Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Q4 2025 Earnings Presentation
50 slides from Endeavour Mining's earnings presentation, Mar 5, 2026
Slide 1: Q4 & FY-2025 Results Presentation
Q4 & FY-2025 RESULTS PRESENTATION 5 March 2026
Slide 2: Disclaimer & Forward-Looking Statements
DISCLAIMER & FORWARD-LOOKING STATEMENTS Some of the indicators used by Endeavour in this presentation represent non-IFRS financial general economic conditions and the impact of credit availability on the timing of cash flows and the measures, including sustaining capital per ounce, non-sustaining ca
Slide 3: Speakers
SPEAKERS IAN GUY DJARIA JACK COCKERILL YOUNG TRAORE GARMAN CEO CFO EVP Operations & ESG VP Investor Relations
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q4-2025 & FY-2025 HIGHLIGHTS 2 FINANCIAL RESULTS 3 OPERATING PERFORMANCE 4 CONCLUSION 5 APPENDIX
Slide 5: Q4-2025 & FY-2025 Highlights
01 SECTION 1 Q4-2025 & FY-2025 HIGHLIGHTS
Slide 6: 2025 Year in Review
2025 YEAR IN REVIEW OPERATIONAL ESG PERFORMANCE 1,209koz INITIATIVES Class-leading ESG ratings1 Production 2025 $1,216/oz Sustainability Total Cash Costs Report published $1,433/oz All-In Sustaining Costs $ 2.8bn Economic 0.07 contribution to host countries LTIFR FINANCIAL ASSAFOU PROJECT $1,156m ta
Slide 7: Growing Production and Margins
GROWING PRODUCTION AND MARGINS Strong operating performance and gold prices driving all-in sustaining margin Production and All-In Sustaining Margin Production from discontinued operations, koz2 All-In Sustaining Margin, US$/oz Realised Production, koz 106koz Gold Price1 1,636koz 1,420koz + 1,274koz
Slide 8: Operational Excellence
OPERATIONAL EXCELLENCE Track record of achieving or beating guidance Guidance Track Record 65%1 Production Guidance All-in sustaining margin (%) 56% 52% 53% 50% 50% 48% 28% 36% 39% 40% 1,536koz 1,400koz 12 years Out of last 13 beating or 19% 20% 1,365-1,495koz 1,130-1,270koz 1,090-1,265koz 18% 1,315
Slide 9: Full Year 2026 Guidance
FULL YEAR 2026 GUIDANCE Stable operating performance expected FY-2026 Guidance GROUP PRODUCTION koz 1,090 1,265 TOP 10 Global gold producer GROUP AISC $/oz 1,600 1,800 FY-2026 Guidance2 at $3,000/oz Sustaining $m LARGEST GROUP CAPITAL gold producer in West Africa 230 EXPENDITURE Non- $m sustaining 2
Slide 10: Organically Growing Production
ORGANICALLY GROWING PRODUCTION Production growth to 1.5Moz by 2030 with sector-leading costs Production from continuing operations1 Production from continuing operations 27%% 24 DEBT FUND GROWTH AND DELEVERAGING AND SECTOR LEADING REDUCTION DELIVER SHAREHOLDER SHAREHOLDER SHAREHOLDER RETURNS & FOCUS
Slide 11: Free Cash Flow Generation
FREE CASH FLOW GENERATION Record operating cash flow and free cash flow in FY-2025 Free cash flow from all operations Operating Cashflow Free Cash Flow Investing Cashflow DEBT REDUCTION FOCUS ABILITY TO FUND GROWTH AND DELIVER SHAREHOLDER RETURNS DELEVERAGING AND SHAREHOLDER RETURNS $1,156m +$ 843m
Slide 12: Sector-Leading Free Cash Flow Generation
SECTOR-LEADING FREE CASH FLOW GENERATION Strong consensus free cash flow generation outlook 20% 16.9% 15.2% 14.8% 14.3% 15% 13.4% 11.8% 2026E FREE 10% 10.7% 10.4% 9.5% 8.1% 7.2% 6.9% 6.5% CASH FLOW 5% 6.4% 5.9% 5.4% YIELD EDV vs peers 0% OceanaGold Kinross Alamos GoldFields Newmont Resolute Agnico E
Slide 13: Sector-Leading Shareholder Returns
SECTOR-LEADING SHAREHOLDER RETURNS Record FY-2025 shareholder returns; fifth consecutive year of increasing DPS and returns per ounce Cumulative shareholder returns Minimum dividends Returns per ounce produced Supplemental dividends 435m Share buybacks Dividends per $435m share $85m $ Returned to sh
Slide 14: Attractive Shareholder Returns
