Endeavour Reports Strong Q1-2025 Results

 
NEWS RELEASE -- LSE & TSX: EDV 
 All amounts in US$ 
 

ENDEAVOUR REPORTS STRONG Q1-2025 RESULTS

FY-2025 guidance on track -- Adjusted EBITDA of $613m -- Record Free Cash Flow of $409m

 
OPERATIONAL AND FINANCIAL HIGHLIGHTS 
 
 --    Strong quarterly production of 341koz at AISC of 
       $1,129/oz; on track to achieve FY-2025 guidance with 
       performance slightly weighted towards H1-2025, 
       following strong Q1-2025 performance at the 
       Houndé mine. 
 
 --    Adj. EBITDA of $613m for Q1-2025, up 12% over 
       Q4-2024. 
 
 --    Adj. Net Earnings of $219m (or $0.90/sh) for Q1-2025, 
       up 99% over Q4-2024. 
 
 --    Operating Cash Flow before changes in working capital 
       of $592m (or $2.43/sh) for Q1-2025, up 66% over 
       Q4-2024. 
 
 --    Record Free Cash Flow of $409m (or $1.68/sh) for 
       Q1-2025, up 53% over Q4-2024; Free Cash Flow of $775m 
       generated over the past three quarters following the 
       completion of the Group's growth phase in Q2-2024. 
 
 --    Net debt reduced by over $350m in Q1-2025 to $378m; 
       Net Debt / Adj. EBITDA $(LTM)$ improved to 0.22x, 
       significantly below the Group's 0.50x target. 
SECTOR LEADING SHAREHOLDER RETURNS 
 
 --    Record $140m (or $0.57/sh) H2-2024 dividend paid in 
       early Q2-2025, record FY-2024 dividends of $240m; 
       supplemented with $37m of share buybacks bringing 
       total returns to $277m, equivalent to a 5.9% yield or 
       $251/oz produced. 
 
 --    FY-2025 total returns expected to be larger than 
       FY-2024 as minimum dividend of $225m has already been 
       supplemented with $52m of share buybacks year to 
       date; bringing minimum FY-2025 returns to $277m. 
ATTRACTIVE ORGANIC GROWTH 
 
 --    Assafou project DFS on track for completion between 
       late-2025 and early-2026, with exploration ongoing at 
       Assafou and at the nearby Pala Trend 3 target, where 
       a maiden resource is expected in H2-2025. 
 
 --    Strong exploration effortswith $24m spent inQ1-2025, 
       focused on near-mine resource expansions and Assafou. 
 

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

Table 1: Operating and financial highlights

 
All amounts in US$ 
million unless 
otherwise specified           THREE MONTHS ENDED 
---------------------- 
 
                        31 March  31 December  31 March  <DELTA> Q1-2025 vs. 
                          2025        2024       2024          Q4-2024 
----------------------  --------  -----------  --------  ------------------- 
OPERATING DATA 
Gold Production, koz         341          363       219                 (6)% 
Gold sold, koz               353          356       225                 (1)% 
Total Cash Cost(1) , 
 $/oz                        929          979     1,007                 (5)% 
All-in Sustaining 
 Cost(1) , $/oz            1,129        1,141     1,186                 (1)% 
Realised Gold Price(2) 
 , $/oz                    2,783        2,590     2,041                  +7% 
----------------------  --------  -----------  --------  ------------------- 
CASH FLOW 
Operating Cash Flow 
 before changes in 
 working capital             592          356       137                 +66% 
Operating Cash Flow 
 before changes in 
 working capital(1) , 
 $/sh                       2.43         1.46      0.56                 +66% 
Operating Cash Flow          494          381        55                 +30% 
Operating Cash Flow(1) 
 , $/sh                     2.03         1.56      0.22                 +30% 
Free Cash Flow(1,3)          409          268     (132)                 +53% 
Free Cash Flow(1,3) , 
 $/sh                       1.68         1.10    (0.54)                 +53% 
PROFITABILITY 
Net Earnings 
 Attributable to 
 Shareholders                173        (119)      (20)                 n.a. 
Net Earnings, $/sh          0.71       (0.49)    (0.08)                 n.a. 
Adj. Net Earnings 
 Attributable to 
 Shareholders(1)             219          110        41                 +99% 
Adj. Net Earnings(1) , 
 $/sh                       0.90         0.45      0.17                +100% 
EBITDA(1,4)                  540          357       156                 +51% 
Adj. EBITDA(1,4)             613          546       213                 +12% 
SHAREHOLDER RETURNS(1) 
Shareholder dividends 
 paid                         --          100       100                 n.a. 
Share buybacks                40            8        13                +400% 
FINANCIAL POSITION 
HIGHLIGHTS(1) 
Net Debt                     378          732       831                (48)% 
Net Debt / LTM 
 Trailing adj. 
 EBITDA(4)                 0.22x        0.55x     0.80x                (60)% 
----------------------  --------  -----------  --------  ------------------- 
 

(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) Last Twelve Months ("LTM") Trailing EBITDA adj includes EBITDA generated by discontinued operations.

Management will host a conference call and webcast today, 1 May 2025, at 8:30 am EST / 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. 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: "We are pleased that the strong momentum from the end of last year has continued into Q1, as we delivered another quarter of exceptional operational performance, placing us firmly on track to achieve our full-year guidance. Production and all-in sustaining costs were significantly stronger than the prior year period, as we realised the full benefit of our recently completed growth phase, coupled with strong performance across the rest of the portfolio.

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

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

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

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

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

OPERATING SUMMARY

   -- Strong safety performance for the Group, with zero Lost Time Injuries 
      during the quarter and a Lost Time Injury Frequency Rate ("LTIFR") of 
      0.05 for the trailing twelve months ended 31 March 2025. 
 
   -- The Group remains on track to achieve its production guidance of 1,110 - 
      1,260koz within the all-in sustaining cost ("AISC") guidance of $1,150 - 
      1,350/oz, with production slightly weighted towards H1-2025, following 
      stronger than expected Q1-2025 performance at the Houndé mine as 
      high-grades were targetted ahead of the wet season and progressively 
      lower grades expected at the Ity and Sabodala-Massawa mines through the 
      year, in line with their mine sequences. 
 
   -- Q1-2025 production amounted to 341koz, a slight decrease of 22koz over 
      Q4-2024, due to lower production at Houndé (despite being stronger 
      than expected) and Lafigué as lower grades were mined and processed 
      in line with the mine sequence. This was partially offset by an increase 
      in production at Mana due to mining of higher grade stopes and at 
      Sabodala-Massawa due to higher tonnes milled and higher recovery rates 
      across both the CIL and BIOX plants, while production at Ity was flat. 
 
   -- Q1-2025 total cash cost amounted to $929/oz, an improvement of $50/oz 
      over Q4-2024 due to lower mining unit costs at Houndé and 
      Sabodala-Massawa as we optimised drill and blast programs and haulage 

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