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Image source: The Motley Fool. Friday, July 31, 2026 at 11:30 a.m. ET Vice President, Investor Relations, Communications and External Affairs - Lynette Gould Chief Executive Officer - George Burns President - Christian Milau Executive Vice President and Chief Financial Officer - Paul Ferneyhough Executive Vice President and Chief Operating Officer - Simon Hille Operator: Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Second Quarter 2026 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions]. I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications and External Affairs. Please go ahead, Ms. Gould. Lynette Gould: Thank you, operator, and good morning, everyone. I'd like to welcome you to our conference call to discuss our second quarter 2026 results. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management's discussion and analysis. Joining me on the call today, we have George Burns, Chief Executive Officer; Christian Milau, President; Paul Ferneyhough, Executive Vice President and Chief Financial Officer; and Simon Hille, Executive Vice President and Chief Operating Officer. Our release yesterday details our second quarter 2026 financial and operating results. The release should be read in conjunction with our Q2 2026 financial statements and management's discussion and analysis, both of which are available on our website. They have also both been filed on SEDAR+ and EDGAR. All dollar figures discussed today are U.S. dollars unless otherwise stated. For clarity, we have rounded some figures for the purposes of this conference call. We will be speaking to the slides that accompany this webcast, which can be downloaded from our website. After the prepared remarks, we will open the call for Q&A, at which time we will invite analysts to queue for questions. I will now turn the call over to George. George Burns: Thank you, Lynette, and good morning, everyone. I'll begin with an overview of our second quarter and provide a brief update on Skouries. I'll then hand the call over to Paul to review the financials and then Simon with an update on McIlvenna Bay and our operations. Following that, Christian will make some concluding remarks before we open up the call for questions. Before getting into the second quarter, I want to note that as previously announced, I will be transitioning out of the CEO role this quarter as we reach our key milestone of first concentrate production in Skouries. After 9 years with Eldorado, I expect this to be my last quarterly conference call in this capacity. It's been a meaningful journey for me personally, and I'm proud of what we've accomplished. We have strengthened our operations, advanced our pipeline and built a deeper bench of talent across the organization. I'd also like to thank our teams across the business for their support and commitment over the years, which has been fundamental to that progress. As we ramp up both Skouries and McIlvenna Bay towards commercial production, Christian has been closely engaged across the business and is well positioned to step into the role with continuity. I'm pleased to remain on the Board to support the transition as the company enters into its next phase of growth and meaningful cash flow generation. I would also like to acknowledge the recent Board leadership transition. On behalf of the company, I want to thank Steve Reid for his many years of leadership and guidance as Chair. We are pleased to welcome Dan as Chair, and Patrick as Lead Independent Director, and I look forward to continuing to work with them and the Board in my ongoing role as Director. Turning to the quarter. We've had a solid start to 2026 with Q2 delivering production in line with the plan. McIlvenna Bay has achieved first copper and first zinc concentrate and continues to ramp up towards commercial production. While Skouries remains on track for first concentrate in Q3, having recently achieved first ore crushed. 2026 is a pivotal year for Eldorado as we advance Skouries in Greece into operation and ramp McIlvenna Bay in Saskatchewan. Together, these assets are expected to enhance our production profile and cash flow generation. I'd also like to highlight a few achievements from the quarter that reflect the strength of our culture and our commitment to responsible mining. During the quarter, we published our annual sustainability report, which outlines the progress we continue to make across our environmental, social and governance priorities. I'm also very proud of our Eldorado Quebec team, which received several significant industry recognitions. Most notably, the team was awarded 2025 F.J. O'Connell Trophy for underground operations. This long-standing award recognizes excellence in workplace health and safety and reflects the consistency, discipline and commitment our teams bring to maintaining a strong safety culture every day. The team was also recognized by the Quebec Mining Association for their leading environmental management practices and for excellence towards sustainable mining framework. These awards highlight innovative approaches to environmental performance, operational efficiency and responsible development. Together, these achievements reflect the dedication, engagement and professionalism of our teams and reinforce the values that underpin our success across the organization. Finally, earlier this month, Eldorado was recognized on Time's 2026 list of Canada's Best Companies for the second consecutive year. This recognition reflects the strength of our culture, engagement of our people and our commitment to creating long-term value through responsible business practices. I want to thank our employees across the global organization for the role they play in making achievements like this possible. Turning to Skouries on Slide 5. I spent 2 weeks on site in July and came away extremely encouraged by the progress being made across the project. Seeing the work firsthand reinforced my confidence in both the quality of the execution and the readiness of the operations and commissioning teams as we move towards first concentrate production in this quarter. As construction activities continue to wind down and commissioning activities increased, the workforce at site has declined from a peak of approximately 3,200 people to approximately 2,650 this week, reflecting the project's transition into final stages of execution. The team achieved an important milestone in July with first ore crushed in the primary crusher, marking the start of commissioning of the crushing circuit. The process plant is substantially complete, with wet commissioning well underway. Water circulation testing through the entire circuit to the tailings thickener and filter feed tanks is underway. Two tailings thickeners are ready for first ore commissioning. At the filtered tailings plant, mechanical and electrical work on 2 of the 6 filters has been completed with both filters ready for commissioning. On the power infrastructure, construction of all 12 towers and conductors is complete. Final site energization and receipt of final sign-off remains contingent on inspection, which includes final testing and installation of metering equipment by the relevant Greek authority. In the interim, we have added additional gensets to support commissioning activities. These gensets will allow us to test the full processing circuit and produce first concentrate. However, full-site energization remains necessary for achieving stable, consistent production ramp-up to nameplate. Mining activities continue to perform well ahead of start-up. We have approximately 4 million tonnes of ore stockpiled, representing the full planned mill feed for 2026 and into '27, providing a strong foundation for ramp-up as we will process higher-grade ore in 2026. In the interim, we have added additional gensets to support commissioning and start-up. Together, Skouries and McIlvenna Bay are expected to transform Eldorado's production profile, providing a foundation for meaningful growth in cash flow, copper production and portfolio diversification in the years ahead. With that, I'll turn the call over to Paul to review the financial results. Paul Ferneyhough: Thank you, George, and good morning, everyone. Turning to Slide 6. Eldorado delivered another strong quarter, reflecting the benefits of a higher gold price environment, solid operating performance across the portfolio and disciplined execution as we advance both Skouries and McIlvenna Bay toward meaningful value creation. In the second quarter, we produced 105,000 ounces of gold and sold 103,000 ounces. While production and sales were lower than the prior year period, primarily due to planned lower tonnes and grades at Kisladag and lower grade at Efemçukuru, this was partially offset by stronger performance at Lamaque, which benefited from increased throughput and the contribution of higher-grade Ormaque ore. Revenue increased to $487 million, up from $452 million in the prior year period as a significantly higher realized gold price of $4,379 per ounce more than offset lower sales volumes. Production costs were $185 million compared to $162 million in Q2 2025. The increase primarily reflects higher royalty costs associated with stronger metal prices, particularly in Turkiye and Greece, together with increased labor, contractors and maintenance in both Turkiye due to inflation and planned maintenance as well as Lamaque, as mining activities continue to advance deeper into the Triangle Complex. Total cash costs averaged $1,432 per ounce sold, while AISC averaged $1,926 per ounce sold. The year-over-year increase was driven by higher production costs and lower ounces sold, partially offset by lower sustaining capital expenditures. Depreciation and amortization declined to $54 million, largely reflecting lower production volumes at Kisladag. We also recorded a $14 million foreign exchange gain compared to a loss in the prior year period, driven primarily by movements in the euro relative to the U.S. dollar on our euro-denominated debt and payables. Other income was $23 million in the quarter, reflecting gains associated with our project financing derivatives, while finance costs increased to $10 million, primarily due to the change in fair value on embedded debt redemption option derivatives. Income tax expense was $55 million compared to $33 million in the prior year period, reflecting higher profitability and current taxes and mining duties from operations in Canada and Turkey. Net earnings attributable to shareholders from continuing operations were $173 million or $0.68 per diluted share compared to $139 million or $0.67 per diluted share in Q2 2025. Adjusted net earnings increased to $137 million or $0.54 per share compared to $90 million or $0.44 per share a year ago. Overall, the quarter demonstrates the strength of our operating platform and the leverage of the business to higher gold prices while continuing to invest aggressively in the next phase of Eldorado's growth. Turning to Slide 8. We ended the quarter with $555 million of cash and cash equivalents, providing substantial liquidity as we move through the final stages of development and commissioning at Skouries and ramp up at McIlvenna Bay. In addition, we maintained approximately $300 million of available capacity on our revolving credit facility, reinforcing our overall liquidity position. Net cash generated from operating activities was $150 million compared to $158 million in Q2 2025. The modest decline reflects higher taxes paid, lower gold ounces sold, increased production costs and acquisition-related expenditures associated with the Foran transaction, partially offset by the benefit of significantly stronger realized gold prices. Free cash flow was negative $334 million during the quarter, reflecting planned investment in our 2 cornerstone growth projects. During Q2, we invested approximately $214 million at Skouries, including project and accelerated operational capital and $78 million at McIlvenna Bay as we progress towards commercial production. Importantly, excluding these 2 growth projects, the underlying operating business generated approximately $41 million of free cash flow, highlighting the continued cash-generating capacity of our producing asset base. Looking ahead, our capital allocation priorities remain unchanged. First, we will continue to fund the development, commissioning and ramp-up of Skouries and McIlvenna Bay. Second, we remain committed to maintaining a strong balance sheet and preserving financial flexibility. And third, we will continue to return capital to shareholders through our quarterly dividend and when appropriate, share repurchases under our NCIB. During the first 6 months of the year, we repurchased approximately 2.4 million shares for $84 million and paid $34 million in dividends, reflecting our commitment to balanced shareholder returns and disciplined capital allocation. With that, I'll turn it over to Simon for an operational update. Simon Hille: Thank you, Paul. Starting with McIlvenna Bay on Slide 8. We achieved an important milestone with first copper concentrate produced in June and first zinc concentrate in July. Our focus through the third quarter is optimizing operations, ramping up the paste plant and increasing throughput towards design capacity. As expected for a new operation, we continue to work through normal commissioning and ramp-up activities as we progress towards commercial production later this quarter. Looking beyond start-up, McIlvenna Bay is a long-life asset supported by a robust resource base and significant district-scale exploration potential. We have commenced an integrated study that will evaluate the potential mill expansion from 4,900 tonnes per day to approximately 7,000 tonnes per day and an addition of a silver-lead circuit, both of which have the potential to enhance future value subject to the completion of project evaluation, receipt of required permits, indigenous and stakeholder engagement and final positive investment decision. We are targeting commissioning of the silver-lead circuit in 2028 and expansion in 2030. In parallel, exploration continues to demonstrate the broader potential of the district, and we remain on track to deliver inaugural mineral resource for the Tesla Zone in fourth quarter. An updated technical report is expected to be published in the first quarter of 2027. On Slide 9, we show a long section looking south. The underground development continues to advance well. In addition to the 400,000 tonnes of ore stockpiled on surface, the underground mine has an inventory of approximately 20,000 tonnes of ore, more than 330 kilometers of production drilling and approximately 2 million tonnes of fully developed reserves within Block 1. Moving to Slide 10 and the Lamaque complex. The team delivered another solid quarter with production of 52,340 ounces of gold. Results reflect strong mill performance and recoveries supported by the contribution from Ormaque ore following the receipt of the operating authorization in March. Cost performance also remained strong with all-in sustaining costs of $1,192 per ounce sold in the quarter. Continuing to Slide 11 at Kisladag. Production totaled 19,108 ounces of gold in the quarter. The planned lower grade and tonnes stacked as the mine develops Phase 6 and the western strategic pushback resulted in lower production year-over-year. All-in sustaining costs were $2,407 per ounce sold in the quarter, primarily reflecting lower sales volumes, along with higher labor costs, reagent costs and the impact of higher royalty rates. We continue to advance initiatives to optimize future mining phases and support more consistent long-term operating performance at Kisladag. Increased waste stripping is underway to support future mining phases, address geotechnical considerations and provide greater flexibility in the sequencing of ore and waste movement. Progress on the whole ore agglomeration circuit remains on track with commissioning and ramp-up expected in the first half of 2027. The recently completed geometallurgical study has further improved confidence in future mine planning and recovery assumptions. Together, these initiatives are expected to support improved operational consistency and long-term performance. Turning to Efemçukuru on Slide 12. The operation produced 18,019 ounces of gold in the second quarter, all-in sustaining costs were $2,252 per ounce sold, primarily reflecting higher royalty rates, labor and maintenance costs and the impact of lower production. Efemçukuru continues to be a consistent contributor to the portfolio. While grades were lower in the quarter, the team continued to deliver strong throughput and advance the development work in the Kokarpinar deposit that is required to support extensions to the mine life going forward. Turning to Slide 13. At Olympias, we produced 15,125 ounces of gold in the second quarter. Strong flotation performance and stable ore blend supported higher metal recoveries, partially offsetting the impact of lower grades during the quarter. All-in sustaining costs increased to $2,465 per ounce sold, mainly driven by the higher total cash costs and higher sustaining capital expenditures. Higher total cash costs were a result of increased royalties and higher labor costs. Sustaining capital was driven by increased underground development, underground resource classification drilling, filter press refurbishment and mobile mining equipment rebuilds and purchases. Operationally, Olympias has stabilized over the past 3 quarters with flotation recoveries returning to model levels. Completion of the 650,000 tonnes per annum project is expected to end in 2026, with ramp-up anticipated in 2027. Across the portfolio, our focus remains on safe, disciplined execution while advancing operational improvements and growth initiatives that