Eldorado Gold Reports Solid Q3 2025 Financial and Operational Results; Skouries On Track for Q1 2026
NEWS RELEASE
TSX: ELD NYSE: EGO October 30, 2025
Eldorado Gold Reports Solid Q3 2025 Financial and Operational Results;
Skouries On Track for Q1 2026
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC - Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the third 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.
Third Quarter 2025 Highlights
Operations
• Gold production: 115,190 ounces benefitting from higher production at the Lamaque Complex as a result
of accelerated processing of the remaining portion of the second bulk sample at Ormaque, offset by lower
than expected production at Olympias as a result of continued challenges in the flotation circuit.
• Gold sales: 116,529 ounces at an average realized gold price per ounce sold1 of $3,527.
• Production costs: $164.1 million in Q3 2025.
• Total cash costs1: $1,195 per ounce sold in Q3 2025.
• All-in sustaining costs ("AISC")1: $1,679 per ounce sold in Q3 2025.
• Total capital expenditures: $255.6 million, including $137.7 million of project capital1 invested at Skouries,
with activity focused on major earthworks and infrastructure construction and additionally $17.7 million of
accelerated operational capital. Growth capital at the operating mines totalled $57.7 million and was
primarily related to Kisladag for continued waste stripping, construction of the North Heap Leach Pad and
related infrastructure and at the Lamaque Complex for the development of Ormaque.
Financial
• Revenue: $434.7 million in Q3 2025.
• Net cash generated from operating activities from continuing operations: $170.2 million in Q3 2025.
• Cash flow from operating activities before changes in working capital1: $183.5 million in Q3 2025.
• Cash and cash equivalents: $1,043.9 million , as at September 30, 2025 . Cash increased by $187.1
million compared to Q4 2024, primarily as a result of the higher gold price, the sale of G Mining Ventures
shares in Q1 2025, the receipt of deferred consideration from G Mining Ventures in Q3 2025 (related to the
2021 sale of the Tocantinzinho Project), and unspent Term Facility 2 drawdowns. This was partially offset by
higher production costs, higher growth capital investment and share buybacks.
• Net earnings attributable to shareholders from continuing operations: $56.5 million , or $0.28 per
share, which includes $39.4 million of realized derivative losses on gold collars that were entered into in
May 2023.
• Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") 1:
$196.3 million in Q3 2025.
1
1 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure 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 September 30, 2025 MD&A.
2 Term Facility is defined in the Company's September 30, 2025 condensed consolidated interim financial statements.
• Adjusted net earnings 3: $82.3 million or $0.41 per share in Q3 2025. Adjustments in Q3 2025 include a
$22.2 million unrealized loss on derivative instruments, primarily from gold commodity swaps related to the
Term Facility and a $3.7 million loss on foreign exchange due to the translation of deferred tax balances.
• Free cash flow3: Negative $87.4 million in Q3 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 was $76.9 million.
• Skouries Project Term Facility: Drawdowns on the Term Facility year to date as at September 30, 2025
totalled €238.8 million ($278.5 million).
Production and Cost Outlook
• Based on year to date production through the third quarter, we are tightening our 2025 annual gold
production guidance to between 470,000 to 490,000 ounces. We have revised upward our consolidated
guidance for total cash costs and AISC to between $1,175 to $1,250 and $1,600 to $1,675 per ounce sold,
respectively. These increases were primarily driven by:
• Record high gold prices and recently enacted higher royalty rates in Turkiye driving higher royalty
expense
• Lower than expected performance at Olympias resulting in lower by-product sales, higher
processing costs, with production expected at the lower end of the guidance range
• Additionally, we also expect sustaining capital expenditures to be at the top end of our $145 to $170 million
guidance range. In line with previous 2025 guidance, operations growth capital is expected to total $245 to
$270 million.
• At Skouries, the project capital for 2025 has been revised upward to $440 to $470 million reflecting the
acceleration of work across several non-critical path areas and proactive de-risking efforts. The estimated
project capital remains unchanged at $1.06 billion. The accelerated operational capital remains on track and
is expected to be between $80 and $100 million.
Corporate
• Appointed Christian Milau as President
• Board Transition: John Webster to step down and Samantha Espley appointed to the Board
“Driven by sustained high gold prices, we delivered a strong financial performance during this quarter, generating
$76.9 million in free cash flow, excluding our investment in Skouries," said George Burns, Chief Executive Officer.
"We advanced development at Ormaque and successfully completed processing of the second bulk ore sample.
