Endeavour Mining plc

Good day and thank you for standing by. Welcome to Endeavour Mining second quarter and half year 2026 results webcast. At this time all participants are in 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. and we ask analysts to limit themselves to two questions before jumping back into the queue. Today's conference call is being recorded and a transcript of the call will be available on Endeavour's website tomorrow. We'd now like to hand the call over to Endeavour's Vice President of Investor Relations, Jack Garman.

Hello everyone and welcome to Endeavour's Q2 and H1 2026 results webcast. Before we start, please note our usual disclaimer. On the call today, I'm joined by Ian Cockerill, Chief Executive Officer, Guy Young, Chief Financial Officer, Djaria Traore, Executive Vice President of Operations and ESG, and Sonia Scarcelli, Executive Vice President of Exploration and Growth. Today's call will follow our usual format. Ian will first go through the highlights of the first half of the year. Guy will present the financials. Djaria will walk you through our operating results by mine. and Sonia will provide an update on our exploration program 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.

Thank you Jack and hello to everyone joining us on the call today. Now H126 was a record half year for Endeavour. Our strong operating performance has led to record free cash flow generation and together with our healthy balance sheet were well positioned to meet our strategic objectives which prioritize organic growth and shareholder returns. Production of 564,000 ounces at an ASIC of $1,871 per ounce for H1 certainly positions us firmly on track to meet our 2026 guidance with a stronger Q4. Our operational performance drove record-free cash flow generation of $761 million That's up 19% against H2 of last year, despite the significant but expected seasonal tax payments. This cash flow generation supports our balance sheet, which sits in a healthy net cash position of $254 million and underpins our ability to grow the business organically and return capital to shareholders. On Sheldon returns, today we've announced a record $301 million of returns for H1. That's made up of another record, $230 million of dividends and an additional $71 million of buybacks. That's more than double our minimum commitment as we further strengthen our track record of paying significant supplemental returns. On organic growth, we remain on track for FID before the end of the year at the Assafru Project. At the same time, we're working towards our Sabadala-Masawa underground expansion with the first phase of development getting underway in H2 and targeting first ore by year end. And on exploration, we're working towards significant resource updates at our Vindaloo DEET and Coursera discoveries that we expect to publish later this year. In short, we have built a high quality resilient business through our disciplined approach to capital allocation that ensures we target only the highest return opportunities preserving our high margins over the longer term. Now this approach also underpins our ability to reinvest in organic growth to sustain this portfolio quality while offering exposure to sector leading shareholder returns. I'll now walk you through each of those areas in a bit more detail. Starting on slide 7, as I said, we produced 564,000 ounces in H1, which was stable when compared to the prior period, while our all-in sustaining margin increased by 37%, largely thanks to the increased gold prices half on half. Importantly, our margins have continued to increase with the gold price over the last two years. On slide 8, given this H1 performance, We remain on track to deliver both group production and all in sustaining cost within the full year guidance. H1 production of 564,000 ounces represents approximately 52% of the low end of guidance and we expect a stronger production profile later in the year as we move past the wet season and the elevated stripping activity in Q3. and then moving into Q4 when higher grades are expected at most of our mines. On costs, our H1 all-in sustaining costs were $1,871 per ounce or $1,687 per ounce when adjusted for the impact of higher gold prices above the guidance price we used, principally due to the higher royalty rates at the higher price. And that positions us comfortably in the lower half of the guidance range for H1. On capital, we've increased our sustaining capex guidance from $230 million to $280 million, driven largely by increased ore mining and capitalized waste stripping at Hyundai and Lafayette. Non-sustaining and growth capital remain on track with increased stripping activity. The start of the Sabadala Masawa underground expansion and the ramp up of early works at ASIFU expected in H2. On slide nine, you can see we've generated a record $1.6 billion of adjusted EBITDA in H1, up 41% from the prior period, a very healthy 63% EBITDA margin. That's been driven not only by a stronger gold price environment, but also a solid operational performance throughout the half. Moving to free cash flow on slide 10, we delivered another record $761 million in H1, up 19% from the prior period. And that's equivalent to $1,350 for every ounce or per ounce of free cash flow generation. And this is despite the seasonal tax payments that Guy will walk you through later in this presentation. Since we completed