Eldorado Gold Reports Solid First Quarter 2025 Financial and Operational Results; Skouries Progressing to Plan
NEWS RELEASE
TSX: ELD NYSE: EGO May 1, 2025
Eldorado Gold Reports Solid First Quarter 2025 Financial and Operational
Results; Skouries Progressing to Plan
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC - Eldorado Gold Corporation (“Eldorado”, "Eldorado Gold" or “the Company”) today reports the
Company’s financial and operational results for the first quarter of 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.
First Quarter 2025 Highlights
Operations
• Gold production: Total gold production of 115,893 ounces with Lamaque, Kisladag and Efemcukuru in-line
with expectations. Production at Olympias was impacted by unplanned maintenance related to pyrite
concentrate filtration and issues affecting the flotation circuit stability, which limited plant throughput and
recoveries.
• Gold sales: Total gold sales of 116,263 ounces at an average realized gold price per ounce sold(1) of $2,933.
• Production costs: $148.3 million in Q1 2025.
• Total cash costs(1): $1,153 per ounce sold in Q1 2025.
• All-in sustaining costs ("AISC")(1): $1,559 per ounce sold in Q1 2025.
• Total capital expenditures: $173.2 million in Q1 2025, including $83.8 million of project capital invested at
Skouries with activity focused on major earthworks and infrastructure construction and $6.4 million of
accelerated operational capital. Growth capital (1) at the operating mines totalled $38.9 million and was
primarily related to Kisladag for continued waste stripping, continued construction of the second phase of the
North Heap Leach Pad and related infrastructure.
• Production and cost outlook: The Company is maintaining its 2025 annual production guidance of
460,000 to 500,000 ounces of gold. Production continues to be weighted to the second half of the year. Total
cash costs (1) for the full year are expected to be between $980 to $1,080 per ounce sold and an average
AISC(1) of $1,370 to $1,470 per ounce sold.
Financial
• Revenue: $355.2 million in Q1 2025.
• Net cash generated from operating activities of continuing operations: $138.0 million in Q1 2025.
• Cash flow from operating activities before changes in working capital(1): $136.5 million in Q1 2025.
• Cash and cash equivalents: $978.1 million as at March 31, 2025. Cash increased by $121.3 million in Q1
2025 compared to Q4 2024, primarily as a result of sales of the shares of G Mining Ventures, partially offset
by investment in growth capital.
• Net earnings attributable to shareholders from continuing operations: Net earnings attributable to
shareholders of the Company was $72.0 million or $0.35 earnings per share.
(1) These financial measures or ratios are non-IFRS financial measures or 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 news release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's March 31, 2025 MD&A.
• Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") (2):
$163.0 million.
• Adjusted net earnings (2): $56.4 million net earnings, or $0.28 earnings per share in Q1 2025. Adjustments
of non-recurring items include among other things a $73.5 million recovery on recognition of a deferred tax
asset, a $63.4 million unrealized loss on derivative instruments, and a $6.5 million gain on sale of mining
licenses.
• Free cash flow (2): Negative $21.8 million in Q1 2025 , primarily due to continued investment in growth
capital, partially offset by strong cash generated from operating activities. Free cash flow excluding capital
expenditures at Skouries(2) was $75.5 million.
Corporate
"Across our global portfolio, our operations delivered 115,893 ounces of gold at an all-in sustaining cost of $1,559
per ounce sold” said George Burns, President and Chief Executive Officer. “With continued record high gold prices
we generated strong free cash flow of $75.5 million from our operating portfolio, excluding capital invested at
Skouries(2).”
“In Greece, at our Skouries copper-gold development project, we made meaningful progress in ramping up
construction workers with a heavy emphasis on concrete and filter plant mechanical – and exceeded our target of
1,300 workers by the end of the first quarter. Additionally, plant construction productivity remained at or slightly
better than our expectations. We've proactively built contingency plans to protect the schedule and budget, working
on ensuring we have not only a sufficient workforce but the right skill sets as new work fronts open up. At Olympias,
we were impacted in the quarter by unplanned maintenance related to the pyrite concentrate filtration and flotation
circuit stability issues. These challenges have been resolved and production has recovered to expected levels in Q2
2025.
