Q3 2025 Eldorado Gold Corp Earnings Call

Operator 2: Welcome to the Eldorado Gold Q3 2025 Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications, and External Affairs. Please go ahead, Ms. Gould.

Thank you for standing by. This is the conference operator. Welcome to the El Dorado, gold, third quarter 2025 Brazil's conference call. As a reminder, all participants are in listen. Only mode and the conference is being recorded after the presentation. There will be an opportunity to ask questions to join the question queue. You may press star then 1 on your telephone keypad. Do you need assistance during the conference? Call you may signal an operator by pressing star then zero.

Lynette Gould: Thank you, operator, and good morning, everyone. I'd like to welcome you to our Q3 2025 Results Conference Call. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management's discussion and analysis. Joining me on the call today, we have George Burns, Chief Executive Officer, Christian Milau, President, Paul Ferneyhough, Executive Vice President & Chief Financial Officer, Louw Smith, Executive Vice President, Development, Greece, and Simon Hille, Executive Vice President & Chief Operating Officer. Our release yesterday detailed our Q3 2025 financial and operating results.

I would not like to turn the conference over to a minute gold, vice president, investor relations Communications and external Affairs. Please, go ahead Miss gold.

Thank you, operator, and good morning everyone. I'd like to welcome you to our third quarter 2025 results conference calls. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-ifrs measures during the call. Please, refer to the cautionary statements included in the presentation and the disclosure on non-ifrs, measures and risk factors. And our managers discussions and Analysis,

Lynette Gould: This should be read in conjunction with our Q3 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 US 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 this time, we will invite analysts to queue for questions. I will now turn the call over to George.

Joining me on the call today, we have George Burns, Chief Executive Officer; Christian Milo, President; Paul Ferneyhough, Executive Vice President and Chief Financial Officer; Louw Smith, Executive Vice President of Development; and Simon Kelly, Executive Vice President of Operations and Technical Services. Our release yesterday details our third quarter 2025 financial and operating results. This should be read in conjunction with our third quarter 2025 financial statements and Management's Discussion and Analysis, both of which are available on our website.

George Burns: Thanks, Lynette, and good morning, everyone. We are pleased to welcome Christian Milau as President, joining as part of my succession planning. Christian has already been actively engaged with our leadership team through recent budget and strategy discussions and has met with a number of our shareholders and analysts since joining last month. He brings a fresh perspective and a strong focus on our key priorities. His appointment further strengthens our leadership team as we continue to advance our growth strategy and position Eldorado for long-term success. Turning to the outline for today's call, I'll begin with an overview of our Q3 2025 results and highlights. I'll then hand the call over to Christian for his remarks, followed by Paul on our financials, and then Lowe and Simon with an update on projects and operations. Turning to slide 4, our Q3 highlights.

They have also both been filed on Cedar, plus, and Edgar all dollar figures discussed today, are US 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 this time, we will invite analysts to queue for questions. I will now turn the call over to George

Thanks, Lynette, and good morning, everyone.

We are pleased to welcome Christian Milo as president, joining us part of my succession planning. Christian has already been actively engaged with our leadership team to recent budget and strategy discussions. And as met with a number of our shareholders and analysts since joining last month,

He brings a fresh perspective and a strong focus on our key priorities.

His appointment further strengthens our leadership team as we continue to advance our growth strategy and position Eldorado for long-term success.

Turning to the outline for today's call. I'll begin with an overview of our third quarter, 2025 results and highlights. I'll then hand the call over to Christian for his remarks followed by Paul on our financials and then Lo and Simon with an update on projects and operations.

George Burns: We achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding Skouries investment. Operational performance remained strong at Lamaque, benefiting from early processing of the remaining portion of the second Ormaque bulk sample. Kisladag had fewer tons placed on the pad and lower grade stacked as a result of reduced equipment availability and short-term mine plan resequencing, as well as placement of ore on a test pad for the whole ore agglomeration project. Efemçukuru maintained stable production, while Olympias had challenges from stockpiled ore containing the viscosity modifier used in the tailings paste backfill that negatively impacted the process water chemistry in the flotation circuit.

Turning to slide 4, our third-quarter highlights.

We achieved safe production of 115,190 gold allowances and generated approximately 777 million dollars of free cash flow excluding scurries investment.

Operational performance remains strong at lebak benefiting from early processing of the remaining portion of the second.

For Mac bulk sample.

Ate stacked as a result of reduced equipment, availability and short-term. Mine plan resequencing as well as placement of ore on a test pad for the whole or elaboration project.

George Burns: During the third quarter, we improved management of the stockpiled ore, but modest negative impacts on metal recovery may persist as we continue processing material from affected backfill stopes and stockpiles. Given our strong performance through the end of Q3, we are tightening our 2025 guidance range on gold production and now expect to be between 470 and 490,000 ounces. Turning to cost, we have revised our 2025 guidance upwards. Total cash costs are now expected to be between $1,175 and $1,250 per ounce sold, and all in sustaining costs are expected to be between $1,600 and $1,675 per ounce sold. These increases were primarily driven by, 1, record high gold prices and recently enacted higher royalty rates in Turkey, driving higher royalty expense.

Fmq crew, maintains stable production while Olympia's had challenges from stockpiled or containing. The viscosity modifier used in the tailings pace back, fill the negatively, impacted the process water chemistry in the flotation circuit.

During the third quarter, we improved management of the stockpile of ore but modest modest negative impacts on metal recovery. May persist, as we continue processing material from affected backs, Phil stoes and stop files.

Given our strong performance to the end of the third quarter. We are tightening our 2025 guidance range on gold production and now expect to be between 470 and 490,000 Oz.

Turning the cost, we have revised our 2025 guidance upwards.

Total cash costs are now expected to be between 1175 and 1,250 per ounce sold. And all in sustaining costs are expected to be between 1600 and 1675 per ounce sold.

George Burns: Second, lower than expected performance at Olympias has resulted in lower byproduct sales, higher processing costs, with production expected to be at the lower end of the guidance range. Additionally, for 2025, we also expect sustaining capital costs to be at the higher end of our $145 to 170 million guidance range. In line with previous 2025 guidance, operations growth capital is expected to be between $245 and 270 million. Lastly, at Skouries, project capital investment for 2025 has been revised upward to between $440 and 470 million as a result of the acceleration of work originally planned for 2026 across several non-critical path areas and proactive de-risking efforts. The estimated overall project capital remains unchanged at $1.06 billion.

these increases were primarily driven by 1 record high gold prices and recently enacted higher royalty rates in Turkey, a driving higher royalty, expense and second

Lower-than-expected performance at Olympius has resulted in lower byproduct sales, higher processing costs, with production expected to be at the lower end of the guidance range.

Additionally, for 2025, we also expect sustaining capital costs to be at the higher end of our $145 million to $170 million guidance range, in line with previous 2025 guidance. Operations growth capital is expected to be between $245 million and $270 million.

Lastly, at spurious project. Capital investment for 2025 has been revised upward to between 440 and 470 million. As a result of the acceleration of work originally planned, for 2026 across several non-critical, path, areas, and proactive de-risking efforts.

George Burns: We are on track with accelerated operational capital and are maintaining our guidance of $80 to $100 million for 2025. Turning to slide 5 in Q3, our lost time injury frequency rate was 1.21, an increase from the LTIFR of 1.10 in Q3 2024. We recognize there is always room for improvement and remain committed to continually strengthen our safety performance. Throughout 2025, we're advancing health and safety initiatives. These efforts are reinforced by the multi-year rollout of our Courageous Safety Leadership Program launched earlier this year.

The estimated overall project capital remains unchanged at $1.06.

We are on track with accelerated. Operational capital and are maintaining our guidance of 80 to 100 million dollars for 2025.

Turning to slide 5 in the third quarter, our last time injury frequency rate was 1.21, an increase from the LTIFR of 1.10 in the third quarter of 2024.

We recognized that there was always room for improvement and remain committed to continually strengthen our safety performance.

George Burns: On sustainability, our team in Quebec recently welcomed a delegation of external and internal verifiers to complete a verification against the standards of, one, our sustainability integrated management system, two, the Mining Association of Canada's Towards Sustainable Mining initiative, and three, the World Gold Council's Responsible Gold Mining Principles. The objective of the integrated verification was to demonstrate our commitment to health and safety, social, and environment performance. While the reports are in the process of being finalized, we are encouraged with the preliminary results and look forward to sharing our performance when they become available. During the quarter, we continued to execute on our share repurchase program, buying back and canceling approximately 3 million shares for a total of $79 million.

Throughout 2025 for advancing health and safety initiatives. These efforts are reinforced by the multi-year roll out of our courageous. Safety leadership program launched earlier this year.

On sustainability, our team in Quebec recently welcomed a delegation of external and internal verifiers to complete the verification against the standards of.

1. Our sustainability integrated management system; 2. The Mining Association of Canada's Towards Sustainable Mining initiative; and 3. The World Gold Council's Responsible Gold Mining Principles.

The objective of the integrated verification was to demonstrate our commitment to health and safety, social, and environmental performance.

While the reports are in the process of being finalized, we are encouraged by the preliminary results and look forward to sharing our performance when they become available.

