Eldorado Gold (ELD) Q4 2024 earnings summary

Executive summary

• Record 2024 gold production of 520,293 oz, up 7% year over year; Q4 production was 155,668 oz, with record annual and quarterly output at Lamaque.

• Revenue rose 31% to $1,322.6 million in 2024; Q4 revenue reached $435.7 million, up 42% year over year.

• Net earnings from continuing operations were $300.9 million in 2024 and $108.2 million in Q4; year-end cash and equivalents were $856.8 million.

• Generated $342.0 million in free cash flow excluding Skouries investment spend; reported full-year free cash flow was $6.8 million.

• Advanced Skouries construction and maintained a focus on safety and sustainability, including a new safety leadership initiative and industry recognition.

Financial highlights

• FY 2024 adjusted net earnings were $320.7 million ($1.57/share), versus $110.7 million ($0.57/share) in 2023; Q4 adjusted net earnings were $128 million ($0.62/share).

• Adjusted EBITDA was $691.6 million for 2024, versus $463.3 million in 2023; Q4 adjusted EBITDA was $246.7 million.

• Operating cash flow before working capital changes was $636 million, up from $411 million in 2023.

• Total cash costs were $940/oz and AISC was $1,285/oz for 2024; Q4 costs were $944/oz and $1,226/oz, respectively.

• Year-end total liquidity was $1.1 billion, including $856.8 million in cash and $239 million in available credit.

Outlook and guidance

• 2025 gold production guidance is 505,000–530,000 oz at total cash costs of $910–$940/oz.

• Skouries capital cost estimate was revised to $1.06 billion, a $143 million increase; first production is expected in Q1 2026 and commercial production in mid-2026.

• 2025 Skouries capital spend is expected at $400–$450 million, plus $80–$100 million in accelerated operational capital; 2024 investment was $324.7 million.

• 2025 exploration guidance includes ~220,000 metres of drilling; 91,000 metres are planned at Lamaque, including Triangle and Ormaque resource conversion and expansion.

• Production is on track to increase 43% by 2027 from 2023 levels; Olympias mill expansion to 650 ktpa is supported by a new labor agreement.