our last growth phase in 2024, we have certainly grown free cash flow in each period thanks to strong gold prices and our consistent operational performance. On slide 11, this strong cash flow profile has been mirrored in our balance sheet improvement, which now stands at a healthy $254 million of net cash. This gives us capital allocation flexibility to deliver sector-leading shell returns ahead of and throughout our next growth phase. And that's exactly what we've done for H1. We've returned a record $301 million to shareholders consisting of a record $230 million of dividends and $71 million in buyback. And that's double our minimum commitment and nearly 40% higher than our H225 returns and equivalent to 40% of our free cash flow generation. With H1, We've extended our track record of delivering sector-leading shoulder returns. Since 2021, we've returned just under $2 billion, which is about 85% above our minimum commitment. And this reiterates our sustained commitment to sector-leading returns through both phases of growth as well as cash harvesting. Now we're on track to return at least $1.1 billion over the 2026-2028 period and we expect to achieve this even down to a conservative gold price of $3,000 per ounce. At high gold prices obviously we're well positioned to continue supplementing this return. On slide 14 and our other key strategic objective and that is organic growth. At ASIFU, since publishing the DFS in late April, we've launched early works and are advancing on the critical path to unlock FID by year end. We've completed front end engineering and design work and long lead time item procurement for the crushers, mills, HPGR and apron feeders is now well advanced. Mining convention negotiations are on track for late Q3 and these negotiations are under the terms of the current 2014 Mining Code. The relocation action plan is progressing well following successful engagement with local community leaders with the assistance of government. Overall activities are ramping up in line with the plan and we expect to declare FID and launch construction by the year end. On slide 15, growth isn't just about green fields. There's plenty to be done at our existing assets The underground expansion at Sabadal and Sawa is targeting more than half a million ounces of high-grade ore for the CIL processing plant, and that's to drive higher production over the coming years. The first phase is starting, and that's focused on development and construction of an exploration decline, giving us a platform for more detailed, closer spaced underground drilling. De-watering, earthworks and power establishment is underway with the initial fleet expected to arrive on site in Q3. We're targeting development to reach first or by year end with the second phase of expansion expected to launch later this year, subject to approval. On slide 16, the combined Astafru and Salvador support our growth ambitions to 1.5 million ounces by 2030. but we are not growing for the sake of growth and we are focused on preserving and improving our margins through optimization at our existing mines. At MANA for example we're investing in the power network to ensure stability whilst also automating our underground operations in a in the power sense. At Lefige we recently completed crusher upgrades and feed optimizations which are already improving throughput and Reagent Consumption Rates. At INTI, we're optimizing our re-sign circuit to improve our carbon and cyanide management to improve consumables efficiency and costs. And these initiatives are focused on maximizing the value of every ounce that we produce as we grow the business. Over and above this growth, our exploration program has this year already spent $44 million, advancing our recent discoveries, Vindaloo deeps and Coursera deposits. These deposits could support further growth beyond the 1.5 million ounces and help improve our asset quality certainly well into the next decade. We expect to announce exciting resource updates later this year and Sonia is going to talk through this later on in the presentation today. Before handing over to Guy, I'd just like to touch on ESG. When we launched the first phase of our ESG strategy five years ago, We were determined to deliver tangible impact, ensuring the value we created served all of our stakeholders. That phase culminated last month with our inaugural five-year impact report. Between 2021 and 2025, we generated over $11.5 billion in economic value for our host countries. That headline figure only tells part of the story. Beyond the numbers is where our true impact lies. just to give you a few examples on health our targeted programs have successfully successfully driven a 77 percent reduction in malaria across our workforce since 2021 as well as the communities from which that workforce comes from on education we've created more than 1 800 internships helping young people develop skills to launch their careers on economic empowerment through More than 215 agricultural initiatives, we've supported more than 5,000 direct beneficiaries and their families in building sustainable livelihoods. And so as we look forward towards 2030, our conviction remains unchanged. Creating shared value that benefits all of our stakeholders is certainly key to sustaining our success. With that introduction, let me hand you over to Guy to take you through the details of financials. Guy, over to you.