George Burns: For the 9 months ended 30 September 2025, repurchases have been approximately 5 million shares for a total of $123 million. The program reflects our continued commitment to disciplined capital allocation and returning value to our shareholders. With that, I'll turn the call over to Christian to say a few words.

During the quarter, we continue to execute on our share repurchase program buying back and canceling approximately 3 million shares for a total of 75 79 million.

For the 9 months. Ended September 30th, 2025 repurchases have been approximately 5 million shares for a total of 123 million.

The program, reflects our continued commitment to discipline Capital, allocation, and returning value to our shareholders.

Christian Milau: Thanks, George. Good morning, everyone. Very excited to be joining you today in my new role at Eldorado. While I've only recently joined the company in September, pleased with the company's strong culture, talented people, and high-quality asset base, including operations and projects in attractive mining jurisdictions with long average mine lives and significant prospectivity throughout the portfolio. I've already spent considerable time with our leadership teams through initial budget strategy meetings. These sessions have given me a strong sense of the ambition, opportunities, and discipline that will guide the company during the next phase of the strategy, as well as the strong alignment around delivering sustainable value to all stakeholders. What stood out most to me is the depth of talent and capacity across the organization, and the clear commitment to safety, operational, and ESG excellence, as well as disciplined capital allocation.

With that, I'll turn the call over to Christian to say a few words.

Thanks George and good morning everyone.

With long average, mind lives and significant prospectivity throughout the portfolio.

I've recently I've already spent considerable time with our leadership teams through initial budget, strategy meetings.

These sessions have G me, a strong sense of the ambition opportunities and discipline that will guide the company during the next phase of the strategy.

As well as the strong alignment around, delivering sustainable value to all stakeholders.

Christian Milau: My focus in the months ahead will be on supporting our teams as we advance our near-term priorities, on ensuring that we're positioned to deliver our long-term strategy as we go through the Skouries cash flow inflection point in 2026. Having just returned from our sites in Türkiye, with visits planned to Greece and Quebec in the coming months, I've had the opportunity to see all the mines firsthand. The visits so far have stood out to me with the excellent commitment and pride on display. It's been impressive to witness the energy and collaborations of our teams on the ground, I look forward to continuing to engage with more of our sites, communities, and investors in the months ahead. With that, I'll now hand over to Paul to walk through the financial results.

What stood out most to me is the depth of talent and capacity across the organization and the clear commitment to safety operations. On the ESG excellence, as well as disciplined capital allocation, my focus in the months ahead will be on supporting our teams as we advance our near-term priorities and on ensuring that we're positioned to deliver our long-term strategies as we go through the schools.

Cash flow inflection point in 2026.

Having just returned from our sites in turkey and with visits, planned to Greece and Quebec in the coming months. I'll have the have had the opportunity to see all the mines firsthand the visits so far, stood out to me with the excellent commitment and pride on display.

It's been impressive to witness the energy and collaborations of our teams on the ground. And I look forward to continuing to engage with more of our sites communities and investors in the months ahead.

Paul Ferneyhough: Thank you, Christian. Moving to slide 6. Our Q3 results reflect consistent operational performance and are aligned with our tightened full-year production guidance. Robust gold prices have contributed positively to cash flow from our operations, further supporting our capacity to execute our strategic and operational investments in the coming months. In Q3, Eldorado reported net earnings from continuing operations of $57 million, equivalent to $0.28 per share. Excluding one-time non-recurring items, adjusted net earnings were $82 million or $0.41 per share for the quarter. The principal adjusting item was a $22 million unrealized loss on derivative instruments, primarily due to gold commodity swaps. Free cash flow for the quarter registered at -$87 million. However, underlying free cash flow, excluding capital investments in the Skouries project, amounted to +$77 million.

With that will now hand over to Paul, to walk through the financial results.

thank you, Christian, moving to slide 6, our third quarter results, reflect consistent, operational performance and are aligned with our Titan 4 year production guidance,

Robust gold prices. Have contributed positively to cash flow from our operations further supporting our capacity to execute our strategic and operational investments in the coming months.

In Q3, Eldorado reported net earnings from continuing operations of $57 million, equivalent to 28 cents per share.

Excluding one-time, non-recurring items, adjusted net earnings were $82 million, or $0.41 per share for the quarter.

The principal adjusting item was a 22 million unrealized loss on derivative instruments primarily due to Gold commodity swaps.

Paul Ferneyhough: Turning to our producing assets, cash flow from operating activities before changes in working capital totaled $184 million during the quarter. Our corporate gold price collars will continue to settle monthly through the year-end, with approximately 50,000 ounces outstanding for Q4 and an upper limit of $2,667 per ounce. Following the expiration of these collars, we will be fully exposed to market gold prices, with only minimal hedging derivatives remaining tied to the Skouries project financing facility. Production costs for the quarter reached $164 million, representing a $23 million increase over Q3 2024.

Free cash flow for the quarter registered at negative 87 million. However, underlying free cash flow, excluding Capital investments in the steer's project amounted to positive 77 million

turning to our producing assets cash flow from operating activities before changes in working capital totaled 184 million during the quarter our corporate gold price collars will continue to settle monthly through the year end with approximately 50,000 Oz outstanding for the fourth quarter and at the upper limit of 2,667

$7 pounds.

Following the expiration of these collars. We will be fully exposed to Market gold prices with only minimal hedging. Derivatives remaining tied to the scariest project financing facility.

Paul Ferneyhough: One third of this increase is attributable to higher royalties, while the remainder stems from the rising labor costs in Türkiye, where inflation continues to surpass local currency devaluation, and at Lamaque, where additional labor and contractor expenses were incurred due to the planned deepening of the Triangle mine. In Q3, total cash costs were $1,195 per ounce sold, and all-in sustaining costs were $1,679 per ounce sold. Gross capital investments at our operating mines totaled $58 million for the quarter. At Kisladag, these expenditures included planned waste stripping and equipment costs related to construction of the North Heap leach pad's second phase. At the Lamaque complex, investments focused on the Ormaque development as well as construction of the North Basin Water Management Facility and initial procurement for the recently approved paste plant.

Production costs for the quarter reached $164 million, representing a $23 million increase over Q3 2024.

1/3 of this increase is attributable to higher royalties while the remainder stems from the rising labor costs in Turkey, where inflation continues to supply, local currency and devaluation. And at the Mac where additional labor and contractor expenses, were encouraged due to the plan, deepening of the triangle mine.

In Q3, total cash costs were $1,195 per ounce sold, and all-in sustaining costs were $1,679 per ounce.

Gross Capital Investments that are operating mines totaled, 58 million for the quarter.

A Kissle dag. These expenditures included planned, waste stripping and Equipment costs related to construction of the north Heap leech pads. Second phase

Paul Ferneyhough: Progress continued at Skouries, including facility and process construction, as well as early mining activities in both the open pit and underground areas. Throughout the quarter, approximately $138 million was invested in the project, supplemented by an additional $80 million in accelerated operational capital for self-performance of open pit mining operations. Current tax expense for Q3 was $52 million, reflecting a $13 million increase from the prior year period, attributed to improved profitability in Canada and Türkiye. Deferred tax expense to $2 million, compared with a recovery of $11 million in Q3 2024. This included a $4 million expense related to net movements against the US dollar, mainly driven by the lira and euro, partially offset by the reversal of temporary differences.

At the Le Man complex, investments focused on the Oracle development, as well as the construction of the North Basin Water Management Facility and initial procurement for the recently approved paste plant.

Progress continued at SkyUs, including facility and process construction, as well as early mining activities in both the open pit and underground areas.

Throughout the quarter, approximately 138 million was invested in the project. Supplemented by an additional 18 million, in accelerated, operational capital for self-performance of open, pit mining operations.

Current tax expense for quarter. 3 was 52 million reflecting a 13 million dollar increase from the prior year period.

Contributed to improved profitability in Canada and turkey. A

Paul Ferneyhough: Advancing to slide seven, our balance sheet remains robust, providing the flexibility needed to support growth initiatives and return capital to shareholders. With liquidity totaling approximately $1.1 billion, we continue to be well-positioned to invest in our cash-generating assets, advance Skouries towards completion, and create additional value through disciplined capital allocation and the NCIB program. Earlier this month, with Skouries production coming ever closer, several staff members attended LME Week in London, the foremost annual event for the global metals community. Productive discussions were held with traders and smelters regarding the sale of our high-quality, clean copper gold concentrate from Skouries. As a result, we anticipate finalizing initial multi-year offtake contracts by year-end. With this overview concluded, I will now hand the call over to Louw Smith, who will present the highlights of our Greek assets.

Movements against the US dollar mainly driven by the Lyra and Euro partially offset by the reversal of temporary differences.

Advancing to slide 7. Our balance sheet remains robust, providing the flexibility needed to support growth initiatives and return capital to shareholders.

With liquidity totaling approximately $1.1 billion, we continue to be well positioned to invest in our cash-generating assets, advance projects towards completion, and create additional value through disciplined capital allocation and the NCIP program.

Earlier this month and with scariest production coming ever closer, several staff members attended LME Week in London.

The foremost annual event for the global metals community.

