Eldorado Gold Corporation Q3 FY2025 earnings call

• George Burns introduced Christian Milau as President, noting his fresh perspective. - Third quarter highlights: 115,190 gold ounces produced, ~$77M free cash flow (excluding securities investment). - Revised 2025 gold production guidance to 470,000-490,000 ounces. - Revised cost guidance: total cash costs expected 1,175-1,250 per ounce, all-in sustaining costs 1,600-1,675 per ounce. - Sustaining capital cost expected at higher end of $145M-$170M range; operations growth capital 245M-270M; Skouries project capital investment revised to 440M-470M. - Safety: Lost time injury frequency rate was 1.21 in Q3 2025, higher than Q3 2024. - Sustainability: Quebec team welcomed verifiers for sustainability systems. - Share repurchase: Bought back ~3M shares for $79M in Q3, total 5M shares for $123M YTD.

Lamaque: Produced 46,823 gold ounces with total cash costs of $767 per ounce sold. Kisladag: Produced 37,184 ounces with total cash costs of $1,309 per ounce sold. Efemçukuru: Produced 17,586 ounces with total cash costs of $1,522 per ounce sold. Olympias: Produced 13,597 ounces with total cash costs of $1,869 per ounce sold. Skouries: Progressed with Phase 2 construction at 73% (86% including Phase 1), on track for Q1 2026 first concentrate production and mid-2026 commercial production.

• Revised 2025 gold production to 470,000-490,000 ounces. - Total cash costs expected 1,175-1,250 per ounce, all-in sustaining costs 1,600-1,675 per ounce. - Sustaining capital cost at higher end of $145M-$170M; operations growth capital 245M-270M; Skouries project capital investment 440M-470M. - Skouries on track for Q1 2026 first concentrate production, commercial in mid-2026.

• Olympias: Persistent flotation circuit challenges from stockpiled ore containing viscosity modifier, which may persist as they mine through affected stopes. - Kisladag: Impact of lower equipment availability and short-term mine plan resequencing on production. - Turkiye royalty rates and gold price volatility affecting costs.

Q: Cosmos Chiu inquired about Probe, M&A, Skouries critical path, and Kisladag whole ore agglomeration.

A: George Burns and Simon Hille responded, discussing Probe's evolution, Skouries critical path progress, and Kisladag's whole ore agglomeration benefits.

Q: Tanya Jakusconek asked about Skouries commercial production definition, ramp-up, reserves/resources, and top priorities.

A: George Burns and Christian Milau responded, explaining commercial production criteria, ramp-up expectations, and outlined top priorities including Skouries ramp-up and capital allocation.

Q: Don DeMarco questioned Olympias challenges, cost drivers, share buybacks, and dividends.

A: George Burns and Paul Ferneyhough responded, addressing Olympias' recovery challenges, cost drivers split 50-50, share buyback intentions, and dividend considerations.

Q: Lawson Winder asked about 2026 CapEx outlook, Skouries delay costs, and Kisladag Q4 production.

A: George Burns responded, providing insights on 2026 CapEx variability, Skouries delay costs, and Kisladag's Q4 production expectations.