Eldorado Gold Delivers Strong 2025 Full Year and Fourth Quarter Financial and Operational Results; Significant Free Cash Flow Excluding Skouries and Increased Cash Generated From Operating Activities
NEWS RELEASE TSX: ELD NYSE: EGO February 19, 2026
Eldorado Gold Delivers Strong 2025 Full Year and Fourth Quarter Financial and Operational Results; Significant Free Cash Flow Excluding Skouries and Increased Cash Generated From Operating Activities
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or the "Company”) today reports the Company’s financial and operational results for the fourth quarter and year ended December 31, 2025. For further information please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) filed on SEDAR+ at www.sedarplus.com under the Company’s profile.
Q4 2025 and Full-Year Summary
Operations
- Gold production: 123,416 ounces in Q4 2025. Full-year 2025 production of 488,268 ounces, achieving the higher-end of 2025 production guidance.
- Gold sales: 126,923 ounces in Q4 2025 at an average realized gold price per ounce sold(1) of $4,251, resulting in 491,204 ounces sold in 2025 at an average realized gold price per ounce sold of $3,505.
- Production costs: $203.0 million in Q4 2025, and $677.6 million in 2025.
- Total cash costs(1): $1,295 per ounce sold in Q4 2025, and $1,176 per ounce sold in 2025 came in at the low end of our tightened guidance range.
- All-in sustaining costs(1) ("AISC"): $1,894 per ounce sold in Q4 2025 and $1,664 per ounce sold in 2025, within the tightened guidance range for the year.
- Total capital expenditures: $309.2 million in Q4 2025, and $978.9 million in 2025, including $136.6 million and $475.2 million of construction project capital invested at our Skouries Project in the respective periods. Growth capital(1) at the operating mines of $218.3 million in 2025 was primarily focused at Kisladag, including waste stripping to support mine life extension, construction of the second phase of the North Heap Leach Pad ("NHLP"), and additional North Adsorption-Desorption-Recovery ("ADR") infrastructure. Sustaining capital(1) at operating mines totalled $169.1 million in 2025, including $94.1 million at the Lamaque Complex primarily related to underground development, equipment rebuilds, and expansion of the tailings management facility.
Financial
- Revenue: $577.2 million in Q4 2025 and $1,818.9 million in 2025.
- Net cash generated from operating activities of continuing operations: $283.7 million in Q4 2025, and $742.5 million in 2025.
1 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and
- Cash flow from operating activities, before changes in working capital(2): $230.0 million in Q4 2025, and $752.0 million in 2025.
- Cash and cash equivalents: $869.4 million as at December 31, 2025, up from $856.8 million as at December 31, 2024.
- Net earnings attributable to shareholders from continuing operations: $252.3 million in Q4 2025, and $519.9 million in 2025.
- Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(2): $265.2 million in Q4 2025 and $836.2 million in 2025. These increases were primarily driven by higher net earnings in both periods. Quarter over quarter higher Adjusted EBITDA was partially offset by the removal of $27.4 million of unrealized gains on derivative instruments in Q4 2025, whereas year over year, Adjusted EBITDA was increased by adding back $39.4 million of unrealized losses on derivative instruments in 2025.
- Adjusted net earnings from continuing operations(2): $126.1 million or $0.63 per share in Q4 2025, and $354.9 million or $1.75 per share in 2025. Adjustments of non-recurring items in 2025 include removing a $177.7 million recovery on deferred tax assets, a $18.7 million gain on foreign exchange due to the translation of deferred tax balances, and a $39.4 million unrealized loss on derivative instruments, among other things. Adjusted net earnings in Q4 2025 removes a $104.2 million recovery on deferred tax assets, a $27.4 million unrealized gain on derivative instruments and a $3.9 million loss on foreign exchange due to the translation of deferred tax balances, among other items.
- Free cash flow(2): Negative $54.5 million in Q4 2025, and negative $232.9 million in 2025. Free cash flow excluding capital expenditures at Skouries(2) was $109.3 million in Q4 2025 and $315.6 million in 2025.
- Skouries Project Term Facility: Drawdowns on the Skouries Project Term Facility were €238.8 million ($278.5 million) in 2025, with cumulative drawdowns as of December 31, 2025 totaling €680.4 million ($799.5 million). The Term Facility is fully drawn.
