Caledonia Mining Corporation Plc press release
Endeavour Reports Strong Q3-2025 Results
NYSE - New York Stock Exchange · Jersey
ENDEAVOUR REPORTS STRONG Q3-2025 RESULTS YTD-2025 production of 911koz at AISC of $1,362/oz • FY-2025 guidance on track • YTD-2025 free cash flow of $680m
| OPERATIONAL AND FINANCIAL HIGHLIGHTS | | - YTD-2025 production of 911koz, on track for the top half of the guidance range; Q3-2025 production of 264koz. | | - YTD-2025 AISC of $1,362/oz, on track for the guidance range; impacted by +$103/oz of gold price driven royalty costs compared to guidance; Q3-2025 AISC of $1,569/oz; impacted by +$131/oz of gold price driven royalty costs. | | - Adj. EBITDA of $1,634m YTD-2025, up +110% over YTD-2024; $466m for Q3-2025. | | - Adj. Net Earnings of $556m (or $2.29/sh) YTD-2025, up +375% over YTD-2024; $159m (or $0.66/sh) for Q3-2025. | | - FCF of $680m ($746/oz produced) YTD-2025, up +1,411% over YTD-2024; $166m ($629/oz produced) for Q3-2025. | | - Gross debt reduced by $425m to $678m following full repayment of the RCF during Q3-2025; Net Debt / Adj. EBITDA (LTM) of 0.21x at the end of the period, significantly below the Group’s 0.50x through-the-cycle target. | | SECTOR LEADING SHAREHOLDER RETURNS | | - Record $150m (or $0.62/sh) dividend paid on 23 October; on track to significantly exceed $225m FY-2025 minimum. | | - Share buybacks of $83m YTD-2025; $14m for Q3-2025, bringing YTD-2025 returns to $233m before H2-2025 dividend, which will be announced in January 2026 with the next phase of our shareholder returns programme. | | ATTRACTIVE ORGANIC GROWTH | | - Assafou project DFS on track for Q1-2026, environmental permit approved during Q3-2025. | | - Strong exploration efforts with $72m spent YTD-2025; focused on near-mine resource expansions at Sabodala-Massawa, Houndé, Ity and Assafou. | | - 5-year exploration strategy completed with 12.4Moz discovered at less than $25/oz; new exploration strategy expected in Q4-2025, outlining focus on continued mine life extension and organic pipeline expansion and diversification. |
London, 13 November 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its operating and financial results for Q3-2025 and YTD-2025, with highlights provided in Table 1 below.
_Table 1: Operating and financial highlights from continuing operations __1 _
| All amounts in US$ million unless otherwise specified | THREE MONTHS ENDED | NINE MONTHS ENDED | | | | | | 30 September 2025 | 30 June 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 | Δ YTD-2025 vs. YTD-2024 | | | OPERATING DATA | | | | | | | | Gold Production, koz | 264 | 306 | 270 | 911 | 741 | +23% | | Gold sold, koz | 258 | 304 | 280 | 914 | 743 | +23% | | Total Cash Cost 2 , $/oz | 1,336 | 1,220 | 1,128 | 1,141 | 1,097 | +4% | | All-in Sustaining Cost 2 , $/oz | 1,569 | 1,458 | 1,287 | 1,362 | 1,256 | +8% | | Realised Gold Price 3 , $/oz | 3,247 | 3,150 | 2,342 | 3,036 | 2,233 | +36% | | CASH FLOW | | | | | | | | Operating Cash Flow before changes in working capital | 394 | 296 | 245 | 1,282 | 595 | +115% | | Operating Cash Flow before changes in working capital 2 , $/sh | 1.63 | 1.22 | 1.00 | 5.29 | 2.43 | +118% | | Operating Cash Flow | 309 | 252 | 255 | 1,055 | 568 | +86% | | Operating Cash Flow 2 , $/sh | 1.28 | 1.04 | 1.04 | 4.35 | 2.32 | +88% | | Free Cash Flow 2,4 | 166 | 104 | 97 | 680 | 45 | +1411% | | Free Cash Flow 2,4 , $/sh | 0.69 | 0.43 | 0.40 | 2.80 | 0.18 | +1456% | | PROFITABILITY | | | | | | | | Net Earnings/(Loss) Attributable to Shareholders | 167 | 271 | (95) | 611 | (175) | n.a. | | Net Earnings/(Loss), $/sh | 0.69 | 1.12 | (0.39) | 2.52 | (0.71) | n.a. | | Adj. Net Earnings Attributable to Shareholders 2 | 159 | 179 | 74 | 556 | 117 | +375% | | Adj. Net Earnings 2 , $/sh | 0.66 | 0.74 | 0.30 | 2.29 | 0.48 | +377% | | EBITDA 2,5 | 472 | 596 | 128 | 1,608 | 477 | +237% | | Adj. EBITDA 2,5 | 466 | 556 | 317 | 1,634 | 779 | +110% | | SHAREHOLDER RETURNS 2 | | | | | | | | Shareholder dividends paid | — | 140 | — | 140 | 100 | +40% | | Share buybacks | 14 | 28 | 9 | 83 | 29 | +186% | | FINANCIAL POSITION HIGHLIGHTS 2 | | | | | | | | Net Debt | 453 | 469 | 834 | 453 | 834 | (46)% | | Net Debt / LTM Trailing adj. EBITDA 5 | 0.21x | 0.23x | 0.77x | 0.21x | 0.77x | (73)% |