"In Canada and Turkiye, the mines are operating to plan and within guidance expectations. At the Lamaque
Complex, we were pleased to have achieved a milestone with the one millionth ounce produced. At Kisladag, we
installed an improved tire design in the HPGR, expected to reduce equipment downtime going forward and at
Efemcukuru, the mine delivered another solid quarter. We remain well-positioned to achieve our 2025 guidance."
Skouries Highlights
Capital Estimate and Schedule
On February 5, 2025, the Company announced an update to the project schedule and project capital cost estimate
primarily as a result of continued labour market tightness in Greece. The project capital cost incorporates an
increase of approximately $143 million, to total $1.06 billion. In addition, the Company expects to complete
additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining
equipment (originally expected to be purchased post commercial production as part of the contract mining fleet),
resulting in $154 million of accelerated operational capital prior to commercial production. The project remains fully
funded.
First production of the copper-gold concentrate is expected in Q1 2026, with 2026 gold production projected to be
between 135,000 and 155,000 ounces and copper production of between 45 and 60 million pounds. Commercial
production is expected in mid-2026.
Project capital totalled $83.8 million in Q1 2025. Accelerated operational capital was $6.4 million in Q1 2025. At
March 31, 2025, cumulative project capital invested towards Phase 2 of construction totalled $588.7 million and the
cumulative accelerated operational capital totalled $13.4 million.
In 2025, the project capital spend is expected to be between $400 and $450 million. In addition, the accelerated
operational capital is expected to be between $80 and $100 million.
Construction Activities
As at March 31, 2025 overall project progress was 66% complete for Phase 2 of construction.
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(2) These financial measures or ratios are non-IFRS financial measures or 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 news release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's March 31, 2025 MD&A.
Filtered Tailings Plant
Work continues to progress on the filtered tailings building, which remains on the critical path. With the piling and
concrete work completed on the filtered tailings building, work has transitioned to the installation of the structural
steel and major mechanical equipment which is advancing. All filter press components inclusive of fabricated frames
have been delivered to the site.
Piling for the plant compressor building is complete, piling for pipe racks and clarifier areas continues to progress.
The plant tank farm area pile cropping is complete and concrete placement advanced with the first three tank bases
(of five) completed. Tank installation activities commenced on the first tank in April.
Primary Crusher Building
Progress continues on the construction of the crusher building structure. The concrete foundation has been
completed and work is advancing on the first level walls with approximately 60% of the walls completed in April. The
first floor is expected to be finished in May which will house the apron feeder to the coarse ore stockpile. Piling and
drainage work for the primary crusher conveyor alignment to the coarse ore stockpile was completed and final
excavations are commencing.
Process Plant
Work in the process plant continues to expand to additional work fronts for cable tray and mechanical installations.
Off-site pipe spool fabrication is progressing and delivery of high-density polyethylene piping to the site is ongoing.
Piping installations have started in the process plant and the pumphouse to enable the start of some pre-
commissioning activities. Water testing of the rougher flotation circuit is underway. Work continues on the support
infrastructure including the process control room building, process plant sub-station, water pump station, lime plant,
flotation blowers building, compressor building and flotation reagent areas. Structural steel installation is complete
for the lime plant building and flotation blowers building. Installation and testing of the fire water pumping system
has commenced. The process plant substation structural concrete is complete and cable tray has also been
completed.
Thickeners
Construction of the three thickeners progressed on plan during Q1 2025. Concrete works for the first thickener is
complete and mechanical installations have commenced. The second thickener is approximately 85% complete and
the base for the third thickener has been completed. Preparations have started for leak testing of the clarifier,
thickener #1 and the water storage tank.
