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Published
12 Nov 2026
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Endeavour reports strong Q3-2026 results
FY-2026 guidance on track • Record YTD-2026 Free Cash Flow of $1,023m • Assafou FID approved, development launched
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OPERATIONAL AND FINANCIAL HIGHLIGHTS
- YTD-2026 production of 820koz at AISC of $1,866/oz ($1,700/oz adj. for higher gold price-driven royalty costs); Q3-2026 production of 256koz at AISC of $1,857/oz; guidance on track, despite Mana stoppages, with Q4 weighted performance.
- Adj. EBITDA of $2,250m for YTD-2026, up +38% over YTD-2025; $639m for Q3-2026.
- Adj. Net Earnings of $913m (or $3.78/sh) for YTD-2026, up +64% over YTD-2025; $241m (or $1.00/sh) for Q3-2026.
- Operating Cash Flow of $1,461m (or $6.04/sh) for YTD-2026, up +38% over YTD-2025; $407m (or $1.68/sh) for Q3-2026.
- Record Free Cash Flow of $1,023m (or $4.23/sh) for YTD-2026, up +50% over YTD-2025; $261m (or $1.08/sh) for Q3-2026.
- Strong net cash position of $263m and gross debt reduced by $412m to $586m at the end of Q3-2026.
- Total shareholder returns of $312m paid YTD-2026, including record $230m (or $0.95/sh) dividend and $82m of share buybacks; total returns exceeded the minimum commitment by 86% since 2021 and increased at a 12% CAGR.
SECTOR-LEADING ORGANIC GROWTH
- FID approved and project development launched at top tier Assafou project (320kozpa at AISC of $1,026/oz for first 8 years of initial 16-year mine-life) with first gold expected in H1-2029; less than 7 years after discovery.
- Mining convention terms agreed in principle, long-lead orders placed and EPCM contract awarded.
- Initial capital cost estimate slightly increased to $1.2bn, reflecting additional compensation and de-risking costs.
- Phase 1 Sabodala-Massawa Underground Expansion launched in early Q3-2026; portal development underway with first ore targeted by year-end. Phase 2 launch in early-2027 and commercial production on track for early-2028.
- Exploration is advancing two multi-million ounce discoveries, supporting significantly improved life-of-mine outlooks at the Sabodala-Massawa (Kawsara) and Houndé (Vindaloo Deeps) mines; resource updates expected in Q4-2026.
London, 12 November 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q3-2026 and YTD-2026, with highlights provided in Table 1 below.
Table 1: Operating and financial highlights
| All amounts in US$ million unless otherwise specified | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||
|---|---|---|---|---|---|---|
| 30 September 2026 | 30 June 2026 | 30 September 2025 | 30 September 2026 | 30 September 2025 | Δ YTD-2026 vs. YTD-2025 | |
| OPERATING DATA | ||||||
| Gold Production, koz | 256 | 283 | 264 | 820 | 911 | (10)% |
| Gold sold, koz | 259 | 278 | 258 | 815 | 914 | (11)% |
| Total Cash Cost1, $/oz | 1,644 | 1,593 | 1,336 | 1,583 | 1,141 | +39% |
| All-in Sustaining Cost1, $/oz | 1,857 | 1,907 | 1,569 | 1,866 | 1,362 | +37% |
| Realised Gold Price2, $/oz | 4,258 | 4,348 | 3,247 | 4,477 | 3,036 | +47% |
| CASH FLOW | ||||||
| Operating Cash Flow before changes in working capital | 461 | 265 | 394 | 1,554 | 1,282 | +21% |
| Operating Cash Flow before changes in working capital1, $/sh | 1.91 | 1.09 | 1.63 | 6.43 | 5.29 | +22% |
| Operating Cash Flow | 407 | 317 | 309 | 1,461 | 1,055 | +38% |
| Operating Cash Flow1, $/sh | 1.68 | 1.31 | 1.28 | 6.04 | 4.35 | +39% |
| Free Cash Flow1,3 | 261 | 149 | 166 | 1,023 | 680 | +50% |
| Free Cash Flow1,3, $/sh | 1.08 | 0.61 | 0.69 | 4.23 | 2.80 | +51% |
| PROFITABILITY | ||||||
| Net Earnings Attributable to Shareholders | 212 | 251 | 167 | 817 | 611 | +34% |
| Net Earnings, $/sh | 0.88 | 1.04 | 0.69 | 3.38 | 2.52 | +34% |
| Adj. Net Earnings Attributable to Shareholders1 | 241 | 302 | 159 | 913 | 556 | +64% |
| Adj. Net Earnings1, $/sh | 1.00 | 1.25 | 0.66 | 3.78 | 2.29 | +65% |
| EBITDA1 | 610 | 683 | 472 | 2,166 | 1,608 | +35% |
| Adj. EBITDA1 | 639 | 732 | 466 | 2,250 | 1,634 | +38% |
