Endeavour 2026 gold production guidance is in line with 2025 production
Endeavour FY-2026 gold production guidance is between 1,090-1,265koz, in line with FY-2025 production of 1,209koz. FY-2026 production guidance increased at Sabodala-Massawa due to expected increases in CIL processing plant throughput and higher BIOX processing plant throughput and recovery rates reflecting the progress of the asset optimisation initiatives.
This is offset by a decrease in production guidance at Houndé and Lafigué, due to lower grades being mined and processed, while both mines focus on phased stripping activity during the year, in line with their mine sequences.
FY-2026 AISC guidance is between $1,600-1,800/oz, consistent with the AISC achieved in the latter part of FY-2025. FY-2026 AISC is expected to increase at Houndé, Ity, Sabodala-Massawa and Lafigué due to increased stripping activity, lower average grades processed, stockpile drawdown, the impact of higher royalty rates in Côte d’Ivoire and higher sustaining capital at Sabodala-Massawa related to mining fleet optimisation, and at Houndé and Lafigué related to phased waste stripping. This will be partially offset by lower AISC at Mana due to lower capitalised underground development.
An increase in Government royalty rates from 6% to 8% was imposed by the Government of Côte d’Ivoire for 2025, with the change retroactively applied from Q1-2025. The incremental cost has been applied to other expenses for FY-2025, and will be reflected in the FY-2025 financial results.
For FY-2026, the incremental cost will be applied to royalty expenses and is reflected in the FY-2026 AISC guidance. Following this increase, and based on prevailing gold prices, the impact of every $100/oz increase in the gold price, increases Group AISC by approximately $10/oz.
Group performance is expected to be weighted towards H2-2026. Production is expected to increase in H2-2026 due to higher average grades in the mill feed at Houndé, following waste stripping activity in H1-2026, and higher throughput at both Ity and Mana, due to planned maintenance and planned development activities respectively, in H1-2026. Similarly, due to higher group production in H2-2026, AISC is expected to improve in H2-2026.
Group production is expected to increase each year from FY-2027 to FY-2030 towards the Group’s 1.5Moz target, while AISC is expected to improve from FY-2027 with the completion of the current phase of stripping at Houndé, and the introduction of higher grade ores at Sabodala-Massawa and at the low-cost Assafou project in FY-2028.
Total mine sustaining and non-sustaining capital expenditure for FY-2026 is expected to be approximately $500.0 million, which marks a slight increase of $34.4 million compared to FY-2025 sustaining and non-sustaining capital of $465.6 million.
Sustaining capital expenditure for FY-2026 is expected to be approximately $230.0 million, a slight increase of $19.6 million compared to FY-2025 sustaining capital of $210.4 million. This is largely driven by mining fleet optimisation at Houndé and Sabodala-Massawa, and increased waste stripping activities at Houndé, Ity and Lafigué, partially offset by lower underground development at Mana.
Non-sustaining capital expenditure for FY-2026 is expected to be approximately $270.0 million, a slight increase of $14.8 million compared to FY-2025 non-sustaining capital of $255.2 million. This is largely driven by the commencement of underground mine development at Sabodala-Massawa, as well as increased spend on tailings storage facility (“TSF”) construction and processing plant upgrades at Ity and increased waste stripping activities at Lafigué. This is partially offset by lower non-sustaining capital at Houndé due to lower pre-stripping activity and Mana following the purchase of the outgoing contractor’s mining fleet last year.
Growth capital expenditure for FY-2026 is currently expected to be negligible, however growth capital expenditure guidance is expected to be updated following the publication of the Assafou Definitive Feasibility Study (“DFS”) in Q1-2026.
