有色金属海外季报：Eldorado Gold 2025Q3 黄金产/销量环比减少 13.9%/11.4%至 3.58/3.62 吨，调整后净利润环比减少 8.7%至 8230 万美元

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In Q3 2025, the gold production decreased by 13.9% to 115,190 ounces (3.58 tons), and sales decreased by 11.4% to 116,529 ounces (3.62 tons) compared to the previous quarter [2] - The average realized gold price increased by 7.9% to $3,527 per ounce, showing a year-on-year increase of 41.5% [2] - Total cash costs rose by 12.3% to $1,195 per ounce, primarily due to increased royalty expenses and rising unit costs [3] - All-in sustaining costs increased by 10.5% to $1,679 per ounce, reflecting higher total cash costs and increased sustaining capital expenditures [3] - Revenue for Q3 2025 was $434.7 million, a decrease of 3.8% quarter-on-quarter but an increase of 31.0% year-on-year, driven by higher average realized gold prices [4] - Net profit for Q3 2025 was $56 million, a significant decrease of 59.7% quarter-on-quarter and 41.1% year-on-year, mainly due to a one-time gain recognized in Q3 2024 [4] - Adjusted net profit for Q3 2025 was $82.3 million, a decrease of 8.7% quarter-on-quarter but an increase of 15.9% year-on-year [4] Production and Financial Performance Summary - Q3 2025 gold production was 115,190 ounces, down from 125,195 ounces in Q3 2024 [12] - Q3 2025 revenue was $434.7 million, compared to $331.8 million in Q3 2024 [12] - Q3 2025 total cash costs were $1,195 per ounce, up from $1,134 per ounce in Q3 2024 [12] - Q3 2025 all-in sustaining costs were $1,679 per ounce, compared to $1,335 per ounce in Q3 2024 [12] - Q3 2025 net earnings were $56 million, down from $95 million in Q3 2024 [12] - Free cash flow for Q3 2025 was -$87.4 million, compared to -$4.8 million in Q3 2024 [12] Project Updates - The Skouries project in Greece is expected to have a mine life of 20 years with an average annual production of 140,000 ounces of gold and 67 million pounds of copper [7] - The capital cost estimate for the Skouries project has been adjusted to $1.06 billion, with an additional $154 million needed for pre-production working capital [8] - The project is fully funded through equity and project financing, with commercial production expected to begin in mid-2026 [8] - The total capital expenditure for Q3 2025 was $137.7 million, with cumulative capital investment reaching $338.6 million as of September 30, 2025 [8][9]