Press Release: Endeavour Reports Strong Q1-2025 Results

Dow Jones
01 May

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 
      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

 
                                            THREE MONTHS ENDED 
                                      31 March  31 December  31 March 
All amounts in koz, on a 100% basis     2025        2024       2024 
------------------------------------  --------  -----------  -------- 
Houndé                                 92          109        42 
Ity                                         84           84        86 
Mana                                        46           41        42 
Sabodala-Massawa                            72           70        49 
Lafigué                                48           60        -- 
GROUP PRODUCTION                           341          363       219 
------------------------------------  --------  -----------  -------- 
 

Table 3: Consolidated Total Cash Costs

 
(All amounts in US$/oz)           THREE MONTHS ENDED 
                            31 March  31 December  31 March 
                              2025        2024       2024 
Houndé                      751          922     1,120 
Ity                              875          943       858 
Mana                           1,360        1,320     1,345 
Sabodala-Massawa                 959        1,107       890 
Lafigué                     918          748        -- 
GROUP TOTAL CASH COSTS(1)        929          979     1,007 
--------------------------  --------  -----------  -------- 
 

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

Table 4: Group All-In Sustaining Costs

 
All amounts in US$/oz                    THREE MONTHS ENDED 
--------------------------------- 
                                   31 March  31 December  31 March 
                                     2025        2024       2024 
---------------------------------  --------  -----------  -------- 
Houndé                             858        1,024     1,572 
Ity                                     930          987       884 
Mana                                  1,887        1,698     1,453 
Sabodala-Massawa                      1,173        1,261       947 
Lafigué                            926          801        -- 
Corporate G&A                            43           41        49 
GROUP ALL-IN SUSTAINING COSTS(1)      1,129        1,141     1,186 
---------------------------------  --------  -----------  -------- 
 

(1) This 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

 
                               MINIMUM                                       ABOVE 
(All amounts in                DIVIDEND   SUPPLEMENTAL  BUYBACKS   TOTAL    MINIMUM 
US$m)                         COMMITMENT    DIVIDENDS   COMPLETED  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 
---------------- 
 FY-2025 (Minimum)                   225            --         52     277         +52 
 ---------------------------  ----------  ------------  ---------  ------  ---------- 
TOTAL             TOTAL              885           180        392   1,457        +572 
----------------  ----------  ----------  ------------  ---------  ------  ---------- 
 

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

 
                                                     THREE MONTHS ENDED 
All amounts in US$ million unless              31 March  31 December  31 March 
otherwise specified                    Notes     2025        2024       2024 
-------------------------------------  ------  --------  -----------  -------- 
Net cash from/(used in), as per cash 
flow statement: 
Operating cash flows before changes in 
 working capital                                    592          356       137 
Changes in working capital                         (98)           25      (82) 
Cash generated from operating 
 activities                             [1]         494          381        55 
Cash used in investing activities       [2]        (85)        (113)     (188) 
-------------------------------------  ------  --------  -----------  -------- 
Free Cash Flow(1,2)                                 409          268     (133) 
---------------------------------------------  --------  -----------  -------- 
Cash (used in)/generated from 
 financing activities                   [3]        (67)        (136)        88 
Effect of exchange rate changes on cash              10           --      (12) 
---------------------------------------------  --------  -----------  -------- 
INCREASE/(DECREASE) IN CASH                         353          132      (56) 
---------------------------------------------  --------  -----------  -------- 
Cash and cash equivalent position at 
 beginning of period(3)                             384          252       517 
---------------------------------------------  --------  -----------  -------- 
CASH AND EQUIVALENT POSITION AT END OF 
 PERIOD(3)                                          737          384       461 
Principal amount of $500m Senior Notes              500          500       500 
Drawn portion of Lafigué Term Loan             130          133       147 
Drawn portion of Sabodala Term Loan                  --           13        -- 
Drawn portion of $645m Revolving Credit 
 Facility                                           485          470       645 
NET DEBT(1)                             [4]         378          732       831 
-------------------------------------  ------  --------  -----------  -------- 
Trailing twelve month adjusted EBITDA(1) (,) 
 (4)                                              1,725        1,325     1,034 
---------------------------------------------  --------  -----------  -------- 
Net Debt / Adjusted EBITDA $(LTM.AU)$ ratio(1) (,)     0.22x        0.55x     0.80x 
 (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 overdrafts (Nil at 31 March 2025; $13.1 million at 31 December 2024; $62.2 at 30 September 2024; Nil at 31 March 2024; Nil at 31 December 2023). (4) Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations.

NOTES:

1) Operating cash flows increased by $112.8 million from $381.4 million (or $1.56 per share) in Q4-2024 to $494.2 million (or $2.03 per share) in Q1-2025 due to higher realised gold prices and lower operating costs, partially offset by a working capital outflow (driven by a build-up of inventory and net payment of accounts payable), higher royalties, higher income tax payments and a higher realised loss on gold collars and LBMA averaging.

Operating cash flows increased by $439.1 million from $55.1 million (or $0.22 per share) in Q1-2024 to $494.2 million (or $2.03 per share) in Q1-2025 due to higher revenues and lower income tax payments, partially offset by higher operating costs and royalties, higher working capital outflows and a higher realised loss on gold collars and LBMA averaging.

Notable variances are summarised below:

   -- Working capital was an outflow of $98.0 million in Q1-2025, a decrease of 
      $123.1 million over the Q4-2024 inflow of $25.1 million. The outflow in 
      Q1-2025 consisted of (i) a trade and other payables outflow of $47.8 
      million related to decreases in supplier payables and payroll-related 
      liabilities, (ii) an inventory outflow of $44.1 million related to an 
      increase in gold-in-circuit inventory at Houndé and Ity and 
      stockpile inventory at Houndé and (iii) a receivables outflow of 
      $10.2 million related to a build-up of VAT receivables in Burkina Faso, 
      partially offset by, (iv) a prepaid expenses and other inflow of $4.1 
      million related to the timing of deposits and supplier 
      prepayments.Working capital was an outflow of $98.0 million in Q1-2025, 
      an increase of $15.7 million over the Q1-2024 outflow of $82.3 million, 
      largely driven by an increase in outflows in trade and other payables and 
      an increase in outflows related to inventories, partially offset by a 
      decrease in the outflow of trade and other receivables and an increase in 
      the inflow of prepaid expenses. 
   -- Gold sales from continuing operations decreased slightly from 356koz in 
      Q4-2024 to 353koz in Q1-2025 due to lower production at Houndé 
      following a strong Q4-2024. Group gold sales exceeded production by 12koz 
      during the quarter largely due to the timing of shipments of gold 
      produced from Ity and Lafigué in the prior quarter. The realised 
      gold price from continuing operations for Q1-2025 increased by $319/oz to 
      $2,939/oz from $2,620/oz in Q4-2024. Inclusive of the Group's Revenue 
      Protection Programme (-$93/oz Q1-2025 impact) and London Bullion Market 
      Association ("LBMA") gold price averaging strategy (-$62/oz Q1-2025 
      impact), the realised gold price for Q1-2025 increased by $193/oz to 
      $2,783/oz from $2,590/oz in Q4-2024.Gold sales from continuing operations 
      increased from 225koz in Q1-2024 to 353koz in Q1-2025, following higher 
      production in Q1-2025 with the addition of production from the 
      Lafigué mine and BIOX expansion at Sabodala-Massawa. The realised 
      gold price from continuing operations for Q1-2025 increased by $848/oz to 
      $2,939/oz from $2,091/oz in Q1-2024. Inclusive of the Group's Revenue 
      Protection Programme (-$93/oz Q1-2025 impact against a realised gold 
      price of $2,939/oz in Q1-2025) and LBMA gold price averaging strategy 
      (-$62/oz Q1-2025 impact against a realised gold price of $2,939/oz in 
      Q1-2025), the realised gold price for Q1-2025 increased by $743/oz to 
      $2,783/oz from $2,041/oz in Q1-2024. 
   -- Total cash cost per ounce decreased from $979/oz in Q4-2024 to $929/oz in 
      Q1-2025 due to lower mining unit costs at Houndé and 
      Sabodala-Massawa, lower processing unit costs at Ity, and 12koz higher 
      gold sales than gold produced in Q1-2025. This was partially offset by 
      higher royalty costs and higher processing unit costs at Mana and 
      Lafigué.Total cash cost per ounce decreased from $1,007/oz in 
      Q1-2024 to $929/oz in Q1-2025 due to higher volumes of gold sold, 
      partially offset by higher gross operating costs and royalties related to 
      a higher realised gold price. 
   -- Income taxes paid increased by $22.1 million from $16.9 million in 
      Q4-2024 to $39.0 million in Q1-2025 due largely to the timing of 
      corporate income tax payments in Senegal.Income taxes paid decreased by 
      $12.3 million from $51.3 million in Q1-2024 to $39.0 million in Q1-2025 
      due to a decrease in taxes paid at the corporate level during Q1-2025 due 
      to the timing of withholding tax payments and a reduction in provisional 
      tax payments at Mana related to a lower FY-2024 tax base when compared to 
      FY-2023. 