support Eldorado's next phase of production and cash flow growth. With that, I'll turn it over to Christian for closing remarks. Christian Milau: Thanks, Simon, and good morning. As George highlighted, 2026 is a pivotal year for Eldorado. Our operating mines continue to provide a solid foundation, while the successful integration of McIlvenna Bay and the transition of Skouries from construction to production underscore the company's long-term growth trajectory. Before I continue, I'd like to acknowledge George's leadership over the past 9 years. Under his direction, Eldorado strengthened and focused its operating platform, financed and advanced a number of important projects and built an outstanding team and culture. Eldorado is positioned to enter one of the most exciting periods in its history. I look forward to working closely with George and the Board as we continue this transition. What excites me most is the quality of the people across the organization, having spent considerable time with our teams over the better part of the year. I'm confident in the technical capability and leadership we have in place and have added in recent months. We are entering the next chapter from a position of strength. Looking ahead, our focus is straightforward, safe and reliable execution, disciplined capital allocation and delivering on our long-term commitments. We have 2 exceptionally long-life, high-quality mines entering production, a portfolio of long-life operations and a deep pipeline of organic growth opportunities, both exploration and projects. Our priority is to execute well, generate strong returns from these investments and continue creating long-term value for our shareholders. As Skouries and McIlvenna Bay ramp up towards full production through the second half of the year and beyond, we expect to enter a period of meaningful growth in production, cash flow and financial flexibility. Importantly, we remain disciplined in the deployment of that cash flow, balancing investment in future growth with a continued focus on shareholder returns and value creation. Our whole team is very excited about the future of Eldorado and confident in our ability to build on the strong foundation that has been established. Thank you for your time today, and I'll turn it back to the operator for questions from our analysts. Operator: [Operator Instructions] Our first question is from Cosmos Chiu with CIBC. Cosmos Chiu: All the best, George. Thanks for all these years. Maybe my first question is on McBay. Great to see that, of course, concentrate was produced in June. And you've given us some numbers, 5,405 tonnes produced in terms of throughput in Q2. But it's hard for me to try to figure out how the ramp-up is in relation to the 4,900 tonnes per day nameplate capacity. So maybe if you can help me put that in context in terms of plant availability or percentage of nameplate and what that means as you work towards commercial production later on in Q3? And then also, we're now through a lot of July, most of July. And any comments in terms of what you can say in terms of the continued ramp-up of McBay into July? Simon Hille: Thanks, Cosmos. It's Simon. Great question. We're really -- the commissioning has been going really well through July. We -- as with all commissioning, it's all about availability in the early days, just debugging instruments and other things. And that's been our focus through the July phase. But when we are operating, we're operating in the sort of 70% range of our throughput already. And so we see an easy path to get us through to full nameplate in terms of the grinding capacity. flotation circuits are operating as expected. And so really it's more about availability through July, that ramping up through August and then into September. Cosmos Chiu: Great. And then, I guess, Simon, what's your definition in terms of commercial production for later on in Q3? Paul Ferneyhough: Cosmos, it's Paul. I'll pick up that. As a management team, we have some flexibility as to when we call commercial production. But really, this is about us achieving intended use for the assets. And so as far as mine and mill is concerned, that's around meeting throughput of somewhere between, let's say, 60% and 80% of nameplate or intended daily and that's also consistently producing salable concentrate. So we're going to be keeping an eye on that. And as we move into that and are able to maintain those levels for somewhere between 30 to 60 days, and again, this is about us being confident that we've reached a consistent and stable level. That is when we will strike that definition of commercial production. And certainly, we're intending to get there at some point in Q3. Cosmos Chiu: That's great to hear. And then maybe, Paul, since I have you here, I'm seeing that, I guess, for McBay, you are budgeting $90 million in CapEx in Q3, slightly up from what you spent in Q2. Just wondering if -- when I look at it, is that potentially the last quarter of higher CapEx at McBay? Paul Ferneyhough: Yes. So Cosmos, I think just remember, of course, we're going to have ongoing growth and sustaining capital at this asset, just like you have at any mine. And until we get to that commercial production level, we have to capitalize those costs into the full project cost of the asset. Now we have had some expenditures with us taking, say, 4 months longer to get to commercial production than the most recent estimates that has to be capitalized. And we've changed some of the scope. As a company with a stronger balance sheet, we've been able to bring forward the investment in things like increases in throughput for water treatment plant. And so all of these items are going to be incorporated. And then the final thing I'd say is we've been able to invest in some additional critical spares to ensure consistent operation going forward that a single asset development company just wouldn't have had the balance sheet to support. So that will be the last quarter where we see stuff going into the project cost estimate. Cosmos Chiu: Okay. And so I guess, Paul, in that context, turning to Skouries. I guess, Skouries, the CapEx budget has been maintained at $1.315 million (sic) [ $1.315 billion ]. $1.27 billion has been spent cumulatively until the end of Q2. And then in terms of accelerated operating capital, $260 million is budgeted, of which $201.3 million have been spent to the end of Q2. I guess my question is, could this happen at Skouries as well, like in terms of higher CapEx kind of dragging on a little bit? Because if I work out these numbers, there isn't much left in that budget for Skouries into Q3. Paul Ferneyhough: Yes. So again, I think at the current time, we're confident that $1.315 billion is approximately the final project cost for the development. But the exact cost will come down to when we strike that commercial production. If we're a few weeks later than we think, then you're going to have to capitalize a bit more cost in there. If we were a couple of weeks early, then it will be -- it could be a little bit less. So that exact date is going to be important. But at the current time, we have a little bit more capital put in. You'll see we still have a letter of credit for around EUR 43 million that is outstanding. We're going to be funding that over the next few weeks, and we're coming to the end here. So we're not expecting the cost for the development to be significantly different from that $1.315 billion that we have put out as guidance. Cosmos Chiu: Great. And one last question maybe on Olympias. The wording changed maybe a little bit, if I'm not mistaken, expansion to the 650,000 tonnes per annum now by the end of 2026 and ramp up in Q1 2027. Previously, it was Q3, Q4 2026 sequentially. Just I think, Simon, you mentioned some of the key drivers driving that change. But I guess my question is, any kind of potential read-through to timeline at Skouries? And -- or is it really separate in terms of productivity and efficiency at Olympias versus Skouries? Simon Hille: Thanks, Cosmos. Yes, the 2 projects are separate, workforce and geographically. So they're running independently in that regard. In terms of the Q1 ramp-up, the efficiency of some of the construction work has taken a little longer through Q2 than originally planned. And so we wanted to make sure that we were setting realistic targets going forward. We have some complexity in some of the work in the brownfields with an operating plant. But the team has got a good plan to work through that as we now project end of the year completion. George Burns: Cosmos, it's George. Maybe just a few comments on the read-through to Skouries. So I mean, Skouries were in commissioning. There is a bit of wrap-up construction that will happen in the month of August. We're rapidly going to be reducing the construction workforce to near 0 at the end of Q3. In terms of our position for ramp-up, I'd say we're in really good shape. And I'd say the remaining risk is just that, how efficiently do we work through the commissioning phases. I'm quite comfortable with the estimate we have in our production and our costs associated with getting to commercial production. But to the point you added, if you're late, then as Paul described, costs that we would spend anyways end up hitting the capital cost rather than the operating cost. So I mean that's probably the remaining risk is exactly precisely when do we get to that commercial production date. And again, confident that our estimate is good. Operator: The next question is from Tanya Jakusconek with Scotiabank. Tanya Jakusconek: George, again, congrats on your next adventure and Christian on your new role. Let me start with Olympias, maybe that's the easier one with Simon. So Olympias, Simon, what is left to do at Olympias to get us to be completed on that 650,000 tonnes per day so that we then start ramping up in Q1 of '27? Simon Hille: Tanya, thanks for the question. The scope remains the same in terms of the sort of 4 key areas of expansion. There's a grinding expansion. So we're adding a tower mill. We're adding some flotation capacity to the lead and the zinc circuit. We're adding a thickener to help with the water balance, and we're adding a filter to help with the extra throughput in the long run. All of the equipment that we need to install is already on site as well as all the construction materials. So it's just a matter of executing on the plan right now. And so we don't see much complexity other than it is a brownfield type expansion, and therefore, you're working in a live operation. And so it takes a little more care and planning to do that effectively. Tanya Jakusconek: So there's not much to do in the underground is what I'm hearing. It's all in the mill and all the pieces... Simon Hille: That's correct. Yes. Sorry, maybe to clarify, it's just a mill-only expansion. The underground has already ramped up to these capacity levels, and that's been the work for the last couple of years. And so we're comfortable that the underground mine can deliver the ore. In fact, what we call ore-bound in the underground right now and really waiting for the mill capacity to be available to get to that higher run rate that we're looking for. Tanya Jakusconek: Do we have any stockpiles on surface or no? Simon Hille: We maintain a small surface stockpile and then a short high turnover mixing zone that we use to help get the steady ore blend that we've been talking about over the last 3 quarters. So that's one of the strategies that we've employed. Tanya Jakusconek: Okay. All right. So everything on slide just needs to be put together just that the mill, the underground is ready. Okay. Thank you for the Olympias update. Maybe I'll go to McBay since I have you still, Simon, on. So maybe for myself to understand, just to get to commercial production, you mentioned the mill that we've seen just the normal stuff we're at 70% or thereabout consecutively. Maybe just to understand on the processing side, on the throughput side, what are you seeing that -- are there anything that you're seeing that is of concern to get to that 70%? And then producing salable concentrate, is that what -- tell me where we are on that, just so that we can go commercial? And then lastly, is G Mining still there to help you with this ramp-up? Simon Hille: Okay. So maybe just talking to the construction activity. So essentially, all of the primary scope of construction is complete. And so that's, I think, an important milestone. We do have G Mining there to support optimization, construction activities and just organization of contractors. Tell us, close out opportunity and optimization elements through August. But these are fairly minor and facilitating better availability and throughput down the road. And beyond that, in terms of the concentrate production, we have produced zinc and loaded that in through Flin Flon and out onto the railcars so that we've already sent one shipment. And zinc is also being trucked and shipped. So we're in pretty good shape there in terms of the concentrate specifications. Obviously, quality will continue to improve as we continue to optimize the flotation process through the next few months. Paul Ferneyhough: Tanya, it's Paul. We're also shipping copper concentrate already. So the first deliveries occurred in July. Tanya Jakusconek: Okay. So the copper cons meet salable specs, the zinc, you've just sent it off. So hopefully, we get that to be a salable spec. And then we're just waiting, Simon, if I can just read from a higher level. You've essentially reached the scope of what you wanted. It's just within the mill, you're just doing this ramp-up to get the availability to be at that 70% for those consecutive days to deem this commercial. Is that a correct way of thinking of it? Simon Hille: I think that would satisfy. Yes. The mill is operating at a 70% level when it's operating. It's more about consistency as we debug instrumentation and other things through the circuit. Tanya Jakusconek: And is there anything in the circuit that's causing issues? Or is it just the normal ramp-up that we see at pretty much normal ramp-ups? Simon Hille: Yes, nothing fundamental that we're seeing most of the equipment that we've installed is operating within specification. Tanya Jakusconek: Okay. Look forward to getting some more data out of this operation with your Q3 results so we can kind of benchmark ourselves where everything is. And I guess we're getting more an updated plan next year for McBay or guidance, I guess. Simon Hille: Correct. That's correct. Yes. Tanya Jakusconek: Okay. George, my final question for you because this is your final question for me on a conference call. So I have to leave the best for last. Skouries. So you spent 2 weeks on site. You've gone through. You've talked about the front end of the mill being ready. We're wet commissioning. You've talked about the 2 filter presses being ready for -- get ready for commissioning. Can you just give me an update where are we then with the conveyor from the plant to the tailings? So let's starts there. Where are we with that? George Burns: Sure. So essentially 2 of the 6 filters are complete. We're well advanced on the other 4. Out of the filter building, we have a transfer pit, which is a series of conveyors and an ability to feed off-spec material back into the circuit, and that's nearly complete. And then we have a series of conveyors that bring that material over to the edge of the valley. We've got one conveyor completed. The second one is in construction will be completed in the coming weeks. From there, there's a series of fixed conveyors that go down the valley on a switchback road. They're mechanically all in place, and we're working to tie up the electrical on a couple of those. And from there, we have 6 grasshopper conveyors, 5 of the 6 are constructed, 6 is under construction, and we'll be positioning them into their final place over the next couple of weeks. So I'd say we're in good shape on the conveyance. And we'll really be working from what's already commissioned, the primary crusher through the rest of the facility. Comfortable, we'll have first con this quarter and comfortable we'll be in commercial production in the fourth quarter. Tanya Jakusconek: And maybe, George, if I can understand correctly, just we're all waiting for the Greek authorities to come. And as I said, it just turn on the switch so that this power line can be energized. But maybe I'm making it -- I'm simplistically putting this, but maybe you can tell us like what exactly from the time the Greek authorities come to site, I mean, is it just going to be a phone call, "Hi, we're at the gate. Let us? Like from the time they come to site, what is required to energize this line? And how fast does the whole mill go up? And sort of from then, how long is it going to take for the Greek authorities once they energize it, is there a procedure that within 5 days, you're going to get your permit? I'm just trying to understand the logistics of all of that from when they come to site. George Burns: Sure. Probably divide the answer into 2 phases. So specifically on the electrical power, we're connecting to the grid. The substation that we've built will be owned, will transfer ownership to the power authority. So we've constructed it under their design approval. We've tested it. We believe it's ready to connect. Then the Greek power authority is called IPTO. IPTO has 2 departments. They have a construction department. That's who we deal with. And they have signed off on our PAP, and they have also conducted inspections of all the electrical equipment, and we passed that test. Now once that's completed, they transfer the documentation over to IPTO Operations. This is the final step. IPTO Operations does their own inspection. It's about a 10-day inspection. It's currently scheduled for the middle of August. Once that