221/oz vs guided gold price of $2,000/oz)
related to the higher realised gold price, partially offset by an
increase in gold sales.
-- Taxes paid decreased by $165.8 million from $233.1 million in Q2-2025 to
$67.3 million in Q3-2025 due to lower withholding taxes paid following
cash upstreaming in the prior quarter and lower income taxes paid at the
Houndé, Ity, Sabodala-Massawa and Lafigué mines due to the
timing of provisional income tax payments for the FY-2024 tax year which
typically occur in the second quarter, partially offset by higher income
taxes paid at the Mana mine.Taxes paid increased by $60.3 million from
$279.1 million in YTD-2024 to $339.4 million in YTD-2025, in line with
the guidance provided, as income tax payments increased at the
Houndé, Ity and Lafigué mines due to higher provisional income
tax payments for the FY-2024 tax year due to higher taxable earnings,
while withholding tax payments also increased due to higher levels of
cash upstreaming as a result of improved cash generation.
Table 11: Tax Payments
THREE MONTHS ENDED NINE MONTHS ENDED
30 30 30 30
September 30 June September September September
($m) 2025 2025 2024 2025 2024
---------- ----------- ---------- ---------- ----------
Houndé 15.5 29.6 12.0 56.0 39.7
Ity 39.1 76.7 25.3 115.8 75.3
Mana 2.6 0.8 2.2 5.5 8.8
Sabodala-Massawa -- 9.6 -- 34.0 75.6
Lafigué 10.8 24.1 -- 36.8 1.0
Other(1) (0.7) 92.3 25.0 91.3 78.7
Total taxes paid 67.3 233.1 64.5 339.4 279.1
----------------- ---------- ----------- ---------- ---------- ----------
(1) Included in the "Other" category is income and withholding taxes paid/(received) by Corporate and Exploration entities.
2) Cash flows used in investing activities decreased by $5.1 million from $147.7 million in Q2-2025 to $142.6 million in Q3-2025 due to a decrease in sustaining capital spend of $13.7 million, a decrease in growth capital spend on the Assafou DFS of $3.4 million, a decrease in exploration capital spend of $3.1 million, an inflow of $2.3 million related to the Koulou Gold investment during the prior quarter and a decrease in restricted cash outflow of $1.7 million, partially offset by an increase in non-sustaining capital spend during the quarter of $18.0 million.
Cash flows used in investing activities decreased by $141.7 million from $516.8 million in YTD-2024 to $375.1 million in YTD-2025 largely due to lower growth capital following the completion of the growth projects, which achieved commercial production in Q3-2024, partially offset by higher sustaining and non-sustaining capital.
-- Sustaining capital decreased from $51.6 million in Q2-2025 to $37.9
million in Q3-2025, largely due to decreased sustaining capital
expenditure at the Houndé mine related to the timing of heavy mining
equipment upgrades and at the Sabodala-Massawa mine related to waste
stripping activity, partially offset by an increase in sustaining capital
expenditure at the Ity, Mana and Lafigué mines. Sustaining capital
increased from $82.6 million in YTD-2024 to $163.2 million in YTD-2025
largely due to the addition of the Lafigué mine and the
Sabodala-Massawa BIOX expansion, which both achieved commercial
production in Q3-2024, as well as increased expenditure at the Mana mine
related to underground development and at the Ity mine related to land
compensation and processing plant capital spares, partially offset by a
decrease in sustaining capital expenditure at the Houndé mine
related to reduced waste stripping activity.
-- Non-sustaining capital increased from $65.3 million in Q2-2025 to $83.3
million in Q3-2025 largely due to waste stripping at the Houndé mine
related to the Vindaloo Main pit phase 3 pushback, at the Mana mine
related to the purchase of the mining fleet from the outgoing mining
contractor, at Lafigué related to the purchase of generators for the
backup power plant, partially offset by a decrease at the
Sabodala-Massawa and Ity mines.Non-sustaining capital increased from
$162.0 million in YTD-2024 to $186.1 million in YTD-2025 largely due to
the addition of the Lafigué mine and the Sabodala-Massawa BIOX
expansion, which both achieved commercial production in Q3-2024, as well
as increased expenditure at the Houndé mine related to waste
stripping, partially offset by a decrease in waste stripping at the Ity
and Sabodala-Massawa mines and the reclassification of underground
development at the Mana mine as sustaining capital following the
achievement of commercial stoping production across all of the
underground portals.
-- Growth capital decreased from $10.2 million in Q2-2025 to $6.8 million in
Q3-2025. Growth capital expenditure in Q3-2025 was related to the
definitive feasibility study, advanced grade control drilling and
sterilisation drilling at the Assafou project.Growth capital decreased
from $227.5 million in YTD-2024 to $22.8 million in YTD-2025 following
the completion of the Sabodala-Massawa BIOX expansion and Lafigué
growth projects, which both achieved commercial production in Q3-2024.
Growth capital expenditure in YTD-2025 was related to the definitive
feasibility study and drilling expenditure at the Assafou project.
3) Cash flows used in financing activities increased by $313.5 million from $256.4 million in Q2-2025 to $569.9 million in Q3-2025 largely due to the net repayment of $424.4 million on the Group's outstanding debt, including a full repayment of the drawn portion of the revolving credit facility leaving it fully undrawn at the end of the period, a $91.5 million increase in payments to minority shareholders due to the timing of local Board approvals and a $3.1 million increase in repayment of leases, partially offset by $24.2 million lower financing fees as a result of the undrawn RCF balance and a $12.9 million decrease in purchases of shares through the Group's share buyback programme, which decreased due to the Group's strong liquidity and share price performance through the quarter.
-- During Q3-2025, the Group entered a short-term, $59.7 million working
capital facility, denominated in XOF, at the Ity mine. The facility is
expected to mature in November 2025, with $17.9 million repaid during
Q3-2025.
-- During Q3-2025, the Group entered a short-term, $19.4 million term loan,
denominated in XOF, at the Sabodala-Massawa mine. The facility is
expected to mature in July 2026 with monthly repayments. A total of $3.3
million was repaid during Q3-2025.
Cash flows used in financing activities increased by $590.0 million from $303.1 million in YTD-2024 to $893.1 million in YTD-2025 largely due to a net outflow of $459.0 million on the Group's revolving credit facility, a $51.5 million increase in purchases of shares through the Group's share buyback programme, a $39.3 million increase related to the payment of the H2-2024 shareholder dividend, a $17.0 million increase in financing fees, a $8.0 million increase related to the repayment of leases and a $2.5 million increase in payments to minority shareholders, partially offset by a $1.1 million decrease in interest paid.
4) Endeavour's net debt position improved by $15.9 million, from $469.2 million at the end of Q2-2025 to $453.2 million at the end of Q3-2025, while the Net Debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.23x at the end of Q2-2025 to 0.21x at the end of Q3-2025, remaining well below the Groups through-the-cycle leverage target of 0.50x. Endeavour's liquidity remained strong at $924.7 million, consisting of $224.7 million million of cash and cash equivalents, net of the $37.5 million overdraft facility, and $700.0 million available through the Company's revolving credit facility.
EARNINGS FROM CONTINUING OPERATIONS
The table below presents the earnings and adjusted earnings for Endeavour for the three months ended 30 September 2025, 30 June 2025, and 30 September 2024, and the nine months ended 30 September 2025 and 30 September 2024.
