Caledonia Mining Corporation Plc press release
Endeavour Achieves Guidance & Declares Record H2-2025 Dividend
NYSE - New York Stock Exchange · Jersey
ENDEAVOUR ACHIEVES GUIDANCE & DECLARES RECORD H2-2025 DIVIDEND FY-2025 production of 1,209koz at AISC of ~1,435/oz lH2-2025 dividend of $200m l>$1bn shareholder returns programme
| OPERATIONAL AND FINANCIAL HIGHLIGHTS (for continuing operations) | | - FY-2025 production of 1,209koz, in the top-half of guidance at an AISC of ~$1,435/oz, within guidance when adjusted for +$128/oz higher royalty costs related to higher gold prices. | | - Q4-2025production of 298koz increased by 35kozor 13%over Q3-2025, while AISC of ~$1,650/oz increased by ~$81/oz or 5%over Q3-2025, largely due to +$45/oz higher royalty costs related to higher gold prices. | | - Top-ten global gold producer with FY-2026 production guidance of 1,090-1,265koz, atAISC of $1,600-1,800/oz; reflecting increased gold prices, royalties and phased stripping related sustaining capital at Houndé and Lafigué. | | - Strong free cash flow generation saw FY-2025net debt reduced by $574m, ending the year with$157m and near-zero leverage. Gross debt reduced by $518m, ending the year with $611m gross debt and $1,153m of available liquidity. | | DELIVERING SECTOR LEADING SHAREHOLDER RETURNS AND ORGANIC GROWTH | | - Record H2-2025 dividend of $200m or $0.83/shannounced, bringing FY-2025dividends to $350m or $1.45/sh; supplemented with $85m of share buybacks for record total returns of $435m, equivalent to $360/oz produced. | | - Since 2021, over $1.6bnhas been returned to shareholders, which is 83%above the minimum commitment; supplemental returns are expected to increase over the 2026-2028 period, at prevailing gold prices. | | - 2026-2028 ~$1.0bnminimum dividend commitment that will be supplemented with additional dividends and share buybacks, which could increase total returns to more than double the minimum commitment, at prevailing gold prices. | | - Assafou's environmental permit has been approved while the exploitation permit approval and the DFS completion are expected in Q1-2026; first gold production on track for H2-2028. | | - 2026-2030 exploration strategy target to discover 12 - 15Moz of MI&I resources for a discovery cost of less than $40/oz, including up to three new projects in West Africa and in three new, highly fertile, geologically immature jurisdictions. |
London, 29 January 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour" or the "Group" or the "Company") is pleased to announce its unaudited preliminary financial and operating results for the fourth quarter and full year 2025, with highlights provided in Table 1 below.
_Table 1: Preliminary Financial and Operating Results Highlights__1,2_
| (In US$m 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 | | | PRODUCTION AND AISC HIGHLIGHTS | | | | | | | | Gold Production, koz | 298 | 264 | 363 | 1,209 | 1,103 | +10% | | Gold Sold, koz | 302 | 258 | 356 | 1,216 | 1,099 | +11% | | Realised Gold Price3, $/oz | 3,873 | 3,247 | 2,590 | 3,244 | 2,349 | +38% | | Total Cash Cost3,4, $/oz | ~1,450 | 1,336 | 979 | ~1,215 | 1,058 | +15% | | All-in Sustaining Cost3, $/oz | ~1,650 | 1,569 | 1,141 | ~1,435 | 1,218 | +18% | | SHAREHOLDER RETURNS | | | | | | | | Shareholder dividends paid | 149 | — | 140 | 288 | 240 | +20% | | Share buyback | 2 | 14 | 8 | 85 | 37 | +130% | | ORGANIC GROWTH | | | | | | | | Growth capital spend3 | 10 | 7 | 24 | 32 | 252 | (87)% | | Exploration spend3 | 19 | 21 | 12 | 91 | 87 | +5% | | FINANCIAL POSITION HIGHLIGHT | | | | | | | | Net debt3 | 157 | 453 | 732 | 157 | 732 | (79)% |
1All Q4-2025 and FY-2025numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2Production and AISC highlights from continuing operations.3This is a non-GAAP measure, for details please refer to the most recent MD&A available on Endeavour Mining's website. 4Total cash cost per ounce is calculated as operating expenses from mine operations, royalties, and non-cash adjustments divided by gold ounces sold. Ian Cockerill, Chief Executive Officer, commented: “During 2025 we safely achieved our guidance for the twelfth time in thirteen years, generated record free cash flow, fully de-leveraged our balance sheet and paid record shareholder returns.
