Endeavour Mining Plc (EDVMF.PK), a British gold miner focused on Africa, on Thursday reported a net profit for the first quarter, helped by a surge in revenue due to an increase in the realized gold price. In addition, the company has reaffirmed its annual production guidance.
Ian Cockerill, CEO of Endeavour Mining, said: "The strong momentum from the end of last year has continued into Q1, as we delivered another quarter of exceptional operational performance, placing us firmly on track to achieve our full-year guidance. Production and all-in sustaining costs were significantly stronger than the prior year period, as we realized the full benefit of our recently completed growth phase, coupled with strong performance across the rest of the portfolio."
For the three-month period to March 31, the company posted a net income of $173 million, or $0.71 per share, compared with a loss of $20 million, or $0.08 per share, registered for the same period last year.
Adjusted net earnings from operations attributable to shareholders of the company stood at $219 million as against the prior year's $41 million. Adjusted net earnings from operations surged to $0.90 per share from $0.17 per share a year ago.
Earnings before taxes stood at $345 million as against $24 million in 2024. Earnings from operations were $466 million, compared with $94 million last year. EBITDA stood at $540 million as against last year's $156 million. Excluding items, EBITDA moved up to $613 million from $213 million a year ago.
For the first quarter, the company produced 341 koz of gold, higher than 219 koz last year. Endeavour sold 353 koz of gold as against 225 koz sold a year ago.
Revenue surged to $1.042 billion from $473 million a year ago. This is due to an increase in the realized gold price from $2,091/oz in the first quarter of 2024 to $2,939/oz in the first quarter of 2025.
Looking ahead, for the full year, the Group still expects to report gold production of 1,110 to 1,260 koz within the all-in sustaining cost guidance of $1,150 to $1,350/oz, with production slightly weighted towards the first half.
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