Endeavour Mining output falls to 256,000 ounces as all-in sustaining costs rise to $1,857
Key Facts
Endeavour Mining reported third-quarter 2026 results, with gold production of 256,000 ounces, compared with 264,000 ounces in the same period of 2025, while all-in sustaining costs rose to $1,857 an ounce from $1,569. The results showed operating cash flow of $407 million during the quarter and $1.461 billion year to date, up 38% year on year. Free cash flow was $261 million in the third quarter and reached a record $1.023 billion year to date, an increase of 50%. The quarterly revenue figure and the extent to which it exceeded analysts’ expectations could not be verified from a reliable open source. The financial picture disclosed by the company therefore centers on cash generation, alongside lower production and higher costs per ounce.
Adjusted net earnings were $241 million, or $1.00 per share, in the third quarter. Over the first nine months, the company said adjusted net earnings reached $913 million, or $3.78 per share, up 64% from the corresponding period of 2025. These figures provide additional context for the strong cash flows the company recorded since the start of the year. But they came in a quarter when gold production fell from a year earlier and all-in sustaining costs per ounce rose. This divergence between earnings and cash on one hand, and production and costs on the other, highlights the company’s operating and financial results for the quarter.
Endeavour ended the third quarter with net cash of $263 million, after cutting total debt by $412 million to $586 million. The company said strong cash flows provided a financial basis for reducing debt while recording record free cash flow year to date. In its first-half results, the company had announced shareholder returns of $301 million, including $230 million in cash dividends and $71 million in share buybacks. Those figures cover the first half alone and do not represent an announcement of new dividends or buybacks in the third quarter. The debt reduction, alongside the cash position recorded at quarter-end, points to an improvement in its net cash position relative to gross debt.
In its first-half results, Endeavour said the average realized gold price was $4,348 an ounce in the second quarter of 2026, compared with $3,150 in the second quarter of 2025, noting that the realized price includes the effect of its revenue protection program. This comparison provides background on the price environment preceding the third-quarter results, but it relates to the second quarter and does not establish the realized price in the more recent period. The company’s report for the third quarter of 2025 recorded production of 264,000 ounces and all-in sustaining costs of $1,569 an ounce, the figures against which the third-quarter 2026 results are compared. The earlier report said operating performance followed the planned mine sequence despite a heavier-than-usual rainy season. In its first-half 2026 results, the company also indicated that annual production would be weighted toward the second half because of the mining sequence at the Houndé, Mana and Ity mines.
Endeavour said it remained on track to meet its annual guidance, with stronger performance at Lafigué largely offsetting weaker performance caused by stoppages at Mana. In its first-half results, the company had expected productivity and grades in the third quarter to be affected by the rainy season and phased stripping, before improving significantly in the fourth quarter. At Mana, the company reported on November 2 that a partial collapse of the access ramp to the depleted Wona pit occurred on October 28, restricting access to the Dangouna and Aviera underground portals. It said it had suspended underground mining activities at all three active portals at the mine to conduct a detailed geotechnical analysis and assess ramp repairs, and was considering options to limit the incident’s impact on production. These operational developments provide context for the company’s reference to Mana stoppages in its assessment of the quarter’s performance.
On its long-term growth path, the company approved the final investment decision for the Assafou project and began development. The plan targets the start of gold production in the first half of 2029. Endeavour said the project is targeting annual production of 320,000 ounces, with all-in sustaining costs of $1,026 an ounce during the first eight years of an initial mine life of 16 years. The launch of development marks the next step in the company’s production plans, while the targeted first gold in 2029 remains beyond the current quarter’s results. Management is scheduled to hold a call and webcast to discuss the results on November 12, 2026, at 13:30 GMT.
Endeavour Mining’s London-listed shares, trading under the ticker EDV.L, closed at 4,127 on November 11, 2026, according to EL7 data. The close was in the session before management’s announced call to discuss the third-quarter results. The data provided do not include a daily share-price change or a market reaction attributed to the results. The announced November 12 event gives management an opportunity to present and discuss the results at 13:30 GMT. The company identified the impact of Mana stoppages on operations and the execution of Assafou’s development as developments to watch.