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Industry Overview - The Zacks Mining - Gold industry has experienced a 38.5% growth in gold prices this year, driven by geopolitical tensions and central bank buying [1][4] - The industry involves complex processes of gold extraction from both underground and open-pit mines, requiring significant financial resources and time [3] Major Trends - Gold prices are expected to continue rising due to a demand-supply imbalance, with central banks accumulating gold reserves [2][6] - The industry faces challenges such as high production costs and a shortage of skilled labor, prompting companies to focus on cost-reduction strategies and digital innovation [5] Demand & Supply Dynamics - Depleting resources and declining supply from old mines are significant threats, while demand from sectors like energy and technology is increasing [6] - India and China account for approximately 50% of global consumer gold demand, with strong demand expected to persist in India [6] Industry Performance - The Mining-Gold Industry has outperformed the S&P 500 Index and the Basic Material sector, with a collective gain of 67.3% compared to the sector's 6.6% and the S&P 500's 19.1% [9] - The industry currently trades at an EV/EBITDA of 9.04X, significantly lower than the S&P 500's 18.23X and the Basic Material sector's 14.11X [11] Company Highlights - **Agnico Eagle Mines (AEM)**: Focused on extending mine life and optimizing costs, with a projected 64% year-over-year earnings growth for 2025 [18][17] - **Barrick Mining (B)**: Positioned to benefit from key growth projects, with a projected 56.4% year-over-year earnings growth for 2025 [23][22] - **Newmont (NEM)**: Created an industry-leading portfolio through the acquisition of Newcrest Mining, with a projected 52% year-over-year earnings growth for 2025 [26][25] - **Franco-Nevada (FNV)**: Expected to see a 51.4% year-over-year earnings growth for 2025, focusing on cost management and a healthy portfolio of agreements [30][29] - **Kinross Gold (KGC)**: Anticipates a remarkable 103% year-over-year earnings growth for 2025, supported by strong liquidity and development projects [32][34]

Core Viewpoint - Eldorado Gold Inc. has shown significant stock performance with a 23.20% increase over the past month and a 53.81% increase over the past year, leading to optimism among long-term shareholders, while concerns about potential overvaluation arise from the price-to-earnings (P/E) ratio analysis [1][5]. Group 1: Stock Performance - The current trading price of Eldorado Gold Inc. is $27.67, reflecting a 3.21% increase in the current session [1]. - Over the past month, the stock has increased by 23.20%, and over the past year, it has risen by 53.81% [1]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for investors, comparing the current share price to the company's earnings per share (EPS), and is used to assess the company's performance against historical data and industry benchmarks [5]. - Eldorado Gold has a lower P/E ratio compared to the aggregate P/E of 39.07 for the Metals & Mining industry, suggesting that the stock may be undervalued despite potential concerns about performance relative to peers [6]. - A low P/E ratio can indicate undervaluation but may also reflect weak growth prospects or financial instability, highlighting the need for a comprehensive analysis of various financial metrics and qualitative factors [8].

Core Viewpoint - Eldorado Gold Corporation has appointed Christian Milau as President, effective September 12, 2025, to drive the company's growth and strategic initiatives, particularly with the upcoming Skouries project [1][4][5]. Group 1: Leadership Transition - Christian Milau brings over 25 years of experience in finance, capital markets, and mining, with a focus on operational leadership and stakeholder relations [2]. - Milau has previously served as CEO of Equinox Gold, where he led the company from a single-asset developer to a multi-mine producer with eight operating mines [3]. - George Burns will transition from President to Chief Executive Officer, while Milau will oversee key areas including Operations, Finance, and Human Resources [4]. Group 2: Strategic Vision - The Board of Eldorado conducted a comprehensive search for a leader with the right blend of experience and vision, highlighting Milau's proven leadership in the mining sector [5]. - Milau expressed enthusiasm for joining Eldorado, emphasizing the company's strong values and commitment to growth, particularly with the Skouries project set to come online next year [5]. - The appointment reflects Eldorado's commitment to thoughtful leadership and long-term value creation as it prepares for its next phase of growth [5]. Group 3: Company Overview - Eldorado Gold is a producer of gold and base metals with operations in Türkiye, Canada, and Greece, known for its skilled workforce and responsible operations [6].

Core Viewpoint - Amex Exploration Inc. has successfully completed an oversubscribed private placement raising C$34.25 million, with significant participation from Eldorado Gold Corporation, positioning the company for future exploration and development of its Perron Gold Project [1][5]. Group 1: Private Placement Details - The first tranche of the private placement raised C$34,246,800, exceeding the initial target by C$4,276,800 due to strong investor demand [1]. - The first tranche included 11,000,000 charity flow-through common shares at C$2.27 per share, generating C$24,970,000, and 5,798,000 hard dollar common shares at C$1.60 per share, generating C$9,276,800 [2]. - A second tranche is expected to raise an additional C$3,003,200, bringing the total offering to C$37,250,000 if fully subscribed [3]. Group 2: Strategic Investment by Eldorado Gold - Eldorado Gold made a strategic investment by purchasing 11,000,000 charity flow-through shares at C$1.60 each and 1,000,000 hard dollar shares at the same price [4]. - Following this investment, Eldorado's ownership in Amex increased to approximately 17.01% of the outstanding shares on a non-diluted basis [10]. Group 3: Use of Proceeds - The net proceeds from the offering will be utilized for exploration activities at the Perron Gold Project, focusing on new target definition and drilling, as well as for general working capital [5]. - The gross proceeds from the charity flow-through offering will be allocated to eligible Canadian exploration expenses related to the Perron Gold Project [6]. Group 4: Company Overview - Amex Exploration Inc. is focused on high-grade gold discoveries at its 100%-owned Perron Gold Project, which spans 45.18 km² and is located approximately 110 kilometers north of Rouyn-Noranda, Quebec [14]. - The project is strategically positioned with excellent infrastructure, including proximity to major gold producers and accessibility via a year-round road [16].

Financial Data and Key Metrics Changes - The company achieved net earnings from continuing operations of $139 million or $0.68 per share in Q2 2025, driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses [13] - Adjusted net earnings for the quarter were $90 million or $0.44 per share, excluding one-time non-recurring items [14] - Free cash flow for the quarter totaled negative $62 million; however, excluding capital investments in the Skirius project, free cash flow was positive $62 million compared to $34 million in Q2 2024 [14][15] - Total cash costs were $10.64 per ounce sold and all-in sustaining costs stood at $15.20 per ounce sold [16] Business Line Data and Key Metrics Changes - The company produced 133,769 gold ounces in Q2 2025, with the Lamaque complex and Kisladag exceeding expectations [7] - At Olympias, gold production was 15,978 ounces with total cash costs of $15.78 per ounce sold, reflecting a 35% improvement in production and a 34% decrease in costs compared to Q1 [28] - The Kisladag operation produced 46,058 ounces at total cash costs of $11.33 per ounce sold, impacted by higher labor costs and increased royalty expenses [31] Market Data and Key Metrics Changes - The average realized gold price increased by 40% to $3,270 per ounce in Q2 2025 compared to $2,336 per ounce in the same period last year [15] - The company expects to produce between 460,000 and 500,000 ounces of gold in 2025, aiming for the midpoint based on first-half performance [8] Company Strategy and Development Direction - The company is focused on advancing growth capital investments in Greece, particularly in the Scourias copper-gold project, which is expected to begin production in 2026 [20][36] - The company remains committed to achieving peer-leading shareholder returns supported by low-cost incremental production across its portfolio [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2025, supported by a strong balance sheet and quality assets [35] - The company acknowledged the need for continuous improvement in safety performance, with a lost time injury frequency rate of 0.95 in Q2 2025 [9][10] Other Important Information - The company repurchased over 2.8 million shares at a cost of $58.4 million year-to-date, reinforcing its disciplined capital allocation strategy [12] - The company was recognized as one of Canada's best companies in 2025 by Time for its strong performance in sustainability and employee satisfaction [11] Q&A Session Summary Question: CapEx spend in Q2 and future expectations - Management expects a ramp-up in Q3 and a decrease in Q4 as the company moves into commissioning and startup of the facility [38] Question: Critical path items in the project - The filter plant construction is on the critical path due to extensive geotechnical work required for its foundation [41][42] Question: Balance sheet and rationale for drawdown - The drawdown on the project financing facility is strategic to take advantage of favorable interest rates and maintain financial flexibility [50][54] Question: Kisladag metallurgical work delays - Delays were due to the initial drilling contractor's substandard equipment, leading to a three-month delay in the program [68] Question: Skilled labor retention and productivity - The company has secured additional accommodation and is confident in retaining skilled labor, with productivity meeting expectations [76] Question: Commercial production definition and ramp-up timeline - Commercial production is defined as exceeding 70% throughput with expected recoveries, with a ramp-up to nameplate capacity expected by Q3 [78][81]

