Eldorado Gold (EGO) Q4 2025 Earnings Transcript

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DATE

Feb. 20, 2026

CALL PARTICIPANTS

• President & Chief Executive Officer — George Burns
• Chief Financial Officer — Paul Ferneyhough
• Executive Vice President & Chief Operating Officer — Simon Hille
• Executive Vice President — Christian Milau
• Vice President, Investor Relations — Lynette Gould

TAKEAWAYS

• Gold Production -- 488,268 ounces for the year, at the high end of 2025 guidance, with 123,116 ounces produced in the fourth quarter.
• Revenue -- $1.8 billion reported for the year, with growth attributed to higher gold prices and supported by operational execution across key mines.
• Operating Cash Flow -- $743 million for the year, reflecting stronger gold prices and production levels.
• Free Cash Flow -- $316 million for the year, excluding Skouries capital; free cash flow was negative $233 million including Skouries investment.
• Net Earnings -- $520 million for the year ($2.56 per share) and $252 million in Q4 ($1.26 per share); both periods increased over 2024 due to higher revenue despite increased production costs.
• All-in Sustaining Costs (AISC) -- $1,664 per ounce for the year and $1,894 per ounce in Q4, rising due to royalty increases, inflation, and higher sustaining capex.
• Royalty Expense -- $124 million in 2025, up from just over $79 million in 2024, driven mainly by regulatory changes and gold price environment, notably in Türkiye.
• Shareholder Returns -- $204 million of shares repurchased in 2025 via NCIB; quarterly dividend program to commence in 2026.
• Skouries Project Construction -- 90% completion at year-end; first production delayed to early 2026 with commercial production now expected in Q4 2026, increasing capital by ~$50 million.
• Liquidity -- $976 million total liquidity at year-end; $869 million in cash after Amex investment, enabling Skouries completion and shareholder return programs.
• Skouries Concentrate Offtake Agreements -- Contracts for about 80% of planned copper concentrate production over two to three years were agreed at terms "significantly better than those assumed in the Skouries 2022 technical study."
• 2026 Guidance -- Gold production expected between 490,000 and 590,000 ounces; copper production projected at 20,000 to 40,000 pounds; consolidated AISC forecast between $1,670 and $1,870 per gold ounce sold.
• Exploration Investment -- Planned 2026 exploration spend increased by 60% to $75 million-$85 million, targeting resource conversion and growth at Lamaque, Efemcukuru, Québec, Türkiye, and Greece.
• Segment-Level 2026 Guidance -- Lamaque: 185,000-200,000 ounces, Kisladag: 105,000-130,000 ounces with increased waste stripping, Efemcukuru: 70,000-80,000 ounces with higher unit costs, Olympias: 70,000-80,000 ounces with plant ramp-up expected in H2.
• Safety Performance -- Lost-time injury frequency rate improved to 0.55 from 1.02 in 2024 during peak construction activity.
• Kisladag Mine Plan -- Additional 6 million-8 million tonnes of waste stripping planned in 2026 to enable resource expansion and resolve geotechnical challenges.
• Foran Mining Acquisition -- The transaction adds a "high-quality Canadian copper-gold development asset," expands long-term growth pipeline, and diversifies the portfolio.

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RISKS

• Skouries project capital requirement increased by ~$50 million due to delays, specifically equipment moisture damage ("replacement of the cyclone feed pump variable frequency drive capacitors") and power line connection approval taking longer than planned.
• Efemcukuru site faces higher unit costs in 2026, explicitly cited as due to increased labor, electricity, and royalty expenses.
• Kisladag segment 2026 production guidance lowered due to a "high waste stripping year coupled with longer-than-planned leach cycles and lower-grade stack," leading to near-term lower output and higher costs before optimization measures take effect.
• Olympias operation subject to quarterly cash cost variability due to timing of by-product shipments and ramp-up execution risk in plant expansion.

