Endeavour profit jumps on gold price surge

West Africa-focused Endeavour Mining (LON:EDV) posted a sharp rise in first-quarter earnings Thursday as soaring gold prices outweighed lower production.

The London-based miner produced 282,000 oz. of gold in the three months to March, down from 341,000 oz. a year earlier, while all-in sustaining costs climbed to $1,834 per oz. from $1,129. 

Gold sales slipped to 278,000 oz., but a higher realized price of $4,810 per oz. — up from $2,783 — drove earnings before interest, tax, depreciation and amortization to $872 million, compared with $540 million a year earlier. Adjusted net earnings rose to $370 million from $225 million.

“Endeavour’s cash flow generation continues apace which bodes well for strong shareholder capital returns and building a strong buffer” as the miner prepares for construction of the Assafou project in Côte d’Ivoire, BMO Capital Markets mining analyst Raj Ray said in a note.

The results underscore how elevated gold prices continue to buoy miners despite operational headwinds, supporting stronger cash flow, shareholder returns and investment in growth projects across the sector.

Côte d’Ivoire push

Endeavour ended March with a net cash position of $405 million, compared with net debt of $158 million at the end of December, and said it plans to return at least $1 billion in dividends between 2026 and 2028. Total shareholder returns are expected to exceed $2 billion through buybacks and dividends at gold prices above $3,000 per oz.

“We delivered a strong start to 2026, building on last year’s momentum with another solid quarter of operational performance and record financial results,” CEO Ian Cockerill said. “We remain on track to achieve full-year guidance, with performance weighted towards the second half of the year.”

Endeavour also advanced development at its Assafou project, where a definitive feasibility study outlined annual production of 320,000 oz. at an all-in sustaining cost of $1,026 per oz. over the first eight years of a 16-year mine life. At a $4,000 gold price, Assafou wll have an after-tax net present value of $5.1 billion and a 55% internal rate of return.

The company is targeting a final investment decision before year-end. It also aims to deliver a maiden resource estimate at Houndé in Burkina Faso the first half of 2026.

Endeavour shares fell 3.7% to 4,421 pence Friday afternoon in London, giving the company a market capitalization of about £3.4 billion ($4.6 billion). The stock has traded between 2,020 pence and 5,620 pence in the past 12 months.