EGO · Eldorado Gold Corporation

Eldorado Gold's Q2 2026 results reflect a mixed quarter: lower production due to planned mine sequencing at Kisladag and lower grades at Efemcukuru, but sharply higher realized gold prices drove revenue and earnings higher. The average realized gold price of $4,379/oz was 34% above the prior year, partially offsetting a 22% drop in ounces sold. Production costs rose to $184.8 million from $162.2 million, driven by higher royalties linked to metal prices and increased costs at Lamaque and Turkiye operations. Net earnings of $172.8 million ($0.69/share) compared to $138.0 million ($0.67/share) in Q2 2025, with gains from foreign exchange and derivative instruments partially offset by higher income tax expense. Adjusted net earnings (non-GAAP) were $136.7 million ($0.54/share), up from $90.1 million ($0.44/share).

Capital expenditures surged to $441.3 million in Q2 2026 (cash basis $469.6 million), primarily for Skouries ($154.6 million project capital, $59.6 million accelerated operational capital) and McIlvenna Bay ($78.1 million). Free cash flow was negative $334.1 million, but excluding Skouries and McIlvenna Bay, free cash flow was positive $40.9 million, demonstrating ongoing cash generation from core operations. The Company ended the period with $554.6 million cash and $1,749.9 million of debt (including $100 million drawn on the credit facility).

Key developments include the completion of the Foran Mining acquisition on April 14, 2026, adding the McIlvenna Bay copper-zinc-gold-silver mine in Canada. First copper concentrate was achieved on June 7 and zinc concentrate in July; commercial production is expected in Q3 2026. The Skouries copper-gold project in Greece is 97% complete, with first concentrate expected in Q3 and commercial production in Q4 2026. The Company also updated its 2026 guidance: total gold production (including Skouries and McIlvenna Bay) is now 495,000-600,000 oz, up from the prior range of 430,000-490,000 oz for existing operations. On the leadership front, CEO George Burns announced his retirement effective September 30, 2026, with Christian Milau succeeding him. Board changes also occurred, including the appointment of Dan Myerson as Chair.

The quarter underscores Eldorado's transition to a multi-asset producer with two major projects nearing production. While operating cash flow remains robust, significant capital outlays are expected to continue through H2 2026. The dividend of $0.075 per share was initiated in Q1 and maintained in Q2. The Company's $450 million credit facility provides additional liquidity, with $300 million available as of June 30.