Eldorado Gold's Q2 2025: Key Contradictions in Skouries Project Costs, Labor, and Currency Management

Skouries project budget and cost controls, currency risk management and exposure, Skouries labor and construction progress, metallurgical work and drilling at K??lada are the key contradictions discussed in Eldorado Gold Corporation's latest 2025Q2 earnings call.



Production and Cost Trends:
- Eldorado Gold reported a significant increase in production, achieving 133,769 gold ounces in Q2 2025, and expects to deliver around the midpoint of their guidance range for the year.
- The increase was driven by accelerated inventory drawdown and higher throughput at the Lamaque Complex and K??lada?, despite increased costs due to higher royalties and labor costs.

Capital Expenditures and Skouries Project:
- Capital expenditures at Skouries increased in Q2, reaching $117 million, aligning with expectations and indicating progress in construction activities.
- The project is on track to reach first copper gold concentrate production in Q1 2026, with construction productivity meeting or exceeding assumptions.

Financial Performance and Cash Flow:
- Eldorado reported net earnings of $139 million and free cash flow before working capital changes of $202 million in Q2 2025.
- The strong performance was driven by sustained elevated gold prices, offsetting increased costs and income tax expenses.

Safety and Sustainability Initiatives:
- The company's LTIFR improved to 0.95 in Q2 from 0.40 in Q1, acknowledging room for improvement but showing dedication to safety.
- Eldorado was recognized for its sustainability efforts, achieving awards for environmental and socio-economic commitments, enhancing its reputation in sustainability and employee satisfaction.