Caledonia Mining Corporation Plc press release
Endeavour Reports Strong H1-2025 Results
NYSE - New York Stock Exchange · Jersey
NEWS RELEASE – LSE & TSX: EDV All amounts in US$
ENDEAVOUR REPORTS STRONG H1-2025 RESULTS H1 production of 647koz at AISC of $1,281/oz • H1 Free Cash Flow of $514m • Record dividend of $150m
| OPERATIONAL AND FINANCIAL HIGHLIGHTS | | - On track to achieve FY-2025 guidance following strong H1-2025 production of 647koz, up +38% over H1-2024, at AISC of $1,281/oz, up only +4% over H1-2024; Q2-2025 production of 306koz at AISC of $1,458/oz. | | - EBITDA of $1,136m for H1-2025, up +226% over H1-2024; $596m for Q2-2025, up 10% over Q1-2025. | | - Net earnings of $444m (or $1.83/sh) for H1-2025; $271m (or $1.12/sh) for Q2-2025, up 57% over Q1-2025. | | - Adj. Net Earnings of $398m (or $1.64/sh) for H1-2025, up +811% over H1-2024; $179m (or $0.74/sh) for Q2-2025, down 18% over Q1-2025. | | - Operating Cash Flow before changes in WC of $888m (or $3.65/sh) for H1-2025, up +153% over H1-2024; $296m (or $1.22/sh) for Q2-2025, down 50% over Q1-2025 due to ~55% of FY-2025 cash tax payments during Q2-2025. | | - Record Free Cash Flow of $514m for H1-2025; $104m for Q2-2025 despite cash tax payments during Q2-2025. | | - Net Debt / Adj. EBITDA (LTM) of 0.23x; stable over Q1-2025 and within the Group’s 0.50x target. | | SECTOR LEADING SHAREHOLDER RETURNS | | - Record $150m (or $0.62/sh) dividend announced; supplemented with $69m of share buybacks for H1-2025. | | - H1-2025 shareholder returns of $219m, equivalent to $338/oz produced; annualised 94% above minimum commitment. | | ATTRACTIVE ORGANIC GROWTH | | - Assafou project DFS on track for completion by early 2026, with exploration ongoing at Assafou and nearby Pala Trend 2 and 3 targets, where a maiden resource is expected in H2-2025. | | - Strong exploration efforts with $ 51 m spent in H1-2025 , focused on near-mine resource expansions and Assafou. |
London, 31 July 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 Q2-2025 and H1-2025, 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 | SIX MONTHS ENDED | | | | | | | 30 June 2025 | 31 March 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | Δ H1-2025 vs. H1-2024 | | | | | | | | | | | | | OPERATING DATA | | | | | | | | | Gold Production, koz | 306 | 341 | 251 | 647 | 470 | +38% | | | Gold sold, koz | 304 | 353 | 238 | 657 | 463 | +42% | | | Total Cash Cost 2 , $/oz | 1,220 | 929 | 1,148 | 1,064 | 1,079 | (1)% | | | All-in Sustaining Cost 2 , $/oz | 1,458 | 1,129 | 1,287 | 1,281 | 1,237 | +4% | | | Realised Gold Price 3 , $/oz | 3,150 | 2,783 | 2,287 | 2,953 | 2,167 | +36% | | | CASH FLOW | | | | | | | | | Operating Cash Flow before changes in working capital | 296 | 592 | 213 | 888 | 351 | +153% | | | Operating Cash Flow before changes in working capital 2 , $/sh | 1.22 | 2.43 | 0.87 | 3.65 | 1.43 | +155% | | | Operating Cash Flow | 252 | 494 | 258 | 746 | 313 | +138% | | | Operating Cash Flow 2 , $/sh | 1.04 | 2.03 | 1.05 | 3.07 | 1.28 | +140% | | | Free Cash Flow 2,4 | 104 | 409 | 81 | 514 | (52) | n.a. | | | Free Cash Flow 2,4 , $/sh | 0.43 | 1.68 | 0.33 | 2.11 | (0.21) | n.a. | | | PROFITABILITY | | | | | | | | | Net Earnings/(Loss) Attributable to Shareholders | 271 | 173 | (60) | 444 | (80) | n.a. | | | Net Earnings/(Loss), $/sh | 1.12 | 0.71 | (0.24) | 1.83 | (0.33) | n.a. | | | Adj. Net Earnings Attributable to Shareholders 2 | 179 | 219 | 3 | 398 | 45 | +784% | | | Adj. Net Earnings 2 , $/sh | 0.74 | 0.90 | 0.01 | 1.64 | 0.18 | +811% | | | EBITDA 2,5 | 596 | 540 | 193 | 1,136 | 349 | +226% | | | Adj. EBITDA 2,5 | 556 | 613 | 249 | 1,169 | 461 | +154% | | | SHAREHOLDER RETURNS 2 | | | | | | | | | Shareholder dividends paid | 140 | — | — | 140 | 100 | +40% | | | Share buybacks | 28 | 41 | 8 | 69 | 20 | +245% | | | FINANCIAL POSITION HIGHLIGHTS 2 | | | | | | | | | Net Debt | 469 | 378 | 835 | 469 | 856 | (45)% | | | Net Debt / LTM Trailing adj. EBITDA 5 | 0.23x | 0.22x | 0.81x | 0.23x | 0.81 x | (72)% | |
