Eldorado Gold (EGO) Q4 2025 Earnings Transcript

Financial Performance - The company reported $1,800,000,000 in revenue for 2025, with net earnings attributable to shareholders of $520,000,000 or $2.56 per share [10][13] - Operating cash flow was $743,000,000, and free cash flow was $316,000,000 excluding Skouries investment [1][12] - Adjusted net earnings for the fourth quarter were $126,000,000 or $0.63 per share, with a full-year adjusted net earnings of $355,000,000 or $1.75 per share [11][12] Production and Operations - The company achieved gold production of 488,268 ounces in 2025, finishing the year at the upper end of production guidance [2][10] - Fourth-quarter gold production was 123,116 ounces, with all-in sustaining costs of $1,894 per ounce sold [6][15] - The Skouries project is expected to begin first concentrate production in early 2026, with commercial production anticipated in the fourth quarter [7][25] Growth Initiatives - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline by adding a high-quality Canadian copper-gold development asset [2][34] - The company plans to increase exploration investment by 60% in 2026, focusing on resource conversion drilling and growth programs [25][27] - Skouries is projected to be a low to negative all-in sustaining cost mine, potentially transforming the company into one of the highest free cash flow yielding companies in the sector [27][28] Safety and Environmental Performance - The lost-time injury frequency rate improved to 0.55 in the fourth quarter, down from 1.02 in 2024 [5] - The company continues to implement multi-year programs to enhance work safety and operational excellence [5][32] Future Outlook - For 2026, total gold production is expected to be between 490,000 and 590,000 ounces, with all-in sustaining costs projected between $1,670 and $1,870 per ounce sold [25][30] - The company anticipates a significant increase in production in 2027, supported by the addition of Skouries and a solid base of lower-cost operations [25][30]