SUMMARY

Eldorado Gold Corporation (NYSE:EGO) reported annual revenue of $1.8 billion and operating cash flow of $743 million for 2025, driven by gold production at the upper end of guidance. Management confirmed substantial progress at Skouries with construction 90% complete, but announced a costlier and delayed first production, creating near-term uncertainty. The company launched a formalized capital return program, combining significant share buybacks and a forthcoming dividend, underpinned by elevated liquidity. Executives finalized offtake contracts for Skouries concentrate at terms exceeding prior assumptions, improving projected margins and flexibility. The announced Foran Mining acquisition explicitly expands copper exposure, accelerates portfolio diversification, and adds multi-decade growth potential in Canada.

• Skouries ramp-up timing adjustments will result in an increased ore stockpile and improvement in initial plant readiness, enabling more selective and higher-grade mill feed when production begins.
• 2026 incorporates a 60% expansion in exploration investment, focusing on resource conversion and new discovery across the company's operating regions.
• Detailed mine-by-mine guidance explicitly outlines stepped-up capital at Kisladag for waste stripping, along with higher cost sensitivity at Efemcukuru due to external factors recognized by management.
• Commercial terms for the Skouries concentrate offtake arrangements have been agreed, and contracts are being finalized ahead of execution.

INDUSTRY GLOSSARY

• NCIB: Normal Course Issuer Bid, a Canadian stock repurchase program allowing a company to buy back its own shares on the open market.
• AISC: All-in Sustaining Cost, an industry metric representing the total per-ounce cost of producing gold, including direct operating expenses, sustaining capital, and relevant corporate costs.
• Skouries: Skouries Copper-Gold project in Greece, classified as a development-stage, multi-decade asset pivotal to Eldorado Gold Corporation's growth strategy.
• Foran Mining: Canadian copper-gold developer being acquired by Eldorado Gold Corporation to expand its metals portfolio and growth prospects.

Full Conference Call Transcript

Our releases yesterday detail our fourth quarter and year-end 2025 financial and operating results, as well as our 2026 guidance and three-year production outlook. They should be read in conjunction with our year-end 2025 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. 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: Thanks, Lynette, and good morning, everyone. I will begin with an overview of our fourth quarter and full-year 2025 results and highlights and then provide an update on construction and the timeline at Skouries. I will then hand the call over to Paul to review the financials, and then to Simon with an update on projects and operations. Following that, Christian will provide an update on our 2026 guidance and three-year production outlook before I conclude with some closing remarks. It has been a busy start to the year.

We have continued to execute on a clear value creation strategy, achieving the high end of 2025 production guidance, launching a quarterly dividend to formalize a capital return framework, and advancing a disciplined exploration program that reinforces the company’s discovery strategy. The announced acquisition of Foran Mining further strengthens the company’s long-term growth pipeline, adding a high-quality Canadian copper-gold development asset and enhancing portfolio diversification with a focus on per-share value creation and sustainable free cash flow growth. Turning to slide four, and our fourth quarter and full-year highlights. 2025 was a year of strong execution and meaningful progress across our portfolio. We delivered safe gold production at the upper end of our guidance, finishing the year with 488,268 ounces.

This performance was supported by another strong year at the Lamaque Complex, steady contributions from Kisladag and Efemcukuru, and a solid finish at the Olympias mine, bringing it back on track. Solid operating execution combined with a favorable gold price environment drove strong financial results, including $1,800,000,000 in revenue, $743,000,000 in operating cash flow, and $316,000,000 in free cash flow excluding Skouries investment. In Greece, we are reaching a key inflection point. The first production from Skouries later this year together with the Olympias expansion and ongoing advancement of the Perama Hill project, Greece is set to deliver meaningful growth.

This momentum is complemented by the continued long-life potential at the Lamaque Complex supported by production from the Triangle deposit, development from the Ormaque deposit, and a robust exploration pipeline, and by our Türkiye operations which remain a stable cash-generating foundation for the company. Turning to slide five, in the fourth quarter, our lost-time injury frequency rate was 0.55, an improvement from the LTIFR of 1.02 in 2024. While there is always room for improvement, this safety performance also comes during the peak of our construction activities at Skouries. We continue to implement multi-year programs to support continuous improvement in work safety, supporting our vision of everyone going home healthy and safe every day.

