Caledonia Mining Corporation Plc press release

Endeavour Reports Strong FY-2025 Results

2026-03-05

NYSE - New York Stock Exchange · Jersey · Corporate Finance

ENDEAVOUR REPORTS STRONG FY-2025 RESULTS Record 2025 free cash flowof $1,156m lRecord 2025 shareholder returns of $435m l>$1bn shareholder returns programme

| OPERATIONAL AND FINANCIAL HIGHLIGHTS | | - FY-2025 production of 1,209koz at AISC of $1,433/oz, guidance achieved for 12 out of last 13 years. Q4-2025production of 298koz at an AISC of $1,648/oz.FY-2026 production guidance of 1,090-1,265koz atAISC of $1,600-1,800/oz. | | - Adjusted EBITDA of $2,316m for FY-2025, up +75% over FY-2024; $681m for Q4-2025. | | - Adjusted net earnings of $782m (or $3.23/sh) for FY-2025, up +244% over FY-2024; $225m (or $0.93/sh) for Q4-2025. | | - FCF of $1,156m ($956/oz produced) for FY-2025, up +269% over FY-2024; $476m ($1,597/oz produced) for Q4-2025. | | - Net Debt reduced by $574mduring FY-2025 to$158m; Net debt / Adj. EBITDA (LTM) leverage ratio of 0.07xat year end. | | SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH | | - Record FY-2025 shareholder returns of $435m ($360/ozproduced) including dividends of $350m or $1.45/shand share buybacks of $85m. Since 2021, over $1.6bnhas been returned, 83%above the minimum commitment. | | - Updated 2026-2028 programme with ~$1.0bnminimum dividend that will be supplemented with additional dividends and buybacks; total returns are expected to more than double the minimum commitment, at prevailing gold prices. | | - Assafou's environmental and exploitation permits are approved and exploration success increased reserves +6% (+0.3Moz) and M&I resources +13% (+0.6Moz); DFS in Q1-2026, targeting first gold for H2-2028. | | - 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz. | | - Year-end M&I resources of 25.0Moz (increased 0.4Moz before depletion), down 1.1Moz or 4%due to depletion, model optimisation and cost model alignment, offset by +1.5Moz of discoveries at Assafou, Sabodala-Massawa and Ity. P&P reserves of 16.6Moz, down 1.8Moz or 10%due to depletion and model optimisation. |

London, 5 March 2026 – 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 Q4-2025 and FY-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 | YEAR ENDED | | | | | | 31 December 2025 | 30 September 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | Δ FY-2025 vs. FY-2024 | | | OPERATING DATA | | | | | | | | Gold Production, koz | 298 | 264 | 363 | 1,209 | 1,103 | +10% | | Gold sold, koz | 302 | 258 | 356 | 1,216 | 1,099 | +11% | | Total Cash Cost2, $/oz | 1,448 | 1,336 | 979 | 1,216 | 1,058 | +15% | | All-in Sustaining Cost2, $/oz | 1,648 | 1,569 | 1,141 | 1,433 | 1,218 | +18% | | Realised Gold Price3, $/oz | 3,873 | 3,247 | 2,590 | 3,244 | 2,349 | +38% | | CASH FLOW | | | | | | | | Operating Cash Flow before changes in working capital | 625 | 394 | 356 | 1,907 | 952 | +100% | | Operating Cash Flow before changes in working capital2, $/sh | 2.59 | 1.63 | 1.46 | 7.87 | 3.89 | +102% | | Operating Cash Flow | 609 | 309 | 381 | 1,664 | 950 | +75% | | Operating Cash Flow2, $/sh | 2.52 | 1.28 | 1.56 | 6.87 | 3.88 | +77% | | Free Cash Flow2,4 | 476 | 166 | 268 | 1,156 | 313 | +269% | | Free Cash Flow2,4, $/sh | 1.97 | 0.69 | 1.10 | 4.77 | 1.28 | +273% | | PROFITABILITY | | | | | | | | Net Earnings/(Loss) Attributable to Shareholders | 68 | 167 | (119) | 679 | (294) | n.a. | | Net Earnings/(Loss), $/sh | 0.28 | 0.69 | (0.49) | 2.80 | (1.20) | n.a. | | Adj. Net Earnings Attributable to Shareholders2 | 225 | 159 | 110 | 782 | 227 | +244% | | Adj. Net Earnings2, $/sh | 0.93 | 0.66 | 0.45 | 3.23 | 0.93 | +247% | | EBITDA2,5 | 471 | 472 | 357 | 2,079 | 834 | +149% | | Adj. EBITDA2,5 | 681 | 466 | 546 | 2,316 | 1,325 | +75% | | SHAREHOLDER RETURNS2 | | | | | | | | Shareholder dividends paid | 149 | — | 140 | 288 | 240 | +20% | | Share buybacks | 3 | 14 | 8 | 85 | 37 | +130% | | FINANCIAL POSITION HIGHLIGHTS2 | | | | | | | | Net Debt | 158 | 453 | 732 | 158 | 732 | (78)% | | Net Debt / LTM Trailing adj. EBITDA5 | 0.07x | 0.21x | 0.55x | 0.07x | 0.55x | (87)% |

1Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. 2This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 3Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme. 4From all operations; calculated as Operating Cash Flow less Cash used in investing activities.5Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.

Management will host a conference call and webcast today, Thursday 5 March 2026, 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. Today the Management Discussion & Analysis, audited Financial Statements and Annual Report for the year ended 31 December 2025 have been submitted to the National Storage Mechanism and filed on SEDAR+. The documents will shortly be available to view on the Company’s website and at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, the Company has published its 2025 Sustainability Report and associated ESG Reporting Centre, which will be available on the Company’s website.

Ian Cockerill, Chief Executive Officer, commented: “2025 was a strong year of operational performance and a record year of financial performance, as we safely achieved our strategic objectives.

We produced 1.2 million ounces of gold at an all-in sustaining cost of $1,433 per ounce, achieving our guidance, on a royalty-adjusted basis, for the twelfth time in the last thirteen years, underpinned by sustained operational excellence and our high quality portfolio.

Importantly higher gold prices combined with our strong operational performance are directly translating into increased margins and increased cash flows. We delivered record free cash flow of $1.2 billion, equivalent to $956 per ounce produced, for the year, which supported over a half a billion dollar reduction in our net debt position, as we ended the year with near-zero leverage.

We also returned $435.3 million to shareholders, which was 93% above our minimum commitment and equivalent to $360 per ounce produced. Since launching our returns program in 2021, we have returned more than $1.6 billion to shareholders, 83% above our minimum commitment. Looking ahead, our updated sector-leading shareholder returns programme targets a minimum dividend of $1.0 billion over the 2026 to 2028 period, which at prevailing gold prices we would expect to more than double, through increased supplemental dividends and share buybacks.

Simultaneously, we contributed $2.8 billion to our host economies this year as we increased our in-country procurement, supporting more than 1,200 national and local businesses. Our enhanced economic impact drives shared benefits that are visible, and continue to strengthen our social license to operate and the long-term resilience of our business.

This resilience is underpinned by our tier 1 Assafou project, where the DFS is approaching completion in Q1, and both the environmental and the exploitation permits have been approved, significantly de-risking the project timeline, which is targeting first gold in H2-2028. Our exploration programme successfully increased reserves and resources at Assafou incorporating additions at Assafou and the Pala satellite deposits, highlighting the growing scale of this tier 1 complex.

While reserves and resources were lower this year, largely reflecting mining depletion and model optimisation at Lafigué, Houndé and Sabodala-Massawa, we were delighted to add 1.5Moz of M&I discoveries at Sabodala-Massawa, Ity and Assafou, including maiden resources at the adjacent Pala Trend 3 target.

Late last year we launched our new exploration strategy to add between 12 - 15 million ounces over the 2026 to 2030 period for the low discovery cost of $40/oz. 6 - 9 million ounces of brownfield discoveries are targeted to replace production depletion while up to 6 million ounces of greenfield discoveries are targeted within West Africa and in three highly prospective and geologically immature tier 1 gold provinces, further diversifying our long-term growth pipeline.

We have entered 2026 with strong operating momentum and a healthy balance sheet, positioning us to achieve our strategic objectives and deliver sector-leading organic growth and sector-leading shareholder returns, sustainably rewarding all of our stakeholders."

SHAREHOLDER RETURNS PROGRAMME

H2-2025 Dividend and FY-2025 Shareholder Returns

Endeavour announced a record H2-2025 dividend of $200.0 million, or approximately $0.83 per share on 29 January 2026, which will be paid on 14 April 2026 to shareholders of record on 13 March 2026. As such, the FY-2025 dividend amounted to a record of $350.0 million or approximately $1.45 per share. Shareholder returns continued to be supplemented with share buybacks and a total of $85.3 million, or 3.4 million shares were repurchased during FY-2025, of which $2.5 million or 0.1 million shares were repurchased in Q4-2025. For FY-2025, Endeavour returned a record $435.3 million to shareholders through dividends and share buybacks, 93% above the $225.0 million minimum commitment for the year, and equivalent to $360/oz produced, or an indicative yield of 3.5% (based on market capitalisation as at 31 December 2025), reiterating Endeavour's strong commitment to paying supplemental shareholder returns. Over the 2021 - 2025 period, Endeavour has returned $1.6 billion to shareholders in the form of dividends and share buybacks, 83% above its minimum commitment over the period, and equivalent to 38% of its market capitalisation from the start of the programme.

