West Africa's largest gold producer delivers bumper annual results as surging gold prices drive earnings to new highs
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2), the London-listed gold producer, has reported record annual free cash flow of $1.16 billion for 2025, as soaring gold prices combined with strong operational performance to deliver a near-fourfold increase in profits.
The company, which operates five mines across West Africa, said adjusted net earnings attributable to shareholders rose 244% to $782 million, or $3.23 per share, compared with $227 million in 2024.
Free cash flow of $1.16 billion represented a 269% increase over the prior year, equivalent to $956 per ounce produced.
The results were underpinned by a 38% jump in the realised gold price, which averaged $3,244 per ounce across the year, against $2,349 per ounce in 2024.
Annual gold production reached 1.21 million ounces at an all-in sustaining cost (AISC) of $1,433 per ounce, placing it within the top half of the company's guided range and marking the twelfth time in thirteen years that Endeavour has achieved its production guidance.
The strong cash generation allowed the company to slash its net debt by $574 million during the year to just $158 million, leaving the net debt to adjusted earnings before interest, tax, depreciation and amortisation ratio at 0.07 times, well below its long-term target of 0.50 times.
Endeavour returned a record $435 million to shareholders in 2025, comprising dividends of $350 million and share buybacks of $85 million, a figure 93% above the company's minimum commitment for the year.
Since launching its returns programme in 2021, the company has distributed more than $1.6 billion to shareholders, 83% above the minimum committed over that period.
Looking ahead, Endeavour set out a new 2026 to 2028 returns programme targeting a minimum dividend of approximately $1 billion over the three-year period, with the company expecting to more than double that figure through supplemental dividends and buybacks at prevailing gold prices.
Chief executive Ian Cockerill said the company had entered 2026 "with strong operating momentum and a healthy balance sheet."
For 2026, Endeavour guided production of 1.19 to 1.265 million ounces at an AISC of $1,600 to $1,800 per ounce, reflecting higher stripping activity and lower average grades at some operations, as well as the impact of an increase in government royalty rates in Côte d'Ivoire from 6% to 8%.
Progress continued on the company's Assafou development project in Côte d'Ivoire, where both the environmental and exploitation permits have been approved.
A definitive feasibility study is expected in the first quarter of 2026, with first gold targeted for the second half of 2028.
Endeavour's exploration programme added 1.5 million ounces of measured and indicated resources during the year at Sabodala-Massawa, Ity and Assafou, partly offsetting depletion to leave total measured and indicated resources at 25 million ounces.
The company contributed $2.8 billion to its host economies during 2025, including $919 million in direct payments to governments through taxes, royalties and dividends.