Table 7: Tax Payments

 
                                   THREE MONTHS ENDED 
                             31 March  31 December  31 March 
All amounts in US$ million     2025        2024       2024 
---------------------------  --------  -----------  -------- 
Houndé                        11           11        11 
Ity                                --            2        -- 
Mana                                2            2         4 
Sabodala-Massawa                   24           --        31 
Lafigué                        2           --         1 
Other(1)                           --            1         5 
---------------------------  --------  -----------  -------- 
Taxes paid                         39           17        51 
---------------------------  --------  -----------  -------- 
 

(1) Included in the "Other" category is income and withholding taxes paid by Corporate and Exploration entities.

2) Cash flows used in investing activities decreased by $28.4 million from $113.2 million in Q4-2024 to $84.8 million in Q1-2025 due to a decrease in non-sustaining capital spend during the quarter of $25.3 million and lower growth capital expenditure following the commissioning of the Lafigué and Sabodala-Massawa projects during Q3-2024. In addition an inflow of $17.0 million related to the release of restricted cash at Ity decreased cash flows used in investing activities further. This decrease was partially offset by an increase in sustaining capital of $12.3 million.

Cash flows used in investing activities decreased by $102.7 million from $187.5 million in Q1-2024 to $84.8 million in Q1-2025 largely due to lower growth capital following completion of growth projects in FY-2024, lower non-sustaining capital and an inflow of $17.0 million related to the release of restricted cash at Ity, partially offset by an increase in sustaining capital.

   -- Sustaining capital increased from $43.4 million in Q4-2024 to $55.7 
      million in Q1-2025, largely due to higher sustaining underground 
      development at Mana's Wona underground deposit and higher waste stripping 
      at Sabodala-Massawa, partially offset by a decrease in waste stripping at 
      Houndé.Sustaining capital increased from $29.7 million in Q1-2024 to 
      $55.7 million in Q1-2025 due to the addition of the Lafigué and 
      Sabodala-Massawa BIOX expansion projects, higher underground development 
      at Mana's Siou and Wona underground deposits, higher waste stripping and 
      Heavy Mining Equipment ("HME") additions at Sabodala-Massawa, partially 
      offset by a decrease in waste stripping at Houndé. 
   -- Non-sustaining capital decreased from $62.9 million in Q4-2024 to $37.6 
      million in Q1-2025 largely due to a decrease in waste stripping and 
      capital associated with the solar plant construction at Sabodala-Massawa, 
      a decrease in waste stripping at Ity due to mine sequencing and 
      reclassification of underground development at Mana following the 
      achievement of commercial stoping production across all of the portals, 
      partially offset by an increase in waste stripping at 
      Lafigué.Non-sustaining capital decreased from $41.3 million in 
      Q1-2024 to $37.6 million in Q1-2025 largely due to lower underground 
      development at Mana and lower waste stripping at Ity and Sabodala-Massawa, 
      partially offset by the addition of the Lafigué and Sabodala-Massawa 
      BIOX expansion projects. 
   -- Growth capital decreased from $24.1 million in Q4-2024 to $5.7 million in 
      Q1-2025 following the completion of spending associated with the 
      Sabodala-Massawa BIOX Expansion and Lafigué growth projects which 
      were both completed during FY-2024. Growth capital expenditure in Q1-2025 
      is related to definitive feasibility study and drilling expenditure at 
      Assafou.Growth capital decreased from $98.7 million in Q1-2024 to $5.7 
      million in Q1-2025 following the completion of spending associated with 
      the Sabodala-Massawa BIOX Expansion and Lafigué growth projects 
      which were both completed during FY-2024. 

3) Cash flows used in financing activities decreased by $69.2 million from an outflow of $136.0 million in Q4-2024 to an outflow of $66.8 million in Q1-2025 largely due to the timing of shareholder dividend payments in the prior period and higher financing fees, partially offset by increased activity on the Group's share buybacks during Q1-2025. Financing cash flows during the quarter included $91.6 million in repayment of debt, $40.0 million in purchases of shares through the Group's share buyback programme, $11.8 million in payment of financing fees, $6.7 million in repayment of leases and $1.7 million for payment of the settlement of tracker shares, partially offset by $85.0 million of drawing on Company's debt facilities.

Cash flows used in financing activities decreased by $154.5 million from an inflow of $87.7 million in Q1-2024 to an outflow of $66.8 million in Q1-2025 largely due a net inflow of $219.3 million in proceeds from debt in Q1-2024, partially offset by shareholder dividend payments of $100.0 million during the same period.

4) Endeavour's net debt position improved by $353.9 million, from $731.6 million at the end of Q4-2024 to $377.7 million at the end of Q1-2025 and the net debt / Adjusted EBITDA (LTM) leverage ratio improved from 0.55x at the end of Q4-2024 to 0.22x at the end of Q1-2025. The rapid de-levering following the Group's growth phase, reflects the strong cash flow generation capability of the business.

EARNINGS FROM CONTINUING OPERATIONS

The table below presents the earnings and adjusted earnings for Endeavour for the three-month periods ended 31 March 2025, 31 December 2024, and 31 March 2024, with accompanying explanations below.