Financial Data and Key Metrics Changes - In Q2 2025, Eldorado Gold reported net earnings from continuing operations of $139 million or $0.68 per share, driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses [14] - Adjusted net earnings for the quarter were $90 million or $0.44 per share, excluding one-time non-recurring items [15] - Free cash flow for the quarter totaled negative $62 million; however, excluding capital investments in the Skirius project, free cash flow was positive $62 million compared to $34 million in Q2 2024 [15] - Total cash costs were $10.64 per ounce sold, and all-in sustaining costs stood at $15.20 per ounce sold [16] Business Line Data and Key Metrics Changes - The company achieved safe production of 133,769 gold ounces in Q2 2025, with the Lamaque complex and Kisladag exceeding expectations [7] - At the Olympias site, gold production was 15,978 ounces, with total cash costs of $15.78 per ounce sold, reflecting a 35% improvement in production and a 34% decrease in costs compared to Q1 [29] - The Kisladag operation produced 46,058 ounces at total cash costs of $11.33 per ounce sold, with production primarily driven by continued leaching of gold ounces from stacked ore [32] Market Data and Key Metrics Changes - The average realized gold price increased by 40% to $3,270 per ounce in Q2 2025, compared to $2,336 per ounce in the same period last year [16] - The company expects to produce between 460,000 and 500,000 ounces of gold in 2025, with guidance based on first-half performance [8] Company Strategy and Development Direction - Eldorado Gold is focused on advancing growth capital investments in Greece, creating diversification in its product portfolio with copper production expected to begin in 2026 [36] - The company is committed to achieving peer-leading shareholder returns supported by low-cost incremental production across its portfolio [36] - The expanded normal course issuer bid (NCIB) program aims to repurchase shares as a means of capital allocation while continuing to invest in long-term growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2025, citing a strong balance sheet and quality assets [36] - The company acknowledged higher costs due to increased royalties driven by record high gold prices and higher labor costs [8] - Management remains focused on continuous improvement in safety performance and sustainability initiatives [11] Other Important Information - The company reported a lost time injury frequency rate of 0.95, an increase from the previous year, indicating a commitment to improving safety [10] - Eldorado Gold was recognized as one of Canada's best companies in 2025 by Time, based on strong performance and sustainability transparency [12] Q&A Session Summary Question: What is the expected CapEx spend in Q2? - Management indicated that Q2 spending was in line with expectations and anticipated a ramp-up in Q3 followed by a decrease in Q4 as commissioning begins [39] Question: Can you elaborate on the critical path for the filtered tailings plant? - The filtered tailings plant is on the critical path due to redesign challenges and extensive foundation work required, but progress has been made [40][41] Question: What is the rationale behind the recent drawdown on the terminal? - The drawdown is part of utilizing a project financing facility with advantageous interest rates, allowing for flexibility in capital allocation [45][50] Question: What is the expected gold output for Q3 versus Q4 at Kisladag? - Production is expected to be steady, with grades anticipated to be lower in the second half of the year, leading to slightly lower production rates [103] Question: How will the company manage euro exposure for the Scourias project? - The company has been using forward price contracts to manage euro exposure, with minimal direct exposure expected from accounting translation [100][102]

Financial Performance - The company reported revenue of $451.7 million in Q2 2025, compared to $297.1 million in Q2 2024 [26] - Adjusted net earnings were $90.1 million in Q2 2025, up from $66.6 million in Q2 2024 [26] - Cash and cash equivalents stood at $1.08 billion as of June 30, 2025 [26, 29] - Free cash flow excluding Skouries investment was $61.5 million in Q2 2025, compared to $33.9 million in Q2 2024 [26] Operational Highlights - Total gold production for Q2 2025 was 133,769 ounces [18, 26] - The company maintains its full-year production guidance [4, 18] - Olympias gold production increased by 35% compared to Q1 2025 [49] - Kışladağ celebrated the production of its four millionth ounce of gold in May 2025 [54] Skouries Project - Construction project capital invested in Skouries since restart to June 30, 2025, reached $705.7 million [39] - The company expects first production from Skouries in Q1 2026 and commercial production in mid-2026 [33] - The company expects $400 to $450 million capital expected for Skouries in 2025, in addition to $80 to $100 million in accelerated operational capital [39]

[About Eldorado Gold](index=4&type=section&id=About%20Eldorado) Eldorado Gold is a Canadian mid-tier gold and base metals producer with mining, development, and exploration operations in Turkiye, Canada, and Greece - Eldorado Gold is a Canadian mid-tier gold and base metals producer with mining, development, and exploration operations in Turkiye, Canada, and Greece[9](index=9&type=chunk) - The company operates **four mines**: Kisladag, Efemcukuru (Turkiye), Lamaque Complex (Canada), and Olympias (Greece), producing gold, lead-silver, and zinc concentrates[9](index=9&type=chunk) - The advanced-stage Skouries copper-gold development project in northern Greece is **fully funded**, supported by an amended investment agreement and strategic investment from the European Bank for Reconstruction and Development[10](index=10&type=chunk) - Eldorado's strategy targets jurisdictions with **long-term growth potential** and high-quality assets, utilizing strong in-country teams and stakeholder relationships[12](index=12&type=chunk) [Consolidated Financial and Operational Highlights](index=5&type=section&id=Consolidated%20Financial%20and%20Operational%20Highlights) Consolidated financial and operational highlights for Q2 and H1 2025 reflect strong growth in revenue, gold production, and net earnings Consolidated Financial and Operational Highlights (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Revenue ($M) | $451.7 | $297.1 | +52.0% | $807.0 | $555.1 | +45.4% | | Gold produced (oz) | 133,769 | 122,319 | +9.4% | 249,662 | 239,430 | +4.3% | | Gold sold (oz) | 131,489 | 121,226 | +8.5% | 247,752 | 237,234 | +4.4% | | Average realized gold price ($/oz sold) | $3,270 | $2,336 | +40.0% | $3,112 | $2,214 | +40.6% | | Production costs ($M) | $162.2 | $127.8 | +26.9% | $310.5 | $250.8 | +23.8% | | Total cash costs ($/oz sold) | $1,064 | $940 | +13.2% | $1,106 | $931 | +18.8% | | All-in sustaining costs ($/oz sold) | $1,520 | $1,331 | +14.2% | $1,538 | $1,297 | +18.6% | | Net earnings for the period ($M) | $138.0 | $55.5 | +148.6% | $210.4 | $89.1 | +136.1% | | Net earnings per share – basic ($/share) | $0.67 | $0.27 | +148.1% | $1.03 | $0.44 | +134.1% | | Adjusted net earnings continuing operations ($M) | $90.1 | $66.6 | +35.3% | $146.5 | $121.8 | +20.3% | | Net cash generated from operating activities ($M) | $158.2 | $112.2 | +41.0% | $288.6 | $207.5 | +39.1% | | Free cash flow ($M) | ($61.6) | ($32.0) | -92.5% | ($91.0) | ($63.0) | -44.4% | | Free cash flow excluding Skouries ($M) | $61.5 | $33.9 | +81.4% | $129.4 | $67.6 | +91.4% | | Cash and cash equivalents ($M) | $1,078.6 | $595.1 | +81.2% | $1,078.6 | $595.1 | +81.2% | | Total assets ($M) | $6,303.8 | $5,280.6 | +19.4% | $6,303.8 | $5,280.6 | +19.4% | | Debt ($M) | $1,157.1 | $748.0 | +54.7% | $1,157.1 | $748.0 | +54.7% | [Key Business Developments](index=6&type=section&id=Key%20Business%20Developments) Key business developments include an updated Skouries project capital estimate and schedule, an amended Lamaque technical report, and maintained 2025 gold production guidance with increased cost expectations [Skouries Project Update](index=6&type=section&id=Skouries%20Project%20Update) The Skouries Project's capital cost increased to **$1.06 billion** with **$154 million** in accelerated operational capital, pushing first production to Q1 2026 and commercial production to mid-2026 due to labor market tightness - Project capital cost increased by approximately **$143 million**, totaling **$1.06 billion**, primarily due to continued labor market tightness in Greece[16](index=16&type=chunk) - An