Table 12: Earnings from operations
THREE MONTHS ENDED NINE MONTHS ENDED
All amounts in US$
million unless 30 30 30 30 30
otherwise September June September September September
specified Notes 2025 2025 2024 2025 2024
--------- ----- --------- --------- ---------
Revenue [5] 910 1,008 706 2,960 1,735
Operating expenses [6] (281) (299) (272) (839) (714)
Depreciation and
depletion [6] (134) (151) (147) (460) (384)
Royalties [7] (70) (78) (52) (224) (126)
------------------- ------ --------- ----- --------- --------- ---------
Earnings from mine
operations 425 481 234 1,438 512
--------------------------- --------- ----- --------- --------- ---------
Corporate costs [8] (11) (14) (12) (39) (33)
Share-based compensation (9) (9) (4) (36) (13) Other expense [9] (10) (15) (23) (44) (53) Credit loss and impairment of financial assets [10] (2) (8) (112) (16) (129) Exploration and evaluation costs [11] (6) (9) (4) (23) (14) ------------------- ------ --------- ----- --------- --------- --------- Earnings from operations 386 428 79 1,280 270 --------------------------- --------- ----- --------- --------- --------- (Loss)/gain on financial instruments [12] (49) 18 (98) (132) (176) Finance costs (26) (31) (29) (78) (79) --------------------------- --------- ----- --------- --------- --------- Earnings before taxes 311 414 (49) 1,070 15 --------------------------- --------- ----- --------- --------- --------- Current income tax expense [13] (83) (201) (68) (405) (244) Deferred income tax recovery/(expense) (26) 129 40 101 98 Net loss from discontinued operations -- -- -- -- (6) --------------------------- --------- ----- --------- --------- --------- Net comprehensive earnings/(loss) from operations [14] 202 343 (77) 767 (138) ------------------- ------ --------- ----- --------- --------- --------- Add-back adjustments [15] (3) (100) 169 (59) 306 ------------------- ------ --------- ----- --------- --------- --------- Adjusted net earnings from operations 199 243 91 707 168 --------------------------- --------- ----- --------- --------- --------- Portion attributable to non-controlling interests [16] 40 64 18 151 51 ------------------- ------ --------- ----- --------- --------- --------- Adjusted net earnings from operations attributable to shareholders of the Company [17] 159 179 74 556 117 ------------------- ------ --------- ----- --------- --------- --------- Adjusted net earnings per share from continuing operations 0.66 0.74 0.30 2.29 0.48 --------------------------- --------- ----- --------- --------- ---------
NOTES:
5) Revenue decreased by $98.1 million from $1,008.2 million in Q2-2025 to $910.1 million in Q3-2025 due to lower volumes of gold sold, partially offset by an increase in the realised gold price from $3,302/oz in Q2-2025 to $3,513/oz in Q3-2025, exclusive of the Company's Revenue Protection Programme.
Revenue increased by $1,224.6 million from $1,735.4 million in YTD-2024 to $2,960.0 million in YTD-2025 due to an increase in the realised gold price from $2,321/oz in YTD-2024 to $3,221/oz in YTD-2025, exclusive of the Company's Revenue Protection Programme, and higher volumes of gold sold.
6) Operating expenses decreased by $18.3 million from $298.9 million in Q2-2025 to $280.6 million in Q3-2025, largely due to lower production and a build-up of stockpile at Lafigué and Ity. Depreciation and depletion decreased by $16.3 million from $150.7 million in Q2-2025 to $134.4 million in Q3-2025 due to lower quarterly production.
Operating expenses increased by $125.0 million from $713.5 million in YTD-2024 to $838.5 million in YTD-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, and increased mining costs at Mana due to increased self generated power consumption and at Ity due to higher volumes of harder, fresh ore mined. Depreciation and depletion increased by $76.0 million from $383.7 million in YTD-2024 to $459.7 million in YTD-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, as well as higher levels of production at the Houndé and Mana mines.
7) Royalties decreased by $7.3 million from $77.6 million in Q2-2025 to $70.3 million in Q3-2025 due to lower volumes of gold sold, partially offset by the higher realised gold price during the quarter.
Royalties increased by $97.5 million from $126.2 million in YTD-2024 to $223.7 million in YTD-2025 due to higher gold sales volumes at a higher realised gold price and the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit at the Sabadola-Massawa mine, that became effective following the expiry of its payment holiday.
8) Corporate costs decreased by $2.1 million from $13.5 million in Q2-2025 to $11.4 million in Q3-2025 due to a $1.3 million decrease in professional services and a $0.8 million decrease in general office expenses.
Corporate costs increased from $33.3 million in YTD-2024 to $39.4 million in YTD-2025 due to increased employee compensation costs related to the start of commercial production at the growth projects in Q3-2024.
9) Other expenses decreased by $4.1 million from $14.5 million in Q2-2025 to $10.4 million in Q3-2025. For Q3-2025, other expenses included $6.0 million in tax claims, $2.4 million in legal fees, $1.1 million in community contributions, $0.5 million in disturbance costs at Houndé, $0.3 million in acquisition and restructuring costs and a $0.1 million loss on disposal of assets.
10) Credit loss and impairment of financial assets decreased by $5.9 million from $7.6 million in Q2-2025 to $1.7 million in Q3-2025. For Q3-2025, the charge is primarily related to a $1.7 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso.
11) Exploration costs decreased from $8.8 million in Q2-2025 to $5.5 million in Q3-2025 as drilling activity decreased due to the wet season, with a greater focus on analysis and interpretation of drilling results during the quarter.
Exploration costs increased by $9.0 million from $14.0 million in YTD-2024 to $23.0 million in YTD-2025 due to increased exploration spend at the Ity and Sabodala-Massawa mines and the Assafou deposit.
12) The gain/loss on financial instruments decreased by $66.4 million from a gain of $17.5 million in Q2-2025 to a loss of $48.9 million in Q3-2025. The loss on financial instruments in Q3-2025 included a realised loss of $68.5 million in relation to the settlement of 50koz of gold collars, a loss of $3.6 million on foreign exchange movements between the Euro and US dollar and a loss of $2.2 million on other financial instruments, partially offset by an unrealised gain of $20.1 million in relation to the 50koz of outstanding gold collars expected to be settled at the end of Q4-2025, an unrealised gain of $3.6 million on net smelter royalties and a gain of $1.4 million on the early redemption of the Group's senior notes in Q2-2025.
The loss on financial instruments improved by $44.7 million from a loss of $176.3 million in YTD-2024 to a loss of $131.6 million in YTD-2025. The loss on financial instruments in YTD-2025 included a realised loss of $147.3 million in relation to gold collars, a realised loss of $22.0 million in relation to the Group's LBMA averaging programme which is no longer effective, and an unrealised loss of $12.2 million in relation to gold collars, partially offset by a gain on foreign exchange of $36.4 million on movements between the Euro and US dollar, a gain on net smelter royalties of $6.3 million, a gain on marketable securities of $6.2 million and a gain of $2.3 million on the early redemption of the Group's senior notes in Q2-2025.
As previously disclosed, in order to increase cash flow visibility during its construction and de-leveraging phases, Endeavour entered into a Revenue Protection Programme, using a combination of zero premium gold collars and forward sales contracts, to cover a portion of its 2025 production.
-- In Q3-2025, approximately 50koz were delivered into a collar with an
average call price of $2,400/oz and an average put price of $1,992/oz.
The realised loss for the quarter was $68.5 million at a settlement price
of $3,770/oz.
-- In Q4-2025, approximately 50koz are expected to be delivered into a
collar with an average call price of $2,400/oz and an average put price
of $1,992/oz. The Revenue Protection Programme is expected to conclude at
the end of Q4-2025.
13) Current income tax expense decreased by $117.1 million from $200.5 million in Q2-2025 to $83.4 million in Q3-2025, largely due to a decrease in current corporate income taxes driven by lower taxable profits and lower withholding taxes recognised due to the timing of local board approvals for cash upstreaming.
Current income tax expense increased by $161.0 million from $243.7 million in YTD-2024 to $404.7 million in YTD-2025 due to an increase in current income taxes driven by higher taxable profits, an increase in withholding taxes at operating subsidiaries and the commencement of operations at the Lafigué mine following the achievement of commercial production in Q3-2024.
Deferred tax expense decreased by $155.3 million from a deferred tax recovery of $129.3 million in Q2-2025 to a deferred tax expense of $26.0 million in Q3-2025, largely due to the movement in foreign exchange on the West African CFA denominated opening deferred tax balance, from a gain on foreign exchange in Q2-2025 to a loss on foreign exchange during Q3-2025, and the accrual of FY-2025 withholding taxes.