The Olympias expansion to 650,000 tonnes per annum remains on track, while at Kisladag, we are moving forward
with whole ore agglomeration as part of our growth initiatives. These projects along with other ongoing efforts
across our portfolio are key near-term drivers to our strategy for long-term value creation, supporting increased
production, lower costs and enhanced profitability.
"The Skouries Project marked a significant milestone this week with the successful execution of the first
underground test stope blast, reinforcing its steady progress. In the open pit, four crews are now operational, and
we are transitioning to a rotation running 24 hours a day, seven days a week. Ore stockpiling is well underway in
preparation for the project's commissioning phase, with first concentrate production expected toward the end of Q1
2026. We continue to de-risk key areas ahead of schedule and have initiated early pre-operational testing and
operational readiness activities across various areas at site. Our focus remains on safety and disciplined execution
through the final phases of mechanical, piping, electrical, instrumentation as we continue to maintain the project
schedule and budget.
"Our continued share buybacks, totaling approximately $78.8 million this quarter, underscore our disciplined
approach to capital allocation and confidence in our long-term growth. With robust gold prices and a strong balance
sheet, we’re committed to returning capital to shareholders while advancing our strategic priorities."
2
3 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure 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 September 30, 2025 MD&A.
Board Succession
Eldorado also announces today, as part of its ongoing succession planning, the appointment of Samantha Espley to
its Board of Directors as of October 1, 2025 and the resignation of John Webster, effective November 1, 2025.
“On behalf of the Board, I would like to thank John Webster, who is stepping down from the Board,” said Steve Reid,
Board Chair of Eldorado Gold. During his nearly 11 years of service, John made significant contributions across
several key Board committees, most notably as Chair of the Audit Committee. His strategic insight, sound judgment,
and steady leadership throughout a period of substantial growth and transformation have been invaluable to both
the Board and Eldorado’s leadership team. We are sincerely grateful for his dedication and lasting impact.”
“In addition, we are pleased to welcome Samantha Espley to the Board. With more than 35 years of leadership in
the mining and resource sector, including senior roles with Vale Base Metals and Glencore, Samantha brings
exceptional technical expertise, board experience, and a strong commitment to innovation and sustainability. Her
distinguished career and numerous honours reflect her deep contributions to the industry and to advancing
excellence in engineering and mining. We look forward to her insight and leadership as part of the Board,” said
Steve Reid.
Return of Capital to Shareholders
During the third quarter, Eldorado repurchased 2,984,649 common shares and cancelled 2,754,208 common shares
under its normal course issuer bid (NCIB) at an average price of $26.40 (C$36.52) per share for a total of
approximately $78.8 million (C$109.0 million).
Skouries Highlights
The Skouries Project, part of the Kassandra Mines complex, is located within the Halkidiki Peninsula of Northern
Greece and is a copper-gold porphyry 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 of 140,000 ounces of
gold and 67 million pounds of copper.
Capital Estimate and Schedule
In Q1 2025, the capital cost estimate for Skouries was revised to $1.06 billion, with an additional $154 million in
accelerated operational capital prior to commercial production, announced in a news release dated February 5,
2025. The project remains fully funded through equity and project financing. The Commercial Loan Facility and the
RRF Facility totalling €680.4 million ($798.9 million) are now fully drawn.
First production of the copper-gold concentrate is expected toward the end of Q1 2026 and commercial production
is expected in mid-2026, with 2026 gold production projected to be between 135,000 and 155,000 ounces and
copper production projected to be between 45 and 60 million pounds.
Project capital totalled $137.7 million in Q3 2025 and $338.6 million during the nine months ended September 30,
2025. Accelerated operational capital was $17.7 million in Q3 2025 and $51.3 million during the nine months ended
September 30, 2025 . At September 30, 2025 , cumulative project capital invested towards Phase 2 of construction
totalled $843.4 million4 and the cumulative accelerated operational capital totalled $58.2 million.
In 2025, the project capital spend has been revised upward to $440 to $470 million reflecting the acceleration of
work across several non-critical path areas and proactive de-risking efforts. The accelerated operational capital
remains on track and is expected to be between $80 and $100 million.
Construction Activities
As at September 30, 2025 overall project progress was 73% complete for Phase 2 of construction, and 86% when
including the first phase of construction.
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4 Excludes capitalized depreciation of $1.9 million in Q3 2025, and $5.1 million for the nine-month period ended September 30, 2025 (Q3 2024 - $nil, 2024 - includes
$3.2 million) and corporate allocations of $0.3 million in Q3 2025, and $1.0 million for the nine-month period ended September 30, 2025 (Q3 2024 - $nil, 2024 -
includes $1.5 million)
Filtered Tailings Plant
Work continues to progress on the filtered tailings plant, which remains on the critical path. The filtered tailings
building structural steel installation was 80% complete at the end of the quarter and approximately 92% at the end
of October. Mechanical work progressed with the assembly of the filter presses with four complete at quarter end
and the remaining two on plan for completion in November.