During the quarter, we achieved safe production of 123,116 gold ounces, at $1,894 all-in sustaining cost per ounce sold. Simon will speak further to each of the assets’ performance later in the call. With a strong balance sheet, we are well positioned to advance our growth pipeline while maintaining flexibility to return capital to shareholders. As previously announced, we were active on our share repurchase through the NCIB program, and we repurchased approximately $204,000,000 of shares during 2025. Additionally, we announced in January the initiation of a quarterly dividend program, which commences in 2026.

Coupled together, these mark an important milestone in delivering value to our shareholders and reflect the company’s strong financial position and confidence in executing our growth strategy. At Skouries, first concentrate production has been modestly delayed and is now expected early in 2026, with commercial production anticipated in the fourth quarter. This timing adjustment is expected to increase construction capital by approximately $50,000,000. The delay relates to, primarily, required replacement of the cyclone feed pump variable frequency drive capacitors in the process plant due to moisture damage that occurred while in storage, and secondarily our power line connection delays resulting from a slower-than-expected approval of the detailed engineering and delayed ramp-up of the subcontractor.

Prior to commissioning, final electrical regulatory authority approval requires completion of inspection and energization protocols. Importantly, the project mitigation measures are well underway and Skouries remains a multi-decade high-quality asset expected to generate meaningful cash flow in 2026 and beyond. Ramp-up of first production towards commercial production is expected to accelerate as the project team will continue to complete additional areas as we advance toward first production. We see the impact of the delay as minimal in looking at the long-life nature of the asset and we are confident in the delivery of this multi-decade mine. With that, I will turn the call over to Paul for a review of our financial results.

Paul Ferneyhough: Thank you, George, and good morning, everyone. Turning to slide seven, I will summarize our fourth quarter and full-year 2025 financial results. Consistent and reliable operational performance through the fourth quarter enabled us to deliver results at the high end of our tightened production guidance, while operating costs for both the quarter and the full year remained within expectations. Strong gold prices contributed positively to operating cash flow, further supporting the execution of our strategic and operational investments. Net earnings attributable to shareholders from continuing operations were $252,000,000 or $1.26 per share in the fourth quarter. For the full year, net earnings attributable to shareholders totaled $520,000,000 or $2.56 per share.

Net earnings increased both for the full year and the fourth quarter compared to the prior-year periods, driven by higher revenue partially offset by increased production costs including higher royalties and losses on derivative instruments. After adjusting for one-time non-recurring items, adjusted net earnings for the quarter were $126,000,000 or $0.63 per share. The primary adjustments in the quarter included a $104,000,000 recovery related to the recognition of deferred tax assets and a $27,000,000 unrealized gain on derivative instruments. For the full year, adjusted net earnings were $355,000,000 or $1.75 per share.

Adjustments during the year primarily included a $178,000,000 recovery related to the recognition of deferred tax assets, a $39,000,000 unrealized loss on derivative instruments, and a $19,000,000 foreign exchange gain related to the translation of deferred tax balances. Free cash flow in the fourth quarter was negative $55,000,000, or positive $109,000,000 excluding capital investment in the Skouries project. For the full year, free cash flow was negative $233,000,000, or positive $316,000,000 excluding Skouries. Cash flow generated by operating activities before changes in working capital totaled $752,000,000 for the year, compared to $636,000,000 in the prior year.

The increase was primarily driven by higher revenue, which rose to $1,800,000,000 in 2025, supported by higher average gold prices, partially offset by lower production volumes during the year compared to 2024. Production costs for the full year increased to $678,000,000 from $564,000,000 in 2024, primarily due to higher royalties, which accounted for approximately 40% of the year-over-year increase. Royalty expense totaled $124,000,000, up from just over $79,000,000 in 2024.

The balance of the increase reflects labor cost inflation across the operations, notably in Türkiye, where local inflation continues to outpace devaluation of the local currency, the strengthening euro impacting Olympias, and increases at Lamaque related to labor and contractor costs required to support the Triangle mine as it operates at greater depths. Fourth-quarter total cash costs of $1,295 per ounce sold were at the lower end of our tightened guidance range, and $1,176 per ounce sold for the full year. The year-over-year increase was primarily driven by higher royalty expenses, driven by regulatory change in Türkiye, by the stronger gold price environment, and overall lower gold volumes sold.