ATTRACTIVE SHAREHOLDER RETURNS Shareholder returns are attractive across gold mining and other sectors 2025 RETURNS PER OUNCE 2025 INDICATIVE YIELD 2025 TSR $0/oz $500/oz $1,000/oz $1,500/oz 0% 1% 2% 3% 4% 0% 50% 100% 150% 200% Lundin Gold $1,377/oz Endeavour 3.5% Endeavour 196.4% AngloGold $512/oz
Slide 15: 2026-2028 Shareholder Returns Programme
2026-2028 SHAREHOLDER ~$ bn RETURNS PROGRAMME Increasing commitment to shareholder returns through growth phase 1 minimum commitment over Shareholder returns programme FY-2026 to FY-2028 At prevailing gold prices, supplemental returns are expected to be approximately Share buybacks Minimum dividends
Slide 16: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE Tier 1 Assafou project first gold targeted in H2-2028 INSIGHTS PRE-FEASIBILITY STUDY KEY METRICS The DFS envisages a 5Mtpa Gravity/CIL processing plant, based on an updated R&R model, with the key expected differences between the PFS and the DFS detailed below: 329koz
Slide 17: Assafou Project, Côte d'Ivoire
ASSAFOU PROJECT, CÔTE D’IVOIRE M&I resources increased by 13%; maiden resource at Pala Trend 3 satellite deposit Assafou map INSIGHTS › Assafou project M&I resources increased by 13%, due to infill drilling at the Assafou deposit and exploration at Pala Trend 3 satellite deposit. › Infill drilling a
Slide 18: Exploration Track Record
EXPLORATION TRACK RECORD 22.4Moz discovered since 2016, more than double production depletion Total M&I resource discoveries M&I resources discovered Exploration spend 7% 22.4 22.4Moz Group M&I resource grade 8% Discovered % of total M&I discoveries 1.5Moz 18% 1.9Moz Moz 4.0Moz 13% M&I resources dis
Slide 19: 5-Year Discovery Outlook
5-YEAR DISCOVERY OUTLOOK 6 - 9Moz of MI&I resource discoveries targeted to replace depletion across operating portfolio Risked mean mineral resource discovery targets M&I Resource as at 31 December 20251 12-15Moz Risked Mean Indicated Resource Discovery Target 5-year (2026 – 2030) Mineral resource d
Slide 20: Valuation Benchmark
VALUATION BENCHMARK Endeavour offers a compelling consensus valuation relative to the gold sector and other sectors EV/2026E EBITDA Cross-sector average 20.0x 17.6x 18.2x 15.7x 16.5x 15.0x 13.4x 11.4x 11.8x 12.1x 8.3x 9.5x 2026E 4.8x EV/EBITDA Financials Health Care Endeavour Utilities Industrials C
Slide 21: Being a Trusted Partner
BEING A TRUSTED PARTNER 2025 economic contribution and ESG performance highlights 2025 SUSTAINABILITY REPORT HIGHLIGHTS $2.8bn $919m $308m Economic Contribution Paid to host Wages and related to host countries governments payments in country $1.6bn 95% 33% Spent on in-country Employees are West Exec
Slide 22: Being a Trusted Partner
BEING A TRUSTED PARTNER Significant impact to host economies over the 2021-2025 period PHASE 1 ESG STRATEGY: 2021-2025 IMPACT Economic Economic Access to Education and contribution development healthcare employability $3.3bn1 $6.6bn1 55,000 38,000 Paid to host governments In-country procurement Peop
Slide 23: Financial Results
02 SECTION 2 FINANCIAL RESULTS
Slide 24: Financial Highlights
FINANCIAL HIGHLIGHTS Record free cash flow in Q4 & FY-2025 QUARTER ENDED TWELVE MONTHS ENDED 31 Dec 30 Sept 31 Dec 31 Dec 31 Dec FY-2025 vs. From Continuing Operations1 (in $ million unless otherwise stated) 2025 2025 2024 2025 2024 FY-2024 75% OPERATIONAL HIGHLIGHTS Gold Production, koz 298 264 363
Slide 25: Top Half of Production Guidance Achieved
TOP HALF OF PRODUCTION GUIDANCE ACHIEVED Strong operating performance and gold prices driving all-in sustaining margin growth Production and All-In Sustaining Margin Realised Production, koz All-In Sustaining Margin, US$/oz Gold Price1 363koz 34koz $2,225/oz 341koz 306koz 298koz + 264koz Production