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 | FY-2024 | 210 | 30 | 37 | 277 | +67 | | H1-2025 | 113 | 37 | 69 | 219 | +106 | | | H2-2025 (Q1-2026 dividend announcement) | 112 | 88 | 17 | 217 | +105 | | | TOTAL | | 885 | 305 | 426 | 1,616 | 731 |

2026 - 2028 Shareholder Returns Programme

Endeavour will continue to prioritise delivering sector leading shareholder returns over the 2026 - 2028 period, and expects to return a minimum dividend of approximately $1.0 billion to shareholders, provided the realised gold price over the dividend period exceeds $3,000/oz. For FY-2026 the minimum dividend is expected to be $300.0 million, increasing to $325.0 million and $350.0 million for FY-2027 and FY-2028 respectively. Endeavour has demonstrated its commitment to paying supplemental shareholder returns over the last five years, returning 83% more than the minimum commitment, and at current prevailing gold prices, Endeavour expects to further increase its supplemental returns through additional dividends and opportunistic share buybacks. The minimum dividend is expected to be paid semi-annually, provided that the prevailing realised gold price for the dividend period is at or above $3,000/oz, and the Company's leverage remains below its long term target of 0.50x Net Debt / Adjusted EBITDA (LTM). Supplemental dividends and share buybacks are expected to be paid, if the gold price exceeds $3,000/oz and if the Company's leverage remains below its long term target of 0.50x net debt / Adjusted EBITDA (LTM).

OTHER STAKEHOLDER RETURNS

Economic Contribution

Since 2021, Endeavour has now contributed $11.8 billion to its host countries and during 2025, Endeavour contributed $2.8 billion to its host countries. This economic contribution reflects the Group's integrated approach to value creation through payments to governments and prioritising national employees and suppliers. During 2025:

$919 million was paid directly to governments through income taxes, withholding taxes, royalties, dividends and other payments to governments. 86% of total procurement, inclusive of major projects, was spent in-country supporting a network of more than 1,200 national and local businesses. Local and national talent continued to be prioritised, with West African nationals representing 95% of Endeavour’s employees and 67% of senior operational management roles. In addition to the total economic contribution, Endeavour committed $5.8 million toward community development initiatives, focusing on sustainable infrastructure and social programmes within its areas of operation.

Endeavour has now achieved Responsible Gold Mining Principal (“RGMP”) compliance at its four established operations and at corporate. Endeavour’s newest mine, Lafigué, has three years to achieve compliance and completed its RGMP Gap Assessment during 2025, with a roadmap to achieve compliance in 2026.

Endeavour has published its 2025 Sustainability Report (“the Report”) detailing its 2025 environmental, social and governance (“ESG”) performance, which can be found on Endeavour’s website at www.endeavourmining.com. The 2025 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (“GRI”), Sustainable Accounting Standards Board (“SASB”), Taskforce on Nature-related Financial Disclosures (“TNFD”) and Local Procurement Reporting Mechanism (“LPRM”) reporting requirements and has been externally assured against key ESG performance indicators for both GRI and SASB.

OPERATING SUMMARY

Strong safety performance for the Group, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.07 for the trailing twelve months ended 31 December 2025. FY-2025 production amounted to 1,209koz, achieving the top half of the guided 1,110-1,260koz range. FY-2025 all-in sustaining costs ("AISC") amounted to $1,433/oz. When adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,305/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price. Q4-2025 production of 298koz increased by 35koz or 13% over Q3-2025 production of 264koz as production increased at Mana, Sabodala-Massawa and Lafigué due to increased processed grades in line with the mine sequences, partially offset by lower production at Houndé and Ity due to lower average grades, in line with the mine sequence. FY-2025 production of 1,209koz increased by 106koz or 10% over FY-2024 production of 1,103koz from continuing operations due to a full-year of commercial production from the Sabodala-Massawa BIOX plant and the Lafigué mine, as well as increased production at the Mana mine due to higher grades sourced from the Wona underground deposit, partially offset by lower production at Houndé and Ity due to lower grades, in line with the mine sequence.

