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- **Q2 Production Beat:** 133,769 oz (15% YoY growth) driven by Lamaque and K??lada? outperformance.
- **Skouries Progress:** 70% Phase 2 completion; first ore mining begins; Q1 2026 first concentrate target on track.
- **Financial Strength:** $1.1B liquidity; Q2 free cash flow $62M (excluding capex).
- **Share Buybacks:** 28M shares repurchased ($58M) through Q2; expanded to NYSE.
- **Operational Risks:** HPGR wear risks at K??lada? mitigated with crusher upgrade; Skouries filter plant remains critical path.

**【CEO Opening Remarks】**
- Q2 2025 production: 133,769 gold ounces, exceeding expectations at Lamaque and K??lada?.
- Total cash costs: $1,064/oz; all-in sustaining costs: $1,520/oz, driven by high gold prices and labor costs.
- Skouries project progress: 70% completion of Phase 2, first ore mining in July, targeting Q1 2026 first concentrate production.
- NCIB share buybacks: 28M shares repurchased ($58M) through July 31; expanded to NYSE.

**【CFO Financial Commentary】**
- Q2 net earnings: $139M ($0.68/share); adjusted net earnings: $90M ($0.44/share).
- Free cash flow: -$62M (excluding Skouries capex); cash flow from operations: $202M (vs. $132M in Q2 2024).
- Capex: $117M at Skouries; $27M in accelerated operational capex.
- Balance sheet: $1.1B liquidity; strong cash generation from operating assets.

**【Operations Update】**
- **Skouries (Louw Smith):**
  - Project progress: 70%; workforce: 1,730 personnel (186 operational staff).
  - Critical path: Filtered tailings plant (75% structural steel complete).
  - Q2 capex: $117M; 2025 guidance: $400-450M.
- **K??lada? (Simon Hille):**
  - Q2 production: 46,058 oz; costs: $1,133/oz.
  - HPGR circuit closure and secondary crusher expansion planned for Q3.
  - Metallurgical study delay due to drilling contractor issues.
- **Olympias (Louw Smith):**
  - Q2 production: 15,978 oz; costs: $1,578/oz (34% improvement).
  - Mill expansion to 650,000 tpa expected by mid-2026.

**【Q&A Highlights】**
- **Skouries Workforce & Productivity:**
  - Q3 ramp-up in mechanical/electrical work; Q4 commissioning.
  - Productivity at or above expectations; no material impact from heat.
- **Balance Sheet Management:**
  - $154M term loan drawdown to fund Skouries; competitive interest rates.
  - Share buybacks continue at undervalued prices.
- **K??lada? Operational Risks:**
  - HPGR wear component damage risk mitigated with secondary crusher upgrade.
  - Q3/Q4 production steady at ~45,000 oz/quarter.
- **Reserve Update:**
  - Year-end 2025 reserve price assumption: slight increase from $1,450/oz.
  - Focus on maintaining margins and 5-year guidance.

Eldorado Gold Corporation (EGO) Q2 2025 Earnings Call Transcript

- **Q1 Production Strong Despite Costs**: 115,893 oz produced, with costs up 23% YoY due to high gold prices and labor.
- **Skouries on Track for 2026 Start**: 66% construction complete, 1,375 daily workforce, and key milestones met.
- **Share Buyback Signal Confidence**: Expanded NCIB to $10M, reflecting undervalued shares and strong cash flow.
- **Tariff Risk Looms Over Costs**: Potential $4-6/oz cost increase if U.S. tariffs on Canadian exports materialize.
- **Operational Excellence Across Assets**: Turkey and Canada mines performed in line with expectations, with Lamaque navigating ore zone challenges.


**【CEO Summary Section】**
- Q1 2025 production of 115,893 gold ounces, with Olympias challenges resolved and Q2 production back to expected levels.
- Total cash costs at $11.53/oz, driven by higher royalties (due to $2,933/oz realized price) and labor costs.
- Skouries project at 66% completion, targeting Q1 2026 first production and mid-2026 commercial operations.
- Expanded NCIB to $10 million (5% of shares), reflecting confidence in undervalued shares and strong cash flow.

