Atlas Air Worldwide Releases 2024 Sustainability Report
Atlas' sixth Sustainability Report provides details on the initiatives and programs that are helping move the Company forward on its sustainability journey. The progress described in the report is aligned with four key pillars in Atlas' sustainability strategy: Preserve Our Planet, Care for Our People, Maximize Social Impact and Grow Responsibly.
"As the global leader in outsourced aviation logistics, we recognize our responsibility to Care for the World We Carry," said Michael Steen, Chief Executive Officer, Atlas Air Worldwide. "Our One Atlas strategy, which positions sustainability as both a business imperative and a competitive advantage, is central to how we deliver on our commitment. In 2024, we continued to embed sustainability across every part of our Company, from improving fleet efficiencies and reducing emissions, to elevating employee training and safety initiatives, to making a positive impact in the communities in which we operate and reinforcing our dedication to responsible business practices. This integrated approach is how we provide long-term value for our customers, build resilience for the future, and drive measurable impact across the global supply chain.'
"We have set meaningful goals to reduce our emissions, which contributes directly to our customers' own sustainability targets," said Richard Broekman, Chief Commercial Officer and Head of Sustainability. "Last year, we modernized our fleet with eight new fuel-efficient widebody freighters, increased our use of sustainable aviation fuel (SAF), and created efficiencies in our operations – all are contributing to decarbonization in the aviation industry. This report provides an overview of a year marked by steady progress as we continued to lay the groundwork to advance our sustainability strategy in the years to come."
Key highlights from the 2024 report include:
Preserve Our Planet
Strengthened strategy and implementation efforts by adding a Staff Vice President of Sustainability and a Sustainability Project Manager.
Expanded our freighter fleet with three Boeing 747-8s, one 777, and four 747-400s—among the most capable and environmentally responsible widebody aircraft—offering up to 25% greater payload capacity and up to 16% lower fuel consumption compared to earlier models.
Partnered with the Smart Freight Centre to support collaborative efforts aimed at advancing policies and practices that increase sustainable aviation fuel (SAF) production and affordability.
Care for Our People
Introduced the campaign, which engages employees to keep safety, security and compliance top of mind.
Signed the IATA Safety Leadership Charter, demonstrating shared commitment to promoting a safety culture throughout the industry.
Launched a series of events, workshops and digital learning opportunities to empower employees at all levels with transformative Leadership Principles, as well as an online Learning Hub platform.
Ensured active employee engagement through various feedback channels, including engagement surveys, feedback loops, CEO Round Table discussions, Company-wide Town Halls and Human Resources Town Square discussions.
Continued growing the Atlas Air Worldwide Women's Network (AAWWN), which provides mentorship, professional development and industry leadership.
Maximize Social Impact
Raised more than $330,000 to benefit K9s for Warriors, which provides trained service dogs to military veterans suffering from post-traumatic stress disorder (PTSD), traumatic brain injury and/or military sexual trauma.
Awarded $50,000 in needs-based scholarships to the University of Alaska Anchorage for aspiring future pilots and maintenance technicians.
Contributed to relief efforts in the aftermath of Hurricanes Milton and Helene.
Spent nearly $1.9 million with small businesses and continued to develop policies and facilitate strategies to support veteran-owned, service-disabled veteran-owned, woman-owned and historically underutilized business regions.
Grow Responsibly
Advanced the growth and innovation of SAF throughout the industry in collaboration with the U.S. House of Representatives' bipartisan SAF Caucus and the Alaska Department of Transportation and Public Facilities.
Continued to progress on reporting to the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) by collaborating with industry partners to support program implementation and working with customers on carbon offset and SAF strategies.
Enhanced our emission reporting transparency by disclosing Scope 2 greenhouse gas emissions and biogenic CO₂ emissions associated with the use of SAF.
Received approval for Cybersecurity Implementation Plan from the Transportation Safety Administration (TSA) and the U.S. Department of Homeland Security.
To learn more about Atlas Air Worldwide's sustainability efforts, view the 2024 Atlas Sustainability Report: Sustainability – Atlas Air Worldwide.
About Atlas Air Worldwide
Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world's largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.
Contacts: Media: CorpCommunications@atlasair.comSign in to access your portfolio
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Endeavour Reports Strong H1-2025 Results
By GlobeNewswire Published on July 31, 2025, 11:00 IST NEWS RELEASE – LSE & TSX: EDV All amounts in US$ ENDEAVOUR REPORTS STRONG H1-2025 RESULTS H1 production of 647koz at AISC of $1,281/oz • H1 Free Cash Flow of $514m • Record dividend of $150m OPERATIONAL AND FINANCIAL HIGHLIGHTS On track to achieve FY-2025 guidance following strong H1-2025 production of 647koz, up +38% over H1-2024, at AISC of $1,281/oz, up only +4% over H1-2024; Q2-2025 production of 306koz at AISC of $1,458/oz. EBITDA of $1,136m for H1-2025, up +226% over H1-2024; $596m for Q2-2025, up 10% over Q1-2025. Net earnings of $444m (or $1.83/sh) for H1-2025; $271m (or $1.12/sh) for Q2-2025, up 57% over Q1-2025. Adj. Net Earnings of $398m (or $1.64/sh) for H1-2025, up +811% over H1-2024; $179m (or $0.74/sh) for Q2-2025, down 18% over Q1-2025. Operating Cash Flow before changes in WC of $888m (or $3.65/sh) for H1-2025, up +153% over H1-2024; $296m (or $1.22/sh) for Q2-2025, down 50% over Q1-2025 due to ~55% of FY-2025 cash tax payments during Q2-2025. Record Free Cash Flow of $514m for H1-2025; $104m for Q2-2025 despite cash tax payments during Q2-2025. Net Debt / Adj. EBITDA (LTM) of 0.23x; stable over Q1-2025 and within the Group's 0.50x target. SECTOR LEADING SHAREHOLDER RETURNS Record $150m (or $0.62/sh) dividend announced; supplemented with $69m of share buybacks for H1-2025. H1-2025 shareholder returns of $219m, equivalent to $338/oz produced; annualised 94% above minimum commitment. ATTRACTIVE ORGANIC GROWTH Assafou project DFS on track for completion by early 2026, with exploration ongoing at Assafou and nearby Pala Trend 2 and 3 targets, where a maiden resource is expected in H2-2025. Strong exploration efforts with $51m spent in H1-2025, focused on near-mine resource expansions and Assafou. London, 31 July 2025 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ('Endeavour', the 'Group' or the 'Company') is pleased to announce its operating and financial results for Q2-2025 and H1-2025, with highlights provided in Table 1 below. Table 1: Operating and financial highlights from continuing operations 1 All amounts in US$ million unless otherwise specified THREE MONTHS ENDED SIX MONTHS ENDED 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Δ H1-2025 vs. H1-2024 OPERATING DATA Gold Production, koz 306 341 251 647 470 +38% Gold sold, koz 304 353 238 657 463 +42% Total Cash Cost2, $/oz 1,220 929 1,148 1,064 1,079 (1)% All-in Sustaining Cost2, $/oz 1,458 1,129 1,287 1,281 1,237 +4% Realised Gold Price3, $/oz 3,150 2,783 2,287 2,953 2,167 +36% CASH FLOW Operating Cash Flow before changes in working capital 296 592 213 888 351 +153% Operating Cash Flow before changes in working capital2, $/sh 1.22 2.43 0.87 3.65 1.43 +155% Operating Cash Flow 252 494 258 746 313 +138% Operating Cash Flow2, $/sh 1.04 2.03 1.05 3.07 1.28 +140% Free Cash Flow2,4 104 409 81 514 (52) n.a. Free Cash Flow2,4, $/sh 0.43 1.68 0.33 2.11 (0.21) n.a. PROFITABILITY Net Earnings/(Loss) Attributable to Shareholders 271 173 (60) 444 (80) n.a. Net Earnings/(Loss), $/sh 1.12 0.71 (0.24) 1.83 (0.33) n.a. Adj. Net Earnings Attributable to Shareholders2 179 219 3 398 45 +784% Adj. Net Earnings2, $/sh 0.74 0.90 0.01 1.64 0.18 +811% EBITDA2,5 596 540 193 1,136 349 +226% Adj. EBITDA2,5 556 613 249 1,169 461 +154% SHAREHOLDER RETURNS2 Shareholder dividends paid 140 — — 140 100 +40% Share buybacks 28 41 8 69 20 +245% FINANCIAL POSITION HIGHLIGHTS2 Net Debt 469 378 835 469 856 (45)% Net Debt / LTM Trailing adj. EBITDA5 0.23x 0.22x 0.81x 0.23x 0.81 x (72)% 1 Continuing Operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. 2 This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 3 Realised gold prices are inclusive of the Sabodala-Massawa stream and the realised gains/losses from the Group's revenue protection programme . 4 From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 5 Last Twelve Months ('LTM') Trailing EBITDA adj includes EBITDA generated by discontinued operations. Management will host a conference call and webcast today, 31 July 2025, at 8:30 am EST / 1:30 pm BST. For instructions on how to participate, please refer to the conference call and webcast section at the end of the news release. Copies of the Management Report and Financial Statements have been submitted to the National Storage Mechanism and will be filed on SEDAR+. The documents will shortly be available for inspection on the Company's website and at: Ian Cockerill, Chief Executive Officer, commented: 'Q2-2025 has been another strong quarter for Endeavour, capping an excellent first half of 2025 with 647koz of gold produced at an AISC of $1,281 per ounce; ensuring we are firmly on track to achieve our full-year guidance. As a result of our larger portfolio, following the completion of our growth phase 12 months ago, H1-2025 production was 38% higher than the same period last year, with our all-in sustaining margin 80% higher, ensuring that we realised the full benefit of the strong gold price environment. Over the past 12 months, we have generated $879 million of free cash flow, equivalent to over $687 for every ounce of gold we produced, or a yield of more than 17% from the start of the period. During H1, despite paying approximately 70% of our full-year's taxes, we still generated record free cash flow of $514 million, equivalent to $794 for every ounce of gold we produced, and we are well positioned to continue delivering strong free cash flow in the second half of the year. Underpinned by this strong free cash flow, we have maintained leverage well below our target and declared another record dividend of $150 million for H1-2025, which we have further supplemented with $69 million of share buybacks, equivalent to returns of $338 for every ounce of gold produced for the period. Since our first payments in 2021, we have returned $1.4 billion to shareholders, over 80% above our minimum commitment, and equivalent to $213 for every ounce produced over the period. Looking ahead, the DFS for our tier 1 Assafou project is on schedule for completion by early-2026, and the permitting process is well advanced. Simultaneously, we are continuing to explore the property and expect to outline a resource update later this year, incorporating resources from satellite discoveries in close proximity to Assafou. We are very pleased with the operational performance we have delivered from our expanded portfolio and our ability to convert that performance into cash flow. Our high-margin, long-life operations, coupled with our exciting organic growth pipeline positions us well to continue delivering against our strategic objectives .' OPERATING SUMMARY Strong safety performance for the Group, with a Lost Time Injury Frequency Rate ('LTIFR') of 0.05 for the trailing twelve months ended 30 June 2025. The Group remains on track to achieve its production guidance of 1,110 – 1,260koz, within its all-in sustaining cost ('AISC') guidance of $1,150 – 1,350/oz. H1-2025 production amounted to 647koz, an increase of 177koz over H1-2024, due to higher average grades processed at Houndé and Mana, and increased production at Lafigué and the Sabodala-Massawa BIOX expansion, which both entered commercial production Q3-2024, partially offset by a decrease in production at Ity due to lower average grades processed. Q2-2025 production of 306koz was 36koz lower than Q1-2025, reflecting lower grades processed at Houndé, Mana and at the Sabodala-Massawa CIL plant, in line with their mine sequences. This was partially offset by increased production at Lafigué due to higher mill throughput, while production at Ity remained stable. Table 2: Group Production THREE MONTHS ENDED SIX MONTHS ENDED All amounts in koz, on a 100% basis 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Houndé 69 92 64 161 106 Ity 84 84 96 168 182 Mana 41 46 35 87 77 Sabodala-Massawa1 62 72 57 134 105 Lafigué 49 48 0.5 97 0.5 GROUP PRODUCTION 306 341 251 647 470 1 Includes pre-commercial ounces that are not included in the calculation of All-In Sustaining Costs. H1-2025 total cash cost amounted to $1,064/oz, a decrease of $15/oz over H1-2024, due to lower cash costs at the Houndé mine related to a significant increase in gold sales and the addition of the low-cost Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024. The decrease was partially offset by higher royalty costs across the portfolio, related to the higher realised gold prices. Q2-2025 total cash cost amounted to $1,220/oz, an increase of $291/oz over Q1-2025 due to lower gold sales and higher royalty costs related to the higher realised gold prices across the portfolio, as well as higher processing unit costs at Houndé and Ity due to seasonally lower grid power availability, as hydroelectric dam capacity reached its lowest point for the year, ahead of the annual wet season. Table 3: Consolidated Total Cash Costs (All amounts in US$/oz) THREE MONTHS ENDED SIX MONTHS ENDED 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Houndé 1,352 751 1,340 1,001 1,249 Ity 1,049 875 869 960 863 Mana 1,700 1,360 1,729 1,518 1,513 Sabodala-Massawa2 1,073 959 1,057 1,013 968 Lafigué 1,125 918 — 1,018 — GROUP TOTAL CASH COSTS1 1,220 929 1,148 1,064 1,079 1 This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2 Excludes pre-commercial costs associated with ounces from the BIOX expansion project. H1-2025 AISC amounted to $1,281/oz, a slight increase of $44/oz over H1-2024 due to higher royalty costs related to the higher realised gold prices, higher sustaining capital due to the introduction of the Lafigué mine, at Ity related to infrastructure and processing plant upgrades, at Sabodala-Massawa related waste stripping and at Mana related to underground development. Q2-2025 AISC amounted to $1,458/oz, an increase of $329/oz over Q1-2025 driven by higher total cash costs including the impact of higher royalty costs related to the higher realised gold prices, and higher sustaining capital at Houndé, Ity and Lafigué, partially offset by lower sustaining capital at Sabodala-Massawa and Mana. Table 4: Group All-In Sustaining Costs All amounts in US$/oz THREE MONTHS ENDED SIX MONTHS ENDED 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Houndé 1,580 858 1,472 1,158 1,514 Ity 1,125 930 885 1,025 885 Mana 2,257 1,887 1,927 2,059 1,661 Sabodala-Massawa2 1,272 1,173 1,164 1,220 1,050 Lafigué 1,154 926 — 1,036 — Corporate G&A 46 43 48 44 48 GROUP ALL-IN SUSTAINING COSTS1 1,458 1,129 1,287 1,281 1,237 1 This is a non-GAAP measure, refer to the non-GAAP Measures section for further details. 2 Excludes pre-commercial costs associated with ounces from the BIOX expansion project. H1-2025 and Q2-2025 total cash costs and AISC have been impacted by higher sliding scale royalty costs due to higher realised gold prices of $3,107/oz and $3,302/oz, exclusive of the impact of the revenue protection programme, respectively, which are significantly higher than the $2,000/oz gold price assumption used in the FY-2025 guidance. As a result, higher royalty costs related to gold price had an impact of $116/oz and $96/oz on the Q2-2025 and H1-2025 total cash costs and AISC, respectively. Table 5: AISC Guidance Reconciliation 1 Q2-2025 ACTUALS H1-2025 ACTUALS FY-2025 GUIDANCE AISC at realised gold price 1,458 1,281 Additional royalty cost at realised gold price vs $2,000/oz guidance gold price +116 +96 H1-2025 impact of +$96/oz on AISC due to higher gold prices driving royalty costs higher AISC at $2,000/oz gold price 1,342 1,185 1,150 — 1,350 1 Reconciliation illustrates the impact of higher royalty rates as a result of a higher gold price versus $2,000/oz guided gold price for Q2-2025 and H1-2025 of $3,302/oz and $3,107/oz are exclusive of the impact of the revenue protection programme , respectively. FY-2025 OUTLOOK The Group remains on track to achieve its FY-2025 production guidance of 1,110 – 1,260koz at its AISC cost guidance of $1,150 – 1,350/oz. FY-2025 production is expected to be slightly weighted towards H1-2025, due to lower grades expected at the Houndé and Ity mines in H2-2025, in line with their mine sequences. During H1-2025, AISC has been impacted by higher costs at Mana related to increased power costs driven by higher consumption and increased use of higher-cost self-generated power, and higher sliding scale royalty costs due to higher realised gold prices (+$96/oz impact on AISC in H1-2025). Group AISC guidance of $1,150 – 1,350/oz is based on a realised average gold price of $2,000/oz, compared to the H1-2025 realised gold price of $3,107/oz, resulting in a $96/oz impact on the H1-2025 AISC from higher royalty costs. Prior to the impact of the higher realised gold prices on royalty costs, H1-2025 AISC was approximately $1,185/oz, and near the low-end of the FY-2025 guidance range. Inclusive of the impact of higher realised gold prices on royalty costs, the H1-2025 AISC was $1,281/oz, and near the mid-point of the FY-2025 guidance range. The AISC sensitivity to royalty cost due to gold price changes is between $6 – 10/oz for every $100/oz increase in gold price. Table 6: FY-2025 Production Outlook 1 H1-2025 ACTUALS FY-2025 GUIDANCE FY-2025 OUTLOOK (All amounts in koz, on a 100% basis) Houndé 161 230 – 260 ON TRACK Ity 168 290 – 330 ON TRACK Mana 87 160 – 180 ON TRACK Sabodala-Massawa 134 250 – 280 ON TRACK Lafigué 97 180 – 210 ON TRACK Group Production 647 1,110 – 1,260 ON TRACK 1 FY-2025 Production Guidance excludes the impact of the initiatives from the Sabodala-Massawa technical review. Table 7: FY-2025 AISC Outlook 1 H1-2025 ACTUALS FY-2025 GUIDANCE FY-2025 OUTLOOK (All amounts in US$/oz) Houndé 1,158 1,225 – 1,375 ON TRACK Ity 1,025 975 – 1,100 ON TRACK Mana 2,059 1,550 – 1,750 NEAR TOP-END Sabodala-Massawa 1,220 1,100 – 1,250 ON TRACK Lafigué 1,036 950 – 1,075 ON TRACK Corporate G&A 44 40 ON TRACK Group AISC 1,281 1,150 – 1,350 ON TRACK 1 FY-2025 AISC Guidance is based on an assumed average gold price of $2,000/oz and USD:EUR foreign exchange rate of 0.90. Group sustaining capital expenditure outlook for FY-2025 has decreased from $215.0 million to $195.0 million, with $113.6 million incurred in H1-2025, and $58.5 million incurred in Q2-2025. The decrease in the FY-2025 sustaining capital expenditure outlook is due to lower sustaining waste stripping, which has been offset by an increase in non-sustaining waste pre-stripping, due to the acceleration of Pushback 2 at the Main pit at Lafigué. Sustaining capital for FY-2025 includes underground development at Mana, mining fleet rebuilds and replacements at Houndé and Sabodala-Massawa and processing plant and infrastructure upgrades at Ity. Group non-sustaining capital expenditure outlook for FY-2025 has increased from $215.0 million to $235.0 million for FY-2025, with $102.9 million incurred in H1-2025, and $65.3 million incurred in Q2-2025. The increase in the FY-2025 non-sustaining capital expenditure outlook is due to the acceleration of waste pre-stripping of Pushback 2 at the Main Pit at Lafigué. Non-sustaining capital for FY-2025 includes waste stripping at Houndé, Ity, Lafigué and Sabodala-Massawa and TSF embankment raises at Houndé, Ity and