Canada · Delayed Price · Currency is CAD Endeavour Mining Earnings Call Transcripts
Fiscal Year 2026
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Higher realized gold prices and solid operations drove record YTD adjusted EBITDA of $2.25 billion and free cash flow of $1.02 billion. Mana’s underground suspension weighs on FY output, while Q4 is expected to be the strongest quarter and growth projects advance.
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Operations in West Africa have delivered strong production, rapid permitting, and significant cash flow, enabling nearly $2 billion in shareholder returns since 2021. Major growth is expected from the Assafou and Sabodala-Massawa projects, with a robust exploration pipeline and expanding international ventures.
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Record H1 Free Cash Flow and shareholder returns were achieved, with strong operational performance and higher gold prices supporting a robust balance sheet and organic growth. Production and costs are on track for full-year guidance, with key growth projects and exploration advancing as planned.
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Record Q1 results with $613M free cash flow and a swing to $405M net cash, driven by high gold prices and strong operations. Assafou project advances with robust DFS, while shareholder returns and organic growth remain top priorities.
Fiscal Year 2025
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Record 2025 results with 1.2Moz gold produced, $1.2B free cash flow, and $435M returned to shareholders. 2026 guidance sees stable production, higher costs from royalties and stripping, and continued sector-leading returns, with major growth from Assafou and Sabodala-Massawa.
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Strong year-to-date production and cash flow position the company to meet the top half of guidance, with sector-leading shareholder returns and a robust project pipeline. Cost control and operational improvements are expected to drive further gains in Q4 and 2026.
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Strong H1 2025 results with 647,000 oz gold at $1,281/oz AISC, $514M free cash flow, and $219M in shareholder returns. On track for full-year guidance, with robust balance sheet, ongoing growth projects, and sector-leading safety.
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Q1 2025 saw record free cash flow, strong production, and improved margins, with leverage reduced to 0.22x and $277 million already committed to shareholder returns. All major mines are on track for guidance, and exploration at Assafou is progressing well. Supplemental returns and refinancing plans are supported by robust cash flow.
Fiscal Year 2024
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Gold production rose to 1.1M oz in 2024 with AISC of $1,218/oz, driving record free cash flow and sector-leading shareholder returns. Portfolio quality and reserves improved, while leverage dropped to 0.55x. 2025 guidance calls for up to 14% production growth and stable costs.
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Q3 saw record production and strong free cash flow, with both growth projects at nameplate capacity. Despite higher costs from royalties and power, margins remain robust, and Q4 is expected to deliver even stronger results. Shareholder returns and balance sheet strength are prioritized.
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Production and cash flow rose in Q2, driven by higher gold prices and new project ramp-ups, though costs increased due to power and royalty expenses. The company reaffirmed guidance, raised its dividend policy, and expects stronger H2 performance as grid power stabilizes.