**【CFO Financial Commentary】**
- Net earnings: $72M ($0.35/share), adjusted for $11M derivative loss from 2023 gold collars.
- Free cash flow: -$22M (excluding Skouries capex), +$76M when excluding capex, up 111% YoY.
- Cash costs: $1,153/oz (up 23% YoY), ASIC: $1,559/oz (up 19% YoY), driven by higher royalties and labor.
- Tariff impact estimate: $4-6/oz added to costs if U.S. tariffs on Canadian imports materialize.

**【Operations Review】**
- **Skouries (Greece):** 66% construction complete, 1,375 daily workforce, 84% mechanical progress, and 80% electrical progress. Q2-Q4 capex expected to rise with equipment installation.
- **Olympias (Greece):** Q1 production 11,829 oz, costs $2,398/oz, resolved flotation circuit issues with viscosity modifier mitigation.
- **Turkey/Turkey A:** Kisladag (44,319 oz, $1,039/oz) and Efemçukuru (19,307 oz, $1,357/oz) performed in line with expectations.
- **Canada (Lamaque):** 40,438 oz, $836/oz, higher costs due to C5 ore zone haulage and lower grades.

**【Q&A Highlights】**
- **Skouries Workforce:** 700+ EU skilled workers secured, with Plan B/C contingencies for labor shortages.
- **Tariff Risk:** $4-6/oz cost impact if U.S. tariffs on Canadian exports are implemented.
- **NCIB Usage:** Share buybacks will be opportunistic, prioritizing undervalued shares while maintaining financial flexibility for Skouries.
- **Construction Productivity:** Mechanical and piping workfronts on track, with concrete progress supporting Q2-Q3 ramp-up.
- **Open Pit Mining:** 80 operators to be hired by year-end, with Caterpillar training underway for Q4 self-mining operations.


Eldorado Gold Corporation (EGO) Q1 2025 Earnings Call Transcript

- **Record Production Growth**: 2024 gold production up 7% YoY to 520,293 oz, with Q4 at 155,668 oz, the strongest quarter.
- **Skouries Progress**: 60% construction complete, targeting 1,300 workers on site by Q1 2025 for Q1 2026 first production.
- **Financial Strength**: Free cash flow (excl. Skouries) up 198% YoY to $342M, driven by $2,405/oz gold prices.
- **Cost Challenges**: ASIC at $1,285/oz annually due to 28% royalty increase and labor costs.
- **Lamaque Update**: 1 millionth ounce poured in Q4, with 43,000m drilling planned to convert inferred resources to reserves.

**【CEO Summary Section】**
- 2024 was a record year with gold production of 520,293 ounces, a 7% increase YoY, driven by higher mining rates at Lamaque Complex and operational upgrades at Kisladag.
- Q4 production reached 155,668 ounces, the strongest quarter of the year, with all-in sustaining costs (ASIC) at $1,226/oz due to higher royalties and labor costs.
- Skouries project in Greece is 60% complete, targeting first gold production in Q1 2026, despite labor shortages requiring 1,300 workers on site.
- Safety metrics showed an LTIFR of 0.99 for 2024, up from 0.65 in 2023, with ongoing focus on health and safety improvements.

**【CFO Financial Commentary】**
- Q4 net earnings: $108M ($0.53/share); Full year: $301M ($1.48/share), driven by higher gold prices ($2,405/oz avg in 2024 vs $1,944/oz in 2023).
- Free cash flow (excluding Skouries CapEx): $176M for Q4 and $342M annually, a significant improvement from $113M in 2023.
- Total cash costs: $944/oz for Q4, $940/oz annually; ASIC: $1,226/oz for Q4, $1,285/oz annually, up due to higher royalties and labor.
- 2024 capital expenditures: $594M, including $325M for Skouries construction.

