# q1 2026 news release

Source Brief: https://evesgoldminers.com/research/source-briefs/eldorado-gold-2026-04-30-q1-2026-news-release-680062ad
Original source: https://www.eldoradogold.com/sites/eldorado-gold/files/2026-04/q1-2026-news-release.pdf
Original published: 2026-04-30
EGM generated: 2026-09-04
Company: Eldorado Gold (EGO)

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# q1 2026 news release

Source: https://www.eldoradogold.com/sites/eldorado-gold/files/2026-04/q1-2026-news-release.pdf
Published: 2026-04-30T00:00:00+00:00
Fetched: 2026-05-05T09:27:41.253+00:00
Source artifact: 680062ad-06d7-445d-8d57-d8b9c309f717
Normalizer input: text

## Content

# q1 2026 news release
NEWS RELEASE
TSX: ELD NYSE: EGO April 30, 2026
Eldorado Gold Reports Solid First Quarter 2026 Financial and Operational
Results; Skouries Steadily Advancing Towards First Concentrate Production
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC - Eldorado Gold Corporation (“Eldorado”, "Eldorado Gold" or “the Company”) today reports the
Company’s financial and operational results for the first quarter of 2026. For further information please see the
Company’s Consolidated Financial Statements and Management’s Discussion and Analysis ("MD&A") filed on
SEDAR+ at www.sedarplus.com under the Company’s profile.
First Quarter 2026 Highlights
Operations
• Gold production: 100,358 ounces.
• Gold sales: 100,619 ounces at an average realized gold price per ounce sold(1) of $4,891.
• Production costs: $188.2 million
• Total cash costs(1): $1,470 per ounce sold
• All-in sustaining costs ("AISC")(1): $1,942 per ounce sold
• Total capital expenditures: $318.0 million, including $135.6 million of project capital invested at Skouries
with activity focused on major earthworks and infrastructure construction, as well as $48.5 million of
accelerated operational capital. Growth capital(1) at the operating mines totalled $89.4 million and sustaining
capital(1) at operating mines totalled $32.9 million.
• Production and cost outlook: The Company is maintaining its 2026 annual production guidance of
490,000 to 590,000 ounces of gold. Production continues to be weighted to the second half of the year.
Excluding Skouries total cash costs(1) for the full year are expected to be between $1,220 to $1,420 per
ounce sold and an average AISC(1) of $1,670 to $1,870 per ounce sold.
Financial
• Revenue: $532.4 million in Q1 2026.
• Net cash generated from operating activities of continuing operations: $141.4 million in Q1 2026.
• Cash flow from operating activities before changes in working capital(1): $187.1 million in Q1 2026.
• Cash and cash equivalents: $629.7 million as at March 31, 2026. Cash decreased by $239.6 million in Q1
2026 compared to Q4 2025, primarily due to growth capital investment, share buybacks, repayments of the
VAT Facility, dividend payments, and income taxes paid. These cash outflows are offset partly by cash
generated from operating activities, VAT refunds and the sale of investments in marketable securities.
• Net earnings attributable to shareholders: $136.4 million or $0.69 basic earnings per share.
(1) These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios
have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's March 31, 2026 MD&A.
1
• Adjusted net earnings attributable to shareholders(2): $188.2 million net earnings, or $0.95 earnings per
share in Q1 2026. Adjustments of non-recurring items include an $18.3 million loss on foreign exchange
translation of deferred tax balances, a $20.0 million unrealized loss on derivative instruments, and a $7.7
million expense relating to acquisition costs.
• Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(1):
$335.7 million.
• Free cash flow(2): Negative $129.1 million, primarily due to higher cash used in investing activities, partially
offset by higher cash generated from operating activities. Free cash flow excluding capital expenditures at
Skouries(2) was $62.9 million.
Corporate
• Appointment of Sally Eyre to the Board of Directors, effective January 1, 2026.
• George Burns, Chief Executive Officer will retire in Q3 2026 on the ramp up toward commercial production
at Skouries. Christian Milau, President, will assume the role of Chief Executive Officer at that time. Mr.
Burns will remain a member of the Board following his retirement, and Mr. Milau will join the Board upon
assuming the role of Chief Executive Officer.
• Promotion of Simon Hille to Executive Vice President and Chief Operating Officer, effective March 24, 2026.
• Appointment of Gordana Vicentijevic as Senior Vice President, Projects effective May 4, 2026.
• Initiation of a dividend program and first quarterly dividend payment on March 13, 2026.
• On April 30, 2026, the Company declared a second quarter dividend of $0.075 per common share, payable
on June 16, 2026, to shareholders of record at close of business on June 2, 2026.
Subsequent Events
• Completed the acquisition of Foran Mining Corporation ("Foran") on April 14, 2026, consideration included:
◦ 64,668,321 shares issued, and
◦ C$5.7M cash payment (C$0.01/share)
• Promotion of Sylvain Lehoux to Senior Vice President, Operations, Canada, effective April 14, 2026.
• Appointment of Dan Myerson to the Board of Directors, effective April 14, 2026, and appointed as Deputy
Chair, effective April 30, 2026.
Commentary
“As expected, first quarter gold production was aligned with our second-half-weighted annual guidance, with
100,358 ounces produced,” said George Burns, Chief Executive Officer. “Continued strength in gold prices
supported solid financial results during the quarter, reflecting disciplined operating performance and the quality of
our asset base. During the quarter, we continued returning capital to shareholders through share buybacks and paid
our first quarterly dividend, underscoring our commitment to sustainable shareholder returns.