additional **$154 million** in accelerated operational capital is expected prior to commercial production, driven by additional pre-commercial production mining and accelerated purchase of higher capacity mobile mining equipment[16](index=16&type=chunk) - First production of copper-gold concentrate is expected in **Q1 2026**, with commercial production anticipated in **mid-2026**[17](index=17&type=chunk) - 2026 gold production is projected to be between **135,000 and 155,000 ounces** and copper production between **45 and 60 million pounds**[17](index=17&type=chunk) [Updated Technical Report](index=6&type=section&id=Updated%20Technical%20Report) In Q1 2025, Eldorado Gold filed an amended technical report for the Lamaque Complex to support updated scientific and technical disclosure in its Annual Information Form - An amended technical report related to the Lamaque Complex was filed in **Q1 2025**, prepared pursuant to Canadian Securities Administrators' National Instrument 43-101[18](index=18&type=chunk) - The Amended Technical Report was filed to support updated scientific and technical disclosure in the Company's Annual Information Form filed in **March 2025**[19](index=19&type=chunk) [2025 Outlook](index=6&type=section&id=2025%20Outlook) Eldorado Gold maintained its 2025 annual gold production guidance, but higher royalty rates and sustained gold prices are expected to push consolidated total cash costs and AISC to or above the high end of guidance ranges - 2025 annual gold production guidance is maintained at **460,000 to 500,000 ounces**, with expectations to be around the mid-point based on first-half performance[20](index=20&type=chunk) - Consolidated total cash costs and AISC for 2025 are expected to be at or above the high end of guidance range (**$980-$1,080** and **$1,370-$1,470 per ounce sold**, respectively) due to higher royalty rates in Turkiye and Greece and sustained high gold prices[20](index=20&type=chunk) - Growth capital investment is expected to total **$245 to $270 million**, with an additional **$400 to $450 million** investment to advance the Skouries Project, while sustaining capital and exploration expenditures are in line with guidance[21](index=21&type=chunk) [Review of Operating and Financial Performance](index=7&type=section&id=Review%20of%20Operating%20and%20Financial%20Performance) This section reviews Eldorado Gold's operating and financial performance, covering health and safety, production, sales, revenue, costs, other expenses, income tax, net earnings, and cash flow [Health and Safety](index=7&type=section&id=Health%20and%20Safety) The Lost-Time Injury Frequency Rate (LTIFR) increased in Q2 2025 but improved in H1 2025, as the company continues proactive steps to enhance workplace safety - The Company's lost-time injury frequency rate per million person-hours worked ("LTIFR") was **0.95** in Q2 2025, compared to **0.40** in Q2 2024[22](index=22&type=chunk) - LTIFR for the six months ended June 30, 2025, was **0.83**, compared to **1.00** for the six months ended June 30, 2024[22](index=22&type=chunk) - The company continues to take proactive steps to improve workplace safety and to ensure a safe working environment for employees and contractors[22](index=22&type=chunk) [Production, Sales and Revenue](index=7&type=section&id=Production,%20Sales%20and%20Revenue) Gold production and sales volumes increased in Q2 and H1 2025, driven by higher throughput and inventory drawdown, while a significantly higher average realized gold price boosted total revenue by **52%** in Q2 and **45%** in H1 Gold Production, Sales, and Revenue (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Gold produced (oz) | 133,769 | 122,319 | +9% | 249,662 | 239,430 | +4% | | Gold sales (oz) | 131,489 | 121,226 | +8% | 247,752 | 237,234 | +4% | | Average realized gold price ($/oz sold) | $3,270 | $2,336 | +40% | $3,112 | $2,214 | +41% | | Total revenue ($M) | $451.7 | $297.1 | +52% | $807.0 | $555.1 | +45% | - Increases in gold production and sales over the prior year were driven by Lamaque (higher throughput, partially due to accelerated processing of the second Ormaque bulk sample) and Kisladag (drawdown of inventory accelerated during the quarter from optimization efforts)[23](index=23&type=chunk)[24](index=24&type=chunk) - The increases in total revenue for both three and six-month periods were primarily due to the **higher average realized gold price** as well as higher sales volumes[25](index=25&type=chunk) [Production Costs and Unit Cost Performance](index=7&type=section&id=Production%20Costs%20and%20Unit%20Cost%20Performance) Production costs, total cash costs, and AISC per ounce sold all increased in Q2 and H1 2025, primarily due to higher gold volumes, increased royalties, and rising labor costs Production Costs and Unit Cost Performance (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Production costs ($M) | $162.2 | $127.8 | +26.9% | $310.5 | $250.8 | +23.8% | | Royalty expense ($M) | $28.7 | $17.8 | +61.2% | $50.9 | $32.0 | +59.1% | | Total cash costs ($/oz sold) | $1,064 | $940 | +13.2% | $1,106 | $931 | +18.8% | | All-in sustaining costs ($/oz sold) | $1,520 | $1,331 | +14.2% | $1,538 | $1,297 | +18.6% | - Increases in production costs were driven by higher gold volumes sold, increases in royalties (roughly **one third** of the increase), and rising labor costs in Turkiye and Lamaque[26](index=26&type=chunk) - Royalty expense increased significantly due to higher gold prices and amendments to Turkish Mining Law effective **July 24, 2025**, which broadened the price-linked sliding scale of royalty rates[27](index=27&type=chunk) - AISC per ounce sold increased due to higher total cash costs combined with higher sustaining capital expenditures[29](index=29&type=chunk) [Other Expenses](index=8&type=section&id=Other%20Expenses) Depreciation expense increased, foreign exchange shifted to a loss due to the strengthening Euro, and other expenses rose significantly in H1 2025 due to derivative losses, while finance costs showed mixed trends Other Expenses (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change (YoY) | H1 2025 ($M) | H1 2024 ($M) | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Depreciation expense | $66.0 | $59.4 | +11.1% | $126.1 | $113.9 | +10.7% | | Foreign exchange (loss)/gain | ($18.5) | $1.4 | N/A | ($24.8) | $1.5 | N/A | | Other expense | $3.0 | $5.3 | -43.4% | $62.7 | $14.2 | +341.5% | | Finance costs | $0.7 | $7.1 | -90.1% | $12.9 | $7.1 | +81.7% | - Foreign exchange loss in Q2 and H1 2025 was primarily due to the impact of the **strengthening Euro** on debt and payables denominated in Euros[31](index=31&type=chunk) - The increase in other expense in H1 2025 was driven by realized and unrealized losses on derivative instruments, primarily gold collars and gold/copper swaps related to the Term Facility[32](index=32&type=chunk) - The increase in finance costs in H1 2025 was primarily driven by higher interest costs on cumulative debt and financing costs incurred on the disposal of marketable securities[33](index=33&type=chunk) [Income Tax](index=8&type=section&id=Income%20Tax) Income tax expense increased in Q2 2025 but significantly decreased in H1 2025 due to a **$91.1 million** deferred tax recovery, while current tax expense rose in both periods Income Tax (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change (YoY) | H1 2025 ($M) | H1 2024 ($M) | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Income tax expense from continuing operations | $33.3 | $21.7 | +53.5% | $0.7 | $37.8 | -98.2% | | Current tax expense | $44.6 | $20.7 | +115.5% | $91.8 | $33.2 | +176.5% | | Deferred tax recovery/(expense) | $11.3 | ($1.0) | N/A | $91.1 | ($4.6) | N/A | - The significant decrease in H1 2025 income tax expense was primarily due to a **$91.1 million** deferred tax recovery, which included a **$73.5 million** deferred tax recovery on the recognition of a deferred tax asset in Q1 2025[36](index=36&type=chunk) - Current tax expense increased in both periods, comprised of operations in Turkiye and Quebec[35](index=35&type=chunk) - The Company does not expect a material exposure to Pillar Two top-up taxes based on its most recent assessment[38](index=38&type=chunk) [Net Earnings Attributable to Shareholders](index=9&type=section&id=Net%20Earnings%20Attributable%20to%20Shareholders) Net earnings attributable to shareholders significantly increased in Q2 and H1 2025, driven by higher operating income from increased gold prices and sales, with adjusted net earnings also showing growth Net Earnings Attributable to Shareholders (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change (YoY) | H1 2025 ($M) | H1 2024 ($M) | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net earnings attributable to shareholders from continuing operations | $139.0 | $56.4 | +146.4% | $211.0 | $91.6 | +130.3% | | Net earnings per share – basic ($/share) | $0.68 | $0.28 | +142.9% | $1.03 | $0.45 | +128.9% | | Adjusted net earnings | $90.1 | $66.6 | +35.3% | $146.5 | $121.8 | +20.3% | | Adjusted net earnings per share – basic ($/share) | $0.44 | $0.33 | +33.3% | $0.72 | $0.60 | +20.0% | - The increases in net earnings in both the three and six-month periods were driven by higher operating income due primarily to **higher average realized gold price** as well as stronger gold sales, partially offset by higher production costs and income tax expense in Q2[39](index=39&type=chunk) - Q2 2025 adjusted net earnings included a **$22.8 million** gain on foreign