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Highlights
- YTD-2025 gold output reached 911koz; FY guidance remains on track.
- Adjusted EBITDA doubled year-on-year, reaching USD 1.63bn.
- Net debt ratio dropped to 0.21x after full RCF repayment.
Endeavour Mining plc (TSX:EDV) (OTCQX:EDVMF) announced its financial and operational results for the third quarter and year-to-date 2025. The group produced 911koz of gold YTD-2025, aligning with the top half of its annual guidance range. In Q3-2025 alone, production stood at 264koz.
The all-in sustaining cost (AISC) averaged USD 1,362/oz YTD, consistent with guidance despite an increase of USD 103/oz due to higher royalty costs linked to elevated gold prices. The Q3-2025 AISC reached USD 1,569/oz, reflecting similar royalty impacts of USD 131/oz.
Financial Performance
Adjusted EBITDA for YTD-2025 rose 110% year-on-year to USD 1.63bn, with USD 466m recorded in the third quarter. Adjusted net earnings stood at USD 556m (USD 2.29/sh) for the period, a 375% increase from the same time last year. For Q3-2025, the company reported USD 159m (USD 0.66/sh) in adjusted net income.
Free cash flow reached USD 680m (USD 746/oz produced) YTD-2025, marking a 1,411% jump compared with YTD-2024. The third quarter contributed USD 166m (USD 629/oz produced) in free cash flow.
Endeavour reduced its gross debt by USD 425m, bringing it down to USD 678m, after fully repaying its revolving credit facility (RCF) in Q3-2025. The company ended the period with a Net Debt to Adjusted EBITDA (LTM) ratio of 0.21x, well below its 0.50x target through the cycle.
Shareholder Returns and Capital Allocation
Endeavour paid a record dividend of USD 150m (USD 0.62/sh) on 23 October 2025, and remains on track to exceed its USD 225m minimum payout for the year. The company also repurchased USD 83m worth of shares YTD-2025, including USD 14m during Q3-2025. Total capital returns reached USD 233m before accounting for the second-half dividend, which will be announced in January 2026.
Exploration and Project Updates
The Assafou Project’s definitive feasibility study (DFS) remains on schedule for completion in Q1-2026, following environmental permit approval during Q3-2025. The group spent USD 72m on exploration YTD-2025, primarily targeting near-mine resource expansion at Sabodala-Massawa, Houndé, Ity, and Assafou.
Over the past five years, Endeavour has discovered 12.4Moz of gold at a cost of less than USD 25/oz. A new exploration strategy is expected in Q4-2025, outlining continued mine life extension and growth initiatives.
“Our operations continue to perform well, and our balance sheet remains strong, positioning us to advance our growth projects and enhance shareholder value,” said management.