inspection is completed, and as I say, the tests have already been done twice. So we're highly confident we'll pass the third test. And from there, it's a matter of paperwork within the agency a few days, we should be connected. So at this point, our best estimate is we'll be connected to the grid by the end of August. Now we've seen slippage in schedule. So there's some risk this could slip into September. But the second part of the answer is this isn't going to impact our ability to test, ramp up towards commercial production. So we had 10 megawatts of gensets in place, and we made the decision about a month ago to bring in another 26 megawatts. So we're now at 36 megawatts. The connected power will be 50 megawatts. So we're, I don't know, 70% of the capacity once connected with the gensets we now have on site. That will enable us to run all of the equipment. It will not enable us to get to nameplate throughput, but that's not expected to year-end. So I'm feeling very comfortable with our ability to start the entire plant to begin significant ramp-up of the facility and to be able to achieve the production we have in our guidance. So I'd say we've derisked the connecting to the grid power. And again, confident we'll get this done. Just maybe a couple of comments on it. Obviously, they need to make sure that this is a smooth transition that they don't impact the grid overall. So they've got lots of checks and balances to ensure that happens. And so we just derisked our ability to ramp up by bringing in these gensets. And that was about a $5 million commitment, both the rental of the gensets and our estimate to run these gensets for a couple of months. So anyway, I think we're in a really good position now to deliver the ramp-up, and I'm not concerned about the connection to the grid. Tanya Jakusconek: George, if I was to understand it correctly, the last test is, and you're scheduled for this for mid-August. And then once this test is done, it's about 10 days to do paperwork plus others. So that puts you towards the end of August, if all goes well, to get the receipt that you can energize basically, start the -- go ahead. George Burns: Yes. So it's -- the inspection is scheduled for mid-August. There's 10 days of test work, a couple of days of administrative work. So we do expect to be connected at the end of August. And if that slips into September, it won't affect our ramp-up. Tanya Jakusconek: Because you can start ramping up with your 36 megawatts that you have and then ultimately connect when you connect even if it's September, October? Is that a fair way of looking at it? George Burns: That's correct. We have the ability to run the entire facility, not at nameplate. Throughput, but at significant throughput well ahead of what we expect to do in Q3. Tanya Jakusconek: So George, to finish off, when we're all there on September 15, 16, 17, 18, I'm hoping to see some sort of a pour. George Burns: You'll be disappointed because we're just producing concentrate, but you will see concentrate... Tanya Jakusconek: Okay. So you know what, I'll take concentrate. If I don't see a pour, I'll take the concentrate. George Burns: Yes, you definitely will. Operator: The next question is from Don DeMarco with National Bank. Don DeMarco: George, congratulations. Best wishes on next steps. A few quick questions from me. Starting, Paul, total debt is now at $1.75 billion. You've got the Foran debt on the balance sheet. What amount of leverage are you comfortable with or how would you approach derisking? What would a repayment schedule possibly look like? Paul Ferneyhough: Thanks, Don. So look, we're basically at peak leverage. We've drawn down all of the project financing facility at Skouries and in fact, at McIlvenna Bay that we brought on to our balance sheet. We still have obviously significant cash and liquidity available to us throughout the rest of this year and into 2027. Repayment and debt servicing for the project financing starts at the end of the year, both for Skouries and for McBay. And so as we move into next year, we'll start to see us reducing that debt pile. And in fact, when you think about the inflection that's coming for us, strategically how we fund the firm going forward and how we then get into the next set of opportunities is going to be something we're working on over the coming months. So we're about at the peak. And really, it's just continuing to manage us -- the strength of our balance sheet with the cash and liquidity that's available to us. Don DeMarco: Okay. Great. And you mentioned inflection. Just shifting over to McBay. When would you expect to inflect to positive free cash flow on McBay? Paul Ferneyhough: So McBay, we're predicting as it goes through its commercial production rates and then continues to ramp up into the fourth quarter, we should start to see it producing positive cash flow at the end of the year there. Don DeMarco: Okay. And just continuing on McBay, I mean, you've been delivering against targets for first concentrate. I heard earlier that the commissioning has been going well through July. Has there been any surprises since the project was handed over? And you touched on some of the processing and downstream elements. Has the mining been ramping up as expected? What's your balance of contractors versus labor? Do you expect that to decline? Maybe just any additional color would be great. Simon Hille: Thanks, Don. It's Simon. To sort of maybe just to pick on the underground operation. I was there last week. We're super happy with how the team has been progressing. The ramp is ahead of schedule where we want that to be in terms of the ramp depth. So that sets us up nicely for future production. We have -- as we sort of tried to show in the conference call, we've sort of broken the main ore zones into sort of Block 1 and Block 2, and we're well progressed on opening both of those blocks up to really allow us good access to multiple ore sources as we ramp up this mine. So the mine itself has been operating well and the team is well motivated to keep going. Don DeMarco: Great. And you have contractors versus labor on site, you expect that to decline too? What's the current composition? Simon Hille: Sorry, I forgot the second half of that question. So the contractors -- in terms of construction contractors, they're almost all ramped down. So we should have that fairly well complete by the end of August other than ongoing longer-term water treatment plant and other things that we're building. So in terms of construction workforce, that has greatly diminished. In terms of underground contractors versus our own team, there's a reasonable split between the 2, and we're balancing off our ramp-up of our own workforce and supplementing with contractors as needed. That migration will continue to happen through Q3 and into Q4 as we build our own workforce with the availability of people and bringing up their skills. Operator: The next question is from Josh Wolfson with RBC Capital Markets. Joshua Wolfson: Just going back to McIlvenna Bay for a moment. Trying to get a better understanding of what the cost profile looks like. I appreciate some of the details in the release and there's probably still some forthcoming with the tech report. On the unit costs that were provided, I guess, is that a reasonable run rate that we should be assuming for 2027? Or should we expect that to decline? And then similarly along those lines, I guess, because there's one quarter of commercial production and there was sustaining capital of $20 million to $25 million, should we assume that as a run rate for sustaining capital going forward? Or is that going to vary from steady state? Simon Hille: Josh, it's Simon. Maybe I'll take the cost profile. As you're ramping up the mine, obviously, those efficiencies, we've been able to estimate as best we can what our efficiencies look like in Q4. And Q4 is just a starting point for us. We expect those efficiencies into 2027 to continue to improve as the mill continues to ramp up through nameplate as well as the underground ramps up through nameplate. And so you would expect those costs to decline, and we'll be in a really solid position at the end of the year to be able to provide more accurate guidance as to what that's going to look like than we can today as we're still in that ramp-up mode. Paul Ferneyhough: Josh, it's Paul. Just to confirm, so we won't have any sustaining capital in the third quarter because we're still moving through to commercial production. So our guidance for the year is really just looking at the fourth quarter, okay, for McBay sustaining production -- sustaining capital, sorry. Joshua Wolfson: Got it. Okay. And then just back to some of the questions on the debt side. What is the minimum cash balance the company needs just sort of to maintain steady operations? Paul Ferneyhough: Yes. So I mean, look, significantly less than we've got on the balance sheet at the end of the quarter. I mean there's no sort of real rule around this, but it really sort of looks to a number of months of what you would require to fund operations. And whilst I'm not saying we hold ourselves to this, I would say the minimum that we would want at any point in time is around $250 million. Joshua Wolfson: And then on Lamaque, good results there with the contribution from Ormaque. The grades, I guess, improved quite a bit quarter-on-quarter in line with expectations. Is there any kind of additional visibility you can provide on maybe what the grade expectations are now that you're in the ore body for the second half of the year? I mean, is there a reasonable potential you'll exceed the grade guidance just given the performance in the second quarter? Simon Hille: Yes. Thanks, Josh. Yes, Lamaque is performing very, very well. Obviously, the team is well seasoned and performing as to plan. We probably see the grade in the second half maybe towards the top end of our range, which is between 6 and 6.5 grams, but we wouldn't see it being higher than that at this moment. Joshua Wolfson: Got it. And if I can sort of tuck in one more. In terms of the discussion about the expansion and utilization of some of the spare throughput capacity there, is there any visibility on timing on when we could receive that update? Simon Hille: We're just working through our sort of business planning cycle right now to sort of really articulate what that's going to look like. We would probably be in a better position to talk about that in the Q1 of next year. But we're very excited by this opportunity, which is underpinned by the great performance from the team and underpinned by the exploration potential we see in the region. So all of these things are giving us great tailwinds into a future -- a very bright future for the Lamaque Complex. Operator: The next question is from Lawson Winder with Bank of America Merrill Lynch. Lawson Winder: And then I would just say congratulations to everybody moving to new roles and the best of luck to those moving on to other pursuits. And there's just a few discussion points that I kind of wanted to follow up on. So one would be the energization in Greece. I think we've covered almost everything. One thing I wanted to touch on, though, was the difference in power cost between running the gensets versus the grid. Is that a material difference? Are those relatively close? George Burns: No, the power grid is significantly cheaper than diesel generating, particularly with the high diesel cost these days. But as I said, the rental and the lease is included in our estimate, it's about $5 million for diesel and the sooner we get on grid power, the better. Lawson Winder: Okay. Thanks for that, George. And then with McIlvenna Bay, other operators in the Flin Flon belt have been reporting labor shortages. And so as you transition from construction to operations, do you feel you'll have sufficient staffing to support that ramp-up and then full operations, I guess, in Q4 or whenever you hit that? And is there any need for contracted labor once you're in operation? Simon Hille: Yes. Thanks, Lawson. We did see pressure in terms of the labor in the Saskatchewan area. And I guess we have the ability right now to continue on and spread the load as we build our team with the contractors that are on site of helping us do both vertical and lateral development work. We have employed several strategies, both in the community and in terms of just recruitment to help us support the project in the long term. And we'll continue to work through that as things progress. But we're pretty comfortable that the team has a good strategy and we're supporting as well as we can to help make sure that working for a bigger organization, I think, has been a bit more attractive to help us gain some more retention. So we're pretty comfortable right now that we can move in the way we plan. Lawson Winder: Okay. And then just finally, if I could ask, in the past, on these calls, you've sometimes provided some directional quarterly guidance for the gold production at Kisladag rather, just given the large heap leach cycles. Would you be able to provide just directionally where things are heading in Q3 versus Q2, whether that's just a range like -- are we up like a couple of percent, maybe 5%, a little bit more, that type of thing would be really helpful. And then that would be it for me. Simon Hille: Yes. Thanks, Lawson. So yes, we have -- obviously, as we've spoken about several times, this is a cutback year. So it's a low production year for Kisladag in the mining cycle due to cutback phase waste removal. And this year, we do see a sort of back-end loaded a little bit to sort of like a 45-55 split in terms of half 1, half 2 is what we would see. So we would expect more tonnage and grade to improve through Q3 as we're in the summer months and then on to Q4. Operator: That is all the time we have for questions today. This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day. Before you buy stock in Eldorado Gold, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Eldorado Gold wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* Now, it’s worth noting Stock Advisor’s total average return is 953% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Eldorado Gold (EGO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a critical milestone at McIlvenna Bay with first copper and zinc concentrate production, marking the transition toward commercial status. Advanced Skouries to the final commissioning stage, achieving first ore crushed and maintaining the timeline for first concentrate in Q3 2026. Leveraged a higher gold price environment to offset planned lower production volumes at Kisladag and Efemçukuru, maintaining strong revenue growth. Strengthened the Lamaque Complex performance through increased throughput and the integration of higher-grade ore from the Ormaque deposit. Managed inflationary pressures in Turkiye and deeper mining complexities at Lamaque through disciplined cost control and operational optimization. Initiated a leadership transition with Christian Milau set to succeed George Burns as CEO, ensuring continuity during the company's peak growth phase. Maintained a robust liquidity position of $855 million to fund the final capital-intensive stages of two cornerstone growth projects. Anticipate commercial production at McIlvenna Bay in Q3 2026, defined by achieving 60-80% of nameplate throughput for a sustained 30-60 day period. Expect Skouries to reach commercial production in Q4 2026, supported by 4 million tonnes of stockpiled ore to ensure a stable ramp-up. Project a shift toward meaningful positive free cash flow generation starting in late 2026 as growth capital expenditures begin to taper off. Evaluating a potential mill expansion at McIlvenna Bay from 4,900 to 7,000 tonnes per day targeted for 2030, with a silver-lead circuit targeted for 2028. Forecasting back-end loaded production at Kisladag for 2026, with a 45-55 split between the first and second halves of the year as mining moves into higher-grade zones. Mitigated Skouries grid energization delays by deploying 36 megawatts of temporary gensets to ensure commissioning remains on schedule despite Greek authority timelines. Revised the Olympias expansion timeline to Q1 2027 due to brownfield construction complexities and the need for realistic execution targets. Capitalized additional costs at McIlvenna Bay related to a four-month delay in commercial production and strategic investments in water treatment and critical spares. Acknowledged peak leverage levels at $1.75 billion total debt, with deleveraging expected to commence at year-end through scheduled project finance servicing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the mill is currently operating at approximately 70% of nameplate capacity during active commissioning windows. Commercial production will be declared once the facility maintains 60-80% throughput and consistent salable concentrate production for 30 to 60 days. Final grid energization is expected by late August following a 10-day inspection by Greek authorities, though management has derisked the timeline using temporary gensets. The additional $5 million investment in gensets allows the plant to run all equipment and produce concentrate even if the grid connection slips into September. Grades for the second half of 2026 are expected to trend toward the top end of the 6.0 to 6.5 g/t range due to strong performance at Ormaque. A formal update on the potential mill expansion and utilization of spare capacity is expected in Q1 2027 following the current business planning cycle. Management views the current $1.75 billion debt as the peak, with repayments starting at year-end 2026 for both Skouries and McIlvenna Bay facilities. The company aims to maintain a minimum cash balance of approximately $250 million to ensure operational stability across the global portfolio.

