Eldorado Gold Corporation reported strong financial and operational results for the third quarter of 2025, driven by sustained high gold prices. The company generated $76.9 million in free cash flow, excluding its investment in Skouries. Total revenue increased to $434.7 million from $331.8 million in Q3 2024, primarily due to the higher average realized gold price.
Production costs rose to $164.1 million from $141.2 million in Q3 2024, with approximately 30% of this increase attributed to higher royalties and the remainder to rising labor costs in Turkey and at Lamaque. Total cash costs averaged $1,195 per ounce sold, and all-in sustaining costs (AISC) averaged $1,679 per ounce sold. Amendments to Turkish Mining Law, effective July 24, 2025, broadened the price-linked sliding scale of royalty rates.
The Skouries Project achieved significant milestones, including the successful execution of the first underground test stope blast at the end of October. Open pit operations are ramping up with four crews, transitioning to 24 hours a day, seven days a week, and ore stockpiling is well underway. Phase 2 construction was 73% complete as of September 30, 2025, and first concentrate production is expected toward the end of Q1 2026. The company also repurchased 2,984,649 common shares for approximately $78.8 million in Q3 under its Normal Course Issuer Bid.
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