Endeavour Mining (LSE:EDV), the London and Toronto-listed gold producer with operations across West Africa, reported record first-half free cash flow of $761m, up 48% on the first half of 2025.
Adjusted EBITDA reached $1,611m for the six months to 30 June, a 38% increase year-on-year, while adjusted net earnings rose 69% to $672m, or $2.78 per share.
The company produced 564,000 ounces of gold in the first half at an all-in sustaining cost (AISC) of $1,871 per ounce, with the second quarter contributing 283,000 ounces at $1,907 per ounce, a $73 per ounce increase on the first quarter due to lower output at Sabodala-Massawa and Mana and higher sustaining capital at Houndé.
Endeavour ended the period with net cash of $254m and returned a record $301m to shareholders in the first half, more than double its minimum commitment, split between a $230m dividend and $71m of buybacks.
"Our solid operational performance together with continued strength in the gold price has translated into record financial performance", said chief executive Ian Cockerill, adding that the second half production skew reflects wet-season and stripping impacts in the third quarter before improvement in the fourth.
The group remains on track to meet full-year guidance of 1,090koz to 1,265koz at an AISC of $1,600 to $1,800 per ounce, with a final investment decision on the Assafou project expected by year-end.
News Intelligence what this means for the company
Endeavour Mining delivered record H1 free cash flow of $761m—48% above H1 2025—driven by 38% EBITDA growth to $1,611m and a 69% jump in adjusted net earnings to $672m, as strong gold prices and operational performance offset seasonal cost headwinds in Q2. The company returned a record $301m to shareholders (more than double its minimum commitment) while maintaining net cash of $254m and reaffirming full-year guidance, positioning it to sustain elevated capital returns under its $1bn three-year dividend programme.
The H1 result validates Endeavour's cash generation model at current gold prices and demonstrates headroom to fund shareholder returns well above minimum commitments while advancing the Assafou project toward a year-end FID. The $254m net cash position and $761m H1 FCF provide substantial dry powder for development capex and returns, though Q2 AISC of $1,907/oz signals cost inflation risk that could pressure full-year guidance if sustained.
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