Deferred tax recovery increased by $3.9 million from $97.6 million in YTD-2024 to $101.5 million in YTD-2025, largely due to a gain on foreign exchange, partially offset by increased withholding taxes recognised in relation to increased levels of cash upstreamed in relation to FY-2025 profits.
14) Net comprehensive earnings from continuing operations decreased by $141.2 million from $342.8 million in Q2-2025 to $201.6 million in Q3-2025. The decrease in earnings was largely driven by an increased loss on financial instruments of $48.9 million, an increase in net income tax expense of $38.2 million due to the increased deferred tax expense, partially offset by a decrease in operating expenses, depreciation and depletion and royalty costs due to lower volumes of gold sold.
Net comprehensive earnings from continuing operations improved by $897.9 million from net comprehensive loss of $131.3 million in YTD-2024 to net comprehensive earnings of $766.6 million in YTD-2025. The increase in earnings was largely driven by an increase in gold volumes sold at a higher realised gold price and a decreased loss on financial instruments, partially offset by an increase in operating costs, an increase in income tax expense, higher royalty costs and an increase in depreciation and depletion.
15) For Q3-2025, adjustments included an unrealised gain on financial instruments of $19.6 million largely related to the unrealised gain on gold collars, partially offset by other expenses of $10.4 million primarily related to indirect tax claims and legal costs, non-cash tax adjustments of $4.9 million related to foreign exchange on deferred tax and a credit loss of $1.7 million related to a credit loss adjustment against VAT balances.
16) Net earnings attributable to non-controlling interests decreased by $23.5 million, from $63.9 million in Q2-2025 to $40.4 million in Q3-2025 due to the decrease in net comprehensive earnings.
17) Adjusted net earnings attributable to shareholders decreased by $20.1 million from $178.6 million (or $0.74 per share) in Q2-2025 to $158.6 million (or $0.66 per share) in Q3-2025 due to lower gold sales, partially offset by lower operating costs and lower corporate income and withholding tax expenses.
Adjusted net earnings attributable to shareholders for continuing operations increased by $439.0 million from $117.4 million (or $0.48 per share) in YTD-2024 to $556.4 million (or $2.29 per share) in YTD-2025 due to higher production and higher operating margins, aided by a higher realised gold price during the period.
OPERATING ACTIVITIES BY MINE
Ity Gold Mine, Côte d'Ivoire
Table 13: Ity Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
------- ------- ------- -------- --------
Tonnes ore mined, kt 1,991 2,008 2,027 6,120 5,692
Total tonnes mined, kt 7,949 7,844 7,761 24,167 22,299
Strip ratio (incl. waste cap) 2.99 2.91 2.83 2.95 2.92
Tonnes milled, kt 1,840 1,732 1,631 5,471 5,167
Grade, g/t 1.43 1.64 1.64 1.56 1.71
Recovery rate, % 90 91 92 90 91
Production, koz 77 84 77 245 259
----------------------------- ------- ------- ------- -------- --------
Total cash cost/oz 1,142 1,049 899 1,016 874
AISC/oz 1,269 1,125 928 1,099 898
----------------------------- ------- ------- ------- -------- --------
Q3-2025 vs Q2-2025 Insights
-- Production decreased from 84koz in Q2-2025 to 77koz in Q3-2025 due to
lower average grades milled, partially offset by higher mill throughput.
-- Total tonnes mined decreased slightly due to a lower proportion of
waste stripping at the Bakatouo and Le Plaque pits. Tonnes of ore
mined decreased slightly due to the impact of the wet season on
mining activities, while ore was primarily sourced from the Ity,
Walter, Bakatouo, Verse Ouest and Le Plaque pits, with
supplemental contributions from stockpiles.
-- Tonnes milled increased due to a higher proportion of softer oxide
ore sourced from the Le Plaque and Verse Ouest pits in the feed.
-- Average processed grades decreased due to an increased proportion
of lower grade ore from the Le Plaque and Ity pits in the mill
feed, partially offset by higher grade ore sourced from the
Bakatouo pit.
-- Recovery rates remained broadly consistent with the prior quarter.
-- AISC increased from $1,125/oz in Q2-2025 to $1,269/oz in Q3-2025 due to
lower volumes of gold sold, higher royalties related to the higher
realised gold price (+$16/oz impact for Q3-2025 due to the higher
realised gold price of $3,568/oz compared to the realised gold price of
$3,327/oz in Q2-2025) and higher sustaining capital, partially offset by
a build-up of stockpiles during the period.
-- Sustaining capital expenditure increased from $6.4 million in Q2-2025 to
$9.5 million in Q3-2025 and was primarily related to land compensation,
capital spare purchases for the processing plant and processing plant
upgrades.
-- Non-sustaining capital expenditure decreased from $8.0 million in Q2-2025
to $7.2 million in Q3-2025 and was primarily related to the stage 2
embankment raise at TSF 2 and waste stripping activities in the Daapleu
pit.
YTD-2025 vs YTD-2024 Insights
-- Production decreased from 259koz in YTD-2024 to 245koz in YTD-2025 due to
a lower proportion of high grade ore sourced from the Ity and Le Plaque
pits in the mill feed, partially offset by higher throughput following
the commissioning of the Mineral Sizer optimisation initiative in
Q4-2024, while recoveries remained consistent.
-- AISC increased from $898/oz in YTD-2024 to $1,099/oz in YTD-2025 due to
higher royalties related to the higher realised gold price, an increase
in sustaining capital, and higher mining and processing unit costs driven
by increased drill and blast and crushing and grinding, respectively, in
the harder fresh ore.
FY-2025 Outlook
-- Ity is on track to achieve its FY-2025 production guidance of 290koz -
330koz, at an AISC within the guided $975/oz - $1,100/oz range, when
adjusted for the impact of higher gold prices on royalty costs (+$85/oz
impact YTD-2025 due to the realised gold price of $3,269/oz compared to
the guidance gold price of $2,000/oz).
-- In Q4-2025, ore is expected to be sourced from the Bakatouo, Le Plaque,
Verse Ouest and Walter pits, with supplemental ore sourced from
stockpiles. Average grades processed and recovery rates are expected to
remain broadly in-line with Q3-2025, while throughput is expected to
decrease slightly from Q3-2025 due to a decrease in mill availability
related to planned CIL maintenance.
-- Sustaining capital expenditure outlook for FY-2025 is expected to be
$25.0 million, an increase on the previously disclosed guidance of $20.0
million due to the acceleration of waste stripping activity at the high
grade Walter pit in preparation for ore mining in FY-2026. Sustaining
capital expenditure of $20.7 million has been incurred in YTD-2025, with
Q4-2025 expenditure primarily related to borehole drilling, capital
spares and waste stripping at the Walter pit.
-- Non-sustaining capital expenditure outlook for FY-2025 is expected to be
$30.0 million, a decrease on the previously disclosed guidance of $35.0
million due to a decrease in planned waste stripping at the Le Plaque pit
due to the increased focus on sustaining capital waste development at the
Walter pit. Non-sustaining capital expenditure of $18.1 million has been
incurred in YTD-2025, with Q4-2025 expenditure primarily related to waste
stripping activity at the Daapleu pit, processing plant upgrades as well
as the construction of the stage 2 embankment raise at TSF 2.
Houndé Gold Mine, Burkina Faso
Table 14: Houndé Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
------- ------- ------- -------- --------
Tonnes ore mined, kt 1,246 1,367 1,111 4,265 3,136
Total tonnes mined, kt 12,718 13,490 9,567 37,542 32,283
Strip ratio (incl. waste cap) 9.20 8.87 7.61 7.80 9.29
Tonnes milled, kt 1,205 1,367 1,348 3,907 3,743
Grade, g/t 1.46 1.49 2.00 1.91 1.71
Recovery rate, % 85 86 86 86 87
Production, koz 49 69 74 209 179
----------------------------- ------- ------- ------- -------- --------
Total cash cost/oz 1,420 1,352 1,233 1,098 1,242
AISC/oz 1,475 1,580 1,379 1,231 1,457
----------------------------- ------- ------- ------- -------- --------
Q3-2025 vs Q2-2025 Insights
-- Production decreased from 69koz in Q2-2025 to 49koz in Q3-2025 due to
lower tonnes milled and slightly lower grades processed, while recovery
rates remained stable.
