Endeavour Mining shares plunge as issues output warning for Mana mine

Endeavour Mining PLC on Thursday warned that output at its Mana gold mine in Burkina Faso would fall below the lower end of guidance.

The West Africa-focused gold miner reported lower third-quarter gold production and warned that output at its Mana mine would fall below the lower end of guidance of between 155,000 ounces and 180,000, citing a previously disclosed partial ramp subsidence.

At that mine, the West Africa-focused gold miner produced 28,000 ounces of gold in the third quarter of 2026, a 28% plunge from 39,000 ounces a year ago. In the first nine months of the year, it was 96,000 ounces, a 24% on-year fall from 127,000 ounces.

The West Africa-focused gold miner produced in total 256,000 ounces in the third quarter, down from 264,000 ounces a year earlier, while gold sales edged up to 259,000 ounces from 258,000 ounces.

In the first nine months of 2026, Endeavour Mining produced 820,000 ounces of gold, down 10% from 911,000 a year prior.

At its Lafigue mine in Ivory Coast meanwhile, Endeavour Mining reported gold production of 51,000 ounces in the third quarter, a 34% jump from 38,000. In the first nine months of the year, gold output was 158,000 ounces, up 15% from 135,000.

For the full year, Endeavour Mining expects 2026 output at Lafigue to be near the top-end of its 170,000 to 195,000 ounces guidance.

Its average realised gold price increased by 31% to USD4,258 per ounce in the third quarter of 2026 from USD3,247 a year earlier, although it declined 2.1% from USD4,348 in the second quarter.

Adjusted earnings before interest, tax, depreciation and amortisation rose to USD639 million from USD466 million a year earlier.

Revenue rose 22% to USD1.11 billion in the third quarter of 2026 from USD910 million a year prior, but was 9.2% lower than USD1.22 billion in the second quarter.

In the first nine months of 2026, revenue rose 24% to USD3.68 billion from USD2.96 billion.

Pretax profit rose 38% to USD430 million in the third quarter, from USD311 million a year prior, but was 16% lower than USD512 million in the second quarter.

Pretax profit in the first nine months of 2026 jumped 54% to USD1.65 billion from USD1.07 billion.

Endeavour said fourth-quarter production was expected to increase significantly from the third quarter, although output at its Mana mine would be lower than previously anticipated due to ramp subsidence.

The company remains on track to achieve the lower half of its 2026 production guidance range and reiterated plans to return at least USD1.0 billion to shareholders between 2026 and 2028.

Endeavour Mining shares dove 6.1% to 3,875.00 pence each on Thursday morning in London.

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