Eldorado Gold Delivers Strong 2025 Full Year and Fourth Quarter Financial and Operational Results; Significant Free Cash Flow Excluding Skouries and Increased Cash Generated From Operating Activities
(All amounts expressed in
Q4 2025 and Full-Year Summary
Operations
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Gold production: 123,416 ounces in Q4 2025. Full-year 2025 production of 488,268 ounces, achieving the higher-end of 2025 production guidance.
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Gold sales: 126,923 ounces in Q4 2025 at an average realized gold price per ounce sold(1) of
$4,251 , resulting in 491,204 ounces sold in 2025 at an average realized gold price per ounce sold of$3,505 . -
Production costs:
$203.0 million in Q4 2025, and$677.6 million in 2025. -
Total cash costs(1):
$1,295 per ounce sold in Q4 2025, and$1,176 per ounce sold in 2025 came in at the low end of our tightened guidance range. -
All-in sustaining costs(1) ("AISC"):
$1,894 per ounce sold in Q4 2025 and$1,664 per ounce sold in 2025, within the tightened guidance range for the year. -
Total capital expenditures:
$309.2 million in Q4 2025, and$978.9 million in 2025, including$136.6 million and$475.2 million of construction project capital invested at ourSkouries Project in the respective periods. Growth capital(1) at the operating mines of$218.3 million in 2025 was primarily focused at Kisladag, including waste stripping to support mine life extension, construction of the second phase of the North Heap Leach Pad ("NHLP"), and additional North Adsorption-Desorption-Recovery ("ADR") infrastructure. Sustaining capital(1) at operating mines totalled$169.1 million in 2025, including$94.1 million at theLamaque Complex primarily related to underground development, equipment rebuilds, and expansion of the tailings management facility.
Financial
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Revenue:
$577.2 million in Q4 2025 and$1,818.9 million in 2025. -
Net cash generated from operating activities of continuing operations:
$283.7 million in Q4 2025, and$742.5 million in 2025. -
Cash flow from operating activities, before changes in working capital(2):
$230.0 million in Q4 2025, and$752.0 million in 2025. -
Cash and cash equivalents:
$869.4 million as atDecember 31, 2025 , up from$856.8 million as atDecember 31, 2024 . -
Net earnings attributable to shareholders from continuing operations:
$252.3 million in Q4 2025, and$519.9 million in 2025. -
Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(2):
$265.2 million in Q4 2025 and$836.2 million in 2025. These increases were primarily driven by higher net earnings in both periods. Quarter over quarter higher Adjusted EBITDA was partially offset by the removal of$27.4 million of unrealized gains on derivative instruments in Q4 2025, whereas year over year, Adjusted EBITDA was increased by adding back$39.4 million of unrealized losses on derivative instruments in 2025. -
Adjusted net earnings from continuing operations(2):
$126.1 million or$0.63 per share in Q4 2025, and$354.9 million or$1.75 per share in 2025. Adjustments of non-recurring items in 2025 include removing a$177.7 million recovery on deferred tax assets, a$18.7 million gain on foreign exchange due to the translation of deferred tax balances, and a$39.4 million unrealized loss on derivative instruments, among other things. Adjusted net earnings in Q4 2025 removes a$104.2 million recovery on deferred tax assets, a$27.4 million unrealized gain on derivative instruments and a$3.9 million loss on foreign exchange due to the translation of deferred tax balances, among other items. -
Free cash flow(2): Negative
$54.5 million in Q4 2025, and negative$232.9 million in 2025. Free cash flow excluding capital expenditures at Skouries(2) was$109.3 million in Q4 2025 and$315.6 million in 2025. -
Skouries Project Term Facility: Drawdowns on the Skouries Project Term Facility were €238.8 million (
$278.5 million ) in 2025, with cumulative drawdowns as ofDecember 31, 2025 totaling €680.4 million ($799.5 million ). The Term Facility is fully drawn.
"2025 was a year of strong execution and meaningful progress across our portfolio,” said
At Skouries, construction and commissioning advanced significantly. While near-term timing of first concentrate production at Skouries has shifted to early Q3, the fundamentals of the project remain compelling. Together with the Olympias expansion and progress at Perama Hill,
Our results in 2025 are a direct reflection of the commitment and capability of our employees and contractors across the organization. I want to thank our teams for their focus on safety, operational discipline, and collaboration throughout the year. Looking ahead to 2026, we remain focused on safely delivering Skouries, strengthening our operating foundation, and creating long-term value for our shareholders."
Skouries Highlights
First production of the copper-gold concentrate is expected in early Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.
Concentrate Off-Take Agreements
Commercial terms for concentrate off-take have been agreed to with counterparties and contract execution expected before the end of Q1. Negotiated concentrate off-take agreements will cover approximately 80% of the copper concentrate for a two to three year term depending on the agreement and we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study assumptions, as a result of better pricing and treatment charge conditions in the current market.
Capital Estimate and Schedule
The capital cost estimate for Skouries is
Project capital totalled
Accelerated operational costs of
Accelerated operational capital was
Construction Activities
As at
Progress continues on the construction of the crusher building structure with the concrete now complete. The primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical installations. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations commenced in
The stockpile dome foundation is complete and assembly of the dome structure is progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. Installation of the prefabricated electrical distribution room was completed at the end of
Process Plant
Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Recent inspections have identified the need to replace the cyclone feed pump variable speed drive capacitors in the process plant main mill discharge cyclone feed, which experienced moisture damage during storage. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the control building structure is complete with electrical work underway across all areas.
The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing. The reagent areas are advancing in line with the commissioning plan through various stages of mechanical, piping and electrical installations.
Thickeners
Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up and is progressing in line with the plan.
Water testing has been completed and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and electrical work and tank installations in the flocculant building. Electrical installations and cable pulling in the thickeners’ secondary substation building are in progress.
Filtered Tailings Facility
Work continues to progress on the filtered tailings plant, which remains on the critical path with electrical installation and commissioning being the final step. The cladding on the filtered tailings building commenced in
Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. Pipe and cable tray installation are progressing. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete.
The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks assembled and water-tested, with internal coating work now underway. The clarifier water tank construction is progressing to plan.
The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.
Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system.
The work on the tailings infrastructure has been impacted by recent rainfall above historic levels which is affecting certain construction accessibility and productivities.
Powerline and Substations
The powerline, main and secondary substations are advancing to support start-up in early Q3 2026. Power line connection delays have resulted from a slower than expected approval of the detailed engineering, which in turn delayed the ramp‑up of the subcontractor. Prior to commissioning final electrical regulatory authority approval requires completion of inspection and energization protocols.
Commissioning Activities
Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and process control systems has been completed. Pre-commissioning of the fire, utility, and process water systems has started. Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding, tails filtration, and primary crushing. Commissioning of these areas is expected to commence as sub systems are completed by the construction team.
Integrated Extractive Waste Management Facility (the "IEWMF")
Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next phase of cut-off trench construction.
Work is underway to prepare a dedicated area for the initial placement of tailings, however, work productivities have been impacted by recent rainfall above historic levels.
Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond the milestone elevation of 340 RL.
Enhancements were made to the construction of the Water Management System, notably the completion of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion channel.
The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment plant (WTP) foundation works commenced as planned.
Accelerated Operations and Readiness
Open Pit Mining
The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there were approximately 1.2 million tonnes of open pit and underground ore on stockpiles containing approximately 47.3 thousand ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and confirmed the first three years of production.
Underground access development rates continued to accelerate. A total of 1,155 metres of underground development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was approximately 900 metres more development than budgeted during the year.
The test stope program delivered high quality results during the quarter. The first of two test stopes were completely mined out and the second test stope mining will be completed in
Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment), was successfully used during the mining of these two test stopes. This technology enables a single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.
Processing
Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to support operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced from three different vendors.
Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational readiness activities for tailings stacking.
Workforce
As at
2025 Year in Review: A Pivotal Year for Growth
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Health and Safety: The Company’s lost-time injury frequency rate per million person-hours worked ("LTIFR") improved to 0.55 in Q4 2025, compared to 1.02 in Q4 2024. On a year-to-date basis, LTIFR was 0.99 in 2025, consistent with 0.99 in 2024. We continue to implement multi-year programs to support continuous improvement in workplace safety, supporting our vision of Everyone Going Home Healthy and Safe Every Day.