During the quarter, construction at Skouries continued to advance and remains on track for first concentrate
production in Q3 and commercial production in Q4. As execution activities have progressed and the project
advances toward construction completion on schedule we have updated the forecast-to-complete and, as a result
we have revised the estimate of total project capital to approximately $1.315 billion, an increase of approximately
$155 million from the prior estimate. This reflects incremental costs related to labour, project and support overheads
and materials across multiple work fronts and foreign exchange impacts. The primary driver of the increase is
related to the contractor workforce levels to sustain execution momentum. We believe that advancing Skouries into
safe production in the current metal price environment is a key driver of value creation, and this incremental capital
reflects our continued focus on maintaining momentum toward first concentrate production.
We also received the Ormaque operating authorization, enhancing production flexibility at the Lamaque Complex by
enabling ore from two mines to feed the mill. In addition, we strengthened our execution capabilities with the
(2) These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios
have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's March 31, 2026 MD&A.
2
promotion of Simon Hille to Chief Operating Officer and the addition of Gordana Vicentijevic as Senior Vice
President, Projects, reinforcing our focus on delivery certainty and long-term value creation.
Subsequent to quarter end, we completed the acquisition of Foran, adding McIlvenna Bay to our portfolio, a
high-quality, multi-decade Canadian copper-zinc-gold-silver asset to our portfolio. The project also offers significant
exploration upside across a prospective district-scale land package, including near-mine targets such as the Tesla
Zone. Since closing the acquisition, we have approved approximately $17 million of exploration spending in 2026,
reflecting the highly target-rich nature of the district and the potential to further extend mine life and support future
growth. Collectively, these actions highlight our focus on execution and building a high-quality, long-life portfolio.”
Skouries Highlights
The Skouries Project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern
Greece and is a high-grade copper-gold project. In January 2022, Eldorado published the results of the Skouries
Project Feasibility Study with a 20-year mine life and expected average annual production over the life of the mine
of 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 gold equivalent ounces(3).
First production of the copper-gold concentrate is expected in Q3 2026 and commercial production is expected in
Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production
projected to be between 20 and 40 million pounds.
Concentrate Off-Take Agreements
Concentrate commercial terms remain agreed and final offtake contract negotiations are in progress. With robust
market conditions for copper gold concentrates continuing in 2026, we remain confident of achieving significantly
stronger terms than those assumed in the 2022 feasibility study assumptions.
Capital Estimate and Schedule
As execution activities have progressed and the project advances toward construction completion on schedule, the
Company has updated its forecast-to-complete and, as a result has revised its estimate of total project capital for
phase 2 to approximately $1.315 billion. This reflects an incremental $155 million related to labour, project and
support overheads and materials costs across multiple work fronts and foreign exchange impacts. Additional
contractor resources have been and continue to be required to sustain momentum. Since mid Q1 2026 when the
onsite workforce totaled approximately 2,350 employees and contractors, workforce levels have increased to over
3,200 currently, including the addition of specialized EU-based contractors. This expanded workforce has supported
continued progress across critical work fronts. The total workforce is expected to remain above 3,200 throughout
the second quarter of 2026, followed by a planned and significant reduction in onsite labour in the third quarter as
construction is completed, contractors are demobilized, and staffing levels normalize to support steady-state
operations as the project transitions from construction into operations.
The project remains fully funded through operating cash flow, cash and debt financing. The Term Facility totalling
€680.4 million ($782.3 million) is fully drawn (and the Contingent Overrun Facility of €60.0 million remains undrawn).
Project capital totalled $135.6 million in Q1 2026 and as of March 31, 2026, cumulative project capital invested
towards Phase 2 of construction totalled $1.116 billion.
The accelerated operational capital cost estimate for Skouries has increased to approximately $260 million,
reflecting an incremental $82 million investment focused on expanded pre-commercial underground and open-pit
mining. These activities are supporting continued growth of the ore stockpiles ahead of first production, further
advancement of the underground mine and advancing the site general earthworks. This incremental capital
supports a smooth ramp-up into production.
The Company is well positioned for start-up, with over 2.8 million tonnes of ore stockpiled which provides the entire
planned mill tonnage for 2026. Open pit and underground ore mining will continue for the balance of 2026 and will
be blended to maximize cash flow with lower value ore being stockpiled for future years.
(3) Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity prices for the relevant period:
2026-2027: $4,000/oz gold and $5.00/lb copper; 2

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