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, 31 July 2025, at 8:30 am EST / 1:30 pm BST. 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: "Q2-2025 has been another strong quarter for Endeavour, capping an excellent first half of 2025 with 647koz of gold produced at an AISC of $1,281 per ounce; ensuring we are firmly on track to achieve our full-year guidance.
As a result of our larger portfolio, following the completion of our growth phase 12 months ago, H1-2025 production was 38% higher than the same period last year, with our all-in sustaining margin 80% higher, ensuring that we realised the full benefit of the strong gold price environment.
Over the past 12 months, we have generated $879 million of free cash flow, equivalent to over $687 for every ounce of gold we produced, or a yield of more than 17% from the start of the period. During H1, despite paying approximately 70% of our full-year’s taxes, we still generated record free cash flow of $514 million, equivalent to $794 for every ounce of gold we produced, and we are well positioned to continue delivering strong free cash flow in the second half of the year.
Underpinned by this strong free cash flow, we have maintained leverage well below our target and declared another record dividend of $150 million for H1-2025, which we have further supplemented with $69 million of share buybacks, equivalent to returns of $338 for every ounce of gold produced for the period. Since our first payments in 2021, we have returned $1.4 billion to shareholders, over 80% above our minimum commitment, and equivalent to $213 for every ounce produced over the period.
Looking ahead, the DFS for our tier 1 Assafou project is on schedule for completion by early-2026, and the permitting process is well advanced. Simultaneously, we are continuing to explore the property and expect to outline a resource update later this year, incorporating resources from satellite discoveries in close proximity to Assafou.
We are very pleased with the operational performance we have delivered from our expanded portfolio and our ability to convert that performance into cash flow. Our high-margin, long-life operations, coupled with our exciting organic growth pipeline positions us well to continue delivering against our strategic objectives .”
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 June 2025. The Group remains on track to achieve its production guidance of 1,110 - 1,260koz, within its all-in sustaining cost (“AISC”) guidance of $1,150 - 1,350/oz. H1-2025 production amounted to 647koz, an increase of 177koz over H1-2024, due to higher average grades processed at Houndé and Mana, and 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. Q2-2025 production of 306koz was 36koz lower than Q1-2025, reflecting lower grades processed at Houndé, Mana and at the Sabodala-Massawa CIL plant, in line with their mine sequences. This was partially offset by increased production at Lafigué due to higher mill throughput, while production at Ity remained stable.
