Endeavour Mining plc

Good day, and thank you for standing by. Welcome to Endeavor Mining's first quarter 2026 results webcast. At this time, all participants are in a listen-only mode. After management's presentation, there will be question and answer sessions. So for those who wish to ask a question, please dial in to the phone line. Please note that due to time constraints, we will be prioritizing questions from covering analysts. Today's conference call is being recorded. And the transcript of the call will be available on Endeavor's website tomorrow. And I'd like to hand the call over to Endeavor's Vice President of Investor Relations, Jack Garman. Please go ahead, sir.

Hello, everyone, and welcome to Endeavor's Q1 2026 results webcast. Before we start, 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 in ESG, and Sonia Scarcelli, Executive Vice President of Growth and Exploration. Today's call will follow our usual format. Ian will first go through the highlights of the quarter, then I will present the financials, and Jaria will walk you through our operating results by mine, before handing back to Ian for his closing remarks. We'll then open the line up for questions. I'll now hand over to Ian.

Thanks, Jack, and welcome to everyone joining us on the call today. Now, Q1 2026 was a record quarter for Endeavor, with a strong operational performance and elevated gold price underpinning a very strong financial result. Production of 282,000 ounces was in line with our plan, and we expect to see progressive improvements as we move through the year as stripping activity opens up progressively higher-grade ore through to Q4 later on this year, while all in sustaining costs on a royalty-adjusted basis also came in towards the lower end of our guidance in the quarter. This performance translated into a record free cash flow of $613 million, and that's equivalent to $2,176 per ounce produced. That's a 29% increase over the prior quarter. Through the year, we'll continue to focus on our margins and maximizing free cash flow from every ounce that we produce. This free cash generation transformed our balance sheet. We moved from net debt of $158 million in the previous quarter to now a net cash position of $405 million at the end of this quarter, a $563 million swing in just three months. Given the strong balance sheet position and our outlook, We're going to look to increase our shoulder returns through supplemental dividends within our H1 2026 dividend announcement and through continued opportunistic share buybacks. At prevailing gold prices, we expect supplemental returns to be at least double our $1 billion minimum commitment over the next three years. On organic growth, as we announced last week, the Assa Food DFS confirms a high-quality, long-life asset that has very strong project economics. Early works are underway, and we're targeting a final investment decision before the end of this year. On the exploration front, we're accelerating resource definition of our Vindaloo Deeps target, and we expect to deliver main resource in the first half of this year. Simultaneously, our new Ventures Exploration Program continues to expand our exploration footprint into the most prospective tier one gold provinces with the latest strategic investment into Guyana. And I'll take you through each of these areas in a bit more detail. On slide seven, you see production was 282,000 ounces down from Q4 due to planned lower grades mined and processed, but in line with the mine sequence. All in sustaining costs were higher in the quarter, largely due to higher gold price driven royalty costs with some small impacts from the stripping activity and the higher power costs at minor. But despite higher costs, our all-in sustaining margin of $2,976 an ounce was $751 per ounce higher than in Q4, as margins continue to consistently expand alongside the higher gold prices. On slide 8 in the full year guidance, you can see group production and all-in sustaining costs remain on track to achieve guidance. The Q1 production of 282,000 ounces represents approximately 26% of the low end of our guidance range, and we're expecting higher production in the second half of the year, peaking in Q4 as per our planned mining sequence. On costs, while first quarter all-in sustaining costs of $1,834 an ounce sits slightly above the guidance range, this reflects higher royalty costs as a direct result of the rising gold price. On a gold price adjusted basis, back to our budgeted level, underlying all-in sustaining costs of $642 an ounce were in the lower half of the guidance range. And let's say that's based on our $3,000 gold price. On capital, we expect both sustaining and non-sustaining capital to be weighted towards the first three quarters of the year, aligned with our stripping programs. while growth capital of $500 to $100 million is now expected to support early works at Asifru, mostly in the second half of the year. So overall, we're confident in our full-year outlook and expect to see improvements throughout the year. Free cash flow reached a record $613 million in Q1, up 29% from Q4, an equivalent to $2,176 per ounce of gold produced. But we remain focused on maximizing free cash flow for every ounce that we produce. And as operational performance improves throughout the year, we expect to at least partially offset some of the impact of higher taxes in Q2 and Q3. The strong free cash flows enabled us to rapidly deleverage the balance sheet in Q1, reducing net debt by $563 million and moving to a net cash position $405 million at quarter end. And this provides the financial flexibility to deliver a world-class organic growth project ASIFU whilst we pay out sector-leading returns to shareholders. As you know, our leverage target through the cycle is less than 0.5 times net debt to adjusted EBITDA. That remains the case, but we do not intend to maintain a very large net cash position either. So we'll stick to our capital allocation model and look to increase shoulder returns while prioritizing Asafoos development as well as our exploration program. On slide 11, our shoulder returns program is quite clear. Between 26 and 28, we're committed to return at