Endeavour Mining shares climbed 6% to 4,393p after the miner reported record Q1 adjusted EBITDA of $880m and free cash flow of $613m.
The gold miner recorded adjusted net earnings of $370m ($1.53 per share), a 65% increase versus Q4-2025, ended the quarter with net cash of $405m and balance sheet liquidity of $1,704m, and noted cumulative shareholder returns of $1.6bn over the past five years with record FY-2025 returns of $435m.
The definitive feasibility study for Assafou outlines 320k oz per annum in the first eight years at an AISC of $1,026/oz, an after-tax NPV(5%) of $5.1bn, an IRR of 55%, upfront capital of $1,061m and a sub‑two‑year payback at $4,000/oz, with early works started and FID targeted before the end of 2026.
Endeavour confirmed a 2026-2028 shareholder returns programme with a minimum $1bn of dividends ( $300m FY-2026, $325m FY-2027, $350m FY-2028) conditional on a realised gold price at or above $3,000/oz, and said supplemental dividends and buybacks are expected at higher gold prices while $54m of buybacks have been completed year‑to‑date including $30m in Q1-2026.
"Our financial strength gives us flexibility to simultaneously start construction at Assafou and deliver on our sector leading shareholder returns programme," said Ian Cockerill, Chief Executive Officer.
The group said it remains on track to meet FY-2026 production guidance of 1,090-1,265koz and AISC guidance of $1,600-1,800/oz on a royalty‑adjusted basis, with performance weighted to the second half of the year.