Productive discussions were held with traders and smelters regarding the sale of our high-quality, clean copper-gold concentrate from Curios.

As a result, we anticipate finalizing initial multi-year off-take contracts by year-end.

Louw Smith: Thanks, Paul, good morning, everyone. Let's begin with slide 8, which highlights the progress at our Skouries copper-gold project. As of the end of Q3, overall progress on phase II construction reached 73% and 86% when including phase I. We remain on track to achieve first copper gold concentrate production towards the end of Q1 2026, with commercial production expected in mid-2026. We now have approximately 2,000 personnel on site, including 236 members of the Skouries operational team. This strong workforce has enabled us to de-risk several areas early. Our skilled labor ramp-up began with concrete, structural, and mechanical trades, and is now transitioning to electrical, piping, and control systems. While we've exceeded our labor targets, our focus remains on aligning skilled resources with active workfronts to support our execution plan.

With this overview concluded, I will now hand the call over to Louw, who will present the highlights of our Greek assets.

Thanks, Paul, and good morning everyone.

Let's begin with slide 8 which highlights the progress at our school's topic on Project.

As of the end of Q3 overall progress on Phase 2 construction within 73% and 86% when including Phase 1. We remain on track to achieve first. Copper gold concentrate production towards the end of the first quarter of 2026 with commercial production, expected in mid 2026.

We now have approximately 2,000 personnel on site, including 236 members of the school’s operational team. This strong workforce has enabled us to deal with several areas early. Our skilled labor ramp-up began with concrete, subtle, and mechanical trades and is now transitioning to electrical, piping, and control systems.

Louw Smith: From a productivity standpoint, construction performance continues to track at or slightly above plan across the site. On the bottom of slide 8, you'll see a photo of the open pit. This week, our fourth crew started operating, enabling the transition to a 24/7 rotation. At the end of October, we had stockpiled approximately 531,000 tons of ore from the open pit and an additional approximately 93,000 tons from the underground, containing an estimated 21,000 ounces of gold and 5.5 million tons of copper, positioning us well as we prepare for commissioning and initial concentrate production. Turning to slide 9. The photos here and on the following slides illustrate the steady advancement of work underway. Infrastructure around the process plant continues to progress.

While we've exceeded our labor targets, our focus remains on aligning skilled resources. That’s active work fronts to support our execution plan. From a productivity standpoint, construction performance continues to track at or slightly above plan across the site.

On the bottom of slide 8, you'll see a photo of the open pit.

This week, our fourth crew started operating.

Enabling the transition to a 24/7 rotation.

Out of the end of October, we had stockpiled approximately 531,000 tons of oil from the open pit and an additional approximately 93,000 tons from the underground, containing an estimated 21,000 oz of gold and 5.5 million pounds of copper.

Positioning us, well, as we prepare for commissioning and the national concentrate production.

Turning to slide 9.

The photos here. And on the following slides illustrate, the steady advancement of work underway.

Louw Smith: Final foundations for support buildings were completed in early October, structural, mechanical, piping, and electrical work are ongoing across the key areas, including the substation, lime plant, flotation blowers, compressors, and quarry area. The control building structure is complete, with electrical installations underway on the first two levels. We have completed pre-commissioning of the concentrate filter presses and water testing of the flotation cells and tanks. Preparation for pre-commissioning the pebble crusher are in progress. Moving to slide 10. Progress continue on the thickeners. Water testing of the first two thickeners is complete, piping installations have commenced following completion of the pipe rack installations. Slide 11 focuses on the filter tailings plant, which remain on the critical path. As of the end of October, structural steel installation at the filter tailings building is approximately 92% complete. The time-lapse video showcasing this progress is linked for reference.

Infrastructure around the process plant continues to progress.

Final foundations for support buildings were completed and early October and structural mechanical piping and electrical work. Our ongoing across the key areas, including the substation line, plan flotation blowers compressors, and gooey area.

The control building structure is complete, with electrical installations underway on the first two levels.

We have completed pre-commissioning after the concentrate filter presses and water testing of the flotation health and tanks.

Reparation for pre-commissioning, the pebble crusher is in progress.

Moving to slide 10.

Progress continued on the thickness water. Testing of the first two thicknesses is complete, and piping installations have commenced following the completion of the pipe rack installations.

Slightly 11 focuses.

On the filter tailing plant, these are minor on the critical path.

As of the end of October, structural steel installation at the front and tailings building is approximately 92% complete.

Louw Smith: Mechanical work progressed with the assembly of the filter presses, with 4 complete at the end of Q3 and the remaining 2 on plan for completion in November, with each press equipped with 98 plates. The compressor building steel structure is 98% complete and all 6 compressors and air receivers have been installed. As seen on slide 12, construction of the crusher building structure is progressing. Concrete work has reached the final elevation above the foundation, with the final wall lifts advancing. The primary crusher is assembled in position, and work is underway on cable tray and internal structural steel stairways and platforms. Conveyor foundations between the primary crusher and the process plant, including the coarse ore stockpile, are now complete. Conveyor pre-assembly and support steel installation are well underway.

The time-lapse video showcasing this progress is linked for reference.

Mechanical work progressed with the assembly of the filter presses, with 4 completed by the end of the third quarter and the remaining 2, with 1 planned for completion in November, each press equipped with 98 plates.

The compressor building steel structure is 98% complete, and all six compressors and all receivers have been installed.

As seen on slide 12, the construction of the crusher and building structure is progressing.

Concrete workers reached the final elevation above the foundation. With the final wall lifts advancing the primary Crusher is assembled in position and workers underway on cable tray. And internal structural steel stairways and platforms.

Conveyor foundations between the primary crusher and the process plant, including the course or stockpile, are now complete.

Louw Smith: At the coarse ore stockpile on slide 13, the stockpile dome foundation is nearing completion, and assembly of the dome has commenced. The first of the 3 reclaim feeders and associated chute work has been installed, with pre-assembly continuing on the remaining 2 feeders. Moving to Olympias on slide 14. Q3 gold production was 13,597 ounces, and total cash costs were $1,869 per ounce sold. Production was impacted by flotation circuit stability issues earlier in the year, which led to a modification of the paste backfill blend to eliminate viscosity modifiers in the backfill stopes. While plant operations recovered substantially in Q2, affected stockpile ore continued to be processed in Q3. Despite efforts to minimize negative impacts in the processing circuit, ongoing process water chemistry challenges further reduced the metal recovery during the quarter.

Conveyor reassembly and support steel installation are well underway.

At the course of stockpile on slide 13, the stockpile is down. Foundation is nearing completion, and the assembly of the Dome has commenced. The first of the three reclaimed feeders in Associated Shield has been installed, with pre-assembly continuing on the remaining two feeders.

Moving to Olympus on slide 14.

Third quarter gold production was 13,597 ounces, and total cash costs were $1,869 per ounce sold.

Production was impacted by flotation and Stoke circuit stability issues earlier in the year, which led to a modification of the place back full blend to eliminate viscosity modifiers in the back for stones.

Louw Smith: While mitigation measures are underway, modest negative impacts on the metal recovery may persist as we continue processing material from affected backfill stopes and stockpiles. Progress continued on the planned mill expansion to 650,000 tons per annum during the quarter, with the early works advancing and demolition activities underway within the concentrator. All of the major equipment, including the Vertimill, flotation cells, thickener, cyclones, and irlung, have been delivered. We expect progressive commissioning and ramp up in H2 2026. We remain committed to driving transformation at Olympias. A comprehensive program is now underway to modernize and optimize the process plant and surrounding infrastructure, alongside a leadership and skills development program aimed at strengthening capabilities across all levels of the organization. I'll stop there and hand it over to Simon to discuss the Turkish and Canadian operations.

While plant operations recovered substantially in Q2, affected stockpiles continued to be processed in the third quarter, despite efforts to minimize negative impacts in the processing circuit. Ongoing process water chemistry challenges further reduced metal recovery during the quarter, while mitigation measures are underway modestly. Any negative impacts on the metal recovery matrices will be assessed as we continue processing material from affected backfill stocks and stop PS.

Focus continued on the plan: planned model expansion to 650,000 tons per annum.

During the quarter, with the early works advancing and demolition activities underway within the concentrator.

All of them, as the equipment, including the virtual flotation cells and thickness cyclones, have been delivered. We expect progressive commissioning and a ramp-up in the second half of 2026.

Simon Hille: Thanks, Louw Smith. Starting in Turkey on slide 15. Kisladag production totaled 37,184 ounces, with total cash cost of $1,309 per ounce sold. The decrease in production during the quarter compared to Q2 2025 was primarily due to lower tonnes mined as a result of lower than planned equipment availability and the resulting short-term resequencing of the mine plan. Fewer tonnes placed on the pad and lower grades from prior periods, along with the placement of ore on the test pad to support the whole ore agglomeration study. The decision has been made to proceed with the whole ore agglomeration at a capital cost of approximately $35 million, reinforcing our commitment to enhancing permeability, improving leach kinetics, and shortening the leach cycle.

