Eldorado Gold Reports Strong Q2 2025 Financial and Operational Results; Maintains 2025 Production Guidance; Skouries On Track for Q1 2026

Executive Summary

• Eldorado Gold reported Q2 2025 gold production of 133,769 oz, revenue of $451.7 M, and net earnings attributable to shareholders of $139.0 M ($0.68 per share), a material improvement over the prior year.
• Total cash costs rose to $1,064/oz and AISC to $1,520/oz, driven by higher royalty rates in Turkey and Greece; the company reaffirmed its 2025 production guidance of 460‑500 k oz and expects full‑year cash‑costs/AISC at the high end of current ranges.
• Significant project updates: Skouries capital spend reached $117.0 M in Q2, construction is ~70% complete for Phase 2, first copper‑gold concentrate production targeted for Q1 2026, and new zero‑cost gold collars were entered into covering 28 k oz (July 2027–Dec 2027).

Key Details

• Production & Sales
• Gold produced: 133,769 oz (up from 122,319 oz YoY) – driven by accelerated inventory drawdown at Kisladag and higher grade/throughput at Lamaque.

• Gold sold: 131,489 oz at an average realized price of $3,270/oz.

• Cost Metrics

• Production costs: $162.2 M.
• Total cash costs: $1,064/oz (up from $940/oz YoY).

• All‑in sustaining cost (AISC): $1,520/oz (up from $1,331/oz YoY).

• Capital Expenditures

• Total capex Q2 2025: $240.9 M, including $117.0 M project capital at Skouries and $27.1 M accelerated operational capital.

• Growth capital for operating mines: $47.3 M (mainly waste stripping & heap leach pad at Kisladag; development at Lamaque).

• Financial Performance

• Revenue: $451.7 M (vs. $297.1 M Q2 2024).
• Net cash from operating activities: $158.2 M.
• Adjusted EBITDA: $211.8 M; Adjusted net earnings: $90.1 M ($0.44/share).
• Free cash flow (excluding Skouries): +$61.5 M; overall free cash flow negative ($61.6 M) due to growth capex.

• Cash & equivalents at June 30 2025: $1,078.6 M, up $221.8 M YoY.

• Guidance & Outlook

• Maintains 2025 production guidance of 460‑500 k oz gold; expects to finish near the midpoint of that range.

• Anticipates full‑year cash costs/AISC at or above the high ends of current guidance ($980‑$1,080 and $1,370‑$1,470 per oz respectively) because of higher Turkish royalty bands (max $5,101/oz) adding roughly $15/oz to cost guidance.

• Royalty & Tax Updates

• Effective July 24 2025, Turkish Mining Law amendments broadened the price‑linked sliding scale for state royalties; highest band now applies at $5,101/oz gold price (previously $2,101/oz).

• Skouries Project – Term Facility & Derivatives

• Drawdowns on Skouries Term Facility in Q2 2025: €154.1 M (year‑to‑date total).

• Entered into zero‑cost gold collars covering 28,000 oz (put $3,000/oz, call $4,537/oz) settled monthly from July 2027 to Dec 2027.

• Share Repurchase

• Q2 repurchased & cancelled 2,167,400 shares at an average price of $20.57/share, total cost ≈$44.6 M.

• Post‑period additional purchase: 680,953 shares at $20.29/share for $13.8 M.

• Construction Milestones (Skouries)

• Phase 2 construction ~70% complete; filtered tailings plant structural steel 51% finished (end Q2) → ~75% by end July.

• Primary crusher building structure, conveyor foundations, and underground development progressing; underground access >200 m/month, 350‑m level reached.

• Operational Highlights – Individual Mines

• Kisladag: 46,058 oz produced (4 Mth ounce poured milestone).
• Lamaque: 50,640 oz produced; higher throughput from Ormaque bulk sample processing.

• Efemcukuru & Olympias: production declines offset by higher gold price; cost per oz increased accordingly.

• Conference Call – Scheduled for August 1 2025, 11:30 AM ET (webcast link provided).

Notable Quotes

“Our second quarter results reflect strong operational execution,” said George Burns, President & CEO. “Disciplined capital and cost management…generated free cash flow of $61.5 M from our operating portfolio, excluding Skouries.”