The compressor building steel structure assembly reached 78% complete over the quarter and approximately 98%
at the end of October. Mechanical installations are advancing with the installation of all six compressors and air
receivers installed.
The filter plant tank farm construction has progressed with all five tanks assembled and water tested with internal
coating work now in progress.
Primary Crusher
Progress continues on the construction of the crusher building structure. The concrete has advanced to the final
elevation above the foundation with the final wall lifts advancing. The primary crusher is assembled in position and
work is underway on cable tray and internal structural steel stairways and platforms. Conveyor foundations between
the primary crusher and process plant, inclusive of the coarse ore stockpile are complete. The stockpile dome
foundation is expected to be complete in November, and pre-assembly of the stockpile dome has commenced.
Conveyor pre-assembly is advancing and conveyor support steel installation is underway. The first of the three
reclaim feeders and associated chute work has been installed and pre-assembly continues on the remaining two
reclaim feeders.
Process Plant
Work in the process plant continues to expand to additional work fronts for cable tray, cable, piping and mechanical
installations. The final building foundations for support infrastructure were completed in early October. Structural,
mechanical, piping and electrical installations continue in the support infrastructure areas.
Work continues on the support infrastructure with the process plant substation electrical installations underway. The
lime plant, flotation blowers, compressors and guar areas are all in various stages of mechanical, piping and
electrical installations. The control building structure is complete and electrical installation work is underway on the
first two levels.
Pre-commissioning of the concentrate filter presses has been completed along with all water testing in the flotation
cells and tanks. Preparations are underway to start pre-commissioning of the pebble crusher with the addition of
first fills and punch listing construction completion items. Piping and cable installations continued to ramp up over
the quarter with a focus on flotation, grinding and utilities such as process water and fire water.
Thickeners
Construction of the three tailings thickeners progressed on plan during the quarter. Water testing of the first two
thickeners has been completed, and piping installations have commenced as the pipe rack installations are
completed. Work is advancing on the associated infrastructure with the pumphouse building piping and electrical
work underway, and tank installations in the flocculant building. The thickeners secondary substation building is in
the final interior finishing stage with electrical installations planned to start in Q4 2025.
Integrated Extractive Waste Management Facility
During the quarter, foundation preparation for the Karatzas Lakkos (KL) embankment continued, with notable
commencement of the placement of the under-drainage layer in the center of the valley. At water management pond
2, liner placement preparation, consisting of shotcrete and geofabric placement commenced to enable the
installation of the high-density polyethylene liner during Q4 2025.
Construction of the low-grade ore stockpile (lower part) started in the quarter. This area is important to the sequence
of the KL embankment, which will be constructed over the lower part of the low-grade ore stockpile. The
construction water management system has been upgraded significantly. The installed diversions, sumps (15),
pumps and pipes are intended to mitigate water run-off from impacting construction progress.
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Underground Development
Underground access development rates continued to accelerate during the quarter and are currently achieving
approximately 400 metres per month. At the end of the quarter, the test stope drilling and the two raise-bore slots
were completed, and the first test stope blast was successfully executed at the end of October.
Engineering, Procurement, and Operational Readiness
Engineering
Engineering works are substantially complete. The focus recently has been on closing out the remaining
engineering activities and providing technical clarifications when required to support construction.
Procurement
All major procurement is complete. The focus continues on managing and expediting deliveries to support
construction and the close-out of completed purchase orders.
Operations including Operational Readiness
The open pit mine has ramped up operations and at the end of Q3 2025 was operating with three (of four) crews. At
the end of Q3 there was approximately 349,000 tonnes of open pit and underground ore on stockpile, containing
approximately 9,800 oz of gold and 2.7 million pounds of copper. Grade control drilling covering 75% of the Phase 1
open pit has been completed. Operational readiness efforts are ongoing in Safety, Asset Management, Processing,
and Supply Chain areas. Middle management for key positions in open pit mining and mobile maintenance have
been recruited and onboarded with supervisory capacity bolstered in Q3 2025.
Workforce
As at September 30, 2025 , there were approximately 2,000 personnel working on site, including 390 Skouries
employees of which 236 were Skouries operational personnel.