Mana. Growth capital expenditure outlook for FY-2025 has increased from $10.0 million to $30.0 million, with $15.9 million incurred in H1-2025, primarily related to definitive feasibility study and drilling expenditure at Assafou. Growth capital expenditure at Assafou has been accelerated due to additional advanced grade control and sterilisation drilling and the accelerated ramp-up of the owners teams, prior to finalising the definitive feasibility study by early 2026. Table 8: FY-2025 Sustaining & Non-Sustaining Capital Expenditure H1-2025 ACTUALS FY-2025 GUIDANCE FY-2025 UPDATED GUIDANCE (All amounts in US$m) Houndé 25 40 40 Ity 11 20 20 Mana 47 60 60 Sabodala-Massawa 28 60 60 Lafigué 2 35 15 Total Sustaining Capital Expenditure 114 215 195 Houndé 17 90 90 Ity 11 35 35 Mana 2 10 10 Sabodala-Massawa 20 25 25 Lafigué 51 50 70 Corporate G&A 2 5 5 Total Non-Sustaining Capital Expenditure 103 215 235 Assafou 16 10 30 Total Growth Capital Expenditure 16 10 30 Total Mine Capital Expenditure 232 440 460 Exploration expenditure outlook for FY-2025 has been increased from $75.0 million to $85.0 million, of which $51.4 million was incurred in H1-2025. The increased outlook is due to exploration successes at Ity and the accelerated programme at Sabodala-Massawa to support the ongoing technical review, while the greenfield expenditure has been decreased slightly to reflect the timing of greenfield and New Ventures exploration spend. Group tax payments outlook for FY-2025 remains unchanged at $350.0 million to $450.0 million, with $272.1 million incurred in H1-2025 and $233.1 million incurred in Q2-2025. The remainder of the full-year tax payments are expected to amount to 25% of the full-year guidance in Q3-2025 and 5% of the full-year guidance in Q4-2025. SHAREHOLDER RETURNS PROGRAMME For H1-2025, Endeavour announced a record dividend of $150.0 million or approximately $0.62 per share. During H1-2025, shareholder returns continued to be supplemented with share buybacks with $68.5 million, or 2.9 million shares repurchased during the period, an increase of 245% compared to H1-2024. During Q2-2025, $28.1 million or 1.0 million shares were repurchased. As such, the total return for H1-2025 was $218.5 million, which is equivalent to $338/oz produced for the period, with the total shareholder returns for FY-2025 expected to increase over FY-2024 with additional supplemental dividends and share buybacks in H2-2025. The H2-2025 dividend is expected to be declared in Q1-2026 and paid in Q2-2026. Supplemental returns are expected to be paid in the form of dividends and opportunistic share buybacks, if the gold price exceeds $1,850/oz and if the Company has a healthy financial position. As shown in the table below, Endeavour has now returned $1,398.5 million to shareholders in the form of dividends and buybacks since its shareholder returns programme began in late 2020 (first payment in Q1-2021), which represents $626.0 million or 81% above its minimum commitment and a return of $213/oz produced on a sustainable basis, through periods of growth and cash harvest. Table 9: Cumulative Shareholder Returns MINIMUM SUPPLEMENTAL TOTAL △ ABOVE (All amounts in US$m) DIVIDEND COMMITMENT DIVIDENDS BUYBACKS RETURN MINIMUM COMMITMENT FY-2020 — 60 — 60 +60 2021-2023 Shareholder Returns Programme FY-2021 125 15 138 278 +153 FY-2022 150 50 99 299 +149 FY-2023 175 25 66 266 +91 2024-2025 Shareholder Returns Programme (ongoing) FY-2024 210 30 37 277 +67 H1-2025 113 37 69 219 +106 TOTAL 773 217 409 1,399 626 Endeavour's H1-2025 dividend will be paid on 23 October 2025, with an ex-dividend date of 25 September 2025 and 26 September 2025 for London Stock Exchange and Toronto Stock Exchange shareholders, respectively, to shareholders of record on 26 September 2025 for holders of shares on the London Stock Exchange. The last date for currency election and DRIP elections will be 2 October 2025. For holders of shares traded on the Toronto Stock Exchange, both the ex-dividend and record dates will be 26 September 2025. Holders of shares listed on the Toronto Stock Exchange will receive dividends in Canadian Dollars ('CAD') but can elect to receive United States Dollars ('USD'). Holders of shares traded on the London Stock Exchange will receive dividends in USD but can elect to receive Pounds Sterling ('GBP'). Currency elections and elections under the Company's dividend reinvestment plan ('DRIP') must be made by all shareholders prior to 17:00 GMT on 2 October 2025. Dividends will be paid in the default or elected currency, on the Payment Date, at the prevailing USD:CAD and USD:GBP exchange rates as at 7 October 2025. This dividend does not qualify as an 'eligible dividend' for Canadian income tax purposes. The tax consequences of the dividend will be dependent on the particular circumstances of a shareholder. Endeavour is pleased to continue to offer a DRIP, to give existing shareholders the opportunity, at their own election, to increase their investment in Endeavour by receiving dividend payments in the form of ordinary shares in the Company. Participation in the DRIP is optional and available to shareholders, subject to local law, who hold shares on the London Stock Exchange or on the Toronto Stock Exchange. Participants may opt to reinvest all, or any portion of their dividends in the DRIP. Custodians are reminded that as part of the terms and conditions of the DRIP, if you make a partial election on the DRIP, the remaining shares on your holding will be paid out automatically in GBP and not in the default currency of your specific holding(s). The enrolment form is available on Endeavour's website. The last election date for participation in the H1-2025 DRIP will be 2 October 2025. In accordance with the DRIP, Endeavour's Registrar, Computershare, will use cash dividends payable to participating shareholders to purchase ordinary shares in the open market on the Toronto Stock Exchange and the London Stock Exchange at the prevailing market price. CASH FLOW SUMMARY The table below presents the cash flow and net debt position for Endeavour for the three-month periods ended 30 June 2025, 31 March 2025, and 30 June 2024, with accompanying explanations below. Table 10: Cash Flow and Net Debt THREE MONTHS ENDED SIX MONTHS ENDED All amounts in US$ million unless otherwise specified Notes 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Net cash from/(used in), as per cash flow statement: Operating cash flows before changes in working capital5 296 592 213 888 351 Changes in working capital (44) (98) 45 (142) (37) Cash generated from operating activities from continuing operations [1] 252 494 258 746 314 Cash generated from discontinued operations — — (6) — (6) Cash generated from operating activities [1] 252 494 252 746 307 Cash used in investing activities [2] (148) (85) (171) (233) (359) Free Cash Flow1,2 104 409 81 513 (52) Cash (used in)/generated from financing activities [3] (256) (67) (150) (323) (62) Effect of exchange rate changes on cash 49 10 (5) 59 (16) INCREASE/(DECREASE) IN CASH (103) 353 (74) 250 (130) Cash and cash equivalent position at beginning of period3 737 384 461 384 517 CASH AND EQUIVALENT POSITION AT END OF PERIOD3 634 737 387 634 387 Principal amount of $500m Senior Notes 500 500 500 500 500 Drawn portion of Lafigué Term Loan 131 130 147 131 147 Drawn portion of Sabodala Term Loan — — — — — Drawn portion of $645m Revolving Credit Facility 472 485 575 472 575 NET DEBT1 [4] 469 378 835 469 856 Trailing twelve month adjusted EBITDA1,4 2,032 1,725 1,028 2,032 1,028 Net Debt / Adjusted EBITDA (LTM) ratio1,4 0.23x 0.22x 0.81x 0.23x 0.81x 1 Free cash flow, net debt, and adjusted EBITDA are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2 From all operations; calculated as Operating Cash Flow less Cash used in investing activities. 3 Cash and cash equivalents are net of bank overdrafts (nil at 30 June 2025; nil at 31 March 2025; $13.1 million at 31 December 2024; $21.1 million at 30 June 2024; nil at 31 March 2024; nil at 31 December 2023). 4 Trailing twelve month adjusted EBITDA includes EBITDA generated by discontinued operations. 5 Continuing operations excludes the settlement of historic liabilities under the original sale agreement of the Boungou mine. NOTES: 1) Operating cash flows decreased by $242.2 million from $494.2 million (or $2.03 per share) in Q1-2025 to $252.0 million (or $1.04 per share) in Q2-2025 due to higher income tax and withholding tax payments, a decrease in production, higher operating costs, a higher realised loss on gold collars and higher royalties, partially offset by a decrease in the working capital cash flows increased by $439.1 million from $307.1 million (or $1.25 per share) in H1-2024 to $746.2 million (or $3.07 per share) in H1-2025 due to higher production at higher realised gold prices, partially offset by higher operating costs, higher royalties, a higher realised loss on gold collars and LBMA averaging, higher working capital outflows and higher income tax payments. Notable variances are summarised below: Working capital was an outflow of $44.1 million in Q2-2025, an improvement of $53.9 million over the Q1-2025 outflow of $98.0 million. The outflow in Q2-2025 consisted of (i) an inventory outflow of $28.6 million due to a build-up of stockpile inventory at the Ity and Sabodala-Massawa mines, partially offset by a decrease in gold-in-circuit inventory at the Houndé and Ity mines, (ii) a receivables outflow of $18.6 million related to a build-up of VAT receivables at the Houndé, Lafigué and Mana mines, and (iii) a trade and other payables outflow of $1.3 million related to decreases in supplier payables and payroll-related liabilities, partially offset by (iv) a prepaid expenses and other inflow of $4.4 million related to the timing of deposits and supplier prepayments. Working capital was an outflow of $142.1 million in H1-2025, an increase of $104.8 million over the H1-2024 outflow of $37.3 million, largely driven by an increase in outflows in trade and other receivables, an increase in outflows related to inventories and an increase in outflows in trade and other payables, partially offset by an inflow of prepaid expenses. Gold sales from continuing operations decreased from 353koz in Q1-2025 to 304koz in Q2-2025 due to lower production at the Houndé, Mana and the Sabodala-Massawa mines, partially offset by increased production at the Lafigué mine. The realised gold price from continuing operations for Q2-2025 increased by $363/oz to $3,302/oz from $2,939/oz in Q1-2025. Inclusive of the Group's Revenue Protection Programme (-$151/oz Q2-2025 impact), the realised gold price for Q2-2025 increased by $367/oz to $3,150/oz from $2,783/oz in Q1-2025. Gold sales from continuing operations increased from 463koz in H1-2024 to 657koz in H1-2025, following higher production in H1-2025 at the Houndé and Mana mines along with the addition of production from the Lafigué mine and the Sabodala-Massawa BIOX expansion that achieved commercial production in Q3-2024. The realised gold price from continuing operations for H1-2025 increased by $897/oz to $3,107/oz from $2,210/oz in H1-2024. Inclusive of the Group's Revenue Protection Programme (-$120/oz H1-2025 impact against a realised gold price of $3,107/oz in H1-2025) and LBMA gold price averaging strategy (-$33/oz H1-2025 impact against a realised gold price of $3,107/oz in H1-2025), the realised gold price for H1-2025 increased by $786/oz to $2,953/oz from $2,167/oz in H1-2024. Total cash cost per ounce increased from $929/oz in Q1-2025 to $1,220/oz in Q2-2025 due to lower volumes of gold sold, higher royalty costs related to a higher realised gold price and higher processing unit costs at the Houndé and Ity mines due to seasonally lower grid power availability ahead of the wet season. Total cash cost per ounce decreased from $1,079/oz in H1-2024 to $1,064/oz in H1-2025 due to higher volumes of gold sold and the addition of the low-cost Lafigué and Sabodala-Massawa BIOX expansion, which both entered commercial production in Q3-2024, partially offset by higher royalty costs related to the higher realised gold price. Taxes paid increased by $194.1 million, in line with the guidance provided, from $39.0 million in Q1-2025 to $233.1 million in Q2-2025 due to higher withholding tax payments related to annual cash upstreaming and an increase in income taxes paid at the Houndé, Ity and Lafigué mines due to the timing of provisional income tax payments for the FY-2024 tax year. Taxes paid increased by $57.5 million from $214.6 million in H1-2024 to $272.1 million in H1-2025, in line with the guidance provided, as income tax payments increased at the Houndé, Ity and Lafigué mines due to higher provisional income tax payments for the FY-2024 tax year, while withholding tax payments also increased at the Houndé and Mana mines due to increased cash upstreaming as a result of increased cash generation. Table 11: Tax Payments THREE MONTHS ENDED SIX MONTHS ENDED All amounts in US$ million 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Houndé 30 11 17 41 28 Ity 77 — 50 77 50 Mana 1 2 3 3 7 Sabodala-Massawa 10 24 45 34 76 Lafigué 24 2 — 26 1 Other1 92 — 49 92 55 Taxes paid 233 39 163 272 215 1 Included in the 'Other' category is income and withholding taxes paid by Corporate and Exploration entities. 2) Cash flows used in investing activities increased by $62.9 million from $84.8 million in Q1-2025 to $147.7 million in Q2-2025 due to an increase in non-sustaining capital spend during the quarter of $27.7 million, an increase in growth capital expenditure related to the Assafou DFS of $4.5 million, an increase in sustaining capital spend during the quarter of $3.2 million, an increase in exploration expenditure of $2.6 million and a $3.5 million outflow of restricted cash. Cash flows used in investing activities decreased by $126.4 million from $358.9 million in H1-2024 to $232.5 million in H1-2025 largely due to lower growth capital following the completion of the growth projects, which achieved commercial production in Q3-2024, partially offset by higher sustaining and non-sustaining capital. Sustaining capital increased from $55.7 million in Q1-2025 to $58.9 million in Q2-2025, largely due to increased sustaining capital expenditure at the Houndé mine related to heavy mining equipment additions and rebuilds, at the Ity mine related to processing plant and infrastructure upgrades, partially offset by a decrease in sustaining capital expenditure at the Mana and Sabodala-Massawa mines. Sustaining capital increased from $51.3 million in H1-2024 to $114.6 million in H1-2025 due to the addition of the Lafigué mine and the Sabodala-Massawa BIOX expansion, at the Mana mine related to underground development at the Siou and Wona underground deposits and at the Sabodala-Massawa mine related to waste stripping and heavy mining equipment additions, partially offset by a decrease in sustaining capital expenditure at the Houndé mine related to reduced waste stripping activity at the Kari West pit. Non-sustaining capital increased from $37.6 million in Q1-2025 to $65.3 million in Q2-2025 largely due to waste stripping at the Houndé and Sabodala-Massawa mines related to the Vindaloo Main pit phase 3 pushback and the Massawa North Zone pit, respectively, partially offset by reduced waste stripping at Lafigué following the advance of Pushback 2 at the Main pit. Non-sustaining capital increased from $93.1 million in H1-2024 to $102.9 million in H1-2025 largely due the introduction of the Lafigué and Sabodala-Massawa BIOX expansion which both achieved commercial production in Q3-2024, at the Houndé mine related to waste stripping, partially offset by a decrease in waste stripping at the Ity mine, a decrease in waste stripping and solar plant construction capital at the Sabodala-Massawa mine and the reclassification of underground development at the Mana mine in Q1-2025, following the achievement of commercial stoping production across all of the portals. Growth capital increased from $5.7 million in Q1-2025 to $10.2 million in Q2-2025. Growth capital expenditure in Q2-2025 was related to the definitive feasibility study, advanced grade control drilling and sterilisation drilling at Assafou. Growth capital decreased from $192.1 million in H1-2024 to $15.9 million in H1-2025 following the completion of the Sabodala-Massawa BIOX Expansion and Lafigué growth projects, which both achieved commercial production in Q3-2024. Growth capital expenditure in H1-2025 was related to the definitive feasibility study and drilling expenditure at the Assafou project. 3) Cash flows used in financing activities increased by $189.6 million from $66.8 million in Q1-2025 to $256.4 million in Q2-2025 largely due to the payment of the $139.3 million H2-2024 shareholder dividend during the quarter, financing fees of $39.3 million which includes bond refinancing costs, $28.5 million in purchases of shares through the Group's share buyback programme, a net repayment of $28.0 million on the Group's revolving credit facility, $13.8 million in payments to minority shareholders and $7.5 million in repayment of leases. During Q2-2025, the Group refinanced its 2026 senior notes with $515.8 million interest and principal payments made during the quarter on the 2026 senior notes and $485.1 million funded through the 2030 senior notes issue with more detail provided in note 7 of the financial statements. Cash flows used in financing activities increased by $261.1 million from $62.1 million in H1-2024 to $323.2 million in H1-2025 largely due a net inflow of $220.1 million in proceeds from debt in H1-2024, partially offset by a a $44.1 million increase in purchases of shares through the Group's share buybacks programme and a $39.3 million increase in shareholder dividend payments. 4) Endeavour's net debt position increased by $91.5 million, from $377.7 million at the end of Q1-2025 to $469.2 million at the end of Q2-2025, while the net debt / Adjusted EBITDA (LTM) leverage ratio increased slightly from 0.22x at the end of Q1-2025 to 0.23x at the end of Q2-2025, remaining well below the Groups through-the-cycle leverage target of 0.55x. EARNINGS FROM CONTINUING OPERATIONS The table below presents the earnings and adjusted earnings for Endeavour for the three-month periods ended 30 June 2025, 31 March 2025, and 30 June 2024, with accompanying explanations below. Table 12: Earnings from operations THREE MONTHS ENDED SIX MONTHS ENDED All amounts in US$ million unless otherwise specified Notes 30 June 2025 31 March 2025 30 June 2024 30 June 2025 30 June 2024 Revenue [5] 1,008 1,042 557 2,050 1,030 Operating expenses [6] (299) (259) (241) (558) (441) Depreciation and depletion [6] (151) (175) (128) (325) (237) Royalties [7] (78) (76) (40) (153) (74) Earnings from mine operations 481 533 148 1,014 278 Corporate costs [8] (14) (15) (11) (28) (21) Share-based compensation (9) (18) (5) (27) (9) Other expense [9] (15) (19) (13) (34) (31) Credit loss and impairment of financial assets [10] (8) (7) (17) (14) (17) Exploration and evaluation costs [11] (9) (9) (4) (17) (10) Earnings from operations 428 466 97 894 191 Gain/(loss) on financial instruments [12] 18 (100) (32) (83) (78) Finance costs (31) (20) (26) (52) (50) Earnings before taxes 414 345 39 759 63 Current income tax expense [13] (201) (121) (135) (321) (176) Deferred income tax recovery/(expense) 129 (2) 51 128 58 Net comprehensive earnings/(loss) from operations [14] 343 222 (45) 565 (54) Add-back adjustments [15] (100) 44 65 (57) 131 Adjusted net earnings from operations 243 266 20 509 77 Portion attributable to non-controlling interests [16] 64 47 17 110 32 Adjusted net earnings from operations attributable to shareholders of the Company [17] 179 219 3 398 45 Adjusted net earnings per share from operations 0.74 0.90 0.01 1.64 0.18 NOTES: 5) Revenue decreased by $33.6 million from $1,041.8 million in Q1-2025 to $1,008.2 million in Q2-2025 due to lower volumes of gold sold, partially offset by an increase in the realised gold price from $2,939/oz in Q1-2025 to $3,302/oz in Q2-2025, exclusive of the Company's Revenue Protection Programme. Revenue increased by $1,020.5 million from $1,029.5 million in H1-2024 to $2,050.0 million in H1-2025 due to an increase in the realised gold price from $2,210/oz in H1-2024 to $3,107/oz in H1-2025, exclusive of the Company's Revenue Protection Programme and higher volumes of gold sold. 6) Operating expenses increased by $39.9 million from $259.0 million in Q1-2025 to $298.9 million in Q2-2025, largely due to higher mining and processing costs at Ity due to increased haulage and self generated power consumption, respectively, and higher processing costs at Sabodala-Massawa related to increased reagent consumption. Depreciation and depletion decreased by $23.9 million from $174.6 million in Q1-2025 to $150.7 million in Q2-2025 due to lower quarterly production. Operating expenses increased by $116.8 million from $441.1 million in H1-2024 to $557.9 million in H1-2025 due to the commencement of commercial production at the Lafigué mine and the Sabodala-Massawa BIOX expansion in Q3-2024, and increased mining costs at Mana, Ity and Houndé driven by higher volumes mined. Depreciation and depletion increased by $88.8 million from $236.5 million in H1-2024 to $325.3 million in H1-2025 due to higher levels of production at Houndé, Mana and Sabodala-Massawa and higher depreciation and depletion driven by the commencement of operations at the Lafigué mine and the Sabodala-Massawa BIOX expansion following the start of commercial production Q3-2024. 