Eldorado Gold Corp (EGO) Q3 2025 Earnings Call Highlights: Strong Gold Production and Strategic ...

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Gold Production: 115,190 ounces in Q3 2025. Free Cash Flow: Approximately $77 million, excluding Scurrius investment. Net Earnings: $57 million, or $0.28 per share. Adjusted Net Earnings: $82 million, or $0.41 per share. Total Cash Costs: $1,195 per ounce sold. All-in Sustaining Costs: $1,679 per ounce sold. Production Costs: $164 million, a $23 million increase from Q3 2024. Growth Capital Investments: $58 million for the quarter. Scurrius Project Capital Investment: Revised to $440-$470 million for 2025. Share Repurchase Program: Approximately 3 million shares bought back for $79 million in Q3 2025. Liquidity: Approximately $1.1 billion. Olympias Gold Production: 13,597 ounces with total cash costs of $1,869 per ounce sold. Kisladag Gold Production: 37,184 ounces with total cash costs of $1,309 per ounce sold. Lamaque Gold Production: 46,823 ounces with total cash costs of $767 per ounce sold.

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Release Date: October 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Eldorado Gold Corp (NYSE:EGO) achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding Scurius investment. The company has tightened its 2025 guidance range on gold production to between 470,000 and 490,000 ounces, indicating strong performance. Eldorado Gold Corp (NYSE:EGO) reported net earnings from continuing operations of $57 million, equivalent to $0.28 per share, with adjusted net earnings of $82 million or $0.41 per share. The Scurius copper-gold project is progressing well, with phase two construction reaching 73% completion and first copper-gold concentrate production expected by Q1 2026. The company continued its share repurchase program, buying back and canceling approximately 3 million shares for a total of $79 million, reflecting a commitment to returning value to shareholders.

Negative Points

Total cash costs for 2025 have been revised upwards to between $1,175 and $1,250 per ounce sold, and all-in sustaining costs are expected to be between $1,600 and $1,675 per ounce sold. Olympias faced challenges with stockpiled ore affecting processed water chemistry, leading to lower metal recovery and higher processing costs. The company expects sustaining capital costs to be at the higher end of the $145 to $170 million guidance range for 2025. Higher royalty rates in Turkey and lower than expected performance at Olympias have negatively impacted financial results. Free cash flow for the quarter was negative $87 million, although underlying free cash flow excluding capital investments in the Scurius project was positive $77 million.

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Q & A Highlights

Q: Has the sale of Pro Gold always been the desired outcome for Eldorado Gold, and how does the company view M&A opportunities in the sector? A: George Burns, CEO, explained that Eldorado initially invested in Pro Gold with the hope of discovering high-grade opportunities to supplement their existing operations. However, the discovery of a large low-grade open pit opportunity did not align with Eldorado's strategic priorities, leading to the decision to support the sale to Fresnillo. Regarding M&A, Eldorado is currently focused on delivering high-value projects like Skouries and the Olympias expansion but remains open to external opportunities in the future.

Q: What are the critical path items for the Skouries project, and how is Eldorado managing potential holiday season disruptions? A: George Burns, CEO, stated that the dry stack filter plant is the critical path item for Skouries. The company is focused on transitioning skilled trades to ensure timely completion. Eldorado is confident in managing the workforce transition and maintaining progress through the holiday season, aiming for first concentrate production by Q1 2026.

Q: Can you provide more details on the whole ore agglomeration project and its expected impact? A: Simon Hille, EVP of Technical Services & Operations, explained that the whole ore agglomeration project aims to enhance permeability in the leach pad, reducing the leach cycle from 300 to 200 days. This will improve metal recovery rates and reduce infrastructure requirements, although no immediate recovery enhancements are planned in the model.

Q: What is the definition of commercial production for the Skouries project, and when is steady-state production expected? A: George Burns, CEO, clarified that commercial production is defined as achieving 80% of design nameplate throughput over 30 days. Eldorado expects to reach steady-state production by the end of 2026, following a six-month ramp-up period after achieving commercial production.

Q: How is Eldorado addressing the flotation circuit challenges at Olympias, and does the expansion complicate these efforts? A: George Burns, CEO, noted that recent improvements in managing ore feed have led to better recoveries. The expansion does not complicate efforts to resolve flotation circuit issues, as it involves infrastructure adjustments rather than direct interference with current operations. The expansion is expected to enhance plant performance and throughput once completed.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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