Our strong operational performance delivered more than 1.2 million ounces of production, achieving the top half of production guidance, at a competitive all-in sustaining cost of approximately $1,435 per ounce, which was well within our cost guidance on a royalty adjusted basis.
This performance, coupled with strong gold prices, underpinned record free cash flows, above $1.0 billion for the year.We successfully reduced our net debt by $574.2 million and ended the year with near zero leverage, significantly below our 0.50x through-the-cycle target, positioning us to deliver both sector leading shareholder returns and organic growth.
We declared a record H2 dividend of $200.0 million, bringing total shareholder returns to $435.3 million for the year, 93% above our minimum commitment and equivalent to $360 per ounce produced. Since launching our returns program in 2021, we have now returned over $1.6 billion to shareholders, 83% above our minimum commitment.
Looking ahead, we will significantly increase minimum shareholder returns over the 2026 to 2028 period, as we simultaneously build Assafou, returning at least $1.0 billion subject to a minimum gold price of $3,000 per ounce, and that could more than double at prevailing gold prices through increased supplemental returns.
Our tier 1 Assafou project DFS is approaching completion, with final permit approval expected in Q1-2026, and we have incorporated plant and infrastructure optimisations to improve the project ramp up and ensure the project can be efficiently expanded, as the resource endowment continues to grow. Recent exploration success is expected to add M&I resources at both Assafou and at the Pala Trend targets, none of which are included in the DFS, but offer further upside and increase optionality as we advance towards production in 2028.
In Q4 last year we outlined our new exploration strategy, targeting the discovery of between 12 and 15 million ounces of resources over the 2026 to 2030 period for a low discovery cost of less than $40/oz. Our increased exploration spend is focused on replacing depletion and extending mine lives at our cornerstone assets, as well as advancing greenfield exploration within West Africa and in three highly prospective and geologically immature tier one gold provinces.
_I would like to thank our team for their strong performance in 2025. We enter 2026 with good operating momentum and a healthy financial position, and we will focus on returning cash to shareholders while advancing our exciting organic growth pipeline."
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SHAREHOLDER RETURNS PROGRAMME
H2-2025 Dividend and FY-2025 Shareholder Returns
Endeavour is pleased to declare a record H2-2025 dividend of $200.0 million, or approximately $0.83 per share, which will be paid on 14 April 2026 to shareholders of record on 13 March 2026. As such, the FY-2025 dividend amounts to a record of $350.0 million or approximately $1.45 per share, which includes $125.0 million of supplemental dividends, in excess of the $225.0 million minimum commitment. 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%, reiterating Endeavour's strong commitment to paying supplemental shareholder returns. Over the 2021 - 2025 period Endeavour has returned $1.6 billion to shareholders in the form of dividends and share buybacks, 83% above its minimum commitment over the period, and equivalent to 38% of its market capitalisation from the start of the programme.
Table 2: Cumulative Shareholder Returns - 2021-2025
| | | MINIMUM | SUPPLEMENTAL | TOTAL | △ ABOVE | | | (All amounts in US$m) | | DIVIDEND COMMITMENT | DIVIDENDS | BUYBACKS | RETURN | MINIMUM COMMITMENT | | 2021-2025 Shareholder Returns Programme | FY-2020 | — | 60 | — | 60 | +60 | | FY-2021 | 125 | 15 | 138 | 278 | +153 | | | FY-2022 | 150 | 50 | 99 | 299 | +149 | | | FY-2023 | 175 | 25 | 66 | 266 | +91 | | | FY-2024 | 210 | 30 | 37 | 277 | +67 | | | H1-2025 | 113 | 37 | 69 | 219 | +106 | | | H2-2025 | 112 | 88 | 17 | 217 | +105 | | | TOTAL | | 885 | 305 | 426 | 1,616 | 731 |
FY-2026 - 2028 Shareholder Returns Programme
Endeavour will prioritise delivering sector leading organic growth and 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 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).
