Endeavour reports strong FY-2024 results

London, 6 March 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce its FY-2024 operating and financial results, with highlights provided in Table 1 below.

Table 1: Highlights from continuing operations¹

¹ Continuing Operations excludes the non-core Boungou and Wahgnion mines which were divested on 30 June 2023. ²This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. ³Excludes pre-commercial costs and ounces sold. ⁴Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group’s revenue protection programme.⁵From all operations; calculated as Operating Cash Flow less Cash used in investing activities. ⁶Shareholder Dividends includes H2-2024 declared dividend which are due to be paid on 15 April 2025. ⁷Last Twelve Months (“LTM”) Trailing EBITDA adj includes EBITDA generated by discontinued operations.

2024 was another year of robust operational performance. We produced 1.1 million ounces of gold at an all-in sustaining cost of $1,218 per ounce, increasing our annual production and solidifying our position as one of the sector’s lowest-cost producers.

We further strengthened our portfolio, adding two high-margin growth projects in Senegal and Côte d'Ivoire, both of which were delivered on budget and on time. These will help to grow our production profile, improve costs and extend mine-life visibility, increasing both the quality and diversification of our portfolio.

Following the startup of these projects, we delivered a strong end to the year, generating a record $268 million of free cash flow in Q4 – or over $400 million when adjusted for the one-off pre-payment settlement – demonstrating the improved capacity of our higher quality portfolio, to generate cash. As a result, our financial position also improved significantly and we ended the year with a leverage ratio of 0.55x, placing us firmly on track to achieve our near-term target of 0.50x.

Given our strong financial position and robust operational performance, we declared a record $240 million dividend, which was supplemented with $37 million of share buybacks, bringing total returns to shareholders to $277 million for FY-2024, equivalent to more than $250 for every ounce produced. This year we will prioritise maximising free cash flow generation to support our increased commitment to shareholder returns.

Whilst we remain focused on free cash flow in the near-term, we retain a strong platform for further growth, with the pre-feasibility study for the Assafou project, that was completed in December, confirming the project’s potential to be a tier-1 asset and underpinning the Groups production growth to 1.5 million ounces by the end of the decade. As we advance the definitive feasibility study towards completion before early 2026, we are advancing exploration at the highly prospective, 20-kilometre long, Assafou corridor and at several nearby satellite targets.

Following the successes at Lafigué and Assafou, exploration continues to generate significant value and our programme has now delivered 12.2 million ounces of M&I resource discoveries, at less than $25 per ounce, since 2021, achieving our five year target, a year early. During FY-2024, we successfully increased group reserves by 32% or 4.5 million ounces, net of depletion, equivalent to more than three times annual production depletion, underlining our ability to not only maintain production visibility, but to extend mine lives as well.

Our commitment to ESG disclosure continues to earn external recognition. We have maintained top-tier Sustainalytics and MSCI ratings, placing us among the leading companies not only in our sector, but across industries.

Looking ahead we will carry the strong momentum from the second half of 2024 into 2025, as we focus on operational delivery to maximise cashflow and support enhanced returns for our shareholders."

Ian Cockerill
Chief Executive Officer

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QUALIFIED PERSONS

Brad Rathman, Vice President - Operations of Endeavour Mining plc., a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the technical information in this news release.

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “forward-looking statements”, including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company’s shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback programme. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates", believes”, “plan”, “target”, “opportunities”, “objective”, “assume”, “intention”, “goal”, “continue”, “estimate”, “potential”, “strategy”, “future”, “aim”, “may”, “will”, “can”, “could”, “would” and similar expressions.

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics.

Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

CAUTIONARY STATEMENTS REGARDING PRODUCTION, AISC AND TOTAL CASH COST

Whether or not expressly stated, all figures contained in this press release including production, AISC and total cash cost levels are preliminary and reflect our expected annual and quarterly results as of the date of this press release. Actual reported annual and quarterly results are subject to management’s final review, as well as audit by the company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. The annual and quarterly AISC and total cash cost include expected amounts for year-end accrual and working capital adjustments. Endeavour will provide additional discussion and analysis and other important information about its annual production, AISC and total cash cost levels when it reports actual results.

NON-GAAP MEASURES

Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including “all-in sustaining cost”, "total cash cost", “net cash / net debt”, “EBITDA”, “adjusted EBITDA”, “net cash / net debt to adjusted EBITDA ratio”, “cash flow from continuing operations”, “total cash cost per ounce”, “sustaining and non-sustaining capital”. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section in this press release and in the Company’s most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release.