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Courageous Safety Leadership: Continued strengthening Eldorado's health and safety culture with the global rollout of the Courageous Safety Leadership (CSL) program in 2025, achieving 25% workforce participation (employees and contractors) and advancing plans for full implementation across all regions in 2026. CSL is designed to challenge participants to explore the impact of individual beliefs, attitudes, and behaviors in creating a positive culture of health and safety both at work and at home.
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Sustainability: Strengthened our company-wide sustainability performance through the revision of our Sustainability Integrated Management System (SIMS), reinforcing our commitment to continuous improvement and a consistent ‘One Eldorado’ approach. Additionally, Eldorado was recognized by TIME as one of Canada’s Best Companies in 2025, reflecting our strong performance in sustainability transparency, employee satisfaction and consistent revenue.
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Climate Change and GHG Emissions: In 2025, we advanced our Scope 3 GHG emissions inventory for the years 2023 and 2024, a key step in improving the transparency in our upstream and downstream value chains. Projects and initiatives implemented thus far across our operating mines contributed 23,614 tCO2e of GHG emissions mitigations in 2024, representing 40% of our target of mitigating approximately 59,000 tCO2e by 2030 on a “business-as-usual” basis.
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Increased Mineral Reserves: In
November 2025 , the updated Mineral Reserve and Mineral Resource statement was published showing that in addition to replacing depletion, the Company increased Mineral Reserves by 5%, driven by a 25% increase at theLamaque Complex . Additionally, Inferred Mineral Resources increased by 21%, representing significant opportunities for Mineral Resource conversion across the portfolio. -
Setting up
Quebec for Continued Growth:The Lamaque Complex inQuebec successfully processed the second bulk sample at Ormaque further de-risking theLamaque Complex and positioning it for the next phase of advancement. -
Optimization Initiatives Underway at Kisladag: During Q2 2025, the decision was made to proceed with an expansion to the secondary crushing circuit to facilitate operational debottlenecking and reduce wear on the high pressure grinding rolls. In addition, in Q3 2025 to further improve the circuit it was decided to move ahead with implementing whole ore agglomeration which is expected to enhance permeability, improve kinetics, and shorten the leach cycle.
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Efemcukuru Met Guidance for the 11th Consecutive Year: Since 2014, Efemcukuru has met annual guidance expectations.
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Enhancing Throughput and Efficiency at Olympias: During Q2 2025, the mill expansion to 650tpd from 500tpd commenced and is advancing towards completion in Q3 2026 and ramp up in Q4 2026. The expansion is expected to enhance throughput and strengthen overall operating efficiency.
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Continued Strategic Investment Execution: In
December 2025 , Eldorado increased its investment in Amex Exploration to approximately 27%, providing further exposure to a high-quality asset. -
Returning Capital to Shareholders: In
May 2025 , Eldorado amended its normal course issuer bid ("NCIB") and renewed it inJuly 2025 . In 2025, the Company repurchased and cancelled 7,688,241 common shares at an average price of$26.47 for a total of approximately$204 million . In addition, inJanuary 2026 the Company announced the initiation of a dividend that provides for the payment of a regular quarterly dividend per common share of the Company.
Notable Recognitions and Milestones Across the Business:
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In
Canada , theLamaque Complex celebrated its one millionth gold ounce since declaring commercial production in 2019. -
In Turkiye, Kisladag celebrated its four millionth gold ounce. Overall, Turkiye has produced over five million gold ounces.
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Recognized within the TSX30 ranking for top performance over a three year period, based on dividend adjusted share price appreciation. Eldorado's share price increased 238% for the three years ended
June 30, 2025 . -
Nora Lozano , VP Health and Safety, raised overC$68,000 forCovenant House Vancouver by participating in the Annual Executive Sleep Out inVancouver . This was the first time Nora participated in the event to raise funds and awareness for youths experiencing homelessness, and marking Eldorado's 7th consecutive year of participation. Since 2018, Eldorado, including employee matching campaigns, has raised overC$300,000 forCovenant House Vancouver .
Summarized Annual Financial Results
| 2025 | 2024 | 2023 | ||||||
| Revenue |
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| Gold produced (oz) | 488,268 | 520,293 | 485,139 | |||||
| Gold sold (oz) | 491,204 | 517,926 | 483,978 | |||||
| Average realized gold price ($/oz sold) (2) |
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| Production costs | 677.6 | 564.2 | 478.9 | |||||
| Total cash costs ($/oz sold) (2,3) | 1,176 | 940 | 850 | |||||
| All-in sustaining costs ($/oz sold) (2,3) | 1,664 | 1,285 | 1,220 | |||||
| Net earnings for the period (1) | 507.3 | 289.1 | 104.6 | |||||
| Net earnings per share – basic ($/share) (1) | 2.50 | 1.42 | 0.54 | |||||
| Net earnings per share – diluted ($/share) (1) | 2.47 | 1.41 | 0.54 | |||||
| Net earnings for the period continuing operations (1,4) | 519.9 | 300.9 | 106.2 | |||||
| Net earnings per share continuing operations – basic ($/share) (1,4) | 2.56 | 1.48 | 0.55 | |||||
| Net earnings per share continuing operations – diluted ($/share) (1,4) | 2.53 | 1.46 | 0.54 | |||||
| Adjusted net earnings continuing operations (1,2,4) | 354.9 | 320.7 | 110.7 | |||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) | 1.75 | 1.57 | 0.57 | |||||
| Net cash generated from operating activities (4) | 742.5 | 656.0 | 382.9 | |||||
| Cash flow from operating activities before changes in working capital (2,4) | 752.0 | 635.5 | 411.2 | |||||
| Free cash flow (2,4) | (232.9 | ) | 19.8 | (47.2 | ) | |||
| Free cash flow excluding Skouries (2,4) | 315.6 | 355.0 | 112.6 | |||||
| Cash and cash equivalents (4) | 869.4 | 856.8 | 540.5 | |||||
| Total assets | 6,727.3 | 5,835.6 | 4,987.6 | |||||
| Debt | 1,275.1 | 915.4 | 636.1 | |||||
| (1) | Attributable to shareholders of the Company. |
| (2) | These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's |
| (3) | Revenues from silver, lead and zinc sales are offset against total cash costs. |
| (4) | Amounts presented are from continuing operations only and exclude the |
Summarized Quarterly Financial Results
| 2025 | Q1 | Q2 | Q3 | Q4 | 2025 | ||||||||||
| Revenue |
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| Gold produced (oz) | 115,893 | 133,769 | 115,190 | 123,416 | 488,268 | ||||||||||
| Gold sold (oz) | 116,263 | 131,489 | 116,529 | 126,923 | 491,204 | ||||||||||
| Average realized gold price ($/oz sold) (2) |
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| Production costs | 148.3 | 162.2 | 164.1 | 203.0 | 677.6 | ||||||||||
| Total cash cost ($/oz sold) (2,3) | 1,153 | 1,064 | 1,195 | 1,295 | 1,176 | ||||||||||
| All-in sustaining cost ($/oz sold) (2,3) | 1,559 | 1,520 | 1,679 | 1,894 | 1,664 | ||||||||||
| Net earnings (1) | 72.4 | 138.0 | 56.0 | 240.8 | 507.3 | ||||||||||
| Net earnings per share – basic ($/share) (1) | 0.35 | 0.67 | 0.28 | 1.21 | 2.50 | ||||||||||
| Net earnings per share – diluted ($/share) (1) | 0.35 | 0.67 | 0.27 | 1.19 | 2.47 | ||||||||||
| Net earnings for the period continuing operations (1,4) | 72.0 | 139.0 | 56.5 | 252.3 | 519.9 | ||||||||||
| Net earnings per share continuing operations - basic ($/share) (1,4) | 0.35 | 0.68 | 0.28 | 1.26 | 2.56 | ||||||||||
| Net earnings per share continuing operations - diluted ($/share) (1,4) | 0.35 | 0.67 | 0.28 | 1.25 | 2.53 | ||||||||||
