Eldorado Gold Delivers Strong 2025 Full Year and Fourth Quarter Financial and Operational Results; Significant Free Cash Flow Excluding Skouries and Increased Cash Generated From Operating Activities
NEWS RELEASE
TSX: ELD NYSE: EGO February 19, 2026
Eldorado Gold Delivers Strong 2025 Full Year and Fourth Quarter
Financial and Operational Results; Significant Free Cash Flow Excluding
Skouries and Increased Cash Generated From Operating Activities
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or the "Company”) today reports the Company’s
financial and operational results for the fourth quarter and year ended December 31, 2025. For further information
please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis
(“MD&A”) filed on SEDAR+ at www.sedarplus.com under the Company’s profile.
Q4 2025 and Full-Year Summary
Operations
• Gold production: 123,416 ounces in Q4 2025. Full-year 2025 production of 488,268 ounces, achieving the
higher-end of 2025 production guidance.
• Gold sales: 126,923 ounces in Q4 2025 at an average realized gold price per ounce sold (1) of $4,251,
resulting in 491,204 ounces sold in 2025 at an average realized gold price per ounce sold of $3,505.
• Production costs: $203.0 million in Q4 2025, and $677.6 million in 2025.
• Total cash costs(1): $1,295 per ounce sold in Q4 2025, and $1,176 per ounce sold in 2025 came in at the
low end of our tightened guidance range.
• All-in sustaining costs(1) ("AISC"): $1,894 per ounce sold in Q4 2025 and $1,664 per ounce sold in 2025,
within the tightened guidance range for the year.
• Total capital expenditures: $309.2 million in Q4 2025, and $978.9 million in 2025, including $136.6 million
and $475.2 million of construction project capital invested at our Skouries Project in the respective periods.
Growth capital (1) at the operating mines of $218.3 million in 2025 was primarily focused at Kisladag,
including waste stripping to support mine life extension, construction of the second phase of the North Heap
Leach Pad ("NHLP"), and additional North Adsorption-Desorption-Recovery ("ADR") infrastructure.
Sustaining capital (1) at operating mines totalled $169.1 million in 2025, including $94.1 million at the
Lamaque Complex primarily related to underground development, equipment rebuilds, and expansion of the
tailings management facility.
Financial
• Revenue: $577.2 million in Q4 2025 and $1,818.9 million in 2025.
• Net cash generated from operating activities of continuing operations: $283.7 million in Q4 2025, and
$742.5 million in 2025.
1
1 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and
ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other
Financial Measures and Ratios' in Eldorado's December 31, 2025 MD&A.
• Cash flow from operating activities, before changes in working capital (2): $230.0 million in Q4 2025,
and $752.0 million in 2025.
• Cash and cash equivalents: $869.4 million as at December 31, 2025 , up from $856.8 million as at
December 31, 2024.
• Net earnings attributable to shareholders from continuing operations: $252.3 million in Q4 2025, and
$519.9 million in 2025.
• Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") (2):
$265.2 million in Q4 2025 and $836.2 million in 2025. These increases were primarily driven by higher net
earnings in both periods. Quarter over quarter higher Adjusted EBITDA was partially offset by the removal of
$27.4 million of unrealized gains on derivative instruments in Q4 2025, whereas year over year, Adjusted
EBITDA was increased by adding back $39.4 million of unrealized losses on derivative instruments in 2025.
• Adjusted net earnings from continuing operations (2): $126.1 million or $0.63 per share in Q4 2025, and
$354.9 million or $1.75 per share in 2025. Adjustments of non-recurring items in 2025 include removing a
$177.7 million recovery on deferred tax assets, a $18.7 million gain on foreign exchange due to the
translation of deferred tax balances, and a $39.4 million unrealized loss on derivative instruments, among
other things. Adjusted net earnings in Q4 2025 removes a $104.2 million recovery on deferred tax assets, a
$27.4 million unrealized gain on derivative instruments and a $3.9 million loss on foreign exchange due to
the translation of deferred tax balances, among other items.
• Free cash flow (2): Negative $54.5 million in Q4 2025, and negative $232.9 million in 2025. Free cash flow
excluding capital expenditures at Skouries(2) was $109.3 million in Q4 2025 and $315.6 million in 2025.
• Skouries Project Term Facility: Drawdowns on the Skouries Project Term Facility were €238.8 million
($278.5 million ) in 2025, with cumulative drawdowns as of December 31, 2025 totaling €680.4 million
($799.5 million). The Term Facility is fully drawn.