-- Total tonnes mined decreased due to lower waste stripping activity
at the Vindaloo North, Kari Pump and Kari West pits due to the
impact of the wet season on mining activity, partially offset by
an increase in waste stripping at the Vindaloo Main pit phase 3
pushback, in line with mine sequencing. Tonnes of ore mined
decreased due to the impact of the wet season on mining activity,
while ore was primarily sourced from the Vindaloo Main and Kari
West pits, in line with mine sequencing.
-- Tonnes milled decreased due to the impact of the wet season,
during which a higher proportion of harder, fresh and transitional
ore from the Vindaloo Main and Kari West pits was incorporated
into the mill feed.
-- Average processed grades decreased slightly due to lower grade ore
sourced from the Kari West, Vindaloo Main and Vindaloo North pits.
-- Recovery rates remained consistent with the prior quarter.
-- AISC decreased from $1,580/oz in Q2-2025 to $1,475/oz in Q3-2025 due to
lower sustaining capital related to lower waste stripping activity
compared to the prior quarter, partially offset by lower gold sales
volumes, higher royalty costs due to the higher realised gold price
(+$22/oz impact for Q3-2025 due to the higher realised gold price of
$3,540/oz compared to the realised gold price of $3,328/oz in Q2-2025)
and higher mining and processing units costs due to the impact of the wet
season.
-- Sustaining capital expenditure decreased from $15.3 million in Q2-2025 to
$2.7 million in Q3-2025 primarily related to heavy mining equipment
additions and rebuilds and the purchase of a mobile crane to support
processing plant maintenance.
-- Non-sustaining capital expenditure increased from $16.8 million in
Q2-2025 to $34.4 million in Q3-2025, primarily related to waste stripping
at the Vindaloo Main pit phase 3 pushback and the ongoing TSF stage 10
embankment raise.
YTD-2025 vs YTD-2024 Insights
-- Production increased from 179koz in YTD-2024 to 209koz in YTD-2025 due to
processing a higher proportion of high grade ore from the Kari Pump pit
as well as an increase in tonnes milled due to the impact of an 11-day
non-technical delay in Q1-2024, partially offset by lower recovery rates
due to an increased proportion of ore from the Kari Pump pit in the mill
feed with lower associated recoveries.
-- AISC decreased significantly from $1,457/oz in YTD-2024 to $1,231/oz in
YTD-2025 due to higher volumes of gold sold, a build-up of stockpile
inventory and lower sustaining capital, partially offset by higher
royalty rates related to the higher realised gold price.
FY-2025 Outlook
-- Given the strong YTD-2025 performance, Houndé is expected to achieve
the top half of its FY-2025 production guidance of 230koz - 260koz, at an
AISC within the guided $1,225/oz - $1,375/oz range, when adjusted for the
impact of higher gold prices on royalty costs (+$117/oz impact YTD-2025
due to the realised gold price of $3,220/oz compared to the guidance gold
price of $2,000/oz).
-- In Q4-2025, ore is expected to be sourced primarily from the Kari West
pit with supplemental ore sourced from the Vindaloo Main, Vindaloo North
and Kari Pump pits. Average grade processed is expected to remain in line
with Q3-2025, while throughput is expected to decrease due to an
increased proportion of harder fresh ore in the mill feed with stable
recovery rates.
-- Sustaining capital expenditure outlook for FY-2025 remains unchanged at
$40.0 million, of which $28.0 million has been incurred in YTD-2025, with
Q4-2025 expenditure primarily related to mining fleet component upgrades
and processing plant equipment upgrades.
-- Non-sustaining capital expenditure outlook for FY-2025 is expected to be
$80.0 million, a decrease from the previous non-sustaining capital
guidance of $90.0 million, which reflects the expected timing of land
compensation for the third TSF cell. Non-sustaining capital expenditure
of $51.8 million has been incurred in YTD-2025, with Q4-2025 expenditure
primarily related to the Vindaloo Main pit phase 3 pushback, the TSF
stage-10 embankment raise and drilling at the Kari Gap deposit.
Mana Gold Mine, Burkina Faso
Table 15: Mana Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
------- ------- ------- -------- --------
OP tonnes ore mined, kt -- -- -- -- 185
OP total tonnes mined, kt -- -- -- -- 745
OP strip ratio (incl. waste
cap) -- -- -- -- 4.03
UG tonnes ore mined, kt 553 539 484 1,637 1,359
Tonnes milled, kt 551 542 516 1,645 1,691
Grade, g/t 2.50 2.77 2.15 2.78 2.19
Recovery rate, % 85 85 88 85 88
Production, koz 39 41 30 127 107
----------------------------- ------- ------- ------- -------- --------
Total cash cost/oz 1,772 1,700 1,766 1,596 1,587
AISC/oz 2,377 2,257 1,987 2,157 1,756
----------------------------- ------- ------- ------- -------- --------
Q3-2025 vs Q2-2025 Insights
-- Production decreased from 41koz in Q2-2025 to 39koz in Q3-2025 due to
lower grades processed, partially offset by higher tonnes of ore milled
while recovery rates remained stable.
-- Total tonnes mined decreased as mining activities shifted focus
towards stope production. Tonnes of ore mined increased with
increased stope production from both the Siou and Wona underground
deposits.
-- Total mined tonnes from the Siou underground deposit remained
stable. Tonnes of ore mined increased, offset by a decrease in
tonnes of waste mined as the focus shifted to mining stopes
following the advance of waste development in the prior quarter.
-- Total mined tonnes from the Wona underground deposit decreased
following the demobilisation of the outgoing underground mining
contractor, as the remaining underground mining contractor
expanded operations. Tonnes of ore mined increased as the focus
shifted to mining stopes during the underground mining contractor
transition.
-- Development rates across the Siou and Wona underground deposits
amounted to 4,256 metres, a decrease from the 4,470 metres
completed in the prior quarter, due to the focus on stope
production, following the advance of waste development in the
prior quarter.
-- Tonnes milled increased due to improved mill availability
following planned maintenance in the prior quarter.
-- Average grades processed decreased due to lower grade ore, sourced
from the Wona underground deposit, in line with the mine sequence,
partially offset by higher grade ore sourced from the Siou
underground.
-- Recovery rates remained consistent with the prior quarter.
-- AISC increased from $2,257/oz in Q2-2025 to $2,377/oz in Q3-2025 due to
higher royalties related to the higher realised gold price (+$20/oz
impact due to the realised gold price of $3,530/oz compared to the
realised gold price of $3,320/oz for Q2-2025) and lower volumes of gold
sold, partially offset by slightly lower power unit costs due to improved
grid stability at Mana.
-- Sustaining capital expenditure increased slightly from $22.6 million in
Q2-2025 to $23.1 million in Q3-2025 and was primarily related to
capitalised underground development at the Siou and Wona underground
deposits, as well as leasing payments for contractor mining equipment.
-- Non-sustaining capital expenditure increased from $1.1 million in Q2-2025
to $14.1 million in Q3-2025 and was primarily related to the purchase of
underground mining fleet from the outgoing mining contractor, which will
be used by the existing underground mining contractor, as well as
underground infrastructure upgrades and the stage 6 embankment lift at
the TSF.
YTD-2025 vs YTD-2024 Insights
-- Production increased from 107koz in YTD-2024 to 127koz in YTD-2025 due to
the higher average grades processed following the commencement of
commercial production and the increased access to higher-grade production
stopes across all three underground portals in the Wona underground
deposit. This was partially offset by lower recovery rates associated
with a higher proportion of ore from the Wona underground deposit in the
mill feed with lower associated recoveries.