We remain committed to driving transformation at Olympus. A comprehensive program is now underway to modernize and optimize the process plan and surrounding infrastructure. Alongside this, a leadership and skills development program is centered on strengthening capabilities across all levels of the organization. I'll stop there and hand it over to Simon to discuss the totems and Canadian operations.

Thanks, guys. Standings in Turkey. A, slide 15. You should have production totals: 37,184 oz with a total cash cost of $1,139 per ounce sold.

The decrease in production during the quarter compared to Q2 2025 was primarily due to lower tons of mine, as a result of lower-than-planned equipment availability and the resulting short-term resequencing of the mine plan.

Fuel and tons of the pad and lower grades from prior periods.

Along with the placement of 4 on the test pad to support the whole alumination study.

Simon Hille: Over the life of mine, we expect operating and capital cost savings driven by a shortened leach cycle. Specifically, the shorter leach cycle is anticipated to reduce sustaining capital expenditures through lower consumable requirements such as liners and associated pipeline. Installation of the agglomeration drums is expected in 2027, with long lead items expected to be ordered in Q4 of 2025. We made a strategic decision to decouple the whole ore agglomeration from the HPGR screening, reflecting our continued focus on capital discipline. To support future optimization, geological studies continue in order to characterize future mining phases and will evaluate the benefit of additional screening for the HPGR. These studies are expected in H1 of 2026.

The decision has been made to proceed with the whole of obligation, and the capital costs of approximately $35 million reinforce our commitment to enhancing permeability, improving leach kinetics, and shortening the lead cycle.

Over the life of the mine, we expect operating and capital cost savings driven by a shortened leaf cycle. Specifically, the shorter leaf cycle is anticipated to reduce sustaining capital expenditures through lower consumer law requirements, such as liners and associated pipelines.

Installation of the Elmer and drums is expected in 2027.

With long lead items expected to be audited in Q4 of 2025.

We made a strategic decision to decouple the whole of operations from the HBG screen, reflecting our continued focus on capital discipline.

To support future optimization, geometrical studies will continue in order to characterize future mining phases and evaluate the benefit of additional screening for the HBGRR.

Simon Hille: On slide 16 at FF2 crew, Q3 gold production was 17,586 ounces at total cash costs of $1,522 per ounce sold. Gold production throughput and average gold grade were in line with the plan for the quarter. Now moving to Lamaque, the Lamaque complex on slide 17. Lamaque delivered production of 46,823 ounces at total cash costs of $767 per ounce sold. Q3 production was positively impacted from higher throughput, driven by processing the remaining portion of the second Bormac bulk sample. The higher-grade ore was treated in a blend with Triangle ore and performed very well. I would also like to congratulate our team at Lamaque on hosting, during the quarter, nearly 30 Quebec members of Parliament of Canada.

These studies are expected in the first half of 2026.

On slide 16 at FF2, crew.

Call production, throughput, and average gold grade were in line with the plan for the quarter.

And now moving to Lemat, the Lemat complex on slide 17.

Plumber delivered a production of 46,823 oz at a total cash cost of $767 for our salt.

Third quarter production was positively impacted by higher throughput driven by Pro processing. The remaining portion of the second to fourth Mack box sample.

The higher-grade ore was treated in a blend with triangle ore and performed very well.

Simon Hille: The visit was a proud moment for our team as they showcased our commitment to innovation, operational excellence, and sustainability leadership. With that, I'll turn back to George for his closing remarks.

I would also like to congratulate our team at Lemax Hosting during the quarter, nearly 30 Quebec members of Parliament of Canada.

George Burns: Thanks, team. Before concluding today's call, I'm pleased to announce that yesterday we finalized the sale of the remaining gold project, Certej. This transaction marks the end of a lengthy process aimed at divesting non-core assets within the portfolio. I look forward to monitoring the progress of the project given our retained equity and royalty. Gold prices have remained strong, though we've seen some sharp swings lately. Through this environment, we remain strongly committed to disciplined cost management to protect and expand our margins. Capital allocation continues to be a key priority. We're returning capital to shareholders through our enhanced share buyback program, while at the same time advancing our high return growth initiatives across our global portfolio. This positions us for sustained growth, margin expansion, and driving enhanced shareholder value as we enter the next phase of Eldorado's transformation.

The visit was a proud moment for our team as they showcased our commitment to innovation, operational excellence, and sustainability leadership. And with that, I'll turn back to George for his closing remarks.

Thanks, team, for concluding today's call. I'm pleased to announce that yesterday we finalized the sale of the remaining gold project, Certes.

This transaction marks the end of a lengthy process aimed at divesting one of our assets within the portfolio. I look forward to monitoring the progress of the project, given our retained equity and royalty.

Home prices have remained strong, so we've seen some sharp swings lately.

Through this environment, we remain strongly committed to disciplined cost management to protect and expand our margins.

Capital allocation continues to be a key priority for returning capital to shareholders, enhanced by our share buyback program, while at the same time advancing high-return growth initiatives across our global portfolio.

George Burns: Thank you for your time. We'll now turn it over to the operator for questions from our analysts.

This positions us for sustained growth, margin expansion, and driving enhanced shareholder value as we enter the next phase of Eldorado's transformation.

Thank you for your time, and we'll now turn it over to the operator for questions from our analysts.

Operator 2: We will now begin the question and answer session. The first question comes from Cosmos Chiu with CIBC. Please go ahead.

We will now begin the question and answer session. To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone to indicate that your request has been received. If you're using a speakerphone, please pick up your handset before pressing any keys. For the majority of questions, please press star, then 2.

The first question comes from KosmosU, with CIBC.

Cosmos Chiu: Hi. Thanks, George and team, and welcome, Christian. Maybe my first question is on the transaction that happened earlier today, where Agnico is buying Probe Gold, with the support of Eldorado Gold. I guess my question is, George, has this always been the desired outcome for that investment? I guess, broader scale, you know, M&As heating up in the sector, how do you see Eldorado positioned?

Please go ahead.

Hi. Thanks, George and team. And welcome, Christian.

Uh, maybe my first question is on the transaction that happened earlier today. Pres NEOS is buying Pro Gold with the support of Eldorado Gold.

Um, I guess my question is: has George always desired this outcome for that investment? And then, I guess on a broader scale, you know, M&A activity is heating up in the sector. How do you see other auto positions?

George Burns: Sure. On Probe, I mean, we took a toehold in Probe a number of years back with the view that it was a property package that could have potential supplemental ore to feed our permitted mill capacity that exceeds our current run rate. You know, our hope was that they would discover some high-grade, high-value, underground opportunities that subsequently could be part of the Lamaque complex. Really, how that has evolved is they've discovered a large, low-grade open pit opportunity. As we assessed that opportunity, it really didn't stack up with our other capital allocation opportunities. When we heard this week that First Nations even made an offer, it didn't fit our strategic initiatives going forward. We did agree to sign on to support that acquisition.

Sure, on Probe, I mean, we took a toehold in Probe a number of years back.

With the view that it was a property package that could have potential sub, supplemental, or to feed our really, um, permitted milk capacity that exceeds our current run rate. And so, you know, our hope was that they would discover some high-grade, uh, high value.

Uh, underground opportunities that subsequently could be part of the Llama complex.

Really, how that has evolved as they discovered a large low-grade open-pit opportunity. And as we assess that opportunity, it really didn't stack up with our other capital allocation opportunities.

And so, when we heard this week that [first name] made an offer, it didn't fit our strategic initiatives going forward. And so we did agree to sign on to ...

George Burns: On the bigger, broader M&A opportunities ahead, I mean, at Eldorado, our focus is head down, deliver the high-value Project Skouries, Olympias expansion, and other investments across the portfolio. That's our priority. You know, as we come out of delivering Skouries in H1 of next year, we're gonna be positioned to continue to invest within the portfolio, but look for other opportunities externally. I think we're in a great position, in a great market, but for now, it's head down, focus on what we're doing.

To support that, that acquisition.

On the bigger, broader M&A.

Cosmos Chiu: Perfect. Thanks, George. Maybe switching gears a little bit to Skouries. Certainly, sounds good to hear that, you know, it is on time for first concentrate in Q1 2026. As you have mentioned, you know, the filtered tailings plant is on the critical path. Louw Smith did a good job in terms of summarizing it. Is there anything else that's on the critical path? That's number 1. Number 2, it is a fairly tight schedule, you know, delivering first concentrate by Q1 2026, and it kind of straddles your holiday season. I know there's been some changes in the schedule in terms of, you know, worker schedules. How have you factored in potential, you know, workers taking time off during the holiday season?

But for now, let's head down. Focus on what we're doing.

Perfect. Thanks, George. Maybe switching gears a little bit to scariest, uh, certainly, uh, sounds good to hear that. Um, you know, it is on time.

Uh, for First Concentrate in Q1 2026. Uh, as you mentioned, you know, the filtered tailings plant is on the critical path.

Uh, loaded a good job in terms of summarizing it, but is there anything else that's on the critical path? That's number one.

And number 2, it is a fairly tight schedule, you know, delivering first concentrate by Q1 2026, and it kind of straddles your holiday season.

Uh, I know there's been some changes in the schedule in terms of.

Cosmos Chiu: Does it really go kind of dead in Greece during those months or during those weeks? How should we look at it in terms of kind of like looking at the risk on the timeline for delivery by Q1, 2026?

