QinetiQ profit beats forecasts despite dip in revenue
Investing.com - Endeavour Mining Corp (LON:EDV) on Thursday reported strong third-quarter results with adjusted earnings of $0.66 per share, significantly exceeding analyst consensus estimates of $0.48 per share.
The company produced 264,000 ounces of gold during the quarter, in line with expectations but down from 306,000 ounces in the previous quarter.
Revenue reached $910 million for Q3, with gold selling at a realized price of $3,247 per ounce, up from $3,150 per ounce in Q2. Despite lower production volumes, Endeavour generated $166 million in free cash flow during the quarter, representing $629 for each ounce produced.
"Q3-2025 marked another solid operational quarter placing us firmly on track to achieve our full-year guidance," said Ian Cockerill, Chief Executive Officer. "Strong year-to-date production has positioned us to achieve the top half of our production guidance with AISC within the guidance range, when adjusted for the impact of higher gold prices on royalty costs."
The company’s all-in sustaining cost (AISC) rose to $1,569 per ounce in Q3, up from $1,458 in the previous quarter, primarily due to lower gold sales volumes and higher royalty costs driven by elevated gold prices. Year-to-date production reached 911,000 ounces at an AISC of $1,362 per ounce.
Endeavour significantly strengthened its balance sheet during the quarter, reducing gross debt by $425 million to $678 million after fully repaying its revolving credit facility. The company’s net debt to adjusted EBITDA ratio improved to 0.21x, well below its 0.50x target.
In a strategic move to diversify its exploration portfolio, Endeavour announced a joint venture with East Star Resources to explore for tier 1 gold deposits in Kazakhstan, with the right to earn up to 80% interest through staged investments.
The company reaffirmed it expects to achieve the top half of its full-year production guidance of 1,110,000-1,260,000 ounces, with its Assafou project’s definitive feasibility study on track for completion in Q1-2026.