Higher total cash costs resulted in increased all-in sustaining costs for both the quarter and the full year. AISC in the fourth quarter was $1,894 per ounce sold and $1,664 per ounce sold for the full year. Year-over-year comparisons were also impacted by higher sustaining capital expenditures in 2025. Growth capital investments at our operating mines totaled $74,000,000 in the fourth quarter, and $218,000,000 for the full year. At Skouries, capital investment totaled $475,000,000 for the year, including $137,000,000 in the fourth quarter. Accelerated operational capital at Skouries amounted to $35,000,000 in Q4 and $86,000,000 for the full year. Current tax expense was $85,000,000 in the fourth quarter and $229,000,000 for the full year.

This full-year $115,000,000 increase compared to 2024 was driven by improved profitability across all jurisdictions. Deferred tax was a $118,000,000 recovery in the fourth quarter and a $207,000,000 recovery for the full year, primarily related to the recognition of deferred tax assets in Canada and Greece. Turning to slide eight. Our balance sheet remains strong and provides the flexibility to support growth initiatives while returning capital to shareholders. Total liquidity was approximately $976,000,000 at the year end, positioning us well to complete construction at Skouries, support ramp-up, and continue disciplined capital allocation, including to our recently announced dividend program and ongoing NCIB repurchases. During the fourth quarter, we purchased and canceled approximately $80,000,000 of Eldorado shares under the NCIB.

Following our additional investment in Amex announced in December, our year-end cash balance was $869,000,000. Before turning the call over to Simon, I would like to take this opportunity to announce that commercial terms for the Skouries concentrate offtake arrangements have been agreed, and contracts are being finalized ahead of execution. These contracts cover approximately 80% of planned copper concentrate production over the next two to three years, at terms significantly better than those assumed in the Skouries 2022 technical study. With that, I will hand the call over to Simon, who will provide an update on our operations beginning with Greece.

Simon Hille: Thanks, Paul, and good morning, everyone. Let us begin with slide nine, which highlights the progress at Skouries Copper-Gold project. As George outlined, we have adjusted the timing of our Skouries project. However, I wanted to be very clear the project continues to make strong progress and execution on the site remains solid. As of the end of 2025, overall construction has reached 90% and our focus is firmly on delivering safe and high-quality start-up. The open pit is operating ahead of plan, substantial ore stockpiles have been established, and grade control drilling is substantially complete from phase one, which has confirmed the first three years of production.

While the timing has shifted modestly, the fundamentals of the project are unchanged and the team is executing with discipline as we move in towards the first production. Turning to slide 10. Photos here and on the following slides illustrate the advancement of the work underway. Work in the process plant remains focused on mechanical, piping, cable tray, and electrical installations in preparation for first ore. As mentioned, recent inspections have identified the need to replace the cyclone feed pump variable speed drive capacitors in the process plant. They experienced moisture damage during storage. We have ordered and expect to install temporary replacement equipment in Q2 with permanent equipment in Q3.

The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing. The reagent areas are advancing in line with the commissioning plan. Moving to slide 11. Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third thickener, not required for start-up, is in progress in line with the plan. Water testing is complete. Piping installation is advancing, and the support infrastructure including pump house and flocculant building is moving forward. Slide 12 focuses on the filtered tailings plant, which remains on the critical path with electrical installation and commissioning being the final step. The prefabricated electrical room was installed and electrical work is advancing.

We are also making steady progress on the tailings handling infrastructure including the stacking conveyance system. The accessibility and productivity of the tailings infrastructure have been mildly affected by recent rainfall above the historic levels. However, these are short-term challenges that the team is actively managing. As seen on slide 13, construction of the crusher building is advancing well. Concrete work is complete. The crusher is mechanically installed. Electrical work is underway. Conveyors to the coarse ore stockpile and the process plant are in place. The stockpile dome assembly is progressing. The installation of the prefabricated electrical distribution room was completed and electrical cable installation and termination are in progress. Moving to slide 14.

