Canada · Delayed Price · Currency is CAD Eldorado Gold Earnings Call Transcripts
Fiscal Year 2026
-
Production is set to increase 80% by 2027 with two new multi-decade mines coming online, driving significant free cash flow and value creation. The company maintains a strong balance sheet, is initiating dividends and buybacks, and expects to be a sector leader post-merger.
-
The merger creates a diversified gold-copper producer with long-life assets in Canada, Greece, and Türkiye, targeting significant production and free cash flow growth by 2027. Both companies are fully aligned on sustainability, with major projects entering production in 2026 and strong stakeholder support.
Fiscal Year 2025
-
Delivered strong 2025 results with gold production at the high end of guidance, $1.8B revenue, and robust cash flow. Skouries project delayed to Q3 2026, but growth and dividend plans remain on track, supported by the Foran Mining acquisition.
-
Q3 2025 saw strong gold production, robust cash flow (excluding Skouries), and tightened guidance, with higher costs driven by royalties and inflation. Skouries remains on track for Q1 2026, while share buybacks and disciplined capital allocation continue.
-
Q2 saw strong gold production and financial results, with revenue up 52% year-over-year and net earnings of $139 million. Skouries construction is 70% complete, on track for 2026 production, while costs rose due to higher royalties and labor. NCIB was expanded and over 2.8 million shares repurchased.
-
Q1 2025 saw strong gold production and record revenues, with higher costs offset by robust gold prices. The Skouries project remains on schedule, and an expanded share buyback reflects management's confidence and capital strength.
-
First production at Skouries is delayed to Q1 2026, with project capital costs rising 15.5% to $1.06 billion due to labor shortages. Maintaining a 1,300-person workforce in Greece remains the main risk, but funding and liquidity are strong. Skouries is expected to drive significant production growth and long-term value.
Fiscal Year 2024
-
Strong 2024 results with 7% higher gold production, record output at Lamaque, and robust financials driven by high gold prices. Skouries construction advanced to 60%, with first gold expected in Q1 2026. Liquidity remains strong at $1.1 billion.
-
Q3 gold production rose 7% year-over-year, with net earnings of $101 million and strong liquidity. Guidance for 2024 was tightened, costs increased due to higher royalties and labor, and Skouries remains on track for Q3 2025 production.
-
Q2 2024 saw gold production and financial results in line with guidance, supported by strong gold prices and operational improvements. Skouries project remains on track for Q3 2025 start, and liquidity is robust. Labor negotiations at Olympias are nearing resolution.