Integrated Extractive Waste Management Facility
During Q1 2025, construction continued to progress at the coffer dam site with excavation of the spillway and
foundation preparation. The coffer dam is expected to be completed at the end of Q2 2025 . At the Karatza Lakkos
(KL) embankment the foundation placement preparation is on track to start in Q2 2025. Fill placement for water
management pond 2 is advancing with excavations for water management pond 1 continuing as planned along with
the development of the low-grade ore stockpile.
Underground Development
More than 95% of the contractors underground mining equipment is now licensed to operate, including the long-hole
drilling machine for the test-stopes. The East decline portal was established during the quarter and development of
the East decline is now underway. Access to the top of the test stopes are fully established through the West
decline. The bottom level access of the test stopes is expected to be developed during Q2 2025 which is then
expected to allow test stope blasthole drilling to start during Q3 2025. During Q4 2025 we plan to deplete one test
stope and to begin depletion of a second test stope.
Engineering, Procurement, and Operational Readiness
Engineering
Engineering works were substantially complete at March 31, 2025. The focus has been on closing out the remaining
engineering activities.
Procurement
All major procurement is complete and the focus continues on managing and expediting deliveries to support
construction.
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Operations including Operational Readiness
Operational readiness ("OR") activities are advancing in all operational departments. Development of the
Management Operating System for the open pit mining function is well underway.
Open pit mobile equipment units are arriving at site and being assembled and commissioned. Open pit grade
control drilling is underway, and we expect to start open pit mining in Phase 1 of the open pit during Q4 2025.
Operator recruitment is underway, and the first group of trainees are being trained to operate CAT777 trucks,
CATD9 track dozers and CAT160 graders. CAT992 front-end loader and CAT6020 excavator training will take place
during Q2.
Workforce
As at March 31, 2025, there were approximately 1,375 personnel working on site, including 127 Skouries
Operations personnel.
Skouries Multimedia
• A progress update video can be found here: https://youtu.be/bjVkYTja78U
• To view a time lapse of the Filtered Tailing Plant installation, please visit: https://youtu.be/EFyg_whGlBU
• Photos of the construction progress at Skouries can be viewed and downloaded via this link: https://
eldoradogold.getbynder.com/web/c5ac22af198aa019/skouries-project-progress---q1-2025/
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Consolidated Financial and Operational Highlights
3 months ended March 31,
2025 2024
Revenue $355.2 $258.0
Gold produced (oz) 115,893 117,111
Gold sold (oz) 116,263 116,008
Average realized gold price ($/oz sold) (2) $2,933 $2,086
Production costs 148.3 123.0
Total cash costs ($/oz sold) (2,3) 1,153 922
All-in sustaining costs ($/oz sold) (2,3) 1,559 1,262
Net earnings for the period (1) 72.4 33.6
Net earnings per share – basic ($/share) (1) 0.35 0.17
Net earnings per share – diluted ($/share) (1) 0.35 0.16
Net earnings for the period continuing operations (1,4) 72.0 35.2
Net earnings per share continuing operations – basic ($/share) (1,4) 0.35 0.17
Net earnings per share continuing operations – diluted ($/share) (1,4) 0.35 0.17
Adjusted net earnings continuing operations (1,2,4) 56.4 55.2
Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) 0.28 0.27
Net cash generated from operating activities (4) 138.0 95.3
Cash flow from operating activities before changes in working capital (2,4) 136.5 108.3
Free cash flow (2,4) (21.8) (30.9)
Free cash flow excluding Skouries (2,4) 75.5 33.7
Cash and cash equivalents 978.1 514.7
Total assets 5,951.8 5,065.5
Debt 932.8 643.8
(1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of
our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.
(3) Revenues from silver, lead and zinc sales are off-set against total cash costs.
(4) Amounts presented are from continuing operations only and exclude the Romania segment.
Gold sales in Q1 2025 totalled 116,263 ounces, comparable to 116,008 ounces sold in Q1 2024 . Sales volume
compared to the prior year primarily reflected comparable production levels.
The average realized gold price (3) was $2,933 per ounce sold in Q1 2025, an increase of 41% from $2,086 per
ounce sold in Q1 2024. As a result, total revenue was $355.2 million in Q1 2025, an increase of 38% from total
revenue of $258.0 million in Q1 2024.