| Adjusted net earnings continuing operations (1,2,4) | 56.4 | 90.1 | 82.3 | 126.1 | 354.9 | ||||||||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) | 0.28 | 0.44 | 0.41 | 0.63 | 1.75 | ||||||||||
| Net cash generated from operating activities (4) | 130.4 | 158.2 | 170.2 | 283.7 | 742.5 | ||||||||||
| Cash flow from operating activities before changes in working capital (2,4) | 136.5 | 202.0 | 183.5 | 230.0 | 752.0 | ||||||||||
| Free cash flow (2,4) | (29.4 | ) | (61.6 | ) | (87.4 | ) | (54.5 | ) | (232.9 | ) | |||||
| Free cash flow excluding Skouries (2,4) | 67.9 | 61.5 | 76.9 | 109.3 | 315.6 | ||||||||||
| Cash and cash equivalents (4) | 978.1 | 1,078.6 | 1,043.9 | 869.4 | 869.4 | ||||||||||
| Total assets | 5,951.8 | 6,303.8 | 6,485.4 | 6,727.3 | 6,727.3 | ||||||||||
| Debt | 932.8 | 1,157.1 | 1,258.5 | 1,275.1 | 1,275.1 | ||||||||||
| 2024 | Q1 | Q2 | Q3 | Q4 | 2024 | ||||||||||
| Revenue |
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| Gold produced (oz) | 117,111 | 122,319 | 125,195 | 155,668 | 520,293 | ||||||||||
| Gold sold (oz) | 116,008 | 121,226 | 123,828 | 156,864 | 517,926 | ||||||||||
| Average realized gold price ($/oz sold) (2) |
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| Production costs | 123.0 | 127.8 | 141.2 | 172.1 | 564.2 | ||||||||||
| Total cash cost ($/oz sold) (2,3) | 922 | 940 | 953 | 944 | 940 | ||||||||||
| All-in sustaining cost ($/oz sold) (2,3) | 1,262 | 1,331 | 1,335 | 1,226 | 1,285 | ||||||||||
| Net earnings (1) | 33.6 | 55.5 | 95.0 | 105.1 | 289.1 | ||||||||||
| Net earnings per share – basic ($/share) (1) | 0.17 | 0.27 | 0.46 | 0.51 | 1.42 | ||||||||||
| Net earnings per share – diluted ($/share) (1) | 0.16 | 0.27 | 0.46 | 0.51 | 1.41 | ||||||||||
| Net earnings for the period continuing operations (1,4) | 35.2 | 56.4 | 101.1 | 108.2 | 300.9 | ||||||||||
| Net earnings per share continuing operations - basic ($/share) (1,4) | 0.17 | 0.28 | 0.49 | 0.53 | 1.48 | ||||||||||
| Net earnings per share continuing operations - diluted ($/share) (1,4) | 0.17 | 0.27 | 0.49 | 0.52 | 1.46 | ||||||||||
| Adjusted net earnings continuing operations (1,2,4) | 55.2 | 66.6 | 71.0 | 127.8 | 320.7 | ||||||||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) | 0.27 | 0.33 | 0.35 | 0.62 | 1.57 | ||||||||||
| Net cash flow from operating activities (4) | 95.3 | 112.2 | 180.9 | 267.6 | 656.0 | ||||||||||
| Cash flow from operating activities before changes in working capital (2,4) | 108.3 | 132.2 | 166.5 | 228.5 | 635.5 | ||||||||||
| Free cash flow (2,4) | (30.9 | ) | (32.0 | ) | (4.8 | ) | 87.6 | 19.8 | |||||||
| Free cash flow excluding Skouries (2,4) | 33.7 | 33.9 | 98.3 | 189.2 | 355.0 | ||||||||||
| Cash and cash equivalents (4) | 514.7 | 595.1 | 676.6 | 856.8 | 856.8 | ||||||||||
| Total assets | 5,065.5 | 5,280.6 | 5,565.1 | 5,835.6 | 5,835.6 | ||||||||||
| Debt | 643.8 | 748.0 | 849.2 | 915.4 | 915.4 | ||||||||||
| (1) | Attributable to shareholders of the Company. |
| (2) | These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios. |
| (3) | Revenues from silver, lead and zinc sales are offset against total cash costs. |
| (4) | Amounts presented are from continuing operations only and exclude the |
Gold sales in 2025 totalled 491,204 ounces, a decrease of 5% from 517,926 ounces in 2024, and 126,923 ounces in Q4 2025, a decrease of 19% from 156,864 ounces in Q4 2024. The lower sales volume in both periods compared to prior year primarily reflected planned lower production across all sites.
The average realized gold price(4) was
Total revenue was
Production costs increased to
Production costs include royalty expense, which increased to
Total cash costs(4) averaged
AISC per ounce sold(4) increased to
The Company reported net earnings attributable to shareholders from continuing operations of
Adjusted net earnings attributable to shareholders from continuing operations(4) was
Operations Update
Gold Operations
| 3 months ended |
12 months ended |
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| 2025 | 2024 | 2025 | 2024 | |||||
| Total | ||||||||
| Ounces produced | 123,416 | 155,668 | 488,268 | 520,293 | ||||
| Ounces sold | 126,923 | 156,864 | 491,204 | 517,926 | ||||
| Production costs |
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| Total cash costs ($/oz sold) (1,2) |
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| All-in sustaining costs ($/oz sold) (1,2) |
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| Sustaining capital expenditures (2) |
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| Kisladag | ||||||||
| Ounces produced | 41,140 | 56,483 | 168,701 | 174,080 | ||||
| Ounces sold | 43,043 | 56,056 | 169,971 | 173,124 | ||||
| Production costs |
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| Total cash costs ($/oz sold) (1,2) |
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| All-in sustaining costs ($/oz sold) (1,2) |
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| Sustaining capital expenditures (2) |
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| Lamaque | ||||||||
| Ounces produced | 49,307 | 63,742 | 187,208 | 196,538 | ||||
| Ounces sold | 49,886 | 61,894 | 187,551 | 194,670 | ||||
| Production costs |
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| Total cash costs ($/oz sold) (1,2) |
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| Sustaining capital expenditures (2) |
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| Efemcukuru | ||||||||
| Ounces produced | 14,496 | 19,451 | 72,482 | 80,143 | ||||
| Ounces sold | 14,591 | 19,185 | 73,191 | 80,002 | ||||
| Production costs |
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| Total cash costs ($/oz sold) (1,2) |
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| Olympias | ||||||||
| Ounces produced | 18,473 | 15,992 | 59,877 | 69,532 | ||||
| Ounces sold | 19,403 | 19,729 | 60,491 | 70,130 | ||||
| Production costs |
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| Total cash costs ($/oz sold) (1,2) |
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| (1) | Revenues from silver, lead and zinc sales are off-set against total cash costs. |
| (2) | These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's |
Kisladag
Kisladag produced 168,701 ounces of gold in 2025, a 3% decrease from 174,080 ounces in 2024 due to fewer tonnes placed on the pad and lower grades stacked during 2025. Similarly, gold production of 41,140 ounces in the quarter decreased 27% from 56,483 ounces in Q4 2024, due to lower available stacked ounces. In the year, lower grades of 0.73 grams per tonne in 2025 compared to 0.81 grams per tonne in 2024, resulted in lower recoverable ounces stacked in the quarter.
Revenue increased to
Production costs increased to
Depreciation expense decreased to
AISC per ounce sold increased to
Sustaining capital expenditures were
Following a comprehensive technical and economic assessment, with a focus on capital discipline, whole ore agglomeration was decoupled from additional screening for the high pressure grinding rolls ("HPGR"). This allows for the implementation of the whole ore agglomeration circuit. The investment is expected to be approximately
Following the Q2 2025 decision to expand the secondary crusher circuit to facilitate operational debottlenecking and reduce wear on the HPGR, a new crusher has been ordered, and is expected to be delivered and installed in H2 2026.
The geometallurgical study for characterization of future mining phases continues and will evaluate the benefit of additional screening for the HPGR and whole ore agglomeration. This study is expected to be complete in H1 2026.
The higher metal price environment has created a significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity to move from a
Lamaque
Lamaque produced 187,208 ounces of gold in 2025, a 5% decrease from 196,538 ounces in 2024 as a result of lower average grades and recoveries, partially offset by higher ore throughput. Gold production of 49,307 ounces in the quarter was lower compared to 63,742 ounces in Q4 2024 due to lower throughput rates as a result of a planned shutdown in Q4 and lower grades which influenced lower average recoveries. The gold grade decreased to 6.78 grams per tonne in Q4 2025 from 8.05 grams per tonne in 2025 due to mine sequencing, as well as the high-grade Ormaque bulk sample processed in Q4 2024.
