Endeavour Mining plc

Good day and thank you for standing by. Welcome to Endeavour Mining's third quarter 2025 results webcast. At this time, all participants are in a listen-only mode. After management's presentation, there will be a question and answer session. So for those who wish to ask a question, please dial into the phone line. Please note that due to time constraints, we will be prioritising questions from covering analysts. If each analyst could limit themselves to two questions before jumping back in the queue. Today's conference call is being recorded and a transcript of the call will be available on Endeavour's website tomorrow. I would now like to hand the call over to Endeavour's Vice President of Investor Relations, Jack Garman.

Hello, everyone, and welcome to Endeavour's third quarter 2025 results webcast. Apologies for the slight delay getting started. Please note our usual disclaimer. On the call today, I'm joined by Ian Cockrell, Chief Executive Officer, Guy Young, Chief Financial Officer, Jaria Traore, Executive Vice President of Operations and ESG, and Sonia Scarcelli, EVP of Exploration. Today's call will start with Ian presenting the highlights, followed by Guy walking through the financials. Jaria will present our operating results by mine, and Sonia will provide an exploration update before handing back to Ian for his closing remarks. We'll then open the line up for questions. With that, I'll now hand over to Ian.

Thanks very much, Jack. Hello, everybody. And again, as Jack said, apologies. Unfortunately, me and the team, we're here in Dakar today. And unfortunately, Orange decided to do some unscheduled maintenance on the line. So hence the delay. But glad to say we're back up and running. As I said, we're dialing in today from Dakar, having just returned from our Sabadala Masawal mine with the board. We had a very productive trip, and it was pleasing to see the strong and consistent performance, specifically from the biance plant. Q3 2025 has marked another quarter of solid operating performance for Endeavor. As previously guided, production was a little lower, with costs a little higher than the prior quarter, with operational performance set to improve going into Q4. Our strong year-to-date production leaves us well-positioned to achieve the top half of our production guidance, with 82% of the low end of the range already achieved. Meanwhile, our year-to-date all-in sustaining costs of $1,365 per ounce is on track to achieve our guidance, accounting for the impact of the higher gold prices on royalty costs. Looking ahead, we're focused on our organic growth pipelines. On slide seven, you can see our performance so far this year. We've maintained a low lost time injury frequency rate, significantly below the industry average, and we had no lost time injuries during the quarter as we continue to strive for zero harm. We've produced 911,000 ounces year to date, and with a strong Q4 outlook, we're well positioned to achieve the top half of our production guidance. A year-to-date all-in sustaining cost of $1,362 per ounce is on track to achieve the full-year guidance. We have seen approximately $103 per ounce impact on royalty costs from the higher realized gold prices compared to our guidance gold price of $2,000 per ounce. Accounting for this, our all-in sustaining cost is in the middle of the guidance range with Q4 performance expected to be an improvement on Q3. Turning to slide 8, our year-to-date performance has significantly improved this year compared to last year, following the startup of our two projects in Q3 2024. We've produced 170,000 ounces, or 23% more so far this year, and our all-in sustaining margin is 90% higher than last year, aided, of course, by the strong gold price. While our margin has improved significantly, thanks largely to the gold price, it is important to highlight that our all-in sustaining costs remain firmly in the first cost quartile despite the gold price-driven increases in our royalty costs and amongst the best of our peers year-to-date. While we expect to see all-in sustaining cost increases across the sector in the near term, we will continue to focus on controlling what we can control, delivering productivity initiatives and the development of our low-cost pipeline projects, which will more than offset any cost increases in the medium term. Firstly, through our Tier 1 ASIFU project, which continues to advance on track with the environmental permit now approved and the definitive feasibility study expected in early 2026, we're making good progress towards first gold in H2 2028. Secondly, We're accelerating our exploration program, primarily at our cornerstone mines, but also through our greenfield programs. We're expanding our pipeline to strengthen our long-term organic growth options. And we'll be announcing a new exploration strategy in the coming weeks. On the financial side, our solid Q3 performance underpins significantly improved free cash flow, which is expected to increase materially in Q4 and into next year. Year-to-date, we generated a record $680 million, and over the past 12 months, we've generated nearly a billion dollars, another record that's equivalent to a 19% free cash flow yield from the start of Q4 last year. This cash flow has supported our balance sheet strength, and we've seen improvements in our net debt and leverage, which