1 Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. 2 This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 3 Realised gold prices are inclusive of the Sabodala -Massawa stream and the realised gains/losses from the Group’s revenue protection programme . 4 From all operations; calculated as Operating Cash Flow less Cash used in Investing activities. 5 Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.
Management will host a conference call and webcast today, Thursday 13 November 2025, at 8:30 am EST / 1:30 pm GMT. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. Copies of the Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on SEDAR+. The documents will shortly be available for inspection on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Ian Cockerill, Chief Executive Officer, commented: "Q3-2025 marked another solid operational quarter placing us firmly on track to achieve our full-year guidance. Strong year-to-date production has positioned us to achieve the top half of our production guidance with AISC within the guidance range, when adjusted for the impact of higher gold prices on royalty costs.
Our Q3-2025 operational performance was in line with our planned mine sequence, despite the impact of a heavier than normal wet season. This performance, coupled with higher gold prices, underpinned a 59% increase in free cash flow generation in Q3, bringing free cash flow generation to $680 million year-to-date, and to nearly a billion dollars over the last twelve months. We remain focused on maximising free cash flow generation from every ounce of gold that we produce, to ensure that our margins grow with the gold price.
Given the strong free cash flow generation, we further strengthened our balance sheet this quarter by not only lowering our leverage, but reducing our gross debt as well, through the full repayment of the drawn portion of our revolving credit facility.
Shareholder returns increased, following payment of our record $150 million dividend early in Q4, we continued to buyback shares, bringing year-to-date returns to $233 million, before the declaration of our H2-2025 dividend that we will announce in Q1-2026, which is expected to increase our total returns to at least $346 million. We have now returned over $1.4 billion to our shareholders over the last four and half years, or 83% above our minimum commitment, and as we look forward to our next phase of growth, we expect to be well positioned to continue delivering sector-leading returns throughout.
Our Assafou project continues to advance on schedule, with the environmental permit now approved and the Definitive Feasibility Study on track to be completed in Q1-2026, progressively de-risking our timeline to first gold.
In parallel, we continue to accelerate exploration to delineate high-priority near-mine opportunities at Houndé, Sabodala-Massawa, Ity and Assafou, and identify greenfield opportunities both in West Africa, and in other, similar, highly-fertile tier 1 gold provinces that have limited exploration maturity, where we can lever our exploration expertise and gain an early mover advantage. We expect to announce our new exploration strategy in Q4, which will support continued mine life extension and improvements across our existing portfolio, and drive our next phase of organic growth, beyond Assafou.
Given our high-quality portfolio, underpinned by a top tier organic growth pipeline, we are well positioned to sustainably deliver sector-leading shareholder returns and organic growth, generating value for all our stakeholders.”