Revenue increased to
Production costs increased to
AISC per ounce sold increased to
Sustaining capital expenditures were
Efemcukuru
Efemcukuru produced 72,482 payable ounces of gold in 2025, a 10% decrease from 80,143 payable ounces in 2024, reflecting predominately lower grades. Gold production of 14,496 payable ounces in the quarter was 25% lower than 19,451 payable ounces produced in Q4 2024, due to lower grades despite higher tonnes milled.
Revenue increased to
Production costs increased to
AISC per ounce sold increased to
Sustaining capital expenditure was
Olympias
Olympias produced 59,877 ounces of gold in 2025, a 14% decrease from 69,532 ounces in 2024. This primarily reflects lower throughput and recoveries during the year as a result of persistent flotation circuit stability issues due to a paste backfill blend that affected the water chemistry, as well as equipment availability constraints.
Gold production of 18,473 ounces in Q4 2025 increased from 15,992 ounces in Q4 2024 as a result of higher gold grades and recoveries despite slightly lower throughput. Lead and silver production decreased in the period compared to Q4 2024, primarily reflecting lower grades.
Revenue increased to
Production costs increased to
AISC per ounce sold of
Sustaining capital expenditure increased to
For further information on the Company’s operating results for the year-end and fourth quarter of 2025, please see the Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.com under the Company’s profile.
Conference Call
A conference call to discuss the details of the Company’s Fourth Quarter and Year-End 2025 Results will be held by senior management on
Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10205013/100877522c1.
Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.
| Conference Call Details | Replay (available until |
|||
| Date: |
|
: |
+1 412 317 0088 | |
| Time: | ( |
Toll Free: | +1 855 669 9658 | |
| Dial in: | +1 647 846 2782 | Access code: | 5447764 | |
| Toll free: | 1 833 752 3325 | |||
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye,
Contact
Investor Relations
647 271 2827 or 1 888 353 8166
[email protected]
Media
236 885 6251 or 1 888 353 8166
[email protected]
Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS financial measures and ratios are included in this press release, including total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, adjusted net earnings/(loss) attributable to shareholders, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), adjusted net earnings/(loss) per share attributable to shareholders, free cash flow, free cash flow excluding Skouries, and cash flow from operating activities before changes in working capital.
Please see the
Total Cash Cost, Total Cash Costs per Ounce Sold
Our reconciliation of total cash costs and total cash costs per ounce sold to production costs, the most directly comparable IFRS measure, is presented below.
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Production costs | $203.0 | $172.1 | $677.6 | $564.2 | $478.9 | ||||||||||
| By-product credits (1) | (40.9 | ) | (27.8 | ) | (109.3 | ) | (92.2 | ) | (83.4 | ) | |||||
| Concentrate deductions (2) | 2.3 | 3.9 | 9.3 | 15.1 | 15.7 | ||||||||||
| Total cash costs | $164.4 | $148.1 | $577.6 | $487.1 | $411.3 | ||||||||||
| Gold ounces sold | 126,923 | 156,864 | 491,204 | 517,926 | 483,978 | ||||||||||
| Total cash cost per ounce sold | $1,295 | $944 | $1,176 | $940 | $850 | ||||||||||
| (1) | Revenue from silver, lead and zinc sales. |
| (2) | Included in revenue. |
For the three months ended
| Direct mining costs |
By-product credits and other |
Refining and selling costs | Inventory change (1) |
Royalty expense |
Total cash costs |
Gold oz sold |
Total cash cost/oz sold |
|||||||||||||||||
| Kisladag |
|
( |
) |
|
( |
) |
|
|
43,043 |
|
||||||||||||||
| Lamaque | 40.7 | (1.0 | ) | 0.2 | (0.8 | ) | 2.9 | 42.0 | 49,886 | 841 | ||||||||||||||
| Efemcukuru | 20.6 | (4.4 | ) | 2.4 | 0.1 | 9.5 | 28.1 | 14,591 | 1,929 | |||||||||||||||
| Olympias | 43.6 | (33.3 | ) | 4.1 | (0.5 | ) | 11.8 | 25.7 | 19,403 | 1,324 | ||||||||||||||
| Total consolidated | $158.3 | ($40.9 | ) | $7.3 | ($4.9 | ) | $44.7 | $164.4 | 126,923 | $1,295 | ||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
For theyear ended
| Direct mining costs |
By-product credits and other |
Refining and selling costs | Inventory change (1) |
Royalty expense |
Total cash costs |
Gold oz sold |
Total cash cost/oz sold |
|||||||||||||||||
| Kisladag |
|
( |
) |
|
( |
) |
|
|
169,971 |
|
||||||||||||||
| Lamaque | 141.9 | (2.6 | ) | 0.5 | 0.4 | 8.1 | 148.2 | 187,551 | 790 | |||||||||||||||
| Efemcukuru | 77.6 | (10.1 | ) | 12.6 | 0.5 | 29.9 | 110.5 | 73,191 | 1,510 | |||||||||||||||
| Olympias | 155.0 | (90.2 | ) | 15.2 | (5.5 | ) | 29.7 | 104.2 | 60,491 | 1,722 | ||||||||||||||
| Total consolidated | $554.2 | ($109.3 | ) | $29.5 | ($21.1 | ) | $124.3 | $577.6 | 491,204 | $1,176 | ||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
For the three months ended
| Direct mining costs | By-product credits |
Refining and selling costs | Inventory change (1) |
Royalty expense |
Total cash costs |
Gold oz sold |
Total cash cost/oz sold |
|||||||||||||||||
| Kisladag |
|
( |
) |
|
|
|
|
56,056 |
|
|||||||||||||||
| Lamaque | 37.6 | (0.6 | ) | 0.2 | (1.1 | ) | 1.9 | 38.1 | 61,894 | 615 | ||||||||||||||
| Efemcukuru | 19.3 | (1.7 | ) | 3.7 | 0.1 | 5.0 | 26.4 | 19,185 | 1,376 | |||||||||||||||
| Olympias | 37.7 | (24.2 | ) | 4.8 | 3.8 | 6.7 | 28.9 | 19,729 | 1,463 | |||||||||||||||
| Total consolidated | $135.5 | ($27.8 | ) | $9.1 | $5.1 | $26.4 | $148.1 | 156,864 | $944 | |||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
For theyear ended
| Direct mining costs | By-product credits |
Refining and selling costs | Inventory change (1) |
Royalty expense |
Total cash costs |
Gold oz sold |
Total cash cost/oz sold |
|||||||||||||||||
| Kisladag |
|
( |
) |
|
( |
) |
|
|
173,124 |
|
||||||||||||||
| Lamaque | 138.5 | (1.9 | ) | 0.5 | (4.3 | ) | 5.7 | 138.4 | 194,670 | 711 | ||||||||||||||
| Efemcukuru | 70.3 | (6.4 | ) | 15.1 | (0.5 | ) | 20.0 | 98.5 | 80,002 | 1,231 | ||||||||||||||
| Olympias | 134.2 | (80.0 | ) | 18.7 | (2.4 | ) | 20.9 | 91.4 | 70,130 | 1,304 | ||||||||||||||
| Total consolidated | $489.1 | ($92.2 | ) | $35.2 | ($24.4 | ) | $79.4 | $487.1 | 517,926 | $940 | ||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold
Our reconciliation of AISC and AISC per ounce sold to total cash costs is presented below. The reconciliation of total cash costs to production costs, the most directly comparable IFRS measure, are presented above.
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||
| Total cash costs | $164.4 | $148.1 | $577.6 | $487.1 | $411.2 | |||||
| Corporate and allocated G&A | 19.1 | 9.8 | 59.1 | 45.1 | 46.7 | |||||
| Exploration and evaluation costs | 0.6 | 1.1 | 1.7 | 3.9 | 1.2 | |||||
| Reclamation costs and amortization | 2.5 | 2.2 | 9.7 | 5.0 | 9.3 | |||||
| Sustaining capital expenditure | 53.8 | 31.0 | 169.1 | 124.3 | 121.8 | |||||
| AISC | $240.4 | $192.3 | $817.2 | $665.4 | $590.3 | |||||
| Gold ounces sold | 126,923 | 156,864 | 491,204 | 517,926 | 483,978 | |||||
| AISC per ounce sold | $1,894 | $1,226 | $1,664 | $1,285 | $1,220 | |||||
Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below.
