Eldorado Gold Corporation Q4 FY2025 earnings call

• George Burns gave an overview of fourth quarter and full year 2025 results, updated on Skouries construction timeline. - Paul Ferneyhough reviewed financial results, noting net earnings, adjusted net earnings, free cash flow, and balance sheet strength. - Simon Hille provided updates on operations: Skouries project progress with 90% construction complete, Olympias mill expansion progress, Kisladag growth initiatives, Efemçukuru production details, and Lamaque's Ormaque advancement. - Christian Milau outlined 2026 guidance and 3-year outlook, including production ranges, cost expectations, exploration investment increase, and Skouries' impact. - George Burns mentioned the acquisition of Foran Mining, highlighting benefits like enhanced free cash flow potential and balanced portfolio.

In the fourth quarter, Lamaque Complex produced 49,307 ounces with AISC of $1,392 per ounce. Kisladag had 41,140 ounces produced with AISC of $1,933 per ounce. Efemçukuru produced 14,496 ounces with AISC of $2,536 per ounce. Olympias had 18,473 ounces produced with AISC of $1,676 per ounce. Skouries had first concentrate production delayed to early Q3 2026 with commercial production in Q4. Revenue was $1.8 billion, operating cash flow $743 million, free cash flow $316 million (excluding Skouries investment). Revenue contribution: Lamaque Complex, Kisladag, Efemçukuru, Olympias, and Skouries each contributed based on their production and financials.

• 2026 total gold production expected between 490,000 - 590,000 ounces, copper production 20 - 40 million pounds. - All-in sustaining costs between $1,670 - $1,870 per ounce of gold sold. - Growth capital and operations between $375 - $405 million, sustaining capital $140 - $165 million. - Exploration investment between $75 - $85 million. - Skouries all-in sustaining costs between negative $100 - plus $200 per ounce on net of by-product basis. - Lamaque Complex 2026 production 185,000 - 200,000 ounces. - Kisladag 2026 production 105,000 - 130,000 ounces. - Efemçukuru 2026 production 70,000 - 80,000 ounces. - Olympias 2026 production 70,000 - 80,000 ounces.

• Skouries first concentrate production delayed due to cyclone feed pump variable frequency drive capacitors moisture damage and power line connection delays. - Weather impacts on tailings infrastructure work. - Geotechnical challenges at Kisladag open pit. - Higher costs in Efemçukuru due to increased labor, electricity, and royalty expenses. - Quarterly variability in Olympias due to timing of by-product shipments.

Q: On Kisladag, why 2026 guidance is lower and impact on 2027?

A: Lower grade, higher strip this year, but opening Western area for more mine life, with 2027 outlook 140,000 - 160,000 ounces incorporating potential from $1,700 to $2,100 pit shell.

Q: Reception of Foran Mining acquisition?

A: Eldorado is explaining benefits to shareholders, it's a 1 plus 1 equals 3 transaction with multi-decade life asset and exploration upside.

Q: Skouries delay impact on tailings and plant?

A: Delay gives breathing room, more equipment finalized before first concentrate, stockpile ready, plant more ready for faster ramp-up, and issues with cyclone feed pump capacitors checked with solutions in place.