Endeavour Mining beats top-line estimates; on track to achieve the top half of its production guidance

* Endeavour Mining press release [https://seekingalpha.com/pr/20305508-endeavour-reports-strong-q3minus-2025-results] (OTCQX:EDVMF [https://seekingalpha.com/symbol/EDVMF]): Q3 Non-GAAP EPS of $0.66.
* Revenue of $910M (+28.9% Y/Y) beats by $18.54M.
* Q3-2025 production of 264koz.
* Q3-2025 AISC of $1,569/oz; impacted by +$131/oz of gold price driven royalty costs.
* FCF of $680m ($746/oz produced) YTD-2025, up +1,411% over YTD-2024; $166m ($629/oz produced) for Q3-2025.

*
_Table 6: AISC Guidance Reconciliation__1_

Q3-2025ACTUALS
YTD-2025ACTUALS
FY-2025GUIDANCE

AISC at realised gold price of $3,513/oz for Q3-2025 and $3,221/oz for YTD-2025
1,569
1,362

Additional royalty cost at realised gold price vs $2,000/oz guidance gold price
+131
+103
YTD-2025 impact of +$103/oz on AISC due to higher gold prices driving royalty costs higher

AISC at $2,000/oz gold price2
1,438
1,259
1,150
—
1,350

Click to enlarge
_1__The impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q3-2025 and YTD-2025 of $3,513/oz and $3,221/oz are exclusive of the impact of the revenue protection __programme__, respectively. __2__Indicative AISC __normalising_ _realised__ AISC for the impact of the higher gold prices on royalty costs._

FY-2025 OUTLOOK

* The Group remains on track to achieve the top half of its production guidance of 1,110 - 1,260koz driven by strong YTD-2025 production at Houndé and Sabodala-Massawa. Q4-2025 production is expected to increase over Q3-2025 due to mining and processing of higher grades at Lafigué, Mana and Sabodala-Massawa CIL, in line with the mine sequence.

_Table 7: FY-2025 Production Outlook__1_

YTD-2025ACTUALS
FY-2025GUIDANCE
FY-2025OUTLOOK

_(All amounts in koz, on a 100% basis)_

Houndé
209
230 - 260
TOP HALF

Ity
245
290 - 330
ON TRACK

Mana
127
160 - 180
ON TRACK

Sabodala-Massawa
195
250 - 280
TOP HALF

Lafigué
135
180 - 210
LOWER HALF

Group Production
911
1,110 - 1,260
TOP HALF

Click to enlarge
_1__FY-2025 Production Guidance excludes the impact of the initiatives from the __Sabodala__-Massawa technical review._

* The Group remains on track to achieve its AISC guidance of $1,150 - 1,350/oz, when adjusted for the impact of higher gold prices on royalty costs (+$103/oz impact YTD-2025 due to the realised gold price of $3,221/oz compared to the guidance gold price of $2,000/oz). Prior to this impact, YTD-2025 AISC is approximately $1,259/oz, near the mid-point of the FY-2025 guidance range. Q4-2025 AISC is expected to improve over Q3-2025 due to higher grades, higher gold production and sales. The AISC sensitivity to royalty cost due to gold price changes is between $6 - 10/oz for every $100/oz increase in gold price.

_Table 8: FY-2025 AISC Outlook__1_

YTD-2025
YTD-2025
FY-2025GUIDANCE
FY-2025OUTLOOK

_(All amounts in US$/oz)_
ACTUALS(at $3,221/oz)
ADJUSTED2(at $2,000/oz)

Houndé
1,231
1,114
1,225 - 1,375
ON TRACK

Ity
1,099
1,014
975 - 1,100
ON TRACK

Mana
2,157
2,046
1,550 - 1,750
ABOVE TOP-END

Sabodala-Massawa
1,252
1,178
1,100 - 1,250
ON TRACK

Lafigué
1,168
1,087
950 - 1,075
NEAR TOP-END

Corporate G&A
45
45
40
ON TRACK

Group AISC
1,362
1,259
1,150 - 1,350
ON TRACK

Click to enlarge *

MORE ON ENDEAVOUR MINING PLC

* Endeavour Mining: Industry-Leading Margins With A World-Class Asset In The Wings [https://seekingalpha.com/article/4820348-endeavour-mining-industry-leading-margins-with-world-class-asset]
* Seeking Alpha’s Quant Rating on Endeavour Mining plc [https://seekingalpha.com/symbol/EDV:CA/ratings/quant-ratings]
* Historical earnings data for Endeavour Mining plc [https://seekingalpha.com/symbol/EDV:CA/earnings]
* Dividend scorecard for Endeavour Mining plc [https://seekingalpha.com/symbol/EDV:CA/dividends/scorecard]
* Financial information for Endeavour Mining plc [https://seekingalpha.com/symbol/EDV:CA/income-statement]