Interested in Eldorado Gold Corporation? Here are five stocks we like better. Strong Q2 financial results: Eldorado Gold produced 105,000 ounces of gold, while revenue rose to $487 million and adjusted earnings increased to $137 million, or $0.54 per share. The realized gold price of $4,379 per ounce offset lower sales volumes. Growth projects approaching key milestones: Skouries remains on track for first concentrate in Q3 2026 and commercial production in Q4, while McIlvenna Bay produced its first copper and zinc concentrates and is expected to reach commercial production later this quarter. Heavy investment weighs on cash flow: Free cash flow was negative $334 million due to $214 million invested in Skouries and $78 million in McIlvenna Bay, though the existing producing assets generated approximately $41 million. CEO George Burns is expected to step down after the next earnings call, with President Christian Milau set to succeed him. 3 High-Momentum Gold Stocks Surging on the Metals Rally Eldorado Gold (NYSE:EGO) reported second-quarter 2026 gold production of 105,000 ounces and sales of 103,000 ounces, while advancing its Skouries project in Greece toward first concentrate production and ramping up the newly acquired McIlvenna Bay operation in Saskatchewan. Revenue rose to $487 million from $452 million a year earlier, as a realized gold price of $4,379 per ounce offset lower sales volumes. Net earnings attributable to shareholders from continuing operations were $173 million, or $0.68 per diluted share, compared with $139 million, or $0.67 per share, in the prior-year quarter. Adjusted net earnings increased to $137 million, or $0.54 per share, from $90 million, or $0.44 per share, a year earlier. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Which of these Gold Mining Stocks is Glittering After Earnings? CEO George Burns said the company’s production was in line with plan during the quarter. He also said he expects the quarter to be his final earnings call as CEO, with President Christian Milau set to assume the role as Eldorado moves toward production ramp-ups at Skouries and McIlvenna Bay. Burns will remain on the board. At Skouries, Eldorado achieved first ore crushed in July, beginning commissioning of the crushing circuit. Burns said the processing plant is substantially complete, wet commissioning is under way, and water circulation testing is progressing through the circuit to the tailings thickener and filter feed tanks. → Microsoft Just Flipped the AI Spending Narrative Overnight Two tailings thickeners are ready for first-ore commissioning, while mechanical and electrical work has been completed on two of six filters at the filtered-tailings plant. The company has also stockpiled about 4 million tonnes of ore, representing planned mill feed for the remainder of 2026 and into 2027. Skouries remains on track to produce its first concentrate in the third quarter, according to Burns. Commercial production is expected in the fourth quarter. → Carrier Earnings Could Send the Stock to a New All-Time High Final site energization is awaiting an inspection and final approvals from the Greek power authority. Burns said the inspection was scheduled for mid-August and that the company expected connection to the grid by the end of August, although the process could slip into September. To reduce the risk of delays to commissioning, Eldorado expanded its temporary generating capacity to 36 megawatts, compared with 50 megawatts expected from the grid connection. The generators can support operation of the full plant at significant throughput, though not at nameplate capacity. Burns said the temporary diesel generation arrangement was expected to cost about $5 million and that grid power would be materially cheaper. Eldorado continued to forecast approximately $1.315 billion as the final project development cost for Skouries, though CFO Paul Ferneyhough said the precise total will depend partly on when commercial production is declared. The company also has an approximately €43 million letter of credit that it expects to fund in the coming weeks. McIlvenna Bay produced its first copper concentrate in June and its first zinc concentrate in July. Eldorado has begun shipping both products, with first copper deliveries occurring in July and zinc concentrate loaded for rail shipment and trucking. Chief Operating Officer Simon Hille said the mill has been operating at roughly 70% of throughput capacity when running, with the company focused on improving availability by addressing instrumentation and other normal commissioning issues. He said there were no fundamental equipment concerns and that most installed equipment was performing within specification. Management expects commercial production later in the third quarter. Ferneyhough said Eldorado’s definition requires throughput of roughly 60% to 80% of intended daily nameplate capacity, consistent production of saleable concentrate, and confidence that those levels can be maintained for about 30 to 60 days. The company expects McIlvenna Bay to begin generating positive cash flow by the end of the year as production ramps through the fourth quarter. Management said unit costs should decline in 2027 as mine and mill operations advance toward nameplate capacity. Eldorado has started an integrated study evaluating a potential mill expansion from 4,900 tonnes per day to approximately 7,000 tonnes per day, as well as the addition of a silver-lead circuit. Subject to evaluations, permits, stakeholder engagement and an investment decision, the company is targeting silver-lead circuit commissioning in 2028 and expansion in 2030. Second-quarter production costs increased to $185 million from $162 million in the prior-year period. The company attributed the increase to higher royalties associated with metal prices, inflation-related labor and contractor costs in Türkiye, maintenance spending, and deeper mining activity at Lamaque. Total cash costs averaged $1,432 per ounce sold. All-in sustaining costs averaged $1,926 per ounce sold. Net cash generated from operating activities was $150 million, compared with $158 million a year earlier. Free cash flow was negative $334 million, reflecting planned spending on Skouries and McIlvenna Bay. During the quarter, Eldorado invested about $214 million at Skouries, including project and accelerated operational capital, and $78 million at McIlvenna Bay. Excluding those two growth projects, Ferneyhough said the producing asset base generated approximately $41 million in free cash flow. The company ended the quarter with $555 million in cash and cash equivalents and approximately $300 million of available capacity under its revolving credit facility. Total debt stood at $1.75 billion, which Ferneyhough described as peak leverage. Debt servicing and repayment for the Skouries and McIlvenna Bay project financings are expected to begin at the end of 2026. During the first half, Eldorado repurchased approximately 2.4 million shares for $84 million and paid $34 million in dividends. Lamaque produced 52,340 ounces of gold during the quarter, supported by increased throughput and higher-grade Ormaque ore after the operation received authorization in March. All-in sustaining costs were $1,192 per ounce sold. Hille said Lamaque’s second-half grades could trend toward the upper end of its 6 to 6.5 grams-per-tonne range. Kisladag produced 19,108 ounces, with lower grade and tonnes stacked as the mine advances its phase 6 western pushback. The operation’s all-in sustaining costs were $2,407 per ounce sold. Management expects production to be weighted toward the second half of 2026, with improving tonnage and grade through the third and fourth quarters. Commissioning of the whole-ore agglomeration circuit remains expected in the first half of 2027. Efemçukuru produced 18,019 ounces at all-in sustaining costs of $2,252 per ounce sold, while Olympias produced 15,125 ounces at all-in sustaining costs of $2,465 per ounce sold. Eldorado expects the Olympias 650,000-tonnes-per-year mill expansion to be completed by the end of 2026, followed by ramp-up in 2027. Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company's core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects. Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Eldorado Gold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

(All amounts expressed in U.S. dollars unless otherwise noted) VANCOUVER, British Columbia, July 30, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”, "Eldorado Gold" or “the Company”) (TSX: ELD) (NYSE: EGO) today reports the Company’s financial and operational results for the second quarter of 2026. 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. Second Quarter 2026 HighlightsOperations Gold production: 104,616 ounces. Gold sales: 102,691 ounces at an average realized gold price per ounce sold(1) of $4,379. Total cash costs(1): $1,432 per ounce sold. All-in sustaining costs ("AISC")(1): $1,926 per ounce sold. Total capital expenditures: $441.3 million, including $154.6 million of project capital and $59.6 million of accelerated operational capital at Skouries, and $78.1 million project capital invested at McIlvenna Bay. Growth capital(1) at the operating mines totalled $91.1 million and sustaining capital(1) at operating mines totalled $35.0 million. Financial Revenue: $487.5 million. Production costs: $184.8 million. Net cash generated from operating activities from continuing operations: $149.5 million. Cash flow from operating activities before changes in working capital(1): $103.1 million. Cash and cash equivalents: $554.6 million, as at June 30, 2026. Cash decreased by $314.8 million compared to Q4 2025, primarily due to growth capital investment, share buybacks, repayments of the VAT Facility, dividend payments, and income taxes paid. These cash outflows are offset partly by cash generated from operating activities, drawdowns on the Credit Facility and Term Facility as well as cash received on the acquisition of Foran Mining Corporation ("Foran").(2) Net earnings attributable to shareholders: $172.8 million, or $0.69 basic earnings per share. Adjusted net earnings(1): $136.7 million or $0.54 per share in Q2 2026. Adjustments in Q2 2026 include a $47.4 million gain on deferred tax due to changes in the Turkish corporate income tax rate, a net gain on derivative instruments of $19.0 million, and a $13.1 million expense relating to acquisition and integration costs. Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(1): $281.1 million in Q2 2026. Free cash flow(1): Negative $334.1 million in Q2 2026 primarily due to continued investment in Skouries and McIlvenna Bay. Free cash flow excluding Skouries and McIlvenna Bay(1) was $40.9 million. Production and Cost Outlook The Company is updating its consolidated 2026 annual gold production guidance to 495,000 to 600,000 ounces, reflecting the addition of initial gold production from McIlvenna Bay. Gold production in 2026 continues to be weighted to the second half of the year. Excluding Skouries and McIlvenna Bay, the Company is maintaining its annual gold production guidance of 430,000 to 490,000 ounces, total cash costs per ounce sold of between $1,220 to $1,420 and AISC per ounce sold of between $1,670 to $1,870 per ounce sold. Post acquisition production at McIlvenna Bay in 2026 is expected to be between 5 to 10 million pounds of copper, 3,000 to 6,000 tonnes of zinc, 5,000 to 10,000 ounces of gold and 100,000 to 200,000 ounces of silver. Operating costs per tonne are expected to range between $90 to $110 by the end of December 2026, and trend lower as the operation reaches steady-state production levels. Corporate On July 30, 2026, the Company declared a third quarter dividend of $0.075 per common share, payable on September 15, 2026 to shareholders of record at the close of business on September 1, 2026. Steve Reid stepped down as Chair and from the Board, effective July 30, 2026. Dan Myerson was appointed as Chair of the Board, effective July 30, 2026. Patrick Godin was appointed as Lead Independent Director, effective July 30, 2026. George Burns will retire as Chief Executive Officer of Eldorado Gold, effective September 30, 2026. Following his retirement from management, Mr. Burns will remain on the Company’s Board of Directors. Christian Milau will assume the role of President and Chief Executive Officer and will join the Board of Directors, effective September 30, 2026. Paul Ferneyhough’s role will expand to Executive Vice President, Strategy and Chief Financial Officer, effective September 30, 2026. Commentary “Second quarter results reflect continued cash flow generation across the portfolio, supported by a favourable gold price environment and consistent operational performance, despite planned lower production at Kisladag," said George Burns, Chief Executive Officer. "We benefited from a full quarter of production at Ormaque, which contributed to strong output at the Lamaque Complex, while Olympias delivered a third consecutive quarter of steady, plan-aligned performance as the operation continues to demonstrate improved consistency. We also achieved several key milestones across our growth projects. At Skouries, construction is nearing completion, with first ore successfully crushed on temporary power, marking an important step as we prepare to transition from commissioning into operations. At McIlvenna Bay, following the successful integration of the Foran acquisition, we achieved first copper concentrate during the quarter and first zinc concentrate in July, with the operation now ramping up toward commercial production later in the third quarter. Overall, these achievements reflect continued execution across our portfolio as we advance our growth projects and position the Company for increasing production and cash flow generation through the second half of the year.” 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 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. Skouries site layout Concentrate Off-Take Agreements The Company has entered into concentrate sales agreements with several offtakers for all expected 2026 volumes and a portion of 2027 volumes, and is in the final process with other counterparties to conclude agreements covering production through to 2029. The commercial terms agreed to are significantly better than those assumed in the 2022 feasibility study, reflective of the prevailing strong market conditions for copper-gold concentrates. Capital Estimate and Schedule The capital cost estimate for Skouries is approximately $1.315 billion to commercial production. The accelerated operational capital estimate is approximately $260.0 million to commercial production. The final capital cost for Skouries will reflect, among other things, completion of remaining project scope and is dependant on the date of commercial production. The project remains fully funded through operating cash flow, cash and debt financing. The Term Facility totalling €740.4 million ($843.6 million) is fully drawn (including the Contingent Overrun Facility of €60.0 million which was drawn in Q2 2026).