7) Royalties increased by $1.9 million from $75.7 million in Q1-2025 to $77.6 million in Q2-2025 due to the higher realised gold price and the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit, which came into effect during Q1-2025 following the completion of a $15.0 million payment holiday, partially offset by slightly lower sales volumes. Royalties increased by $79.2 million from $74.1 million in H1-2024 to $153.3 million in H1-2025 due to the higher realised gold price, the impact of the 1.0% royalty on ounces produced from the Massawa exploitation permit and higher gold sales volumes. 8) Corporate costs of $13.5 million in Q2-2025 were largely consistent with the prior quarter. Corporate costs increased from $21.4 million in H1-2024 to $28.0 million in H1-2025 due to increased employee compensation costs related to the start of commercial production at the growth projects in Q3-2024. 9) Other expenses decreased by $4.5 million from $19.0 million in Q1-2025 to $14.5 million in Q2-2025. For Q2-2025, other expenses included $10.9 million in acquisition and restructuring costs primarily related to the early dismissal of an underground mining contractor, which will become effective in Q3-2025, $2.2 million in tax claims and $0.7 million in legal and other costs related to ongoing local level arbitrations. 10) Credit loss and impairment of financial assets increased by $1.0 million from $6.6 million in Q1-2025 to $7.6 million in Q2-2025. For Q2-2025, the charge primarily related to a credit loss adjustment on the net smelter royalty receivable from the Group's sale of the non-core Karma mine in 2022, to reflect the delay in receiving payment and a $3.3 million credit loss adjustment against the outstanding VAT receivables in Burkina Faso. 11) Exploration costs remained in line with Q1-2025, at $8.8 million in Q2-2025 as the FY-2025 drill programmes continue across the Group's portfolio of assets. Exploration costs increased by $7.7 million from $9.7 million in H1-2024 to $17.4 million in H1-2025 due to increased exploration spend at the highly prospective Ity and Sabodala-Massawa mines as well as the Assafou deposit. 12) The loss on financial instruments improved by $117.8 million from a loss of $100.3 million in Q1-2025 to a gain of $17.5 million in Q2-2025. The gain on financial instruments during the quarter included a $37.1 million unrealised gain on foreign exchange rate movements between the Euro and the US dollar on cash, restricted cash and VAT, a $22.7 million unrealised gain in relation to the gold collars, partially offset by a realised loss of $46.0 million in relation to the gold collars. The loss on financial instruments increased by $4.8 million from a loss of $78.0 million in H1-2024 to a loss of $82.8 million in H1-2025, due largely to realised losses of $100.8 million and unrealised losses of $32.3 million in relation to the gold collars and LBMA Averaging Programme (stopped at the end of Q1-2025), partially offset by a $39.9 million gain on exchange rate movements between the Euro and the US dollar. As previously disclosed, in order to increase cash flow visibility during its construction and de-leveraging phases, Endeavour entered into a Revenue Protection Programme, using a combination of zero premium gold collars and forward sales contracts, to cover a portion of its 2025 production. In Q2-2025, approximately 50koz were delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz. For the remainder of FY-2025, approximately 100koz (50koz per quarter) are expected to be delivered into a collar with an average call price of $2,400/oz and an average put price of $1,992/oz. The Revenue Protection Programme is expected to conclude at the end of Q4-2025. 13) Current income tax expense increased by $79.6 million from $120.9 million in Q1-2025 to $200.5 million in Q2-2025, largely due to an increase in current corporate income taxes driven by higher taxable profits and an increase in recognised withholding tax expenses due to the timing of local board approvals for cash upstreaming. Current income tax expense increased by $145.9 million from $175.5 million in H1-2024 to $321.4 million in H1-2025 due to an increase in current income taxes driven by higher taxable profits, an increase in withholding taxes at operating subsidiaries and the commencement of operations at Lafigué, effective Q3-2024. Deferred tax recovery increased by $131.1 million from a deferred tax expense of $1.8 million in Q1-2025 to a deferred tax recovery of $129.3 million in Q2-2025, largely due to the $60.4 million gain on foreign exchange in the deferred tax expense and lower deferred tax expense recognised in relation to withholding taxes planned to be remitted in relation to 2025. Deferred tax recovery increased by $69.4 million from $58.1 million in H1-2024 to $127.5 million in H1-2025, largely due to the $89.2 million gain on foreign exchange. 14) Net comprehensive earnings from continuing operations improved by $120.5 million from $222.3 million in Q1-2025 to $342.8 million in Q2-2025. The increase in earnings is largely driven by lower depletion and depreciation and a gain on financial instruments during Q2-2025 compared to a loss on financial instruments in Q1-2025, partially offset by an increase in operating expenses, higher royalty costs related to higher realised gold prices and a decrease in gold sales. Net comprehensive earnings from continuing operations improved by $619.2 million from net comprehensive loss of $54.1 million in H1-2024 to net comprehensive earnings of $565.1 million in H1-2025. The increase in earnings was largely driven by an increase in gold sold volumes at a higher realised gold price, partially offset by higher operating expenses and higher depletion and depreciation. 15) For Q2-2025, adjustments included an unrealised gain on financial instruments of $63.5 million largely related to the unrealised gain on gold collars, and the foreign exchange remeasurements of deferred tax balances of $60.4 million, partially offset by other expenses of $14.5 million largely related to indirect tax claims, early dismissal costs of the underground mining contractor and legal costs related to local level arbitrations and an impairment of $7.6 million related to a credit loss on Burkina Faso VAT and the net smelter royalty from the Karma mine sale. 16) Net earnings attributable to non-controlling interests increased by $16.9 million million, from $47.0 million million in Q1-2025 to $63.9 million million in Q2-2025 due to the increase in net comprehensive earnings. During Q2-2025, Endeavour signed an amendment to its mining convention's in Burkina Faso, accelerating the implementation of the 5% increase in the State of Burkina Faso's Free Carried ownership in the Mana and Houndé operating entities, which was previously expected to become effective in 2027 and 2029 respectively. The changes are effective from May 2025 and have an approximate Group NAV impact of less than 1% (based on a 5% discount rate and consensus long-term gold pricing of $2,425/oz). As previously disclosed, the 2024 Mining Code is still expected to apply to our Mana mine in 2027 and our Houndé mine in 2029, following the expiration of the current mining conventions at each mine. 17) Adjusted net earnings attributable to shareholders decreased by $40.4 million from earnings of $219.0 million (or $0.90 per share) in Q1-2025 to adjusted net earnings of $178.6 million (or $0.74 per share) in Q2-2025 due to lower gold sales, higher operating costs at Houndé and Ity, partially offset by a gain on financial instruments driven by an unrealised gain on foreign exchange during the quarter on cash, restricted cash and VAT balances. Adjusted net earnings attributable to shareholders for continuing operations increased by $353.1 million from earnings of $44.9 million (or $0.18 per share) in H1-2024 to adjusted net earnings $398.0 million (or $1.64 per share) in H1-2025 due to higher production and higher operating margins, aided by a higher realised gold price during the period. SUMMARISED STATEMENT OF FINANCIAL POSITION The following tables present the summarised statement of financial position for the Group as at 30 June 2025, 31 March 2025, and 31 December 2024, with accompanying explanations below. Table 13: Summarised Statement of Financial Position ($m) Notes As at 30 June 2025 As at 31 March 2025 As at 31 December 2024 ASSETS Cash and cash equivalents 641 737 397 Other current assets [18] 605 584 568 Total current assets 1,245 1,321 965 Mining interests [19] 3,977 3,927 3,981 Other long-term assets [20] 608 569 568 TOTAL ASSETS 5,830 5,817 5,513 LIABILITIES Other current liabilities [21] 666 571 544 Current portion of debt 43 40 51 Overdraft facility 6 — 13 Income taxes payable [22] 267 296 214 Total current liabilities 982 907 822 Non-current portion of debt 1,044 1,075 1,060 Environmental rehabilitation provision 138 131 120 Other long-term liabilities 105 55 60 Deferred income taxes 331 462 460 TOTAL LIABILITIES 2,601 2,629 2,521 TOTAL EQUITY 3,229 3,188 2,993 TOTAL EQUITY AND LIABILITIES 5,830 5,817 5,513 18) Other current assets at the end of Q2-2025 consisted of $385.6 million of current inventories, $138.2 million of trade and other receivables, $51.4 million of prepaid expenses and other and $29.3 million of other financial assets. The current portion of inventories increased by $17.3 million from $368.3 million at the end of Q1-2025 to $385.6 million at the end of Q2-2025, largely due to an increase in stockpiles at the Ity and Sabodala-Massawa mines, partially offset by a decrease in gold in circuit inventory at Houndé. Trade and other receivables of $138.2 million was consistent with the balance at the end of Q1-2025, with the increase in VAT receivables at the Houndé and Mana mines due to delays in VAT recovery and at the Lafigué mine as the VAT recovery process was only initiated following the start of commercial production in Q3-2024, offset by the decrease in consideration receivables and gold sale receivables. Prepaid expenses and other decreased by $1.2 million from $52.6 million at the end of Q1-2025 to $51.4 million at the end of Q2-2025, due to the timing of supplier prepayments. Other financial assets increased by $4.6 million from $24.7 million at the end of Q1-2025 to $29.3 million at the end of Q2-2025, largely due to the revaluation of the Wahgnion Net Smelter Royalty as a result of the increase in the realised gold price and the gold price outlook. 19) Mining interests increased by $49.9 million from $3,927.3 million at the end of Q1-2025 to $3,977.2 million at the end of Q2-2025 due to increased capitalised spend during the quarter, as detailed in the Cash Flow Summary section, partly offset by depreciation and depletion. 20) Other long-term assets increased by $39.1 million from $568.8 million at the end of Q1-2025 to $607.9 million at the end of Q2-2025 due to an increase in other financial assets, which includes restricted cash and marketable securities. 21) Other current liabilities increased by $95.2 million from $571.1 million at the end of Q1-2025 to $666.3 million at the end of Q2-2025 due to a $120.0 million increase in trade and other payables related to balances owed to minority shareholders, partially offset by a $22.4 million decrease in current portion of derivative financial liabilities related to the Group's revenue protection programme. 22) Income taxes payable decreased by $28.9 million from $295.5 million at the end of Q1-2025 to $266.6 million at the end of Q2-2025 due to the timing of corporate income tax and withholding tax payments at the operations, with increased taxes paid in Q2-2025 compared to Q1-2025. Table 14: Net Debt and Leverage Ratio ($m) Notes As at 30 June 2025 As at 31 March 2025 As at 31 December 2024 Cash and cash equivalents [23] 641 737 397 Less: Drawn portion of Lafigué financing [24] 131 130 133 Less: Drawn portion of Sabodala-Massawa term loan — — 13 Less: Principal amount of Senior Notes [25] 500 500 500 Less: Drawn portion of corporate loan facilities 472 485 470 Less: Drawn portion of overdraft facility 6 — 13 Net debt1 [26] 469 378 732 Trailing twelve month adjusted EBITDA1,2 2,032 1,725 1,325 Net debt : adjusted EBITDA LTM ratio1,2 0.23x 0.22x 0.55x 1 Net debt, Adjusted EBITDA, and cash flow per share are Non-GAAP measures. Refer to the non-GAAP measure section in this press release and in the Management Report. 2 Last Twelve Months ('LTM') Trailing Adjusted EBITDA includes EBITDA generated by discounted operations. 23) At the end of Q2-2025, the Group's liquidity remained strong at $868.5 million, consisting of $640.5 million of cash and cash equivalents and $228.0 million available through the revolving credit facility. 24) During Q2-2025 the Lafigué term loan balance increased by $1.5 million due to a $11.2 million foreign exchange adjustment, partially offset by a principal repayment of $9.7 million. 25) On 29 May 2025, the Company completed an offering of $500.0 million fixed rate senior notes due in 2030 with a 7.00% annual coupon, paid semi-annually. The proceeds of the senior notes, together with cash on hand, was used to re-finance the existing 5.00% senior notes due in 2026. The senior notes refinancing extended Endeavour's debt maturity profile, increased financial flexibility during Endeavour's next growth phase, and replaced the existing notes, which were issued with a 395bps spread to 5 year US treasuries, with the new notes, which were issued with a 300bps spread to treasury, reflecting an improvement in the quality of Endeavour's credit and the improved geographic diversification of its portfolio. 26) Endeavour's net debt position increased by $91.5 million, from $377.7 million at the end of Q1-2025 to $469.2 million at the end of Q2-2025. The net debt / Adjusted EBITDA (LTM) ratio increased slightly from 0.22x at the end of Q1-2025 to 0.23x at the end of Q2-2025 and remained below the groups long-term target leverage of 0.50x. Given strong free cash flow generation through H1-2025 and a strong start to Q3-2025, the Group has repaid $426 million on the revolving credit facility subsequent to 30 June 2025, leaving a total drawn position of $46 million. OPERATING ACTIVITIES BY MINE Houndé Gold Mine, Burkina Faso Table 15: Houndé Performance Indicators For The Period Ended Q2-2025 Q1-2025 Q2-2024 H1-2025 H1-2024 Tonnes ore mined, kt 1,367 1,652 1,301 3,019 2,025 Total tonnes mined, kt 13,490 11,334 11,619 24,824 22,716 Strip ratio (incl. waste cap) 8.87 5.86 7.93 7.22 10.00 Tonnes milled, kt 1,367 1,335 1,313 2,702 2,395 Grade, g/t 1.49 2.75 1.70 2.11 1.54 Recovery rate, % 86 86 87 86 88 Production, koz 69 92 64 161 106 Total cash cost/oz 1,352 751 1,340 1,001 1,249 AISC/oz 1,580 858 1,472 1,158 1,514 Q2-2025 vs Q1-2025 Insights Production decreased from 92koz in Q1-2025 to 69koz in Q2-2025 due to lower average grades processed, partially offset by slightly higher tonnes milled, while recovery rates remained stable. Total tonnes mined increased due to an increase in waste stripping activity in the Vindaloo Main pit. Tonnes of ore mined decreased due to lower ore mined from the Kari Pump pit, partially offset by increased ore mined from the Kari West, Vindaloo Main and Vindaloo North pits, in line with mine sequence. Tonnes milled increased due to a higher proportion of softer ore from the Vindaloo North pit in the mill feed, which offset harder fresh ore from the Kari Pump pit. Average processed grades decreased due to a lower proportion of high grade ore from the Kari Pump pit in the mill feed, which was offset by lower grade ore from the Kari West, Vindaloo Main and Vindaloo North pits. Recovery rates remained consistent with the prior quarter. AISC increased from $858/oz in Q1-2025 to $1,580/oz in Q2-2025 due to lower gold sales volumes in combination with the unwinding of the build up of gold-in-circuit inventory from the prior quarter, higher processing unit costs, higher royalties related to the higher realised gold price, and higher sustaining capital related to heavy mining equipment additions and rebuilds. Sustaining capital expenditure increased from $10.1 million in Q1-2025 to $15.3 million in Q2-2025 and primarily related to waste stripping at the Kari West pit and heavy mining equipment additions and rebuilds. Non-sustaining capital expenditure increased from $0.6 million in Q1-2025 to $16.8 million in Q2-2025 and primarily related to the ongoing TSF Stage 10 embankment raise and waste stripping at the Vindaloo Main pit phase 3 pushback. H1-2025 vs H1-2024 Insights Production increased significantly from 106koz in H1-2024 to 161koz in H1-2025 due to processing of a higher proportion of high grade ore from the Kari Pump pit and higher tonnes milled due to the impact of an 11-day strike in Q1-2024, partially offset by lower recovery rates due to an increased proportion of ore from the Kari Pump pit in the mill feed with lower associated recoveries. AISC decreased significantly from $1,514/oz in H1-2024 to $1,158/oz in H1-2025 due to higher volumes of gold sold and a build-up of stockpile inventory through H1-2025, partially offset by higher royalty rates related to the higher realised gold price. FY-2025 Outlook Houndé is on track to achieve its FY-2025 production guidance of 230koz – 260koz, at an AISC within the guided $1,225/oz – $1,375/oz range. In H2-2025, ore is expected to be sourced primarily from the Vindaloo Main and Kari West pits with supplemental ore sourced from the Vindaloo North pit, resulting in lower expected production compared to H1-2025, due to lower throughput driven by a higher proportion of harder fresh ore in the mill feed and lower average grades processed driven by lower proportions of high grade ore from the Kari Pump put in the mill feed, while recovery rates are expected to remain broadly in line. Sustaining capital expenditure outlook for FY-2025 remains unchanged at $40.0 million, of which $25.4 million has been incurred in H1-2025, and is mainly related to mining fleet component rebuilds and upgrades, processing plant equipment upgrades and waste stripping activities in the Kari West pit area. Non-sustaining capital expenditure outlook for FY-2025 remains unchanged at $90.0 million, of which $17.4 million has been incurred in H1-2025, and is mainly related to the Vindaloo Main pit phase 3 pushback, which will accelerate in H2-2025, the TSF stage-10 embankment raise, and land compensation for the third TSF cell. Ity Gold Mine, Côte d'Ivoire Table 16: Ity Performance Indicators For The Period Ended Q2-2025 Q1-2025 Q2-2024 H1-2025 H1-2024 Tonnes ore mined, kt 2,008 2,120 1,840 4,128 3,665 Total tonnes mined, kt 7,844 8,373 7,132 16,218 14,538 Strip ratio (incl. waste cap) 2.91 2.95 2.88 2.93 2.97 Tonnes milled, kt 1,732 1,898 1,761 3,630 3,536 Grade, g/t 1.64 1.60 1.79 1.62 1.74 Recovery rate, % 91 90 92 90 91 Production, koz 84 84 96 168 182 Total cash cost/oz 1,049 875 869 960 863 AISC/oz 1,125 930 885 1,025 885 Q2-2025 vs Q1-2025 Insights Production remained stable at 84koz in Q2-2025 as lower tonnes of ore milled was offset