| SHAREHOLDER RETURNS1 | ||||||
| Shareholder dividends paid | — | 200 | — | 200 | 140 | +43% |
| Share buybacks4 | — | 42 | 14 | 71 | 83 | (14)% |
| FINANCIAL POSITION HIGHLIGHTS1 | ||||||
| Net Cash/(Net Debt) | 263 | 254 | (453) | 263 | (453) | n.a. |
| Net Cash/(Net Debt) / LTM Trailing adj. EBITDA | 0.09x | 0.09x | (0.21)x | 0.09x | (0.21)x | n.a. |
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. 4Q3-2026 share buybacks of nil differs from $0.6 million per the Statement of Cash Flows due to timing of payments.
Management will host a conference call and webcast today, Thursday 12 November 2026, at 8:30 am EST / 1:30 pm GMT. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. The Management Discussion & Analysis and Financial Statements have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Our strong operational performance over the first three quarters positions us on track to deliver our full-year guidance, as outperformance at Lafigué has largely offset underperformance due to stoppages at Mana.
This operational performance, coupled with higher realised gold prices, has supported record financial results. Year-to-date, we have generated record adjusted EBITDA of $2.3 billion, up 38% year-on-year, and record free cash flow of $1.0 billion, up 50% year-on-year. With our strongest operational quarter planned for Q4, we expect an even better financial performance to round off a record year.
Our record free cash flow generation underpins continued balance sheet strength. We maintained a healthy net cash position of $263 million and reduced our gross debt by $412 million, while returning a record $312 million to shareholders so far this year, more than double our annualised minimum commitment. Since launching our shareholder returns programme five years ago, we have increased returns by 12% a year, on average, and we have returned more than $1.9 billion to shareholders, 86% above our minimum commitment.
We will continue to prioritise shareholder returns while we organically grow the business, and we have made significant progress in de-risking our organic growth strategy, completing two important milestones. At our top tier Assafou project, we have approved the final investment decision and launched project development, targeting first gold in H1-2029. Meanwhile, at Sabodala-Massawa, we launched Phase 1 of the underground expansion targeting first development ore by the end of the year and commercial production by early 2028. Together, these projects are central to our sector-leading organic growth profile and position us to deliver more than 27% production growth, to 1.5 million ounces of production per year, by 2030. Our exploration programme is delivering further organic growth upside through our Vindaloo Deeps and Kawsara multimillion-ounce discoveries that are expected to significantly improve our life of mine outlook at the Houndé and Sabodala-Massawa mines respectively, when we publish resources later this year.
Looking ahead, strong operational performance and cash flow generation will continue to support our sector-leading shareholder returns and organic growth, generating value for all of our stakeholders.”
Ian Cockerill,
Chief Executive Officer,
CONFERENCE CALL AND LIVE WEBCAST
Management will host a conference call and webcast on Thursday 12 November at 8:30 am EST / 1:30 pm GMT to discuss the Company's financial results.
The conference call and webcast are scheduled at:
6:30am in Vancouver
8:30am in Toronto and New York
1:30pm in London
9:30pm in Hong Kong and Perth
The video webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/vcwcft82
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-erver.com/register/BI9e17172f86fa4c2b9a96338f6eb537cc
Attachment
- Q3 2026 Results Full News Release
- Q3 2026 Results Presentation
- Q3 2026 Management Report
- Q3 2026 Financials
- Q3 2026 Mine Statistics
CONTACT INFORMATION
For Investor Relations enquiries:
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