(4) Project capital totalled $154.6 million in Q2 2026 and $290.2 million during the six months ended June 30, 2026. Accelerated operational capital cost totalled $59.6 million in Q2 2026, and $108.2 million during the six months ended June 30, 2026. At June 30, 2026, cumulative project capital invested towards Phase 2 of construction totalled $1.270 billion, and the cumulative accelerated operational capital totalled $201.3 million. The Company is well positioned for start‑up, with over 3.9 million tonnes of ore stockpiled which is expected to provide the ore feed required through 2026 and supports a lower-risk commissioning and first year of production. Open pit and underground ore mining will continue for the balance of 2026 and will be blended to maximize cash flow with lower value ore being stockpiled for future years. Construction Activities As at June 30, 2026 overall project progress was 97% complete. Primary Crusher Building The primary crusher has crushed first ore in July in anticipation of mill start-up, marking an important commissioning milestone for the crushing circuit. The stockpile dome, ancillary feeders and associated chute work is complete and ready for full operations. Coarse ore stockpile dome Process Plant The process plant is substantially complete, with wet commissioning well underway, in preparation for first ore introduction. Water circulation testing through the entire circuit to the tailings thickener/filter feed tanks is underway. Thickeners Two of the three tailings thickeners are in the final stages of being commissioned in advance of first ore. Concrete foundation work for the third tailings thickener, which is not required for start-up, has commenced, with completion planned in Q3 2026. Thickeners Filtered Tailings Facility Work continues to progress on the filtered tailings plant which remains on the critical path, with electrical installations and commissioning as the final steps. Work is also advancing on the tailings handling infrastructure which is not required for first concentrate production. Mechanical and electrical work on two of the six filters has been completed, with both filters ready for commissioning. Construction of the filter plant tank farm with pump and piping installation and electrical connections are advancing towards commissioning commencement. Filtered Tailings Facility Powerline and Substations Power infrastructure construction at Skouries has continued to advance and construction of all 12 towers and conductors is now complete. In July, the Company coordinated a successful eight-hour power suspension on the transmission line to enable installation of the final transmission tower. Initial tests of the sub-station have been completed by an independent third-party testing group. Final site energization and receipt of final sign-off remains contingent on inspection, which includes final testing and installation of metering equipment by the relevant Greek authority. In the interim, the Company is proactively adding additional gensets to support commissioning activities and maintain progress where practical, including readiness and commissioning activities within the process plant. Full operation of major process plant systems, crushing, grinding, flotation, concentrate handling and tailings disposal, requires final site energization by the power authority. Process plant substation Commissioning Activities The plant continues to progress towards commissioning readiness across the major process and utility systems. The majority of the site’s electrical distribution network has been energized using temporary power, enabling the testing and commissioning of equipment prior to startup. Critical air and water utility systems are being progressively transferred to the commissioning team, supporting equipment flushing, functional testing, and wet commissioning. Equipment supplier specialists are on-site to support the commissioning of the SAG mill and ball mill, and work is ongoing. Successful integrated water testing of the process water, rougher flotation, and tailings thickening systems confirmed system performance and enabled expanded wet commissioning activities. Commissioning of the primary crushing and conveying system has begun, with extended runs of main equipment. Integrated Extractive Waste Management Facility The initial filtered tailings placement areas are well advanced. The platform for the tailings stacker is complete and ready for assembly, while the access ramp and platform for the mobile (grasshopper) conveyors have been excavated and prepared for placement of the conveyor units. Construction of the rock buttress supporting the downstream embankment of the first filtered tailings placement area in the Karatza Lakkos ("KL") valley is progressing and will be completed ahead of tailings placement. Foundation preparation for the first phase of the KL filtered tailings embankment is substantially complete, and placement of engineered fill is underway across the full footprint. Construction of the low-grade ore stockpile continued advancing. The lower section has been completed and construction is now focusing on the upper section. Open Pit Mining The open pit mine continued to ramp up during Q2 2026 and remains ahead of plan in building ore stockpiles for the process plant start-up. During the quarter, 1.28 million tonnes of ore were delivered to the stockpiles. At the end of Q2 2026, the stockpiles contained approximately 3.6 million tonnes of open pit and underground ore, representing an estimated 134,000 ounces of gold and 44 million pounds of copper. Underground Development The underground mine delivered 131 kt of ore to stockpiles during Q2 2026. Underground access development rates continued to accelerate, with a total of 2,191 metres of development completed during the quarter. Monthly advance rates reached a project record of 900 metres in May 2026, and the ventilation drive connecting the east and west ramps was also completed during the quarter. Drilling of the third test stope commenced in Q2 2026 in preparation for blasting and extraction of a larger test stope (approximately 100 kt), which is expected to support improved productivity. Processing The processing operations and maintenance teams have successfully completed their theoretical training and are now completing job familiarization training at both the Skouries and Olympias sites. Twelve highly experienced process plant ramp-up experts have been contracted to support the operations team during the first three months of operations. Workforce As at June 30, 2026, there were approximately 2,948 personnel working on site, including 515 Skouries employees. Skouries Multimedia A progress update video can be found here: https://youtu.be/jMpdM-m6vY4 Photos of the construction progress at Skouries can be viewed and downloaded via this link: https://eldoradogold.getbynder.com/share/303E6589-7229-4764-9BAC8F7299A7E887/ McIlvenna Bay Highlights The McIlvenna Bay Mine, located in Saskatchewan, Canada, is a copper-zinc-gold-silver project that Eldorado acquired through its acquisition of Foran, which closed on April 14, 2026. In March 2025, Foran published a McIlvenna Bay Project Feasibility Study, with an 18-year mine life and expected average annual production over the life of the mine of 41 million pounds of copper, 20,000 ounces of gold, 444,000 ounces of silver and 54 million pounds of zinc. First production of copper concentrate from McIlvenna Bay was achieved on June 7, 2026 with production of first zinc concentrate achieved in July. The focus is on optimizing current operations and increasing throughput to full design capacity, with a ramp up to commercial production expected in Q3 2026. In Q2 2026, plant throughput was 5,405 tonnes resulting in 65,398 payable copper pounds produced. The mine is expected to have a long life and is supported by a robust resource base, with highly prospective exploration upside across the broader district, including the nearby Tesla Zone. The initial Mineral Resource for Tesla is expected to be published in the fourth quarter of 2026. An updated Technical Report is expected to be released in the first quarter of 2027. Located in one of the world’s most attractive mining jurisdictions, the project benefits from established infrastructure and is designated by the Government of Canada as a project of national significance to support critical mineral development. Production at McIlvenna Bay in 2026 is expected to be 5 to 10 million pounds of copper, 3,000 to 6,000 tonnes of zinc, 5,000 to 10,000 ounces of gold and 100,000 to 200,000 ounces of silver. Operating costs per tonne are expected to range between $90 to $110 by the end of December 2026, and trend lower as the operation reaches steady-state production levels. The total project capital cost estimate from June 1, 2024 to commercial production is expected to be $952 million. Project capital totalled $78.1 million during Q2 2026 (reported from the date of acquisition of April 14, 2026). During the third quarter the remaining spend is expected to be $90 million and relates to completion of the paste plant, water treatment plant, underground development and process optimization, together with additional scope and the final commissioning and ramp-up activities required to support commercial production. McIlvenna Bay Mine Site Overview Operating Activities Primary Crusher Building More than 400 kt of copper and zinc mineralized material is available on surface for processing. The primary crusher is operating at design capacity, material transfer to the fine ore bin is as expected, and ore-sorting and metal separation practices continue to be refined. Process Plant The SAG and ball mill circuits are ramping up well and continue to demonstrate increasing throughput as commissioning advances. As expected for a new processing plant, we continue to work through equipment, instrumentation and other availability-related challenges associated with ramp-up. Throughput is expected to continue increasing through the third quarter as the operation progresses toward commercial production. Flotation All flotation circuits are fully commissioned and have successfully produced copper, zinc and pyrite concentrates. Final commissioning of the regrind circuit is underway and expected to be completed in early August, supporting further improvements in concentrate quality as ramp-up progresses. Thickening & Filtration The thickening and filtration circuits are key to the ramp up of production. The teams are working to optimize the sequence of filtration and the thickening control circuit. Tailings filtration within the process plant Underground Development Underground development continues to advance well. In addition to the 400 kt of ore stockpiled on surface, the mine has approximately 20 kt of blasted inventory, more than 330 km of drilling, and approximately 2 million tonnes of fully developed reserves within Block 1. Mucking out a stope Study Commenced on Processing Expansion, Including Throughput Increase and Silver-Lead Circuit The Company has commenced a study to evaluate an expansion of the processing facility, which includes an increase in throughput as well as the incorporation of a silver‑lead circuit. The expansion will evaluate a potential increase of processing capacity at McIlvenna Bay from 4,900 tonnes per day to approximately 7,000 tonnes per day. The addition of a dedicated silver‑lead circuit into the flowsheet is expected to enable recovery of lead into a separate concentrate and improve payable silver recoveries relative to the current design. This initial study will assess the technical, economic, environmental and permitting considerations associated with the expansion. Any future development would be subject to completion of the project evaluation, receipt of required permits, Indigenous and Stakeholder engagement, and a positive final investment decision. The Company is targeting commissioning of the silver‑lead circuit in 2028 and the expansion in 2030. Positioned as the Foundation for Long-Term District Growth The McIlvenna Bay Mine is core to our view of the district-scale geological potential to deliver future satellite development opportunities. Ongoing exploration will target additional resources, which could support further expansion or a separate processing facility over time. The 2026 exploration program includes approximately 14,000 metres of diamond drilling focused on resource expansion, high grade extensions, and advancing regional targets. In parallel, core scanning programs will enhance geological modelling and orebody characterization. Airborne and ground geophysical surveys are expected to help refine known deposit footprints and identify new targets across the broader land package. McIlvenna Bay Multimedia Photos of the McIlvenna Bay site can be viewed and downloaded via this link: https://eldoradogold.getbynder.com/share/9751B411-8FE0-4543-B224904FFB39B6DC/ Consolidated Financial and Operational Highlights (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' of our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.    (3) Includes costs allocated to by-products.(4) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025.(5) Amounts presented add back cash-basis capital expenditure on the Skouries Project in the respective periods and the McIlvenna Bay Mine only in 2026. In Q2 2026, we produced 104,616 ounces of gold, a decrease from Q2 2025 production of 133,769 ounces. The decrease was driven by decreases at Kisladag, due to the planned lower tonnes and ore grade stacked, and at Efemcukuru, due to lower ore grade and recoveries, partially offset by higher production at Lamaque as a result of higher throughput and recoveries, which includes the positive impact of Ormaque ore following receipt of the operating authorization in March. Gold sales in Q2 2026 were 102,691 ounces, a decrease from 131,489 ounces sold in Q2 2025. The lower sales volume reflects lower production at Kisladag and Efemcukuru, partially offset by higher production at Lamaque. The average realized gold price was $4,379 per ounce sold in Q2 2026, an increase from $3,270 per ounce sold in Q2 2025. Total revenue increased to $487.5 million in Q2 2026 from $451.7 million in Q2 2025 and to $1,019.9 million in the six months ended June 30, 2026, from $807.0 million in the six months ended June 30, 2025. The increases in both periods were due to the higher average realized gold price, partially offset by lower volumes sold. Production costs increased to $184.8 million in Q2 2026 from $162.2 million in Q2 2025 and to $373.0 million in the six months ended June 30, 2026 from $310.5 million in the six months ended June 30, 2025. Increases in both periods were driven by higher royalties in Turkiye and Greece, which accounted for approximately 23% and 53% of the increase to production costs for Q2 2026 and the six months ended June 30, 2026, respectively. The remainder relates primarily to increases in labour, contractors and maintenance in both the Turkiye operations, due to inflation and planned maintenance, as well as Lamaque due to deepening the production centre of the Triangle Mine. Production costs include royalty expense, which increased to $33.8 million in Q2 2026 from $28.7 million in Q2 2025 and increased to $83.9 million in the six months ended June 30, 2026 from $50.9 million in the six months ended June 30, 2025. Increases in both periods were due to higher average realized gold prices and higher royalty rates, partially offset by lower volumes sold. Total cash costs(5) averaged $1,432 per ounce sold in Q2 2026, an increase from $1,064 in Q2 2025, and $1,451 in the six months ended June 30, 2026 from $1,106 in the six months ended June 30, 2025. The increases in both the three and six-month periods were primarily due to higher production costs and lower volumes sold, partially offset by higher costs allocated to by-products. AISC per ounce sold(5) averaged $1,926 in Q2 2026, an increase from $1,520 in Q2 2025, and $1,934 in the six months ended June 30, 2026 from $1,538 in the six months ended June 30, 2025. The increases in both periods were driven by higher total cash costs and lower volumes sold, partially offset by lower sustaining capital expenditures. The Company reported net earnings attributable to shareholders from continuing operations of $172.8 million ($0.69 earnings per share) in Q2 2026 compared to net earnings of $139.0 million ($0.68 earnings per share) in Q2 2025 and net earnings of $309.2 million ($1.38 earnings per share) in the six months ended June 30, 2026 compared to net earnings of $211.0 million ($1.03 earnings per share) in the six months ended June 30, 2025. The increase in net earnings in both periods were driven by higher average realized gold prices, foreign exchange gains and lower depreciation, partially offset by lower volumes sold, higher production costs and higher income tax expense. Adjusted net earnings(5) was $136.7 million ($0.54 adjusted earnings per share) in Q2 2026 compared to adjusted net earnings of $90.1 million ($0.44 adjusted earnings per share) in Q2 2025. Adjustments of non-recurring items in Q2 2026 include a reversal of $116.6 million of unrealized losses on derivative instruments, a $97.6 million realized loss on gold and copper commodity swaps relating to the Term Facility, a $47.4 million gain on deferred tax due to changes in the Turkish corporate income tax rate, and a $13.1 million expense relating to acquisition and integration costs. Adjusted net earnings(5) was $325.0 million ($1.45 adjusted earnings per share) in the six months ended June 30, 2026 compared to adjusted net earnings of $146.5 million ($0.72 adjusted earnings per share) in the six months ended June 30, 2025. Adjustments of non-recurring items in the six months ended June 30, 2026 include a reversal of $96.6 million of unrealized losses on derivative instruments, a $97.6 million realized loss on gold and copper commodity swaps relating to the Term Facility, a $34.1 million loss on foreign exchange due to the translation of deferred tax balances, a $47.4 million gain on deferred tax due to changes in the Turkish corporate income tax rate, and a $20.8 million expense relating to acquisition and integration costs. Quarterly Operations Update (1) Includes costs allocated to by-products.