Eldorado Gold (TSX: ELD) posted its Q3 2025 results, posting revenue of $434.7 million, up 31% from $331.8 million a year ago as the average realized gold price rose to $3,527 per ounce from $2,492.
Earnings from mine operations rose to $207.8 million from $126.5 million as price strength outpaced cost growth. Cost of sales increased to $227.0 million from $205.3 million.
Total cash costs increased to $1,195 per ounce from $953 and AISC rose to $1,679 per ounce from $1,335. The company cited higher royalties, inflationary labor pressure in Turkiye, and lower sales volumes in the quarter as drivers.
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Other income turned to a $52.4 million loss from a $32.8 million gain. Pre tax earnings then declined to $110.1 million from $129.3 million and income tax expense climbed to $53.9 million from $28.2 million.
This led to net earnings falling 44% to $56.5 million from $101.1 million, translating to $0.28 earnings per share versus $0.49 last year.
Adjusted net earnings rose to $82.3 million or $0.41 per share from $71.0 million or $0.35, while adjusted EBITDA increased to $196.3 million from $164.9 million.
Net cash generated from operating activities was $170.2 million versus $180.9 million in the previous period. Free cash flow was negative $87.4 million versus negative $4.8 million; excluding Skouries, free cash flow was $76.9 million versus $98.3 million.
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Cash and cash equivalents rose to $1.04 billion at the end of the quarter from $856.8 million at year end 2024. Debt increased to $1.26 billion from $915.4 million at year end as Eldorado continued to fund Skouries.
Consolidated gold production was 115,190 ounces versus 125,195 ounces, while gold sales were 116,529 ounces versus 123,828 ounces.
Royalty expense increased to $28.8 million from $21.0 million due to higher prices and a broadened sliding scale in Turkiye that now extends to a maximum band at $5,101 per ounce compared with a prior ceiling at $2,101 per ounce.
Skouries remained the largest capital use. Total capital expenditures were $255.6 million, including $137.7 million of project capital at Skouries and $57.7 million of growth capital at operating mines, mainly Kisladag and Lamaque.
Eldorado narrowed 2025 production guidance to 470,000 to 490,000 ounces. Total cash costs are now expected at $1,175 to $1,250 per ounce and AISC at $1,600 to $1,675 per ounce. The company expects sustaining capital at the top of the $145 million to $170 million range and operations growth capital at $245 million to $270 million. Skouries project capital for 2025 was revised to $440 million to $470 million with the total project estimate unchanged at $1.06 billion.
Eldorado Gold last traded at $35.72 on the TSX.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
