Eldorado Gold (NYSE:EGO) executives said the company finished 2025 at the high end of its production guidance, delivered stronger earnings and cash flow amid higher gold prices, and continued to advance construction of the Skouries copper-gold project in Greece, even as the timeline for first concentrate production was pushed into the third quarter of 2026.
2025 production, costs, and safety performance
Chief Executive Officer George Burns said Eldorado produced 488,268 ounces of gold in 2025, supported by what he described as another strong year at the Lamaque Complex, steady contributions from K??lada? and Efemçukuru in Türkiye, and a “solid finish” at Olympias in Greece.
Financial results and cash flow
Chief Financial Officer Paul Ferneyhough said net earnings attributable to shareholders from continuing operations were $252 million, or $1.26 per share, in the fourth quarter. For the full year, net earnings were $520 million, or $2.56 per share. Ferneyhough said the year-over-year improvement reflected higher revenue, partially offset by increased production costs, including higher royalties and losses on derivative instruments.
Adjusted net earnings for the fourth quarter were $126 million, or $0.63 per share. Ferneyhough said quarter adjustments included a $104 million recovery related to recognition of deferred tax assets and a $27 million unrealized gain on derivative instruments. For 2025, adjusted net earnings were $355 million, or $1.75 per share, with adjustments including a $178 million deferred tax asset recovery, a $39 million unrealized loss on derivatives, and a $19 million foreign exchange gain tied to translation of deferred tax balances.
Revenue totaled $1.8 billion in 2025. Operating cash flow before working capital changes was $752 million, up from $636 million in 2024, which Ferneyhough attributed primarily to higher revenue and average realized gold prices, partially offset by lower production volumes compared to 2024.
Free cash flow was negative $55 million in the fourth quarter, or positive $109 million excluding Skouries investment. For the full year, free cash flow was negative $233 million, or positive $316 million excluding Skouries.
Costs rose year over year. Ferneyhough said production costs increased to $678 million in 2025 from $564 million in 2024. Royalties were a major driver: royalty expense totaled $124 million, up from just over $79 million in 2024, accounting for about 40% of the increase. He also cited labor inflation across operations—particularly in Türkiye—along with the stronger euro impacting Olympias and higher labor and contractor costs at the Lamaque Complex as Triangle operates at greater depths.
Total cash costs were $1,295 per ounce sold in the fourth quarter and $1,176 per ounce sold for the full year, while AISC was $1,894 per ounce sold in the quarter and $1,664 per ounce sold for the year. Ferneyhough said year-over-year comparisons were also influenced by higher sustaining capital in 2025.
On capital spending, Ferneyhough reported growth capital investments at operating mines of $74 million in the fourth quarter and $218 million for the year. At Skouries, growth capital investment totaled $475 million in 2025, including $137 million in the fourth quarter. Accelerated operational capital at Skouries amounted to $35 million in Q4 and $86 million for the full year.
Ferneyhough said liquidity was about $976 million at year-end, with a cash balance of $869 million. He added that the company purchased and canceled about $80 million of shares under its normal course issuer bid (NCIB) during the fourth quarter and repurchased roughly $204 million of shares during 2025. Burns also noted Eldorado announced the initiation of a quarterly dividend program beginning in the first quarter of 2026.
Skouries timeline pushed to Q3 2026 for first concentrate
Management said Skouries remains the company’s key near-term growth project, but the timing for first concentrate production has shifted. Burns said first concentrate production has been “modestly delayed” and is now expected early in the third quarter of 2026, with commercial production anticipated in the fourth quarter. Burns said the change is expected to increase construction capital by about $50 million.
Burns attributed the delay primarily to the required replacement of the cyclone feed pump and variable frequency drive (VFD) capacitors in the process plant, which were damaged by moisture while in storage. He also cited delays related to the power line connection due to slower-than-expected approval of detailed engineering and delayed ramp-up of the subcontractor. Burns said mitigation measures were underway and characterized the long-life project impact as minimal.
