Endeavour reports strong Q1-2026 results, guidance on track
Endeavour delivered a strong start to 2026, building on last year’s momentum with another solid quarter of operational performance and record financial results.
It remains on track to achieve full-year guidance, with performance weighted towards the second half of the year, reflecting the mining sequence at its Houndé, Mana and Ity mines.
Ian Cockerill, Chief Executive Officer, commented: “Strong operational delivery, combined with continued strength in the gold price, translated into record adjusted EBITDA of $880 million, up 29% over Q4-2025, and record free cash flow of $613 million, equivalent to $2,176 per ounce, up 29% over Q4-2025. This cash generation supported further improvement in our balance sheet, which now stands at $405 million of net cash.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Q1-2026 production of 282koz at AISC of $1,834/oz; FY-2026 guidance on track with H2-2026 weighted performance
- Q1-2026 Adj. EBITDA of $880m, up 29% over Q4-2025. Adj. Net Earnings of $370m (or $1.53/sh), up 65% over Q4-2025
- Free cash flow of $613m (or $2,176/oz produced) for Q1-2026, up 29% over Q4-2025
- Strong net cash position of $405m at the end of Q1-2026; balance sheet liquidity of $1,704m to support Assafou development project and increased shareholder returns
- Assafou DFS defined a potential cornerstone asset with 320kozpa of production at AISC of $1,026/oz for the first 8 years of the 16 year mine life. Early works launched, FID targeted before end-2026 followed by 24-30 month construction.
Strong exploration efforts with $18m spent in Q1-2026; focused on resource expansions at cornerstone assets. Significant resource upside is expected through satellite deposit exploration and strategic partnerships.
Its financial strength gives it flexibility to simultaneously start construction at Assafou. Endeavour expects to significantly exceed our minimum commitment for the year, and at prevailing gold prices, it could more than double it, supported by over $54 million of supplemental share buybacks completed already this year.
At Assafou, the recently announced DFS confirmed the scale and quality of this potential cornerstone project that underpins Endeavour organic growth to 1.5 million ounces by 2030. Early works are now well underway, procurement of long-lead items has been launched, detailed engineering and design advancing, relocation action planning in progress and key tender negotiations near complete as it targets a final investment decision before the end of the year. The DFS significantly optimised and de-risked the project, which can now support future expansions as we continue to grow the resource base.
Exploration programme is advancing on multiple fronts. The Vindaloo Deeps discovery at Houndé mine is expected to materially enhance the life-of-mine plan, with a maiden resource expected in H1 this year. Elsewhere, resource development at core assets is expected to support an improved reserves and resources outlook at year-end, while its greenfield programme continues to generate high-priority targets across our selected tier 1 gold provinces.