"2025 was a year of strong execution and meaningful progress across our portfolio,” said George Burns, Chief Executive Officer. “We delivered gold production at the higher end of our production guidance with full-year gold production of 488,268 ounces, underpinned by another strong year at Lamaque, and consistent performance from Kisladag and Efemcukuru. Solid operating execution, supported by a favorable gold price environment, translated into strong financial results, including revenue of $1.8 billion, net cash generated from operating activities of $743 million, and free cash flow of $316 million, excluding Skouries. Supported by a strong balance sheet, we have the financial capacity to advance our growth pipeline while retaining flexibility to return capital to shareholders.”
At Skouries, construction and commissioning advanced significantly. While near-term timing of first concentrate production at Skouries has shifted to early Q3, the fundamentals of the project remain compelling. Together with the Olympias expansion and progress at Perama Hill, Greece is positioned to deliver a step-change in contribution as we enter our next phase of growth. This is complemented by the Lamaque Complex, where Ormaque and a deep pipeline of high-quality exploration targets continue to reinforce long mine life potential, and by our Türkiye operations, which continue to provide a stable and cash-generating foundation.
Our results in 2025 are a direct reflection of the commitment and capability of our employees and contractors across the organization. I want to thank our teams for their focus on safety, operational discipline, and collaboration throughout the year. Looking ahead to 2026, we remain focused on safely delivering Skouries, strengthening our operating foundation, and creating long-term value for our shareholders."
2 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and
Skouries Highlights
The Skouries Project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece and is a high-grade copper-gold project. In January 2022, Eldorado published the results of the Skouries Project Feasibility Study with a 20-year mine life and expected average annual production over the life of the mine of 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 gold equivalent ounces.(3)
First production of the copper-gold concentrate is expected in early Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.
Concentrate Off-Take Agreements
Commercial terms for concentrate off-take have been agreed to with counterparties and contract execution expected before the end of Q1. Negotiated concentrate off-take agreements will cover approximately 80% of the copper concentrate for a two to three year term depending on the agreement and we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study assumptions, as a result of better pricing and treatment charge conditions in the current market.
Capital Estimate and Schedule
The capital cost estimate for Skouries is $1.16 billion (including recently announced foreign exchange impacts of $43 million and an additional $50 million related to the schedule impacts following a delay in first concentrate production). The project remains fully funded through projected equity contributions and project financing. The Term Facility totalling €680.4 million ($799.5 million) is fully drawn.
Project capital totalled $136.6 million in Q4 2025 and $475.2 million during the year ended December 31, 2025. At December 31, 2025, cumulative project capital invested towards phase 2 of construction totalled $980.0 million.
Accelerated operational costs of $178 million (including a recently announced $24 million increase related to acceleration of underground development and increased stope widths) include additional pre-commercial underground and open-pit mining and accelerate the purchase of higher capacity mobile mining equipment.
Accelerated operational capital was $34.8 million in Q4 2025 and $86.1 million for 2025. As of December 31, 2025, cumulative accelerated operational capital totalled $93.1 million.
Construction Activities
As at December 31, 2025, overall project progress was 90% when including the first phase of construction and 78% complete for phase 2 of construction.
Primary Crusher Building
Progress continues on the construction of the crusher building structure with the concrete now complete. The primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical installations. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations commenced in January 2026.
The stockpile dome foundation is complete and assembly of the dome structure is progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. Installation of the prefabricated electrical distribution room was completed at the end of January 2026 with electrical cable installation and terminations in progress.
Process Plant
Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. Recent inspections have identified the need to replace the cyclone feed pump variable speed drive capacitors in the process plant main mill discharge cyclone feed, which experienced moisture damage during storage. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the control building structure is complete with electrical work underway across all areas.
3 The technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 22, 2022 is available under the Company's profile at www.sedarplus.com and www.sec.gov. Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity prices for the relevant period: 2026-2027: $4,000/oz gold and $5.00/lb copper; 2029 and beyond: $3,000/oz gold and $4.50/lb copper.
The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing. The reagent areas are advancing in line with the commissioning plan through various stages of mechanical, piping and electrical installations.
Thickeners
Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up and is progressing in line with the plan.
Water testing has been completed and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and electrical work and tank installations in the flocculant building. Electrical installations and cable pulling in the thickeners’ secondary substation building are in progress.
Filtered Tailings Facility
Work continues to progress on the filtered tailings plant, which remains on the critical path with electrical installation and commissioning being the final step. The cladding on the filtered tailings building commenced in February 2026.
Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. Pipe and cable tray installation are progressing. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete.
The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks assembled and water-tested, with internal coating work now underway. The clarifier water tank construction is progressing to plan.
The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.
Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system.
The work on the tailings infrastructure has been impacted by recent rainfall above historic levels which is affecting certain construction accessibility and productivities.
Powerline and Substations The powerline, main and secondary substations are advancing to support start-up in early Q3 2026. Power line connection delays have resulted from a slower than expected approval of the detailed engineering, which in turn delayed the ramp-up of the subcontractor. Prior to commissioning final electrical regulatory authority approval requires completion of inspection and energization protocols.
Commissioning Activities
Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and process control systems has been completed. Pre-commissioning of the fire, utility, and process water systems has started. Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding, tails filtration, and primary crushing. Commissioning of these areas is expected to commence as sub systems are completed by the construction team.
Integrated Extractive Waste Management Facility (the "IEWMF")
Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next phase of cut-off trench construction.
Work is underway to prepare a dedicated area for the initial placement of tailings, however, work productivities have been impacted by recent rainfall above historic levels.
Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond the milestone elevation of 340 RL.
Enhancements were made to the construction of the Water Management System, notably the completion of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion channel.
The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment plant (WTP) foundation works commenced as planned.
Accelerated Operations and Readiness
Open Pit Mining
The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there were approximately 1.2 million tonnes of open pit and underground ore on stockpiles containing approximately 47.3 thousand ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and confirmed the first three years of production.
Underground Development
Underground access development rates continued to accelerate. A total of 1,155 metres of underground development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was approximately 900 metres more development than budgeted during the year.
The test stope program delivered high quality results during the quarter. The first of two test stopes were completely mined out and the second test stope mining will be completed in February 2026. Each test stope mined to date is expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and an area of 30 by 15 metres. Ore fragmentation has exceeded expectations, and stope cavity monitoring and extraction has met our expectations. This success has increased our confidence in the planned trial of four larger test stopes in 2026, each designed at approximately 97kt per stope with dimensions of 60 metres in height and an area of 30 by 20 metres per stope.
Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment), was successfully used during the mining of these two test stopes. This technology enables a single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.
Processing
Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to support operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced from three different vendors.
Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational readiness activities for tailings stacking.
Workforce
As at December 31, 2025, there were approximately 2,350 personnel working on site, including 415 Skouries employees.
2025 Year in Review: A Pivotal Year for Growth
- Health and Safety: The Company’s lost-time injury frequency rate per million person-hours worked ("LTIFR") improved to 0.55 in Q4 2025, compared to 1.02 in Q4 2024. On a year-to-date basis, LTIFR was 0.99 in 2025, consistent with 0.99 in 2024. We continue to implement multi-year programs to support continuous improvement in workplace safety, supporting our vision of Everyone Going Home Healthy and Safe Every Day.
- Courageous Safety Leadership: Continued strengthening Eldorado's health and safety culture with the global rollout of the Courageous Safety Leadership (CSL) program in 2025, achieving 25% workforce participation (employees and contractors) and advancing plans for full implementation across all regions in 2026. CSL is designed to challenge participants to explore the impact of individual beliefs, attitudes, and behaviors in creating a positive culture of health and safety both at work and at home.
- Sustainability: Strengthened our company-wide sustainability performance through the revision of our Sustainability Integrated Management System (SIMS), reinforcing our commitment to continuous improvement and a consistent ‘One Eldorado’ approach. Additionally, Eldorado was recognized by TIME as one of Canada’s Best Companies in 2025, reflecting our strong performance in sustainability transparency, employee satisfaction and consistent revenue.
- Climate Change and GHG Emissions: In 2025, we advanced our Scope 3 GHG emissions inventory for the years 2023 and 2024, a key step in improving the transparency in our upstream and downstream value chains. Projects and initiatives implemented thus far across our operating mines contributed 23,614 tCO2e of GHG emissions mitigations in 2024, representing 40% of our target of mitigating approximately 59,000 tCO2e by 2030 on a “business-as-usual” basis.
- Increased Mineral Reserves: In November 2025, the updated Mineral Reserve and Mineral Resource statement was published showing that in addition to replacing depletion, the Company increased Mineral Reserves by 5%, driven by a 25% increase at the Lamaque Complex. Additionally, Inferred Mineral Resources increased by 21%, representing significant opportunities for Mineral Resource conversion across the portfolio.