Slide 26: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Increasing adjusted EBITDA generation at stronger margins Adjusted EBITDA and Adjusted EBITDA Margin Adj. EBITDA from continuing operations Adj. EBITDA Margin +46% Realised Gold Price1 $681m $613m $546m $556m Adj. EBITDA Q4-2025 vs Q3-2025 $466m +2pp 58% 59
Slide 27: Operating Cash Flow
OPERATING CASH FLOW Strong operating cashflow with increased production and gold prices Operating cash flow Realised Operating cashflow from continuing operations Gold Price1 $609m $494m +$ 300m Operating cash flow Q4-2025 vs. Q3-2025 $381m $309m $252m + 97% Operating cash flow $2,590/oz $2,783/oz $
Slide 28: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE Higher gold sales and improved working capital driving higher operating cash flow INSIGHTS Operating cash flow bridge 1. The realised gold price for continuing 2 3 operations, inclusive of realised losses on gold hedges as part of the Group’s Revenue 5 $609m Protection Pro
Slide 29: Free Cash Flow
FREE CASH FLOW Record free cash flow in Q4-2025 Free Cash Flow Operating Cashflow Free Cash Flow $609m Investing Cashflow $494m $409m $476m +$ 310m $381m Free Cash Flow Q4-2025 vs. Q3-2025 $309m $268m $252m $166m $104m + 187% ($85m) Free cash flow ($113m) ($133m) Q4-2025 vs. Q3-2025 ($148m) ($143m)
Slide 30: Change in Net Debt
CHANGE IN NET DEBT Improving gross debt, net debt and leverage in Q4-2025 INSIGHTS Change in net debt 1 1. Operating activities included $625m in $453m operating cashflow before changes in working capital and a $16m working capital outflow. 2. Investing cash outflows included $47m of sustaining capi
Slide 31: Net Earnings from Continuing Operations
NET EARNINGS FROM CONTINUING OPERATIONS Adjusted net earnings increased quarter on quarter INSIGHTS 3 MONTHS ENDED 1. The Group recognised a non-cash impairment of $193m 31 Dec 30 Sept (in $ million) A = Adjustments made for Adjusted Net Earnings in relation to the Bantou and Nbanga properties in 20
Slide 32: Operating Performance
03 SECTION 3 OPERATING PERFORMANCE
Slide 33: Safety Performance
SAFETY PERFORMANCE Continued industry leading safety record LTIFR and hours worked Hours Worked (Millions, 12 month trailing basis) LTIFR (12 month trailing basis)1 41.6m 39.4m 38.0m 38.1m 39.4m 0.07 LTIFR in Q4-2025 0.13 0.05 0.05 0.05 0.07 + 2.2m Hours worked Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-202
Slide 34: Reserve and Resource Evolution
RESERVE AND RESOURCE EVOLUTION Depletion and model optimisation partially offset by discoveries and gold price increase P&P reserve bridge1 18.4Moz (0.7Moz) (0.4Moz) (0.1Moz) 16.6Moz 1.8Moz (0.5Moz) (0.4Moz) +0.3Moz - P&P reserves FY-2025 vs FY-2024 2024 Year-end Houndé Ity Mana Sabodala- Lafigué As
Slide 35: Group Operating Performance by Asset
GROUP OPERATING PERFORMANCE BY ASSET Stable production in FY-2026 with H2 weighted performance due to phased waste stripping Production, koz AISC, US$/oz 274koz 260-305koz 343koz 319koz 285-330koz 229koz $1,350 - $1,300 - 1,550/oz 1,500/oz $1,158/oz $1,248/oz $1,197/oz $919/oz Sabodala Ity Massawa 2
Slide 36: Sabodala-Massawa, Senegal
SABODALA-MASSAWA, SENEGAL CIL throughput and recoveries supporting increased production Q4-2025 vs Q3-2025 INSIGHTS Production and AISC1 Production, koz AISC, US$/oz 78koz › Production increased due to an increase in the average 70koz 72koz 62koz 61koz processed grade and recovery rates through the
Slide 37: Houndé Mine, Burkina Faso
HOUNDÉ MINE, BURKINA FASO Higher stripping expected phase driving H2-2026 weighted performance Q4-2025 vs Q3-2025 INSIGHTS Production and AISC › Production decreased slightly due to lower grade ore Production, koz AISC, US$/oz processed, partially offset by higher recovery rates and an 109koz increa