Reconciliation of general and administrative expenses included in All-in Sustaining Costs:
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| General and administrative expenses (from consolidated statement of operations) |
|
|
|
|
|
||||||||||
| Add: | |||||||||||||||
| Share based payments expense | 4.9 | 2.1 | 20.2 | 11.9 | 10.2 | ||||||||||
| Employee benefit pension plan expense from corporate and operating gold mines | 1.6 | 0.4 | 4.4 | 3.6 | 4.2 | ||||||||||
| Less: | |||||||||||||||
| G&A expenses related to non-gold mines and in-country offices | — | — | — | (1.0 | ) | (0.9 | ) | ||||||||
| Depreciation in G&A | (0.5 | ) | (0.9 | ) | (1.9 | ) | (3.5 | ) | (3.2 | ) | |||||
| Business development | (0.4 | ) | (0.5 | ) | (1.1 | ) | (1.4 | ) | (2.7 | ) | |||||
| Development projects | (0.4 | ) | (0.4 | ) | (1.7 | ) | (1.2 | ) | (0.7 | ) | |||||
| Adjusted corporate general and administrative expenses | $19.1 | $9.8 | $59.1 | $44.7 | $46.7 | ||||||||||
| Regional general and administrative costs allocated to gold mines | (0.9 | ) | — | (2.3 | ) | 0.4 | 0.2 | ||||||||
| Corporate and allocated general and administrative expenses per AISC | $18.2 | $9.8 | $56.8 | $45.1 | $46.9 | ||||||||||
Reconciliation of exploration and evaluation costs included in All-in Sustaining Costs:
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Exploration and evaluation expense(1) (from consolidated statement of operations) |
|
|
|
|
|
||||||||||
| Add: | |||||||||||||||
| Capitalized evaluation cost related to operating gold mines | 0.6 | 1.1 | 1.7 | 3.9 | 1.2 | ||||||||||
| Less: | |||||||||||||||
| Exploration and evaluation expenses related to non-gold mines and other sites (1) | (9.8 | ) | (7.7 | ) | (35.0 | ) | (23.8 | ) | (22.4 | ) | |||||
| Exploration costs per AISC | $0.6 | $1.1 | $1.7 | $3.9 | $1.2 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Asset retirement obligation accretion (1) (from notes to the consolidated financial statements) |
|
|
|
|
|
||||||||||
| Add: | |||||||||||||||
| Depreciation related to asset retirement obligation assets | 1.2 | 1.2 | 4.7 | 1.0 | 5.8 | ||||||||||
| Less: | |||||||||||||||
| Asset retirement obligation accretion related to non-gold mines and other sites | (0.2 | ) | (0.2 | ) | (0.9 | ) | (0.9 | ) | (0.7 | ) | |||||
| Reclamation costs and amortization per AISC | $2.5 | $2.2 | $9.7 | $5.0 | $9.3 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Sustaining and Growth Capital
Our reconciliation of growth capital and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below.
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Additions to property, plant and equipment (1) (from segment note in the consolidated financial statements) |
|
|
|
|
|
||||||||||
| Growth and development project capital investment - gold mines | (74.3 | ) | (32.0 | ) | (218.1 | ) | (146.1 | ) | (122.3 | ) | |||||
| Growth and development project capital investment - other | (180.7 | ) | (108.3 | ) | (588.7 | ) | (343.2 | ) | (168.6 | ) | |||||
| Sustaining capitalized depreciation | — | (2.2 | ) | — | (2.2 | ) | — | ||||||||
| Sustaining capitalized exploration | (0.6 | ) | (1.1 | ) | (1.7 | ) | (3.9 | ) | (0.1 | ) | |||||
| Sustaining equipment leases | 0.4 | (1.3 | ) | (0.3 | ) | (0.6 | ) | 1.6 | |||||||
| Corporate leases | — | 1.5 | (1.1 | ) | — | — | |||||||||
| Sustaining capital expenditure at operating gold mines | $53.8 | $31.0 | $169.1 | $124.3 | $121.8 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Our reconciliation by asset of AISC and AISC per ounce sold to total cash costs is presented below.
For the three months ended
| Total cash costs |
Corporate & allocated G&A | Exploration costs |
Reclamation costs and amortization | Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/ oz sold |
||||||||
| Kisladag |
|
|
$— |
|
|
|
43,043 |
|
|||||||
| Lamaque | 42.0 | — | 0.6 | 0.1 | 26.8 | 69.4 | 49,886 | 1,392 | |||||||
| Efemcukuru | 28.1 | 0.1 | — | 0.2 | 8.6 | 37.0 | 14,591 | 2,536 | |||||||
| Olympias | 25.7 | — | — | 0.4 | 6.5 | 32.5 | 19,403 | 1,676 | |||||||
| Corporate (1) | — | 18.2 | — | — | — | 18.2 | — | 143 | |||||||
| Total consolidated | $164.4 | $19.1 | $0.6 | $2.5 | $53.8 | $240.4 | 126,923 | $1,894 | |||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
For the year ended
| Total cash costs |
Corporate & allocated G&A | Exploration costs |
Reclamation costs and amortization | Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/ oz sold |
||||||||
| Kisladag |
|
|
$— |
|
|
|
169,971 |
|
|||||||
| Lamaque | 148.2 | — | 1.6 | 0.3 | 94.1 | 244.3 | 187,551 | 1,302 | |||||||
| Efemcukuru | 110.5 | 1.1 | — | 0.6 | 22.9 | 135.1 | 73,191 | 1,846 | |||||||
| Olympias | 104.2 | — | — | 1.5 | 24.1 | 129.8 | 60,491 | 2,145 | |||||||
| Corporate (1) | — | 56.8 | — | — | — | 56.8 | — | 116 | |||||||
| Total consolidated | $577.6 | $59.1 | $1.7 | $9.7 | $169.1 | $817.2 | 491,204 | $1,664 | |||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
For the three months ended
| Total cash costs |
Corporate & allocated G&A | Exploration costs |
Reclamation costs and amortization | Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/ oz sold |
||||||||
| Kisladag |
|
$— | $— |
|
|
|
56,056 |
|
|||||||
| Lamaque | 38.1 | — | 0.4 | 0.1 | 19.2 | 57.8 | 61,894 | 933 | |||||||
| Efemcukuru | 26.4 | — | — | 0.2 | 5.1 | 31.7 | 19,185 | 1,650 | |||||||
| Olympias | 28.9 | — | 0.7 | 0.4 | 2.9 | 32.9 | 19,729 | 1,669 | |||||||
| Corporate (1) | — | 9.8 | — | — | — | 9.8 | — | 62 | |||||||
| Total consolidated | $148.1 | $9.8 | $1.1 | $2.2 | $31.0 | $192.3 | 156,864 | $1,226 | |||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
For theyear ended
| Total cash costs |
Corporate & allocated G&A | Exploration costs |
Reclamation costs and amortization | Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/ oz sold |
|||||||||
| Kisladag |
|
$— | $— |
|
|
|
173,124 |
|
||||||||
| Lamaque | 138.4 | — | 1.6 | 0.6 | 80.3 | 220.8 | 194,670 | 1,134 | ||||||||
| Efemcukuru | 98.5 | 0.5 | 1.1 | (3.0 | ) | 15.9 | 112.9 | 80,002 | 1,411 | |||||||
| Olympias | 91.4 | — | 1.2 | 1.5 | 15.4 | 109.5 | 70,130 | 1,562 | ||||||||
| Corporate (1) | — | 44.6 | — | — | — | 44.6 | — | 86 | ||||||||
| Total consolidated | $487.1 | $45.1 | $3.9 | $5.0 | $124.3 | $665.4 | 517,926 | $1,285 | ||||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
Average Realized Gold Price per Ounce Sold
Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below.
