Eldorado Gold(US:EGO)2026-02-19 22:11Financial Performance - Total revenue for 2025 reached $1,818.9 million, a 37.5% increase from $1,322.6 million in 2024[14] - Net earnings for the period were $507.3 million, representing a 75.5% increase from $289.1 million in 2024[14] - Adjusted net earnings from continuing operations were $354.9 million, compared to $320.7 million in 2024, reflecting a 10.7% increase[14] - Total revenue for 2025 was $1,818.9 million, a 38% increase from $1,322.6 million in 2024, with Q4 2025 revenue at $577.2 million, up 32% from $435.7 million in Q4 2024[29] - Net earnings for 2025 were $507.3 million, with net earnings per share (basic) at $2.50, compared to $289.1 million and $1.42 per share in 2024[1] - Net earnings attributable to shareholders from continuing operations were $519.9 million ($2.56 per share) in 2025, compared to $300.9 million ($1.48 per share) in 2024[47] - Adjusted net earnings were $354.9 million ($1.75 per share) in 2025, compared to $320.7 million ($1.57 per share) in 2024[48] - Net cash generated from operating activities increased to $742.5 million in 2025 from $656.0 million in 2024[49] Production and Sales - Gold produced in 2025 was 488,268 ounces, a decrease of 6.1% compared to 520,293 ounces in 2024[14] - Gold production in 2025 totaled 488,268 ounces, achieving the higher end of production guidance but down 6% from 520,293 ounces in 2024[26] - The company sold 126,923 gold ounces in Q4 2025, down from 156,864 ounces in Q4 2024, and for the full year 2025, gold ounces sold totaled 491,204, compared to 517,926 in 2024[158] - Gold production decreased to 488,268 ounces in 2025 from 520,293 ounces in 2024, a decline of 6%[57] Pricing and Costs - Average realized gold price per ounce sold increased to $3,505, up 45.8% from $2,405 in 2024[14] - Average realized gold price increased to $3,505 per ounce sold in 2025, compared to $2,405 per ounce in 2024, with Q4 2025 average at $4,251 per ounce, up from $2,625 in Q4 2024[29] - Total cash costs averaged $1,176 per ounce sold in 2025, up from $940 per ounce sold in 2024, with Q4 2025 costs at $1,295 per ounce sold compared to $944 in Q4 2024[33] - Total cash costs per ounce sold rose to $1,264 in 2025 from $918 in 2024, an increase of 38%[62] - All-in sustaining costs (AISC) per ounce sold increased to $1,478 in 2025 from $1,025 in 2024, a rise of 44%[63] - Total cash costs for Q4 2025 were $164.4 million, an increase from $148.1 million in Q4 2024, while total cash costs for the full year 2025 reached $577.6 million compared to $487.1 million in 2024[158] Capital Expenditures and Investments - The company invested $866.4 million in capital expenditures in 2025, including $561.3 million for the Skouries project, with $169.1 million allocated to sustaining capital expenditures[127] - Sustaining capital expenditures were $28.1 million in 2025, up from $12.7 million in 2024[64] - Growth capital investment was $104.9 million in 2025, primarily for mine life extension and infrastructure[64] - Sustaining capital expenditures for Olympias increased to $24.1 million in 2025 from $15.4 million in 2024, with investments in underground development and equipment rebuilds[88] Debt and Financial Position - Debt rose to $1,275.1 million, an increase of 39.4% from $915.4 million in 2024[14] - As of December 31, 2025, the Company had cash and cash equivalents of $869.4 million, an increase from $856.8 million at the end of 2024, driven by higher gold prices and the sale of G Mining Ventures shares[140] - Total debt increased to $1,275.1 million as of December 31, 2025, compared to $915.4 million in 2024, reflecting the drawdowns on the Term Facility and other financing activities[139] - The Company expects its working capital of $658.7 million as of December 31, 2025, along with future cash flows and access to the undrawn Credit Facility, to be sufficient for planned commitments over the next twelve months[141] Future Outlook and Guidance - The Skouries Project is expected to begin copper-gold concentrate production in early Q3 2026, with gold production projected between 60,000 and 100,000 ounces in 2026[18] - 2026 gold production guidance is set at 490,000 to 590,000 ounces, with total cash costs expected between $1,220 and $1,420 per ounce sold[51] - AISC for operations in 2026 is projected to be between $1,670 and $1,870 per ounce sold, driven by higher labor costs and increased sustaining capital[55] - Exploration and evaluation expenditures for 2026 are expected to be between $75 million and $85 million[55] - General and administrative expenses are anticipated to be between $40 million and $45 million in 2026[55] Operational Challenges and Developments - The company faced challenges in tailings infrastructure construction due to recent rainfall exceeding historic levels, impacting productivity[105] - The company maintains an enterprise-wide risk management framework to identify and manage risks that could materially affect its business and financial condition[198] - Commodity price risk remains a significant factor affecting the company's profitability, with fluctuations in gold and copper prices influenced by various external factors[200] - The company plans to continue its focus on exploration and development of mining properties to enhance its operational capabilities and market position[197]