Table 2: Group Production
| | THREE MONTHS ENDED | SIX MONTHS ENDED | | | | | All amounts in koz, on a 100% basis | 30 June 2025 | 31 March 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | | Houndé | 69 | 92 | 64 | 161 | 106 | | Ity | 84 | 84 | 96 | 168 | 182 | | Mana | 41 | 46 | 35 | 87 | 77 | | Sabodala-Massawa 1 | 62 | 72 | 57 | 134 | 105 | | Lafigué | 49 | 48 | 0.5 | 97 | 0.5 | | GROUP PRODUCTION | 306 | 341 | 251 | 647 | 470 |
1 Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
H1-2025 total cash cost amounted to $1,064/oz, a decrease of $15/oz over H1-2024, due to lower cash costs at the Houndé mine related to a significant 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. The decrease was partially offset by higher royalty costs across the portfolio, related to the higher realised gold prices. Q2-2025 total cash cost amounted to $1,220/oz, an increase of $291/oz over Q1-2025 due to lower gold sales and higher royalty costs related to the higher realised gold prices across the portfolio, as well as higher processing unit costs at Houndé and Ity due to seasonally lower grid power availability, as hydroelectric dam capacity reached its lowest point for the year, ahead of the annual wet season.
Table 3: Consolidated Total Cash Costs
| (All amounts in US$/oz) | THREE MONTHS ENDED | SIX MONTHS ENDED | | | | | 30 June 2025 | 31 March 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | | | Houndé | 1,352 | 751 | 1,340 | 1,001 | 1,249 | | Ity | 1,049 | 875 | 869 | 960 | 863 | | Mana | 1,700 | 1,360 | 1,729 | 1,518 | 1,513 | | Sabodala-Massawa 2 | 1,073 | 959 | 1,057 | 1,013 | 968 | | Lafigué | 1,125 | 918 | — | 1,018 | — | | GROUP TOTAL CASH COSTS 1 | 1,220 | 929 | 1,148 | 1,064 | 1,079 |
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.
H1-2025 AISC amounted to $1,281/oz, a slight increase of $44/oz over H1-2024 due to higher royalty costs related to the higher realised gold prices, higher sustaining capital due to the introduction of the Lafigué mine, at Ity related to infrastructure and processing plant upgrades, at Sabodala-Massawa related waste stripping and at Mana related to underground development. Q2-2025 AISC amounted to $1,458/oz, an increase of $329/oz over Q1-2025 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Houndé, Ity and Lafigué, partially offset by lower sustaining capital at Sabodala-Massawa and Mana.
Table 4: Group All-In Sustaining Costs
| All amounts in US$/oz | THREE MONTHS ENDED | SIX MONTHS ENDED | | | | | 30 June 2025 | 31 March 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | | | Houndé | 1,580 | 858 | 1,472 | 1,158 | 1,514 | | Ity | 1,125 | 930 | 885 | 1,025 | 885 | | Mana | 2,257 | 1,887 | 1,927 | 2,059 | 1,661 | | Sabodala-Massawa 2 | 1,272 | 1,173 | 1,164 | 1,220 | 1,050 | | Lafigué | 1,154 | 926 | — | 1,036 | — | | Corporate G&A | 46 | 43 | 48 | 44 | 48 | | GROUP ALL-IN SUSTAINING COSTS 1 | 1,458 | 1,129 | 1,287 | 1,281 | 1,237 |
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.
H1-2025 and Q2-2025 total cash costs and AISC have been impacted by higher sliding scale royalty costs due to higher realised gold prices of $3,107/oz and $3,302/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 $116/oz and $96/oz on the Q2-2025 and H1-2025 total cash costs and AISC, respectively.