Production costs increased to $148.3 million in Q1 2025 from $123.0 million in Q1 2024 due to higher cash costs in
the quarter. An increase in royalties accounted for roughly one third of the increase to production costs. The
remainder relates primarily to increases in labour costs, due to cost inflation not offset by the devaluation of local
currency in Turkiye and at Lamaque additional costs incurred in labour and contractors due to the deepening of the
production centre of the Triangle Mine, which results in increasing haulage distance, equipment and personnel
requirements. Production costs include royalty expense, which increased to $22.2 million in Q1 2025 from $14.2
million in Q1 2024, due to higher average realized gold prices, as well as higher sales volumes.
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(3)These financial measures or ratios are non-IFRS financial measures or 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 news release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's March 31, 2025 MD&A.
Total cash costs(4) in Q1 2025 averaged $1,153 per ounce sold, an increase from $922 per ounce sold in Q1 2024,
primarily due to higher royalty expense driven by higher gold prices, as well as impacts from labour. AISC per
ounce sold (4) increased to $1,559 in Q1 2025 from $1,262 in Q1 2024, reflecting the higher total cash costs per
ounce sold in Q1 2025 combined with higher sustaining capital expenditures.
Eldorado reported net earnings attributable to shareholders from continuing operations of $72.0 million ( $0.35
earnings per share) in Q1 2025, compared to net earnings of $35.2 million ($0.17 earnings per share) in Q1 2024.
Higher net income in Q1 2025 is primarily attributable to higher average realized gold prices, partially offset by
higher production costs.
Adjusted net earnings(4) was $56.4 million ( $0.28 earnings per share) in Q1 2025 , compared to adjusted net
earnings of $55.2 million ($0.27 earnings per share) in Q1 2024. Adjustments of non-recurring items from the higher
net earnings in Q1 2025, among other things include a $73.5 million recovery on recognition of a deferred tax asset,
a $63.4 million unrealized loss on derivative instruments, and a $6.5 million gain on sale of mining licenses. This
resulted in a comparable adjusted net earnings to Q1 2024, as higher current tax expense, finance costs, and
production costs offset higher revenues.
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(4) These financial measures or ratios are non-IFRS financial measures or 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 news release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's March 31, 2025 MD&A.
Quarterly Operations Update
Gold Operations
3 months ended March 31,
2025 2024
Total
Ounces produced 115,893 117,111
Ounces sold 116,263 116,008
Production costs $148.3 $123.0
Total cash costs ($/oz sold) (1,2) $1,153 $922
All-in sustaining costs ($/oz sold) (1,2) $1,559 $1,262
Sustaining capital expenditures (2) $32.9 $29.1
Kisladag
Ounces produced 44,319 37,523
Ounces sold 44,338 36,699
Production costs $47.5 $30.9
Total cash costs ($/oz sold) (1,2) $1,039 $820
All-in sustaining costs ($/oz sold) (1,2) $1,138 $916
Sustaining capital expenditures (2) $2.3 $2.2
Lamaque
Ounces produced 40,438 42,299
Ounces sold 42,205 44,620
Production costs $35.7 $35.2
Total cash costs ($/oz sold) (1,2) $836 $779
All-in sustaining costs ($/oz sold) (1,2) $1,392 $1,262
Sustaining capital expenditures (2) $22.7 $21.1
Efemcukuru
Ounces produced 19,307 18,501
Ounces sold 17,790 18,614
Production costs $24.7 $21.8
Total cash costs ($/oz sold) (1,2) $1,357 $1,154
All-in sustaining costs ($/oz sold) (1,2) $1,550 $1,138
Sustaining capital expenditures (2) $3.0 $2.4
Olympias
Ounces produced 11,829 18,788
Ounces sold 11,930 16,075
Production costs $40.3 $35.0
Total cash costs ($/oz sold) (1,2) $2,398 $1,287
All-in sustaining costs ($/oz sold) (1,2) $2,842 $1,527
Sustaining capital expenditures (2) $4.9 $3.5
(1) Revenues from silver, lead and zinc sales are off-set against total cash costs.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of our
MD&A for explanations and discussions of these non-IFRS financial measures or ratios.