(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of our MD&A for explanations and discussions of these non-IFRS financial measures or ratios. Kisladag Kisladag produced 19,108 ounces of gold in Q2 2026 compared to 46,058 ounces in Q2 2025, with the decrease due to the planned lower tonnes while the operation continues accelerated waste removal from phase 6 and the western area. Ore grade decreased to 0.40 grams per tonne in Q2 2026 from 0.74 grams per tonne in Q2 2025, which, combined with the lower tonnage, resulted in lower recoverable ounces stacked during the quarter. Production is expected to increase in the third quarter compared to the second quarter benefitting from increased throughput and grades. Revenue decreased to $88.6 million in Q2 2026 from $150.4 million in Q2 2025, reflecting a decrease in gold ounces sold that was partially offset by the higher average realized gold price. Production costs decreased to $41.6 million in Q2 2026 from $52.7 million in Q2 2025, driven by lower tonnes placed on the pad and gold produced, resulting in lower sales and royalty costs. This was partially offset by higher royalty rates, labour and contractor costs, maintenance and reagents used in water management. Lower gold production was primarily responsible for the increase in total cash costs per ounce sold to $2,050 in Q2 2026 from $1,133 in Q2 2025. AISC per ounce sold increased to $2,407 in Q2 2026 from $1,324 in Q2 2025, primarily due to lower volumes sold and higher total cash costs. Sustaining capital expenditures were $5.6 million in Q2 2026 and $9.0 million in the six months ended June 30, 2026, which primarily included planned equipment rebuilds and geometallurgical drilling. Growth capital investment of $32.6 million and $83.8 million in the three and six months ended June 30, 2026 was primarily waste stripping and associated equipment costs and continued construction of the North Heap Leach Pad ("NHLP") Phase 3, as well as one-time land purchases totalling $23.9 million required for the construction of the NHLP and North Rock Dump. Kisladag incurred higher reagent costs as a result of increased water management activities following a period of higher‑than‑average precipitation that resulted in elevated water levels within site ponds. The Company continues to actively manage water balances across the operation, with a focus on continuing to maximize on‑site water capture and reuse in support of its sustainability objectives, and has constructed additional water storage capacity to enhance operational flexibility. The current higher metal price environment has enabled further optimization of the Kisladag open pit. The Company is evaluating a pit shell based on a higher reserve gold price assumption of $2,100 per ounce, compared to the prior $1,700 pit shell, which is expected to open up the western area of the pit and support resource expansion in that area. To facilitate this opportunity and address ongoing geotechnical considerations within the open pit, waste stripping is expected to increase by approximately six to eight million tonnes in 2026 over initial plans. Progress on construction of the whole ore agglomeration circuit, which is expected to increase permeability and reduce leach time, is on track with earthworks well underway and all long-lead items procured. Commissioning and ramp-up are expected in H1 2027. The geometallurgical study, which characterized future mining phases and evaluated the benefits of additional screening for the high‑pressure grinding rolls, has been completed and the financial evaluation is underway. An investment decision on the additional screening is expected to be considered before year-end. Results from the associated drilling program have increased confidence in grade, ore classifications and recovery variability. Overall, this mine optimization plan is expected to support improved sequencing of ore and waste movement and with implementation of whole ore agglomeration is expected to contribute to more consistent year‑over‑year operating performance over the longer term. Lamaque Lamaque produced 52,340 ounces of gold in Q2 2026, an increase of 3% from 50,640 ounces in Q2 2025. The increase was due to higher throughput, benefiting from strong mill performance and the receipt of the Ormaque operating authorization in March. Production in the third quarter is expected to be similar to the second quarter. Revenue increased to $223.4 million in Q2 2026 from $164.8 million in Q2 2025, primarily due to the higher average realized price combined with an increase in gold ounces sold during the quarter. Production costs increased to $44.2 million in Q2 2026 from $36.1 million in Q2 2025, reflecting higher costs and higher volume sold. As the centre of production at the Triangle Mine deepens, additional costs are incurred for haulage, equipment (including maintenance) and personnel requirements. Total cash costs per ounce sold increased to $865 in Q2 2026 from $721 in Q2 2025 due to higher costs, including mining costs for Ormaque, partially offset by modestly higher ounces sold. AISC per ounce sold was $1,192 in Q2 2026 compared to $1,231 in Q2 2025, primarily due to lower sustaining capital, partially offset by the increase in total cash costs per ounce sold. Sustaining capital expenditures of $16.1 million in Q2 2026 and $36.3 million in the six months ended June 30, 2026 primarily included underground development, equipment rebuilds, delineation drilling and purchases. Growth capital investment of $38.3 million in Q2 2026 and $66.1 million in the six months ended June 30, 2026 was primarily related to Ormaque development, construction of the paste plant, construction of the north basin water management structure, and continued ramp development at the Triangle Mine. Efemcukuru Efemcukuru produced 18,019 ounces of gold in Q2 2026 compared to 21,093 ounces in Q2 2025. The decrease was primarily due to lower ore grade, which decreased to 4.64 grams per tonne in Q2 2026 from 5.75 grams per tonne in Q2 2025, partially offset by higher mill throughput. Production in the third quarter is expected to be similar to the second quarter. Revenue increased to $76.8 million in Q2 2026 from $70.7 million in Q2 2025. The increase was driven by the higher average realized gold price, partially offset by lower gold ounces sold. Production costs increased to $38.7 million in Q2 2026 from $28.5 million in Q2 2025, primarily due to higher royalty expense as a result of higher gold prices, as well as increased labour and maintenance costs. On a per ounce sold basis, higher royalties and direct operating costs combined with lower gold production resulted in an increase total cash costs per ounce sold to $1,926 in Q2 2026 from $1,335 in Q2 2025. AISC per ounce sold increased to $2,252 in Q2 2026 from $1,667 in Q2 2025, primarily due to higher total cash costs. Sustaining capital expenditures of $5.7 million in Q2 2026 and $10.3 million in the six months ended June 30, 2026 were primarily underground development and equipment rebuilds. Growth capital investment of $5.8 million in Q2 2026 and $8.2 million in the six months ended June 30, 2026 related to development costs at Bati, portal development at Kokarpinar, and construction of a water pond and mine rock storage facility. Olympias Olympias produced 15,125 ounces of gold in Q2 2026 compared to 15,978 ounces in Q2 2025, driven by lower gold grades, partially offset by a stable ore blend and flotation performance which resulted in increased metal recoveries. Production in the third quarter is expected to increase, benefitting from increased throughput over the second quarter. Revenue increased to $98.6 million in Q2 2026 from $65.9 million in Q2 2025, due to the higher average realized gold price, partially offset by lower ounces sold. Production costs increased to $60.3 million in Q2 2026 from $44.8 million in Q2 2025 driven by higher labour costs and royalties as a result of higher gold prices, partially offset by lower gold sales. On a per ounce sold basis, higher royalties and higher direct operating costs, partially offset by higher by-product credits, increased total cash costs per ounce sold to $1,923 in Q2 2026 from $1,578 in Q2 2025. AISC per ounce sold increased to $2,465 in Q2 2026 from $1,967 in Q2 2025 primarily due to higher total cash costs combined with higher sustaining capital expenditures. Sustaining capital expenditures of $7.6 million in Q2 2026 and $12.2 million in the six months ended June 30, 2026 primarily included underground development, underground resource classification drilling, filter press refurbishment, and mobile mining equipment rebuilds and purchases. Growth capital investment of $14.3 million in Q2 2026 and $22.3 million in the six months ended June 30, 2026 was primarily related to the mill expansion project and to a lesser extent underground development. At Olympias, production has stabilized over the past three quarters, with flotation recoveries returning to modelled levels. Completion of the 650 ktpa expansion is expected by the end of 2026, with ramp‑up anticipated in the first quarter of 2027. For further information on the Company's operating results for the second quarter of 2026, please see the Company’s MD&A filed on SEDAR+ at www.sedarplus.com under the Company’s profile. Conference Call A conference call to discuss the details of the Company’s Second Quarter 2026 Results will be held by senior management on Friday, July 31, 2026 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado’s website: www.eldoradogold.com or via this link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=KlTNaz6C. Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10209854/10438a8dd8a. Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. About Eldorado Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Greece and Turkiye. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Contact Investor Relations Lynette Gould, VP, Investor Relations, Communications & External Affairs647 271 2827 or 1 888 353 8166 [email protected] Media Chad Pederson, Director, Communications and Public Affairs236 885 6251 or 1 888 353 8166 [email protected] Non-IFRS and Other Financial Measures and Ratios Certain non-IFRS financial measures and ratios are included in this news release, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, free cash flow, free cash flow excluding Skouries and McIlvenna Bay, and cash flow from operating activities before changes in working capital. Please see the June 30, 2026 MD&A for explanations and discussion of these non-IFRS and other financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the performance of our gold mining operations and its ability to generate positive cash flow. These non-IFRS and other financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. We believe that our use of total cash costs per ounce sold and all-in sustaining costs per ounce sold will assist analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, assessing our operating performance, and our ability to generate free cash flow from gold operations. Due to the capital-intensive nature of the industry and the long useful lives over which these assets are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine, and therefore we believe these measures are useful non-IFRS operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. Certain additional disclosures for these and other financial measures and ratios have been incorporated by reference and can be found in the section 'Non-IFRS and Other Financial Measures and Ratios' in the June 30, 2026 MD&A available on SEDAR+ at www.sedarplus.com and on the Company's website under the 'Investors' section. EBITDA, Adjusted EBITDA Our reconciliation of EBITDA and Adjusted EBITDA to earnings from continuing operations before income tax, the most directly comparable IFRS measure, is presented below. (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. (2) Includes depreciation within general and administrative expenses. Adjusted Net Earnings Attributable to Shareholders Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings (loss) from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below. (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. Reconciliation of Total Cash Costs, Total Cash Cost per Ounce Sold, AISC, and AISC per Ounce Sold to Production Costs Our reconciliation of total cash costs, total cash costs per ounce sold, AISC, and AISC per Ounce Sold to production costs, the most directly comparable IFRS measure, is presented below. For the three months ended June 30, 2026: (1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.(2) Included in revenue.(3) Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. For the six months ended June 30, 2026: (1)   Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.(2)   Included in revenue.(3)   Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. For the three months ended June 30, 2025: (1)   Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.(2)   Included in revenue.(3)   Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. For the six months ended June 30, 2025: (1)   Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.(2)   Included in revenue.(3)   Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below. Reconciliation of general and administrative expenses included in All-in Sustaining Costs: Reconciliation of exploration and evaluation costs included in All-in Sustaining Costs: (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs: (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. Sustaining and Growth Capital Our reconciliation of growth capital investment and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below. (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. Average Realized Gold Price per Ounce Sold Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below. For the three months ended June 30, 2026: (1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.(2) Includes the impact of provisional pricing adjustments on concentrate sales. For the six months ended June 30, 2026: (1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.(2) Includes the impact of provisional pricing adjustments on concentrate sales. For the three months ended June 30, 2025: (1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.(2) Includes the impact of provisional pricing adjustments on concentrate sales. For the six months ended June 30, 2025: (1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.(2) Includes the impact of provisional pricing adjustments on concentrate sales. Free Cash Flow and Free Cash Flow Excluding Skouries and McIlvenna Bay Our reconciliations of free cash flow and free cash flow excluding Skouries and McIlvenna Bay to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below. (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. (2) Includes interest from the Senior Notes, the Term Facility and the Sprott Credit Facility. Cash Flow from Operating Activities before Changes in Working Capital Our reconciliation of cash flow from operating activities before changes in working capital to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below. (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment which was carried as a discontinued operation and disposed in Q4 2025. Forward-looking Statements and Information Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “budget”, “continue”, “commitment”, “confident”, “estimate”, “expect”, "focus", “forecast”, “foresee”, “future”, “goal”, “guidance”, “intend”, “opportunity”, “outlook”, “plan”, “potential”, “project”, “prospective”, “schedule”, “strive”, “target”, “underway”, "working" or the negatives thereof or variations of such words and phrases or similar words or statements that certain actions, events or results “can”, “could”, "likely", "may", “might”, “will” or "would" be taken, occur or be achieved. Forward-looking statements or information contained in this news release include, but is not limited to, statements or information with respect to: the Company’s 2026 annual production guidance (both for the Company and by material property) and relative production through the year; cost guidance (including expected total cash costs and average AISC); expected changes to Eldorado's management team and Board and the timing in relation thereto; the payment of regular quarterly dividends under our dividend program, including the third quarter dividend payable date; expected mine life; with respect to Skouries: our expectation of first concentrate production in Q3 and commercial production in Q4 2026; our expectations that we are in the final process with other counterparties to conclude concentrate agreements covering production through 2029; projected gold production and copper production; expected project capital and accelerated operational capital and the timing thereof; our belief that we are well positioned for start up, including our expectations of our ore stockpile to provide the ore feed required through 2026 and support a lower-risk commissioning and first year of production; our expectation that open pit and underground ore mining will continue for the balance of 2026 and will be blended to maximize cash flow with lower value ore being stockpiled for future years; expected progress on construction activities and commissioning activities; expected timing and development of test stopes; expected total workforce and our expectation of labour resources; and expected completion of job familiarization training at both the Skouries and Olympias sites; with respect to Kisladag: our evaluation of a pit shell and expected benefits thereof, and our expectation of increased waste stripping; our expectations and progress of the whole ore agglomeration circuit, including expectations to increase permeability and reduce leach time; expected timing of commissioning and ramp-up; expectations of an investment decision on the additional screening from the geometallurgical study and timing thereof; and our expectations of the mine optimization plan; with respect to Olympias: expected completion of the 650 ktpa expansion by the end of 2026 and anticipated ramp-up in the first quarter of 2027; with respect to McIlvenna Bay: our expectations that operation is ramping up toward commercial production later in the third quarter; our expectations that the mine is expected to have a long life and is supported by a robust resource base, with highly prospective exploration upside across the broader district, including the nearby Tesla Zone; expected costs and capital expenditures; operating and ramp-up activities, and progress thereof; expectations of initial Mineral Resource for Tesla and an updated Technical Report, and expected timing thereof; our expectations relating to jurisdiction and infrastructure and benefits thereof; integration of McIlvenna Bay; expectations of a study to evaluate an expansion of the processing facility and benefits thereof; expected commissioning of the silver-lead circuit and timing thereof; our view of the district-scale geological potential to deliver future satellite development opportunities; and our exploration program, core scanning programs, and geophysical surveys; the date of the conference call on July 31, 2026; and generally our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules. Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning, among other things: timing, costs and results of our construction and development activities, improvements and exploration, including at the Skouries Project, the McIlvenna Bay Project and our other operating mines and development projects; the current or future price of gold, copper and other commodities; the availability of financing for our exploration, development and operating activities and our ability to access existing project funding and remain in compliance with all covenants and contractual commitments related thereto; the geopolitical, economic, permitting and legal climate that we operate in, including recent disruptions to shipping operations in the Strait of Hormuz and Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market; availability of labour resources, including for construction, development and improvements activities; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom; general business and economic conditions, including interest rates, inflation, commodity and power prices, credit and financial market conditions and the impact of foreign exchange rates and tax rates and related frameworks; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to develop, finalize and execute on our updated five-year strategic plan through 2030; acts of governments and the outcome of any legal or regulatory proceedings or other disputes that we may be involved in; our ability to continue to make purchases under our normal course issuer bid and to pay dividends; the impact of acquisitions, dispositions, suspensions or delays on our business; our ability to manage and mitigate the risks associated with our use of technology and artificial intelligence; the expected vesting and redemption outcomes under our compensation securities; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the effectiveness of our hedging programs; and our ongoing relations with regulators, communities, and our partners. More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability and our contractors’ ability to recruit and retain labour resources within the required timeline; labour productivity, rates, and expected hours; inflation rates; the expected scope of project management frameworks; our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; our ability to obtain the requisite inspections and approvals for energization of the power supply from the power authority in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries Project. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control. Forward-looking statements or information contained in this news release are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements or information, including, but not limited to: commodity price risk; construction and development risks at the Skouries Project, the McIlvenna Bay Project and our other construction and development projects; changing political, economic and social conditions, including changes in governments or political systems, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom on the timelines expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to obtain reliable supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables, including risks from volatility and inflationary pressures as a result from the ongoing international conflict in Iran; inflation risk; risks related to fluctuations in the currency markets, including the Euro, Turkish lira, Canadian dollar and United States dollar; community relations and social license; environmental matters; geotechnical and hydrogeological structures, conditions or failures, including our ability to completely understand such structures and to mitigate such conditions or failures at a reasonable cost or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; permits, licenses and other authorizations; non-governmental organizations; reputational issues; climate change, including risks related to forest fires and water management; water collection, treatment and disposal operations at our mines, including the ability to manage unexpectedly large quantities of water; risk of spills or failure from our tailings operations (including circumstances beyond our control such as extreme weather, seismic events, prolonged droughts or heavy rainfall); environmental risks from our heap leaching operations, including hazardous materials management of our use of cyanide; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of Mineral Reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings; total cash costs per ounce and all in sustaining costs, including in relation to the market price of gold and the Company’s profitability; interest rate risk; credit risk; tax matters; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; the global economic environment; labour risks (availability of labour resources, including for construction, development and improvements activities, and their productivity; and risks relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors, reclamation and long-term obligations); turnover and attrition rates of labour, and related impacts thereto; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks related to title and surface rights; risks relating to environmental, sustainability, health and safety, and governance matters; technology and cybersecurity risks; corruption, bribery, and sanctions; litigation and contracts; conflicts of interest; compliance with applicable laws, legislation and regulations; dividends; tariffs and other trade barriers; and those risk factors discussed in the section titled “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F. The reader is directed to carefully review our most recent Annual Information Form, Form 40-F and other regulatory filings filed on SEDAR+ and EDGAR under our Company name for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations. With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production, and further increase to the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability, and the ability of our construction contractors to recruit the required number of personnel (both skilled and unskilled) with required skills within the required timelines, and to manage changes to workforce numbers through the construction of the Skouries Project; our ability to recruit personnel having the requisite skills, experience, and ability to work on site; our ability to efficiently manage the transitions from construction to commission to operations; our ability to increase productivity by, among other things, adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to any unanticipated critical equipment defects or failures during the commissioning and ramp-up of operations; risks related to third-party contractors, including reduced control over aspects of the Company's operations, and/or the ability of contractors to perform at required levels and according to baseline schedules and any commercial disputes that may arise from a contractor’s failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyors, water management infrastructure, and control centre; the timely receipt of necessary permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations due to protests, non-routine regulatory inspections, road conditions, or labour unrest; unexpected inclement weather and climate events, including wildfires, short and long duration rainfall and floods and other extreme weather events; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR/USD exchange rate. The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Qualified Persons and Disclosure of Mineral Resources Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President and Chief Operating Officer, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific and technical information contained in this news release and verifying the technical data disclosed in this document relating to our operating mines and development projects. Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this news release for the Quebec projects. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Commitments and contractual obligations (Note 16)Events after the reporting date (Note 13(b)) Approved on behalf of the Board of Directors (signed) Teresa Conway   Director                        (signed) George Burns    Director Date of approval: July 30, 2026 ______________________(1) These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's June 30, 2026 MD&A. (2) See the section "Financial Condition and Liquidity" in the Company's June 30, 2026 MD&A.(3) 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. (4) See the section "Financial Condition and Liquidity - Financing Activities" in the Company's June 30, 2026 MD&A.(5) These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's June 30, 2026 MD&A. Please see the condensed consolidated interim financial statements dated June 30, 2026 for notes to the accounts. Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5f9ca339-f82a-48d3-8a3a-d0ce431b1de4 https://www.globenewswire.com/NewsRoom/AttachmentNg/4c69f139-a3b0-4969-bf07-f8aaf49c516e https://www.globenewswire.com/NewsRoom/AttachmentNg/08be0b6d-fb7f-47b9-ae75-f5fba81ef441 https://www.globenewswire.com/NewsRoom/AttachmentNg/bce4b385-44f2-4d01-a1c7-7311c70ef9f7 https://www.globenewswire.com/NewsRoom/AttachmentNg/0744814d-9f81-4864-8c2d-3fa35bf6436c https://www.globenewswire.com/NewsRoom/AttachmentNg/cd0b276f-6b86-4a2a-abf1-6123dedca992 https://www.globenewswire.com/NewsRoom/AttachmentNg/d7b2acb9-4b2c-4133-ab82-36e32db3db79 https://www.globenewswire.com/NewsRoom/AttachmentNg/07e42c13-c278-4ad5-ad0e-22ff6d505dfb

VANCOUVER, British Columbia, June 23, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) (TSX: ELD, NYSE: EGO)  is pleased to announce that all director nominees, as listed in the Management Proxy Circular dated May 7, 2026, were elected as directors of Eldorado at the Company’s Annual Meeting of Shareholders (the “Meeting”) held on June 23, 2026. "On behalf of the Board, I thank our shareholders for their continued support as we advance the next phase of Eldorado's growth,” said Steven Reid, Chair of Eldorado Gold's Board of Directors. “With Skouries approaching first concentrate production, the Olympias expansion advancing, and the addition of McIlvenna Bay through our recently completed acquisition of Foran Mining, we are strengthening both our near-term growth profile and long-term development pipeline. Together with ongoing optimization initiatives across our portfolio, these milestones position the Company to deliver meaningful growth in production, free cash flow and long-term shareholder value.” “We also thank Stephen Walker and Hussein Barma for their contributions and wish each success in their future endeavors. As part of our ongoing Board renewal efforts, we are pleased to welcome Patrick Godin to the Board. Mr. Godin contributes deep operational and leadership expertise to the Board, drawing on more than 40 years of experience in the mining industry, including executive leadership roles overseeing mine construction, operations, safety performance and corporate growth initiatives." Election of Directors At the Meeting, shareholders of the Company also approved: The appointment of independent auditors; Authorizing the board of directors to set the auditor’s pay; and The advisory resolution on executive compensation. Voting results on each resolution can also be found in the Company’s final Report on Voting Results as filed on SEDAR+ (www.sedarplus.com). Biographical information on each of the elected Directors can be found on the Company’s website (www.eldoradogold.com). About Eldorado GoldEldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Greece and Türkiye. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Contact Investor Relations Lynette Gould, VP, Investor Relations, Communications & External Affairs647 271 2827 or 1 888 353 8166   [email protected] MediaChad Pederson, Director, Communications and Public Affairs236 885 6251 or 1 888 353 8166   [email protected] Cautionary Note about Forward-looking Statements and Information Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “budget”, “continue”, “commitment”, “confident”, “deliver”, “estimate”, “expect”, “forecast”, “foresee”, “future”, “goal”, “generate”, “guidance”, “intend”, “opportunity”, “outlook”, “plan”, “project”, “potential”, “prospective”, “scheduled” “strive”, or “target” or the negatives thereof or variations of such words and phrases or similar words or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will”, or “would” be taken, occur or be achieved. Forward-looking statements or information contained in this news release include, but are not limited to, statements or information with respect to: our expectations of growth, including expectations of Skouries approaching first concentrate production and the advancement of the Olympias expansion; our optimization initiatives and their expected impact; expected benefits and contributions of Mr. Godin to the Board; and generally our strategy, plans and goals. Forward-looking statements and forward-looking information are by their nature based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning, among other things: the current or future price of gold, copper and other commodities; anticipated values, costs, expenses and working capital requirements; the geopolitical, economic, permitting and legal climate that we operate in; and general business and economic conditions, including interest rates, inflation, commodity and power prices, credit and financial market conditions and the impact of foreign exchange rates and tax rates and related frameworks. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control. Forward-looking statements or information contained in this news release are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements or information, including, but not limited to: prices of commodities and consumables; construction and development risks at the Skouries project, the McIlvenna Bay project and our other construction and development projects; changing political, economic and social conditions, including changes in governments or political systems, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom on the timelines expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to obtain reliable supplies of power and water at a reasonable cost;  our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; risks related to fluctuations in the currency markets, including the Euro, Turkish lira, Canadian dollar and United States dollar; community relations and social license; environmental matters; geotechnical and hydrogeological structures, conditions or failures, including our ability to completely understand such structures and to mitigate such conditions or failures at a reasonable cost or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; permits, licenses and other authorizations; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of Mineral Reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings; total cash costs per ounce and all in sustaining costs, including in relation to the market price of gold and the Company’s profitability; interest rate risk; credit risk; tax matters; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; the global economic environment; labour risks (availability of labour resources, including for construction, development and improvements activities, and their productivity; and risks relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors, reclamation and long-term obligations); turnover and attrition rates of labour, and related impacts thereto; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks related to title and surface rights; risks relating to environmental, sustainability, health and safety, and governance matters; technology and cybersecurity risks; corruption, bribery, and sanctions; litigation and contracts; conflicts of interest; compliance with applicable laws, legislation and regulations; dividends; tariffs and other trade barriers; and those risk factors discussed in the section titled “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F. The reader is directed to carefully review our most recent Annual Information Form, Form 40-F and other regulatory filings filed on SEDAR+ and EDGAR under our Company name for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations. The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.

