Endeavour Mining plc

Good day and thank you for standing by. Welcome to Endeavour's Mining fourth quarter and full year 2025 results webcast. At this time, all participants are in listen-only mode. After management's presentation, there will be the question and answer sessions. So for those who wish to ask a question, please dial in the phone line. Please note that due to time constraints, we will be prioritising questions from covering analysts. 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. Please go ahead.

Hello everyone and welcome to Endeavour's Q4 and full year 2025 results webcast. Before we start, please note our usual disclaimer. On the call today, I'm delighted to be joined by Ian Cockrell, Chief Executive Officer, Guy Young, Chief Financial Officer and Jaria Traore, Executive Vice President of Operations and ESG. Today's call will follow our usual format. Ian will first go through the highlights of the quarter and the year. Guy will present the financials and Jaria will walk through our operating results by mine 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.

Thank you, Jack, and hello to everyone who's joining us on the call today. Now, 2025 was an outstanding year for Endeavor, in which we delivered a strong operational performance and record financial results. Over the course of the year, we produced 1.2 million ounces at an all-in sustaining cost of $1,433 per ounce. We achieved the top half of our production guidance with costs in line with a guided range on a royalty-adjusted basis, and our safety record remained sector leading. Our strong operational performance coupled with high gold prices translated directly into free cash flow. We generated a record $1.2 billion of free cash flow, and that's equivalent to over $955 for every ounce of gold that we produced. This cash generation enabled us to quickly deleverage our balance sheet to just 0.07 times net debt to EBITDA by year end, which is well below our through the cycle target of 0.5 times, positioning us to significantly increase shareholder returns and invest in our exciting organic growth pipeline. For 2025, we returned a record $435 million to shareholders, And that's equivalent to $360 for every ounce of gold that we produced and 93% above our minimum commitment for the year. That's truly a sector-leading return, and looking forward, we are already increasing returns with a commitment to over a billion dollars minimum dividend over the next three years that we expect to supplement, assuming current gold prices, with at least another billion dollars of additional dividends and share buybacks. Importantly, shareholders are not the only stakeholders benefiting from our strong performance. We also contributed $2.8 billion to our host countries, and that includes $919 million of direct contributions to our host governments. And we significantly increased our in-country procurement spend, reiterating our commitment to our in-country partners and strengthening the resilience of our business. As we transition into a phase of increased focus on organic growth, We continue to advance the ASIFU feasibility study towards completion, which is expected in a few weeks, and the key environmental and exploitation permits have already been approved. And that significantly de-risks our timeline to first gold, which is targeted to H2 2028. Our exploration program discovered one and a half million ounces this year at Asafo, Sabadala and Iti. And while we didn't fully replenish reserves, we are strengthening our exploration pipeline to ensure that we sustainably replace reserves, resources and production depletion as part of our five year exploration program, as well as adding new high return growth projects into our pipeline. We started 2026 with a strong operating momentum and we will remain disciplined as we accelerate organic growth and shareholder returns delivering on our strategic objectives. On slide 7 in 2025, we show how we increase production by 10% year over year, driven by the full year contribution from our Sabadala Musawa biox plant and the Lefige projects. More importantly, At a realized gold price of $3,244 an ounce, our all-in sustaining margin expanded dramatically to $1,811 per ounce. That's up 60% from 2024. Our track record of achieving guidance speaks for itself, and we were pleased to extend that track record in 2025. That means we've now achieved or beaten guidance 12 times over the last 13 years. That demonstrates our operational excellence and the high quality of our diversified portfolio. Looking at the year ahead on slide 9, group production is forecast to remain relatively stable as increased production at our Sabadala Masawo mine will be partially offset by a planned lower production at our Hunde and Lafige mines which are entering a short phase of lower grades associated with higher stripping activity. All-in sustaining costs are expected to increase, primarily due to the cost impact of this phase at Hyundai and Lafayette. We also see the impact of the increase in Cote d'Ivoire's sliding scale royalty rates from 6% to 8% and a weaker dollar-euro-forex assumption for the year. Nevertheless, will continue to generate exceptional margins and we expect to see cost improvements from 2027 as Hyundai and then Lafayette complete their current phases of stripping and transition back into higher grade material. As shown on slide 10, we're firmly on track to achieve our 2030 production target of one and a half million ounces, representing a 27% organic growth from this year. This growth will be driven by the targeted addition of production from ASIFU from the second half of 2028, incremental production growth that will be coming from Sabadala-Masawa. At Sabadala-Masawa, we continue to drive improvements in biotech throughput and recovery rates. And in the second half of the year, we are starting some underground development to support high-grade underground ore through the CIL plant. Importantly, we expect to achieve this growth while improving all in sustaining costs, positioning us again in the lower quartile by 2030. Our production growth last year, combined with strong gold prices, supported record operating cash flow and record free cash flow of $1.2 billion in 2025. That's equivalent to $955 of free cash flow for every ounce of gold produced. We'll continue to maximize cash flow for every ounce of