SHAREHOLDER RETURNS PROGRAMME
Endeavour has paid more than $1.4bn in shareholder returns since Q1-2021, which is $639.8 million or 83% above its minimum commitment over the period, reflecting its strong commitment to pay supplemental returns to shareholders through both phases of cash harvesting and phases of organic growth. For H1-2025, Endeavour announced a record dividend of $150.0 million (or approximately $0.62 per share), which was paid on 23 October 2025. The H2-2025 dividend is expected to be announced in Q1-2026 and paid in Q2-2026. During YTD-2025, shareholder returns continued to be supplemented with share buybacks of $82.8 million, or 3.3 million shares, which is an increase of 186% over YTD-2024. During Q3-2025, $14.4 million or 0.4 million shares were repurchased. Total shareholder returns for YTD-2025 of $232.8 million, have already exceeded the $225.0 million minimum for the year and are expected to significantly increase, with the announcement of the H2-2025 dividend and further share buybacks. At a minimum the H2-2025 dividend is expected to be $112.5 million, which would bring the full year return to a minimum $345.8 million. Given that Endeavour’s current shareholder returns programme will be completed in H1-2026, Endeavour expects to announce its new shareholder returns programme for the FY-2026 to FY-2028 period, which will outline a significant increase in minimum shareholder dividend commitments, in early Q1-2026.
Table 2: Cumulative Shareholder Returns
| | | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | | | (All amounts in US$m) | | DIVIDEND COMMITMENT | DIVIDENDS | BUYBACKS | RETURN | MINIMUM COMMITMENT | | | FY-2020 | — | 60 | — | 60 | +60 | | 2021-2023 Shareholder Returns Programme | FY-2021 | 125 | 15 | 138 | 278 | +153 | | FY-2022 | 150 | 50 | 99 | 299 | +149 | | | FY-2023 | 175 | 25 | 66 | 266 | +91 | | | 2024-2025 Shareholder Returns Programme (ongoing) | FY-2024 | 210 | 30 | 37 | 277 | +67 | | H1-2025 | 113 | 37 | 69 | 219 | +106 | | | H2-2025 1 (Q1-2026 dividend announcement) | 113 | — | 14 | 127 | +14 | | | TOTAL | | 886 | 217 | 423 | 1,526 | 640 |
1 Q3-2025 share buybacks of $14.3 million differs from $15.6 million per the Statement of Cashflows due to foreign exchange and timing of payments.
OPERATING SUMMARY
Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.05 for the trailing twelve months ended 30 September 2025. The Group remains on track to achieve the top-half of its production guidance of 1,110 - 1,260koz, within its all-in sustaining cost (“AISC”) guidance range of $1,150 - 1,350/oz, when adjusted for the impact of higher gold prices on royalty costs (+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz, compared to the guidance gold price of $2,000/oz). Q3-2025 production of 264koz was 42koz lower than Q2-2025, reflecting lower grades processed across the portfolio, in line with the mine sequence, and lower tonnes milled at Houndé and Lafigué due to the impact of the wet season. YTD-2025 production amounted to 911koz, an increase of 170koz over YTD-2024, due to higher average grades processed at Houndé and Mana, in line with the mine sequence, along with increased production at Lafigué and the Sabodala-Massawa BIOX expansion, which both entered commercial production Q3-2024, partially offset by a decrease in production at Ity due to lower average grades processed.
