Research Reports

Prepared Highlights

Q3 2025 gold production of 115,190 ounces; free cash flow (excl. securities investment) of ~$77 million (CEO)
Lamaque production 46,823 oz, total cash cost $767/oz sold – benefit from processing second Ormaque bulk sample (Simon Hille)
Kisladag production 37,184 oz, total cash cost $1,309/oz sold – lower tonnes mined due to reduced equipment availability and mine plan resequencing (Simon Hille)
Efemçukuru production 17,586 oz, total cash cost $1,522/oz sold – in line with plan (Simon Hille)
Olympias production 13,597 oz, total cash cost $1,869/oz sold – flotation circuit stability issues and process water chemistry challenges persist (Louw Smith)
Q3 net earnings from continuing operations $57 million ($0.28/share); adjusted net earnings $82 million ($0.41/share) after excluding $22 million unrealized loss on derivatives (CFO)
Q3 free cash flow (excl. Skouries capital) positive $77 million; total free cash flow negative $87 million (CFO)
Q3 total cash cost $1,195/oz sold; all-in sustaining cost $1,679/oz sold (CFO)
Q3 gross capital at operating mines $58 million; Skouries project investment ~$138 million, plus $18 million accelerated operational capital (CFO)
Skouries Phase 2 construction 73% complete (86% incl. Phase 1); first concentrate production targeted end of Q1 2026, commercial production mid-2026 (Louw Smith)
Stockpiled at Skouries: ~531,000 tonnes open pit ore + ~93,000 tonnes underground ore, containing ~21,000 oz gold and 5.5 million tonnes copper (Louw Smith)
Certej gold project sale finalized on Oct 30, 2025 – marks end of non-core asset divestiture program (CEO)

Official guidance (2025 full year):

Gold production: 470,000–490,000 oz (tightened from prior range) (CEO)
Total cash costs: $1,175–$1,250/oz sold (revised upward) (CEO)
All-in sustaining costs: $1,600–$1,675/oz sold (revised upward) (CEO)
Sustaining capital: higher end of $145M–$170M (CEO)
Operations growth capital: $245M–$270M (unchanged) (CEO)
Skouries project capital: $440M–$470M (revised upward); total project capital unchanged at $1.06B (CEO)
Accelerated operational capital: $80M–$100M (maintained) (CEO)

Mgmt quotes:

"We achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding securities investment." (CEO)
"What stood out most to me is the depth of talent, the capacity across the organization and the clear commitment to safety, operational and ESG excellence as well as disciplined capital allocation." (Christian Milau, President)
"Our balance sheet remains robust, providing the flexibility needed to support growth initiatives and return capital to shareholders." (CFO)
"We remain on track to achieve first copper gold concentrate production towards the end of the first quarter of 2026." (Louw Smith)
"Gold prices have remained strong, but we've seen some sharp swings lately. Through this environment, we remain strongly committed to disciplined cost management, to protect and expand our margins." (CEO)

Prepared Metrics

Metric	Value	Speaker/Context
Q3 Gold Production	115,190 oz	CEO
Q3 Free Cash Flow (excl. securities investment)	~$77 million	CEO
Q3 Net Earnings (continuing ops)	$57 million ($0.28/share)	CFO
Q3 Adjusted Net Earnings	$82 million ($0.41/share)	CFO
Q3 Total Cash Cost/oz sold	$1,195	CFO
Q3 All-in Sustaining Cost/oz sold	$1,679	CFO
Q3 Operating Cash Flow (before working capital changes)	$184 million	CFO
Skouries Phase 2 Construction Progress	73% (86% incl. Phase 1)	Louw Smith
Skouries Stockpile (end Oct) – Ore tonnes	531,000 t (open pit) + 93,000 t (underground)	Louw Smith
Skouries Stockpile – Contained gold & copper	~21,000 oz gold, 5.5M tonnes copper	Louw Smith
Shares repurchased (Q3)	~3 million shares for $79 million	CEO
Shares repurchased (9 months 2025)	~5 million shares for $123 million	CEO
Liquidity (end Q3)	~$1.1 billion	CFO