by higher average grades processed and higher recoveries. Total tonnes mined decreased due to lower fleet availability related to planned maintenance during the quarter. Mining activities sourced ore from the Ity, Walter, Bakatouo, Verse Ouest and Le Plaque pits with supplemental contributions from stockpiles. Tonnes of ore mined decreased due to an increased focus on waste stripping at the Walter pit, in line with the mine sequence. Tonnes milled decreased due to lower mill availability following scheduled plant maintenance during the quarter. Average processed grades increased slightly due to an increased proportion of higher grade ore from the Le Plaque and Walter pits in the mill feed, partially offset by lower grade ore sourced from the Bakatouo and Ity pits. Recovery rates increased due to an increase in CIL residence times resulting from the slightly lower mill throughput. AISC increased from $930/oz in Q1-2025 to $1,125/oz in Q2-2025 due to lower volumes of gold sold due to the timing of sales, higher mining unit costs driven by increased drill and blast activities and haulage costs, higher processing unit costs due to increased self-generated power consumption as hydroelectric grid power availability was low a the end of the dry season, higher royalties related to the higher realised gold price and higher sustaining capital. Sustaining capital expenditure increased from $4.8 million in Q1-2025 to $6.4 million in Q2-2025 and was primarily related to site infrastructure upgrades, processing plant upgrades and dewatering borehole drilling. Non-sustaining capital expenditure increased from $3.0 million in Q1-2025 to $8.0 million in Q2-2025 and was primarily related to the stage 2 embankment raise at TSF 2. H1-2025 vs H1-2024 Insights Production decreased from 182koz in H1-2024 to 168koz in H1-2025 due to a lower proportion of high grade ore sourced from the Ity and Le Plaque pits in the mill feed, partially offset by slightly higher throughput following the commissioning of the Mineral Sizer optimisation initiative in Q4-2024, while recoveries remained consistent. AISC increased from $885/oz in H1-2024 to $1,025/oz in H1-2025 due to higher royalties related to the higher realised gold price, an increase in sustaining capital, slightly higher mining unit costs driven by increased drill and blast requirements in the harder fresh ore and higher processing unit costs driven by the harder ore blend. FY-2025 Outlook Ity is on track to achieve its FY-2025 production guidance of 290koz – 330koz, at an AISC within the guided $975/oz – $1,100/oz range. In H2-2025, production is expected to decrease slightly compared to H1-2025, as reduced mining of high grade ore across the Ity and Le Plaque pits is expected to be only partially offset by increased ore mining at the Walter and Bakatouo pits. Milling rates and recovery rates are expected to remain broadly consistent. Sustaining capital expenditure outlook for FY-2025 remains unchanged at $20.0 million, of which $11.2 million has been incurred in H1-2025, relating to dewatering borehole drilling, processing plant and laboratory upgrades, and haul road construction. Non-sustaining capital expenditure outlook for FY-2025 remains unchanged at $35.0 million, of which $11.0 million has been incurred in H1-2025, and is mainly related to waste stripping activity at the Le Plaque pit, as well as the construction of the stage 2 embankment raise at TSF 2. Mana Gold Mine, Burkina Faso Table 17: Mana Performance Indicators For The Period Ended Q2-2025 Q1-2025 Q2-2024 H1-2025 H1-2024 OP tonnes ore mined, kt — — 66 — 185 OP total tonnes mined, kt — — 219 — 930 OP strip ratio (incl. waste cap) — — 2.32 — 4.00 UG tonnes ore mined, kt 539 544 429 1,083 875 Tonnes milled, kt 542 552 554 1,094 1,175 Grade, g/t 2.77 3.07 2.10 2.92 2.21 Recovery rate, % 85 86 89 85 88 Production, koz 41 46 35 87 77 Total cash cost/oz 1,700 1,360 1,729 1,518 1,513 AISC/oz 2,257 1,887 1,927 2,059 1,661 Q2-2025 vs Q1-2025 Insights Production decreased from 46koz in Q1-2025 to 41koz in Q2-2025 due to lower grades processed and slightly lower tonnes of ore milled, while recoveries remained consistent. Total underground tonnes mined increased slightly as more waste was mined from the Wona undergound deposit. Tonnes of ore mined decreased slightly due to lower development ore tonnes at the Siou and Wona underground deposits, partially offset by higher ore stoping tonnes at the Siou and Wona underground deposits. Development rates across the Siou and Wona underground deposits amounted to 4,470 metres, an increase from the 4,223 meters completed in the prior quarter, due to higher development rates at the Wona underground. Tonnes milled decreased due to planned crusher maintenance, which resulted in lower crushed stockpile availability. Average grades processed decreased due to lower grade ore in the mill feed, sourced from the Siou underground deposit, in line with the mine sequence. Recovery rates remained consistent with the prior quarter. AISC increased from $1,887/oz in Q1-2025 to $2,257/oz in Q2-2025 due to higher royalties related to the higher realised gold price ($140/oz impact due to the realised gold price of $3,320/oz compared to the guidance gold price of $2,000/oz) and lower volumes of gold sold, partially offset by slightly lower sustaining capital. Sustaining capital expenditure decreased from $24.5 million in Q1-2025 to $22.6 million in Q2-2025 and was primarily related to capitalised underground development at the Siou and Wona underground deposits, as well as leasing payments for contractor mining equipment. Non-sustaining capital expenditure increased from $0.9 million in Q1-2025 to $1.1 million in Q2-2025 and was primarily related to underground infrastructure and upgrades. H1-2025 vs H1-2024 Insights Production increased from 77koz in H1-2024 to 87koz in H1-2025 due to the higher average grades processed, reflecting a higher proportion of high grade underground ore in the mill feed, which was partially offset by lower tonnes milled following the depletion of the Maoula open pit in the prior period, and lower recovery rates associated with a higher proportion of underground ore with lower associated recoveries in the mill feed. AISC increased from $1,661/oz in H1-2024 to $2,059/oz in H1-2025 due to increased sustaining capital related to underground development, higher royalties related to the higher realised gold price ($98/oz impact due to the realised gold price of $3,114/oz compared to the guidance gold price of $2,000/oz), and increased power costs due to the elected reliance on increased self-generated power in the Siou and Wona underground mines, partially offset by higher volumes of gold sold. FY-2025 Outlook Mana is on track to achieve its FY-2025 production guidance of 160koz – 180koz with AISC expected to be near the top-end of the guided $1,550/oz – $1,750/oz range, due to the elected reliance on increased, higher-cost, self-generated power. In H2-2025, lower grade ores mined and processed from the Wona underground deposit, are expected to be partially offset by higher grade ore sourced from the Siou underground deposit, resulting in slightly lower grades compared to H1-2025. Tonnes of ore processed and recovery rates are expected to remain broadly consistent with H1-2025. AISC are expected to improve through the year following the replacement of one of the existing underground mining contractors, which is expected to drive underground mining productivity improvements. Sustaining capital expenditure outlook for FY-2025 remains unchanged at $60.0 million, of which $47.1 million has been incurred in H1-2025, and is mainly related to waste development in the Wona underground deposit in addition to processing plant and infrastructure upgrades. Non-sustaining capital expenditure outlook for FY-2025 remains unchanged at $10.0 million, of which $2.0 million has been incurred in H1-2025, and is mainly related to the stage 6 embankment lift at the TSF and infrastructure upgrades. Sabodala-Massawa Gold Mine, Senegal Table 18: Sabodala-Massawa Performance Indicators For The Period Ended Q2-2025 Q1-2025 Q2-2024 H1-2025 H1-2024 Tonnes ore mined, kt 937 1,121 1,491 2,058 2,837 Total tonnes mined, kt 9,412 10,025 10,130 19,437 20,577 Strip ratio (incl. waste cap) 9.05 7.94 5.79 8.45 6.25 Tonnes milled – Total, kt 1,252 1,482 1,319 2,734 2,499 Tonnes milled – CIL, kt 969 1,193 1,183 2,162 2,348 Tonnes milled – BIOX, kt 283 288 136 572 151 Grade – Total, g/t 1.99 1.87 1.70 1.93 1.67 Grade – CIL, g/t 1.43 1.52 1.57 1.48 1.61 Grade – BIOX, g/t 3.89 3.32 2.82 3.60 2.82 Recovery rate – Total, % 80 79 77 79 80 Recovery rate – CIL, % 81 82 81 82 82 Recovery rate – BIOX, % 78 72 59 76 59 Production, koz 62 72 57 134 105 Production – CIL, koz 37 48 50 85 99 Production – BIOX, koz 26 23 6 49 6 Total cash cost/oz 1,073 959 1,057 1,013 968 AISC1/oz 1,272 1,173 1,164 1,220 1,050 1 All-in Sustaining Cost excludes costs and ounces sold related to pre-commercial production at the Sabodala-Massawa BIOX Expansion. Q2-2025 vs Q1-2025 Insights Production decreased from 72koz in Q1-2025 to 62koz in Q2-2025 due to lower tonnes milled through both the CIL and the BIOX processing plants and lower average grade and recoveries through the CIL processing plant, partially offset by higher average grades and recoveries through the BIOX processing plant. Total tonnes mined and tonnes of ore mined decreased due to unseasonal rainfall that impacted pit floor conditions. Ore was primarily sourced from the Kiesta, Maki Medina, Massawa Central Zone, Massawa North Zone, Niakafiri East, and Sabodala pits. Total tonnes milled decreased in the CIL processing plant and remained stable in the BIOX processing plant resulting in an overall decrease in tonnes milled. Tonnes milled through the CIL plant decreased due to lower processing plant availability related to scheduled plant maintenance. Average processed grades in the CIL plant decreased due to a lower proportion of higher grade ore from the Kiesta pit and a higher proportion of lower grade ore from the Niakafiri East and Sabodala pits in the mill feed. Average processed grades in the BIOX plant increased due to higher average grades sourced from the Massawa Central Zone pit. Recovery rates through the CIL plant decreased due to reduced CIL tank residency times as a result of planned maintenance during the quarter. Recovery rates through the BIOX plant increased due to a higher proportion of high grade, fresh ore from Massawa Central Zone pit in the feed resulting in improved floatation and gravity gold recoveries due to improved ore blending from enhanced stockpiling strategies. AISC increased from $1,173/oz in Q1-2025 to $1,272/oz in Q2-2025 due to higher CIL processing costs associated with planned maintenance, higher BIOX processing unit costs associated with increased reagent consumption, the timing of planned heavy mining equipment maintenance, higher royalty costs related to the higher realised gold price and the additional 1% royalty on ounces sold from the Massawa permit following the acquisition of Teranga in Q1-2021, which became effective in Q1-2025 after the $15.0 million payment holiday expired. Sustaining capital expenditure decreased from $15.3 million in Q1-2025 to $12.8 million in Q2-2025 and was primarily related to waste development at the Massawa Central Zone and Niakafiri East pits, and mining component rebuilds. Non-sustaining capital expenditure increased from $4.2 million in Q1-2025 to $15.6 million in Q2-2025 and was primarily related to mining infrastructure at the Delya deposit ahead of the commencement of mining in H2-2025, processing plant upgrades and waste stripping activities in the Massawa North Zone pits. H1-2025 vs H1-2024 Insights Production increased from 105koz in H1-2024 to 134koz in H1-2025 primarily due to the startup of the BIOX plant, which achieved commercial production during Q3-2024, partially offset by a decrease in production from CIL plant due to lower throughput at a lower average grade in line with the mine sequence. AISC increased from $1,050/oz in H1-2024 to $1,220/oz in H1-2025 due to higher sustaining capital related to waste stripping at the Massawa Central Zone and Massawa North Zone pits, higher royalties related to the higher realised gold price and higher processing unit costs due to planned CIL plant maintenance, partially offset by higher gold sales. FY-2025 Outlook Sabodala-Massawa is on track to achieve its FY-2025 production guidance of 250koz – 280koz at an AISC within the guided $1,100/oz – $1,250/oz range. In H2-2025, production from the CIL plant is expected to be in line with H1-2025 as lower average grades processed are offset by higher throughput and recoveries. In H2-2025, mined tonnes are expected to increase due to improved mining equipment availability, while ore will be sourced from the Niakafiri East, Delya Main and Soukhoto pits resulting in a slightly lower grade blend. The Sabodala pit will be decommissioned and prepared for in-pit tailings during H2-2025. Throughput and recovery rates are expected to increase due to a higher proportion of soft ore in the mill feed coupled with improved stockpile management resulting in an ore blend with higher expected recoveries. Production in H2-2025 will be weighted towards Q4-2025 driven by a higher proportion of high grade feed from the Delya and Soukhoto deposits. In H2-2025, production from the BIOX plant is expected to increase from H1-2025, due to the expected higher mill throughput, recoveries and grades as an increased proportion of higher grade, fresh ore from the Massawa Central Zone pit, with improved floatation and gravity gold recovery characteristics is mined and processed. Sustaining capital expenditure outlook for FY-2025 remains unchanged at $60.0 million of which $28.1 million has been incurred in H1-2025, and is mainly related to capitalised waste stripping, mining fleet upgrades and re-builds, and process plant maintenance. Non-sustaining capital expenditure for FY-2025 remains unchanged at $25.0 million, of which $19.8 million has been incurred in H1-2025, and is mainly related to capitalised waste stripping at the Massawa North Zone pit, haul road construction, advanced grade control drilling activities and infrastructure associated with Sabodala in-pit tailings deposition. In-pit tailings deposition has received government approval and local community consultations are advanced, while long-lead items have been ordered. Sabodala-Massawa Technical Review During Q3-2024, a technical review was launched at Sabodala-Massawa to improve the production outlook, towards a stable run rate, of approximately 350koz, by the end of FY-2027. Two initiatives, which are ongoing, were identified as part of the technical review, to improve production: 1) increasing throughput and recoveries in the BIOX plant; and, 2) increasing grades through the CIL plant through exploration and underground mining of higher grade ores. Initially, the technical review evaluated the existing reserves and resources ('R&R') to identify any opportunities or gaps within the existing models. R&R were evaluated at eight non-refractory (Masato, Niakafiri East, Kiesta C, Golouma and Kerekounda) and refractory (Massawa Central Zone, Massawa North Zone and Delya) deposits across Sabodala-Massawa, incorporating additional grade-control drilling results (317,400 metres, drilled at 10m x 10m spacing across 7,300 holes) into R&R models, which were subsequently verified by internal and then external qualified persons. This review reconfirmed existing reserve and resource assumptions across these deposits, with no deviation to grade, tonnage or contained ounces that exceeded 0.7%, compared to the 31 December 2024 reserves and resources statement. 1a) BIOX throughput: targeting a 15% increase through de-bottlenecking milling, gravity and floatation circuits. Within the milling circuit, optimisation of the SAG mill discharge and the use of a pebble crusher has driven improvements in feed stability, which has supported increased recoveries through the floatation circuit. Given the improved stability, optimisation of pumps in the floatation and CCD circuits are currently being investigated to drive further improvements in H2-2025. While total throughput was impacted by crusher and mill maintenance during H1-2025, peak throughput capacity has progressively improved. During Q1-2025, 15% of the time throughput was +10% above design nameplate, while in Q2-2025 this had increased to 20% of the time, and in June 2025 it had increased further, to 30% of the time. Optimisation and maintenance is underway to prioritise stabilising throughput, at these elevated levels, and the BIOX circuit is on track to begin FY-2026 at +15% above design nameplate supporting progressively higher levels of production. 1b) BIOX recoveries: targeting long-term recovery rates of approximately 85% through increased fresh refractory ore mining coupled with increased utilisation of the floatation tails underflow and gravity circuit optimisation. BIOX recoveries have improved from 58.5% in Q2-2024 immediately after the first BIOX gold pour, to 78.3% in Q2-2025, largely reflecting the advance of ore mining activities in the Massawa Central Zone pit, through transitional ore, into more than 80.0% fresh ore, resulting in improved floatation recoveries and significantly improved overall recoveries. The addition of the floatation tailings underflow in Q3-2024 also supported improved overall recoveries, capturing gold associated with tarnished sulphide minerals that does not float. Optimisation of the reagents and increased utilisation are expected to continue improving gold recoveries from floatation tailings in H2-2025. Through H2-2025, the gravity circuit is being optimised to recover an increased proportion of coarse gold that is not currently being recovered, utilising supplementary components from the existing CIL plant's gravity circuit, to support increased capacity and better recoveries in the BIOX gravity circuit. The optimised gravity circuit is expected to drive improved gravity recoveries from Q1-2026. 