-- AISC increased from $1,756/oz in YTD-2024 to $2,157/oz in YTD-2025 due to
increased sustaining capital related to underground development, higher
royalties related to the higher realised gold price, and increased power
costs due to the elected reliance on increased self-generated power in
the Siou and Wona underground mines, partially offset by higher volumes
of gold sold.
FY-2025 Outlook
-- Mana is on track to achieve its FY-2025 production guidance of 160koz -
180koz at an AISC above the top-end of the guided $1,550/oz - $1,750/oz
range due to the elected reliance on increased, higher-cost,
self-generated power, higher royalty costs due to the prevailing gold
prices (+$111/oz impact due to the realised gold price of $3,241/oz
compared to the guidance gold price of $2,000/oz) and increased
sustaining capital due to the acceleration of underground development at
the Wona underground deposit to access higher grade stopes.
-- In Q4-2025, production is expected to increase due to improved access to
higher grade stopes in the Wona underground deposit, supporting an
increase in tonnes of ore and grade mined and processed, while recoveries
are expected to remain consistent.
-- Sustaining capital expenditure outlook for FY-2025 is expected to be
$75.0 million, an increase on the previously disclosed guidance of $60.0
million, due to increased underground development at the Wona underground
deposit. Sustaining capital expenditure of $70.2 million has been
incurred YTD-2025 with Q4-2025 expenditure related to development in the
Wona underground deposit as well as processing plant, ventilation and
powerhouse upgrades.
-- Non-sustaining capital expenditure outlook for FY-2025 is expected to be
$25.0 million, an increase on the previously disclosed guidance of $10.0
million, due to the purchase of underground mining fleet from the
outgoing mining contractor. The equipment will be retained and used by
the remaining underground mining contractor. Non-sustaining capital
expenditure of $16.1 million has been incurred YTD-2025 with Q4-2025
expenditure primarily related to the ongoing stage 6 embankment lift at
the TSF and underground mine infrastructure.
Sabodala-Massawa Gold Mine, Senegal
Table 16: Sabodala-Massawa Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
------- ------- ------- -------- --------
Tonnes ore mined, kt 971 937 1,282 3,029 4,119
Total tonnes mined, kt 7,134 9,412 10,438 26,572 31,015
Strip ratio (incl. waste cap) 6.39 9.05 7.14 7.82 6.53
Tonnes milled - Total, kt 1,378 1,252 1,184 4,113 3,684
Tonnes milled - CIL, kt 1,121 969 950 3,284 3,298
Tonnes milled - BIOX, kt 257 283 235 829 386
Grade - Total, g/t 1.60 1.99 1.90 1.82 1.74
Grade - CIL, g/t 1.04 1.43 1.65 1.33 1.62
Grade - BIOX, g/t 4.06 3.89 2.90 3.74 2.90
Recovery rate - Total, % 82 80 78 80 79
Recovery rate - CIL, % 83 81 79 82 81
Recovery rate - BIOX, % 82 78 75 78 69
Production, koz 61 62 54 195 159
Production - CIL, koz 32 37 38 117 138
Production - BIOX, koz 30 26 16 79 22
----------------------------- ------- ------- ------- -------- --------
Total cash cost/oz 1,173 1,073 1,096 1,061 1,015
AISC(1) /oz 1,326 1,272 1,219 1,252 1,112
----------------------------- ------- ------- ------- -------- --------
(1) All-in Sustaining Cost excludes costs and ounces sold related to pre-commercial production at the Sabodala-Massawa BIOX Expansion.
Q3-2025 vs Q2-2025 Insights
-- Production decreased slightly from 62koz in Q2-2025 to 61koz in Q3-2025
due to lower average grades processed, partially offset by higher tonnes
milled and higher recovery rates.
-- Total tonnes mined decreased as the wet season impacted pit floor
conditions at the predominantly oxide Maki Medina and Niakafiri
East pits. Tonnes of ore mined increased due to improved
productivity in the fresh ore of the Massawa Central Zone pit
which is less impacted by the wet season. Ore was primarily
sourced from the Maki Medina, Niakafiri East, Niakafiri West,
Sabodala and Soukhoto pits for the CIL plant and from the Massawa
Central Zone pit for the BIOX processing plant.
-- Total tonnes milled increased due to improved mill availability in
the CIL processing plant following planned maintenance in the
prior quarter, partially offset by a decrease in tonnes milled in
the BIOX processing plant due to planned maintenance during the
quarter.
-- Average processed grade decreased due to lower average grade ore
sourced from the Maki Medina, Niakafiri East and Sabodala pits for
the CIL processing plant, partially offset by increased average
grades processed through the BIOX processing plant as mining
advanced through the Massawa Central Zone pit into higher grade
ore.
-- Recovery rates increased as a higher proportion of fresh ore with
higher associated recovery rates was mined and processed through
both the CIL and BIOX processing plants.
-- AISC increased from $1,272/oz in Q2-2025 to $1,326/oz in Q3-2025 due to
lower gold sales, higher BIOX processing unit costs associated with
increased reagent consumption, higher mining unit costs due to the impact
of the wet season on productivity and higher royalty costs related to the
higher realised gold price (+$12/oz impact for Q3-2025 due to the
realised gold price of $3,425/oz, before the impact of the
Sabodala-Massawa stream, compared to the realised gold price of $3,246/oz
for Q2-2025), partially offset by lower CIL processing unit costs due to
planned maintenance in the prior quarter and lower sustaining capital.
-- Sustaining capital expenditure decreased from $12.8 million in Q2-2025 to
$9.1 million in Q3-2025 and was primarily related to waste development at
the Massawa Central Zone and Niakafiri East pits as well as mining
equipment rebuilds.
-- Non-sustaining capital expenditure decreased from $15.6 million in
Q2-2025 to $2.4 million in Q3-2025 and was primarily related to mining
infrastructure at the Delya deposit ahead of the commencement of mining
in Q4-2025 and waste stripping activities in the Massawa North Zone pits.
YTD-2025 vs YTD-2024 Insights
-- Production increased from 159koz in YTD-2024 to 195koz in YTD-2025
primarily due to the startup of the BIOX processing plant, which achieved
commercial production during Q3-2024, partially offset by a decrease in
production from CIL plant due to lower average grade in line with the
mine sequence.
-- AISC increased from $1,112/oz in YTD-2024 to $1,252/oz in YTD-2025 due to
higher sustaining capital related to waste stripping at the Massawa
Central Zone and Niakafiri East pits, higher royalties related to the
higher realised gold price and higher mining unit costs due to increased
haulage distances, partially offset by higher gold sales.
FY-2025 Outlook
-- Given the strong YTD-2025 performance, Sabodala-Massawa is expected to
achieve the top half of its FY-2025 production guidance of 250koz -
280koz, at an AISC within the guided $1,100/oz - $1,250/oz range, when
adjusted for the impact of higher gold prices on royalty costs (+$74/oz
impact YTD-2025 due to the realised gold price of $3,165/oz, before the
impact of the Sabodala-Massawa stream, compared to the guidance gold
price of $2,000/oz).
-- In Q4-2025, mined tonnes are expected to increase due to improved mining
equipment availability and improved ground conditions. Ore for the CIL
plant will be sourced from the Niakafiri East, Niakafiri West, Delya Main
and Soukhoto pits, while ore for the BIOX processing plant will continue
to be sourced from the Massawa Central Zone pit.
-- In Q4-2025, production from the CIL plant is expected to increase due to
higher throughput from improved utilisation and higher average grade ore
in the mill feed sourced from the Delya Main and Niakafiri West pits,
while recovery rates are expected to remain consistent.
-- In Q4-2025, production from the BIOX plant is expected to remain
consistent with Q3-2025 as an expected increase in mill throughput will
offset slightly lower average grade ore sourced from Massawa Central Zone,
in line with the mine sequence. Recovery rates are expected to remain
consistent with Q3-2025.