Table 3: Group Production
| | THREE MONTHS ENDED | NINE MONTHS ENDED | | | | | All amounts in koz, on a 100% basis | 30 September 2025 | 30 June 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 | | Houndé | 49 | 69 | 74 | 209 | 179 | | Ity | 77 | 84 | 77 | 245 | 259 | | Mana | 39 | 41 | 30 | 127 | 107 | | Sabodala-Massawa 1 | 61 | 62 | 54 | 195 | 159 | | Lafigué 1 | 38 | 49 | 36 | 135 | 36 | | GROUP PRODUCTION | 264 | 306 | 270 | 911 | 741 |
1 Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
Q3-2025 total cash cost amounted to $1,336/oz, an increase of $116/oz over Q2-2025 due to lower gold sales and higher royalty costs related to the higher realised gold prices, as well as higher mining unit costs at Houndé, Sabodala-Massawa and Lafigué, and higher processing unit costs at Houndé, due to the impact of the wet season on mining and processing productivity. This was partially offset by lower processing unit costs at Mana, Sabodala-Massawa and Lafigué due to improved grid availability and reduced planned maintenance during the quarter. YTD-2025 total cash cost amounted to $1,141/oz, an increase of $44/oz over YTD-2024, due to higher royalty costs related to higher realised gold prices, partially offset by an increase in gold sales and the addition of the low-cost Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 4: Consolidated Total Cash Costs
| (All amounts in US$/oz) | THREE MONTHS ENDED | NINE MONTHS ENDED | | | | | 30 September 2025 | 30 June 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 | | | Houndé | 1,420 | 1,352 | 1,233 | 1,098 | 1,242 | | Ity | 1,142 | 1,049 | 899 | 1,016 | 874 | | Mana | 1,772 | 1,700 | 1,766 | 1,596 | 1,587 | | Sabodala-Massawa 2 | 1,173 | 1,073 | 1,096 | 1,061 | 1,015 | | Lafigué 2 | 1,433 | 1,125 | 831 | 1,129 | 831 | | GROUP TOTAL CASH COSTS 1 | 1,336 | 1,220 | 1,128 | 1,141 | 1,097 |
1 This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2 Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine.
Q3-2025 AISC amounted to $1,569/oz, an increase of $111/oz over Q2-2025 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, which was partially offset by lower sustaining capital largely due to less waste stripping activity at Houndé. YTD-2025 AISC amounted to $1,362/oz, an increase of $106/oz over YTD-2024 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Ity, Mana and the Lafigué mine and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024.
Table 5: Group All-In Sustaining Costs
| All amounts in US$/oz | THREE MONTHS ENDED | NINE MONTHS ENDED | | | | | 30 September 2025 | 30 June 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 | | | Houndé | 1,475 | 1,580 | 1,379 | 1,231 | 1,457 | | Ity | 1,269 | 1,125 | 928 | 1,099 | 898 | | Mana | 2,377 | 2,257 | 1,987 | 2,157 | 1,756 | | Sabodala-Massawa 2 | 1,326 | 1,272 | 1,219 | 1,252 | 1,112 | | Lafigué 2 | 1,530 | 1,154 | 938 | 1,168 | 938 | | Corporate G&A | 47 | 46 | 45 | 45 | 47 | | GROUP ALL-IN SUSTAINING COSTS 1 | 1,569 | 1,458 | 1,287 | 1,362 | 1,256 |
1 This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2 Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine.
Q3-2025 and YTD-2025 total cash costs and AISC have been impacted by higher royalty costs due to higher realised gold prices of $3,513/oz and $3,221/oz, exclusive of the impact of the revenue protection programme, respectively, which are significantly higher than the $2,000/oz gold price assumption used in the FY-2025 guidance. As a result, higher royalty costs related to gold price had an impact of $131/oz and $103/oz on the Q3-2025 and YTD-2025 total cash costs and AISC, respectively. YTD-2025 AISC, adjusted for the impact of higher royalty costs due to higher gold prices are at $1,259/oz, approximately at the midpoint of the FY-2025 guidance range. Given the strong outlook for Q4-2025, improved production and costs are expected, positioning the Group to achieve the FY-2025 AISC guidance.
_Table 6: AISC Guidance Reconciliation __1 _
| | Q3-2025 ACTUALS | YTD-2025 ACTUALS | FY-2025 GUIDANCE | | | | AISC at realised gold price of $3,513/oz for Q3-2025 and $3,221/oz for YTD-2025 | 1,569 | 1,362 | | | | | Additional royalty cost at realised gold price vs $2,000/oz guidance gold price | +131 | +103 | YTD-2025 impact of +$103/oz on AISC due to higher gold prices driving royalty costs higher | | | | AISC at $2,000/oz gold price 2 | 1,438 | 1,259 | 1,150 | — | 1,350 |
1 The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q3-2025 and YTD-2025 of $3,513/oz and $3,221/oz are exclusive of the impact of the revenue protection programme , respectively. 2 Indicative AISC normalising realised AISC for the impact of the higher gold prices on royalty costs.
FY-2025 OUTLOOK
The Group remains on track to achieve the top half of its production guidance of 1,110 - 1,260koz driven by strong YTD-2025 production at Houndé and Sabodala-Massawa. Q4-2025 production is expected to increase over Q3-2025 due to mining and processing of higher grades at Lafigué, Mana and Sabodala-Massawa CIL, in line with the mine sequence.