exchange due to the translation of deferred tax balances and an **$18.7 million** unrealized gain on derivative instruments[40](index=40&type=chunk) - H1 2025 adjusted net earnings included a **$73.5 million** recovery on one-time recognition of a deferred tax asset, a **$44.7 million** unrealized loss on derivative instruments, and a **$26.3 million** gain on foreign exchange due to the translation of deferred tax balances[40](index=40&type=chunk) [Cash Generated from Operating Activities and Free Cash Flow](index=9&type=section&id=Cash%20Generated%20from%20Operating%20Activities%20and%20Free%20Cash%20Flow) Net cash generated from operating activities increased due to higher gold prices and sales, while free cash flow remained negative due to Skouries investments but was strongly positive when excluding the project Cash Flow from Operating Activities and Free Cash Flow (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change (YoY) | H1 2025 ($M) | H1 2024 ($M) | Change (YoY) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Net cash generated from operating activities | $158.2 | $112.2 | +41.0% | $288.6 | $207.5 | +39.1% | | Free cash flow | ($61.6) | ($32.0) | -92.5% | ($91.0) | ($63.0) | -44.4% | | Free cash flow excluding Skouries | $61.5 | $33.9 | +81.4% | $129.4 | $67.6 | +91.4% | - Net cash generated from operating activities increased primarily as a result of the **higher average realized gold price** and higher sales volumes, partially offset by higher taxes paid[41](index=41&type=chunk) - Free cash flow was negative due to the significant increase in investing activities at Skouries, partially offset by higher operating cash flow[42](index=42&type=chunk) - Free cash flow excluding Skouries significantly increased, indicating strong operational cash generation apart from the Skouries project investment[42](index=42&type=chunk) [Quarterly Operations Update](index=10&type=section&id=Quarterly%20Operations%20Update) This section provides a detailed quarterly update on consolidated and individual mine operations, including production, sales, revenue, and cost performance [Consolidated Operations](index=10&type=section&id=Consolidated%20Operations) Consolidated gold production and sales volumes increased in Q2 and H1 2025, while production costs, total cash costs, AISC per ounce sold, and sustaining capital expenditures all rose Consolidated Operations Summary (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Ounces produced | 133,769 | 122,319 | +9.4% | 249,662 | 239,430 | +4.3% | | Ounces sold | 131,489 | 121,226 | +8.5% | 247,752 | 237,234 | +4.4% | | Production costs ($M) | $162.2 | $127.8 | +26.9% | $310.5 | $250.8 | +23.8% | | Total cash costs ($/oz sold) | $1,064 | $940 | +13.2% | $1,106 | $931 | +18.8% | | All-in sustaining costs ($/oz sold) | $1,520 | $1,331 | +14.2% | $1,538 | $1,297 | +18.6% | | Sustaining capital expenditures ($M) | $44.1 | $30.9 | +42.7% | $76.9 | $59.9 | +28.4% | [Kisladag Operations](index=11&type=section&id=Kisladag) Kisladag's gold production increased by **18%** in Q2 2025 due to higher grades and inventory drawdown, driving a **60%** revenue rise, though production and unit costs increased due to labor and royalties Kisladag Operations Summary (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Gold ounces produced | 46,058 | 38,990 | +18.1% | 90,377 | 76,513 | +18.1% | | Gold ounces sold | 45,290 | 39,646 | +14.2% | 89,628 | 76,344 | +17.4% | | Average realized gold price ($/oz sold) | $3,289 | $2,347 | +40.1% | $3,087 | $2,217 | +39.2% | | Revenue ($M) | $150.4 | $94.0 | +60.0% | $279.6 | $171.0 | +63.5% | | Production costs ($M) | $52.7 | $38.2 | +38.0% | $100.2 | $69.2 | +44.8% | | Total cash costs ($/oz sold) | $1,133 | $941 | +20.4% | $1,086 | $883 | +23.0% | | All-in sustaining costs ($/oz sold) | $1,324 | $1,055 | +25.5% | $1,232 | $988 | +24.7% | | Growth capital investment ($M) | $22.3 | $32.3 | -30.9% | $43.0 | $57.7 | -25.6% | | Sustaining capital expenditures ($M) | $6.5 | $3.1 | +109.7% | $8.8 | $5.2 | +69.2% | - Gold production increase was primarily due to higher grades stacked in prior periods and accelerated drawdown of inventory as a result of optimization efforts put in place in 2024[46](index=46&type=chunk) - Production costs and unit costs increased primarily due to higher direct operating costs from rising labor costs (inflation exceeding local currency devaluation) and higher royalty expense from increased gold prices and sales[48](index=48&type=chunk)[49](index=49&type=chunk) - Growth capital investment was primarily for waste stripping and continued construction of the second phase of the NHLP[50](index=50&type=chunk) - The geometallurgical study for characterization of future mining phases is now expected to be complete in **Q1 2026**, due to slower than expected progress in drilling, core logging, and metallurgical testing[52](index=52&type=chunk) [Lamaque Operations](index=12&type=section&id=Lamaque) Lamaque's gold production increased by **7%** in Q2 2025 due to higher throughput, boosting revenue by **60%**, while total cash costs per ounce decreased despite slightly higher production costs Lamaque Operations Summary (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Gold ounces produced | 50,640 | 47,391 | +6.9% | 91,078 | 89,690 | +1.5% | | Gold ounces sold | 49,447 | 43,625 | +13.3% | 91,652 | 88,245 | +3.9% | | Average realized gold price ($/oz sold) | $3,323 | $2,347 | +41.6% | $3,119 | $2,214 | +40.9% | | Revenue ($M) | $164.8 | $102.8 | +60.3% | $286.8 | $196.3 | +46.1% | | Production costs ($M) | $36.1 | $33.6 | +7.4% | $71.9 | $68.8 | +4.5% | | Total cash costs ($/oz sold) | $721 | $759 | -5.0% | $774 | $769 | +0.7% | | All-in sustaining costs ($/oz sold) | $1,231 | $1,233 | -0.2% | $1,305 | $1,248 | +4.6% | | Growth capital investment ($M) | $16.4 | $7.4 | +121.6% | $29.0 | $12.5 | +132.0% | | Sustaining capital expenditures ($M) | $25.4 | $20.1 | +26.4% | $48.1 | $41.1 | +17.0% | - Gold production increase was due to higher throughput, benefiting from the early processing of a portion of the second Ormaque bulk sample, but partially offset by lower ore grade[54](index=54&type=chunk) - Total cash costs per ounce decreased due to higher volumes sold, despite slightly higher costs of labor and royalties[55](index=55&type=chunk) - Growth capital investment was primarily related to the Ormaque development, construction of the water management structure at the north basin, as well as resource conversion drilling[57](index=57&type=chunk) [Efemcukuru Operations](index=13&type=section&id=Efemcukuru) Efemcukuru's gold production decreased by **6%** in Q2 2025 due to lower ore grade, yet revenue increased by **28%** from higher gold prices, while production and unit costs rose significantly Efemcukuru Operations Summary (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Gold ounces produced | 21,093 | 22,397 | -5.8% | 40,400 | 40,898 | -1.2% | | Gold ounces sold | 20,779 | 22,462 | -7.5% | 38,569 | 41,076 | -6.1% | | Average realized gold price ($/oz sold) | $3,364 | $2,448 | +37.4% | $3,287 | $2,335 | +40.8% | | Revenue ($M) | $70.7 | $55.3 | +27.8% | $128.2 | $96.6 | +32.7% | | Production costs ($M) | $28.5 | $24.8 | +14.9% | $53.2 | $46.6 | +14.2% | | Total cash costs ($/oz sold) | $1,335 | $1,087 | +22.8% | $1,345 | $1,117 | +20.4% | | All-in sustaining costs ($/oz sold) | $1,667 | $1,288 | +29.4% | $1,613 | $1,220 | +32.2% | | Growth capital expenditures ($M) | $3.5 | $1.1 | +218.2% | $5.2 | $2.2 | +136.4% | | Sustaining capital expenditures ($M) | $6.4 | $3.6 | +77.8% | $9.4 | $6.0 | +56.7% | - Gold production decrease was primarily driven by lower ore grade[59](index=59&type=chunk) - Production costs and unit costs increased primarily due to higher direct operating costs from rising labor costs (inflation exceeding local currency devaluation) and royalties (higher gold price), along with lower sales volumes[61](index=61&type=chunk)[62](index=62&type=chunk) - Growth capital investment supported underground development towards the Kokarpinar vein[63](index=63&type=chunk) [Olympias Operations](index=14&type=section&id=Olympias) Olympias's gold production increased by **18%** in Q2 2025 as the plant normalized, driving a **46%** revenue increase, though production and unit costs rose significantly due to labor and currency impacts, with mill expansion now expected by mid-2026 Olympias Operations Summary (Q2 & H1 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | :------ | :------ | :----------- | | Gold ounces produced | 15,978 | 13,541 | +18.0% | 27,807 | 32,329 | -13.9% | | Gold ounces sold | 15,973 | 15,493 | +3.1% | 27,903 | 31,568 | -11.6% | | Silver ounces produced | 311,014 | 221,568 | +40.4% | 531,125 | 530,131 | +0.2% | | Lead tonnes produced | 2,936 | 2,059 | +42.6% | 4,965 | 5,002 | -0.7% | | Zinc tonnes produced | 3,070 | 2,360 | +30.1% | 5,018 | 5,485 | -8.5% | | Average realized gold price ($/oz sold) | $2,932 | $2,115 | +38.6% | $2,926 | $2,048 | +42.9% | | Revenue ($M) | $65.9 | $45.0 | +46.4% | $112.4 | $91.1 | +23.4% | | Production costs ($M) | $44.8 | $31.3 | +43.1% | $85.1 | $66.3 | +28.4% | | Total cash costs ($/oz sold) | $1,578 | $1,231 | +28.2% | $1,929 | $1,260 | +53.1% | | All-in sustaining costs ($/oz sold) | $1,967 | $1,522 | +29.2% | $2,341 | $1,524 | +53.6% | | Growth capital investment ($M) | $5.1 | $1.6 | +218.8% | $8.9 | $2.6 | +242.3% | | Sustaining capital expenditures ($M) | $5.8 | $4.1 | +41.5% | $10.7 | $7.6 | +40.8% | - Q2 2025 gold production increase was driven by