Endeavour Mining (TSX: EDV) doubled down on gold price tailwinds in the first half, but rising unit costs and a tax-driven cash squeeze in Q2 show the bill for growth is coming due.
Quarterly revenue rocketed 81% to $1.01 billion in Q2 2025 from $557 million in a year ago. This surge is buoyed by both a 22% rise in ounces sold and a 38% jump in realised gold prices to $3,150 per ounce.
EBITDA jumped 209% to $596 million while the company swung from a $60 million loss to $271 million in net earnings attributable to shareholders, or $1.12 per share. Adjusted profit was a more modest $179 million, up from $3 million a year ago.
The topline figures pushed H1 2025 revenue almost double to $2.05 billion from last year’s $1.03 billion. This cascaded to the bottom line, with net earnings for the first half swinging to $444 million (or $1.83 per share) from an $80 million loss, and EBITDA exploding 226% to $1.14 billion. Adjusted net income also leapt eight-fold to $398 million and adjusted EBITDA climbed 154% to $1.17 billion.
Operating cash flow before working capital swings rose 39% to $296 million, and free cash flow crept up 29% to $104 million after Endeavour paid more than half of its full-year tax bill during the quarter.
Net debt was cut to $469 million from $835 million a year earlier. Cash on hand ended the quarter at $641 million, giving total liquidity of roughly $869 million when undrawn credit lines are included.
On operations, gold output reached 306,000 ounces, up 22% YoY on the first contributions from Lafigué and the Sabodala-Massawa BIOX expansion, but down 10% sequentially as Houndé and Mana mined lower-grade zones.
Total cash cost per ounce rose 6% to $1,220 on higher royalties and seasonal power costs. AISC then climbed 13% to $1,458 per ounce, outpacing the price lift and trimming the sustaining margin despite the richer grade mix. This also lands beyond the upper end of the previously announced full-year AISC guidance of $1,150–$1,350 per ounce. Management notes that sliding-scale royalties added roughly $116 per ounce to Q2 AISC.
“Q2-2025 has been another strong quarter, capping an excellent first half and keeping us firmly on track for full-year guidance,” CEO Ian Cockerill said, citing record free cash flow generation despite heavy tax payments.
Endeavour Mining last traded at $41.60 on the TSX.
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