• Revenue climbs 29% in Q1 2026 despite lower production
• Gold output drops across key mines, except Lafigué
• Higher gold prices offset volume decline and support earnings

In Q1 2026, Endeavour Mining reported revenue of $1.34 billion, up 29% from $1.04 billion in the same period a year earlier, according to its financial report published on April 30. This increase comes despite a decline in overall production across its portfolio in West Africa.

The group recorded quarterly gold production of 282,000 ounces, down sharply from 341,000 ounces a year earlier. The decline reflects lower performance at several key assets, including the Mana and Houndé mines in Burkina Faso, Sabodala-Massawa in Senegal, and Ity in Côte d’Ivoire. In contrast, the Lafigué mine stood out with higher output, supported by the processing of higher-grade ore.

Although lower production reduced the volume of gold sold, Endeavour benefited from a strong rise in gold prices. Its average realized price increased from $2,939 to $4,810 per ounce over the same period, offsetting the drop in output and supporting revenue growth.

The company maintained its 2026 production guidance, with output expected to reach up to 1.26 million ounces, broadly in line with 2025 levels. While gold prices have eased slightly in recent weeks, currently trading below $4,700 per ounce, the outlook remains positive. Institutions such as JP Morgan and UBS expect prices to reach new highs by the end of the year, with projections of up to $6,000 per ounce.

Beyond company performance, these trends are significant for host countries, which hold stakes in mining operations and benefit from tax revenues and other payments. For the past financial year, Endeavour reported a total contribution of $2.8 billion to the West African economies where it operates, up 27% from 2024.

Aurel Sèdjro Houenou