London-listed Endeavour Mining says it achieved a strong performance for the first quarter, with production of 341 000 oz at an all-in sustaining cost of $1 129/oz.

The company is on track to achieve its full-year guidance of 1.1-million to 1.26-million ounces, with performance slightly weighted towards the first half, following the strong performance at the Houndé mine, in Burkina Faso, during the period.

The first quarter’s production was a slight decrease of 22 000 oz over the previous quarter, owing to lower production at Houndé (despite being stronger than expected) and the Lafigué mine, in Côte d’Ivoire, as lower grades were mined and processed in line with the mine sequence.

This was partially offset by an increase in production at the Mana mine, in Burkina Faso, owing to mining of higher-grade stopes and, at the Sabodala-Massawa mine, in Senegal, owing to higher tonnes milled and higher recovery rates, while production at the Ity mine, in Côte d’Ivoire, was flat.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $613-million was up 12% from the previous quarter.

Adjusted net earnings of $219-million were up 99% over from the previous quarter.

Operating cash flow before changes in working capital of $592-million was up 66% from the previous quarter.

Endeavour achieved record free cash flow of $409-million, up 53% over from the previous quarter.

Free cash flow of $775-million was generated over the past three quarters following the completion of the group’s growth phase in the second quarter last year.

Net debt reduced by over $350-million to $378-million in the period.

Net debt/adjusted Ebitda improved to 0.22x, considerably below the group’s 0.50x target.

Full-year 2025 total returns are expected to be larger than the previous year as a minimum dividend of $225-million has already been supplemented with $52-million of share buybacks in the year to date; bringing minimum full-year 2025 returns to $277-million.

The definitive feasibility study for the Assafou project is on track for completion between late 2025 and early 2026, with exploration ongoing at Assafou and at the nearby Pala Trend 3 target, where a maiden resource is expected in the second half of the year.

Endeavour highlights strong exploration efforts with $24-million spent in the period, focused on near-mine resource expansions and Assafou.