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AISC per ounce sold decreased to $1,370 in Q1 2026 from $1,392 in Q1 2025, primarily due to modestly lower sustaining capital and higher volumes sold, partially offset by the increase in total cash costs per ounce sold.
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Sustaining capital expenditures of $20.2 million in Q1 2026 primarily related to underground development, delineation drilling, equipment rebuilds and purchases. Growth capital investment of $27.8 million in Q1 2026 primarily related to Ormaque development, construction of the north basin water management structure, construction of the paste plant, and ramp development at the Triangle Mine.
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In 2026, production guidance at Lamaque is 185,000 to 200,000 ounces of gold. Production is expected to increase in the second quarter with higher grades expected as a result of mine sequencing and increased throughput.
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Efemcukuru
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Efemcukuru produced 15,394 payable ounces of gold in Q1 2026, a decrease from 19,307 payable ounces in Q1 2025 driven by lower gold grade of 3.92 grams per tonne in Q1 2026 from 5.52 grams per tonne in Q1 2025, partly offset by higher throughput during the quarter.
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Revenue increased to $78.6 million in Q1 2026 compared to $57.5 million in Q1 2025. The increase was due to the higher average realized gold price, partially offset by lower gold sold.
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Production costs increased to $37.6 million in Q1 2026 from $24.7 million in Q1 2025 driven by higher royalty rates as a result of higher realized gold prices. Additionally, lower gold ounces sold resulted in an increase in total cash costs per ounce sold to $2,208 in Q1 2026, from $1,357 in Q1 2025.
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AISC per ounce sold increased to $2,528 in Q1 2026 from $1,550 in Q1 2025, primarily due to the increase in total cash costs per ounce sold, as well as higher sustaining capital expenditures as a result of increased development.
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Sustaining capital expenditures of $4.6 million in Q1 2026 related primarily to underground development. Growth capital investment of $2.4 million related to both portal development for Kokarpinar and development costs at Bati.
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For 2026, production guidance at Efemcukuru is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to be consistent with the first quarter.
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Olympias
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Olympias produced 14,319 payable ounces of gold in Q1 2026, a 21% increase from 11,829 ounces in Q1 2025. The increase is a reflection of stable ore blend and flotation performance which resulted in increased metal recoveries.
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Revenue increased to $88.5 million in Q1 2026 compared to $46.5 million in Q1 2025 primarily as a result of higher realized gold price, as well as higher sales volumes, grades and recoveries of gold and base metals.
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Production costs increased to $52.1 million in Q1 2026 from $40.3 million in Q1 2025. Increases in costs were driven primarily by higher royalties due to the higher realized gold price, combined with the stronger Euro and its impact on costs in local currency, including labour. Total cash costs decreased to $1,628 in Q1 2026 from $2,398 in Q1 2025 due to higher allocation of costs to by-products and higher gold ounces sold, partially offset by higher royalties.
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AISC per ounce sold decreased to $2,031 in Q1 2026 from $2,842 in Q1 2025 primarily due to lower total cash cost per ounce sold and higher volumes sold. Sustaining capital expenditures of $4.6 million in Q1 2026 primarily included underground development, underground resource classification drilling and mobile mining equipment rebuilds and purchases. Growth capital investment of $8.0 million in Q1 2026 was driven by the mill expansion project, with sequential completion expected in Q3 2026 and ramp-up expected in Q4 2026.
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For 2026, production guidance at Olympias is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to increase with higher grades expected as a result of mine sequencing.
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For further information on the Company’s operating results for the first quarter of 2026, please see the Company’s MD&A filed on SEDAR+ at www.sedarplus.com under the Company’s profile.
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Conference Call
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A conference call to discuss the details of the Company’s First Quarter 2026 Results will be held by senior management on Friday, May 1, 2026, at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via this link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VbJHuSmZ.
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Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10207478/103910db6b6.
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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.
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| Conference Call Details | Replay (available until June 12, 2026) | |||
| Date: | May 1, 2026 | Vancouver: | +1 412 317 0088 | |
| Time: | 11:30 am ET (8:30 am PT) | Toll Free: | +1 855 669 9658 | |
| Dial in: | +1 647 846 2782 | Access code: | 4133862 | |
| Toll free: | +1 833 752 3325 | |||
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About Eldorado Gold
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Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Turkiye and Greece. 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).
