Endeavour Mining profit multiplies after 2025 gold price surge
Endeavour Mining PLC on Thursday posted an annual profit surge, buoyed by strong gold prices, and outlined confident medium-term plans.
The London-based gold producer targeting West Africa saw its pretax profit multiply to $1.34 billion in 2025 from $114 million the year prior, as revenue rose 58% to $4.23 billion from $2.68 billion on-year.
Gold production totalled 1.2 million ounces, up from 1.1 million ounces in 2024, while the average realised gold price per ounce jumped 38% to $3,244 from $2,349.
All-in sustaining cost per ounce ticked up to $1,433, from $1,218 on-year, and went above guidance for $1,150 to $1,350. Endeavour noted that the target range had assumed an average gold price of $2,000 per ounce. After adjusting for the impact of higher prices on royalties, the company estimated that 2025’s AISC had remained within guidance at $1,305.
Endeavour Mining shares fell 0.9% to 4,804.00 pence on Thursday morning in London, and are up threefold over the past year.
Looking ahead, the company has reiterated production guidance for 1.09 million to 1.27 million ounces of gold in 2026. Between 2026 and 2028, it aims to pay a minimum total of $1.0 billion in dividends, having paid out $435 million through a combination of dividends and buybacks in 2025, which Chief Executive Ian Cockerill said ‘was 93% above our minimum commitment’.
The firm noted environmental and exploitation permits for its Assafou prospect, where it aims to complete a definitive feasibility study in the first quarter of 2026. Endeavour plans to produce the first gold from Assafou in 2028.
Through to 2030, the company is targeting discovery of 12 million to 15 million ounces of measured, indicated and inferred resources, at a cost below $40 per ounce.
CEO Cockerill commented: ‘2025 was a strong year of operational performance and a record year of financial performance, as we safely achieved our strategic objectives.’
He continued: ‘While reserves and resources were lower this year, largely reflecting mining depletion and model optimisation at Lafigue, Hounde and Sabodala-Massawa, we were delighted to add 1.5 [million ounces] of [measured and indicated mineral] discoveries at Sabodala-Massawa, Ity and Assafou, including maiden resources at the adjacent Pala Trend 3 target.
‘We have entered 2026 with strong operating momentum and a healthy balance sheet,’ Cockerill added.
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