-- Sustaining capital expenditure outlook for FY-2025 is expected to be
$45.0 million, a decrease on the previously disclosed guidance of $60.0
million due to the de-prioritisation of waste stripping activities at the
Niakafiri West pit, partially offset by increased waste stripping at the
Niakafiri East pit. Sustaining capital expenditure of $37.2 million has
been incurred YTD-2025 with Q4-2025 expenditure primarily related to CIL
processing plant upgrades, mining component rebuilds and waste stripping
activities at the Massawa Central Zone and Niakafiri East pits.
-- Non-sustaining capital expenditure for FY-2025 remains unchanged at $25.0
million, of which $22.1 million has been incurred in YTD-2025 with
Q4-2025 expenditure primarily related to infrastructure associated with
the startup of mining activities at the Delya deposit and mining
equipment upgrades.
Sabodala-Massawa Technical Review
-- During Q3-2024, a technical review was launched at Sabodala-Massawa to
improve the production outlook, towards a stable run rate, of
approximately 350koz, by the end of FY-2027.
-- Two initiatives were identified as part of the technical review, to
improve production: 1) increasing throughput and recoveries in the BIOX
plant; and, 2) increasing grades through the CIL plant through
exploration and underground mining of higher grade ores.
1a) BIOX throughput: targeting a 15% increase through de-bottlenecking milling, gravity and floatation circuits.
--
-- Optimisation of the SAG mill discharge and the use of a pebble
crusher has driven improvements in feed stability, through the
floatation circuit and allowed for optimisation of pumps in the
floatation and CCD circuits, which are expected to drive further
improvements in H2-2025.
-- Peak throughput capacity has continued to progressively improve
and remains on track to achieve +15% above design nameplate in
Q1-2026, supporting progressively higher levels of production.
1b) BIOX recoveries: targeting long-term recovery rates of approximately 85% through increased fresh refractory ore mining coupled with increased utilisation of the floatation tails underflow and gravity circuit optimisation. BIOX recoveries have improved from 58.5% in Q2-2024 to 82.3% in Q3-2025, largely reflecting the advance of ore mining activities in the Massawa Central Zone pit, into more than 80.0% fresh ore, resulting in improved floatation recoveries and significantly improved overall recoveries. Optimisation of the tailings underflow coupled with optimisation of the gravity circuit are expected to continue improving gold recoveries towards the 85% target. Simultaneously, extensive metallurgical testing is underway on the transitional and fresh ore at the high grade Massawa North Zone refractory ore deposit and stockpile, to ensure that the ore can be incorporated into the blend without materially impacting overall recoveries.
2) Increasing CIL grade through accelerating high grade underground development and exploration for higher-grade deposits.
--
-- Feasibility level work and the tender process are underway for the
Golouma (FY-2024 P&P reserves of 1.6Mt at 4.75g/t for 241koz) and
Kerekounda (FY-2024 P&P reserves of 1.2Mt at 5.49g/t for 204koz)
underground deposits, which are expected to provide a higher grade
source of non-refractory feed for the CIL plant. The current phase
of study work is expected to be completed in H1-2026.
-- Exploration prioritised accelerating high grade non-refractory
opportunities, and work is advancing at two high-priority targets,
Makana and Kawsara as detailed in the Exploration Activities
section below.
Lafigué Mine, Côte d'Ivoire
Table 17: Lafigué Performance Indicators
For The Period Ended Q3-2025 Q2-2025 Q3-2024 YTD-2025 YTD-2024
------- ------- ------- -------- --------
Tonnes ore mined, kt 1,870 1,141 1,250 4,241 3,090
Total tonnes mined, kt 14,672 13,488 8,873 40,989 27,001
Strip ratio (incl. waste cap) 6.85 10.82 6.10 8.67 7.74
Tonnes milled, kt 1,026 1,165 759 3,209 843
Grade, g/t 1.20 1.35 1.57 1.41 1.51
Recovery rate, % 93 93 94 93 94
Production, koz 38 49 36 135 36
----------------------------- ------- ------- ------- -------- --------
Total cash cost/oz 1,433 1,125 831 1,129 831
AISC(1) /oz 1,530 1,154 938 1,168 938
----------------------------- ------- ------- ------- -------- --------
(1) All-in Sustaining Cost excludes costs and ounces sold related to pre-commercial production at the Lafigué mine.
Q3-2025 vs Q2-2025 Insights
-- Production decreased from 49koz in Q2-2025 to 38koz in Q3-2025 due to a
decrease in mill throughput and average grades processed, while recovery
rates remained stable.
-- Total tonnes mined increased due to improved contractor
performance achieving higher fleet availability. Total ore tonnes
mined increased due to increased ore mining at the Main and West
pits, and at Pit C where ore mining commenced during the quarter
to provide supplemental ore to support the higher than design
nameplate levels of plant throughput.
-- Total tonnes milled decreased due to the impact of the wet season
on mill availability and planned maintenance on the ball mill
during the quarter.
-- Average processed grades decreased due to lower grade ores mined
from the Main pit as the mine plan was augmented to accelerate
mining in the Main pit to support higher than design nameplate
levels of plant throughput. This was partially offset by higher
grades sourced from the West pit and Pit C.
-- Recovery rates remained consistent with the prior quarter.
-- AISC increased from $1,154/oz in Q2-2025 to $1,530/oz in Q3-2025 due to
higher royalties related to the higher realised gold price (+$14/oz
impact for Q3-2025 due to the higher realised gold price of $3,534/oz
compared to the realised gold price of $3,312/oz for Q2-2025), higher
mining unit costs due to lower productivity during the wet season, lower
gold sales and higher sustaining capital, partially offset by lower
processing unit costs due to improved grid power availability and the
build-up of stockpile.
-- Sustaining capital expenditure increased from $1.4 million in Q2-2025 to
$3.6 million in Q3-2025 and was primarily related to advanced grade
control drilling and the purchase of strategic spares.
-- Non-sustaining capital expenditure increased from $23.7 million in
Q2-2025 to $24.3 million in Q3-2025 and was primarily related to the
purchase of generators for the backup power plant, waste stripping
activity at the West pit and the TSF Stage 2 lift.
YTD-2025 vs YTD-2024 Insights
-- Production increased from 36koz in YTD-2024 to 135koz in YTD-2025 due to
the startup of the CIL processing plant, which achieved commercial
production during Q3-2024. Average grade decreased due to a lower
proportion of higher grade oxide ore in the mill feed which was sourced
from the Main pit at the start of mining operations in FY-2024.
-- AISC increased from $938/oz in YTD-2024 to $1,168/oz in YTD-2025 due to
increased self-generated power consumption in H1-2025 as hydroelectric
grid power availability was lower at the end of the dry season, impacting
processing unit costs, and higher royalty costs related to the higher
realised gold price.
FY-2025 Outlook
-- Lafigué is on track to achieve the lower half of its FY-2025
production guidance of 180koz - 210koz at an AISC near the top end of the
guided $950/oz - $1,075/oz range due to lower grade ore sourced from the
Main pit as the mine plan was augmented to accelerate mining through the
Main pit to support the processing plant and due to the impact of higher
gold prices on royalty costs (+$80/oz impact due to the realised gold
price of $3,231/oz compared to the guidance gold price of $2,000/oz).
-- In Q4-2025, ore is expected to be primarily sourced from the Eastern
flank of the Main pit, following the completion of pre-stripping
activities earlier in the year, with supplemental ore sourced from the
West pit and Pit C. Average processed grades are expected to increase due
to higher grades sourced from the West pit. Throughput rates are expected
to decrease due to planned maintenance and the processing of a higher
proportion of harder fresh ore. Recovery rates are expected to remain
stable.
-- Sustaining capital expenditure for FY-2025 is expected to be $10.0
million, a decrease on the previously disclosed guidance of $15.0 million,
due to a decrease in waste stripping activity at the Main pit, to
prioritise non-sustaining pre-stripping of Pushback 2 in the Main pit.
Sustaining capital expenditure of $5.3 million has been incurred in
YTD-2025 with Q4-2025 expenditure primarily related to the purchase of
strategic capital spares.