"2025 was a year of strong execution and meaningful progress across our portfolio,” said George Burns, Chief
Executive Officer. “We delivered gold production at the higher end of our production guidance with full-year gold
production of 488,268 ounces, underpinned by another strong year at Lamaque, and consistent performance from
Kisladag and Efemcukuru. Solid operating execution, supported by a favorable gold price environment, translated
into strong financial results, including revenue of $1.8 billion, net cash generated from operating activities of $743
million, and free cash flow of $316 million, excluding Skouries. Supported by a strong balance sheet, we have the
financial capacity to advance our growth pipeline while retaining flexibility to return capital to shareholders.”
At Skouries, construction and commissioning advanced significantly. While near-term timing of first concentrate
production at Skouries has shifted to early Q3, the fundamentals of the project remain compelling. Together with the
Olympias expansion and progress at Perama Hill, Greece is positioned to deliver a step-change in contribution as
we enter our next phase of growth. This is complemented by the La maque Complex, where Ormaque and a deep
pipeline of high-quality exploration targets continue to reinforce long mine life potential, and by our Türkiye
operations, which continue to provide a stable and cash-generating foundation.
Our results in 2025 are a direct reflection of the commitment and capability of our employees and contractors across
the organization. I want to thank our teams for their focus on safety, operational discipline, and collaboration
throughout the year. Looking ahead to 2026, we remain focused on safely delivering Skouries, strengthening our
operating foundation, and creating long-term value for our shareholders."
2
2 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and
ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other
Financial Measures and Ratios' in Eldorado's December 31, 2025 MD&A.
Skouries Highlights
The Skouries Project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern
Greece and is a high-grade copper-gold project. In January 2022, Eldorado published the results of the Skouries
Project Feasibility Study with a 20-year mine life and expected average annual production over the life of the mine
of 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 gold equivalent ounces.(3)
First production of the copper-gold concentrate is expected in early Q3 2026 and commercial production is expected
in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production
projected to be between 20 and 40 million pounds.
Concentrate Off-Take Agreements
Commercial terms for concentrate off-take have been agreed to with counterparties and contract execution
expected before the end of Q1. Negotiated concentrate off-take agreements will cover approximately 80% of the
copper concentrate for a two to three year term depending on the agreement and we expect to achieve significantly
better economic terms than those assumed in the 2022 feasibility study assumptions, as a result of better pricing
and treatment charge conditions in the current market.
Capital Estimate and Schedule
The capital cost estimate for Skouries is $1.16 billion (including recently announced foreign exchange impacts of
$43 million and an additional $50 million related to the schedule impacts following a delay in first concentrate
production). The project remains fully funded through projected equity contributions and project financing. The Term
Facility totalling €680.4 million ($799.5 million) is fully drawn.
Project capital totalled $136.6 million in Q4 2025 and $475.2 million during the year ended December 31, 2025. At
December 31, 2025, cumulative project capital invested towards phase 2 of construction totalled $980.0 million.
Accelerated operational costs of $178 million (including a recently announced $24 million increase related to
acceleration of underground development and increased stope widths) include additional pre-commercial
underground and open-pit mining and accelerate the purchase of higher capacity mobile mining equipment.
Accelerated operational capital was $34.8 million in Q4 2025 and $86.1 million for 2025. As of December 31, 2025,
cumulative accelerated operational capital totalled $93.1 million.
Construction Activities
As at December 31, 2025, overall project progress was 90% when including the first phase of construction and 78%
complete for phase 2 of construction.
Primary Crusher Building
Progress continues on the construction of the crusher building structure with the concrete now complete. The
primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical
installations. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been
installed and belt installations commenced in January 2026.
The stockpile dome foundation is complete and assembly of the dome structure is progressing. Two of the three
reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining
reclaim feeder. Installation of the prefabricated electrical distribution room was completed at the end of January
2026 with electrical cable installation and terminations in progress.
Process Plant
Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation
for first ore. Recent inspections have identified the need to replace the cyclone feed pump variable speed drive
capacitors in the process plant main mill discharge cyclone feed, which experienced moisture damage during
storage. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with
permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within
the process plant network are advancing, and the control building structure is complete with electrical work
underway across all areas.
3
3 The technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 22, 2022 is available under the Company's profile at
www.sedarplus.com and www.sec.gov. Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity
prices for the relevant period: 2026-2027: $4,000/oz gold and $5.00/lb copper; 2029 and beyond: $3,000/oz gold and $4.50/lb copper.
The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations
progressing. The reagent areas are advancing in line with the commissioning plan through various stages of
mechanical, piping and electrical installations.
Thickeners
Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation
installation underway. The third tailings thickener is not required for start-up and is progressing in line with the plan.
Water testing has been completed and piping installations have advanced as the pipe rack installations are
completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and
electrical work and tank installations in the flocculant building. Electrical installations and cable pulling in the
thickeners’ secondary substation building are in progress.