2) Increasing CIL grade – targeting +1.5g/t non-refractory ores through accelerating high grade underground development and exploration for higher-grade deposits Feasibility level work and the tender process are underway for the Golouma (FY-2024 P&P reserves of 1.6Mt at 4.75g/t for 241koz) and Kerekounda (FY-2024 P&P reserves of 1.2Mt at 5.49g/t for 204koz) underground deposits, which are expected to provide a higher grade source of non-refractory feed for the CIL plant. The current phase of study work is expected to be completed in H1-2026. Exploration prioritised accelerating high grade non-refractory opportunities, including the near-mine Kiesta C and Soukhoto deposits, into the mine plan, which will contribute to the FY-2025 plan. In addition, further exploration work is advancing at two high-priority targets, Makana and Kawsara: Makana is located north of the Sofia Main deposit on the trend between Sofia Main and Kiesta, approximately 22 kilometres away from the Sabodala-Massawa processing plant. Exploration drilling has already delineated a large, high grade target with near surface mineralisation. Resource drilling is underway and a maiden resource is expected to be defined by year-end and incorporated into the near-term mine plan, supporting higher average grades through the CIL plant. Kawsara – Toma Toya is located approximately 35 kilometres south of the Sabodala-Massawa processing plant. Step out drilling towards the south of Kawsara has identified continuous mineralisation towards the Toma Toya target. While the grade is expected to be inline with grades currently being processed, given the extension of the mineralised trend towards the south, Kawsara could potentially be a large resource that could signifcnatly improve optionality at Sabodala-Massawa. An updated resource is expected in H2-2025. Outlook: Sabodala-Massawa is on track to achieve its FY-2025 production guidance of 250koz – 280koz at an AISC within the guided $1,100/oz – $1,250/oz range. Beyond FY-2025, Sabodala-Massawa is targeting to grow production to a stable run-rate of approximately 350koz by the end of FY-2027. Lafigué Mine, Côte d'Ivoire Table 19: Lafigué Performance Indicators For The Period Ended Q2-2025 Q1-2025 Q2-2024 H1-2025 H1-2024 Tonnes ore mined, kt 1,141 1,230 1,024 2,371 1,840 Total tonnes mined, kt 13,488 12,829 9,296 26,317 18,128 Strip ratio (incl. waste cap) 10.82 9.43 8.08 10.10 8.85 Tonnes milled, kt 1,165 1,018 84 2,183 84 Grade, g/t 1.35 1.67 1.02 1.50 1.03 Recovery rate, % 93 93 89 93 89 Production, koz 49 48 0.5 97 0.5 Total cash cost/oz 1,125 918 — 1,018 — AISC/oz 1,154 926 — 1,036 — Q2-2025 vs Q1-2025 Insights Production increased slightly from 48koz in Q1-2025 to 49koz in Q2-2025 due to an increase in mill throughput, partially offset by lower average grades, while recovery rates remained consistent. Total tonnes mined increased due to improved excavator productivity following the introduction of a second mining contractor at the West pit in Q1-2025. Total ore tonnes mined decreased due to higher waste stripping at both the Main and West pits, in line with the mine sequence. Total tonnes milled increased due to higher mill availability, following the completion of planned maintenance in the prior quarter, resulting in processing plant performance exceeding nameplate capacity by approximately 15% during Q2-2025. Average processed grades decreased due to depletion of high grade stockpiles in Q1-2025 and lower grades sourced from the Main and West pits. Recovery rates remained consistent with the prior quarter. AISC increased from $926/oz in Q1-2025 to $1,154/oz in Q2-2025 due to higher royalties related to the higher realised gold price, lower gold sales, and higher sustaining capital related to the purchase of strategic spares. Sustaining capital expenditure increased from $0.4 million in Q1-2025 to $1.4 million in Q2-2025 and was primarily related to processing part upgrades and the purchase of strategic spares. Non-sustaining capital expenditure decreased from $27.4 million in Q1-2025 to $23.7 million in Q2-2025 and was primarily related to waste stripping at the Main and West pit pushbacks and the ongoing TSF embankment raise. FY-2025 Outlook Lafigué is on track to achieve its FY-2025 production guidance of 180koz – 210koz at a AISC within the guided $950/oz – $1,075/oz range. In H2-2025, production is expected to remain consistent with H1-2025. Total mined tonnes are expected to increase as the additional mining contractor, introduced in Q1-2025, ramps up, initially focussed on waste stripping in the West pit. During H2-2025, a higher proportion of ore tonnes will be sourced from the Eastern flank of the Main pit, following the pre-stripping activities there in H1-25, with supplemental ore sourced from the West pit, resulting in slightly lower average grades processed. This will be offset by slightly higher throughput rates in H2-2025 as the processing plant continues to outperform its design nameplate driven by continued improvements in availability and utilisation, as well as the processing of supplemental soft oxide ore through the secondary crusher. Recovery rates are expected to remain stable Sustaining capital expenditure outlook for FY-2025 has decreased from $35.0 million to $15.0 million, of which $1.8 million has been incurred in H1-2025, and is mainly related to capitalised waste stripping activities and strategic spare purchases. The decrease in the sustaining capital expenditure outlook reflects lower sustaining waste stripping at the Main pit which was offset by an increase in non-sustaining waste pre-stripping due to the acceleration of Pushback 2 in the Main pit. Non-sustaining capital expenditure outlook for FY-2025 has increased from $50.0 million to $70.0 million, of which $51.1 million has been incurred in H1-2025, and is mainly related to capitalised waste stripping activities, completion of the TSF stage 2 embankment lift and the purchase of additional backup generators. The increase in non-sustaining capital expenditure outlook reflects the acceleration of waste pre-stripping of Pushback 2 at the Main pit, which has been offset by a decrease in sustaining waste stripping. Assafou Project, Côte d'Ivoire On 11 December 2024, Endeavour announced the positive pre-feasibility results ('PFS') for the Assafou project. The PFS highlights 329kozpa production at AISC of $892/oz over the first 10 years and boasts robust economics with an after-tax NPV 5% of $2,485.0 million and after-tax IRR of 40% at a $2,500/oz gold price. of $2,485.0 million and after-tax IRR of 40% at a $2,500/oz gold price. The Assafou PFS has initial capital of $734.0 million with design throughput of 5.0Mtpa. The PFS was based on the 2023 Mineral Resource Estimate (MRE), with a 31 October 2023 drilling cut-off. Following the completion of the PFS, a Definitive Feasibility Study ('DFS') was immediately launched with key updates on critical path items outlined below: Lycopodium, the lead consultant for the DFS and Endeavour's EPC or EPCM contractor on all construction projects over the past 11 years, has been appointed. Mine and infrastructure geotechnical drilling and sampling, as well as sterilisation drilling, have been completed with sample analysis underway. The Environmental and Social Impact Assessment ('ESIA') submission is well advanced and the permit approval is expected in H2-2025. The Exploitation Permit application process is being launched simultaneously with permit approval expected between late 2025 and early 2026. The Definitive Feasibility Study remains on-track to be completed by early 2026. In H1-2025, a resource definition drilling programme comprising 174 drill holes for a total of 23,389 metres was completed at the Assafou deposit. The results confirmed the existing resource and reserve model. The remainder of the drilling programme at Assafou will be prioritising exploration drilling, focused on extending mineralisation at the Assafou deposit and delineating maiden resources at nearby satellite targets, including Pala Trend 2 and Pala Trend 3. EXPLORATION ACTIVITIES Endeavour has achieved its five-year exploration target of discovering 12 – 17Moz of Measured and Indicated ('M&I') resources between 2021 to 2025, with 12.2Moz discovered at a cost less than $25/oz by year-end 2024. Since 2016, Endeavour has discovered 20.7Moz of M&I resources, equivalent to 2.3Moz of M&I discoveries each year, for a discovery cost of less then $25/oz. The Group's exploration program has sustainably replaced production depletion with high-quality M&I ounces, extended mine lives, and added two cornerstone assets to the portfolio through the discoveries of the Lafigué deposit in 2017 and the Assafou deposit in 2022. The Group's exploration success has been underpinned by its unique ranking and screening methodology, applied to the highly fertile, and relatively immature West African Birimian Greenstone belt. Exploration continues to be a key pillar, and the Group will outline the next phase of its exploration strategy in H2-2025. During FY-2025, an extensive $75.0 million program was planned, which has been increased to $85.0 million following success at Ity, and the accelerated programme at Sabodala-Massawa to support the ongoing technical review. Greenfield expenditure has been decreased slightly to reflect the timing of greenfield and New Ventures exploration spend. During H1-2025, the Group's exploration spend amounted to $51.4 million, of which, $27.1 million was spent in Q2-2025. A total of 224,000 metres of drilling was completed in H1-2025, of which 122,000 meters were completed during Q2-2025, a 20% increase over Q1-2025, as drilling programmes accelerate across the portfolio. Table 20: Quarterly Exploration Expenditure and FY-2025 Guidance 1 Q2-2025 ACTUAL H1-2025 ACTUAL FY-2025 ORIGINAL GUIDANCE FY-2025 UPDATED GUIDANCE All amounts in US$ million Houndé 2.7 3.3 7.0 7.0 Ity 7.2 12.5 10.0 18.0 Mana 1.7 2.7 3.0 3.0 Sabodala-Massawa 7.3 14.6 15.0 25.0 Lafigué 0.3 0.5 5.0 5.0 Assafou project 2.0 5.4 10.0 10.0 New Ventures, greenfield exploration and corporate 5.9 12.4 25.0 17.0 TOTAL EXPLORATION EXPENDITURE 27.1 51.4 75.0 85.0 1 Exploration expenditures include expensed and capitalised exploration expenditures. Houndé mine An exploration programme of $7.0 million is planned for FY-2025, of which $3.3 million was spent in H1-2025 and $2.7 million was spent in Q2-2025, consisting of over 9,700 meters of drilling across 62 holes. The FY-2025 programme is focused on delineating near-mine resources at the Vindaloo Deeps, Kari Deeps and Marzipan targets. During Q2-2025, successful drilling at the Vindaloo Deeps deposit identified potential extensions of existing mineralisation to the south and along the down-dip continuation of the high grade ore body. The first phase of scout drilling at the Marzipan target, located 5 kilometres east of the Houndé processing plant, identified some locally high grade mineralisation that will be further evaluated in Q3-2025. During H2-2025, the exploration programme will accelerate at the Vindaloo Deeps deposit with approximately four drill rigs focussed on further testing of the southern continuation as well as continued infill drilling in the centre of the deposit, with the aim of delineating an updated resource for the underground deposit in H1-2026. At the Marzipan target, evaluation of the results from H1-2025, is expected to warrant follow-up drilling in Q3-2025. Scout drilling is also expected to commence at the Kari Deeps target in the Kari Area, to delineate mineralisation at depth below the Kari deposits. Ity mine An exploration programme of $10.0 million was planned for FY-2025, of which $12.5 million was spent in H1-2025 and $7.2 million was spent in Q2-2025 consisting of 53,400 metres of drilling across 265 drill holes. Given the success of the exploration programme at the Ity donut, and at several greenfield targets along the Ity trend, the programme has been accelerated with exploration spend expected to be approximately $18.0 million for FY-2025. The exploration programme is focused on defining resources in close proximity to the Ity Donut, advancing maiden resource estimates at greenfield targets around the Goleu prospect, and delineating underground target beneath the Ity Donut. During Q2-2025, drilling at the Bakatouo, Zia Northeast, Flotouo, Mont Ity and Walter deposits focussed on identifying and delineating the down-dip continuity of mineralisation below the Ity Donut. Drilling results demonstrated that all of these deposits remain open at depth with mineralisation identified not only in skarnified rocks, but also within the granodiorite intrusion. Drilling at the Goleu, Mahapleu and Gbampleu greenfield targets on the wider Ity trend also identified several mineralised trends, including high grade mineralisation that remains continuous and open at depth. During H2-2025, the exploration programme will continue to focus on resource growth at the Ity donut and on delineating maiden resources at the Goleu, Mahapleu and Gbampleu greenfield targets, with resources expected at the Goleu and Gbampleu deposits in H1-2026. Mana mine An exploration programme of $3.0 million was planned for FY-2025, of which $2.7 million was spent in H1-2025 and $1.7 million was spent in Q2-2025, consisting of 4,500 metres of drilling across 8 deep drill holes. The exploration programme is focused on extending underground mineralisation at the Wona Deep underground deposit and converting the existing sizeable M&I resource into reserves. During Q2-2025, deep drilling targeting high grade mineralisation up to 200 metres below the current resource, identified several high grade mineralised intercepts, and highlighed the potential for resources to extend below the Wona underground deposit. During H2-2025, the exploration programme will continue to test, deep, high grade mineralisation at the Wona underground deposit. Sabodala-Massawa mine An exploration programme of $15.0 million was initially planned for FY-2025, of which $14.6 million was spent in H1-2025 and $7.3 million was spent in Q2-2025 consisting of 45,603 meters of drilling across 1,553 drill holes. The exploration programme is focused on non-refractory oxide resources to support the near-term mine plan and the ongoing technical review, as well as continued definition of medium to longer-term non-refractory and refractory targets. Given the exploration programme is being accelerated as part of the technical review, the initial guidance of $15.0 million has been increased to $25.0 million. During Q2-2025, drilling activities focussed on the Golouma West underground deposit, confirming the extent and continuity of mineralisation at depth with follow up drilling planned to identify any potential extensions of mineralisation down dip. Drilling at the Makana target, located approximately 22 kilometres away from the Sabodala-Massawa processing plant, defined a large high grade target with near-surface mineralisation that could provide supplemental feed for the CIL processing plant in the near-term. Drilling at the Kawasara, Sira and Toma-Toya deposits, southwest along the Massawa structure and around 35 kilometres southeast of the Sabodala-Massawa processing plant, has extended mineralisation towards the southwest where the deposit remains open. During H2-2025, drilling will continue on the Golouma West underground, where an updated resource is expected in H2-2025, and at the Makana deposit, where a maiden resource is expected by year-end. Concurrently, mid-to-long-term exploration drilling is planned at the Massawa North complex and at Kawasara, Sira and Toma-Toya. Lafigué mine An exploration programme of $5.0 million was planned for FY-2025, of which $0.5 million was spent in H1-2025 and $0.3 million was spent in Q2-2025, in preparation for a drilling programme designed to test high-priority near-mine targets less than 5 kilometres away from the Lafigué processing plant. During H2-2025, the exploration programme will focus on drilling the near-mine Target 1, Corridor T4-12 and Central Area targets to delineate near-mine satellite opportunities within close proximity to Lafigué. Assafou Project An exploration programme of $10.0 million was planned for FY-2025, of which $5.4 million was spent in H1-2025 and $2.0 million in Q2-2025, including 3,077 meters of drilling across 18 drill holes. Following the success of the first phase of infill drilling at the Assafou deposit, the remainder of the drilling programme will prioritise exploration at the Assafou deposit and potential satellite targets in close proximity to Assafou, including Pala Trend 2 and Pala Trend 3. During Q2-2025, infill drilling on the Assafou deposit was completed and reconfirmed the existing resource model, providing increased confidence in the initial phases of ore mining at the deposit. Resource definition drilling continued to progress at the Pala Trend 3 and Pala Trend 2 targets, located approximately 1 kilometre west of the Assafou deposit. During H2-2025, drilling will continue across the the Pala Trend 2 and Pala Trend 3 targets with updated resource estimates expected in H2-2025. In addition, sterilisation drilling will accelerate across the Assafou site to support planned infrastructure placement ahead of the DFS completion, expected by early 2026. New Ventures and greenfield Exploration The New Ventures exploration programme is continuing to focus on building out a long-term organic growth pipeline through its operated greenfield exploration programmes, and by leveraging early stage exploration companies operating in highly prospective gold terranes. During Q2-2024 Endeavour completed a $2.7 million strategic investment into Koulou Gold Corp. ('Koulou'), a private exploration company focused on early stage exploration projects in Côte d'Ivoire. Subsequently, in Q1-2025 Endeavour exercised its warrants for $2.7 million and participated in Koulou's financing for a further $2.3 million, bringing Endeavour's ownership to 19.1% of Koulou. During Q2-2025, Endeavour exercised its equity participation rights for a further $2.3 million to retain 19.1% ownership of Koulou. The Assuéfry project, which Koulou Gold holds an option to earn up to 90% interest in, is located on the east side of the Tanda-Iguela property (Assafou project). It shares a similar structural setting to the Assafou deposit and is underlain by the same Tarkwaian-like sediments and Birimian volcanic rocks. There are two prominent gold-in-soil anomalies at Assuefry, including an 8 kilometre long northwest-southeast trending anomaly on a structure parallel to Assafou, and a 7 kilometre long anomaly on a north-northeast to south-southwest trending Tarkwaian-Birimian structural contact, orientated perpendicular to Assafou. CONFERENCE CALL AND LIVE WEBCAST Management will host a conference call and webcast on Thursday 31 July at 8:30 am EDT / 1:30 pm BST to discuss the Company's financial results. The conference call and webcast are scheduled at: 5:30am in Vancouver 8:30am in Toronto and New York 1:30pm in London 8:30pm in Hong Kong and Perth The video webcast can be accessed through the following link: To download a calendar reminder for the webcast, visit the events page of our website here . Analysts and investors are also invited to participate and ask questions by registering for the conference call dial-in via the following link: The conference call and webcast will be available for playback on Endeavour's website . QUALIFIED PERSONS Brad Rathman, Vice President – Operations of Endeavour Mining plc., a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), is a 'Qualified Person' as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101') and has reviewed and approved the technical information in this news release. CONTACT INFORMATION For Investor Relations enquiries: For Media enquiries: Jack Garman Brunswick Group LLP in London Vice President of Investor Relations Carole Cable, Partner 442030112723 442074045959 [email protected] [email protected] ABOUT ENDEAVOUR MINING PLC Endeavour Mining is one of the world's senior gold producers and the largest in West Africa, with operating assets across Senegal, Côte d'Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa. A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering meaningful value to people and society. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV. For more information, please visit CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION This document contains 'forward-looking statements' within the meaning of applicable securities laws. All statements, other than statements of historical fact, are 'forward-looking statements', including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company's shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback programme. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'expects', 'expected', 'budgeted', 'forecasts', 'anticipates', 'believes', 'plan', 'target', 'opportunities', 'objective', 'assume', 'intention', 'goal', 'continue', 'estimate', 'potential', 'strategy', 'future', 'aim', 'may', 'will', 'can', 'could', 'would' and similar expressions. Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour's financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour's current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licences by government authorities, or the expropriation or nationalisation of any of Endeavour's property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at for further information respecting the risks affecting Endeavour and its business. The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future. NON-GAAP MEASURES Some of the indicators used by Endeavour in this press release represent non-IFRS financial measures, including 'all-in margin', 'all-in sustaining cost', 'net cash / net debt', 'EBITDA', 'adjusted EBITDA', 'net cash / net debt to adjusted EBITDA ratio', 'cash flow from continuing operations', 'total cash cost per ounce', 'sustaining and non-sustaining capital', 'net earnings', 'adjusted net earnings', 'free cash flow', 'operating cash flow per share', 'free cash flow per share', and 'return on capital employed'. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section in this press release and in the Company's most recently filed Management Report for a reconciliation of the non-IFRS financial measures used in this press release. Corporate Office: 5 Young St, Kensington, London W8 5EH, UK Attachments Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.