-- Non-sustaining capital expenditure for FY-2025 is expected to be $80.0
million, an increase on the previous non-sustaining capital guidance of
$70.0 million, due to the acceleration of pre-stripping of Pushback 2 in
the Main pit to provide access to higher grade ore and support higher
than design nameplate levels of plant throughput. Non-sustaining capital
expenditure of $75.5 million has been incurred in YTD-2025 with Q4-2025
expenditure primarily related to the ongoing stage 2 embankment lift at
the TSF, processing plant upgrades and waste stripping activities at the
Main pit.
Assafou Project, Côte d'Ivoire
-- On 11 December 2024, Endeavour announced the positive pre-feasibility
results ("PFS") for the Assafou project. The PFS highlights 329kozpa
production at AISC of $892/oz over the first 10 years and boasts robust
economics with an after-tax NPV5% of $2,485.0 million and after-tax IRR
of 40% at a $2,500/oz gold price.
-- The Assafou PFS has initial capital of $734.0 million with design
throughput of 5.0Mtpa. The PFS was based on the 2023 Mineral Resource
Estimate (MRE), with a 31 October 2023 drilling cut-off.
-- Following the completion of the PFS, a Definitive Feasibility Study
("DFS") was immediately launched with key updates on critical path items
outlined below:
-- The Environmental Permit application was successful with the
Environmental Permit Decree approved during Q3-2025.
-- The Exploitation Permit application process is progressing as
planned, with permit approval expected in Q1-2026.
-- Pit geotechnical design is ongoing and progressing to plan,
sterilisation drilling has been completed allowing for processing
plant and infrastructure designs to be finalised.
-- Resettlement Action Plan (RAP) advancing to plan, with 99% of the
community surveyed and the final RAP report is expected in
Q1-2026.
-- Infill drilling on the Assafou deposit was completed in Q3-2025
and re-confirmed the accuracy of the existing resource model,
providing increased confidence in the initial phases of ore mining
at the deposit.
-- A 20,000 metre exploration drill programme has been completed on
Pala Trend 3 target and a 3,331m drilling programme has been
completed on the Pala Trend 2 target confirming the continuity of
mineralisation along the Tarkwaian - Birimian contact over a 3
kilometre strike length, in the south west of the Assafou basin,
with maiden resources expected to be defined in Q4-2025.
-- The Definitive Feasibility Study remains on-track to be completed in
Q1-2026.
EXPLORATION ACTIVITIES
-- Endeavour has achieved its five-year exploration target of discovering 12
- 17Moz of Measured and Indicated ("M&I") resources between 2021 to 2025,
with 12.4Moz M&I discovered at a cost of less than $25/oz by the end of
FY-2024. This brings M&I discoveries since 2016 to 20.7Moz, equivalent to
an average of 2.3Moz each year or 2.2x production depletion over the
period, for a discovery cost of less than $25/oz.
-- The Group's exploration program has sustainably replaced production
depletion with high-quality M&I ounces, extended mine lives, and added
two cornerstone assets to the portfolio through the discoveries of the
Lafigué deposit in 2017 and the Assafou deposit in 2022.
-- The Group's exploration success has been underpinned by its unique
exploration strategy coupled with the high fertility and relative
immaturity of the West African Birimian Greenstone Belts. During Q4-2025,
the Group will outline the next phase of its exploration strategy, with
an increased focus on extending mine lives and adding tier 1 greenfield
discoveries into the pipeline as well.
-- During FY-2025, an extensive $85.0 million exploration programme was
planned, of which $72.1 million has been spent YTD-2025, and
$20.7 million was spent in Q3-2025. The programmes were accelerated at
Houndé due to success defining new resources at the Vindaloo Deeps
deposit and at Mana due to the continued deep drilling to delineate
mineralisation at depth. These increases were offset by a decrease at
Lafigué as land access is being negotiated prior to the next phase
of the drilling programme, which is now expected to commence in early
2026. A total of 251,900 metres of drilling was completed in YTD-2025, of
which 55,900 meters was completed during Q3-2025.
Table 18: Quarterly Exploration Expenditure and FY-2025 Guidance(1)
FY-2025 FY-2025
All amounts in YTD-2025 PREVIOUS UPDATED
US$ million Q3-2025 ACTUAL ACTUAL GUIDANCE GUIDANCE
-------------- ------------- ------------- -------------
Houndé 3.9 7.2 7.0 10.0
Ity 3.9 16.4 18.0 18.0
Mana 0.5 3.2 3.0 4.0
Sabodala-Massawa 7.4 22.0 25.0 25.0
Lafigué 0.0 0.5 5.0 1.0
Assafou project 0.8 6.2 10.0 10.0
Greenfield
exploration and
corporate 4.2 16.6 17.0 17.0
-------------- ------------- ------------- -------------
TOTAL EXPLORATION
EXPENDITURE 20.7 72.1 85.0 85.0
(1) Exploration expenditures include expensed and capitalised exploration expenditures.
Houndé mine
-- An exploration programme of $7.0 million was planned for FY-2025, of
which $7.2 million has been spent YTD-2025 and $3.9 million was spent in
Q3-2025, consisting of over 10,800 metres of drilling across 26 holes.
Given the success of the resource definition drilling programme at the
Vindaloo Deeps deposit, the programme has been accelerated and
exploration spend is expected to be approximately $10.0 million for
FY-2025. The FY-2025 programme is focused on delineating near-mine
resources at the Vindaloo Deeps, Kari Deeps and Marzipan targets.
-- During Q3-2025, the exploration programme has accelerated at the Vindaloo
Deeps deposit with four drill rigs focussed on infill drilling and
testing the southern continuation, where high grade intercepts have been
drilled confirming the extension of mineralisation. RC drilling at the
Marzipan target, located 5 kilometres east of the Houndé processing
plant, has been completed, and successfully confirmed mineralisation in
the oxide zone that remains open at depth.
-- In Q4-2025, the geological model of the Vindaloo Deeps deposit will
continue to be updated and a maiden mineral resource estimate is expected
during Q1-2026. Additional deep scout drilling is planned during Q4 to
test further extensions of this promising mineralisation up to 800 metres
southwards. At the Marzipan target, further diamond drill holes are
planned to better constrain the geometry of the mineralisation.
Ity mine
-- An exploration programme of $18.0 million was planned for FY-2025, of
which $16.4 million has been spent YTD-2025 and $3.9 million was spent in
Q3-2025, consisting of 9,300 metres of drilling across 76 drill holes.
The exploration programme is focused on defining resources within close
proximity to, and below, the Ity Donut as well as advancing maiden
resource estimates at greenfield targets around the Goleu prospect.
-- During Q3-2025, drilling completed at the Bakatouo, Zia Northeast,
Flotouo, Mont Ity and Walter deposits in the Ity Donut, demonstrated that
all of these deposits remain open at depth with mineralisation identified
in skarnified rocks and granodiorite intrusions. Drilling continued at
the Goleu, Mahapleu and Gbampleu greenfield targets on the wider Ity
trend to follow-up on high grade mineralisation identified earlier in the
year, which remains continuous and open at depth. Scout drilling and
trenching at the Guiamapleu target, located approximately 30km southwest
of the Ity mine, also identified gold mineralisation and pathfinder
elements within favourable structural settings.
-- In Q4-2025, maiden resources are expected at the Goleu target, while
drilling will resume at the Delta Southeast target. At the Guiamapleu
target, auger drilling will continue to test this promising structural
target.
Mana mine
-- An exploration programme of $3.0 million was planned for FY-2025, of
which $3.2 million has been spent YTD-2025 and $0.5 million was spent in
Q3-2025, consisting of 1,300 metres of drilling across 2 deep drill
diamond holes. The drilling programme at Mana has been accelerated as
deep drilling into the Wona deposit to extend the current resource
continued, with exploration spend of $4.0 million expected for FY-2025.
-- During Q3-2025, deep drilling targeting high grade mineralisation below
the current resource, identified several mineralised intercepts, and
highlighted the continuation of resources below the Wona underground
deposit.
