Endeavour reports strong operational performance and record financial performance

London – Endeavour Mining has announced its operating and financial results for Q4-2025 and FY-2025.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• FY-2025 production of 1,209koz at AISC of $1,433/oz, guidance achieved for 12 out of last 13 years. Q4-2025 production of 298koz at an AISC of $1,648/oz. FY-2026 production guidance of 1,090-1,265koz at AISC of $1,600-1,800/oz
• Adjusted EBITDA of $2,316m for FY-2025, up +75% over FY-2024; $681m for Q4-2025
• Adjusted net earnings of $782m (or $3.23/sh) for FY-2025, up +244% over FY-2024; $225m (or $0.93/sh) for Q4-2025
• FCF of $1,156m ($956/oz produced) for FY-2025, up +269% over FY-2024; $476m ($1,597/oz produced) for Q4-2025
• Net Debt reduced by $574m during FY-2025 to $158m; Net debt / Adj. EBITDA (LTM) leverage ratio of 0.07x at year end
• Assafou’s environmental and exploitation permits are approved and exploration success increased reserves +6% (+0.3Moz) and M&I resources +13% (+0.6Moz); DFS in Q1-2026, targeting first gold for H2-2028
• 2026-2030 exploration strategy target to discover 12 – 15Moz of MI&I resources for a discovery cost of less than $40/oz
• Year-end M&I resources of 25.0Moz (increased 0.4Moz before depletion), down 1.1Moz or 4% due to depletion, model optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity. P&P reserves of 16.6Moz, down 1.8Moz or 10% due to depletion and model optimisation

Ian Cockerill, Chief Executive Officer, commented: “2025 was a strong year of operational performance and a record year of financial performance, as we safely achieved our strategic objectives.

We produced 1.2 million ounces of gold at an all-in sustaining cost of $1,433 per ounce, achieving our guidance, on a royalty-adjusted basis, for the twelfth time in the last thirteen years, underpinned by sustained operational excellence and our high quality portfolio.

Importantly higher gold prices combined with our strong operational performance are directly translating into increased margins and increased cash flows. We delivered record free cash flow of $1.2 billion, equivalent to $956 per ounce produced, for the year, which supported over a half a billion dollar reduction in our net debt position, as we ended the year with near-zero leverage.

We also returned $435.3 million to shareholders, which was 93% above our minimum commitment and equivalent to $360 per ounce produced. Since launching our returns program in 2021, we have returned more than $1.6 billion to shareholders, 83% above our minimum commitment. Looking ahead, our updated sector-leading shareholder returns programme targets a minimum dividend of $1.0 billion over the 2026 to 2028 period, which at prevailing gold prices we would expect to more than double, through increased supplemental dividends and share buybacks.

Simultaneously, we contributed $2.8 billion to our host economies this year as we increased our in-country procurement, supporting more than 1,200 national and local businesses. Our enhanced economic impact drives shared benefits that are visible, and continue to strengthen our social license to operate and the long-term resilience of our business.

This resilience is underpinned by our tier 1 Assafou project, where the DFS is approaching completion in Q1, and both the environmental and the exploitation permits have been approved, significantly de-risking the project timeline, which is targeting first gold in H2-2028. Our exploration programme successfully increased reserves and resources at Assafou incorporating additions at Assafou and the Pala satellite deposits, highlighting the growing scale of this tier 1 complex.

While reserves and resources were lower this year, largely reflecting mining depletion and model optimisation at Lafigué, Houndé and Sabodala-Massawa, we were delighted to add 1.5Moz of M&I discoveries at Sabodala-Massawa, Ity and Assafou, including maiden resources at the adjacent Pala Trend 3 target.

Late last year we launched our new exploration strategy to add between 12 – 15 million ounces over the 2026 to 2030 period for the low discovery cost of $40/oz. 6 – 9 million ounces of brownfield discoveries are targeted to replace production depletion while up to 6 million ounces of greenfield discoveries are targeted within West Africa and in three highly prospective and geologically immature tier 1 gold provinces, further diversifying our long-term growth pipeline.

We have entered 2026 with strong operating momentum and a healthy balance sheet, positioning us to achieve our strategic objectives and deliver sector-leading organic growth and sector-leading shareholder returns, sustainably rewarding all of our stakeholders.”