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Contacts
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Investor Relations
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Lynette Gould, VP Investor Relations, Communications and External Affairs
647.271.2827 or 1.888.353.8166
[email protected]
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Media
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Chad Pederson, Director, Communications and Public Affairs
236.885.6251 or 1.888.353.8166
[email protected]
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Non-IFRS and Other Financial Measures and Ratios
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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 cash flow from operating activities before changes in working capital.
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Please see the March 31, 2026 MD&A for explanations and discussion of these non-IFRS and other financial measures and ratios. The Company believes that these measures, in addition to conventional measures prepared in accordance with 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 financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
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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 March 31, 2026 MD&A available on SEDAR+ at www.sedarplus.com and on the Company’s website under the ‘Investors’ section.
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EBITDA, Adjusted EBITDA
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Our reconciliation of EBITDA and Adjusted EBITDA to earnings from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.
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| Q1 2026 | Q1 2025 | |||||
| Earnings before income tax (1) | $ | 246.7 | $ | 42.3 | ||
| Depreciation and amortization (2) | 54.4 | 60.6 | ||||
| Interest income | (7.7 | ) | (8.3 | ) | ||
| Finance costs | 14.0 | 12.2 | ||||
| EBITDA | $ | 307.5 | $ | 106.9 | ||
| Unrealized loss on derivative instruments | 20.0 | 63.4 | ||||
| Acquisition costs | 7.7 | — | ||||
| Loss (gain) on disposal of assets | 0.4 | (7.3 | ) | |||
| Share of loss from associate | 0.1 | — | ||||
| Adjusted EBITDA | $ | 335.7 | $ | 163.0 | ||
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. (2) Includes depreciation within general and administrative expenses. | ||||||
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Adjusted Net Earnings Attributable to Shareholders
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Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.
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| Q1 2026 | Q1 2025 | |||||
| Net earnings attributable to shareholders of the Company (1) | $ | 136.4 | $ | 72.0 | ||
| Loss (gain) on foreign exchange translation of deferred tax balances | 18.3 | (3.5 | ) | |||
| Decrease (increase) in fair value of redemption option derivative | 5.8 | (0.6 | ) | |||
| Unrealized loss on derivative instruments | 20.0 | 63.4 | ||||
| Acquisition costs | 7.7 | — | ||||
| Tax recovery on recognition of deferred tax asset | — | (73.5 | ) | |||
| (Gain) discount on sale of marketable securities | (0.1 | ) | 5.1 | |||
| Share of loss from associate | 0.1 | — | ||||
| Gain on sale of mining licenses | — | (6.5 | ) | |||
| Total adjusted net earnings | $ | 188.2 | $ | 56.4 | ||
| Weighted average shares outstanding (thousands) | 197,731 | 204,762 | ||||
| Adjusted net earnings per share ($/share) | $ | 0.95 | $ | 0.28 | ||
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. | ||||||
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Reconciliation of Total Cash Costs, Total Cash Cost per Ounce Sold, AISC, and AISC per Ounce Sold to Production Costs