At Lamaque, fourth quarter gold production was 18,476 ounces and all-in sustaining costs were $1,676 per ounce sold. Progress continued on the planned mill 650,000 tonnes per annum expansion during the quarter. All of the major equipment including the mill, flotation cells, thickener, cyclones, and E-room have been delivered and installed. Installation has commenced. We expect progressive commissioning and ramp-up in 2026. Turning to Türkiye on slide 15. Kisladag production totaled 41,140 ounces with all-in sustaining costs of $1,933 per ounce sold. On the growth initiatives front, long-lead procurement for the whole-ore agglomeration circuit is underway, with installation targeted for 2027.

The new secondary crusher has been ordered with delivery expected in 2026, and the geometallurgical study to assess future screening needs remains on track for completion in 2026. On slide 16, at Efemcukuru, fourth quarter gold production was 14,496 ounces at all-in sustaining costs of $2,536 per ounce sold. Compared to 2025, gold production was lower due to lower grade and recovery despite high mill throughput. And now moving to Lamaque. On slide 17. Lamaque delivered production of 49,307 ounces at all-in sustaining costs of $1,392 per ounce sold for the fourth quarter. During the year, the second Ormaque bulk sample was processed and this higher-grade ore was treated in a blend with the Triangle ore and performed very well.

We look forward to advancing Ormaque into production later this year. And with that, I will turn the call over to Christian for an overview of what is ahead.

Christian Milau: Thanks, Simon, and good morning. Turning to our 2026 guidance and three-year outlook, Eldorado enters the year from a position of strength. Skouries’ exciting value proposition is unchanged. It is a high-quality, long-life asset that will generate strong cash flow for decades. As it advances towards production, Skouries will be transformational, resetting our production profile and cost base well into the next decade. Slide 18 outlines our consolidated 2026 guidance and three-year growth profile. From our existing portfolio, we expect production to increase by approximately 40% in 2027 versus 2025, supported by a solid base of relatively lower-cost operations. The addition of Skouries further accelerates this growth, enhancing scale, margins, and long-term cash flow generation.

For 2026, we expect total gold production to be between 490,000 and 590,000 ounces, with copper production of between 20,000 and 40,000 pounds. On a consolidated basis, all-in sustaining costs are expected to be between $1,670 and $1,870 on a per ounce of gold sold basis. Growth capital in operations is expected to be between $375,000,000 and $405,000,000 and sustaining capital is expected to be between $140,000,000 and $165,000,000 for the year. As previously announced, we have increased our planned exploration investment for 2026 by 60% compared to 2025. We expect to spend between $75,000,000 and $85,000,000 during the year focused on resource conversion drilling at Lamaque and Efemcukuru, resource growth and discovery programs at Québec, Türkiye, and Greece.

All-in sustaining costs at Skouries are expected to be between negative $100 and plus $200 per ounce of gold on a net-of-by-product basis. Over the life of the mine, Skouries is expected to be a low to negative all-in sustaining cost mine given spot and higher copper prices in the current market forecast by market commentators. As a result, Skouries will have the potential to transform Eldorado into one of the highest free cash flow yielding companies in the sector. For 2027 onwards, free cash flow yield estimated by some groups of over 20% based on their gold and copper price forecasts.

Given we anticipate Skouries’ first production in early Q3 2026, commercial production in Q4, we have provided cost guidance for our current operations. Following commercial production at Skouries, we expect to issue updated consolidated cost guidance later in the year. On slide number 19, we provided the mine-by-mine 2026 detailed production guidance. At the Lamaque Complex for 2026, production is expected to be between 185,000 and 200,000 ounces reflecting the start-up of Ormaque. Our focus remains on advancing Ormaque development and continuing resource conversion drilling at both Triangle and Ormaque. In Türkiye at Kisladag, we expect 2026 production of 105,000 to 130,000 ounces.

