Record Cash Flow
Endeavour Mining Reports Record First-Half Free Cash Flow, Advances Growth Projects
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Key Points
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Endeavour Mining's first-half 2026 GAAP earnings were $251 million ($1.04 per share) with revenue of $1.22 billion (up 21% year over year); adjusted earnings were $302 million ($1.25 per share).
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In H1 2026, Endeavour Mining posted a record free cash flow of $761 million, adjusted EBITDA of $1.61 billion, and net earnings of $672 million; it ended Q2 with a net cash position of $254 million and paid about $301 million to shareholders in H1 (dividends of $230 million and buybacks of $71 million).
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Growth projects remain a focus to reach the 1.5 million ounce annual production target by 2030, including advancing the Assafou project toward a year-end investment decision, launching underground mining at Sabodala-Massawa, and updates at Vindaloo Deeps and Kawsara.
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Endeavour Silver's Q2 2026 results show net earnings of $66.5 million on $212.1 million in revenue, with production of 1,943,955 ounces of silver and 10,474 ounces of gold; Terronera LNG plant began commissioning in June and the Kolpa expansion was commissioned at the end of Q1 2026, supported by high realized metal prices (silver $70.16/oz, gold $4,305/oz) and a cash-cost per payable silver ounce of $23.52.
Endeavour Mining posted record first-half 2026 results, generating free cash flow of $761 million — the highest in its history. The London-listed gold miner produced 564,000 ounces of gold and returned about $301 million to shareholders in dividends and buybacks, according to TipRanks.
Separately, silver producer Endeavour Silver reported Q2 2026 revenue of $212.1 million — up 149% from a year ago — as high metal prices and new mine capacity powered a sharp earnings turnaround, according to The Deep Dive.
Record Cash Flow and $301 Million Returned to Shareholders
Endeavour Mining delivered adjusted EBITDA of $1.61 billion in H1 2026. Net earnings came in at $672 million. The company ended Q2 with a net cash position of $254 million — a sharp improvement from a year earlier. GAAP earnings were $251 million, or $1.04 per share, on revenue of $1.22 billion, up 21% year over year. Adjusted earnings reached $1.25 per share, according to TipRanks.
The company paid $230 million in dividends and bought back $71 million in shares during the first half. All-in sustaining cost (AISC) — the full cost to produce one ounce of gold — was $1,871 per ounce. That kept margins healthy as gold prices stayed elevated through the period.
Growth Projects Target 1.5 Million Ounces by 2030
Endeavour Mining is pushing hard toward a goal of producing 1.5 million ounces of gold per year by 2030. The company plans to make an investment decision on its Assafou project by year-end. It also launched underground mining at Sabodala-Massawa and is advancing two other projects — Vindaloo Deeps and Kawsara — according to TipRanks.
The company also published an Impact Report showing a five-year, $11.5 billion contribution to the economies of its host countries in West Africa. This underlines its case for long-term investment in the region as it scales up operations.
Endeavour Silver Swings to Profit on High Metal Prices
Endeavour Silver earned $66.5 million in Q2 2026, reversing a loss from a year earlier. Revenue hit $212.1 million, slightly above the $209.7 million it booked in Q1. The company produced 1,943,955 ounces of silver and 10,474 ounces of gold in the quarter. Silver sold at a realized price of $70.16 per ounce, while gold fetched $4,305 per ounce, according to The Deep Dive.
Earnings per share came in at $0.15, matching Wall Street estimates and a big swing from a loss of $0.03 per share a year ago, according to Yahoo Finance. Cash cost per payable silver ounce was $23.52, though all-in sustaining costs ran about $9 above guidance. The company commissioned its Kolpa expansion at the end of Q1 and began commissioning the Terronera LNG plant in June, per Quartr.
New Capacity Sets Stage for Continued Margin Expansion
Endeavour Silver now runs three operating mines across Mexico and Peru. The Terronera LNG plant and Kolpa expansion add meaningful output capacity. High silver and gold prices helped drive the 149% revenue jump year over year, according to Quartr. The company also has active exploration projects that could support further organic growth.
Higher costs remain a watch item — AISC running above guidance could weigh on margins if metal prices soften. Still, the combination of new production capacity, strong realized prices, and a growing project pipeline puts both Endeavour companies in a strong position heading into the second half of 2026.
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