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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.
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For the three months ended March 31, 2026:
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| Kisladag | Lamaque | Efemcukuru | Olympias | Corporate(3) | Total | ||||||||||||
| Direct operating costs | $ | 39.3 | $ | 38.1 | $ | 20.7 | $ | 39.1 | $ | — | $ | 137.2 | |||||
| Transportation and selling costs | 0.2 | 0.1 | 2.8 | 2.5 | — | $ | 5.6 | ||||||||||
| Inventory change (1) | (3.1 | ) | 1.0 | (0.2 | ) | (2.4 | ) | — | $ | (4.6 | ) | ||||||
| Royalty expense | 20.4 | 2.6 | 14.3 | 12.9 | — | $ | 50.1 | ||||||||||
| Production costs | $ | 56.7 | $ | 41.8 | $ | 37.6 | $ | 52.1 | $ | — | $ | 188.2 | |||||
| Costs allocated to by-products | (3.1 | ) | (1.4 | ) | (4.1 | ) | (32.0 | ) | — | $ | (40.6 | ) | |||||
| Treatment and refining costs (2) | — | — | — | 0.3 | — | $ | 0.3 | ||||||||||
| Total cash costs | $ | 53.7 | $ | 40.3 | $ | 33.5 | $ | 20.4 | $ | — | $ | 147.9 | |||||
| Corporate & allocated G&A | — | — | — | — | 12.1 | $ | 12.1 | ||||||||||
| Exploration costs | — | 0.4 | — | — | — | $ | 0.4 | ||||||||||
| Reclamation costs and amortization | 1.2 | 0.2 | 0.3 | 0.4 | — | $ | 2.1 | ||||||||||
| Sustaining capital | 3.5 | 20.2 | 4.6 | 4.6 | — | $ | 32.9 | ||||||||||
| All-in sustaining costs | $ | 58.3 | $ | 61.1 | $ | 38.4 | $ | 25.4 | $ | 12.1 | $ | 195.4 | |||||
| Gold oz sold | 28,311 | 44,607 | 15,173 | 12,528 | — | 100,619 | |||||||||||
| Total cash costs/oz | $ | 1,896 | $ | 904 | $ | 2,208 | $ | 1,628 | $ | — | $ | 1,470 | |||||
| AISC/oz | $ | 2,060 | $ | 1,370 | $ | 2,528 | $ | 2,031 | $ | 121 | $ | 1,942 | |||||
| (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. | |||||||||||||||||
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For the three months ended March 31, 2025:
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| Kisladag | Lamaque | Efemcukuru | Olympias | Corporate (3) | Total | ||||||||||||
| Direct operating costs | $ | 41.9 | $ | 31.4 | $ | 17.9 | $ | 34.5 | $ | — | $ | 125.6 | |||||
| Transportation and selling costs | 0.2 | 0.1 | 2.7 | 1.8 | — | $ | 4.8 | ||||||||||
| Inventory change (1) | (5.1 | ) | 2.9 | (1.5 | ) | (0.6 | ) | — | $ | (4.3 | ) | ||||||
| Royalty expense | 10.6 | 1.4 | 5.6 | 4.6 | — | $ | 22.2 | ||||||||||
| Production costs | $ | 47.5 | $ | 35.7 | $ | 24.7 | $ | 40.3 | $ | — | $ | 148.3 | |||||
| Costs allocated to by-products | (1.5 | ) | (0.4 | ) | (1.5 | ) | (12.8 | ) | — | $ | (16.3 | ) | |||||
| Treatment and refining costs (2) | — | — | 1.0 | 1.1 | — | $ | 2.1 | ||||||||||
| Total cash costs | $ | 46.1 | $ | 35.3 | $ | 24.1 | $ | 28.6 | $ | — | $ | 134.1 | |||||
| Corporate & allocated G&A | 0.3 | — | 0.3 | — | 10.5 | $ | 11.2 | ||||||||||
| Exploration costs | — | 0.7 | — | — | — | $ | 0.7 | ||||||||||
| Reclamation costs and amortization | 1.8 | 0.1 | 0.2 | 0.4 | — | $ | 2.4 | ||||||||||
| Sustaining capital | 2.3 | 22.7 | 3.0 | 4.9 | — | $ | 32.9 | ||||||||||
| All-in sustaining costs | $ | 50.5 | $ | 58.8 | $ | 27.6 | $ | 33.9 | $ | 10.5 | $ | 181.2 | |||||
| Gold oz sold | 44,338 | 42,205 | 17,790 | 11,930 | — | 116,263 | |||||||||||
| Total cash costs/oz | $ | 1,039 | $ | 836 | $ | 1,357 | $ | 2,398 | $ | — | $ | 1,153 | |||||
| AISC/oz | $ | 1,138 | $ | 1,392 | $ | 1,550 | $ | 2,842 | $ | 91 | $ | 1,559 | |||||
| (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. | |||||||||||||||||
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Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below.
