Endeavour Mining of West Africa posts strong Q3 as free cash flow rises to $680 million

Endeavour Mining of West Africa delivered a solid third quarter, with higher output and firm gold prices helping push free cash flow to $680 million year-to-date. The company remains on course for the top half of its 2025 production guidance, supported by consistent operational performance and a stronger balance sheet following the full repayment of its revolving credit facility.

Endeavour produced 911koz in the first nine months of the year, including 264koz in the third quarter. All-in sustaining costs averaged $1,362/oz year-to-date and $1,569/oz in the quarter, remaining within guidance after adjusting for higher royalty charges linked to stronger gold prices.

Adjusted EBITDA climbed to $1.63 billion for the year so far, more than doubling the same period in 2024. Adjusted net earnings rose to $556 million, or $2.29 per share. Strong cash generation enabled Endeavour to reduce gross debt by $425 million, bringing net debt to adjusted EBITDA down to 0.21 times. Shareholder distributions continued to grow. The company paid a record $150 million dividend in October and completed $83 million in buybacks, taking year-to-date returns to $233 million ahead of the next dividend declaration.

Endeavour advanced its growth pipeline through steady progress at the Assafou project, where the environmental permit was approved in the third quarter. The Definitive Feasibility Study remains on schedule for completion in the first quarter of 2026. Exploration spending reached $72 million year-to-date, focused on resource expansion at Sabodala-Massawa, Houndé, Ity and Assafou.