Um, you know, uh, work or schedule, but how have you factored in potential? You know, uh workers taking time off during the holiday season? Does it really go kind of dead in Greece during those months or during those weeks? And how should we look at it in terms of kind of like looking at the risk? Uh on the timeline for delivery by q1 2026?

George Burns: Thanks for the question, Cosmos. Yeah. For critical path, you know, the dry stack filter plant, given the short or the small footprint that we're dealing with there, is the key focus for us. Obviously, everything in front of that has to be done and constructed on time to be able to put ore through that filter facility. I just tell there's nothing at this point that we're worried about. Now, looking forward, you hit the nail on the head. It's the transition to get the additional trades on piping, the electrical and control system that are critical to delivering everything ahead of the dry stack filter plant. I'd tell you we have good visibility on that.

Uh, thanks for the question, Cosmos. Yeah, so for the critical path, you know, the dry stack filter plant, given the short or the small footprint that we're dealing with, there is the key focus for us. Obviously, everything in front of that has to be done and constructed on time to be able to put our throughput through that filter facility. But I just tell you, there’s...

There's nothing at this point that we're worried about now looking forward. You hit the nail on the head. It's the transition to get the additional trades on piping, the electrical, and control systems that are critical to delivering everything ahead of the dry stack filter plant.

George Burns: The transition is evolving week over week, month over month, and will continue right up to Q1, when then there'll be a dramatic drop off in construction workers and a huge focus on preparing for commissioning. We're feeling good about that transition. We've got visibility on the required workers over the next 5 months, say. As we say, we're on track to deliver first concentrate at the end of Q1.

Cosmos Chiu: Great. Maybe just one last question on the Tisdale quickly. The whole ore agglomeration project, could you maybe remind us what's the potential impact here on recovery, on throughput? Is it really just overall, you know, kind of potentially having less wear and tear on the HPGR longer term? Is that what we're trying to do here?

I tell you, we have good visibility on that. Um, the transition is evolving. We go over, we month over month, and we'll continue right up to the first quarter and then they'll be dramatic drop off in construction workers and a huge focus on preparing for commissioning. Um, so we're feeling good about that transition. Uh, we've got visibility on the required workers over the next 5 months. Say, um, and as we say, we're on track to deliver first concentrated at the end of the first quarter,

Great.

And maybe just 1 last question on the Tesla quickly um the whole or a collaboration project. Um could you maybe remind us what's the potential impact here on on recovery on throughput and is it really just overall you know, kind of

Potentially having less wear and tear on the HP gr longer term. Is that is that what we're trying to do here?

Simon Hille: Thanks, Cosmos. Simon.

Cosmos Chiu: Hi, Simon.

Simon Hille: The whole agglomeration, the purpose of that is primarily to enhance permeability in the leach pad, so that we get a good contact with the lixiviant and the ore particles. Where we see the best benefit there is as we've reported previously, we've got a very long leach cycle. Our leach cycle currently is sort of around 300 days on average. With enhanced permeability that comes with the whole ore agglomeration, we expect to see that reduced to 200 days. That provides us with the primary benefit of obviously getting our returns faster in terms of metal recovery.

I think Scott mate Simon. Hi Simon.

The, um, the Halo gation, the purpose of that is primarily to...

Uh, enhance, uh, permeability in the leach pad, uh, so that we get, um.

A good, uh, contact with the, uh, lexion and the uh, all particles.

and so,

Simon Hille: Also, less infrastructure requirements in the longer term 'cause we need less footprint in order to leach the tons in the plant. At the moment, we're not planning any enhanced recovery in the model, but faster kinetics then generally are a positive sign for that in the long term.

Where we see the best benefit there is, uh, as we've reported previously, we've got a very long leaf cycle. A leaf cycle, currently, is sort of around 300 days on average. We see enhanced, uh, permeability that comes with the whole of operation. We expect that to, we expect to see that reduced to 200 days. That provides us with, um, the primary benefit of obviously, um, getting our returns faster in terms of metal recovery. Uh, but also, uh, less infrastructure requirements, uh, in the longer term because we need less footprint in order to, um, LEAP the tons in the plant. So, at the moment,

We're not, um, planning any, um, enhanced recovery in the model.

Cosmos Chiu: Yeah. Thanks, Simon. I forgot that's the leach cycle is that long at 300 days. Two hundred days certainly gives it a, you know, much needed benefit. Great. Thanks, everyone. Those are all the questions I have. Happy Halloween, and thanks once again.

But, uh, faster, kinetics, uh, generally are a positive sign for that in the long term.

George Burns: Thank you.

Yeah, thanks, Simon. I forgot that's, uh, the leach cycle is that long at 300 days, so 200 days certainly gives it a, uh, you know, much-needed benefit. So great. Uh, thanks, uh, everyone. Um, those are the questions I have. Happy Halloween, and uh, thanks once again.

Thank you.

Operator 2: The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Tanya Jakusconek: Great. Good morning, everybody, thank you so much for taking my three questions. Welcome, Christian, on board. Maybe, George, can I start with you, just on Skouries. Can I just review with you, we've got that end of Q1 for the concentrate, first gold ore. We are then going commercial by mid-2026. Can you remind me again what your definition for commercial production is so that we can monitor the correct, you know, 60% of the metal or whatever, however you're gonna define it, so we can model that? Then can you remind me from commercial, when do we actually get to steady state? What do we need to get there? That's my first question.

The next question comes from, Tanya jakus with Scotia Bank, please go ahead.

You, um, just saw on the stories. Um, can I, um, just review with you? We've got that, um, end of Q1 for the concentrate, uh, first, uh, gold.

A poor. We are then going commercial by mid-2026. Can you remind me again? What is your definition for commercial production so that we can monitor the correct, you know, 60% of the male or whatever? However, you’re going to define it so we can model that. And then, can you remind me, from commercial, when do we actually get to steady state?

And what do we need to get there? So that's my first question.

George Burns: Yeah. Thanks for the question, Tanya. On the commercial production, we're expecting to be at 80% of design nameplate throughput at that point, and then expect to get the rest at 100% by the end of the year. That's the key criteria. We're feeling comfortable with that given that it's a single flotation circuit. You know, Olympias is much more complex with three concentrates. We've got already some of our operators from Olympias at Skouries going through training on that particular facility, and I think we're in good shape to deliver that ramp up.

Yeah, thanks for the question Tanya um, on the commercial production.

Um, we're expecting to be at 80% of design nameplate throughput at that point, and then expect to get the rest to 100% by the end of the year.

Um,

So that's the key criteria. We’re feeling comfortable with that, given that it's a single flotation circuit. You know, Olympus is much more complex with three concentrates.

and we've got

Already. Uh, some of our operators from Olympus, uh,

That security is going through training on that particular facility, and I think we're in good shape to deliver that ramp-up.

Um,

Tanya Jakusconek: Okay. 80%.

George Burns: Second question.

Tanya Jakusconek: Sorry, 80% of design the nameplate capacity to go commercial, is that 80% over 30 days?

Okay, sorry. 80% of designed capacity to go commercial; is that 80% over 30 days?

George Burns: I believe that is correct.

Tanya Jakusconek: Okay. Then from midyear, you expect six months really of ramp up to get to nameplate by the end of 2026, is what I heard. Is that correct?

I believe that's correct.

George Burns: That's correct. That's what we're assuming.

Tanya Jakusconek: Okay. Sorry. With that, you know, the old technical report, and I say old 'cause it is quite outdated, when are we going to have a better understanding? Obviously, as soon as you operate, you have a better understanding on operating costs. When is the market going to be given an update on costing, for this operation, both on the operating and sort of the capital sustaining cost?

Okay. And then from midyear, you expect, 6 months really of ramp up to get to name plate. By the end of 2026? Is what I heard, is that correct? That's, that's correct. That's what we're assuming.

Okay.

George Burns: Yeah. We'll be updating the market on our 2026 guidance in Q1. With that, we'll include the remaining capital spend and the operating cost post commercial production. That'll be the first window. Just to reference back to the technical study, we completed that technical study just prior to getting the financing in place and then initiating construction. It's only as stated as the construction has been. Again, we'll be updating that as we work our way through next year and getting the actual results that can then be built into an updated technical study.

And then sorry. And, and with that, um, you know, the old technical report and I say old because it is quite outdated. When are we going to have a better understanding? Obviously, as soon as you operate, you have a better understanding on operating costs, but when is the market going to be, given an update on costing, um, for this operation both on on the, you know, the operating and and sort of the capital sustaining costs.

Yeah. So we'll be updating the market on our 2026 guidance in Q1, and with that we will include the remaining capital spend and the operating cost post commercial production. So that'll be the first window just to reference back to the technical study. I mean, we completed that technical study in.

Tanya Jakusconek: Okay. You are expecting to give us an updated technical study in 2026?

Just prior to getting the financing in place and then initiating construction, so it's only as a state that is as the construction has been. But again, we'll be updating that as we work our way through next year and getting the actual results that can then be built into an updated technical study.

George Burns: No, I'd say we're gonna collect the data from 2026, and that will inform the timing and results in an updated study.