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Reconciliation of general and administrative expenses included in All-in Sustaining Costs:
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| Q1 2026 | Q1 2025 | |||||
| General and administrative expenses (from consolidated statement of operations) | $ | 11.2 | $ | 8.1 | ||
| Add: | ||||||
| Share-based payments expense | 3.6 | 4.4 | ||||
| Less: | ||||||
| Depreciation in general and administrative expenses | (0.5 | ) | (0.4 | ) | ||
| Business development | (1.6 | ) | (0.3 | ) | ||
| Development projects | (0.5 | ) | (0.5 | ) | ||
| Corporate and allocated general and administrative expenses per AISC | $ | 12.1 | $ | 11.2 | ||
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Reconciliation of exploration and evaluations costs included in All-in Sustaining Costs:
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| Q1 2026 | Q1 2025 | |||||
| Exploration and evaluation expense (from consolidated statement of operations) (1) | $ | 9.3 | $ | 7.0 | ||
| Add: | ||||||
| Capitalized exploration cost related to operating gold mines | 0.4 | 0.7 | ||||
| Less: | ||||||
| Exploration and evaluation expenses related to non-gold mines and other sites | (9.3 | ) | (7.0 | ) | ||
| Exploration costs per AISC | $ | 0.4 | $ | 0.7 | ||
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. | ||||||
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Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:
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| Q1 2026 | Q1 2025 | |||||
| Asset retirement obligation accretion (from notes to the consolidated financial statements) (1) | $ | 1.5 | $ | 1.5 | ||
| Add: | ||||||
| Depreciation related to asset retirement obligation assets | 0.9 | 1.1 | ||||
| Less: | ||||||
| Asset retirement obligation accretion related to non-gold mines and other sites | (0.2 | ) | (0.2 | ) | ||
| Reclamation costs and amortization per AISC | $ | 2.1 | $ | 2.4 | ||
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. | ||||||
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Sustaining and Growth Capital
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Our reconciliation of growth capital and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below.
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| Q1 2026 | Q1 2025 | |||||
| Additions to property, plant and equipment (from segment note in the consolidated financial statements) (1) | $ | 318.0 | $ | 173.2 | ||
| Growth and development project capital investment – gold mines | (92.4 | ) | (38.7 | ) | ||
| Growth and development project capital investment – other | (190.2 | ) | (99.7 | ) | ||
| Sustaining capitalized exploration | (0.4 | ) | (0.7 | ) | ||
| Sustaining capitalized depreciation | (2.7 | ) | — | |||
| Sustaining equipment leases | 0.5 | (1.3 | ) | |||
| Sustaining capital expenditure at operating gold mines | $ | 32.9 | $ | 32.9 | ||
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. | ||||||
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Average Realized Gold Price per Ounce Sold
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Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below.
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For the three months ended March 31, 2026:
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| Revenue | Add concentrate deductions(1) | Less non-gold revenue | Gold revenue(2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag | $ | 145.7 | $ | — | $ | (3.1 | ) | $ | 142.6 | 28,311 | $ | 5,038 |
| Lamaque | 219.6 | — | (1.4 | ) | 218.2 | 44,607 | 4,891 | |||||
| Efemcukuru | 78.6 | — | (4.1 | ) | 74.5 | 15,173 | 4,909 | |||||
| Olympias | 88.5 | 0.3 | (32.0 | ) | 56.8 | 12,528 | 4,535 | |||||
| Total consolidated | $ | 532.4 | $ | 0.3 | $ | (40.6 | ) | $ | 492.1 | 100,619 | $ | 4,891 |
| (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. | ||||||||||||
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For the three months ended March 31, 2025:
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| Revenue | Add concentrate deductions (1) | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag | $ | 129.2 | $ | — | $ | (1.5 | ) | $ | 127.8 | 44,338 | $ | 2,882 |
| Lamaque | 122.0 | — | (0.4 | ) | 121.6 | 42,205 | 2,881 | |||||
| Efemcukuru | 57.5 | 1.0 | (1.5 | ) | 56.9 | 17,790 | 3,197 | |||||
| Olympias | 46.5 | 1.1 | (12.8 | ) | 34.8 | 11,930 | 2,918 | |||||
| Total consolidated | $ | 355.2 | $ | 2.1 | $ | (16.3 | ) | $ | 341.0 | 116,263 | $ | 2,933 |
| (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. | ||||||||||||
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Free Cash Flow and Free Cash Flow Excluding Skouries
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Our reconciliations of free cash flow and free cash flow excluding Skouries to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.
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| Q1 2026 | Q1 2025 | |||||
| Net cash generated from operating activities (1) | $ | 141.4 | $ | 130.4 | ||
| Less: Cash used in investing activities | (230.3 | ) | (4.7 | ) | ||
| Less: Proceeds from sale of marketable securities | (40.2 | ) | (155.1 | ) | ||
| Free cash flow | $ | (129.1 | ) | $ | (29.4 | ) |
| Add back: Skouries cash capital expenditures | 183.6 | 88.2 | ||||
| Add back: Capitalized interest paid (2) | 8.4 | 9.1 | ||||
| Free cash flow excluding Skouries | $ | 62.9 | $ | 67.9 | ||
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. (2) Includes interest from the Senior Notes. | ||||||
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Cash Flow from Operating Activities before Changes in Working Capital
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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.