Table 8: Earnings from operations

 
                                                     THREE MONTHS ENDED 
All amounts in US$ million unless              31 March  31 December  31 March 
otherwise specified                    Notes     2025        2024       2024 
-------------------------------------  ------  --------  -----------  -------- 
Revenue                                 [5]       1,042          941       473 
Operating expenses                      [6]       (259)        (294)     (200) 
Depreciation and depletion              [6]       (175)        (226)     (109) 
Royalties                               [7]        (76)         (64)      (34) 
-------------------------------------  ------  --------  -----------  -------- 
Earnings from mine operations                       533          357       130 
---------------------------------------------  --------  -----------  -------- 
Corporate costs                         [8]        (15)         (14)      (11) 
Impairment of mining interests and 
goodwill                                             --        (200)        -- 
Share-based compensation                           (18)          (9)       (4) 
Other expense                           [9]        (19)          (9)      (17) 
Credit loss and impairment of 
 financial assets                       [10]        (7)         (22)         1 
Exploration and evaluation costs        [11]        (9)          (5)       (5) 
-------------------------------------  ------  --------  -----------  -------- 
Earnings from operations                            466           98        94 
---------------------------------------------  --------  -----------  -------- 
(Loss)/gain on financial instruments    [12]      (100)           34      (46) 
Finance costs                                      (20)         (33)      (23) 
Earnings before taxes                               345           99        24 
---------------------------------------------  --------  -----------  -------- 
Current income tax expense              [13]      (121)        (109)      (41) 
Deferred income tax recovery/(expense)              (2)         (93)         7 
Net comprehensive earnings/(loss) 
 from operations                        [14]        222        (103)       (9) 
-------------------------------------  ------  --------  -----------  -------- 
Add-back adjustments                    [15]         44          235        66 
-------------------------------------  ------  --------  -----------  -------- 
Adjusted net earnings from operations               266          132        57 
---------------------------------------------  --------  -----------  -------- 
Portion attributable to non-controlling 
 interests                                           47           22        16 
---------------------------------------------  --------  -----------  -------- 
Adjusted net earnings from operations 
 attributable to shareholders of the 
 Company                                [16]        219          110        41 
Adjusted net earnings per share from 
 operations                                        0.90         0.45      0.17 
---------------------------------------------  --------  -----------  -------- 
 

NOTES:

5) Revenue increased by $101.3 million from $940.5 million in Q4-2024 to $1,041.8 million in Q1-2025 due to an increase in the realised gold price from $2,620/oz in Q4-2024 to $2,939/oz in Q1-2025, exclusive of the Company's Revenue Protection Programme (gold collars and London Bullion Market Association ("LBMA") gold price averaging strategy), partially offset by slightly lower volumes of gold sold.

Revenue increased by $569.1 million from $472.7 million in Q1-2024 to $1,041.8 million in Q1-2025 due to an increase in the realised gold price from $2,091/oz in Q1-2024 to $2,939/oz in Q1-2025, exclusive of the Company's Revenue Protection Programme (gold collars and LBMA gold price averaging strategy) and higher volumes of gold sold.

6) Operating expenses decreased by $34.9 million from $293.9 million in Q4-2024 to $259.0 million in Q1-2025, largely due to lower mining and processing costs at Houndé and Ity, respectively. Depreciation and depletion decreased by $51.0 million from $225.6 million in Q4-2024 to $174.6 million in Q1-2025 due to lower quarterly production.

Operating expenses increased by $59.1 million from $199.9 million in Q1-2024 to $259.0 million in Q1-2025 due to the introduction of Lafigué and the Sabodala-Massawa BIOX expansion following commissioning during Q3-2024, increased underground mining costs at Mana driven by higher volumes and increased mining costs at Ity and Houndé driven by higher volumes. Depreciation and depletion increased by $65.9 million from $108.7 million in Q1-2024 to $174.6 million in Q1-2025 due to higher levels of production at Houndé and Sabodala-Massawa, and higher depreciation and depletion charges driven by the commencement of operations at Lafigué and the Sabodala-Massawa BIOX expansion following commissioning during Q3-2024.

7) Royalties increased by $11.4 million from $64.3 million in Q4-2024 to $75.7 million in Q1-2025 due to a higher realised gold price, partially offset by slightly lower sales volumes.

Royalties increased by $41.8 million from $33.9 million in Q1-2024 to $75.7 million in Q1-2025 due to a higher realised gold price and higher gold sales volumes.

8) Corporate costs of $14.5 million in Q1-2025 were largely consistent with the prior quarter.

Corporate costs increased from $10.5 million in Q1-2024 to $14.5 million in Q1-2025 due to increased employee compensation costs and higher professional services costs.

9) Other expenses increased by $9.9 million from $9.1 million in Q4-2024 to $19.0 million in Q1-2025. For Q1-2025, other expenses included $9.3 million in acquisition and restructuring costs primarily related to payments in Côte d'Ivoire, $7.9 million in legal and other costs related to ongoing local level arbitrations, $1.2 million in tax claims and $0.6 million in community contributions.

10) Credit loss and impairment of financial assets decreased by $15.7 million from $22.3 million in Q4-2024 to $6.6 million in Q1-2025. For Q1-2025, the charge primarily related to a credit loss adjustment against the outstanding VAT receivables in Burkina Faso.

11) Exploration costs increased by $3.4 million from $5.2 million in Q1-2024 to $8.6 million in Q1-2025 due to the commencement of the FY-2025 drill programmes across the Group's portfolio of assets.

Exploration costs increased by $3.2 million from $5.4 million in Q1-2024 to $8.6 million in Q1-2025 due to an increased proportion of quarterly spend allocated to greenfield properties within the Group's exploration portfolio.

12) The loss on financial instruments increased by $133.9 million from a gain of $33.6 million in Q4-2024 to a loss of $100.3 million in Q1-2025, largely due to an increase in net losses on gold collars and London Bullion Market Association ("LBMA") gold pricing averaging. The loss on financial instruments during the quarter included an unrealised loss on gold collars and LBMA gold price averaging of $55.0 million, a realised loss on the Group's revenue protection programme of $54.8 million (including a $32.8 million realised loss on gold collars and a $22.0 million realised loss related to LBMA gold price averaging), partially offset by an unrealised foreign exchange gain of $2.8 million, a $0.9 million unrealised gain on other financial instruments, a gain on marketable securities (Turaco Gold Limited) of $4.0 million, an unrealised fair value gain on NSRs and deferred considerations of $1.5 million and an unrealised gain on the early redemption feature of senior notes of $0.3 million.

The loss on financial instruments increased by $54.1 million from a loss of $46.2 million in Q1-2024 to a loss of $100.3 million in Q1-2025, due largely to realised and unrealised losses in relation to the gold collars and LBMA Averaging Programme, partially offset by a gain on exchange rate movements between the Euro and the US dollar.

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 Q1-2025, 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. 
 
   -- For the remainder of FY-2025, approximately 150koz (50koz per quarter) 
      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. 

13) Current income tax expense increased by $11.7 million from $109.2 million in Q4-2024 to $120.9 million in Q1-2025, largely due to an increase in current corporate income taxes driven by higher taxable profits, partially offset by a decrease in recognised withholding tax expenses in Q1-2025 due to the timing of local board approvals for cash upstreaming.

Current income tax expense increased by $80.4 million from $40.5 million in Q1-2024 to $120.9 million in Q1-2025 due to an increase in withholding taxes accrued by operating subsidiaries, an increase in current income taxes driven by higher taxable profits and the commencement of operations at Lafigué, effective Q3-2024.

14) Net comprehensive earnings from continuing operations improved by $325.6 million from a net comprehensive loss of $103.3 million in Q4-2024 to net comprehensive earnings of $222.3 million in Q1-2025. The increase in earnings is largely driven by an increase in revenue due to a higher realised gold price, lower depletion and depreciation and the impairment charge on Kalana and exploration assets in the prior quarter, partially offset by an increase in operating expenses, higher royalty costs, and a loss on financial instruments related to the Revenue Protection Programme.

