Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2) told investors it achieved its FY-2025 guidance and declared a record second-half dividend of US$200 million.
The gold miner reported FY-2025 gold production of 1.209 million ounces in the year, at an all-in cost (AISC) of around US$1,435 per ounce. Costs were within guidance, once adjusted for higher royalty costs linked to higher gold prices, it said.
In Q4-2025, Endeavour produced 298,0000 ounces, up from 264,000 ounces in the preceding three months. Meanwhile, AISC was marked at US$1,650 per ounce in the fourth quarter.
Ian Cockerill, Endeavour chief executive, said, “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... This performance, coupled with strong gold prices, underpinned record free cash flows, above $1 billion for the year."
He added: "Looking ahead, we will significantly increase minimum shareholder returns over the 2026 to 2028 period."
Endeavour declared a record H2-2025 dividend of US$200 million, or about US$0.83 per share, payable in April. Dividends for the year total US$350 million (about US$1.45 per share), and it undertook some US$85.3 million of share buybacks - taking total shareholder returns for the year to US$435.3 million for 2025.
The miner also highlighted that it had reduced net debt by US$574.2 million in FY-2025, ending the year at US$157.4 million. It also noted available liquidity of about US$1,153.3 million at the end of December.
For FY-2026, the miner guided for production of 1.09 to 1.265 million ounces at an AISC of US$1,600–1,800 per ounce.
This outlook, it said, reflects higher gold prices, royalties and phased stripping-related sustaining capital at Houndé and Lafigué.
Endeavour told investors it expects to return at least US$1 billion in dividends over FY-2026 to FY-2028, provided the realised gold price remains above US$3,000 per ounce.
In regards to the Assafou property, Endeavour said an environmental permit has been approved and it expects exploitation permit approval and completion of the definitive feasibility study in Q1-2026. First gold production remains on track for H2-2028, it added.