-- In Q4-2025, an extensive review of the structural data associated with
high-grade intersections will be undertaken to prioritise the H1-2026
drilling program on the high-grade ore shots.
Sabodala-Massawa mine
-- An exploration programme of $25.0 million was planned for FY-2025, of
which $22.0 million has been spent YTD-2025 and $7.4 million was spent in
Q3-2025, consisting of 34,500 meters of drilling across 312 drill holes.
The exploration programme is focused on defining non-refractory oxide
resources to support the near-term mine plan, as well as continued
definition of medium to longer-term non-refractory and refractory
targets.
-- During Q3-2025, interpretation of the results from the completed drilling
programme at the Makana target, identified two structural domains hosting
mineralised lenses that will be incorporated into the ongoing resource
modelling. Drilling continued at the Kawsara target, located
approximately 35 kilometres south of the Sabodala-Massawa processing
plant, extending the mineralised strike length to over 1,300 metres, with
step-out drilling indicating that mineralisation extends further north
towards the Massawa deposits.
-- In Q4-2025, the geological interpretation and maiden resource at the
Makana target are expected, with follow-up drilling planned for FY-2026
to expand resources further. A focussed infill drilling campaign is
underway along a 350 metre long mineralised section of the Kawsara
Central target, to define M&I resources and improve the understanding of
the continuation of mineralisation.
Lafigué mine
-- An exploration programme of $5.0 million was planned for FY-2025, of
which $0.5 million was spent in YTD-2025 and $0.0 million was spent in
Q3-2025. The exploration programme is focused on preparing and executing
a drilling campaign to test high-priority near-mine targets, less than 5
kilometres away from the Lafigué processing plant, including Target
1, Corridor T4-12 and Central Area to identify potential satellite
opportunities. The FY-2025 exploration programme for at Lafigué has
been reduced to $1.0 million for FY-2025, with the drilling programme
expected to commence in early FY-2026.
-- During Q3-2025, drilling at the near-mine Target 1, Corridor T4-12 and
Central Area targets to delineate near-mine satellite opportunities
within close proximity to Lafigué was delayed as land access was
negotiated.
-- In Q4-2025, a ground induced polarisation survey will be completed across
the near mine targets to help prioritise the drilling programme, which is
expected to commence in early FY-2026.
Assafou Project
-- An exploration programme of $10.0 million was planned for FY-2025, of
which $6.2 million was spent in YTD-2025 and $0.8 million in Q3-2025. The
exploration programme prioritised sterilisation and advanced grade
control drilling as well as resource drilling of near mine, potential
satellite targets, including Pala Trend 2 and Pala Trend 3.
-- During Q2 and Q3-2025, infill drilling on the Assafou deposit was
completed and confirmed the existing resource model, providing increased
confidence in the initial phases of ore mining at the deposit.
-- During Q3, additional exploration has been advanced at Pala Trend 2 and
Pala Trend 3 targets. A 20,000 metre drill programme has been completed
on Pala Trend 3 demonstrating mineralisation in both Tarkwaian sediments
and Birimian basement close to the contact. Mineralisation remains open
indicating further upside in this target area. At Pala Trend 2 a 3,331m
drilling programme has been completed and demonstrated a 3 kilometre long
mineralised trend at the contact between Tarkwaian sediments and Birimian
basement. In addition to exploration, sterilisation drilling programs
have been completed across the Assafou site to support planned
infrastructure placement ahead of the DFS completion, expected in
Q1-2026.
-- In Q4-2025, maiden resources are expected for the Pala Trend 2 target.
Furthermore, mapping and trenching conducted in Q3-2025 helped identify
additional prospective targets which will be followed up during the
Q4-2025 and FY-2026 exploration campaigns.
New Ventures and greenfield exploration
-- The New Ventures and greenfield exploration programme is focused on
building a long-term organic growth pipeline through its operated
greenfield exploration programmes, and by leveraging early stage
exploration companies operating in highly prospective, immature, gold
provinces.
-- On 25 October 2025, Endeavour signed a partnership-style joint venture
(the "Joint Venture") with East Star Resources $(EST.UK)$("East Star"), a
Kazakhstan based gold and base metals explorer, targeting tier 1 gold
deposits in the Central and Northern regions of Kazakhstan.
-- The Joint Venture provides Endeavour with an opportunity to expand and
diversify its tier 1 organic growth pipeline, through exploration of the
highly prospective and relatively underexplored Central Asian Orogenic
Belt ("CAOB") in Kazakhstan. This approach offers a low-risk and very
low-cost, phased investment through a well-integrated local partner, into
a new jurisdiction that shares several similarities, in terms of
geological prospectivity and exploration maturity, with West Africa.
-- Pursuant to the Joint Venture, Endeavour has the right to earn up to an
80% interest in a newly incorporated Joint Venture Company through staged
investments over three phases outlined below:
-- Phase 1: Endeavour to invest $5m over two years to earn a 51%
interest, funding a 2-year exploration programme to delineate
potential tier 1 targets.
-- Phase 2: Endeavour to invest an additional $20m over three years
to earn a 70% interest, funding a 3-year exploration programme to
define maiden resources.
-- Phase 3: Endeavour to fund and complete an NI 43-101 compliant
preliminary feasibility study to earn an 80% interest.
-- Endeavour maintains the right to a go/no-go decision at each phase of
investment.
-- East Star, who have been operating in Kazakhstan for over five years,
will operate the Joint Venture leveraging their local network and
expertise, while Endeavour will fully fund and direct the exploration
programmes, and maintain controlling votes on the Joint Venture Company's
Board and Technical Committees.
-- Kazakhstan is extensively underlain by one of the world's most fertile,
yet underexplored gold provinces, the CAOB, containing gold endowment
within Kazakhstan alone of 32.1Moz (2022 USGS estimate). The CAOB shares
many characteristics with West Africa's Birimian greenstone belt. Both
belts are accretionary orogenic belts shaped by long-lived, multi-stage
mineralising events with proven large, long-life, multi-million-ounce
gold deposits.
-- Exploration activity has been limited since the 1980s and historical
programmes focused on shallow drilling and surface sampling, with
extensive datasets available but limited modern systematic follow-up.
Limited large scale exploration programmes deploying modern exploration
techniques have been undertaken in the region, particularly in gold
exploration, where country-wide annual exploration spend has averaged
less than US$25m over the last decade. Endeavour has an early mover
advantage in the gold space in Kazakhstan.
-- Mining is a strategic sector in Kazakhstan and in December 2017, the
Government adopted a modernised mining code, aligning the mining
framework more closely to leading mining jurisdictions such as Western
Australia. The reforms have created a more transparent, mining and
investor friendly framework, improving licence accessibility, tenure
security, and regulatory clarity.
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 13 November at 8:30 am EDT / 1:30 pm GMT 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
9:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/2hejifia/
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-server.com/register/BIeee189322c3b4c4fad274838fc4af777
The conference call and webcast will be available for playback on Endeavour's website.
QUALIFIED PERSONS
Brad Rathman, Vice President - Operations of Endeavour Mining plc., a Fellow of the Australasian 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
For Investor Relations enquiries: For Media enquiries: Jack Garman Brunswick Group in London Vice President of Investor Relations Carole Cable, Partner +442030112723 +442074045959 investor@endeavourmining.com ccable@brunswickgroup.com
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, Côte 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 meaningful value to people and society. 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 licences 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.
NON-GAAP MEASURES
Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including "all-in margin", "all-in sustaining 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", "net earnings", "adjusted net earnings", "free cash flow", "operating cash flow per share", "free cash flow per share", and "return on capital employed". 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.
Corporate Office: 5 Young St, Kensington, London W8 5EH, UK
Attachments
-- EDV_Q3-2025 Results - Financial Statements -- EDV_Q3-2025 Results - MD&A -- EDV_Q3-2025 Results - Mine Stats -- EDV_Q3-2025 Results - News Release -- EDV_Q3-2025 Results - Presentation
(END) Dow Jones Newswires
November 13, 2025 02:00 ET (07:00 GMT)
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