Endeavour Reports Strong Q1-2025 Results

ENDEAVOUR REPORTS STRONG Q1-2025 RESULTS

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

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

¹This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. ²Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group's revenue protection programme. ³From all operations; calculated as Operating Cash Flow less Cash used in investing activities. ⁴Last 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 distances were reduced, respectively, and lower processing unit costs at Ity as reagent consumption improved due to the ore blend. In addition, total cash costs benefitted from 12koz higher gold sales than gold produced, due to the timing of gold shipments at Ity and Lafigué. This was partially offset by higher royalty costs due to the prevailing higher gold prices and higher processing unit costs at Mana and Lafigué due to increased power consumption and scheduled maintenance, respectively.
• Q1-2025 AISC amounted to $1,129/oz, a decrease of $12/oz over Q4-2024 driven by lower total cash costs and lower sustaining waste capital at Houndé and Lafigué, partially offset by higher sustaining underground development at Mana.

Table 2: Group Production

Table 3: Consolidated Total Cash Costs

¹This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.

Table 4: Group All-In Sustaining Costs

¹This is a non-GAAP measure, refer to the non-GAAP Measures section for further details.

SHAREHOLDER RETURNS PROGRAMME

• Endeavour's shareholder returns programme is comprised of minimum dividends that are supplemented with additional dividends and share buybacks subject to operational performance, a healthy balance sheet and the gold price being above $1,850/oz.
• Since its first shareholder returns payment in Q1-2021, Endeavour has returned more than $1,232.4 million to shareholders, including $840.0 million of dividends and $392.0 million of share buybacks, exceeding its minimum returns commitments by $572.0 million, or 87%.
• For FY-2024, Endeavour returned record dividends of $240.0 million. The H2-2024 dividend of $140.0 million ($0.57/sh) was paid on 15 April 2025 to shareholders of record on 14 March 2025. FY-2024 shareholder returns were further supplemented with $37.0 million of share buybacks, bringing total shareholder returns for FY-2024 to $277.0 million, $67.0 million above the minimum commitment, and equivalent to an indicative yield of 5.9%, or $251/oz produced.
• The FY-2025 minimum dividend commitment is $225.0 million that is expected to be paid in two semi-annual instalments. During Q1-2025, shareholder returns continued to be supplemented with share buybacks with $40.0 million or 1.9 million shares repurchased during the period, an increase of 400% compared to Q4-2024. The Group has continued to opportunistically buyback shares with $12.4 million or 0.5 million shares repurchased during April, bringing total YTD-2025 share repurchases to $52.4 million or 2.4 million shares up to 29 April 2025. As such, the total minimum return for FY-2025 already stands at $277.4 million which is equivalent to the total shareholder returns for FY-2024. 

Table 5: Cumulative Shareholder Returns

CASH FLOW SUMMARY

The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 31 March 2025, 31 December 2024, and 31 March 2024, with accompanying explanations below.

Table 6: Cash Flow and Net Debt