ENDEAVOUR REPORTS STRONG Q1-2026 RESULTS
FY-2026 guidance on track -- Record Q1-2026 adjusted EBITDA of $880m -- Record Q1-2026 free cash flow of $613m
OPERATIONAL AND FINANCIAL HIGHLIGHTS
-- Q1-2026 production of 282koz at AISC of $1,834/oz;
FY-2026 guidance on track with H2-2026 weighted performance.
-- Q1-2026 Adj. EBITDA of $880m, up 29% over Q4-2025.
Adj. Net Earnings of $370m (or $1.53/sh), up 65% over
Q4-2025.
-- Free cash flow of $613m (or $2,176/oz produced) for
Q1-2026, up 29% over Q4-2025.
-- Strong net cash position of $405m at the end of Q1-2026;
balance sheet liquidity of $1,704m to support Assafou
development project and increased shareholder returns.
-- Total shareholder returns of $1.6 billion over the
last five years, 83% above minimum; record FY-2025
returns of $435m.
-- 2026-2028 shareholder returns programme with $1bn
minimum dividend that will be supplemented with dividends
and share buybacks at a gold price above $3,000/oz;
total returns expected to exceed $2bn at prevailing
gold prices.
-- Share buybacks continue to supplement returns with
$54m completed YTD-2026, including $30m in Q1-2026.
SECTOR LEADING ORGANIC GROWTH
-- Assafou DFS defined a potential cornerstone asset
with 320kozpa of production at AISC of $1,026/oz for
the first 8 years of the 16 year mine life. Early
works launched, FID targeted before end-2026 followed
by 24-30 month construction.
-- After-tax NPV(5%) of $5.1bn and IRR of 55% with a
less than 2-year payback at $4,000/oz gold price.
-- Upfront capital of $1,061m, an increase compared to
the PFS reflecting changes to site roads and power,
plant optimisations to de-risk ramp-up and to enable
seamless plant expansion in the future.
-- Significant resource upside through satellite deposit
exploration and strategic partnerships.
-- Strong exploration efforts with $18m spent in Q1-2026;
focused on resource expansions at cornerstone assets.
London, 30 April 2026 -- Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour", the "Group" or the "Company") is pleased to announce its operating and financial results for Q1-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights(1)
THREE MONTHS ENDED
----------------------------
All amounts in US$ million 31 March 31 December 31 March <DELTA> Q1-2026
unless otherwise specified 2026 2025 2025 vs. Q4-2025
---------------------------- -------- ----------- -------- ---------------
OPERATING DATA
Gold Production, koz 282 298 341 (5)%
Gold sold, koz 278 302 353 (8)%
Total Cash Cost(1) , $/oz 1,516 1,448 929 +5%
All-in Sustaining Cost(1) ,
$/oz 1,834 1,648 1,129 +11%
Realised Gold Price(2) ,
$/oz 4,810 3,873 2,783 +24%
---------------------------- -------- ----------- -------- ---------------
CASH FLOW
Operating Cash Flow before
changes in working capital 829 625 592 +33%
Operating Cash Flow before
changes in working
capital(1) , $/sh 3.42 2.59 2.43 +32%
Operating Cash Flow 737 609 494 +21%
Operating Cash Flow(1) ,
$/sh 3.05 2.52 2.03 +21%
Free Cash Flow(1,3) 613 476 409 +29%
Free Cash Flow(1,3) , $/sh 2.53 1.97 1.68 +28%
---------------------------- -------- ----------- -------- ---------------
PROFITABILITY
Net Earnings Attributable to
Shareholders 354 68 173 +421%
Net Earnings, $/sh 1.46 0.28 0.71 +421%
Adj. Net Earnings
Attributable to
Shareholders(1) 370 225 219 +64%
Adj. Net Earnings(1) , $/sh 1.53 0.93 0.90 +65%
EBITDA(1) 872 471 540 +85%
Adj. EBITDA(1) 880 681 613 +29%
---------------------------- -------- ----------- -------- ---------------
SHAREHOLDER RETURNS(1)
Shareholder dividends paid -- 149 -- n.a.
Share buybacks(4) 30 3 40 +900%
---------------------------- -------- ----------- -------- ---------------
FINANCIAL POSITION
HIGHLIGHTS(1)
Net Cash/(Net Debt) 405 (158) (378) n.a.
Net Cash/(Net Debt) / LTM
Trailing adj. EBITDA 0.16x (0.07)x (0.22)x n.a.
---------------------------- -------- ----------- -------- ---------------
(1) This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. (2) Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group's revenue protection programme. (3) From all operations; calculated as Operating Cash Flow less Cash used in investing activities. (4) Q1-2026 share buybacks of $29.7 million differs from $27.0 million per the Statement of Cashflows due to foreign exchange and timing of payments.
Management will host a conference call and webcast today, Thursday 30 April 2026, at 8:30 am EDT / 1:30 pm BST. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. The Management Discussion & Analysis and Financial Statements have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available for inspection on the Company's website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, today the Company has published its 2025 Tax and Economic Contribution Report, which will be available on the Company's website.
Ian Cockerill, Chief Executive Officer, commented: "We delivered a strong start to 2026, building on last year's momentum with another solid quarter of operational performance and record financial results.
We remain on track to achieve full-year guidance, with performance weighted towards the second half of the year, reflecting the mining sequence at our Houndé, Mana and Ity mines.
Strong operational delivery, combined with continued strength in the gold price, translated into record adjusted EBITDA of $880 million, up 29% over Q4-2025, and record free cash flow of $613 million, equivalent to $2,176 per ounce, up 29% over Q4-2025. This cash generation supported further improvement in our balance sheet, which now stands at $405 million of net cash.
Our financial strength gives us flexibility to simultaneously start construction at Assafou and deliver on our sector leading shareholder returns programme. We expect to significantly exceed our minimum commitment for the year, and at prevailing gold prices, we could more than double it, supported by over $54 million of supplemental share buybacks completed already this year.
At Assafou, the recently announced DFS confirmed the scale and quality of this potential cornerstone project that underpins our organic growth to 1.5 million ounces by 2030. Early works are now well underway, procurement of long-lead items has been launched, detailed engineering and design advancing, relocation action planning in progress and key tender negotiations near complete as we target a final investment decision before the end of the year. The DFS significantly optimised and de-risked the project, which can now support future expansions as we continue to grow the resource base.
Our exploration programme is advancing on multiple fronts. The Vindaloo Deeps discovery at our Houndé mine is expected to materially enhance the life-of-mine plan, with a maiden resource expected in H1 this year. Elsewhere, resource development at our core assets is expected to support an improved reserves and resources outlook at year-end, while our greenfield programme continues to generate high-priority targets across our selected tier 1 gold provinces.
Importantly, as we grow the business and deliver returns to our shareholders, our stakeholders also benefit. Last year we contributed $2.8 billion to our host nations, a 27% increase over the previous year - re-iterating the strong alignment between our performance, and our contributions to host countries, particularly in this higher gold price environment. Sustainable value creation requires us to continually strengthen our governance, stakeholder engagement and management systems across the business, ensuring ESG is effectively embedded in how we operate. This approach has been recognised in the recent upgrade of our ISS Corporate Rating to B-, positioning Endeavour within the top 10% of our industry.
With a high-quality portfolio and a strong organic growth pipeline, we are well positioned to sustainably deliver sector-leading growth and shareholder returns, creating long-term value for all stakeholders."
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