Skouries Multimedia
• A progress update video can be found here: https://youtu.be/waouAaGe0kY
• To view a time lapse of the filtered tailing plant installation, please visit: https://youtu.be/30VNjFdE7A8
• Photos of the construction progress at Skouries can be viewed and downloaded via this link:
https://eldoradogold.getbynder.com/web/986401909b13dafe/q3-2025-skouries-project-progress/
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Consolidated Financial and Operational Highlights
3 months ended September
30,
9 months ended September
30,
2025 2024 2025 2024
Revenue $434.7 $331.8 $1,241.7 $886.9
Gold produced (oz) 115,190 125,195 364,852 364,625
Gold sold (oz) 116,529 123,828 364,281 361,062
Average realized gold price ($/oz sold) (2) $3,527 $2,492 $3,245 $2,309
Production costs 164.1 141.2 474.6 392.0
Total cash costs ($/oz sold) (2,3) 1,195 953 1,134 939
All-in sustaining costs ($/oz sold) (2,3) 1,679 1,335 1,583 1,310
Net earnings for the period (1) 56.0 95.0 266.4 184.1
Net earnings per share – basic ($/share) (1) 0.28 0.46 1.31 0.90
Net earnings per share – diluted ($/share) (1) 0.27 0.46 1.29 0.90
Net earnings for the period continuing operations (1,4) 56.5 101.1 267.5 192.7
Net earnings per share continuing operations – basic ($/share) (1,4) 0.28 0.49 1.31 0.95
Net earnings per share continuing operations – diluted ($/share) (1,4) 0.28 0.49 1.30 0.94
Adjusted net earnings continuing operations (1,2,4) 82.3 71.0 228.8 192.9
Adjusted net earnings per share continuing operations - basic
($/share)(1,2,4) 0.41 0.35 1.12 0.95
Net cash generated from operating activities (4) 170.2 180.9 458.8 388.4
Cash flow from operating activities before changes in working capital (2,4) 183.5 166.5 522.0 407.0
Free cash flow (2,4) (87.4) (4.8) (178.4) (67.8)
Free cash flow excluding Skouries (2,4) 76.9 98.3 206.3 165.8
Cash and cash equivalents (4) 1,043.9 676.6 1,043.9 676.6
Total assets 6,485.4 5,565.1 6,485.4 5,565.1
Debt 1,258.5 849.2 1,258.5 849.2
(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.
Total revenue increased to $434.7 million in Q3 2025 from $331.8 million in Q3 2024 and to $1,241.7 million in the
nine months ended September 30, 2025 , from $886.9 million in the nine months ended September 30, 2024 . The
increases in both three and nine-month periods were primarily due to the higher average realized gold price.
Production costs increased to $164.1 million in Q3 2025 from $141.2 million in Q3 2024 and to $474.6 million in the
nine months ended September 30, 2025 from $392.0 million in the nine months ended September 30, 2024 .
Increases in both periods were driven by increases in royalties, accounting for approximately 30% of the increase to
production costs. The remainder relates primarily to rising labour costs in Turkiye where cost inflation continues to
outpace the devaluation of local currency, as well as at Lamaque, where additional costs were incurred in labour
and contractors due to the deepening of the production centre of the Triangle Mine, which results in increased
haulage distance, equipment and personnel requirements.
Production costs include royalty expense, which increased to $28.8 million in Q3 2025 from $21.0 million in Q3
2024 and increased to $79.6 million in the nine months ended September 30, 2025 from $53.0 million in the nine
months ended September 30, 2024 . In Turkiye, royalties are calculated on revenue less certain costs associated
with ore haulage, mineral processing and related depreciation, on the basis of a sliding scale according to the
average London Metal Exchange gold price during the calendar year. Effective July 24, 2025, amendments to
Turkish Mining Law were enacted, which included changes to the base rate table for state royalties on gold metal
sales. The price-linked sliding scale of royalty rates has broadened with increasing rate bands, with the highest
band at a maximum gold price of $5,101/oz, an expansion from the previous maximum of $2,101/oz. In Greece,
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royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and
the EUR/USD exchange rate.
Total cash costs5 averaged $1,195 per ounce sold in Q3 2025, an increase from $953 in Q3 2024, and $1,134 in the
nine months ended September 30, 2025 from $939 in the nine months ended September 30, 2024. The increases
in both the three and nine-month periods were primarily due to higher royalty expense and higher unit costs. The
increase in Q3 2025 was also the result of lower ounces sold.
AISC per ounce sold 5 averaged $1,679 in Q3 2025, an increase from $1,335 in Q3 2024, and $1,583 in the nine
months ended September 30, 2025 from $1,310 in the nine months ended September 30, 2024, with the increases
in both the three and nine-month periods due to higher total cash costs combined with higher sustaining capital
expenditures.