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| Q1 2026 | Q1 2025 | |||
| Net cash generated from operating activities (1) | $ | 141.4 | $ | 130.4 |
| Add back: Changes in non-cash working capital | 45.7 | 6.1 | ||
| Cash flow from operating activities before changes in working capital | $ | 187.1 | $ | 136.5 |
| (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment. | ||||
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Forward-Looking Statements and Information
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Certain of the statements made and information provided in this news release are forward-looking statements or forward-looking 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 “anticipates”, “believes”, “continues”, “commitment”, “estimates”, “expects”, “forecasts”, “foresees”, “future”, “goal”, “guidance”, “intends”, “opportunity”, “outlook”, “plans”, “potential”, “projects”, “prospective”, “scheduled”, “strives”, or “targets” or the negatives thereof or variations of such words and phrases or statements that certain actions, events, or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.
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Forward-looking statements and forward-looking information contained in this news release includes, 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; with respect to Skouries: our expectation of first concentrate production in Q3 and commercial production in Q4 2026; expected stronger terms in offtake contract negotiations; projected gold production and copper production; expected project capital and accelerated operational capital and the timing thereof; expected progress on construction activities and commissioning activities; expected timing and development of test stopes; and expected completion of theoretical training; with respect to Kisladag, expected completion of the geometallurgical study in Q2 2026, opportunities for the open pit and expected benefits of the mine optimizing plan; our expectation to increase waste stripping; and our expectation of decreased production in Q2; with respect to Lamaque, expectations for increased production in Q2; with respect to Efemcukuru, our expectation that production in Q2 to be consistent with Q1; with respect to Olympias, our expectation of increased production in Q2; and expected sequential completion in Q3 and expected ramp-up in Q4 for the mill expansion project; the date of the conference call on May 1, 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.
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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: timing, cost and results of our construction and development activities, improvements, and exploration; the future price of gold, copper, and other commodities; receipt of all required permits on the timelines we expect; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; the successful integration of the assets and operations from the Foran acquisition, and the realization of benefits derived therefrom; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to effectively use invested capital and unlock the potential expansion opportunities across the portfolio; 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 (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary of shipping for important or critical items for construction, development and improvements activities or for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; and the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.
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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.
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In addition, except where otherwise stated, Eldorado has 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 statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
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Furthermore, should one or more of the risks, uncertainties and other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or information. Generally, these risks, uncertainties and other factors include, among others: commodity price risk; development risks at Skouries, McIlvenna Bay, and other construction and development projects; including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; integration risks relating to the Foran acquisition, including the possibility that anticipated benefits from the Foran acquisition are not realized on the timeline expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to secure 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; inflation risk; community relations and social license; risks related to title and surface rights; environmental, health and safety matters; our ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures, and our ability 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, licences 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 general 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 AISC (particularly in relation to the market price of gold and the Company’s profitability); currency risk; 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); turnover and attrition rates of labour, and related impacts thereto; default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; cyber security risk; and international conflict and other geopolitical tensions and events, including war, tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this new release, for a fuller understanding of the risks and uncertainties that affect our business and operations.
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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.
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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. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. 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.
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Qualified Persons and Disclosure of Mineral Resources
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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 MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects.
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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 MD&A for the Quebec projects.
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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.