Filtered Tailings Facility
Work continues to progress on the filtered tailings plant, which remains on the critical path with electrical installation
and commissioning being the final step. The cladding on the filtered tailings building commenced in February 2026.
Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors
completed. Pipe and cable tray installation are progressing. The compressor building steel structure is complete,
and all six compressors and air receivers are mechanically complete.
The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks
assembled and water-tested, with internal coating work now underway. The clarifier water tank construction is
progressing to plan.
The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.
Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system.
The work on the tailings infrastructure has been impacted by recent rainfall above historic levels which is affecting
certain construction accessibility and productivities.
Powerline and Substations
The powerline, main and secondary substations are advancing to support start-up in early Q3 2026 . Power line
connection delays have resulted from a slower than expected approval of the detailed engineering, which in turn
d e l a y e d t h e r a m p - u p o f t h e s u b c o n t r a c t o r . P r i o r t o c o m m i s s i o n i n g f i n a l e l e c t r i c a l r e g u l a t o r y a u t h o r i t y a p p r o v a l
requires completion of inspection and energization protocols.
Commissioning Activities
Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation
cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of
construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and
process control systems has been completed. Pre-commissioning of the fire, utility, and process water systems has
started. Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding,
tails filtration, and primary crushing. Commissioning of these areas is expected to commence as sub systems are
completed by the construction team.
Integrated Extractive Waste Management Facility (the "IEWMF")
Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of
underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next
phase of cut-off trench construction.
Work is underway to prepare a dedicated area for the initial placement of tailings, however, work productivities have
been impacted by recent rainfall above historic levels.
Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond
the milestone elevation of 340 RL.
Enhancements were made to the construction of the Water Management System, notably the completion of the
coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion
channel.
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The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment
plant (WTP) foundation works commenced as planned.
Accelerated Operations and Readiness
Open Pit Mining
The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in
building ore stockpiles for the process plant start-up. At the end of Q4 2025, there were approximately 1.2 million
tonnes of open pit and underground ore on stockpiles containing approximately 47.3 thousand ounces of gold and
12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and
confirmed the first three years of production.
Underground Development
Underground access development rates continued to accelerate. A total of 1,155 metres of underground
development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was
approximately 900 metres more development than budgeted during the year.
The test stope program delivered high quality results during the quarter. The first of two test stopes were completely
mined out and the second test stope mining will be completed in February 2026. Each test stope mined to date is
expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and an area of 30 by 15
metres. Ore fragmentation has exceeded expectations, and stope cavity monitoring and extraction has met our
expectations. This success has increased our confidence in the planned trial of four larger test stopes in 2026, each
designed at approximately 97kt per stope with dimensions of 60 metres in height and an area of 30 by 20 metres
per stope.
Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment),
was successfully used during the mining of these two test stopes. This technology enables a single operator to
control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle
time between shifts and during blast clearance, and decreasing associated costs.
Processing
Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the
open pit ore already mined and stockpiled. An initial inventory strategy has been established to support operational
resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced
from three different vendors.
Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational
readiness activities for tailings stacking.
Workforce
As at December 31, 2025, there were approximately 2,350 personnel working on site, including 415 Skouries
employees.
5
2025 Year in Review: A Pivotal Year for Growth
• Health and Safety: The Company’s lost-time injury frequency rate per million person-hours worked
("LTIFR") improved to 0.55 in Q4 2025, compared to 1.02 in Q4 2024. On a year-to-date basis, LTIFR was
0.99 in 2025, consistent with 0.99 in 2024. We continue to implement multi-year programs to support
continuous improvement in workplace safety, supporting our vision of Everyone Going Home Healthy and
Safe Every Day.
• Courageous Safety Leadership : Continued strengthening Eldorado's health and safety culture with the
global rollout of the Courageous Safety Leadership (CSL) program in 2025, achieving 25% workforce
participation (employees and contractors) and advancing plans for full implementation across all regions in
2026. CSL is designed to challenge participants to explore the impact of individual beliefs, attitudes, and
behaviors in creating a positive culture of health and safety both at work and at home.
• Sustainability: Strengthened our company-wide sustainability performance through the revision of our
Sustainability Integrated Management System (SIMS), reinforcing our commitment to continuous
improvement and a consistent ‘One Eldorado’ approach. Additionally, Eldorado was recognized by TIME as
one of Canada’s Best Companies in 2025, reflecting our strong performance in sustainability transparency,
employee satisfaction and consistent revenue.
• Climate Change and GHG Emissions: In 2025, we advanced our Scope 3 GHG emissions inventory for
the years 2023 and 2024, a key step in improving the transparency in our upstream and downstream value
chains. Projects and initiatives implemented thus far across our operating mines contributed 23,614 tCO2e
of GHG emissions mitigations in 2024, representing 40% of our target of mitigating approximately 59,000
tCO2e by 2030 on a “business-as-usual” basis.