higher tonnes milled and slightly higher gold grades, with the plant returning to normal operating conditions in early **Q2 2025** after Q1 flotation circuit stability issues[66](index=66&type=chunk) - Production costs and unit costs increased due to increases in labor costs and the impact of the **strengthening Euro**, partially offset by lower transport costs and higher by-product credits[68](index=68&type=chunk)[69](index=69&type=chunk) - The mill expansion to **650ktpa** commenced in Q2 2025 but is now anticipated to be completed in **mid-2026** due to delays in permitting and detailed engineering[71](index=71&type=chunk) [Development Projects](index=16&type=section&id=Development%20Projects) This section details the progress and updates for Eldorado Gold's key development projects, including Skouries, Perama Hill, and the Certej Project [Skouries Project – Greece](index=16&type=section&id=Skouries%20Project%20%E2%80%93%20Greece) The Skouries Project's capital cost increased to **$1.06 billion** with **$154 million** in accelerated operational capital, pushing first production to Q1 2026, while Phase 2 construction reached **70%** completion by June 30, 2025 [Capital Estimate and Schedule](index=16&type=section&id=Capital%20Estimate%20and%20Schedule) The Skouries Project's capital cost increased by **$143 million** to **$1.06 billion**, with an additional **$154 million** in accelerated operational capital, anticipating first production in Q1 2026 and commercial production by mid-2026 - Project capital cost incorporates an increase of approximately **$143 million**, to total **$1.06 billion**, primarily as a result of continued labor market tightness in Greece[73](index=73&type=chunk) - The Company expects to complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining equipment, resulting in **$154 million** of accelerated operational capital prior to commercial production[73](index=73&type=chunk) - First production of the copper-gold concentrate is expected in **Q1 2026** and commercial production is expected in **mid-2026**[74](index=74&type=chunk) Skouries Project Capital and Operational Capital | Metric | Q2 2025 ($M) | H1 2025 ($M) | 2025 Outlook ($M) | | :----------------------------------- | :----------- | :----------- | :---------------- | | Project capital | $117.0 | $200.9 | $400 - $450 | | Accelerated operational capital | $27.1 | $33.5 | $80 - $100 | | Cumulative project capital (as of June 30, 2025) | N/A | $705.7 | N/A | | Cumulative accelerated operational capital (as of June 30, 2025) | N/A | $40.5 | N/A | [Construction Activities](index=16&type=section&id=Construction%20Activities) Overall project progress for Phase 2 construction was **70%** complete as of June 30, 2025, with significant advancements in filtered tailings, primary crusher, process plant, thickeners, and underground development - As at **June 30, 2025**, overall project progress was **70%** complete for Phase 2 of construction[76](index=76&type=chunk) - Work continues to progress on the filtered tailings building, which remains on the critical path, with structural steel installation **51%** complete and mechanical work progressing[77](index=77&type=chunk) - Progress continues on the construction of the primary crusher building structure, with the apron feeder and associated chutes installed, and the bottom shell pre-assembled for installation in August[79](index=79&type=chunk) - Work in the process plant continues to expand to additional work fronts for cable tray, cable, piping and mechanical installations, with pre-commissioning of the concentrate filter presses underway[81](index=81&type=chunk)[83](index=83&type=chunk) - Construction of the three tailings thickeners progressed on plan, with concrete works and mechanical installations for two thickeners complete[84](index=84&type=chunk) - Foundation preparation for the Karatza Lakkos (KL) embankment commenced, and bulk excavation in Water Management Pond 1 was completed[85](index=85&type=chunk) - Underground access development rates accelerated during **Q2 2025**, currently achieving over **200 meters per month**, with the **350-meter level** reached and first test stope blasthole drilling commenced[86](index=86&type=chunk) [Engineering, Procurement, and Operational Readiness](index=17&type=section&id=Engineering,%20Procurement,%20and%20Operational%20Readiness) Engineering works are substantially complete, all major procurement is finalized, and initial open pit mining equipment operators are onboarded with training underway, as open pit mining commenced in July 2025 - Engineering works are substantially complete, with focus on closing out remaining activities and providing technical clarifications[87](index=87&type=chunk) - All major procurement is complete, with focus on managing and expediting deliveries to support construction[88](index=88&type=chunk) - Development of the first phase of the open pit mining Management Operating System is ongoing, with initial start-up phase open pit equipment operators onboarded and training underway, and open pit mining commenced in **July 2025**[89](index=89&type=chunk) [Workforce](index=18&type=section&id=Workforce) As of June 30, 2025, approximately **1,730 personnel** were working on the Skouries site, including **272 Skouries employees** with **186 operational personnel** - As at **June 30, 2025**, there were approximately **1,730 personnel** working on site, including **272 Skouries employees** of which **186** were Skouries operational personnel[91](index=91&type=chunk) [Perama Hill – Greece](index=18&type=section&id=Perama%20Hill%20%E2%80%93%20Greece) Perama Hill, an epithermal gold-silver deposit in northern Greece, is undergoing project optimization and studies to prepare permitting documentation for potential development as a small open pit mine using a conventional carbon-in-leach circuit - Perama Hill is an epithermal gold-silver deposit located in the Thrace region of northern Greece[92](index=92&type=chunk) - Project optimization and studies are ongoing to prepare permitting documentation for its potential operation as a small open pit mine utilizing a conventional carbon-in-leach circuit for gold recovery[92](index=92&type=chunk) [Certej Project – Romania](index=18&type=section&id=Certej%20Project%20%E2%80%93%20Romania) The Certej Project in Romania has been classified as a disposal group held for sale as of June 30, 2025, and as a discontinued operation for the three and six months ended June 30, 2025 and 2024 - The Certej Project has been presented as a disposal group held for sale as at **June 30, 2025**[93](index=93&type=chunk) - It is classified as a discontinued operation for the three and six months ended **June 30, 2025** and **June 30, 2024**[93](index=93&type=chunk) [Exploration and Evaluation](index=19&type=section&id=Exploration%20and%20Evaluation) Exploration and evaluation expenditures are expensed or capitalized based on the stage of mineral deposit assessment, with Q2 2025 expensed exploration focusing on early-stage projects and capitalized expenditures on resource expansion - Exploration and evaluation expenditures are expensed when they relate to the search for, or delineation of, mineral deposits, or the initial evaluation of technical and economic feasibility, and capitalized once there is sufficient evidence to support positive economic returns[94](index=94&type=chunk) Exploration and Evaluation Expenditures (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Total Expensed Exploration | $7.3 | $3.4 | $14.2 | $7.8 | | Total Capitalized Exploration | $3.3 | $5.0 | $7.9 | $9.5 | - Expensed exploration in **Q2 2025** primarily related to early-stage projects in Quebec (Lamaque area, Bourlamaque), Turkiye (Derinkoy, Kurak, Efemcukuru West Vein), and Greece, including a partner-operated drill program in Newfoundland[96](index=96&type=chunk) - Capitalized expenditures in **Q2 2025** focused on resource expansion and conversion programs at Lamaque (Triangle and Ormaque deposits), Efemcukuru (Kokarpinar vein), and Olympias (East Ore Zone and northern extensions)[97](index=97&type=chunk) [Financial Condition and Liquidity](index=21&type=section&id=Financial%20Condition%20and%20Liquidity) This section details Eldorado Gold's financial condition and liquidity, covering operating, investing, and financing activities, capital resources, and contractual obligations [Operating Activities](index=21&type=section&id=Operating%20Activities) Net cash generated from operating activities increased in Q2 2025 due to higher gold sales and prices, though non-cash working capital changes resulted in a **$43.8 million** decrease in cash - Net cash generated from operating activities from continuing operations increased to **$158.2 million** in Q2 2025 from **$112.2 million** in Q2 2024, primarily as a result of higher gold sales and higher average realized gold prices[98](index=98&type=chunk) - Income taxes paid of **$42.7 million** in Q2 2025 (**$29.6 million** in Q2 2024) primarily related to operations in Turkiye and Quebec mining duties for Lamaque[98](index=98&type=chunk) - Non-cash working capital changes resulted in a decrease in cash of **$43.8 million** in Q2 2025, including a **$20.4 million** increase in accounts receivable, a **$14.1 million** increase in inventories, and a **$9.4 million** decrease in accounts payable due to annual royalty payments[99](index=99&type=chunk) [Investing Activities](index=21&type=section&id=Investing%20Activities) Total cash capital expenditures significantly