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Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position
As at March 31, 2026 and December 31, 2025
(Unaudited – in thousands of U.S. dollars)
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| Note | March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 629,724 | $ | 869,356 | |||||
| Accounts receivable and other | 4 | 231,552 | 279,212 | ||||||
| Inventories | 5 | 327,191 | 297,165 | ||||||
| Current derivative assets | 17 | 1,588 | 2,051 | ||||||
| 1,190,055 | 1,447,784 | ||||||||
| Deferred tax assets | 37,076 | 37,076 | |||||||
| Other assets | 6 | 104,968 | 144,479 | ||||||
| Investment in associate | 7 | 109,287 | 109,423 | ||||||
| Non-current derivative assets | 17 | 6,262 | 10,380 | ||||||
| Property, plant and equipment | 5,159,789 | 4,885,564 | |||||||
| Goodwill | 92,591 | 92,591 | |||||||
| $ | 6,700,028 | $ | 6,727,297 | ||||||
| LIABILITIES & EQUITY | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued liabilities | $ | 566,182 | $ | 630,310 | |||||
| Current portion of lease liabilities | 5,568 | 6,024 | |||||||
| Current portion of debt | 8 | 46,939 | 47,968 | ||||||
| Current portion of asset retirement obligation | 7,237 | 7,886 | |||||||
| Current derivative liabilities | 17 | 106,617 | 96,879 | ||||||
| 732,543 | 789,067 | ||||||||
| Debt | 8 | 1,183,839 | 1,227,084 | ||||||
| Lease liabilities | 7,732 | 8,575 | |||||||
| Employee benefit plan obligations | 13,961 | 13,747 | |||||||
| Asset retirement obligations | 136,094 | 135,071 | |||||||
| Non-current derivative liabilities | 17 | 21,699 | 16,254 | ||||||
| Deferred income tax liabilities | 282,823 | 254,420 | |||||||
| 2,378,691 | 2,444,218 | ||||||||
| Equity | |||||||||
| Share capital | 13 | 3,303,820 | 3,341,760 | ||||||
| Shares held in trust for restricted share units | 13 | (16,364 | ) | (16,035 | ) | ||||
| Contributed surplus | 2,492,674 | 2,537,197 | |||||||
| Accumulated other comprehensive loss | (30,463 | ) | (11,553 | ) | |||||
| Deficit | (1,431,302 | ) | (1,572,080 | ) | |||||
| Total equity attributable to shareholders of the Company | 4,318,365 | 4,279,289 | |||||||
| Attributable to non-controlling interests | 2,972 | 3,790 | |||||||
| 4,321,337 | 4,283,079 | ||||||||
| $ | 6,700,028 | $ | 6,727,297 | ||||||
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Commitments and contractual obligations (Note 16)
Events after the reporting date (Note 21, Note 13(b))
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Approved on behalf of the Board of Directors
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(signed) Teresa Conway Director (signed) George Burns Director
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Date of approval: April 30, 2026
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Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.
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Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars except share and per share amounts)
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| Note | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||
| Revenue | |||||||||
| Metal sales | 9 | $ | 532,428 | $ | 355,245 | ||||
| Cost of sales | |||||||||
| Production costs | 188,213 | 148,311 | |||||||
| Depreciation and amortization | 53,994 | 60,169 | |||||||
| 242,207 | 208,480 | ||||||||
| Earnings from mine operations | 290,221 | 146,765 | |||||||
| Exploration and evaluation expenses | 9,309 | 6,990 | |||||||
| Mine standby costs | 4,714 | 4,131 | |||||||
| General and administrative expenses | 11,164 | 8,080 | |||||||
| Share-based payments expense | 14 | 3,607 | 4,362 | ||||||
| Write-down of assets | 489 | 2,689 | |||||||
| Foreign exchange (gain) loss | (20,367 | ) | 6,284 | ||||||
| Acquisition costs | 21 | 7,694 | — | ||||||
| Earnings from operations | 273,611 | 114,229 | |||||||
| Other expense | 10 | (12,903 | ) | (59,727 | ) | ||||
| Finance costs | 11 | (13,963 | ) | (12,244 | ) | ||||
| Earnings from continuing operations before income tax | 246,745 | 42,258 | |||||||
| Income tax expense (recovery) | 12 | 111,007 | (32,608 | ) | |||||
| Net earnings from continuing operations | 135,738 | 74,866 | |||||||
| Net loss from discontinued operations, net of tax | — | (1,333 | ) | ||||||
| Net earnings for the period | $ | 135,738 | $ | 73,533 | |||||
| Net earnings (loss) attributable to: | |||||||||
| Shareholders of the Company | 136,379 | 72,402 | |||||||
| Non-controlling interests | (641 | ) | 1,131 | ||||||
| Net earnings for the period | $ | 135,738 | $ | 73,533 | |||||
| Net earnings attributable to shareholders of the Company: | |||||||||
| Continuing operations | 136,379 | 71,983 | |||||||
| Discontinued operations | — | 419 | |||||||
| $ | 136,379 | $ | 72,402 | ||||||
| Net (loss) earnings attributable to non-controlling interest: | |||||||||
| Continuing operations | (641 | ) | 2,883 | ||||||
| Discontinued operations | — | (1,752 | ) | ||||||
| $ | (641 | ) | $ | 1,131 | |||||
| Weighted average number of shares outstanding | |||||||||
| Basic | 13 | 197,730,794 | 204,762,059 | ||||||
| Diluted | 13 | 200,873,516 | 206,501,722 | ||||||
| Net earnings per share attributable to shareholders of the Company: | |||||||||
| Basic earnings per share | $ | 0.69 | $ | 0.35 | |||||
| Diluted earnings per share | $ | 0.68 | $ | 0.35 | |||||
| Net earnings per share attributable to shareholders of the Company – Continuing operations: | |||||||||
| Basic earnings per share | $ | 0.69 | $ | 0.35 | |||||
| Diluted earnings per share | $ | 0.68 | $ | 0.35 | |||||
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Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.