gold we've produced. We're chasing margins and not just chasing ounces. The strong cash flow helped rapidly deleverage our balance sheet that Guy will walk us through shortly. The free cash flow outlook for 26 is strong, with us well positioned relative to our gold peers due to stable production and capex year on year. The completion of our hedging program and improved gold prices. Importantly, the gold mining sector is still good value for money relative to other sectors. On slide 13, for the year we returned a record $435 million to shareholders, as I said, $360 for every ounce that we produced. Now, since we started paying shareholder returns five years ago, we've returned $1.6 billion or 83% above our minimum commitment. And we have increased dividends per share and total returns per ounce produced every year, a trend we expect to continue in this higher gold price environment. As shown on slide 16, at 25 returns compared very favorably with our peers, both on a per ounce basis as well as in terms of yield. While the gold sector has not historically delivered an attractive yield compared to other sectors, we see that changing. And we want to remain a sector leader so that we're not just attractive for gold investors, but appeal to a wider investment base that seeks reliable yield in a macro landscape of rate declines. In January, we announced our updated Shell return program for 26 through 28. We will return a minimum of a billion dollar dividend over 26 to 28. And that's based on the assumption of a gold price of $3,000 per ounce. And similar to our previous program, at high gold prices, we'll supplement that minimum. As I mentioned, we've paid 83% above the minimum over the past five years. And we'll do that, and with gold prices where they currently are, we expect total returns to more than double our minimum commitment over the next three years. Moving on to growth and our flagship ASIFU project on slide 18, we're progressing very well, and the project remains on track with key environmental and exploration permits now approved. That significantly de-risks the project pipeline. The feasibility study mine plan is expected to be well aligned with the pre-feasibility study plan, and the feasibility study will incorporate higher capex due to optimizations following additional grade control drilling results, a more scalable processing plant design that can be expanded in future, and an extended road and power line diversion, which is aligned with both community and government requirements. which will bring slightly higher initial capital costs. More detail on the feasibility study will be released at the end of this quarter as we formally announce the results of our feasibility study in a separate standalone presentation. On slide 19, I wanted to highlight some resource expansion and permit consolidation that we have been busy with at ASIFU and across the wider belt. We increased measured and indicated resources by 13%, largely thanks to the maiden resource at Parlour Trend 3, which is the first satellite target that we've defined at Asafo. Now, while the resource is initially quite small, it is less than two kilometers away from Asafo. It's over one and a half grams per ton of oxide material that starts from surface. So it supports significantly increased operating flexibility at Asafo, and we expect it to be the first of many satellite resources that will ultimately support the upside at Asafo. Our strategic partner Kulu Gold has also successfully acquired the permit to the south of Asafo, in addition to their permit to the east, helping to consolidate this highly prospective underexplored belt. Exploration has been our most significant value creator over the last 10 years. We have now discovered more than 22 million ounces of measured and indicated resource for a discovery cost of less than $25 per ounce, including discoveries of the cornerstone, mafige, and asafoetida deposits. This year, we discovered one and a half million ounces of SAFU, Sabadala Masala and ITI, which only partially offset the production depletion and model optimizations that took place across the balance of our portfolio. Over the next five years, we are targeting the discovery of between 12 to 15 million ounces of measured, indicated and inferred resource. That target comprises six to nine million ounces, at our existing operations to replace production depletion, and up to 6 million ounces from greenfield resources, including the potential discovery of up to two or three new projects focused on strengthening and diversifying our long-term greenfield pipeline. As outlined on slide 22, despite Endeavour's strong performance and strong outlook that is underpinned by substantial organic growth, we still have a compelling value proposition, not only amongst gold peers, but across most other sectors as well. As we continue to deliver consistently, invest in sector leading organic growth and deliver sector leading returns while retaining our disciplined approach to capital allocation, we expect to unlock even more value. As a long-term partner in West Africa, our resilience is underpinned by our ability to continue to deliver value to all our stakeholders. In 2025 alone, we contributed $2.8 billion to host economies, including $919 million in payments to host governments in the form of taxes, royalties and dividends, and $270 million in wages and 1.6 billion on procurement in country. We also maintain that strong ESG track record, which is a reflection of our consistent commitment to excellence in ESG. And this is best shown in our impact over the last five years. Since 2021, we've delivered more than $11 billion in total economic contribution, including $3.3 billion to host governments and 6.6 billion in local procurement. Beyond this economic contribution, we have made tangible impacts to local livelihoods through our social investments, including providing 55,000 people with access to quality health care, 38,000 children with educational support and nearly 10,000 people with economic development opportunities. Generating shared value that benefits all our stakeholders is key to sustaining our success. and I encourage you to view our sustainability report that we've published today. And with that introduction, please let me hand you over to Guy, who will take you through the financials and more details. Over to you, Guy.