For the three months ended
| Revenue | Concentrate deductions (1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
43,043 |
|
|||||
| Lamaque | 210.7 | — | (1.0 | ) | 209.7 | 49,886 | 4,204 | |||||
| Efemcukuru | 69.1 | — | (4.4 | ) | 64.6 | 14,591 | 4,429 | |||||
| Olympias | 111.7 | 2.3 | (32.3 | ) | 81.8 | 19,403 | 4,213 | |||||
| Total consolidated | $577.2 | $2.3 | ($39.9 | ) | $539.6 | 126,923 | $4,251 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the year ended
| Revenue | Concentrate deductions (1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
169,971 |
|
|||||
| Lamaque | 658.2 | — | (2.6 | ) | 655.6 | 187,551 | 3,496 | |||||
| Efemcukuru | 275.0 | 2.5 | (10.1 | ) | 267.4 | 73,191 | 3,654 | |||||
| Olympias | 289.9 | 6.8 | (87.5 | ) | 209.2 | 60,491 | 3,458 | |||||
| Total consolidated | $1,818.9 | $9.3 | ($106.6 | ) | $1,721.6 | 491,204 | $3,505 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the three months ended
| Revenue | Concentrate deductions (1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
56,056 |
|
|||||
| Lamaque | 165.2 | — | (0.6 | ) | 164.6 | 61,894 | 2,659 | |||||
| Efemcukuru | 51.0 | 1.2 | (1.7 | ) | 50.5 | 19,185 | 2,631 | |||||
| Olympias | 69.3 | 2.7 | (24.2 | ) | 47.8 | 19,729 | 2,422 | |||||
| Total consolidated | $435.7 | $3.9 | ($27.8 | ) | $411.8 | 156,864 | $2,625 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the year ended
| Revenue | Concentrate deductions (1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
173,124 |
|
|||||
| Lamaque | 473.0 | — | (1.9 | ) | 471.1 | 194,670 | 2,420 | |||||
| Efemcukuru | 199.9 | 5.0 | (6.4 | ) | 198.4 | 80,002 | 2,480 | |||||
| Olympias | 226.2 | 10.1 | (80.0 | ) | 156.3 | 70,130 | 2,228 | |||||
| Total consolidated | $1,322.6 | $15.1 | ($92.2 | ) | $1,245.5 | 517,926 | $2,405 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
EBITDA, Adjusted EBITDA
Our reconciliation of EBITDA and Adjusted EBITDA to earnings (loss) from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Earnings before income tax (1) | $219.7 | $176.9 | $544.3 | $435.4 | $163.4 | ||||||||||
| Depreciation, depletion and amortization (2) | 70.1 | 74.4 | 260.5 | 255.0 | 264.3 | ||||||||||
| Interest income | (7.8 | ) | (6.6 | ) | (33.6 | ) | (23.9 | ) | (17.6 | ) | |||||
| Finance costs | 10.5 | 12.5 | 31.6 | 23.0 | 32.8 | ||||||||||
| EBITDA | $292.5 | $257.2 | $802.8 | $689.5 | $442.9 | ||||||||||
| Loss (gain) on disposal of assets | 0.1 | (2.4 | ) | (6.6 | ) | (1.5 | ) | 0.6 | |||||||
| Unrealized (gain) loss on derivative instruments | (27.4 | ) | (10.2 | ) | 39.4 | 51.8 | 9.6 | ||||||||
| Loss (gain) on recognition of deferred consideration (3) | — | — | 0.5 | (60.0 | ) | — | |||||||||
| Adjusted EBITDA | $265.2 | $244.6 | $836.2 | $679.7 | $453.1 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | Includes depreciation within general and administrative expenses. |
| (3) | In Q3 2025, transaction costs of |
Adjusted Net Earnings Attributable to Shareholders
Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings (loss) from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.
| Continuing Operations (1) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | ||||||||||
| Net earnings attributable to shareholders of the Company (1) | $252.3 | $108.2 | $519.9 | $300.9 | $106.2 | ||||||||||
| Loss (gain) on foreign exchange translation of deferred tax balances net of inflation accounting (2) | 3.9 | 26.5 | (18.7 | ) | 14.6 | (30.0 | ) | ||||||||
| Decrease (increase) in fair value of redemption option derivative | 1.5 | 5.1 | (7.1 | ) | (1.9 | ) | (2.0 | ) | |||||||
| Unrealized (gain) loss on derivative instruments | (27.4 | ) | (10.2 | ) | 39.4 | 51.8 | 9.6 | ||||||||
| Tax recoveries on recognition of deferred tax assets (3) | (104.2 | ) | — | (177.7 | ) | — | — | ||||||||
| Discount on sale of marketable securities | — | — | 5.1 | — | — | ||||||||||
| Gain on sale of mining licenses | — | (1.9 | ) | (6.5 | ) | (1.9 | ) | — | |||||||
| Loss (gain) on deferred consideration, net of tax (4) | — | — | 0.5 | (50.1 | ) | — | |||||||||
| Tax reassessment on historical items (5) | — | — | — | 7.2 | 22.6 | ||||||||||
| Current tax expense due to Turkiye earthquake relief tax law change (6) | — | — | — | — | 4.3 | ||||||||||
| Total adjusted net earnings | $126.1 | $127.8 | $354.9 | $320.7 | $110.7 | ||||||||||
| Weighted average shares outstanding (thousands) | 199,720 | 204,619 | 203,018 | 203,983 | 194,448 | ||||||||||
| Adjusted net earnings per share ($/share) | $0.63 | $0.62 | $1.75 | $1.57 | $0.57 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | Q4 2025 includes |
| (3) | Includes recoveries on deferred tax assets of |
| (4) | In Q3 2025, transaction costs of |
| (5) | In Q3 2024, a provision of |
| (6) | To help fund earthquake relief efforts in Turkiye, a one-time tax law change was introduced in Q1 2023 to reverse a portion of the tax credits and deductions previously granted in 2022. |
Free Cash Flow and Free Cash Flow Excluding Skouries
Our reconciliations of free cash flow and free cash flow excluding Skouries to net cash generated from (used in) operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||||
| Cash generated from operating activities (1) | $283.7 | $267.6 | $742.5 | $656.0 | $382.9 | ||||||||||
| Less: Cash used in investing activities | (380.5 | ) | (165.9 | ) | (814.6 | ) | (630.6 | ) | (395.7 | ) | |||||
| Add back: Decrease in term deposits | — | — | — | (1.1 | ) | (35.0 | ) | ||||||||
| Add back (less): Purchases (proceeds from sale) of marketable securities and investment in associate | 44.8 | (10.0 | ) | (96.4 | ) | 1.1 | 0.6 | ||||||||
| Less: Proceeds from sale of mining licenses | (2.5 | ) | (4.1 | ) | (5.0 | ) | (5.6 | ) | — | ||||||
| Less: Cash received from deferred consideration (2) | — | — | (59.5 | ) | — | — | |||||||||
| Free cash flow | ($54.5 | ) | $87.6 | ($232.9 | ) | $19.8 | ($47.2 | ) | |||||||
| Add back: Skouries cash capital expenditures | 147.3 | 94.4 | 503.5 | 304.8 | 149.0 | ||||||||||
| Add back: Capitalized interest paid (3) | 16.5 | 7.2 | 44.9 | 30.5 | 10.8 | ||||||||||
| Free Cash Flow excluding Skouries | $109.3 | $189.2 | $315.6 | $355.0 | $112.6 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | Deferred consideration received from G Mining Ventures of |
| (3) | Includes interest from the Term Facility and Senior Notes. |
Cash Flow from Operating Activities before Changes in Working Capital
Our reconciliation of cash flow from operating activities before changes in working capital to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.
| Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | |||||||||
| Net cash generated from operating activities (1) | $283.7 | $267.6 | $742.5 | $656.0 | $382.9 | ||||||||
| Add back (less): Changes in non-cash working capital | (53.7 | ) | (39.1 | ) | 9.5 | (20.6 | ) | 28.3 | |||||
| Cash flow from operating activities before changes in working capital | $230.0 | $228.5 | $752.0 | $635.5 | $411.2 | ||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Cautionary Note About Forward Looking Statements and Information
Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budgets” , “continue”, “commitment”, “confident”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “outlook”, “plans”, “potential”, “projected”, “prospective”, or “schedule” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.