Executive Vice President, Operations and Technical Services Simon Hille said construction at Skouries reached 90% by year-end 2025 and emphasized that “execution on the site remains solid.” Hille said the open pit is operating ahead of plan, stockpiles have been established, and grade control drilling is substantially complete for phase one, confirming the first three years of production.
During Q&A, Burns provided additional details, saying the project involves over 4,000 pieces of electrical and mechanical equipment, 891 motors, and 190 VFDs. He said the company identified moisture damage on a specific VFD unit associated with the cyclone feed pumps, and that other VFDs had been checked and were confirmed to be okay. Burns said new capacitors have been ordered and the company expects temporary replacement equipment installed in Q2, with permanent equipment in Q3.
Regarding the power line, Burns said Eldorado is not the owner of the infrastructure, which will be owned by the Greek regulatory authority, and final energization requires inspection and approval. He said the power infrastructure is expected to be ready in late Q2 and, with the capacitor issue now on the critical path, the power connection is no longer the schedule driver.
Ferneyhough also announced that commercial terms for Skouries concentrate offtake arrangements have been agreed and contracts are being finalized. He said the contracts cover about 80% of planned copper concentrate production over the next two to three years at terms “significantly better” than those assumed in the Skouries 2022 technical study.
Asset-level updates and 2026 guidance
Hille reported fourth-quarter results by operation, including:
- Olympias: 18,476.73 ounces of gold at AISC of $1,676 per ounce sold. Hille said major equipment for the planned 650,000-tonne-per-annum expansion has been delivered and installed, with progressive commissioning and ramp-up expected in the second half of 2026.
- K??lada?: 41,140 ounces at AISC of $1,933 per ounce sold. Hille said long-lead procurement for the whole-ore agglomeration circuit is underway with installation targeted for 2027; a new secondary crusher has been ordered with delivery expected in the second half of 2026.
- Efemçukuru: 14,496 ounces at AISC of $2,536 per ounce sold. Hille said production was lower than Q3 due to lower grade and recovery, despite high throughput.
- Lamaque Complex: 49,307 ounces at AISC of $1,392 per ounce sold. Hille said the second Ormaque bulk sample was processed during the year and performed well when blended with Triangle ore, and he said the company expects to advance Ormaque into production later in 2026.
President Christian Milau outlined consolidated 2026 guidance, calling Skouries’ value proposition unchanged and “transformational” once in production. Eldorado guided for 2026 gold production of 490,000 to 590,000 ounces and copper production of 20 to 40 million pounds. Consolidated AISC is expected to be $1,670 to $1,870 per ounce of gold sold. Growth capital at operations is expected to total $375 million to $405 million, with sustaining capital of $140 million to $165 million.
Milau said planned exploration spending will increase by 60% compared to 2025, to $75 million to $85 million, focused on resource conversion at Lamaque and Efemçukuru and resource growth and discovery programs in Québec, Türkiye, and Greece.
In mine-by-mine guidance, Milau said Lamaque is expected to produce 185,000 to 200,000 ounces in 2026, reflecting Ormaque start-up. K??lada? guidance is 105,000 to 130,000 ounces, which he said reflects a high waste stripping year, longer leach cycles, and lower grade stacked. He also said the company is evaluating a potential pit shell move from $1,700 to $2,100 gold, and expects to increase waste stripping by 6 million to 8 million tonnes in 2026 to support that opportunity and address geotechnical challenges. Efemçukuru is expected to produce 70,000 to 80,000 ounces, with higher costs due to labor, electricity, and royalty expenses. Olympias is expected to produce 70,000 to 80,000 ounces, reflecting ramp-up of the expanded plant in the second half of the year.
Burns closed by reiterating the company’s focus on safely delivering Skouries and strengthening its operating base in 2026. He also revisited Eldorado’s announced combination with Foran Mining, saying the deal adds copper exposure and a long-life development asset, while maintaining a strong balance sheet to fund growth, advance exploration, and return capital.
About Eldorado Gold (NYSE:EGO)
Eldorado Gold Corporation is a Canada?based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced?stage development projects.
Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.
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