In This Article:
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Gold Production: 115,893 ounces in Q1 2025.
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Total Cash Cost: $1,153 per ounce sold.
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All-in Sustaining Cost: $1,559 per ounce sold.
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Net Earnings: $72 million or $0.35 per share.
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Adjusted Net Earnings: $56 million or $0.28 per share.
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Free Cash Flow: Negative $22 million; positive $76 million excluding Skouries project investments.
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Revenue: $355 million, a 38% increase from Q1 2024.
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Average Realized Gold Price: $2,933 per ounce in Q1 2025.
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Capital Investments: $71 million in operating mines; $84 million in Skouries project.
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Liquidity: $1.2 billion, including $978 million in cash and cash equivalents.
Release Date: May 02, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Eldorado Gold Corp (NYSE:EGO) reported a solid quarter with safe production of 115,893 gold ounces, aligning with expectations.
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The company expects increased production in the second half of the year, remaining on track to achieve its guidance of producing between 460,000 and 500,000 ounces of gold in 2025.
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Eldorado Gold Corp (NYSE:EGO) has a robust balance sheet with total liquidity of $1.2 billion, providing financial flexibility for investments and strategic initiatives.
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The company expanded its normal course issuer bid (NCIB) as part of its commitment to enhancing shareholder value, demonstrating confidence in its long-term prospects.
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Eldorado Gold Corp (NYSE:EGO) achieved a decrease in the lost time injury frequency rate to 0.7%, reflecting improvements in health and safety performance.
Negative Points
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Production at the Olympias site was lower than expected due to challenges with flotation circuit stability and unplanned maintenance, impacting overall output.
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Total cash costs and all-in sustaining costs were higher compared to 2024, primarily due to increased royalties and labor costs.
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The company's free cash flow for the quarter was negative $22 million, although it turns positive when excluding capital investments in the Skouries project.
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Eldorado Gold Corp (NYSE:EGO) experienced a realized derivative loss of $11 million from gold collars established in 2023, impacting net earnings.
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The company faces potential cost increases due to ongoing global US tariff discussions, which could add approximately $4 per ounce to total cash costs and $6 per ounce to all-in sustaining costs.
Q & A Highlights
Q: Can you explain the progress on the Skouries project, specifically the 66% completion of phase two, and how it relates to the timeline for first production? A: George Burns, President and CEO, stated that the construction is planned to be at 100% by Q1 2026, with commissioning and first production expected in Q1 of next year. The progress will depend on the construction workforce and the completion of off-site equipment assembly, which will be installed as the project advances.