- Setting up Quebec for Continued Growth: The Lamaque Complex in Quebec successfully processed the second bulk sample at Ormaque further de-risking the Lamaque Complex and positioning it for the next phase of advancement.
- Optimization Initiatives Underway at Kisladag: During Q2 2025, the decision was made to proceed with an expansion to the secondary crushing circuit to facilitate operational debottlenecking and reduce wear on the high pressure grinding rolls. In addition, in Q3 2025 to further improve the circuit it was decided to move ahead with implementing whole ore agglomeration which is expected to enhance permeability, improve kinetics, and shorten the leach cycle.
- Efemcukuru Met Guidance for the 11th Consecutive Year: Since 2014, Efemcukuru has met annual guidance expectations.
- Enhancing Throughput and Efficiency at Olympias: During Q2 2025, the mill expansion to 650tpd from 500tpd commenced and is advancing towards completion in Q3 2026 and ramp up in Q4 2026. The expansion is expected to enhance throughput and strengthen overall operating efficiency.
- Continued Strategic Investment Execution: In December 2025, Eldorado increased its investment in Amex Exploration to approximately 27%, providing further exposure to a high-quality asset.
- Returning Capital to Shareholders: In May 2025, Eldorado amended its normal course issuer bid ("NCIB") and renewed it in July 2025. In 2025, the Company repurchased and cancelled 7,688,241 common shares at an average price of $26.47 for a total of approximately $204 million. In addition, in January 2026 the Company announced the initiation of a dividend that provides for the payment of a regular quarterly dividend per common share of the Company.
Notable Recognitions and Milestones Across the Business:
- In Canada, the Lamaque Complex celebrated its one millionth gold ounce since declaring commercial production in 2019.
- In Turkiye, Kisladag celebrated its four millionth gold ounce. Overall, Turkiye has produced over five million gold ounces.
- Recognized within the TSX30 ranking for top performance over a three year period, based on dividend adjusted share price appreciation. Eldorado's share price increased 238% for the three years ended June 30, 2025.
- Nora Lozano, VP Health and Safety, raised over C$68,000 for Covenant House Vancouver by participating in the Annual Executive Sleep Out in Vancouver. This was the first time Nora participated in the event to raise funds and awareness for youths experiencing homelessness, and marking Eldorado's 7th consecutive year of participation. Since 2018, Eldorado, including employee matching campaigns, has raised over C$300,000 for Covenant House Vancouver.
Consolidated Financial and Operational Highlights Summarized Annual Financial Results
| 2025 | 2024 | 2023 | |
| Revenue | $1,818.9 | $1,322.6 | $1,008.5 |
| Gold produced (oz) | 488,268 | 520,293 | 485,139 |
| Gold sold (oz) | 491,204 | 517,926 | 483,978 |
| Average realized gold price ($/oz sold)(2) | $3,505 | $2,405 | $1,944 |
| Production costs | 677.6 | 564.2 | 478.9 |
| Total cash costs ($/oz sold)(2,3) | 1,176 | 940 | 850 |
| All-in sustaining costs ($/oz sold)(2,3) | 1,664 | 1,285 | 1,220 |
| Net earnings for the period(1) | 507.3 | 289.1 | 104.6 |
| Net earnings per share – basic ($/share)(1) | 2.50 | 1.42 | 0.54 |
| Net earnings per share – diluted ($/share)(1) | 2.47 | 1.41 | 0.54 |
| Net earnings for the period continuing operations(1,4) | 519.9 | 300.9 | 106.2 |
| Net earnings per share continuing operations – basic ($/share)(1,4) | 2.56 | 1.48 | 0.55 |
| Net earnings per share continuing operations – diluted ($/share)(1,4) | 2.53 | 1.46 | 0.54 |
| Adjusted net earnings continuing operations(1,2,4) | 354.9 | 320.7 | 110.7 |
| Adjusted net earnings per share continuing operations - basic ($/share)(1,2,4) | 1.75 | 1.57 | 0.57 |
| Net cash generated from operating activities(4) | 742.5 | 656.0 | 382.9 |
| Cash flow from operating activities before changes in working capital(2,4) | 752.0 | 635.5 | 411.2 |
| Free cash flow(2,4) | (232.9) | 19.8 | (47.2) |
| Free cash flow excluding Skouries(2,4) | 315.6 | 355.0 | 112.6 |
| Cash and cash equivalents(4) | 869.4 | 856.8 | 540.5 |
| Total assets | 6,727.3 | 5,835.6 | 4,987.6 |
| Debt | 1,275.1 | 915.4 | 636.1 |
(1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's December 31, 2025 MD&A.