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Kisladag
Kisladag produced 44,319 ounces of gold in Q1 2025 , an 18% increase from 37,523 ounces in Q1 2024 . The
increase was primarily due to continued leaching of gold ounces from stacked in the prior year, as well as higher
average grade of new tonnes placed in the quarter. Average grade of tonnes placed increased to 0.79 grams per
tonne in Q1 2025 from 0.77 grams per tonne in Q1 2024 . In Q1 2025, ounces stacked were higher by 21%
compared to Q1 2024, predominantly due to an increased average stacking rate. Additionally, the engineering and
geometallurgical studies that are focused on the understanding of future mining phases and optimizing the crushing
and leach circuits continued in the quarter and the results are expected to be provided in conjunction with Q3 2025
reporting.
Revenue increased to $129.2 million in Q1 2025 from $77.1 million in Q1 2024 , driven by the higher average
realized gold price and increased gold ounces sold in the quarter.
Production costs increased to $47.5 million in Q1 2025 from $30.9 million in Q1 2024, primarily due to increased
sales volumes. Royalties were also higher in the quarter due to higher average realized gold prices. In the
comparison of total cash costs per ounce sold, the impact of higher costs, including royalties and labour costs, was
partially offset by higher volumes sold. This resulted in total cash costs per ounce sold increasing to $1,039 in Q1
2025 from $820 in Q1 2024.
AISC per ounce sold increased to $1,138 in Q1 2025 from $916 in Q1 2024, primarily due to the increase in total
cash costs per ounce sold.
Sustaining capital expenditures of $2.3 million in Q1 2025 primarily included equipment rebuilds. Growth capital
investment of $20.7 million in Q1 2025 was primarily for waste stripping and associated equipment costs to support
the extended mine life and continued construction of the second phase of the NHLP and North ADR plant
infrastructure.
For 2025, production guidance at Kisladag is 160,000 to 170,000 ounces of gold. Production is expected to
decrease with lower grades expected to be offset slightly by higher throughput.
Lamaque
Lamaque produced 40,438 ounces of gold in Q1 2025, a 4% decrease from 42,299 ounces in Q1 2024 primarily
due to lower grades and gold recovery, partially offset by higher throughput. Average grade decreased to 5.38
grams per tonne in Q1 2025 from 5.81 grams per tonne in Q1 2024.
Revenue increased to $122.0 million in Q1 2025 from $93.5 million in Q1 2024 primarily due to higher average gold
price, partially offset by a decrease in volume sold.
Production costs increased to $35.7 million in Q1 2025 from $35.2 million in Q1 2024, reflecting slightly higher costs
of labour, partially offset by the weakening of the Canadian dollar from prior period and lower volume sold. Total
cash costs per ounce sold increased to $836 in Q1 2025 from $779 in Q1 2024 primarily due to lower volume sold
and additional costs incurred in labour and contractors. With the centre of production primarily in the C4 ore zone in
2024, and now operating on several levels and extending into the C5 ore zone, the centre of production is
deepening over time. This incurs additional costs related to haulage, equipment, and personnel requirements. Total
cash costs were also impacted by slightly higher royalties due to the higher realized gold price.
AISC per ounce sold increased to $1,392 in Q1 2025 from $1,262 in Q1 2024, primarily due to the increase in total
cash costs per ounce sold.
Sustaining capital expenditure increased to $22.7 million in Q1 2025 from $21.1 million in Q1 2024 primarily due to
increased underground development, equipment rebuilds, and expenditures on the expansion of the tailings
management facility. Growth capital investment of $12.6 million in Q1 2025 was primarily related to the paste plant
and bulk sample work at Ormaque, as well as resource conversion drilling.
In 2025, production guidance at Lamaque is 170,000 to 180,000 ounces of gold. Production is expected to increase
in the second quarter with higher grades expected as a result of mine sequencing.
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