Eldorado Gold Corp /Fi (NYSE: EGO)

Eldorado Gold Corporation is a global gold and base metals producer engaged in the exploration, development, operation and reclamation of mining properties in Canada, Greece and Türkiye. The company employs approximately 5,900 people worldwide and focuses on building a portfolio of long life low cost assets to generate free cash flow and deliver shareholder returns. Eldorado Gold Corporation follows four strategic priorities: quality assets, operational excellence, capital discipline and accountability.

Eldorado Gold Corporation generates revenue primarily from the sale of gold doré and metal concentrates. In 2024 the company produced 520,293 ounces of gold and realized revenue of $1,322.6 million at an average realized gold price of $2,405 per ounce. Gold doré produced at the Kışladağ open pit mine in Türkiye is refined to market standards and sold at the spot price on the Precious Metal Market of Borsa Istanbul. Gold doré from the Lamaque Complex in Canada is sold to local refineries in Ontario. Concentrates containing gold, silver, lead and zinc from the Efemçukuru and Olympias operations in Greece and Türkiye are sold under long term contracts to downstream smelters and refineries. Total production costs for the year were $564.2 million.

The company operates through the following segments:

• Kışladağ: This segment operates an open pit gold mine in Türkiye using heap leach to produce gold doré. In 2024 the Kışladağ mine yielded 174,080 gold ounces and incurred production costs of $162.7 million. The segment continues to pursue an engineering study, geometallurgical drilling and phased expansion of its neutralisation handling facility to increase waste rock capacity.

• Efemçukuru: This segment runs an underground gold mine in Türkiye, extracting ore that is processed into gold concentrate for sale to smelters. In 2024 the Efemçukuru operation contributed to the company’s gold output and incurred production costs that are part of the total $564.2 million. The segment is evaluating a potential tailings storage facility and developing infrastructure for expansion toward the Kokaripinar and Bati vein systems, including portal construction and site water management.

• Olympias: This segment manages an underground polymetallic mine in Greece, producing gold, silver, lead and zinc concentrates sold under contract to refineries. In 2024 the Olympias operation added to the company’s gold production and is subject to a planned expansion to 650 ktpa of ore throughput. Activities include extending declines, developing a third decline, completing an underground maintenance workshop and managing backfill requirements.

• Skouries: This segment represents a gold copper development project in Greece, focused on construction, commissioning and future production of doré and concentrate. The Skouries project is advancing toward first production with an expected mine life and annual output based on the 2021 feasibility study. Work includes building the process plant, filter plant, waste management facilities and embankments, while managing labour recruitment and contractor performance.

• Lamaque Complex: This segment oversees an underground gold mine in Québec, Canada, producing gold doré sold to local refineries. In 2024 the Lamaque Complex produced 196,538 gold ounces and incurred production costs that are included in the company’s total. The segment is developing the Ormaque deposit, conducting resource conversion drilling, planning tailings capital spend and evaluating low profile mining equipment while complying with Towards Sustainable Mining guidelines.

Eldorado Gold Corporation positions itself as a mid tier gold producer with a competitive advantage derived from its portfolio of long life low cost assets and its disciplined approach to operational excellence, capital allocation and accountability. The company emphasizes in country expertise and sustainable practices to differentiate itself from larger peers and to maintain strong relationships with host communities. Its diversified asset base reduces reliance on any single jurisdiction and supports stable cash flow generation.

The company’s customer base includes gold refineries in Türkiye and Ontario, as well as various smelters and refineries that purchase its gold, silver, lead and zinc concentrates under long term contracts; sales are also made through the Borsa Istanbul market for doré.