Okay, so we expect to provide you with an updated technical study in 2026.

Tanya Jakusconek: Okay.

George Burns: We haven't put any date on that. We're waiting for the results.

No, I'd say we're going to collect the data from 2026, and that will inform the timing and results in an updated study.

Tanya Jakusconek: Okay. All right. Just secondly, as we come towards year-end, I know in December you'll be releasing your, and we're literally a month away or thereabout, for your reserves and resources. Can you talk to me about how you were thinking about cutoff grades? What were you thinking about inflation on your costs? Gold price inputs, how do these reserves look and resources?

So, we haven't spent the day on that. We're waiting for the results.

Okay, all right. Um, and then just, secondly, as we come towards your end, I know in December you'll be releasing your reserves and resources. We're literally a month away, or thereabouts, for your reserves and resources. Can you talk to me about how you are thinking about cut-off grades? What were you thinking about inflation on your costs, you know, gold price inputs?

And how do these reserves look and resources?

George Burns: Yeah. I mean, the first thing on metal prices, we're in the process of determining where to land on update on our reserve price assumptions. You know, we use a look back on metal prices as well as staying consistent with our peer group. We're expecting a modest increase in metal prices, and our focus is to keep our reserve price conservative, ensuring we have very strong margins to drive profitability in the company. I just tell you we'll be consistent with the peers, a modest increase in metal price assumptions. You know, we do all this in Q4 at Eldorado so that we have the latest and greatest information to support our budget for next year and our guidance that we'll set in Q1.

Yeah, so I mean, the first thing on metal prices. So we're in the process of determining where to land on an update on our reserve price assumptions. We use a look back on metal prices, as well as staying consistent with our peer group. So, we're expecting a modest increase in metal prices.

George Burns: In terms of inflation, cutoff grades, I mean, we're working through all those as we speak, and we use actual data and project through our life of mine studies that are done during the summer to set those assumptions. It's work in progress. I would tell you we're not expecting any radical change in any of those inputs. Modest increase in metal price assumption.

In our focus is to keep our reserve price conservative, ensuring we have very strong margins to drive profitability in the company. So, I just tell you we'll be consistent with the peers of modest increase in rental price assumptions. And, you know, we do all this in the fourth quarter at El Dorado so that we have the latest and greatest information to support our budget for next year and our guidance that will set in the first quarter.

Tanya Jakusconek: Okay. You know, do you expect to replace, do you think, your reserves this year?

Terms of inflation uh cut off grades. I mean we're we're working through all those as we speak and we use actual data and project through our life of Mind studies that are done during the summer to set those those those assumptions. So it's work in progress. I I would tell you we're not expecting any radical change in any of those inputs. Uh, modest increase in mental price, assumption.

George Burns: Yeah. I mean, we haven't finished, but we're feeling good about it. Stay tuned. We're not far away from releasing that information.

Okay. And and then and you know, in do you expect to replace? Do you think your reserve this year?

Tanya Jakusconek: Okay. I guess my final question would be to Christian. Welcome on board, Christian. You've mentioned on your opening remarks that you're looking forward to the next phase of the strategy, and you visited all of the operations. Maybe you can share with us as you look at the company, what are your top five priorities for the next 12 months?

Yeah. I mean, we haven't finished, or we're feeling good about it. Uh, stay tuned. We're not far away from releasing that information.

and then, I guess my client,

Christian Milau: Yeah, thanks, Tanya. Actually, just to clarify, I haven't visited them all yet. I said in the next month I'll visit Quebec and Greece. I'm sort of following along with the pre-planned visits in our budget strategy cycle here. I've been really impressed with what I've seen so far. Obviously, I've seen a lot of mines around the world, the ones in Turkey that I got to visit last week or the week before, very impressive in terms of an ESG approach, in terms of how they operate, the longevity of some of the team, and just the skill, experience, and the reputation in the industry. In terms of priorities, really for me right now, it's really getting an opportunity to settle in.

You've mentioned in your opening remarks that, um, you're looking forward to the next phase of, uh, the strategy and you visited all of the operations. So maybe you can share with us, as you look at, um, the company, what are your top 5 priorities for the next 12 months?

Yeah, thanks. And actually, just to clarify, I haven't visited them all yet. I mentioned that in the next month I will visit Quebec and Greece. I'm sort of following along with the free plan visits in our budget strategy cycle here. Um, but I've been really impressed with what I've seen so far. Um, obviously, I see a lot of mines around the world, and the ones in Turkey that I got to visit last week or the week before were very impressive.

Passive in terms of an ESG approach, in terms of how they operate, the longevity of some of the team, and just the skill and experience and reputation in the industry.

Christian Milau: For me, when I came in, I was looking at the culture and how I could slot into a team. Really the transition with George, I think, is a wonderful period of time for me to just get caught up without the pressure of having a quick change. You see in our industry, it happens quite often overnight. Get up to speed with the budgets. We're going through that next phase of strategy for the 5 years coming, you know, once Skouries is up and running. I think critical to us will be that post-Skouries cash flow inflection points and how to allocate the capital. In our sort of 20, 30 strategy planning, that'll be something we're gonna be looking at very closely.

Um in terms of priorities really for me right now, it's really getting an opportunity to settle in. Um for for me when I came in, I was looking at the culture and how I could slot into a team and really the transition with George. I think is a wonderful period of time for me to just get caught up without the pressure of having a quick change and you see in our industry. It happens quite often uh overnight

Christian Milau: I don't have any answers for you today specifically 'cause I think we're going through that process. You know, it's a wonderful time to be joining a group like this where, for me, the culture fit was really good. I think the team is diverse and deep, and I think the spread of assets is wonderful. The exploration upside and the long lives already in the portfolio, really exciting. There's growth projects in here that are very manageable from our own cash flow. It's kinda building all those into that next phase of the strategy as it sort of inflects and turns to cash flow generation from pure spending and building Skouries over the last couple of years.

and um get up to speed with the budgets. We're going through that next phase of strategy for the 5 years coming. Uh you know 1 squeeze it up and running and I think critical to us will be that post score is cash flow inflection points and how to allocate the capital. So in our sort of 2030 strategy planning, that would be something that we're going to be looking at very closely. And I don't have any answers for you today specifically because I think we're going through that process. But uh you know it's a wonderful time to be joining uh group like this where for me the culture of it was really good. Um,

Tanya Jakusconek: Okay. I guess what I'm hearing from you, and maybe I don't want to, you know, have my own assumptions, but maybe you can tell me if this is correct. You've, you know, taken a look at the team, the culture, you're happy with that. You're looking to get Skouries behind and producing so that we can then, number 2, look at capital allocation, whether that's continued share buyback dividends, et cetera, et cetera, for return to shareholders. Maybe you can talk about the portfolio itself, like where does Perama stand in here? Any of the other assets, Probe is non-core. Anything else that you see non-core other assets that you wanna push through, you know, further in that, the Eldorado strategy?

I think the team is diverse and deep, and I think the spread of assets is wonderful. The exploration upside and the long lives already in the portfolio are really exciting. There are gross projects in here that are very valuable for our own cash flow. It’s kind of building all those into that next phase of the strategies. It's sort of in flex and turns to cash flow generation from pure spending and building screws over the last couple of years.

Christian Milau: That's a fulsome question, Tanya. I think at this stage, when I looked at it, you know, exploration and just continuing to extend and advance mine lives is critical. Now there's an opportunity with these kinda gold prices and this environment. Again, my superficial look is there's real opportunity to spend some money and focus on that. There's a great team here, I think, that has plans and excitement around our current assets and in the countries we currently operate. I think that'll be one of the key elements. Perama Hill, I mean, literally going through that phase of, I think, getting EIA updated and submitted. You know, assuming there's a permit over the next year or so, it'd be nice to put that into the plans. I don't think we're quite ready to actually build the timing in yet.

Okay. So I guess what I'm hearing from you and maybe I don't want to, you know, have my own assumptions that maybe you can tell me if this is correct. So you've you've taken a look at the team, the culture you're happy with that, you're uh looking to get stories behind and producing so that we can then number 2, look at Capital allocation whether that's continued. Share buyback. Dividends etc. Etc, for return to shareholders. Maybe you can talk about the portfolio itself. Like, what is pamas stand in here? Um, any of the other assets probe is non-core, anything else that you see non-core other assets that you want to push through? Um, you know, further in that the El Dorado strategy

Well, that's an awesome question, Josh.

Um, I think at this stage, when I looked at it, you know,

Christian Milau: I think there's been a good job done in Greece to build the sort of social license and the acceptance and the relationships. When you look at Skouries and Olympias, there's a really nice platform. I think Perama could come in afterwards, but I can't commit to timing at this stage, obviously. As George alluded to, I think there are these opportunities, which Simon was saying, in Turkey to continue to improve, enhance, and develop the operations that are already underway and are performing well. In Quebec as well, there's exploration opportunities. There's already good results coming out of Ormaque underground, and there's an ability to expand that plant if there's enough ore there.