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Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Income
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars)
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| Three months ended March 31, 2026 | Three months ended March 31, 2025 | ||||||
| Net earnings for the period | $ | 135,738 | $ | 73,533 | |||
| Other comprehensive income (loss): | |||||||
| Items that will not be reclassified to earnings or loss: | |||||||
| Change in fair value of investments in marketable securities | 280 | 22,519 | |||||
| Income tax expense on change in fair value of investments in marketable securities | (45 | ) | (3,021 | ) | |||
| Actuarial gains on employee benefit plans | 197 | 185 | |||||
| Income tax expense on actuarial gains on employee benefit plans | (47 | ) | (44 | ) | |||
| Total other comprehensive income for the period | 385 | 19,639 | |||||
| Total comprehensive income for the period | $ | 136,123 | $ | 93,172 | |||
| Total comprehensive income attributable to: | |||||||
| Shareholders of the Company | 136,764 | 92,041 | |||||
| Non-controlling interests | (641 | ) | 1,131 | ||||
| $ | 136,123 | $ | 93,172 | ||||
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Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.
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Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars)
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| Note | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||
| Cash flows generated from (used in): | |||||||||
| Operating activities | |||||||||
| Net earnings from continuing operations | $ | 135,738 | $ | 74,866 | |||||
| Adjustments for: | |||||||||
| Depreciation and amortization | 54,448 | 60,617 | |||||||
| Finance costs | 11 | 13,963 | 12,244 | ||||||
| Interest income | 10 | (7,694 | ) | (8,257 | ) | ||||
| Share of loss from associate | 10 | 136 | — | ||||||
| Unrealized foreign exchange (gain) loss | (20,072 | ) | 6,563 | ||||||
| Income tax expense (recovery) | 12 | 111,007 | (32,608 | ) | |||||
| Loss (gain) on disposal of assets | 392 | (7,288 | ) | ||||||
| Unrealized loss on derivative instruments | 10 | 20,037 | 63,390 | ||||||
| Write-down of assets | 489 | 2,689 | |||||||
| Share-based payment expense | 14 | 3,607 | 4,362 | ||||||
| Employee benefit plan expense | 1,084 | 1,014 | |||||||
| 313,135 | 177,592 | ||||||||
| Property reclamation payments | (1,178 | ) | (795 | ) | |||||
| Employee benefit plan payments | (463 | ) | (420 | ) | |||||
| Income taxes paid | (132,115 | ) | (48,115 | ) | |||||
| Interest received | 7,694 | 8,257 | |||||||
| Changes in non-cash operating working capital | 15 | (45,680 | ) | (6,108 | ) | ||||
| Net cash generated from operating activities of continuing operations | 141,393 | 130,411 | |||||||
| Net cash generated from operating activities of discontinued operations | — | 191 | |||||||
| Investing activities | |||||||||
| Additions to property, plant and equipment | (311,307 | ) | (158,495 | ) | |||||
| Capitalized interest paid | (8,438 | ) | (9,116 | ) | |||||
| Value added taxes related to mineral property expenditures | 53,923 | 13,306 | |||||||
| Sale of investments in marketable securities, net of purchases | 40,193 | 155,078 | |||||||
| Increase in deposits and other investments | (4,666 | ) | (5,518 | ) | |||||
| Net cash used in investing activities of continuing operations | (230,295 | ) | (4,745 | ) | |||||
| Financing activities | |||||||||
| Issuance of common shares for cash, net of share issuance costs | 2,034 | 2,313 | |||||||
| Net distributions to non-controlling interests | (177 | ) | — | ||||||
| Proceeds from VAT Facility | 8 | — | 15,756 | ||||||
| Repayments of VAT Facility | 8 | (35,757 | ) | (18,390 | ) | ||||
| Dividends paid | 13(b) | (14,896 | ) | — | |||||
| Interest paid | (9,922 | ) | (8,462 | ) | |||||
| Principal portion of lease liabilities | (1,215 | ) | (1,346 | ) | |||||
| Purchase of shares for cancellation | 13 | (83,895 | ) | — | |||||
| Purchase of shares held in trust for restricted share units | 13 | (4,492 | ) | (1,810 | ) | ||||
| Net cash used in financing activities of continuing operations | (148,320 | ) | (11,939 | ) | |||||
| Effect of exchange rates on cash and cash equivalents | (2,410 | ) | 7,618 | ||||||
| Net (decrease) increase in cash and cash equivalents | (239,632 | ) | 121,536 | ||||||
| Cash and cash equivalents – beginning of period | 869,356 | 856,797 | |||||||
| Change in cash in disposal group held for sale | — | (191 | ) | ||||||
| Cash and cash equivalents – end of period | $ | 629,724 | $ | 978,142 | |||||
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Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.