H2-2025 Dividend Payment and DRIP
Endeavour’s H2-2025 dividend will be paid on 14 April 2026 (“Payment Date”), to shareholders of record on 13 March 2026, with an ex-dividend date for holders of shares listed on the London Stock Exchange ("LSE") of 12 March 2026. For holders of shares traded on the Toronto Stock Exchange ("TSX"), both the ex-dividend and record dates will be 13 March 2026. Holders of shares listed on the TSX will receive dividends in Canadian Dollars (“CAD”) but can elect to receive United States Dollars (“USD”). Holders of shares traded on the LSE will receive dividends in USD but can elect to receive Pounds Sterling (“GBP”). Currency elections and elections under the Company's dividend reinvestment plan ("DRIP") must be made by all shareholders prior to 17:00 GMT on 20 March 2026. Dividends will be paid in the default or elected currency on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 23 March 2026. This dividend does not qualify as an “eligible dividend” for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder. Endeavour is pleased to continue to offer a DRIP, offering existing shareholders the opportunity, at their own election, to increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company. Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the LSE or on the TSX. Participants may opt to reinvest all, or any portion of their dividends in the DRIP. Custodians are reminded that as part of the terms and conditions of the DRIP, if you make a partial election on the DRIP, the remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific holding(s). The enrolment form is available on Endeavour’s website. The last election date for participation in the H2-2025 DRIP will be 20 March 2026. In accordance with the DRIP, Endeavour’s Registrar, Computershare, will use cash dividends payable to participating shareholders to purchase ordinary shares in the open market on the TSX and the LSE at the prevailing market price.
Q4-2025 AND FY-2025 OPERATIONAL PERFORMANCE OVERVIEW
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 approximately $1,435/oz. When adjusted for the +$128/oz impact of higher gold prices on royalty costs, AISC amounted to $1,307/oz, in line with the guided $1,150-1,350/oz range that was based on a $2,000/oz gold price assumption.
_Table 3: 2025 All-In Sustaining Costs__1_
| | Q4-2025 ACTUALS | FY-2025 ACTUALS | FY-2025 GUIDANCE | | | | AISC at realised gold price of $4,227/oz for Q4-2025 and $3,486/oz for FY-2025 | ~1,650 | ~1,435 | | | | | Additional royalty cost at realised gold price vs $2,000/oz guidance gold price2 | +196 | +128 | FY-2025 impact of $128/oz on AISC due to higher gold prices driving royalty costs higher | | | | Comparative AISC at $2,000/oz gold price | ~1,454 | ~1,307 | 1,150 | — | 1,350 |
1All Q4-2025 and FY-2025numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q4-2025 and YTD-2025 are $4,227/oz and $3,486/oz, respectively, are exclusive of the impact of the revenue protection programme.
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 the mine sequence. 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.
_Table 4: Consolidated Group Production__1_
| | 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-Massawa2 | 78 | 61 | 70 | 274 | 229 | | Lafigué2 | 53 | 38 | 60 | 187 | 96 | | GROUP PRODUCTION | 298 | 264 | 363 | 1,209 | 1,103 |
1All Q4-2025 and FY-2025 numbers are preliminary and reflect Endeavour's expected results as at the date of this press release. 2Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs.