Exploration and just continuing to extend and Advance my life as critical. And now there's an opportunity with these kind of gold prices and this environment. And again my superficial or early look is, there's real opportunity to spend some money and focus on that. There's a great team here. I think that has plans and excitement around our current assets and in the countries that we currently operate. So I think that'll be 1 of the key elements and parameter Hill. I mean, literally going through that phase of, I think getting via updated and submitted. So, you know, assuming there's a permit over the next year or so. It would be nice to, uh, put that into the plans. I don't think we're quite ready to actually build the timing in yet, um, but I think there's been

A good job, done in Greece to build the sort of social license and the acceptance and the relationships. And when you look at squares and Olympus, there's a really nice platform. So I think parameter could come in afterwards, but I can't commit to timing at this stage obviously. And um, as George alluded to, I think there are these opportunities which Simon was saying in Turkey a to continue to improve enhance and

Christian Milau: All those things could be part of the plan, but, you know, timing and specific commitments, I think it is a little bit early on that, but that is a good part, good place to park some of the capital over time, I think.

Tanya Jakusconek: Okay. Okay. Look forward to working with you.

There's already good results coming out of Warmack underground, and there's an ability to expand that plant if there's enough war there. So, all those things could be part of the plan, but you know, timing and specific commitments, I think, are a little bit early on that. But that's a good part; a good place to park some of the capital at the time, I think.

Christian Milau: Thanks, Tanya.

Okay. Okay. Look forward to working with you.

Next time.

Operator 2: The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Don DeMarco: Thank you, operator. Good morning or good afternoon, George and Christian. Maybe I'll just start off with Olympias. Obviously the challenges in the flotation circuit were evident in Q3, and I heard on the call that they may persist for some time. Concurrently, you've got this expansion underway. Does that expansion perhaps complicate things with regard to resolving the challenges in the flotation circuit? Maybe if you could just give a little bit more detail on when you think we might see a rebound in recoveries.

The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Thank you, operator. And, uh, good morning, good afternoon, George and, uh, or good morning or good afternoon, George and Christian.

Um, maybe I'll just start off with the Olympus. Um, so obviously the challenges in the flotation circuit were evident in Q3, and I heard on the call that they may persist for some time.

Um, and then concurrently you've got this expansion underway. Does that expansion perhaps, uh, complicate things with regard to resolving the challenges in the flotation circuit? And maybe if you could, just give a little bit more detail on when you think we might see a rebound in recoveries.

George Burns: Well, I maybe starting with recoveries. I mean, we've seen a rebound just in the last two months. When we're successful at managing the ore fed into the plant and not getting a slug of this viscosity modifier in the plant, we're seeing good recovery. It's been good the last two months. If we get a slug of this material in, it messes up the process water, and it takes time to clean it up. We end up lowering throughput, we end up getting lower recovery, and that's the reality looking backwards. As Louw Smith mentioned, you know, this is a cut-and-fill mining method underground.

Fed into the plant and not getting a slug of this viscosity modifier in the plant. We're seeing good recovery, so it's been good the last two months.

But if we get a slug of this material in, um, it messes up the processed water, and it takes time to clean it up. So we ended up blowing throughput. We end up getting lower recovery, and that's the reality. Looking backwards is low mentioned.

George Burns: These, you know, we put this viscosity modifier in the cemented backfill and old stopes between Q3 of last year and Q1 of this year when we realized we had this problem. As we mine next to all those stopes during that period, we have the risk of getting that viscosity modifier into that fresh ore. That residual risk will remain till Q2 of next year. Obviously, our mine operators and our plant operators are day-to-day, shift by shift, managing the blends. We do have a design to take the higher risk stockpile ore and ore that'll be coming out of the underground and process it before it goes into the plant.

You know, this is a cutting film mining um, method underground. And so these we put this viscosity modifier in this amended back. Filling stoves between 2 3 of last year and q1 of this year when we we we realized we had this problem. So as we my next to all those Stokes during that period, we have the risk of getting that viscosity modifier into that fresh or

And that residual risk will remain until the second quarter of next year.

Obviously, our mind operators and our flat operators are day-to-day, shift by shift, managing the blends. Uh, we do.

have a design to take the

The higher risk, uh, stockpile, or they'll be coming out of the underground.

George Burns: There we're crushing and screening, and taking the coarse material that won't have a significant amount of that modifier in it, and that goes into the mill. The fine material, we're looking at permitting and the ability to wash it and remove that, most of that viscosity modifier, so later on that can be put in the plant. These are the things that we're doing and, you know, it is fair to say there's some risk remaining into Q2, but I'd say we're getting better at managing it. We're trying to be as proactive as we can to not have another significant upset. Yeah, as Louw Smith said, the risk will remain. In terms of the expansion, really there's no connection between this problem and the expansion.

Um, and process it before it goes into the plant. So there were crushing and screening, um, and taking the coarse material that won't have.

A significant amount of that modifier in it goes into the mill. For the fine material, we're looking at permitting and the ability to wash it.

And remove that most of that viscosity modifier. So later on that could be put in the plant. So these are the things that we're doing and you know, it is fair to say there's some risk remaining in the Q2 but I'd say we're getting better at managing it. We're trying to be as uh proactive as we can to not have another significant upset but yeah that's low said the risk will remain.

George Burns: We're basically having to move some of the infrastructure, like piping and cable trays, to make room for the equipment that we're installing. That work is in progress. You know, we'll get that construction completed next year. It'll be a staged approach. Some of the equipment will get installed earlier in the year that will help improve the performance of the mill. The throughput won't happen until we get the grinding mill in, and that happens in the second half. You know, we're expecting some really exciting results to come out of Olympias once we get this expansion completed. Plant's no longer the bottleneck. It'll be back on the underground mine ramp up and, as we've talked over the last 2 years, we've done a really good job of de-bottlenecking the underground.

Um, in terms of the expansion, really there's no connection between this problem and the expansion. We're basically having to move some of the infrastructure, like piping and cable trays, to make room for the equipment that we're installing. So that work is in progress.

You know, we'll get that construction completed. Uh, next year it'll be a staged approach. Um.

Some of the equipment will get stalled earlier in the year, which will help improve the performance of the mill. The throughput won't happen until we get the grinding mill in, and that happens in the second half. So, you know, we're expecting some really exciting results that come out of Olympia.

George Burns: We get this mill expanded, production goes up, margins expand, and we get this viscosity modifier behind us, and Olympias will be a key contributor to cash flow.

Don DeMarco: Okay. Thank you for that answer. Then on to something else then. With the guidance adjustment that we saw with Q3, costs are higher, but of course, some of the drivers of those costs are outside of your control, such as the Turkey royalty rates and so on. Could you just give us maybe a rough percentage of looking at the delta in that cost increase, how much was within your control and how much was not?

Once we get this expansion completed, plants are no longer the bottleneck. It'll be back on the underground mine ramp-up. As we've talked over the last two years, we've done a really good job of modeling the underground. So we get this mill expanded; production goes up, margins expand, and we get this viscosity modifier behind us. Olympus will be a key contributor to cash flow.

Okay, thank you for that answer.

Um, and then on to something else. Then, with the guidance adjustments that we saw with Q3, costs are higher but, of course, some of the drivers of those costs are outside of your control, such as the Turkey royalty rates and so on. Could you just give us maybe a rough percentage of...

Looking at the delta in that cost increase, how much was within your control and how much was not?

Paul Ferneyhough: Hi, it's Paul here. I think I heard you. You were breaking up a little bit. The questions around our increase in our guidance for all in sustaining costs. There's two things basically that have driven that, one that is in our control and that we've been dealing with, and one that isn't. That they're split about 50/50 in terms of how it's impacted our guidance for the rest of the year. The first one is around gold price. If you remember, our original budget was set with a gold price of around $2,300. We're now assuming an average price to the end of the year of $4,000 an ounce.

Hi, it's Paul here. So I think I I heard you you were breaking up a little bit but um the questions around are increasing uh our guidance for all in sustaining cost.

Paul Ferneyhough: At that level, we continue to see increased royalties, both from the absolute cost, but also the increase in the slate of royalties that we saw in Turkey early in the year. That's responsible for around 50% of the increase. Then the second 50% is really just a reflection of Olympias' performance with those recovery issues and lower volume. That has pushed up our-

Don DeMarco: Okay.

Paul Ferneyhough: per ounce costs. It's 50/50 between them. We're not actually seeing any real inflation in costs in terms of versus our guidance for the year outside of that.

Actually seeing any, uh, real inflation in costs.

Don DeMarco: Okay. Thank you for that. Just as a final question. Also in Q3, we saw a big increase in your share buybacks quarter over quarter. I just was wondering, you know, going forward, do you expect to maintain the level of buybacks in Q3, or maybe ease a bit, increase a bit? Just to get your sense at this point. Also while on the topic of capital allocation, maybe even any additional color on the dividend or the timing of a dividend, as I know Christian brought that up in his response to Tanya. Thank you.

Uh, in terms of versus our guidance for the year, outside of that,

Okay, thank you for that. And then just as a, a final question uh, also in Q3 we saw a big increase in your share BuyBacks, uh, quarter of a quarter. So I just was wondering, um,

Uh, you know, going forward. Do you expect to maintain the level of buybacks in Q3, or maybe ease a bit or increase a bit? Just kind of get your sense at this point. Um, and then also, while on the topic of capital allocation, maybe even any additional color on a dividend or the timing of a dividend.