(3) Revenues from silver, lead and zinc sales are offset against total cash costs.
(4) Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.
Summarized Quarterly Financial Results
| 2025 | Q1 Q2 Q3 Q4 | 2025 | |||
| Revenue $355.2 $451.7 $434.7 $577.2 | $1,818.9 | ||||
| Gold produced (oz) 115,893 133,769 115,190 123,416 | 488,268 | ||||
| Gold sold (oz) 116,263 131,489 116,529 126,923 | 491,204 | ||||
| Average realized gold price ($/oz sold) (2) $2,933 $3,270 $3,527 $4,251 | $3,505 | ||||
| Production costs 148.3 162.2 164.1 203.0 | 677.6 | ||||
| Total cash cost ($/oz sold) (2,3) 1,153 1,064 1,195 1,295 | 1,176 | ||||
| All-in sustaining cost ($/oz sold) (2,3) 1,559 1,520 1,679 1,894 | 1,664 | ||||
| Net earnings (1) 72.4 138.0 56.0 240.8 | 507.3 | ||||
| Net earnings per share – basic ($/share) (1) 0.35 0.67 0.28 1.21 | 2.50 | ||||
| Net earnings per share – diluted ($/share) (1) 0.35 0.67 0.27 1.19 | 2.47 | ||||
| Net earnings for the period continuing operations (1,4) 72.0 139.0 56.5 252.3 | 519.9 | ||||
| Net earnings per share continuing operations - basic ($/share) (1,4) 0.35 0.68 0.28 1.26 | 2.56 | ||||
| Net earnings per share continuing operations - diluted ($/share) (1,4) 0.35 0.67 0.28 1.25 | 2.53 | ||||
| Adjusted net earnings continuing operations (1,2,4) 56.4 90.1 82.3 126.1 | 354.9 | ||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) 0.28 0.44 0.41 0.63 | 1.75 | ||||
| Net cash generated from operating activities (4) 130.4 158.2 170.2 283.7 | 742.5 | ||||
| Cash flow from operating activities before changes in working capital (2,4) 136.5 202.0 183.5 230.0 | 752.0 | ||||
| Free cash flow (2,4) (29.4) (61.6) (87.4) (54.5) | (232.9) | ||||
| Free cash flow excluding Skouries (2,4) 67.9 61.5 76.9 109.3 | 315.6 | ||||
| Cash and cash equivalents (4) 978.1 1,078.6 1,043.9 869.4 | 869.4 | ||||
| Total assets 5,951.8 6,303.8 6,485.4 6,727.3 | 6,727.3 | ||||
| Debt 932.8 1,157.1 1,258.5 1,275.1 | 1,275.1 | ||||
| 2024 | Q1 | Q2 | Q3 | Q4 | 2024 |
| Revenue $258.0 $297.1 $331.8 $435.7 | $1,322.6 | ||||
| Gold produced (oz) 117,111 122,319 125,195 155,668 | 520,293 | ||||
| Gold sold (oz) 116,008 121,226 123,828 156,864 | 517,926 | ||||
| Average realized gold price ($/oz sold) (2) $2,086 $2,336 $2,492 $2,625 | $2,405 | ||||
| Production costs 123.0 127.8 141.2 172.1 | 564.2 | ||||
| Total cash cost ($/oz sold) (2,3) 922 940 953 944 | 940 | ||||
| All-in sustaining cost ($/oz sold) (2,3) 1,262 1,331 1,335 1,226 | 1,285 | ||||
| Net earnings (1) 33.6 55.5 95.0 105.1 | 289.1 | ||||
| Net earnings per share – basic ($/share) (1) 0.17 0.27 0.46 0.51 | 1.42 | ||||
| Net earnings per share – diluted ($/share) (1) 0.16 0.27 0.46 0.51 | 1.41 | ||||
| Net earnings for the period continuing operations (1,4) 35.2 56.4 101.1 108.2 | 300.9 | ||||
| Net earnings per share continuing operations - basic ($/share) (1,4) 0.17 0.28 0.49 0.53 | 1.48 | ||||
| Net earnings per share continuing operations - diluted ($/share) (1,4) 0.17 0.27 0.49 0.52 | 1.46 | ||||
| Adjusted net earnings continuing operations (1,2,4) 55.2 66.6 71.0 127.8 | 320.7 | ||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) 0.27 0.33 0.35 0.62 | 1.57 | ||||
| Net cash flow from operating activities (4) 95.3 112.2 180.9 267.6 | 656.0 | ||||
| Cash flow from operating activities before changes in working capital (2,4) 108.3 132.2 166.5 228.5 | 635.5 | ||||
| Free cash flow (2,4) (30.9) (32.0) (4.8) 87.6 | 19.8 | ||||
| Free cash flow excluding Skouries (2,4) 33.7 33.9 98.3 189.2 | 355.0 | ||||
| Cash and cash equivalents (4) 514.7 595.1 676.6 856.8 | 856.8 | ||||
| Total assets 5,065.5 5,280.6 5,565.1 5,835.6 | 5,835.6 | ||||
| Debt 643.8 748.0 849.2 915.4 | 915.4 |
(1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
(3) Revenues from silver, lead and zinc sales are offset against total cash costs.