Net comprehensive earnings from continuing operations improved by $231.6 million from net comprehensive loss of $9.3 million in Q1-2024 to net comprehensive earnings of $222.3 million in Q1-2025. The increase in earnings was largely driven by an increase in gold sold volumes at a higher realised gold price, partially offset by higher operating expenses, higher depletion and depreciation and higher losses on financial instruments related to the Revenue Protection Programme.

15) For Q1-2025, adjustments included an unrealised loss on financial instruments of $45.5 million largely related to the unrealised loss on forward sales and collars, other expenses of $19.0 million largely related to acquisition and restructuring costs in Côte d'Ivoire and legal costs related to ongoing local level arbitrations, and an impairment of $6.6 million related to the write-down of VAT receivables in Burkina Faso, partially offset by a gain on non-cash, tax and other adjustments of $27.4 million that mainly relate to the impact of foreign exchange remeasurements of deferred tax balances.

16) Adjusted net earnings attributable to shareholders increased by $108.9 million from earnings of $110.1 million (or $0.45 per share) in Q4-2024 to adjusted net earnings of $219.0 million (or $0.90 per share) in Q1-2025, due to higher operating margins, aided by a higher realised gold price.

Adjusted net earnings attributable to shareholders for continuing operations increased by $178.2 million from earnings of $40.7 million (or $0.17 per share) in Q1-2024 to adjusted net earnings $219.0 million (or $0.90 per share) in Q1-2025 due to higher production and higher operating margins.

OPERATING ACTIVITIES BY MINE

Houndé Gold Mine, Burkina Faso

Table 9: Houndé Performance Indicators

 
For The Period Ended            Q1-2025  Q4-2024  Q1-2024 
------------------------------  -------  -------  ------- 
Tonnes ore mined, kt              1,652    1,526      724 
Total tonnes mined, kt           11,334   10,833   11,097 
Strip ratio (incl. waste cap)      5.86     6.10    14.33 
Tonnes milled, kt                 1,335    1,405    1,082 
Grade, g/t                         2.75     3.13     1.35 
Recovery rate, %                     86       79       89 
Production, koz                      92      109       42 
------------------------------  -------  -------  ------- 
Total cash cost/oz                  751      922    1,120 
AISC/oz                             858    1,024    1,572 
------------------------------  -------  -------  ------- 
 

Q1-2025 vs Q4-2024 Insights

   -- Production decreased from 109koz in Q4-2024 to 92koz in Q1-2025 due to 
      lower average grades processed and lower tonnes milled, partially offset 
      by an increase in recovery rates. 
 
          -- Total tonnes mined increased due to an increase in waste stripping 
             at the Kari West pit, in line with mine plan. Tonnes of ore mined 
             increased due to increased ore mining in the Kari West pit, which 
             supplemented with ore sourced from the higher grade Kari Pump and 
             Vindaloo Main pits. 
 
          -- Tonnes milled decreased slightly due to a decreased proportion of 
             softer ore from the Kari Pump pit in the mill feed, which was 
             displaced by higher proportions of harder ore from the Vindaloo 
             Main and Kari West pits. 
 
          -- Average processed grades decreased due to a lower proportion of 
             high grade ore from the Kari Pump pit in the mill feed. 
 
          -- Recovery rates increased due to the decreased proportion of Kari 
             Pump ore in the mill feed, which has slightly lower associated 
             recoveries. 
 
   -- AISC improved significantly from $1,024/oz in Q4-2024 to $858/oz in 
      Q1-2025 due to lower mining unit costs following drill and blast 
      optimisation, higher excavator productivities, lower sustaining capital 
      from lower waste capitalisation at the Kari West pit, lower grade control 
      drilling and a build-up of gold-in-circuit and stockpile inventory, 
      partially offset by higher royalty costs due to a higher realised gold 
      price. 
 
   -- Sustaining capital expenditure decreased from $11.0 million in Q4-2024 to 
      $10.1 million in Q1-2025 and primarily related to waste stripping at the 
      Kari West pit, heavy mining equipment additions and rebuilds. 
 
   -- Non-sustaining capital expenditure decreased from $4.7 million in Q4-2024 
      to $0.6 million in Q1-2025 and primarily related to the ongoing TSF Stage 
      10 embankment raise. 

Q1-2025 vs Q1-2024 Insights

   -- Production increased significantly from 42koz in Q1-2024 to 92koz in 
      Q1-2025 due to higher tonnes and average grades milled as a result of 
      processing a higher proportion of high-grade ore from the Kari Pump pit 
      and the impact of the 11-day strike in Q1-2024, partially offset by lower 
      recovery rates due to an increased proportion of ore from the Kari Pump 
      pit with lower associated recoveries in the mill feed. 
 
   -- AISC decreased significantly from $1,572/oz in Q1-2024 to $858/oz in 
      Q1-2025 due to higher volumes of gold sold and a build-up of 
      gold-in-circuit and stockpile inventory, partially offset by higher 
      processing unit costs associated with a higher proportion of harder fresh 
      ore within the mill feed. 

FY-2025 Outlook

   -- Following a strong Q1-2025 performance, as high grades were prioritised 
      ahead of the wet season, Houndé production was better than expected 
      and remains on track to achieve its FY-2025 production guidance of 230koz 
      - 260koz, at an AISC within the guided $1,225/oz - $1,375/oz range. 
 
   -- In Q2-2025, average grades processed are expected to decrease, while 
      recoveries are expected to improve, due to a lower proportion of high 
      grade ore sourced from the Kari Pump pit. In H2-2025, ore is expected to 
      be sourced primarily from the Kari West pit with supplemental ore sourced 
      from the Vindaloo Main and Vindaloo North pits, resulting in lower 
      expected production compared to H1-2025 due to lower average grades 
      processed, but partially offset by the expected improvement in recovery 
      rates. 
 
   -- Sustaining capital expenditure outlook for FY-2025 remains unchanged at 
      $40.0 million, of which $10.1 million has been incurred in Q1-2025. 
      During FY-2025, sustaining capital expenditure is expected to primarily 
      relate to mining fleet component rebuilds and upgrades, processing plant 
      equipment upgrades and waste stripping activities in the Kari West area. 
 
   -- Non-sustaining capital expenditure outlook for FY-2025 remains unchanged 
      at $90.0 million, of which $0.6 million has been incurred in Q1-2025. 
      During FY-2025, non-sustaining capital expenditure is expected to relate 
      primarily to the Phase 3 pushback at the Vindaloo Main pit commencing in 
      H2-2025, the TSF 1 and TSF 2 stage-10 embankment raise, and land 
      compensation for the third TSF cell. 

Ity Gold Mine, Côte d'Ivoire

Table 10: Ity Performance Indicators

 
For The Period Ended            Q1-2025  Q4-2024  Q1-2024 
------------------------------  -------  -------  ------- 
Tonnes ore mined, kt              2,120    2,262    1,825 
Total tonnes mined, kt            8,373    8,120    7,406 
Strip ratio (incl. waste cap)      2.95     2.59     3.06 
Tonnes milled, kt                 1,898    1,955    1,775 
Grade, g/t                         1.60     1.45     1.68 
Recovery rate, %                     90       90       90 
Production, koz                      84       84       86 
------------------------------  -------  -------  ------- 
Total cash cost/oz                  875      943      858 
AISC/oz                             930      987      884 
------------------------------  -------  -------  ------- 
 

Q1-2025 vs Q4-2024 Insights

   -- Production remained stable at 84koz in Q1-2025 as lower tonnes of ore 
      milled was offset by higher average grades processed, while recoveries 
      remained largely consistent. 
 