Expected production compared to the previously guided range has been impacted by a high waste stripping year coupled with longer-than-planned leach cycles and lower-grade stack. The higher metal price environment has opened up a significant opportunity for the Kisladag pit to allow us to evaluate opportunity to move from a $1,700 to a $2,100 pit shell, which is expected to unlock the western area of the pit and support resource expansion. To facilitate this opportunity and assist resolving ongoing geotechnical challenges in the open pit, we expect to increase waste stripping in 2026 by 6,000,000 to 8,000,000 tonnes.

The mine optimization plan is expected to be beneficial in the long term by improved balancing of ore and waste movement, supporting consistent year-over-year performance. At Efemcukuru, we expect production of 70,000 to 80,000 ounces in 2026. Costs are expected to be higher this year due to increased labor, electricity and royalty expenses. Finally, in Greece and Olympias, production is expected to be between 70,000 to 80,000 ounces. Reflecting a ramp-up of the 650,000 tonne plant in the second half of the year. Our focus will be on executing the plan, managing feed blends and supporting stable flotation performance.

Higher gold production and improved payability terms are expected to support lower unit costs, though quarterly variability will continue due to timing of by-product shipments. With a portfolio we are genuinely excited about, and a clear path to cash flow inflection, we believe we are well positioned to create long-term sustainable value. And I will now turn it back to George for concluding remarks.

George Burns: Thanks, team. Our 2025 performance reflects the dedication and capability of our employees and contractors across the organization. I want to thank our teams for their ongoing commitment to responsible production, safety, operational excellence, and collaboration. As we look ahead to 2026, our focus remains on safely delivering Skouries, strengthening our operating foundation, and continuing to create long-term value for our shareholders. Before we conclude, I want to briefly revisit the announcement we made almost three weeks ago regarding the combination of Eldorado Gold Corporation and Foran. Together, we bring two high-quality assets entering into production in 2026, in addition to four operating mines that support near-term growth and long-term value creation.

The combination enhances free cash flow potential, strengthens our production base, improves our cost profile while maintaining a strong balance sheet to fund growth, advance exploration, and return capital. It also adds meaningful copper exposure alongside long-life gold production, creating a more balanced and resilient portfolio. Overall, this creates a compelling platform for growth and operational excellence that will drive sector-leading cash flow per share. We are confident in the opportunities ahead. Thank you for your time today. I will now turn the call back to the operator for questions from our analysts.

Operator: Thank you. The first question comes from Cosmos Chiu with CIBC. Please go ahead.

Cosmos Chiu: Thanks, George and team. Maybe my first question is on Kisladag. As you mentioned, in the three-year outlook, 2026 guidance is lower than what it was before. And I think you explained why, part of it, you know, lower grade, higher strip. But how about 2027? I noticed that in 2027 your three-year outlook is also lower than what you have previously disclosed. So, you know, the reasons in 2026, are they also sliding into 2027?

Simon Hille: Hi, Cosmos. This is Simon. Thanks for the question. As we explained, we are looking to open up the western area. I think that is going to provide us with a new ore source and we are quite excited what that could do for us by adding some more mine life into Kisladag. And so that is one of the positives coming out of the extra stripping required this year. As we look forward into 2027 and beyond, we are probably setting up the mine to be in that range that we have sort of, sort of 150,000 to 160,000 ounces on a steady year-on-year basis.

However, there will be focus on making those profitable ounces through cost initiatives and other things. But that is sort of the outlook for right now. We do not see it really spiking any given year.

Cosmos Chiu: So I guess to confirm, it sounds like 2027 numbers that you have given today, 140,000 to 160,000 ounces, has incorporated some of the potential impact from, you know, an increase from a $1,700 an ounce to a $2,100 an ounce pit shell. Is that what I am getting?

Simon Hille: Yeah. I think it is fair to say that.

Cosmos Chiu: Okay. And then so in terms of the stripping then, the six to eight million tonnes of pre-strip in 2026. Is that going to stay high then potentially if you move to a $2,100 an ounce pit shell? I am just trying to figure out if that is a good sustainable number for, you know, tonnage to use to think of.

