Q2 2025 Eldorado Gold Corp Earnings Call Transcript
Key Points
- Eldorado Gold Corp (EGO) achieved safe production of 133,769 gold ounces in Q2 2025, with the Lamaque complex exceeding expectations.
- The company remains on track to achieve its 2025 guidance of producing between 460,000 and 500,000 ounces of gold.
- Eldorado Gold Corp (EGO) reported net earnings from continuing operations of $139 million, driven by higher average realized gold prices and strong gold sales.
- The Skouries project is progressing well, with overall project progress at 70% for phase two of construction, and first copper-gold concentrate production expected in Q1 2026.
- Eldorado Gold Corp (EGO) has a strong balance sheet with total liquidity exceeding $1.1 billion, providing significant financial flexibility for ongoing investments and shareholder returns.
- Total cash costs and all-in sustaining costs were higher compared to 2024, primarily due to increased royalties and labor costs.
- The last time injury frequency rate increased to 0.95 from 0.40 in Q2 2024, indicating room for improvement in safety performance.
- Free cash flow for the quarter was negative $62 million, although it was positive $62 million excluding capital investments in the Skouries project.
- The Olympias mill expansion has been delayed, with completion now anticipated by mid-2026 due to permitting and engineering detail delays.
- The EUR to USD exchange rate poses a potential risk to the remaining spend at Skouries, although the company does not expect it to materially affect overall project costs.
Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold second quarter 2025 results conference call.
(Operator Instructions)
I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications and External Affairs. Please go ahead, Ms. Gould.
Thank you, operator, and good morning everyone. I'd like to welcome you to our second quarter, 2025 results conference call.
Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non IFRS measures and risk factors in our management's discussion and analysis.
Joining me on the call today we have George Burns, President and Chief Executive Officer, Paul Ferneyhough, executive Vice President and Chief Financial Officer,
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