Eldorado reported net earnings attributable to shareholders from continuing operations of $56.5 million ($0.28
earnings per share) in Q3 2025 compared to net earnings of $101.1 million ($0.49 earnings per share) in Q3 2024
and net earnings of $267.5 million ($1.31 earnings per share) in the nine months ended September 30, 2025
compared to net earnings of $192.7 million ($0.95 earnings per share) in the nine months ended September 30,
2024. The decrease in net earnings in the three months ended was primarily due to a one-time $60.0 million gain on
deferred consideration recognized in Q3 2024, despite higher earnings from operations. The increase in net
earnings in the nine months ended is due to higher earnings from operations from higher average realized gold
prices, partially offset by higher production costs. Earnings from both periods in 2025 were lowered by losses on
derivative instruments.
Adjusted net earnings5 was $82.3 million ($0.41 adjusted earnings per share) in Q3 2025 compared to adjusted net
earnings of $71.0 million ($0.35 adjusted earnings per share) in Q3 2024. Adjustments in Q3 2025 include a $22.2
million unrealized loss on derivative instruments, primarily from gold commodity swaps related to the Term Facility
and a $3.7 million loss on foreign exchange due to the translation of deferred tax balances. Adjustments of non-
recurring items in Q3 2024, among other things, included a $50.1 million gain on deferred consideration net of tax,
and $33.1 million unrealized loss on derivative instruments.
Adjusted net earnings5 was $228.8 million ( $1.12 adjusted earnings per share) in the nine months ended
September 30, 2025 compared to adjusted net earnings of $192.9 million ($0.95 adjusted earnings per share) in the
nine months ended September 30, 2024 . Adjustments of non-recurring items in the nine months ended 2025,
among other things, include a $73.5 million recovery on one-time recognition of a deferred tax asset, a $66.8 million
unrealized loss on derivative instruments, and a $22.6 million gain on foreign exchange due to the translation of
deferred tax balances. Adjustments of non-recurring items in the nine months ended 2024, among other things,
included a $50.1 million gain on deferred consideration net of tax, and $61.9 million unrealized loss on derivative
instruments.
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5 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure 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 September 30, 2025 MD&A.
Quarterly Operations Update
3 months ended September 30, 9 months ended September 30,
2025 2024 2025 2024
Consolidated
Ounces produced 115,190 125,195 364,852 364,625
Ounces sold 116,529 123,828 364,281 361,062
Production costs $164.1 $141.2 $474.6 $392.0
Total cash costs ($/oz sold) (1,2) $1,195 $953 $1,134 $939
All-in sustaining costs ($/oz sold) (1,2) $1,679 $1,335 $1,583 $1,310
Sustaining capital expenditures (2) $38.3 $33.3 $115.2 $93.2
Kisladag
Ounces produced 37,184 41,084 127,561 117,597
Ounces sold 37,300 40,724 126,928 117,068
Production costs $50.1 $37.3 $150.3 $106.5
Total cash costs ($/oz sold) (1,2) $1,309 $899 $1,152 $889
All-in sustaining costs ($/oz sold) (1,2) $1,545 $1,028 $1,324 $1,002
Sustaining capital expenditures (2) $7.3 $3.7 $16.0 $8.9
Lamaque
Ounces produced 46,823 43,106 137,901 132,796
Ounces sold 46,013 44,531 137,665 132,776
Production costs $36.0 $32.8 $107.9 $101.6
Total cash costs ($/oz sold) (1,2) $767 $728 $772 $755
All-in sustaining costs ($/oz sold) (1,2) $1,199 $1,189 $1,270 $1,228
Sustaining capital expenditures (2) $19.2 $20.0 $67.3 $61.1
Efemcukuru
Ounces produced 17,586 19,794 57,986 60,692
Ounces sold 20,031 19,741 58,600 60,817
Production costs $32.3 $26.4 $85.5 $73.0
Total cash costs ($/oz sold) (1,2) $1,522 $1,325 $1,405 $1,185
All-in sustaining costs ($/oz sold) (1,2) $1,791 $1,578 $1,674 $1,336
Sustaining capital expenditures (2) $4.9 $4.7 $14.3 $10.7
Olympias
Ounces produced 13,597 21,211 41,404 53,540
Ounces sold 13,185 18,833 41,088 50,401
Production costs $45.8 $44.7 $130.9 $110.9
Total cash costs ($/oz sold) (1,2) $1,869 $1,210 $1,910 $1,241
All-in sustaining costs ($/oz sold) (1,2) $2,421 $1,513 $2,367 $1,520
Sustaining capital expenditures (2) $6.9 $4.9 $17.6 $12.5
(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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