Eldorado Gold Corporation

Eldorado Gold Corporation is a Canadian mid-tier gold and base metals producer with a diversified portfolio of high-quality assets across North America and Europe. Operating in Canada, Greece, and Türkiye, Eldorado Gold is focused on responsible growth through efficient and sustainable mining practices. With over 11.7 million ounces of Proven and Probable gold reserves, Eldorado’s operations include both established and growth-oriented projects in strategic mining jurisdictions.

The company’s flagship project, the Skouries gold-copper deposit in Greece, is expected to play a central role in Eldorado’s future, with commercial production targeted by late 2025. Other notable assets include the Lamaque Complex in Québec and the Kisladag and Efemçukuru mines in Türkiye, which contribute significantly to Eldorado’s annual production. Eldorado’s 2024 production guidance is between 505,000 and 555,000 ounces of gold, with annual production projected to grow by 45% over the next four years as key growth projects come online.

Eldorado Gold is committed to maintaining a strong financial position while investing in operational excellence and sustainable practices. The company is listed on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO), and is guided by a skilled management team with deep industry experience and a focus on generating long-term shareholder value through operational resilience and strategic growth.

Eldorado Gold presents a compelling investment opportunity with a clear pathway to growth and value creation, supported by a robust portfolio of assets and strategic expansion projects. With its advanced Skouries Project poised to become one of Europe’s major gold-copper producers, Eldorado is positioned to deliver substantial production growth and free cash flow in the coming years. Skouries, expected to commence commercial production by the end of 2025, brings an estimated 140,000 ounces of gold and 67 million pounds of copper annually, reinforcing Eldorado’s position in the gold-copper space.

The company’s established mines, including Lamaque in Canada and Kisladag in Türkiye, deliver consistent, low-cost production, while ongoing enhancements in processing technology and efficiency continue to drive down all-in sustaining costs (AISC). Eldorado’s 2027 production forecast of 675,000–735,000 ounces represents a 45% increase over 2023 levels, offering a significant return potential as global demand for gold and copper strengthens.

Operating in secure mining jurisdictions with supportive regulatory frameworks, Eldorado’s projects are underpinned by strong environmental, social, and governance (ESG) principles. The company’s commitment to dry-stack tailings and carbon reduction initiatives aligns with best practices in sustainability, making Eldorado an attractive choice for investors seeking exposure to responsible mining with significant growth upside. As Eldorado achieves key milestones across its project pipeline, it is set to unlock long-term value and capitalize on favorable market conditions in the gold and copper sectors.

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Eldorado Gold Corporation is led by an accomplished management team with extensive expertise in mining, project development, and financial strategy. At the helm is President and CEO George Burns, who has over 30 years of experience in the mineral sector including executive, operations, development and engineering leadership roles in gold, copper and coal operations. George has served in various capacities for Asarco LLC including Vice President of Mining as well as numerous capacities for Cyprus Minerals Corporation.

Paul Ferneyhough was appointed Executive Vice President & Chief Financial Officer at Eldorado Gold in January 2024. He leads Eldorado’s financial management, leveraging more than three decades of experience in corporate finance, strategy, and investor relations within the resource sector. 

The company’s technical operations are overseen by Simon Hille, Executive Vice President of Technical Services and Operations. With a career spanning over 30 years, Hille has a proven record of managing complex gold and base metal projects globally. 

This team is further supported by a knowledgeable Board of Directors, whose collective experience in mining, finance, and sustainability strengthens Eldorado’s commitment to operational integrity and responsible growth. 

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Eldorado Gold is committed to sustainable growth through the development of its high-quality asset portfolio and strategic expansion of its operations in key mining jurisdictions. At the forefront of this strategy is the Skouries Project in Greece, a significant gold-copper deposit expected to drive Eldorado’s production growth over the next decade. This addition to Eldorado’s production profile will support the company’s forecasted 45% increase in annual gold production by 2027.

In addition to Skouries, Eldorado is enhancing efficiencies and exploring growth opportunities across its established mines. The Lamaque Complex in Québec and the Kisladag and Efemçukuru mines in Türkiye provide stable, low-cost production with further upside potential through process improvements and near-mine exploration. Eldorado’s Ormaque deposit at Lamaque is undergoing resource conversion, with its inaugural reserve expected by the end of 2024, adding to the company’s Canadian asset base.

A core pillar of Eldorado’s growth strategy is its commitment to environmental and social responsibility. The company is integrating renewable energy sources, implementing dry-stack tailings, and pursuing carbon reduction initiatives to meet ESG goals. Eldorado continues to build strong relationships with local and Indigenous communities, ensuring that development aligns with community interests and environmental stewardship.

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Eldorado Gold is well-positioned financially, with a strong balance sheet and a disciplined approach to capital management, supporting its growth and operational resilience. As of mid-2024, the company holds $595 million in cash and cash equivalents, with an overall liquidity position of $810 million, providing significant flexibility to advance key projects such as the Skouries Project. Eldorado’s commitment to maintaining a low net debt-to-EBITDA ratio further strengthens its financial stability, enabling the company to pursue growth opportunities without compromising fiscal health.

The Skouries Project is a cornerstone of Eldorado’s growth strategy, backed by a €680 million financing package from strategic partners, including the European Bank for Reconstruction and Development (EBRD). This financing structure allows Eldorado to limit its cash outlay and optimize capital efficiency as the project progresses toward commercial production by 2025. With this financial backing, Eldorado expects Skouries to deliver substantial free cash flow, strengthening its overall cash generation capabilities.

The company’s diversified production portfolio—including the Lamaque Complex, Kisladag, and Efemçukuru mines—provides steady cash flow and low-cost production. Eldorado’s 2024 guidance anticipates gold production of 505,000 – 555,000 ounces at all-in sustaining costs (AISC) of $1,190 – $1,290 per ounce, contributing to strong margins and stable cash generation across operations. These efforts are supported by ongoing cost-control measures and process improvements, ensuring operational efficiencies and protecting margins.

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Eldorado Gold Corporation is positioned for substantial growth and long-term success, leveraging a portfolio of high-quality gold and copper assets in North America and Europe. With a projected 45% increase in gold production by 2027 and the transformative potential of the Skouries Project in Greece, Eldorado is set to become a leading gold-copper producer in the industry. The company’s focus on operational efficiency, prudent financial management, and disciplined capital allocation ensures a robust foundation to drive shareholder value.

Eldorado’s strong commitment to environmental, social, and governance (ESG) principles is embedded across its operations, supporting sustainable growth and fostering positive community relationships. Through its initiatives in dry-stack tailings, renewable energy, and community engagement, Eldorado aligns itself with global standards for responsible mining.

For investors seeking exposure to a growth-oriented, environmentally responsible mining company, Eldorado Gold offers an attractive opportunity. As it advances through key milestones, from project development to increased production, Eldorado is positioned to capitalize on favorable commodity trends, delivering resilient value and growth potential for the future. With a strategic vision, strong leadership, and unwavering commitment to sustainability, Eldorado Gold is set to achieve its goals as a trusted and impactful industry player.

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