_Table 5: AISC Guidance Reconciliation __1 _
| | Q2-2025 ACTUALS | H1-2025 ACTUALS | FY-2025 GUIDANCE | | | | AISC at realised gold price | 1,458 | 1,281 | | | | | Additional royalty cost at realised gold price vs $2,000/oz guidance gold price | +116 | +96 | H1-2025 impact of +$96/oz on AISC due to higher gold prices driving royalty costs higher | | | | AISC at $2,000/oz gold price | 1,342 | 1,185 | 1,150 | — | 1,350 |
1 Reconciliation illustrates the impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q2-2025 and H1-2025 of $3,302/oz and $3,107/oz are exclusive of the impact of the revenue protection programme , respectively.
FY-2025 OUTLOOK
The Group remains on track to achieve its FY-2025 production guidance of 1,110 – 1,260koz at its AISC cost guidance of $1,150 – 1,350/oz. FY-2025 production is expected to be slightly weighted towards H1-2025, due to lower grades expected at the Houndé and Ity mines in H2-2025, in line with their mine sequences. During H1-2025, AISC has been impacted by higher costs at Mana related to increased power costs driven by higher consumption and increased use of higher-cost self-generated power, and higher sliding scale royalty costs due to higher realised gold prices (+$96/oz impact on AISC in H1-2025). Group AISC guidance of $1,150 – 1,350/oz is based on a realised average gold price of $2,000/oz, compared to the H1-2025 realised gold price of $3,107/oz, resulting in a $96/oz impact on the H1-2025 AISC from higher royalty costs. Prior to the impact of the higher realised gold prices on royalty costs, H1-2025 AISC was approximately $1,185/oz, and near the low-end of the FY-2025 guidance range. Inclusive of the impact of higher realised gold prices on royalty costs, the H1-2025 AISC was $1,281/oz, and near the mid-point of the FY-2025 guidance range. The AISC sensitivity to royalty cost due to gold price changes is between $6 - 10/oz for every $100/oz increase in gold price.
_Table 6: FY-2025 Production Outlook __1 _
| | H1-2025 ACTUALS | FY-2025 GUIDANCE | FY-2025 OUTLOOK | | (All amounts in koz, on a 100% basis) | | | | | Houndé | 161 | 230 - 260 | ON TRACK | | Ity | 168 | 290 - 330 | ON TRACK | | Mana | 87 | 160 - 180 | ON TRACK | | Sabodala-Massawa | 134 | 250 - 280 | ON TRACK | | Lafigué | 97 | 180 - 210 | ON TRACK | | Group Production | 647 | 1,110 - 1,260 | ON TRACK |
1 FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review.
_Table 7: FY-2025 AISC Outlook __1 _
| | H1-2025 ACTUALS | FY-2025 GUIDANCE | FY-2025 OUTLOOK | | (All amounts in US$/oz) | | | | | Houndé | 1,158 | 1,225 - 1,375 | ON TRACK | | Ity | 1,025 | 975 - 1,100 | ON TRACK | | Mana | 2,059 | 1,550 - 1,750 | NEAR TOP-END | | Sabodala-Massawa | 1,220 | 1,100 - 1,250 | ON TRACK | | Lafigué | 1,036 | 950 - 1,075 | ON TRACK | | Corporate G&A | 44 | 40 | ON TRACK | | Group AISC | 1,281 | 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.
