Endeavour profit jumps as gold price surge offsets output drop

West Africa-focused Endeavour Mining (LON:EDV) reported on Thursday a sharp rise in first-quarter earnings 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.

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

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.

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, with total shareholder returns expected to exceed $2 billion through buybacks and dividends at gold prices above $3,000 per oz.

Côte d’Ivoire push

Endeavour also advanced development at its Assafou project, in Côte d’Ivoire, 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, with a $5.1 billion after-tax net present value and a 55% internal rate of return at a $4,000 gold price.

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.

Shares in Endeavour rose 6.7% to 4,421 pence in mid-afternoon trading Thursday in London, giving the company a market capitalization of about £3.62 billion ($4.9 billion).