          -- Total tonnes mined increased due to improved fleet productivity 
             while total ore tonnes mined decreased as lower volumes were 
             sourced from the Ity and Le Plaque pits. Mining activities during 
             the quarter sourced ore from the Ity, Walter, Bakatouo, Verse 
             Ouest and Le Plaque pits with supplemental contributions from 
             stockpiles. 
 
          -- Tonnes milled decreased slightly due to lower mill availability 
             following scheduled plant maintenance during the quarter and a 
             higher proportion of harder fresh ore in the mill feed. 
 
          -- Average processed grades increased due to an increased proportion 
             of higher grade ore from the Bakatouo pit in the mill feed and 
             higher grade ore sourced from the Ity and Le Plaque pits, in line 
             with the mine sequence. 
 
          -- Recovery rates remained in line with the previous quarter. 
 
   -- AISC decreased from $987/oz in Q4-2024 to $930/oz in Q1-2025 due to the 
      higher volumes of gold sold as gold shipments were delayed from the prior 
      quarter, lower processing unit costs due to improved reagent consumption 
      efficiencies and higher availability of lower-cost grid power, partially 
      offset by an increase in sustaining capital and higher royalty costs 
      related to the higher realised gold price. 
 
   -- Sustaining capital expenditure increased from $3.5 million in Q4-2024 to 
      $4.8 million in Q1-2025 and was primarily related to site infrastructure 
      upgrades, processing plant upgrades and dewatering borehole drilling. 
 
   -- Non-sustaining capital expenditure decreased from $12.6 million in 
      Q4-2024 to $3.0 million in Q1-2025 and was primarily related to the TSF 
      2, stage 2 raise. 

Q1-2025 vs Q1-2024 Insights

   -- Production decreased slightly from 86koz in Q1-2024 to 84koz in Q1-2025 
      due to a lower proportion of high grade ore sourced from the Ity and Le 
      Plaque pits, partially offset by higher throughput following the 
      commissioning of the Mineral Sizer optimisation initiative in Q4-2024. 
 
   -- AISC increased from $884/oz in Q1-2024 to $930/oz in Q1-2025 due to 
      higher royalty costs related to the higher gold price, an increase in 
      sustaining capital and slightly higher mining and processing unit costs. 

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. 
 
   -- In Q2-2025, ore is expected to be sourced from the Le Plaque, Walter, 
      Bakatouo and Ity pits with supplemental feed sourced from the Verse Ouest 
      pit and stockpiles. Average grades processed are expected to decrease due 
      to a lower proportion of high grade ore from the Ity and Le Plaque pits 
      in the mill feed, while recoveries and throughput are expected to remain 
      largely consistent. In H2-2025, production is expected to decrease as 
      reduced mining of high grade ore across the Ity and Le Plaque pits is 
      expected to be only partially offset by increased ore mining at the 
      Walter and Flotouo pits. Milling rates and recovery rates are expected to 
      remain broadly consistent. 
 
   -- Sustaining capital expenditure outlook for FY-2025 remains unchanged at 
      $20.0 million, of which $4.8 million has been incurred in Q1-2025. During 
      FY-2025 sustaining capital expenditure is expected to primarily relate to 
      dewatering borehole drilling, processing plant and laboratory upgrades 
      and haul road construction. 
 
   -- Non-sustaining capital expenditure outlook for FY-2025 remains unchanged 
      at $35.0 million, of which $3.0 million has been incurred in Q1-2025. 
      During FY-2025 non-sustaining capital expenditure is expected to 
      primarily relate to waste stripping activity at the Le Plaque pit, as 
      well as the construction of the TSF2, stage 2 raise. 

Mana Gold Mine, Burkina Faso

Table 11: Mana Performance Indicators

 
For The Period Ended               Q1-2025  Q4-2024  Q1-2024 
---------------------------------  -------  -------  ------- 
OP tonnes ore mined, kt                 --       --      119 
OP total tonnes mined, kt               --       --      711 
OP strip ratio (incl. waste cap)        --       --     4.96 
UG tonnes ore mined, kt                544      616      446 
Tonnes milled, kt                      552      603      621 
Grade, g/t                            3.07     2.49     2.31 
Recovery rate, %                        86       86       88 
Production, koz                         46       41       42 
---------------------------------  -------  -------  ------- 
Total cash cost/oz                   1,360    1,320    1,345 
AISC/oz                              1,887    1,698    1,453 
---------------------------------  -------  -------  ------- 
 

Q1-2025 vs Q4-2024 Insights

   -- Production increased from 41koz in Q4-2024 to 46koz in Q1-2025 due to 
      higher grades processed, partially offset by lower tonnes milled, while 
      recoveries remained consistent. 
 
          -- Total underground tonnes of ore mined decreased due to lower 
             stoping tonnes at Siou and Wona underground deposits. Development 
             rates across the Wona and Siou underground deposits amounted to 
             4,223 metres, slightly lower than the 4,254 meters completed in 
             the prior quarter. 
 
          -- Tonnes milled decreased reflecting the availability of ore sourced 
             from the Siou and Wona underground deposits 
 
          -- Average grades processed increased due to higher grade ore sourced 
             from stopes in the Siou underground deposit. 
 
          -- Recovery rates remained consistent with the prior quarter. 
 
   -- AISC increased from $1,698/oz in Q4-2024 to $1,887/oz in Q1-2025 due to 
      an increase in sustaining capital development, higher royalties following 
      higher realised gold prices, higher mining and processing unit costs 
      driven by elected reliance on self-generated power in the underground 
      mines and higher reagent and consumable costs, partially offset by the 
      higher volume of gold sold. 
 
   -- Sustaining capital expenditure increased from $15.4 million in Q4-2024 to 
      $24.5 million in Q1-2025 and 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 decreased from $14.4 million in 
      Q4-2024 to $0.9 million in Q1-2025, reflecting the classification of 
      development in the Wona underground to sustaining capital expenditure 
      upon achieving commercial stoping rates. 

Q1-2025 vs Q1-2024 Insights

   -- Production increased from 42koz in Q1-2024 to 46koz in Q1-2025 due to the 
      higher average grades processed, reflecting a higher proportion of high 
      grade underground ore sourced from the Siou and Wona underground deposits, 
      which was partially offset by lower tonnes milled reflecting the absence 
      of the lower grade open pit ore sourced from the Maoula open pit. 
 
   -- AISC increased from $1,453/oz in Q1-2024 to $1,887/oz in Q1-2025 due to 
      increased expensed and capitalised underground development activity, 
      higher royalties due to the higher gold price and increased processing 
      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 within the guided $1,550/oz - $1,750/oz range. 
 
   -- In Q2-2025, average processed grades are expected to decrease slightly 
      across the Wona and Siou undergrounds, in-line with the mine sequence as 
      stope production will decrease at the Siou underground deposit to 
      prioritise development activities, while volumes of ore and recovery 
      rates are expected to remain broadly consistent. In H2-2025, tonnage, 
      average grades and recoveries are all expected to remain broadly 
      consistent with a higher proportion of mill feed expected to be sourced 
      from the Wona underground, offsetting ore sourced from the Siou 
      underground. 
 
   -- Sustaining capital expenditure outlook for FY-2025 remains unchanged at 
      $60.0 million, of which $24.5 million has been incurred in Q1-2025. 
      During FY-2025, sustaining capital expenditure is expected to primarily 
      relate to waste development in the Wona underground deposit in addition 
      to processing plant and infrastructure upgrades. 
 
