Endeavour Expects Mana Output Below 155,000 Ounces and Costs Above $2,250

Key Facts

Endeavour Mining said in its third-quarter results issued on November 12 that production at the Mana mine in 2026 would fall below the lower end of its guidance of 155,000 ounces, and that all-in sustaining costs would exceed the upper end of $2,250 per ounce. The update reflects the impact of restrictions following a partial collapse of the access ramp to the depleted Wona pit, along with other operational factors at the mine. The company said underground mining had stopped at all three active portals at Mana for a geotechnical assessment and repair study. In its previous statement, issued on November 2, it said it remained on track to meet its group production and cost guidance for fiscal 2026 while assessing options to limit the incident’s impact on Mana production. The November 12 results set out more clearly how the situation would affect the mine’s output and costs during the year.

Part of the access ramp to the Wona pit partially collapsed on October 28, restricting access to the underground Dangouna and Aviera portals. The company said the incident caused no injuries, and that it evacuated all underground workers and notified local authorities. It also said mining at the Aviera portal had been suspended during the third quarter before the ramp incident, meaning the incident was not the only factor behind the decline in Mana production. The company attributed the drop in output up to that point to the depletion of high-grade Siou deposits at a faster-than-expected pace, and to the postponement of the start of mining at the Bana Camp open pit to the fourth quarter of 2026. This places the decline in the context of several operational constraints that accumulated at the mine during the year.

Group production also fell in the third quarter, with gold output at 256,000 ounces, down 7,000 ounces from the third quarter of 2025. Endeavour attributed much of the decline to lower production at its Mana, Ity and Houndé mines. In the nine months ended September 30, 2026, group production was 820,000 ounces, compared with 911,000 ounces in the corresponding period of 2025, a year-on-year decline of 10%. The nine-month figures show that weakness was not confined to one quarter, while the company said lower-than-expected Mana production in the fourth quarter would affect the full-year total. By contrast, higher-than-expected production at Lafigué is expected to offset only part of the impact.

A preliminary geotechnical review identified a large north-to-south-trending rock shear zone across the affected area. The company said visual inspections and drone surveys found no signs of ground movement or further collapses beyond the ramp subsidence. These findings form part of the area safety assessment, which will inform repair work and the possibility of restoring access to the affected portals. On November 2, the company said it was assessing a resumption and acceleration of mining from the Wona portal, which it described as still accessible, as well as the use of other nearby open pits to mitigate the incident’s impact. The results statement did not quantify the outcome of these options, but set out a timeline for work at Wona and the resumption of mining there.

The company expects rehabilitation work at the Wona portal to begin in the fourth quarter of 2026, with a target of resuming ore mining there in the second quarter of 2027, subject to the safety review and relevant regulatory approvals. At group level, it said it expects to achieve the lower half of its 2026 production guidance range of 1.09 to 1.265 million ounces. It attributed this to Mana production in the fourth quarter being lower than expected, while higher-than-expected performance at Lafigué will not fully offset the shortfall. The company had previously announced that its third-quarter results would be issued on November 12 before the London market opened, and would include an update on the geotechnical assessment and ramp repair plan. These dates link the planned rehabilitation work at Wona with the targeted return to ore mining in 2027.