ENDEAVOUR Mining said it could pay additional dividends and buy back shares potentially doubling its targeted minimum annual payout of $1bn for 2026.
Shareholder returns for the 12 months ended December will be $435.3m following a record dividend declaration of $200m, equal to 83 US cents per share, for the second half. For 2025, Endeavour will therefore pay a total dividend of $350m and have bought shares worth $85m.
However, the group’s CEO Ian Cockerill said today in the firm’s December quarter update this payout could be eclipsed at prevailing gold prices.
“Looking ahead, we will significantly increase minimum shareholder returns over the 2026 to 2028 period, as we simultaneously build Assafou (in Cote d’Ivoire), returning at least $1bn subject to a minimum gold price of $3,000/oz, and that could more than double at prevailing gold prices through increased supplemental returns,” Cockerill said in commentary to the results.
The company’s ability to ratchet up returns is also assisted by a vastly improved balance sheeet. Endeavour cut debt by $574m to $157m. Just under a year ago, in a presentation of its 2024 financial year results, Endeavour said net debt had increased to $732m as of December 31 (2023: $555m).
Endeavour said that shareholder returns totalled more than $1.6bn since 2021 – 83% above the minimum commitment and equivalent to 38% of Endeavour’s market value at the start of the period.
The company produced 1.2 million ounces of gold last year – a 10% increase on 2024 – from five mines in Burkina Faso, Ivory Coast and Senegal. It has targeted annual output of 1.5 million ounces by 2030.
Shares in Endeavour Mining climbed 5.7% in London taking gains over the last 12 months to about 211%.
Earlier today, Gold surged above $5,500 an ounce as thin liquidity, a weaker dollar and investor flight from sovereign assets fueled a nine-day rally, said Bloomberg News.
According to a report by the World Gold Council on Thursday, demand for gold hit an all-time high last year.
This was owing to jitters over instability and trade sparked a surge in investment, even as a series of record price peaks kept jewellery buyers from the tills, said Reuters. Global gold demand rose by 1% in 2025 to 5,002 tons, the highest number on record, said the council.
