Core Viewpoint - Eldorado Gold Inc. shares have experienced a short-term decline but show significant long-term growth, prompting a review of the company's price-to-earnings (P/E) ratio for potential investment insights [1]. Group 1: Stock Performance - Eldorado Gold shares are currently trading at $27.34, reflecting a 5.85% decrease [1]. - The stock has decreased by 1.19% over the past month but has increased by 56.14% over the past year [1]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for assessing a company's market performance, comparing current share price to earnings per share (EPS) [5]. - A higher P/E ratio suggests that investors expect better future performance, potentially indicating overvaluation, but it may also reflect optimism about future dividends [5]. - Eldorado Gold's P/E ratio is lower than the Metals & Mining industry average of 43.06, which could imply that the stock is undervalued despite potential concerns about future performance [6]. Group 3: Limitations of P/E Ratio - While a lower P/E can indicate undervaluation, it may also suggest a lack of expected future growth from shareholders [9]. - The P/E ratio should not be used in isolation; other financial metrics and qualitative factors should also be considered for informed investment decisions [9].

Core Viewpoint - Eldorado Gold Corporation will release its Q3 2025 financial and operational results on October 30, 2025, followed by a conference call on October 31, 2025, at 11:30 AM ET [1][2]. Group 1: Conference Call Details - The conference call will be accessible via Eldorado Gold's website and a specific webcast link [2]. - Participants can pre-register for the conference call to receive a calendar invitation and unique PIN for direct access [3]. - The call will be available for replay until December 12, 2025 [3]. Group 2: Company Overview - Eldorado Gold is a producer of gold and base metals with operations in Türkiye, Canada, and Greece [4]. - The company emphasizes a skilled workforce, safe operations, high-quality asset portfolio, and long-term community partnerships [4].

Core Insights - Precious metals, particularly gold, continue to be a safe haven for investors during economic uncertainty, with historical trends showing increased interest during financial crises [1][2] - Precious metals stocks offer a way for equity investors to benefit from both the defensive nature of the underlying commodities and the growth potential of mining companies [2] - Gold has reached record highs in September 2025, driven by expectations of a dovish Federal Reserve, with a 93% probability of a 25-basis-point cut in October [3][4] Industry Overview - The interest in gold is expanding beyond central banks and Asian buyers to include U.S. and European investors, particularly through ETFs, as lower interest rates are anticipated [4] - The selection of the best precious metals stocks is based on U.S.-listed companies with exposure to gold, silver, palladium, or platinum, focusing on those most widely owned by hedge funds [7][8] Company Highlights - **Eldorado Gold Corp. (NYSE:EGO)**: - Market Cap: $5.7 Billion, with 25 hedge fund holders [9] - Expected gold production for 2025 is between 460,000 and 500,000 ounces, down from 520,293 ounces in 2024, but projected to increase by 44% to 605-665 Koz by 2027 [10] - Strong balance sheet with over $1.0 billion in cash and equivalents as of June 2025, and a recent price target increase from $27 to $34 by RBC Capital Markets [11][12] - **Sibanye Stillwater Ltd. (NYSE:SBSW)**: - Market Cap: $6.8 Billion, with 25 hedge fund holders [13] - Recently completed acquisition of Metallix Refining for approximately $129 million, expected to enhance U.S. recycling operations [14] - Analysts have raised price targets, with RBC Capital increasing from $8.00 to $9.50, despite mixed performance in H1 2025 results [15][16]

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]