(4) Amounts presented are from continuing operations only and exclude the Romania segment. See Note 6 of our consolidated financial statements.
Gold sales in 2025 totalled 491,204 ounces, a decrease of 5% from 517,926 ounces in 2024, and 126,923 ounces in Q4 2025, a decrease of 19% from 156,864 ounces in Q4 2024. The lower sales volume in both periods compared to prior year primarily reflected planned lower production across all sites.
The average realized gold price(4) was $3,505 per ounce sold in 2025, an increase from $2,405 per ounce sold in 2024, and $4,251 per ounce sold in Q4 2025 compared to $2,625 per ounce sold in Q4 2024, and benefitted from strengthening metal prices throughout the year.
Total revenue was $1,818.9 million in 2025, an increase of 38% from revenue of $1,322.6 million in 2024, and $577.2 million in Q4 2025, an increase of 32% from revenue of $435.7 million in Q4 2024. The increase in both periods was due to higher average realized gold prices partially offset by lower volumes sold.
Production costs increased to $677.6 million in 2025 from $564.2 million in 2024 and increased to $203.0 million in Q4 2025 from $172.1 million in Q4 2024. Increases in both periods were driven by higher royalties, accounting for approximately 40% of the increase to production costs in the year-over-year comparison. Additionally, there are rising labour costs in Turkiye where cost inflation continues to outpace the devaluation of the local currency, as well as at Lamaque, where additional costs were incurred on labour and contractors due to the deepening of the production centre of the Triangle Mine, resulting in increased haulage distance, equipment and personnel requirements.
Production costs include royalty expense, which increased to $124.3 million in 2025 from $79.4 million in 2024, and increased to $44.7 million in Q4 2025 from $26.4 million in Q4 2024 due to higher average gold prices. In Turkiye, royalties are paid on revenue less certain costs associated with ore haulage, mineral processing and related depreciation and are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. Effective July 24, 2025, amendments to Turkish Mining Law were enacted, which included changes to the base rate table for state royalties on gold metal sales. The price-linked sliding scale of royalty rates has broadened with increasing rate bands, with the highest band at a maximum gold price of $5,101/ oz, an expansion from the previous maximum of $2,101/oz. In Greece, royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and the EUR/USD exchange rate.
Total cash costs(4) averaged $1,176 per ounce sold in 2025, an increase from $940 per ounce sold in 2024. In Q4 2025, total cash costs averaged $1,295 per ounce sold, an increase from $944 per ounce sold in Q4 2024. The increase in both periods was primarily due to higher royalty expense driven by higher gold prices and unit costs, as well as lower gold volumes sold.
AISC per ounce sold(4) increased to $1,664 in 2025 from $1,285 in 2024, and to $1,894 in Q4 2025 from $1,226 in Q4 2024. The increase in both periods primarily reflect higher total cash costs per ounce sold as discussed above and higher sustaining capital expenditures.
