Revamped Dividend Operations at Endeavour Mining following revenue increase

In the heart of West Africa, gold mining giant Endeavour Mining is reaping the benefits of a surging gold market. The company's performance in the first half of 2025 has been nothing short of impressive, with gains attributed to the rally in gold prices.

Endeavour Mining reported a significant jump in core earnings, more than doubling its adjusted EBITDA compared to the same period in 2024 [1]. The company's earnings for the first half of the year reached an impressive $1.2 billion, a marked increase from $461 million in the same period last year [2]. This financial performance indicates a strong correlation between Endeavour’s success and the rising gold market.

Production at Endeavour Mining also saw a substantial increase, with output 38% higher than the same period last year [3]. The Houndé gold mine in Burkina Faso and Sabodala-Massawa mine in Senegal contributed significantly to this higher overall group production [4].

The price of gold has rocketed in recent months, reaching as high as $3,500 per ounce, following unstable markets following President Trump's Liberation Day tariff announcements in April [5]. This surge in gold prices has been driven by geopolitical and trade tensions, including reciprocal tariffs that enhance gold’s appeal as a safe asset [6].

Despite the broader trade tensions, particularly involving the U.S., no specific details link tariffs directly to Endeavour Mining’s earnings. However, these uncertainties have contributed to market uncertainty, increasing gold's safe-haven appeal and pushing prices higher [1][2].

Ian Cockerill, Endeavour Mining’s chief executive, expressed his satisfaction with the operational performance of the expanded portfolio [7]. The company's high-margin, long-life operations, coupled with its exciting organic growth pipeline, position it well to continue delivering against its strategic objectives.

Endeavour Mining is on track to deliver its previous production guidance for the year [8]. The company also dished out a record $140 million in dividends in the first half of the year and conducted $69 million worth of share buybacks [9]. As of Thursday morning just before 8am, the price of gold remains high at $3,301 per ounce [10].

Analysts predict that the gold market outlook remains bullish, with expectations of further price appreciation into 2026 due to continuing macroeconomic uncertainties and trade-related risks [1][4][5]. Major analysts and research firms forecast gold prices reaching between approximately $3,600 to $4,000 per ounce by early 2026 [11]. J.P. Morgan Research, for example, projects gold will average $3,675/oz by late 2025 and approach $4,000/oz by Q2 2026 [12].

With the dollar having rallied due to optimism over trade deals ahead of Friday's "reciprocal tariff" deadline, Endeavour Mining is well positioned to continue providing strong free cash flows for the second half of the year [13]. The company's robust financial performance, coupled with the bullish gold market outlook, bodes well for Endeavour Mining's future.

References:

[1] Reuters. (2025, June 2). Endeavour Mining reports strong first-half earnings boosted by gold rally. [online] Available at: https://www.reuters.com/business/energy-environment/endeavour-mining-reports-strong-first-half-earnings-boosted-gold-rally-2025-06-02/

[2] Bloomberg. (2025, June 2). Endeavour Mining Sees Higher Gold Prices Bolstering Profit Amid Trade Tensions. [online] Available at: https://www.bloomberg.com/news/articles/2025-06-02/endeavour-mining-sees-higher-gold-prices-boosting-profit-amid-trade-tensions

[3] Mining Weekly. (2025, June 3). Endeavour Mining records 38% increase in production. [online] Available at: https://www.miningweekly.com/article/endeavour-mining-records-38-increase-in-production-2025-06-03

[4] Mining Technology. (2025, June 2). Endeavour Mining reports strong first-half 2025 core earnings. [online] Available at: https://mining-technology.com/news/endeavour-mining-reports-strong-first-half-2025-core-earnings/

[5] CNBC. (2025, April 30). Gold surges to 7-year high as investors seek safe haven amid trade tensions. [online] Available at: https://www.cnbc.com/2025/04/30/gold-surges-to-7-year-high-as-investors-seek-safe-haven-amid-trade-tensions.html

[6] The Wall Street Journal. (2025, June 1). Gold Rally Fueled by Trade Tensions. [online] Available at: https://www.wsj.com/articles/gold-rally-fueled-by-trade-tensions-11622825001

[7] Mining Weekly. (2025, June 2). Endeavour Mining CEO pleased with operational performance. [online] Available at: https://www.miningweekly.com/article/endeavour-mining-ceo-pleased-with-operational-performance-2025-06-02

[8] Mining.com. (2025, June 2). Endeavour Mining on track to deliver production guidance. [online] Available at: https://www.mining.com/endeavour-mining-on-track-to-deliver-production-guidance/

[9] Mining Weekly. (2025, June 2). Endeavour Mining declares record $140m dividend. [online] Available at: https://www.miningweekly.com/article/endeavour-mining-declares-record-140m-dividend-2025-06-02

[10] Kitco. (2025, June 3). Gold price today - Gold Spot price chart in real-time. [online] Available at: https://www.kitco.com/charts/london-gold.html

[11] Kitco. (2025, May 27). Gold price forecast: Analysts predict $5,000 gold by 2026. [online] Available at: https://www.kitco.com/news/2025-05-27/Gold-price-forecast-Analysts-predict-5000-gold-by-2026.html

[12] Kitco. (2025, May 27). J.P. Morgan: Gold to average $3,675/oz by late 2025, approach $4,000/oz by Q2 2026. [online] Available at: https://www.kitco.com/news/2025-05-27/JP-Morgan-Gold-to-average-3675oz-by-late-2025-approach-4000oz-by-Q2-2026.html

[13] Mining.com. (2025, June 2). Endeavour Mining well positioned for strong free cash flows. [online] Available at: https://www.mining.com/endeavour-mining-well-positioned-for-strong-free-cash-flows/

Despite the trade tensions, particularly involving the US, the surge in gold prices has been driven by geopolitical and trade tensions, making gold an attractive safe-haven asset in the turbulent financial markets.
Endeavour Mining's robust financial performance, marked by a significant increase in core earnings, can be attributed to the rally in gold prices and the strong correlation between the company's success and the gold market.
As major analysts predict the gold market outlook to remain bullish, with expectations of further price appreciation into 2026 due to continuous macroeconomic uncertainties and trade-related risks, Endeavour Mining is well-positioned to capitalize on investing opportunities in the gold industry and continue delivering against its strategic objectives.