Eldorado Gold announced stable financial and operating results for the first quarter of 2025.
The company, among other things, emphasized that its Skouries project is progressing according to its plan. Regarding its annual forecasts, it maintains its annual forecasts for 2025 production, which amount to 460,000-500,000 ounces of gold. Production continues to be balanced in the second half of the year. The total cash cost for the full year is expected to range between 980-1,080 dollars per sold ounce and an average AISC between 1,370-1,470 dollars per sold ounce. Regarding the Olympias project, the company expects a recovery in production in the second quarter of 2025.
According to George Burns, President and CEO of Eldorado Gold, “in Greece, at the Skouries copper-gold development project, we made significant progress in increasing construction workers with a strong focus on concreting and the construction of the tailings dehumidification facility, while exceeding our target of 1,300 workers by the end of the first quarter. In addition, plant construction productivity remained at or was slightly better than our expectations. We have proactively developed alternative plans to protect the schedule and budget, aiming to ensure that we have not only sufficient labor, but also the right skills as new work fronts open. In Olympias, we were impacted during the quarter by unplanned maintenance related to pyrite concentrate filtration and flotation circuit stability issues. These challenges were resolved and production recovered to expected levels in the second quarter of 2025.”
Skouries
First production of the copper-gold concentrate is expected in the first quarter of 2026, with 2026 gold production forecast to be between 135,000-155,000 ounces and copper production between 45-60 million pounds. Commercial production is expected in mid-2026. Project capital totaled 83.8 million dollars in the first quarter of 2025. Accelerated working capital amounted to 6.4 million dollars in the first quarter of 2025. As of March 31, 2025, cumulative capital invested for Phase 2 of the project construction reached 588.7 million dollars and cumulative accelerated working capital amounted to 13.4 million. In 2025, the project’s capital expenditure is expected to be between 400-450 million euros. In addition, accelerated working capital is expected to range between 80-100 million euros.
Olympias
Olympias produced 11,829 payable ounces of gold in the first quarter of 2025, a 37% decrease from 18,788 ounces in the same period last year. The decrease was due to lower processing volumes and also resulted in a decrease in by-products (base metals) produced. Revenue increased slightly to 46.5 million dollars compared to 46.2 million last year, primarily as a result of the higher realized gold selling price, partially offset by lower gold and base metals sales volumes. For 2025, Olympias’ production is forecast to range between 60,000-70,000 ounces of gold. Production in the second quarter is expected to increase following the modifications made to the flotation circuit.
