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Eldorado Gold (ELD) investor relations material
Eldorado Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 gold production was 115,190 ounces, with strong output at Lamaque and continued disciplined capital allocation, including $123 million in share repurchases YTD.
Gold sales reached 116,529 ounces at an average realized price of $3,527/oz, with revenue of $434.7 million, up from $331.8 million in Q3 2024, driven by higher gold prices.
Appointed Christian Milau as President and new board director as part of succession planning.
Recognized as a top performer on the TSX, with a 238% share price increase over three years.
Financial highlights
Q3 2025 revenue was $434.7 million, up 31% year-over-year, with net earnings from continuing operations of $56.5 million ($0.28/share) and adjusted net earnings of $82.3 million ($0.41/share), excluding derivative losses.
Free cash flow for Q3 was -$87.4 million, but $76.9 million excluding Skouries capital investment.
Cash and cash equivalents stood at $1,043.9 million as of September 30, 2025, with total liquidity of $1.09 billion.
Q3 total cash costs were $1,195/oz sold; all-in sustaining costs were $1,679/oz sold, both higher year-over-year due to royalties and inflation.
Adjusted EBITDA was $196.3 million, up from $164.9 million in Q3 2024.
Outlook and guidance
2025 gold production guidance narrowed to 470,000–490,000 ounces, with total cash cost guidance raised to $1,175–$1,250/oz and AISC to $1,600–$1,675/oz.
Sustaining capital expected at the high end of $145–$170 million; operations growth capital at $245–$270 million.
Skouries project capital for 2025 revised to $440–$470 million, with first concentrate production expected end of Q1 2026 and commercial production mid-2026.
Updated Skouries operating and capital cost guidance to be provided in Q1 2026.
On track for a 43% increase in gold production by 2027 from 2023 levels.
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