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Technip Energies H1 2025 Financial Results
By GlobeNewswire Published on July 31, 2025, 10:30 IST TECHNIP ENERGIES H1 2025 FINANCIAL RESULTS A strong company for the long-term Strong first half performance: Revenue +15% Y/Y to €3.6bn and Recurring EBITDA +13% Y/Y to €319m Free cash flow, excluding working capital, of €322m, representing ~100% conversion from EBITDA Awarded major contract for the world's largest low-carbon ammonia production facility in the United States 2025 guidance update: Technology, Products & Services EBITDA margin raised from ~13.5% to a range of 14% – 14.5% Paris, Thursday, July 31, 2025. Technip Energies (the 'Company'), a global technology & engineering powerhouse leading in energy and decarbonization infrastructure, today announces its unaudited financial results for the first half of 2025. Arnaud Pieton, Chief Executive Officer of Technip Energies, commented: 'In the first half, Technip Energies ( delivered double-digit growth in revenue and EBITDA compared to the prior year, with stable profitability and robust cash flow generation. This strong performance was driven by sustained momentum in Project Delivery and the positive impact of proprietary product installations from our Technology, Products & Services (TPS) segment. Our solid results, despite a complex macroeconomic environment, reflect the quality and dedication of our teams, who excel at delivering across our portfolio.' 'The strength in TPS margins year-to-date supports upgraded full-year guidance for the segment. Our strategic focus on expanding our process technology and proprietary equipment portfolio will, over time, sustain these enhanced margins and reinforce our market leadership.' 'Across industries globally, there is growing demand for delivering energy infrastructure with pragmatic and cost-effective decarbonized solutions. is extremely well-positioned thanks to the breadth of our offerings and adaptable execution models.' 'This is further evidenced by our diversification strategy, which is yielding tangible results. Over the past 18 months, the profile of our order intake is a more balanced blend of energy and decarbonization work. While energy, including LNG, remains the largest contributor, decarbonization has grown to ~40% of our order intake – amounting to more than €5 billion, including major projects in carbon capture and blue molecules. In addition, ~70% of orders during this period originated from regions beyond the Middle East, with major awards in the Americas and the UK.' 'Looking ahead, our commercial pipeline offers compelling opportunities across both traditional and emerging growth markets. We remain confident in our positioning for important awards in the next six-to-18 months for both business segments, notably in LNG, blue molecules, and sustainable fuels, with the US expected to be one of the most active regions.' 'Ultimately, the long-term fundamentals underpinning the continued expansion and diversification of the global energy mix are highly attractive. Through disciplined management of our operations, consistent cash flow generation, and strategic capital allocation, notably to deliver TPS growth, we are committed to delivering long-term value creation.' Key financials – adjusted IFRS (In € millions, except EPS and %) H1 2025 H1 2024 Revenue 3,646.4 3,164.3 Recurring EBITDA 319.0 281.4 Recurring EBITDA margin % 8.7% 8.9% Recurring EBIT 257.4 227.3 Recurring EBIT margin % 7.1% 7.2% Net profit 191.0 188.1 Diluted earnings per share(1) €1.07 €1.04 Order intake 2,653.8 4,006.8 Backlog 18,036.3 16,951.7 Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. (1) H1 2025 and H1 2024 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,387,677 and 181,459,062 respectively. Key financials – IFRS (In € millions, except EPS) H1 2025 H1 2024 Revenue 3,600.7 3,039.2 Net profit 189.3 186.4 Diluted earnings per share(1) €1.06 €1.03 (1) H1 2025 and H1 2024 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 178,387,677 and 181,459,062 respectively. Updated 2025 full company guidance – adjusted IFRS Project Delivery Technology, Products and Services Revenue €5.2 – 5.6 billion €1.8 – 2.2 billion EBITDA margin ~8% 14.0% – 14.5% (prior guidance: ~13.5%) Corporate costs €50 – 60 million Effective tax rate(1) 26 – 30% Adjacent business model investment(2) < €50 million Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. (1) Subject to fiscal regime changes in key jurisdictions. (2) As part of its capital allocation framework for long-term value creation, the Company may invest in adjacent business models including Build Own Operate (BOO) and co-development. Since Q3 2024, these investment costs are recorded as non-recurring items. Conference call information Technip Energies will host its H1 2025 results conference call and webcast on Thursday, July 31, 2025 at 13:00 CET. Dial-in details: France: +33 1 70 91 87 04 United Kingdom: +44 121 281 8004 United States: +1 718 7058796 Conference Code: 880901 The event will be webcast simultaneously and can be accessed at: H1 2025 Results Webcast Contacts Investor Relations Phillip Lindsay Vice President, Investor Relations Tel: +44 20 7585 5051 Email: [email protected] Media Relations Jason Hyonne Manager, Press Relations & Social Media Tel: +33 1 47 78 22 89 Email: [email protected] About Technip Energies Technip Energies is a global technology and engineering powerhouse. With leadership positions in LNG, hydrogen, ethylene, sustainable chemistry, and CO 2 management, we are contributing to the development of critical markets such as energy, energy derivatives, decarbonization, and circularity. Our complementary business segments, Technology, Products and Services (TPS) and Project Delivery, turn innovation into scalable and industrial reality. Through collaboration and excellence in execution, our 17,000+ employees across 34 countries are fully committed to bridging prosperity with sustainability for a world designed to last. Technip Energies generated revenues of €6.9 billion in 2024 and is listed on Euronext Paris. The Company also has American Depositary Receipts trading over the counter. For further information: Operational and financial review Order intake, backlog and backlog scheduling Adjusted order intake for H1 2025 amounted to €2,654 million, equivalent to a book-to-bill of 0.7. Adjusted order intake announced during the second quarter of 2025 included a major1 contract for the Blue Point Number One ATR project in the US, the world's largest low-carbon ammonia production facility with a capacity of approximately 1.4 million metric tons per year, a significant2 engineering contract for the North Field Production Sustainability Offshore Compression Project in Qatar, as well as other studies, services contracts and smaller projects. For reference, commercial highlights for the first quarter of 2025 are included here: Q1 2025 financial results. 1 A 'major' award for Technip Energies is a contract award representing above €1 billion of revenue. 2 A 'significant' award for Technip Energies is a contract award representing between €50 million and €250 million of revenue. (In € millions) H1 2025 H1 2024 Adjusted order intake 2,653.8 4,006.8 Project Delivery 1,780.4 2,970.2 Technology, Products & Services 873.4 1,036.7 Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Including the impact of foreign exchange, adjusted backlog decreased by 8% to €18.0 billion compared to December 31, 2024, equivalent to 2.6x FY 2024 adjusted revenue. (In € millions) H1 2025 FY 2024 Adjusted backlog 18,036.3 19,556.0 Project Delivery 16,200.7 17,536.2 Technology, Products & Services 1,835.5 2,019.8 Reconciliation of IFRS to non-IFRS financial measures are provided in appendices. Adjusted backlog at June 30, 2025 , has been negatively impacted by foreign exchange of €(667.4) million. The table below provides estimated backlog scheduling as of June 30, 2025. (In € millions) 2025 (6M) FY 2026 FY 2027+ Adjusted backlog 3,099.8 6,494.8 8,441.7 Project Delivery 2,403.5 5,921.9 7,875.4 Technology, Products & Services 696.2 572.9 566.4 Company financial performance Adjusted statement of income (In € millions, except %) H1 2025 H1 2024 % Change Adjusted revenue 3,646.4 3,164.3 15% Adjusted recurring EBITDA 319.0 281.4 13% Adjusted recurring EBIT 257.4 227.3 13% Non-recurring items (28.6) (4.1) N/A EBIT 228.8 223.2 3% Financial income (expense), net 51.3 57.6 (11)% Profit (loss) before income tax 280.2 280.8 —% Income tax (expense) profit (83.6) (80.0) 5% Net profit (loss) 196.6 200.8 (2)% Net profit (loss) attributable to Technip Energies Group 191.0 188.1 2% Net profit (loss) attributable to non-controlling interests 5.6 12.7 (56)% Business highlights Project Delivery – adjusted IFRS (In € millions, except % and bps) H1 2025 H1 2024 % Change Revenue 2,736.2 2,209.9 24% Recurring EBITDA 214.7 183.0 17% Recurring EBITDA margin % 7.8% 8.3% (50) bps Recurring EBIT 187.5 161.1 16% Recurring EBIT margin % 6.9% 7.3% (40) bps Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). H1 2025 Adjusted revenue increased by 24% year-over-year to €2,736.2 million driven by high activity on Qatar LNG projects and the ramp-up of a new wave of projects, including GranMorgu and Ruwais LNG. H1 2025 Adjusted recurring EBITDA increased by 17% year-over-year to €214.7 million and H1 2025 Adjusted recurring EBIT increased by 16% year-over-year to €187.5 million. H1 2025 Adjusted recurring EBITDA margin decreased year-over-year by 50 bps to 7.8% and Adjusted recurring EBIT margin decreased year-over-year by 40 bps to 6.9%. After a period of strong order intake in 2023 and 2024, the margins reflect a re-balancing in the project portfolio, with a higher proportion of early-phase projects for which limited margin contribution is recognized. Q2 2025 Key operational milestones QatarEnergy North Field Expansion (Qatar) Permanent energization of the substations for Train 8 and first utilities in service. QatarEnergy North Field South (Qatar) Start of piping prefabrication and completion of the installation of the fresh cooling water for trains 12 & 13. Marsa LNG (Oman) Groundbreaking ceremony took place. Ruwais LNG (UAE) All major equipment procured and under manufacturing. Start of civil works at site. Assiut Hydrocracking Complex (Egypt) Hydrotest substantially completed on utilities units. GranMorgu FPSO unit (Suriname) First steel cut ceremonies at yards in China. bp Net Zero Teesside Power Project (UK) Started site preparation, notably activities required prior to piling and civil works. Q2 2025 Key commercial and strategic highlights Technip Energies awarded major contract for Blue Point Number One ATR, the world's largest low-carbon ammonia production facility (US) Technip Energies has been awarded a major 1 contract by Blue Point Number One, a joint venture between CF Industries, JERA, and MITSUI & CO, for the Blue Point Number One ATR Project in Donaldsonville, Louisiana. This project aims to deliver the world's largest low-carbon ammonia plant with a capacity of approximately 1.4 million metric tons per year. Technip Energies will perform the engineering, procurement, equipment and module fabrication for the production facility, leveraging its expertise in modularization and project delivery excellence. Working with Topsoe to integrate its SynCOR Ammonia TM technology, Technip Energies will draw on its proven ability to integrate cutting-edge technologies into industrial-scale projects. 1 A 'major' award for Technip Energies is a contract award representing above €1 billion of revenue. contract by Blue Point Number One, a joint venture between CF Industries, JERA, and MITSUI & CO, for the Blue Point Number One ATR Project in Donaldsonville, Louisiana. This project aims to deliver the world's largest low-carbon ammonia plant with a capacity of approximately 1.4 million metric tons per year. Technip Energies will perform the engineering, procurement, equipment and module fabrication for the production facility, leveraging its expertise in modularization and project delivery excellence. Working with Topsoe to integrate its SynCOR Ammonia technology, Technip Energies will draw on its proven ability to integrate cutting-edge technologies into industrial-scale projects. Technology, Products & Services (TPS) – adjusted IFRS (In € millions, except % and bps) H1 2025 H1 2024 Change Revenue 910.2 954.4 (5)% Recurring EBITDA 137.0 121.5 13% Recurring EBITDA margin % 15.1% 12.7% 240 bps Recurring EBIT 102.7 88.6 16% Recurring EBIT margin % 11.3% 9.3% 200 bps Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). H1 2025 Adjusted revenue decreased year-over-year by 5% to €910.2 million, resulting from reduced proprietary equipment contribution, partially offset by strong volumes in consultancy, engineering services and studies. H1 2025 Adjusted recurring EBITDA increased year-over-year by 13% to €137.0 million and Adjusted recurring EBIT increased year-over-year by 16% to €102.7 million. H1 2025 Adjusted recurring EBITDA margin increased by 240 bps to 15.1% and Adjusted recurring EBIT margin increased by 200 bps to 11.3% benefiting from ethylene furnaces deliveries, catalyst supply, and project management consultancy (PMC). Q2 2025 Key operational milestones Neste Renewable Products Refinery Expansion – Site Development Project, Rotterdam (Netherlands) Started production of Sustainable Aviation Fuel. Neste Renewable Products Refinery Expansion – Capacity Growth Project, Rotterdam (Netherlands) Piping erection ramping-up and piping hydrotest activity started in utilities unit. Reliance NMD and DMD Cracker (India) Equipment order completed and piling works in progress in Dahej Manufacturing Division. Q2 2025 Key commercial and strategic highlights Technip Energies awarded a significant engineering contract for the North Field Production Sustainability Offshore Compression Project (Qatar) Technip Energies has been awarded a significant 1 Detailed Engineering Design contract by Larsen & Toubro Limited (L&T) Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4) of QatarEnergy LNG, the world's premier LNG company. Under this contract, Technip Energies, having completed the Front-End Engineering and Design (FEED) phase, will provide Detailed Engineering Design for two offshore compression complexes. Each will comprise large offshore platforms, flare platforms, interconnected bridges, and other associated structures. 1 A 'significant' award for Technip Energies is a contract award representing between €50 million and €250 million of revenue. Detailed Engineering Design contract by Larsen & Toubro Limited (L&T) Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4) of QatarEnergy LNG, the world's premier LNG company. Under this contract, Technip Energies, having completed the Front-End Engineering and Design (FEED) phase, will provide Detailed Engineering Design for two offshore compression complexes. Each will comprise large offshore platforms, flare platforms, interconnected bridges, and other associated structures. Technip Energies selected by the Natural Gas Infrastructure Company (ETYFA) for a project management consultancy (PMC) contract (Cyprus) Technip Energies has been appointed by ETYFA to complete the LNG import Terminal Project in Vassilikos, Cyprus. The import terminal is part of an EU project of common interest that seeks to introduce natural gas to Cyprus with the goal of reducing its dependence on imported oil and facilitating its transition to cleaner energy services. Rely unveiled the new generation of its 100MW de-risked green hydrogen configurable productized plant. The new generation of Clear100+ consists of five scalable 20MW blocks, integrating John Cockerill Hydrogen pressurized alkaline electrolyzers. Replicable, it is designed for maximum preassembly, enabling faster and safer installation and easier maintenance. It is an adaptable and modular solution that can be implemented to different client needs, plot layouts, or climates. Pre-engineered, derisked, and performance-guaranteed, Clear100+ features continuously evolving technology to drive down the levelized cost of green hydrogen. Enabling fast, affordable, reliable, and safe green hydrogen production on an industrial scale, it paves the way for us to accompany our clients on their journey towards Power-to-X solutions to decarbonize hard-to-abate industries and transport. Q2 2025 Other key commercial and strategic highlights Reju announced the selection of Regeneration Hub One, its first industrial size textile-to-textile recycling center to be located on the Chemelot Industrial Park in Sittard-Geleen, Netherlands Reju™, the progressive textile-to-textile regeneration company, announced that it had selected the Chemelot Industrial Park for its first industrial scale regeneration center. Located in Sittard, Netherlands, Chemelot is a leading European industrial park and innovation hub. This follows the successful opening of Regeneration Hub Zero in Frankfurt in October 2024. Regeneration Hub One will accelerate Reju's path to build a circular infrastructure for textile waste regeneration at scale. This strategic location will enable Reju to leverage existing infrastructure and industrial synergies to scale its operations efficiently. The project will be subject to final investment decision by the board of Technip Energies, the parent company of Reju. The Hub will regenerate the equivalent of 300 million articles annually that would otherwise end up as textile waste, resulting in a production capacity of 50,000 tonnes of rBHET per year and will then be repolymerized into Reju PET. This output, originating from textile waste, will be transformed into Reju Polyester with 50% lower carbon emissions than virgin polyester. The Reju Polyester will then be reintroduced into the downstream supply chain, where it will be converted into yarns and fabrics ready for consumer use. Reju announced a partnership with Italy's Rematrix securing sustainable textile supply chain for regeneration hubs and a strategic partnerships with Utexa in Central America and Antex in Europe, Leading Manufacturers of Filament Yarns, to Use REJU Polyester™ Reju™, the purpose-driven leading textile-to-textile regeneration company, announced a partnership with Rematrix, a Producer Responsibility Organization (PRO) in Vicenza, Italy, securing a robust, compliant, and sustainable supply of end-of-life textiles. This partnership continues Reju's commitment to building circular systems that address fashion waste at scale. Rematrix collaborates with fashion companies by proactively managing the end-of-life phase of textile products, ensuring compliance with the upcoming Extended Producer Responsibility (EPR) regulations in Italy and across Europe. Reju™ announced plans for product validation and adoption with Utexa, and Antex, two global leaders in multifilament yarn production with manufacturing locations in Europe and the Americas. The companies will be validating Reju's proprietary material, REJU Polyester™, for commercial adoption in multifilament yarns for textile applications. Yarns produced at Utexa's plant in Choloma, Honduras and Antex's Girona, Spain facility are scheduled to be utilized by Reju's brand partners for garment development and analysis of near shore supply chains by October 2025. Installation of 750 kWp Rooftop Solar PV at Technip Energies' MMY Dahej yard The installation will generate 1,000 MWh of renewable power annually and will reduce the plant's scope 2 emissions by more than 50%. Corporate and other items Corporate costs, excluding non-recurring items, were €32.8 million for the first half of the year 2025, and included the impact of the share price increase and supplemental French social charges on long-term incentive plans. Non-recurring expense amounted to €28.6 million and includes costs incurred relating to investment in adjacent business models, notably for Reju, in addition to strategic initiatives and restructuring costs. Net financial income of €51.3 million benefited from interest income generated from cash and cash equivalents, partially offset by the cost of debt, lease expense and pension costs. Effective tax rate on an adjusted IFRS basis was 29.8% for H1 2025, consistent with the 2025 guidance range of 26%-30%. Depreciation and amortization expense was €61.6 million, of which €39.0 million is related to IFRS 16. Gross cash at June 30, 2025 was €4.0 billion, which compares to €4.1 billion at December 31, 2024. Gross debt was €0.7 billion at June 30, 2025, which is consistent with the position at December 31, 2024. Adjusted free cash flow was €332.2 million for H1 2025. Adjusted free cash flow, excluding the working capital and provisions variance of €10.1 million, was €322.1 million, benefiting from strong operational performance and consistently high conversion from Adjusted recurring EBITDA of 101% (conversion from Adjusted recurring EBIT was 125%). Free cash flow is stated after capital expenditures of €33.6 million. Adjusted operating cash flow was €365.8 million. Liquidity Adjusted liquidity of €4.8 billion at June 30, 2025 comprised of €4.0 billion of cash and €750 million of liquidity provided by the Company's undrawn revolving credit facility. The Company's revolving credit facility was successfully refinanced in March 2025 with five years maturity to March 2030, with two additional one-year extension options. The facility is available for general use and serves as a backstop for the Company's commercial paper program. Share buyback On May 12, 2025, Technip Energies announced the launch of a share buyback program of up to €45 million to be used to fulfill the Company's obligations under equity compensation plans. The maximum number of shares that can be acquired under the program is 1.5 million. The share buyback program is to be carried out until December 31, 2025. AGM and Dividend At the company's Annual General Meeting ('AGM') on May 6, 2025, all resolutions submitted to the shareholders for approval at the 2025 AGM were adopted. All resolutions on the agenda received a majority of votes. Each resolution was voted for in favor by more than 80%, including shareholder approval for the 2024 financial statements and the proposed dividend of €0.85 per outstanding common share for the 2024 financial year. The AGM documentation and voting results are available at 2025 Annual General Meeting . Payment for the cash dividend took place on May 22, 2025. Forward-looking statements This press release contains forward-looking statements that reflect Technip Energies' (the 'Company') intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words 'believe', 'expect', 'anticipate', 'plan', 'intend', 'foresee', 'should', 'would', 'could', 'may', 'estimate', 'outlook', and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company's current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates. All of the Company's forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company's control, and assumptions that could cause actual results to differ materially from the Company's historical experience and the Company's present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see the Company's risk factors set forth in the Company's 2024 Annual Financial Report filed on March 10, 2025, with the Dutch Autoriteit Financiële Markten (AFM) and the French Autorité des Marchés Financiers (AMF), which includes a discussion of factors that could affect the Company's future performance and the markets in which the Company operates. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law. APPENDIX APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME – FIRST HALF 2025 (In € millions) Project Delivery Technology, Products & Services Corporate/non allocable Total H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 Adjusted revenue 2,736.2 2,209.9 910.2 954.4 — — 3,646.4 3,164.3 Adjusted recurring EBITDA 214.7 183.0 137.0 121.5 (32.8) (23.1) 319.0 281.4 Adjusted amortization and depreciation (27.2) (22.0) (34.3) (32.8) — 0.7 (61.6) (54.1) Adjusted recurring EBIT 187.5 161.1 102.7 88.6 (32.8) (22.4) 257.4 227.3 Non-recurring items (transaction & one-off costs) (9.7) (1.6) (13.7) (1.2) (5.2) (1.3) (28.6) (4.1) EBIT 177.8 159.5 89.0 87.4 (38.0) (23.6) 228.8 223.2 Financial income 69.3 74.7 Financial expense (18.0) (17.1) Profit (loss) before income tax 280.2 280.8 Income tax (expense) profit (83.6) (80.0) Net profit (loss) 196.6 200.8 Net profit (loss) attributable to Technip Energies Group 191.0 188.1 Net profit (loss) attributable to non-controlling interests 5.6 12.7 APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME – SECOND QUARTER 2025 (In € millions) Project Delivery Technology, Products & Services Corporate/non allocable Total Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Adjusted revenue 1,333.5 1,164.5 459.8 479.1 — — 1,793.3 1,643.6 Adjusted recurring EBITDA 100.9 93.9 71.7 61.3 (15.7) (10.4) 156.9 144.7 Adjusted amortization and depreciation (14.6) (11.4) (17.0) (17.2) 0.3 0.4 (31.2) (28.2) Adjusted recurring EBIT 86.3 82.5 54.7 44.1 (15.4) (10.1) 125.7 116.5 Non-recurring items (transaction & one-off costs) (6.3) (1.5) (9.3) (1.7) (3.1) 0.8 (18.7) (2.4) EBIT 80.0 81.1 45.4 42.4 (18.4) (9.3) 107.0 114.1 Financial income 34.2 36.5 Financial expense (8.6) 1.2 Profit (loss) before income tax 132.6 151.8 Income tax (expense) profit (41.1) (46.4) Net profit (loss) 91.5 105.4 Net profit (loss) attributable to Technip Energies Group 90.0 97.9 Net profit (loss) attributable to non-controlling interests 1.5 7.5 APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2025 (In € millions) H1 25 IFRS Adjustments H1 25 Adjusted Revenue 3,600.7 45.7 3,646.4 Costs and expenses Cost of sales (3,104.5) (47.4) (3,151.9) Selling, general and administrative expense (194.6) (1.1) (195.7) Research and development expense (28.5) — (28.5) Impairment, restructuring and other expense (28.6) — (28.6) Other operating income (expense), net (9.9) (0.2) (10.1) Operating profit (loss) 234.6 (2.9) 231.7 Share of profit (loss) of equity-accounted investees (5.6) 2.7 (2.9) Profit (loss) before financial income (expense), net and income tax 229.0 (0.2) 228.8 Financial income 66.7 2.6 69.3 Financial expense (17.6) (0.4) (18.0) Profit (loss) before income tax 278.1 2.1 280.2 Income tax (expense) profit (83.2) (0.4) (83.6) Net profit (loss) 194.9 1.7 196.6 Net profit (loss) attributable to Technip Energies Group 189.3 1.7 191.0 Net profit (loss) attributable to non-controlling interests 5.6 — 5.6 APPENDIX 1.3: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2024 (In € millions) H1 24 IFRS Adjustments H1 24 Adjusted Revenue 3,039.2 125.1 3,164.3 Costs and expenses Cost of sales (2,604.9) (102.0) (2,706.9) Selling, general and administrative expense (200.3) (0.9) (201.2) Research and development expense (35.0) 0.8 (34.2) Impairment, restructuring and other expense (4.1) — (4.1) Other operating income (expense), net 6.0 (0.2) 5.8 Operating profit (loss) 200.9 22.8 223.7 Share of profit (loss) of equity-accounted investees 23.8 (24.3) (0.5) Profit (loss) before financial income (expense), net and income tax 224.7 (1.5) 223.2 Financial income 71.0 3.7 74.7 Financial expense (17.1) — (17.1) Profit (loss) before income tax 278.6 2.2 280.8 Income tax (expense) profit (79.5) (0.5) (80.0) Net profit (loss) 199.1 1.7 200.8 Net profit (loss) attributable to Technip Energies Group 186.4 1.7 188.1 Net profit (loss) attributable to non-controlling interests 12.7 — 12.7 APPENDIX 1.4: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – SECOND QUARTER 2025 (In € millions) Q2 25 IFRS Adjustments Q2 25 Adjusted Revenue 1,774.7 18.6 1,793.3 Costs and expenses Cost of sales (1,524.6) (23.8) (1,548.4) Selling, general and administrative expense (96.1) (0.5) (96.6) Research and development expense (14.4) — (14.4) Impairment, restructuring and other expense (18.7) — (18.7) Other operating income (expense), net (7.6) 1.2 (6.4) Operating profit (loss) 113.3 (4.5) 108.8 Share of profit (loss) of equity-accounted investees (9.5) 7.8 (1.7) Profit (loss) before financial income (expense), net and income tax 103.8 3.2 107.0 Financial income 32.9 1.3 34.2 Financial expense (8.2) (0.4) (8.6) Profit (loss) before income tax 128.5 4.1 132.6 Income tax (expense) profit (40.2) (0.9) (41.1) Net profit (loss) 88.2 3.3 91.5 Net profit (loss) attributable to Technip Energies Group 86.7 3.3 90.0 Net profit (loss) attributable to non-controlling interests 1.5 — 1.5 APPENDIX 1.5: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED – SECOND QUARTER 2024 (In € millions) Q2 24 IFRS Adjustments Q2 24 Adjusted Revenue 1,541.1 102.5 1,643.6 Costs and expenses Cost of sales (1,325.6) (84.5) (1,410.1) Selling, general and administrative expense (99.6) (0.6) (100.2) Research and development expense (20.6) 0.5 (20.1) Impairment, restructuring and other expense (2.4) — (2.4) Other operating income (expense), net 2.9 1.1 4.0 Operating profit (loss) 95.8 19.0 114.8 Share of profit (loss) of equity-accounted investees 17.8 (18.4) (0.6) Profit (loss) before financial income (expense), net and income tax 113.6 0.5 114.1 Financial income 34.5 2.0 36.5 Financial expense 1.1 0.1 1.2 Profit (loss) before income tax 149.2 2.6 151.8 Income tax (expense) profit (45.7) (0.7) (46.4) Net profit (loss) 103.5 1.9 105.4 Net profit (loss) attributable to Technip Energies Group 95.7 2.2 97.9 Net profit (loss) attributable to non-controlling interests 7.8 (0.3) 7.5 APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION (In € millions) H1 25 FY 24 Goodwill 2,078.3 2,118.0 Intangible assets 148.3 145.3 Property, plant and equipment 158.9 167.4 Right-of-use assets 224.0 201.8 Equity accounted investees 12.6 20.1 Other non-current assets 322.8 331.1 Total non-current assets 2,944.9 2,983.7 Trade receivables 1,083.9 1,078.7 Contract assets 580.2 485.9 Other current assets 787.4 785.8 Cash and cash equivalents 4,015.7 4,058.0 Total current assets 6,467.2 6,408.4 Total assets 9,412.1 9,392.0 Total equity 2,164.5 2,114.8 Long-term debt, less current portion 641.7 642.4 Lease liabilities 200.3 192.4 Accrued pension and other post-retirement benefits, less current portion 87.7 126.0 Other non-current liabilities 147.4 169.7 Total non-current liabilities 1,077.1 1,130.5 Short-term debt 104.5 93.8 Lease liabilities 64.2 57.4 Accounts payable, trade 1,584.7 1,642.6 Contract liabilities 3,613.1 3,466.3 Other current liabilities 804.0 886.6 Total current liabilities 6,170.5 6,146.7 Total liabilities 7,247.6 7,277.2 Total equity and liabilities 9,412.1 9,392.0 APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2025 (In € millions) H1 25 IFRS Adjustments H1 25 Adjusted Goodwill 2,078.3 — 2,078.3 Intangible assets 148.3 — 148.3 Property, plant and equipment 157.7 1.2 158.9 Right-of-use assets 223.5 0.5 224.0 Equity accounted investees 98.6 (86.0) 12.6 Other non-current assets 325.2 (2.4) 322.8 Total non-current assets 3,031.6 (86.7) 2,944.9 Trade receivables 1,155.1 (71.2) 1,083.9 Contract assets 470.2 110.0 580.2 Other current assets 761.7 25.7 787.4 Cash and cash equivalents 3,879.1 136.6 4,015.7 Total current assets 6,266.1 201.1 6,467.2 Total assets 9,297.7 114.4 9,412.1 Total equity 2,162.9 1.6 2,164.5 Long-term debt, less current portion 637.9 3.8 641.7 Lease liabilities 200.3 — 200.3 Accrued pension and other post-retirement benefits, less current portion 86.7 1.0 87.7 Other non-current liabilities 252.9 (105.5) 147.4 Total non-current liabilities 1,177.8 (100.7) 1,077.1 Short-term debt 84.7 19.8 104.5 Lease liabilities 63.8 0.4 64.2 Accounts payable, trade 1,460.8 123.9 1,584.7 Contract liabilities 3,540.0 73.1 3,613.1 Other current liabilities 807.7 (3.7) 804.0 Total current liabilities 5,957.0 213.5 6,170.5 Total liabilities 7,134.8 112.8 7,247.6 Total equity and liabilities 9,297.7 114.4 9,412.1 APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2024 (In € millions) H1 24 IFRS Adjustments H1 24 Adjusted Goodwill 2,104.6 — 2,104.6 Intangible assets 121.2 (2.8) 118.4 Property, plant and equipment 137.9 1.6 139.5 Right-of-use assets 193.2 0.9 194.1 Equity accounted investees 84.3 (59.8) 24.5 Other non-current assets 330.6 (3.4) 327.2 Total non-current assets 2,971.8 (63.5) 2,908.3 Trade receivables 1,161.0 (38.9) 1,122.1 Contract assets 488.9 3.1 492.0 Other current assets 928.1 13.9 942.0 Cash and cash equivalents 3,121.5 222.5 3,344.0 Total current assets 5,699.5 200.6 5,900.1 Total assets 8,671.3 137.1 8,808.4 Total equity 1,981.2 7.4 1,988.6 Long-term debt, less current portion 637.4 4.5 641.9 Lease liabilities 162.1 0.1 162.2 Accrued pension and other post-retirement benefits, less current portion 117.1 1.7 118.8 Other non-current liabilities 247.6 (76.8) 170.8 Total non-current liabilities 1,164.2 (70.5) 1,093.7 Short-term debt 147.4 — 147.4 Lease liabilities 65.2 0.8 66.0 Accounts payable, trade 1,479.6 83.9 1,563.5 Contract liabilities 3,053.3 112.5 3,165.8 Other current liabilities 780.4 3.0 783.4 Total current liabilities 5,525.9 200.2 5,726.1 Total liabilities 6,690.1 129.7 6,819.8 Total equity and liabilities 8,671.3 137.1 8,808.4 APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS (In € millions) H1 25 H1 24 Net profit (loss) 196.6 200.8 Change in working capital and provisions 10.1 (334.9) Non-cash items and other 159.1 68.9 Cash provided (required) by operating activities 365.8 (65.2) Acquisition of property, plant, equipment and intangible assets (34.0) (29.0) Acquisition of financial assets (4.4) (4.8) Acquisition of subsidiary, net of cash acquired — 1.2 Proceeds from disposal of assets 0.4 — Proceeds from disposals of subsidiaries, net of cash disposed (0.7) (1.3) Other 0.2 — Cash provided (required) by investing activities (38.5) (33.9) Net increase (repayment) in long-term, short-term debt and commercial paper 8.4 24.5 Payments for acquisition of treasury shares — (38.0) Share issue and buy-back transaction costs — (0.7) Dividends paid to Shareholders (150.2) (101.5) Payments for the principal portion of lease liabilities (39.8) (31.5) Other (of which dividends paid to non-controlling interests) (17.7) (19.0) Cash provided (required) by financing activities (199.3) (166.2) Effect of changes in foreign exchange rates on cash and cash equivalents (170.3) 40.1 (Decrease) Increase in cash and cash equivalents (42.3) (225.2) Cash and cash equivalents, beginning of period 4,058.0 3,569.2 Cash and cash equivalents, end of period 4,015.7 3,344.0 APPENDIX 3.1: STATEMENT OF CASH FLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2025 (In € millions) H1 25 IFRS Adjustments H1 25 Adjusted Net profit (loss) 194.9 1.7 196.6 Change in working capital and provisions 84.1 (74.0) 10.1 Non-cash items and other 178.1 (19.0) 159.1 Cash provided (required) by operating activities 457.1 (91.3) 365.8 Acquisition of property, plant, equipment and intangible assets (34.0) — (34.0) Acquisition of financial assets (4.4) — (4.4) Proceeds from disposal of assets 0.4 — 0.4 Proceeds from disposals of subsidiaries, net of cash disposed (0.7) — (0.7) Other 0.2 — 0.2 Cash provided (required) by investing activities (38.5) — (38.5) Net increase (repayment) in long-term, short-term debt and commercial paper (14.2) 22.6 8.4 Dividends paid to Shareholders (150.2) — (150.2) Settlements of mandatorily redeemable financial liability (0.5) 0.5 — Payments for the principal portion of lease liabilities (39.4) (0.4) (39.8) Other (of which dividends paid to non-controlling interests) (17.7) — (17.7) Cash provided (required) by financing activities (222.1) 22.8 (199.3) Effect of changes in foreign exchange rates on cash and cash equivalents (164.2) (6.1) (170.3) (Decrease) Increase in cash and cash equivalents 32.4 (74.7) (42.3) Cash and cash equivalents, beginning of period 3,846.7 211.3 4,058.0 Cash and cash equivalents, end of period 3,879.1 136.6 4,015.7 APPENDIX 3.2: STATEMENT OF CASH FLOWS – RECONCILIATION BETWEEN IFRS AND ADJUSTED – FIRST HALF 2024 (In € millions) H1 24 IFRS Adjustments H1 24 Adjusted Net profit (loss) 199.1 1.7 200.8 Change in working capital and provisions (330.4) (4.5) (334.9) Non-cash items and other 59.6 9.3 68.9 Cash provided (required) by operating activities (71.7) 6.5 (65.2) Acquisition of property, plant, equipment and intangible assets (28.3) (0.7) (29.0) Acquisition of financial assets (4.8) — (4.8) Acquisition of subsidiary, net of cash acquired — 1.2 1.2 Proceeds from disposals of subsidiaries, net of cash disposed (1.3) — (1.3) Cash provided (required) by investing activities (34.4) 0.5 (33.9) Net increase (repayment) in long-term, short-term debt and commercial paper 24.1 0.4 24.5 Payments for acquisition of treasury shares (38.0) — (38.0) Share issue and buy-back transaction costs (0.7) — (0.7) Dividends paid to Shareholders (101.5) — (101.5) Settlements of mandatorily redeemable financial liability (16.0) 16.0 — Payments for the principal portion of lease liabilities (31.2) (0.3) (31.5) Other (of which dividends paid to non-controlling interests) (19.0) — (19.0) Cash provided (required) by financing activities (182.3) 16.1 (166.2) Effect of changes in foreign exchange rates on cash and cash equivalents 38.9 1.2 40.1 (Decrease) Increase in cash and cash equivalents (249.5) 24.3 (225.2) Cash and cash equivalents, beginning of period 3,371.0 198.2 3,569.2 Cash and cash equivalents, end of period 3,121.5 222.5 3,344.0 APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES – FIRST HALF 2025 (In € millions, except %) H1 25 % of revenues H1 24 % of revenues Adjusted revenue 3,646.4 3,164.3 Cost of sales (3,151.9) 86.4% (2,706.9) 85.5% Adjusted gross margin 494.5 13.6% 457.4 14.5% Adjusted recurring EBITDA 319.0 8.7% 281.4 8.9% Amortization, depreciation and impairment (61.6) (54.1) Adjusted recurring EBIT 257.4 7.1% 227.3 7.2% Non-recurring items (28.6) (4.1) Adjusted profit (loss) before financial income (expense), net and income tax 228.8 6.3% 223.2 7.1% Financial income (expense), net 51.3 57.6 Adjusted profit (loss) before tax 280.2 7.7% 280.8 8.9% Income tax (expense) profit (83.6) (80.0) Adjusted net profit (loss) 196.6 5.4% 200.8 6.3% APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES – SECOND QUARTER 2025 (In € millions, except %) Q2 25 % of revenues Q2 24 % of revenues Adjusted revenue 1,793.3 1,643.6 Cost of sales (1,548.4) 86.3% (1,410.1) 85.8% Adjusted gross margin 244.9 13.7% 233.5 14.2% Adjusted recurring EBITDA 156.9 8.8% 144.7 8.8% Amortization, depreciation and impairment (31.2) (28.2) Adjusted recurring EBIT 125.7 7.0% 116.5 7.1% Non-recurring items (18.7) (2.4) Adjusted profit (loss) before financial income (expense), net and income tax 107.0 6.0% 114.1 6.9% Financial income (expense), net 25.6 37.7 Adjusted profit (loss) before tax 132.6 7.4% 151.8 9.2% Income tax (expense) profit (41.1) (46.4) Adjusted net profit (loss) 91.5 5.1% 105.4 6.4% APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION – FIRST HALF 2025 (In € millions) Project Delivery Technology, Products & Services Corporate/non allocable Total H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 H1 25 H1 24 Revenue 2,736.2 2,209.9 910.2 954.4 — — 3,646.4 3,164.3 Profit (loss) before financial income (expense), net and income tax 228.8 223.2 Non-recurring items: Other non-recurring income/(expense) 28.6 4.1 Adjusted recurring EBIT 187.5 161.1 102.7 88.6 (32.8) (22.4) 257.4 227.3 Adjusted recurring EBIT margin % 6.9% 7.3% 11.3% 9.3% —% —% 7.1% 7.2% Adjusted amortization and depreciation (27.2) (22.0) (34.3) (32.8) — 0.7 (61.6) (54.1) Adjusted recurring EBITDA 214.7 183.0 137.0 121.5 (32.8) (23.1) 319.0 281.4 Adjusted recurring EBITDA margin % 7.8% 8.3% 15.1% 12.7% —% —% 8.7% 8.9% APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION – SECOND QUARTER 2025 (In € millions, except %) Project Delivery Technology, Products & Services Corporate/non allocable Total Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Revenue 1,333.5 1,164.5 459.8 479.1 — — 1,793.3 1,643.6 Profit (loss) before financial income (expense), net and income tax 107.0 114.1 Non-recurring items: Other non-recurring income/(expense) 18.7 2.4 Adjusted recurring EBIT 86.3 82.5 54.7 44.1 (15.4) (10.1) 125.7 116.5 Adjusted recurring EBIT margin % 6.5% 7.1% 11.9% 9.2% —% —% 7.0% 7.1% Adjusted amortization and depreciation (14.6) (11.4) (17.0) (17.2) 0.3 0.4 (31.2) (28.2) Adjusted recurring EBITDA 100.9 93.9 71.7 61.3 (15.7) (10.4) 156.9 144.7 Adjusted recurring EBITDA margin % 7.6% 8.1% 15.6% 12.8% —% —% 8.8% 8.8% APPENDIX 6.0: BACKLOG – RECONCILIATION BETWEEN IFRS AND ADJUSTED (In € millions) H1 25 IFRS Adjustments H1 25 Adjusted Project Delivery 16,361.6 (160.9) 16,200.7 Technology, Products & Services 1,826.3 9.2 1,835.5 Total 18,188.0 18,036.3 APPENDIX 7.0: ORDER INTAKE – RECONCILIATION BETWEEN IFRS AND ADJUSTED (In € millions) H1 25 IFRS Adjustments H1 25 Adjusted Project Delivery 1,782.1 (1.7) 1,780.4 Technology, Products & Services 861.8 11.7 873.4 Total 2,643.9 2,653.8 APPENDIX 8.0: Definition of Alternative Performance Measures (APMs) Certain parts of this Press Release contain the following non-IFRS financial measures: Adjusted Revenue, Adjusted Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt) cash, Adjusted Backlog, and Adjusted Order Intake, which are not recognized as measures of financial performance or liquidity under IFRS and which the Company considers to be APMs. APMs should not be considered an alternative to, or more meaningful than, the equivalent measures as determined in accordance with IFRS or as an indicator of the Company's operating performance or liquidity. Each of the APMs is defined below: Adjusted revenue: represents the revenue recognized under IFRS as adjusted according to the method described below. For the periods presented in this Press Release, the Company's proportionate share of joint venture revenue from the following most material projects was included: the revenue from ENI CORAL FLNG and NFE is included at 50% and the revenue from BAPCO Sitra Refinery is included at 36%. The Company believes that presenting the proportionate share of its joint venture revenue in construction projects carried out in joint arrangements enables management and investors to better evaluate the performance of the Company's core business period-over-period by assisting them in more accurately understanding the activities actually performed by the Company on these projects. represents the revenue recognized under IFRS as adjusted according to the method described below. For the periods presented in this Press Release, the Company's proportionate share of joint venture revenue from the following most material projects was included: the revenue from ENI CORAL FLNG and NFE is included at 50% and the revenue from BAPCO Sitra Refinery is included at 36%. The Company believes that presenting the proportionate share of its joint venture revenue in construction projects carried out in joint arrangements enables management and investors to better evaluate the performance of the Company's core business period-over-period by assisting them in more accurately understanding the activities actually performed by the Company on these projects. Adjusted recurring EBIT: represents profit before financial income (expense), net, and income taxes recorded under IFRS as adjusted to reflect line-by-line for their respective share incorporated construction project entities that are not fully owned by the Company (applying to the method described above under Adjusted Revenue) and adds or removes, as appropriate, items that are considered as non-recurring from EBIT (such as restructuring expenses, costs arising out of significant litigation that have arisen outside of the ordinary course of business and other non-recurring expenses). The Company believes that the exclusion of such expenses or profits from these financial measures enables investors and management to evaluate the Company's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked to both investors and management by the excluded items. represents profit before financial income (expense), net, and income taxes recorded under IFRS as adjusted to reflect line-by-line for their respective share incorporated construction project entities that are not fully owned by the Company (applying to the method described above under Adjusted Revenue) and adds or removes, as appropriate, items that are considered as non-recurring from EBIT (such as restructuring expenses, costs arising out of significant litigation that have arisen outside of the ordinary course of business and other non-recurring expenses). The Company believes that the exclusion of such expenses or profits from these financial measures enables investors and management to evaluate the Company's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked to both investors and management by the excluded items. Adjusted recurring EBITDA: corresponds to the adjusted recurring EBIT as described above before depreciation and amortization expenses. corresponds to the adjusted recurring EBIT as described above before depreciation and amortization expenses. Adjusted net (debt) cash: reflects cash and cash equivalents, net of debt (including short-term debt), as adjusted according to the method described above under adjusted revenue. Management uses this APM to evaluate the Company's capital structure and financial leverage. The Company believes adjusted net (debt) cash, is a meaningful financial measure that may assist investors in understanding the Company's financial condition and recognizing underlying trends in its capital structure. reflects cash and cash equivalents, net of debt (including short-term debt), as adjusted according to the method described above under adjusted revenue. Management uses this APM to evaluate the Company's capital structure and financial leverage. The Company believes adjusted net (debt) cash, is a meaningful financial measure that may assist investors in understanding the Company's financial condition and recognizing underlying trends in its capital structure. Adjusted backlog: backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the relevant reporting date. Adjusted backlog takes into account the Company's proportionate share of backlog related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). The Company believes that the adjusted backlog enables management and investors to evaluate the level of the Company's core business forthcoming activities by including its proportionate share in the estimated sales coming from construction projects in joint arrangements. backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the relevant reporting date. Adjusted backlog takes into account the Company's proportionate share of backlog related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). The Company believes that the adjusted backlog enables management and investors to evaluate the level of the Company's core business forthcoming activities by including its proportionate share in the estimated sales coming from construction projects in joint arrangements. Adjusted order intake: order intake corresponds to signed contracts which have come into force during the reporting period. Adjusted order intake adds the proportionate share of orders signed related to equity affiliates (mainly in relation to ENI Coral FLNG, BAPCO Sitra Refinery and two affiliates of the NFE joint-venture). This financial measure is closely connected with the adjusted backlog in the evaluation of the level of the Company's forthcoming activities by presenting its proportionate share of contracts which came into force during the period and that will be performed by the Company. • Contacts Investor Relations Phillip Lindsay Vice President, Investor Relations Tel: +44 20 7585 5051 Email: [email protected] Media Relations Jason Hyonne Manager, Press Relations & Social Media Tel: +33 1 47 78 22 89 Email: [email protected] Attachment Technip Energies H1 2025 Financial Results Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.