increased in Q2 2025 to **$191.2 million**, with major investments in the Skouries Project, Kisladag waste stripping, and Lamaque Ormaque development, alongside sustaining capital at operating mines - In **Q2 2025**, the company invested **$191.2 million** in capital expenditures on a cash basis, compared to **$133.1 million** in Q2 2024[100](index=100&type=chunk)[101](index=101&type=chunk) Summary of Capital Expenditures (Q2 & YTD 2025 vs. 2024) | Capital Expenditure Category | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Growth capital investment at operating mines | $47.3 | $42.3 | $86.2 | $75.0 | | Sustaining capital expenditures at operating mines | $44.1 | $30.9 | $76.9 | $59.9 | | Skouries project capital | $117.0 | $91.9 | $200.9 | $144.4 | | Skouries accelerated operational capital | $27.1 | — | $33.5 | — | | Total capital expenditures (before reconciliation) | $240.9 | $165.7 | $414.1 | $287.7 | - Growth capital investment included **$117.0 million** for the Skouries Project, **$17.4 million** for waste stripping at Kisladag, and **$8.1 million** for development of Ormaque at Lamaque[100](index=100&type=chunk) - Sustaining capital expenditure at operating mines totaled **$44.1 million** and primarily included underground development and construction and equipment rebuilds[100](index=100&type=chunk) [Financing Activities](index=22&type=section&id=Financing%20Activities) Eldorado Gold secured a non-recourse project financing facility for Skouries, including a **€480.4 million** commercial loan and **€200.0 million** from the Greek Recovery and Resilience Fund, while also increasing its revolving senior secured credit facility - The Company entered into a project financing facility for the Skouries Project, including a **€480.4 million** commercial loan, **€200.0 million** from the Greek Recovery and Resilience Fund, and a **€60.0 million** contingent overrun facility (Term Facility), which is non-recourse to Eldorado Gold Corporation[103](index=103&type=chunk) - In H1 2025, the Company completed drawdowns on the Term Facility totaling **€154.1 million** (**$180.6 million**) and on the VAT revolving credit facility totaling **€33.9 million** (**$37.6 million**)[104](index=104&type=chunk) - Eldorado exercised a deferral option in **January 2025**, extending the drawings from the Term Facility through the earlier of **August 26, 2026**, or three months following completion of the Skouries Project[105](index=105&type=chunk) - The company has **$500 million** senior unsecured notes due **September 1, 2029**, and increased its revolving senior secured credit facility from **$250 million** to **$350 million** (with a **$100 million** accordion feature) in **June 2024**, extending the maturity to **June 27, 2028**[106](index=106&type=chunk)[107](index=107&type=chunk) - As of **June 30, 2025**, the outstanding letter of credit for Skouries was **€256.8 million** (**$301.0 million**), and the Company's available balance on the Credit Facility was **$48.7 million**[108](index=108&type=chunk) [Capital Resources](index=23&type=section&id=Capital%20Resources) Eldorado Gold's cash and cash equivalents increased to **$1,078.6 million** by June 30, 2025, primarily from higher gold prices, share sales, and Term Facility drawdowns, with sufficient liquidity expected for the next twelve months Capital Resources (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | Change | | :----------------------- | :----------------- | :--------------------- | :----- | | Cash and cash equivalents | $1,078.6 | $856.8 | +$221.8 | | Working capital | $1,117.0 | $1,063.4 | +$53.6 | | Debt – long-term | $1,157.1 | $915.4 | +$241.7 | - Cash and cash equivalents increased primarily as a result of the **higher gold price**, the sale of G Mining Ventures shares in **Q1 2025**, and the Term Facility drawdown, partially offset by investment in growth capital and share buybacks[110](index=110&type=chunk) - The company expects that its working capital of **$1,117.0 million**, together with expected future cash flows from operations, the Term Facility, and access to undrawn Credit Facility, are sufficient to support planned and foreseeable commitments for the next twelve months[111](index=111&type=chunk) [Contractual Obligations](index=23&type=section&id=Contractual%20Obligations) Eldorado Gold's contractual obligations as of June 30, 2025, include **$720.4 million** in Term Facility debt repayments, **$11.4 million** in purchase obligations, and **$24.8 million** in lease obligations Contractual Obligations (as of June 30, 2025) | Obligation | Within 1 Year ($M) | 2 Years ($M) | 3 Years ($M) | 4 Years ($M) | 5 Years ($M) | Over 5 Years ($M) | Total ($M) | | :----------------- | :----------------- | :----------- | :----------- | :----------- | :----------- | :---------------- | :--------- | | Debt - Term Facility | — | 118.0 | 95.7 | 87.7 | 119.6 | 299.4 | 720.4 | | Purchase obligations | 8.6 | 2.8 | — | — | — | — | 11.4 | | Leases | 7.8 | 6.3 | 2.9 | 1.8 | 1.3 | 4.7 | 24.8 | - Debt obligations represent required repayments of principal for the Term Facility and exclude interest on debt[112](index=112&type=chunk) - Purchase obligations relate primarily to capital projects at Skouries[112](index=112&type=chunk) [Quarterly Results](index=23&type=section&id=Quarterly%20Results) Quarterly financial results show increasing revenue and net earnings in 2025 and 2024, driven by higher gold prices, with Q3 2023's net loss attributed to a Turkish income tax rate increase Quarterly Financial Results (Q2 2025 - Q3 2023) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | :------ | :------ | :------ | | Total revenue ($M) | $451.7 | $355.2 | $435.7 | $331.8 | $297.1 | $258.0 | $306.9 | $244.8 | | Net earnings (loss) from continuing operations ($M) | 139.0 | 72.0 | 108.2 | 101.1 | 56.4 | 35.2 | 91.8 | (6.6) | | Net (loss) earnings from discontinued operations ($M) | (1.0) | 0.4 | (3.2) | (6.1) | (0.9) | (1.6) | 0.6 | (1.4) | | Net earnings (loss) per share from continuing operations - basic ($/share) | $0.68 | $0.35 | $0.53 | $0.49 | $0.28 | $0.17 | $0.45 | ($0.03) | | Adjusted net earnings per share - basic ($/share) | $0.44 | $0.28 | $0.62 | $0.35 | $0.33 | $0.27 | $0.24 | $0.17 | - Revenue and net earnings in **2025** and throughout **2024** benefited from increasing average realized gold prices, with some impact offset by higher royalties[115](index=115&type=chunk) - The net loss in **Q3 2023** was driven by higher tax expense due to the income tax rate increase in Turkiye, effective **July 15, 2023**, with retroactive application to **January 1, 2023**[115](index=115&type=chunk) - Q2 2025 adjusted net earnings removed a **$22.8 million** gain related to foreign exchange on deferred tax and an **$18.7 million** unrealized gain on derivative instruments[117](index=117&type=chunk) [Outstanding Share Information](index=25&type=section&id=Outstanding%20Share%20Information) As of June 30, 2025, common shares outstanding totaled **203,880,303**, with additional share purchase options and performance share units outstanding as of July 31, 2025 Outstanding Share Information (as of June 30 & July 31, 2025) | Metric | As of June 30, 2025 | As of July 31, 2025 | | :----------------------------------- | :------------------ | :------------------ | | Common Shares Outstanding | 203,880,303 | 203,199,350 | | Share purchase options | N/A | 2,773,305 | | Performance share units | N/A | 1,044,489 | - Performance share units (PSUs) are subject to satisfaction of performance vesting targets and may result in a higher or lower amount than granted, with redemption settlement potentially in common shares, cash, or a combination[120](index=120&type=chunk) [Non-IFRS and Other Financial Measures and Ratios](index=26&type=section&id=Non-IFRS%20and%20Other%20Financial%20Measures%20and%20Ratios) This section defines and reconciles Eldorado Gold's non-IFRS financial measures and ratios, providing additional insights into performance and cash flow generation beyond IFRS standards [Introduction to Non-IFRS and Other Financial Measures and Ratios](index=26&type=section&id=Introduction%20to%20Non-IFRS%20Measures) This section introduces Eldorado Gold's non-IFRS financial measures and ratios, emphasizing their role in evaluating performance and cash flow while noting they are not IFRS substitutes and may not be comparable to other issuers - Non-IFRS financial measures and ratios are included to provide investors with useful information to assist in their evaluation of the Company's performance and ability to generate cash flow from operating activities[121](index=121&type=chunk) - These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS[121](index=121&type=chunk) - These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers[121](index=121&type=chunk) - The document outlines the non-IFRS financial measures and ratios, their definitions, the most directly comparable IFRS measures, and why they are useful to investors[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [Total Cash Costs, Total Cash Costs per Ounce Sold](index=28&type=section&id=Total%20Cash%20Costs,%20Total%20Cash%20Costs%20per%20Ounce%20Sold) Total cash costs, defined by the Gold Institute Production Cost Standard, include direct operating costs, refining, selling, and royalties, with by-product sales reducing these costs, and are reconciled to production costs - Total cash costs include direct operating costs (mining, processing, administration), refining and selling costs, and royalty payments, but