By: Creamer media

The company reported gold production for the 2025 financial year of more than 1.2-million ounces, placing results in the top half of guidance, at an all-in sustaining cost (AISC) of about $1 435/oz.

Endeavour said costs were within guidance when adjusted for higher royalty payments of $128/oz, which increased owing to higher gold prices.

Total shareholder returns for the year reached $435-million, consisting of $350-million in dividends and $85-million in share buybacks. This equated to $360/oz produced and exceeded the company’s minimum return commitment. The second half of the 2025 financial year dividend alone amounted to $0.83 a share, bringing the full-year dividend to $1.45 a share.

Endeavour said strong cash generation allowed it to reduce net debt by $574-million during the year, ending the 2025 financial year with net debt of $157-million and near-zero leverage. Gross debt declined by $518-million to $611-million, while available liquidity stood at more than $1.15-billion.

Endeavour CEO Ian Cockerill said the company’s operational and financial performance in 2025 supported both balance sheet strengthening and increased cash returns.

“During 2025, we safely achieved our guidance for the twelfth time in 13 years, generated record free cash flow, fully deleveraged our balance sheet and paid record shareholder returns,” Cockerill said.

Results for the fourth quarter include gold production of 298 000 oz, an increase of 35 000 oz from the third quarter of 2025. AISC rose to about $1 650/oz, up $81/oz from the previous quarter, which the company attributed largely to higher royalty payments linked to higher gold prices.

Looking ahead, Endeavour issued a production guidance for the 2026 financial year of 1.09-million to 1.27-million ounces at an AISC range of $1 600/oz to $1 800/oz.

The company said the higher cost outlook reflected increased gold prices, associated royalties, and phased stripping and sustaining capital at the Houndé and Lafigué operations, in Burkina Faso and Côte d’Ivoire, respectively.

The company had committed to a minimum dividend programme of about $1-billion for the 2026 to 2028 period, which it said would be supplemented with additional dividends and share buybacks at prevailing gold prices.

Since launching its shareholder returns programme in 2021, Endeavour has returned more than $1.6-billion to shareholders.

“Looking ahead, we will significantly increase minimum shareholder returns over the 2026 to 2028 period, as we simultaneously build Assafou [in Côte d’Ivoire], returning at least $1-billion subject to a minimum gold price of $3 000/oz,” he said.

On the growth front, Endeavour confirmed that the environmental permit for its Assafou project had been approved, with exploitation permit approval and completion of the definitive feasibility study expected in the first quarter.

First gold production at Assafou remains on track for the second half of 2028.

The company also outlined an exploration strategy for the 2026 to 2030 period, targeting the discovery of 12-million to 15-million ounces of measured, indicated and inferred resources at a discovery cost of less than $40/oz.

Endeavour said this included potential new projects in West Africa and three additional geologically immature jurisdictions, alongside efforts to extend mine lives at existing operations.