Group sustaining capital expenditure outlook for FY-2025 has decreased from $215.0 million to $195.0 million, with $113.6 million incurred in H1-2025, and $58.5 million incurred in Q2-2025. The decrease in the FY-2025 sustaining capital expenditure outlook is due to lower sustaining waste stripping, which has been offset by an increase in non-sustaining waste pre-stripping, due to the acceleration of Pushback 2 at the Main pit at Lafigué. Sustaining capital for FY-2025 includes underground development at Mana, mining fleet rebuilds and replacements at Houndé and Sabodala-Massawa and processing plant and infrastructure upgrades at Ity. Group non-sustaining capital expenditure outlook for FY-2025 has increased from $215.0 million to $235.0 million for FY-2025, with $102.9 million incurred in H1-2025, and $65.3 million incurred in Q2-2025. The increase in the FY-2025 non-sustaining capital expenditure outlook is due to the acceleration of waste pre-stripping of Pushback 2 at the Main Pit at Lafigué. Non-sustaining capital for FY-2025 includes waste stripping at Houndé, Ity, Lafigué and Sabodala-Massawa and TSF embankment raises at Houndé, Ity and Mana. Growth capital expenditure outlook for FY-2025 has increased from $10.0 million to $30.0 million, with $15.9 million incurred in H1-2025, primarily related to definitive feasibility study and drilling expenditure at Assafou. Growth capital expenditure at Assafou has been accelerated due to additional advanced grade control and sterilisation drilling and the accelerated ramp-up of the owners teams, prior to finalising the definitive feasibility study by early 2026.
Table 8: FY-2025 Sustaining & Non-Sustaining Capital Expenditure
| | H1-2025 ACTUALS | FY-2025 GUIDANCE | FY-2025 UPDATED GUIDANCE | | (All amounts in US$m) | | | | | Houndé | 25 | 40 | 40 | | Ity | 11 | 20 | 20 | | Mana | 47 | 60 | 60 | | Sabodala-Massawa | 28 | 60 | 60 | | Lafigué | 2 | 35 | 15 | | Total Sustaining Capital Expenditure | 114 | 215 | 195 | | Houndé | 17 | 90 | 90 | | Ity | 11 | 35 | 35 | | Mana | 2 | 10 | 10 | | Sabodala-Massawa | 20 | 25 | 25 | | Lafigué | 51 | 50 | 70 | | Corporate G&A | 2 | 5 | 5 | | Total Non-Sustaining Capital Expenditure | 103 | 215 | 235 | | Assafou | 16 | 10 | 30 | | Total Growth Capital Expenditure | 16 | 10 | 30 | | Total Mine Capital Expenditure | 232 | 440 | 460 |
Exploration expenditure outlook for FY-2025 has been increased from $75.0 million to $85.0 million, of which $51.4 million was incurred in H1-2025. The increased outlook is due to exploration successes at Ity and the accelerated programme at Sabodala-Massawa to support the ongoing technical review, while the greenfield expenditure has been decreased slightly to reflect the timing of greenfield and New Ventures exploration spend. Group tax payments outlook for FY-2025 remains unchanged at $350.0 million to $450.0 million, with $272.1 million incurred in H1-2025 and $233.1 million incurred in Q2-2025. The remainder of the full-year tax payments are expected to amount to 25% of the full-year guidance in Q3-2025 and 5% of the full-year guidance in Q4-2025.
SHAREHOLDER RETURNS PROGRAMME
For H1-2025, Endeavour announced a record dividend of $150.0 million or approximately $0.62 per share. During H1-2025, shareholder returns continued to be supplemented with share buybacks with $68.5 million, or 2.9 million shares repurchased during the period, an increase of 245% compared to H1-2024. During Q2-2025, $28.1 million or 1.0 million shares were repurchased. As such, the total return for H1-2025 was $218.5 million, which is equivalent to $338/oz produced for the period, with the total shareholder returns for FY-2025 expected to increase over FY-2024 with additional supplemental dividends and share buybacks in H2-2025. The H2-2025 dividend is expected to be declared in Q1-2026 and paid in Q2-2026. Supplemental returns are expected to be paid in the form of dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a healthy financial position. As shown in the table below, Endeavour has now returned $1,398.5 million to shareholders in the form of dividends and buybacks since its shareholder returns programme began in late 2020 (first payment in Q1-2021), which represents $626.0 million or 81% above its minimum commitment and a return of $213/oz produced on a sustainable basis, through periods of growth and cash harvest.
Table 9: Cumulative Shareholder Returns
| | | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | | | (All amounts in US$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 | | | TOTAL | | 773 | 217 | 409 | 1,399 | 626 |