C A Z E N O V E Europe Equity Research 05 August 2026 Endeavour Mining (EDV LN) Q2'26 results wrap: Further cash returns upside, Assafou FID and Sabodala UG projects on track to deliver ~1.5Moz pa medium-term target – Stay OW We update our forecasts for Endeavour following its Q2'26 results released last week (first take: link). EDV Q2'26 EBITDA was +2% vs company Consensus and -1% vs JPMe. FCF and net cash significantly beat vs JPMe and Cons on better CFO and working capital release. Net cash of ~$0.3bn wa ...