Gold mining group Endeavour Mining, active in Ivory Coast, Burkina Faso and Senegal, has released preliminary unaudited financial and operational results for the year ending December 31, 2025, as well as for the fourth quarter.

According to publicly released data, Endeavour Mining reports having paid over $800 million in tax revenue in the countries where it operates. Converted using an exchange rate of 1 dollar to 547 CFA francs, this amount is equivalent to approximately 437 billion CFA francs. This contribution, derived from taxes and royalties, represents an increase of over 40% compared to the previous fiscal year, according to the group.

In its communication, the company believes that this development "illustrates the Group's concrete commitment to the economic development of its countries of operation."

Overall, Endeavour Mining announced annual production of 1.209 million ounces of gold, or approximately 37.6 tonnes. Sustaining costs, a key industry indicator, were around $1,435 per ounce for the full fiscal year. Fourth-quarter production alone reached 298,000 ounces, a 13% increase compared to the previous quarter.

The group's chairman and CEO, Ian Cockerill, attributes these results to the operational discipline they have maintained over the years. "In 2025, we achieved our targets for the twelfth time in thirteen years, driven by robust operational performance and discipline," he states in the report. He also mentions a strengthening of the group's financial position and a strategic focus on organic growth.

The outlook for 2026 projects production between 1.090 and 1.265 million ounces, equivalent to 34 to 39.5 tonnes of gold. The expected maintenance cost is between $1,600 and $1,800 per ounce, according to the projections provided.

Côte d'Ivoire remains a cornerstone of the group's operations, with two active mines and an advanced development project. At the Ity site, annual production reached 319,000 ounces, at the high end of forecasts. Sustaining costs amounted to approximately $1,195 per ounce, in line with expectations. The company attributes this performance to high processing throughput, particularly due to the integration of mobile crushing units.

For 2026, the Ity mine is targeting production between 285,000 and 330,000 ounces, with an estimated sustaining cost of between $1,300 and $1,500 per ounce, taking into account changes in royalties and sustaining investments.

The Lafigué mine, which began production in 2024, is confirming its ramp-up. In 2025, the site produced 187,000 ounces, in line with initial forecasts. Sustainability costs are around $1,250 per ounce. For the following year, Endeavour Mining anticipates production between 170,000 and 195,000 ounces, with a medium-term trajectory of approximately 350,000 ounces, supported by the prospects of the Golouma and Kerekounda underground deposits.

In Burkina Faso, the Houndé mine is recording annual production of 257,000 ounces, also at the high end of forecasts. Sustaining costs are approximately $1,355 per ounce, lower than expected on a royalty-adjusted basis. The company addresses the impact of high grades observed in the first half of the year, particularly in the Kari Pump pit. For 2026, expected production is between 220,000 and 255,000 ounces, with sustaining costs between $1,800 and $2,000 per ounce.

The Mana mine is projected to produce 173,000 ounces in 2025, in line with previously announced guidance. Sustained costs are approximately $2,160 per ounce, a level influenced by sustained investments related to underground development. Production is up compared to 2024, driven by higher grades from the Wona underground deposit. Production is projected to be between 155,000 and 180,000 ounces for 2026.

In Senegal, the Sabodala-Massawa mine recorded production of 274,000 ounces, at the upper end of announced targets. Sustainability costs were approximately $1,250 per ounce. Endeavour Mining specifies that the annual performance "reflects the full-year contribution of the BIOX plant, which entered commercial production in 2024, and strong grades in the CIL circuit." For 2026, expected production ranges from 260,000 to 305,000 ounces, with a medium-term trajectory estimated at approximately 350,000 ounces.

Alongside its producing assets, the Assafou project in Côte d'Ivoire plays a key role in the group's growth strategy. The project's environmental and social permit has been approved, while the mining permit is still pending. The final feasibility study is ongoing, with completion expected in the first quarter of 2026. Initial gold production is projected for the second half of 2028.

Endeavour Mining also highlighted an exploration strategy covering the period 2026-2030. Presented in December, this strategy aims to discover 12 to 15 million ounces of resources at a discovery cost of less than $40 per ounce. The group mentioned up to three new projects in West Africa and an expansion into three additional jurisdictions with strong geological potential.

At the end of fiscal year 2025, management believes it has a strengthened financial base and an asset portfolio capable of supporting its ambitions. “We are entering 2026 with solid momentum, a healthy balance sheet, and a clear priority: to advance our organic growth portfolio – foremost among them the Assafou project in Côte d'Ivoire – while accelerating our exploration efforts to extend the life of our assets and create new development opportunities,” says Ian Cockerill, who thanks the teams and stakeholders in the host countries for their support throughout the year.