FY-2025 AISC of $1,435/oz increased by $217/oz over FY-2024 AISC of $1,218/oz largely due to the impact of higher gold prices on royalty costs of +$68/oz, higher royalty rates in Burkina Faso contributing +$18/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. Q4-2025 AISC of ~$1,650/oz increased by $81/oz over Q3-2025 AISC of $1,569/oz/oz due to the impact of higher gold prices on royalty costs and higher royalty rates of +$61/oz, higher sustaining capital at Houndé and Ity related to heavy mining equipment additions and haul road construction, respectively. This was partially offset by lower processing unit costs at Mana due to increased usage of lower-cost grid power, lower sustaining capital related to less waste development at Sabodala-Massawa and Lafigué, and less contractor lease payments at Mana following the underground mining contractor change in Q3-2025.
_Table 5: Consolidated All-In Sustaining Costs__1,2_
| (All amounts in US$/oz) | THREE MONTHS ENDED | YEAR ENDED | | | | | 31 December 2025 | 30 September 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | | | Houndé | ~1,875 | 1,475 | 1,024 | ~1,355 | 1,294 | | Ity3 | ~1,525 | 1,269 | 987 | ~1,195 | 919 | | Mana | ~2,175 | 2,377 | 1,698 | ~2,160 | 1,740 | | Sabodala-Massawa4 | ~1,235 | 1,326 | 1,261 | ~1,250 | 1,158 | | Lafigué3,4 | ~1,475 | 1,530 | 801 | ~1,250 | 844 | | Corporate G&A | ~45 | 47 | 41 | ~45 | 45 | | GROUP AISC | ~1,650 | 1,569 | 1,141 | ~1,435 | 1,218 |
1All Q4-2025 and FY-2025numbers are preliminary and unaudited, and reflect Endeavour's expected results as at the date of this press release. 2This is a non-GAAP measure. 3An increase in Government royalty rates in Côte d’Ivoire was imposed from 6% to 8% in2025, with the change retroactively applied from Q1-2025. The incremental cost has been applied to other expenses for FY-2025 and will only be reflected in royalty expenses and AISC from FY-2026. 4Excludes pre-commercial costs associated with ounces from the Sabodala-Massawa BIOX Expansion project and the Lafigué mine.
The Group’s realised gold price, excluding the impact of realised gains and losses on gold hedges and inclusive of the Sabodala-Massawa gold stream, was $4,201/oz and $3,464/oz for Q4-2025 and FY-2025 respectively. Including the impact of the gold hedges, the Group's realised gold price from continuing operations was $3,873/oz and $3,244/oz for Q4-2025 and FY-2025 respectively.
2026 OUTLOOK
FY-2026 production guidance is between 1,090-1,265koz, in line with FY-2025 production of 1,209koz. FY-2026 production guidance increased at Sabodala-Massawa due to expected increases in CIL processing plant throughput and higher BIOX processing plant throughput and recovery rates reflecting the progress of the asset optimisation initiatives. This is offset by a decrease in production guidance at Houndé and Lafigué, due to lower grades being mined and processed, while both mines focus on phased stripping activity during the year, in line with their mine sequences. FY-2026 AISC guidance is between $1,600-1,800/oz, consistent with the AISC achieved in the latter part of FY-2025. FY-2026 AISC is expected to increase at Houndé, Ity, Sabodala-Massawa and Lafigué due to increased stripping activity, lower average grades processed, stockpile drawdown, the impact of higher royalty rates in Côte d'Ivoire and higher sustaining capital at Sabodala-Massawa related to mining fleet optimisation, and at Houndé and Lafigué related to phased waste stripping. This will be partially offset by lower AISC at Mana due to lower capitalised underground development. 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.
Group performance is expected to be weighted towards H2-2026. Production is expected to increase in H2-2026 due to higher average grades in the mill feed at Houndé, following waste stripping activity in H1-2026, and higher throughput at both Ity and Mana, due to planned maintenance and planned development activities respectively, in H1-2026. Similarly, due to higher group production in H2-2026, AISC is expected to improve in H2-2026. Further details on individual mine guidance has been provided in the below sections. Group production is expected to increase each year from FY-2027 to FY-2030 towards the Group's 1.5Moz target, while AISC is expected to improve from FY-2027 with the completion of the current phase of stripping at Houndé, and the introduction of higher grade ores at Sabodala-Massawa and at the low-cost Assafou project in FY-2028.