_Table 7: FY-2025 Production Outlook __1 _
| | YTD-2025 ACTUALS | FY-2025 GUIDANCE | FY-2025 OUTLOOK | | (All amounts in koz, on a 100% basis) | | | | | Houndé | 209 | 230 - 260 | TOP HALF | | Ity | 245 | 290 - 330 | ON TRACK | | Mana | 127 | 160 - 180 | ON TRACK | | Sabodala-Massawa | 195 | 250 - 280 | TOP HALF | | Lafigué | 135 | 180 - 210 | LOWER HALF | | Group Production | 911 | 1,110 - 1,260 | TOP HALF |
1 FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala -Massawa technical review.
The Group remains on track to achieve its AISC guidance of $1,150 - 1,350/oz, when adjusted for the impact of higher gold prices on royalty costs (+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz compared to the guidance gold price of $2,000/oz). Prior to this impact, YTD-2025 AISC is approximately $1,259/oz, near the mid-point of the FY-2025 guidance range. Q4-2025 AISC is expected to improve over Q3-2025 due to higher grades, higher gold production and sales. The AISC sensitivity to royalty cost due to gold price changes is between $6 - 10/oz for every $100/oz increase in gold price.
_Table 8: FY-2025 AISC Outlook __1 _
| | YTD-2025 | YTD-2025 | FY-2025 GUIDANCE | FY-2025 OUTLOOK | | (All amounts in US$/oz) | ACTUALS (at $3,221/oz) | ADJUSTED 2 (at $2,000/oz) | | | | Houndé | 1,231 | 1,114 | 1,225 - 1,375 | ON TRACK | | Ity | 1,099 | 1,014 | 975 - 1,100 | ON TRACK | | Mana | 2,157 | 2,046 | 1,550 - 1,750 | ABOVE TOP-END | | Sabodala-Massawa | 1,252 | 1,178 | 1,100 - 1,250 | ON TRACK | | Lafigué | 1,168 | 1,087 | 950 - 1,075 | NEAR TOP-END | | Corporate G&A | 45 | 45 | 40 | ON TRACK | | Group AISC | 1,362 | 1,259 | 1,150 - 1,350 | ON TRACK |
1 FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. 2 Indicative AISC normalising realised AISC for the impact of the higher gold prices ($+103/oz YTD-2025) on royalty costs.
Group sustaining capital expenditure outlook for FY-2025 remains unchanged at the previously disclosed guidance of $195.0 million, of which $161.4 million has been incurred in YTD-2025, with $47.9 million incurred in Q3-2025. The sustaining capital guidance increased at Ity and Mana, which was offset by decreases at Sabodala-Massawa and Lafigué. Sustaining capital expenditure guidance increased at Ity and Mana due to increased waste development to access higher grade ore, while it decreased at Sabodala-Massawa and Lafigué due to a decrease in sustaining capital waste stripping activity. Group non-sustaining capital expenditure outlook for FY-2025 increased slightly from the previously disclosed guidance of $235.0 million to $245.0 million, of which $186.2 million was incurred in YTD-2025, with $83.3 million incurred in Q3-2025. Non-sustaining capital guidance increased at Mana and Lafigué, partially offset by decreases at Houndé and Ity. The non-sustaining capital guidance increased at Mana due to the purchase of the outgoing underground mining contractor’s fleet following Endeavour’s decision to terminate their contract in Q2-2025, and at Lafigué, due to the acceleration of waste stripping to support higher than design nameplate plant throughput. These increases were partially offset by a decrease at Ity due to lower waste stripping at the Le Plaque pit and a decrease at Houndé related to the timing of compensation payments for the third TSF cell. Group growth capital expenditure outlook for FY-2025 remains unchanged at the previously disclosed guidance of $30.0 million, of which $22.8 million was incurred in YTD-2025, with $6.8 million incurred in Q3-2025. Growth capital was primarily related to the Definitive Feasibility Study (DFS) and associated drilling expenditure at Assafou, which has accelerated as the DFS progresses toward completion in Q1-2026.