Simon Hille: Yeah, that is a good question. To clarify, you know, we typically move roughly around 20,000,000 tonnes of waste every year. And so that has been driving our—it is within, across, growth and sustaining capital. Beyond 2026, what we are flagging is an increase, an extra increase on top of that of roughly around 6,000,000 to 8,000,000 tonnes. The extent of that moving forward will be, I think, fairly modest. This year is probably where we are trying to open up the area. And the $2,100 shell was, I think, always a part of our long-term plan with the metal prices moving in the direction they have.

Cosmos Chiu: Great. Thanks, Simon. And then maybe just another question, switching gears a little bit. George, as you mentioned, it has been almost three weeks now since you announced the acquisition of Foran Mining. You have had a lot of, you know, chance to talk to a lot of investors and shareholders of both companies. How has the reception been so far?

George Burns: Thanks, Cosmos. Yeah. You know, we are out explaining to both sets of investors why this transaction is really a one plus one equals three transaction. I think our shareholders are listening to the benefits that flow to both sets of shareholders. In the case of Eldorado Gold Corporation, you know, this is a compelling opportunity to have a multi-decade life asset with massive exploration upside. We also, with our balance sheet, know we can lower the cost of capital relative to a development company, and then accelerate investment in things like a lead circuit and doubling the capacity of the plant much faster than the street is assuming.

So, you know, we are selling the compelling benefits to our shareholders. And, you know, it is going to be up to them in a shareholder vote in the not too distant future. So we remain optimistic.

Cosmos Chiu: Understood. Great. Thanks, George and team. Those are the questions I have. Thanks a lot.

Operator: The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead. Good morning, everyone. Can you hear me?

Tanya M. Jakusconek: Yes. Okay, perfect. Good morning. I do not know, George, if you want to take this or maybe Simon wants to take this. I just want to circle back to Skouries. With this delay that we have had, does this give us any, you know, I am assuming it gives you a little bit more breathing room on the tailings. Maybe just review the tailings and you mentioned weather, Simon. Are we getting drier weather? Does this help us a little bit on the tailings side is what I am asking? This additional time?

George Burns: Yes. Yeah. It is George. So, yeah. A couple of things I would point out. So this three to four month delay in getting to first concentrate does give us some breathing room in really two areas. The plan all along on the plant construction was to get two filters up and running and begin the ramp-up. With this delay, we are going to be able to get more of that equipment finalized before first concentrate. So, you know, we will have more than two filters at start-up. We will have a number of other equipment required for ramp-up complete before we start. So that is a positive.

And, yeah, I mean, we have seen heavy rains in the Mediterranean both in Greece and in Türkiye. Some record rainfalls are hitting the area, so it is a nuisance when you are out trying to do earthworks, open pit mining, but these have not caused any significant delays in the construction. It is just, you know, we are being transparent about those issues. So for sure, the delay in start-up will advance all of our earthworks and put us in a better position for a solid ramp-up in the second half.

Tanya M. Jakusconek: I mean, you are going to have a very, very big, well, I am going to say big, but you are going to have a nice stock ready to feed that mill. And I think Simon mentioned we have done the drilling for three years of mining, detailed drilling in the pit. So we have defined for three years with a nice stockpile. Is that safe to assume that I am understanding it correctly?

George Burns: You are. We are going to be in a fantastic position to feed the mill. We are at more than 1,500,000 tonnes today on the ground stockpile. And with this three-month delay, that stockpile is going to grow even further. So the beauty in all this, we are going to have more ore than we are going to process this year. We are going to be able to select the higher-grade, valuable ores to feed the plant. So we are in a great position from a mining perspective. Great position from an ore body quality perspective. We have got three years of the open pit infill drills confirming the grades and recovery and the underground has been unfolding very positively.

We are 900 meters ahead on development. We are going to do four test stopes this year rather than two. And the two test stopes, the one that we have completed mining, the other one is roughly half completed, fragmentation was excellent. The cavity is holding up. It has increased our confidence to go to larger stopes this year. So the four stopes we are going to mine this year are around 97,000 tonnes compared to the two last year which were just over 60,000 tonnes. So we are in great shape for mining.

