Eldorado Gold Reports Steady Financial and Operational Results for Q1 2025
The company highlighted strong progress on its Skouries project, affirming its 2025 production forecast of 460,000-500,000 ounces of gold. Production is expected to remain consistent in the latter half of the year. The anticipated total cash cost for the year is projected to be between $980 and $1,080 per ounce sold, with an average All-in Sustaining Cost (AISC) estimated at $1,370 to $1,470 per ounce. Additionally, for the Olympias project, a recovery in production is expected in the second quarter of 2025.
George Burns, President and CEO of Eldorado Gold, stated, “In Greece at the Skouries copper-gold development project, we made substantial progress in increasing the number of construction workers, focusing on concrete work and building the tailings dehumidification facility. We exceeded our target of 1,300 workers by the end of Q1. Furthermore, plant construction productivity met or slightly exceeded our expectations. We have proactively developed alternative plans to safeguard our schedule and budget, ensuring we have sufficient skilled labor as new work phases commence. At Olympias, we faced unplanned maintenance issues involving pyrite concentrate filtration and flotation circuit stability during the quarter. However, these challenges were addressed, and production is expected to return to anticipated levels in Q2 2025.”
Skouries Update
The initial production of copper-gold concentrate is anticipated in Q1 2026, with forecasts for 2026 gold production set between 135,000-155,000 ounces and copper production estimated at 45-60 million pounds. Commercial production is projected for mid-2026. Capital expenditure for the project reached $83.8 million in Q1 2025, while accelerated working capital amounted to $6.4 million during the same period. As of March 31, 2025, cumulative capital invested in Phase 2 of the project construction totaled $588.7 million, alongside $13.4 million in cumulative accelerated working capital. For 2025, total capital expenditure for the project is expected to range from €400-450 million, with accelerated working capital projected between €80-100 million.
Olympias Update
In Q1 2025, Olympias produced 11,829 payable ounces of gold, reflecting a 37% decrease from 18,788 ounces in the same quarter last year. The decline was attributed to lower processing volumes, which also affected by-product (base metals) output. Revenue saw a slight increase to $46.5 million from $46.2 million last year, mainly due to a higher realized gold selling price, partially offset by reduced sales volumes of gold and base metals. For 2025, production at Olympias is forecast to range from 60,000-70,000 ounces of gold, with an expected increase in Q2 production following enhancements made to the flotation circuit.
