1st May 2025 10:37
(Alliance News) - Endeavour Mining PLC on Thursday reported a "strong" operational and financial performance for the first quarter of 2025, as higher gold production and prices helped lift earnings and free cash flow, keeping the company on track to meet full-year guidance.
The West Africa-focused gold producer said net earnings attributable to shareholders surged to USD173.2 million, swinging from a USD20.2 million loss a year before.
Gold output rose to 341,000 ounces from 219,000 ounces, while the average realised gold price climbed to USD2,783 per ounce from USD2,041, bringing total revenue to USD1.04 billion, doubling from USD472.7 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose 12% quarter-on-quarter to USD613 million, with record free cash flow of USD409 million in the period.
Endeavour reduced net debt by over USD350 million to USD378 million, bringing its leverage ratio to 0.22 times adjusted Ebitda.
"We delivered another quarter of exceptional operational performance, placing us firmly on track to achieve our full-year guidance," said Chief Executive Officer Ian Cockerill. "We're now in a highly cash-generative phase and remain committed to delivering superior shareholder returns."
Production at the Hounde mine exceeded expectations, and both the Hounde and Ity mines remain on track to meet full-year guidance. Endeavour reaffirmed its financial production outlook of between 1.11 million and 1.26 million ounces at an all-in sustaining cost of USD1,150 to USD1,350 per ounce.
Looking ahead, Endeavour continues to progress its Assafou project in Ivory Coast, with a definitive feasibility study expected between late 2025 and early 2026. Exploration remains a priority, with USD24 million spent in the first quarter and a full-year budget of USD75 million.
Shares in Endeavour Mining were up 3.5% at 2,086.04 pence in London on Thursday morning.
By Eva Castanedo, Alliance News reporter
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