   -- Non-sustaining capital expenditure outlook for FY-2025 remains unchanged 
      at $10.0 million, of which $0.9 million has been incurred in Q1-2025. 
      During FY-2025, non-sustaining capital expenditure is expected to 
      primarily relate to the stage 6 TSF lift and infrastructure upgrades. 

Sabodala-Massawa Gold Mine, Senegal

Table 12: Sabodala-Massawa Performance Indicators

 
For The Period Ended            Q1-2025  Q4-2024  Q1-2024 
------------------------------  -------  -------  ------- 
Tonnes ore mined, kt              1,121    1,573    1,346 
Total tonnes mined, kt           10,025   12,463   10,447 
Strip ratio (incl. waste cap)      7.94     6.92     6.76 
Tonnes milled - Total, kt         1,482    1,377    1,180 
    Tonnes milled - CIL, kt       1,193    1,095    1,180 
    Tonnes milled - BIOX, kt        288      282       -- 
Grade - Total, g/t                 1.87     2.29     1.63 
    Grade - CIL, g/t               1.52     1.86     1.63 
    Grade - BIOX, g/t              3.32     3.99       -- 
Recovery rate - Total, %             79       70       83 
    Recovery rate - CIL, %           82       73       83 
    Recovery rate - BIOX, %          72       65       -- 
Production, koz                      72       70       49 
    Production - CIL, koz            48       47       49 
    Production - BIOX, koz           23       23       -- 
Total cash cost/oz                  959    1,107      890 
AISC/oz                           1,173    1,261      947 
------------------------------  -------  -------  ------- 
 

Q1-2025 vs Q4-2024 Insights

   -- Production increased from 70koz in Q4-2024 to 72koz in Q1-2025 due to 
      higher tonnes milled and recovery rates through both the CIL and the BIOX 
      processing plants, partially offset by lower average grades across both 
      plants. 
 
          -- Total tonnes and tonnes of ore mined decreased due to increased 
             dewatering activities at the Kiesta, Niakafiri East and Sabodala 
             pits impacting mining activities. Ore was primarily sourced from 
             the Kiesta, Massawa Central Zone, Sabodala, Niakafiri East and 
             Maki Medina pits. 
 
          -- Total tonnes milled increased across both the CIL and BIOX 
             processing plants. Tonnes milled through the CIL plant increased 
             due to a higher proportion of softer oxide ore in the mill feed. 
             Tonnes milled through the BIOX plant increased as a result of 
             higher mill utilisation due to the timing of planned maintenance 
             in Q1-2025. 
 
          -- Average processed grades decreased across both the CIL and BIOX 
             processing plants. Average processed grades in the CIL plant 
             decreased due to a lower proportion of ore sourced from the 
             Sabodala and Massawa North Zone pits, which was replaced by lower 
             grade stockpiles. Average processed grades at the BIOX plant 
             decreased due to lower average grades sourced from the Massawa 
             Central Zone pit. 
 
          -- Recovery rates increased across both the CIL and BIOX processing 
             plants. The increase in recoveries at the CIL plant is due to the 
             reduced proportion of transitional ore from the Massawa Central 
             Zone pit in the mill feed, with over 80% fresh ore fed through the 
             circuit, which was displaced by lower grade stockpiles and the 
             optimisation of reagents through the flotation circuit. The 
             increase in recoveries at the BIOX plant was due to higher 
             proportion of fresh ore feed and gravity gold recoveries in the 
             flotation circuit, which is expected to be a sustained increase in 
             the overall recoveries of the plant. 
 
   -- AISC decreased from $1,261/oz in Q4-2024 to $1,173/oz in Q1-2025 due to 
      lower haulage costs driven by pit sequencing resulting in shorter haulage 
      distances and higher gold sales, partially offset by higher sustaining 
      capital. 
 
   -- Sustaining capital expenditure increased from $10.6 million in Q4-2024 to 
      $15.3 million in Q1-2025 and was primarily related to waste development 
      at the Massawa North and Central Zone pits, the delivery of a new drill 
      rig for owner-operated grade control drilling and major component 
      rebuilds. 
 
   -- Non-sustaining capital expenditure, excluding expenditure on the solar 
      power plant, decreased from $12.1 million in Q4-2024 to $2.6 million in 
      Q1-2025 and was primarily related to grade control activities at 
      Niakafiri West. 
 
   -- Non-sustaining capital expenditure for the solar power plant decreased 
      from $8.5 million in Q4-2024 to $1.6 million in Q1-2025 and was related 
      to final payments for the construction as the plant was successfully 
      commissioned during the quarter. 

Q1-2025 vs Q1-2024 Insights

   -- Production increased from 49koz in Q1-2024 to 72koz in Q1-2025 primarily 
      due to the successful commissioning of the BIOX plant during Q3-2024, 
      while production from the CIL plant was broadly consistent. 
 
   -- AISC increased from $947/oz in Q1-2024 to $1,173/oz in Q1-2025 due to 
      higher processing costs and higher royalty costs due to a higher realised 
      gold price and higher sustaining capital, partially offset by higher gold 
      sales. 

FY-2025 Outlook

   -- Sabodala-Massawa is on track to achieve its FY-2025 production guidance 
      of 250koz - 280koz at an AISC within the guided $1,100/oz - $1,250/oz 
      range. 
 
   -- In Q2-2025, production from the CIL plant is expected to be largely 
      consistent with Q1-2025 with slightly lower grades expected to be offset 
      by slightly higher recoveries, while throughputs are expected to remain 
      largely consistent. Ore will continue to be sourced from the Sabodala, 
      Kiesta C, Niakafiri East and Massawa Central Zone pits with supplemental 
      feed from stockpiles. In H2-2025, mined tonnes are expected to remain 
      in-line with Q1-2025, while ore will be sourced from the Delya, Niakafiri 
      East and West pits while the Sabodala pit is decommissioned and prepared 
      for in-pit tailings. The ore blend is expected to produce slightly higher 
      recovery rates. 
 
   -- In Q2-2025, production from the BIOX plant is expected to be largely 
      consistent with Q1-2025 as recoveries and throughput are expected to 
      continue to improve, partially offset by lower grades due to the pit 
      sequencing of the Massawa Central Zone. In H2-2025, refractory ore for 
      the BIOX plant is expected to be primarily sourced from the Massawa 
      Central Zone as greater access is opened up to high grade fresh ores. 
      Grades and recoveries are expected to improve as the blend of fresh ore 
      in the mill feed is expected to increase, while throughputs are expected 
      to remain at or around nameplate capacity. 
 
   -- Sustaining capital expenditure outlook for FY-2025 remains unchanged at 
      $60.0 million of which $15.3 million has been incurred in Q1-2025. During 
      FY-2025 sustaining capital expenditure is expected to primarily relate to 
      capitalised waste stripping, mining fleet upgrades and re-builds and 
      process plant maintenance. 
 
   -- Non-sustaining capital expenditure for FY-2025 remains unchanged at 
      $25.0 million, of which $1.8 million has been incurred in Q1-2025. During 
      FY-2025 non-sustaining capital expenditure is expected to primarily 
      relate to capitalised waste stripping, Sabodala in-pit tailings 
      infrastructure, haul road construction and advanced grade control 
      activities. 

Solar Power Plant

   -- During Q3-2023, Endeavour launched the construction of a 37MWp 
      photovoltaic ("PV") solar facility and a 16MW battery system at the 
      Sabodala-Massawa mine, in order to significantly reduce fuel consumption 
      and greenhouse gas emissions, and lower power costs. 
 