• Increased Mineral Reserves: In November 2025, the updated Mineral Reserve and Mineral Resource
statement was published showing that in addition to replacing depletion, the Company increased Mineral
Reserves by 5%, driven by a 25% increase at the Lamaque Complex. Additionally, Inferred Mineral
Resources increased by 21%, representing significant opportunities for Mineral Resource conversion
across the portfolio.
• Setting up Quebec for Continued Growth: The Lamaque Complex in Quebec successfully processed the
second bulk sample at Ormaque further de-risking the Lamaque Complex and positioning it for the next
phase of advancement.
• Optimization Initiatives Underway at Kisladag: During Q2 2025, the decision was made to proceed with
an expansion to the secondary crushing circuit to facilitate operational debottlenecking and reduce wear on
the high pressure grinding rolls. In addition, in Q3 2025 to further improve the circuit it was decided to move
ahead with implementing whole ore agglomeration which is expected to enhance permeability, improve
kinetics, and shorten the leach cycle.
• Efemcukuru Met Guidance for the 11th Consecutive Year : Since 2014, Efemcukuru has met annual
guidance expectations.
• Enhancing Throughput and Efficiency at Olympias: During Q2 2025, the mill expansion to 650tpd from
500tpd commenced and is advancing towards completion in Q3 2026 and ramp up in Q4 2026. The
expansion is expected to enhance throughput and strengthen overall operating efficiency.
• Continued Strategic Investment Execution: In December 2025, Eldorado increased its investment in
Amex Exploration to approximately 27%, providing further exposure to a high-quality asset.
• Returning Capital to Shareholders: In May 2025, Eldorado amended its normal course issuer bid
("NCIB") and renewed it in July 2025. In 2025, the Company repurchased and cancelled 7,688,241
common shares at an average price of $26.47 for a total of approximately $204 million . In addition, in
January 2026 the Company announced the initiation of a dividend that provides for the payment of a regular
quarterly dividend per common share of the Company.
6
Notable Recognitions and Milestones Across the Business:
• In Canada, the Lamaque Complex celebrated its one millionth gold ounce since declaring commercial
production in 2019.
• In Turkiye, Kisladag celebrated its four millionth gold ounce. Overall, Turkiye has produced over five million
gold ounces.
• Recognized within the TSX30 ranking for top performance over a three year period, based on dividend
adjusted share price appreciation. Eldorado's share price increased 238% for the three years ended June
30, 2025.
• Nora Lozano, VP Health and Safety, raised over C$68,000 for Covenant House Vancouver by participating
in the Annual Executive Sleep Out in Vancouver. This was the first time Nora participated in the event to
raise funds and awareness for youths experiencing homelessness, and marking Eldorado's 7th consecutive
year of participation. Since 2018, Eldorado, including employee matching campaigns, has raised over
C$300,000 for Covenant House Vancouver.
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Consolidated Financial and Operational Highlights
Summarized Annual Financial Results
2025 2024 2023
Revenue $1,818.9 $1,322.6 $1,008.5
Gold produced (oz) 488,268 520,293 485,139
Gold sold (oz) 491,204 517,926 483,978
Average realized gold price ($/oz sold) (2) $3,505 $2,405 $1,944
Production costs 677.6 564.2 478.9
Total cash costs ($/oz sold) (2,3) 1,176 940 850
All-in sustaining costs ($/oz sold) (2,3) 1,664 1,285 1,220
Net earnings for the period (1) 507.3 289.1 104.6
Net earnings per share – basic ($/share) (1) 2.50 1.42 0.54
Net earnings per share – diluted ($/share) (1) 2.47 1.41 0.54
Net earnings for the period continuing operations (1,4) 519.9 300.9 106.2
Net earnings per share continuing operations – basic ($/share) (1,4) 2.56 1.48 0.55
Net earnings per share continuing operations – diluted ($/share) (1,4) 2.53 1.46 0.54
Adjusted net earnings continuing operations (1,2,4) 354.9 320.7 110.7
Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) 1.75 1.57 0.57
Net cash generated from operating activities (4) 742.5 656.0 382.9
Cash flow from operating activities before changes in working capital (2,4) 752.0 635.5 411.2
Free cash flow (2,4) (232.9) 19.8 (47.2)
Free cash flow excluding Skouries (2,4) 315.6 355.0 112.6
Cash and cash equivalents (4) 869.4 856.8 540.5
Total assets 6,727.3 5,835.6 4,987.6
Debt 1,275.1 915.4 636.1
(1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios
have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in Eldorado's December 31, 2025 MD&A.
(3) Revenues from silver, lead and zinc sales are offset against total cash costs.
(4) Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.
8