Forward-looking statements or information contained in this news release include, but are not limited to, statements or information with respect to: management’s expectation that it can advance growth while retaining flexibility to return capital to shareholders; our beliefs for reserve growth; our jurisdictional and overall strategy; management’s safety vision and commitment to continuous improvement related thereto; expectations to complete a global rollout of CSL in 2026; expectations to provide for a quarterly dividend and expected record and payment dates for a declared dividend; with respect to Skouries: timelines and expectations for first production and commercial production, management’s focus on safely delivering Skouries, results of the Feasibility Study, including expected mine life and annual production of gold and copper from the project, expected 2026 gold and copper production, expected terms of concentrate off-take agreements and the expected positive economic impact of those terms, overall capital cost estimate, estimated foreign exchange impact, expected increases to accelerated operational capital costs, expected timing of the underground ramp-up, expected larger test stopes to be completed in 2026 and resulting tonnes, construction milestones and activities; and funding requirements for Skouries, including the sources thereof and impacts to the letter of credit as the Company invests in Skouries; with respect to Olympias: plans to continue underground development and intentions to complete a mill expansion to 650tpd, and the timing and benefits related thereto; with respect to
Forward-looking statements and forward-looking information are by their nature based on a number of assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost, results of our construction and development activities, improvements, and exploration; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to effectively use invested capital and unlock potential expansion opportunities across the portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost of shipping for important or critical items for construction, development and improvements activities or necessary for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.
More specifically, with respect to the
In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: commodity price risk; development risks at Skouries and other construction and development projects including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; environmental matters; our ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures; regulatory requirements as they relate to mine plan approvals; waste disposal; mineral tenure; permits; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of mineral reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; the acquisition of Foran Mining Corporation, including timing, risks and benefits thereof; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company’s profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic environment; labour (including in relation to availability of labour resources, including for including for construction, development and improvements activities, and their productivity employee/union relations, the Greek transformation, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect our business and operations.
With respect to the
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in
This news release contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about Eldorado’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Eldorado’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Eldorado has included FOFI in order to provide readers with a more complete perspective on Eldorado’s future operations and management’s current expectations relating to Eldorado’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this news release. Unless required by applicable laws, Eldorado does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise. Financial information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and are not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR+ and EDGAR under our Company name. The reader is directed to carefully review such documents for a full understanding of the financial information summarized herein.
Except as otherwise noted, scientific and technical information contained in this news release was reviewed and approved by
|
|||||||||
| Note | |||||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 7 | $ | 869,356 | $ | 856,797 | ||||
| Accounts receivable and other | 8 | 279,212 | 190,676 | ||||||
| Inventories | 9 | 297,165 | 278,995 | ||||||
| Current other assets | 10 | — | 138,932 | ||||||
| Current derivative assets | 28 | 2,051 | 52 | ||||||
| Assets held for sale | 6 | — | 16,686 | ||||||
| 1,447,784 | 1,482,138 | ||||||||
| Deferred tax assets | 37,076 | 19,487 | |||||||
| Other assets | 10 | 144,479 | 122,595 | ||||||
| Investment in associate | 11 | 109,423 | — | ||||||
| Non-current derivative assets | 28 | 10,380 | — | ||||||
| Property, plant and equipment | 12 | 4,885,564 | 4,118,782 | ||||||
|
|
13 | 92,591 | 92,591 | ||||||
| $ | 6,727,297 | $ | 5,835,593 | ||||||
| LIABILITIES & EQUITY | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued liabilities | 15 | $ | 630,310 | $ | 366,690 | ||||
| Current portion of lease liabilities | 6,024 | 4,693 | |||||||
| Current portion of debt | 16 | 47,968 | — | ||||||
| Current portion of asset retirement obligations | 17 | 7,886 | 5,071 | ||||||
| Current derivative liabilities | 28 | 96,879 | 25,587 | ||||||
| Liabilities associated with assets held for sale | 6 | — | 10,133 | ||||||
| 789,067 | 412,174 | ||||||||
| Debt | 16 | 1,227,084 | 915,425 | ||||||
| Lease liabilities | 8,575 | 10,030 | |||||||
| Employee benefit plan obligations | 13,747 | 10,910 | |||||||
| Asset retirement obligations | 17 | 135,071 | 127,925 | ||||||
| Non-current derivative liabilities | 28 | 16,254 | 35,743 | ||||||
| Deferred income tax liabilities | 254,420 | 434,939 | |||||||
| 2,444,218 | 1,947,146 | ||||||||
| Equity | |||||||||
| Share capital | 21 | 3,341,760 | 3,433,778 | ||||||
| Shares held in trust for restricted share units | (16,035 | ) | (12,970 | ) | |||||
| Contributed surplus | 2,537,197 | 2,612,762 | |||||||
| Accumulated other comprehensive (loss) income | (11,553 | ) | 56,183 | ||||||
| Deficit | (1,572,080 | ) | (2,193,163 | ) | |||||
| Total equity attributable to shareholders of the Company | 4,279,289 | 3,896,590 | |||||||
| Attributable to non-controlling interests | 3,790 | (8,143 | ) | ||||||
| 4,283,079 | 3,888,447 | ||||||||
| $ | 6,727,297 | $ | 5,835,593 | ||||||
Commitments and contractual obligations (Note 25)
Contingencies (Note 26)
Events after the reporting date (Note 34)
Approved on behalf of the Board of Directors
(signed) Teresa Conway Director (signed) George Burns Director
Date of approval:
|
|||||||||
| Note | Year ended | Year ended | |||||||
| Revenue | |||||||||
| Metal sales | 30 | $ | 1,818,856 | $ | 1,322,581 | ||||
| Cost of sales | |||||||||
| Production costs | 31 | 677,596 | 564,158 | ||||||
| Depreciation and amortization | 258,588 | 251,450 | |||||||
| 936,184 | 815,608 | ||||||||
| Earnings from mine operations | 882,672 | 506,973 | |||||||
| Exploration and evaluation expenses | 35,007 | 23,788 | |||||||
| Mine standby costs | 23,626 | 11,269 | |||||||
| General and administrative expenses | 39,170 | 36,240 | |||||||
| Employee benefit plan expense | 4,447 | 3,584 | |||||||
| Share-based payments expense | 22 | 20,224 | 11,872 | ||||||
| Write-down of assets | 12,737 | 6,135 | |||||||
| Foreign exchange loss (gain) | 20,062 | (5,308 | ) | ||||||
| Earnings from operations | 727,399 | 419,393 | |||||||
| Other (expense) income | 18 | (151,475 | ) | 39,050 | |||||
| Finance costs | 19 | (31,607 | ) | (23,049 | ) | ||||
| Earnings from continuing operations before income tax | 544,317 | 435,394 | |||||||
| Income tax expense | 20 | 22,068 | 134,758 | ||||||
| Net earnings from continuing operations | 522,249 | 300,636 | |||||||
| Net loss from discontinued operations, net of tax | 6 | (17,945 | ) | (13,676 | ) | ||||
| Net earnings for the year | $ | 504,304 | $ | 286,960 | |||||
| Net earnings (loss) attributable to: | |||||||||
| Shareholders of the Company | 507,257 | 289,121 | |||||||
| Non-controlling interests | (2,953 | ) | (2,161 | ) | |||||
| Net earnings for the year | $ | 504,304 | $ | 286,960 | |||||
| Net earnings (loss) attributable to shareholders of the Company: | |||||||||
| Continuing operations | 519,854 | 300,909 | |||||||
| Discontinued operations | (12,597 | ) | (11,788 | ) | |||||
| $ | 507,257 | $ | 289,121 | ||||||