Slide 38: Ity Mine, Côte d'Ivoire
ITY MINE, CÔTE D’IVOIRE Stable production outlook for FY-2026 Q4-2025 vs Q3-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production decreased due to lower average grades 84koz 84koz 84koz 74koz processed, partially offset by an increase in mill 77koz throughput. $1,269/oz $1,523/
Slide 39: Mana, Burkina Faso
MANA, BURKINA FASO Increased Q4-2025 production due to higher average grade Q4-2025 vs Q3-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades 46koz 46koz processed, tonnes milled and recovery rates. 41koz 41koz 39koz › AISC decreased due
Slide 40: Lafigué Mine, Côte d'Ivoire
LAFIGUÉ MINE, CÔTE D’IVOIRE Higher stripping phase of the mine plan in 2026 Q4-2025 vs Q3-2025 INSIGHTS Production and AISC Production, koz AISC, US$/oz › Production increased due to higher average grades processed, while tones milled and recovery rates 60koz remained consistent with the prior quart
Slide 41: Conclusion
04 SECTION 4 CONCLUSION
Slide 42: Key Priorities
KEY PRIORITIES Focus on operational excellence to deliver strategic priorities FREE CASH FLOW GENERATION STRONG FINANCIAL POSITION $1,156m or $956/oz 0.07x Free Cash Flow Net Debt / Adj. EBITDA (LTM) in FY-2025 at 31 December 2025 STRATEGIC PRIORITIES SECTOR LEADING SECTOR LEADING SHAREHOLDER RETURN
Slide 43: Appendix
05 SECTION 5 APPENDIX
Slide 44: FY-2026 Guidance
FY-2026 GUIDANCE Capital Expenditure Guidance FY-2025 FY-2026 GUIDANCE (All amounts in US$m) Houndé 37 50 Production Guidance Ity 33 40 Mana 88 60 (All amounts in koz, on a 100% FY-2025 FY-2026 GUIDANCE Sabodala-Massawa 42 50 basis) Lafigué 8 30 Houndé 257 220 — 255 Corporate 2 — SUSTAINING CAPITAL
Slide 45: Mine Statistics
MINE STATISTICS On a quarterly basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) Q4-2025 Q3-2025 Q4-2024 Q4-2025 Q3-2025 Q4-2024 Q4-2025 Q3-2025 Q4-2024 Q4-2025 Q3-2025 Q4-2024 Q4-2025 Q3-2025 Q4-2024 Physicals Total tonnes mined – OP1 000t 12,810 12,718 10,833 7,985 7,949 8,120 — — —
Slide 46: Mine Statistics
MINE STATISTICS On a full year basis HOUNDÉ ITY MANA SABODALA-MASSAWA LAFIGUÉ (on a 100% basis) FY-2025 FY-2024 FY-2025 FY-2024 FY-2025 FY-2024 FY-2025 FY-2024 FY-2025 FY-2024 Physicals Total tonnes mined – OP1 000t 50,352 43,116 32,152 30,419 — 930 34,607 43,478 54,040 37,151 Total ore tonnes – OP
Slide 47: Tax Payments by Asset
TAX PAYMENTS BY ASSET THREE MONTHS ENDED YEAR ENDED 31 December 30 September 31 December 31 December 31 December 2025 2025 2025 2025 2024 All amounts in US$ million Houndé 18 16 11 74 51 Ity — 39 2 116 78 Mana 4 3 2 10 11 Sabodala-Massawa — — — 34 76 Lafigué — 11 — 37 1 Other1 1 (1) 1 92 80 Taxes pa
Slide 48: Tax Payments
TAX PAYMENTS Cash income and withholding tax payment outlook Group tax payments by year Minesite Tax Withholding Tax INSIGHTS › Income tax payments reflect the prior years taxable FY-2024 $17m $296m FY-2025 $23m $362m $65m $67m earnings, while withholding tax payments reflect cash upstreaming in the
Slide 49: Continuous Improvement in ESG Ratings
CONTINUOUS IMPROVEMENT IN ESG RATINGS Reflecting increased transparency, disclosure and engagement C+ Severe AA AA AA AA C A Medium C- C- BBB Low Low 2019 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 B B 62 54 B- 53 54 49 C C C 45 42 39 D- 2019 2020 2021
Slide 50: TSX.EDV LSE.EDV
CORPORATE OFFICE 5 Young Street, London W8 5EH, United Kingdom T: +44 203 011 2723 OPERATIONS OFFICE Abidjan Office, Route du Lycée Technique, Abidjan, 08 BP 872 Abidjan 08, Côte d’Ivoire T: +225 27 22 48 99 00 CONTACT US investor@endeavourmining.com Follow us: TSX.EDV endeavourmining.com LSE.EDV