Endeavour Achieves Guidance & Declares Record H2-2025 Dividend

Core Insights - Endeavour Mining achieved a record H2-2025 dividend of $200 million, bringing total FY-2025 dividends to $350 million, which is 93% above the minimum commitment [19][10][11] - The company reported FY-2025 gold production of 1,209koz, a 10% increase from FY-2024, with an all-in sustaining cost (AISC) of approximately $1,435/oz [5][22][26] - Endeavour has returned over $1.6 billion to shareholders since 2021, significantly exceeding its minimum commitment [10][19] Operational Highlights - Q4-2025 gold production was 298koz, a 13% increase from Q3-2025, while AISC rose to approximately $1,650/oz due to higher royalty costs [5][22][33] - The company expects FY-2026 production guidance to be between 1,090-1,265koz, with AISC projected at $1,600-1,800/oz [38][20] - The Assafou project is on track for first gold production in H2-2028, with environmental permits approved and definitive feasibility study completion expected in Q1-2026 [12][11] Financial Performance - Endeavour generated record free cash flow exceeding $1 billion in FY-2025, reducing net debt by $574 million to $157 million [9][10] - The realized gold price for FY-2025 was $3,244/oz, a 38% increase from FY-2024 [6][22] - The company plans to maintain a minimum dividend commitment of approximately $1 billion over the 2026-2028 period, contingent on gold prices exceeding $3,000/oz [20][11] Shareholder Returns - Total shareholder returns for FY-2025 reached $435.3 million, equivalent to $360 per ounce produced [19][10] - The company has committed to increasing minimum shareholder returns over the next three years, with expectations for supplemental returns to potentially double the minimum commitment [20][11] - Share buybacks totaled $85 million in FY-2025, contributing to the overall shareholder returns program [19][10] Exploration Strategy - Endeavour's exploration strategy aims to discover 12-15 million ounces of resources at a cost of less than $40/oz over the 2026-2030 period [44][13] - The exploration budget for FY-2026 is set at $100 million, focusing on resource additions at core assets and new greenfield projects [44][45] - The company is targeting resource definition in three new gold provinces, enhancing its growth potential [44][13]