Paul Ferneyhough: Yeah, sure. As far as the share buybacks are concerned, we signaled at quarter end at Q2 that we had extended our NCIB program for another 12 months, with a maximum repurchase of 5% of our outstanding share capital. We do intend to be opportunistic around that. We think our shares are incredibly good value at the current level. Really it's when there's opportunities in the market or if we're underperforming, then we will actually use the NCIB program to purchase those shares. As a good sort of working average, I would assume over the next 3 quarters that we continue to buy at approximately the same rate. Okay?

As I know, Christian brought that up, and his response to Tanya, thank you.

Yeah, sure. So, as far as the share buybacks are concerned, we signal that, uh,

Don DeMarco: Okay.

Paul Ferneyhough: As far as dividends are concerned, you know, I think we haven't changed our messaging around this. Next year is an inflection point for us in terms of cash flow generation as Skouries comes into operation. That feels like a great time for us to then be considering if it's the right moment to put in place a sustainable dividend that we can stand behind going forward. I think that will be back on the agenda for us in terms of capital allocation as we move into next year.

Q2 that we had extended our ncib program for another 12 months, uh, with a maximum repurchase of 5% of our outstanding share capital, and we do intend to be opportunistic around that. We think our share, our Shares are incredibly good value at the current level, um, but really, it's when there's opportunities in the market or if we're underperforming. Then we will uh, actually use the ncib program to to purchase those shares. As a good sort of working average. I I would assume over the next 3 quarters that we continue to buy at approximately the same rate. Okay, okay. Um,

Don DeMarco: Okay, great. Well, that's all for me. Thank you again for taking my question, and good luck with the rest of the year.

As far as, uh, dividends are concerned, um, you know, I think we haven't changed our messaging around this. Next year is an inflection point for us in terms of cash flow generation. Our schoolers come into operation, and that feels like a great time for us to then be considering if it's the right moment to put in place a sustainable dividend that, um, we can stand behind going forward. And so I think that will be back on the agenda for us in terms of capital allocation as we move into um, next year.

George Burns: Thanks, Don.

Okay, great. Well, that's all from me. Thank you again for taking my question and, uh, good luck with the rest of the year.

Thanks Don.

Operator 2: The next question comes from Lawson Winder with Bank of America. Please go ahead.

Lawson Winder: Thank you very much, operator, good morning, George, Christian, and Paul. Thank you for today's update. If I could, maybe push you a bit more on 2026 and the CapEx outlook. For 2025, sustaining CapEx, we're running at the high end of the $145 to 170. When you look to next year, I mean, is that higher end of the 2025 a pretty reasonable baseline for 2026? Actually, you know what, I'd ask a similar question for the growth capital at the operations. I mean, is the current $245 to 270 million range a decent level heading into next year?

The next question comes from Latin Vendor with Bank of America. Please go ahead.

Uh, thank you very much. Operator, and good morning, George, Christian, and Paul. Thank you for today's update. If I could, uh, maybe push you a bit more on 2026 in the capex outlook. So for 2025 sustaining capex, we're running at the high end of the $145 to $170 million range. When you look to next year, I mean, is that higher end of the 2025 a pretty reasonable baseline for 2026? And then, actually, you know what, I'd asked a similar question for the growth capital at the operations. I mean, is the current $245 to $270 million range a decent level heading into next year?

George Burns: Well, again, we'll be updating you in Q1 on next year's guidance, maybe a couple of comments that might help. You know, the Olympias expansion, that's obviously underway in Quebec. You know, we're completing the second bulk sample, but we're in the middle of permitting for a paste backfill plant, an operating permit. The timing on that is uncertain, but there'll be capital to spend on Olympias when we get those permits. Stay tuned for that. You know, as well, Simon's walked through the whole agglomeration, you know, we've committed that $35 million. We gotta build all that into next year's plan, depending on permitting. I'd say those are the moving parts. The rest of the portfolio's pretty consistent.

Well again, we'll be updating you in the first quarter on next year's guidance. Maybe a couple of comments that might help. So, you know the Olympus expansion that's obviously underway in Quebec.

Um, you know, we've completed the second bulk sample, but we're in the middle of permitting for a pace backfield plant, an operating permit. So the timing on that is uncertain, but there will be capital to spend on Olympus when we get those permits. So, stay tuned for that.

um, you know

George Burns: Well, beyond that in Skouries, obviously, we've kind of walked through that. Q1's the bulk of the spend next year on Skouries, and we're commissioning in Q2, so it'll just be some residual growth capital happening there. You know, as you look forward on Skouries though, remember that the pit's up and running, we're in good shape there. The plant will be running next year. We've got the first blast on the test stope, but over the next 3 years, we'll be investing in that underground to get the infrastructure in place for it to ramp up to be the sole feed to the plant at the end of the next decade. There's incremental growth capital that'll be happening over the 5-year plan.

As well, Simon's walked through the whole origami, and we've committed to $35 million. So we got to build all that into next year's plan, depending on permitting. I'd say those are the moving parts. The rest of the portfolio is pretty consistent.

Um, and then on the growth capital, well,

Beyond that, in Q1's scurries, we've kind of walked through that the bulk of the spend next year on scurries will be in commissioning in Q2. So, it'll just be some residual growth capital happening there. You know, as you look forward on scurries, though, remember that.

George Burns: Next year, some of that capital on the underground will begin to be spent, but the ramp up really starts happening at 2027. It's hard to give you specific numbers on next year. Hopefully, I gave you a little bit of color there and, you know, it's not too far away from giving the specific updated guidance on 2026.

Lawson Winder: Yeah, actually that summary was very helpful. You know, I just would wanna say, you know, it's impressive that Skouries remains on track. If I may, and just to cover off potentiality, should there be any delay, what would be a rough weekly or monthly holding cost of just keeping that going for a slightly extended period of time?

Given the specific updated guidance on 26.

George Burns: Yeah. The way I would describe it, we're comfortable. We have all the equipment and materials there, so there's no risk on that side. We have the workforce. We're over 2,000 people at site right now, construction and operations ramp up. The impact next year, if for some reason it took a little bit longer to get the first concentrate, those fixed costs that we were gonna spend on a monthly basis is about $15 million. That's really the impact of a delay.

Yeah, actually, that summary was was very helpful. Um, and and you know, I just would want to say, you know, it's, it's, it's impressive. That that score is remains on track. And if I met and just to cover off, potentiality, should there be any delay? What, what would be a rough weekly or or monthly holding cost of of just keeping that going for a slightly extended period of time?

Yeah, the way I would describe it, we're comfortable. We have all the equipment and materials there, so there's no risk on that side.

Um, we have the workforce; we're over 2,000 people on site right now—construction and operations have ramped up. So, the impact next year, if for some reason it took a little bit longer to get the first concentrate, those...

Fixed cost.

Then we were going to spend on a monthly basis is about $15 million. So,

Lawson Winder: Okay. Relatively small % of the overall CapEx. Thanks for that. If I could, I think I've asked you this before, but like I acknowledge you do not like to give guidance on gold production on a quarterly basis. Just with Kisladag, there's obviously a lot of variability when it comes to the leaching times. Can you give us any sort of directional point or hint here on Q4, just when you consider what was stacked at the end of Q2, what was stacked in Q3? Yeah, I'll just leave it there. Anything would be very helpful.

That's really the impact of a delay.

Okay, a relatively small percent of the overall capacity. Thanks for that. And then, if I could...

I think I've asked you this before, but like, I acknowledge you do not like to give guidance on gold production for on a quarterly basis. Um, just with Kiss LED.

um,

There's, there's obviously a lot of variability, when, when it comes to the, um, the the the leeching times.

Can you give us any sort of, um, directional point or, um, or hint here on Q4? Just when you consider what was stacked at the end of Q2, what was stacked in Q3?

Yeah, I'll just leave it there. Anything would be very helpful.

George Burns: I mean, again, point you back to guidance. Q3 we had some negative impacts, we're still gonna hit our guidance at Kisladag for the year. As you say, Q4 is a little bit tough. We had lower placements. Precisely understanding how that's gonna impact Q4 versus Q1 is difficult to say. There's a bit of art and science in heap leaching, but all I can tell you at this point, we're comfortable we're gonna be within guidance at Kisladag for the year. Q4, don't expect anything dramatic one way or another. It's gonna be a good year at Kisladag.

Yeah, I mean, again, pointing back to our guidance for the solo 2, 3. We had some negative impacts, but we're still going to hit our guidance at Kissed for the year. As you say, Q4 is a little bit tough; we had lower placements.

Precisely understanding how that's going to impact Q4 versus q1 is difficult to say. There's a bit of Art and Science and heat bleaching. But all I can tell you, at this point, we're we're comfortable, we're going to be within guidance at the at, get set up for the year. Um, and so few for don't expect anything dramatic, 1 way, or another, it's, it's going to be a good year to kiss at a

Lawson Winder: Thank you very much, guys.

Thank you very much, guys.

George Burns: Thank you.

Thank you.

Operator 2: That's all the time 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.

That's all the time 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.