Endeavour Mining Corp (TSX:EDV) generated a record free cash flow of $409 million in the first quarter—up 53% from the prior three months.
The result reflected improved cash conversion following the company’s recent growth phase and helped drive a substantial reduction in net debt, which fell by more than $350 million to $378 million. The net debt-to-adjusted EBITDA ratio dropped to 0.22x, well below the company’s 0.50x target.
Adjusted EBITDA for the quarter came in at $613 million, a 12% increase from Q4, while adjusted net earnings nearly doubled to $219 million, or $0.90 per share.
Gold production reached 341,000 ounces at an all-in sustaining cost (AISC) of $1,129 per ounce, keeping Endeavour within its targeted cost range. Production in the quarter was front-loaded, benefiting from robust output at key mines such as Houndé.
Endeavour also reaffirmed its commitment to shareholder returns. It paid a record $140 million dividend for the second half of 2024 in early Q2 and has already completed $52 million in share buybacks this year. The company remains on track to deliver at least $225 million in dividends in 2025, with total returns expected to match last year’s payout.
Management reiterated its confidence in the company’s growth pipeline, highlighting progress at the Assafou project in Côte d’Ivoire, which is on schedule to complete a Definitive Feasibility Study between late 2025 and early 2026.
“Building on our momentum through the year, we will focus on maximising free cash flow and enhancing shareholder returns, as we advance our high-quality organic growth pipeline,” Endeavour said in a statement.
“With our higher-quality portfolio, sector leading margins and best-in-class growth outlook, we are well positioned to capitalise on the favourable gold price environment and deliver value for all of our stakeholders.”