**【EVP Operational Updates】**
- **Skouries (Greece):** 60% of Phase 2 construction complete, with 1,180 workers on site. Targeting 1,300 workers by Q1 2025 to meet schedule.
- **Olympias (Greece):** Q4 production 15,922 oz at $1,463/oz, impacted by equipment downtime and higher royalties.
- **Kisladag (Turkey):** Q4 production 56,483 oz at $978/oz, benefiting from new ADR facility and inventory drawdown.
- **Lamaque Complex (Canada):** Q4 production 63,742 oz at $615/oz, with 1 millionth ounce poured in Q4.

**【Q&A Highlights】**
- **Skouries Labor Update:** 1,180 workers on site, targeting 1,300 by Q1 2025. Hiring focused on concrete workers (80 needed) and transitioning to mechanical/electrical trades as concrete work completes.
- **Technical Report Update:** BCSC required removal of PEA section from Lamaque technical report due to inferred resource use. Inferred resources remain intact, with 43,000m of planned drilling in 2025 to convert to reserves.
- **Gold Price Impact:** Higher royalties (28% of cost increase) and labor costs drove up cash costs, but strong gold prices ($2,405/oz avg) offset margin pressure.

Actual											0.0791	0.2557	0.3294	0.3279	0.1175	0.1613	0.2149	0.141	-0.1021	0.0796	-0.0393	0.1409	0.1103	0.0899	0.1734	0.2445	0.2728	0.3337	0.3602	0.6119	0.2679	0.4456	0.4125	0.6294
Forecast											0.1302	0.2317	0.3339	0.3258	0.1786	0.1332	0.1858	0.126	0.0731	0.0991	0.055	0.0668	0.0428	0.0971	0.0452	0.2053	0.1585	0.2518	0.3404	0.559	0.3129	0.4766	0.4536	0.5662
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-39.25%	+10.36%	-1.35%	+0.64%	-34.21%	+21.10%	+15.66%	+11.90%	-239.67%	-19.68%	-171.45%	+110.93%	+157.71%	-7.42%	+283.63%	+19.09%	+72.11%	+32.53%	+5.82%	+9.46%	-14.38%	-6.50%	-9.06%	+11.16%

Actual	--	--	--	--	--	--	--	--	--	--	202.40M	251.69M	287.08M	276.75M	219.86M	235.12M	232.96M	246.36M	198.84M	212.36M	214.12M	247.80M	230.01M	229.49M	250.13M	312.66M	260.61M	300.50M	341.48M	430.04M	339.83M	457.52M	437.35M	576.65M
Forecast	--	--	--	--	--	--	--	--	--	--	202.64M	248.89M	276.77M	297.05M	223.41M	240.89M	247.37M	238.95M	200.29M	247.15M	230.67M	241.69M	231.66M	259.16M	260.21M	308.30M	288.64M	308.66M	359.51M	433.99M	327.84M	407.68M	430.13M	531.16M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.11%	+1.13%	+3.72%	-6.83%	-1.59%	-2.40%	-5.83%	+3.10%	-0.72%	-14.08%	-7.17%	+2.53%	-0.71%	-11.45%	-3.87%	+1.41%	-9.71%	-2.65%	-5.02%	-0.91%	+3.66%	+12.23%	+1.68%	+8.56%

EGO

EGO fundamentals

EGO Q4 2025 Earnings

Earnings Call

You can ask Aime

EGO

EGO fundamentals

EGO Q4 2025 Earnings

Earnings Call

EGO Earnings Call Summary for Q4/202511:30 AM on Feb 20, 2026

EGO Earnings Call Summary for Q3/202511:30 AM on Oct 31, 2025

EGO Earnings Call Summary for Q2/202511:30 AM on Aug 1, 2025

EGO Earnings Call Summary for Q1/202511:30 AM on May 2, 2025

EGO Earnings Call Summary for Q4/202411:30 AM on Feb 21, 2025

You can ask Aime