   -- Commissioning and ramp-up of photovoltaic power generation was completed 
      on 1 March 2025, with full nameplate capacity achieved. 

Lafigué Mine, Côte d'Ivoire

Table 13: Lafigué Performance Indicators

 
For The Period Ended            Q1-2025  Q4-2024  Q1-2024 
------------------------------  -------  -------  ------- 
Tonnes ore mined, kt              1,230    1,711      816 
Total tonnes mined, kt           12,829   10,150    8,832 
Strip ratio (incl. waste cap)      9.43     4.93     9.82 
Tonnes milled, kt                 1,018      936       -- 
Grade, g/t                         1.67     2.11       -- 
Recovery rate, %                     93       94       -- 
Production, koz                      48       60       -- 
------------------------------  -------  -------  ------- 
Total cash cost/oz                  918      748       -- 
AISC/oz                             926      801       -- 
------------------------------  -------  -------  ------- 
 

Q1-2025 vs Q4-2024 Insights

   -- Production decreased from 60koz in Q4-2024 to 48koz in Q1-2025 due to 
      lower average grades processed during the quarter, partially offset by an 
      increase in mill throughput. 
 
          -- Total tonnes mined increased due to the introduction of a second 
             mining contractor during the quarter. Total ore tonnes mined 
             decreased due to higher waste stripping at the Main pit, in line 
             with the mine sequence. 
 
          -- Total tonnes milled increased due to a higher proportion of soft 
             oxide ore in the mill feed. 
 
          -- Average processed grades decreased due to a higher proportion of 
             fresh ore in the mill feed. 
 
          -- Recovery rates remained consistent with the prior quarter. 
 
   -- AISC increased from $801/oz in Q4-2024 to $926/oz in Q1-2025 due to 
      higher processing costs associated with planned maintenance during the 
      quarter and a decrease in gold sales, partially offset by lower 
      sustaining waste capital. 
 
   -- Sustaining capital expenditure decreased from $3.1 million in Q4-2024 to 
      $0.4 million in Q1-2025 and was primarily related to advanced grade 
      control drilling activities across both the Main and West pit. 
 
   -- Non-sustaining capital expenditure increased from $8.9 million in Q4-2024 
      to $27.4 million in Q1-2025 and was primarily related to waste stripping 
      and the ongoing TSF embankment raise. 

FY-2025 Outlook

   -- Lafigué is on track to achieve its FY-2025 production guidance of 
      180koz - 210koz at a AISC within the guided $950/oz - $1,075/oz range. 
 
   -- In Q2-2025, mining activities are expected to conclude in the Western 
      flank of the Main pit whilst activities ramp-up in the Eastern flank, 
      which becomes the main ore source in H2-2025. Total mined tonnes are 
      expected to increase as the additional mining contractor ramps up in the 
      West pit. Throughput rates are expected to remain consistent with 
      slightly lower average processed grades due to a lower proportion of 
      higher grade ore within the feed. 
 
   -- Sustaining capital expenditure outlook for FY-2025 is unchanged at $35.0 
      million, of which $0.4 million has been incurred in Q1-2025, primarily 
      related to advanced grade control drilling and spare parts purchases. 
      During FY-2025 sustaining capital expenditure is expected to primarily 
      relate to capitalised waste stripping activities, advanced grade control 
      drilling and strategic spare purchases. 
 
   -- Non-sustaining capital expenditure outlook for FY-2025 remains unchanged 
      at $50.0 million, of which $27.4 million has been incurred in Q1-2025, 
      primarily related to the stage 2 pushback in the Eastern flank of the 
      Main pit and the TSF embankment raise. During FY-2025 non-sustaining 
      capital expenditure is expected to primarily relate to capitalised waste 
      stripping activities, completion of the TSF stage 2 lift and the purchase 
      of generators. 

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. The PFS boasts 
      robust economics with an after-tax NPV5% of $1,526.0 million and IRR of 
      28%, at a $2,000/oz gold price, increasing to $2,485.0 million and 40% 
      respectively at a $2,500/oz gold price. 
 
   -- The Assafou PFS has initial capital of $734.0 million, which is based on 
      a similar flow sheet to the nearby Lafigué project, with design 
      throughput upscaled to 5.0Mtpa and the implementation of a gyratory 
      crusher into the crushing circuit, while Lafigué operates a single 
      jaw crusher. 
 
   -- The Assafou PFS was based on the 2023 Mineral Resource Estimate, with a 
      31 October 2023 drilling cut-off. A further 70,000 metres of drilling has 
      been completed at the Assafou deposit and nearby targets, including Pala 
      Trend 3, which are expected to be incorporated into future reserve and 
      resource updates. 
 
   -- The progress regarding critical path items associated with the Definitive 
      Feasibility Study ("DFS") are detailed below: 
 
          -- Metallurgical, geotechnical and hydrogeological drilling are all 
             underway with initial samples currently being analysed. 
 
          -- Sterilisation drilling and geotechnical modelling are underway to 
             optimise the planned infrastructure layout. 
 
          -- The Environmental and Social Impact Assessment ("ESIA") submission 
             have both launched in Q1-2025, with the expectation that the 
             environmental permit will be granted during H2-2025. 
 
   -- The definitive feasibility study is expected to be completed between late 
      2025 and early 2026. 

EXPLORATION ACTIVITIES

   -- Endeavour has achieved its five-year exploration target to discover 12 - 
      17Moz of Measured and Indicated resources over the 2021 to 2025 period 
      for a discovery cost of less than $25/oz, discovering 12.2Moz at less 
      than $25/oz by year-end 2024. 
 
   -- Exploration continues to be a strong focus during FY-2025 with an 
      extensive program of $75.0 million planned, focused on increasing 
      endowment at the Group's core assets, expanding resources at, and in 
      close proximity to, the recent Assafou discovery and delineating new 
      early stage greenfield opportunities to supplement the long-term organic 
      growth pipeline through the New Ventures programme. 
 
   -- During Q1-2025, the Group exploration spend amounted to $24.3 million, of 
      which $14.4 million was spent at the core operations, $3.4 million was 
      spent on the Assafou deposit and the wider Tanda-Iguela property and 
      $6.5 million was spent on the evaluation of new greenfield opportunities. 
      A total of 101,800 meters of drilling were completed during the quarter. 

Table 14: Q1-2025 Exploration Expenditure and FY-2025 Guidance(1)

 
 
All amounts in US$ million                Q1-2025 ACTUAL  FY-2025 GUIDANCE 
Houndé                                          0.6               7.0 
Ity                                                  5.3              10.0 
Mana                                                 1.0               3.0 
Sabodala-Massawa                                     7.3              15.0 
Lafigué                                         0.2               5.0 
Assafou project                                      3.4              10.0 
New Ventures and greenfield exploration              6.5              25.0 
----------------------------------------  --------------  ---------------- 
TOTAL EXPLORATION EXPENDITURE                       24.3              75.0 
----------------------------------------  --------------  ---------------- 
 

(1) Exploration expenditures include expensed and capitalised exploration expenditures.

Houndé mine

   -- An exploration programme of $7.0 million is planned for FY-2025, of which 
      $0.6 million was spent in Q1-2025 consisting of over 1,700 meters of 
      drilling across 8 holes. The FY-2025 programme remains focused on 
      delineating near-mine resources at the Vindaloo Deeps, Kari Deeps and 
      Marzipan targets. 
 
