Endeavour Mining gold output falls but benefits from higher prices

(Alliance News) - Endeavour Mining PLC on Thursday hailed a "strong" start to 2026, as gold prices surged, offsetting lower production rates.

The London-based mining company reported first-quarter gold production of 282,000 ounces, down from 341,000 ounces a year prior, at an all-in sustaining cost of USD1,834 per ounce, up from USD1,129.

Gold sales decreased to 278,000 ounces from 353,000 ounces, but Endeavour received an average realised price of USD4,810 per ounce in the three months to the end of March, up from USD2,783 in the first quarter of 2025.

As a result, the company estimated that earnings before interest, tax, depreciation and amortisation had surged to USD872 million from USD540 million on-year, with adjusted net earnings attributable to shareholders up to USD370 million from USD225 million.

Endeavour said it is on track to reach full-year targets. It made "strong exploration efforts" in the first quarter, spending USD18 million, as it continues to prioritise expansion at its "cornerstone assets".

The company's net cash position was USD405 million at the end of March, compared with net debt of USD158 million at the end of December. It plans to pay at least USD1 billion in dividends between 2026 and 2028, supplemented by share buybacks, with a total of USD2 billion in shareholder returns targeted through to 2028, based on prevailing gold prices above USD3,000 per ounce as of Thursday

"We delivered a strong start to 2026, building on last year’s momentum with another solid quarter of operational performance and record financial results," commented Chief Executive Ian Cockerill.

"We remain on track to achieve full-year guidance, with performance weighted towards the second half of the year, reflecting the mining sequence at our Hounde, Mana and Ity mines."

Endeavour is aiming to provide a maiden resource estimate for Hounde in the first half of 2026.

Cockerill continued: "At Assafou, the recently announced [definitive feasibility study] confirmed the scale and quality of this potential cornerstone project that underpins our 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 we target 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."

Endeavour Mining shares were up 7.0% to 4,428.00 pence each midday Thursday in London.

By Holly Munks, Alliance News reporter

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