Key points for investors:
- Production and guidance: Q3 2025 gold production was 115,190 oz. Given strong year-to-date performance, Eldorado tightened 2025 gold production guidance to 470,000–490,000 oz. Q3 operational highlights: strong Lamaque performance, stable Efemçukuru, lower volumes/grades and equipment availability impacts at Kisladag, and process issues at Olympias affecting recoveries.
- Costs: 2025 cost guidance was revised upward. Total cash costs are now expected at $1,175–$1,250/oz sold and AISC $1,600–$1,675/oz sold. Drivers include higher royalties (notably in Türkiye driven by higher gold prices and enacted royalty changes) and lower-than-expected Olympias performance reducing byproduct credits and increasing processing costs.
- Skouries progress and timing: Phase 2 construction is ~73% complete (86% including Phase 1). First copper-gold concentrate is expected toward the end of Q1 2026, with commercial production targeted mid-2026 (management defines commercial production as ~80% of nameplate throughput, achieved over a ~30-day period). Overall project capex remains ~$1.06B; 2025 Skouries project capital was revised to $440–$470M due to acceleration of certain noncritical-path work.
- Olympias: Q3 production was 13,597 oz with elevated unit costs. Flotation circuit stability and contamination from a viscosity modifier in paste backfill have reduced recoveries; modest negative impacts may persist while affected stockpiles/stopes are processed (risk may remain into Q2 2026). A mill expansion to 650 ktpa is underway with major equipment delivered and commissioning/ramp targeted in H2 2026.
- Kisladag: Q3 production 37,184 oz at higher cash costs; company will proceed with a whole-ore agglomeration solution (~$35M capex) to improve pad permeability and shorten leach cycles (expected reduction from ~300 to ~200 days), delivering long-term operating and capital benefits.
- Capital allocation & liquidity: Liquidity ~ $1.1B. The company continues an NCIB buyback program (~5M shares YTD for $123M); repurchases remain opportunistic and management signaled continued activity at a similar pace near-term. Management flagged 2026 as an inflection point for cash flow (Skouries) and the appropriate time to revisit a possible sustainable dividend.
- Safety & sustainability: LTIFR increased slightly year-over-year (1.21 vs. 1.10). Integrated verifications against TSF, WGC principles and Toward Sustainable Mining were recently undertaken with preliminary positive results.
- Financials: Q3 net earnings from continuing operations $57M ($0.28/sh); adjusted net earnings $82M ($0.41/sh). Underlying free cash flow excluding Skouries was ~$77M in Q3; reported free cash flow was negative $87M due to Skouries and project spending. Balance sheet remains strong to fund completion and returns to shareholders.
- Near-term catalysts/risks: Skouries commissioning and first concentrate (Q1 2026) and commercial ramp (mid-2026); resolution of Olympias recovery issues and ramp of its expansion (H2 2026); execution of Kisladag agglomeration project (installation in 2027); commodity price volatility and Türkiye royalty/tax environment affecting margins.
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