   -- During Q1-2025, successful infill drilling at the Vindaloo Deeps deposit 
      confirmed the potential for a large, high-grade underground resource. 
      Further drilling at Vindaloo Deeps will be designed to step out up to 800 
      metres down dip to test the continuation of mineralisation towards the 
      south. 
 
   -- During the remainder of the year, the exploration programme will continue 
      to focus on delineating the Vindaloo Deeps deposit and the possible 
      extension of this deposit towards the south, with a target to define a 
      large, high-grade maiden underground resource in H1-2026. Scout drilling 
      is expected to commence at the Marzipan target, located 5 kilometres from 
      the Houndé processing plant on the Kari North permit, and scout 
      drilling is expected to start at the Kari Deeps target below the Kari 
      Area, to delineate any potential extensions to mineralisation below the 
      Kari deposits. 

Ity mine

   -- An exploration programme of $10.0 million is planned for FY-2025, of 
      which $5.3 million was spent in Q1-2025 consisting of over 38,800 metres 
      of drilling across 350 drill holes. The brownfield exploration programme 
      is focused on resource growth at the Ity and Floleu deposits, maiden 
      resource estimations in several targets around the Goleu prospect and 
      underground target delineation at the Ity deposit. In addition, several 
      greenfield targets that could unlock future standalone options have been 
      progressed in the Greater Ity area through auger drilling. Preliminary 
      results have shown positive evidence for mineralisation and extension of 
      Ity-style deposits in the region. 
 
   -- During Q1-2025, drilling at the Floleu deposits confirmed the continuity 
      of mineralisation beneath the existing pit shell, while drilling at the 
      Goleu target, located approximately 15 kilometres south of the Ity 
      processing plant, successfully extended high-grade mineralisation along 
      strike and at depth. 
 
   -- During the remainder of the year, the programme will continue to focus on 
      resource growth, with an updated resource expected at the Floleu deposit 
      in H2-2025 and maiden resources expected at the Goleu and Delta Southeast 
      deposits, following the second phase of infill drilling in H2-2025. 

Mana mine

   -- An exploration programme of $3.0 million is planned for FY-2025, of which 
      $1.0 million was spent in Q1-2025, consisting of 1,800 metres of drilling 
      across 2 deep drill holes. The exploration programme is focused on 
      extending underground mineralisation at the Wona Deep underground 
      deposit. 
 
   -- During Q1-2025, deep drilling, 200 metres below the current resource was 
      completed at the Wona underground deposit to test the potential for 
      additional resources beneath the known resources at Wona underground. 
      Mineralisation has been confirmed at depth, with follow up drilling 
      planned to test the grade and continuity of this mineralisation. 
 
   -- During the remainder of the year, the exploration programme will continue 
      to focus on extending mineralisation at the Wona underground deposit. 

Sabodala-Massawa mine

   -- An exploration programme of $15.0 million is planned for FY-2025, of 
      which $7.3 million was spent in Q1-2025 consisting of 39,100 meters of 
      drilling across 317 drill holes. The exploration programme is focused on 
      near-term, non-refractory oxide resources to support the mine plan and 
      continued definition of medium to longer-term targets. 
 
   -- During Q1-2025, drilling activities focused on the Golouma West 
      underground deposit, confirming the extent and continuity of 
      mineralisation at depth with follow up drilling planned to identify any 
      potential extensions of mineralisation down dip. Drilling at the Kawasara, 
      Sira and Tamo-Toya deposits, southwest along the Massawa structure, 
      around 35 kilometres southeast of the Sabodala-Massawa processing plant, 
      has extended mineralisation and potential for standalone options toward 
      the southwest where the deposit remains open. 
 
   -- During the remainder of the year, drilling will focus on the Golouma West 
      underground and infill targets between the Sabodala area and the Massawa 
      area to provide near-term resources to support the mine plan, with an 
      update expected in H2-2025. Concurrently mid-to-long-term exploration 
      drilling is planned at the Massawa North complex and at Kawasara, Sira 
      and Tamo-Toya. 

Lafigué mine

   -- An exploration programme of $5.0 million is planned for FY-2025, of which 
      $0.2 million was spent in Q1-2025 in preparation for the drilling 
      programme that will start in Q2-2025, designed to test high-priority near 
      mine targets less than 5 kilometres away from the Lafigué processing 
      plant. 
 
   -- During the remainder of the year, the exploration programme will focus on 
      drilling the near-mine Target 1 and advancing IP geophysics over Target 
      1, Corridor T4-12 and Central Area target to delineate drilling targets 
      within close proximity to Lafigué. 

Assafou Project

   -- An exploration programme of $10.0 million is planned for FY-2025, of 
      which $3.4 million was spent in Q1-2025 consisting of 20,300 meters of 
      drilling across 158 drill holes. The exploration programme is focussed on 
      increasing resource size and definition at the Assafou deposit and 
      defining maiden resources at satellite targets in close proximity to 
      Assafou. 
 
   -- During Q1-2025, infill drilling on the Assafou resource confirmed the 
      existing model and the continuity of high-grade mineralisation at depth. 
      Resource definition drilling also advanced at the Pala Trend 3 target, 
      located approximately 1 kilometre west of the Assafou deposit. 
 
   -- During the remainder of the year, infill drilling will continue across 
      the Assafou deposit and resource delineation drilling will continue at 
      the Pala Trend 3 target with updated and maiden mineral resources 
      estimates respectively, expected to be defined in H2-2025. 

New Ventures and greenfield Exploration

   -- The exploration programme is continuing to focus on building out a 
      long-term organic growth pipeline through its operated greenfield 
      exploration programmes, and by leveraging early stage exploration 
      companies operating in highly prospective greenstone belts. 
 
   -- During Q2-2024 Endeavour completed a $2.7 million strategic investment 
      into Koulou Gold Corp. ("Koulou"), a private exploration company focused 
      on early stage exploration projects in Côte d'Ivoire. Subsequently, 
      in Q1-2025 Endeavour exercised its warrants for $2.7 million and 
      participated in Koulou's financing for a further $2.3 million, and now 
      holds 19.1% ownership of Koulou. 
 
   -- Koulou's projects include: 
 
          -- The Assuéfry project, which Koulou Gold holds an option to 
             earn up to 90% interest in, located on the east side of the 
             Tanda-Iguela property (Assafou project). Assuéfry is in a 
             similar structural setting to Assafou and underlain by the same 
             Tarkwaian-like sediments and Birimian volcanic rocks, as Assafou. 
 
          -- The highly prospective Sakassou project in central Côte 
             d'Ivoire on the north east trending Bouaflé greenstone belt 
             approximately 30 kilometres northwest of Perseus Mining's 
             Yaouré mine. 
 
          -- The Kouto project in northwestern Côte d'Ivoire on the 
             north-north east trending Syama greenstone belt along strike from 
             Aurum Resources' Boundiali project. 

CONFERENCE CALL AND LIVE WEBCAST

Management will host a conference call and webcast on Thursday 1 May, at 8:30 am EST / 1:30 pm BST 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

8:30pm in Hong Kong and Perth

The video webcast can be accessed through the following link:

https://edge.media-server.com/mmc/p/4pd5tg8b

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/BI233e238ef3954ff09cec2d4cc78b1a6b

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 LLP 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_Q1-2025_Financial Statements 
 
   -- EDV_Q1-2025_MD&A 
 
   -- EDV_Q1-2025_Mine Stats 
 
   -- EDV_Q1-2025_Results Presentation 
 
   -- EDV_Q1-2025_Results News Release 

(END) Dow Jones Newswires

May 01, 2025 02:00 ET (06:00 GMT)

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