Canada · Delayed Price · Currency is CAD Eldorado Gold Earnings Call Transcripts
Fiscal Year 2026
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Significant gold and copper production growth is set for the next quarter, driving a major cash flow inflection in 2027 and enabling increased shareholder returns. Key assets in Canada, Greece, and Turkey are entering commercial production, with robust exploration, technology, and sustainability initiatives supporting long-term value.
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Q2 2026 saw strong operational progress with first concentrate at McIlvenna Bay and Skouries, higher gold prices driving revenue growth, and continued investment in major projects. Cash flow from operations remained robust, with liquidity and capital allocation supporting future growth.
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Q1 2026 saw strong revenue growth from higher gold prices despite lower production, with major progress at Skouries and McIlvenna Bay. Capital spending increased for project completion, and a robust balance sheet supports ongoing growth and shareholder returns.
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Production is set to increase to 900,000 oz gold equivalent by 2027, driven by new multi-decade assets and immediate growth from Skouries and McIlvenna Bay. Strong free cash flow, a robust balance sheet, and ongoing share buybacks and dividends support shareholder value, while expansion and exploration projects underpin long-term growth.
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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 Skouries and McIlvenna Bay are fully financed and on track for production in 2026, with strong stakeholder support and minimal regulatory hurdles.
Fiscal Year 2025
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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.
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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.
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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.
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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.
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First production at Skouries is delayed to Q1 2026, with capital costs rising 15.5% to $1.06 billion due to labor shortages and construction delays. Liquidity remains strong, and the project is fully funded. 2025 gold production guidance is 460,000–500,000 ounces, with growth expected as Skouries ramps up.
Fiscal Year 2024
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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.
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Q3 gold production rose 7% year-over-year, with net earnings of $101 million driven by higher gold prices and volumes. Guidance for 2024 was tightened, reflecting inventory buildup and cost pressures, while Skouries remains on track for Q3 2025 production. Margins benefited from record gold prices.
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Q2 2024 gold production and financial results were in line with guidance, with higher gold prices driving improved margins and cash flow. Skouries project construction advanced to 76% completion, and all major operations expect stronger output in H2 2024.