Eldorado Gold Tightens 2025 Output Forecast To 470K–490K Ounces, Raises Cost Guidance To $1,600–$1,675 Per Ounce, Lifts Skouries Project Spending To $440M-$470M, Capex At High End Of $145M-$170M

Eldorado Gold Corporation (TSX:ELD, NYSE:EGO) ("Eldorado" or "the Company") today reports the Company's financial and operational results for the third quarter of 2025. For further information, please see the Company's Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com under the Company's profile.

Third Quarter 2025 Highlights

Operations

• Gold production: 115,190 ounces benefitting from higher production at the Lamaque Complex as a result of accelerated processing of the remaining portion of the second bulk sample at Ormaque, offset by lower than expected production at Olympias as a result of continued challenges in the flotation circuit.
• Gold sales: 116,529 ounces at an average realized gold price per ounce sold1 of $3,527.
• Production costs: $164.1 million in Q3 2025.
• Total cash costs1: $1,195 per ounce sold in Q3 2025.
• All-in sustaining costs ("AISC")1: $1,679 per ounce sold in Q3 2025.
• Total capital expenditures: $255.6 million, including $137.7 million of project capital1 invested at Skouries, with activity focused on major earthworks and infrastructure construction and additionally $17.7 million of accelerated operational capital. Growth capital at the operating mines totalled $57.7 million and was primarily related to Kisladag for continued waste stripping, construction of the North Heap Leach Pad and related infrastructure and at the Lamaque Complex for the development of Ormaque.

Financial

• Revenue: $434.7 million in Q3 2025.
• Net cash generated from operating activities from continuing operations: $170.2 million in Q3 2025.
• Cash flow from operating activities before changes in working capital1: $183.5 million in Q3 2025.
• Cash and cash equivalents: $1,043.9 million, as at September 30, 2025. Cash increased by $187.1 million compared to Q4 2024, primarily as a result of the higher gold price, the sale of G Mining Ventures shares in Q1 2025, the receipt of deferred consideration from G Mining Ventures in Q3 2025 (related to the 2021 sale of the Tocantinzinho Project), and unspent Term Facility2 drawdowns. This was partially offset by higher production costs, higher growth capital investment and share buybacks.
• Net earnings attributable to shareholders from continuing operations: $56.5 million, or $0.28 per share, which includes $39.4 million of realized derivative losses on gold collars that were entered into in May 2023.
• Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")1: $196.3 million in Q3 2025.
• Adjusted net earnings3: $82.3 million or $0.41 per share in Q3 2025. Adjustments in Q3 2025 include a $22.2 million unrealized loss on derivative instruments, primarily from gold commodity swaps related to the Term Facility and a $3.7 million loss on foreign exchange due to the translation of deferred tax balances.
• Free cash flow3: Negative $87.4 million in Q3 2025 primarily due to continued investment in growth capital, partially offset by strong cash generated from operating activities. Free cash flow excluding capital expenditures at Skouries was $76.9 million.
• Skouries Project Term Facility: Drawdowns on the Term Facility year to date as at September 30, 2025 totalled €238.8 million ($278.5 million).
  
   

Production and Cost Outlook

• Based on year to date production through the third quarter, we are tightening our 2025 annual gold production guidance to between 470,000 to 490,000 ounces. We have revised upward our consolidated guidance for total cash costs and AISC to between $1,175 to $1,250 and $1,600 to $1,675 per ounce sold, respectively. These increases were primarily driven by:
  • Record high gold prices and recently enacted higher royalty rates in Turkiye driving higher royalty expense
  • Lower than expected performance at Olympias resulting in lower by-product sales, higher processing costs, with production expected at the lower end of the guidance range        
• Additionally, we also expect sustaining capital expenditures to be at the top end of our $145 to $170 million guidance range. In line with previous 2025 guidance, operations growth capital is expected to total $245 to $270 million.
• At Skouries, the project capital for 2025 has been revised upward to $440 to $470 million reflecting the acceleration of work across several non-critical path areas and proactive de-risking efforts. The estimated project capital remains unchanged at $1.06 billion. The accelerated operational capital remains on track and is expected to be between $80 and $100 million.