The Company reported net earnings attributable to shareholders from continuing operations of $519.9 million ($2.56 basic earnings per share) in 2025, compared to $300.9 million ($1.48 basic earnings per share) in 2024 and net earnings of $252.3 million ($1.26 basic earnings per share) in Q4 2025, compared to net earnings of $108.2 million ($0.53 basic earnings per share) in Q4 2024. Net earnings attributable to shareholders from continuing operations increased in 2025 and Q4 2025 primarily due to higher revenue from higher average realized gold prices, partially offset by higher production costs and losses on derivative instruments.
Adjusted net earnings attributable to shareholders from continuing operations(4) was $354.9 million ($1.75 per share) in 2025, compared to $320.7 million ($1.57 per share) in 2024. Adjustments of non-recurring items in 2025 include removing a $177.7 million recovery for the recognition of deferred tax assets, a $18.7 million gain on foreign exchange due to the translation of deferred tax balances, and a $39.4 million unrealized loss on derivative instruments, among other items. Adjusted net earnings(3) was $126.1 million ($0.63 per share) in Q4 2025, removing a $104.2 million recovery for the recognition of deferred tax assets, a $27.4 million unrealized gain on derivative instruments and a $3.9 million loss on foreign exchange due to the translation of deferred tax balances, among other items.
4 These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
Operations Update
Gold Operations
| 3 months | ended December 31, | 12 months | ended December 31, | |
| 2025 2024 2025 2024 | ||||
| Total |
| Ounces produced | 123,416 | 155,668 | 488,268 | 520,293 |
| Ounces sold | 126,923 | 156,864 | 491,204 | 517,926 |
| Production costs | $203.0 | $172.1 | $677.6 | $564.2 |
| Total cash costs ($/oz sold)(1,2) | $1,295 | $944 | $1,176 | $940 |
| All-in sustaining costs ($/oz sold)(1,2) | $1,894 | $1,226 | $1,664 | $1,285 |
| Sustaining capital expenditures(2) | $53.8 | $31.0 | $169.1 | $124.3 |
Kisladag
| Ounces produced | 41,140 | 56,483 | 168,701 | 174,080 |
| Ounces sold | 43,043 | 56,056 | 169,971 | 173,124 |
| Production costs | $70.8 | $56.1 | $221.1 | $162.7 |
| Total cash costs ($/oz sold)(1,2) | $1,593 | $978 | $1,264 | $918 |
| All-in sustaining costs ($/oz sold)(1,2) | $1,933 | $1,073 | $1,478 | $1,025 |
| Sustaining capital expenditures(2) | $12.0 | $3.8 | $28.1 | $12.7 |
Lamaque
| Ounces produced | 49,307 | 63,742 | 187,208 | 196,538 |
| Ounces sold | 49,886 | 61,894 | 187,551 | 194,670 |
| Production costs | $43.0 | $38.7 | $150.8 | $140.3 |
| Total cash costs ($/oz sold)(1,2) | $841 | $615 | $790 | $711 |
| All-in sustaining costs ($/oz sold)(1,2) | $1,392 | $933 | $1,302 | $1,134 |
| Sustaining capital expenditures(2) | $26.8 | $19.2 | $94.1 | $80.3 |
Efemcukuru
| Ounces produced | 14,496 | 19,451 | 72,482 | 80,143 |
| Ounces sold | 14,591 | 19,185 | 73,191 | 80,002 |
| Production costs | $32.6 | $26.9 | $118.1 | $99.9 |
| Total cash costs ($/oz sold)(1,2) | $1,929 | $1,376 | $1,510 | $1,231 |
| All-in sustaining costs ($/oz sold)(1,2) | $2,536 | $1,650 | $1,846 | $1,411 |
| Sustaining capital expenditures(2) | $8.6 | $5.1 | $22.9 | $15.9 |
Olympias
| Ounces produced | 18,473 | 15,992 | 59,877 | 69,532 |
| Ounces sold | 19,403 | 19,729 | 60,491 | 70,130 |
| Production costs | $56.7 | $50.4 | $187.6 | $161.3 |
| Total cash costs ($/oz sold)(1,2) | $1,324 | $1,463 | $1,722 | $1,304 |
| All-in sustaining costs ($/oz sold)(1,2) | $1,676 | $1,669 | $2,145 | $1,562 |
| Sustaining capital expenditures(2) | $6.5 | $2.9 | $24.1 | $15.4 |
(1) Revenues from silver, lead and zinc sales are off-set against total cash costs.
(2) These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's December 31, 2025 MD&A.
