Eldorado Gold Corporation announced strong financial and operational results for the second quarter of 2025, maintaining its full-year 2025 production guidance. Total revenue surged by 52% to $451.7 million from $297.1 million in Q2 2024, driven by a higher average realized gold price of $3,270 per ounce and increased sales volumes. Net earnings attributable to shareholders from continuing operations reached $139.0 million ($0.68 per share), up from $56.4 million ($0.28 per share) in Q2 2024.
The company generated $61.5 million in free cash flow from its operating portfolio, excluding capital invested at Skouries. Production costs increased to $162.2 million from $127.8 million in Q2 2024, with approximately one-third of the increase attributed to higher royalties and the remainder to rising labor costs in Turkey and at Lamaque. Total cash costs averaged $1,064 per ounce sold, and all-in sustaining costs (AISC) averaged $1,520 per ounce sold.
The Skouries Project continued to make steady progress, with Phase 2 construction 70% complete as of June 30, 2025. First production of copper-gold concentrate remains on track for Q1 2026, with commercial production expected by mid-2026. Open pit mining commenced in July 2025. The company also repurchased and cancelled 2,167,400 common shares for approximately $44.6 million in Q2 under its Normal Course Issuer Bid, with an additional 680,953 shares repurchased subsequent to period end for $13.8 million.
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