Endeavour Mining report record first-half free cash flow, shareholder returns
London-listed Endeavour Mining has reported strong financial results for the first half of this year, with record performances for both free cash flow of $761-million and shareholder returns of $301-million.
The record free cash flow was 48% higher year-on-year.
Endeavour produced 564 000 oz of gold at an all-in sustaining cost of $1 871/oz in the first half.
The company is on track to achieve full-year guidance with operating performance weighted towards the fourth quarter.
Meanwhile, adjusted earnings before interest, taxes, depreciation and amortisation for the interim period was $1.61-billion, up 38% year-on-year.
Endeavour had a strong net cash position of $254-million at the end of the second quarter.
The record first-half shareholder returns of $301-million were more than double the minimum commitment, comprised of a record $230-million dividend and $71-million of share buybacks.
A $1-billion minimum dividend over 2026 to 2028 is expected to be supplemented with dividends and share buybacks at a gold price above $3 000/oz.
The company’s top-tier Assafou project final investment decision is expected by year-end. Mining convention negotiations, project infrastructure, relocation action plan and early works are on track.
The Sabodala-Massawa underground expansion is on track for launch in the second half of the year. Infrastructure development is under way with first ore targeted by year-end.
Exploration prioritising significant resource updates at the Vindaloo Deeps and Kawsara discoveries is expected in the second half.
“Our robust operating outlook, strong cash flow generation and healthy financial position, coupled with a highly disciplined approach to capital allocation, underpins sustained sector-leading organic growth and shareholder returns, creating long-term value for all stakeholders,” CEO Ian Cockerill says.
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