Kisladag
Kisladag produced 168,701 ounces of gold in 2025, a 3% decrease from 174,080 ounces in 2024 due to fewer tonnes placed on the pad and lower grades stacked during 2025. Similarly, gold production of 41,140 ounces in the quarter decreased 27% from 56,483 ounces in Q4 2024, due to lower available stacked ounces. In the year, lower grades of 0.73 grams per tonne in 2025 compared to 0.81 grams per tonne in 2024, resulted in lower recoverable ounces stacked in the quarter.
Revenue increased to $595.8 million in 2025 from $423.5 million in 2024 and increased to $185.7 million from $150.3 million in Q4 2024, reflecting higher average realized prices, offsetting lower gold volumes sold in both periods.
Production costs increased to $221.1 million in 2025 from $162.7 million in 2024 and to $70.8 million in Q4 2025 from $56.1 million in Q4 2024. The increases in both periods were primarily due to higher royalty expense from higher average realized gold prices and increased royalty rates effective from Q3 2025, as well as rising labour costs and costs of local services mainly driven by inflation exceeding the devaluation of the local currency. As a result, total cash costs per ounce sold increased to $1,264 in 2025 from $918 in 2024 and $1,593 in Q4 2025 from $978 in Q4 2024, which was also impacted by lower ounces sold.
Depreciation expense decreased to $90.6 million in 2025 from $93.7 million in 2024 due to lower ounces produced and sold during the year.
AISC per ounce sold increased to $1,478 in 2025 from $1,025 in 2024 and increased to $1,933 in Q4 2025 from $1,073 in Q4 2024 due to higher total cash costs per ounce sold and higher sustaining capital expenditures.
Sustaining capital expenditures were $28.1 million in 2025, including $12.0 million in Q4 2025, primarily related to equipment rebuilds, and heap leach pad interlifts. Growth capital investment was $104.9 million in 2025, including $34.8 million in Q4 2025 primarily for waste stripping and associated equipment costs to support the mine life extension, continued construction of the second and third phases of the North heap leap pad ("NHLP") and additional North adsorption, desorption and recovery ("ADR") plant infrastructure, as well as technical studies.
Following a comprehensive technical and economic assessment, with a focus on capital discipline, whole ore agglomeration was decoupled from additional screening for the high pressure grinding rolls ("HPGR"). This allows for the implementation of the whole ore agglomeration circuit. The investment is expected to be approximately $35 million, and is expected to enhance permeability, improve kinetics, and shorten the leach cycle. Procurement of long-lead items commenced in Q4 2025, with installation of the agglomeration drums targeted for 2027.
Following the Q2 2025 decision to expand the secondary crusher circuit to facilitate operational debottlenecking and reduce wear on the HPGR, a new crusher has been ordered, and is expected to be delivered and installed in H2 2026.
The geometallurgical study for characterization of future mining phases continues and will evaluate the benefit of additional screening for the HPGR and whole ore agglomeration. This study is expected to be complete in H1 2026.
The higher metal price environment has created a significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity to move from a $1,700 to a $2,100 pit shell, which is expected to open up the western area of the pit and support resource expansion. To facilitate this opportunity and assist in resolving ongoing geotechnical challenges in the open pit, we expect to increase waste stripping in 2026 by 6 to 8 million tonnes. The mine optimization plan is expected to be beneficial in the long-term by improved balancing of ore and waste movement and supporting consistent year-over-year performance.
Lamaque
Lamaque produced 187,208 ounces of gold in 2025, a 5% decrease from 196,538 ounces in 2024 as a result of lower average grades and recoveries, partially offset by higher ore throughput. Gold production of 49,307 ounces in the quarter was lower compared to 63,742 ounces in Q4 2024 due to lower throughput rates as a result of a planned shutdown in Q4 and lower grades which influenced lower average recoveries. The gold grade decreased to 6.78 grams per tonne in Q4 2025 from 8.05 grams per tonne in 2025 due to mine sequencing, as well as the highgrade Ormaque bulk sample processed in Q4 2024.
Revenue increased to $658.2 million in 2025 from $473.0 million in 2024 and increased to $210.7 million from $165.2 million in Q4 2024. The increase in both periods is due to higher average realized gold prices.
Production costs increased to $150.8 million in 2025 from $140.3 million in 2024, and to $43.0 million in the quarter from $38.7 million in Q4 2024, primarily due to higher royalties and additional costs incurred for labour, contractors,