This delay does allow us to have the plant more ready for a faster ramp-up and, you know, it is unfortunate we had an issue with one of the key pieces of equipment. But I think we are in good shape for a strong year.

Tanya M. Jakusconek: And, George, I am assuming that, you know, with these issues on the cyclone feed pump, all other areas have been checked. Like, we are not, you know, checks have been done. Yeah. This is the only damage. There is nothing else we checked.

George Burns: Yeah. I mean, that is a great question. To put it in context for this concentrator, there are over 4,000 pieces of electrical mechanical equipment, there are 891 motors and there are 190 variable frequency drives, and so, yeah, all of the stuff has been inspected. Unfortunately, with the cyclone feed pump—let me back up. All the electrical equipment had been stored since 2017 in warehouses that were constructed in the first phase of construction. I think that is a testament to the original design of this that often does not happen at the beginning. So when we went into care and maintenance in 2017, the electrical equipment was stored under cover.

What we have found as we put this VFD into the motor control center just days ago, there were some signs of some moisture damage on this particular unit.

Tanya M. Jakusconek: And

George Burns: as a result, we got the manufacturer involved, opened up capacitors, and found this damage. And we have remarkably been able to find the quickest solution is to repurchase new capacitors. The repairs are going to take longer and essentially, that is our critical path now to start-up. So to answer your question, all of that equipment had been stored other than this one piece. These capacitors were marked cyclone feed pumps on the crating, and we now believe these were stored outside for a while and then later brought into the warehouse.

So unfortunately, we were just in the phase of installing these, brought them into the MCC, noticed a bit of moisture damage on the outside of the gear and got the manufacturer there to open up this electrical equipment and found the damage. No other equipment had any of those indications, and all the additional variable frequency drives have been checked and confirmed to be okay. So we think we are out of the woods on any repeats to this unfortunate issue.

Tanya M. Jakusconek: Yeah. Sounds like the manufacturer is working with you, and I think Simon said they have already been ordered, and I think we are expecting them on-site soon.

George Burns: Yeah. Then so the replacement new capacitors have been ordered. The rebuild of the damaged come in Q3. So our best estimate from accelerating the manufacturing and shipment to site is we will be ready two to three to four months from our late Q1 original day.

Tanya M. Jakusconek: Okay. And then just maybe turning to the power line connection. So I am assuming the subcontractor is there now ready to, you know, working away and the critical path there is just getting that approval from the regulators. Is that how I should think about this power line? There is nothing else that needs to be done.

George Burns: Yeah. I mean, we wanted to just point this out and be transparent. We have talked all along that the dry stack tailings facility was critical path and that the power line and substation were not too far behind it. We did have some slippage in the detailed engineering, and just to describe this part of the infrastructure, it will not be owned by Eldorado Gold Corporation. This is being constructed for our project, but it will be owned by the regulatory authority in Greece. So it involves 11 power transmission poles and associated line and then this main substation. So the engineering took a bit longer.

The constructor wanted full sign-off before they started the work, and we saw some slippage there. But we have mitigated that and with this delay now on the capacitors, we will have this energized and ready ahead of time. But we did want to point out that we are not also in control of the inspection, so once the construction is complete the regulator will come out and inspect all of that infrastructure that will be handed over to them and they will make the final determination when it is ready to flip the switches and energize our plant.

You know, we have got temporary generators on-site that we can do our commissioning on all areas of the plant with the exception of our grinding mill, so we have to have this power for that final commissioning and then start-up. So at this point, it is not the critical path; it is actually the capacitors. We just wanted to highlight there was a bit of slippage, and we are focused on mitigating that.

Tanya M. Jakusconek: Okay. So just so that I know, when is that going to be ready? The power line?

George Burns: We expect the power line in late Q2 and then shortly after that, the capacitors up and running for the cyclone feed pumps.

Tanya M. Jakusconek: Okay. Okay. Good luck with all of that. I will be asking this again on the Q1 call.

George Burns: So I am sure you will. Thank you.

Operator: Alright. I will let someone else ask questions. Thank you. That is all the questions we have for 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.

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