Q&A Batch (1-5 of 5)

Q1 — Cosmos Chiu

Topic: Probe投资退出逻辑与Skouries项目关键路径风险
Key points:
- Eldorado未支持Fresnillo对Probe的收购报价，因Probe发现的是大型低品位露天矿，不符合公司资本配置优先级
- Skouries计划2026年Q1产出首批精矿（“first concentrate”），关键路径为干式堆存过滤厂（dry stack filter plant）
- 未来5个月工人队伍过渡（管道、电气、控制系统）有良好可视性，预计进入Q1后施工人员将大幅减少，转向调试准备
Mgmt stance: 中性偏积极。管理层对Skouries按计划交付有信心，但坦承过渡期存在执行风险。

Q2 — Cosmos Chiu

Topic: Kisladag全矿团聚项目对浸出周期的影响
Key points:
- 当前平均浸出周期约300天，全矿团聚后预计缩短至200天
- 主要目的是改善堆浸垫渗透性，不计划在模型中纳入回收率提升，但更快的动力学是长期正面信号
Mgmt stance: 中性。强调技术改进的核心是加快资金回收和减少基础设施需求，但未给出量化回收率预期。

Q3 — Tanya Jakusconek

Topic: Skouries商业生产定义及2026年成本更新指引
Key points:
- 商业生产定义为达到设计铭牌80%产能（约2026年中），2026年底达到100%
- 管理团队认为单一浮选回路比Olympias更简单，且已有Olympias操作员在Skouries培训
- 2026年Q1将发布包含剩余资本开支及商业生产后运营成本的2026年指引
Mgmt stance: 积极。对80%产能达标和后续爬坡至100%产能表示“感觉舒适”（feeling comfortable）。

Q4 — Tanya Jakusconek

Topic: Olympias浮选挑战、资本配置优先级及储备更新
Key points:
- Olympias浮选回路受地下矿山回填中黏度调节剂（viscosity modifier）影响，近2个月回收率已出现反弹
- 黏度调节剂残留风险将持续至2026年Q2；公司正通过破碎筛分及洗矿（待许可）两条路线管理
- 成本指引上调约50%由金价上涨（预算价$2,300→年末均价$4,000）相关的土耳其特许权使用费驱动，50%由Olympias回收率与产量走弱驱动
Mgmt stance: 谨慎但乐观。承认Olympias风险持续至2026年Q2，但强调扩张工程与问题无关联，且扩张完成后加上黏度问题消除，Olympias将成为关键现金流贡献者。

Q5 — Don DeMarco

Topic: 股票回购节奏及成本上涨分解
Key points:
- 成本指引上调50%源于金价上涨带来的绝对版税成本及

Q&A Batch (6-6 of 6)

Q6 — Lawson Winder

Topic: 2026年资本支出展望及Skouries项目细节
Key points:
- 2025年维持性资本支出运行在1.45亿–1.70亿美元的高端，2026年基线可能接近该高端，但具体指引需待Q1更新。
- 增长资本当前范围2.45亿–2.70亿美元，但受Olympias扩建（许可中的尾砂充填厂）和已承诺的3500万美元矿石团聚项目影响；Skouries Q1为支出高峰，Q2调试，未来地下矿投资从2027年开始显著增加。
- 若Skouries出现延迟，每月固定成本约为1500万美元（占整体资本支出比例较小）。
- Kisladag Q4产量因堆浸时效存在不确定性，但全年仍将落在指引范围内，预计Q4不会出现大幅波动。
Mgmt stance: 中性偏积极 – Skouries进度在掌控中（设备、物料、2000+工人到位），但Olympias许可和Kisladag季节性因素带来不确定性。