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Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars)
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| Note | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||
| Share capital | |||||||||
| Balance beginning of period | $ | 3,341,760 | $ | 3,433,778 | |||||
| Shares issued upon exercise of share options | 2,041 | 2,313 | |||||||
| Shares issued upon exercise of performance share units | — | 5,282 | |||||||
| Transfer of contributed surplus on exercise of options | 704 | 877 | |||||||
| Shares repurchased and cancelled, net of tax | (40,685 | ) | — | ||||||
| Balance end of period | 13 | $ | 3,303,820 | $ | 3,442,250 | ||||
| Shares held in trust for restricted share units | |||||||||
| Balance beginning of period | $ | (16,035 | ) | $ | (12,970 | ) | |||
| Shares purchased and held in trust for restricted share units | (4,492 | ) | (1,810 | ) | |||||
| Shares released for settlement of restricted share units | 4,163 | 1,815 | |||||||
| Balance end of period | 13 | $ | (16,364 | ) | $ | (12,965 | ) | ||
| Contributed surplus | |||||||||
| Balance beginning of period | $ | 2,537,197 | $ | 2,612,762 | |||||
| Shares repurchased and cancelled | (42,907 | ) | — | ||||||
| Share-based payments arrangements | 3,251 | 2,817 | |||||||
| Shares redeemed upon exercise of restricted share units | (4,163 | ) | (1,815 | ) | |||||
| Shares redeemed upon exercise of performance share units | — | (5,282 | ) | ||||||
| Transfer to share capital on exercise of options | (704 | ) | (877 | ) | |||||
| Balance end of period | $ | 2,492,674 | $ | 2,607,605 | |||||
| Accumulated other comprehensive (loss) income | |||||||||
| Balance beginning of period | $ | (11,553 | ) | $ | 56,183 | ||||
| Other comprehensive earnings for the period attributable to shareholders of the Company | 385 | 19,639 | |||||||
| Reclassification on derecognition of investments in marketable securities | (19,295 | ) | (103,503 | ) | |||||
| Balance end of period | $ | (30,463 | ) | $ | (27,681 | ) | |||
| Deficit | |||||||||
| Balance beginning of period | $ | (1,572,080 | ) | $ | (2,193,163 | ) | |||
| Dividends paid | 13(b) | (14,896 | ) | — | |||||
| Net earnings attributable to shareholders of the Company | 136,379 | 72,402 | |||||||
| Reclassification on derecognition of investments in marketable securities | 19,295 | 103,503 | |||||||
| Balance end of period | $ | (1,431,302 | ) | $ | (2,017,258 | ) | |||
| Total equity attributable to shareholders of the Company | $ | 4,318,365 | $ | 3,991,951 | |||||
| Non-controlling interests | |||||||||
| Balance beginning of period | $ | 3,790 | $ | (8,143 | ) | ||||
| Earnings attributable to non-controlling interests | (641 | ) | 1,131 | ||||||
| Net distributions to non-controlling interests | (177 | ) | — | ||||||
| Balance end of period | $ | 2,972 | $ | (7,012 | ) | ||||
| Total equity | $ | 4,321,337 | $ | 3,984,939 | |||||
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Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.
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English (US)