Eldorado Gold Provides Skouries Project Update; 2025 Detailed Company Production & Cost Guidance; Updated Three-Year Growth Profile; Conference Call Details

Core Viewpoint - Eldorado Gold Corporation has provided an update on the Skouries Project, highlighting construction progress, revised production and cost guidance for 2025, and a three-year production outlook, with first production now expected in Q1 2026 and commercial production in mid-2026 [1][3][34]. Construction Progress and Challenges - Labour market tightness in Greece has limited the availability of key construction personnel, resulting in slower workforce ramp-up and delayed project progress [2][4]. - A comprehensive analysis was conducted to mitigate the impact of these constraints, leading to an optimized production plan that allows earlier access to higher-grade ore [2][3]. Financial Overview - The revised capital cost estimate for the Skouries Project has increased by approximately $143 million (15.5%) to a total of approximately $1.06 billion, with additional pre-commercial production mining and accelerated equipment purchases amounting to $154 million [3][5]. - As of December 31, 2024, the company has incurred approximately $512 million in capital expenditures at Skouries, with about $705 million remaining to achieve commercial production [5][6]. Workforce and Operational Strategy - The company aims to maintain approximately 1,300 workers on-site during peak construction, with a current on-site total of about 1,150 workers [4]. - The operational strategy includes transitioning to an owner-operated model for the open pit mine and accelerating the purchase of higher-capacity mobile mining equipment [14][15]. Production and Cost Guidance for 2025 - The updated gold production guidance for 2025 is between 460,000 and 500,000 ounces, reflecting delays in initial production at Skouries [9][18]. - Total cash costs are expected to range from $980 to $1,080 per ounce sold, with all-in sustaining costs projected between $1,370 and $1,470 per ounce sold, driven by higher labour costs and inflation [19][22]. Three-Year Production Outlook - The company anticipates gold production of between 660,000 and 720,000 ounces by 2027, representing a 33% growth over the three-year period compared to 2024 production [34][36]. - The addition of copper to the portfolio is expected to enhance overall production capabilities [34].