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Increases Total Mineral Inventory: Provides Results of Updated Mineral Resource and Reserves
By GlobeNewswire Published on July 31, 2025, 10:30 IST Increases Total Mineral Inventory: Provides Results of Updated Mineral Resource and Reserves Serabi Gold plc ('Serabi' or the 'Company') (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to announce updated Mineral Reserve estimates and Mineral Resource estimates for its Palito Mine, prepared in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 1 April, 2025 as outlined below (all financial amounts are expressed in U.S. dollars unless otherwise indicated) . HIGHLIGHTS Proven and Probable ('2P') Reserves totalling 162,600 ounces (706,000 tonnes at 7.2 g/t Au) compared to 206,400 ounces (824,800 tonnes @ 7.8 g/t Au) in July 2023. Reserve life is equivalent to over six years of operations at current production levels, without considering conversion of additional mineral resources. Measured and Indicated ('M&I') Resources of 388,400 ounces of contained gold (1,252,900 tonnes @ 9.6 g/t Au), a 3% increase compared to 377,800 (1,166,300 tonnes @ 10.1 g/t) in December 2023. Inferred Resources of 163,900 ounces (690,200 tonnes @ 7.4 g/t Au), a 7% increase compared to 153,900 ounces (682,400 tonnes @ 7.0 g/t Au in July 2023). NCL Ingeniería y Construcción SpA of Santiago de Chile ('NCL') is preparing this Mineral Resource and Mineral Reserve estimation together with a new 43-101 Technical Report which is expected to be issued within 45 days of the date of this release. Mike Hodgson CEO commented: 'This updated Mineral Resource demonstrates Serabi's ability to replenish resources on a consistent basis. We have regularly maintained our ability to replace production with new resources and in this instance, the combined Measured, Indicated and the Inferred resource categories have increased by 4% since 2023. The Company has a strong track record of maintaining a ~500koz ounces total mineral inventory at the Palito Complex and this latest estimate is no different as we increase to 552koz. Within this mineral resource inventory, we have reported a 2P Mineral Reserve of ~163koz, equating to over six years of reserve life at current extraction rates, excluding any future resource to reserve conversion. For a narrow vein mine, this is a great position to be in. With São Chico on care and maintenance since 2022, the 2023 estimated resources and reserves have simply been restated here, albeit these resources and reserves were calculated at a more conservative gold price and exchange rate. In early 2025 we embarked on a $9m brownfield surface exploration drill programme spread across the Palito Complex and Coringa, approximately 50% of this budget will be used at Palito to test extensions of known orebodies. As this drill programme did not commence until March, this updated resource estimate does not include results from the exploration programme. We therefore look forward to an update in early 2026, when we do expect to incorporate results from our 'aggressive' brownfield programme. In the meantime, this increase, which excludes the surface drill programme, is especially pleasing.' The Mineral Reserve estimate was prepared by Mr Carlos Guzman of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101. The Mineral Resource estimate was prepared by Mr Nicolas Fuster of NCL Ingeniería y Construcción SpA, who is a Qualified Person under the Canadian National Instrument 43-101. Mineral Reserve Estimates The updated Mineral Reserve estimates for the Palito Mine and the São Chico Mine are based on data as at 1st April 2025. Table 1: Palito Complex Mineral Reserve Statement as of April 1, 2025 Mineral Reserve Statement for the Palito Complex (Palito and São Chico Mines) Palito São Chico Combined Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained (000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz) Proven 422.4 7.7 103.8 46.1 8.2 12.2 468.5 7.7 116.0 Probable 223.6 6.0 43.1 14.1 7.7 3.5 237.7 6.1 46.6 Total Reserves 645.9 7.1 147.0 60.2 8.1 15.6 706.1 7.2 162.6 Notes to Palito Complex Mineral Reserve Estimates Mineral Reserves have been rounded to reflect the relative accuracy of the estimates. Proven Mineral Reserves are reported within the Measured classification domain, and Probable Mineral Reserves are reported within the Indicated classification domain. Palito Mine Proven and Probable Mineral Reserves are inclusive of external mining dilution and mining loss and are reported at a cut-off grade of 3.98 g/t gold for Palito Mine and assuming an underground shrinkage mining scenario, a gold price of US$2,000/oz, a 5.5:1 Brazilian Real to U.S. Dollar exchange rate, and metallurgical recoveries of 93.2%. São Chico Mine Proven and Probable Mineral Reserves are inclusive of external mining dilution and mining loss and are reported at a cut-off grade of 4.0 g/t gold and assuming an underground shrinkage mining scenario, a gold price of US$1,800/oz, a 5.0:1 Brazilian Real to U.S. Dollar exchange rate, and metallurgical recoveries of 93.8%, as estimated in 2023 and re-stated in this release . Serabi is the operator and owns 100% of the Palito Mine such that gross and net attributable mineral reserves are the same. The mineral reserve estimate was prepared by NCL in accordance with the standard of CIM and NI 43-101, with an effective date of April 1, 2025, and audited and approved by Mr. Carlos Guzmán of NCL, who is a Qualified Person under NI 43-101. Mineral Resource Estimates The updated Mineral Resource estimates for the Palito Mine and the Sao Chico Mine are based on data as at 1st April 2025 and 31st July 2023, respectively. Table 2: Mineral Resource Statement, Palito Mine as of April 1, 2025 Classification Tonnes Grade Contained (000's) (g/t Au) (000's) Measured 769 10.8 267.5 Indicated 333 7.7 82.5 Measured and Indicated 1,102 9.9 350.0 Inferred 682 7.4 161.8 Notes to Palito Mine Mineral Resource Statement Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Mineral Resources are reported inclusive of Mineral Reserves. Figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are reported within classification domains with no dilution applied at a cut-off grade of 2.92 g/t gold assuming an underground extraction scenario, a gold price of US$2,500/oz, metallurgical recovery of 95% and exchange rate of R$ 6.0/US$. Polygonal techniques were used for Resources estimates. The mineral resource estimate was prepared by NCL in accordance with the standard of CIM and NI 43-101, with an effective date of April 1, 2025, and audited and approved by Mr. Nicolas Fuster of NCL, who is a Qualified Person under NI 43-101. Table 3: Mineral Resource Statement, São Chico Mine as of July 31, 2023 Classification Tonnes Grade Contained (000's) (g/t Au) (000's) Measured 123 8.1 31.9 Indicated 29 7.1 6.5 Measured and Indicated 151 7.9 38.4 Inferred 8 6.5 1.7 Notes to Mineral Resource Statement, São Chico Mine Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Mineral Resources are reported inclusive of Mineral Reserves. Figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are reported within classification domains with no dilution applied at a COG of 3.32 g/t gold assuming an underground extraction scenario, a gold price of US$1,950/oz, metallurgical recovery of 95% and exchange rate of R$ 5.5/US$3D block model used for Resource estimates. Polygonal techniques were used for Resources estimates. Qualified Persons and Quality Control The scientific and technical information contained in this news release pertaining to the Palito Complex has been reviewed and approved by the following Qualified Persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'): Carlos Guzman,RM CMC, FAusIMM, NCL Ingeniería y Construcción SpA Gustavo Tapia, RM CMC, Metallurgical and Process Consultant, GT Metallurgy Nicolas Fuster, RM CMC, MAusIMM, NCL Ingeniería y Construcción SpA The Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying the information or opinions contained in this announcement in accordance with standards appropriate to their qualifications. Technical Report A Technical Report prepared by NCL Ingeniería y Construcción SpA. In accordance with NI 43-101 will be filed on SEDAR ( ) within 45 days of this release as well as on the Company's website About Serabi Gold plc Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development. Enquiries SERABI GOLD plc Michael Hodgson t +44 (0)20 7246 6830 Chief Executive m +44 (0)7799 473621 Colm Howlin Chief Financial Officer m +353 89 6078171 Andrew Khov m +1 647 885 4874Vice President, Investor Relations & Business Development e [email protected] BEAUMONT CORNISH Limited Nominated Adviser & Financial Adviser Roland Cornish / Michael Cornish t +44 (0)20 7628 3396 PEEL HUNT LLP Joint UK Broker Ross Allister / Georgia Langoulant t +44 (0)20 7418 9000 TAMESIS PARTNERS LLP Joint UK Broker Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868 CAMARCO Financial PR – Europe Gordon Poole / Emily Hall t +44 (0)20 3757 4980 Assay Results Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory. Forward-looking statements Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', 'should' ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Qualified Persons Statement The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Notice Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release See for more information and follow us on X @Serabi_Gold APPENDIX Mineral Reserves and Resources The Company estimates and discloses mineral reserves and resources using the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in accordance with NI 43-101. Further details are available at See the 'Glossary of Geological and Mining Terms' for complete definitions of mineral reserves and mineral resources. About Mineral Resources Mineral resources are not mineral reserves and do not have demonstrated economic viability but do have reasonable prospect for economic extraction. They fall into three categories: measured, indicated, and inferred. The reported mineral resources are stated inclusive of mineral reserves. Measured and indicated mineral resources are sufficiently well-defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the mineral resource. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them. There is no certainty that mineral resources of any category will be upgraded to mineral reserves. Important Information about Mineral Reserve and Resource Estimates Whilst the Company takes all reasonable care in the preparation and verification of the mineral reserve and resource figures, the figures are estimates based in part on forward-looking information. Estimates are based on management's knowledge, mining experience, analysis of drilling results, the quality of available data and management's best judgment. They are, however, imprecise by nature, may change over time, and include many variables and assumptions including geological interpretation, commodity prices and currency exchange rates, recovery rates, and operating and capital costs. There is no assurance that the indicated levels of metal will be produced, and the Company may have to re-estimate the mineral reserves based on actual production experience. Changes in the metal price, production costs or recovery rates could make it unprofitable to operate or develop a particular deposit for a period of time. A comparison of the updated Mineral Reserve Estimates as at 1 April 2025 with the previously reported Mineral Reserve Estimates as at 31 July 2023 published on 20 November 2023 is set out below. Comparison of Mineral Reserves for the Palito Mine, Para, Brazil April 2025 July 2023 Tonnes Grade Contained Tonnes Grade Contained (000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz) Proven 422 7.7 103.8 568 8.1 147.5 Probable 224 6.0 43.1 197 6.8 43.2 Proven & Probable Reserves 646 7.1 147.0 765 7.8 190.7 A comparison of the updated Mineral Resource Estimates as at 1 April 2025 with the previously reported Mineral Resource Estimates as at 31 July 2023 published on 20 November 2023 is set out below. Comparison of Mineral Resources for the Palito Mine, Para, Brazil April 2025 July 2023 Tonnes Grade Contained Tonnes Grade Contained (000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz) Measured Resources 769 10.8 268 772 11.0 274 Indicated Resources 333 7.7 83 243 8.4 66 Measured & Indicated Resources 1,102 9.9 350 1,015 10.4 339 Inferred Resources 682 7.4 162 674 7.0 152 GLOSSARY OF TERMS The following is a glossary of technical terms: 'Ag' means silver. 'Au' means gold. 'assay' in economic geology, means to analyse the proportions of metal in a rock or overburden sample; to test an ore or mineral for composition, purity, weight or other properties of commercial interest. 'CIM' means the Canadian Institute of Mining, Metallurgy and Petroleum. 'chalcopyrite' is a sulphide of copper and iron. 'Cu' means copper. 'cut-off grade' the lowest grade of mineralised material that qualifies as ore in a given deposit; rock of the lowest assay included in an ore estimate. 'dacite porphyry intrusive' a silica-rich igneous rock with larger phenocrysts (crystals) within a fine-grained matrixi 'deposit' is a mineralised body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures; such a deposit does not qualify as a commercially mineable ore body or as containing ore reserves, until final legal, technical, and economic factors have been resolved. 'electromagnetics' is a geophysical technique tool measuring the magnetic field generated by subjecting the sub-surface to electrical currents. 'garimpo' is a local artisanal mining operation 'garimpeiro' is a local artisanal miner. 'geochemical' refers to geological information using measurements derived from chemical analysis. 'geophysical' refers to geological information using measurements derived from the use of magnetic and electrical readings. 'geophysical techniques' include the exploration of an area by exploiting differences in physical properties of different rock types. Geophysical methods include seismic, magnetic, gravity, induced polarisation and other techniques; geophysical surveys can be undertaken from the ground or from the air. 'gossan' is an iron-bearing weathered product that overlies a sulphide deposit. 'grade' is the concentration of mineral within the host rock typically quoted as grams per tonne (g/t), parts per million (ppm) or parts per billion (ppb). 'g/t' means grams per tonne. 'granodiorite' is an igneous intrusive rock similar to granite. 'hectare' or a 'ha' is a unit of measurement equal to 10,000 square metres. 'igneous' is a rock that has solidified from molten material or magma. 'IP' refers to induced polarisation, a geophysical technique whereby an electric current is induced into the sub-surface and the conductivity of the sub-surface is recorded. 'intrusive' is a body of rock that invades older rocks. 'Indicated Mineral Resource An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve. 'Inferred Mineral Resource' An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. 'Measured Mineral Resource' A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. 'mineralisation' the concentration of metals and their chemical compounds within a body of rock. 'mineralised' refers to rock which contains minerals e.g. iron, copper, gold. 'Mineral Resource' A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. 'Mineral Reserve' A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. 'Mo-Bi-As-Te-W-Sn' Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin 'monzogranite' a biotite rich granite, often part of the later-stage emplacement of a larger granite body. 'mt' means million tonnes. 'ore' means a metal or mineral or a combination of these of sufficient value as to quality and quantity to enable it to be mined at a profit. 'oxides' are near surface bed-rock which has been weathered and oxidised by long term exposure to the effects of water and air. 'ppm' means parts per million. 'Probable Mineral Reserve' is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. 'Proven Mineral Reserve' is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors. 'saprolite' is a weathered or decomposed clay-rich rock. 'sulphide' refers to minerals consisting of a chemical combination of sulphur with a metal. 'vein' is a generic term to describe an occurrence of mineralised rock within an area of non-mineralised rock. 'VTEM' refers to versa time domain electromagnetic, a particular variant of time-domain electromagnetic geophysical survey to prospect for conductive bodies below surface. 'XRF' X-ray Fluorescence (XRF) is a spectrometric technique used to perform elemental analysis non-destructively on samples Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.