High gold price will fund dividends and buybacks, CEO says
Endeavour could more than double shareholder returns if the gold price remains at its current level, the Africa-focused miner said as it reported record earnings.
London-listed Endeavour reported adjusted EBITDA of $880 million for the first quarter of 2026, up 29% quarter-on-quarter, as a 24% increase in the realised gold price outweighed slightly lower production. Net earnings attributable to shareholders rose 421% quarter on quarter to $354 million. Rising revenues pushed the company from a net debt of $158 million at the end of 2025 to net cash of $405 million by the end of the first quarter.
Endeavour reported gold production of 282Koz in the quarter came in below the 298Koz in the previous quarter. Endeavour restated production guidance for 2026 of 1.09-1.27Moz of gold, with an asic of AISIC of $1,600/1,800/oz.window.addEventListener{if{var e=document.querySelectorAll;forforif{var d=a.data+"px";r.style.height=d}}});Higher dividendsHigher earnings will empower the company to deliver above policy dividends.
"Our financial strength gives us flexibility to simultaneously start construction at Assafou and deliver on our sector leading shareholder returns programme," Endeavour chief executive Ian Cockerill said. "We expect to significantly exceed our minimum commitment for the year, and at prevailing gold prices, we could more than double it, supported by over $54 million of supplemental share buybacks completed already this year.
"Endeavour has previously guided for a a minimum dividend of US$1 billion to shareholders consisting of $300 million in 2026; $325 million for 2027 and $350 million in 2028. Endeavour now expects the return to shareholders to be over $2 billion in that period. Progress at Assafou"At Assafou, the recently announced DFS confirmed the scale and quality of this potential cornerstone project that underpins our organic growth to 1.5 million ounces by 2030," Cockerill said.
Early works are underway, and the procurement of long-lead items has been launched, as the company targets a final investment decision before the end of the year. "The DFS significantly optimised and de-risked the project, which can now support future expansions as we continue to grow the resource base," Cockerill said.
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