Eldorado Gold Corp. (NYSE:EGO) is one of the best Canadian gold stocks to buy right now. On April 30, Eldorado Gold reported gold production of 100,358 ounces for Q1 2026, generating $532.4 million in revenue at an average realized gold price of $4,891 per ounce. The company maintained its annual production guidance of 490,000 to 590,000 ounces, with output expected to be weighted toward H2 of the year. Financial results were highlighted by adjusted net earnings of $188.2 million, or $0.95 per share, though free cash flow was a negative $129.1 million due to capital investment in growth projects. CapEx for the quarter totaled $318 million, with $135.6 million specifically allocated to the Skouries project as it advances toward first concentrate production. Despite these heavy investments, Eldorado maintains a strong liquidity position with $629.7 million in cash and cash equivalents. The company also initiated its dividend program during the quarter, declaring a Q2 dividend of $0.075 per common share payable in June. Pixabay/Public Domain Significant leadership changes are also underway, as CEO George Burns announced his retirement for Q3 2026, timed with the ramp-up at Skouries. Christian Milau, the current President, is set to succeed him as CEO. Additional corporate appointments include Simon Hille as EVP and Chief Operating Officer and Gordana Vicentijevic as SVP of Projects. These transitions, alongside the steady progress at Skouries and the initiation of shareholder returns, underscore Eldorado Gold Corp.’s (NYSE:EGO) focus on its next phase of growth and operational delivery. Eldorado Gold Corp. (NYSE:EGO) is involved in mining, researching, developing, and selling various mineral products. Its portfolio is concentrated on gold along with silver, lead, and zinc. The company owns all the mines it operates across its key regions, which include Turkey, Greece, and Canada. While we acknowledge the potential of EGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. Disclosure: None. Follow Insider Monkey on Google News.

Despite posting some strong earnings, the market for Eldorado Gold Corporation's (TSE:ELD) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth. For the year to March 2026, Eldorado Gold had an accrual ratio of 0.20. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. Even though it reported a profit of US$582.5m, a look at free cash flow indicates it actually burnt through US$310m in the last year. We saw that FCF was US$28m a year ago though, so Eldorado Gold has at least been able to generate positive FCF in the past. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Eldorado Gold increased the number of shares on issue by 27% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of Eldorado Gold's EPS by clicking here. Eldorado Gold has improved its profit over the last three years, with an annualized gain of 604% in that time. But EPS was only up 543% per year, in the exact same period. And at a glance the 71% gain in profit over the last year impresses. But in comparison, EPS only increased by 74% over the same period. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders. Changes in the share price do tend to reflect changes in earnings per share, in the long run. So Eldorado Gold shareholders will want to see that EPS figure continue to increase. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow. In conclusion, Eldorado Gold has weak cashflow relative to earnings, which indicates lower quality earnings, and the dilution means its earnings per share growth is weaker than its profit growth. Considering all this we'd argue Eldorado Gold's profits probably give an overly generous impression of its sustainable level of profitability. If you'd like to know more about Eldorado Gold as a business, it's important to be aware of any risks it's facing. To help with this, we've discovered 3 warning signs (1 shouldn't be ignored!) that you ought to be aware of before buying any shares in Eldorado Gold. In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

In April 2026, Eldorado Gold Corporation reported first-quarter net income of US$136.38 million, with basic earnings per share doubling to US$0.69 year over year despite a 13% drop in gold production to 100,358 ounces. The quarter also marked meaningful progress on the Skouries and McIlvenna Bay projects, alongside the launch of a sustainable dividend and over US$80 million of share repurchases, signaling management’s confidence in the company’s capital allocation priorities. Next, we’ll examine how Eldorado Gold’s sharply higher earnings, helped by stronger realized gold prices, affect the existing investment narrative. The latest GPUs need a type of rare earth metal called Neodymium and there are only 31 companies in the world exploring or producing it. Find the list for free. To own Eldorado Gold, you have to believe its shift from a pure gold producer toward a more diversified metals portfolio will be rewarded, and that Skouries and McIlvenna Bay will come onstream without major setbacks. The latest quarter’s sharp earnings jump, helped by higher realized gold prices, supports that thesis but does not remove the near term risk that Skouries’ final capex increase and commissioning complexity could pressure returns if ramp up timing or costs slip. Among recent developments, the initiation of a US$0.075 per share quarterly dividend stands out in light of Q1’s strong profitability. Pairing a new cash return with more than US$80 million of share repurchases underlines that Eldorado is now juggling capital returns alongside heavy project spending. How reliably it can keep funding Skouries and McIlvenna Bay while maintaining this “sustainable” dividend will be an important test of the near term catalyst story. Yet even with stronger earnings, investors should be aware that rising all in sustaining costs and higher capex at Skouries could still... Read the full narrative on Eldorado Gold (it's free!) Eldorado Gold's narrative projects $4.5 billion revenue and $1.4 billion earnings by 2029. This requires 35.5% yearly revenue growth and an earnings increase of about $880 million from $519.9 million today. Uncover how Eldorado Gold's forecasts yield a CA$66.88 fair value, a 65% upside to its current price. Some of the most optimistic analysts were already penciling in revenue near US$4.8 billion and earnings around US$1.7 billion by 2029, but Q1’s results and the higher Skouries capex illustrate how sharply views can differ, so it is worth comparing this bullish story with more cautious takes on commissioning risk and cost pressures. Explore 6 other fair value estimates on Eldorado Gold - why the stock might be worth over 2x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Eldorado Gold research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision. Our free Eldorado Gold research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Eldorado Gold's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: We've uncovered the 5 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. AI is about to change healthcare. These 6 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 18 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ELD.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Agnico Eagle Mines Ltd (TSX:AEM) and Eldorado Gold Corp (TSX:ELD) both reported first quarter results that beat earnings expectations and delivered solid capital returns, according to analysts at Bank of America. The analysts wrote that ‘Buy’-rated Agnico Eagle generated adjusted EBITDA of $3.01 billion in the first quarter, ahead of forecasts near $2.86 to $2.92 billion, while adjusted earnings per share of $3.41 also topped expectations. Free cash flow reached $732 million despite a significant working capital outflow, supporting share repurchases of $150 million. Combined with dividends, total capital return for the quarter reached approximately $375 million, or about 51% of free cash flow, exceeding the company’s annual target, which analysts highlighted as stronger than expected. Operationally, Agnico Eagle’s gold production and unit costs were broadly in line with expectations, while sales and overhead costs came in better than anticipated. The company reiterated its full-year production and cost guidance. The analysts wrote that Agnico Eagle highlighted “cost uncertainty” tied to geopolitical developments but expects its regional operating strategy to help mitigate those pressures. The company ended the quarter with net cash of $2.9 billion, up from $2.67 billion at the end of 2025, and continues to advance key projects, including a potential construction decision at Hope Bay expected this month. Bank of America maintained a positive view on Agnico Eagle, citing its asset base in top-tier jurisdictions, consistent operational performance, and growth pipeline. Eldorado Gold also delivered a first-quarter earnings beat, with adjusted EBITDA of $336 million surpassing expectations in the range of $283 million to $309 million, the analysts noted. Adjusted earnings per share of $0.95 exceeded forecasts, supported by stronger production, higher gold sales volumes, and lower cash costs, along with reduced depreciation and tax expenses. Gold production totaled 100,400 ounces, above expectations, while unit costs also came in lower than anticipated. The company reaffirmed its 2026 guidance, though analysts noted an increase in capital expenditures for the Skouries project, which is now expected to cost $1.32 billion, up by $155 million. First production at Skouries remains on track for the third quarter of 2026. Despite the stronger operating performance, Eldorado reported negative free cash flow of approximately $188 million in the quarter, reflecting higher capital spending and working capital requirements. Net debt increased to $601 million from $406 million at the end of last year. The company repurchased $84 million of shares during the period. The analysts maintained a more cautious stance on Eldorado with an ‘Underperform’ rating, pointing to elevated execution risk related to the Skouries project and additional complexity following its recent acquisition of Foran, which expands its exposure to base metals. Shares of Eldorado Gold were down 1.9% post-earnings, while Agnico Eagle shares also fell 2%.

This article first appeared on GuruFocus. Gold Production: 100,358 ounces, a 13% decrease year over year. Gold Sales: 100,619 ounces at an average realized price of $4,891 per ounce. Total Revenue: $532 million, a 50% increase from the previous year. Production Costs: $188 million, up from $148 million last year. Royalty Expense: Increased to $50 million from $22 million last year. Total Cash Costs: $1,470 per ounce sold, up from $1,153. All-in Sustaining Costs (AISC): $1,942 per ounce sold, compared to $1,559 last year. Net Earnings: $136 million or $0.69 per share, up from $72 million or $0.35 per share last year. Adjusted Net Earnings: $188 million or $0.95 per share, compared to $56 million or $0.28 per share last year. Cash and Cash Equivalents: Approximately $630 million at the end of the quarter. Dividend Policy: Established at $0.075 per share per quarter. Share Repurchases: Over $80 million worth of shares bought back in Q1. Warning! GuruFocus has detected 4 Warning Sign with EGO. Is EGO fairly valued? Test your thesis with our free DCF calculator. Release Date: May 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Eldorado Gold Corp (NYSE:EGO) reported a 50% increase in total revenue to $532 million, driven by significantly higher gold prices. The company is advancing two high-quality growth projects, Skouries in Greece and McIlvenna Bay in Saskatchewan, which are expected to enhance production and cash flow. Eldorado Gold Corp (NYSE:EGO) maintained a strong balance sheet with cash and cash equivalents of approximately $630 million, providing financial flexibility for growth initiatives. The company initiated a sustainable base dividend policy and repurchased over $80 million worth of shares in Q1, reflecting confidence in its intrinsic value. Eldorado Gold Corp (NYSE:EGO) received the TSM Gold Leadership Award for achieving the highest possible rating across all applicable TSM performance indicators, highlighting its commitment to responsible mining. Gold production decreased by 13% year over year, primarily due to lower tonnes and grades at certain mines. Production costs increased to $188 million, driven by higher royalty expenses and labor inflation, impacting overall profitability. All-in sustaining costs (AISC) rose to $1,942 per ounce sold, reflecting higher royalty expenses and lower production volumes. The capital expenditure for the Skouries project increased by $155 million, primarily due to additional workforce requirements for electrical and instrumentation completion. Operational challenges at Kisladag resulted in higher all-in sustaining costs of $2,060 per ounce sold, reflecting lower volumes and a higher cost base. Q: Given that labor cost pressures contributed to the CapEx increase at Skouries, is there a potential impact on operating costs going forward? A: George Burns, CEO, clarified that the capital increase was primarily due to completing electrical and instrumentation work, requiring additional EU contractors. There is no expected impact on operating costs, as manpower levels and inflationary pressures are within expectations. Q: Are there any risks or cost pressures that might require additional capital before first concentrate at Skouries? A: George Burns stated that construction should be complete by midyear, with first concentrate expected in Q3. The main variable is the timing of energy connection, which could affect the start-up schedule but not costs. Q: Can you share details about the exploration budget for McIlvenna Bay? A: Simon Hille, COO, mentioned that the exploration budget has been increased by $17 million for the year, focusing on three key targets, including the Tesla copper pre-design and geophysical surveys. The budget is primarily for expansion, not infill. Q: What contributed to the recent increase in capital costs at Skouries? A: George Burns explained that 60% of the increase was due to additional contract workforce for electrical and instrumentation completion. The remaining costs were split between materials, FX impacts, and owner support costs. Q: What are the remaining risks for Skouries' start-up, and what contingencies are in place? A: George Burns identified the key risk as the timing of power connection, which will influence production guidance. Cost risks are minimal, with construction workforce levels expected to decrease post-completion. For the complete transcript of the earnings call, please refer to the full earnings call transcript.