Eldorado Gold Reports Solid First Quarter 2025 Financial and Operational Results; Skouries Progressing to Plan

2025-05-01

TSX - Toronto Stock Exchange · Copper · Gold · Silver · Iron · Molybdenum · Nickel · Canada

(All amounts expressed in U.S. dollars unless otherwise noted)

VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) -- 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. 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.

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.

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/

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.

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.

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. |

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.