Eldorado Gold Q2 2025 slides: Revenue surges to $452M as Skouries advances

Introduction & Market Context

Eldorado Gold (NYSE:EGO) Corporation (TSX:ELD) presented its second quarter 2025 results on August 1, highlighting strong operational performance across its portfolio and significant progress on its transformative Skouries copper-gold project in Greece. The company continues to benefit from elevated gold prices while maintaining disciplined cost control.

Building on the momentum from Q1 2025, when the company reported a 38% year-over-year revenue increase, Eldorado (SO:ELDO11B)’s Q2 results demonstrate continued execution of its growth strategy. The company has maintained its full-year production guidance while advancing its flagship development project toward first production in early 2026.

Quarterly Performance Highlights

Eldorado reported gold production of 133,769 ounces for Q2 2025, with strong contributions from all operating assets. The Lamaque Complex in Canada led production with 50,640 ounces, followed by Kışladağ in Türkiye with 46,058 ounces. Total (EPA:TTEF) revenue reached $451.7 million, supported by an average realized gold price of $3,270 per ounce.

The company’s operations generated approximately $61.5 million in free cash flow, excluding investment in the Skouries project. This strong cash generation reflects operational improvements across the portfolio, particularly at Olympias in Greece, where gold production increased by 35% and total cash costs decreased by 34% compared to the previous quarter.

As shown in the quarterly financial results:

Kışladağ achieved a significant milestone during the quarter, celebrating the production of its four millionth ounce of gold in May 2025. This achievement brings Eldorado’s cumulative gold production in Türkiye to over five million ounces, underscoring the company’s long-term operational success in the region.

Detailed Financial Analysis

Eldorado’s financial position remains robust, with cash and cash equivalents of $1.08 billion as of June 30, 2025. Total liquidity stands at $1.13 billion, including availability on the company’s senior secured credit facility. This strong balance sheet supports Eldorado’s ongoing capital investments, particularly at Skouries.

The company reported adjusted net earnings of $90.1 million, or $0.44 per share, and net earnings attributable to shareholders of $139.0 million. Adjusted EBITDA reached $211.8 million, reflecting strong operational performance and favorable gold prices.

The financial strength is illustrated in the following slide:

Total cash costs for Q2 2025 were $1,064 per ounce sold, while all-in sustaining costs (AISC) were $1,520 per ounce. The Lamaque Complex achieved the lowest cash costs at $721 per ounce, demonstrating the asset’s operational efficiency.

Strategic Initiatives

The Skouries copper-gold project in Greece remains Eldorado’s most significant growth initiative, with construction now 70% complete. The company expects first production in Q1 2026 and commercial production by mid-2026. Eldorado has invested $705.7 million in construction capital since restarting the project, with an additional $400-450 million expected in 2025.

The project has reached several key milestones, including the completion of concrete works and mechanical installations for two of three thickeners, 75% completion of structural steel installation at the filtered tailings building, and advancement of the primary crusher building construction.

The following slide illustrates recent achievements at Skouries:

Site personnel have ramped up to approximately 1,730 workers, with construction advancing on multiple fronts including conveyors, haul roads, water management ponds, and process facilities. Underground development rates have accelerated, positioning the project for successful commissioning next year.

The filtered tailings facility, a critical environmental component of the project, is making significant progress:

Forward-Looking Statements

Eldorado Gold is positioning itself for substantial growth, targeting a 43% increase in gold production by 2027 compared to 2023 levels. The company’s strategic focus on disciplined cost control and portfolio optimization supports this growth trajectory.

Upon completion, the Skouries project will transform Eldorado into one of the European Union’s largest copper producers, diversifying its revenue streams and enhancing its market position. This strategic evolution is captured in the company’s value creation framework:

Beyond Skouries, Eldorado continues to invest in its existing operations. At Olympias, the company has commenced a mill expansion to increase capacity to 650,000 tonnes per annum, expected to be complete by mid-2026. At Kışladağ, investments are focused on closing the HPGR circuit with additional screening and whole ore agglomeration to enhance recovery rates.

The company also highlighted its sustainability achievements, including recognition as one of "Canada’s Best Companies in 2025 by TIME" based on sustainability, employee satisfaction, and revenue growth. Eldorado renewed its Normal Course Issuer Bid (NCIB) during the quarter, reflecting management’s confidence in the company’s intrinsic value and future prospects.

With strong operational performance across its portfolio, a robust balance sheet, and the transformative Skouries project approaching completion, Eldorado Gold appears well-positioned to deliver on its growth objectives and create substantial shareholder value in the coming years.

Full presentation:

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