Eldorado Gold (ELD) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 gold production of 115,190 ounces, with strong output at Lamaque and lower Olympias production due to flotation circuit issues.

• Generated $77 million in free cash flow excluding Skouries investment; total free cash flow was negative $87.4 million due to Skouries capital spend.

• Leadership changes included the appointment of Christian Milau as President and a new board director.

• Recognized as a top TSX performer with a 238% share price increase over three years.

• Continued disciplined capital allocation, including $123 million in share repurchases YTD.

Financial highlights

• Q3 2025 revenue was $434.7 million, up 31% year-over-year, driven by higher gold prices.

• Net earnings from continuing operations were $56.5 million ($0.28/share), with adjusted net earnings of $82.3 million ($0.41/share), excluding derivative and FX losses.

• Free cash flow for Q3 was -$87.4 million, but +$76.9 million excluding Skouries capital.

• Cash and cash equivalents stood at $1.04 billion as of September 30, 2025.

• Q3 total cash costs were $1,195/oz sold; all-in sustaining costs were $1,679/oz sold, both higher year-over-year.

Outlook and guidance

• 2025 gold production guidance narrowed to 470,000–490,000 ounces.

• 2025 total cash cost guidance raised to $1,175–$1,250/oz; all-in sustaining cost to $1,600–$1,675/oz.

• Sustaining capital expected at 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.