**Summary of Endeavour Minings Q3-2025 Results**
Endeavour Mining PLC reported strong Q3-2025 results, with year-to-date (YTD) production of 911,000 ounces (koz) at an all-in sustaining cost (AISC) of $1,362/oz, positioning the company to achieve its full-year guidance. Key highlights include
### **Operational and Financial Performance**
**Production**YTD production of 911koz, on track for the top half of the guidance range (1,110-1,260koz). Q3 production was 264koz.
**AISC**YTD AISC of $1,362/oz, impacted by higher gold price-driven royalty costs (+$103/oz). Q3 AISC was $1,569/oz, with a +$131/oz impact from royalties.
**Financial Metrics**
Adjusted EBITDA of $1634 million YTDup 110% YoY.
Adjusted Net Earnings of $556 million YTD, up 375% YoY.
Free Cash Flow (FCF) of $680 million YTD, up 1,411% YoY.
**Debt Reduction**Gross debt reduced by $425 million to $678 million after repaying the revolving credit facility (RCF) in Q3. Net Debt/Adjusted EBITDA (LTM) is 0.21x, well <mark style="background-color:yellow">below</mark> the 0.50x target.
### **Shareholder Returns**
**Dividends**Record $150 million dividend paid in Q4, on track to exceed the $225 million FY-2025 minimum.
**Share Buybacks**$83 million in YTD buybacks, with $14 million in Q3. Total YTD returns of $233 million before the H2-2025 dividend.
### **Organic Growth**
**Assafou Project**Definitive Feasibility Study (DFS) on track for Q1-2026. Environmental permit approved in Q3.
**Exploration**$72 million spent YTD on exploration, focused on near-mine resource expansions at key sites. 5-year exploration strategy completed, with 12.4Moz discovered at <$25/oz. New strategy expected in Q4-2025.
### **Operational Details**
**Production by Mine**
Houndé: 209koz YTDon track for top-half guidance.
Ity: 245koz YTDon track.
Mana: 127koz YTDon track.
Sabodala-Massawa: 195koz YTDtop-half guidance.
Lafigué: 135koz YTDlower-half guidance.
**Costs**Total cash cost of $1,141/oz YTD, up 4% YoY due to higher royalties. AISC of $1,362/oz YTD, up 8% YoY.
### **Capital Expenditure**
**Sustaining Capital**$161.4 million YTD, in line with guidance.
**Non-Sustaining Capital**Increased to $245 million due to fleet purchases at Mana and accelerated waste stripping at Lafigué.
**Growth Capital**$22.8 million YTD, primarily for the Assafou DFS.
### **Exploration**
**Targets**Focus on near-mine expansions at Houndé, Ity, Mana, and Sabodala-Massawa. Maiden resources expected for Pala Trend 2 in Q4.
**Greenfield Exploration**New joint venture in Kazakhstan to explore the Central Asian Orogenic Belt (CAOB).
### **Outlook**
**Production**On track for top-half of FY-2025 guidance (1,110-1,260koz).
**AISC**: On track for guidance ($1150-$1350/oz)adjusted for royalty impacts.
**Capital Expenditure**Sustaining capital unchanged at $195 million
non-sustaining capital increased to $245 million.
**Exploration**$85 million guidance maintained.
### **Management Commentary**
CEO Ian Cockerill emphasized strong operational performance, balance sheet strengthening, and continued focus on shareholder returns and organic growth. The company remains well-positioned for sustainable growth and sector-leading returns.
**Key Takeaways**Endeavour Mining delivered robust Q3 results, with strong production, cost control, and cash flow generation. The company is on track to meet FY-2025 guidance, while advancing organic growth projects and returning significant value to shareholders.