Eldorado Gold (TSX: ELD) posted its Q1 2025 financials, generating $355.2 million in revenue in Q1 2025, up from $258.0 million in Q1 2024, buoyed by an average realized gold price of $2,933 per ounce—up 41% year-over-year. The upswing comes despite gold sales being relatively flat at 116,263 ounces versus 116,008 ounces in the prior year.
Despite this, production costs rose sharply to $148.3 million from $123.0 million, pushing total cash costs to $1,153 per ounce, up 25% from $922 per ounce in Q1 2024. The company’s AISC also climbed to $1,559 per ounce from $1,262 per ounce—a 24% increase—due to elevated royalties, labour, haulage, and sustaining capex.
Net earnings jumped to $72.0 million (or $0.35 per share), more than doubling from $35.2 million (or $0.17 per share) last year. However, adjusted net earnings—stripped of a $73.5 million deferred tax recovery and a $63.4 million unrealized derivatives loss—were largely flat at $56.4 million versus $55.2 million a year earlier. Adjusted EBITDA grew to $163.0 million from $118.5 million last year.
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Net cash from operating activities improved to $138.0 million (from $95.3 million last period), but this was overwhelmed by a $173.2 million capital outlay, including $83.8 million poured into the Skouries project in Greece. This led to a negative free cash flow of $21.8 million, though the company highlighted a more favorable $75.5 million free cash flow excluding Skouries, up from $33.7 million in Q1 2024.
On the balance sheet, Eldorado’s cash and equivalents rose to $978.1 million from $856.8 million in Q4 2024, aided by the $155.1 million sale of G Mining Ventures shares.
Production remained stable overall at 115,893 ounces, a marginal dip from 117,111 ounces a year earlier. However, Olympias production plunged 37% to 11,829 ounces, dragging company-wide cost metrics upward, with AISC surging to $2,842 per ounce from $1,527 per ounce due to unplanned maintenance and circuit issues that cut throughput. By contrast, Kisladag increased output to 44,319 ounces from 37,523, with improved heap leach operations.
The company reaffirmed 2025 guidance of 460,000–500,000 ounces at AISC of $1,370–$1,470 per ounce.
Eldorado Gold last traded at $13.53 on the TSX.
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