Endeavour Mining plc reported second-quarter adjusted earnings per share of $1.25, missing analyst consensus estimates of $1.33 by 6.02 percent. Quarterly sales totalled $1.220 billion, falling short of the $1.249 billion estimate by 2.32 percent. Despite missing these specific quarterly benchmarks, the company delivered a record financial performance for the first half of 2026, with adjusted net earnings rising 69% year-over-year to $672 million ($2.78 per share). The strong half-year result was primarily driven by higher realized gold prices, which averaged $4,579 per ounce compared to $2,953 per ounce in H1-2025, offsetting a 13% decline in gold production to 564,000 ounces.
The Management Discussion & Analysis and Financial Statements have been filed on SEDAR+ and submitted to the National Storage Mechanism. Ian Cockerill, Chief Executive Officer, stated that solid operational performance positioned the company firmly on track to achieve full-year guidance, with operating performance weighted towards the fourth quarter of 2026. The company also announced the appointment of Rousseau Jooste as Executive Vice President of Projects and Chief Technical Officer, effective May 1, 2026.
Financial Highlights
The company’s profitability expanded significantly despite lower production volumes, as the premium gold price environment bolstered margins. Adjusted EBITDA reached $1,611 million for H1-2026, a 38% increase from $1,169 million in the prior year period. Operating cash flow rose 41% to $1,055 million. The company maintained a strong net cash position of $254 million at the end of June 2026, with total available liquidity standing at $1,541.8 million.
| Metric |
Q2-2026 |
H1-2026 |
H1-2025 |
Change |
| Gold Production (koz) |
283 |
564 |
647 |
(13)% |
| Realised Gold Price ($/oz) |
4,348 |
4,579 |
2,953 |
+55% |
| Adj. EBITDA ($m) |
732 |
1,611 |
1,169 |
+38% |
| Adj. Net Earnings ($m) |
302 |
672 |
398 |
+69% |
| Free Cash Flow ($m) |
149 |
761 |
514 |
+48% |
Operational Performance
Gold production decreased to 564,000 ounces in H1-2026 from 647,000 ounces in the prior year, primarily due to lower grades at the Houndé and Mana mines and scheduled maintenance at Sabodala-Massawa. All-in sustaining costs (AISC) increased to $1,871 per ounce, up 46% from $1,281 per ounce in H1-2025. This increase was largely attributable to higher royalty costs linked to elevated gold prices; excluding this impact, AISC was approximately $1,687 per ounce, within the lower half of the FY-2026 guidance range of $1,600–$1,800 per ounce.
Production varied across sites: Ity saw improved throughput following maintenance, while Mana’s output declined after completing mining at the high-grade Siou deposit. Lafigué exceeded expectations, with throughput surpassing design nameplate capacity. The company remains on track to achieve its FY-2026 production guidance of 1,090–1,265,000 ounces.
Shareholder Returns and Growth
Endeavour returned $301 million to shareholders in H1-2026, comprising a $230 million dividend and $71 million in share buybacks. This exceeds the minimum commitment under its shareholder returns program. The dividend payment date is set for October 9, 2026, with ex-dividend dates in mid-September. Since Q1-2021, the company has returned over $1.9 billion to shareholders, 85% above its minimum commitment.
On the growth front, the Assafou project, featuring a $5.1 billion after-tax NPV at a $4,000 per ounce gold price, is on track for a final investment decision by year-end. Additionally, the underground expansion at Sabodala-Massawa is proceeding, with infrastructure development underway and first ore targeted by year-end. Exploration activities focused on resource updates at Vindaloo Deeps and Kawsara, with significant increases expected in H2-2026.
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