exclude depreciation, share-based payments, and reclamation costs, with revenue from by-products reducing total cash costs[124](index=124&type=chunk) Reconciliation of Total Cash Costs and Total Cash Costs per Ounce Sold (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------- | :----------- | :----------- | :------------ | :------------ | | Production costs | $162.2 | $127.8 | $310.5 | $250.8 | | By-product credits and other | ($25.0) | ($17.9) | ($41.4) | ($37.4) | | Concentrate deductions | $2.8 | $3.9 | $4.9 | $7.5 | | Total cash costs | $139.9 | $113.9 | $274.0 | $220.9 | | Gold ounces sold | 131,489 | 121,226 | 247,752 | 237,234 | | Total cash cost per ounce sold | $1,064 | $940 | $1,106 | $931 | [All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold](index=29&type=section&id=All-in%20Sustaining%20Costs,%20All-in%20Sustaining%20Costs%20per%20Ounce%20Sold) All-in Sustaining Costs (AISC), defined by the World Gold Council, encompass total cash costs, sustaining capital, leases, exploration, reclamation accretion, and corporate G&A, excluding growth capital and non-operating reclamation costs - AISC is defined as the sum of total cash costs, sustaining capital expenditure, sustaining leases, sustaining exploration and evaluation cost, reclamation cost accretion, and corporate and allocated general and administrative expenses, with growth capital and reclamation cost accretion not related to operating gold mines excluded[124](index=124&type=chunk) Reconciliation of All-in Sustaining Costs (AISC) (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Total cash costs | $139.9 | $113.9 | $274.0 | $220.9 | | Corporate and allocated G&A | 13.7 | 13.3 | 24.9 | 24.4 | | Exploration and evaluation costs | (0.2) | 1.1 | 0.4 | 2.0 | | Reclamation costs and amortization | 2.5 | 2.1 | 4.9 | 0.5 | | Sustaining capital expenditure | 44.1 | 30.9 | 76.9 | 59.9 | | AISC | $199.9 | $161.3 | $381.1 | $307.8 | | Gold ounces sold | 131,489 | 121,226 | 247,752 | 237,234 | | AISC per ounce sold | $1,520 | $1,331 | $1,538 | $1,297 | - Reconciliations of general and administrative expenses, exploration and evaluation costs, and reclamation costs and amortization included in AISC are provided, detailing adjustments from IFRS measures[135](index=135&type=chunk)[136](index=136&type=chunk) [Sustaining and Growth Capital](index=31&type=section&id=Sustaining%20and%20Growth%20Capital) Sustaining capital maintains current operations, while growth capital funds major growth projects or significant infrastructure improvements, both reconciled to additions to property, plant, and equipment - Sustaining capital is defined as capital required to maintain current operations at existing levels, while growth capital is for major growth projects or enhancement capital for significant infrastructure improvements at existing operations and new operations[125](index=125&type=chunk) Reconciliation of Sustaining and Growth Capital (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Additions to property, plant and equipment | $241.0 | $165.7 | $414.1 | $287.7 | | Growth and development project capital investment - gold mines | (47.0) | (42.3) | (85.7) | (75.0) | | Growth and development project capital investment - other | (148.8) | (90.4) | (248.5) | (150.1) | | Sustaining capital expenditure at operating gold mines | $44.1 | $30.9 | $76.9 | $59.9 | [Average Realized Gold Price per Ounce Sold](index=32&type=section&id=Average%20Realized%20Gold%20Price%20per%20Ounce%20Sold) The average realized gold price per ounce sold is calculated by adjusting gold sales revenue for concentrate deductions and then dividing by gold ounces sold, providing insight into actual gold prices received - Average realized gold price per ounce sold is defined as revenue from gold sales adding back treatment charges, refining charges, penalties and other costs that are deducted from proceeds from gold concentrate sales, divided by gold ounces sold in the period[125](index=125&type=chunk) Reconciliation of Average Realized Gold Price per Ounce Sold (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Revenue | $451.7 | $297.1 | $807.0 | $555.1 | | Concentrate deductions | $2.8 | $3.9 | $4.9 | $7.5 | | Less non-gold revenue | ($24.5) | ($17.9) | ($40.8) | ($37.4) | | Gold revenue | $430.0 | $283.2 | $771.1 | $525.2 | | Gold oz sold | 131,489 | 121,226 | 247,752 | 237,234 | | Average realized gold price per ounce sold | $3,270 | $2,336 | $3,112 | $2,214 | [EBITDA, Adjusted EBITDA](index=34&type=section&id=EBITDA,%20Adjusted%20EBITDA) EBITDA represents net earnings before tax, depreciation, amortization, interest income, and finance costs, while Adjusted EBITDA further removes non-underlying operating performance items, serving as key indicators of operating performance and valuation - EBITDA from continuing operations represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, interest income and finance costs[125](index=125&type=chunk) - Adjusted EBITDA removes the effects of items that do not reflect underlying operating performance and are not necessarily indicative of future operating results, such as unrealized gains or losses on derivatives or non-cash write-downs of assets[125](index=125&type=chunk) Reconciliation of EBITDA and Adjusted EBITDA (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Earnings before income tax | $172.2 | $78.1 | $214.5 | $129.3 | | Depreciation and amortization | 66.4 | 60.3 | 127.0 | 115.7 | | Interest income | (9.0) | (6.2) | (17.2) | (11.3) | | Finance costs | 0.7 | 7.1 | 12.9 | 7.1 | | EBITDA | $230.3 | $139.3 | $337.2 | $240.7 | | Loss (gain) on disposal of assets | 0.2 | 0.4 | (7.1) | 0.6 | | Unrealized (gain) loss on derivative instruments | (18.7) | 12.0 | 44.7 | 28.9 | | Adjusted EBITDA | $211.8 | $151.6 | $374.8 | $270.1 | [Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share](index=34&type=section&id=Adjusted%20Net%20Earnings%20(Loss),%20Adjusted%20Net%20Earnings%20(Loss)%20per%20Share) Adjusted net earnings and per share are non-IFRS measures that exclude tax-netted effects of significant items not reflecting underlying operating performance, used by management and investors to assess core operating performance - Adjusted net earnings (loss) excludes the effects (net of tax) of significant items that do not reflect underlying operating performance, such as foreign exchange translation gains or losses on deferred tax balances, gains or losses on deferred tax due to changes in tax rates, and other non-recurring tax expenses or recoveries[125](index=125&type=chunk) Reconciliation of Adjusted Net Earnings (Loss) and per Share (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Net earnings attributable to shareholders of the Company | $139.0 | $56.4 | $211.0 | $91.6 | | (Gain) loss on foreign exchange translation of deferred tax balances net of inflation accounting | (22.8) | (1.9) | (26.3) | 3.4 | | (Increase) decrease in fair value of redemption option derivative | (7.3) | 0.1 | (7.9) | (2.0) | | Unrealized (gain) loss on derivative instruments | (18.7) | 12.0 | 44.7 | 28.9 | | Tax recovery on recognition of deferred tax asset | — | — | (73.5) | — | | Discount on sale of marketable securities | — | — | 5.1 | — | | Gain on sale of mining licenses | — | — | (6.5) | — | | Total adjusted net earnings | $90.1 | $66.6 | $146.5 | $121.8 | | Weighted average shares outstanding (thousands) | 204,907 | 204,075 | 204,835 | 203,391 | | Adjusted net earnings per share ($/share) | $0.44 | $0.33 | $0.72 | $0.60 | [Free Cash Flow and Free Cash Flow Excluding Skouries](index=35&type=section&id=Free%20Cash%20Flow%20and%20Free%20Cash%20Flow%20Excluding%20Skouries) Free cash flow is net cash from operating activities less investing activities, excluding non-representative items, while free cash flow excluding Skouries provides a clearer view of operational cash generation apart from the major development project - Free cash flow is defined as net cash generated from (used in) operating activities of continuing operations, less net cash used in investing activities of continuing operations before increases or decreases in cash from certain non-representative items[125](index=125&type=chunk) - Free cash flow excluding Skouries adds back cash-basis capital expenditure on the Skouries Project and capitalized interest paid related to the Skouries Project[125](index=125&type=chunk) Reconciliation of Free Cash Flow and Free Cash Flow Excluding Skouries (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Net cash generated from operating activities | $158.2 | $112.2 | $288.6 | $207.5 | | Less: Cash used in investing activities | (217.2) | (144.3) | (222.0) | (280.5) | | Free cash flow | ($61.6) | ($32.0) | ($91.0) | ($63.0) | | Add back: Skouries cash capital expenditures | 112.1 | 60.8 | 200.3 | 116.5 | | Add back: Capitalized interest paid | 10.9 | 5.2 | 20.0 | 14.1 | | Free cash flow excluding Skouries | $61.5 | $33.9 | $129.4 | $67.6 | [Cash Flow from Operating Activities before Changes in Working Capital](index=35&type=section&id=Cash%20Flow%20from%20Operating%20Activities%20before%20Changes%20in%20Working%20Capital) Cash flow from operating activities before changes in working capital is a non-IFRS measure that excludes period-to-period movements of non-cash working capital items, aiding in assessing operational cash generation before temporary changes - Cash flow from operating activities before changes in working capital excludes the period to period movements of accounts and other receivables, inventories and accounts payable and accrued liabilities[125](index=125&type=chunk) Reconciliation of Cash Flow from Operating Activities before Changes in Working Capital (Q2 & YTD 2025 vs. 