least $1 billion to shareholders and will maintain this commitment down to a goal price of $3,000 an ounce. And at prevailing gold prices, we could return more than double that minimum commitment to shareholders. Given the strong gold prices so far this year, we're on track to return a significant supplemental dividend when we announce our H1-26 dividend in our Q2 results. So far this year, we've already completed $54 million of share buybacks. And we'll continue opportunistically and make up a significant component of our supplemental returns. On to our sector-leading organic growth on slide 12. Now, last week, we published the results of our definitive feasibility study, strengthening our confidence in the ASIFU project and its potential to transform our portfolio, driving production growth, lowering costs, and delivering long-term value. We discovered ASIFU for $13 million in 2022, and based on the DSS at a $4,000 per ounce gold price, the project now has an after-tax value of over $5 billion with an internal rate return of 55%. Now, that's value creation and reflects the highly prospective region and the ability to accelerate projects quickly from discovery to production. The Estafu project will be relatively similar to other mines that we've built, albeit bigger. The DSS outlines a 5 million ton per annum gravity and CIL processing plant optimized to support a smoother production ramp-up and to add additional redundancy to give optionality to expand the plant in the future as we develop and further expand the exploration resource in the immediate vicinity of the mine. Early works are already underway. Procurement of long lead items has started. Detailed engineering and design is progressing and key tenders are already out. We have also launched land compensation negotiations as part of the resettlement action plan, which we need to finalize ahead of starting resettlement, which is on the critical path. We're targeting a final investment decision before the end of this year and then a construction period of 24 to 30 months. Once construction starts, the resettlement, mining pre-stripping, and ore commissioning are on a critical path to production. The resettlement is required for mining to start, so developing the resettlement action plan is a key part of our early works program. Acid food has the potential to be one of our largest, lowest-cost assets with the longest mine life. Capable of producing 320,000 ounces of gold per year, at an all-in sustaining cost of $1,000.26 per ounce over the first eight years of its planned 16-year mine life. The DFS also reflects our increased confidence in the mine plan, underpinned by nearly 100,000 meters of additional close-spaced drilling. This has increased reserves and resources and introduced made and proven reserves and measured resources, providing a much higher level of certainty over what we will mine and when. de-risking the ramp-up and early production profile. And importantly, we see significant exploration upside in the immediate vicinity of the mine that will support continued growth in reserves and resources and further enhance the mine plan over time with the potential to sustain production higher levels over this period for much longer. Looking at the exploration at Assafu on slide 14, Most of our drilling is being focused on the ASIFU deposit itself. We've just started to step out beyond ASIFU. We've already identified 20 highly prospective targets on this property that we are prioritizing with a guided $10 million spend for this year. We'll focus on advancing the Parlour Trend 3 deposit for the 2025 maiden resource, defining Parlour Trend 2 maiden resource, and exploration drilling at the parlor trend southwest and Kumenagari. At Astaflu, we've discovered a new and highly fertile mineralized greenstone belt, and through our own land package and our strategic partnership with Kulu Gold, we expect to unlock significantly more value across this belt. Now Astaflu is key to our organic growth outlook. and along increased production at Savadala Masawa, we're targeting 27% growth in production to 1.5 million ounces by 2030, with a solid position in the first quarter. On slide 16, following the launch of our new exploration strategy late last year, we've increased our exploration guidance to $100 million for this year, and we will prioritize adding near-mine resources across the portfolio expanding resources at the acid food deposit and nearby targets, whilst advancing new ventures to replenish the longer-term organic project pipeline. And as you can see on slide 17, we're pleased that we signed a strategic investment of $20 million with Altair for a 9.9% stake. The Yarnershield is one of the four Tier 1 gold provinces that we are targeting through our Greenfield and New Ventures programs. And given the Guyana Shield is a continuity of the West African Burimian, we have a good understanding of the geology as well as the structural context. Now Altair has one of the largest consolidated land packages in Guyana, covering highly prospective ground to the south of recent significant discoveries at Oko West and Okogane along the same shear zone. So we're excited about the prospectivity and the proceeds from our investment will be deployed to accelerate these exploration programs. Before I hand over to Guy, I just wanted to touch shortly on ESG. As a long-term partner in West Africa, we will always strive to deliver sustainable value to all of our stakeholders. In 2025 alone, we contributed $2.8 billion to host economies. And over the last six years, we've contributed $12.9 billion. This consistent delivery of value alongside continued improvements in governance, stakeholder engagement, and ESG management systems, is increasingly being recognized. And as a member now of the Extractive Industries Transparency Initiative, we met all transparency expectations in 2025, performing strongly relative to our peer group. In addition, our ISS rating has been upgraded, placing us in the top 10% of our sector, in line with the other strong ESG ratings we continue to maintain. With that introduction, let me hand you over to Guy, who can take you through the Q1 financials. Guy, over to you.