Endeavour Mining Corp

Endeavour Mining generated record free cash flow of about US$1.16 billion in fiscal 2025 and US$761 million in the first half of 2026, allowing it to maintain a net cash balance sheet. Those cash flows funded a record US$301 million returned to shareholders in the first half of 2026, including an interim dividend of roughly US$0.95 per share. The company's Assafou definitive feasibility study outlines a large, relatively low cost project in Côte d'Ivoire with a 16 year mine life, and the key question is whether future Assafou capex and any changes to Ivorian royalties or taxes could dilute the current dividend and buyback story. Endeavour's narrative projects US$6.2 billion in revenue and US$1.9 billion in earnings by 2029, yielding a CA$95.74 fair value and 18% upside to its current price, while some analysts had assumed revenue of about US$7.6 billion and earnings of roughly US$2.6 billion by 2029. Heightened West African royalty and tax discussions remain a risk to how much of the cash windfall reaches shareholders.

Endeavour Mining reported record first-half free cash flow of $761 million, up 19% from the second half of 2025, while adjusted EBITDA reached a record $1.6 billion. The company returned $301 million to shareholders through dividends and buybacks and ended the second quarter with $254 million in net cash. Full-year production and cost guidance remains unchanged, though management expects a higher-cost, lower-output third quarter due to wet-season conditions, lower grades and stripping activity. Sustaining capital guidance was raised to $280 million from $230 million. Endeavour is targeting a final investment decision for the Assafou development by year-end and first ore from the Sabodala-Massawa underground expansion by year-end, while Mana is expected to miss production and cost guidance following operational disruptions and a fatal contractor accident at Lafigué prompted additional safety measures.

The FTSE 100 index closed up 131.06 points, or 1.2%, at 10,716.97 on Thursday as UK inflation cooled more than expected in June. The consumer prices index rose 2.6% year-on-year, down from 2.8% in May and below the forecast of 2.7%, while on a monthly basis CPI rose 0.1%, in line with expectations. Lloyds analysts noted that the data marks a third consecutive downside surprise to the Bank of England's expected path, supporting the view that recent upside inflation risks have been less persistent than anticipated. In European equities on Wednesday, the CAC 40 in Paris closed up 1.0%, while the DAX 40 in Frankfurt ended 0.6% higher. Brent oil climbed to 93.74 dollars a barrel amid heightened US-Iran tensions, and gold rose to 4,157.48 dollars an ounce, boosting miners such as Endeavour Mining, which gained 5.3%.

Endeavour Mining purchased 11,000 of its own ordinary shares on 30 June 2026 as part of its buy-back programme announced on 20 March 2026. The shares were bought through Stifel Nicolaus Europe Limited at prices ranging from 3,678.00 to 3,730.00 pence per share, with a volume weighted average price of 3,699.18 pence. Following cancellation of the repurchased shares, the company will have no ordinary shares in treasury and 241,644,222 ordinary shares in issue, representing the total voting rights.

BlackRock has increased its total holding in Endeavour Mining to 13.13% following an acquisition of voting rights that crossed a threshold on 30 June 2026. The position comprises 12.00% of voting rights attached to shares and 1.13% through financial instruments, up from a previous total of 13.05%. The notification, dated 1 July 2026, shows BlackRock holds 29,009,151 direct voting rights, with an additional 2,007,368 voting rights via securities lending and 725,963 via contracts for difference. The controlled undertaking BlackRock Investment Management (UK) Limited accounts for 6.69% of the total voting rights.

Jefferies added Barrick to a buy list of miners it expects to benefit from rising copper prices tied to data center and power spending, not gold. The firm named Barrick, Kinross, Endeavour Mining, and Capstone Copper as buy-rated names on June 9, 2026, citing a structural copper supply deficit and a U.S. capital-spending cycle driven by AI infrastructure. Barrick’s copper output rose 11 percent to 49,000 metric tons in the first quarter, and the company is advancing the Lumwana expansion in Zambia and the Reko Diq copper-gold project in Pakistan, which former CEO Mark Bristow said could generate about $74 billion in free cash flow over 37 years. A single one-gigawatt AI data center can consume up to 50,000 metric tons of copper, while new mines take a decade to permit and build, keeping the market in a projected cumulative deficit near three million tonnes by 2036. Barrick also generated $1.21 billion in attributable free cash flow in the first quarter, up 195 percent from a year earlier, and approved a $3 billion buyback.