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YTD 2025 ($M) | YTD 2024 ($M) | | :----------------------------------- | :----------- | :----------- | :------------ | :------------ | | Net cash generated from operating activities | $158.2 | $112.2 | $288.6 | $207.5 | | Less: Changes in non-cash working capital | (43.8) | (19.9) | (49.9) | (33.0) | | Cash flow from operating activities before changes in working capital | $202.0 | $132.2 | $338.5 | $240.5 | [Managing Risk](index=35&type=section&id=Managing%20Risk) Eldorado Gold faces significant financial and operational risks inherent in mining, including development risks at Skouries, foreign jurisdiction risks, commodity price volatility, and inflation, with no material changes in risk exposure during Q2 and H1 2025 - Eldorado Gold is subject to various significant financial and operational risks inherent in mineral exploration, development, and mining, including development risks at Skouries, foreign jurisdiction risks, production and processing risks, commodity price volatility, inflation, and environmental matters[164](index=164&type=chunk) - The company's project capital and accelerated operational capital costs at Skouries are primarily incurred in Euros but reported in US dollars, making them sensitive to fluctuations in the **EUR:USD exchange rate**[164](index=164&type=chunk) - There were no significant changes to the company's financial, operational, and business risk exposure during the three and six months ended **June 30, 2025**[165](index=165&type=chunk) - For a comprehensive discussion on risks and uncertainties, readers are referred to the 'Risk Factors in Our Business' section of the company's current AIF for the year ended **December 31, 2024**[165](index=165&type=chunk) [Other Information and Advisories](index=36&type=section&id=Other%20Information%20and%20Advisories) This section provides other important information and advisories, including details on internal controls, accounting estimates and policies, qualified persons, forward-looking statements, and mineral reserve and resource estimates [Changes in Internal Controls over Financial Reporting](index=36&type=section&id=Changes%20in%20Internal%20Controls%20over%20Financial%20Reporting) Management confirmed no material changes to Eldorado Gold's internal controls over financial reporting during the six months ended June 30, 2025 - There have been no changes in internal controls over financial reporting during the six months ended **June 30, 2025**, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[168](index=168&type=chunk) [Critical Accounting Estimates and Judgements](index=37&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) The preparation of consolidated financial statements requires management to make judgments, estimates, and assumptions, with no subsequent material changes to these since the 2024 and 2023 audited annual statements - The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses[169](index=169&type=chunk) - There have been no subsequent material changes to these significant judgments and accounting estimates since the audited annual consolidated financial statements for the years ended **December 31, 2024** and **2023**[170](index=170&type=chunk) [Changes in Accounting Policies](index=37&type=section&id=Changes%20in%20Accounting%20Policies) The accounting policies applied in Eldorado Gold's Q2 and H1 2025 interim financial statements are consistent with prior audited annual statements, with amendments to IAS 21 having no material impact - The accounting policies applied in the unaudited condensed consolidated interim financial statements for the three and six months ended **June 30, 2025**, are the same as those applied in the audited annual consolidated financial statements for the years ended **December 31, 2024** and **2023**[171](index=171&type=chunk) - Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' were effective for annual periods beginning on or after **January 1, 2025**, with no material impact on the Company's consolidated financial statements[171](index=171&type=chunk) [Qualified Person](index=37&type=section&id=Qualified%20Person) Simon Hille and Jessy Thelland are the Qualified Persons responsible for scientific and technical information, with a clarification that mineral resources are not mineral reserves and inferred resources are geologically speculative - Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under **NI 43-101** responsible for preparing and supervising the preparation of the scientific and technical information contained in this MD&A[172](index=172&type=chunk) - Jessy Thelland, géo (OGQ No. 758), is the qualified person responsible for, and has verified and approved, the scientific and technical disclosure for the Quebec projects[173](index=173&type=chunk) - Mineral resources that are not mineral reserves do not have demonstrated economic viability, and inferred mineral resources are considered too speculative geologically to be categorized as mineral reserves[174](index=174&type=chunk) [Forward-Looking Statements and Information](index=38&type=section&id=Forward-Looking%20Statements%20and%20Information) This MD&A contains forward-looking statements and information regarding future performance, project timelines, and cost estimates, which are based on assumptions but subject to known and unknown risks and uncertainties - This MD&A contains forward-looking statements and information regarding expected benefits of the Amended Investment Agreement, Skouries Project timing and costs, 2025 annual guidance, efforts to improve workplace safety, and generally the company's strategy, plans, and goals[176](index=176&type=chunk) - Forward-looking statements are based on a number of assumptions that management considers reasonable, but involve known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results to differ materially[177](index=177&type=chunk) - Specific assumptions for the Skouries Project include labor recruitment and productivity, inflation rates, contract awarding, and timely shipping, while risks include further delays, cost increases, and unexpected disruptions[178](index=178&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements or future-orientated financial information (FOFI) and are referred to the full discussion of the Company's business contained in its reports filed with securities regulatory authorities[184](index=184&type=chunk)[185](index=185&type=chunk) [Mineral Reserves and Mineral Resources Estimates and Related Cautionary Note to U.S. Investors](index=40&type=section&id=Mineral%20Reserves%20and%20Mineral%20Resources%20Estimates%20and%20Related%20Cautionary%20Note%20to%20U.S.%20Investors) Eldorado Gold's mineral reserve and resource estimates comply with Canadian NI 43-101 standards, differing from U.S. SEC requirements, with a cautionary note advising U.S. investors regarding these distinctions - The Company's mineral reserve and mineral resource estimates are based on definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with **NI 43-101**, which differs from SEC requirements for domestic U.S. companies[186](index=186&type=chunk) - U.S. investors should not assume that the mineral reserves defined qualify as reserves under SEC standards, that measured and indicated mineral resources will ever be converted to reserves, or that inferred mineral resources are economically mineable or will ever be upgraded to a higher category[189](index=189&type=chunk) - The most recent Mineral Reserves and Mineral Resources annual review process had an effective date of **September 30, 2024**, and an Amended Technical Report for the Lamaque Complex was filed in **Q1 2025**, containing no material changes to previously published estimates[188](index=188&type=chunk)

Core Viewpoint - Eldorado Gold Corporation has received approval to renew its normal course issuer bid (NCIB) to repurchase up to 10,159,967 common shares, representing 5% of its outstanding shares, as a strategy to enhance shareholder returns and reflect the long-term value of its shares [1][2][6]. Summary by Sections NCIB Details - The NCIB will allow Eldorado to purchase up to 10,159,967 common shares, commencing on August 6, 2025, and ending on July 31, 2026 [2]. - Daily purchases on the TSX will be limited to 101,895 common shares, based on the average daily trading volume [4]. - The previous NCIB, which ran from November 8, 2024, to July 31, 2025, resulted in the purchase of 3,198,353 common shares at an average price of C$27.68 [3]. Share Repurchase Plan - Up to 9,679,967 common shares repurchased will be cancelled, while 480,000 shares will be held in trust for the restricted share unit plan [5]. - An automatic repurchase plan has been established to facilitate share purchases during regulatory black-out periods [7]. Rationale for NCIB - The renewal of the NCIB is based on the belief that the market price of the common shares may not fully reflect their long-term value, making the repurchase an attractive use of available funds [6]. - The company emphasizes its strong balance sheet and ongoing cash generation in a favorable gold price environment as reasons for the NCIB [6]. Company Overview - Eldorado Gold is a producer of gold and base metals with operations in Türkiye, Canada, and Greece, and is committed to responsible operations and enhancing shareholder value [9].