Table 3: Group Production

| | THREE MONTHS ENDED | YEAR ENDED | | | | | All amounts in koz, on a 100% basis | 31 December 2025 | 30 September 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | | Houndé | 47 | 49 | 109 | 257 | 288 | | Ity | 74 | 77 | 84 | 319 | 343 | | Mana | 46 | 39 | 41 | 173 | 148 | | Sabodala-Massawa1 | 78 | 61 | 70 | 274 | 229 | | Lafigué | 53 | 38 | 60 | 187 | 96 | | GROUP PRODUCTION | 298 | 264 | 363 | 1,209 | 1,103 |

1Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.

Q4-2025 total cash cost amounted to $1,448/oz, an increase of $112/oz over Q3-2025 due to higher production driven operating costs and higher royalty costs related to the higher realised gold prices. This was partially offset by the higher volumes of gold sold during Q4-2025 compared to Q3-2025. FY-2025 total cash cost amounted to $1,216/oz, an increase of $158/oz over FY-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 | YEAR ENDED | | | | | 31 December 2025 | 30 September 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | | | Houndé | 1,707 | 1,420 | 922 | 1,213 | 1,121 | | Ity | 1,359 | 1,142 | 943 | 1,095 | 890 | | Mana | 1,806 | 1,772 | 1,320 | 1,653 | 1,514 | | Sabodala-Massawa2 | 1,169 | 1,172 | 1,107 | 1,092 | 1,044 | | Lafigué2 | 1,419 | 1,433 | 748 | 1,208 | 774 | | GROUP TOTAL CASH COSTS1 | 1,448 | 1,336 | 979 | 1,216 | 1,058 |

1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine.

Q4-2025 AISC of $1,648/oz increased by $79/oz over Q3-2025 AISC of $1,569/oz due to the impact of higher gold prices on royalty costs of +$69/oz, higher sustaining capital at Houndé and Ity related to heavy mining equipment additions and haul road construction, respectively. This was partially offset by lower processing unit costs at Mana due to increased usage of lower-cost grid power, lower sustaining capital related to less waste development at Sabodala-Massawa and Lafigué, and less contractor lease payments at Mana following the underground mining contractor change in Q3-2025. FY-2025 AISC of $1,433/oz increased by $215/oz over FY-2024 AISC of $1,218/oz largely due to the impact of higher gold prices on royalty costs of +$81/oz, higher royalty rates in Burkina Faso contributing +$14/oz, lower grades processed at Houndé, Ity and Lafigué in line with their mine sequences, and higher sustaining capital at Mana and Sabodala-Massawa related to underground development and fleet optimisation, respectively.

Table 5: Group All-In Sustaining Costs

| All amounts in US$/oz | THREE MONTHS ENDED | YEAR ENDED | | | | | 31 December 2025 | 30 September 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | | | Houndé | 1,882 | 1,475 | 1,024 | 1,354 | 1,294 | | Ity | 1,523 | 1,269 | 987 | 1,197 | 919 | | Mana | 2,174 | 2,377 | 1,698 | 2,160 | 1,740 | | Sabodala-Massawa2 | 1,237 | 1,326 | 1,261 | 1,248 | 1,158 | | Lafigué2 | 1,476 | 1,530 | 801 | 1,251 | 844 | | Corporate G&A | 46 | 47 | 41 | 45 | 45 | | GROUP ALL-IN SUSTAINING COSTS1 | 1,648 | 1,569 | 1,141 | 1,433 | 1,218 |

1This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2Excludes pre-commercial costs associated with ounces from the BIOX expansion project and the Lafigué mine.

Q4-2025 and FY-2025 total cash costs and AISC have been impacted by higher royalty costs due to higher realised gold prices of $4,201/oz and $3,464/oz, exclusive of the impact of the revenue protection programme and inclusive of the Sabodala-Massawa gold stream, respectively. Realised gold prices were above the $2,000/oz guidance gold price assumption for FY-2025. As a result, higher royalty costs related to gold price had an impact of $196/oz and $128/oz on the Q4-2025 and FY-2025 total cash costs and AISC, respectively. FY-2025 AISC, when adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,305/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price assumption. An increase in Government royalty rates from 6% to 8% was imposed by the Government of Côte d'Ivoire for 2025, with the change retroactively applied from Q1-2025. The incremental cost has been applied to other expenses for FY-2025, and will be reflected in the FY-2025 financial results. For FY-2026, the incremental cost will be applied to royalty expenses and is reflected in the FY-2026 AISC guidance. Following this increase, and based on prevailing gold prices, the impact of every $100/oz increase in the gold price, increases Group AISC by approximately $10/oz due to sliding scale royalties.