remains constantly below our target. We also significantly reduced our gross debt paying down the balance of our RCS during the quarter. With solid operational performance and strong cash flow generation, we continue to increase shareholder returns, returning $233 million so far this year, already exceeding our minimum commitment. And with the announcement of our H2 dividend in January, we expect to return the minimum of $346 million to shareholders for the complete year. In January, we'll also announce our updated shareholder returns program. We expect to significantly increase returns and continue to be sector leading throughout the upcoming asset group build phase. With strong momentum built over the last 12 months and an even stronger outlook, we're well positioned to continue delivering sector leading organic growth and sector leading shareholder returns. On slide 10, Our strong year-to-date operating performance, coupled with strong prices, translated into a 110% increase in adjusted EBITDA compared to the same period last year to more than $1.6 billion. Our adjusted EBITDA margin also increased by 10 percentage points to a very healthy 55%. We translated this performance into stronger free cash flow, as you can see on slide 11. For the first three quarters of the year, we generated $680 million of free cash flow. And over the last 12 months, generated $948 million, all the 19% free cash flow yield from the start of Q4 24. As we look forward, we expect stronger operational performance in the coming quarter, coupled with reduced seasonal taxes and higher gold prices. This will underpin even stronger free cash flow generation. On slide 12, you can see that given our strong operational and financial performance, we've continued to increase our shoulder returns. During the quarter, we paid our record H1 2025 dividend of $150 million, which we supplemented with $83 million of share buyback so far this year. Total returns paid having come to $233 million, exceeding the $225 million minimum dividend. And with our H-225 dividend to be announced in January, which will be a minimum of $112.5 million, we expect to return that minimum $346 million to shareholders this year. And that's before any supplemental dividend for H-2 or any buybacks for Q4. On slide 13, we've returned over $1.4 billion to our shareholders over the last four and a half years. 83% higher than our minimum commitment over the period. And that's equivalent to 72% of our free cash flow generation over that period, demonstrating our commitment to returning supplemental cash to our shareholders. Looking ahead, we'll be unveiling our updated shareholder returns program early next year, covering the next growth phase. We expect to outline significantly higher minimum commitments going forward and maintain the sector-leading returns that you've all become used to through our upcoming growth phase. On the growth side, our outlook compares very favorably against the consensus growth outlooks for our tiers, and that does not include some of the brownfields opportunities that we are advancing, which can supplement this outlook possibly even further. A significant part of this growth is expected to come from our Tier 1 acid food project, and Cote d'Ivoire, which you can see on slide 15. The ESEVU project continues to advance with a definitive feasibility study tracking for completion in Q1 26. We were very pleased to receive the environmental permit approval in September, which we believe is a significant milestone towards full project approval, with the last major approval being the exploitation permit, which we expect towards the end of Q1 next year. On slide 16, you'll see we've continued to accelerate exploration, and we've made good progress at Sabadal, Masawa, Hyundai, and Asafo. We're also looking at other Tier 1 gold provinces to strengthen and diversify our long-term organic growth outlook. Our aim is to have multiple potential development projects, each competing for internal capital, that extend our pipeline even beyond Asafo. We completed the first transaction with Kulu Gold in Cote d'Ivoire last year, and just recently we completed the second transaction with Eastar Resources in Kazakhstan, a relatively modest $5 million investment over a two-year period to identify potential Tier 1 targets in one of the world's most prolific and underexplored gold provinces. Sonia will take you through this in a little bit more detail later on. But before I hand over to Guy to go through the financials, I just wanted to touch on our commitment to ESG and our social license to operate. Sustainal analytics has improved our score and reiterated our low score rating, which again positions us as the best rated gold producer in the sector, recognizing our long-term work on ESG. We're also proud to see recognition for the work we're doing reflected in our host countries, with national honors including Best Mining Company in Senegal and Best Company Committed to Local Content in Burkina Faso. And congratulations to ITE's General Manager, Drisa Soro, for winning the National Award of Manager of the Year in Cote d'Ivoire. These recognitions highlight our deep commitment to developing and promoting local talent, boosting local economies, and empowering our host communities. With that, let me pass you over to Guy to talk you through our financial results. Guy, over to you.