| Net earnings (loss) attributable to non-controlling interests: | |||||||||
| Continuing operations | 2,395 | (273 | ) | ||||||
| Discontinued operations | (5,348 | ) | (1,888 | ) | |||||
| $ | (2,953 | ) | $ | (2,161 | ) | ||||
| Weighted average number of shares outstanding: | |||||||||
| Basic | 32 | 203,018,394 | 203,983,457 | ||||||
| Diluted | 32 | 205,412,243 | 205,541,542 | ||||||
| Net earnings per share attributable to shareholders of the Company: | |||||||||
| Basic earnings per share | $ | 2.50 | $ | 1.42 | |||||
| Diluted earnings per share | $ | 2.47 | $ | 1.41 | |||||
| Net earnings per share attributable to shareholders of the Company - Continuing operations: | |||||||||
| Basic earnings per share | $ | 2.56 | $ | 1.48 | |||||
| Diluted earnings per share | $ | 2.53 | $ | 1.46 | |||||
|
|||||||||
| Year ended | Year ended | ||||||||
| Net earnings for the year | $ | 504,304 | $ | 286,960 | |||||
| Other comprehensive income (loss): | |||||||||
| Items that will not be reclassified to earnings or (loss): | |||||||||
| Change in fair value of investments in marketable securities | 86,978 | 77,695 | |||||||
| Income tax expense on change in fair value of investments in marketable securities | (11,691 | ) | (10,463 | ) | |||||
| Actuarial gains (losses) on employee benefit plans | 75 | (206 | ) | ||||||
| Income tax (expense) recovery on actuarial losses on employee benefit plans | (411 | ) | 44 | ||||||
| Total other comprehensive income for the period | 74,951 | 67,070 | |||||||
| Total comprehensive income for the year | $ | 579,255 | $ | 354,030 | |||||
| Total comprehensive income (loss) attributable to: | |||||||||
| Shareholders of the Company | 582,208 | 356,191 | |||||||
| Non-controlling interests | (2,953 | ) | (2,161 | ) | |||||
| $ | 579,255 | $ | 354,030 | ||||||
|
|||||||||
| Note | Year ended | Year ended | |||||||
| Cash flows generated from (used in): | |||||||||
| Operating activities | |||||||||
| Net earnings for the year from continuing operations | $ | 522,249 | $ | 300,636 | |||||
| Adjustments for: | |||||||||
| Depreciation and amortization | 260,505 | 254,991 | |||||||
| Finance costs | 19 | 31,607 | 23,049 | ||||||
| Interest income | 18 | (33,614 | ) | (23,949 | ) | ||||
| Unrealized foreign exchange loss | 18,105 | 174 | |||||||
| Income tax expense | 20 | 22,068 | 134,758 | ||||||
| Gain on disposal of assets | (6,566 | ) | (1,624 | ) | |||||
| Unrealized loss on derivative contracts | 18 | 39,428 | 51,751 | ||||||
| Write-down of assets | 12,737 | 6,135 | |||||||
| Share-based payments expense | 22 | 20,224 | 11,872 | ||||||
| Employee benefit plan expense | 4,447 | 3,584 | |||||||
| Non-cash gain on deferred consideration | 8 | — | (60,000 | ) | |||||
| 891,190 | 701,377 | ||||||||
| Property reclamation payments | (6,351 | ) | (3,688 | ) | |||||
| Employee benefit plan payments | (5,559 | ) | (3,003 | ) | |||||
| Income taxes paid | (160,898 | ) | (83,162 | ) | |||||
| Interest received | 33,614 | 23,949 | |||||||
| Changes in non-cash operating working capital | 23 | (9,487 | ) | 20,554 | |||||
| Net cash generated from operating activities of continuing operations | 742,509 | 656,027 | |||||||
| Net cash used in operating activities of discontinued operations | 6 | (354 | ) | (416 | ) | ||||
| Investing activities | |||||||||
| Additions to property, plant and equipment | (866,362 | ) | (594,142 | ) | |||||
| Capitalized interest paid | (44,923 | ) | (30,461 | ) | |||||
| Proceeds from the sale of property, plant and equipment | 5,908 | 6,162 | |||||||
| Value added taxes related to mineral property expenditures | (51,676 | ) | (9,756 | ) | |||||
| Cash received from deferred consideration | 8 | 60,000 | — | ||||||
| Sale (purchase) of investments in marketable securities | 139,513 | (1,139 | ) | ||||||
| Purchase of investment in associate | (43,153 | ) | — | ||||||
| Increase in deposits and other investments | (13,877 | ) | (1,272 | ) | |||||
| Net cash used in investing activities of continuing operations | (814,570 | ) | (630,608 | ) | |||||
| Financing activities | |||||||||
| Issuance of common shares for cash, net of share issuance costs | 8,853 | 14,112 | |||||||
| (Distributions to) contributions from non-controlling interests | (747 | ) | 201 | ||||||
| Proceeds from Term Facility - Commercial loans and RRF loans | 16 | 278,493 | 310,918 | ||||||
| Proceeds from VAT facility | 16 | 75,909 | 56,022 | ||||||
| Repayments of VAT facility | 16 | (54,068 | ) | (47,304 | ) | ||||
| Term Facility commitment fees | (1,881 | ) | (6,016 | ) | |||||
| Interest paid | (22,915 | ) | (19,905 | ) | |||||
| Principal portion of lease liabilities | (5,515 | ) | (4,796 | ) | |||||
| Purchase of shares for cancellation | (203,544 | ) | — | ||||||
| Purchase of shares held in trust for restricted share units | (11,324 | ) | (1,962 | ) | |||||
| Net cash generated from financing activities of continuing operations | 63,261 | 301,270 | |||||||
| Effect of exchange rates on cash and cash equivalents | 21,359 | (10,365 | ) | ||||||
| Net increase in cash and cash equivalents | 12,205 | 315,908 | |||||||
| Cash and cash equivalents - beginning of year | 856,797 | 540,473 | |||||||
| Change in cash in disposal group held for sale | 6 | 354 | 416 | ||||||
| Cash and cash equivalents - end of year | $ | 869,356 | $ | 856,797 | |||||
|
|||||||||
| Note | Year ended | Year ended | |||||||
| Share capital | |||||||||
| Balance beginning of year | $ | 3,433,778 | $ | 3,413,365 | |||||
| Shares issued upon exercise of share options | 10,554 | 14,112 | |||||||
| Shares issued upon exercise of performance share units | 5,282 | 499 | |||||||
| Transfer of contributed surplus on exercise of options | 3,995 | 5,802 | |||||||
| Shares repurchased and cancelled, net of tax | (110,168 | ) | — | ||||||
| Share issuance cost | (1,681 | ) | — | ||||||
| Balance end of year | 21 | $ | 3,341,760 | $ | 3,433,778 | ||||
| Shares held in trust for restricted share units | |||||||||
| Balance beginning of year | $ | (12,970 | ) | $ | (19,263 | ) | |||
| Shares purchased and held in trust for restricted share units | (11,324 | ) | (1,962 | ) | |||||
| Shares released for settlement of restricted share units | 8,259 | 8,255 | |||||||
| Balance end of year | $ | (16,035 | ) | $ | (12,970 | ) | |||
| Contributed surplus | |||||||||
| Balance beginning of year | $ | 2,612,762 | $ | 2,617,216 | |||||
| Shares repurchased and cancelled | (94,656 | ) | — | ||||||
| Share-based payment arrangements | 11,577 | 10,102 | |||||||
| Transfer to deficit on disposal of |
25,050 | — | |||||||
| Shares redeemed upon exercise of restricted share units | (8,259 | ) | (8,255 | ) | |||||
| Shares redeemed upon exercise of performance share units | (5,282 | ) | (499 | ) | |||||
| Transfer to share capital on exercise of options | (3,995 | ) | (5,802 | ) | |||||
| Balance end of year | $ | 2,537,197 | $ | 2,612,762 | |||||
| Accumulated other comprehensive income (loss) | |||||||||
| Balance beginning of year | $ | 56,183 | $ | (4,751 | ) | ||||
| Other comprehensive income for the year attributable to shareholders of the Company | 74,951 | 67,070 | |||||||
| Transfer to profit and loss on disposal of |
(3,811 | ) | — | ||||||
| Reclassification on derecognition of investments in marketable securities | (138,876 | ) | (6,136 | ) | |||||
| Balance end of year | $ | (11,553 | ) | $ | 56,183 | ||||
| Deficit | |||||||||
| Balance beginning of year | $ | (2,193,163 | ) | $ | (2,488,420 | ) | |||
| Net earnings attributable to shareholders of the Company | 507,257 | 289,121 | |||||||
| Transfer to deficit on disposal of |
(25,050 | ) | — | ||||||
| Reclassification on derecognition of investments in marketable securities | 138,876 | 6,136 | |||||||
| Balance end of year | $ | (1,572,080 | ) | $ | (2,193,163 | ) | |||
| Total equity attributable to shareholders of the Company | $ | 4,279,289 | $ | 3,896,590 | |||||
| Non-controlling interests | |||||||||
| Balance beginning of year | $ | (8,143 | ) | $ | (6,182 | ) | |||
| Transfer to profit and loss on disposal of |
15,633 | — | |||||||
| Loss attributable to non-controlling interests | (2,953 | ) | (2,161 | ) | |||||
| (Distributions to) contributions from non-controlling interests | (747 | ) | 200 | ||||||
| Balance end of year | $ | 3,790 | $ | (8,143 | ) | ||||
| Total equity | $ | 4,283,079 | $ | 3,888,447 | |||||
Please see the Consolidated Financial Statements dated
1 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's
2 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's
3The technical report entitled “Technical Report,
4These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
Source: